Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Non-designated hedges outstanding

The following non-designated commodity hedges were outstanding as of March 31, 2023:

Remaining Term	Commodity	Contracted Volume	Weighted Average  Fixed Price for Swaps	Contracted Market
Apr'23 - Dec'23 (1)	Natural gas - swap	22,000 MMBtu/day	$2.46	IF - NYMEX (HH)
Apr'23 - Dec'23	Crude oil - swap	1,300 Bbl/day	$43.60	WTI - NYMEX

1.During April 2023, we entered into NYMEX (HH) natural gas - swap agreements averaging 22,000 MMBtu/day for October 2023, November 2023, and December 2023 at a weighted average fixed price of $3.14 per MMBtu which effectively locked in the settlement price of our outstanding positions for those periods.

Fair Value of Derivative Instruments and Locations in Balance Sheets

The following tables present the recognized derivative assets and liabilities on our unaudited condensed consolidated balance sheets as of the dates indicated:

		Balances as of March 31, 2023
	Balance Sheet Classification	Presented Gross		Effects of Netting		Presented Net
		(In thousands)
Liabilities:
Current commodity derivatives	Current derivative liabilities	$	12,571	$	—	$	12,571
Total derivative liabilities		$	12,571	$	—	$	12,571

		Balances as of December 31, 2022
	Balance Sheet Classification	Presented Gross		Effects of Netting		Presented Net
		(In thousands)
Assets:
Current commodity derivatives	Current derivative assets	$	8,547	$	(8,547)	$	—
Total derivative assets		$	8,547	$	(8,547)	$	—
Liabilities:
Current commodity derivatives	Current derivative liabilities	$	32,113	$	(8,547)	$	23,566
Total derivative liabilities		$	32,113	$	(8,547)	$	23,566

Effect of Derivative Instruments Recognized in Income Statements, Derivative Instruments

The following table shows the activity related to derivative instruments in the unaudited condensed consolidated statements of operations for the periods indicated:

	Three Months Ended March 31,
	2023		2022
	(In thousands)
Gain (loss) on derivatives, net	$	13,595	$	(64,076)
Gain (loss) on commodity derivatives settled	2,601		(21,239)
Gain (loss) on derivatives, net less gain (loss) on commodity derivatives settled	$	10,994	$	(42,837)
Loss on change in fair value of warrants	$	—	$	(36,612)