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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments Not Designated as Hedging Instruments [Abstract]  
Schedule of notional amounts of outstanding derivative positions
As of March 31, 2023, the Company had commodity derivative contracts outstanding through the fourth quarter of 2025 as summarized in the table below:
Contract Period
Second Quarter 2023Third Quarter 2023Fourth Quarter 202320242025
Oil Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
NYMEX WTI Volumes333 607 546 — — 
Weighted-Average Contract Price$45.18 $59.77 $60.00 $— $— 
ICE Brent Volumes
910 920 920 910 — 
Weighted-Average Contract Price$86.50 $86.50 $86.50 $85.50 $— 
Collars
NYMEX WTI Volumes464 291 — 919 — 
Weighted-Average Floor Price$67.85 $75.00 $— $75.00 $— 
Weighted-Average Ceiling Price$81.53 $93.05 $— $81.47 $— 
Basis Swaps
WTI Midland-NYMEX WTI Volumes1,357 1,414 1,294 2,961 — 
Weighted-Average Contract Price$0.99 $0.88 $0.88 $1.17 $— 
WTI Houston MEH-NYMEX WTI Volumes
431 361 296 877 — 
Weighted-Average Contract Price$1.68 $1.59 $1.53 $1.85 $— 
Roll Differential Swaps
NYMEX WTI Volumes1,243 1,304 1,201 2,188 — 
Weighted-Average Contract Price$0.62 $0.64 $0.62 $0.42 $— 
Gas Derivatives (volumes in BBtu and prices in $ per MMBtu):
Swaps
NYMEX HH Volumes
1,420 1,470 — — — 
Weighted-Average Contract Price$5.05 $5.11 $— $— $— 
Collars
NYMEX HH Volumes
5,181 6,194 8,362 19,457 — 
Weighted-Average Floor Price$3.83 $3.75 $3.90 $3.71 $— 
Weighted-Average Ceiling Price$4.68 $4.62 $5.70 $5.89 $— 
IF HSC Volumes
1,345 1,389 1,451 — — 
Weighted-Average Floor Price$4.25 $4.25 $4.25 $— $— 
Weighted-Average Ceiling Price$5.00 $4.95 $5.55 $— $— 
Basis Swaps
IF Waha-NYMEX HH Volumes
2,462 2,442 2,337 20,958 20,501 
Weighted-Average Contract Price$(1.93)$(1.05)$(1.01)$(0.86)$(0.66)
IF HSC-NYMEX HH Volumes
1,774 1,813 2,008 10,208 — 
Weighted-Average Contract Price$(0.25)$(0.25)$(0.25)$(0.33)$— 
NGL Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
OPIS Propane Mont Belvieu Non-TET Volumes182 181 187 — — 
Weighted-Average Contract Price$36.66 $36.67 $36.66 $— $— 
Schedule of fair value of derivatives in accompanying balance sheets
The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:
As of March 31, 2023As of December 31, 2022
(in thousands)
Derivative assets:
Current assets$81,062 $48,677 
Noncurrent assets15,373 24,465 
Total derivative assets$96,435 $73,142 
Derivative liabilities:
Current liabilities$30,723 $56,181 
Noncurrent liabilities3,639 1,142 
Total derivative liabilities$34,362 $57,323 
Schedule of the potential effects of master netting arrangements
The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts:
Derivative Assets as ofDerivative Liabilities as of
March 31,
2023		December 31, 2022March 31,
2023		December 31, 2022
(in thousands)
Gross amounts presented in the accompanying balance sheets$96,435 $73,142 $(34,362)$(57,323)
Amounts not offset in the accompanying balance sheets(25,293)(26,136)25,293 26,136 
Net amounts$71,142 $47,006 $(9,069)$(31,187)
Schedule of the components of the derivative settlement (gain) loss and the net derivative (gain) loss
The following table summarizes the commodity components of the derivative settlement (gain) loss, and the net derivative (gain) loss line items presented within the accompanying unaudited condensed consolidated statements of cash flows (“accompanying statements of cash flows”) and the accompanying statements of operations, respectively:
For the Three Months Ended March 31,
20232022
(in thousands)
Derivative settlement (gain) loss:
Oil contracts$6,226 $129,168 
Gas contracts(11,302)27,051 
NGL contracts— 11,964 
Total derivative settlement (gain) loss$(5,076)$168,183 
Net derivative (gain) loss:
Oil contracts$(29,167)$315,050 
Gas contracts(20,778)86,175 
NGL contracts(1,384)17,296 
Total net derivative (gain) loss$(51,329)$418,521