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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments Not Designated as Hedging Instruments [Abstract]  
Schedule of notional amounts of outstanding derivative positions
As of December 31, 2023, the Company had commodity derivative contracts outstanding through the fourth quarter of 2025 as summarized in the table below:
Contract Period
First QuarterSecond QuarterThird QuarterFourth Quarter
20242024202420242025
Oil Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
ICE Brent Volumes
910 — — — — 
Weighted-Average Contract Price$85.50 $— $— $— $— 
Collars
NYMEX WTI Volumes795 1,846 1,669 556 — 
Weighted-Average Floor Price$68.21 $67.46 $68.93 $72.86 $— 
Weighted-Average Ceiling Price$82.37 $85.53 $84.00 $79.83 $— 
Basis Swaps
WTI Midland-NYMEX WTI Volumes
1,199 1,193 1,235 1,230 1,807 
Weighted-Average Contract Price$1.21 $1.21 $1.21 $1.21 $1.15 
WTI Houston MEH-NYMEX WTI Volumes
256 293 332 309 729 
Weighted-Average Contract Price$1.83 $1.82 $1.82 $1.82 $1.85 
Roll Differential Swaps
NYMEX WTI Volumes1,415 1,792 1,964 1,877 — 
Weighted-Average Contract Price$0.57 $0.57 $0.57 $0.57 $— 
Gas Derivatives (volumes in BBtu and prices in $ per MMBtu):
Swaps
NYMEX HH Volumes
— 4,186 1,393 — 5,891 
Weighted-Average Contract Price$— $3.17 $3.39 $— $4.20 
Collars
NYMEX HH Volumes
8,382 4,432 4,612 5,716 13,217 
Weighted-Average Floor Price$3.57 $3.69 $3.68 $3.48 $3.44 
Weighted-Average Ceiling Price$7.82 $4.00 $4.21 $5.24 $5.06 
Basis Swaps
IF Waha-NYMEX HH Volumes
5,089 5,285 5,344 5,240 20,501 
Weighted-Average Contract Price$(0.61)$(1.09)$(0.99)$(0.73)$(0.66)
IF HSC-NYMEX HH Volumes
4,957 3,310 3,426 5,750 — 
Weighted-Average Contract Price$(0.01)$(0.34)$(0.30)$(0.38)$— 
NGL Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
OPIS Propane Mont Belvieu Non-TET Volumes62 65 68 70 — 
Weighted-Average Contract Price$28.56 $28.56 $28.56 $28.56 $— 
Commodity Derivative Contracts Entered Into Subsequent to December 31, 2023
Subsequent to December 31, 2023, and through the filing of this report, the Company entered into the following commodity derivative contracts:
Contract Period
First QuarterSecond QuarterThird QuarterFourth Quarter
202420242024202420252026
Oil Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
NYMEX WTI Volumes— — — 344 — — 
Weighted-Average Contract Price$— $— $— $71.00 $— $— 
Collars
NYMEX WTI Volumes— — 335 344 — — 
Weighted-Average Floor Price$— $— $65.00 $65.00 $— $— 
Weighted-Average Ceiling Price$— $— $78.61 $76.45 $— $— 
Basis Swaps
WTI Midland-NYMEX WTI Volumes
— — — — 941 — 
Weighted-Average Contract Price$— $— $— $— $1.15 $— 
WTI Houston MEH-NYMEX WTI Volumes
— — — — 684 816 
Weighted-Average Contract Price$— $— $— $— $1.95 $2.10 
Gas Derivatives (volumes in BBtu and prices in $ per MMBtu):
Swaps
NYMEX HH Volumes
— — 1,530 — — — 
Weighted-Average Contract Price$— $— $2.99 $— $— $— 
Collars
NYMEX HH Volumes
— — — 1,612 4,838 — 
Weighted-Average Floor Price$— $— $— $3.00 $3.00 $— 
Weighted-Average Ceiling Price$— $— $— $4.02 $4.22 $— 
Basis Swaps
IF HSC-NYMEX HH Volumes
— — — — 946 — 
Weighted-Average Contract Price$— $— $— $— $0.0025 $— 
NGL Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
OPIS Propane Mont Belvieu Non-TET Volumes254 322 336 364 396 — 
Weighted-Average Contract Price$32.33 $32.57 $32.54 $32.49 $32.86 $— 
OPIS Normal Butane Mont Belvieu Non-TET Volumes
28 44 46 49 45 — 
Weighted-Average Contract Price$39.48 $39.48 $39.48 $39.48 $39.48 $— 
OPIS Isobutane Mont Belvieu Non-TET Volumes
15 24 25 28 25 — 
Weighted-Average Contract Price$41.58 $41.58 $41.58 $41.58 $41.58 $— 
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 December 31, 2023As of December 31, 2022
(in thousands)
Derivative assets:
Current assets$56,442 $48,677 
Noncurrent assets8,672 24,465 
Total derivative assets$65,114 $73,142 
Derivative liabilities:
Current liabilities$6,789 $56,181 
Noncurrent liabilities1,273 1,142 
Total derivative liabilities$8,062 $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
December 31,
2023		December 31,
2022		December 31,
2023		December 31,
2022
(in thousands)
Gross amounts presented in the accompanying balance sheets
$65,114 $73,142 $(8,062)$(57,323)
Amounts not offset in the accompanying balance sheets
(7,362)(26,136)7,362 26,136 
Net amounts$57,752 $47,006 $(700)$(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 net derivative settlement (gain) loss, and the net derivative (gain) loss line items presented within the accompanying statements of cash flows and the accompanying statements of operations, respectively:
For the Years Ended December 31,
202320222021
(in thousands)
Net derivative settlement (gain) loss:
Oil contracts$26,873 $514,641 $523,245 
Gas contracts(49,156)171,598 152,361 
NGL contracts(4,638)24,461 73,352 
Total net derivative settlement (gain) loss:$(26,921)$710,700 $748,958 
Net derivative (gain) loss:
Oil contracts$(20,813)$284,863 $650,959 
Gas contracts(42,713)82,769 172,248 
NGL contracts(4,628)6,380 78,452 
Total net derivative (gain) loss:$(68,154)$374,012 $901,659