DERIVATIVES (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of Commodity Derivatives |
As of December 31, 2024, we had entered into the following commodity price derivative contracts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Contract Period | | | | | Q1 2025 | | Q2 2025 | | Q3 2025 | | Q4 2025 | | 2026 | Crude Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) | | Swaps | | | | | | | | | | | | | | NYMEX WTI Volumes | | | | 31,000 | | 29,000 | | 28,000 | | 11,000 | | 740 | | Weighted-Average Contract Price | | | | $ | 71.08 | | | $ | 70.71 | | | $ | 72.90 | | | $ | 68.54 | | | $ | 66.50 | | | Collars | | | | | | | | | | | | | | NYMEX WTI Volumes | | | | 28,000 | | 32,000 | | 28,000 | | 45,000 | | — | | Weighted-Average Ceiling Price | | | | $ | 79.87 | | | $ | 77.78 | | | $ | 77.65 | | | $ | 75.81 | | | $ | — | | | Weighted-Average Floor Price | | | | $ | 70.00 | | | $ | 69.88 | | | $ | 69.31 | | | $ | 58.71 | | | $ | — | | Natural Gas Derivatives (volumes in MMBtu/day and prices in $/MMBtu) | | Swaps | | | | | | | | | | | | | | NYMEX HH Volumes | | | | 180,000 | | 110,000 | | 110,000 | | 110,000 | | — | | Weighted-Average Contract Price | | | | $ | 3.17 | | | $ | 3.20 | | | $ | 3.20 | | | $ | 3.20 | | | $ | — | | | Collars | | | | | | | | | | | | | | NYMEX HH Volumes | | | | 20,000 | | 20,000 | | 20,000 | | 20,000 | | 130,000 | | Weighted-Average Ceiling Price | | | | $ | 3.76 | | | $ | 3.76 | | | $ | 3.76 | | | $ | 3.76 | | | $ | 4.02 | | | Weighted-Average Floor Price | | | | $ | 3.03 | | | $ | 3.03 | | | $ | 3.03 | | | $ | 3.03 | | | $ | 3.24 | | | Basis Protection Swaps | | | | | | | | | | | | | Waha Basis Volumes | | | | 200,000 | | 130,000 | | 130,000 | | 130,000 | | 130,000 | | Weighted-Average Contract Price | | | | $ | (1.10) | | | $ | (1.17) | | | $ | (1.17) | | | $ | (1.17) | | | $ | (1.31) | | Waha Index Volumes | | | | 90,000 | | — | | — | | — | | — | | Weighted-Average Contract Price | | | | $ | 0.07 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Subsequent to December 31, 2024 and as of February 21, 2025, we had entered into the following commodity price derivative contracts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Contract Period | | | | | Q1 2025 | | Q2 2025 | | Q3 2025 | | Q4 2025 | | 2026 | Crude Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) | | Swaps | | | | | | | | | | | | | | NYMEX WTI Volumes | | | | — | | — | | 5,000 | | 2,000 | | 7,397 | | Weighted-Average Contract Price | | | | $ | — | | | $ | — | | | $ | 69.76 | | | $ | 69.60 | | | $ | 68.46 | | | Collars | | | | | | | | | | | | | | NYMEX WTI Volumes | | | | — | | — | | — | | — | | 2,466 | | Weighted-Average Ceiling Price | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 77.13 | | | Weighted-Average Floor Price | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 60.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Summary of all the Company's Derivative Positions |
The following table contains a summary of all our derivative positions reported on the accompanying consolidated balance sheets as well as a reconciliation between the gross assets and liabilities and the potential effects of master netting arrangements on the fair value of our commodity derivative contracts as of December 31, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | | | As of December 31, | | | 2024 | | 2023 | | Derivative Assets: | | | | | | Commodity contracts - current | | $ | 66,517 | | | $ | 35,192 | | | Commodity contracts - noncurrent | | 17,037 | | | 8,233 | | | Total derivative assets | | 83,554 | | | 43,425 | | | Amounts not offset in the accompanying consolidated balance sheets | | (26,520) | | | (11,859) | | | Total derivative assets, net | | $ | 57,034 | | | $ | 31,566 | | | | | | | | Derivative Liabilities: | | | | | | Commodity contracts - current | | $ | (22,178) | | | $ | (18,096) | | | Commodity contracts - long-term | | (13,016) | | | — | | | Total derivative liabilities | | (35,194) | | | (18,096) | | | Amounts not offset in the accompanying consolidated balance sheets | | 26,520 | | | 11,859 | | | Total derivative liabilities, net | | $ | (8,674) | | | $ | (6,237) | |
|
| Summary of the Components of the Derivative Gain (Loss) |
The following table summarizes the components of the derivative gain (loss), net presented on the accompanying consolidated statements of operations for the periods below (in thousands): | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2024 | | 2023 | | 2022 | | Derivative cash settlement gain (loss), net | | | | | | | Crude oil contracts | $ | (41,696) | | | $ | (59,543) | | | $ | (346,419) | | | Natural gas contracts | 48,131 | | | (8,703) | | | (189,410) | | | NGL contracts | — | | | — | | | (40,973) | | | Total derivative cash settlement gain (loss), net | 6,435 | | | (68,246) | | | (576,802) | | Change in fair value gain | 31,055 | | | 77,553 | | | 241,642 | | | Total derivative gain (loss), net | $ | 37,490 | | | $ | 9,307 | | | $ | (335,160) | |
|