Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

At December 31, 2023, the Company had the following outstanding commodity derivative contracts:

Commodity	Settlement Period	Derivative Instrument	Volumes		Weighted Average Prices
					Fixed-Price Swaps		Sub-Floor		Floor		Ceiling
Crude oil	2024	Two-way collars	4,660,000	Bbls					$	64.31	$	83.89
Crude oil	2024	Three-way collars	736,000	Bbls			$	55.00	$	71.25	$	92.14
Crude oil	2024	Fixed-price swaps	366,000	Bbls	$	69.27
Crude oil	2025	Two-way collars	1,181,000	Bbls					$	60.00	$	79.05
Crude oil	2025	Three-way collars	1,276,000	Bbls			$	50.71	$	65.71	$	82.60
Natural gas	2025	Fixed-price swaps	651,600	MMBtu	$	3.93

Subsequent to December 31, 2023, the Company entered into the following commodity derivative contracts:

					Weighted Average Prices
Commodity	Settlement Period	Derivative Instrument	Volumes		Sub-Floor		Floor		Ceiling
Crude oil	2024	Two-way collars	825,000	Bbls			$	66.65	$	81.94
Crude oil	2025	Three-way collars	1,095,000	Bbls	$	55.00	$	70.00	$	81.62
Crude oil	2026	Three-way collars	270,000	Bbls	$	50.00	$	65.00	$	83.70

Schedule of Realized and Unrealized Gains and Losses From Commodity Derivative Instruments

The following table summarizes the location and amounts of gains and losses from the Company’s derivative instruments recorded in the Company’s Consolidated Statements of Operations for the periods presented:

		Year Ended December 31,
Derivative Instrument	Statement of Operations Location	2023		2022		2021
		(In thousands)
Commodity derivatives	Net gain (loss) on derivative instruments	$	56,396	$	(224,238)	$	(601,591)
Commodity derivatives (buy/sell transportation contracts)	Gathering, processing and transportation expenses(1)	20,570		7,331		—
Contingent consideration	Net gain (loss) on derivative instruments	6,786		16,110		11,950
Contingent consideration	Gain on sale of assets, net	—		—		32,860

__________________ 

(1)    The change in the fair value of the transportation derivative contracts was recorded as a gain in GPT expenses for the year ended December 31, 2023.

Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments

The following tables summarize the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Consolidated Balance Sheets:

		December 31, 2023
Derivative Instrument	Balance Sheet Location	Gross Amount		Gross Amount Offset		Net Amount
		(In thousands)
Derivatives assets:
Commodity derivatives	Derivative instruments — current assets	$	20,647	$	(11,769)	$	8,878
Contingent consideration	Derivative instruments — current assets	22,614		—		22,614
Commodity derivatives (buy/sell transportation contracts)	Derivative instruments — current assets	5,877		—		5,877
Commodity derivatives	Derivative instruments — non-current assets	16,760		(14,326)		2,434
Contingent consideration	Derivative instruments — non-current assets	20,092		—		20,092
Total derivatives assets		$	85,990	$	(26,095)	$	59,895
Derivatives liabilities:
Commodity derivatives	Derivative instruments — current liabilities	$	25,978	$	(11,769)	$	14,209
Commodity derivatives	Derivative instruments — non-current liabilities	15,043		(14,326)		717
Total derivatives liabilities		$	41,021	$	(26,095)	$	14,926

		December 31, 2022
Derivative Instrument	Balance Sheet Location	Gross Amount		Gross Offset Amount		Net Amount
		(In thousands)
Derivatives assets:
Commodity derivatives	Derivative instruments — current assets	$	10,194	$	(9,414)	$	780
Contingent consideration	Derivative instruments — current assets	22,955		—		22,955
Contingent consideration	Derivative instruments — non-current assets	37,965		—		37,965
Total derivatives assets		$	71,114	$	(9,414)	$	61,700
Derivatives liabilities:
Commodity derivatives	Derivative instruments — current liabilities	$	339,090	$	(9,414)	$	329,676
Commodity derivatives (buy/sell transportation contracts)	Derivative instruments — current liabilities	11,865		—		11,865
Commodity derivatives (buy/sell transportation contracts)	Derivative instruments — non-current liabilities	2,829		—		2,829
Total derivatives liabilities		$	353,784	$	(9,414)	$	344,370