Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of contracts for oil and natural gas

The following is a summary of the Company’s open costless collar contracts for oil and natural gas at December 31, 2021.

		Notional Quantity (Bbl or MMBtu)	Weighted Average Price Floor ($/Bbl or $/MMBtu)		Weighted Average Price Ceiling ($/Bbl or $/MMBtu)		Fair Value of Asset (Liability) (thousands)
Commodity	Calculation Period
Oil	01/01/2022 - 12/31/2022	2,040,000	$	50.00	$	67.85	$	(16,652)
Natural Gas	01/01/2022 - 03/31/2022	8,250,000	$	2.70	$	6.33	(151)
Total open costless collar contracts							$	(16,803)

The following is a summary of the Company’s open basis swaps contracts for oil at December 31, 2021.

Commodity	Calculation Period	Notional Quantity (Bbl)	Fixed Price ($/Bbl)		Fair Value of Asset (Liability) (thousands)
Oil Basis	01/01/2022 - 12/31/2022	5,520,000	$	0.95	1,925
Total open basis swap contracts					$	1,925

Summary of offsetting assets

The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the consolidated balance sheets as of December 31, 2021 and December 31, 2020 (in thousands).

Derivative Instruments	Gross amounts recognized		Gross amounts netted in the consolidated balance sheets		Net amounts presented in the consolidated balance sheets
December 31, 2021
Current assets	$	215,145	$	(213,174)	$	1,971
Current liabilities	(230,023)		213,174		(16,849)
Total	$	(14,878)	$	—	$	(14,878)
December 31, 2020
Current assets	$	382,328	$	(375,601)	$	6,727
Other assets	150,194		(147,624)		2,570
Current liabilities	(420,787)		375,601		(45,186)
Long-term liabilities	(147,624)		147,624		—
Total	$	(35,889)	$	—	$	(35,889)

Summary of offsetting liabilities

The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the consolidated balance sheets as of December 31, 2021 and December 31, 2020 (in thousands).

Derivative Instruments	Gross amounts recognized		Gross amounts netted in the consolidated balance sheets		Net amounts presented in the consolidated balance sheets
December 31, 2021
Current assets	$	215,145	$	(213,174)	$	1,971
Current liabilities	(230,023)		213,174		(16,849)
Total	$	(14,878)	$	—	$	(14,878)
December 31, 2020
Current assets	$	382,328	$	(375,601)	$	6,727
Other assets	150,194		(147,624)		2,570
Current liabilities	(420,787)		375,601		(45,186)
Long-term liabilities	(147,624)		147,624		—
Total	$	(35,889)	$	—	$	(35,889)

Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations

The following table summarizes the location and aggregate gain (loss) of all derivative financial instruments recorded in the consolidated statements of operations for the periods presented (in thousands).

		Year Ended December 31,
Type of Instrument	Location in Statements of Operations	2021		2020		2019
Derivative Instrument
Oil	Revenues: Realized (loss) gain on derivatives	$	(194,058)	$	38,937	$	9,026
Natural Gas	Revenues: Realized (loss) gain on derivatives	(26,047)		—		456
Realized (loss) gain on derivatives		(220,105)		38,937		9,482
Oil	Revenues: Unrealized gain (loss) on derivatives	26,857		(37,703)		(53,443)
Natural Gas	Revenues: Unrealized (loss) gain on derivatives	(5,846)		5,695		(284)
Unrealized gain (loss) on derivatives		21,011		(32,008)		(53,727)
Total		$	(199,094)	$	6,929	$	(44,245)