Derivatives (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives outstanding

As of September 30, 2021, these derivatives were outstanding:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Oct'21 - Dec'21	Natural gas - basis swap	30,000 MMBtu/day	$(0.22)	NGPL TEXOK
Oct'21	Natural gas - swap	50,000 MMBtu/day	$2.82	IF - NYMEX (HH)
Nov'21 - Dec'21	Natural gas - swap	45,000 MMBtu/day	$2.90	IF - NYMEX (HH)
Jan'22 - Dec'22	Natural gas - swap	5,000 MMBtu/day	$2.61	IF - NYMEX (HH)
Jan'23 - Dec'23	Natural gas - swap	22,000 MMBtu/day	$2.46	IF - NYMEX (HH)
Jan'22 - Dec'22	Natural gas - collar	35,000 MMBtu/day	$2.50 - $2.68	IF - NYMEX (HH)
Oct'21 - Dec'21	Crude oil - swap	3,373 Bbl/day	$45.14	WTI - NYMEX
Jan'22 - Dec'22	Crude oil - swap	2,300 Bbl/day	$42.25	WTI - NYMEX
Jan'23 - Dec'23	Crude oil - swap	1,300 Bbl/day	$43.60	WTI - NYMEX

Fair Value of Derivative Instruments and Locations in Balance Sheets

The following tables present the fair values and locations of the derivative transactions recorded on our unaudited condensed consolidated balance sheets:

		Derivative Liabilities
		Fair Value
	Classification on the unaudited condensed consolidated balance sheets	September 30, 2021		December 31, 2020
		(In thousands)
Commodity derivatives:
Current	Current derivative liability	$	59,962	$	1,047
Long-term	Non-current derivative liability	28,069		4,659
Total derivative liabilities		$	88,031	$	5,706

Effect of Derivative Instruments Recognized in Income Statements, Derivative Instruments

Following is the effect of derivative instruments on the unaudited condensed consolidated statements of operations for the periods indicated:

	Successor		Successor		Predecessor		Successor		Predecessor
	Three Months Ended September 30, 2021		One Month Ended September 30, 2020		Two Months Ended August 31, 2020		Nine Months Ended September 30, 2021		Eight Months Ended August 31, 2020
	(In thousands)
Gain (loss) on derivatives:
Gain (loss) on derivatives, included are amounts settled during the period of $(12,940), $(1,418), $(3,552), $(22,647), and $(4,244), respectively	$	(39,742)	$	3,939	$	(4,250)	$	(104,973)	$	(10,704)
	$	(39,742)	$	3,939	$	(4,250)	$	(104,973)	$	(10,704)