Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Acquisition and Divestiture

On July 3, 2023, the Company closed the Percussion Acquisition and the Eagle Ford Divestiture. See “Note 5 — Acquisitions and Divestitures” for additional details.

As part of the Percussion Acquisition, the Company assumed all of Percussion Target’s oil, natural gas, and NGL hedge contracts, which are presented in the following tables:

	For the Remainder	For the Full Year
Oil Contracts (WTI)	2023	2024
Collar Contracts (Three-Way Collars)
Total volume (Bbls)	1,034,556	3,963,023
Weighted average price per Bbl
Ceiling (short call)	$70.20	$78.86
Floor (long put)	$55.00	$58.16
Floor (short put)	$45.00	$48.16
Collar Contracts (Two-Way Collars)
Total volume (Bbls)	309,054	—
Weighted average price per Bbl
Ceiling (short call)	$72.40	$—
Floor (long put)	$60.00	$—
CMA Roll Swap Contracts
Total volume (Bbls)	1,512,363	—
Weighted average price per Bbl	$0.30	$—

	For the Remainder	For the Full Year
Natural Gas Contracts (Henry Hub)	2023	2024
Collar Contracts
Total volume (MMBtu)	555,755	6,778,555
Weighted average price per MMBtu
Ceiling (short call)	$3.69	$3.33
Floor (long put)	$2.86	$3.00
Natural Gas Contracts (Waha Basis Differential)
Swap Contracts
Total volume (MMBtu)	1,840,000	3,660,000
Weighted average price per MMBtu	($1.94)	($1.07)

	For the Remainder	For the Full Year
NGL Contracts (Mont Belvieu Natural Gasoline)	2023	2024
Swap Contracts
Total volume (Bbls)	83,510	—
Weighted average price per Bbl	$56.31	$—
NGL Contracts (Mont Belvieu Propane)
Swap Contracts
Total volume (Bbls)	71,831	—
Weighted average price per Bbl	$31.37	$—
NGL Contracts (Mont Belvieu Purity Ethane)
Swap Contracts
Total volume (Bbls)	70,428	—
Weighted average price per Bbl	$9.66	$—
NGL Contracts (Mont Belvieu Normal Butane)
Swap Contracts
Total volume (Bbls)	64,606	72,105
Weighted average price per Bbl	$35.60	$33.18
NGL Contracts (Mont Belvieu Isobutane)
Swap Contracts
Total volume (Bbls)	21,141	23,462
Weighted average price per Bbl	$35.47	$33.18

Redemption of 8.25% Senior Notes

On July 3, 2023, the Company delivered a redemption notice with respect to all $187.2 million of its outstanding 8.25% Senior Notes due 2025 (the “2025 Notes”). The Company redeemed the 2025 Notes on August 2, 2023 using borrowings under the Company’s Credit Facility.