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v3.23.1

Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table summarizes the approximate volumes and average contract prices of derivative contracts the Company had in place as of March 31, 2023:
| Period |  | Volume (Bbls) |  | Volume (Bbls/d) |  | Wtd. Avg. Crude Price ($/Bbl)(1)
Crude oil swaps | April 2023 - June 2023 |  | 1,592,500 |  |  | 17,500 |  |  | $87.64
| July 2023 - September 2023 |  | 1,472,000 |  |  | 16,000 |  |  | 86.36
| October 2023 - December 2023 |  | 1,472,000 |  |  | 16,000 |  |  | 84.11
| January 2024 - March 2024 |  | 1,092,000 |  |  | 12,000 |  |  | 78.46
| April 2024 - June 2024 |  | 1,092,000 |  |  | 12,000 |  |  | 77.30
| July 2024 - September 2024 |  | 1,104,000 |  |  | 12,000 |  |  | 76.21
| October 2024 - December 2024 |  | 1,104,000 |  |  | 12,000 |  |  | 75.27
| Period |  | Volume (Bbls) |  | Volume (Bbls/d) |  | Wtd. Avg. Collar Price Ranges ($/Bbl)(2)
Crude oil collars | April 2023 - June 2023 |  | 819,000 |  |  | 9,000 |  |  | $75.56 | - | $91.15
| July 2023 - September 2023 |  | 644,000 |  |  | 7,000 |  |  | 76.43 | - | 92.70
| October 2023 - December 2023 |  | 644,000 |  |  | 7,000 |  |  | 76.43 | - | 92.70
| Period |  | Volume (Bbls) |  | Volume (Bbls/d) |  | Wtd. Avg. Differential ($/Bbl)(3)
Crude oil basis differential swaps | April 2023 - June 2023 |  | 739,499 |  |  | 8,126 |  |  | $0.55
| July 2023 - September 2023 |  | 749,000 |  |  | 8,141 |  |  | 0.52
| October 2023 - December 2023 |  | 749,002 |  |  | 8,141 |  |  | 0.52
| January 2024 - March 2024 |  | 637,000 |  |  | 7,000 |  |  | 0.43
| April 2024 - June 2024 |  | 637,000 |  |  | 7,000 |  |  | 0.43
| July 2024 - September 2024 |  | 644,000 |  |  | 7,000 |  |  | 0.43
| October 2024 - December 2024 |  | 644,000 |  |  | 7,000 |  |  | 0.43
| Period |  | Volume (Bbls) |  | Volume (Bbls/d) |  | Wtd. Avg. Differential ($/Bbl)(4)
Crude oil roll differential swaps | April 2023 - June 2023 |  | 1,365,000 |  |  | 15,000 |  |  | $1.25
| July 2023 - September 2023 |  | 1,380,000 |  |  | 15,000 |  |  | 1.23
| October 2023 - December 2023 |  | 1,380,000 |  |  | 15,000 |  |  | 1.22
| January 2024 - March 2024 |  | 637,000 |  |  | 7,000 |  |  | 0.75
| April 2024 - June 2024 |  | 637,000 |  |  | 7,000 |  |  | 0.74
| July 2024 - September 2024 |  | 644,000 |  |  | 7,000 |  |  | 0.73
| October 2024 - December 2024 |  | 644,000 |  |  | 7,000 |  |  | 0.72
(1) These crude oil swap transactions are settled based on the NYMEX WTI index price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2) These crude oil collars are settled based on the NYMEX WTI index price on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated. (3) These crude oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable monthly settlement period. (4) These crude oil roll swap transactions are settled based on the difference between the arithmetic average of NYMEX WTI calendar month prices and the physical crude oil delivery month price.
| Period |  | Volume (MMBtu) |  | Volume (MMBtu/d) |  | Wtd. Avg. Gas Price ($/MMBtu)(1)
Natural gas swaps | April 2023 - June 2023 |  | 1,572,752 |  |  | 17,283 |  |  | $4.70
| July 2023 - September 2023 |  | 1,486,925 |  |  | 16,162 |  |  | 4.70
| October 2023 - December 2023 |  | 1,413,628 |  |  | 15,366 |  |  | 4.90
| January 2024 - March 2024 |  | 464,919 |  |  | 5,109 |  |  | 5.01
| April 2024 - June 2024 |  | 446,321 |  |  | 4,905 |  |  | 3.93
| July 2024 - September 2024 |  | 429,388 |  |  | 4,667 |  |  | 4.01
| October 2024 - December 2024 |  | 413,899 |  |  | 4,499 |  |  | 4.32
| Period |  | Volume (MMBtu) |  | Volume (MMBtu/d) |  | Wtd. Avg. Differential ($/MMBtu)(2)
Natural gas basis differential swaps | April 2023 - June 2023 |  | 6,142,500 |  |  | 67,500 |  |  | $(1.30)
| July 2023 - September 2023 |  | 6,210,000 |  |  | 67,500 |  |  | (1.30)
| October 2023 - December 2023 |  | 6,210,000 |  |  | 67,500 |  |  | (1.30)
| January 2024 - March 2024 |  | 1,820,000 |  |  | 20,000 |  |  | (0.59)
| April 2024 - June 2024 |  | 1,820,000 |  |  | 20,000 |  |  | (0.67)
| July 2024 - September 2024 |  | 1,840,000 |  |  | 20,000 |  |  | (0.66)
| October 2024 - December 2024 |  | 1,840,000 |  |  | 20,000 |  |  | (0.64)
| Period |  | Volume (MMBtu) |  | Volume (MMBtu/d) |  | Wtd. Avg. Collar Price Ranges ($/MMBtu)(3)
Natural gas collars | April 2023 - June 2023 |  | 6,389,748 |  |  | 70,217 |  |  | $3.64 | - | $7.62
| July 2023 - September 2023 |  | 6,563,075 |  | 71,338 |  |  | 3.64 | - | 7.52
| October 2023 - December 2023 |  | 6,636,372 |  | 72,134 |  |  | 3.66 | - | 8.22
| January 2024 - March 2024 |  | 3,175,081 |  | 34,891 |  |  | 3.36 | - | 9.44
| April 2024 - June 2024 |  | 1,373,679 |  | 15,095 |  |  | 3.00 | - | 6.45
| July 2024 - September 2024 |  | 1,410,612 |  | 15,333 |  |  | 3.00 | - | 6.52
| October 2024 - December 2024 |  | 1,426,101 |  | 15,501 |  |  | 3.25 | - | 7.30
(1) These natural gas swap contracts are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2) These natural gas basis swap contracts are settled based on the difference between the Inside FERC’s West Texas WAHA price and the NYMEX price of natural gas, during each applicable monthly settlement period. (3) These natural gas collars are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated.
Schedule of Gains and Losses from Derivative Instruments | The following table presents the impact of the Company’s derivative instruments in its consolidated statements of operations for the periods presented:
| Three Months Ended March 31, |  |
(in thousands) | 2023 |  | 2022 |  |  |  |
Net gain (loss) on derivative instruments | $ | 54,512 |  |  | $ | (129,523) |  |  |  |  |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The tables below summarize the fair value amounts and the classification in the consolidated balance sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts:
| Balance Sheet Classification |  | Gross Fair Value Asset/Liability Amounts |  | Gross Amounts Offset(1) |  | Net Recognized Fair Value Assets/Liabilities
(in thousands) |  |  | March 31, 2023
Derivative Assets |  |  |  |  |  |  |
Commodity contracts | Derivative instruments |  | $ | 116,409 |  |  | $ | (8,116) |  |  | $ | 108,293 |
| Other noncurrent assets |  | 23,581 |  |  | (2,287) |  |  | 21,294 |
Derivative Liabilities |  |  |  |  |  |  |
Commodity contracts | Derivative instruments |  | 8,460 |  |  | (8,116) |  |  | 344 |
| Other noncurrent liabilities |  | 2,287 |  |  | (2,287) |  |  | — |
|  |  | December 31, 2022
Derivative Assets |  |  |  |  |  |  |
Commodity contracts | Derivative instruments |  | $ | 125,120 |  |  | $ | (24,323) |  |  | $ | 100,797 |
| Other noncurrent assets |  | 22,016 |  |  | $ | (3,691) |  |  | 18,325 |
Derivative Liabilities |  |  |  |  |  |  |
Commodity contracts | Derivative instruments |  | $ | 26,321 |  |  | $ | (24,323) |  |  | $ | 1,998 |
| Other noncurrent liabilities |  | 6,349 |  |  | (3,691) |  |  | 2,658 |
(1) The Company has agreements in place with each of its counterparties that allow for the financial right of offset for derivative assets against derivative liabilities at settlement or in the event of a default under the agreements or if contracts are terminated.

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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