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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
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 September 30, 2024:
| Period |  | Volume (Bbls) |  | Volume (Bbls/d) |  | Wtd. Avg. Crude Price ($/Bbl)(1)
Crude oil swaps | October 2024 - December 2024 |  | 3,772,000 |  |  | 41,000 |  |  | $75.08
| January 2025 - March 2025 |  | 3,870,000 |  |  | 43,000 |  |  | 75.15
| April 2025 - June 2025 |  | 3,913,000 |  |  | 43,000 |  |  | 73.85
| July 2025 - September 2025 |  | 3,956,000 |  |  | 43,000 |  |  | 72.65
| October 2025 - December 2025 |  | 3,956,000 |  |  | 43,000 |  |  | 71.62
| January 2026 - March 2026 |  | 1,575,000 |  |  | 17,500 |  |  | 71.49
| April 2026 - June 2026 |  | 1,592,500 |  |  | 17,500 |  |  | 70.61
| July 2026 - September 2026 |  | 1,610,000 |  |  | 17,500 |  |  | 69.77
| October 2026 - December 2026 |  | 1,610,000 |  |  | 17,500 |  |  | 69.08
| Period |  | Volume (Bbls) |  | Volume (Bbls/d) |  | Wtd. Avg. Collar Price Ranges ($/Bbl)(2)
Crude oil collars | October 2024 - December 2024 |  | 184,000 |  |  | 2,000 |  |  | $60.00 | - | $76.01
| Period |  | Volume (Bbls) |  | Volume (Bbls/d) |  | Wtd. Avg. Put Price ($/Bbl)(3) |  | Deferred Premium ($/Bbl)(3)
Deferred premium puts | October 2024 - December 2024 |  | 230,000 |  |  | 2,500 |  |  | $65.00 |  | $4.96
| Period |  | Volume (Bbls) |  | Volume (Bbls/d) |  | Wtd. Avg. Differential ($/Bbl)(4)
Crude oil basis differential swaps | October 2024 - December 2024 |  | 4,186,000 |  |  | 45,500 |  |  | $0.97
| January 2025 - March 2025 |  | 3,870,000 |  |  | 43,000 |  |  | 1.11
| April 2025 - June 2025 |  | 3,913,000 |  |  | 43,000 |  |  | 1.11
| July 2025 - September 2025 |  | 3,956,000 |  |  | 43,000 |  |  | 1.11
| October 2025 - December 2025 |  | 3,956,000 |  |  | 43,000 |  |  | 1.11
| January 2026 - March 2026 |  | 1,575,000 |  |  | 17,500 |  |  | 1.15
| April 2026 - June 2026 |  | 1,592,500 |  |  | 17,500 |  |  | 1.15
| July 2026 - September 2026 |  | 1,610,000 |  |  | 17,500 |  |  | 1.15
| October 2026 - December 2026 |  | 1,610,000 |  |  | 17,500 |  |  | 1.15
| Period |  | Volume (Bbls) |  | Volume (Bbls/d) |  | Wtd. Avg. Differential ($/Bbl)(5)
Crude oil roll differential swaps | October 2024 - December 2024 |  | 4,186,000 |  |  | 45,500 |  |  | $0.55
| January 2025 - March 2025 |  | 3,870,000 |  |  | 43,000 |  |  | 0.42
| April 2025 - June 2025 |  | 3,913,000 |  |  | 43,000 |  |  | 0.42
| July 2025 - September 2025 |  | 3,956,000 |  |  | 43,000 |  |  | 0.42
| October 2025 - December 2025 |  | 3,956,000 |  |  | 43,000 |  |  | 0.42
| January 2026 - March 2026 |  | 1,575,000 |  |  | 17,500 |  |  | 0.28
| April 2026 - June 2026 |  | 1,592,500 |  |  | 17,500 |  |  | 0.28
| July 2026 - September 2026 |  | 1,610,000 |  |  | 17,500 |  |  | 0.28
| October 2026 - December 2026 |  | 1,610,000 |  |  | 17,500 |  |  | 0.28
(1) These crude oil swap transactions are settled based on the NYMEX WTI index price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2) These crude oil collars are settled based on the NYMEX WTI index price on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated. (3) These crude oil deferred premium puts are settled based on the NYMEX WTI index price on each trading day within the specified monthly settlement period versus the contractual put prices for the volumes stipulated. (4) These crude oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable monthly settlement period. (5) These crude oil roll swap transactions are settled based on the difference between the arithmetic average of NYMEX WTI calendar month prices and the physical crude oil delivery month price.
| Period |  | Volume (MMBtu) |  | Volume (MMBtu/d) |  | Wtd. Avg. Gas Price ($/MMBtu)(1)
Natural gas swaps | October 2024 - December 2024 |  | 5,933,899 |  |  | 64,499 |  |  | $3.86
| January 2025 - March 2025 |  | 3,600,000 |  |  | 40,000 |  |  | 4.32
| April 2025 - June 2025 |  | 3,640,000 |  |  | 40,000 |  |  | 3.65
| July 2025 - September 2025 |  | 3,680,000 |  |  | 40,000 |  |  | 3.83
| October 2025 - December 2025 |  | 3,680,000 |  |  | 40,000 |  |  | 4.20
| January 2026 - March 2026 |  | 990,000 |  |  | 11,000 |  |  | 4.18
| April 2026 - June 2026 |  | 1,001,000 |  |  | 11,000 |  |  | 3.48
| July 2026 - September 2026 |  | 1,012,000 |  |  | 11,000 |  |  | 3.80
| October 2026 - December 2026 |  | 1,012,000 |  |  | 11,000 |  |  | 4.21
| Period |  | Volume (MMBtu) |  | Volume (MMBtu/d) |  | Wtd. Avg. Differential ($/MMBtu)(2)
Natural gas basis differential swaps | October 2024 - December 2024 |  | 11,040,000 |  |  | 120,000 |  |  | $(0.98)
| January 2025 - March 2025 |  | 3,600,000 |  |  | 40,000 |  |  | (0.74)
| April 2025 - June 2025 |  | 3,640,000 |  |  | 40,000 |  |  | (0.74)
| July 2025 - September 2025 |  | 3,680,000 |  |  | 40,000 |  |  | (0.74)
| October 2025 - December 2025 |  | 3,680,000 |  |  | 40,000 |  |  | (0.74)
| January 2026 - March 2026 |  | 990,000 |  |  | 11,000 |  |  | (0.61)
| April 2026 - June 2026 |  | 1,001,000 |  |  | 11,000 |  |  | (1.67)
| July 2026 - September 2026 |  | 1,012,000 |  |  | 11,000 |  |  | (1.17)
| October 2026 - December 2026 |  | 1,012,000 |  |  | 11,000 |  |  | (1.02)
| Period |  | Volume (MMBtu) |  | Volume (MMBtu/d) |  | Wtd. Avg. Collar Price Ranges ($/MMBtu)(3)
Natural gas collars | October 2024 - December 2024 |  | 5,106,101 |  |  | 55,501 |  |  | $2.75 | - | $5.29
(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 September 30, |  | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Net gain (loss) on derivative instruments | $ | 238,533 |  |  | $ | (151,781) |  |  | $ | 131,702 |  |  | $ | (76,668) |
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) |  |  | September 30, 2024
Derivative Assets |  |  |  |  |  |  |
Commodity contracts | Derivative instruments |  | $ | 134,106 |  |  | $ | (3,936) |  |  | $ | 130,170 |
| Other noncurrent assets |  | 55,088 |  |  | (323) |  |  | 54,765 |
Derivative Liabilities |  |  |  |  |  |  |
Commodity contracts | Other current liabilities |  | $ | 3,936 |  |  | $ | (3,936) |  |  | $ | — |
| Other noncurrent liabilities |  | 323 |  |  | (323) |  |  | — |
|  |  | December 31, 2023
Derivative Assets |  |  |  |  |  |  |
Commodity contracts | Derivative instruments |  | $ | 88,192 |  |  | $ | (17,601) |  |  | $ | 70,591 |
| Other noncurrent assets |  | 29,469 |  |  | (2,435) |  |  | 27,034 |
Derivative Liabilities |  |  |  |  |  |  |
Commodity contracts | Other current liabilities |  | $ | 20,326 |  |  | $ | (17,601) |  |  | $ | 2,725 |
| Other noncurrent liabilities |  | 3,762 |  |  | (2,435) |  |  | 1,327 |
(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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