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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2022
Accounting Policies [Abstract] |
Summary of Other Current Assets | Other current assets at December 31, 2022 and 2021 consist of the following:
| As of December 31,
| 2022 |  | 2021
| (In thousands)
Pipe and well equipment inventory | $ | 34,819 |  |  | $ | 5,015 |
Production tax refunds receivable | 11,156 |  |  | 7,879 |
Prepaid drilling costs | 4,265 |  |  | — |
Accrued proceeds from sale of oil and gas properties | 3,118 |  |  | — |
Prepaid expenses | 2,455 |  |  | 2,183 |
Other | 511 |  |  | — |
| $ | 56,324 |  |  | $ | 15,077 |
Reconciliation of Beginning and Ending Balances for Derivative Instruments | The following is a reconciliation of the beginning and ending balances for derivative instruments classified as Level 3 in the fair value hierarchy:
| Year Ended December 31, 2021
| (In thousands)
Balance at beginning of year | $ | (22,588) |
Total gains (losses) included in earnings | (162,421) |
Settlements, net | 58,448 |
Transfers out of Level 3 | 126,561 |
Balance at end of year | $ | — |
Summary of Carrying Amounts and Fair Values of Financial Instruments | The following presents the carrying amounts and the fair values of the Company's financial instruments as of December 31, 2022 and 2021:
| As of December 31,
| 2022 |  | 2021
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: | (In thousands)
Commodity-based derivatives (1) | $ | 23,884 |  |  | $ | 23,884 |  |  | $ | 5,258 |  |  | $ | 5,258 |
Liabilities: |  |  |  |  |  |  |
Commodity-based derivatives (1) | 4,420 |  |  | 4,420 |  |  | 185,987 |  |  | 185,987 |
Bank credit facility (2) | — |  |  | — |  |  | 235,000 |  |  | 235,000 |
7.50% senior notes due 2025 (3) | — |  |  | — |  |  | 196,998 |  |  | 248,066 |
6.75% senior notes due 2029 (3) | 1,229,836 |  |  | 1,129,029 |  |  | 1,256,874 |  |  | 1,337,500 |
5.875% senior notes due 2030 (3) | 965,000 |  |  | 846,788 |  |  | 965,000 |  |  | 989,125 |
_______________ (1)The Company's commodity-based derivatives are classified as Level 2 and measured at fair value using a market approach using third party pricing services and other active markets or broker quotes that are readily available in the public markets. (2)The carrying value of our floating rate debt outstanding approximates fair value. (3)The fair value of the Company's fixed rate debt was based on quoted prices as of December 31, 2022 and 2021, respectively, a Level 1 measurement.
Capitalized Exploratory Well Costs | The changes in capitalized exploratory well costs are as follows:
| Year Ended December 31,
| 2022 |  | 2021
| (in thousands)
Beginning capitalized exploratory project costs | $ | 6,966 |  |  | $ | — |
Additions to exploratory well costs pending the determination of proved reserves | 63,520 |  |  | 6,966 |
Determined to have found proved reserves | (69,619) |  |  | — |
Ending capitalized exploratory well costs | $ | 867 |  |  | $ | 6,966 |
Summary of Lease Cost Recognized | Lease costs recognized during the years ended December 31, 2022, 2021 and 2020 were as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In thousands)
Operating lease cost included in general and administrative expense | $ | 1,749 |  |  | $ | 1,732 |  |  | $ | 1,665 |
Operating lease cost included in lease operating expense | 1,383 |  |  | 879 |  |  | 815 |
Operating lease cost included in proved oil and gas properties | 25,200 |  |  | — |  |  | — |
Variable lease cost (completion costs included in proved oil and gas properties) | 25,095 |  |  | — |  |  | — |
Short-term lease cost (drilling rig costs included in proved oil and gas properties) | 62,077 |  |  | 32,735 |  |  | 33,334 |
| $ | 115,504 |  |  | $ | 35,346 |  |  | $ | 35,814 |
Summary of Liabilities Under Contract Contain Operating Leases |
| (In thousands)
2023 | $ | 41,007 |
2024 | 40,609 |
2025 | 13,004 |
2026 | 88 |
2027 | 17 |
Total lease payments | 94,725 |
Imputed interest | (3,929) |
Total lease liability | $ | 90,796 |
Summary of Accrued Expenses | Accrued expenses at December 31, 2022 and 2021 consist of the following:
| As of December 31,
| 2022 |  | 2021
| (In thousands)
Accrued interest payable | $ | 54,867 |  |  | $ | 60,305 |
Accrued drilling costs | 54,438 |  |  | 19,995 |
Accrued income and other taxes | 31,256 |  |  | 15,655 |
Accrued transportation costs | 28,357 |  |  | 22,859 |
Accrued employee compensation | 11,308 |  |  | 12,320 |
Accrued lease operating expenses | 2,412 |  |  | 2,036 |
Other | 473 |  |  | 1,856 |
| $ | 183,111 |  |  | $ | 135,026 |
Summary of Changes in Reserve for Future Abandonment Costs | The following table summarizes the changes in the Company's total estimated liability:
|  | Year Ended December 31,
|  | 2022 |  | 2021
|  | (In thousands)
Reserve for future abandonment costs at beginning of the year |  | $ | 25,673 |  |  | $ | 19,290 |
New wells placed on production |  | 1,537 |  |  | 1,994 |
Acquisitions |  | 1,211 |  |  | 637 |
Changes in estimates and timing |  | 182 |  |  | 3,008 |
Liabilities settled |  | (80) |  |  | (31) |
Divestitures |  | (944) |  |  | (466) |
Accretion expense |  | 1,535 |  |  | 1,241 |
Reserve for future abandonment costs at end of the year |  | $ | 29,114 |  |  | $ | 25,673 |
Schedule of Unvested Restricted Stock | Weighted average shares of unvested restricted stock outstanding were as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in thousands)
Unvested restricted stock | 926 |  |  | 1,057 |  |  | 1,149 |
Antidilutive Securities In Computation of Earnings per Share | The treasury stock method is used to measure the dilutive effect of PSUs.
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In thousands, except per unit amounts)
Weighted average PSUs | 925 |  |  | 1,146 |  |  | 1,044 |
Weighted average grant date fair value per unit | $15.11 |  |  | $8.11 |  |  | $9.33 |
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In thousands)
Weighted average convertible preferred stock | 40,034 |  |  | 43,750 |  |  | 63,832 |
Basic and Diluted Earnings Per Share | Basic and diluted income (loss) per share were determined as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In thousands, except per share amounts)
Net income (loss) available to common stockholders | $ | 1,124,868 |  |  | $ | (259,225) |  |  | $ | (83,413) |
Income allocable to unvested restricted stock | (4,278) |  |  | — |  |  | — |
Basic net income (loss) available to common stockholders | $ | 1,120,590 |  |  | $ | (259,225) |  |  | $ | (83,413) |
Income allocable to convertible preferred stock | 16,014 |  |  | — |  |  | — |
Income allocable to unvested restricted stock | 4,278 |  |  | — |  |  | — |
Diluted net income (loss) available to common stockholders | $ | 1,140,882 |  |  | $ | (259,225) |  |  | $ | (83,413) |
Basic weighted average shares outstanding | 236,045 |  |  | 231,633 |  |  | 215,194 |
Effect of dilutive securities: |  |  |  |  |
PSUs | 911 |  |  | — |  |  | — |
Restricted stock | 475 |  |  | — |  |  | — |
Convertible preferred stock | 40,034 |  |  | — |  |  | — |
Diluted weighted average shares outstanding | 277,465 |  |  | 231,633 |  |  | 215,194 |
Basic income (loss) per share | $ | 4.75 |  |  | $ | (1.12) |  |  | $ | (0.39) |
Diluted income (loss) per share | $ | 4.11 |  |  | $ | (1.12) |  |  | $ | (0.39) |
Cash Payments Made for Interest and Income Taxes | Cash payments made for interest and income taxes and other non-cash investing and financing activities were as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In thousands)
Cash payments for: |  |  |  |  |
Interest | $ | 166,275 |  |  | $ | 203,742 |  |  | $ | 228,555 |
Income tax payments (refunds) | $ | 16,524 |  |  | $ | 149 |  |  | $ | (10,218) |
Non-cash investing activities include: |  |  |  |  |
Increase (decrease) in accrued capital expenditures | $ | 34,443 |  |  | $ | (4,964) |  |  | $ | (17,234) |
Liabilities assumed in exchange for right-of-use lease assets | $ | 110,090 |  |  | $ | 5,847 |  |  | $ | 1,761 |
Non-cash investing and financing activities related to acquisitions: |  |  |  |  |
Acquired working capital | $ | — |  |  | $ | — |  |  | $ | 520 |
Non-cash financing activities include: |  |  |  |  |
Conversion of preferred stock into common stock | $ | 175,000 |  |  | $ | — |  |  | $ | — |
Retirement of debt in exchange for common stock | $ | — |  |  | $ | — |  |  | $ | (4,151) |
Issuance of common stock in exchange for debt | $ | — |  |  | $ | — |  |  | $ | 5,012 |

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