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Derivative Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | At March 31, 2021 (Successor), the Company had the following outstanding commodity derivative instruments:
Commodity |  | Settlement Period |  | Derivative Instrument |  |  |  | Volumes |  | Weighted Average Prices |  | Fair Value Assets (Liabilities)
|  |  |  |  | Fixed Price Swaps |  |  | Floor | Ceiling |
|  |  |  |  |  |  |  |  |  |  |  |  | (In thousands)
Crude oil |  | 2021 |  | Fixed price swaps |  |  |  | 7,975,000 |  | Bbl |  | $ | 42.09 |  |  |  |  |  |  | $ | (130,125) |
Crude oil |  | 2021 |  | Two-way collar |  |  |  | 459,000 |  | Bbl |  |  |  |  | $ | 45.00 |  | $ | 63.82 |  |  | (614) |
Crude oil |  | 2022 |  | Fixed price swaps |  |  |  | 7,245,000 |  | Bbl |  | $ | 42.66 |  |  |  |  |  |  | (82,286) |
Crude oil |  | 2022 |  | Two-way collar |  |  |  | 636,000 |  | Bbl |  |  |  |  | $ | 45.00 |  | $ | 63.82 |  |  | (88) |
Crude oil |  | 2023 |  | Fixed price swaps |  |  |  | 5,265,000 |  | Bbl |  | $ | 43.57 |  |  |  |  |  |  | (39,027) |
Crude oil |  | 2024 |  | Fixed price swaps |  |  |  | 434,000 |  | Bbl |  | $ | 43.68 |  |  |  |  |  |  | (2,654) |
Natural gas |  | 2021 |  | Fixed price swaps |  |  |  | 11,000,000 |  | MMBtu |  | $ | 2.84 |  |  |  |  |  |  | 1,174 |
Natural gas |  | 2022 |  | Fixed price swaps |  |  |  | 5,430,000 |  | MMBtu |  | $ | 2.82 |  |  |  |  |  |  | 610 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (253,010) |
Gains and Losses from Commodity Derivative Instruments | The following table summarizes the location and amounts of gains and losses from the Company’s commodity derivative instruments recorded in the Company’s Condensed Consolidated Statements of Operations for the periods presented (in thousands):
|  | Successor |  |  | Predecessor |  |  |  |
|  | Three Months Ended March 31, 2021 |  |  | Three Months Ended March 31, 2020 |  |
Statements of Operations Location |  |  |  |  |  |  |
Net gain (loss) on derivative instruments |  | $ | (181,515) |  |  |  | $ | 285,322 |  |  |  |  |
Summary of Gross and Net Information about Commodity Derivative Assets | The following table summarizes the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets:
|  |  |  | Successor
|  |  |  | March 31, 2021
Commodity |  | Balance Sheet Location |  | Gross Recognized Assets |  | Gross Amount Offset |  | Net Recognized Fair Value Assets
|  |  |  | (In thousands)
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current liabilities |  | $ | 159,043 |  |  | $ | (2,593) |  |  | $ | 156,450 |
Commodity contracts |  | Derivative instruments — non-current liabilities |  | 98,861 |  |  | (2,301) |  |  | 96,560 |
Total derivatives liabilities |  | $ | 257,904 |  |  | $ | (4,894) |  |  | $ | 253,010 |
|  |  |  | Successor
|  |  |  | December 31, 2020
Commodity |  | Balance Sheet Location |  | Gross Recognized Assets/Liabilities |  | Gross Amount Offset |  | Net Recognized Fair Value Assets/Liabilities
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current assets |  | $ | 467 |  |  | $ | — |  |  | $ | 467 |
Commodity contracts |  | Derivative instruments — non-current assets |  | — |  |  | — |  |  | — |
Total derivatives assets |  | $ | 467 |  |  | $ | — |  |  | $ | 467 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current liabilities |  | $ | 59,262 |  |  | $ | (2,318) |  |  | $ | 56,944 |
Commodity contracts |  | Derivative instruments — non-current liabilities |  | 38,426 |  |  | (812) |  |  | 37,614 |
Total derivatives liabilities |  | $ | 97,688 |  |  | $ | (3,130) |  |  | $ | 94,558 |
Summary of Gross and Net Information about Commodity Derivative Liabilities | The following table summarizes the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets:
|  |  |  | Successor
|  |  |  | March 31, 2021
Commodity |  | Balance Sheet Location |  | Gross Recognized Assets |  | Gross Amount Offset |  | Net Recognized Fair Value Assets
|  |  |  | (In thousands)
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current liabilities |  | $ | 159,043 |  |  | $ | (2,593) |  |  | $ | 156,450 |
Commodity contracts |  | Derivative instruments — non-current liabilities |  | 98,861 |  |  | (2,301) |  |  | 96,560 |
Total derivatives liabilities |  | $ | 257,904 |  |  | $ | (4,894) |  |  | $ | 253,010 |
|  |  |  | Successor
|  |  |  | December 31, 2020
Commodity |  | Balance Sheet Location |  | Gross Recognized Assets/Liabilities |  | Gross Amount Offset |  | Net Recognized Fair Value Assets/Liabilities
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current assets |  | $ | 467 |  |  | $ | — |  |  | $ | 467 |
Commodity contracts |  | Derivative instruments — non-current assets |  | — |  |  | — |  |  | — |
Total derivatives assets |  | $ | 467 |  |  | $ | — |  |  | $ | 467 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current liabilities |  | $ | 59,262 |  |  | $ | (2,318) |  |  | $ | 56,944 |
Commodity contracts |  | Derivative instruments — non-current liabilities |  | 38,426 |  |  | (812) |  |  | 37,614 |
Total derivatives liabilities |  | $ | 97,688 |  |  | $ | (3,130) |  |  | $ | 94,558 |

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