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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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