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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | At June 30, 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 |  |  |  | 5,307,000 |  | Bbl |  | $ | 42.09 |  |  |  |  |  |  |  |  | $ | (154,623) |
Crude oil |  | 2021 |  | Two-way collar |  |  |  | 1,224,000 |  | Bbl |  |  |  |  |  | $ | 51.25 |  |  | $ | 68.24 |  |  | (6,846) |
Crude oil |  | 2022 |  | Fixed price swaps |  |  |  | 7,245,000 |  | Bbl |  | $ | 49.02 |  |  |  |  |  |  |  |  | (120,533) |
Crude oil |  | 2022 |  | Two-way collar |  |  |  | 4,799,000 |  | Bbl |  |  |  |  |  | $ | 49.50 |  |  | $ | 66.62 |  |  | (21,819) |
Crude oil |  | 2023 |  | Fixed price swaps |  |  |  | 5,265,000 |  | Bbl |  | $ | 50.00 |  |  |  |  |  |  |  |  | (53,619) |
Crude oil |  | 2023 |  | Two-way collar |  |  |  | 4,380,000 |  | Bbl |  |  |  |  |  | $ | 45.42 |  |  | $ | 65.05 |  |  | (11,769) |
Crude oil |  | 2024 |  | Fixed price swaps |  |  |  | 434,000 |  | Bbl |  | $ | 50.00 |  |  |  |  |  |  |  |  | (3,434) |
Crude oil |  | 2024 |  | Two-way collar |  |  |  | 372,000 |  | Bbl |  |  |  |  |  | $ | 45.00 |  |  | $ | 64.88 |  |  | (521) |
Natural gas |  | 2021 |  | Fixed price swaps |  |  |  | 7,360,000 |  | MMBtu |  | $ | 2.84 |  |  |  |  |  |  |  |  | (5,889) |
Natural gas |  | 2022 |  | Fixed price swaps |  |  |  | 5,430,000 |  | MMBtu |  | $ | 2.82 |  |  |  |  |  |  |  |  | (2,596) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (381,649) |
Gains and Losses from Commodity Derivative Instruments | The following table summarizes the location and amounts of gains and losses from the Company’s derivative instruments recorded in the Company’s Condensed Consolidated Statements of Operations for the periods presented (in thousands):
|  |  |  | Successor |  |  | Predecessor |  | Successor |  |  | Predecessor |  |  |  |
|  |  |  | Three Months Ended June 30, 2021 |  |  | Three Months Ended June 30, 2020 |  | Six Months Ended June 30, 2021 |  |  | Six Months Ended June 30, 2020 |  |
Derivative Instrument |  | Statements of Operations Location |  |  |  |  |  |  |  |  |  |
Commodity derivative instruments |  | Net gain (loss) on derivative instruments |  | $ | (267,037) |  |  |  | $ | (37,187) |  |  | $ | (448,552) |  |  |  | $ | 248,135 |  |  |  |  |
Contingent consideration |  | Gain (loss) on sale of properties |  | 32,860 |  |  |  | — |  |  | 32,860 |  |  |  | — |  |  |  |  |
The change in fair value was not material from the close date of the Primary Permian Basin Sale on June 29, 2021 to June 30, 2021.
Summary of Gross and Net Information about Commodity Derivative Assets | The following table summarizes the location and fair value of all outstanding derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets:
|  |  |  | Successor
|  |  |  | June 30, 2021
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Contingent consideration |  | Derivative instruments — non-current assets |  | $ | 32,860 |  |  | $ | — |  |  | $ | 32,860 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current liabilities |  | $ | 260,314 |  |  | $ | (4,259) |  |  | $ | 256,055 |
Commodity contracts |  | Derivative instruments — non-current liabilities |  | 149,289 |  |  | (23,695) |  |  | 125,594 |
Total derivatives liabilities |  | $ | 409,603 |  |  | $ | (27,954) |  |  | $ | 381,649 |
|  |  |  | Successor
|  |  |  | December 31, 2020
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current 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 derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets:
|  |  |  | Successor
|  |  |  | June 30, 2021
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Contingent consideration |  | Derivative instruments — non-current assets |  | $ | 32,860 |  |  | $ | — |  |  | $ | 32,860 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current liabilities |  | $ | 260,314 |  |  | $ | (4,259) |  |  | $ | 256,055 |
Commodity contracts |  | Derivative instruments — non-current liabilities |  | 149,289 |  |  | (23,695) |  |  | 125,594 |
Total derivatives liabilities |  | $ | 409,603 |  |  | $ | (27,954) |  |  | $ | 381,649 |
|  |  |  | Successor
|  |  |  | December 31, 2020
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current 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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