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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies As of September 30, 2021, the Company’s material off-balance sheet arrangements and transactions include $6.7 million in outstanding letters of credit under its revolving credit facilities and $10.2 million in net surety bond exposure issued as financial assurance on certain agreements. As of September 30, 2021, there have been no material changes to the Company’s commitments and contingencies disclosed in Note 24 — Commitments and Contingencies in the Company’s 2020 Annual Report other than the items discussed below. Volume commitment agreements. As of December 31, 2020, the Company had $32.6 million of estimable future commitments pursuant to volume commitment agreements related to properties divested in the Primary Permian Basin Sale. Such volume commitment agreements were assigned to Percussion at closing, and the Company no longer has any remaining volume commitments associated with these agreements. In addition, the Company previously disclosed in its 2020 Annual Report potential future obligations associated with a continuous development agreement (the “CDA”) concerning certain drilling and development obligations in the Permian Basin. The CDA was assigned to Percussion upon closing of the Primary Permian Basin Sale, and the Company does not have any future obligations associated with this agreement. In August 2021, certain escalations became effective pursuant to an agreement to transport a minimum quantity of crude oil volumes in the Williston Basin. As of September 30, 2021, the Company’s estimable future commitment under this agreement was $258.6 million and has a remaining term of approximately 7 years. Litigation. The Company is party to various legal and/or regulatory proceedings from time to time arising in the ordinary course of business. When the Company determines that a loss is probable of occurring and is reasonably estimable, the Company accrues an undiscounted liability for such contingencies based on its best estimate using information available at the time. The Company discloses contingencies where an adverse outcome may be material, or in the judgment of management, the matter should otherwise be disclosed. Mandan, Hidatsa and Arikara Nation (“MHA Nation”) Title Dispute. This matter relates to certain leases acquired by the Company from QEP in October 2021: in June 2018, the MHA Nation notified QEP of its position that QEP has no valid lease covering certain minerals underlying the Missouri and Little Missouri Riverbeds on the Fort Berthold Reservation in North Dakota. The MHA Nation also passed a resolution purporting to rescind those portions of QEP's IMDA lease covering the disputed minerals underlying the Missouri River. QEP responded in September 2018 stating that the minerals underlying the Missouri River are properly leased. In May 2020, the Office of the Solicitor of the United States Department of the Interior (the “Department of the Interior”) issued an opinion (the “Missouri River Opinion”) finding that the State of North Dakota, not the MHA nation, is the legal owner of the minerals underlying the Missouri River. The MHA Nation filed actions in two federal courts seeking to overturn the May 2020 decision, and in March 2021, the Department of the Interior withdrew the Missouri River Opinion. Mirada litigation. As previously disclosed in the Company’s 2020 Annual Report, the Company entered into a Settlement and Mutual Release Agreement (the “Mirada Settlement Agreement”) with Mirada Energy, LLC and certain related parties (“Mirada”) on September 28, 2020. The Mirada Settlement Agreement provides for, among other things, payment by OPNA to Mirada of $42.8 million. The Company paid Mirada $20.0 million on the Emergence Date and $22.8 million in May 2021. These amounts were previously accrued for in the Company’s condensed consolidated financial statements, and there are no remaining settlement payments outstanding as of September 30, 2021.

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