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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

At September 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												2,639,000			Bbl						$	42.09																							$	(83,180)
Crude oil						2021						Two-way collar												728,000			Bbl																		$	51.25					$	68.24					(4,343)
Crude oil						2022						Fixed price swaps												7,245,000			Bbl						$	49.02																							(155,383)
Crude oil						2022						Two-way collar												4,799,000			Bbl																		$	49.50					$	66.62					(38,493)
Crude oil						2023						Fixed price swaps												5,265,000			Bbl						$	50.00																							(73,146)
Crude oil						2023						Two-way collar												4,380,000			Bbl																		$	45.42					$	65.05					(25,702)
Crude oil						2024						Fixed price swaps												434,000			Bbl						$	50.00																							(4,811)
Crude oil						2024						Two-way collar												372,000			Bbl																		$	45.00					$	64.88					(1,586)
Natural gas						2021						Fixed price swaps												3,680,000			MMBtu						$	2.84																							(11,222)
Natural gas						2022						Fixed price swaps												5,430,000			MMBtu						$	2.82																							(10,987)
																																																									$	(408,853)

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 September 30, 2021									Three Months Ended September 30, 2020						Nine Months Ended September 30, 2021									Nine Months Ended September 30, 2020
Derivative Instrument						Statements of Operations Location
Commodity derivative instruments						Net gain (loss) on derivative instruments						$	(108,647)								$	(5,071)					$	(557,199)								$	243,064
Contingent consideration						Net gain on derivative instruments						6,857									—						6,857									—
Contingent consideration						Gain on sale of properties						—									—						32,860									—

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
												September 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						$	39,717					$	—					$	39,717
Derivatives liabilities:
Commodity contracts						Derivative instruments — current liabilities						$	271,077					$	(4,740)					$	266,337
Commodity contracts						Derivative instruments — non-current liabilities						164,614						(22,098)						142,516
Total derivatives liabilities												$	435,691					$	(26,838)					$	408,853
												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
												September 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						$	39,717					$	—					$	39,717
Derivatives liabilities:
Commodity contracts						Derivative instruments — current liabilities						$	271,077					$	(4,740)					$	266,337
Commodity contracts						Derivative instruments — non-current liabilities						164,614						(22,098)						142,516
Total derivatives liabilities												$	435,691					$	(26,838)					$	408,853
												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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