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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

At December 31, 2021, 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						Two-way collar												248,000			Bbl																		$	51.25					$	68.24					$	(855)
Crude oil						2021						Fixed price swaps												899,000			Bbl						$	42.09																							(26,606)
Crude oil						2022						Two-way collar												4,551,000			Bbl																		$	49.40					$	66.53					(41,719)
Crude oil						2022						Fixed price swaps												6,346,000			Bbl						$	70.00																							(15,753)
Crude oil						2023						Two-way collar												4,380,000			Bbl																		$	45.42					$	65.05					(33,415)
Crude oil						2023						Fixed price swaps												5,265,000			Bbl						$	52.24																							(73,650)
Crude oil						2024						Two-way collar												372,000			Bbl																		$	45.00					$	64.88					(2,269)
Crude oil						2024						Fixed price swaps												434,000			Bbl						$	50.00																							(5,892)
Natural gas						2021						Fixed price swaps												930,000			MMBtu						$	2.82																							(1,121)
Natural gas						2022						Fixed price swaps												4,500,000			MMBtu						$	2.82																							(3,394)
																																																									$	(204,674)

Realized and Unrealized 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 Consolidated Statements of Operations for the periods presented (in thousands):

												Successor															Predecessor
												Year Ended December 31, 2021						Period from November 20, 2020 through December 31, 2020									Period from January 1, 2020 through November 19, 2020						Year Ended December 31, 2019
Derivative Instrument						Statement of Operations Location
Commodity derivative instrument						Net gain (loss) on  derivative instruments						$	(601,591)					$	(84,615)								$	233,565					$	(106,314)
Contingent consideration						Net gain (loss) on  derivative instruments						11,950						—									—						—
Contingent consideration						Gain on sale of properties						32,860						—									—						—

Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments

The following tables summarize the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Consolidated Balance Sheets:

												December 31, 2021
Derivative Instrument						Balance Sheet Location						Gross Recognized Assets/Liabilities						Gross Amount Offset						Net Recognized Fair Value Assets/Liabilities
												(In thousands)
Derivatives assets:
Contingent consideration						Derivative instruments — non-current assets						$	44,810					$	—					$	44,810
Commodity contracts						Derivative instruments — non-current assets						55						—						55
Total derivatives assets												$	44,865					$	—					$	44,865
Derivatives liabilities:
Commodity contracts						Derivative instruments — current liabilities						$	96,172					$	(6,725)					$	89,447
Commodity contracts						Derivative instruments — non-current liabilities						133,655						(18,373)						115,282
Total derivatives liabilities												$	229,827					$	(25,098)					$	204,729
												December 31, 2020
Derivative Instrument						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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