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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

At March 31, 2022, the Company had the following outstanding commodity derivative instruments:

Commodity						Settlement Period						Derivative Instrument												Volumes									Weighted Average Prices																		Fair Value Liabilities
																														Fixed Price Swaps												Floor						Ceiling
																																																			(In thousands)
Crude oil						2022						Two-way collar												3,728,000			Bbl																		$	49.47					$	66.56					$	(108,005)
Crude oil						2022						Fixed price swaps												5,349,000			Bbl						$	70.00																							(132,397)
Crude oil						2023						Two-way collar												4,380,000			Bbl																		$	45.42					$	65.05					(92,563)
Crude oil						2023						Fixed price swaps												5,265,000			Bbl						$	52.24																							(159,835)
Crude oil						2024						Two-way collar												372,000			Bbl																		$	45.00					$	64.88					(6,560)
Crude oil						2024						Fixed price swaps												434,000			Bbl						$	50.00																							(12,053)
Natural gas						2022						Fixed price swaps												2,730,000			MMBtu						$	2.82																							(7,463)
																																																									$	(518,876)

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:

												Three Months Ended March 31,
Derivative Instrument						Statements of Operations Location						2022						2021
												(In thousands)
Commodity derivatives						Net loss on derivative instruments						$	(384,872)					$	(181,515)
Contingent consideration						Net loss on derivative instruments						16,950						—

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:

												March 31, 2022
Derivative Instrument						Balance Sheet Location						Gross Amount						Gross Amount Offset						Net Amount
												(In thousands)
Derivatives assets:
Commodity derivatives						Derivative instruments — current assets						$	1,284					$	—					$	1,284
Contingent consideration						Derivative instruments — non-current assets						61,760						—						61,760
Total derivatives assets												$	63,044					$	—					$	63,044
Derivatives liabilities:
Commodity derivatives						Derivative instruments — current liabilities						$	317,349					$	(2,883)					$	314,466
Commodity derivatives						Derivative instruments — non-current liabilities						216,308						(10,614)						205,694
Total derivatives liabilities												$	533,657					$	(13,497)					$	520,160
												December 31, 2021
Derivative Instrument						Balance Sheet Location						Gross Amount						Gross Amount Offset						Net Amount
												(In thousands)
Derivatives assets:
Contingent consideration						Derivative instruments — current assets						$	44,810					$	—					$	44,810
Commodity derivatives						Derivative instruments — non-current assets						55						—						55
Total derivatives assets												$	44,865					$	—					$	44,865
Derivatives liabilities:
Commodity derivatives						Derivative instruments — current liabilities						$	96,172					$	(6,725)					$	89,447
Commodity derivatives						Derivative instruments — non-current liabilities						133,655						(18,373)						115,282
Total derivatives liabilities												$	229,827					$	(25,098)					$	204,729

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:

												March 31, 2022
Derivative Instrument						Balance Sheet Location						Gross Amount						Gross Amount Offset						Net Amount
												(In thousands)
Derivatives assets:
Commodity derivatives						Derivative instruments — current assets						$	1,284					$	—					$	1,284
Contingent consideration						Derivative instruments — non-current assets						61,760						—						61,760
Total derivatives assets												$	63,044					$	—					$	63,044
Derivatives liabilities:
Commodity derivatives						Derivative instruments — current liabilities						$	317,349					$	(2,883)					$	314,466
Commodity derivatives						Derivative instruments — non-current liabilities						216,308						(10,614)						205,694
Total derivatives liabilities												$	533,657					$	(13,497)					$	520,160
												December 31, 2021
Derivative Instrument						Balance Sheet Location						Gross Amount						Gross Amount Offset						Net Amount
												(In thousands)
Derivatives assets:
Contingent consideration						Derivative instruments — current assets						$	44,810					$	—					$	44,810
Commodity derivatives						Derivative instruments — non-current assets						55						—						55
Total derivatives assets												$	44,865					$	—					$	44,865
Derivatives liabilities:
Commodity derivatives						Derivative instruments — current liabilities						$	96,172					$	(6,725)					$	89,447
Commodity derivatives						Derivative instruments — non-current liabilities						133,655						(18,373)						115,282
Total derivatives liabilities												$	229,827					$	(25,098)					$	204,729

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