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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Derivative Instruments At June 30, 2022, the Company had the following outstanding commodity derivative instruments:
CommoditySettlement
Period		Derivative
Instrument		VolumesWeighted Average Prices
Fixed Price SwapsFloorCeiling
  
Crude oil2022Two-way collar2,208,000 Bbl$50.00 $66.90 
Crude oil2022Fixed price swaps3,496,000 Bbl$70.00 
Crude oil2023Two-way collar4,380,000 Bbl$45.00 $64.88 
Crude oil2023Fixed price swaps5,110,000 Bbl$50.00 
In connection with the completion of the Merger, the following outstanding commodity derivative instruments were novated to the Company on July 1, 2022:
CommoditySettlement
Period		Derivative
Instrument		VolumesWeighted Average Prices
Fixed Price SwapsFloorCeiling
  
Crude oil2022Fixed price swaps1,840,000 Bbl$76.92 
Crude oil2022Two-way collar5,628,000 Bbl$47.20 $57.33 
Crude oil2023Fixed price swaps1,172,000 Bbl$76.79 
Crude oil2023Two-way collar3,443,500 Bbl$46.75 $58.87 
Natural gas2022Fixed price swaps4,140,000 MMBtu$3.97 
Natural gas2022Two-way collar10,074,000 MMBtu$2.68 $3.31 
Natural gas2023Fixed price swaps1,800,000 MMBtu$4.25 
Natural gas2023Two-way collar8,799,000 MMBtu$2.85 $3.57 
Natural gas basis (1)
2022Fixed price swaps620,000 MMBtu$1.17 
Natural gas basis (1)
2023Fixed price swaps5,920,000 MMBtu$0.40 
NGL - Propane (2)
2022Fixed price swaps7,728,000 Gallons$1.07 
NGL - Propane (3)
2022Fixed price swaps30,912,000 Gallons$1.04 
NGL - Propane (3)
2023Fixed price swaps7,560,000 Gallons$1.16 
__________________ 
(1)    The weighted average price associated with the natural gas basis swaps shown in the table above represents the average fixed differential to NYMEX as stated in the related contracts, which is compared to the Northern Natural Gas Ventura Index (“NNG Ventura”) for each period. If NYMEX combined with the fixed differential as stated in each contract is higher than the NNG Ventura index price at any settlement date, the Company receives the difference. Conversely, if the NNG Ventura index price is higher than NYMEX combined with the fixed differential, the Company pays the difference.
(2)    Settled based on the Mont Belvieu propane price.
(3)    Settled based on the Conway propane price.
Gains and Losses from Commodity Derivative Instruments
The following table summarizes the location and amounts of gains and losses from the Company’s derivative instruments recorded in the Company’s Condensed Consolidated Statements of Operations for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
Derivative InstrumentStatements of Operations Location2022202120222021
 (In thousands)
Commodity derivativesNet loss on derivative instruments$(95,573)$(267,037)$(480,445)$(448,552)
Contingent considerationNet loss on derivative instruments$(2,680)$— $14,270 $— 
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:
June 30, 2022
Derivative InstrumentBalance Sheet LocationGross AmountGross Amount OffsetNet Amount
(In thousands)
Derivatives assets:
Contingent considerationDerivative instruments — non-current assets$59,080 $— $59,080 
Total derivatives assets$59,080 $— $59,080 
Derivatives liabilities:
Commodity derivativesDerivative instruments — current liabilities$342,330 $(4,182)$338,148 
Commodity derivativesDerivative instruments — non-current liabilities152,258 (6,956)145,302 
Total derivatives liabilities$494,588 $(11,138)$483,450 
December 31, 2021
Derivative InstrumentBalance Sheet LocationGross AmountGross Amount OffsetNet Amount
(In thousands)
Derivatives assets:
Commodity derivativeDerivative instruments — non-current assets$55 $— $55 
Contingent considerationDerivative instruments — non-current assets44,810 — 44,810 
Total derivatives assets$44,865 $— $44,865 
Derivatives liabilities:
Commodity derivativesDerivative instruments — current liabilities$96,172 $(6,725)$89,447 
Commodity derivativesDerivative instruments — non-current liabilities133,655 (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:
June 30, 2022
Derivative InstrumentBalance Sheet LocationGross AmountGross Amount OffsetNet Amount
(In thousands)
Derivatives assets:
Contingent considerationDerivative instruments — non-current assets$59,080 $— $59,080 
Total derivatives assets$59,080 $— $59,080 
Derivatives liabilities:
Commodity derivativesDerivative instruments — current liabilities$342,330 $(4,182)$338,148 
Commodity derivativesDerivative instruments — non-current liabilities152,258 (6,956)145,302 
Total derivatives liabilities$494,588 $(11,138)$483,450 
December 31, 2021
Derivative InstrumentBalance Sheet LocationGross AmountGross Amount OffsetNet Amount
(In thousands)
Derivatives assets:
Commodity derivativeDerivative instruments — non-current assets$55 $— $55 
Contingent considerationDerivative instruments — non-current assets44,810 — 44,810 
Total derivatives assets$44,865 $— $44,865 
Derivatives liabilities:
Commodity derivativesDerivative instruments — current liabilities$96,172 $(6,725)$89,447 
Commodity derivativesDerivative instruments — non-current liabilities133,655 (18,373)115,282 
Total derivatives liabilities$229,827 $(25,098)$204,729