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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | At December 31, 2022, the Company had the following outstanding commodity derivative instruments:
Commodity |  | Settlement Period |  | Derivative Instrument |  |  |  | Volumes |  | Weighted Average Prices |  |
|  |  |  |  | Fixed-Price Swaps |  |  |  | Floor |  | Ceiling |
Crude oil |  | 2023 |  | Two-way collar |  |  |  | 7,823,500 |  | Bbl |  |  |  |  |  | $ | 45.77 |  |  | $ | 62.25 |  |  |
Crude oil |  | 2023 |  | Fixed-price swaps |  |  |  | 6,282,000 |  | Bbl |  | $ | 55.00 |  |  |  |  |  |  |  |  |
Natural gas |  | 2023 |  | Two-way collar |  |  |  | 8,799,000 |  | MMBtu |  |  |  |  |  | $ | 2.84 |  |  | $ | 3.57 |  |  |
Natural gas |  | 2023 |  | Fixed-price swaps |  |  |  | 1,800,000 |  | MMBtu |  | $ | 4.25 |  |  |  |  |  |  |  |  |
Natural gas basis(1) |  | 2023 |  | Fixed-price swaps |  |  |  | 5,920,000 |  | MMbtu |  | $ | 0.39 |  |  |  |  |  |  |  |  |
NGL - Propane(2) |  | 2023 |  | Fixed-price swaps |  |  |  | 7,560,000 |  | Gallons |  | $ | 1.16 |  |  |  |  |  |  |  |  |
__________________ (1) The weighted average price associated with the natural gas basis swaps shown in the tables above represents the average fixed differential to NYMEX HH as stated in the related contracts, which is compared to the NNG Ventura index price for each period. If NYMEX HH 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 HH combined with the fixed differential, the Company pays the difference. (2) Settled based on the Conway propane price.
Schedule of 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 derivative instruments recorded in the Company’s Consolidated Statements of Operations for the periods presented (in thousands):
|  |  |  | Successor |  |  | Predecessor
|  |  |  | Year Ended December 31, |  | Period from November 20, 2020 through December 31, 2020 |  |  | Period from January 1, 2020 through November 19, 2020
Derivative Instrument |  | Statement of Operations Location |  | 2022 |  | 2021 |  |  |
Commodity derivatives |  | Net gain (loss) on derivative instruments |  | $ | (224,238) |  |  | $ | (601,591) |  |  | $ | (84,615) |  |  |  | $ | 233,565 |
Commodity derivatives (buy/sell transportation contracts) |  | Gathering, processing and transportation expenses(1) |  | 7,331 |  |  | — |  |  | — |  |  |  | — |
Contingent consideration |  | Net gain (loss) on derivative instruments |  | 16,110 |  |  | 11,950 |  |  | — |  |  |  | — |
Contingent consideration |  | Gain on sale of assets, net |  | — |  |  | 32,860 |  |  | — |  |  |  | — |
__________________ (1) The change in the fair value of the transportation derivative contracts was recorded as a gain in gathering, processing and transportation expenses for the year ended December 31, 2022 (Successor).
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, 2022
Derivative Instrument |  | Balance Sheet Location |  | Gross Recognized Assets/Liabilities |  | Gross Amount Offset |  | Net Recognized Fair Value Assets/Liabilities
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives(1) |  | Derivative instruments — current assets |  | $ | 10,194 |  |  | $ | (9,414) |  |  | $ | 780 |
Contingent consideration |  | Derivative instruments — current assets |  | 22,955 |  |  | — |  |  | 22,955 |
Contingent consideration |  | Derivative instruments — non-current assets |  | 37,965 |  |  | — |  |  | 37,965 |
Total derivatives assets |  |  |  | $ | 71,114 |  |  | $ | (9,414) |  |  | $ | 61,700 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity derivatives(2) |  | Derivative instruments — current liabilities |  | $ | 339,090 |  |  | $ | (9,414) |  |  | $ | 329,676 |
Commodity derivatives (buy/sell transportation contracts) |  | Derivative instruments — current liabilities |  | 11,865 |  |  | — |  |  | 11,865 |
Commodity derivatives (buy/sell transportation contracts) |  | Derivative instruments — non-current liabilities |  | 2,829 |  |  | — |  |  | 2,829 |
Total derivatives liabilities |  | $ | 353,784 |  |  | $ | (9,414) |  |  | $ | 344,370 |
|  |  |  | 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: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — non-current assets |  | $ | 55 |  |  | $ | — |  |  | $ | 55 |
Contingent consideration |  | Derivative instruments — non-current assets |  | 44,810 |  |  | — |  |  | 44,810 |
Total derivatives assets |  |  |  | $ | 44,865 |  |  | $ | — |  |  | $ | 44,865 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity derivatives(3) |  | 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 |
__________________ (1)Cash deposit received in January 2023. (2)Includes $24.5 million of commodity derivative liabilities paid in January 2023. (3)Includes $27.5 million of commodity derivative liabilities paid in January 2022.

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