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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | At June 30, 2023, the Company had the following outstanding commodity derivative contracts:
Commodity |  | Settlement Period |  | Derivative Instrument |  |  |  | Volumes |  | Weighted Average Prices |  |
|  |  |  |  | Fixed-Price Swaps |  |  |  | Floor |  | Ceiling |
Crude oil |  | 2023 |  | Two-way collars |  |  |  | 3,128,000 |  | Bbls |  |  |  |  |  | $ | 50.00 |  |  | $ | 70.67 |  |  |
Crude oil |  | 2023 |  | Fixed-price swaps |  |  |  | 2,576,000 |  | Bbls |  | $ | 50.00 |  |  |  |  |  |  |  |  |
Crude oil |  | 2024 |  | Two-way collars |  |  |  | 1,098,000 |  | Bbls |  |  |  |  |  | $ | 62.91 |  |  | $ | 77.15 |  |  |
Crude oil |  | 2025 |  | Two-way collars |  |  |  | 362,000 |  | Bbls |  |  |  |  |  | $ | 60.00 |  |  | $ | 72.33 |  |  |
Natural gas |  | 2023 |  | Two-way collars |  |  |  | 2,024,000 |  | MMBtu |  |  |  |  |  | $ | 2.50 |  |  | $ | 2.98 |  |  |
Natural gas |  | 2025 |  | Fixed-price swaps |  |  |  | 651,600 |  | MMBtu |  | $ | 3.93 |  |  |  |  |  |  |  |  |
Subsequent to June 30, 2023, the Company entered into the following commodity derivative contracts:
|  |  |  |  |  |  |  |  |  | Weighted Average Prices
Commodity |  | Settlement Period |  | Derivative Instrument |  | Volumes |  | Floor |  | Ceiling
Crude oil |  | 2023 |  | Two-way collars |  | 414,000 |  |  | Bbls |  | $ | 61.67 |  |  | $ | 85.77 |
Crude oil |  | 2024 |  | Two-way collars |  | 1,554,000 |  |  | Bbls |  | $ | 60.88 |  |  | $ | 85.33 |
Crude oil |  | 2025 |  | Two-way collars |  | 819,000 |  |  | Bbls |  | $ | 60.00 |  |  | $ | 82.02 |
Schedule of 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 Instrument |  | Statements of Operations Location |  | 2023 |  | 2022 |  | 2023 |  | 2022
|  |  |  | (In thousands)
Commodity derivatives |  | Net gain (loss) on derivative instruments |  | $ | 29,740 |  |  | $ | (95,573) |  |  | $ | 95,580 |  |  | $ | (480,445) |
Commodity derivatives (buy/sell transportation contracts)(1) |  | Gathering, processing and transportation expenses |  | 7,123 |  |  | — |  |  | 18,279 |  |  | — |
Contingent consideration |  | Net gain (loss) on derivative instruments |  | (222) |  |  | (2,680) |  |  | 872 |  |  | 14,270 |
__________________ (1) The change in the fair value of the transportation derivative contracts was recorded as a gain in GPT expenses for the three and six months ended June 30, 2023.
Schedule 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, 2023
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current assets |  | $ | 5,367 |  |  | $ | (4,148) |  |  | $ | 1,219 |
Contingent consideration |  | Derivative instruments — current assets |  | 24,156 |  |  | — |  |  | 24,156 |
Commodity derivatives (buy/sell transportation contracts) |  | Derivative instruments — current assets |  | 3,597 |  |  | — |  |  | 3,597 |
Commodity derivatives |  | Derivative instruments — non-current assets |  | 6,175 |  |  | (5,284) |  |  | 891 |
Contingent consideration |  | Derivative instruments — non-current assets |  | 37,636 |  |  | — |  |  | 37,636 |
Total derivatives assets |  | $ | 76,931 |  |  | $ | (9,432) |  |  | $ | 67,499 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current liabilities |  | $ | 85,318 |  |  | $ | (4,148) |  |  | $ | 81,170 |
Commodity derivatives (buy/sell transportation contracts) |  | Derivative instruments — current liabilities |  | 11 |  |  | — |  |  | 11 |
Commodity derivatives |  | Derivative instruments — non-current liabilities |  | 5,429 |  |  | (5,284) |  |  | 145 |
Total derivatives liabilities |  | $ | 90,758 |  |  | $ | (9,432) |  |  | $ | 81,326 |
|  |  |  | December 31, 2022
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives |  | 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 |  | 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 |
Schedule 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, 2023
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current assets |  | $ | 5,367 |  |  | $ | (4,148) |  |  | $ | 1,219 |
Contingent consideration |  | Derivative instruments — current assets |  | 24,156 |  |  | — |  |  | 24,156 |
Commodity derivatives (buy/sell transportation contracts) |  | Derivative instruments — current assets |  | 3,597 |  |  | — |  |  | 3,597 |
Commodity derivatives |  | Derivative instruments — non-current assets |  | 6,175 |  |  | (5,284) |  |  | 891 |
Contingent consideration |  | Derivative instruments — non-current assets |  | 37,636 |  |  | — |  |  | 37,636 |
Total derivatives assets |  | $ | 76,931 |  |  | $ | (9,432) |  |  | $ | 67,499 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current liabilities |  | $ | 85,318 |  |  | $ | (4,148) |  |  | $ | 81,170 |
Commodity derivatives (buy/sell transportation contracts) |  | Derivative instruments — current liabilities |  | 11 |  |  | — |  |  | 11 |
Commodity derivatives |  | Derivative instruments — non-current liabilities |  | 5,429 |  |  | (5,284) |  |  | 145 |
Total derivatives liabilities |  | $ | 90,758 |  |  | $ | (9,432) |  |  | $ | 81,326 |
|  |  |  | December 31, 2022
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives |  | 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 |  | 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 |

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