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Derivative Instruments (Tables)

6 Months Ended

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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