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v3.23.3

Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | At September 30, 2023, the Company had the following outstanding commodity derivative contracts:
Commodity |  | Settlement Period |  | Derivative Instrument |  |  |  | Volumes |  | Weighted Average Prices |  |
|  |  |  |  | Fixed-Price Swaps |  |  |  | Sub-Floor |  | Floor |  | Ceiling |
Crude oil |  | 2023 |  | Two-way collars |  |  |  | 2,162,000 |  | Bbls |  |  |  |  |  |  |  | $ | 56.06 |  |  | $ | 76.65 |  |  |
Crude oil |  | 2023 |  | Fixed-price swaps |  |  |  | 1,288,000 |  | Bbls |  | $ | 50.00 |  |  |  |  |  |  |  |  |  |  |
Crude oil |  | 2024 |  | Two-way collars |  |  |  | 3,928,000 |  | Bbls |  |  |  |  |  |  |  | $ | 64.18 |  |  | $ | 85.40 |  |  |
Crude oil |  | 2024 |  | Three-way collars |  |  |  | 736,000 |  | Bbls |  |  |  |  |  | $ | 55.00 |  |  | $ | 71.25 |  |  | $ | 92.14 |  |  |
Crude oil |  | 2025 |  | Two-way collars |  |  |  | 1,181,000 |  | Bbls |  |  |  |  |  |  |  | $ | 60.00 |  |  | $ | 79.05 |  |  |
Crude oil |  | 2025 |  | Three-way collars |  |  |  | 181,000 |  | Bbls |  |  |  |  |  | $ | 55.00 |  |  | $ | 70.00 |  |  | $ | 91.55 |  |  |
Natural gas |  | 2025 |  | Fixed-price swaps |  |  |  | 651,600 |  | MMBtu |  | $ | 3.93 |  |  |  |  |  |  |  |  |  |  |
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 September 30, |  | Nine Months Ended September 30,
Derivative Instrument |  | Statements of Operations Location |  | 2023 |  | 2022 |  | 2023 |  | 2022
|  |  |  | (In thousands)
Commodity derivatives |  | Net gain (loss) on derivative instruments |  | $ | (91,483) |  |  | $ | 344,379 |  |  | $ | 4,097 |  |  | $ | (136,066) |
Commodity derivatives (buy/sell transportation contracts)(1) |  | Gathering, processing and transportation expenses |  | (1,432) |  |  | 6,939 |  |  | 16,847 |  |  | 6,939 |
Contingent consideration |  | Net gain (loss) on derivative instruments |  | 6,278 |  |  | (6,970) |  |  | 7,150 |  |  | 7,300 |
__________________ (1) The change in the fair value of the transportation derivative contracts was recorded in GPT expenses as a loss for the three months ended September 30, 2023 and as a gain for the nine months ended September 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:
|  |  |  | September 30, 2023
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current assets |  | $ | 9,502 |  |  | $ | (9,463) |  |  | $ | 39 |
Contingent consideration |  | Derivative instruments — current assets |  | 24,496 |  |  | — |  |  | 24,496 |
Commodity derivatives (buy/sell transportation contracts) |  | Derivative instruments — current assets |  | 2,241 |  |  | — |  |  | 2,241 |
Commodity derivatives |  | Derivative instruments — non-current assets |  | 11,410 |  |  | (11,374) |  |  | 36 |
Contingent consideration |  | Derivative instruments — non-current assets |  | 43,574 |  |  | — |  |  | 43,574 |
Total derivatives assets |  | $ | 91,223 |  |  | $ | (20,837) |  |  | $ | 70,386 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current liabilities |  | $ | 123,973 |  |  | $ | (9,463) |  |  | $ | 114,510 |
Commodity derivatives (buy/sell transportation contracts) |  | Derivative instruments — current liabilities |  | 88 |  |  | — |  |  | 88 |
Commodity derivatives |  | Derivative instruments — non-current liabilities |  | 18,499 |  |  | (11,374) |  |  | 7,125 |
Total derivatives liabilities |  | $ | 142,560 |  |  | $ | (20,837) |  |  | $ | 121,723 |
|  |  |  | 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:
|  |  |  | September 30, 2023
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current assets |  | $ | 9,502 |  |  | $ | (9,463) |  |  | $ | 39 |
Contingent consideration |  | Derivative instruments — current assets |  | 24,496 |  |  | — |  |  | 24,496 |
Commodity derivatives (buy/sell transportation contracts) |  | Derivative instruments — current assets |  | 2,241 |  |  | — |  |  | 2,241 |
Commodity derivatives |  | Derivative instruments — non-current assets |  | 11,410 |  |  | (11,374) |  |  | 36 |
Contingent consideration |  | Derivative instruments — non-current assets |  | 43,574 |  |  | — |  |  | 43,574 |
Total derivatives assets |  | $ | 91,223 |  |  | $ | (20,837) |  |  | $ | 70,386 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current liabilities |  | $ | 123,973 |  |  | $ | (9,463) |  |  | $ | 114,510 |
Commodity derivatives (buy/sell transportation contracts) |  | Derivative instruments — current liabilities |  | 88 |  |  | — |  |  | 88 |
Commodity derivatives |  | Derivative instruments — non-current liabilities |  | 18,499 |  |  | (11,374) |  |  | 7,125 |
Total derivatives liabilities |  | $ | 142,560 |  |  | $ | (20,837) |  |  | $ | 121,723 |
|  |  |  | 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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