XML 270 R34.htm IDEA: XBRL DOCUMENT v3.23.3

Derivative Instruments (Tables)

9 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-4

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3

+ Details

Name:	us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-4

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483466/210-20-50-3

+ Details

Name:	us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 815
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-8

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-1

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-5

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-SubTopic 10
-Topic 815
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CC

+ Details

Name:	us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration