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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | At March 31, 2024, 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 |  | 2024 |  | Two-way collars |  |  |  | 4,395,000 |  | Bbls |  |  |  |  |  | $ | 65.30 |  |  | $ | 82.62 |  |  |
Crude oil |  | 2024 |  | Three-way collars |  |  |  | 736,000 |  | Bbls |  |  |  | $ | 55.00 |  |  | $ | 71.25 |  |  | $ | 92.14 |  |  |
Crude oil |  | 2024 |  | Fixed-price swaps |  |  |  | 639,000 |  | Bbls |  | $ | 74.89 |  |  |  |  |  |  |  |  |
Crude oil |  | 2025 |  | Two-way collars |  |  |  | 1,181,000 |  | Bbls |  |  |  |  |  | $ | 60.00 |  |  | $ | 79.05 |  |  |
Crude oil |  | 2025 |  | Three-way collars |  |  |  | 2,371,000 |  | Bbls |  |  |  | $ | 52.69 |  |  | $ | 67.69 |  |  | $ | 82.14 |  |  |
Crude oil |  | 2026 |  | Three-way collars |  |  |  | 270,000 |  | Bbls |  |  |  | $ | 50.00 |  |  | $ | 65.00 |  |  | $ | 83.70 |  |  |
Natural gas |  | 2025 |  | Fixed-price swaps |  |  |  | 651,600 |  | MMBtu |  | $ | 3.93 |  |  |  |  |  |  |  |  |
Subsequent to March 31, 2024, the Company entered into the following commodity derivative contracts:
|  |  |  |  |  |  |  |  |  | Weighted Average Prices
Commodity |  | Settlement Period |  | Derivative Instrument |  | Volumes |  | Fixed-Price Swaps |  | Floor |  | Ceiling
Crude oil |  | 2024 |  | Two-way collars |  | 736,000 |  |  | Bbls |  |  |  | $ | 75.00 |  |  | $ | 88.15 |
Crude oil |  | 2024 |  | Fixed-price swaps |  | 550,000 |  |  | Bbls |  | $ | 80.01 |  |  |  |  |
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 March 31, |  |
Derivative Instrument |  | Statements of Operations Location |  | 2024 |  | 2023 |  |  |  |
|  |  |  | (In thousands)
Commodity derivatives |  | Net gain (loss) on derivative instruments |  | $ | (30,951) |  |  | $ | 65,840 |  |  |  |  |
Commodity derivatives (buy/sell transportation contracts) |  | Gathering, processing and transportation expenses(1) |  | (3,229) |  |  | 11,157 |  |  |  |  |
Contingent consideration |  | Net gain (loss) on derivative instruments |  | 3,374 |  |  | 1,094 |  |  |  |  |
__________________ (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 March 31, 2024 and as a gain for the three months ended March 31, 2023.
Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments | The following table summarizes the location and fair value of all outstanding derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets:
|  |  |  | March 31, 2024
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current assets |  | $ | 9,317 |  |  | $ | (9,273) |  |  | $ | 44 |
Contingent consideration |  | Derivative instruments — current assets |  | 23,849 |  |  | — |  |  | 23,849 |
Commodity derivatives (buy/sell transportation contracts) |  | Derivative instruments — current assets |  | 2,647 |  |  | — |  |  | 2,647 |
Commodity derivatives |  | Derivative instruments — non-current assets |  | 14,485 |  |  | (14,485) |  |  | — |
Contingent consideration |  | Derivative instruments — non-current assets |  | 22,231 |  |  | — |  |  | 22,231 |
Total derivatives assets |  | $ | 72,529 |  |  | $ | (23,758) |  |  | $ | 48,771 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current liabilities |  | $ | 28,796 |  |  | $ | (9,273) |  |  | $ | 19,523 |
Commodity derivatives |  | Derivative instruments — non-current liabilities |  | 17,507 |  |  | (14,485) |  |  | 3,022 |
Total derivatives liabilities |  | $ | 46,303 |  |  | $ | (23,758) |  |  | $ | 22,545 |
|  |  |  | December 31, 2023
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current assets |  | $ | 20,647 |  |  | $ | (11,769) |  |  | $ | 8,878 |
Contingent consideration |  | Derivative instruments — current assets |  | 22,614 |  |  | — |  |  | 22,614 |
Commodity derivatives (buy/sell transportation contracts) |  | Derivative instruments — current assets |  | 5,877 |  |  | — |  |  | 5,877 |
Commodity contracts |  | Derivative instruments — non-current assets |  | 16,760 |  |  | (14,326) |  |  | 2,434 |
Contingent consideration |  | Derivative instruments — non-current assets |  | 20,092 |  |  | — |  |  | 20,092 |
Total derivatives assets |  | $ | 85,990 |  |  | $ | (26,095) |  |  | $ | 59,895 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current liabilities |  | $ | 25,978 |  |  | $ | (11,769) |  |  | $ | 14,209 |
Commodity derivatives |  | Derivative instruments — non-current liabilities |  | 15,043 |  |  | (14,326) |  |  | 717 |
Total derivatives liabilities |  | $ | 41,021 |  |  | $ | (26,095) |  |  | $ | 14,926 |

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