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Derivative Instruments (Tables)

3 Months Ended

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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