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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | At June 30, 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 |  |  |  | 3,404,000 |  | Bbls |  |  |  |  |  | $ | 66.76 |  |  | $ | 82.68 |  |  |
Crude oil |  | 2024 |  | Three-way collars |  |  |  | 736,000 |  | Bbls |  |  |  | $ | 55.00 |  |  | $ | 71.25 |  |  | $ | 92.14 |  |  |
Crude oil |  | 2024 |  | Fixed-price swaps |  |  |  | 552,000 |  | Bbls |  | $ | 76.43 |  |  |  |  |  |  |  |  |
Crude oil |  | 2025 |  | Two-way collars |  |  |  | 3,006,000 |  | Bbls |  |  |  |  |  | $ | 63.04 |  |  | $ | 80.17 |  |  |
Crude oil |  | 2025 |  | Three-way collars |  |  |  | 2,371,000 |  | Bbls |  |  |  | $ | 52.69 |  |  | $ | 67.69 |  |  | $ | 82.14 |  |  |
Crude oil |  | 2026 |  | Three-way collars |  |  |  | 1,175,000 |  | Bbls |  |  |  | $ | 53.85 |  |  | $ | 68.85 |  |  | $ | 80.19 |  |  |
Natural gas |  | 2025 |  | Fixed-price swaps |  |  |  | 4,301,600 |  | MMBtu |  | $ | 3.75 |  |  |  |  |  |  |  |  |
Subsequent to June 30, 2024, the Company entered into the following commodity derivative contracts:
|  |  |  |  |  |  |  |  |  |  |  | Weighted Average Prices
Commodity |  | Settlement Period |  | Derivative Instrument |  | Volumes |  |  |  | Sub-Floor |  | Floor |  | Ceiling
Crude oil |  | 2024 |  | Two-way collars |  | 276,000 |  |  | Bbls |  |  |  |  |  | $ | 75.00 |  |  | $ | 79.05 |
Crude oil |  | 2025 |  | Two-way collars |  | 1,372,000 |  |  | Bbls |  |  |  |  |  | $ | 65.98 |  |  | $ | 76.99 |
Crude oil |  | 2026 |  | Three-way collars |  | 1,365,000 |  |  | Bbls |  |  |  | $ | 50.00 |  |  | $ | 65.00 |  |  | $ | 79.62 |
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 |  | 2024 |  | 2023 |  | 2024 |  | 2023
|  |  |  | (In thousands)
Commodity derivatives |  | Net gain (loss) on derivative instruments |  | $ | 3,954 |  |  | $ | 29,740 |  |  | $ | (26,997) |  |  | $ | 95,580 |
Commodity derivatives (buy/sell transportation contracts) |  | Gathering, processing and transportation expenses(1) |  | (2,647) |  |  | 7,123 |  |  | (5,877) |  |  | 18,279 |
Contingent consideration |  | Net gain (loss) on derivative instruments |  | 654 |  |  | (222) |  |  | 4,028 |  |  | 872 |
__________________ (1)The change in the fair value of the transportation derivative contracts was recorded in GPT expenses as a loss for the three and six months ended June 30, 2024 and as a gain for the three and six months ended June 30, 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:
|  |  |  | June 30, 2024
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current assets |  | $ | 14,066 |  |  | $ | (12,966) |  |  | $ | 1,100 |
Contingent consideration |  | Derivative instruments — current assets |  | 24,192 |  |  | — |  |  | 24,192 |
Commodity derivatives |  | Derivative instruments — non-current assets |  | 19,907 |  |  | (19,907) |  |  | — |
Contingent consideration |  | Derivative instruments — non-current assets |  | 22,542 |  |  | — |  |  | 22,542 |
Total derivatives assets |  | $ | 80,707 |  |  | $ | (32,873) |  |  | $ | 47,834 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current liabilities |  | $ | 26,909 |  |  | $ | (12,966) |  |  | $ | 13,943 |
Commodity derivatives |  | Derivative instruments — non-current liabilities |  | 21,335 |  |  | (19,907) |  |  | 1,428 |
Total derivatives liabilities |  | $ | 48,244 |  |  | $ | (32,873) |  |  | $ | 15,371 |
|  |  |  | 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 derivatives |  | 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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