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Derivative Instruments (Tables)

6 Months Ended

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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