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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | At September 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 |  |  |  | 1,840,000 |  | Bbls |  |  |  |  |  | $ | 67.50 |  |  | $ | 81.68 |  |  |
Crude oil |  | 2024 |  | Three-way collars |  |  |  | 368,000 |  | Bbls |  |  |  | $ | 55.00 |  |  | $ | 71.25 |  |  | $ | 92.14 |  |  |
Crude oil |  | 2024 |  | Fixed-price swaps |  |  |  | 460,000 |  | Bbls |  | $ | 73.82 |  |  |  |  |  |  |  |  |
Crude oil |  | 2025 |  | Two-way collars |  |  |  | 4,378,000 |  | Bbls |  |  |  |  |  | $ | 63.96 |  |  | $ | 79.17 |  |  |
Crude oil |  | 2025 |  | Three-way collars |  |  |  | 2,371,000 |  | Bbls |  |  |  | $ | 52.69 |  |  | $ | 67.69 |  |  | $ | 82.14 |  |  |
Crude oil |  | 2025 |  | Fixed price swaps |  |  |  | 362,000 |  | Bbls |  | $ | 68.93 |  |  |  |  |  |  |  |  |
Crude oil |  | 2026 |  | Three-way collars |  |  |  | 2,540,000 |  | Bbls |  |  |  | $ | 51.78 |  |  | $ | 66.78 |  |  | $ | 79.89 |  |  |
Natural gas |  | 2025 |  | Two-way collars |  |  |  | 1,380,000 |  | MMBtu |  |  |  |  |  | $ | 3.00 |  |  | $ | 4.18 |  |  |
Natural gas |  | 2025 |  | Fixed-price swaps |  |  |  | 4,301,600 |  | MMBtu |  | $ | 3.75 |  |  |  |  |  |  |  |  |
Natural gas |  | 2026 |  | Two-way collars |  |  |  | 2,262,500 |  | MMBtu |  |  |  |  |  | $ | 3.00 |  |  | $ | 4.73 |  |  |
Subsequent to September 30, 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 |  | 2025 |  | Two-way collars |  | 730,000 |  |  | Bbls |  |  |  |  |  | $ | 65.00 |  |  | $ | 76.62 |
Crude oil |  | 2025 |  | Fixed-price swaps |  | 730,000 |  |  | Bbls |  |  |  | $ | 71.87 |  |  |  |  |
Crude oil |  | 2026 |  | Two-way collars |  | 730,000 |  |  | Bbls |  |  |  |  |  | $ | 65.00 |  |  | $ | 71.83 |
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 |  | 2024 |  | 2023 |  | 2024 |  | 2023
|  |  |  | (In thousands)
Commodity derivatives |  | Net gain (loss) on derivative instruments |  | $ | 54,143 |  |  | $ | (91,483) |  |  | $ | 27,147 |  |  | $ | 4,097 |
Commodity derivatives (buy/sell transportation contracts) |  | Gathering, processing and transportation expenses(1) |  | — |  |  | (1,432) |  |  | (5,877) |  |  | 16,847 |
Contingent consideration |  | Net gain (loss) on derivative instruments |  | (1,422) |  |  | 6,278 |  |  | 2,606 |  |  | 7,150 |
__________________ (1)The change in the fair value of the transportation derivative contracts was recorded in GPT expenses as a loss for the nine months ended September 30, 2024 and the three months ended September 30, 2023 and as a gain for the nine months ended September 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:
|  |  |  | September 30, 2024
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current assets |  | $ | 44,508 |  |  | $ | (13,414) |  |  | $ | 31,094 |
Contingent consideration |  | Derivative instruments — current assets |  | 24,573 |  |  | — |  |  | 24,573 |
Commodity derivatives |  | Derivative instruments — non-current assets |  | 33,877 |  |  | (23,629) |  |  | 10,248 |
Contingent consideration |  | Derivative instruments — non-current assets |  | 20,739 |  |  | — |  |  | 20,739 |
Total derivatives assets |  | $ | 123,697 |  |  | $ | (37,043) |  |  | $ | 86,654 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current liabilities |  | $ | 13,417 |  |  | $ | (13,414) |  |  | $ | 3 |
Commodity derivatives |  | Derivative instruments — non-current liabilities |  | 23,674 |  |  | (23,629) |  |  | 45 |
Total derivatives liabilities |  | $ | 37,091 |  |  | $ | (37,043) |  |  | $ | 48 |
|  |  |  | 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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