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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies As of September 30, 2024, the Company’s material off-balance sheet arrangements and transactions include $30.7 million in outstanding letters of credit under the Credit Facility and $74.9 million in net surety bond exposure issued as financial assurance on certain agreements. As of September 30, 2024, there have been no material changes to the Company’s commitments and contingencies disclosed in Note 21 — Commitments and Contingencies in the 2023 Annual Report, other than those assumed in connection with the Arrangement. Volume commitment agreements. As of September 30, 2024, the Company had certain agreements with an aggregate requirement to deliver, transport or purchase a minimum quantity of approximately 49.7 MMBbl of crude oil, 8.6 MMBbl of NGLs, 492.4 Bcf of natural gas and 0.3 MMBbl of water, prior to any applicable volume credits and within specified timeframes. The commitments under these arrangements are not recorded in the accompanying Consolidated Balance Sheets. The amounts disclosed below represent undiscounted cash flows on a gross basis and no inflation elements have been applied. As of September 30, 2024, the estimable future commitments of the Company’s commitment agreements, including those assumed in connection with the Arrangement, are as follows:
| (In thousands)
Year 1 | $ | 148,397 |
Year 2 | 158,177 |
Year 3 | 121,161 |
Year 4 | 70,441 |
Year 5 | 49,671 |
Thereafter | 81,285 |
| $ | 629,132 |
The Company enters into these long-term contracts to provide production flow assurance in oversupplied areas with limited infrastructure, which provides for optimization of transportation and processing costs. As properties are undergoing development activities, the Company may experience temporary delivery or transportation shortfalls until production volumes grow to meet or exceed the minimum volume commitments. The Company recognizes any monthly deficiency payments in the period in which the under delivery takes place and the related liability has been incurred. The table above does not include any such deficiency payments that may be incurred under the Company’s physical delivery contracts, since the amount and timing of any such penalties incurred cannot be predicted with accuracy. For the three and nine months ended September 30, 2024, the Company did not incur any deficiency payments related to these contracts. The future commitments under certain agreements cannot be estimated and are therefore excluded from the table above as they are based on fixed differentials relative to a commodity index price under the agreements as compared to the differential relative to a commodity index price for the production month.

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