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Derivative Instruments (Tables)

9 Months Ended

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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