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Derivative Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | At December 31, 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 |  | 2025 |  | Two-way collars |  |  |  | 5,838,000 |  | Bbls |  |  |  |  |  |  |  | $ | 64.22 |  |  | $ | 77.75 |
Crude oil |  | 2025 |  | Three-way collars |  |  |  | 2,371,000 |  | Bbls |  |  |  |  |  | $ | 52.69 |  |  | $ | 67.69 |  |  | $ | 82.14 |
Crude oil |  | 2025 |  | Fixed-price swaps |  |  |  | 1,092,000 |  | Bbls |  | $ | 70.90 |  |  |  |  |  |  |  |  |
Crude oil |  | 2026 |  | Three-way collars |  |  |  | 3,270,000 |  | Bbls |  |  |  |  |  | $ | 51.38 |  |  | $ | 66.38 |  |  | $ | 78.72 |
Crude oil |  | 2026 |  | Two-way collars |  |  |  | 730,000 |  | Bbls |  |  |  |  |  |  |  | $ | 65.00 |  |  | $ | 71.83 |
Natural gas |  | 2025 |  | Two-way collars |  |  |  | 1,380,000 |  | MMBtu |  |  |  |  |  |  |  | $ | 3.00 |  |  | $ | 4.18 |
Natural gas |  | 2025 |  | Fixed price swaps |  |  |  | 7,521,600 |  | MMBtu |  | $ | 3.65 |  |  |  |  |  |  |  |  |
Natural gas |  | 2026 |  | Two-way collars |  |  |  | 2,262,500 |  | MMBtu |  |  |  |  |  |  |  | $ | 3.00 |  |  | $ | 4.73 |
Natural gas |  | 2026 |  | Fixed-price swaps |  |  |  | 8,212,500 |  | MMBtu |  | $ | 3.74 |  |  |  |  |  |  |  |  |
Subsequent to December 31, 2024, the Company entered into the following commodity derivative contracts:
|  |  |  |  |  |  |  |  |  | Weighted Average Prices
Commodity |  | Settlement Period |  | Derivative Instrument |  | Volumes |  | Fixed-Price Swaps |  | Sub-Floor |  | Floor |  | Ceiling
Crude oil |  | 2025 |  | Fixed-price swaps |  | 2,015,000 |  |  | Bbls |  | $ | 70.45 |  |  |  |  |  |  |
Crude oil |  | 2025 |  | Two-way collars |  | 91,000 |  |  | Bbls |  |  |  |  |  | $ | 65.00 |  |  | $ | 77.35 |
Crude oil |  | 2026 |  | Three-way collars |  | 730,000 |  |  | Bbls |  |  |  | $ | 50.00 |  |  | $ | 65.00 |  |  | $ | 73.93 |
Crude oil |  | 2026 |  | Fixed-price swaps |  | 180,000 |  |  | Bbls |  | $ | 68.67 |  |  |  |  |  |  |
Crude oil |  | 2027 |  | Three-way collars |  | 182,000 |  |  | Bbls |  |  |  | $ | 50.00 |  |  | $ | 65.00 |  |  | $ | 74.15 |
Natural gas |  | 2025 |  | Fixed-price swaps |  | 15,640,000 |  |  | MMBtu |  | $ | 4.12 |  |  |  |  |  |  |
Natural gas |  | 2026 |  | Fixed-price swaps |  | 8,220,000 |  |  | MMBtu |  | $ | 3.94 |  |  |  |  |  |  |
Natural gas |  | 2026 |  | Two-way collars |  | 5,430,000 |  |  | MMBtu |  |  |  |  |  | $ | 3.83 |  |  | $ | 4.26 |
Schedule of Realized and Unrealized 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 Consolidated Statements of Operations for the periods presented:
|  |  |  | Year Ended December 31,
Derivative Instrument |  | Statement of Operations Location |  | 2024 |  | 2023 |  | 2022
|  |  |  | (In thousands)
Commodity derivatives |  | Net gain (loss) on derivative instruments |  | $ | 7,489 |  |  | $ | 56,396 |  |  | $ | (224,238) |
Commodity derivatives (buy/sell transportation contracts) |  | Gathering, processing and transportation expenses(1) |  | (5,877) |  |  | 20,570 |  |  | 7,331 |
Contingent consideration |  | Net gain on derivative instruments |  | 5,074 |  |  | 6,786 |  |  | 16,110 |
__________________ (1) The change in the fair value of the transportation derivative contracts was recorded as a loss in GPT expenses for the year ended December 31, 2024 and as a gain in GPT expenses for the years ended December 31, 2023 and 2022.
Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments | The following tables summarize the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Consolidated Balance Sheets:
|  |  |  | December 31, 2024
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Amount Offset |  | Net Amount
|  |  |  | (In thousands)
Derivatives assets: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current assets |  | $ | 33,579 |  |  | $ | (20,415) |  |  | $ | 13,164 |
Contingent consideration |  | Derivative instruments — current assets |  | 22,780 |  |  | — |  |  | 22,780 |
Commodity derivatives |  | Derivative instruments — non-current assets |  | 31,676 |  |  | (26,047) |  |  | 5,629 |
Total derivatives assets |  |  |  | $ | 88,035 |  |  | $ | (46,462) |  |  | $ | 41,573 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity derivatives |  | Derivative instruments — current liabilities |  | $ | 21,645 |  |  | $ | (20,415) |  |  | $ | 1,230 |
Commodity derivatives |  | Derivative instruments — non-current liabilities |  | 27,063 |  |  | (26,047) |  |  | 1,016 |
Total derivatives liabilities |  | $ | 48,708 |  |  | $ | (46,462) |  |  | $ | 2,246 |
|  |  |  | December 31, 2023
Derivative Instrument |  | Balance Sheet Location |  | Gross Amount |  | Gross Offset Amount |  | 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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