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Financial Instruments and Risk Management (Tables) | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Crude Oil Derivative Contracts | At March 31, 2022, volumes per day associated with outstanding crude oil derivative contracts and the weighted average prices for these contracts are as follows:
|  |  |  | 2022
NYMEX WTI swap contracts: |  |  |  |
Volume per day (Bbl): |  |  |  | 20,000 |
Price per Bbl: |  |  |  | $ | 44.88 |
NYMEX WTI collar contracts: |  |  |  |
Volume per day (Bbl): |  |  |  | 25,000 |
Price per Bbl: |  |  |  |
Average Ceiling: |  |  |  | $ | 75.20 |
Average Floor: |  |  |  | $ | 63.24 |
Fair Value of Derivative Instruments Not Designated as Hedging Instruments | At March 31, 2022 and December 31, 2021, the fair value of derivative instruments not designated as hedging instruments are presented in the following table.
(Thousands of dollars) |  | Asset (Liability) Derivatives Fair Value
Type of Derivative Contract |  | Balance Sheet Location |  | March 31, 2022 |  | December 31, 2021
Commodity swaps |  | Accounts payable |  | $ | (306,095) |  |  | (239,882) |
Commodity collars |  | Accounts receivable |  | — |  |  | 4,280 |
|  | Accounts payable |  | (162,123) |  |  | (19,533) |
Recognized Gains and Losses for Derivative Instruments Not Designated as Hedging Instruments | For the three-month periods ended March 31, 2022 and 2021, the gains and losses recognized in the Consolidated Statements of Operations for derivative instruments not designated as hedging instruments are presented in the following table.
|  |  |  |  |  | Gain (Loss)
(Thousands of dollars) |  | Statement of Operations Location |  |  |  | Three months ended March 31,
Type of Derivative Contract |  |  |  |  |  |  | 2022 |  | 2021
Commodity swaps |  | Loss on crude contracts |  |  |  |  |  | $ | (156,359) |  |  | (214,385) |
Commodity collars |  | Loss on crude contracts |  |  |  |  |  | (164,418) |  |  | — |
Carrying Value of Assets and Liabilities Recorded at Fair Value on Recurring Basis | The carrying value of assets and liabilities recorded at fair value on a recurring basis at March 31, 2022 and December 31, 2021, are presented in the following table.
|  | March 31, 2022 |  | December 31, 2021
(Thousands of dollars) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity collars |  | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,280 |  |  | — |  |  | 4,280 |
|  | $ | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,280 |  |  | — |  |  | 4,280 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonqualified employee savings plan |  | $ | 17,038 |  |  | — |  |  | — |  |  | 17,038 |  |  | 16,962 |  |  | — |  |  | — |  |  | 16,962 |
Commodity collars |  | — |  |  | 162,123 |  |  | — |  |  | 162,123 |  |  | — |  |  | 19,533 |  |  | — |  |  | 19,533 |
Contingent consideration |  | — |  |  | — |  |  | 239,108 |  |  | 239,108 |  |  | — |  |  | — |  |  | 196,151 |  |  | 196,151 |
Commodity swaps |  | — |  |  | 306,095 |  |  | — |  |  | 306,095 |  |  | — |  |  | 239,882 |  |  | — |  |  | 239,882 |
|  | $ | 17,038 |  |  | 468,218 |  |  | 239,108 |  |  | 724,364 |  |  | 16,962 |  |  | 259,415 |  |  | 196,151 |  |  | 472,528 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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