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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments Not Designated as Hedging Instruments [Abstract] |
Schedule of notional amounts of outstanding derivative positions [Table Text Block] | As of March 31, 2021, the Company had commodity derivative contracts outstanding through the fourth quarter of 2023 as summarized in the tables below. Oil Swaps
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Contract Price
|  | (MBbl) |  | (per Bbl)
Second quarter 2021 |  | 5,508 |  |  | $ | 40.88 |
Third quarter 2021 |  | 5,363 |  |  | $ | 41.16 |
Fourth quarter 2021 |  | 4,744 |  |  | $ | 39.85 |
2022 |  | 7,823 |  |  | $ | 44.69 |
2023 |  | 1,190 |  |  | $ | 45.20 |
Total |  | 24,628 |  |  |
Oil Collars
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Floor Price |  | Weighted-Average Ceiling Price
|  | (MBbl) |  | (per Bbl) |  | (per Bbl)
2022 |  | 1,224 |  |  | $ | 50.00 |  |  | $ | 54.89 |
Oil Basis Swaps
Contract Period |  | WTI Midland-NYMEX WTI Volumes |  | Weighted-Average Contract Price (1) |  | NYMEX WTI-ICE Brent Volumes |  | Weighted-Average Contract Price (2) |  | WTI Houston MEH-NYMEX WTI Volumes |  | Weighted-Average Contract Price (3)
|  | (MBbl) |  | (per Bbl) |  | (MBbl) |  | (per Bbl) |  | (MBbl) |  | (per Bbl)
Second quarter 2021 |  | 4,172 |  |  | $ | 0.81 |  |  | 910 |  |  | $ | (7.86) |  |  | 493 |  |  | $ | 0.60 |
Third quarter 2021 |  | 3,756 |  |  | $ | 0.75 |  |  | 920 |  |  | $ | (7.86) |  |  | 356 |  |  | $ | 0.60 |
Fourth quarter 2021 |  | 3,824 |  |  | $ | 0.71 |  |  | 920 |  |  | $ | (7.86) |  |  | 466 |  |  | $ | 0.60 |
2022 |  | 9,500 |  |  | $ | 1.15 |  |  | 3,650 |  |  | $ | (7.78) |  |  | 1,329 |  |  | $ | 1.25 |
Total |  | 21,252 |  |  |  |  | 6,400 |  |  |  |  | 2,644 |  |  |
____________________________________________ (1) Represents the price differential between WTI Midland (Midland, Texas) and NYMEX WTI (Cushing, Oklahoma). (2) Represents the price differential between NYMEX WTI (Cushing, Oklahoma) and ICE Brent (North Sea). (3) Represents the price differential between Argus WTI Houston MEH (Houston, Texas) and NYMEX WTI (Cushing, Oklahoma). Oil Roll Differential Swaps
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Contract Price
|  | (MBbl) |  | (per Bbl)
Second quarter 2021 |  | 4,743 |  |  | $ | (0.16) |
Third quarter 2021 |  | 4,326 |  |  | $ | (0.18) |
Fourth quarter 2021 |  | 3,831 |  |  | $ | (0.16) |
2022 |  | 11,278 |  |  | $ | 0.11 |
Total |  | 24,178 |  |  |
Gas Swaps
Contract Period |  | IF HSC Volumes |  | Weighted-Average Contract Price |  | WAHA Volumes |  | Weighted-Average Contract Price
|  | (BBtu) |  | (per MMBtu) |  | (BBtu) |  | (per MMBtu)
Second quarter 2021 |  | 13,672 |  |  | $ | 2.45 |  |  | 7,230 |  |  | $ | 1.76 |
Third quarter 2021 |  | 12,575 |  |  | $ | 2.40 |  |  | 8,086 |  |  | $ | 1.88 |
Fourth quarter 2021 |  | 12,412 |  |  | $ | 2.41 |  |  | 7,627 |  |  | $ | 1.82 |
2022 |  | 28,932 |  |  | $ | 2.52 |  |  | 13,716 |  |  | $ | 2.30 |
Total (1) |  | 67,591 |  |  |  |  | 36,659 |  |  |
____________________________________________ (1) The Company has natural gas swaps in place that settle against Inside FERC Houston Ship Channel (“IF HSC”), Inside FERC West Texas (“IF WAHA”), and Platt’s Gas Daily West Texas (“GD WAHA”). As of March 31, 2021, WAHA volumes were comprised of 65 percent IF WAHA and 35 percent GD WAHA. NGL Swaps
|  |  |  | OPIS Propane Mont Belvieu Non-TET |  | OPIS Normal Butane Mont Belvieu Non-TET |  |  |  |
Contract Period |  |  |  |  |  | Volumes |  | Weighted-Average Contract Price |  | Volumes |  | Weighted-Average Contract Price |  |  |  |  |  |
|  |  |  |  |  | (MBbl) |  | (per Bbl) |  | (MBbl) |  | (per Bbl) |  |  |  |  |  |
Second quarter 2021 |  |  |  |  |  | 818 |  |  | $ | 22.14 |  |  | 37 |  |  | $ | 30.87 |  |  |  |  |  |  |
Third quarter 2021 |  |  |  |  |  | 854 |  |  | $ | 22.16 |  |  | 37 |  |  | $ | 30.87 |  |  |  |  |  |  |
Fourth quarter 2021 |  |  |  |  |  | 824 |  |  | $ | 22.15 |  |  | 36 |  |  | $ | 30.87 |  |  |  |  |  |  |
2022 |  |  |  |  |  | 231 |  |  | $ | 22.99 |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Total |  |  |  |  |  | 2,727 |  |  |  |  | 110 |  |  |  |  |  |  |  |  |
NGL Collars
Contract Period |  | OPIS Propane Mont Belvieu Non-TET |  | Weighted-Average Floor Price |  | Weighted-Average Ceiling Price
|  | (MBbl) |  | (per Bbl) |  | (per Bbl)
2022 |  | 234 |  |  | $ | 22.05 |  |  | $ | 27.30 |
Schedule of fair value of derivatives in accompanying balance sheets [Table Text Block] | The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:
| As of March 31, 2021 |  | As of December 31, 2020
| (in thousands)
Derivative assets: |  |  |
Current assets | $ | 20,859 |  |  | $ | 31,203 |
Noncurrent assets | 13,567 |  |  | 23,150 |
Total derivative assets | $ | 34,426 |  |  | $ | 54,353 |
Derivative liabilities: |  |  |
Current liabilities | $ | 371,802 |  |  | $ | 200,189 |
Noncurrent liabilities | 67,595 |  |  | 22,331 |
Total derivative liabilities | $ | 439,397 |  |  | $ | 222,520 |
Schedule of the potential effects of master netting arrangements [Table Text Block] | The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts:
| Derivative Assets as of |  | Derivative Liabilities as of
| March 31, 2021 |  | December 31, 2020 |  | March 31, 2021 |  | December 31, 2020
| (in thousands)
Gross amounts presented in the accompanying balance sheets | $ | 34,426 |  |  | $ | 54,353 |  |  | $ | (439,397) |  |  | $ | (222,520) |
Amounts not offset in the accompanying balance sheets | (34,238) |  |  | (53,598) |  |  | 34,238 |  |  | 53,598 |
Net amounts | $ | 188 |  |  | $ | 755 |  |  | $ | (405,159) |  |  | $ | (168,922) |
Schedule of the components of the derivative settlement (gain) loss and of the net derivative (gain) loss [Table Text Block] | The following table summarizes the commodity components of the derivative settlement (gain) loss, as well as the components of the net derivative (gain) loss line item presented in the accompanying statements of operations:
|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020
|  |  |  |  | (in thousands)
Derivative settlement (gain) loss: |  |  |  |  |  |  |
Oil contracts |  |  |  |  | $ | 56,329 |  |  | $ | (53,582) |
Gas contracts |  |  |  |  | 40,448 |  |  | (14,625) |
NGL contracts |  |  |  |  | 11,108 |  |  | (5,230) |
Total net derivative settlement (gain) loss |  |  |  |  | $ | 107,885 |  |  | $ | (73,437) |
Net derivative (gain) loss: |  |  |  |  |  |  |
Oil contracts |  |  |  |  | $ | 265,815 |  |  | $ | (542,540) |
Gas contracts |  |  |  |  | 48,922 |  |  | 6,728 |
NGL contracts |  |  |  |  | 29,952 |  |  | (9,528) |
Total net derivative (gain) loss |  |  |  |  | $ | 344,689 |  |  | $ | (545,340) |

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