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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments Not Designated as Hedging Instruments [Abstract]

Schedule of notional amounts of outstanding derivative positions

As of December 31, 2022, the Company had commodity derivative contracts outstanding through the fourth quarter of 2025 as summarized in the table below:

						Contract Period
						First Quarter						Second Quarter						Third Quarter						Fourth Quarter
						2023						2023						2023						2023						2024						2025
Oil Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
NYMEX WTI Volumes						294						333						304						259						—						—
Weighted-Average Contract Price						$	45.20					$	45.18					$	45.20					$	45.23					$	—					$	—
ICE Brent Volumes						900						910						920						920						910						—
Weighted-Average Contract Price						$	86.50					$	86.50					$	86.50					$	86.50					$	85.50					$	—
Collars
NYMEX WTI Volumes						577						464						291						—						919						—
Weighted-Average Floor Price						$	60.00					$	67.85					$	75.00					$	—					$	75.00					$	—
Weighted-Average Ceiling Price						$	74.02					$	81.53					$	93.05					$	—					$	81.47					$	—
Basis Swaps
WTI Midland-NYMEX WTI Volumes						1,294						1,357						1,414						1,294						893						—
Weighted-Average Contract Price						$	0.99					$	0.99					$	0.88					$	0.88					$	1.10					$	—
WTI Houston MEH-NYMEX WTI Volumes						390						431						361						296						297						—
Weighted-Average Contract Price						$	1.65					$	1.68					$	1.59					$	1.53					$	1.75					$	—
Roll Differential Swaps
NYMEX WTI Volumes						1,220						1,243						1,304						1,201						—						—
Weighted-Average Contract Price						$	0.60					$	0.62					$	0.64					$	0.62					$	—					$	—
Gas Derivatives (volumes in BBtu and prices in $ per MMBtu):
Swaps
NYMEX HH Volumes						—						1,420						1,470						—						—						—
Weighted-Average Contract Price						$	—					$	5.05					$	5.11					$	—					$	—					$	—
IF Waha Volumes						900						—						—						—						—						—
Weighted-Average Contract Price						$	3.98					$	—					$	—					$	—					$	—					$	—
Collars
NYMEX HH Volumes						7,919						5,181						6,194						8,362						13,722						—
Weighted-Average Floor Price						$	3.84					$	3.83					$	3.75					$	3.90					$	4.00					$	—
Weighted-Average Ceiling Price						$	9.75					$	4.68					$	4.62					$	5.70					$	6.39					$	—
IF HSC Volumes						900						1,345						1,389						1,451						—						—
Weighted-Average Floor Price						$	3.38					$	4.25					$	4.25					$	4.25					$	—					$	—
Weighted-Average Ceiling Price						$	7.75					$	5.00					$	4.95					$	5.55					$	—					$	—
Basis Swaps
IF Waha-NYMEX HH Volumes						1,816						2,462						2,442						2,337						20,958						20,501
Weighted-Average Contract Price						$	(0.81)					$	(1.93)					$	(1.05)					$	(1.01)					$	(0.86)					$	(0.66)
IF HSC-NYMEX HH Volumes						6,737						1,774						1,813						2,008						—						—
Weighted-Average Contract Price						$	0.19					$	(0.25)					$	(0.25)					$	(0.25)					$	—					$	—

Schedule of fair value of derivatives in accompanying balance sheets

The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:

			As of December 31, 2022						As of December 31, 2021
			(in thousands)
Derivative assets:
Current assets			$	48,677					$	24,095
Noncurrent assets			24,465						239
Total derivative assets			$	73,142					$	24,334
Derivative liabilities:
Current liabilities			$	56,181					$	319,506
Noncurrent liabilities			1,142						25,696
Total derivative liabilities			$	57,323					$	345,202

Schedule of the potential effects of master netting arrangements

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
						December 31, 2022						December 31, 2021						December 31, 2022						December 31, 2021
						(in thousands)
Gross amounts presented in the accompanying balance sheets						$	73,142					$	24,334					$	(57,323)					$	(345,202)
Amounts not offset in the accompanying balance sheets						(26,136)						(22,862)						26,136						22,862
Net amounts						$	47,006					$	1,472					$	(31,187)					$	(322,340)

Schedule of the components of the derivative settlement (gain) loss and the net derivative (gain) loss

The following table summarizes the commodity components of the derivative settlement (gain) loss, and the net derivative (gain) loss line items presented within the accompanying statements of cash flows and the accompanying statements of operations, respectively:

			For the Years Ended December 31,
			2022						2021						2020
			(in thousands)
Derivative settlement (gain) loss:
Oil contracts			$	514,641					$	523,245					$	(331,559)
Gas contracts			171,598						152,361						(11,898)
NGL contracts			24,461						73,352						(7,804)
Total derivative settlement (gain) loss:			$	710,700					$	748,958					$	(351,261)
Net derivative (gain) loss:
Oil contracts			$	284,863					$	650,959					$	(205,180)
Gas contracts			82,769						172,248						30,038
NGL contracts			6,380						78,452						13,566
Total net derivative (gain) loss:			$	374,012					$	901,659					$	(161,576)

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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