XML 69 R37.htm IDEA: XBRL DOCUMENT
v3.25.0.1

DERIVATIVES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Commodity Derivatives | As of December 31, 2024, we had entered into the following commodity price derivative contracts:
|  |  |  | Contract Period
|  |  |  | Q1 2025 |  | Q2 2025 |  | Q3 2025 |  | Q4 2025 |  | 2026
Crude Oil Derivatives (volumes in Bbl/day and prices in $/Bbl)
Swaps |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  |  |  | 31,000 |  | 29,000 |  | 28,000 |  | 11,000 |  | 740
Weighted-Average Contract Price |  |  |  | $ | 71.08 |  |  | $ | 70.71 |  |  | $ | 72.90 |  |  | $ | 68.54 |  |  | $ | 66.50 |
Collars |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  |  |  | 28,000 |  | 32,000 |  | 28,000 |  | 45,000 |  | —
Weighted-Average Ceiling Price |  |  |  | $ | 79.87 |  |  | $ | 77.78 |  |  | $ | 77.65 |  |  | $ | 75.81 |  |  | $ | — |
Weighted-Average Floor Price |  |  |  | $ | 70.00 |  |  | $ | 69.88 |  |  | $ | 69.31 |  |  | $ | 58.71 |  |  | $ | — |
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/MMBtu)
Swaps |  |  |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  |  |  | 180,000 |  | 110,000 |  | 110,000 |  | 110,000 |  | —
Weighted-Average Contract Price |  |  |  | $ | 3.17 |  |  | $ | 3.20 |  |  | $ | 3.20 |  |  | $ | 3.20 |  |  | $ | — |
Collars |  |  |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  |  |  | 20,000 |  | 20,000 |  | 20,000 |  | 20,000 |  | 130,000
Weighted-Average Ceiling Price |  |  |  | $ | 3.76 |  |  | $ | 3.76 |  |  | $ | 3.76 |  |  | $ | 3.76 |  |  | $ | 4.02 |
Weighted-Average Floor Price |  |  |  | $ | 3.03 |  |  | $ | 3.03 |  |  | $ | 3.03 |  |  | $ | 3.03 |  |  | $ | 3.24 |
Basis Protection Swaps |  |  |  |  |  |  |  |  |  |  |  |
Waha Basis Volumes |  |  |  | 200,000 |  | 130,000 |  | 130,000 |  | 130,000 |  | 130,000
Weighted-Average Contract Price |  |  |  | $ | (1.10) |  |  | $ | (1.17) |  |  | $ | (1.17) |  |  | $ | (1.17) |  |  | $ | (1.31) |
Waha Index Volumes |  |  |  | 90,000 |  | — |  | — |  | — |  | —
Weighted-Average Contract Price |  |  |  | $ | 0.07 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Subsequent to December 31, 2024 and as of February 21, 2025, we had entered into the following commodity price derivative contracts:
|  |  |  | Contract Period
|  |  |  | Q1 2025 |  | Q2 2025 |  | Q3 2025 |  | Q4 2025 |  | 2026
Crude Oil Derivatives (volumes in Bbl/day and prices in $/Bbl)
Swaps |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  |  |  | — |  | — |  | 5,000 |  | 2,000 |  | 7,397
Weighted-Average Contract Price |  |  |  | $ | — |  |  | $ | — |  |  | $ | 69.76 |  |  | $ | 69.60 |  |  | $ | 68.46 |
Collars |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  |  |  | — |  | — |  | — |  | — |  | 2,466
Weighted-Average Ceiling Price |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 77.13 |
Weighted-Average Floor Price |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 60.00 |
Summary of all the Company's Derivative Positions | The following table contains a summary of all our derivative positions reported on the accompanying consolidated balance sheets as well as a reconciliation between the gross assets and liabilities and the potential effects of master netting arrangements on the fair value of our commodity derivative contracts as of December 31, 2024 and 2023 (in thousands):
|  | As of December 31,
|  | 2024 |  | 2023
Derivative Assets: |  |  |  |
Commodity contracts - current |  | $ | 66,517 |  |  | $ | 35,192 |
Commodity contracts - noncurrent |  | 17,037 |  |  | 8,233 |
Total derivative assets |  | 83,554 |  |  | 43,425 |
Amounts not offset in the accompanying consolidated balance sheets |  | (26,520) |  |  | (11,859) |
Total derivative assets, net |  | $ | 57,034 |  |  | $ | 31,566 |
Derivative Liabilities: |  |  |  |
Commodity contracts - current |  | $ | (22,178) |  |  | $ | (18,096) |
Commodity contracts - long-term |  | (13,016) |  |  | — |
Total derivative liabilities |  | (35,194) |  |  | (18,096) |
Amounts not offset in the accompanying consolidated balance sheets |  | 26,520 |  |  | 11,859 |
Total derivative liabilities, net |  | $ | (8,674) |  |  | $ | (6,237) |
Summary of the Components of the Derivative Gain (Loss) | The following table summarizes the components of the derivative gain (loss), net presented on the accompanying consolidated statements of operations for the periods below (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Derivative cash settlement gain (loss), net |  |  |  |  |
Crude oil contracts | $ | (41,696) |  |  | $ | (59,543) |  |  | $ | (346,419) |
Natural gas contracts | 48,131 |  |  | (8,703) |  |  | (189,410) |
NGL contracts | — |  |  | — |  |  | (40,973) |
Total derivative cash settlement gain (loss), net | 6,435 |  |  | (68,246) |  |  | (576,802) |
Change in fair value gain | 31,055 |  |  | 77,553 |  |  | 241,642 |
Total derivative gain (loss), net | $ | 37,490 |  |  | $ | 9,307 |  |  | $ | (335,160) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration