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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table details our net volume positions by commodity as of December 31, 2021:
Production Period |  | Volumes |  | Weighted Average Fixed Price |  | Fair Value
|  | (in thousands) |  |  |  |  |  | (in thousands)
Crude oil swaps (Bbls): |  |  |  |  |  |  |  |
WTI |  |  |  |  |  |  |  |
2022 |  | 10,464 |  |  | $60.63 |  | $ | (121,508) |
2023 |  | 7,627 |  |  | $58.50 |  | (59,395) |
2024 |  | 2,975 |  |  | $57.35 |  | (16,542) |
Brent |  |  |  |  |  |  |  |
2022 |  | 500 |  |  | $56.36 |  | (9,258) |
2023 |  | 527 |  |  | $52.52 |  | (9,103) |
2024 |  | 189 |  |  | $63.71 |  | (766) |
Natural gas swaps (MMBtu): |  |  |  |  |  |  |  |
2022 |  | 84,527 |  |  | $2.77 |  | (76,861) |
2023 |  | 56,728 |  |  | $2.54 |  | (47,722) |
2024 |  | 454 |  |  | $2.94 |  | (82) |
NGL swaps (Bbls): |  |  |  |  |  |  |  |
2022 |  | 2,983 |  |  | $22.23 |  | (38,596) |
Crude oil basis swaps (Bbls): |  |  |  |  |  |  |  |
2022 |  | 5,843 |  |  | $(0.11) |  | (4,403) |
Natural gas basis swaps (MMBtu): |  |  |  |  |  |  |  |
2022 |  | 26,061 |  |  | $(0.17) |  | (3,243) |
CMA roll swaps (Bbls): |  |  |  |  |  |  |  |
2022 |  | 1,468 |  |  | $1.08 |  | 563 |
Natural gas collars (MMBtu): |  |  |  |  |  |  |  |
2022 |  | 510 |  |  | $3.00 | - | $3.41 |  | (220) |
2023 |  | 550 |  |  | $2.63 | - | $3.01 |  | (469) |
2024 |  | 9,150 |  |  | $3.00 |  | $3.87 |  | 1,187 |
Total |  |  |  |  |  |  |  | $ | (386,418) |
Schedule of Offsetting Assets | The following table shows the effects of master netting arrangements on the fair value of our derivative contracts at December 31, 2021 and 2020:
| Gross Fair Value |  | Effect of Counterparty Netting |  | Net Carrying Value
| (in thousands)
December 31, 2021 |  |  |  |  |
Assets: |  |  |  |  |
Derivative assets – current | $ | 2,983 |  |  | $ | (2,983) |  |  | $ | — |
Derivative assets – noncurrent | 4,834 |  |  | (4,255) |  |  | 579 |
Total assets | $ | 7,817 |  |  | $ | (7,238) |  |  | $ | 579 |
Liabilities: |  |  |  |  |
Derivative liabilities – current | $ | (256,508) |  |  | $ | 2,983 |  |  | $ | (253,525) |
Derivative liabilities – noncurrent | (137,726) |  |  | 4,255 |  |  | (133,471) |
Total liabilities | $ | (394,234) |  |  | $ | 7,238 |  |  | $ | (386,996) |
| Gross Fair Value |  | Effect of Counterparty Netting |  | Net Carrying Value
| (in thousands)
December 31, 2020 |  |  |  |  |
Assets: |  |  |  |  |
Derivative assets – current | $ | 52,833 |  |  | $ | (21,907) |  |  | $ | 30,926 |
Derivative assets – noncurrent | 34,257 |  |  | (11,905) |  |  | 22,352 |
Total assets | $ | 87,090 |  |  | $ | (33,812) |  |  | $ | 53,278 |
Liabilities: |  |  |  |  |
Derivative liabilities – current | $ | (48,299) |  |  | $ | 21,907 |  |  | $ | (26,392) |
Derivative liabilities – noncurrent | (35,863) |  |  | 11,905 |  |  | (23,958) |
Total liabilities | $ | (84,162) |  |  | $ | 33,812 |  |  | $ | (50,350) |
Schedule of Offsetting Liabilities | The following table shows the effects of master netting arrangements on the fair value of our derivative contracts at December 31, 2021 and 2020:
| Gross Fair Value |  | Effect of Counterparty Netting |  | Net Carrying Value
| (in thousands)
December 31, 2021 |  |  |  |  |
Assets: |  |  |  |  |
Derivative assets – current | $ | 2,983 |  |  | $ | (2,983) |  |  | $ | — |
Derivative assets – noncurrent | 4,834 |  |  | (4,255) |  |  | 579 |
Total assets | $ | 7,817 |  |  | $ | (7,238) |  |  | $ | 579 |
Liabilities: |  |  |  |  |
Derivative liabilities – current | $ | (256,508) |  |  | $ | 2,983 |  |  | $ | (253,525) |
Derivative liabilities – noncurrent | (137,726) |  |  | 4,255 |  |  | (133,471) |
Total liabilities | $ | (394,234) |  |  | $ | 7,238 |  |  | $ | (386,996) |
| Gross Fair Value |  | Effect of Counterparty Netting |  | Net Carrying Value
| (in thousands)
December 31, 2020 |  |  |  |  |
Assets: |  |  |  |  |
Derivative assets – current | $ | 52,833 |  |  | $ | (21,907) |  |  | $ | 30,926 |
Derivative assets – noncurrent | 34,257 |  |  | (11,905) |  |  | 22,352 |
Total assets | $ | 87,090 |  |  | $ | (33,812) |  |  | $ | 53,278 |
Liabilities: |  |  |  |  |
Derivative liabilities – current | $ | (48,299) |  |  | $ | 21,907 |  |  | $ | (26,392) |
Derivative liabilities – noncurrent | (35,863) |  |  | 11,905 |  |  | (23,958) |
Total liabilities | $ | (84,162) |  |  | $ | 33,812 |  |  | $ | (50,350) |
Schedule of Derivative Contracts on Operations | The amount of gain (loss) recognized in gain (loss) on derivatives in our combined and consolidated statements of operations was as follows for the years ended December 31, 2021, 2020 and 2019:
| Years ended December 31,
| 2021 |  | 2020 |  | 2019
| (in thousands)
Derivatives not designated as hedging instruments: |  |  |  |  |
Realized gain (loss) on oil positions | $ | (180,572) |  |  | $ | 149,713 |  |  | $ | (44,265) |
Realized loss on early settlement of certain oil positions | (198,688) |  |  | — |  |  | — |
Realized gain (loss) on natural gas positions | (80,253) |  |  | 32,638 |  |  | 4,245 |
Realized gain (loss) on NGL positions | (68,766) |  |  | 14,458 |  |  | 13,033 |
Realized gain (loss) on interest hedges | (7,373) |  |  | (12,435) |  |  | (2,189) |
Total realized gain (loss) | (535,652) |  |  | 184,374 |  |  | (29,176) |
Unrealized gain (loss) on commodity hedges | (337,715) |  |  | 8,836 |  |  | (94,766) |
Unrealized gain (loss) on interest hedges | 7,347 |  |  | 2,074 |  |  | (3,260) |
Total unrealized gain (loss) | (330,368) |  |  | 10,910 |  |  | (98,026) |
Total gain (loss) on derivatives | $ | (866,020) |  |  | $ | 195,284 |  |  | $ | (127,202) |

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