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Derivatives (Tables)
 12 Months Ended
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
202210,464 $60.63$(121,508)
20237,627 $58.50(59,395)
20242,975 $57.35(16,542)
Brent
2022500 $56.36(9,258)
2023527 $52.52(9,103)
2024189 $63.71(766)
Natural gas swaps (MMBtu):
202284,527 $2.77(76,861)
202356,728 $2.54(47,722)
2024454 $2.94(82)
NGL swaps (Bbls):
20222,983 $22.23(38,596)
Crude oil basis swaps (Bbls):
20225,843 $(0.11)(4,403)
Natural gas basis swaps (MMBtu):
202226,061 $(0.17)(3,243)
CMA roll swaps (Bbls):
20221,468 $1.08563 
Natural gas collars (MMBtu):
2022510 $3.00-$3.41(220)
2023550 $2.63-$3.01(469)
20249,150 $3.00$3.871,187 
Total$(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 – noncurrent4,834 (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 – noncurrent34,257 (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 – noncurrent4,834 (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 – noncurrent34,257 (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,
202120202019
(in thousands)
Derivatives not designated as hedging instruments:
Realized gain (loss) on oil positions$(180,572)$149,713 $(44,265)
Realized loss on early settlement of certain oil positions (198,688)— — 
Realized gain (loss) on natural gas positions(80,253)32,638 4,245 
Realized gain (loss) on NGL positions(68,766)14,458 13,033 
Realized gain (loss) on interest hedges(7,373)(12,435)(2,189)
Total realized gain (loss)(535,652)184,374 (29,176)
Unrealized gain (loss) on commodity hedges(337,715)8,836 (94,766)
Unrealized gain (loss) on interest hedges7,347 2,074 (3,260)
Total unrealized gain (loss)(330,368)10,910 (98,026)
Total gain (loss) on derivatives$(866,020)$195,284 $(127,202)