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Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2024
Financial Instruments [Abstract] |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | The following table presents the carrying amounts, net of discount, premium and deferred financing costs, and estimated fair values of the Company’s debt instruments (in thousands):
| March 31, 2024 |  | December 31, 2023 |
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
9.000% Second-Priority Senior Secured Notes – due February 2029 | $ | 609,107 |  | $ | 663,894 |  | $ | — |  | $ | — |
9.375% Second-Priority Senior Secured Notes – due February 2031 | $ | 608,985 |  | $ | 666,175 |  | $ | — |  | $ | — |
12.00% Second-Priority Senior Secured Notes – due January 2026 | $ | — |  | $ | — |  | $ | 601,353 |  | $ | 655,130 |
11.75% Senior Secured Second Lien Notes – due April 2026 | $ | — |  | $ | — |  | $ | 234,221 |  | $ | 233,410 |
Bank Credit Facility – matures March 2027 | $ | 315,860 |  | $ | 325,000 |  | $ | 190,100 |  | $ | 200,000 |
Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations | The following table presents the impact that derivatives, not designated as hedging instruments, had on its Condensed Consolidated Statements of Operations (in thousands):
| Three Months Ended March 31, |
| 2024 |  | 2023 |
Net cash received (paid) on settled derivative instruments | $ | (3,494 | ) | $ | (12,323 | )
Unrealized gain (loss) |  | (83,568 | ) |  | 71,260 |
Price risk management activities income (expense) | $ | (87,062 | ) | $ | 58,937 |
Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts | The following tables reflect the contracted average daily volumes and weighted average prices under the terms of the Company's derivative contracts as of March 31, 2024:
Swap Contracts |
Production Period | Settlement Index | Volumes |  | Swap Price |
Crude oil: |  | (Bbls) |  | (per Bbl) |
April 2024 – December 2024 | NYMEX WTI CMA |  | 28,147 |  | $ | 73.47 |
January 2025 – December 2025 | NYMEX WTI CMA |  | 19,679 |  | $ | 73.19 |
Natural gas: |  | (MMBtu) |  | (per MMBtu) |
April 2024 – December 2024 | NYMEX Henry Hub |  | 34,455 |  | $ | 2.91 |
January 2025 – December 2025 | NYMEX Henry Hub |  | 38,644 |  | $ | 3.60 |
Two-Way Collar Contracts |
Production Period | Settlement Index | Volumes |  | Floor Price |  | Ceiling Price |
Crude oil: |  | (Bbls) |  | (per Bbl) |  | (per Bbl) |
April 2024 – December 2024 | NYMEX WTI CMA |  | 1,000 |  | $ | 70.00 |  | $ | 75.00 |
January 2025 – March 2025 | NYMEX WTI CMA |  | 3,000 |  | $ | 65.00 |  | $ | 84.35 |
Natural gas: |  | (MMBtu) |  | (per MMBtu) |  | (per MMBtu) |
April 2024 – December 2024 | NYMEX Henry Hub |  | 10,000 |  | $ | 4.00 |  | $ | 6.90 |
Long Puts |
Production Period | Settlement Index | Volumes |  | Strike Price |  | Deferred Premium Price |
Crude oil: |  | (Bbls) |  | (per Bbl) |  | (per Bbl) |
April 2024 – December 2024 | NYMEX WTI CMA |  | 4,000 |  | $ | 70.00 |  | $ | (6.28 | )
Natural gas: |  | (MMBtu) |  | (per MMBtu) |  | (per MMBtu) |
May 2024 – December 2024 | NYMEX Henry Hub |  | 13,660 |  | $ | 2.90 |  | $ | (0.40 | )
Swaps with Sold Puts |
Production Period | Settlement Index | Volumes |  | Swap Price |  | Strike Price |
Crude oil: |  | (Bbls) |  | (per Bbl) |  | (per Bbl) |
April 2024 – December 2024 | NYMEX WTI CMA |  | 1,000 |  | $ | 72.20 |  | $ | 60.00 |
Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis | The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands):
| March 31, 2024 |
| Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |
Oil and natural gas derivatives | $ | — |  | $ | 24,108 |  | $ | — |  | $ | 24,108 |
Liabilities: |  |  |  |  |  |  |  |
Oil and natural gas derivatives |  | — |  |  | (77,780 | ) |  | — |  |  | (77,780 | )
Total net asset (liability) | $ | — |  | $ | (53,672 | ) | $ | — |  | $ | (53,672 | )
| December 31, 2023 |
| Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |
Oil and natural gas derivatives | $ | — |  | $ | 53,703 |  | $ | — |  | $ | 53,703 |
Liabilities: |  |  |  |  |  |  |  |
Oil and natural gas derivatives |  | — |  |  | (8,100 | ) |  | — |  |  | (8,100 | )
Total net asset (liability) | $ | — |  | $ | 45,603 |  | $ | — |  | $ | 45,603 |
Schedule of Fair Value of Derivative Financial Instruments | The following table presents the fair value of derivative financial instruments as well as the potential effect of netting arrangements on the Company's recognized derivative asset and liability amounts (in thousands):
| March 31, 2024 |  | December 31, 2023 |
| Assets |  | Liabilities |  | Assets |  | Liabilities |
Oil and natural gas derivatives: |  |  |  |  |  |  |  |
Current | $ | 18,753 |  | $ | 74,033 |  | $ | 36,152 |  | $ | 7,305 |
Non-current |  | 5,355 |  |  | 3,747 |  |  | 17,551 |  |  | 795 |
Total gross amounts presented on balance sheet |  | 24,108 |  |  | 77,780 |  |  | 53,703 |  |  | 8,100 |
Less: Gross amounts not offset on the balance sheet |  | 18,601 |  |  | 18,601 |  |  | 8,100 |  |  | 8,100 |
Net amounts | $ | 5,507 |  | $ | 59,179 |  | $ | 45,603 |  | $ | — |

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- 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
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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