Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivative Contracts

The following table sets forth the Company’s outstanding derivative contracts at December 31, 2021. When aggregating multiple contracts, the weighted average contract price is disclosed.

Period	Commodity	Volume (Bbls / MMBtu)	Price ($/Bbl / $/MMBtu)
2022	Crude Oil Swap	2,768,250	$57.69
2022	Crude Oil Basis Swap(1)	3,832,500	$0.51
2022	Natural Gas Swap	5,900,000	$3.20
2022	Natural Gas Basis Swap(2)	9,100,000	$(0.26)
2023	Natural Gas Swap	1,375,000	$3.27

(1)The basis differential price is between WTI Midland Argus Crude and the WTI NYMEX.

(2)The basis differential price is between W. Texas (WAHA) and the Henry Hub NYMEX.

	Costless Collars
Period	Commodity	Volume (Bbls / MMBtu)	Bought Floor ($/Bbl / $/MMBtu)	Sold Ceiling ($/Bbl / $/MMBtu)
2022	Crude Oil Costless Collar	730,000	$60.00	$73.73
2023	Crude Oil Costless Collar	365,000	$55.00	$71.75
2022	Natural Gas Costless Collar	4,037,500	$3.43	$5.10
2023	Natural Gas Costless Collar	888,000	$3.25	$5.13

Schedule of Location and Fair Value Amounts of All Derivative Instruments

The following table summarizes the location and fair value amounts of all derivative instruments in the Consolidated Balance Sheets as well as the gross recognized derivative assets, liabilities, and amounts offset in the Consolidated Balance Sheets (in thousands): 

		December 31, 2021						December 31, 2020
Derivatives not designated as hedging contracts under ASC Topic 815	Balance Sheet Location	Gross Recognized Assets / Liabilities		Gross Amounts Offset		Net Recognized Assets / Liabilities		Gross Recognized Assets / Liabilities		Gross Amounts Offset		Net Recognized Assets / Liabilities
Commodity contracts	Derivative asset - current	$	3,191	$	(1,843)	$	1,348	$	11,071	$	(3,562)	$	7,509
Commodity contracts	Derivative liability - current	$	47,153	$	(1,843)	$	45,310	$	4,492	$	(3,562)	$	930
Interest rate swaps	Derivative liability - current	$	—	$	—	$	—	$	205	$	—	$	205
Commodity contracts	Derivative asset - noncurrent	$	2,721	$	(2,564)	$	157	$	396	$	—	$	396
Commodity contracts	Derivative liability - noncurrent	$	3,135	$	(2,564)	$	571	$	—	$	—	$	—
Interest rate swaps	Derivative liability - noncurrent	$	—	$	—	$	—	$	173	$	—	$	173

Summary of Realized and Unrealized Gains and Losses on Derivative Instruments

The follow table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivatives instruments in the Company’s Consolidated Statements of Operations and Consolidated Statements of Cash Flows (in thousands): 

Derivatives not designated as hedging contracts under ASC Topic 815			Years Ended December 31,
	Statement of Cash Flows Location	Statement of Operations Location	2021		2020		2019
Unrealized (loss) gain	Not presented separately	Not presented separately	$	(40,795)	$	3,855	$	(59,849)
Realized (loss) gain	Operating portion of net cash received in settlement of derivative contracts	Not presented separately	(75,966)		56,044		15,866
	Total loss (gain) on derivative contracts, net	(Loss) gain on derivative contracts, net	$	(116,761)	$	59,899	$	(43,983)