Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Open Crude Oil and Natural Gas Derivative Contracts

The Company had the following open crude oil and natural gas derivative contracts as of March 31, 2022:

	Price Swaps
Period	Commodity	Volume (Bbls / MMBtu)	Weighted Average Price ($/Bbl / $/MMBtu)
Q2 - Q4 2022	Crude Oil	3,247,250	$	65.96
Q1 - Q4 2023	Crude Oil	1,277,500	$	76.20
Q2 - Q4 2022	Crude Oil Basis Swap (1)	3,377,500	$	0.51
Q1 - Q4 2023	Crude Oil Basis Swap (1)	730,000	$	0.49
Q2 - Q4 2022	Natural Gas	8,062,000	$	3.55
Q1 - Q4 2023	Natural Gas	3,670,000	$	3.35
Q2 - Q4 2022	Natural Gas Basis Swap (2)	5,500,000	$	(0.33)
Q1 - Q4 2023	Natural Gas Basis Swap (2)	25,550,000	$	(1.28)
Q1 - Q4 2024	Natural Gas Basis Swap (2)	25,620,000	$	(1.04)

(1)The basis differential price is between WTI Midland 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)	Sold Ceiling ($/Bbl / $/MMBtu)		Bought Floor ($/Bbl / $/MMBtu)
Q2 - Q4 2022	Crude Oil Costless Collar	1,560,000	$	83.59	$	69.42
Q1 - Q4 2023	Crude Oil Costless Collar	1,715,500	$	80.34	$	62.98
Q2 - Q4 2022	Natural Gas Costless Collar	12,782,500	$	5.47	$	3.66
Q1 - Q4 2023	Natural Gas Costless Collar	13,188,000	$	4.84	$	3.28

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 Condensed Consolidated Balance Sheets as well as the gross recognized derivative assets, liabilities, and amounts offset in the Condensed Consolidated Balance Sheets (in thousands): 

		March 31, 2022						December 31, 2021
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	$	6,294	$	(4,445)	$	1,849	$	3,191	$	(1,843)	$	1,348
Commodity contracts	Derivative liability - current	$	154,500	$	(4,445)	$	150,055	$	47,153	$	(1,843)	$	45,310
Commodity contracts	Derivative asset - noncurrent	$	18,223	$	(12,413)	$	5,810	$	2,721	$	(2,564)	$	157
Commodity contracts	Derivative liability - noncurrent	$	34,188	$	(12,413)	$	21,775	$	3,135	$	(2,564)	$	571

Schedule of Realized and Unrealized Gains and Losses on Derivative Instruments

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

Derivatives not designated as hedging contracts under ASC Topic 815			Three Months Ended March 31,
	Statement of Cash Flows Location	Statement of Operations Location	2022		2021
Unrealized loss	Not separately presented	Not separately presented	$	(119,794)	$	(22,358)
Realized loss	Operating portion of net cash paid in settlement of derivative contracts	Not separately presented	(31,686)		(10,905)
	Total loss on derivative contracts, net	Loss on derivative contracts, net	$	(151,480)	$	(33,263)