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Derivative Financial Instruments (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2022:
 Price Swaps
PeriodCommodityVolume
(Bbls / MMBtu)
Weighted Average Price
($/Bbl / $/MMBtu)
Q3 - Q4 2022Crude Oil2,162,000 $66.70 
Q1 - Q4 2023Crude Oil1,277,500 $76.20 
Q3 - Q4 2022Crude Oil Basis Swap (1)3,082,000 $0.61 
Q1 - Q4 2023Crude Oil Basis Swap (1)4,743,500 $0.59 
Q3 - Q4 2022Natural Gas5,159,500 $3.52 
Q1 - Q4 2023Natural Gas3,670,000 $3.35 
Q3 - Q4 2022Natural Gas Basis Swap (2)3,680,000 $(0.33)
Q1 - Q4 2023Natural Gas Basis Swap (2)36,500,000 $(1.47)
Q1 - Q4 2024Natural Gas Basis Swap (2)36,600,000 $(1.05)
(1)The basis differential price is between WTI Midland Crude and the WTI NYMEX.
(2)The basis differential price is between W. Texas (WAHA) and the Henry Hub NYMEX.
 Costless Collars
PeriodCommodityVolume
(Bbls / MMBtu)
Bought Floor
($/Bbl / $/MMBtu)
Sold Ceiling
($/Bbl / $/MMBtu)
Q3 - Q4 2022Crude Oil Costless Collar1,357,000 $71.86 $91.39 
Q1 - Q4 2023Crude Oil Costless Collar2,828,000 $65.74 $91.90 
Q3 - Q4 2022Natural Gas Costless Collar11,400,500 $4.08 $6.48 
Q1 - Q4 2023Natural Gas Costless Collar14,133,000 $3.46 $5.34 
 Deferred Premium Puts
PeriodCommodityVolume
(Bbls / MMBtu)
$/Bbl (Put Price)$/Bbl (Net of Premium)
Q3 - Q4 2022Crude Oil253,000 $80.00 $75.79 
Q1 - Q4 2023Crude Oil638,000 $70.00 $62.85 
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)
  June 30, 2022December 31, 2021
Derivatives not
designated as hedging
contracts under ASC
Topic 815
Balance Sheet LocationGross
Recognized
Assets /
Liabilities
Gross
Amounts
Offset
Net
Recognized
Assets /
Liabilities
Gross
Recognized
Assets /
Liabilities
Gross
Amounts
Offset
Net
Recognized
Assets /
Liabilities
Commodity contractsDerivative asset - current$18,502 $(15,175)$3,327 $3,191 $(1,843)$1,348 
Commodity contractsDerivative liability - current$137,242 $(15,175)$122,067 $47,153 $(1,843)$45,310 
Commodity contractsDerivative asset - noncurrent$15,819 $(12,296)$3,523 $2,721 $(2,564)$157 
Commodity contractsDerivative liability - noncurrent$32,057 $(12,296)$19,761 $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 815Three Months Ended
June 30,
Six Months Ended
June 30,
Statement of Cash Flows LocationStatement of Operations Location2022202120222021
Unrealized gain (loss)Not separately presentedNot separately presented$29,192 $(36,653)$(90,602)$(59,011)
Realized lossOperating portion of net cash paid in settlement of derivative contractsNot separately presented(79,099)(14,522)(110,785)(25,427)
Total loss on derivative contracts, netLoss on derivative contracts, net$(49,907)$(51,175)$(201,387)$(84,438)