Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The following table presents the carrying amounts, net of discount and deferred financing costs, and estimated fair values of the Company’s debt instruments (in thousands):

	December 31, 2022					December 31, 2021
	Carrying Amount			Fair Value		Carrying Amount		Fair Value
12.00% Second-Priority Senior Secured Notes – due January 2026	$	590,132		$	674,542	$	588,838	$	685,945
7.50% Senior Notes – due May 2022	$	—		$	—	$	6,060	$	6,145
Bank Credit Facility – matures November 2024	$	(4,792	)	$	—	$	367,829	$	375,000

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 Consolidated Statements of Operations (in thousands):

	Year Ended December 31,
	2022			2021			2020
Net cash received (paid) on settled derivative instruments	$	(425,559	)	$	(290,164	)	$	143,905
Unrealized gain (loss)		153,368			(128,913	)		(56,220	)
Price risk management activities income (expense)	$	(272,191	)	$	(419,077	)	$	87,685

Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts

The following tables reflect the contracted volumes and weighted average prices under the terms of the Company's derivative contracts as of December 31, 2022:

Swap Contracts
Production Period	Settlement Index	Average Daily Volumes		Weighted Average Swap Price
Crude oil:		(Bbls)		(per Bbl)
January 2023 – December 2023	NYMEX WTI CMA		17,863	$	72.46
January 2024 – December 2024	NYMEX WTI CMA		5,240	$	73.95
Natural gas:		(MMBtu)		(per MMBtu)
January 2023 – December 2023	NYMEX Henry Hub		26,395	$	3.76
January 2024 – June 2024	NYMEX Henry Hub		10,000	$	3.25

Collar Contracts
Production Period	Settlement Index	Average Daily Volumes		Weighted Average Put Price		Weighted Average Call Price
Crude oil:		(Bbls)		(per Bbl)		(per Bbl)
January 2023 – December 2023	NYMEX WTI CMA		2,512	$	70.00	$	86.59
January 2024 – March 2024	NYMEX WTI CMA		2,000	$	70.00	$	88.00
Natural gas:		(MMBtu)		(per MMBtu)		(per MMBtu)
January 2023 – December 2023	NYMEX Henry Hub		10,000	$	5.25	$	8.46
January 2024 – December 2024	NYMEX Henry Hub		10,000	$	4.00	$	6.90

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):

	December 31, 2022
	Level 1		Level 2			Level 3		Total
Assets:
Oil and natural gas derivatives	$	—	$	32,883		$	—	$	32,883
Liabilities:
Oil and natural gas derivatives		—		(76,242	)		—		(76,242	)
Total net liability	$	—	$	(43,359	)	$	—	$	(43,359	)

	December 31, 2021
	Level 1		Level 2			Level 3		Total
Assets:
Oil and natural gas derivatives	$	—	$	3,737		$	—	$	3,737
Liabilities:
Oil and natural gas derivatives		—		(200,464	)		—		(200,464	)
Total net liability	$	—	$	(196,727	)	$	—	$	(196,727	)

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):

	December 31, 2022				December 31, 2021
	Assets		Liabilities		Assets		Liabilities
Oil and natural gas derivatives:
Current	$	25,029	$	68,370	$	967	$	186,526
Non-current		7,854		7,872		2,770		13,938
Total gross amounts presented on balance sheet		32,883		76,242		3,737		200,464
Less: Gross amounts not offset on the balance sheet		32,883		32,883		3,737		3,737
Net amounts	$	—	$	43,359	$	—	$	196,727