Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Other Current Assets

Other current assets at December 31, 2023 and 2022 consist of the following:

	As of December 31,
	2023		2022
	(In thousands)
Prepaid drilling costs	$	70,124	$	39,084
Income tax receivable		8,312		—
Production tax refunds receivable		5,745		11,156
Prepaid expenses		2,438		2,455
Accrued proceeds from sale of natural gas and oil properties		—		3,118
Other		—		511
	$	86,619	$	56,324

Summary of Carrying Amounts and Fair Values of Financial Instruments

The following presents the carrying amounts and the fair values of the Company's financial instruments as of December 31, 2023 and 2022:

	As of December 31,
	2023				2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:	(In thousands)
Commodity-based derivatives (1)	$	126,775	$	126,775	$	23,884	$	23,884
Liabilities:
Commodity-based derivatives (1)		—		—		4,420		4,420
Bank credit facility (2)		480,000		480,000		—		—
6.75% senior notes due 2029 (3)		1,229,018		1,138,208		1,229,836		1,129,029
5.875% senior notes due 2030 (3)		965,000		849,200		965,000		846,788

(1)The Company's commodity-based derivatives are classified as Level 2 and measured at fair value using a market approach using third party pricing services and other active markets or broker quotes that are readily available in the public markets.

(2)The carrying value of our floating rate debt outstanding approximates fair value.

(3)The fair value of the Company's fixed rate debt was based on quoted prices as of December 31, 2023 and 2022, respectively, a Level 1 measurement.

Capitalized Exploratory Well Costs

The changes in capitalized exploratory well costs are as follows:

	Year Ended December 31,
	2023			2022
	(in thousands)
Beginning capitalized exploratory project costs	$	867		$	6,966
Additions to exploratory well costs pending the determination of proved reserves		244,129			63,520
Determined to have found proved reserves		(148,763	)		(69,619	)
Ending capitalized exploratory well costs	$	96,233		$	867

Summary of Lease Cost Recognized

Lease costs recognized during the years ended December 31, 2023, 2022 and 2021 were as follows:

	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Operating lease cost included in general and administrative expense	$	1,768	$	1,749	$	1,732
Operating lease cost included in lease operating expense		2,060		1,383		879
Operating lease cost included in proved natural gas and oil properties		56,755		25,200		—
Variable lease cost (drilling and completion costs included in proved natural gas and oil properties)		28,406		25,095		—
Short-term lease cost (drilling rig costs included in proved natural gas and oil properties)		89,163		62,077		32,735
	$	178,152	$	115,504	$	35,346

Summary of Liabilities Under Contracts Contain Operating Leases

As of December 31, 2023, expected future payments related to contracts that contain operating leases were as follows:

	(In thousands)
2024	$	28,173
2025		27,251
2026		21,181
2027		1,545
2028		1,560
Total lease payments		79,710
Imputed interest		(8,203	)
Total lease liability	$	71,507

Summary of Accrued Expenses

Accrued expenses at December 31, 2023 and 2022 consist of the following:

	As of December 31,
	2023		2022
	(In thousands)
Accrued interest payable	$	54,912	$	54,867
Accrued drilling costs		35,876		54,438
Accrued transportation costs		32,294		28,357
Accrued employee compensation		6,700		11,308
Accrued lease operating expenses		2,299		2,412
Accrued income and other taxes		1,894		31,256
Other		491		473
	$	134,466	$	183,111

Summary of Changes in Total Estimated Asset Retirement Obligation Liability

The following table summarizes the changes in the Company's total estimated liability:

	Year Ended December 31,
	2023			2022
	(In thousands)
Reserve for future abandonment costs at beginning of the year	$	29,114		$	25,673
New wells placed on production		146			1,537
Acquisitions		—			1,211
Changes in estimates and timing		(122	)		182
Liabilities settled		(41	)		(80	)
Divestitures		(1	)		(944	)
Accretion expense		1,677			1,535
Reserve for future abandonment costs at end of the year	$	30,773		$	29,114

Weighted Average Shares of Unvested Restricted Stock

Weighted average shares of unvested restricted stock outstanding were as follows:

	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Unvested restricted stock		1,248		926		1,057

Common Stock and Convertible Stock Dilutive in Weighted average unearned PSUs outstanding

The treasury stock method is used to measure the dilutive effect of PSUs.

	Year Ended December 31,
	2023		2022		2021
	(In thousands, except per unit amounts)
Weighted average PSUs		662		925		1,146
Weighted average grant date fair value per unit	$	15.92	$	15.11	$	8.11

	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Weighted average convertible preferred stock		—		40,034		43,750

Schedule of Basic and Diluted Income (Loss) Per Share

Basic and diluted income (loss) per share were determined as follows:

	Year Ended December 31,
	2023			2022			2021
	(In thousands, except per share amounts)
Net income (loss) available to common stockholders	$	211,894		$	1,124,868		$	(259,225	)
Income allocable to unvested restricted stock		(327	)		(4,278	)		—
Basic net income (loss) available to common stockholders	$	211,567		$	1,120,590		$	(259,225	)
Income allocable to convertible preferred stock		—			16,014			—
Income allocable to unvested restricted stock		—			4,278			—
Diluted net income (loss) available to common stockholders	$	211,567		$	1,140,882		$	(259,225	)
Basic weighted average shares outstanding		276,806			236,045			231,633
Effect of dilutive securities:
PSUs		—			911			—
Restricted stock		—			475			—
Convertible preferred stock		—			40,034			—
Diluted weighted average shares outstanding		276,806			277,465			231,633
Basic income (loss) per share	$	0.76		$	4.75		$	(1.12	)
Diluted income (loss) per share	$	0.76		$	4.11		$	(1.12	)

Cash Payments Made for Interest and Income Taxes

Cash payments made for interest and income taxes and other non-cash investing and financing activities were as follows:

	Year Ended December 31,
	2023			2022		2021
	(In thousands)
Cash payments for:
Interest	$	161,009		$	166,275	$	203,742
Income tax payments	$	29,783		$	16,524	$	149
Non-cash investing activities include:
Increase (decrease) in accrued capital expenditures	$	(18,562	)	$	34,443	$	(4,964	)
Liabilities assumed in exchange for right-of-use lease assets	$	195,402		$	110,090	$	5,847
Non-cash financing activities include:
Conversion of preferred stock into common stock	$	—		$	175,000	$	—