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Price-Risk Management Price-Risk Management (Notes)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Price-Risk Management Activities Price-Risk Management Activities
Derivatives are recorded on the balance sheet at fair value with changes in fair value recognized in earnings. The changes in the fair value of our derivatives are recognized in “Gain (loss) on commodity derivatives, net” on the accompanying consolidated statements of operations. We have a price-risk management policy to use derivative instruments to protect against declines in oil and natural gas prices, primarily through the purchase of commodity price swaps and collars as well as basis swaps.

During the years ended December 31, 2021 and 2020, the Company recorded losses of $123.0 million and gains of $61.3 million, respectively, relating to our derivative activities. The Company made net cash payments of $70.6 million and received net cash payments of $78.4 million for settled derivative contracts during the years ended December 31, 2021 and 2020, respectively. Included in our collected cash payments during the year ended December 31, 2020 was $38.3 million for monetized derivative contracts received in the first quarter of 2020.

At December 31, 2021 and 2020, we had $0.9 million and $0.8 million, respectively, in receivables for settled derivatives which were included on the accompanying consolidated balance sheets in “Accounts receivable, net” and were subsequently collected in January 2022 and 2021, respectively. At December 31, 2021 and 2020, we also had $6.4 million and $0.8 million, respectively, in payables for settled derivatives which were included on the accompanying consolidated balance sheets in “Accounts payable and accrued liabilities” and were subsequently paid in January 2022 and 2021, respectively.

The fair values of our swap contracts are computed using observable market data whereas our collar contracts are valued using a Black-Scholes pricing model. At December 31, 2021 there was $2.8 million and $0.2 million in current unsettled derivative assets and long-term unsettled derivative assets, respectively, and $47.5 million and $8.6 million in current unsettled derivative liabilities and long-term unsettled derivative liabilities, respectively. At December 31, 2020, the Company had $4.8 million and $0.3 million in current unsettled derivative assets and long-term unsettled derivative assets, respectively, and $8.2 million and $2.9 million in current unsettled derivative liabilities and long-term unsettled derivative liabilities, respectively.

The Company uses an International Swap and Derivatives Association master agreement for our derivative contracts. This is an industry-standardized contract containing the general conditions of our derivative transactions including provisions relating to netting derivative settlement payments under certain circumstances (such as default). For reporting purposes, the Company has elected to not offset the asset and liability fair value amounts of its derivatives on the accompanying consolidated balance sheets. Under the right of set-off, there was an $53.0 million net fair value liability at December 31, 2021 and $6.0 million net fair value liability at December 31, 2020. For further discussion related to the fair value of the Company's derivatives, refer to Note 10 of these Notes to Consolidated Financial Statements.
The following tables summarize the weighted average prices as well as future production volumes for our future derivative contracts in place as of December 31, 2021.
Oil Derivative Swaps
(New York Mercantile Exchange (“NYMEX”) WTI Settlements)		Total Volumes (Bbls)Weighted Average PriceWeighted Average Collar Floor PriceWeighted Average Collar Call Price
Swap Contracts
2022 Contracts
1Q22223,455 $49.32 
2Q22136,500 $56.66 
3Q22246,100 $49.63 
4Q22184,000 $54.84 
2023 Contracts
1Q2382,175 $55.75 
2Q23575 $68.40 
3Q2353,980 $66.55 
Collar Contracts
2022 Contracts
1Q2285,500 $57.37 $63.55 
2Q22161,350 $48.21 $55.16 
3Q2246,000 $70.00 $75.40 
4Q2246,000 $68.00 $73.60 
2023 Contracts
1Q2345,000 $65.00 $72.80 
2Q23111,475 $59.27 $66.32 
3Q2346,000 $63.00 $69.10 
4Q2346,000 $62.00 $67.55 
Natural Gas Derivative Swaps
(NYMEX Henry Hub Settlements)		Total Volumes (MMBtu)Weighted Average PriceWeighted Average Collar Floor PriceWeighted Average Collar Call Price
Swap Contracts
2022 Contracts
1Q22232,500 $4.00 
2Q223,795,000 $2.99 
3Q224,142,100 $3.02 
4Q222,760,000 $3.14 
Collar Contracts
2022 Contracts
1Q229,645,000 $3.06 $3.79 
2Q226,156,500 $2.29 $2.74 
3Q226,739,000 $2.60 $2.98 
4Q227,765,076 $2.69 $3.20 
2023 Contracts
1Q238,347,000 $2.89 $3.52 
2Q234,898,500 $2.57 $2.97 
3Q234,600,000 $2.88 $3.28 
Natural Gas Basis Derivative Swaps
(East Texas Houston Ship Channel vs. NYMEX Settlements)		Total Volumes (MMBtu)Weighted Average Price
2022 Contracts
1Q228,100,000 $0.093 
2Q223,640,000 $(0.051)
3Q223,680,000 $(0.043)
4Q223,680,000 $(0.048)
Oil Basis Derivative Swaps
(Argus Cushing (WTI) and Magellan East Houston)		Total Volumes (Bbls)Weighted Average Price
Calendar Monthly Roll Differential Swaps
2022 Contracts
1Q22261,000 $0.19 
2Q22263,900 $0.19 
3Q22266,800 $0.19 
4Q22266,800 $0.19 
NGL Swaps (Mont Belvieu)Total Volumes
(Bbls)		Weighted-Average Price
2022 Contracts
1Q22180,000 $29.13 
2Q22136,500 $28.85 
3Q22138,000 $28.34 
4Q22138,000 $28.27