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Price-Risk Management Price-Risk Management (Notes)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Price-Risk Management Activities Price-Risk Management Activities
Derivatives are recorded on the consolidated balance sheets at fair value with changes in fair value recognized in earnings. The changes in the fair value of our derivatives are recognized in “Net gain (loss) on commodity derivatives” 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, 2023, 2022 and 2021, the Company recorded gains of $235.8 million and losses of $78.0 million and $123.0 million, respectively, relating to our commodity derivative activities. The Company received net cash payments of $88.7 million, and made net cash payments of $219.6 million and $70.6 million for settled derivative contracts during the years ended December 31, 2023, 2022 and 2021, respectively. During the years ended December 31, 2023, 2022 and 2021, the Company recorded gains of $5.5 million, $4.1 million and less than $0.1 million, respectively, related to valuation changes on the 2021, 2022 and 2023 WTI (“West Texas Intermediate”) Contingency Payouts.
At December 31, 2023 and 2022, we had $13.5 million and $6.9 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 2024 and 2023, respectively. At December 31, 2023 and 2022, we also had $1.0 million and $6.0 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 2024 and 2023, 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, 2023 there was $116.5 million and $55.1 million in current unsettled derivative assets and long-term unsettled derivative assets, respectively, and $5.5 million and $2.5 million in current unsettled derivative liabilities and long-term unsettled derivative liabilities, respectively. At December 31, 2022, the Company had $52.5 million and $24.2 million in current unsettled derivative assets and long-term unsettled derivative assets, respectively, and $40.8 million and $7.7 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 a $163.6 million net fair value asset at December 31, 2023 and $28.2 million net fair value asset at December 31, 2022. 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, 2023.
Oil Derivative Swaps
(New York Mercantile Exchange (“NYMEX”) WTI Settlements)		Total Volumes (Bbls)Weighted Average PriceWeighted Average Collar Sub Floor PriceWeighted Average Collar Floor PriceWeighted Average Collar Call Price
Swap Contracts
2024 Contracts
1Q241,092,000 $77.39 
2Q241,118,550 $77.18 
3Q241,147,620 $76.29 
4Q241,130,100 $75.96 
2025 Contracts
1Q25756,000 $72.18 
2Q25764,400 $72.05 
3Q25772,800 $71.95 
4Q25680,800 $71.60 
2026 Contracts
1Q26472,500 $68.94 
2Q26455,000 $68.98 
3Q26432,400 $69.03 
4Q26386,150 $69.09 
Collar Contracts
2024 Contracts
1Q24319,700 $58.95 $71.74 
2Q24215,000 $61.08 $73.57 
3Q24184,000 $63.50 $75.53 
4Q24184,000 $63.00 $75.35 
2025 Contracts
1Q25238,500 $64.00 $74.62 
2Q25227,500 $60.80 $72.22 
2026 Contracts
1Q2690,000 $64.00 $71.50 
2Q2691,000 $64.00 $71.50 
3Q2692,000 $64.00 $71.50 
3-Way Collar Contracts
2024 Contracts
1Q248,247 $45.00 $57.50 $67.85 
2Q247,757 $45.00 $57.50 $67.85 
Oil Basis Swaps
(Argus Cushing (WTI) and Magellan East Houston)		Total Volumes
(MMBtu)		Weighted-Average Price
2024 Contracts
1Q24364,000 $1.47 
2Q24364,000 $1.47 
3Q24368,000 $1.47 
4Q24368,000 $1.47 
2025 Contracts
1Q25360,000 $1.75 
2Q25364,000 $1.75 
3Q25368,000 $1.75 
4Q25368,000 $1.75 
Calendar Monthly Roll Differential Swaps
2024 Contracts
1Q24364,000 $0.69 
2Q24364,000 $0.69 
3Q24368,000 $0.69 
4Q24368,000 $0.69 
2025 Contracts
1Q25360,000 $0.43 
2Q25364,000 $0.43 
3Q25368,000 $0.43 
4Q25368,000 $0.43 
Natural Gas Derivative Swaps
(NYMEX Henry Hub Settlements)		Total Volumes (MMBtu)Weighted Average PriceWeighted Average Collar Sub Floor PriceWeighted Average Collar Floor PriceWeighted Average Collar Call Price
Swap Contracts
2024 Contracts
1Q249,506,000 $4.03 
2Q2415,390,000 $3.60 
3Q2416,100,000 $3.71 
4Q2416,100,000 $4.04 
2025 Contracts
1Q2513,950,000 $4.25 
2Q2514,105,000 $3.72 
3Q2516,560,000 $3.86 
4Q2510,590,000 $4.15 
2026 Contracts
1Q2610,580,000 $4.49 
2Q2610,465,000 $3.56 
3Q2610,580,000 $3.74 
4Q2610,120,000 $4.14 
Collar Contracts
2024 Contracts
1Q249,661,000 $3.94 $5.83 
2Q244,643,000 $3.64 $4.28 
3Q243,878,000 $3.77 $4.76 
4Q243,865,000 $4.01 $5.34 
2025 Contracts
1Q255,130,000 $4.00 $5.32 
2Q254,914,000 $3.25 $3.98 
3Q25920,000 $3.50 $3.99 
4Q25920,000 $3.75 $4.65 
3-Way Collar Contracts
2024 Contracts
1Q24198,000 $2.00 $2.50 $3.37 
2Q24188,000 $2.00 $2.50 $3.37 
Natural Gas Basis Derivative Swaps
(East Texas Houston Ship Channel vs. NYMEX Settlements)		Total Volumes (MMBtu)Weighted Average Price
2024 Contracts
1Q2416,380,000 $(0.03)
2Q2416,380,000 $(0.29)
3Q2416,560,000 $(0.25)
4Q2416,560,000 $(0.28)
2025 Contracts
1Q257,200,000 $(0.09)
2Q257,280,000 $(0.26)
3Q257,360,000 $(0.23)
4Q257,360,000 $(0.26)
NGL Swaps (Mont Belvieu)Total Volumes
(Bbls)		Weighted-Average Price
2024 Contracts
1Q24491,400 $25.92 
2Q24491,400 $25.92 
3Q24496,800 $25.92 
4Q24496,800 $25.92 
2025 Contracts
1Q25360,000 $23.88 
2Q25364,000 $23.88 
3Q25368,000 $23.88 
4Q25368,000 $23.88