Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Outstanding Contracts with Respect to Natural Gas

At March 31, 2023 the Company had outstanding derivative contracts as set forth in the tables below.

Natural gas derivatives
				Weighted Average Hedge Price ($/MMBtu)
Period and Type of Contract	Average Volumes Hedged			Basis Swaps			Swaps		Floor		Ceiling
April 2023 - December 2023
Basis Swaps - NGPL TXOK		75,000	MMBtus/day	$	(0.17	)
April 2023 - June 2023
Swaps - Henry Hub		615,000	MMBtus/day				$	3.49
Swaps - WAHA		55,000	MMBtus/day				$	2.81
July 2023 - Sept 2023
Swaps - Henry Hub		615,000	MMBtus/day				$	3.49
Swaps - WAHA		70,000	MMBtus/day				$	2.74
October 2023 - December 2023
Swaps - Henry Hub		420,000	MMBtus/day				$	3.70
Collars - Henry Hub		200,000	MMBtus/day						$	3.12	$	4.09
Swaps - WAHA		70,000	MMBtus/day				$	2.74
January 2024 - December 2024
Swaps - Henry Hub		618,000	MMBtus/day				$	3.44
Collars - Henry Hub		50,000	MMBtus/day						$	3.12	$	4.09
Swaps - WAHA		42,000	MMBtus/day				$	3.08
January 2025 - December 2025
Swaps - Henry Hub		477,000	MMBtus/day				$	3.93
January 2026 - December 2026
Swaps - Henry Hub		330,000	MMBtus/day				$	4.16

Crude oil derivatives				Weighted Average Hedge Price ($/Bbl)
Period and Type of Contract	Average Volumes Hedged			Roll Swaps		Fixed Swaps
April 2023 - December 2023
Roll Swaps - NYMEX		12,000	Bbls/day	$	1.07
Fixed Swaps - WTI		60,000	Bbls/day			$	78.62
January 2024 - March 2024
Fixed Swaps - WTI		52,000	Bbls/day			$	77.92

Realized and Unrealized Gains and Losses on Derivative Instruments

	Three months ended March 31,
In thousands	2023			2022
Cash received (paid) on derivatives:
Crude oil fixed price swaps	$	5,098		$	—
Crude oil NYMEX roll swaps		1,400			(1,480	)
Natural gas basis swaps		1,357			(72	)
Natural gas WAHA swaps		12			—
Natural gas fixed price swaps		15,702			(4,229	)
Natural gas collars		24,380			—
Natural gas 3-way collars		3,741			(16,459	)
Cash received (paid) on derivatives, net		51,690			(22,240	)
Non-cash gain (loss) on derivatives:
Crude oil fixed price swaps		78,539			—
Crude oil NYMEX roll swaps		(608	)		(7,640	)
Natural gas basis swaps		(6,741	)		6,113
Natural gas WAHA swaps		15,671			(13,677	)
Natural gas fixed price swaps		215,692			(327,676	)
Natural gas collars		29,134			(98,236	)
Natural gas 3-way collars		(598	)		(12,582	)
Non-cash gain (loss) on derivatives, net		331,089			(453,698	)
Gain (loss) on derivative instruments, net	$	382,779		$	(475,938	)

Gross Amounts of Recognized Derivative Assets and Liabilities

The following table presents the gross amounts of recognized derivative assets and liabilities, as applicable, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the condensed consolidated balance sheets for the periods presented, all at fair value.

In thousands	March 31, 2023			December 31, 2022
Commodity derivative assets:
Gross amounts of recognized assets	$	268,178		$	50,559
Gross amounts offset on balance sheet		(16,107	)		(7,731	)
Net amounts of assets on balance sheet		252,071			42,828
Commodity derivative liabilities:
Gross amounts of recognized liabilities		(115,760	)		(229,230	)
Gross amounts offset on balance sheet		16,107			7,731
Net amounts of liabilities on balance sheet	$	(99,653	)	$	(221,499	)

Derivatives Not Designated as Hedging Instruments

The following table reconciles the net amounts disclosed above to the individual financial statement line items in the condensed consolidated balance sheets.

In thousands	March 31, 2023			December 31, 2022
Derivative assets	$	245,891		$	39,280
Derivative assets, noncurrent		6,180			3,548
Net amounts of assets on balance sheet		252,071			42,828
Derivative liabilities		—			(88,136	)
Derivative liabilities, noncurrent		(99,653	)		(133,363	)
Net amounts of liabilities on balance sheet		(99,653	)		(221,499	)
Total derivative assets (liabilities), net	$	152,418		$	(178,671	)