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Derivative Financial Instruments (Tables)
 2 Months Ended 12 Months Ended
Feb. 17, 2021
Dec. 31, 2020
Derivative Instruments Not Designated as Hedging Instruments [Abstract]    
Schedule of commodity derivative contracts outstanding
Commodity Derivative Contracts Entered Into Subsequent to December 31, 2020
Subsequent to December 31, 2020, the Company entered into the following fixed price commodity derivative contracts:
Oil Swaps
IndexStart DateThrough DateVolumes
(MBbl)		Weighted-Average Contract Price
(per Bbl)
NYMEX WTIFirst quarter 2021Third quarter 20211,048 $51.91 
NYMEX WTIFirst quarter 2022Fourth quarter 20221,222 $48.50 
Oil Collars
IndexStart DateThrough DateVolumes
(MBbl)		Weighted-Average Floor Price
(per Bbl)		Weighted-Average Ceiling Price
(per Bbl)
NYMEX WTIFirst quarter 2022Fourth quarter 20221,095 $50.00 $53.28 
Oil Basis Swaps
IndexStart DateThrough DateVolumes
(MBbl)		Weighted-Average Contract Price
(per Bbl)
WTI Midland-NYMEX WTIFirst quarter 2021Third quarter 20211,095 $0.95 
WTI Houston MEH-NYMEX WTIFirst quarter 2022Fourth quarter 20221,329 $1.25 
Oil Roll Differential Swaps
IndexStart DateThrough DateVolumes
(MBbl)		Weighted-Average Contract Price
(per Bbl)
NYMEX WTIFirst quarter 2021Fourth quarter 20212,213 $0.30 
NYMEX WTIFirst quarter 2022Fourth quarter 20225,276 $0.27 
Gas Swaps
IndexStart DateThrough DateVolumes
(BBtu)		Weighted-Average Contract Price
(per MMBtu)
IF HSCFirst quarter 2022Fourth quarter 20227,813 $2.64 
IF WAHAFirst quarter 2022Fourth quarter 20223,650 $2.30 
NGL Swaps
IndexStart DateThrough DateVolumes
(MBbl)		Weighted-Average Contract Price
(per Bbl)
OPIS Propane Mont Belvieu Non-TETFirst quarter 2021Fourth quarter 2021440 $27.72 
OPIS Propane Mont Belvieu Non-TETFirst quarter 2022First quarter 2022115 $24.78 
OPIS Normal Butane Mont Belvieu Non-TETFirst quarter 2021Fourth quarter 2021143 $30.87 
NGL Collars
IndexStart DateThrough DateVolumes
(MBbl)		Weighted-Average Floor Price
(per Bbl)		Weighted-Average Ceiling Price
(per Bbl)
OPIS Propane Mont Belvieu Non-TETFirst quarter 2022Fourth quarter 2022234 $22.05 $27.30 
Oil Swaps
Contract PeriodNYMEX WTI VolumesWeighted-Average
Contract Price
(MBbl)(per Bbl)
First quarter 20213,613 $42.91 
Second quarter 20215,072 $39.90 
Third quarter 20214,862 $40.10 
Fourth quarter 20214,744 $39.85 
20226,601 $43.99 
20231,190 $45.20 
Total26,082 
Oil Collars
Contract PeriodNYMEX WTI Volumes
Weighted-Average
Floor Price
Weighted-Average
Ceiling Price
(MBbl)(per Bbl)(per Bbl)
First quarter 2021551 $48.97 $51.96 
Total551 
Oil Basis Swaps
Contract Period
WTI Midland-NYMEX WTI Volumes
Weighted-Average Contract
Price (1)
NYMEX WTI-ICE Brent Volumes
Weighted-Average Contract
Price (2)
WTI Houston MEH-NYMEX WTI Volumes
Weighted-Average Contract
Price (3)
(MBbl)(per Bbl)(MBbl)(per Bbl)(MBbl)(per Bbl)
First quarter 20213,223 $0.79 900 $(7.86)173 $0.60 
Second quarter 20213,385 $0.78 910 $(7.86)493 $0.60 
Third quarter 20213,574 $0.74 920 $(7.86)356 $0.60 
Fourth quarter 20213,824 $0.71 920 $(7.86)466 $0.60 
20229,500 $1.15 3,650 $(7.78)— $— 
Total23,506 7,300 1,488 
____________________________________________
(1)    Represents the price differential between WTI Midland (Midland, Texas) and NYMEX WTI (Cushing, Oklahoma).
(2)    Represents the price differential between NYMEX WTI (Cushing, Oklahoma) and ICE Brent (North Sea).
(3)    Represents the price differential between Argus WTI Houston MEH (Houston, Texas) and NYMEX WTI (Cushing, Oklahoma).
Oil Roll Differential Swaps
Contract Period
NYMEX WTI Volumes
Weighted-Average Contract Price
(MBbl)(per Bbl)
First quarter 20213,367 $(0.30)
Second quarter 20214,065 $(0.24)
Third quarter 20213,708 $(0.25)
Fourth quarter 20213,283 $(0.24)
20226,002 $(0.04)
Total20,425 
Gas Swaps
Contract PeriodIF HSC VolumesWeighted-Average Contract PriceWAHA VolumesWeighted-Average Contract Price
(BBtu)(per MMBtu)(BBtu)(per MMBtu)
First quarter 202111,592 $2.48 6,544 $1.76 
Second quarter 202113,672 $2.45 7,230 $1.76 
Third quarter 202112,575 $2.40 8,086 $1.88 
Fourth quarter 202112,412 $2.41 7,627 $1.82 
202221,119 $2.48 10,066 $2.30 
Total (1)
71,370 39,553 
____________________________________________
(1)    The Company has natural gas swaps in place that settle against Inside FERC Houston Ship Channel (“IF HSC”), Inside FERC West Texas (“IF WAHA”), and Platt’s Gas Daily West Texas (“GD WAHA”). As of December 31, 2020, WAHA volumes were comprised of 59 percent IF WAHA and 41 percent GD WAHA.
NGL Swaps
OPIS Propane Mont Belvieu Non-TET
Contract PeriodVolumesWeighted-Average Contract Price
(MBbl)(per Bbl)
First quarter 2021614 $21.58 
Second quarter 2021707 $21.26 
Third quarter 2021735 $21.26 
Fourth quarter 2021714 $21.30 
2022116 $21.21 
Total2,886 
Schedule of fair value of derivatives in accompanying balance sheets  
The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:
As of December 31, 2020As of December 31, 2019
(in thousands)
Derivative assets:
Current assets$31,203 $55,184 
Noncurrent assets23,150 20,624 
Total derivative assets$54,353 $75,808 
Derivative liabilities:
Current liabilities$200,189 $50,846 
Noncurrent liabilities22,331 3,444 
Total derivative liabilities$222,520 $54,290 
Schedule of the potential effects of master netting arrangements  
The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts:
Derivative AssetsDerivative Liabilities
As of December 31,As of December 31,
2020201920202019
(in thousands)
Gross amounts presented in the accompanying balance sheets$54,353 $75,808 $(222,520)$(54,290)
Amounts not offset in the accompanying balance sheets(53,598)(35,075)53,598 35,075 
Net amounts$755 $40,733 $(168,922)$(19,215)
Schedule of gains and losses on derivative instruments in the statement of operations  
The following table summarizes the commodity components of the derivative settlement (gain) loss, as well as the components of the net derivative (gain) loss line item presented in the accompanying statements of operations:
For the Years Ended December 31,
202020192018
(in thousands)
Derivative settlement (gain) loss:
Oil contracts$(331,559)$19,685 $68,860 
Gas contracts(11,898)(23,008)13,029 
NGL contracts(7,804)(35,899)53,914 
Total derivative settlement (gain) loss:$(351,261)$(39,222)$135,803 
Net derivative (gain) loss:
Oil contracts$(205,180)$172,055 $(192,002)
Gas contracts30,038 (41,205)35,411 
NGL contracts13,566 (33,311)(5,241)
Total net derivative (gain) loss:$(161,576)$97,539 $(161,832)