Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments Not Designated as Hedging Instruments [Abstract]

Schedule of notional amounts of outstanding derivative positions [Table Text Block]

As of September 30, 2021, the Company had commodity derivative contracts outstanding through the fourth quarter of 2023 as summarized in the table below.

	Contract Period
	Fourth Quarter 2021		2022		2023
Oil Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
NYMEX WTI Volumes	5,052		7,823		1,190
Weighted-Average Contract Price	$	41.70	$	44.69	$	45.20
Collars
NYMEX WTI Volumes	—		2,342		—
Weighted-Average Floor Price	$	—	$	54.00	$	—
Weighted-Average Ceiling Price	$	—	$	61.39	$	—
Basis Swaps
WTI Midland-NYMEX WTI Volumes	3,824		9,500		—
Weighted-Average Contract Price (1)	$	0.71	$	1.15	$	—
NYMEX WTI-ICE Brent Volumes	920		3,650		—
Weighted-Average Contract Price (2)	$	(7.86)	$	(7.78)	$	—
WTI Houston MEH-NYMEX WTI Volumes	466		1,329		—
Weighted-Average Contract Price (3)	$	0.60	$	1.25	$	—
Roll Differential Swaps
NYMEX WTI Volumes	3,831		11,278		1,832
Weighted-Average Contract Price	$	(0.16)	$	0.11	$	0.39
Gas Derivatives (volumes in BBtu and prices in $ per MMBtu):
Swaps (4)
IF HSC Volumes	12,412		28,932		—
Weighted-Average Contract Price	$	2.41	$	2.52	$	—
WAHA Volumes	7,627		14,087		—
Weighted-Average Contract Price	$	1.82	$	2.32	$	—
IF Tenn TX Z0	—		513		—
Weighted-Average Contract Price	$	—	$	3.22	$	—
Collars
NYMEX HH Volumes	—		2,129		—
Weighted-Average Floor Price	$	—	$	3.40	$	—
Weighted-Average Ceiling Price	$	—	$	5.91	$	—
Basis Swaps
IF Tenn TX Z0-NYMEX HH Volumes	—		1,254		—
Weighted-Average Contract Price (5)	$	—	$	0.04	$	—
NGL Derivatives (volumes in MBbl and prices in $ per Bbl):
Swaps
OPIS Propane Mont Belvieu Non-TET Volumes	917		580		—
Weighted-Average Contract Price	$	24.58	$	29.71	$	—
OPIS Normal Butane Mont Belvieu Non-TET Volumes	36		—		—
Weighted-Average Contract Price	$	30.87	$	—	$	—
Collars
OPIS Propane Mont Belvieu Non-TET Volumes	—		770		—
Weighted-Average Floor Price	$	—	$	25.78	$	—
Weighted-Average Ceiling Price	$	—	$	31.60	$	—

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(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).

(4)    The Company has natural gas swaps in place that settle against Inside FERC Houston Ship Channel (“IF HSC”), Inside FERC West Texas, and Platt’s Gas Daily West Texas (“IF WAHA” and “GD WAHA”, respectively, and together “WAHA”), and IF Tenn TX Z0. As of September 30, 2021, WAHA volumes were comprised of 81 percent IF WAHA and 19 percent GD WAHA.

(5)    Represents the price differential between IF Tenn TX Z0 (Corpus Christi, Texas) and NYMEX HH (Erath, Louisiana).

Schedule of fair value of derivatives in accompanying balance sheets [Table Text Block]

The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:

	As of September 30, 2021		As of December 31, 2020
	(in thousands)
Derivative assets:
Current assets	$	24,514	$	31,203
Noncurrent assets	6,096		23,150
Total derivative assets	$	30,610	$	54,353
Derivative liabilities:
Current liabilities	$	552,044	$	200,189
Noncurrent liabilities	90,655		22,331
Total derivative liabilities	$	642,699	$	222,520

Schedule of the potential effects of master netting arrangements [Table Text Block]

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 Assets as of				Derivative Liabilities as of
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
	(in thousands)
Gross amounts presented in the accompanying balance sheets	$	30,610	$	54,353	$	(642,699)	$	(222,520)
Amounts not offset in the accompanying balance sheets	(30,610)		(53,598)		30,610		53,598
Net amounts	$	—	$	755	$	(612,089)	$	(168,922)

Schedule of the components of the derivative settlement (gain) loss and the net derivative (gain) loss [Table Text Block]

The following table summarizes the commodity components of the derivative settlement (gain) loss, and the net derivative (gain) loss line items presented within the accompanying unaudited condensed consolidated statements of cash flows (“accompanying statements of cash flows”) and within the accompanying statements of operations, respectively:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Derivative settlement (gain) loss:
Oil contracts	$	154,113	$	(68,907)	$	344,740	$	(261,095)
Gas contracts	35,757		(896)		88,437		(16,575)
NGL contracts	23,685		(502)		47,085		(8,600)
Total net derivative settlement (gain) loss	$	213,555	$	(70,305)	$	480,262	$	(286,270)
Net derivative (gain) loss:
Oil contracts	$	68,194	$	30,641	$	611,224	$	(360,649)
Gas contracts	109,802		31,548		220,088		46,537
NGL contracts	31,150		1,682		92,871		(157)
Total net derivative (gain) loss	$	209,146	$	63,871	$	924,183	$	(314,269)