Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Contractual Obligations

The table below presents total minimum commitments associated with long-term, non-cancelable leases, drilling rig contracts, frac service contracts, gathering, processing and transportation service agreements which require minimum volumes of oil, natural gas, or produced water to be delivered and other purchase obligations, as of December 31, 2023.

	2024	2025	2026	2027	2028	2029 and  Thereafter	Total
	(In thousands)
Office space	$5,203	$6,280	$9,409	$9,526	$9,645	$41,883	$81,946
Drilling rig and frac service commitments (1)	41,875	—	—	—	—	—	41,875
Pipeline transportation commitments (2)	34,155	35,196	35,196	25,553	23,202	85,143	238,445
Produced water disposal commitments (3)	8,532	4,509	569	113	—	—	13,723
Purchase obligations (4)	9,004	8,980	8,980	8,980	9,004	4,030	48,978
Other operating leases	3,098	1,786	30	—	—	646	5,560
Total	$101,867	$56,751	$54,184	$44,172	$41,851	$131,702	$430,527

(1)Drilling rig and frac service commitments represent gross contractual obligations and accordingly, other joint owners in the properties operated by the Company will generally be billed for their working interest share of such costs.

(2)Pipeline transportation commitments represent contractual obligations the Company has entered into for certain gathering, processing and transportation service agreements which require minimum volumes of oil or natural gas to be delivered. The amounts in the table above reflect the aggregate undiscounted deficiency fees assuming no delivery of any oil or natural gas.

(3)Produced water disposal commitments represent contractual obligations the Company has entered into for certain service agreements which require minimum volumes of produced water to be delivered. The amounts in the table above reflect the aggregate undiscounted deficiency fees assuming no delivery of any produced water.

(4)Purchase obligations represent multi-year energy purchase agreements the Company has entered into to lock in rates for electricity utilized in its operations. Under these contracts, the Company is obligated to purchase a minimum supply of electricity at a fixed price. If the Company does not utilize the minimum amounts of electricity on a monthly basis, the supplier would sell the underutilized quantity at the then market price. The amounts in the table above reflect the aggregate undiscounted financial commitments pursuant to these purchase agreements.

Other Commitments

The following table includes the Company’s current oil sales contracts and firm transportation agreements as of December 31, 2023:

Type of Commitment (1)	Start Date	End Date	Committed Volumes (Bbls/d)
Oil sales contract	January 2024	March 2024	10,000
Oil sales contract	January 2024	December 2024	15,000
Oil sales contract	February 2022	January 2027	5,000
Oil sales contract	January 2020	December 2024	10,000
Firm transportation agreement (2)(3)	August 2020	July 2030	11,140
Firm transportation agreement (2)	April 2020	March 2027	15,000
Firm transportation agreement (2)	April 2020	March 2027	10,000

(1)For each of the commitments shown in the table above, the committed barrels may include volumes produced by us and other third-party working, royalty, and overriding royalty interest owners whose volumes we market on their behalf. We expect to fulfill these delivery commitments with our existing production or through the purchases of third-party commodities.

(2)Each of the firm transportation agreements shown in the table above grant us access to delivery points in several locations along the Gulf Coast. The costs associated with these agreements are recorded to “Gathering, transportation and processing” in the Company’s consolidated statements of operations.

(3)The committed volumes shown in the table above for this particular firm transportation agreement are average volumes. For the terms of August 2023-July 2027 and August 2027-July 2030, the committed volumes are 10,000 Bbls/d and 12,500 Bbls/d, respectively.

The following table includes the Company’s current natural gas firm transportation agreements as of December 31, 2023:

Type of Commitment (1)(2)	Start Date	End Date	Committed Volumes (MMBtu/d)
Firm transportation agreement	October 2023	September 2033	50,000
Firm transportation agreement	October 2023	September 2033	15,000
Firm transportation agreement	July 2024	June 2034	10,000

(1)For each of the commitments shown in the table above, the committed MMBtus may include volumes produced by us and other third-party working, royalty, and overriding royalty interest owners whose volumes we market on their behalf. We expect to fulfill these delivery commitments with our existing production or through the purchases of third-party commodities.

(2)Each of the firm transportation agreements shown in the table above grant us access to delivery points in several locations along the Gulf Coast. The costs associated with these agreements are recorded to “Gathering, transportation and processing” in the Company’s consolidated statements of operations.