Civitas Resources (CIVI) 10-Q 3 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-35371
Entity Registrant Name	Bonanza Creek Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1630631
Entity Address, Address Line One	410 17th Street,
Entity Address, Address Line Two	Suite 1400
Entity Address, City or Town	Denver,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	720
Local Phone Number	440-6100
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	BCEI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding (in shares)		30,732,645
Entity Central Index Key	0001509589
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 38,695	$ 24,743
Accounts receivable, net:
Oil and gas sales	37,644	32,673
Joint interest and other	15,495	14,748
Prepaid expenses and other	3,468	3,574
Inventory of oilfield equipment	9,601	9,185
Derivative assets (note 10)	0	7,482
Total current assets	104,903	92,405
Property and equipment (successful efforts method):
Proved properties	1,096,588	1,056,773
Less: accumulated depreciation, depletion, and amortization	(229,877)	(211,432)
Total proved properties, net	866,711	845,341
Unproved properties	98,194	98,122
Wells in progress	43,664	50,609
Other property and equipment, net of accumulated depreciation of $3,871 in 2021 and $3,737 in 2020	3,143	3,239
Total property and equipment, net	1,011,712	997,311
Long-term derivative assets (note 10)	92	0
Right-of-use assets (note 3)	28,127	29,705
Deferred income tax assets (Note 12)	60,564	60,520
Other noncurrent assets	2,888	2,871
Total assets	1,208,286	1,182,812
Current liabilities:
Accounts payable and accrued expenses (note 4)	39,607	37,425
Oil and gas revenue distribution payable	23,720	18,613
Lease liability (note 3)	12,400	12,044
Derivative liability (note 10)	18,549	6,402
Total current liabilities	94,276	74,484
Long-term liabilities:
Credit facility (note 5)	0	0
Lease liability (note 3)	15,939	17,978
Ad valorem taxes	21,226	15,069
Derivative liability (note 10)	1,421	1,330
Asset retirement obligations for oil and gas properties (note 9)	28,664	28,699
Total liabilities	161,526	137,560
Commitments and contingencies (note 6)
Stockholders’ equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized, none outstanding	0	0
Common stock, $0.01 par value, 225,000,000 shares authorized, 20,839,727 and 20,839,227 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	4,282	4,282
Additional paid-in capital	708,836	707,209
Retained earnings	333,642	333,761
Total stockholders’ equity	1,046,760	1,045,252
Total liabilities and stockholders’ equity	$ 1,208,286	$ 1,182,812

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Other property and equipment, accumulated depreciation	$ 3,871	$ 3,737
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	225,000,000	225,000,000
Common stock, shares issued (in shares)	20,839,727	20,839,227
Common stock, shares outstanding (in shares)	20,839,727	20,839,227

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating net revenues:
Oil and gas sales	$ 74,159,000	$ 60,405,000
Operating expenses:
Lease operating expense	5,731,000	5,699,000
Severance and ad valorem taxes	4,604,000	5,173,000
Exploration	96,000	373,000
Depreciation, depletion, and amortization	18,823,000	21,584,000
Abandonment and impairment of unproved properties	0	30,057,000
Bad debt expense	0	576,000
Merger transaction costs	3,295,000	0
General and administrative expense (including $1,612 and $1,239, respectively, of stock-based compensation)	9,251,000	9,429,000
Total operating expenses	50,672,000	80,386,000
Other income (expense):
Derivative gain (loss)	(23,419,000)	100,419,000
Interest expense, net	(419,000)	(217,000)
Other income (expense)	188,000	(1,670,000)
Total other income (expense)	(23,650,000)	98,532,000
Income (loss) from operations before taxes	(163,000)	78,551,000
Income tax benefit	44,000	0
Net income (loss)	(119,000)	78,551,000
Comprehensive income (loss)	$ (119,000)	$ 78,551,000
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.01)	$ 3.80
Diluted (in dollars per share)	$ (0.01)	$ 3.80
Weighted-average common shares outstanding:
Basic (in shares)	20,839	20,649
Diluted (in shares)	20,839	20,684
Midstream operating expense
Operating expenses:
Operating expenses	$ 3,905,000	$ 4,014,000
Gathering, transportation, and processing
Operating expenses:
Operating expenses	$ 4,967,000	$ 3,481,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
General and administrative expense, stock-based compensation	$ 1,612	$ 1,239

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Balance at beginning of period (in shares) at Dec. 31, 2019		20,643,738
Balance at beginning of period at Dec. 31, 2019	$ 936,690	$ 4,284	$ 702,173	$ 230,233
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		13,674
Stock used for tax withholdings (in shares)		(2,330)
Stock used for tax withholdings	(61)		(61)
Stock-based compensation	1,239		1,239
Net income (loss)	78,551			78,551
Balance at end of period (in shares) at Mar. 31, 2020		20,655,082
Balance at end of period at Mar. 31, 2020	1,016,419	$ 4,284	703,351	308,784
Balance at beginning of period (in shares) at Dec. 31, 2020		20,839,227
Balance at beginning of period at Dec. 31, 2020	1,045,252	$ 4,282	707,209	333,761
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		109
Stock used for tax withholdings (in shares)		(38)
Exercise of stock options (in shares)		429
Exercise of stock options	15		15
Stock-based compensation	1,612		1,612
Net income (loss)	(119)			(119)
Balance at end of period (in shares) at Mar. 31, 2021		20,839,727
Balance at end of period at Mar. 31, 2021	$ 1,046,760	$ 4,282	$ 708,836	$ 333,642

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)		$ (119,000)	$ 78,551,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, and amortization		18,823,000	21,584,000
Deferred income tax benefit		(44,000)	0
Abandonment and impairment of unproved properties		0	30,057,000
Well abandonment costs and dry hole expense		0	(8,000)
Stock-based compensation		1,612,000	1,239,000
Non-cash lease component		(84,000)	(51,000)
Amortization of deferred financing costs		93,000	123,000
Derivative (gain) loss		23,419,000	(100,419,000)
Derivative cash settlement gain (loss)		(3,791,000)	11,254,000
Other		0	(4,240,000)
Changes in current assets and liabilities:
Accounts receivable, net		(5,718,000)	19,182,000
Prepaid expenses and other assets		106,000	1,100,000
Accounts payable and accrued liabilities		9,073,000	(9,768,000)
Settlement of asset retirement obligations		(406,000)	(610,000)
Net cash provided by operating activities		42,964,000	47,994,000
Cash flows from investing activities:
Acquisition of oil and gas properties		(180,000)	(284,000)
Exploration and development of oil and gas properties		(28,730,000)	(26,225,000)
Additions to property and equipment - non oil and gas		(38,000)	(362,000)
Net cash used in investing activities		(28,948,000)	(26,871,000)
Cash flows from financing activities:
Proceeds from credit facility		0	15,000,000
Payments to credit facility		0	(36,000,000)
Proceeds from exercise of stock options		15,000	0
Payment of employee tax withholdings in exchange for the return of common stock		0	(61,000)
Deferred financing costs		(58,000)	0
Principal payments on finance lease obligations		(21,000)	(10,000)
Net cash used in financing activities		(64,000)	(21,071,000)
Net change in cash, cash equivalents, and restricted cash		13,952,000	52,000
Cash, cash equivalents, and restricted cash:
Beginning of period		24,845,000	11,095,000
End of period		38,797,000	11,147,000
Supplemental cash flow disclosure
Cash paid for interest, net of capitalization	[1]	318,000	246,000
Changes in working capital related to drilling expenditures	[1]	$ (4,371,000)	$ (13,532,000)
[1]	(1) Refer to Note 3 - Leases in the notes to the condensed consolidated financial statements for discussion of right-of-use assets obtained in exchange for lease liabilities.

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	ORGANIZATION AND BUSINESSBonanza Creek Energy, Inc. (“BCEI” or, together with our consolidated subsidiaries, the “Company”) is engaged primarily in acquiring, developing, extracting, and producing oil and gas properties. The Company’s assets and operations are concentrated in the rural portions of the Wattenberg Field in Colorado.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments as necessary for a fair presentation of our financial position and results of operations. The financial information as of December 31, 2020, has been derived from the audited financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”), but does not include all disclosures, including notes required by GAAP. As such, this quarterly report should be read in conjunction with the consolidated financial statements and related notes included in our 2020 Form 10-K. The Company follows the same accounting principles for preparing quarterly and annual reports. In connection with the preparation of the condensed consolidated financial statements, the Company evaluated subsequent events after the balance sheet date of March 31, 2021, through the filing date of this report. Principles of Consolidation The condensed consolidated balance sheets (“balance sheets”) include the accounts of the Company and its wholly owned subsidiaries, Bonanza Creek Energy Operating Company, LLC, Holmes Eastern Company, LLC, and Rocky Mountain Infrastructure, LLC. All intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of oil and gas reserves, assets and liabilities, and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Further these estimates and other factors, including those outside of the Company's control, such as the impact of lower commodity prices, may impact the Company's business, financial condition, results of operations and cash flows. Industry Segment and Geographic Information The Company operates in one industry segment, which is the development and production of oil, natural gas, and natural gas liquids (“NGLs”), and all of the Company's operations are conducted in the continental United States. Revenue Recognition Sales of oil, natural gas, and NGLs are recognized when performance obligations are satisfied at the point control of the product is transferred to the customer. The Company's contracts' pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of the oil or natural gas, and prevailing supply and demand conditions. As a result, the price of the oil, natural gas, and NGLs fluctuates to remain competitive with other available oil, natural gas, and NGLs supplies. As further described in Note 6 - Commitments and Contingencies , one contract with NGL Crude Logistics, LLP (“NGL Crude”, known as the “NGL Crude agreement”) has an additional aspect of variable consideration related to the minimum volume commitments (“MVCs”) as specified in the agreement. On an on-going basis, the Company performs an analysis of expected risk adjusted production applicable to the NGL Crude agreement based on approved production plans to determine if liquidated damages to NGL Crude are probable. As of March 31, 2021, the Company believes that the volumes delivered to NGL Crude will be in excess of the MVCs required then and for the upcoming approved production plan. As a result of this analysis, to date, no variable consideration related to potential liquidated damages has been considered in the transaction price for the NGL Crude agreement. Under the oil sales contracts, the Company sells oil production at the wellhead, or other contractually agreed-upon delivery points, and collects an agreed-upon index price, net of pricing differentials. In this scenario, the Company recognizes revenue when control transfers to the purchaser at the wellhead, or other contractually agreed-upon delivery point, at the net contracted price received. Under the natural gas processing contracts, the Company delivers natural gas to an agreed-upon delivery point. The delivery points are specified within each contract, and the transfer of control varies between the inlet and outlet of the midstream processing facility. The midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sales of NGLs and residue gas. For the contracts where the Company maintains control through the outlet of the midstream processing facility, the Company recognizes revenue on a gross basis, with gathering, transportation, and processing fees presented as an expense in the Company's accompanying condensed consolidated statements of operations and comprehensive income (loss) (“statements of operations”). Alternatively, for those contracts where the Company relinquishes control at the inlet of the midstream processing facility, the Company recognizes natural gas and NGLs revenues based on the contracted amount of the proceeds received from the midstream processing entity and, as a result, the Company recognizes revenue on a net basis. Under the product sales contracts, the Company invoices customers once the performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company's product sales contracts do not give rise to contract assets or liabilities under this guidance. At March 31, 2021 and December 31, 2020, the Company's receivables from contracts with customers were $37.6 million and $32.7 million, respectively. Payment is generally received within 30 to 60 days after the date of production. The Company records revenue in the month production is delivered to the purchaser. However, as stated above, settlement statements for certain natural gas and NGLs sales may not be received for 30 to 60 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. The Company records the differences between its estimates and the actual amounts received for product sales in the month in which payment is received from the purchaser. For the period from January 1, 2021 through March 31, 2021, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was insignificant. Revenue attributable to each identified revenue stream is disaggregated below (in thousands): Three Months Ended March 31, 2021 2020 Operating Revenues: Crude oil sales $ 50,064 $ 51,146 Natural gas sales 13,132 6,018 Natural gas liquids sales 10,963 3,241 Oil and gas sales $ 74,159 $ 60,405 Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets, which sums to the total of such amounts shown in the accompanying condensed consolidated statements of cash flows (“statements of cash flows”) (in thousands): As of March 31, 2021 2020 Cash and cash equivalents $ 38,695 $ 11,052 Restricted cash (1) 102 95 Total cash, cash equivalents, and restricted cash $ 38,797 $ 11,147 __________________________ (1) Included in other noncurrent assets and consists of funds for road maintenance and repairs. Unproved Property Unproved oil and gas property costs are evaluated for impairment when there is an indication that the carrying costs may not be fully recoverable. During the three months ended March 31, 2021, the Company did not incur any abandonment and impairment of unproved properties compared to $30.1 million during the three months ended March 31, 2020 due to the reassessment of estimated probable and possible reserve locations based primarily upon economic viability. Accounting Pronouncements Recently Adopted and Issued In March 2020, the FASB issued Update No. 2020-04, Reference Rate Reform (Topic 848), which provides temporary optional guidance to companies impacted by the transition away from the LIBOR. The amendment provides certain expedients and exceptions to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that reference LIBOR as a benchmark rate are modified. Further, in January 2021, the FASB issued Update No. 2021-01, Reference Rate Reform (Topic 848), which clarifies the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. These amendments are effective upon issuance and expire on December 31, 2022. The Company is currently assessing the impact of the LIBOR transition on the Company's condensed consolidated financial statements. There are no other accounting standards applicable to the Company that would have a material effect on the Company's condensed consolidated financial statements and disclosures that have been issued but not yet adopted by the Company as of March 31, 2021, and through the filing date of this report.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
LEASES	LEASES The Company's right-of-use assets and lease liabilities are recognized at their discounted present value on the balance sheet, which include leases related to the asset classes reflected as of the dates indicated in the table below (in thousands): March 31, 2021 December 31, 2020 Operating leases Field equipment (1) $ 26,350 $ 27,537 Corporate leases 1,201 1,481 Vehicles 357 468 Total right-of-use asset $ 27,908 $ 29,486 Field equipment (1) $ 26,350 $ 27,537 Corporate leases 1,536 1,900 Vehicles 357 468 Total lease liability $ 28,243 $ 29,905 Finance leases Right-of-use asset - field equipment (1) $ 219 $ 219 Lease liability - field equipment (1) $ 96 $ 117 __________________________ (1) Includes compressors, certain gas processing equipment, and other field equipment. The lease amounts disclosed are presented on a gross basis. A portion of these costs may have been or will be billed to other working interest owners, and the Company's net share of these costs, once paid, are included in various line items on the statements of operations or capitalized to oil and gas properties or other property and equipment, as applicable. The Company recognizes operating lease expense on a straight-line basis. Finance lease expense is recognized based on the effective interest method for the lease liability and straight-line amortization for the right-of-use asset, resulting in more cost being recognized in earlier lease periods. Short-term and variable lease payments are recognized as incurred. Short-term lease cost represents payments for leases with a lease term of one year or less, excluding leases with a term of one month or less. Short-term leases include drilling rigs and other equipment. Drilling rig contracts are structured based on an allotted number of wells to be drilled consecutively at a daily operating rate. Short-term drilling rig costs include a non-lease labor component, which is treated as a single lease component. The following table summarizes the components of the Company's gross lease costs incurred during the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Operating lease cost (1) $ 3,337 $ 3,491 Finance lease cost: Amortization of right-of-use assets 3 2 Interest on lease liabilities 1 1 Short-term lease cost 47 1,590 Variable lease cost (2) (30) 91 Sublease income (3) (92) (89) Total lease cost $ 3,266 $ 5,086 ____________________________ (1) Includes office rent expense of $0.3 million for each of the three months ended March 31, 2021 and 2020. (2) Variable lease cost represents differences between lease obligations and actual costs incurred for certain leases that do not have fixed payments related to both lease and non-lease components. Such incremental costs include lease payment increases or decreases driven by market price fluctuations and leased asset maintenance costs. (3) The Company has subleased a portion of its office space for the remainder of the office lease term. The Company does not have any leases with an implicit interest rate that can be readily determined. As a result, the Company used the incremental borrowing rate, based on the Credit Facility benchmark rate, adjusted for facility utilization and lease term, to calculate the respective discount rates. Please refer to Note 5 - Long-term Debt for additional information. The Company has certain lease agreements that provide for the option to extend, purchase, or terminate early, which was evaluated on each lease to arrive at the proper lease term. There were some leases for which the option to extend or purchase was factored into the resulting lease term. There were no leases where early termination was factored into the resulting lease term. The Company's weighted-average remaining lease terms and discount rates for operating leases as of March 31, 2021 are as follows: Operating Leases Weighted-average lease term (years) 2.6 Weighted-average discount rate 3.81% Supplemental cash flow information related to leases for the three months ended March 31, 2021 and 2020 consisted of the following (in thousands): Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,150 $ 3,133 Operating cash flows from finance leases 1 1 Financing cash flows from finance leases 21 10 Right-of-use assets obtained in exchange for new operating lease obligations $ 1,489 $ 5,444 Right-of-use assets obtained in exchange for new finance lease obligations — 219 As of March 31, 2021, future commitments by year for the Company's operating and finance leases with a lease term of one year or more are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the balance sheet as follows (in thousands): Operating Leases Finance Leases (1) Remainder of 2021 $ 10,151 $ 96 2022 10,448 — 2023 6,430 — 2024 2,471 — 2025 139 — Thereafter 5 — Total lease payments 29,644 96 Less: imputed interest (1,401) — Total lease liability $ 28,243 $ 96
LEASES	LEASES The Company's right-of-use assets and lease liabilities are recognized at their discounted present value on the balance sheet, which include leases related to the asset classes reflected as of the dates indicated in the table below (in thousands): March 31, 2021 December 31, 2020 Operating leases Field equipment (1) $ 26,350 $ 27,537 Corporate leases 1,201 1,481 Vehicles 357 468 Total right-of-use asset $ 27,908 $ 29,486 Field equipment (1) $ 26,350 $ 27,537 Corporate leases 1,536 1,900 Vehicles 357 468 Total lease liability $ 28,243 $ 29,905 Finance leases Right-of-use asset - field equipment (1) $ 219 $ 219 Lease liability - field equipment (1) $ 96 $ 117 __________________________ (1) Includes compressors, certain gas processing equipment, and other field equipment. The lease amounts disclosed are presented on a gross basis. A portion of these costs may have been or will be billed to other working interest owners, and the Company's net share of these costs, once paid, are included in various line items on the statements of operations or capitalized to oil and gas properties or other property and equipment, as applicable. The Company recognizes operating lease expense on a straight-line basis. Finance lease expense is recognized based on the effective interest method for the lease liability and straight-line amortization for the right-of-use asset, resulting in more cost being recognized in earlier lease periods. Short-term and variable lease payments are recognized as incurred. Short-term lease cost represents payments for leases with a lease term of one year or less, excluding leases with a term of one month or less. Short-term leases include drilling rigs and other equipment. Drilling rig contracts are structured based on an allotted number of wells to be drilled consecutively at a daily operating rate. Short-term drilling rig costs include a non-lease labor component, which is treated as a single lease component. The following table summarizes the components of the Company's gross lease costs incurred during the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Operating lease cost (1) $ 3,337 $ 3,491 Finance lease cost: Amortization of right-of-use assets 3 2 Interest on lease liabilities 1 1 Short-term lease cost 47 1,590 Variable lease cost (2) (30) 91 Sublease income (3) (92) (89) Total lease cost $ 3,266 $ 5,086 ____________________________ (1) Includes office rent expense of $0.3 million for each of the three months ended March 31, 2021 and 2020. (2) Variable lease cost represents differences between lease obligations and actual costs incurred for certain leases that do not have fixed payments related to both lease and non-lease components. Such incremental costs include lease payment increases or decreases driven by market price fluctuations and leased asset maintenance costs. (3) The Company has subleased a portion of its office space for the remainder of the office lease term. The Company does not have any leases with an implicit interest rate that can be readily determined. As a result, the Company used the incremental borrowing rate, based on the Credit Facility benchmark rate, adjusted for facility utilization and lease term, to calculate the respective discount rates. Please refer to Note 5 - Long-term Debt for additional information. The Company has certain lease agreements that provide for the option to extend, purchase, or terminate early, which was evaluated on each lease to arrive at the proper lease term. There were some leases for which the option to extend or purchase was factored into the resulting lease term. There were no leases where early termination was factored into the resulting lease term. The Company's weighted-average remaining lease terms and discount rates for operating leases as of March 31, 2021 are as follows: Operating Leases Weighted-average lease term (years) 2.6 Weighted-average discount rate 3.81% Supplemental cash flow information related to leases for the three months ended March 31, 2021 and 2020 consisted of the following (in thousands): Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,150 $ 3,133 Operating cash flows from finance leases 1 1 Financing cash flows from finance leases 21 10 Right-of-use assets obtained in exchange for new operating lease obligations $ 1,489 $ 5,444 Right-of-use assets obtained in exchange for new finance lease obligations — 219 As of March 31, 2021, future commitments by year for the Company's operating and finance leases with a lease term of one year or more are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the balance sheet as follows (in thousands): Operating Leases Finance Leases (1) Remainder of 2021 $ 10,151 $ 96 2022 10,448 — 2023 6,430 — 2024 2,471 — 2025 139 — Thereafter 5 — Total lease payments 29,644 96 Less: imputed interest (1,401) — Total lease liability $ 28,243 $ 96

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses contain the following (in thousands): As of March 31, 2021 As of December 31, 2020 Accrued drilling and completion costs $ 4,824 $ 453 Accounts payable trade 14,006 1,931 Accrued general and administrative expense 3,306 7,529 Accrued lease operating expense 1,936 1,793 Accrued interest expense 329 322 Accrued oil and gas hedging 2,036 — Accrued production and ad valorem taxes and other 13,170 25,397 Total accounts payable and accrued expenses $ 39,607 $ 37,425

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Credit Facility In December 2018, the Company entered into a reserve-based revolving facility, as the borrower, with JPMorgan Chase Bank, N.A., as the administrative agent, and a syndicate of financial institutions, as lenders (the “Credit Facility”). The $750.0 million Credit Facility has a maturity date of December 7, 2023. The redeterminations in June 2020 and December 2020, resulted in a borrowing base of $260.0 million. The next redetermination is set to occur in May 2021. The Credit Facility is guaranteed by all wholly owned subsidiaries of the Company (each, a “Guarantor” and, together with the Company, the “Credit Parties”), and is secured by first priority security interests on substantially all assets of each Credit Party, subject to customary exceptions. Under the terms of the Credit Facility, as amended in June 2020 (the “First Amendment”), borrowings bear interest at a per annum rate equal to, at the option of the Company, either (i) a LIBOR, subject to a 0% LIBOR floor plus a margin of 2.00% to 3.00%, based on the utilization of the Credit Facility (the “Eurodollar Rate”) or (ii) a fluctuating interest rate per annum equal to the greatest of (a) the rate of interest publicly announced by JPMorgan Chase Bank, N.A. as its prime rate, (b) the rate of interest published by the Federal Reserve Bank of New York as the federal funds effective rate, (c) the rate of interest published by the Federal Reserve Bank of New York as the overnight bank funding rate, or (d) a LIBOR offered rate for a one-month interest period, subject to a 0% LIBOR floor plus a margin of 1.00% to 2.00%, based on the utilization of the Credit Facility (the “Reference Rate”). Interest on borrowings that bear interest at the Eurodollar Rate shall be payable on the last day of the applicable interest period selected by the Company, which shall be one, two, three, or six months, and interest on borrowings that bear interest at the Reference Rate shall be payable quarterly in arrears. The First Amendment Credit Facility contains customary representations and affirmative covenants. The Credit Facility also contains customary negative covenants, which, among other things, and subject to certain exceptions, include restrictions on (i) liens, (ii) indebtedness, guarantees and other obligations, (iii) restrictions in agreements on liens and distributions, (iv) mergers or consolidations, (v) asset sales, (vi) restricted payments, (vii) investments, (viii) affiliate transactions, (ix) change of business, (x) foreign operations or subsidiaries, (xi) name changes, (xii) use of proceeds, letters of credit, (xiii) gas imbalances, (xiv) hedging transactions, (xv) additional subsidiaries, (xvi) changes in fiscal year or fiscal quarter, (xvii) operating leases, (xviii) prepayments of certain debt and other obligations, (xix) sales or discounts of receivables, (xx) dividend payments, and (xi) cash balances. The Credit Parties are subject to certain financial covenants under the Credit Facility, as tested on the last day of each fiscal quarter, including, without limitation, (i) a maximum ratio of the Company's consolidated indebtedness (subject to certain exclusions) to earnings before interest, income taxes, depreciation, depletion, and amortization, exploration expense, and other non-cash charges (“EBITDAX”) of 3.50 to 1.00 and (ii) a current ratio, as defined in the agreement, inclusive of the unused Commitments then available to be borrowed, to not be less than 1.00 to 1.00. The Company was in compliance with all covenants as of March 31, 2021, and through the filing date of this report. On April 1, 2021, in conjunction with the HighPoint Acquisition, the Company, together with certain of its subsidiaries, entered into the Second Amendment (the “Second Amendment”) to the Credit Facility (as amended, restated, supplemented or otherwise modified). Please refer to Note 13 - Subsequent Events for additional information As of both March 31, 2021 and December 31, 2020, the Company had zero outstanding on the Credit Facility. As of the date of this filing, the outstanding balance was $129.0 million. The Company's Credit Facility approximates fair value as the applicable interest rates are floating. As of both March 31, 2021 and December 31, 2020, the balances of total post-amortization net capitalized deferred financing costs of (i) $0.7 million are presented within other noncurrent assets and (ii) $0.4 million are presented within prepaid expenses and other line items in the accompanying balance sheets. These balances did not change between the disclosed periods due to capitalized deferred financing cost additions offset by amortization.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company is involved in various commercial and regulatory claims, litigation, and other legal proceedings that arise in the ordinary course of its business. The Company assesses these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in its condensed consolidated financial statements. In accordance with authoritative accounting guidance, an accrual is recorded for a loss contingency when its occurrence is probable and damages can be reasonably estimated based on the most likely anticipated outcome or the minimum amount within a range of possible outcomes. Because legal proceedings are inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly subjective and requires judgments about uncertain future events. When evaluating contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matters. The Company regularly reviews contingencies to determine the adequacy of its accruals and related disclosures. No claims have been made, nor is the Company aware of any material uninsured liability which the Company may have, as it relates to any environmental cleanup, restoration, or the violation of any rules or regulations. As of the filing date of this report, there were no probable, material pending, or overtly threatened legal actions against the Company of which it was aware. Commitments The Company is party to a purchase agreement to deliver fixed determinable quantities of crude oil to NGL Crude. The NGL Crude agreement includes defined volume commitments over a term ending in 2023. Under the terms of the NGL Crude agreement, the Company is required to make periodic deficiency payments for any shortfalls in delivering minimum gross volume commitments, which are set in six-month periods. The minimum gross volume commitment will increase approximately 3% each year for the remainder of the contract, to a maximum of approximately 16,000 gross barrels per day. The aggregate financial commitment fee over the remaining term was $44.9 million as of March 31, 2021. Upon notifying NGL Crude at least twelve months prior to the expiration date of the NGL Crude agreement, the Company may elect to extend the term of the NGL Crude agreement for up to three The annual minimum commitment payments under the NGL Crude agreement for the next five years as of March 31, 2021 are presented below (in thousands): NGL Crude Commitments (1) Remainder of 2021 $ 17,571 2022 23,097 2023 4,202 2024 — 2025 — 2026 and thereafter — Total $ 44,870 ____________________________ (1) The above calculation is based on the minimum volume commitment schedule (as defined in the NGL Crude agreement) and applicable differential fees. Since the commencement of the NGL Crude agreement and through the remainder of the term of the agreement, the Company has not and does not expect to incur any deficiency payments. There have been no other material changes from the commitments disclosed in the notes to the Company's consolidated financial statements included in our 2020 Form 10-K. Refer to Note 3 - Leases

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2017 Long Term Incentive Plan In 2017, the Company adopted a Long Term Incentive Plan (the “LTIP”), as established by the Board, which allows for the issuance of restricted stock units (“RSUs”), performance stock units (“PSUs”), and options, and reserved 2,467,430 shares of common stock. See below for further discussion of awards granted under the LTIP. The Company recorded compensation expense related to the awards granted under the LTIP as follows (in thousands): Three Months Ended March 31, 2021 2020 Restricted stock units $ 1,321 $ 1,301 Performance stock units 291 (193) Stock options — 131 Total stock-based compensation $ 1,612 $ 1,239 As of March 31, 2021, unrecognized compensation expense will be amortized through the relevant periods as follows (in thousands): Unrecognized Compensation Expense Final Year of Recognition Restricted stock units $ 6,469 2023 Performance stock units 1,489 2022 $ 7,958 Restricted Stock Units The LTIP allows for the issuance of RSUs to members of the Board of Directors (the “Board”) and employees of the Company at the discretion of the Board. Each RSU represents one share of the Company's common stock to be released from restriction upon completion of the vesting period. The awards typically vest in one-third increments over three years. The RSUs are valued at the grant date share price and are recognized as general and administrative expense over the vesting period of the award. During the three months ended March 31, 2021, the Company granted 146 RSUs with a nominal fair value. A summary of the status and activity of non-vested restricted stock units for the three months ended March 31, 2021 is presented below: Restricted Stock Units Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 550,056 $ 20.30 Granted 146 35.73 Vested (109) 35.73 Forfeited (109) 27.42 Non-vested, end of quarter 549,984 $ 20.30 Cash flows resulting from excess tax benefits are to be classified as part of cash flows from operating activities. Excess tax benefits are realized tax benefits from tax deductions for vested restricted stock in excess of the deferred tax asset attributable to stock compensation costs for such restricted stock. The Company recorded no excess tax benefits for the periods presented. Performance Stock Units The LTIP allows for the issuance of PSUs to employees at the sole discretion of the Board. The number of shares of the Company's common stock that may be issued to settle PSUs ranges from zero to two times the number of PSUs awarded. The PSUs vest in their entirety at the end of the three-year performance period. The total number of PSUs granted is split between two performance criteria. The first criterion is based on a comparison of the Company's absolute and relative total shareholder return (“TSR”) for the performance period compared with the TSRs of a group of peer companies for the same performance period. The TSR for the Company and each of the peer companies is determined by dividing (A) (i) the volume-weighted average share price for the last 30 trading days of the performance period minus (ii) the volume-weighted average share price for the 30 trading days preceding the beginning of the performance period, by (B) the volume-weighted average share price for the 30 trading days preceding the beginning of the performance period. The second criterion is based on the Company's annual return on average capital employed (“ROCE”) for each year during the three-year performance period. The split between the two performance criteria was even for the PSUs granted in 2019, whereas the split was two-thirds weighted to the TSR criterion and one-third weighted to the ROCE criterion for the PSUs granted in 2020. Compensation expense associated with PSUs is recognized as general and administrative expense over the performance period. Because these awards depend on a combination of performance-based and market-based settlement criteria, compensation expense may be adjusted in future periods as the number of units expected to vest increases or decreases based on the Company's expected ROCE performance. As of March 31, 2021, the Company does not expect any of the ROCE portion of the PSUs granted in 2019 to vest and has accordingly adjusted the related compensation expense. The fair value of the PSUs was measured at the grant date. The portion of the PSUs tied to the TSR required a stochastic process method using a Brownian Motion simulation. A stochastic process is a mathematically defined equation that can create a series of outcomes over time. These outcomes are not deterministic in nature, which means that by iterating the equations multiple times, different results will be obtained for those iterations. In the case of the Company's TSRs, the Company could not predict with certainty the path its stock price or the stock prices of its peers would take over the performance period. By using a stochastic simulation, the Company created multiple prospective stock pathways, statistically analyzed these simulations, and ultimately made inferences regarding the most likely path the stock price would take. As such, because future stock prices are stochastic, or probabilistic with some direction in nature, the stochastic method, specifically the Brownian Motion Model, was deemed an appropriate method by which to determine the fair value of the portion of the PSUs tied to the TSR. Significant assumptions used in this simulation include the Company's expected volatility, risk-free interest rate based on U.S. Treasury yield curve rates with maturities consistent with the performance period, as well as the volatilities for each of the Company's peers. No PSUs were granted during the three months ended March 31, 2021. The PSUs granted in 2018 expired as of December 31, 2020, with zero distribution of shares to the recipients, as neither the TSR nor the ROCE performance criteria were met. A summary of the status and activity of performance stock units for the three months ended March 31, 2021 is presented below: Performance Stock Units (1) Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 185,588 $ 22.63 Granted — — Vested — — Forfeited — — Non-vested, end of quarter 185,588 $ 22.63 ___________________________ (1) The number of awards assumes that the associated performance condition is met at the target amount. The final number of shares of the Company's common stock issued may vary depending on the performance multiplier, which ranges from zero to two, depending on the level of satisfaction of the performance condition. Stock Options The LTIP allows for the issuance of stock options to the Company's employees at the sole discretion of the Board. Options expire ten years from the grant date unless otherwise determined by the Board. Compensation expense on the stock options is recognized as general and administrative expense over the vesting period of the award. There were no stock options granted during the three months ended March 31, 2021. A summary of the status and activity of stock options for the three months ended March 31, 2021 is presented below: Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, beginning of year 72,368 $ 34.36 Granted — — Exercised (429) 34.36 Forfeited (222) 34.36 Outstanding, end of quarter 71,717 $ 34.36 6.1 $ 98 Number of options outstanding and exercisable 71,717 $ 34.36 6.1 $ 98

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company follows fair value measurement authoritative guidance, which defines fair value, establishes a framework for using fair value to measure assets and liabilities, and expands disclosures about fair value measurements. The authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The statement establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: Level 1: Quoted prices are available in active markets for identical assets or liabilities Level 2: Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable Level 3: Significant inputs to the valuation model are unobservable Financial and non-financial assets and liabilities are to be classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. Derivatives Fair value of all derivative instruments are estimated with industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value of money, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. All valuations were compared against counterparty statements to verify the reasonableness of the estimate. The Company’s commodity swaps, collars, and puts were validated by observable transactions for the same or similar commodity options using the NYMEX futures index and were designated as Level 2 within the valuation hierarchy. The following tables present the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis and their classification within the fair value hierarchy (in thousands): As of March 31, 2021 Level 1 Level 2 Level 3 Derivative assets $ — $ 92 $ — Derivative liabilities $ — $ 19,970 $ — As of December 31, 2020 Level 1 Level 2 Level 3 Derivative assets $ — $ 7,482 $ — Derivative liabilities $ — $ 7,732 $ — Proved Oil and Gas Properties Proved oil and gas property costs are evaluated for impairment on a nonrecurring basis and reduced to fair value when there is an indication that the carrying costs exceed the sum of the undiscounted cash flows of the underlying oil and gas reserves. Depending on the availability of data, the Company uses Level 3 inputs and either the income valuation technique, which converts future amounts to a single present value amount to measure the fair value of proved properties through an application of risk-adjusted discount rates and price forecasts selected by the Company’s management, or the market valuation approach. The calculation of the risk-adjusted discount rate is a significant management estimate based on the best information available. Management believes that the risk-adjusted discount rate is representative of current market conditions and reflects the following factors: estimates of future cash payments, expectations of possible variations in the amount and/or timing of cash flows, the risk premium, and nonperformance risk. The price forecast is based on the Company's internal budgeting model derived from the NYMEX strip pricing, adjusted for management estimates and basis differentials. Future operating costs are also adjusted as deemed appropriate for these estimates. Proved properties classified as held for sale are valued using a market approach, based on an estimated selling price, as evidenced by the most current bid prices received from third parties. If a relevant estimated selling price is not available, the Company utilizes the income valuation technique discussed above. There were no proved oil and gas property impairments during the three months ended March 31, 2021 and 2020.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended
	Mar. 31, 2021
Asset Retirement Obligation [Abstract]
ASSET RETIREMENT OBLIGATIONS	ASSET RETIREMENT OBLIGATIONS The Company recognizes an estimated liability for future costs to abandon its oil and gas properties. The fair value of the asset retirement obligation is recorded as a liability when incurred, which is typically at the time the asset is acquired or placed in service. There is a corresponding increase to the carrying value of the asset, which is included in the proved properties line item in the accompanying balance sheets. The Company depletes the amount added to proved properties and recognizes expense in connection with accretion of the discounted liability over the remaining estimated economic lives of the properties. The Company’s estimated asset retirement obligation liability is based on historical experience in abandoning wells, estimated economic lives, estimated costs to abandon the wells, and regulatory requirements. The liability is discounted using the credit-adjusted risk-free rate estimated at the time the liability is incurred. A roll-forward of the Company's asset retirement obligation is as follows (in thousands): Amount Beginning balance as of December 31, 2020 $ 28,699 Liabilities settled (406) Additions 127 Accretion expense 244 Ending balance as of March 31, 2021 $ 28,664

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company enters into commodity derivative contracts to mitigate a portion of its exposure to potentially adverse market changes in commodity prices and the associated impact on cash flows. All contracts are entered into for other-than-trading purposes. The Company’s derivatives include swaps, collars, and puts for oil and natural gas, and none of the derivative instruments qualify as having hedging relationships. In a typical commodity fixed-price swap agreement, if the agreed upon published third-party index price is lower than the swap strike price, the Company receives the difference between the index price and the agreed upon swap strike price. If the index price is higher than the swap strike price, the Company pays the difference. A swaption allows the counterparty, on a specific date, to extend an existing fixed-price swap for a certain period of time or to increase the notional volumes of an existing fixed-price swap. A basis swap arrangement guarantees a price differential from a specified delivery point to an agreed upon reference point. An oil roll swap arrangement fixes the price differential between the NYMEX WTI financial calendar month average settlement price and the physical crude calendar month average price (“oil roll swaps”). For both basis and oil roll swap arrangements, the Company receives the difference between the price differential and the stated terms, if the price differential is greater than the stated terms. The Company pays the difference between the price differential and the stated terms, if the stated terms are greater than the price differential. A cashless collar arrangement establishes a floor and ceiling price on future oil and gas production. When the settlement price is above the ceiling price, the Company pays the difference between the settlement price and the ceiling price. When the settlement price is below the floor price, the Company receives the difference between the settlement price and floor price. In the event that the settlement price is between the ceiling and the floor, no payment or receipt occurs. A put gives the owner the right to sell the underlying commodity at a set price over the term of the contract. If the index settlement price is higher than the put fixed price, the put will expire worthless. If the settlement price is lower than the put fixed price, the Company will exercise the put and receive the difference between the settlement price and the put fixed price. As of March 31, 2021, the Company had entered into the following commodity derivative contracts: Crude Oil Natural Gas Natural Gas Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu MMBtu/day Weighted Avg. Basis Differential to CIG Price per MMBtu MMBtu/day Weighted Avg. Price per MMBtu 2Q21 Cashless Collar 2,500 $34.40/$49.82 20,000 $2.25/$2.52 — — — — Swap 4,000 $54.13 — — 20,000 $0.43 — — 3Q21 Cashless Collar 3,000 $30.00/$50.62 20,000 $2.25/$2.52 — — 20,000 $2.15/$2.75 Swap 2,500 $54.45 — — 20,000 $0.43 — — 4Q21 Cashless Collar 4,000 $30.63/$50.34 20,000 $2.25/$2.52 — — 20,000 $2.15/$2.75 Swap 1,000 $55.20 — — 20,000 $0.43 — — 1Q22 Cashless Collar 5,000 $33.64/$54.96 — — — — 20,000 $2.15/$2.75 2Q22 Cashless Collar 3,500 $35.19/$58.86 — — — — 20,000 $2.15/$2.75 3Q22 Cashless Collar 2,000 $37.84/$61.19 — — — — — — 4Q22 Cashless Collar 1,500 $38.78/$63.33 — — — — — — As of the filing date of this report, the Company had entered into the following commodity derivative contracts, including the commodity derivative contracts novated in conjunction with the HighPoint Acquisition (see Note 13 - Subsequent Events for further discussion): Crude Oil Natural Gas Natural Gas Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu MMBtu/day Weighted Avg. Basis Differential to CIG Price per MMBtu MMBtu/day Weighted Avg. Price per MMBtu 2Q21 Cashless Collar 2,500 $34.40/$49.82 20,000 $2.25/$2.52 — — — — Swap 14,000 $54.20 — — 20,000 $0.43 20,000 $2.12 Oil Roll Swaps (1) 4,000 $0.16 — — — — — — 3Q21 Cashless Collar 3,000 $30.00/$50.62 20,000 $2.25/$2.52 — — 20,000 $2.15/$2.75 Swap 9,500 $54.41 — — 20,000 $0.43 20,000 $2.12 Oil Roll Swaps (1) 4,500 $0.16 — — — — — — 4Q21 Cashless Collar 4,000 $30.63/$50.34 20,000 $2.25/$2.52 — — 20,000 $2.15/$2.75 Swap 8,000 $54.49 — — 20,000 $0.43 13,370 $2.13 Oil Roll Swaps (1) 4,500 $0.16 — — — — — — 1Q22 Cashless Collar 5,500 $34.21/$56.56 — — — — 20,000 $2.15/$2.75 Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swaps (1) 2,000 $0.22 — — — — — — Swaptions 4,000 $55.06 — — — — — — 2Q22 Cashless Collar 4,000 $35.79/$60.57 — — — — 20,000 $2.15/$2.75 Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swaps (1) 2,000 $0.22 — — — — — — Swaptions 4,000 $55.06 — — — — — — 3Q22 Cashless Collar 2,500 $38.27/$63.45 — — — — — — Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swaps (1) 2,000 $0.22 — — — — — — Swaptions 2,000 $55.13 — — — — — — 4Q22 Cashless Collar 2,000 $39.09/$65.63 — — — — — — Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swaps (1) 2,000 $0.22 — — — — — — Swaptions 2,000 $55.13 — — — — — — _______________________________ (1) The weighted average differential represents the amount of reduction to NYMEX WTI prices for the notional volumes covered by the swap contracts. Derivative Assets and Liabilities Fair Value The Company’s commodity derivatives are measured at fair value and are included in the accompanying balance sheets as derivative assets and liabilities. The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as of the dates indicated in the table below (in thousands): March 31, 2021 December 31, 2020 Derivative Assets: Commodity contracts - current $ — $ 7,482 Commodity contracts - noncurrent 92 — Derivative Liabilities: Commodity contracts - current (18,549) (6,402) Commodity contracts - noncurrent (1,421) (1,330) Total derivative assets (liabilities), net $ (19,878) $ (250) The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands): Three Months Ended March 31, 2021 2020 Derivative cash settlement gain (loss): Oil contracts $ (2,822) $ 10,438 Gas contracts (969) 816 Total derivative cash settlement gain (loss) (1) (3,791) 11,254 Change in fair value gain (loss) (19,628) 89,165 Total derivative gain (loss) (1) $ (23,419) $ 100,419 _______________________________

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The Company issues RSUs, which represent the right to receive, upon vesting, one share of the Company's common stock. The number of potentially dilutive shares related to RSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the vesting period. The Company issues PSUs, which represent the right to receive, upon settlement of the PSUs, a number of shares of the Company's common stock that ranges from zero to two times the number of PSUs granted on the award date. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the performance period applicable to such PSUs. The Company issued stock options and warrants, which both represent the right to purchase the Company's common stock at a specified price. The number of potentially dilutive shares related to the stock options and warrants is based on the number of shares, if any, that would be exercisable at the end of the respective reporting period, assuming that date was the end of such stock options' or warrants' term. Please refer to Note 7 - Stock-Based Compensation for additional discussion. The Company uses the treasury stock method to calculate earnings per share as shown in the following table (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Net income (loss) $ (119) $ 78,551 Basic net income (loss) per common share $ (0.01) $ 3.80 Diluted net income (loss) per common share $ (0.01) $ 3.80 Weighted-average shares outstanding - basic 20,839 20,649 Add: dilutive effect of contingent stock awards — 35 Weighted-average shares outstanding - diluted 20,839 20,684 There were 807,782 and 648,476 shares that were anti-dilutive for the three months ended March 31, 2021 and 2020, respectively. The Company was in a net loss position for the three months ended March 31, 2021, which made all potentially dilutive shares anti-dilutive. The exercise price of the Company's stock warrants were in excess of the Company's stock price during the three months ended March 31, 2020; therefore, they were excluded from the earnings per share calculation. The Company's warrants expired on April 30, 2020.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Deferred tax assets and liabilities are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years related to cumulative temporary differences between the tax basis of assets and liabilities and amounts reported in the Company's balance sheets. The tax effect of the net change in the cumulative temporary differences during each period in the deferred tax assets and liabilities determines the periodic provision for deferred taxes. The Company assesses the recoverability of its deferred tax assets each period by considering whether it is more likely than not that all or a portion of the deferred tax assets will be realized. In making such determination, the Company considers all available (both positive and negative) evidence, including future reversals of temporary differences, tax-planning strategies, projected future taxable income, and results of operations. The Company has cumulative book income for the prior three years and is forecasting future book income, which resulted in the full valuation allowance being removed as of December 31, 2020. Federal income tax expense differs from the amount that would be provided by applying the statutory United States federal income tax rate of 21% to income before income taxes primarily due to the effect of state income taxes, changes in valuation allowances, rate changes, and other permanent differences. During the three months ended March 31, 2021 and 2020, the Company recorded income tax benefit of an immaterial amount and zero, respectively. As of March 31, 2021 and December 31, 2020, the Company had no unrecognized tax benefits. The Company's management does not believe that there are any new items or changes in facts or judgments that would impact the Company's tax position taken thus far in 2021.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS HighPoint Acquisition On April 1, 2021, BCEI completed its previously announced acquisition of HighPoint Resources Corporation, a Delaware corporation (“HighPoint”), pursuant to the terms of HighPoint’s prepackaged plan of reorganization under Chapter 11 of the United States Bankruptcy Code (the “Prepackaged Plan”), which was confirmed by the U.S. Bankruptcy Court for the District of Delaware on March 18, 2021 pursuant to a confirmation order, and went effective on April 1, 2021 (the “HighPoint Acquisition”). The Prepackaged Plan implements the merger (the “Merger”) and restructuring transactions in accordance with the Agreement and Plan of Merger, dated as of November 9, 2020 (the “Merger Agreement”), by and among Bonanza Creek, HighPoint and Boron Merger Sub, Inc., a wholly-owned subsidiary of Bonanza Creek (“Merger Sub”). Pursuant to the Prepackaged Plan and the Merger Agreement, at the effective time of the Merger (the “Effective Time”) and the effective date under the Prepackaged Plan, Merger Sub merged with and into HighPoint, with HighPoint continuing as the surviving corporation and wholly-owned subsidiary of Bonanza Creek. At the Effective Time, each eligible share of common stock, par value $0.001 per share, of HighPoint issued and outstanding immediately prior to the Effective Time was automatically converted into the right to receive 0.11464 shares of common stock, par value $0.01 per share, of Bonanza Creek (“Bonanza Creek Common Stock”), with cash paid in lieu of the issuance of any fractional shares. As a result, the Company issued approximately 487,952 shares of Bonanza Creek Common Stock to former HighPoint stockholders. Concurrently with the Merger and pursuant to the Prepackaged Plan, and in exchange for the $625 million in aggregate principal amount outstanding of 7.0% Senior Notes due 2022 of HighPoint Operating Company (“HighPoint OpCo”) and 8.75% Senior Notes due 2025 of HighPoint OpCo (collectively, the “HighPoint Senior Notes”), Bonanza Creek issued to all holders of HighPoint Senior Notes an aggregate of (i) 9,314,214 shares of Bonanza Creek Common Stock and (ii) $100 million aggregate principal amount of 7.5% Senior Notes due 2026 of Bonanza Creek (“Bonanza Creek Senior Notes”). Immediately after the Effective Time, in connection with the Merger, Bonanza Creek entered into the Second Amendment, dated April 1, 2021, to the Credit Facility to, among other things: (i) increase the aggregate maximum commitment amount from $750,000,000 to $1,000,000,000; (ii) increase the available borrowing base from $260,000,000 to $500,000,000; (iii) increase (A) the LIBOR floor from zero to .50% and (B) the alternate base rate floor from zero to 1.50%; (iv) increase the maximum amount of unrestricted cash and cash equivalents subject to a first priority lien in favor of the Administrative Agent that can be netted against total debt in the calculation of the maximum permitted leverage ratio, from $25,000,000 to $35,000,000; (v) decrease for any fiscal quarter ending on or after April 1, 2021, the maximum permitted net leverage ratio from 3.50 to 3.0; and (vi) amend certain other covenants and provisions. In addition, the maximum permitted leverage ratio for purposes of making a restricted payment, investment, or optional or voluntary redemption was decreased from 2.75 to 1.0; however, a new provision was added that allows restricted payments that do not exceed available free cash flow, so long as there are no deficiencies or defaults under the Credit Facility, the leverage ratio does not exceed 2.25 to 1.0, and borrowings under the Credit Facility do not exceed 80% of the borrowing base. Under the Credit Facility and as amended by the Second Amendment, Bonanza Creek’s Credit Facility will be guaranteed by all restricted domestic subsidiaries of Bonanza Creek including by HighPoint and its subsidiaries, and will be secured by first priority security interests on substantially all assets, including a mortgage on at least 90% of the total value of the proved oil and gas properties evaluated in the most recently delivered reserve reports prior to the amendment effective date, including any engineering reports relating to the oil and gas properties of HighPoint and its subsidiaries, of each of Bonanza Creek, all restricted domestic subsidiaries of Bonanza Creek and HighPoint and its subsidiaries, in each case, subject to customary exceptions. Acquisition costs of $3.3 million related to the HighPoint Acquisition are included in merger transaction costs in the Company's statements of operations for the three months ended March 31, 2021. We expect to account for the HighPoint Acquisition under the acquisition method of accounting for business combinations and are currently in the process of determining preliminary estimated acquisition date fair values of identifiable assets acquired and liabilities assumed. HighPoint's post-acquisition date results of operations will be incorporated into the Company's interim condensed consolidated financial statements for the three and six months ended June 30, 2021. HighPoint Legal Proceedings Upon closing of the HighPoint Acquisition, the Company assumed all obligations, whether asserted or unasserted, of HighPoint Resources Corporation. As of the filing date of this report, there were no probable, material pending, or overtly threatened legal actions against the Company that were associated with HighPoint of which it was aware, other than the following: On June 15, 2020, Sterling Energy Investments LLC (“Sterling”) filed a complaint against HighPoint Operating Corporation, a subsidiary of HighPoint Resources Corporation, for breach of contract related to a Gas Purchase Agreement dated effective November 1, 2017. Sterling alleges that HighPoint OpCo breached the contract by failing to use reasonable commercial efforts to deliver to Sterling at Sterling’s receipt points all quantities of gas not otherwise dedicated to other gas purchase agreements. Sterling seeks monetary damages in an amount not yet specified. On July 31, 2020, the HighPoint Resources Corporation filed a counterclaim against Sterling for breach of Sterling’s obligations under the Gas Purchase Agreement. The Company continues to vigorously deny Sterling’s claims and is seeking monetary damages in an amount not yet specified. The case is scheduled to go to trial in July 2021. At this time, the Company is unable to determine whether any loss is probable or reasonably estimate a range of such loss, and accordingly has not recognized any liability associated with this matter. Disclosure of certain environmental matters is required when a governmental authority is a party to the proceedings and the proceedings involve potential monetary sanctions that the Company believes could exceed $300,000. HighPoint Resources Corporation received Notices of Alleged Violations (“NOAV”) from the Colorado Oil and Gas Conservation Commission (“COGCC”) alleging violations of various Colorado statutes and COGCC regulations governing oil and gas operations. The Company continues to engage in discussions regarding resolution of the alleged violations. The Company recognized approximately $1.3 million upon acquiring HighPoint Resources Corporation associated with the NOAVs, as they are probable and reasonably estimable.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments as necessary for a fair presentation of our financial position and results of operations. The financial information as of December 31, 2020, has been derived from the audited financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”), but does not include all disclosures, including notes required by GAAP. As such, this quarterly report should be read in conjunction with the consolidated financial statements and related notes included in our 2020 Form 10-K. The Company follows the same accounting principles for preparing quarterly and annual reports. In connection with the preparation of the condensed consolidated financial statements, the Company evaluated subsequent events after the balance sheet date of March 31, 2021, through the filing date of this report.
Principles of Consolidation	Principles of Consolidation The condensed consolidated balance sheets (“balance sheets”) include the accounts of the Company and its wholly owned subsidiaries, Bonanza Creek Energy Operating Company, LLC, Holmes Eastern Company, LLC, and Rocky Mountain Infrastructure, LLC. All intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of oil and gas reserves, assets and liabilities, and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the three months ended March 31, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Further these estimates and other factors, including those outside of the Company's control, such as the impact of lower commodity prices, may impact the Company's business, financial condition, results of operations and cash flows.
Revenue Recognition	Revenue Recognition Sales of oil, natural gas, and NGLs are recognized when performance obligations are satisfied at the point control of the product is transferred to the customer. The Company's contracts' pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of the oil or natural gas, and prevailing supply and demand conditions. As a result, the price of the oil, natural gas, and NGLs fluctuates to remain competitive with other available oil, natural gas, and NGLs supplies. As further described in Note 6 - Commitments and Contingencies , one contract with NGL Crude Logistics, LLP (“NGL Crude”, known as the “NGL Crude agreement”) has an additional aspect of variable consideration related to the minimum volume commitments (“MVCs”) as specified in the agreement. On an on-going basis, the Company performs an analysis of expected risk adjusted production applicable to the NGL Crude agreement based on approved production plans to determine if liquidated damages to NGL Crude are probable. As of March 31, 2021, the Company believes that the volumes delivered to NGL Crude will be in excess of the MVCs required then and for the upcoming approved production plan. As a result of this analysis, to date, no variable consideration related to potential liquidated damages has been considered in the transaction price for the NGL Crude agreement. Under the oil sales contracts, the Company sells oil production at the wellhead, or other contractually agreed-upon delivery points, and collects an agreed-upon index price, net of pricing differentials. In this scenario, the Company recognizes revenue when control transfers to the purchaser at the wellhead, or other contractually agreed-upon delivery point, at the net contracted price received. Under the natural gas processing contracts, the Company delivers natural gas to an agreed-upon delivery point. The delivery points are specified within each contract, and the transfer of control varies between the inlet and outlet of the midstream processing facility. The midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sales of NGLs and residue gas. For the contracts where the Company maintains control through the outlet of the midstream processing facility, the Company recognizes revenue on a gross basis, with gathering, transportation, and processing fees presented as an expense in the Company's accompanying condensed consolidated statements of operations and comprehensive income (loss) (“statements of operations”). Alternatively, for those contracts where the Company relinquishes control at the inlet of the midstream processing facility, the Company recognizes natural gas and NGLs revenues based on the contracted amount of the proceeds received from the midstream processing entity and, as a result, the Company recognizes revenue on a net basis. Under the product sales contracts, the Company invoices customers once the performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company's product sales contracts do not give rise to contract assets or liabilities under this guidance. At March 31, 2021 and December 31, 2020, the Company's receivables from contracts with customers were $37.6 million and $32.7 million, respectively. Payment is generally received within 30 to 60 days after the date of production.
Accounting Pronouncements Recently Adopted and Issued	Accounting Pronouncements Recently Adopted and Issued In March 2020, the FASB issued Update No. 2020-04, Reference Rate Reform (Topic 848), which provides temporary optional guidance to companies impacted by the transition away from the LIBOR. The amendment provides certain expedients and exceptions to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that reference LIBOR as a benchmark rate are modified. Further, in January 2021, the FASB issued Update No. 2021-01, Reference Rate Reform (Topic 848), which clarifies the scope of Topic 848 so that derivatives affected by the discounting transition are explicitly eligible for certain optional expedients and exceptions in Topic 848. These amendments are effective upon issuance and expire on December 31, 2022. The Company is currently assessing the impact of the LIBOR transition on the Company's condensed consolidated financial statements. There are no other accounting standards applicable to the Company that would have a material effect on the Company's condensed consolidated financial statements and disclosures that have been issued but not yet adopted by the Company as of March 31, 2021, and through the filing date of this report.
Fair Value Measurements	The Company follows fair value measurement authoritative guidance, which defines fair value, establishes a framework for using fair value to measure assets and liabilities, and expands disclosures about fair value measurements. The authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The statement establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: Level 1: Quoted prices are available in active markets for identical assets or liabilities Level 2: Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable Level 3: Significant inputs to the valuation model are unobservable

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Disaggregation of Revenue	Revenue attributable to each identified revenue stream is disaggregated below (in thousands): Three Months Ended March 31, 2021 2020 Operating Revenues: Crude oil sales $ 50,064 $ 51,146 Natural gas sales 13,132 6,018 Natural gas liquids sales 10,963 3,241 Oil and gas sales $ 74,159 $ 60,405
Schedule of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets, which sums to the total of such amounts shown in the accompanying condensed consolidated statements of cash flows (“statements of cash flows”) (in thousands): As of March 31, 2021 2020 Cash and cash equivalents $ 38,695 $ 11,052 Restricted cash (1) 102 95 Total cash, cash equivalents, and restricted cash $ 38,797 $ 11,147 __________________________ (1) Included in other noncurrent assets and consists of funds for road maintenance and repairs.
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets, which sums to the total of such amounts shown in the accompanying condensed consolidated statements of cash flows (“statements of cash flows”) (in thousands): As of March 31, 2021 2020 Cash and cash equivalents $ 38,695 $ 11,052 Restricted cash (1) 102 95 Total cash, cash equivalents, and restricted cash $ 38,797 $ 11,147 __________________________ (1) Included in other noncurrent assets and consists of funds for road maintenance and repairs.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Balance Sheet Activity, Asset Classes	The Company's right-of-use assets and lease liabilities are recognized at their discounted present value on the balance sheet, which include leases related to the asset classes reflected as of the dates indicated in the table below (in thousands): March 31, 2021 December 31, 2020 Operating leases Field equipment (1) $ 26,350 $ 27,537 Corporate leases 1,201 1,481 Vehicles 357 468 Total right-of-use asset $ 27,908 $ 29,486 Field equipment (1) $ 26,350 $ 27,537 Corporate leases 1,536 1,900 Vehicles 357 468 Total lease liability $ 28,243 $ 29,905 Finance leases Right-of-use asset - field equipment (1) $ 219 $ 219 Lease liability - field equipment (1) $ 96 $ 117 __________________________ (1) Includes compressors, certain gas processing equipment, and other field equipment.
Summary of Operating Lease Costs and Summary of Supplemental Cash Flow Information	The following table summarizes the components of the Company's gross lease costs incurred during the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Operating lease cost (1) $ 3,337 $ 3,491 Finance lease cost: Amortization of right-of-use assets 3 2 Interest on lease liabilities 1 1 Short-term lease cost 47 1,590 Variable lease cost (2) (30) 91 Sublease income (3) (92) (89) Total lease cost $ 3,266 $ 5,086 ____________________________ (1) Includes office rent expense of $0.3 million for each of the three months ended March 31, 2021 and 2020. (2) Variable lease cost represents differences between lease obligations and actual costs incurred for certain leases that do not have fixed payments related to both lease and non-lease components. Such incremental costs include lease payment increases or decreases driven by market price fluctuations and leased asset maintenance costs. (3) The Company has subleased a portion of its office space for the remainder of the office lease term. Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,150 $ 3,133 Operating cash flows from finance leases 1 1 Financing cash flows from finance leases 21 10 Right-of-use assets obtained in exchange for new operating lease obligations $ 1,489 $ 5,444 Right-of-use assets obtained in exchange for new finance lease obligations — 219
Schedule of Weighted-Average Information	The Company's weighted-average remaining lease terms and discount rates for operating leases as of March 31, 2021 are as follows: Operating Leases Weighted-average lease term (years) 2.6 Weighted-average discount rate 3.81%
Schedule of Future Minimum Commitments for Operating Leases	As of March 31, 2021, future commitments by year for the Company's operating and finance leases with a lease term of one year or more are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the balance sheet as follows (in thousands): Operating Leases Finance Leases (1) Remainder of 2021 $ 10,151 $ 96 2022 10,448 — 2023 6,430 — 2024 2,471 — 2025 139 — Thereafter 5 — Total lease payments 29,644 96 Less: imputed interest (1,401) — Total lease liability $ 28,243 $ 96 ____________________________ (1) Represents the Company's exercise of the 1-year equipment purchase option in the second quarter of 2021.
Schedule of Future Minimum Commitments for Finance Leases	As of March 31, 2021, future commitments by year for the Company's operating and finance leases with a lease term of one year or more are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the balance sheet as follows (in thousands): Operating Leases Finance Leases (1) Remainder of 2021 $ 10,151 $ 96 2022 10,448 — 2023 6,430 — 2024 2,471 — 2025 139 — Thereafter 5 — Total lease payments 29,644 96 Less: imputed interest (1,401) — Total lease liability $ 28,243 $ 96 ____________________________ (1) Represents the Company's exercise of the 1-year equipment purchase option in the second quarter of 2021.

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses contain the following (in thousands): As of March 31, 2021 As of December 31, 2020 Accrued drilling and completion costs $ 4,824 $ 453 Accounts payable trade 14,006 1,931 Accrued general and administrative expense 3,306 7,529 Accrued lease operating expense 1,936 1,793 Accrued interest expense 329 322 Accrued oil and gas hedging 2,036 — Accrued production and ad valorem taxes and other 13,170 25,397 Total accounts payable and accrued expenses $ 39,607 $ 37,425

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Annual Minimum Commitment Payments	The annual minimum commitment payments under the NGL Crude agreement for the next five years as of March 31, 2021 are presented below (in thousands): NGL Crude Commitments (1) Remainder of 2021 $ 17,571 2022 23,097 2023 4,202 2024 — 2025 — 2026 and thereafter — Total $ 44,870 ____________________________ (1) The above calculation is based on the minimum volume commitment schedule (as defined in the NGL Crude agreement) and applicable differential fees.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Share-Based Compensation Expense	The Company recorded compensation expense related to the awards granted under the LTIP as follows (in thousands): Three Months Ended March 31, 2021 2020 Restricted stock units $ 1,321 $ 1,301 Performance stock units 291 (193) Stock options — 131 Total stock-based compensation $ 1,612 $ 1,239
Summary of Unrecognized Compensation Expense	As of March 31, 2021, unrecognized compensation expense will be amortized through the relevant periods as follows (in thousands): Unrecognized Compensation Expense Final Year of Recognition Restricted stock units $ 6,469 2023 Performance stock units 1,489 2022 $ 7,958
Summary of the Status and Activity of Non-vested Restricted Stock	A summary of the status and activity of non-vested restricted stock units for the three months ended March 31, 2021 is presented below: Restricted Stock Units Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 550,056 $ 20.30 Granted 146 35.73 Vested (109) 35.73 Forfeited (109) 27.42 Non-vested, end of quarter 549,984 $ 20.30
Summary of the Status and Activity of Non-Vested Performance Stock	A summary of the status and activity of performance stock units for the three months ended March 31, 2021 is presented below: Performance Stock Units (1) Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 185,588 $ 22.63 Granted — — Vested — — Forfeited — — Non-vested, end of quarter 185,588 $ 22.63 ___________________________ (1) The number of awards assumes that the associated performance condition is met at the target amount. The final number of shares of the Company's common stock issued may vary depending on the performance multiplier, which ranges from zero to two, depending on the level of satisfaction of the performance condition.
Summary of the Status and Activity of Non-Vested Units	A summary of the status and activity of stock options for the three months ended March 31, 2021 is presented below: Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, beginning of year 72,368 $ 34.36 Granted — — Exercised (429) 34.36 Forfeited (222) 34.36 Outstanding, end of quarter 71,717 $ 34.36 6.1 $ 98 Number of options outstanding and exercisable 71,717 $ 34.36 6.1 $ 98

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial and Non-Financial Assets and Liabilities at Fair Value on Recurring Basis	The following tables present the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis and their classification within the fair value hierarchy (in thousands): As of March 31, 2021 Level 1 Level 2 Level 3 Derivative assets $ — $ 92 $ — Derivative liabilities $ — $ 19,970 $ — As of December 31, 2020 Level 1 Level 2 Level 3 Derivative assets $ — $ 7,482 $ — Derivative liabilities $ — $ 7,732 $ —

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2021
Asset Retirement Obligation [Abstract]
Schedule of Asset Retirement Obligations	A roll-forward of the Company's asset retirement obligation is as follows (in thousands): Amount Beginning balance as of December 31, 2020 $ 28,699 Liabilities settled (406) Additions 127 Accretion expense 244 Ending balance as of March 31, 2021 $ 28,664

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Commodity Derivative Contracts	As of March 31, 2021, the Company had entered into the following commodity derivative contracts: Crude Oil Natural Gas Natural Gas Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu MMBtu/day Weighted Avg. Basis Differential to CIG Price per MMBtu MMBtu/day Weighted Avg. Price per MMBtu 2Q21 Cashless Collar 2,500 $34.40/$49.82 20,000 $2.25/$2.52 — — — — Swap 4,000 $54.13 — — 20,000 $0.43 — — 3Q21 Cashless Collar 3,000 $30.00/$50.62 20,000 $2.25/$2.52 — — 20,000 $2.15/$2.75 Swap 2,500 $54.45 — — 20,000 $0.43 — — 4Q21 Cashless Collar 4,000 $30.63/$50.34 20,000 $2.25/$2.52 — — 20,000 $2.15/$2.75 Swap 1,000 $55.20 — — 20,000 $0.43 — — 1Q22 Cashless Collar 5,000 $33.64/$54.96 — — — — 20,000 $2.15/$2.75 2Q22 Cashless Collar 3,500 $35.19/$58.86 — — — — 20,000 $2.15/$2.75 3Q22 Cashless Collar 2,000 $37.84/$61.19 — — — — — — 4Q22 Cashless Collar 1,500 $38.78/$63.33 — — — — — — As of the filing date of this report, the Company had entered into the following commodity derivative contracts, including the commodity derivative contracts novated in conjunction with the HighPoint Acquisition (see Note 13 - Subsequent Events for further discussion): Crude Oil Natural Gas Natural Gas Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu MMBtu/day Weighted Avg. Basis Differential to CIG Price per MMBtu MMBtu/day Weighted Avg. Price per MMBtu 2Q21 Cashless Collar 2,500 $34.40/$49.82 20,000 $2.25/$2.52 — — — — Swap 14,000 $54.20 — — 20,000 $0.43 20,000 $2.12 Oil Roll Swaps (1) 4,000 $0.16 — — — — — — 3Q21 Cashless Collar 3,000 $30.00/$50.62 20,000 $2.25/$2.52 — — 20,000 $2.15/$2.75 Swap 9,500 $54.41 — — 20,000 $0.43 20,000 $2.12 Oil Roll Swaps (1) 4,500 $0.16 — — — — — — 4Q21 Cashless Collar 4,000 $30.63/$50.34 20,000 $2.25/$2.52 — — 20,000 $2.15/$2.75 Swap 8,000 $54.49 — — 20,000 $0.43 13,370 $2.13 Oil Roll Swaps (1) 4,500 $0.16 — — — — — — 1Q22 Cashless Collar 5,500 $34.21/$56.56 — — — — 20,000 $2.15/$2.75 Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swaps (1) 2,000 $0.22 — — — — — — Swaptions 4,000 $55.06 — — — — — — 2Q22 Cashless Collar 4,000 $35.79/$60.57 — — — — 20,000 $2.15/$2.75 Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swaps (1) 2,000 $0.22 — — — — — — Swaptions 4,000 $55.06 — — — — — — 3Q22 Cashless Collar 2,500 $38.27/$63.45 — — — — — — Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swaps (1) 2,000 $0.22 — — — — — — Swaptions 2,000 $55.13 — — — — — — 4Q22 Cashless Collar 2,000 $39.09/$65.63 — — — — — — Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swaps (1) 2,000 $0.22 — — — — — — Swaptions 2,000 $55.13 — — — — — — _______________________________ (1) The weighted average differential represents the amount of reduction to NYMEX WTI prices for the notional volumes covered by the swap contracts.
Schedule of Derivatives and Balance Sheet Location	The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as of the dates indicated in the table below (in thousands): March 31, 2021 December 31, 2020 Derivative Assets: Commodity contracts - current $ — $ 7,482 Commodity contracts - noncurrent 92 — Derivative Liabilities: Commodity contracts - current (18,549) (6,402) Commodity contracts - noncurrent (1,421) (1,330) Total derivative assets (liabilities), net $ (19,878) $ (250)
Summary of Components of Derivative Gain (Loss) Statements of Operations	The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands): Three Months Ended March 31, 2021 2020 Derivative cash settlement gain (loss): Oil contracts $ (2,822) $ 10,438 Gas contracts (969) 816 Total derivative cash settlement gain (loss) (1) (3,791) 11,254 Change in fair value gain (loss) (19,628) 89,165 Total derivative gain (loss) (1) $ (23,419) $ 100,419 _______________________________

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Calculation of Earnings Per Basic and Diluted Shares	The Company uses the treasury stock method to calculate earnings per share as shown in the following table (in thousands, except per share amounts): Three Months Ended March 31, 2021 2020 Net income (loss) $ (119) $ 78,551 Basic net income (loss) per common share $ (0.01) $ 3.80 Diluted net income (loss) per common share $ (0.01) $ 3.80 Weighted-average shares outstanding - basic 20,839 20,649 Add: dilutive effect of contingent stock awards — 35 Weighted-average shares outstanding - diluted 20,839 20,684

BASIS OF PRESENTATION - NARRATI

BASIS OF PRESENTATION - NARRATIVE (Details)	3 Months Ended
	Mar. 31, 2021USD ($)segment	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments | segment	1
Receivables from contracts with customers	$ 37,644,000		$ 32,673,000
Abandonment and impairment of unproved properties	$ 0	$ 30,057,000

BASIS OF PRESENTATION - DISAGGR

BASIS OF PRESENTATION - DISAGGREGATED REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 74,159	$ 60,405
Crude oil sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	50,064	51,146
Natural gas sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	13,132	6,018
Natural gas liquids sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 10,963	$ 3,241

BASIS OF PRESENTATION - CASH, C

BASIS OF PRESENTATION - CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 38,695	$ 24,743	$ 11,052
Restricted cash	102		95
Total cash, cash equivalents, and restricted cash	$ 38,797	$ 24,845	$ 11,147	$ 11,095

LEASES - ASSETS AND LIABILITIES

LEASES - ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating leases
Total right-of-use asset	$ 27,908	$ 29,486
Total lease liability	28,243	29,905
Finance leases
Lease liability - field equipment	96
Field equipment
Operating leases
Total right-of-use asset	26,350	27,537
Total lease liability	26,350	27,537
Finance leases
Right-of-use asset - field equipment	219	219
Lease liability - field equipment	96	117
Corporate leases
Operating leases
Total right-of-use asset	1,201	1,481
Total lease liability	1,536	1,900
Vehicles
Operating leases
Total right-of-use asset	357	468
Total lease liability	$ 357	$ 468

LEASES - LEASE COST (Details)

LEASES - LEASE COST (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 3,337	$ 3,491
Finance lease cost:
Amortization of right-of-use assets	3	2
Interest on lease liabilities	1	1
Short-term lease cost	47	1,590
Variable lease cost	(30)	91
Sublease income	(92)	(89)
Total lease cost	3,266	5,086
Office rent expense	$ 300	$ 300

LEASES - WEIGHTED-AVERAGE AND D

LEASES - WEIGHTED-AVERAGE AND DISCOUNT RATE INFORMATION (Details)	Mar. 31, 2021
Operating Leases
Weighted-average lease term (years)	2 years 7 months 6 days
Weighted-average discount rate	3.81%

LEASES - SUPPLEMENTAL CASH FLOW

LEASES - SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 3,150	$ 3,133
Operating cash flows from finance leases	1	1
Financing cash flows from finance leases	21	10
Right-of-use assets obtained in exchange for new operating lease obligations	1,489	5,444
Right-of-use assets obtained in exchange for new finance lease obligations	$ 0	$ 219

LEASES - LEASE MATURITIES (Deta

LEASES - LEASE MATURITIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Operating Leases
Remainder of 2021	$ 10,151
2022	10,448
2023	6,430
2024	2,471
2025	139
Thereafter	5
Total lease payments	29,644
Less: imputed interest	(1,401)
Total lease liability	28,243	$ 29,905
Finance Leases
Remainder of 2021	96
2022	0
2023	0
2024	0
2025	0
Thereafter	0
Total lease payments	96
Less: imputed interest	0
Total lease liability	$ 96
Equipment purchase option, period	1 year

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts payable and accrued expenses contain the following:
Accrued drilling and completion costs	$ 4,824	$ 453
Accounts payable trade	14,006	1,931
Accrued general and administrative expense	3,306	7,529
Accrued lease operating expense	1,936	1,793
Accrued interest expense	329	322
Accrued oil and gas hedging	2,036	0
Accrued production and ad valorem taxes and other	13,170	25,397
Total accounts payable and accrued expenses	$ 39,607	$ 37,425

LONG-TERM DEBT - NARRATIVE (Det

LONG-TERM DEBT - NARRATIVE (Details)	Jun. 18, 2020	Dec. 31, 2018USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	May 03, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)
Debt Instrument [Line Items]
Interest expense			$ 400,000	$ 1,200,000
Capitalized interest expense			0	$ 1,000,000
Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 750,000,000
Borrowing base						$ 260,000,000	$ 260,000,000
Minimum current ratio covenant		1
Credit facility outstanding			0			0
Revolver | Subsequent Event
Debt Instrument [Line Items]
Credit facility outstanding					$ 129,000,000
Revolver | Other Noncurrent Assets
Debt Instrument [Line Items]
Deferred financing costs			700,000			700,000
Revolver | Prepaid Expenses and Other
Debt Instrument [Line Items]
Deferred financing costs			$ 400,000			$ 400,000
Revolver | Amended Credit Agreement
Debt Instrument [Line Items]
Maximum net leverage ratio	3.50
Revolver | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread		0.00%
Revolver | Minimum | Eurodollar | Amended Credit Agreement
Debt Instrument [Line Items]
Basis spread	2.00%
Revolver | Minimum | Reference Rate | Amended Credit Agreement
Debt Instrument [Line Items]
Basis spread	1.00%
Revolver | Maximum | Eurodollar | Amended Credit Agreement
Debt Instrument [Line Items]
Basis spread	3.00%
Revolver | Maximum | Reference Rate | Amended Credit Agreement
Debt Instrument [Line Items]
Basis spread	2.00%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - NARRATIVE (Details) bbl in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)claimbbl	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long-term Purchase Commitment [Line Items]
Number of claims | claim	0
NGL
Long-term Purchase Commitment [Line Items]
Periodic deficiency payment, incremental payment period	6 months
Minimum differential fee | $	$ 44,870
Notification period, prior to agreement expiration date, optional extended term (at least)	12 months
Optional extended term (up to)	3 years
NGL | Crude Oil
Long-term Purchase Commitment [Line Items]
Purchase commitment, volume required annual increase					3.00%
Maximum volume requirement | bbl	16
NGL | Crude Oil | Scenario, Forecast
Long-term Purchase Commitment [Line Items]
Purchase commitment, volume required annual increase		3.00%	3.00%	3.00%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - NGL PURCHASE AGREEMENT (Details) - NGL $ in Thousands	Mar. 31, 2021USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
Remainder of 2021	$ 17,571
2022	23,097
2023	4,202
2024	0
2025	0
2026 and thereafter	0
Total	$ 44,870

STOCK-BASED COMPENSATION - NARR

STOCK-BASED COMPENSATION - NARRATIVE (Details) - LTIP - shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2017
STOCK-BASED COMPENSATION
Shares reserved for future issuance (in shares)		2,467,430
Granted (in shares)	0
Restricted stock units
STOCK-BASED COMPENSATION
Number of shares released upon vesting (in shares)	1
Vesting period	3 years
Granted (in shares)	146
Restricted stock units | Vesting Period One
STOCK-BASED COMPENSATION
Vesting percent of shares	33.00%
Restricted stock units | Vesting Period Two
STOCK-BASED COMPENSATION
Vesting percent of shares	33.00%
Restricted stock units | Vesting Period Three
STOCK-BASED COMPENSATION
Vesting percent of shares	33.00%
Performance stock units
STOCK-BASED COMPENSATION
Vesting period	3 years
Granted (in shares)	0
Number of trading days	30 days
TSR criterion percentage	67.00%
ROCE criterion percentage	33.00%
Performance stock units | Minimum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company	0
Performance stock units | Maximum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company	2
Stock options
STOCK-BASED COMPENSATION
Expiration period	10 years
Granted (in shares)	0

STOCK-BASED COMPENSATION - SCHE

STOCK-BASED COMPENSATION - SCHEDULE OF EXPENSES (Details) - LTIP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
STOCK-BASED COMPENSATION
Total stock-based compensation	$ 1,612	$ 1,239
Restricted stock units
STOCK-BASED COMPENSATION
Total stock-based compensation	1,321	1,301
Performance stock units
STOCK-BASED COMPENSATION
Total stock-based compensation	291	(193)
Stock options
STOCK-BASED COMPENSATION
Total stock-based compensation	$ 0	$ 131

STOCK-BASED COMPENSATION - UNRE

STOCK-BASED COMPENSATION - UNRECOGNIZED COMPENSATION EXPENSE (Details) $ in Thousands	Mar. 31, 2021USD ($)
STOCK-BASED COMPENSATION
Unrecognized Compensation Expense	$ 7,958
Restricted stock units
STOCK-BASED COMPENSATION
Unrecognized Compensation Expense	6,469
Performance stock units
STOCK-BASED COMPENSATION
Unrecognized Compensation Expense	$ 1,489

STOCK-BASED COMPENSATION - ACTI

STOCK-BASED COMPENSATION - ACTIVITY OF NON-VESTED STOCK, OTHER THAN OPTIONS (Details) - LTIP	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Restricted Stock Units
Shares
Non-vested, beginning of year (in shares) | shares	550,056
Granted (in shares) | shares	146
Vested (in shares) | shares	(109)
Forfeited (in shares) | shares	(109)
Non-vested, end of quarter (in shares) | shares	549,984
Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year (in dollars per share) | $ / shares	$ 20.30
Granted (in dollars per share) | $ / shares	35.73
Vested (in dollars per share) | $ / shares	35.73
Forfeited (in dollars per share) | $ / shares	27.42
Non-vested, end of quarter (in dollars per share) | $ / shares	$ 20.30
Performance Stock Units
Shares
Non-vested, beginning of year (in shares) | shares	185,588
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Forfeited (in shares) | shares	0
Non-vested, end of quarter (in shares) | shares	185,588
Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year (in dollars per share) | $ / shares	$ 22.63
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Non-vested, end of quarter (in dollars per share) | $ / shares	$ 22.63
Performance Stock Units | Minimum
Weighted-Average Grant-Date Fair Value
Ratio at which award holders get common stock of the company	0
Performance Stock Units | Maximum
Weighted-Average Grant-Date Fair Value
Ratio at which award holders get common stock of the company	2

STOCK-BASED COMPENSATION - AC_2

STOCK-BASED COMPENSATION - ACTIVITY OF STOCK OPTIONS (Details) - LTIP - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Stock Options
Outstanding, beginning of year (in shares)	72,368
Granted (in shares)	0
Exercised (in shares)	(429)
Forfeited (in shares)	(222)
Outstanding, end of quarter (in shares)	71,717	72,368
Number of options outstanding and exercisable (in shares)	71,717
Weighted-Average Exercise Price
Outstanding, beginning of year (in dollars per share)	$ 34.36
Granted (in dollars per share)	0
Exercised (in dollars per share)	34.36
Forfeited (in dollars per share)	34.36
Outstanding, end of quarter (in dollars per share)	34.36	$ 34.36
Number of options outstanding and exercisable (in dollars per share)	$ 34.36
Additional Information
Weighted-Average Remaining Contractual Term (in years)	6 years 1 month 6 days
Weighted-Average Remaining Contractual Term, Number of options outstanding and exercisable (in years)	6 years 1 month 6 days
Aggregate Intrinsic Value (in thousands)	$ 98
Aggregate Intrinsic Value, Number of options outstanding and exercisable (in thousands)	$ 98

FAIR VALUE MEASUREMENTS - SCHED

FAIR VALUE MEASUREMENTS - SCHEDULE OF NON-FINANCIAL ASSETS AND LIABILITIES (Details) - Estimate of Fair Value Measurement - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Level 1
Financial assets and liabilities accounted for at fair value
Derivative assets	$ 0	$ 0
Derivative liabilities	0	0
Level 2
Financial assets and liabilities accounted for at fair value
Derivative assets	92	7,482
Derivative liabilities	19,970	7,732
Level 3
Financial assets and liabilities accounted for at fair value
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

FAIR VALUE MEASUREMENTS - NARRA

FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Proved oil and gas property impairments	$ 0	$ 0

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - SCHEDULE OF ROLL FORWARD ACTIVITY (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance as of December 31, 2020	$ 28,699
Liabilities settled	(406)
Additions	127
Accretion expense	244
Ending balance as of March 31, 2021	$ 28,664

DERIVATIVES - NARRATIVE (Detail

DERIVATIVES - NARRATIVE (Details)	Mar. 31, 2021derivative
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of derivative instruments qualified for hedging instruments	0

DERIVATIVES - COMMODITY DERIVAT

DERIVATIVES - COMMODITY DERIVATIVE CONTRACTS (Details) - Scenario, Forecast	3 Months Ended
	Dec. 31, 2022MMBTU$ / bbl$ / MMBTUbbl	Sep. 30, 2022MMBTU$ / bbl$ / MMBTUbbl	Jun. 30, 2022MMBTU$ / MMBTU$ / bblbbl	Mar. 31, 2022MMBTU$ / MMBTU$ / bblbbl	Dec. 31, 2021MMBTU$ / MMBTU$ / bblbbl	Sep. 30, 2021MMBTU$ / MMBTU$ / bblbbl	Jun. 30, 2021MMBTU$ / MMBTU$ / bblbbl
Crude Oil (NYMEX WTI) | Cashless Collar
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl	1,500	2,000	3,500	5,000	4,000	3,000	2,500
Crude Oil (NYMEX WTI) | Cashless Collar | Subsequent Event
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl	2,000	2,500	4,000	5,500	4,000	3,000	2,500
Crude Oil (NYMEX WTI) | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively) | $ / bbl	38.78	37.84	35.19	33.64	30.63	30	34.40
Crude Oil (NYMEX WTI) | Cashless Collar | Minimum | Subsequent Event
Derivative [Line Items]
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively) | $ / bbl	39.09	38.27	35.79	34.21	30.63	30	34.40
Crude Oil (NYMEX WTI) | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively) | $ / bbl	63.33	61.19	58.86	54.96	50.34	50.62	49.82
Crude Oil (NYMEX WTI) | Cashless Collar | Maximum | Subsequent Event
Derivative [Line Items]
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively) | $ / bbl	65.63	63.45	60.57	56.56	50.34	50.62	49.82
Crude Oil (NYMEX WTI) | Swap
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl					1,000	2,500	4,000
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively) | $ / bbl					55.20	54.45	54.13
Crude Oil (NYMEX WTI) | Swap | Subsequent Event
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl	1,000	1,000	1,000	1,000	8,000	9,500	14,000
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively) | $ / bbl	50.15	50.15	50.15	50.15	54.49	54.41	54.20
Crude Oil (NYMEX WTI) | Oil Roll Swaps | Subsequent Event
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl	2,000	2,000	2,000	2,000	4,500	4,500	4,000
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively) | $ / bbl	0.22	0.22	0.22	0.22	0.16	0.16	0.16
Crude Oil (NYMEX WTI) | Swaptions | Subsequent Event
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl	2,000	2,000	4,000	4,000
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively) | $ / bbl	55.13	55.13	55.06	55.06
Natural Gas (NYMEX Henry Hub) | Cashless Collar
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU					20,000	20,000	20,000
Natural Gas (NYMEX Henry Hub) | Cashless Collar | Subsequent Event
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU					20,000	20,000	20,000
Natural Gas (NYMEX Henry Hub) | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Avg., price (in dollars per MMBtu)					2.25	2.25	2.25
Natural Gas (NYMEX Henry Hub) | Cashless Collar | Minimum | Subsequent Event
Derivative [Line Items]
Weighted Avg., price (in dollars per MMBtu)					2.25	2.25	2.25
Natural Gas (NYMEX Henry Hub) | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Avg., price (in dollars per MMBtu)					2.52	2.52	2.52
Natural Gas (NYMEX Henry Hub) | Cashless Collar | Maximum | Subsequent Event
Derivative [Line Items]
Weighted Avg., price (in dollars per MMBtu)					2.52	2.52	2.52
Natural Gas (CIG Basis) | Swap
Derivative [Line Items]
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively)					0.43	0.43	0.43
Natural Gas, notional amount (in MMBtu per day) | MMBTU					20,000	20,000	20,000
Natural Gas (CIG Basis) | Swap | Subsequent Event
Derivative [Line Items]
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively)					0.43	0.43	0.43
Natural Gas, notional amount (in MMBtu per day) | MMBTU					20,000	20,000	20,000
Natural Gas (CIG) | Cashless Collar
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU			20,000	20,000	20,000	20,000
Natural Gas (CIG) | Cashless Collar | Subsequent Event
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU			20,000	20,000	20,000	20,000
Natural Gas (CIG) | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Avg., price (in dollars per MMBtu)			2.15	2.15	2.15	2.15
Natural Gas (CIG) | Cashless Collar | Minimum | Subsequent Event
Derivative [Line Items]
Weighted Avg., price (in dollars per MMBtu)			2.15	2.15	2.15	2.15
Natural Gas (CIG) | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Avg., price (in dollars per MMBtu)			2.75	2.75	2.75	2.75
Natural Gas (CIG) | Cashless Collar | Maximum | Subsequent Event
Derivative [Line Items]
Weighted Avg., price (in dollars per MMBtu)			2.75	2.75	2.75	2.75
Natural Gas (CIG) | Swap | Subsequent Event
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU	10,000	10,000	10,000	10,000	13,370	20,000	20,000
Weighted Avg., price (in dollars per MMBtu)	2.13	2.13	2.13	2.13	2.13	2.12	2.12

DERIVATIVES - DERIVATIVE POSITI

DERIVATIVES - DERIVATIVE POSITIONS (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivatives measured at fair value
Total derivative assets (liabilities), net	$ (19,878)	$ (250)
Commodity | Commodity contracts - current
Derivatives measured at fair value
Derivative Assets	0	7,482
Commodity | Commodity contracts - noncurrent
Derivatives measured at fair value
Derivative Assets	92	0
Commodity | Commodity contracts - current
Derivatives measured at fair value
Derivative Liabilities	(18,549)	(6,402)
Commodity | Commodity contracts - noncurrent
Derivatives measured at fair value
Derivative Liabilities	$ (1,421)	$ (1,330)

DERIVATIVES - DERIVATIVE GAIN (

DERIVATIVES - DERIVATIVE GAIN (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Components of the derivative loss
Total derivative gain (loss)	$ (23,419)	$ 100,419
Commodity derivative
Components of the derivative loss
Total derivative cash settlement gain (loss)	(3,791)	11,254
Change in fair value gain (loss)	(19,628)	89,165
Total derivative gain (loss)	(23,419)	100,419
Commodity derivative | Oil contracts
Components of the derivative loss
Total derivative cash settlement gain (loss)	(2,822)	10,438
Commodity derivative | Gas contracts
Components of the derivative loss
Total derivative cash settlement gain (loss)	$ (969)	$ 816

EARNINGS PER SHARE - NARRATIVE

EARNINGS PER SHARE - NARRATIVE (Details)	3 Months Ended
	Mar. 31, 2021shares	Mar. 31, 2020shares
STOCK-BASED COMPENSATION
Antidilutive securities excluded from EPS calculation (in shares)	807,782	648,476
LTIP | Minimum | Performance stock units
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company	0
LTIP | Maximum | Performance stock units
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company	2

EARNINGS PER SHARE - SCHEDULE O

EARNINGS PER SHARE - SCHEDULE OF EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ (119)	$ 78,551
Basic net income (loss) per common share (in dollars per share)	$ (0.01)	$ 3.80
Diluted net income (loss) per common share (in dollars per share)	$ (0.01)	$ 3.80
Weighted-average shares outstanding - basic (in shares)	20,839	20,649
Add: dilutive effect of contingent stock awards (in shares)	0	35
Weighted-average shares outstanding - diluted (in shares)	20,839	20,684

INCOME TAXES - NARRATIVE (Detai

INCOME TAXES - NARRATIVE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax benefit	$ 44,000	$ 0
Unrecognized tax benefits	$ 0		$ 0

SUBSEQUENT EVENTS - NARRATIVE (

SUBSEQUENT EVENTS - NARRATIVE (Details)	Apr. 01, 2021USD ($)$ / sharesshares	Mar. 31, 2021USD ($)$ / shares	Dec. 31, 2018USD ($)	Mar. 31, 2021USD ($)$ / shares	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)$ / shares	Jun. 30, 2020USD ($)	Jun. 18, 2020
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01		$ 0.01
Merger transaction costs				$ 3,295,000	$ 0
Revolver
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 750,000,000
Borrowing base						$ 260,000,000	$ 260,000,000
Revolver | Minimum | LIBOR
Subsequent Event [Line Items]
Basis spread			0.00%
Amended Credit Agreement | Revolver
Subsequent Event [Line Items]
Maximum net leverage ratio								3.50
Highpoint Resources Corporation
Subsequent Event [Line Items]
Merger transaction costs				3,300,000
Highpoint Resources Corporation | Amended Credit Agreement | Revolver
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 750,000,000		750,000,000
Borrowing base		260,000,000		260,000,000
Maximum permitted leverage ratio, amount		$ 25,000,000		$ 25,000,000
Maximum net leverage ratio		3.50		3.50
Maximum leverage ratio, restricted payment, restricted investment, optional or voluntary redemption		2.75		2.75
Highpoint Resources Corporation | Amended Credit Agreement | Revolver | Minimum | LIBOR
Subsequent Event [Line Items]
Basis spread		0.00%
Highpoint Resources Corporation | Amended Credit Agreement | Revolver | Minimum | Base Rate
Subsequent Event [Line Items]
Basis spread		0.00%
Highpoint Resources Corporation | Subsequent Event
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Exchange ratio (in shares) | shares	0.11464
Highpoint Resources Corporation | Subsequent Event | Former HighPoint Stockholders
Subsequent Event [Line Items]
Common stock, shares issued (in shares) | shares	487,952
Highpoint Resources Corporation | Subsequent Event | Holders of HighPoint Senior Notes
Subsequent Event [Line Items]
Common stock, shares issued (in shares) | shares	9,314,214
Highpoint Resources Corporation | Subsequent Event | Sterling Energy Investments LLC vs HighPoint Operating Corporation Litigation | Pending Litigation
Subsequent Event [Line Items]
Litigation liability	$ 1,300,000
Highpoint Resources Corporation | Subsequent Event | Amended Credit Agreement | Revolver
Subsequent Event [Line Items]
Maximum borrowing capacity	1,000,000,000
Borrowing base	500,000,000
Maximum permitted leverage ratio, amount	$ 35,000,000
Maximum net leverage ratio	3
Maximum leverage ratio, restricted payment, restricted investment, optional or voluntary redemption	1
Maximum leverage ratio, restricted payments allowed, do not exceed available free cash flow, if circumstances met	2.25
Maximum leverage ratio, restricted payments allowed, do not exceed available free cash flow, if circumstances met, borrowings as a percent of borrowing base	80.00%
Highpoint Resources Corporation | Subsequent Event | Amended Credit Agreement | Revolver | Minimum
Subsequent Event [Line Items]
First priority security interests, mortgage on total value of proved oil and gas properties, minimum percentage	90.00%
Highpoint Resources Corporation | Subsequent Event | Amended Credit Agreement | Revolver | Minimum | LIBOR
Subsequent Event [Line Items]
Basis spread	0.50%
Highpoint Resources Corporation | Subsequent Event | Amended Credit Agreement | Revolver | Minimum | Base Rate
Subsequent Event [Line Items]
Basis spread	1.50%
Highpoint Resources Corporation | Subsequent Event | Senior Notes | Senior Notes Due 2026 | Holders of HighPoint Senior Notes
Subsequent Event [Line Items]
Aggregate principal amount	$ 100,000,000
Interest rate	7.50%
Highpoint Resources Corporation | Highpoint Resources Corporation | Subsequent Event
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.001
Highpoint Resources Corporation | HighPoint Operating Company | Subsequent Event | Senior Notes | Senior Notes Due 2022 and Senior Notes Due 2025
Subsequent Event [Line Items]
Aggregate principal amount	$ 625,000,000
Highpoint Resources Corporation | HighPoint Operating Company | Subsequent Event | Senior Notes | Senior Notes Due 2022
Subsequent Event [Line Items]
Interest rate	7.00%
Highpoint Resources Corporation | HighPoint Operating Company | Subsequent Event | Senior Notes | Senior Notes Due 2025
Subsequent Event [Line Items]
Interest rate	8.75%