Civitas Resources (CIVI) 10-Q 29 Oct 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)		30,861,324
Entity Central Index Key	0001509589
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 40,410	$ 24,743
Accounts receivable, net:
Oil and gas sales	86,414	32,673
Joint interest and other	14,512	14,748
Prepaid expenses and other	6,421	3,574
Inventory of oilfield equipment	12,161	9,185
Derivative assets (note 10)	0	7,482
Total current assets	159,918	92,405
Property and equipment (successful efforts method):
Proved properties	1,707,481	1,056,773
Less: accumulated depreciation, depletion, and amortization	(299,028)	(211,432)
Total proved properties, net	1,408,453	845,341
Unproved properties	96,419	98,122
Wells in progress	68,013	50,609
Other property and equipment, net of accumulated depreciation of $4,256 in 2021 and $3,737 in 2020	5,562	3,239
Total property and equipment, net	1,578,447	997,311
Right-of-use assets (note 4)	28,046	29,705
Deferred income tax assets (note 12)	165,666	60,520
Other noncurrent assets	5,007	2,871
Total assets	1,937,084	1,182,812
Current liabilities:
Accounts payable and accrued expenses (note 2)	95,051	37,425
Oil and gas revenue distribution payable	62,644	18,613
Lease liability (note 4)	11,624	12,044
Derivative liability (note 10)	92,784	6,402
Total current liabilities	262,103	74,484
Long-term liabilities:
Senior notes (note 5)	100,000	0
Credit facility (note 5)	60,000	0
Lease liability (note 4)	16,733	17,978
Ad valorem taxes and other	21,192	15,069
Derivative liability (note 10)	9,044	1,330
Asset retirement obligations for oil and gas properties (note 9)	50,762	28,699
Total liabilities	519,834	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, 30,858,813 and 20,839,227 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	4,378	4,282
Additional paid-in capital	1,085,968	707,209
Retained earnings	326,904	333,761
Total stockholders’ equity	1,417,250	1,045,252
Total liabilities and stockholders’ equity	$ 1,937,084	$ 1,182,812

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Other property and equipment, accumulated depreciation	$ 4,256	$ 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)	30,858,813	20,839,227
Common stock, shares outstanding (in shares)	30,858,813	20,839,227

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating net revenues:
Oil and gas sales	$ 189,963,000	$ 58,858,000	$ 420,157,000	$ 155,455,000
Operating expenses:
Lease operating expense	11,560,000	5,393,000	28,649,000	16,887,000
Severance and ad valorem taxes	9,205,000	(7,063,000)	23,622,000	1,588,000
Exploration	1,513,000	66,000	5,156,000	551,000
Depreciation, depletion, and amortization	35,604,000	23,439,000	89,433,000	67,306,000
Abandonment and impairment of unproved properties	0	223,000	2,215,000	30,589,000
Unused commitments	3,364,000	0	7,692,000	0
Bad debt expense	279,000	102,000	279,000	678,000
Merger transaction costs	5,580,000	888,000	27,121,000	909,000
General and administrative expense (including $2,289, $1,723, $6,096, and $4,436 respectively, of stock-based compensation)	11,724,000	8,031,000	33,119,000	25,845,000
Total operating expenses	96,097,000	39,827,000	261,393,000	167,661,000
Other income (expense):
Derivative gain (loss)	(36,224,000)	(10,670,000)	(133,613,000)	64,603,000
Interest expense, net	(3,025,000)	(356,000)	(6,685,000)	(1,557,000)
Gain (loss) on property transactions, net	951,000	0	951,000	(1,398,000)
Other income (expense)	687,000	(65,000)	964,000	(1,853,000)
Total other income (expense)	(37,611,000)	(11,091,000)	(138,383,000)	59,795,000
Income from operations before taxes	56,255,000	7,940,000	20,381,000	47,589,000
Income tax expense	(15,596,000)	(4,689,000)	(5,160,000)	(4,689,000)
Net income	40,659,000	3,251,000	15,221,000	42,900,000
Comprehensive income	$ 40,659,000	$ 3,251,000	$ 15,221,000	$ 42,900,000
Net income per common share:
Basic (in dollars per share)	$ 1.32	$ 0.16	$ 0.55	$ 2.07
Diluted (in dollars per share)	$ 1.31	$ 0.16	$ 0.55	$ 2.06
Weighted-average common shares outstanding:
Basic (in shares)	30,849	20,832	27,485	20,753
Diluted (in shares)	31,138	20,903	27,839	20,826
Midstream operating expense
Operating expenses:
Operating expenses	$ 3,163,000	$ 3,970,000	$ 11,314,000	$ 11,338,000
Gathering, transportation, and processing
Operating expenses:
Operating expenses	$ 14,105,000	$ 4,778,000	$ 32,793,000	$ 11,970,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
General and administrative expense, stock-based compensation	$ 2,289	$ 1,723	$ 6,096	$ 4,436

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, 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]
Net income (loss)	42,900
Balance at end of period (in shares) at Sep. 30, 2020		20,834,028
Balance at end of period at Sep. 30, 2020	982,952	$ 4,282	705,537	273,133
Balance at beginning of period (in shares) at Mar. 31, 2020		20,655,082
Balance at beginning of period at Mar. 31, 2020	1,016,419	$ 4,284	703,351	308,784
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		228,149
Stock used for tax withholdings (in shares)		(56,904)
Stock used for tax withholdings	(953)	$ (2)	(951)
Stock-based compensation	1,474		1,474
Net income (loss)	(38,902)			(38,902)
Balance at end of period (in shares) at Jun. 30, 2020		20,826,327
Balance at end of period at Jun. 30, 2020	978,038	$ 4,282	703,874	269,882
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		10,849
Stock used for tax withholdings (in shares)		(3,148)
Stock used for tax withholdings	(60)		(60)
Stock-based compensation	1,723		1,723
Net income (loss)	3,251			3,251
Balance at end of period (in shares) at Sep. 30, 2020		20,834,028
Balance at end of period at Sep. 30, 2020	982,952	$ 4,282	705,537	273,133
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
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]
Net income (loss)	15,221
Balance at end of period (in shares) at Sep. 30, 2021		30,858,813
Balance at end of period at Sep. 30, 2021	1,417,250	$ 4,378	1,085,968	326,904
Balance at beginning of period (in shares) at Mar. 31, 2021		20,839,727
Balance at beginning of period at Mar. 31, 2021	$ 1,046,760	$ 4,282	708,836	333,642
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance pursuant to acquisition (in shares)	9,802,166
Issuance pursuant to acquisition	$ 374,933	$ 98	374,835
Restricted common stock issued (in shares)		261,539
Stock used for tax withholdings (in shares)		(70,330)
Stock used for tax withholdings	(2,816)	$ (2)	(2,814)
Exercise of stock options (in shares)		11,523
Exercise of stock options	394		394
Stock-based compensation	2,195		2,195
Dividends declared	(11,033)			(11,033)
Net income (loss)	(25,319)			(25,319)
Balance at end of period (in shares) at Jun. 30, 2021		30,844,625
Balance at end of period at Jun. 30, 2021	1,385,114	$ 4,378	1,083,446	297,290
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		5,987
Stock used for tax withholdings (in shares)		(1,725)
Stock used for tax withholdings	(74)		(74)
Exercise of stock options (in shares)		9,926
Exercise of stock options	307		307
Stock-based compensation	2,289		2,289
Dividends declared	(11,045)			(11,045)
Net income (loss)	40,659			40,659
Balance at end of period (in shares) at Sep. 30, 2021		30,858,813
Balance at end of period at Sep. 30, 2021	$ 1,417,250	$ 4,378	$ 1,085,968	$ 326,904

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income		$ 15,221,000	$ 42,900,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization		89,433,000	67,306,000
Deferred income tax expense		5,368,000	4,689,000
Abandonment and impairment of unproved properties		2,215,000	30,589,000
Stock-based compensation		6,096,000	4,436,000
Non-cash lease component		14,000	(168,000)
Amortization of deferred financing costs		963,000	772,000
Derivative (gain) loss		133,613,000	(64,603,000)
Derivative cash settlement gain (loss)		(50,536,000)	42,494,000
(Gain) loss on property transactions, net		(951,000)	1,398,000
Other		0	(1,166,000)
Changes in current assets and liabilities:
Accounts receivable, net		(17,050,000)	24,262,000
Prepaid expenses and other assets		2,244,000	3,364,000
Accounts payable and accrued liabilities		9,504,000	(41,692,000)
Settlement of asset retirement obligations		(3,891,000)	(3,137,000)
Net cash provided by operating activities		192,243,000	111,444,000
Cash flows from investing activities:
Acquisition of oil and gas properties		(620,000)	(853,000)
Cash acquired		49,827,000	0
Exploration and development of oil and gas properties		(104,207,000)	(56,216,000)
Additions to other property and equipment		(72,000)	(440,000)
Proceeds from note receivable		204,000	0
Net cash used in investing activities		(54,868,000)	(57,509,000)
Cash flows from financing activities:
Proceeds from credit facility		155,000,000	45,000,000
Payments to credit facility		(249,000,000)	(105,000,000)
Proceeds from exercise of stock options		716,000	0
Payment of employee tax withholdings in exchange for the return of common stock		(2,890,000)	(1,074,000)
Dividends paid		(21,598,000)	0
Deferred financing costs		(3,915,000)	(13,000)
Principal payments on finance lease obligations		(21,000)	(71,000)
Net cash used in financing activities		(121,708,000)	(61,158,000)
Net change in cash, cash equivalents, and restricted cash		15,667,000	(7,223,000)
Cash, cash equivalents, and restricted cash:
Beginning of period		24,845,000	11,095,000
End of period		40,512,000	3,872,000
Supplemental cash flow disclosure
Cash paid for interest, net of capitalization	[1]	1,684,000	1,472,000
Receivables exchanged for additional interests in oil and gas properties	[1]	0	8,299,000
Changes in working capital related to drilling expenditures	[1]	$ (22,175,000)	$ 610,000
[1]	(1) Refer to Note 4 - Leases in the notes to the condensed consolidated financial statements for supplemental cash flows related to leases.

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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. Certain prior period amounts have been reclassified to conform to the current period presentation. In connection with the preparation of the condensed consolidated financial statements, the Company evaluated subsequent events after the balance sheet date of September 30, 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. 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 and nine months ended September 30, 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 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 September 30, 2021, the Company believes that the volumes delivered to NGL Crude will be in excess of the MVCs required based on our approved future 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 September 30, 2021 and December 31, 2020, the Company's receivables from contracts with customers were $86.4 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 September 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating Revenues: Crude oil sales $ 131,360 $ 47,251 $ 297,515 $ 127,331 Natural gas sales 24,764 5,742 53,064 16,472 Natural gas liquids sales 33,839 5,865 69,578 11,652 Oil and gas sales $ 189,963 $ 58,858 $ 420,157 $ 155,455 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 September 30, 2021 2020 Cash and cash equivalents $ 40,410 $ 3,777 Restricted cash (1) 102 95 Total cash, cash equivalents, and restricted cash $ 40,512 $ 3,872 __________________________ (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 and nine months ended September 30, 2021, the Company incurred zero and $2.2 million, respectively, in abandonment and impairment of unproved properties compared to $0.2 million and $30.6 million during the three and nine months ended September 30, 2020, respectively, due to the reassessment of estimated probable and possible reserve locations based primarily upon economic viability and the expiration of non-core leases. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses contain the following (in thousands): As of September 30, 2021 As of December 31, 2020 Accrued drilling and completion costs $ 22,628 $ 453 Accounts payable trade 11,740 1,931 Accrued general and administrative expense 6,667 4,942 Accrued merger transaction costs 991 2,587 Accrued lease operating expense 2,893 1,793 Accrued interest expense 4,359 322 Accrued oil and gas hedging 6,767 — Accrued production and ad valorem taxes and other 39,006 25,397 Total accounts payable and accrued expenses $ 95,051 $ 37,425 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 September 30, 2021, and through the filing date of this report.

ACQUISITIONS & DIVESTITURES

ACQUISITIONS & DIVESTITURES	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS & DIVESTITURES	ACQUISITIONS & DIVESTITURES HighPoint Acquisition On April 1, 2021, Bonanza Creek 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 Merger”). The Prepackaged Plan implements the merger and restructuring transactions in accordance with the Agreement and Plan of Merger, dated as of November 9, 2020 (the “HighPoint 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 HighPoint Merger Agreement, at the effective time of the HighPoint 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 HighPoint 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 Corporation (“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 7.5% Senior Notes”). Please refer to Note 5 - Long-term Debt for further discussion of the Bonanza Creek 7.5% Senior Notes. Immediately after the Effective Time, in connection with the HighPoint Merger, Bonanza Creek entered into the Second Amendment, dated April 1, 2021, to the Credit Facility. Please refer to Note 5 - Long-term Debt for further discussion. The following tables present the HighPoint Merger consideration and purchase price allocation of the assets acquired and the liabilities assumed in the HighPoint Merger: Merger Consideration (in thousands except per share amount) Shares of Bonanza Creek Common Stock issued to existing holders of HighPoint Common Stock (1) 488 Shares of Bonanza Creek Common Stock issued to existing holders of HighPoint Senior Notes 9,314 Total additional shares of Bonanza Creek Common Stock issued as merger consideration 9,802 Closing price per share of Bonanza Creek Common Stock (2) $ 38.25 Merger consideration paid in shares of Bonanza Creek Common Stock $ 374,933 Aggregate principal amount of Bonanza Creek 7.5% Senior Notes 100,000 Total merger consideration $ 474,933 _________________________ (1) Based on the number of shares of HighPoint Common Stock issued and outstanding as of April 1, 2021 and the conversion ratio of 0.11464 per share of Bonanza Creek Common Stock. (2) Based on the closing stock price of Bonanza Creek Common Stock on April 1, 2021. Purchase Price Allocation (in thousands) Assets Acquired Cash and cash equivalents $ 49,827 Accounts receivable - oil and gas sales 26,343 Accounts receivable - joint interest and other 9,161 Prepaid expenses and other 3,608 Inventory of oilfield equipment 4,688 Proved properties 539,820 Other property and equipment, net of accumulated depreciation 2,769 Right-of-use assets 4,010 Deferred income tax assets 110,513 Other noncurrent assets 797 Total assets acquired $ 751,536 Liabilities Assumed Accounts payable and accrued expenses $ 51,088 Oil and gas revenue distribution payable 20,786 Lease liability 744 Derivative liability 13,481 Current portion of long-term debt 154,000 Lease liability (long-term) 3,266 Ad valorem taxes 3,746 Derivative liability (long-term) 5,019 Asset retirement obligations for oil and gas properties 24,473 Total liabilities assumed 276,603 Net assets acquired $ 474,933 As part of the HighPoint Merger, the Company obtained net operating losses of $170.6 million. The HighPoint Merger was accounted for under the acquisition method of accounting for business combinations. Accordingly, we conducted assessments of the net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while transaction and integration costs associated with the acquisition were expensed as incurred. The fair value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market, and therefore represent Level 3 inputs. The fair values of crude oil and natural gas properties and asset retirement obligations were measured using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs to the valuation of proved oil and gas properties include estimates of reserves, future operating and development costs, future commodity prices, estimated future cash flows, and a market-based weighted-average cost of capital rate of approximately 13%. These inputs require significant judgments and estimates by management at the time of the valuation. The following unaudited pro forma financial information represents a summary of the consolidated results of operations for the nine months ended September 30, 2021 and for the three and nine months ended September 30, 2020, assuming the acquisition had been completed as of January 1, 2020. The financial information for the three months ended September 30, 2021 is included in our statement of operations and therefore does not require a pro forma disclosure. The pro forma financial information includes certain non-recurring pro forma adjustments that were directly attributable to the business combination. The pro forma financial information is not necessarily indicative of the results of operations that would have been achieved if the acquisition had been effective as of these dates, or of future results. Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2020 (in thousands, except per share data) Total revenue $ 126,163 $ 492,176 $ 345,626 Net income (loss) 16,030 (26,058) (1,007,643) Net income (loss) per common share: Basic $ 0.52 $ (0.84) $ (32.98) Diluted $ 0.52 $ (0.84) $ (32.98) Extraction Merger On May 9, 2021, Bonanza Creek, Raptor Eagle Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Bonanza Creek, and Extraction Oil & Gas, Inc., a Delaware corporation (“XOG”), entered into an Agreement and Plan of Merger (the “XOG Merger Agreement”), providing for a merger of equals between Bonanza Creek and XOG (the “XOG Merger”). The XOG Merger is expected to close in November 2021, contingent upon a number of factors disclosed in the XOG Merger Agreement. Once closed, the Company intends to increase annual dividend payments to approximately $1.60 per share. Crestone Peak Merger On June 6, 2021, Bonanza Creek, Raptor Condor Merger Sub 1, Inc., a Delaware corporation and a wholly owned subsidiary of Bonanza Creek (“Merger Sub 1”), Raptor Condor Merger Sub 2, LLC, a Delaware limited liability company and a wholly owned subsidiary of BCEI (“Merger Sub 2”), Crestone Peak Resources LP, a Delaware limited partnership (“CPR”), CPPIB Crestone Peak Resources America Inc., a Delaware corporation (“Crestone Peak”), Crestone Peak Resources Management LP, a Delaware limited partnership (“CPR Management LP”), and, Extraction Oil & Gas, Inc., a Delaware corporation, entered into an Agreement and Plan of Merger (the “Crestone Peak Merger Agreement”). The Crestone Peak Merger Agreement, among other things, provides for the Company's acquisition of Crestone Peak through (i) the merger of Merger Sub 1 with and into Crestone Peak (the “Merger Sub 1 Merger”), with Crestone Peak continuing its existence as the surviving corporation following the Merger Sub 1 Merger (the “Surviving Corporation”), and (ii) the subsequent merger of the Surviving Corporation with and into Merger Sub 2 (the “Merger Sub 2 Merger” and together with the Merger Sub 1 Merger, the “Crestone Peak Merger”), with Merger Sub 2 continuing as the surviving entity as a wholly owned subsidiary of Bonanza Creek. The closing of the Crestone Peak Merger is expressly conditioned on the closing of the previously announced XOG Merger pursuant to the XOG Merger Agreement. The Crestone Peak Merger is expected to close in conjunction with the XOG merger in November 2021, contingent upon a number of factors disclosed in the Crestone Peak Merger Agreement. Once closed, the Company intends to increase annual dividend payments to approximately $1.85 per share.

LEASES

LEASES	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Operating leases Field equipment (1) $ 20,716 $ 27,537 Corporate leases 6,519 1,481 Vehicles 811 468 Total right-of-use asset $ 28,046 $ 29,486 Field equipment (1) $ 20,716 $ 27,537 Corporate leases 6,830 1,900 Vehicles 811 468 Total lease liability $ 28,357 $ 29,905 Finance leases Right-of-use asset - field equipment (1) $ — $ 219 Lease liability - field equipment (1) $ — $ 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 and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost (1) $ 3,635 $ 3,462 $ 10,529 $ 10,560 Finance lease cost: Amortization of right-of-use assets — 6 3 13 Interest on lease liabilities — 1 1 3 Short-term lease cost 281 129 492 2,011 Variable lease cost (2) (9) (89) 56 (133) Sublease income (3) (91) (89) (274) (267) Total lease cost $ 3,816 $ 3,420 $ 10,807 $ 12,187 ____________________________ (1) Includes office rent expense of $0.5 million and $0.3 million for the three months ended September 30, 2021 and 2020, respectively, and $1.3 million and $0.8 million for the nine months ended September 30, 2021 and 2020, respectively. (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 one of its office spaces 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 September 30, 2021 are as follows: Operating Leases Weighted-average lease term (years) 3.2 Weighted-average discount rate 3.97% Supplemental cash flow information related to leases for the three and nine months ended September 30, 2021 and 2020 consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,293 $ 3,187 $ 9,783 $ 9,599 Operating cash flows from finance leases — 1 1 3 Financing cash flows from finance leases — 31 21 71 Right-of-use assets obtained in exchange for new operating lease obligations $ 3,136 $ 918 $ 8,635 $ 8,306 Right-of-use assets obtained in exchange for new finance lease obligations — — — 219 As of September 30, 2021, future commitments by year for the Company's operating 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 Remainder of 2021 $ 3,557 2022 11,594 2023 7,509 2024 3,564 2025 1,290 Thereafter 2,765 Total lease payments 30,279 Less: imputed interest (1,922) Total lease liability $ 28,357
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): September 30, 2021 December 31, 2020 Operating leases Field equipment (1) $ 20,716 $ 27,537 Corporate leases 6,519 1,481 Vehicles 811 468 Total right-of-use asset $ 28,046 $ 29,486 Field equipment (1) $ 20,716 $ 27,537 Corporate leases 6,830 1,900 Vehicles 811 468 Total lease liability $ 28,357 $ 29,905 Finance leases Right-of-use asset - field equipment (1) $ — $ 219 Lease liability - field equipment (1) $ — $ 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 and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost (1) $ 3,635 $ 3,462 $ 10,529 $ 10,560 Finance lease cost: Amortization of right-of-use assets — 6 3 13 Interest on lease liabilities — 1 1 3 Short-term lease cost 281 129 492 2,011 Variable lease cost (2) (9) (89) 56 (133) Sublease income (3) (91) (89) (274) (267) Total lease cost $ 3,816 $ 3,420 $ 10,807 $ 12,187 ____________________________ (1) Includes office rent expense of $0.5 million and $0.3 million for the three months ended September 30, 2021 and 2020, respectively, and $1.3 million and $0.8 million for the nine months ended September 30, 2021 and 2020, respectively. (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 one of its office spaces 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 September 30, 2021 are as follows: Operating Leases Weighted-average lease term (years) 3.2 Weighted-average discount rate 3.97% Supplemental cash flow information related to leases for the three and nine months ended September 30, 2021 and 2020 consisted of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,293 $ 3,187 $ 9,783 $ 9,599 Operating cash flows from finance leases — 1 1 3 Financing cash flows from finance leases — 31 21 71 Right-of-use assets obtained in exchange for new operating lease obligations $ 3,136 $ 918 $ 8,635 $ 8,306 Right-of-use assets obtained in exchange for new finance lease obligations — — — 219 As of September 30, 2021, future commitments by year for the Company's operating 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 Remainder of 2021 $ 3,557 2022 11,594 2023 7,509 2024 3,564 2025 1,290 Thereafter 2,765 Total lease payments 30,279 Less: imputed interest (1,922) Total lease liability $ 28,357

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Senior Notes In conjunction with the HighPoint Merger, Bonanza Creek issued $100 million aggregate principal amount of 7.5% Senior Notes due 2026 pursuant to an indenture (the “Indenture”), dated April 1, 2021, by and among Bonanza Creek, U.S. Bank National Association, as trustee (the “Trustee”), and the subsidiary guarantors party thereto. The Bonanza Creek 7.5% Senior Notes are the senior unsecured obligations of Bonanza Creek and the subsidiaries of Bonanza Creek that are guarantors of the Bonanza Creek 7.5% Senior Notes. The Indenture contains restrictive covenants that, among other things, restrict the ability of Bonanza Creek and each of its restricted subsidiaries to: (i) incur additional indebtedness and issue preferred stock; (ii) pay dividends or make other distributions in respect of Bonanza Creek common stock; (iii) make other restricted payments and investments; (iv) create liens; (v) restrict distributions or other payments from Bonanza Creek’s restricted subsidiaries; (v) sell assets, including capital stock of restricted subsidiaries; (vi) merge or consolidate with other entities; and (vi) enter into transactions with affiliates. These restrictive covenants are subject to a number of important qualifications and limitations. In addition, certain of these restrictive covenants will be suspended before the Bonanza Creek 7.5% Senior Notes mature if at any time no default or event of default exists under the Indenture and the Bonanza Creek 7.5% Senior Notes receive an investment grade rating from at least two ratings agencies. The Indenture also contains customary events of default. The Bonanza Creek 7.5% Senior Notes will be redeemable at the Company’s option (an “Optional Redemption”), in whole or in part, prior to April 30, 2022 at a redemption price equal to 107.5% of the aggregate principal to be redeemed, plus unpaid accrued interest, if any, through the Optional Redemption date. On or after April 30, 2022, the Optional Redemption price will be equal to 100.00% of the aggregate principal amount of the Bonanza Creek 7.5% Senior Notes to be redeemed, plus unpaid accrued interest, if any, through Optional Redemption date. The Bonanza Creek 7.5% Senior Notes will be fully and unconditionally guaranteed, jointly and severally, on a senior basis by each restricted subsidiary that guarantees a credit facility (as defined in the Indenture) of Bonanza Creek. Immediately after the Effective Time, HighPoint, HighPoint OpCo, and Fifth Pocket Production, LLC, a Colorado limited liability company (collectively, the “HighPoint guarantors”), Bonanza Creek, and the Trustee entered into a first supplemental indenture (the “First Supplemental Indenture”), dated April 1, 2021, to the Indenture, pursuant to which such HighPoint guarantors unconditionally guaranteed all of Bonanza Creek’s obligations under the Bonanza Creek 7.5% Senior Notes and the Indenture. 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 Credit Facility has a maturity date of December 7, 2023. The April 2021 redetermination as part of the Second Amendment (defined below) resulted in a borrowing base of $500.0 million, with elected commitments set at $400.0 million. The most recent redetermination was concluded in July 2021, resulting in a reaffirmation of the borrowing base at $500.0 million and aggregate elected commitments at $400.0 million. The next redetermination is set to occur in November 2021, unless otherwise redetermined through the closing of the XOG and Crestone Peak mergers. 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. The 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 payment thresholds, 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”) 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. Under the terms of the Credit Facility, as amended in June 2020 (the “First Amendment”), borrowings bore 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. On April 1, 2021, in conjunction with the HighPoint Merger, 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) to, among other things: (i) increase the aggregate maximum commitment amount from $750.0 million to $1.0 billion; (ii) increase the available borrowing base from $260.0 million to $500.0 million; (iii) increase the Eurodollar Rate margin to 3.00% to 4.00%; (iv) increase the Reference Rate margin to 2.00% to 3.00%; (v) increase (A) the LIBOR floor from 0% to .50% and (B) the alternate base rate floor from 0% to 1.50%; (vi) 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 (viii) amend certain other covenants and provisions. The Company was in compliance with all covenants as of September 30, 2021, and through the filing date of this report. As of September 30, 2021 and December 31, 2020, the Company had $60.0 million and zero, respectively, outstanding on the Credit Facility. As of the date of this filing, the outstanding balance was zero. The Company's Credit Facility approximates fair value as the applicable interest rates are floating. In connection with the Second Amendment, the Company capitalized an incremental $3.9 million in deferred financing costs. Of the total post-amortization net capitalized deferred financing costs, (i) $2.2 million and $0.7 million, as of September 30, 2021 and December 31, 2020, respectively, are presented within other noncurrent assets and (ii) $1.8 million and $0.4 million, as of September 30, 2021 and December 31, 2020, respectively, are presented within prepaid expenses and other line items in the accompanying balance sheets. Interest Expense For the three months ended September 30, 2021 and 2020, the Company incurred interest expense of $3.7 million and $0.7 million, respectively, and capitalized $0.6 million and $0.3 million during the three months ended September 30, 2021 and 2020, respectively. For the nine months ended September 30, 2021 and 2020, the Company incurred interest expense of $7.9 million and $3.3 million, respectively, and capitalized $1.2 million and $1.7 million during the nine months ended September 30, 2021 and 2020, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 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. Upon closing of the HighPoint Merger, 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 OpCo, a subsidiary of HighPoint Resources Corporation, for breach of contract related to a Gas Purchase Agreement, 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. HighPoint Resources OpCo filed a counterclaim against Sterling for breach of Sterling’s obligations under the Gas Purchase Agreement. The case was adjudicated in July 2021, and a decision was issued on October 25, 2021, finding in favor of HighPoint and awarding approximately $2.4 million in damages with respect to HighPoint’s counterclaim. 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 $0.3 million. 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. There were approximately $0.9 million worth of NOAVs dismissed by the COGCC during the quarter ended September 30, 2021. As of September 30, 2021, the Company has recognized approximately $0.9 million associated with the NOAVs, as they are probable and reasonably estimable. Commitments Firm Transportation Agreements. As part of the HighPoint Merger, the Company became party to two firm transportation contracts. Both firm transportation contracts required the pipeline to provide a guaranteed outlet for production through July 2021. The Company did not utilize the firm capacity on the natural gas pipelines and incurred deficiency payments totaling $3.4 million and $7.7 million for the three and nine months ended September 30, 2021, respectively, which are included in unused commitments expense in the statements of operations. Additionally, the Company is party to one firm pipeline transportation contract to provide a guaranteed outlet for production on an oil pipeline system. The contract requires the Company to pay minimum volume transportation charges on 8,500 gross barrels per day through April 2022 and 12,500 barrels per day thereafter through April 2025, regardless of the amount of pipeline capacity utilized by the Company. The aggregate financial commitment fee over the remaining term was $49.6 million as of September 30, 2021. The Company expects to utilize most, if not all, of the firm capacity on the oil pipeline system. Minimum Volume Agreements. 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 $41.7 million as of September 30, 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 Company is also party to minimum volume commitments to purchase fresh water from water suppliers as well as one minimum volume commitment for the delivery of natural gas volumes to a midstream entity for gathering and processing. These commitments require the Company to pay a fee associated with the minimum volumes regardless of the amount delivered. The aggregate financial commitment fee over the remaining term for these contracts was $3.0 million as of September 30, 2021. The minimum annual payments under the these agreements for the next five years as of September 30, 2021 are presented below (in thousands): Firm Transportation Minimum Volume (1) Remainder of 2021 $ 2,502 $ 6,209 2022 13,064 29,207 2023 14,600 9,314 2024 14,640 — 2025 4,800 — 2026 and thereafter — — Total $ 49,606 $ 44,730 ____________________________ (1) The above calculation is based on the minimum volume commitment schedule (as defined in the relevant agreements) and applicable differential fees. 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 4 - Leases

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Long Term Incentive Plans In 2017, the Company adopted a Long Term Incentive Plan (“2017 LTIP”), 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. Additionally, in June 2021, the Company adopted the 2021 Long Term Incentive Plan (“2021 LTIP”), which reserved an incremental 700,000 shares of common stock in addition to the 2017 LTIP. The 2017 LTIP and 2021 LTIP shall be collectively referred herein as the “LTIP”. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Restricted stock units $ 1,561 $ 1,350 $ 4,628 $ 3,935 Performance stock units 728 373 1,468 375 Stock options — — — 126 Total stock-based compensation $ 2,289 $ 1,723 $ 6,096 $ 4,436 As of September 30, 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 $ 8,886 2024 Performance stock units 4,911 2023 $ 13,797 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 nine months ended September 30, 2021, the Company granted 178,567 RSUs with a fair value of $6.1 million. A summary of the status and activity of non-vested restricted stock units for the nine months ended September 30, 2021 is presented below: Restricted Stock Units Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 550,056 $ 20.30 Granted 178,567 34.35 Vested (267,635) 21.12 Forfeited (23,586) 17.25 Non-vested, end of quarter 437,402 $ 25.69 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 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, when applicable, is based on the Company's annual return on average capital employed (“ROCE”) for each year during the three-year performance period. The total number of PSUs granted was split as follows for the relevant grant years: 2021 2020 2019 TSR 100 % 67 % 50 % ROCE — % 33 % 50 % 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 September 30, 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. During the nine months ended September 30, 2021, the Company granted 64,258 PSUs with a fair value of $4.4 million. 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 nine months ended September 30, 2021 is presented below: Performance Stock Units (1) Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 185,588 $ 22.63 Granted 64,258 68.99 Vested — — Forfeited — — Non-vested, end of quarter 249,846 $ 34.56 ___________________________ (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 nine months ended September 30, 2021. A summary of the status and activity of stock options for the nine months ended September 30, 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 (21,878) 34.36 Forfeited (510) 34.36 Outstanding, end of quarter 49,980 $ 34.36 5.6 $ 677 Number of options outstanding and exercisable 49,980 $ 34.36 5.6 $ 677 The aggregate intrinsic value of options exercised during the nine months ended September 30, 2021 was $0.2 million.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 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 September 30, 2021 Level 1 Level 2 Level 3 Derivative liabilities $ — $ 101,828 $ — As of December 31, 2020 Level 1 Level 2 Level 3 Derivative assets $ — $ 7,482 $ — Derivative liabilities $ — $ 7,732 $ — Senior Notes The Bonanza Creek 7.5% Senior Notes of $100.0 million, issued on April 1, 2021, are recorded at carrying value. There were no debt issuance costs, discounts or premiums associated with the Bonanza Creek 7.5% Senior Notes. The estimated fair value of the Bonanza Creek 7.5% Senior Notes of $100.8 million as of September 30, 2021 was based on quoted market prices, and as such, is designated as Level 1 within the valuation hierarchy. 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 and nine months ended September 30, 2021 and 2020.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended
	Sep. 30, 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 (3,885) Additions 24,658 Accretion expense 1,290 Ending balance as of September 30, 2021 $ 50,762

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 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. 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. Certain NYMEX calendar month average (“CMA”) settlement contracts contain a “CMA Roll Adjustment,” the calculation of which includes futures prices for contracts deliverable in, at the time, two forward months. The physical trade month average is compared to the prompt month futures contracts and weighted to reflect the amount of time during the delivery month that the forward months traded as the prompt month. The weighted adjustment values are added to the basic calendar month average to arrive at the Roll Adjusted settlement price for the month. “Oil roll swaps” fix the value of the roll adjustment. If the futures curve becomes more backwardated after entering the oil roll swap, we will pay the difference between the CMA Roll Adjustment and the oil roll swap price. If the futures curve becomes more in contango, we will receive the difference between the CMA Roll Adjustment and the oil roll swap price. 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 September 30, 2021 and the filing date of this report, 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 4Q21 Cashless Collar 10,500 $48.81/$67.63 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 Swap (1) 4,500 $0.16 — — — — — — 1Q22 Cashless Collar 6,500 $35.10/$59.44 — — — — 20,000 $2.15/$2.75 Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swap (1) 2,000 $0.22 — — — — — — Swaptions 4,000 $55.06 — — — — — — 2Q22 Cashless Collar 5,000 $36.64/$63.52 — — — — 20,000 $2.15/$2.75 Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swap (1) 2,000 $0.22 — — — — — — Swaptions 4,000 $55.06 — — — — — — 3Q22 Cashless Collar 4,200 $40.64/$67.74 20,000 $2.80/$4.20 — — — — Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swap (1) 2,000 $0.22 — — — — — — Swaptions 2,000 $55.13 — — — — — — 4Q22 Cashless Collar 3,700 $41.40/$69.50 20,000 $2.80/$4.20 — — — — Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swap (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): September 30, 2021 December 31, 2020 Derivative Assets: Commodity contracts – current $ — $ 7,482 Commodity contracts – noncurrent — — Derivative Liabilities: Commodity contracts – current (92,784) (6,402) Commodity contracts – noncurrent (9,044) (1,330) Total derivative assets (liabilities), net $ (101,828) $ (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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Derivative cash settlement gain (loss): Oil contracts $ (19,838) $ 9,165 $ (41,454) $ 42,088 Gas contracts (6,708) (538) (9,082) 406 Total derivative cash settlement gain (loss) (1) (26,546) 8,627 (50,536) 42,494 Change in fair value gain (loss) (9,678) (19,297) (83,077) 22,109 Total derivative gain (loss) (1) $ (36,224) $ (10,670) $ (133,613) $ 64,603 _______________________________

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income $ 40,659 $ 3,251 $ 15,221 $ 42,900 Basic net income per common share $ 1.32 $ 0.16 $ 0.55 $ 2.07 Diluted net income per common share $ 1.31 $ 0.16 $ 0.55 $ 2.06 Weighted-average shares outstanding - basic 30,849 20,832 27,485 20,753 Add: dilutive effect of contingent stock awards 276 71 343 73 Add: dilutive effect of exercisable stock options 13 — 11 — Weighted-average shares outstanding - diluted 31,138 20,903 27,839 20,826 There were 115,448 and 549,967 shares that were anti-dilutive for the three months ended September 30, 2021 and 2020, respectively, and 81,142 and 427,857 that were anti-dilutive for the nine months ended September 30, 2021 and 2020. The exercise price of the Company's stock warrants were in excess of the Company's stock price during the three and nine months ended September 30, 2020; therefore, they were excluded from the earnings per share calculation. The Company's warrants expired on April 30, 2020.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 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, and other permanent differences. During the three and nine months ended September 30, 2021, the Company recorded income tax expense of $15.6 million and $5.2 million, respectively, compared to $4.7 million of income tax expense for both the three and nine months ended September 30, 2020. As of September 30, 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	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS 5.0% Senior Notes due 2026 On October 13, 2021, Bonanza Creek completed its previously announced offering (the “Offering”) of $400.0 million aggregate principal amount of 5.0% Senior Notes due 2026 (the “Bonanza Creek 5.0% Senior Notes”). Following the closing of the Offering, the Company used the net proceeds from the Offering and cash on hand to repay all borrowings under the Credit Facility and expects to use the remainder to repay all borrowings outstanding under the Crestone Peak credit facility and for general corporate purposes. The Bonanza Creek 5.0% Senior Notes are subject to a special mandatory redemption (a “Special Mandatory Redemption”) in the event that the consummation of the XOG Merger and the Crestone Peak Merger, and, collectively, the “Mergers” does not occur on or before December 31, 2021 or if Bonanza Creek notifies the trustee that it will not pursue the consummation of the Mergers. In the event of a Special Mandatory Redemption, Bonanza Creek is required to redeem the Bonanza Creek 5.0% Senior Notes then outstanding at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption date. At any time prior to October 15, 2023, Bonanza Creek may redeem the Bonanza Creek 5.0% Senior Notes, in whole or in part, at a redemption price equal to the sum of (i) the principal amount thereof, plus (ii) the “make-whole” premium at the redemption date, plus (iii) accrued and unpaid interest, if any, to, but excluding, the date of redemption (subject to the right of the noteholders on the relevant record date to receive interest on the relevant interest payment date). On or after October 15, 2023, Bonanza Creek may redeem all or part of the Bonanza Creek 5.0% Senior Notes at redemption prices (expressed as percentages of the principal amount redeemed) equal to (i) 102.5% for the twelve-month period beginning on October 15, 2023; (ii) 101.25% for the twelve-month period beginning on October 15, 2024; and (iii) 100.0% for the twelve-month period beginning October 15, 2025 and at any time thereafter, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of the noteholders on the relevant record date to receive interest on the relevant interest payment date). Bonanza Creek may redeem up to 35% of the aggregate principal amount of the Bonanza Creek 5.0% Senior Notes at any time prior to October 15, 2023 with an amount not to exceed the net cash proceeds from certain equity offerings at a redemption price equal to 105.0% of the principal amount of the Bonanza Creek 5.0% Senior Notes redeemed, plus accrued and unpaid interest, if any, thereon to, but not including, the redemption date, provided, however, that (i) at least 65.0% of the aggregate principal amount of the Bonanza Creek 5.0% Senior Notes originally issued on the issue date (but excluding Bonanza Creek 5.0% Senior Notes held by BCEI and its subsidiaries) remains outstanding immediately after the occurrence of such redemption (unless all such Bonanza Creek 5.0% Senior Notes are redeemed substantially concurrently) and (ii) the redemption occurs within 180 days after the date of the closing of such equity offering.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 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. Certain prior period amounts have been reclassified to conform to the current period presentation. In connection with the preparation of the condensed consolidated financial statements, the Company evaluated subsequent events after the balance sheet date of September 30, 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. 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 and nine months ended September 30, 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 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 September 30, 2021, the Company believes that the volumes delivered to NGL Crude will be in excess of the MVCs required based on our approved future 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 September 30, 2021 and December 31, 2020, the Company's receivables from contracts with customers were $86.4 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 September 30, 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating Revenues: Crude oil sales $ 131,360 $ 47,251 $ 297,515 $ 127,331 Natural gas sales 24,764 5,742 53,064 16,472 Natural gas liquids sales 33,839 5,865 69,578 11,652 Oil and gas sales $ 189,963 $ 58,858 $ 420,157 $ 155,455
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 September 30, 2021 2020 Cash and cash equivalents $ 40,410 $ 3,777 Restricted cash (1) 102 95 Total cash, cash equivalents, and restricted cash $ 40,512 $ 3,872 __________________________ (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 September 30, 2021 2020 Cash and cash equivalents $ 40,410 $ 3,777 Restricted cash (1) 102 95 Total cash, cash equivalents, and restricted cash $ 40,512 $ 3,872 __________________________ (1) Included in other noncurrent assets and consists of funds for road maintenance and repairs.
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses contain the following (in thousands): As of September 30, 2021 As of December 31, 2020 Accrued drilling and completion costs $ 22,628 $ 453 Accounts payable trade 11,740 1,931 Accrued general and administrative expense 6,667 4,942 Accrued merger transaction costs 991 2,587 Accrued lease operating expense 2,893 1,793 Accrued interest expense 4,359 322 Accrued oil and gas hedging 6,767 — Accrued production and ad valorem taxes and other 39,006 25,397 Total accounts payable and accrued expenses $ 95,051 $ 37,425

ACQUISITIONS & DIVESTITURES (Ta

ACQUISITIONS & DIVESTITURES (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Merger Consideration and Preliminary Purchase Price Allocations	The following tables present the HighPoint Merger consideration and purchase price allocation of the assets acquired and the liabilities assumed in the HighPoint Merger: Merger Consideration (in thousands except per share amount) Shares of Bonanza Creek Common Stock issued to existing holders of HighPoint Common Stock (1) 488 Shares of Bonanza Creek Common Stock issued to existing holders of HighPoint Senior Notes 9,314 Total additional shares of Bonanza Creek Common Stock issued as merger consideration 9,802 Closing price per share of Bonanza Creek Common Stock (2) $ 38.25 Merger consideration paid in shares of Bonanza Creek Common Stock $ 374,933 Aggregate principal amount of Bonanza Creek 7.5% Senior Notes 100,000 Total merger consideration $ 474,933 _________________________ (1) Based on the number of shares of HighPoint Common Stock issued and outstanding as of April 1, 2021 and the conversion ratio of 0.11464 per share of Bonanza Creek Common Stock. (2) Based on the closing stock price of Bonanza Creek Common Stock on April 1, 2021. Purchase Price Allocation (in thousands) Assets Acquired Cash and cash equivalents $ 49,827 Accounts receivable - oil and gas sales 26,343 Accounts receivable - joint interest and other 9,161 Prepaid expenses and other 3,608 Inventory of oilfield equipment 4,688 Proved properties 539,820 Other property and equipment, net of accumulated depreciation 2,769 Right-of-use assets 4,010 Deferred income tax assets 110,513 Other noncurrent assets 797 Total assets acquired $ 751,536 Liabilities Assumed Accounts payable and accrued expenses $ 51,088 Oil and gas revenue distribution payable 20,786 Lease liability 744 Derivative liability 13,481 Current portion of long-term debt 154,000 Lease liability (long-term) 3,266 Ad valorem taxes 3,746 Derivative liability (long-term) 5,019 Asset retirement obligations for oil and gas properties 24,473 Total liabilities assumed 276,603 Net assets acquired $ 474,933
Schedule of Pro Forma Financial Information	The pro forma financial information is not necessarily indicative of the results of operations that would have been achieved if the acquisition had been effective as of these dates, or of future results. Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2020 (in thousands, except per share data) Total revenue $ 126,163 $ 492,176 $ 345,626 Net income (loss) 16,030 (26,058) (1,007,643) Net income (loss) per common share: Basic $ 0.52 $ (0.84) $ (32.98) Diluted $ 0.52 $ (0.84) $ (32.98)

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Operating leases Field equipment (1) $ 20,716 $ 27,537 Corporate leases 6,519 1,481 Vehicles 811 468 Total right-of-use asset $ 28,046 $ 29,486 Field equipment (1) $ 20,716 $ 27,537 Corporate leases 6,830 1,900 Vehicles 811 468 Total lease liability $ 28,357 $ 29,905 Finance leases Right-of-use asset - field equipment (1) $ — $ 219 Lease liability - field equipment (1) $ — $ 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 and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost (1) $ 3,635 $ 3,462 $ 10,529 $ 10,560 Finance lease cost: Amortization of right-of-use assets — 6 3 13 Interest on lease liabilities — 1 1 3 Short-term lease cost 281 129 492 2,011 Variable lease cost (2) (9) (89) 56 (133) Sublease income (3) (91) (89) (274) (267) Total lease cost $ 3,816 $ 3,420 $ 10,807 $ 12,187 ____________________________ (1) Includes office rent expense of $0.5 million and $0.3 million for the three months ended September 30, 2021 and 2020, respectively, and $1.3 million and $0.8 million for the nine months ended September 30, 2021 and 2020, respectively. (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 one of its office spaces for the remainder of the office lease term. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,293 $ 3,187 $ 9,783 $ 9,599 Operating cash flows from finance leases — 1 1 3 Financing cash flows from finance leases — 31 21 71 Right-of-use assets obtained in exchange for new operating lease obligations $ 3,136 $ 918 $ 8,635 $ 8,306 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 September 30, 2021 are as follows: Operating Leases Weighted-average lease term (years) 3.2 Weighted-average discount rate 3.97%
Schedule of Future Minimum Commitments for Operating Leases	As of September 30, 2021, future commitments by year for the Company's operating 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 Remainder of 2021 $ 3,557 2022 11,594 2023 7,509 2024 3,564 2025 1,290 Thereafter 2,765 Total lease payments 30,279 Less: imputed interest (1,922) Total lease liability $ 28,357

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Annual Minimum Commitment Payments	The minimum annual payments under the these agreements for the next five years as of September 30, 2021 are presented below (in thousands): Firm Transportation Minimum Volume (1) Remainder of 2021 $ 2,502 $ 6,209 2022 13,064 29,207 2023 14,600 9,314 2024 14,640 — 2025 4,800 — 2026 and thereafter — — Total $ 49,606 $ 44,730 ____________________________ (1) The above calculation is based on the minimum volume commitment schedule (as defined in the relevant agreements) and applicable differential fees.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Restricted stock units $ 1,561 $ 1,350 $ 4,628 $ 3,935 Performance stock units 728 373 1,468 375 Stock options — — — 126 Total stock-based compensation $ 2,289 $ 1,723 $ 6,096 $ 4,436
Summary of Unrecognized Compensation Expense and Vesting Criterion	As of September 30, 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 $ 8,886 2024 Performance stock units 4,911 2023 $ 13,797 2021 2020 2019 TSR 100 % 67 % 50 % ROCE — % 33 % 50 %
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 nine months ended September 30, 2021 is presented below: Restricted Stock Units Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 550,056 $ 20.30 Granted 178,567 34.35 Vested (267,635) 21.12 Forfeited (23,586) 17.25 Non-vested, end of quarter 437,402 $ 25.69
Summary of the Status and Activity of Non-Vested Performance Stock	A summary of the status and activity of performance stock units for the nine months ended September 30, 2021 is presented below: Performance Stock Units (1) Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 185,588 $ 22.63 Granted 64,258 68.99 Vested — — Forfeited — — Non-vested, end of quarter 249,846 $ 34.56 ___________________________ (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 nine months ended September 30, 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 (21,878) 34.36 Forfeited (510) 34.36 Outstanding, end of quarter 49,980 $ 34.36 5.6 $ 677 Number of options outstanding and exercisable 49,980 $ 34.36 5.6 $ 677

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 Level 1 Level 2 Level 3 Derivative liabilities $ — $ 101,828 $ — 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)	9 Months Ended
	Sep. 30, 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 (3,885) Additions 24,658 Accretion expense 1,290 Ending balance as of September 30, 2021 $ 50,762

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Commodity Derivative Contracts	As of September 30, 2021 and the filing date of this report, 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 4Q21 Cashless Collar 10,500 $48.81/$67.63 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 Swap (1) 4,500 $0.16 — — — — — — 1Q22 Cashless Collar 6,500 $35.10/$59.44 — — — — 20,000 $2.15/$2.75 Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swap (1) 2,000 $0.22 — — — — — — Swaptions 4,000 $55.06 — — — — — — 2Q22 Cashless Collar 5,000 $36.64/$63.52 — — — — 20,000 $2.15/$2.75 Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swap (1) 2,000 $0.22 — — — — — — Swaptions 4,000 $55.06 — — — — — — 3Q22 Cashless Collar 4,200 $40.64/$67.74 20,000 $2.80/$4.20 — — — — Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swap (1) 2,000 $0.22 — — — — — — Swaptions 2,000 $55.13 — — — — — — 4Q22 Cashless Collar 3,700 $41.40/$69.50 20,000 $2.80/$4.20 — — — — Swap 1,000 $50.15 — — — — 10,000 $2.13 Oil Roll Swap (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): September 30, 2021 December 31, 2020 Derivative Assets: Commodity contracts – current $ — $ 7,482 Commodity contracts – noncurrent — — Derivative Liabilities: Commodity contracts – current (92,784) (6,402) Commodity contracts – noncurrent (9,044) (1,330) Total derivative assets (liabilities), net $ (101,828) $ (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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Derivative cash settlement gain (loss): Oil contracts $ (19,838) $ 9,165 $ (41,454) $ 42,088 Gas contracts (6,708) (538) (9,082) 406 Total derivative cash settlement gain (loss) (1) (26,546) 8,627 (50,536) 42,494 Change in fair value gain (loss) (9,678) (19,297) (83,077) 22,109 Total derivative gain (loss) (1) $ (36,224) $ (10,670) $ (133,613) $ 64,603 _______________________________

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income $ 40,659 $ 3,251 $ 15,221 $ 42,900 Basic net income per common share $ 1.32 $ 0.16 $ 0.55 $ 2.07 Diluted net income per common share $ 1.31 $ 0.16 $ 0.55 $ 2.06 Weighted-average shares outstanding - basic 30,849 20,832 27,485 20,753 Add: dilutive effect of contingent stock awards 276 71 343 73 Add: dilutive effect of exercisable stock options 13 — 11 — Weighted-average shares outstanding - diluted 31,138 20,903 27,839 20,826

BASIS OF PRESENTATION - NARRATI

BASIS OF PRESENTATION - NARRATIVE (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)contract	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)contractsegment	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of operating segments | segment			1
Receivables from contracts with customers	$ 86,414,000		$ 86,414,000		$ 32,673,000
Abandonment and impairment of unproved properties	$ 0	$ 223,000	$ 2,215,000	$ 30,589,000
Purchase of Fresh Water Commitment
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of contracts | contract	1		1

BASIS OF PRESENTATION - DISAGGR

BASIS OF PRESENTATION - DISAGGREGATED REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 189,963	$ 58,858	$ 420,157	$ 155,455
Crude oil sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	131,360	47,251	297,515	127,331
Natural gas sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	24,764	5,742	53,064	16,472
Natural gas liquids sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 33,839	$ 5,865	$ 69,578	$ 11,652

BASIS OF PRESENTATION - CASH, C

BASIS OF PRESENTATION - CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 40,410	$ 24,743	$ 3,777
Restricted cash	102		95
Total cash, cash equivalents, and restricted cash	$ 40,512	$ 24,845	$ 3,872	$ 11,095

BASIS OF PRESENTATION - ACCOUNT

BASIS OF PRESENTATION - ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued drilling and completion costs	$ 22,628	$ 453
Accounts payable trade	11,740	1,931
Accrued general and administrative expense	6,667	4,942
Accrued merger transaction costs	991	2,587
Accrued lease operating expense	2,893	1,793
Accrued interest expense	4,359	322
Accrued oil and gas hedging	6,767	0
Accrued production and ad valorem taxes and other	39,006	25,397
Total accounts payable and accrued expenses	$ 95,051	$ 37,425

ACQUISITIONS & DIVESTITURES - N

ACQUISITIONS & DIVESTITURES - NARRATIVE (Details)	Apr. 01, 2021USD ($)number$ / sharesshares	Nov. 30, 2021$ / shares	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)	Dec. 31, 2020$ / shares
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01		$ 0.01
Merger transaction costs			$ 5,580,000	$ 888,000	$ 27,121,000	$ 909,000
HighPoint Merger
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Exchange ratio (in shares) | shares	0.11464
Common stock, shares issued (in shares) | shares	9,802,000
Aggregate principal amount	$ 100,000,000
Net operating loss obtained	$ 170,600,000
HighPoint Merger | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow
Business Acquisition [Line Items]
Proved oil and gas properties, measurement input | number	0.13
HighPoint Merger | Former HighPoint Stockholders
Business Acquisition [Line Items]
Common stock, shares issued (in shares) | shares	487,952
HighPoint Merger | Shares of Bonanza Creek Common Stock
Business Acquisition [Line Items]
Common stock, shares issued (in shares) | shares	9,314,214
HighPoint Merger | Senior Notes | Senior Notes Due 2026, 7.50%
Business Acquisition [Line Items]
Aggregate principal amount of Bonanza Creek 7.5% Senior Notes	$ 100,000,000
Interest rate	7.50%
HighPoint Merger | HighPoint Merger
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.001
HighPoint Merger | HighPoint Operating Company | Senior Notes | Senior Notes Due 2022 and Senior Notes Due 2025
Business Acquisition [Line Items]
Aggregate principal amount of Bonanza Creek 7.5% Senior Notes	$ 625,000,000
HighPoint Merger | HighPoint Operating Company | Senior Notes | Senior Notes Due 2022
Business Acquisition [Line Items]
Interest rate	7.00%
HighPoint Merger | HighPoint Operating Company | Senior Notes | Senior Notes Due 2025
Business Acquisition [Line Items]
Interest rate	8.75%
XOG Merger | Scenario, Forecast
Business Acquisition [Line Items]
Annual dividend payments (in dollars per share) | $ / shares		$ 1.60
Crestone Peak Merger | Scenario, Forecast
Business Acquisition [Line Items]
Annual dividend payments (in dollars per share) | $ / shares		$ 1.85
HighPoint Merger, XOG Merger, and Crestone Peak Merger
Business Acquisition [Line Items]
Merger transaction costs			$ 5,600,000		$ 27,100,000

ACQUISITIONS & DIVESTITURES - M

ACQUISITIONS & DIVESTITURES - MERGER CONSIDERATION (Details) $ / shares in Units, $ in Thousands	Apr. 01, 2021USD ($)$ / sharesshares
Business Acquisition [Line Items]
Merger consideration paid in shares of Bonanza Creek Common Stock | $	$ 374,933
HighPoint Merger
Business Acquisition [Line Items]
Common stock, shares issued (in shares)	9,802,000
Closing price per share of Bonanza Creek Common Stock (in dollars per share) | $ / shares	$ 38.25
Aggregate principal amount of Bonanza Creek 7.5% Senior Notes | $	$ 100,000
Total merger consideration | $	$ 474,933
Exchange ratio (in shares)	0.11464
HighPoint Merger | Senior Notes Due 2026, 7.50% | Senior Notes
Business Acquisition [Line Items]
Interest rate	7.50%
HighPoint Merger | Shares of Bonanza Creek Common Stock issued to existing holders of HighPoint Common Stock
Business Acquisition [Line Items]
Common stock, shares issued (in shares)	488,000
HighPoint Merger | Shares of Bonanza Creek Common Stock issued to existing holders of HighPoint Senior Notes
Business Acquisition [Line Items]
Common stock, shares issued (in shares)	9,314,214

ACQUISITIONS & DIVESTITURES - P

ACQUISITIONS & DIVESTITURES - PURCHASE PRICE ALLOCATION (Details) - HighPoint Merger $ in Thousands	Apr. 01, 2021USD ($)
Assets Acquired
Cash and cash equivalents	$ 49,827
Accounts receivable - oil and gas sales	26,343
Accounts receivable - joint interest and other	9,161
Prepaid expenses and other	3,608
Inventory of oilfield equipment	4,688
Proved properties	539,820
Other property and equipment, net of accumulated depreciation	2,769
Right-of-use assets	4,010
Deferred income tax assets	110,513
Other noncurrent assets	797
Total assets acquired	751,536
Liabilities Assumed
Accounts payable and accrued expenses	51,088
Oil and gas revenue distribution payable	20,786
Lease liability	744
Derivative liability	13,481
Current portion of long-term debt	154,000
Lease liability (long-term)	3,266
Ad valorem taxes	3,746
Derivative liability (long-term)	5,019
Asset retirement obligations for oil and gas properties	24,473
Total liabilities assumed	276,603
Net assets acquired	$ 474,933

ACQUISITIONS & DIVESTITURES -_2

ACQUISITIONS & DIVESTITURES - PRO FORMA INFORMATION (Details) - HighPoint Merger - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Total revenue	$ 126,163	$ 492,176	$ 345,626
Net income (loss)	$ 16,030	$ (26,058)	$ (1,007,643)
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.52	$ (0.84)	$ (32.98)
Diluted (in dollars per share)	$ 0.52	$ (0.84)	$ (32.98)

LEASES - ASSETS AND LIABILITIES

LEASES - ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating leases
Total right-of-use asset	$ 28,046	$ 29,486
Total lease liability	28,357	29,905
Field equipment
Operating leases
Total right-of-use asset	20,716	27,537
Total lease liability	20,716	27,537
Finance leases
Right-of-use asset - field equipment	0	219
Lease liability - field equipment	0	117
Corporate leases
Operating leases
Total right-of-use asset	6,519	1,481
Total lease liability	6,830	1,900
Vehicles
Operating leases
Total right-of-use asset	811	468
Total lease liability	$ 811	$ 468

LEASES - LEASE COST (Details)

LEASES - LEASE COST (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)location	Sep. 30, 2020USD ($)location	Sep. 30, 2021USD ($)location	Sep. 30, 2020USD ($)location
Leases [Abstract]
Operating lease cost	$ 3,635	$ 3,462	$ 10,529	$ 10,560
Finance lease cost:
Amortization of right-of-use assets	0	6	3	13
Interest on lease liabilities	0	1	1	3
Short-term lease cost	281	129	492	2,011
Variable lease cost	(9)	(89)	56	(133)
Sublease income	(91)	(89)	(274)	(267)
Total lease cost	3,816	3,420	10,807	12,187
Office rent expense	$ 500	$ 300	$ 1,300	$ 800
Number of office spaces, portion subleased | location	1	1	1	1

LEASES - WEIGHTED-AVERAGE AND D

LEASES - WEIGHTED-AVERAGE AND DISCOUNT RATE INFORMATION (Details)	Sep. 30, 2021
Operating Leases
Weighted-average lease term (years)	3 years 2 months 12 days
Weighted-average discount rate	3.97%

LEASES - SUPPLEMENTAL CASH FLOW

LEASES - SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 3,293	$ 3,187	$ 9,783	$ 9,599
Operating cash flows from finance leases	0	1	1	3
Financing cash flows from finance leases	0	31	21	71
Right-of-use assets obtained in exchange for new operating lease obligations	3,136	918	8,635	8,306
Right-of-use assets obtained in exchange for new finance lease obligations	$ 0	$ 0	$ 0	$ 219

LEASES - LEASE MATURITIES (Deta

LEASES - LEASE MATURITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of 2021	$ 3,557
2022	11,594
2023	7,509
2024	3,564
2025	1,290
Thereafter	2,765
Total lease payments	30,279
Less: imputed interest	(1,922)
Total lease liability	$ 28,357	$ 29,905

LONG-TERM DEBT - NARRATIVE (Det

LONG-TERM DEBT - NARRATIVE (Details)	Apr. 01, 2021USD ($)	Mar. 31, 2021USD ($)	Jun. 30, 2020	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Oct. 28, 2021USD ($)	Jul. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Interest expense				$ 3,700,000	$ 700,000	$ 7,900,000	$ 3,300,000
Capitalized interest expense				600,000	$ 300,000	1,200,000	$ 1,700,000
Amended Credit Agreement | Revolver
Debt Instrument [Line Items]
Borrowing base	$ 500,000,000								$ 500,000,000
Elected commitments	400,000,000								$ 400,000,000
Amended Credit Agreement | Revolver | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread			0.00%
Amended Credit Agreement | Revolver | Minimum | Eurodollar
Debt Instrument [Line Items]
Basis spread			2.00%
Amended Credit Agreement | Revolver | Minimum | Reference Rate
Debt Instrument [Line Items]
Basis spread			1.00%
Amended Credit Agreement | Revolver | Maximum | Eurodollar
Debt Instrument [Line Items]
Basis spread			3.00%
Amended Credit Agreement | Revolver | Maximum | Reference Rate
Debt Instrument [Line Items]
Basis spread			2.00%
Amended Credit Agreement | HighPoint Merger | Revolver
Debt Instrument [Line Items]
Borrowing base	$ 500,000,000	$ 260,000,000
Minimum current ratio covenant	1
Maximum borrowing capacity	$ 1,000,000,000	$ 750,000,000
Maximum net leverage ratio	3	3.50
Credit facility outstanding				60,000,000		60,000,000				$ 0
Deferred financing costs	$ 3,900,000
Amended Credit Agreement | HighPoint Merger | Revolver | Other Noncurrent Assets
Debt Instrument [Line Items]
Deferred financing costs				2,200,000		2,200,000				700,000
Amended Credit Agreement | HighPoint Merger | Revolver | Prepaid Expenses and Other
Debt Instrument [Line Items]
Deferred financing costs				$ 1,800,000		$ 1,800,000				$ 400,000
Amended Credit Agreement | HighPoint Merger | Revolver | Eurodollar
Debt Instrument [Line Items]
Basis spread	4.00%	3.00%
Amended Credit Agreement | HighPoint Merger | Revolver | Reference Rate
Debt Instrument [Line Items]
Basis spread	3.00%	2.00%
Amended Credit Agreement | HighPoint Merger | Revolver | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread	0.50%	0.00%
Amended Credit Agreement | HighPoint Merger | Revolver | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread	1.50%	0.00%
Amended Credit Agreement | HighPoint Merger | Subsequent Event | Revolver
Debt Instrument [Line Items]
Credit facility outstanding								$ 0
Senior Notes | Senior Notes Due 2026, 7.50% | HighPoint Merger
Debt Instrument [Line Items]
Aggregate principal amount	$ 100,000,000
Interest rate	7.50%
Senior Notes | Senior Notes Due 2026, 7.50% | HighPoint Merger | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price, percentage	107.50%
Senior Notes | Senior Notes Due 2026, 7.50% | HighPoint Merger | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price, percentage	100.00%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - NARRATIVE (Details) $ in Thousands	Oct. 25, 2021USD ($)	Sep. 30, 2021USD ($)contract	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)claimcontractbbl / d	Sep. 30, 2020USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 01, 2021bbl / dcontract
Long-term Purchase Commitment [Line Items]
Number of claims | claim				0
Unused commitments		$ 3,364	$ 0	$ 7,692	$ 0
Aggregate financial commitment fee over the remaining term		44,730		44,730
Firm Transportation Commitment
Long-term Purchase Commitment [Line Items]
Aggregate financial commitment fee over the remaining term		$ 49,606		$ 49,606
Purchase of Fresh Water Commitment
Long-term Purchase Commitment [Line Items]
Number of contracts | contract		1		1
Aggregate financial commitment fee over the remaining term		$ 3,000		$ 3,000
NGL | Crude Oil Commitment
Long-term Purchase Commitment [Line Items]
Aggregate financial commitment fee over the remaining term		41,700		$ 41,700
Periodic deficiency payment, incremental payment period				6 months
Notification period, prior to agreement expiration date, optional extended term (at least)				12 months
Optional extended term (up to)				3 years
NGL | Crude Oil | Crude Oil Commitment
Long-term Purchase Commitment [Line Items]
Purchase commitment, volume required annual increase									3.00%
Maximum volume requirement | bbl / d				16,000
NGL | Crude Oil | Scenario, Forecast | Crude Oil Commitment
Long-term Purchase Commitment [Line Items]
Purchase commitment, volume required annual increase						3.00%	3.00%	3.00%
HighPoint Merger | Firm Transportation Commitment
Long-term Purchase Commitment [Line Items]
Number of contracts | contract										2
Unused commitments		3,400		$ 7,700
HighPoint Merger | Pipeline Transportation Commitment
Long-term Purchase Commitment [Line Items]
Number of contracts | contract										1
Minimum volume transportation charges, gross barrels per day requirement through April 2022 | bbl / d										8,500
Minimum volume transportation charges, gross barrels per day requirement thereafter through April 2025 | bbl / d										12,500
Aggregate financial commitment fee over the remaining term		49,600		49,600
Sterling Energy Investments LLC Versus HighPoint Operating Corporation Counterclaim Litigation | Settled Litigation | HighPoint Merger | Subsequent Event
Long-term Purchase Commitment [Line Items]
Amount awarded from other party	$ 2,400
Sterling Energy Investments LLC vs HighPoint Operating Corporation Litigation | Pending Litigation | HighPoint Merger
Long-term Purchase Commitment [Line Items]
Litigation liability		900		900
Sterling Energy Investments LLC vs HighPoint Operating Corporation Litigation | Pending Litigation | HighPoint Merger | Sterling
Long-term Purchase Commitment [Line Items]
NOAVs dismissed		$ 900		$ 900

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - MINIMUM ANNUAL PAYMENTS (Details) $ in Thousands	Sep. 30, 2021USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
Remainder of 2021	$ 6,209
2022	29,207
2023	9,314
2024	0
2025	0
2026 and thereafter	0
Total	44,730
Firm Transportation
Purchase Obligation, Fiscal Year Maturity [Abstract]
Remainder of 2021	2,502
2022	13,064
2023	14,600
2024	14,640
2025	4,800
2026 and thereafter	0
Total	$ 49,606

STOCK-BASED COMPENSATION - NARR

STOCK-BASED COMPENSATION - NARRATIVE (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Jun. 30, 2021	Dec. 31, 2017
2017 LTIP
STOCK-BASED COMPENSATION
Shares reserved for future issuance (in shares)				2,467,430
2017 LTIP | Performance stock units
STOCK-BASED COMPENSATION
Distribution of shares to recipients (in shares)		0
2017 LTIP | Performance stock units | Minimum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company	0
2017 LTIP | Performance stock units | Maximum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company	2
2021 LTIP
STOCK-BASED COMPENSATION
Shares reserved for future issuance (in shares)			700,000
LTIP
STOCK-BASED COMPENSATION
Granted (in shares)	0
Exercised in period, aggregate intrinsic value	$ 0.2
LTIP | Restricted stock units
STOCK-BASED COMPENSATION
Number of shares released upon vesting (in shares)	1
Vesting period	3 years
Granted (in shares)	178,567
Granted, fair value	$ 6.1
LTIP | Restricted stock units | 2019
STOCK-BASED COMPENSATION
Vesting percent of shares	33.00%
LTIP | Restricted stock units | 2020
STOCK-BASED COMPENSATION
Vesting percent of shares	33.00%
LTIP | Restricted stock units | 2021
STOCK-BASED COMPENSATION
Vesting percent of shares	33.00%
LTIP | Performance stock units
STOCK-BASED COMPENSATION
Vesting period	3 years
Granted (in shares)	64,258
Granted, fair value	$ 4.4
Number of trading days	30 days
LTIP | Performance stock units | Minimum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company	0
LTIP | Performance stock units | Maximum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company	2
LTIP | 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
STOCK-BASED COMPENSATION
Total stock-based compensation	$ 2,289	$ 1,723	$ 6,096	$ 4,436
Restricted stock units
STOCK-BASED COMPENSATION
Total stock-based compensation	1,561	1,350	4,628	3,935
Performance stock units
STOCK-BASED COMPENSATION
Total stock-based compensation	728	373	1,468	375
Stock options
STOCK-BASED COMPENSATION
Total stock-based compensation	$ 0	$ 0	$ 0	$ 126

STOCK-BASED COMPENSATION - UNRE

STOCK-BASED COMPENSATION - UNRECOGNIZED COMPENSATION EXPENSE (Details) $ in Thousands	Sep. 30, 2021USD ($)
STOCK-BASED COMPENSATION
Unrecognized Compensation Expense	$ 13,797
Restricted stock units
STOCK-BASED COMPENSATION
Unrecognized Compensation Expense	8,886
Performance stock units
STOCK-BASED COMPENSATION
Unrecognized Compensation Expense	$ 4,911

STOCK-BASED COMPENSATION - ACTI

STOCK-BASED COMPENSATION - ACTIVITY OF NON-VESTED STOCK, OTHER THAN OPTIONS (Details) - LTIP	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Restricted Stock Units
Units
Non-vested, beginning of year (in shares) | shares	550,056
Granted (in shares) | shares	178,567
Vested (in shares) | shares	(267,635)
Forfeited (in shares) | shares	(23,586)
Non-vested, end of quarter (in shares) | shares	437,402
Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year (in dollars per share) | $ / shares	$ 20.30
Granted (in dollars per share) | $ / shares	34.35
Vested (in dollars per share) | $ / shares	21.12
Forfeited (in dollars per share) | $ / shares	17.25
Non-vested, end of quarter (in dollars per share) | $ / shares	$ 25.69
Performance Stock Units
Units
Non-vested, beginning of year (in shares) | shares	185,588
Granted (in shares) | shares	64,258
Vested (in shares) | shares	0
Forfeited (in shares) | shares	0
Non-vested, end of quarter (in shares) | shares	249,846
Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year (in dollars per share) | $ / shares	$ 22.63
Granted (in dollars per share) | $ / shares	68.99
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Non-vested, end of quarter (in dollars per share) | $ / shares	$ 34.56
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 - OTHE

STOCK-BASED COMPENSATION - OTHER THAN OPTIONS SPLIT CRITERION (Details) - Performance stock units - LTIP	9 Months Ended
	Sep. 30, 2021
2021
STOCK-BASED COMPENSATION
TSR	100.00%
ROCE	0.00%
2020
STOCK-BASED COMPENSATION
TSR	67.00%
ROCE	33.00%
2019
STOCK-BASED COMPENSATION
TSR	50.00%
ROCE	50.00%

STOCK-BASED COMPENSATION - AC_2

STOCK-BASED COMPENSATION - ACTIVITY OF STOCK OPTIONS (Details) - LTIP $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Stock Options
Outstanding, beginning of year (in shares) | shares	72,368
Granted (in shares) | shares	0
Exercised (in shares) | shares	(21,878)
Forfeited (in shares) | shares	(510)
Outstanding, end of quarter (in shares) | shares	49,980
Number of options outstanding and exercisable (in shares) | shares	49,980
Weighted-Average Exercise Price
Outstanding, beginning of year (in dollars per share) | $ / shares	$ 34.36
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	34.36
Forfeited (in dollars per share) | $ / shares	34.36
Outstanding, end of quarter (in dollars per share) | $ / shares	34.36
Number of options outstanding and exercisable (in dollars per share) | $ / shares	$ 34.36
Additional Information
Weighted-Average Remaining Contractual Term (in years)	5 years 7 months 6 days
Weighted-Average Remaining Contractual Term, Number of options outstanding and exercisable (in years)	5 years 7 months 6 days
Aggregate Intrinsic Value (in thousands) | $	$ 677
Aggregate Intrinsic Value, Number of options outstanding and exercisable (in thousands) | $	$ 677

FAIR VALUE MEASUREMENTS - SCHED

FAIR VALUE MEASUREMENTS - SCHEDULE OF NON-FINANCIAL ASSETS AND LIABILITIES (Details) - Estimate of Fair Value Measurement - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Level 1
Financial assets and liabilities accounted for at fair value
Derivative assets		$ 0
Derivative liabilities	$ 0	0
Level 2
Financial assets and liabilities accounted for at fair value
Derivative assets		7,482
Derivative liabilities	101,828	7,732
Level 3
Financial assets and liabilities accounted for at fair value
Derivative assets		0
Derivative liabilities	$ 0	$ 0

FAIR VALUE MEASUREMENTS - NARRA

FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Apr. 01, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proved oil and gas property impairments	$ 0	$ 0	$ 0	$ 0
HighPoint Merger | Senior Notes Due 2026, 7.50% | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate					7.50%
Aggregate principal amount					$ 100,000,000
Debt issuance costs, discounts or premiums					$ 0
HighPoint Merger | Senior Notes Due 2026, 7.50% | Senior Notes | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, estimated fair value	$ 100,800,000		$ 100,800,000

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - SCHEDULE OF ROLL FORWARD ACTIVITY (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance as of December 31, 2020	$ 28,699
Liabilities settled	(3,885)
Additions	24,658
Accretion expense	1,290
Ending balance as of September 30, 2021	$ 50,762

DERIVATIVES - NARRATIVE (Detail

DERIVATIVES - NARRATIVE (Details)	Sep. 30, 2021derivative
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of derivative instruments qualified as hedging instruments	0

DERIVATIVES - COMMODITY DERIVAT

DERIVATIVES - COMMODITY DERIVATIVE CONTRACTS (Details) - Subsequent Event - Scenario, Forecast	3 Months Ended
	Dec. 31, 2022MMBTU$ / MMBTU$ / bblbbl	Sep. 30, 2022MMBTU$ / bbl$ / MMBTUbbl	Jun. 30, 2022MMBTU$ / bbl$ / MMBTUbbl	Mar. 31, 2022MMBTU$ / bbl$ / MMBTUbbl	Dec. 31, 2021MMBTU$ / MMBTU$ / bblbbl
Crude Oil (NYMEX WTI) | Cashless Collar
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl	3,700	4,200	5,000	6,500	10,500
Crude Oil (NYMEX WTI) | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively) | $ / bbl	41.40	40.64	36.64	35.10	48.81
Crude Oil (NYMEX WTI) | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively) | $ / bbl	69.50	67.74	63.52	59.44	67.63
Crude Oil (NYMEX WTI) | Swap
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl	1,000	1,000	1,000	1,000	8,000
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively) | $ / bbl	50.15	50.15	50.15	50.15	54.49
Crude Oil (NYMEX WTI) | Oil Roll Swaps
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl	2,000	2,000	2,000	2,000	4,500
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively) | $ / bbl	0.22	0.22	0.22	0.22	0.16
Crude Oil (NYMEX WTI) | Swaptions
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 | Minimum
Derivative [Line Items]
Weighted Avg., price (in dollars per MMBtu)	2.80	2.80			2.25
Natural Gas (NYMEX Henry Hub) | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Avg., price (in dollars per MMBtu)	4.20	4.20			2.52
Natural Gas (CIG Basis) | Swap
Derivative [Line Items]
Weighted Avg., price (in dollars per Bbl and MMBtu, respectively)					0.43
Natural Gas, notional amount (in MMBtu per day) | MMBTU					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
Natural Gas (CIG) | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Avg., price (in dollars per MMBtu)			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
Natural Gas (CIG) | Swap
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU	10,000	10,000	10,000	10,000	13,370
Weighted Avg., price (in dollars per MMBtu)	2.13	2.13	2.13	2.13	2.13

DERIVATIVES - DERIVATIVE POSITI

DERIVATIVES - DERIVATIVE POSITIONS (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivatives measured at fair value
Derivative, Fair Value, Net, Total	$ (101,828)	$ (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	0	0
Commodity | Commodity contracts – current
Derivatives measured at fair value
Derivative Liabilities	(92,784)	(6,402)
Commodity | Commodity contracts – noncurrent
Derivatives measured at fair value
Derivative Liabilities	$ (9,044)	$ (1,330)

DERIVATIVES - DERIVATIVE GAIN (

DERIVATIVES - DERIVATIVE GAIN (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Components of the derivative loss
Total derivative gain (loss)	$ (36,224)	$ (10,670)	$ (133,613)	$ 64,603
Commodity derivative
Components of the derivative loss
Total derivative cash settlement gain (loss)	(26,546)	8,627	(50,536)	42,494
Change in fair value gain (loss)	(9,678)	(19,297)	(83,077)	22,109
Total derivative gain (loss)	(36,224)	(10,670)	(133,613)	64,603
Commodity derivative | Oil contracts
Components of the derivative loss
Total derivative cash settlement gain (loss)	(19,838)	9,165	(41,454)	42,088
Commodity derivative | Gas contracts
Components of the derivative loss
Total derivative cash settlement gain (loss)	$ (6,708)	$ (538)	$ (9,082)	$ 406

EARNINGS PER SHARE - NARRATIVE

EARNINGS PER SHARE - NARRATIVE (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021shares	Sep. 30, 2020shares	Sep. 30, 2021shares	Sep. 30, 2020shares
STOCK-BASED COMPENSATION
Antidilutive securities excluded from EPS calculation (in shares)	115,448	549,967	81,142	427,857
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						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 40,659	$ (25,319)	$ (119)	$ 3,251	$ (38,902)	$ 78,551	$ 15,221	$ 42,900
Basic net income per common share (in dollars per share)	$ 1.32			$ 0.16			$ 0.55	$ 2.07
Diluted net income per common share (in dollars per share)	$ 1.31			$ 0.16			$ 0.55	$ 2.06
Weighted-average shares outstanding - basic (in shares)	30,849			20,832			27,485	20,753
Add: dilutive effect of contingent stock awards (in shares)	276			71			343	73
Add: dilutive effect of exercisable stock options (in shares)	13			0			11	0
Weighted-average shares outstanding - diluted (in shares)	31,138			20,903			27,839	20,826

INCOME TAXES - NARRATIVE (Detai

INCOME TAXES - NARRATIVE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 15,596,000	$ 4,689,000	$ 5,160,000	$ 4,689,000
Unrecognized tax benefits	$ 0		$ 0		$ 0

SUBSEQUENT EVENTS - NARRATIVE (

SUBSEQUENT EVENTS - NARRATIVE (Details) - Subsequent Event - Senior Notes - Senior Notes Due 2026, 5.0%	Oct. 13, 2021USD ($)
Subsequent Event [Line Items]
Interest rate	5.00%
Aggregate principal amount	$ 400,000,000
Debt Instrument, Redemption, Period One
Subsequent Event [Line Items]
Redemption price, percentage	100.00%
Percentage of principal amount redeemed (up to)	35.00%
Redemption period, after date of closing of equity offering	180 days
Debt Instrument, Redemption, Period Two
Subsequent Event [Line Items]
Redemption price, percentage	102.50%
Percentage of principal amount not redeemed	65.00%
Debt Instrument, Redemption, Period Three
Subsequent Event [Line Items]
Redemption price, percentage	101.25%
Debt Instrument, Redemption, Period Four
Subsequent Event [Line Items]
Redemption price, percentage	100.00%
Debt Instrument, Redemption, Period Five
Subsequent Event [Line Items]
Redemption price, percentage	105.00%