Permian Resources (PR) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-37697
Entity Registrant Name	CENTENNIAL RESOURCE DEVELOPMENT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5381253
Entity Address, Address Line One	1001 Seventeenth Street
Entity Address, Address Line Two	Suite 1800
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	499-1400
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CDEV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		284,992,650
Entity Central Index Key	0001658566
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 50,624	$ 9,380
Accounts receivable, net	131,837	71,295
Prepaid and other current assets	6,973	5,860
Total current assets	189,434	86,535
Oil and natural gas properties, successful efforts method
Unproved properties	1,032,096	1,040,386
Proved properties	4,742,872	4,623,726
Accumulated depreciation, depletion and amortization	(2,059,679)	(1,989,489)
Total oil and natural gas properties, net	3,715,289	3,674,623
Other property and equipment, net	11,774	11,197
Total property and equipment, net	3,727,063	3,685,820
Noncurrent assets
Operating lease right-of-use assets	14,714	16,385
Other noncurrent assets	27,321	15,854
TOTAL ASSETS	3,958,532	3,804,594
Current liabilities
Accounts payable and accrued expenses	178,940	130,256
Operating lease liabilities	1,728	1,413
Derivative instruments	117,689	35,150
Other current liabilities	1,370	1,080
Total current liabilities	299,727	167,899
Noncurrent liabilities
Long-term debt, net	801,203	825,565
Asset retirement obligations	17,647	17,240
Deferred income taxes	8,834	2,589
Operating lease liabilities	14,473	16,002
Other Liabilities, Noncurrent	45,571	24,579
Total liabilities	1,187,455	1,053,874
Commitments and contingencies (Note 11)
Shareholders’ equity
Common stock	29	29
Additional paid-in capital	3,017,572	3,013,017
Retained earnings (accumulated deficit)	(246,524)	(262,326)
Total Shareholders' equity	2,771,077	2,750,720
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 3,958,532	$ 3,804,594

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating revenues
Oil and gas sales	$ 347,277	$ 192,391
Operating expenses
Lease operating expenses	28,734	25,861
Severance and ad valorem taxes	25,051	12,583
Gathering, processing and transportation expenses	21,891	20,625
Depreciation, depletion and amortization	71,009	63,783
Impairment and abandonment expense	2,627	9,200
Exploration and other expenses	2,307	1,095
General and administrative expenses	30,603	25,256
Total operating expenses	182,222	158,403
Net gain (loss) on sale of long-lived assets	82	44
Income (loss) from operations	165,137	34,032
Other income (expense)
Interest expense	(13,154)	(17,485)
Net gain (loss) on derivative instruments	(129,523)	(51,199)
Other income (expense)	118	7
Total other income (expense)	(142,559)	(68,677)
Income (loss) before income taxes	22,578	(34,645)
Income tax (expense) benefit	(6,776)	0
Net income (loss)	$ 15,802	$ (34,645)
Income (loss) per share of Common Stock:
Basic (USD per share)	$ 0.06	$ (0.12)
Diluted (USD per share)	$ 0.05	$ (0.12)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)		$ 15,802	$ (34,645)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization		71,009	63,783
Stock-based compensation expense - equity awards		5,545	4,585
Stock-based compensation expense - liability awards		13,720	10,414
Impairment and abandonment expense		2,627	9,200
Deferred tax expense (benefit)		6,776	0
Net (gain) loss on sale of long-lived assets		(82)	(44)
Non-cash portion of derivative (gain) loss		86,645	28,313
Amortization of debt issuance costs and debt discount		1,492	1,847
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		(53,824)	(14,997)
(Increase) decrease in prepaid and other assets		(415)	(264)
Increase (decrease) in accounts payable and other liabilities		10,825	4,154
Net cash provided by operating activities		160,120	72,346
Cash flows from investing activities:
Acquisition of oil and natural gas properties		(1,928)	(433)
Drilling and development capital expenditures		(81,156)	(46,152)
Purchases of other property and equipment		(1,052)	(181)
Proceeds from sales of oil and natural gas properties		48	168
Net cash used in investing activities		(84,088)	(46,598)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility		135,000	70,000
Repayment of borrowings under revolving credit facility		(160,000)	(240,000)
Proceeds from issuance of senior notes		0	170,000
Debt issuance costs		(8,530)	(5,444)
Premiums paid on capped call transactions		0	(14,688)
Proceeds from Stock Options Exercised		1	0
Restricted stock used for tax withholdings		(1,259)	(477)
Net cash used in financing activities		(34,788)	(20,609)
Net increase (decrease) in cash, cash equivalents and restricted cash		41,244	5,139
Cash, cash equivalents and restricted cash, beginning of period		9,935	8,339
Cash, cash equivalents and restricted cash, end of period		51,179	13,478
Supplemental cash flow information
Cash paid for interest		8,903	11,272
Supplemental non-cash activity
Accrued capital expenditures included in accounts payable and accrued expenses		63,483	50,333
Asset retirement obligations incurred, including revisions to estimates		145	24
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalents		50,624	10,936
Restricted cash(1)	[1]	555	2,542
Total cash, cash equivalents and restricted cash		$ 51,179	$ 13,478
[1]	Included in Prepaid and other current assets in the consolidated balance sheet as of March 31, 2022.

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Total Shareholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued (in shares)		290,646,000
Balance at beginning of period at Dec. 31, 2020		$ 29	$ 3,004,433	$ (400,501)	$ 2,603,961
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock forfeited (in shares)		(1,000)
Restricted stock used for tax withholding (in shares)		(128,000)
Restricted stock used for tax withholding			(477)		(477)
Issuance of Common Stock under Employee Stock Purchase Plan		276,000
Issuance of Common Stock under Employee Stock Purchase Plan			167		167
Stock-based compensation - equity awards			4,585		4,585
Capped call premiums			(14,688)		(14,688)
Net income (loss)	$ (34,645)			(34,645)	(34,645)
Balance at end of period at Mar. 31, 2021		$ 29	2,994,020	(435,146)	2,558,903
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued (in shares)		290,793,000
Common stock, shares issued (in shares)	294,260,623	294,261,000
Balance at beginning of period at Dec. 31, 2021		$ 29	3,013,017	(262,326)	2,750,720
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock issued (in shares)		20,000
Restricted stock forfeited (in shares)		(52,000)
Restricted stock used for tax withholding (in shares)		(150,000)
Restricted stock used for tax withholding			(1,259)		(1,259)
Stock Issued During Period, Value, Stock Options Exercised			1		1
Option exercises (in shares)	2,500	3,000
Issuance of Common Stock under Employee Stock Purchase Plan		53,000
Issuance of Common Stock under Employee Stock Purchase Plan			268		268
Stock-based compensation - equity awards			5,545		5,545
Net income (loss)	$ 15,802			15,802	15,802
Common shares outstanding at end of period (in shares) at Mar. 31, 2022	284,991,150
Balance at end of period at Mar. 31, 2022		$ 29	$ 3,017,572	$ (246,524)	$ 2,771,077
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares issued (in shares)	294,135,384	294,135,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Assets [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	620,000,000	620,000,000
Common stock, shares issued (in shares)	294,135,384	294,260,623
Common stock, shares outstanding (in shares)	284,991,150	284,696,972

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 1—Basis of Presentation and Summary of Significant Accounting Policies Description of Business Centennial Resource Development, Inc. is an independent oil and natural gas company focused on the development of crude oil and associated liquids-rich natural gas reserves in the Permian Basin. The Company’s assets are concentrated in the Delaware Basin, a sub-basin of the Permian Basin, and its properties consist of large, contiguous acreage blocks located in West Texas and New Mexico. Unless otherwise specified or the context otherwise requires, all references in these notes to “Centennial” or the “Company” are to Centennial Resource Development, Inc. and its consolidated subsidiary, Centennial Resource Production, LLC (“CRP”). Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2021 (the “2021 Annual Report”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2021 Annual Report. In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year. The consolidated financial statements include the accounts of the Company and its subsidiary CRP, and CRP’s wholly-owned subsidiaries. Use of Estimates The preparation of the Company’s consolidated financial statements requires the Company’s management to make various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events, and accordingly, actual results could differ from amounts previously established. Additionally, the prices received for oil, natural gas and NGL production can heavily influence the Company’s assumptions, judgments and estimates and continued volatility of oil and gas prices could have a significant impact on the Company’s estimates. The more significant areas requiring the use of assumptions, judgments and estimates include: (i) oil and natural gas reserves; (ii) cash flow estimates used in impairment tests for long-lived assets; (iii) impairment expense of unproved properties; (iv) depreciation, depletion and amortization; (v) asset retirement obligations; (vi) determining fair value and allocating purchase price in connection with business combinations and asset acquisitions; (vii) accrued revenues and related receivables; (viii) accrued liabilities; (ix) derivative valuations; (x) deferred income taxes; and (xi) determining the fair values of certain stock-based compensation awards. Leases The Company has operating leases for drilling rig contracts, office rental agreements, and other wellhead equipment. There were no significant changes in operating leases during the three months ended March 31, 2022. Refer to Note 15—Leases footnote in the notes to the consolidated financial statements in Item 8 of the Company’s 2021 Annual Report. Income Taxes

Accounts Receivable, Accounts P

Accounts Receivable, Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Accounts Payable and Accrued Expenses	Note 2—Accounts Receivable, Accounts Payable and Accrued Expenses Accounts receivable are comprised of the following: (in thousands) March 31, 2022 December 31, 2021 Accrued oil and gas sales receivable, net $ 109,689 $ 57,287 Joint interest billings, net 20,882 12,449 Other 1,266 1,559 Accounts receivable, net $ 131,837 $ 71,295 Accounts payable and accrued expenses are comprised of the following: (in thousands) March 31, 2022 December 31, 2021 Accounts payable $ 38,520 $ 9,736 Accrued capital expenditures 37,305 24,377 Revenues payable 46,004 40,438 Accrued employee compensation and benefits 5,791 17,218 Accrued interest 18,628 15,259 Accrued derivative settlements payable 18,715 8,591 Accrued expenses and other 13,977 14,637 Accounts payable and accrued expenses $ 178,940 $ 130,256

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Note 3—Long-Term Debt The following table provides information about the Company’s long-term debt as of the dates indicated: (in thousands) March 31, 2022 December 31, 2021 Credit Facility due 2027 $ — $ 25,000 Senior Notes 5.375% Senior Notes due 2026 289,448 289,448 6.875% Senior Notes due 2027 356,351 356,351 3.25% Convertible Senior Notes due 2028 170,000 170,000 Unamortized debt issuance costs on Senior Notes (12,719) (13,279) Unamortized debt discount (1,877) (1,955) Senior Notes, net 801,203 800,565 Total long-term debt, net $ 801,203 $ 825,565 Credit Agreement On February 18, 2022, CRP, the Company’s consolidated subsidiary, entered into an amended and restated five-year secured credit facility (the “Credit Agreement”) with a syndicate of banks, which replaced our previous credit facility that was set to mature in May of 2023. The Credit Agreement increased our elected commitments to $750 million, increased our borrowing base to $1.15 billion and extended the maturity of the Credit Agreement to February 2027. As of March 31, 2022, the Company had no borrowings outstanding and $744.2 million in available borrowing capacity, which was net of $5.8 million in letters of credit outstanding, under its new facility. The amount available to be borrowed under the Credit Agreement is equal to the lesser of (i) the borrowing base, (ii) aggregate elected commitments, which is set at $750 million, or (iii) $1.5 billion. The borrowing base is redetermined semi-annually in the spring and fall by the lenders in their sole discretion. It also allows for two optional borrowing base redeterminations in between the scheduled redeterminations. The borrowing base depends on, among other things, the quantities of CRP’s proved oil and natural gas reserves, estimated cash flows from those reserves, and the Company’s commodity hedge positions. Upon a redetermination of the borrowing base, if actual borrowings outstanding exceed the revised borrowing capacity, CRP could be required to immediately repay a portion of its debt outstanding. Borrowings under the Credit Agreement are guaranteed by certain of CRP’s subsidiaries and the Company. Borrowings under the Credit Agreement may be base rate loans or Secured Overnight Financing Rate (“SOFR”) loans. Interest is payable quarterly for base rate loans and at the end of the applicable interest period for SOFR loans. SOFR loans bear interest at SOFR plus an applicable margin ranging from 225 to 325 basis points, depending on the percentage of elected commitments utilized, plus an additional 10 basis point credit spread adjustment. Base rate loans bear interest at a rate per annum equal to the greatest of: (i) the agent bank’s prime rate; (ii) the federal funds effective rate plus 50 basis points; or (iii) the adjusted Term SOFR rate for a one-month interest period plus 100 basis points, plus an applicable margin, ranging from 125 to 225 basis points, depending on the percentage of the borrowing base utilized. CRP also pays a commitment fee of 37.5 to 50 basis points on unused elected commitment amounts under its facility. The Credit Agreement provides for, among other things, the ability to repurchase outstanding shares of the Company’s Class A common stock (the “Common Stock”) and junior debt, subject to certain leverage and elected commitment availability conditions and subject to the requirement that such repurchases are funded from our free cash flow. The Credit Agreement contains restrictive covenants that limit our ability to, among other things: (i) incur additional indebtedness; (ii) make investments and loans; (iii) enter into mergers; (iv) make restricted payments; (v) repurchase or redeem junior debt; (vi) enter into commodity hedges exceeding a specified percentage of our expected production; (vii) enter into interest rate hedges exceeding a specified percentage of its outstanding indebtedness; (viii) incur liens; (ix) sell assets; and (x) engage in transactions with affiliates. The Credit Agreement also requires it to maintain compliance with the following financial ratios: (i) a current ratio, which is the ratio of CRP’s consolidated current assets (including an add back of unused commitments under the revolving credit facility and excluding non-cash derivative assets and certain restricted cash) to its consolidated current liabilities (excluding the current portion of long-term debt under the Credit Agreement and non-cash derivative liabilities), of not less than 1.0 to 1.0; and (ii) a leverage ratio, as defined within the Credit Agreement as the ratio of total funded debt to consolidated EBITDAX for the prior four fiscal quarters, of not greater than 3.5 to 1.0. CRP was in compliance with the covenants and the applicable financial ratios described above as of March 31, 2022. Convertible Senior Notes On March 19, 2021, CRP issued $150.0 million in aggregate principal amount of 3.25% senior unsecured convertible notes due 2028 (the “Convertible Senior Notes”). On March 26, 2021, CRP issued an additional $20.0 million of Convertible Senior Notes pursuant to the exercise of the underwriters’ over-allotment option to purchase additional Convertible Senior Notes. These issuances resulted in aggregate net proceeds to CRP of $163.6 million, after deducting debt issuance costs of $6.4 million. Interest is payable on the Convertible Senior Notes semi-annually in arrears on each April 1 and October 1, commencing on October 1, 2021. The Convertible Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of CRP’s current subsidiaries. The Convertible Senior Notes will mature on April 1, 2028 unless earlier repurchased, redeemed or converted. Before January 3, 2028, noteholders have the right to convert their Convertible Senior Notes (i) upon the occurrence of certain events, (ii) if the Company’s share price exceeds 130% of the conversion price for any 20 trading days during the last 30 consecutive trading days of a calendar quarter, after June 30, 2021, or (iii) if the trading price per $1,000 principal amount of the notes is less than 98% of the Company’s share price multiplied by the conversion rate, for a 10 consecutive trading day period. In addition, after January 2, 2028, noteholders may convert their Convertible Senior Notes at any time at their election through the second scheduled trading day immediately before the April 1, 2028 maturity date. CRP can settle conversions by paying or delivering, as applicable, cash, shares of Common Stock, or a combination of cash and shares of Common Stock, at CRP’s election. The initial conversion rate is 159.2610 shares of Common Stock per $1,000 principal amount of Convertible Senior Notes, which represents an initial conversion price of approximately $6.28 per share of Common Stock. The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events (as defined in the indenture) which, in certain circumstances, will increase the conversion rate for a specified period of time. In the context of this issuance, we refer to the notes as convertible in accordance with ASC 470 - Debt. However, per the terms of the Convertible Senior Notes’ indenture, the Convertible Senior Notes were issued by CRP and are exchangeable into shares of Centennial Resource Development, Inc.’s Common Stock. CRP has the option to redeem, in whole or in part, all of the Convertible Senior Notes at any time on or after April 7, 2025, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to the date of redemption, but only if the last reported sale price per share of Common Stock exceeds 130% of the conversion price (i) for any 20 trading days during the 30 consecutive trading days ending on the day immediately before the date CRP sends the related redemption notice; and (ii) also on the trading day immediately before the date CRP sends such notice. If certain corporate events occur, including certain business combination transactions involving the Company or CRP or a stock de-listing with respect to the Common Stock, noteholders may require CRP to repurchase their Convertible Senior Notes at a cash repurchase price equal to the principal amount of the Convertible Senior Notes to be repurchased, plus accrued and unpaid interest to the repurchase date. Upon an Event of Default (as defined in the indenture governing the Convertible Senior Notes), the trustee or the holders of at least 25% of the aggregate principal amount of then outstanding Convertible Senior Notes may declare the Convertible Senior Notes immediately due and payable. In addition, a default resulting from certain events of bankruptcy or insolvency with respect to the Company, CRP or any of the subsidiary guarantors will automatically cause all outstanding Convertible Senior Notes to become due and payable. At issuance, the Company recorded a liability equal to the face value the Convertible Senior Notes, net of unamortized debt issuance costs in the line items Long-term debt, net in the consolidated balance sheets. As of March 31, 2022, the net liability recorded related to the Convertible Senior Notes was $164.4 million. Capped Called Transactions In connection with the issuance of the Convertible Senior Notes in March 2021, CRP entered into privately negotiated capped call spread transactions with option counterparties (the “Capped Call Transactions”). The Capped Call Transactions cover the aggregate number of shares of Common Stock that initially underlie the Convertible Senior Notes and are expected to (i) generally reduce potential dilution to the Common Stock upon a conversion of the Convertible Senior Notes, and/or (ii) offset any cash payments CRP is required to make in excess of the principal amount of the Convertible Senior Notes, subject to a cap. The Capped Call Transactions have an initial strike price of $6.28 per share of Common Stock and an initial capped price of $8.4525 per share of Common Stock, each of which are subject to certain customary adjustments upon the occurrence of certain corporate events, as defined in the capped call agreements. The cost of the Capped Call Transactions was $14.7 million, which was funded from proceeds from the Convertible Senior Note issuance. The cost to purchase the Capped Call Transactions was recorded to additional paid-in capital in the consolidated balances sheets and will not be subject to remeasurement each reporting period. Senior Unsecured Notes On March 15, 2019, CRP issued $500.0 million of 6.875% senior notes due 2027 (the “2027 Senior Notes”) in a 144A private placement at a price equal to 99.235% of par that resulted in net proceeds to CRP of $489.0 million, after deducting the original issuance discount of $3.8 million and debt issuance costs of $7.2 million. Interest is payable on the 2027 Senior Notes semi-annually in arrears on each April 1 and October 1, which commenced on October 1, 2019. On November 30, 2017, CRP issued at par $400.0 million of 5.375% senior notes due 2026 (the “2026 Senior Notes” and collectively with the 2027 Senior Notes, the “Senior Unsecured Notes”) in a 144A private placement that resulted in net proceeds to CRP of $391.0 million, after deducting $9.0 million in debt issuance costs. Interest is payable on the 2026 Senior Notes semi-annually in arrears on each January 15 and July 15, which commenced on July 15, 2018. In May 2020, $110.6 million aggregate principal amount of the 2026 Senior Notes and $143.7 million aggregate principal amount of the 2027 Senior Notes were validly tendered and exchanged by certain eligible bondholders for consideration consisting of $127.1 million aggregate principal amount of 8.00% second lien senior secured notes, which were fully redeemed at par in connection with the Convertible Senior Notes issuance during the second quarter of 2021. As of March 31, 2022, the remaining aggregate principal amount of 2027 Senior Notes and 2026 Senior Notes outstanding was $356.4 million and $289.4 million, respectively. The Senior Unsecured Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and each of CRP’s current subsidiaries that guarantee CRP’s Credit Agreement. At any time prior to January 15, 2021 (for the 2026 Senior Notes) and April 1, 2022 (for the 2027 Senior Notes), the “Optional Redemption Dates,” CRP may, on any one or more occasions, redeem up to 35% of the aggregate principal amount of either series of Senior Unsecured Notes with an amount of cash not greater than the net cash proceeds of certain equity offerings at a redemption price equal to 105.375% (for the 2026 Senior Notes) and 106.875% (for the 2027 Senior Notes) of the principal amount of the Senior Unsecured Notes of the applicable series redeemed, plus any accrued and unpaid interest to the date of redemption; provided that at least 65% of the aggregate principal amount of each such series of Senior Unsecured Notes remains outstanding immediately after such redemption, and the redemption occurs within 180 days of the closing date of such equity offering. At any time prior to the Optional Redemption Dates, CRP may, on any one or more occasions, redeem all or a part of the Senior Unsecured Notes at a redemption price equal to 100% of the principal amount of the Senior Unsecured Notes redeemed, plus a “make-whole” premium, and any accrued and unpaid interest as of the date of redemption. On and after the Optional Redemption Dates, CRP may redeem the Senior Unsecured Notes, in whole or in part, at redemption prices expressed as percentages of principal amount plus accrued and unpaid interest to the redemption date. If CRP experiences certain defined changes of control (and, in some cases, followed by a ratings decline), each holder of the Senior Unsecured Notes may require CRP to repurchase all or a portion of its Senior Unsecured Notes for cash at a price equal to 101% of the aggregate principal amount of such Senior Unsecured Notes, plus any accrued but unpaid interest to the date of repurchase. The indentures governing the Senior Unsecured Notes contain covenants that, among other things and subject to certain exceptions and qualifications, limit CRP’s ability and the ability of CRP’s restricted subsidiaries to: (i) incur or guarantee additional indebtedness or issue certain types of preferred stock; (ii) pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; (iii) transfer or sell assets; (iv) make investments; (v) create certain liens; (vi) enter into agreements that restrict dividends or other payments from their subsidiaries to them; (vii) consolidate, merge or transfer all or substantially all of their assets; (viii) engage in transactions with affiliates; and (ix) create unrestricted subsidiaries. CRP was in compliance with these covenants as of March 31, 2022 and through the filing of this Quarterly Report. Upon an Event of Default (as defined in the indentures governing the Senior Unsecured Notes), the trustee or the holders of at least 25% of the aggregate principal amount of then outstanding Senior Unsecured Notes may declare the Senior Unsecured Notes immediately due and payable. In addition, a default resulting from certain events of bankruptcy or insolvency with respect to CRP, any restricted subsidiary of CRP that is a significant subsidiary, or any group of restricted subsidiaries that, taken together, would constitute a significant subsidiary, will automatically cause all outstanding Senior Unsecured Notes to become due and payable.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note 4—Asset Retirement Obligations The following table summarizes changes in the Company’s asset retirement obligations (“ARO”) associated with its working interests in oil and gas properties for the three months ended March 31, 2022: (in thousands) Asset retirement obligations, beginning of period $ 17,240 Liabilities incurred 237 Liabilities divested and settled — Accretion expense 262 Revisions to estimated cash flows (92) Asset retirement obligations, end of period $ 17,647 ARO reflect the present value of the estimated future costs associated with the plugging and abandonment of oil and gas wells, removal of equipment and facilities from leased acreage and land restoration in accordance with applicable local, state and federal laws. Inherent in the fair value calculation of ARO are numerous estimates and assumptions, including plug and abandonment settlement amounts, inflation factors, credit adjusted discount rates and timing of settlement. To the extent future revisions to these assumptions impact the value of the existing ARO liabilities, a corresponding offsetting adjustment is made to the oil and gas property balance. Changes in the liability due to the passage of time are recognized as an increase in the carrying amount of the liability with an offsetting charge to accretion expense, which is included within depreciation, depletion and amortization.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 5—Stock-Based Compensation On October 7, 2016, the stockholders of the Company approved the Centennial Resource Development, Inc. 2016 Long Term Incentive Plan (the “LTIP”), which authorized an aggregate of 16,500,000 shares of Common Stock for issuance to employees and directors. On April 29, 2020, the stockholders of the Company approved the amended and restated LTIP, which, among other things, increased the number of shares of Common Stock authorized for issuance by 8,250,000 shares. The LTIP provides for grants of restricted stock, stock options (including incentive stock options and nonqualified stock options), restricted stock units (including performance stock units), stock appreciation rights and other stock or cash-based awards. Stock-based compensation expense is recognized within both General and administrative expenses and Exploration and other expenses in the consolidated statements of operations. The Company accounts for forfeitures of awards granted under the LTIP as they occur in determining compensation expense. The following table summarizes stock-based compensation expense recognized for the periods presented: Three Months Ended March 31, (in thousands) 2022 2021 Equity Awards Restricted stock $ 3,439 $ 3,606 Stock option awards 31 271 Performance stock units 2,003 639 Other stock-based compensation expense (1) 72 69 Total stock-based compensation - equity awards 5,545 4,585 Liability Awards Restricted stock units — 3,308 Performance stock units 13,720 7,106 Total stock-based compensation - liability awards 13,720 10,414 Total stock-based compensation expense $ 19,265 $ 14,999 (1) Includes expenses related to the Company’s Employee Stock Purchase Plan (the “ESPP”). In May 2019, an aggregate of 2,000,000 shares were authorized by stockholders for issuance under the ESPP, which became effective on July 1, 2019. Equity Awards The Company has restricted stock, stock options and performance stock units (“PSUs”) outstanding that were granted under the LTIP as discussed below. Each award has service-based and, in the case of the PSUs, market-based vesting requirements, and are expected to be settled in shares of Common Stock upon vesting. As a result, these awards are classified as equity-based awards in accordance with ASC Topic 718, Compensation-Stock Compensation (“ASC 718”). Restricted Stock The following table provides information about restricted stock activity during the three months ended March 31, 2022: Restricted Stock Weighted Average Fair Value Unvested balance as of December 31, 2021 10,143,687 $ 2.85 Granted 20,129 6.45 Vested (387,929) 5.03 Forfeited (67,438) 5.51 Unvested balance as of March 31, 2022 9,708,449 2.75 The Company grants service-based restricted stock to executive officers and employees, which vest ratably over a three-year service period, and to directors, which vest over a one-year service period. Compensation cost for these service-based restricted stock is based on the closing market price of the Company’s Common Stock on the grant date, and such costs are recognized ratably over the applicable vesting period. The total fair value of restricted stock that vested during the three months ended March 31, 2022 and 2021 was $2.0 million and $2.6 million, respectively. Unrecognized compensation cost related to restricted shares that were unvested as of March 31, 2022 was $18.1 million, which the Company expects to recognize over a weighted average period of 2.0 years. Stock Options Stock options that have been granted under the LTIP expire ten years from the grant date and vest ratably over their three-year service period. The exercise price for an option granted under the LTIP is the closing market price of the Company’s Common Stock on the grant date. Compensation cost for stock options is based on the grant-date fair value of the award, which is then recognized ratably over the vesting period of three years. The following table provides information about stock option awards outstanding during the three months ended March 31, 2022: Options Weighted Average Exercise Price Weighted Average Remaining Term Aggregate Intrinsic Value Outstanding as of December 31, 2021 2,212,798 $ 15.31 Granted — — Exercised (2,500) 0.25 $ 18 Forfeited (2,500) 7.58 Expired (25,832) 16.72 Outstanding as of March 31, 2022 2,181,966 15.32 5.10 $ 496 Exercisable as of March 31, 2022 2,109,122 15.71 5.10 $ 194 The total fair value of stock options that vested during the three months ended March 31, 2022 and 2021 was $0.2 million and $0.3 million, respectively. The intrinsic value of the stock options exercised was minimal for the three months ended March 31, 2022 and there were no stock options exercised for the three months ended March 31, 2021. As of March 31, 2022, there was $0.1 million of unrecognized compensation cost related to unvested stock options, which the Company expects to recognize on a pro-rata basis over a weighted-average period of 0.7 years. Performance Stock Units The Company grants performance stock units (“PSU”) to certain executive officers that are subject to market-based vesting criteria as well as a three-year service period. Vesting at the end of the three-year service period is subject to the condition that the Company’s stock price increases by a greater percentage, or decreases by a lesser percentage, than the average percentage increase or decrease, respectively, of the stock prices of a peer group of companies. These market-based conditions must be met in order for the stock awards to vest, and it is therefore possible that no shares could ultimately vest. However, the Company recognizes compensation expense for the PSUs subject to market conditions regardless of whether it becomes probable that these conditions will be met or not, and compensation expense is not reversed if vesting does not actually occur. During the three months ended March 31, 2022 and 2021 there was no PSU activity. As of March 31, 2022, there was $11.0 million of unrecognized compensation cost related to PSUs that were unvested, which the Company expects to recognize on a pro-rata basis over a weighted average period of 2.3 years. Liability Awards The Company has performance stock units that were granted under the LTIP, which are settleable in cash and are therefore classified as liability awards in accordance with ASC 718. The Company also had restricted stock units granted under the LTIP that were settleable in cash and that were classified as liability awards, but all such units were settled in their entirety during the third quarter of 2021. Compensation cost for these liability awards is based on the fair value of the units as of the balance sheet date as further discussed below, and such costs are recognized ratably over the service periods of the awards. As the fair value of liability awards is required to be re-measured each period end, stock compensation expense amounts recognized in future periods for these awards will vary. The estimated future cash payments associated with these awards are presented as liabilities within Other long-term liabilities in the consolidated balances sheets. Restricted Stock Units The Company granted 5.5 million restricted stock units during the third quarter of 2020 to certain officers (non-NEOs) and employees that were settleable in cash upon vesting. The restricted stock units vested annually in one-third increments over a three-year service period, with the first portion vesting on September 1, 2021. After one year from the grant date, however, the remaining two-thirds of unvested restricted stock units could vest immediately, on an accelerated basis, if they meet certain market-based vesting criteria equal to the maximum return percentage for at least 20 out of any 30 consecutive trading days. Additionally, the restricted stock units included maximum and minimum return amounts equal to 400% and 25%, respectively, of the closing market price of the Company’s Common Stock on the grant date. During the second quarter of 2021, the Company amended these restricted stock unit agreements to (i) allow the units to be settleable in either cash or Common Stock upon vesting at the Company’s discretion and (ii) remove the maximum and minimum return amounts if the units are settled in Common Stock. The amended terms were effective July 1, 2021, and at that time, the Company intended to settle a portion of these restricted stock units in cash. As a result, the awards continued to be classified as liabilities in accordance with ASC 718. During the third quarter of 2021, the maximum return event (described above) occurred resulting in an immediate vesting of all the outstanding restricted stock units on September 1, 2021. The Company settled 1.8 million of the restricted stock units in cash resulting in a $6.2 million cash payment, and the remaining units were settled in Common Stock. The portion of the units that were settled in Common Stock were recognized as equity instruments on the vesting date, which resulted in $13.6 million of incremental stock compensation expense being recognized during the year ended December 31, 2021. There are no remaining restricted stock units outstanding as of March 31, 2022. Performance Stock Units The Company granted 5.5 million PSUs during third quarter of 2020 to certain executive officers that will be settled in cash and are subject to market-based vesting criteria as well as a three-year service condition. Vesting at the end of the three-year service period is subject to the condition that the Company’s stock price increases by a greater percentage, or decreases by a lessor percentage, than the average percentage increase or decrease, respectively, of the stock price of a peer group of companies. These market-based conditions must be met in order for the PSU awards to vest, and it is therefore possible that no units could ultimately vest and cumulative stock compensation expense recognized for these awards would then be reduced to zero. As of March 31, 2022, there was $28.3 million of unrecognized compensation cost that represents the unvested portion of the fair value of the PSUs at March 31, 2022 and will be recognized over a weighted average period of 1.3 years. Liability Awards Fair Value The fair value of the PSUs was estimated using a Monte Carlo valuation model as of the balance sheet date. The Monte Carlo valuation model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Expected volatility was calculated based on the historical volatility of the Company’s Common Stock as well as the peer companies that are specified in the PSU award agreement. The risk-free rate is based on U.S. Treasury yield curve rates with maturities consistent with the remaining vesting or performance period. The following table summarizes the key assumptions and related information used to determine the fair value of the liability awards as of March 31, 2022: Performance stock units Number of simulations 10,000,000 Expected implied stock volatility 65.2% Dividend yield —% Risk-free interest rate 1.8%

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 6—Derivative Instruments The Company is exposed to certain risks relating to its ongoing business operations and may use derivative instruments to manage its exposure to commodity price risk from time to time. Commodity Derivative Contracts Historically, prices received for crude oil and natural gas production have been volatile because of supply and demand factors, worldwide political factors, general economic conditions and seasonal weather patterns. The Company may periodically use derivative instruments, such as swaps, costless collars and basis swaps, to mitigate its exposure to declines in commodity prices and to the corresponding negative impacts such declines can have on its cash flows from operations, returns on capital and other financial results. While the use of these instruments limits the downside risk of adverse price changes, their use may also limit future revenues from favorable price changes. The Company does not enter into derivative contracts for speculative or trading purposes. Commodity Swap and Collar Contracts. The Company may use commodity derivative instruments known as fixed price swaps to realize a known price for a specific volume of production, basis swaps to hedge the difference between the index price and a local or future index price, or costless collars to establish fixed price floors and ceilings. All transactions are settled in cash with one party paying the other for the resulting difference in price multiplied by the contract volume. The following table summarizes the approximate volumes and average contract prices of derivative contracts the Company had in place as of March 31, 2022: Period Volume (Bbls) Volume Wtd. Avg. Crude Price ($/Bbl) (1) Crude oil swaps April 2022 - June 2022 1,092,000 12,000 $65.28 July 2022 - September 2022 782,000 8,500 65.46 October 2022 - December 2022 690,000 7,500 65.63 January 2023 - March 2023 225,000 2,500 73.51 April 2023 - June 2023 227,500 2,500 73.25 July 2023 - September 2023 92,000 1,000 72.98 October 2023 - December 2023 92,000 1,000 72.98 Period Volume (Bbls) Volume Wtd. Avg. Collar Price Ranges ($/Bbl) (2) Crude oil collars NYMEX WTI April 2022 - June 2022 227,500 2,500 $63.20 - $72.41 July 2022 - September 2022 276,000 3,000 75.00 - 92.46 October 2022 - December 2022 276,000 3,000 75.00 - 92.46 January 2023 - March 2023 405,000 4,500 72.22 - 84.08 April 2023 - June 2023 409,500 4,500 72.22 - 84.08 July 2023 - September 2023 230,000 2,500 72.00 - 82.78 October 2023 - December 2023 230,000 2,500 72.00 - 82.78 ICE Brent April 2022 - June 2022 91,000 1,000 $90.00 - $105.20 Period Volume (Bbls) Volume Wtd. Avg. Differential ($/Bbl) (3) Crude oil basis differential swaps April 2022 - June 2022 637,000 7,000 $0.34 July 2022 - September 2022 552,000 6,000 0.29 October 2022 - December 2022 552,000 6,000 0.29 Period Volume (Bbls) Volume Wtd. Avg. Differential ($/Bbl) (4) Crude oil roll differential swaps April 2022 - June 2022 910,000 10,000 $0.71 July 2022 - September 2022 920,000 10,000 0.71 October 2022 - December 2022 920,000 10,000 0.71 (1) These crude oil swap transactions are settled based on the NYMEX WTI index price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2) These crude oil collars are settled based on the NYMEX WTI or ICE Brent index price, as applicable, on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated. (3) These crude oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable monthly settlement period. (4) These crude oil roll swap transactions are settled based on the difference between the arithmetic average of NYMEX WTI calendar month prices and the physical crude oil delivery month price. Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Gas Price ($/MMBtu) (1) Natural gas swaps April 2022 - June 2022 2,730,000 30,000 $3.24 July 2022 - September 2022 2,760,000 30,000 3.24 October 2022 - December 2022 1,540,000 16,739 3.15 Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Differential ($/MMBtu) (2) Natural gas basis differential swaps April 2022 - June 2022 1,820,000 20,000 $(0.45) July 2022 - September 2022 1,840,000 20,000 (0.45) October 2022 - December 2022 1,840,000 20,000 (0.45) January 2023 - March 2023 1,350,000 15,000 (0.85) April 2023 - June 2023 1,365,000 15,000 (0.85) July 2023 - September 2023 1,380,000 15,000 (0.85) October 2023 - December 2023 1,380,000 15,000 (0.85) Period Volume (MMBtu) Volume Wtd. Avg. Collar Price Ranges ($/MMBtu) (3) Natural gas collars April 2022 - June 2022 1,820,000 20,000 $3.50 - $3.97 July 2022 - September 2022 1,840,000 20,000 3.50 - 3.97 October 2022 - December 2022 2,450,000 26,630 3.87 - 5.06 January 2023 - March 2023 2,700,000 30,000 4.00 - 5.42 April 2023 - June 2023 1,820,000 20,000 3.13 - 4.05 July 2023 - September 2023 1,840,000 20,000 3.13 - 4.05 October 2023 - December 2023 1,840,000 20,000 3.21 - 4.89 January 2024 - March 2024 1,820,000 20,000 3.25 - 5.31 (1) These natural gas swap contracts are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2) These natural gas basis swap contracts are settled based on the difference between the Inside FERC’s West Texas WAHA price and the NYMEX price of natural gas, during each applicable monthly settlement period. (3) These natural gas collars are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated. Derivative Instrument Reporting. The Company’s oil and natural gas derivative instruments have not been designated as hedges for accounting purposes. Therefore, all gains and losses are recognized in the Company’s consolidated statements of operations. All derivative instruments are recorded at fair value in the consolidated balance sheets, other than derivative instruments that meet the “normal purchase normal sale” exclusion, and any fair value gains and losses are recognized in current period earnings. The following table presents the impact of the Company’s derivative instruments in its consolidated statements of operations for the periods presented: Three Months Ended March 31, (in thousands) 2022 2021 Net gain (loss) on derivative instruments $ (129,523) $ (51,199) Offsetting of Derivative Assets and Liabilities. The Company’s commodity derivatives are included in the accompanying consolidated balance sheets as derivative assets and liabilities. The Company nets its financial derivative instrument fair value amounts executed with the same counterparty pursuant to ISDA master netting agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. The tables below summarize the fair value amounts and the classification in the consolidated balance sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts: Balance Sheet Classification Gross Fair Value Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities (in thousands) March 31, 2022 Derivative Assets Commodity contracts Prepaid and other current assets $ 10,541 $ (9,388) $ 1,153 Other noncurrent assets 13,238 (11,040) 2,198 Derivative Liabilities Commodity contracts Derivative instruments 127,077 (9,388) 117,689 Other noncurrent liabilities 18,257 (11,040) 7,217 December 31, 2021 Derivative Assets Commodity contracts Prepaid and other current assets $ 3,284 $ (3,284) $ — Other noncurrent assets 585 $ (345) 240 Derivative Liabilities Commodity contracts Derivative instruments $ 38,434 $ (3,284) $ 35,150 Other noncurrent liabilities 345 (345) — (1) The Company has agreements in place with each of its counterparties that allow for the financial right of offset for derivative assets against derivative liabilities at settlement or in the event of a default under the agreements or if contracts are terminated. Contingent Features in Financial Derivative Instruments. None of the Company’s derivative instruments contain credit-risk-related contingent features. Counterparties to the Company’s financial derivative contracts are high credit-quality financial institutions that are primarily lenders under CRP’s Credit Agreement. The Company enters into new hedge arrangements only with participants under its Credit Agreement, since these institutions are secured equally with the holders of any CRP bank debt, which eliminates the potential need to post collateral when Centennial is in a derivative liability position. As a result, the Company is not required to post letters of credit or corporate guarantees for its derivative counterparties in order to secure contract performance obligations. In addition, the Company is exposed to credit risk associated with its derivative contracts from non-performance by its counterparties. The Company mitigates its exposure to any single counterparty by contracting with a number of financial institutions, each of which has a high credit rating and is a member under CRP’s Credit Agreement as referenced above.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7—Fair Value Measurements Recurring Fair Value Measurements The Company follows ASC Topic 820, Fair Value Measurement and Disclosure, which establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: • Level 1: Quoted Prices in Active Markets for Identical Assets – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Significant Other Observable Inputs – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3: Significant Unobservable Inputs – inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following table presents, for each applicable level within the fair value hierarchy, the Company’s net derivative assets and liabilities, including both current and noncurrent portions, measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 March 31, 2022 Total assets $ — $ 3,351 $ — Total liabilities — 124,906 — December 31, 2021 Total assets $ — $ 240 $ — Total liabilities — 35,150 — Both financial and non-financial assets and liabilities are categorized within the above fair value hierarchy 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 in its entirety requires judgment and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used by the Company as well as the general classification of such instruments pursuant to the above fair value hierarchy. There were no transfers between any of the fair value levels during any period presented. Derivatives The Company uses Level 2 inputs to measure the fair value of its oil and natural gas commodity derivatives. The Company uses industry-standard models that consider various assumptions including current market and contractual prices for the underlying instruments, implied market volatility, time value, nonperformance risk, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument and can be supported by observable data. The Company utilizes its counterparties’ valuations to assess the reasonableness of its own valuations. Nonrecurring Fair Value Measurements The Company applies the provisions of the fair value measurement standard on a nonrecurring basis to its non-financial assets and liabilities, including proved oil and gas properties. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Impairment of Oil and Natural Gas Properties. The Company reviews its proved oil and natural gas properties for impairment whenever events and circumstances indicate that the fair value of these assets may be below their carrying value. An impairment loss is indicated if the sum of the expected undiscounted future net cash flows from oil and gas properties is less than the carrying amount of the assets. In this circumstance, the Company then recognizes impairment expense for the amount by which the carrying amount of proved properties exceeds their estimated fair value. The Company reviews its oil and natural gas properties on a field-by-field basis. The Company calculates the estimated fair values of its oil and natural gas properties using an income approach that is based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs to the expected future net cash flows used for the impairment review and the related fair value measurement of oil and natural gas proved properties include estimates of: (i) oil and gas reserves; (ii) future production decline rates; (iii) future operating and development costs; (iv) future commodity prices, including price differentials; and (v) a market participant-based weighted average cost of capital rate. These inputs require significant judgments and estimates by the Company’s management. Asset Retirement Obligations. The initial measurement of ARO at fair value is calculated using discounted cash flow techniques and is based on internal estimates of future retirement costs associated with property, plant and equipment. Significant Level 3 inputs used in the calculation of ARO include the estimated future costs to plug and abandon oil and gas properties and reserve lives. Refer to Note 4—Asset Retirement Obligations for additional information on the Company’s ARO. Other Financial Instruments The carrying amounts of the Company’s cash, cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their fair values because of the short-term maturities and/or liquid nature of these assets and liabilities. The Company’s senior notes and borrowings under its Credit Agreement are accounted for at cost. The following table summarizes the carrying values, principal amounts and fair values of these instruments as of the dates indicated: March 31, 2022 December 31, 2021 Carrying Value Principal Amount Fair Value Carrying Value Principal Amount Fair value Credit Facility due 2027 (1) $ — $ — $ — $ 25,000 $ 25,000 $ 25,000 5.375% Senior Notes due 2026 (2) 285,874 289,448 280,765 285,666 289,448 286,554 6.875% Senior Notes due 2027 (2) 350,936 356,351 356,351 350,712 356,351 361,696 3.25% Convertible Notes due 2028 (2) 164,393 170,000 258,977 164,187 170,000 215,279 (1) The carrying values of the amounts outstanding under CRP’s Credit Agreement approximate fair value because its variable interest rates are tied to current market rates and the applicable credit spreads represent current market rates for the credit risk profile of the Company.

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity Note Disclosure	Note 8—Shareholders' Equity Stock Repurchase Program In February 2022, the Company’s Board of Directors authorized a stock repurchase program to acquire up to $350 million of the Company’s outstanding Common Stock (the “Repurchase Program”), which is approved to run through April 1, 2024. The Company intends to use the Repurchase Program to reduce its shares of Common Stock outstanding and plans to fund these repurchases with cash on hand and cash flows from operations. Repurchases may be made from time to time in the open-market or via privately negotiated transactions at the Company’s discretion and will be subject to market conditions, applicable legal requirements, available liquidity, compliance with the Company’s debt and other agreements and other factors. The Repurchase Program does not require any specific number of shares to be acquired and can be modified or discontinued by the Company’s Board of Directors at any time. There were no shares purchased under the Repurchase Program during the three months ended March 31, 2022.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 9—Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average shares of Common Stock outstanding during each period. Diluted EPS is calculated by dividing adjusted net income by the weighted average shares of diluted Common Stock outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted EPS calculation consists of (i) unvested equity-based restricted stock and performance stock units, outstanding stock options, withholding amounts from the employee stock purchase plan and warrants (prior to their expiration in 2021), all using the treasury stock method, and (ii) potential shares issuable under our Convertible Senior Notes, using the “if-converted” method, which is net of tax. The following table reflects the EPS computations for the periods indicated based on a weighted average number of common shares outstanding each period: Three Months Ended March 31, (in thousands, except per share data) 2022 2021 Net income (loss) $ 15,802 $ (34,645) Add: Interest on Convertible Senior Notes, net of tax 1,293 — Adjusted net income (loss) $ 17,095 $ (34,645) Basic weighted average shares of Common Stock outstanding 284,851 278,935 Add: Dilutive effects of equity awards and ESPP shares 7,755 — Add: Dilutive effects of Convertible Senior Notes 27,074 — Diluted weighted average shares of Common Stock outstanding 319,680 278,935 Basic net earnings (loss) per share of Common Stock $ 0.06 $ (0.12) Diluted net earnings (loss) per share of Common Stock $ 0.05 $ (0.12) The following table presents shares excluded from the diluted earnings per share calculation for the periods presented as their impact was anti-dilutive: Three Months Ended March 31, (in thousands) 2022 2021 (1) Out-of-the-money stock options 2,097 2,294 Restricted stock — 9,565 Performance stock units 449 399 Employee Stock Purchase Plan — 41 Convertible Senior Notes — 27,074 Warrants — 8,000 (1) The Company recognized a net loss during the three months ended March 31, 2021, and therefore all potentially dilutive securities were anti-dilutive and excluded from the calculation of diluted net earnings per share.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Transactions with Related Parties	Note 10—Transactions with Related Parties Riverstone Investment Group LLC and its affiliates (“Riverstone”) beneficially own a more than 10% equity interest in the Company and are therefore considered related parties. The Company has a marketing agreement with Lucid Energy Delaware, LLC (“Lucid”), an affiliate of Riverstone. The Company believes that the terms of the marketing agreement with Lucid are no less favorable to either party than those held with unaffiliated parties. The following table summarizes the revenues recognized and the associated processing fees incurred from this marketing agreement as included in the consolidated statements of operations for the periods indicated, as well as the related net receivables outstanding as of the balance sheet dates: Three Months Ended March 31, (in thousands) 2022 2021 Oil and gas sales $ 9,483 $ 1,075 Gathering, processing and transportation expenses 2,519 1,205 (in thousands) March 31, 2022 December 31, 2021 Accounts receivable, net (1) $ 5,220 $ 5,562

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11—Commitments and Contingencies Commitments The Company routinely enters into, extends or amends operating agreements in the ordinary course of business. During the three months ended March 31, 2022, the Company entered into a two-year purchase agreement to buy frac’ sand used in its well fracture stimulation process. Under the terms of this take-or-pay agreement, the Company is obligated to purchase a minimum volume of frac’ sand at a fixed price. The obligation is $44.6 million, which represents the minimum financial commitment pursuant to the terms of the contract as of March 31, 2022. There have been no other material, non-routine changes in commitments during the three months ended March 31, 2022. Please refer to Note 13—Commitments and Contingencies included in Part II, Item 8 in the Company’s 2021 Annual Report. Contingencies The Company may at times be subject to various commercial or regulatory claims, prior period adjustments from service providers, litigation or other legal proceedings that arise in the ordinary course of business. While the outcome of these lawsuits and claims cannot be predicted with certainty, management believes it is remote that the impact of such matters, other than those discussed below, that are reasonably possible to occur will have a material adverse effect on the Company’s financial position, results of operations, or cash flows. In February 2021, the Permian Basin was impacted by record-low temperatures and a severe winter storm (“Winter Storm Uri”) that resulted in multi-day electrical outages and shortages, pipeline and infrastructure freezes, transportation disruptions, and regulatory actions in Texas, which led to significant increases in gas prices, gathering, processing and transportation fees and electrical rates during this time. As a result, many oil and gas operations, including upstream producers like the Company, as well as gas processors and purchasers, and transportation providers experienced operational disruptions. During this time, the Company was unable to utilize the entire volume of its reserved capacity on pipelines and as a result has made certain force majeure declarations. One third-party transportation provider has filed a lawsuit against the Company claiming compensation for the full amount of the reserved capacity, both utilized and unutilized. The Company has made a payment for the utilized capacity and filed a separate lawsuit against the transportation provider requesting declaratory relief for the purpose of construing the provisions of the transportation agreement relating to the unutilized capacity. At this time, the Company believes that a loss is reasonably possible in relation to these matters and such amount could range from zero to $7.6 million, and no amount in that range is a better estimate than any other. Other than the matter above, management is unaware of any pending litigation brought against the Company requiring a contingent liability to be recognized as of the date of these consolidated financial statements.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Note 12—Revenues Revenue from Contracts with Customers Crude oil, natural gas and NGL sales are recognized at the point that control of the product is transferred to the customer and collectability is reasonably assured. Virtually all of the Company’s contract pricing provisions are tied to a market index, with certain adjustments based on, among other factors, transportation costs to an active spot market and quality differentials. As a result, the Company’s realized prices of oil, natural gas, and NGLs fluctuate to remain competitive with other available oil, natural gas, and NGLs supplies both globally (in the case of crude oil) and locally. Oil and gas revenues presented within the consolidated statements of operations relate to the sale of oil, natural gas and NGLs as shown below: Three Months Ended March 31, 2022 2021 Operating revenues (in thousands): Oil sales $ 262,767 $ 133,726 Natural gas sales 39,018 35,451 NGL sales 45,492 23,214 Oil and gas sales $ 347,277 $ 192,391 Oil sales The Company’s crude oil sales contracts are generally structured whereby oil is delivered to the purchaser at a contractually agreed-upon delivery point at which the purchaser takes title of the product. This delivery point is usually at the wellhead or at the inlet of a transportation pipeline. Revenue is recognized when control transfers to the purchaser at the delivery point based on the net price received from the purchaser. Any downstream transportation costs incurred by crude purchasers are reflected as a net reduction to oil sales revenues. Natural gas and NGL sales Under the Company’s natural gas processing contracts, liquids rich natural gas is delivered to a midstream gathering and processing entity at the inlet of the gas gathering system. The midstream processing entity gathers and processes the raw gas and then remits proceeds to Centennial for the resulting sales of NGLs, while the Company generally elects to take its residue gas product “in-kind” at the plant tailgate. For these contracts, the Company evaluates when control is transferred and revenue should be recognized. Where the Company has concluded that control transfers at the tailgate of the processing facility, fees incurred prior to transfer of control are presented as gathering, processing and transportation expenses (“GP&T”) within the consolidated statements of operations. Any transportation and fractionation costs incurred subsequent to the point of transfer of control are reflected as a net reduction to natural gas and NGL sales revenues presented in the table above. Performance obligations For all commodity products, the Company records revenue in the month production is delivered to the purchaser. Settlement statements for natural gas and NGL sales may not be received for 30 to 90 days after the date production volumes are delivered and for crude oil, generally within 30 days after delivery has occurred. However, payment is unconditional once the performance obligations have been satisfied. At such time, the volumes delivered and sales prices can be reasonably estimated and amounts due from customers are accrued in Accounts receivable, net in the consolidated balance sheets. As of March 31, 2022 and December 31, 2021, such receivable balances were $109.7 million and $57.3 million, respectively. The Company records any differences between its estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. Historically, any identified differences between revenue estimates and actual revenue received have not been significant. For the three months ended March 31, 2022 and 2021, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods were not material. Transaction price allocated to remaining performance obligations For the Company’s product sales that have a contract term greater than one year, the Company has utilized the practical expedient in ASC Topic 606, Revenue from contracts with Customers, which states the Company is not required to disclose the transaction price allocated to the remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these sales contracts, monthly sales of a product generally represent a separate

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 13—Subsequent Events Amendment to LTIP On April 27, 2022, the shareholders of the Company approved the amended and restated LTIP, which, among other things, increased the number of shares of Common Stock authorized for issuance from 24,750,000 shares to 44,250,000 shares.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, certain disclosures normally included in an Annual Report on Form 10-K have been omitted. The consolidated financial statements and related notes included in this Quarterly Report should be read in conjunction with the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2021 (the “2021 Annual Report”). Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company’s 2021 Annual Report. In the opinion of management, all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial results have been included. Operating results for the periods presented are not necessarily indicative of expected results for the full year.
Principles of Consolidation	The consolidated financial statements include the accounts of the Company and its subsidiary CRP, and CRP’s wholly-owned subsidiaries.
Use of Estimates	The preparation of the Company’s consolidated financial statements requires the Company’s management to make various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events, and accordingly, actual results could differ from amounts previously established. Additionally, the prices received for oil, natural gas and NGL production can heavily influence the Company’s assumptions, judgments and estimates and continued volatility of oil and gas prices could have a significant impact on the Company’s estimates. The more significant areas requiring the use of assumptions, judgments and estimates include: (i) oil and natural gas reserves; (ii) cash flow estimates used in impairment tests for long-lived assets; (iii) impairment expense of unproved properties; (iv) depreciation, depletion and amortization; (v) asset retirement obligations; (vi) determining fair value and allocating purchase price in connection with business combinations and asset acquisitions; (vii) accrued revenues and related receivables; (viii) accrued liabilities; (ix) derivative valuations; (x) deferred income taxes; and (xi) determining the fair values of certain stock-based compensation awards.
Lessee, Leases	The Company has operating leases for drilling rig contracts, office rental agreements, and other wellhead equipment. There were no significant changes in operating leases during the three months ended March 31, 2022. Refer to Note 15—Leases footnote in the notes to the consolidated financial statements in Item 8 of the Company’s 2021 Annual Report.
Income Taxes	Income tax expense recognized during interim periods is based on applying an estimated annual effective income tax rate to the Company’s year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various state jurisdictions, permanent and temporary differences and the likelihood of recovering deferred tax assets generated. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information becomes known or as the tax environment changes.

Accounts Receivable, Accounts_2

Accounts Receivable, Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable	Accounts receivable are comprised of the following: (in thousands) March 31, 2022 December 31, 2021 Accrued oil and gas sales receivable, net $ 109,689 $ 57,287 Joint interest billings, net 20,882 12,449 Other 1,266 1,559 Accounts receivable, net $ 131,837 $ 71,295
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses are comprised of the following: (in thousands) March 31, 2022 December 31, 2021 Accounts payable $ 38,520 $ 9,736 Accrued capital expenditures 37,305 24,377 Revenues payable 46,004 40,438 Accrued employee compensation and benefits 5,791 17,218 Accrued interest 18,628 15,259 Accrued derivative settlements payable 18,715 8,591 Accrued expenses and other 13,977 14,637 Accounts payable and accrued expenses $ 178,940 $ 130,256

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The following table provides information about the Company’s long-term debt as of the dates indicated: (in thousands) March 31, 2022 December 31, 2021 Credit Facility due 2027 $ — $ 25,000 Senior Notes 5.375% Senior Notes due 2026 289,448 289,448 6.875% Senior Notes due 2027 356,351 356,351 3.25% Convertible Senior Notes due 2028 170,000 170,000 Unamortized debt issuance costs on Senior Notes (12,719) (13,279) Unamortized debt discount (1,877) (1,955) Senior Notes, net 801,203 800,565 Total long-term debt, net $ 801,203 $ 825,565

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	The following table summarizes changes in the Company’s asset retirement obligations (“ARO”) associated with its working interests in oil and gas properties for the three months ended March 31, 2022: (in thousands) Asset retirement obligations, beginning of period $ 17,240 Liabilities incurred 237 Liabilities divested and settled — Accretion expense 262 Revisions to estimated cash flows (92) Asset retirement obligations, end of period $ 17,647

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	The following table summarizes stock-based compensation expense recognized for the periods presented: Three Months Ended March 31, (in thousands) 2022 2021 Equity Awards Restricted stock $ 3,439 $ 3,606 Stock option awards 31 271 Performance stock units 2,003 639 Other stock-based compensation expense (1) 72 69 Total stock-based compensation - equity awards 5,545 4,585 Liability Awards Restricted stock units — 3,308 Performance stock units 13,720 7,106 Total stock-based compensation - liability awards 13,720 10,414 Total stock-based compensation expense $ 19,265 $ 14,999 (1) Includes expenses related to the Company’s Employee Stock Purchase Plan (the “ESPP”). In May 2019, an aggregate of 2,000,000 shares were authorized by stockholders for issuance under the ESPP, which became effective on July 1, 2019.
Schedule of Restricted Stock Activity	The following table provides information about restricted stock activity during the three months ended March 31, 2022: Restricted Stock Weighted Average Fair Value Unvested balance as of December 31, 2021 10,143,687 $ 2.85 Granted 20,129 6.45 Vested (387,929) 5.03 Forfeited (67,438) 5.51 Unvested balance as of March 31, 2022 9,708,449 2.75
Summary of Stock Option Activity	The following table provides information about stock option awards outstanding during the three months ended March 31, 2022: Options Weighted Average Exercise Price Weighted Average Remaining Term Aggregate Intrinsic Value Outstanding as of December 31, 2021 2,212,798 $ 15.31 Granted — — Exercised (2,500) 0.25 $ 18 Forfeited (2,500) 7.58 Expired (25,832) 16.72 Outstanding as of March 31, 2022 2,181,966 15.32 5.10 $ 496 Exercisable as of March 31, 2022 2,109,122 15.71 5.10 $ 194
Summary of Performance Stock Units Valuation Inputs	The following table summarizes the key assumptions and related information used to determine the fair value of the liability awards as of March 31, 2022: Performance stock units Number of simulations 10,000,000 Expected implied stock volatility 65.2% Dividend yield —% Risk-free interest rate 1.8%

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the approximate volumes and average contract prices of derivative contracts the Company had in place as of March 31, 2022: Period Volume (Bbls) Volume Wtd. Avg. Crude Price ($/Bbl) (1) Crude oil swaps April 2022 - June 2022 1,092,000 12,000 $65.28 July 2022 - September 2022 782,000 8,500 65.46 October 2022 - December 2022 690,000 7,500 65.63 January 2023 - March 2023 225,000 2,500 73.51 April 2023 - June 2023 227,500 2,500 73.25 July 2023 - September 2023 92,000 1,000 72.98 October 2023 - December 2023 92,000 1,000 72.98 Period Volume (Bbls) Volume Wtd. Avg. Collar Price Ranges ($/Bbl) (2) Crude oil collars NYMEX WTI April 2022 - June 2022 227,500 2,500 $63.20 - $72.41 July 2022 - September 2022 276,000 3,000 75.00 - 92.46 October 2022 - December 2022 276,000 3,000 75.00 - 92.46 January 2023 - March 2023 405,000 4,500 72.22 - 84.08 April 2023 - June 2023 409,500 4,500 72.22 - 84.08 July 2023 - September 2023 230,000 2,500 72.00 - 82.78 October 2023 - December 2023 230,000 2,500 72.00 - 82.78 ICE Brent April 2022 - June 2022 91,000 1,000 $90.00 - $105.20 Period Volume (Bbls) Volume Wtd. Avg. Differential ($/Bbl) (3) Crude oil basis differential swaps April 2022 - June 2022 637,000 7,000 $0.34 July 2022 - September 2022 552,000 6,000 0.29 October 2022 - December 2022 552,000 6,000 0.29 Period Volume (Bbls) Volume Wtd. Avg. Differential ($/Bbl) (4) Crude oil roll differential swaps April 2022 - June 2022 910,000 10,000 $0.71 July 2022 - September 2022 920,000 10,000 0.71 October 2022 - December 2022 920,000 10,000 0.71 (1) These crude oil swap transactions are settled based on the NYMEX WTI index price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2) These crude oil collars are settled based on the NYMEX WTI or ICE Brent index price, as applicable, on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated. (3) These crude oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable monthly settlement period. (4) These crude oil roll swap transactions are settled based on the difference between the arithmetic average of NYMEX WTI calendar month prices and the physical crude oil delivery month price. Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Gas Price ($/MMBtu) (1) Natural gas swaps April 2022 - June 2022 2,730,000 30,000 $3.24 July 2022 - September 2022 2,760,000 30,000 3.24 October 2022 - December 2022 1,540,000 16,739 3.15 Period Volume (MMBtu) Volume (MMBtu/d) Wtd. Avg. Differential ($/MMBtu) (2) Natural gas basis differential swaps April 2022 - June 2022 1,820,000 20,000 $(0.45) July 2022 - September 2022 1,840,000 20,000 (0.45) October 2022 - December 2022 1,840,000 20,000 (0.45) January 2023 - March 2023 1,350,000 15,000 (0.85) April 2023 - June 2023 1,365,000 15,000 (0.85) July 2023 - September 2023 1,380,000 15,000 (0.85) October 2023 - December 2023 1,380,000 15,000 (0.85) Period Volume (MMBtu) Volume Wtd. Avg. Collar Price Ranges ($/MMBtu) (3) Natural gas collars April 2022 - June 2022 1,820,000 20,000 $3.50 - $3.97 July 2022 - September 2022 1,840,000 20,000 3.50 - 3.97 October 2022 - December 2022 2,450,000 26,630 3.87 - 5.06 January 2023 - March 2023 2,700,000 30,000 4.00 - 5.42 April 2023 - June 2023 1,820,000 20,000 3.13 - 4.05 July 2023 - September 2023 1,840,000 20,000 3.13 - 4.05 October 2023 - December 2023 1,840,000 20,000 3.21 - 4.89 January 2024 - March 2024 1,820,000 20,000 3.25 - 5.31 (1) These natural gas swap contracts are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated. (2) These natural gas basis swap contracts are settled based on the difference between the Inside FERC’s West Texas WAHA price and the NYMEX price of natural gas, during each applicable monthly settlement period. (3) These natural gas collars are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated.
Schedule of Gains and Losses from Derivative Instruments	The following table presents the impact of the Company’s derivative instruments in its consolidated statements of operations for the periods presented: Three Months Ended March 31, (in thousands) 2022 2021 Net gain (loss) on derivative instruments $ (129,523) $ (51,199)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The tables below summarize the fair value amounts and the classification in the consolidated balance sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts: Balance Sheet Classification Gross Fair Value Asset/Liability Amounts Gross Amounts Offset (1) Net Recognized Fair Value Assets/Liabilities (in thousands) March 31, 2022 Derivative Assets Commodity contracts Prepaid and other current assets $ 10,541 $ (9,388) $ 1,153 Other noncurrent assets 13,238 (11,040) 2,198 Derivative Liabilities Commodity contracts Derivative instruments 127,077 (9,388) 117,689 Other noncurrent liabilities 18,257 (11,040) 7,217 December 31, 2021 Derivative Assets Commodity contracts Prepaid and other current assets $ 3,284 $ (3,284) $ — Other noncurrent assets 585 $ (345) 240 Derivative Liabilities Commodity contracts Derivative instruments $ 38,434 $ (3,284) $ 35,150 Other noncurrent liabilities 345 (345) — (1) The Company has agreements in place with each of its counterparties that allow for the financial right of offset for derivative assets against derivative liabilities at settlement or in the event of a default under the agreements or if contracts are terminated.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurement of Financial Instruments	The following table presents, for each applicable level within the fair value hierarchy, the Company’s net derivative assets and liabilities, including both current and noncurrent portions, measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 March 31, 2022 Total assets $ — $ 3,351 $ — Total liabilities — 124,906 — December 31, 2021 Total assets $ — $ 240 $ — Total liabilities — 35,150 —
Long-term Debt, Fair Value	The following table summarizes the carrying values, principal amounts and fair values of these instruments as of the dates indicated: March 31, 2022 December 31, 2021 Carrying Value Principal Amount Fair Value Carrying Value Principal Amount Fair value Credit Facility due 2027 (1) $ — $ — $ — $ 25,000 $ 25,000 $ 25,000 5.375% Senior Notes due 2026 (2) 285,874 289,448 280,765 285,666 289,448 286,554 6.875% Senior Notes due 2027 (2) 350,936 356,351 356,351 350,712 356,351 361,696 3.25% Convertible Notes due 2028 (2) 164,393 170,000 258,977 164,187 170,000 215,279 (1) The carrying values of the amounts outstanding under CRP’s Credit Agreement approximate fair value because its variable interest rates are tied to current market rates and the applicable credit spreads represent current market rates for the credit risk profile of the Company.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Schedule of Earnings Per Share, Basic and Diluted	The following table reflects the EPS computations for the periods indicated based on a weighted average number of common shares outstanding each period: Three Months Ended March 31, (in thousands, except per share data) 2022 2021 Net income (loss) $ 15,802 $ (34,645) Add: Interest on Convertible Senior Notes, net of tax 1,293 — Adjusted net income (loss) $ 17,095 $ (34,645) Basic weighted average shares of Common Stock outstanding 284,851 278,935 Add: Dilutive effects of equity awards and ESPP shares 7,755 — Add: Dilutive effects of Convertible Senior Notes 27,074 — Diluted weighted average shares of Common Stock outstanding 319,680 278,935 Basic net earnings (loss) per share of Common Stock $ 0.06 $ (0.12) Diluted net earnings (loss) per share of Common Stock $ 0.05 $ (0.12)
Schedule of Shares Excluded from Diluted Earnings Per Share Calculation	The following table presents shares excluded from the diluted earnings per share calculation for the periods presented as their impact was anti-dilutive: Three Months Ended March 31, (in thousands) 2022 2021 (1) Out-of-the-money stock options 2,097 2,294 Restricted stock — 9,565 Performance stock units 449 399 Employee Stock Purchase Plan — 41 Convertible Senior Notes — 27,074 Warrants — 8,000 (1) The Company recognized a net loss during the three months ended March 31, 2021, and therefore all potentially dilutive securities were anti-dilutive and excluded from the calculation of diluted net earnings per share.

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Schedule of Revenues Recognized and Processing Fees Incurred with Related Parties	The following table summarizes the revenues recognized and the associated processing fees incurred from this marketing agreement as included in the consolidated statements of operations for the periods indicated, as well as the related net receivables outstanding as of the balance sheet dates: Three Months Ended March 31, (in thousands) 2022 2021 Oil and gas sales $ 9,483 $ 1,075 Gathering, processing and transportation expenses 2,519 1,205 (in thousands) March 31, 2022 December 31, 2021 Accounts receivable, net (1) $ 5,220 $ 5,562

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Summary of Oil and Gas Revenues	Oil and gas revenues presented within the consolidated statements of operations relate to the sale of oil, natural gas and NGLs as shown below: Three Months Ended March 31, 2022 2021 Operating revenues (in thousands): Oil sales $ 262,767 $ 133,726 Natural gas sales 39,018 35,451 NGL sales 45,492 23,214 Oil and gas sales $ 347,277 $ 192,391

Accounts Receivable, Accounts_3

Accounts Receivable, Accounts Payable and Accrued Expenses - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued oil and gas sales receivable, net	$ 109,689	$ 57,287
Joint interest billings, net	20,882	12,449
Other	1,266	1,559
Accounts receivable, net	$ 131,837	$ 71,295

Accounts Receivable, Accounts_4

Accounts Receivable, Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 38,520	$ 9,736
Accrued capital expenditures	37,305	24,377
Revenues payable	46,004	40,438
Accrued employee compensation and benefits	18,715	8,591
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	18,628	15,259
Accrued derivative settlements payable	5,791	17,218
Accrued expenses and other	13,977	14,637
Accounts payable and accrued expenses	$ 178,940	$ 130,256

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Mar. 26, 2021	Mar. 19, 2021	Mar. 15, 2019	Nov. 30, 2017
Debt Instrument [Line Items]
Total long-term debt, net	$ 801,203,000	$ 825,565,000
Senior Notes
Debt Instrument [Line Items]
Unamortized debt issuance costs on Senior Notes	(12,719,000)	(13,279,000)
Unamortized debt discount	(1,877,000)	(1,955,000)
Total long-term debt, net	$ 801,203,000	$ 800,565,000
Senior Notes | Senior Notes Due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	5.375%	5.375%				5.375%
Debt Instrument, Face Amount	$ 289,448,000	$ 289,448,000				$ 400,000,000
Senior Notes | Senior Notes Due 2027
Debt Instrument [Line Items]
Interest rate, stated percentage	6.875%	6.875%			6.875%
Debt Instrument, Face Amount	$ 356,351,000	$ 356,351,000			$ 500,000,000
Unamortized debt discount					$ (3,800,000)
Convertible Notes Payable | Convertible Senior Notes Due 2028
Debt Instrument [Line Items]
Interest rate, stated percentage	3.25%	3.25%		3.25%
Debt Instrument, Face Amount	$ 170,000,000	$ 170,000,000	$ 20,000,000	$ 150,000,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term Debt, Gross	0	25,000,000
Debt Instrument, Face Amount	$ 0	$ 25,000,000

Long-Term Debt - Credit Agreeme

Long-Term Debt - Credit Agreement (Details) - Line of Credit	Feb. 18, 2022redetermination	Mar. 31, 2022USD ($)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit, term	5 years
Remaining borrowing capacity, net of current borrowings outstanding		$ 744,200,000
Line of Credit Facility, Current Borrowing Capacity		1,500,000,000
Maximum borrowing base		1,150,000,000
Number of optional borrowing base redeterminations | redetermination	2
Line of Credit Facility, Current Borrowing Capacity, Elected Commitments		$ 750,000,000
Revolving Credit Facility | Federal Funds Effective Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
Revolving Credit Facility | Credit Spread Adjustment - SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.10%
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.375%
Debt instrument, covenant, minimum current ratio		1
Revolving Credit Facility | Minimum | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.25%
Revolving Credit Facility | Minimum | Adjusted Term - SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.25%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.50%
Debt instrument, covenant, maximum leverage ratio		3.5
Revolving Credit Facility | Maximum | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		3.25%
Revolving Credit Facility | Maximum | Adjusted Term - SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.25%
Letter of Credit
Line of Credit Facility [Line Items]
Letters of credit outstanding		$ 5,800,000

Long-Term Debt - Convertible Se

Long-Term Debt - Convertible Senior Notes (Details)	Mar. 26, 2021USD ($)	Mar. 31, 2022USD ($)$ / shares	Dec. 31, 2021USD ($)	Mar. 19, 2021USD ($)
Debt Instrument [Line Items]
Redemption price percentage		100.00%
Long-term debt, net		$ 801,203,000	$ 825,565,000
Convertible Senior Notes Due 2028 | Convertible Notes Payable
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 20,000,000	$ 170,000,000	$ 170,000,000	$ 150,000,000
Interest rate, stated percentage		3.25%	3.25%	3.25%
Proceeds from borrowings, net of issuance costs	163,600,000
Debt issuance costs	$ 6,400,000
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 6.28
Redemption price percentage		130.00%
Debt Instrument, Convertible, Threshold Trading Days		20
Debt Instrument, Convertible, Threshold Consecutive Trading Days		30
Debt Instrument, Convertible, Event of Default Minimum Percentage Of Aggregate Principal Amount Holders May Declare Immediately Due And Payable		25.00%
Debt Instrument, Convertible, Conversion Ratio		0.1592610
Convertible Senior Notes Due 2028 | Convertible Notes Payable | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Redemption price percentage		130.00%
Debt Instrument, Convertible, Threshold Trading Days		20
Debt Instrument, Convertible, Threshold Consecutive Trading Days		30
Convertible Senior Notes Due 2028 | Convertible Notes Payable | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Convertible, Threshold Consecutive Trading Days		10
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger		98.00%

Long-Term Debt - Capped Called

Long-Term Debt - Capped Called Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Line of Credit Facility [Line Items]
Premiums paid on capped call transactions	$ 0	$ 14,688,000
Convertible Senior Notes Due 2028 | Convertible Notes Payable
Line of Credit Facility [Line Items]
Debt instrument conversion strike price	$ 6.28
Debt instrument conversion cap price	$ 8.4525
Premiums paid on capped call transactions		$ 14,700,000

Long-Term Debt - Senior Unsecur

Long-Term Debt - Senior Unsecured Notes (Details) - USD ($)	May 22, 2020	Mar. 15, 2019	Nov. 30, 2017	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Redemption price percentage				100.00%
Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount				$ 1,877,000	$ 1,955,000
Percentage of principal amount, eligible to be redeemed				35.00%
Redemption price percentage				100.00%
Percentage of principal amount, redeemable				65.00%
Debt Instrument, Redemption Period, Maximum Period Within Closing Of Offering				180 days
Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 500,000,000		$ 356,351,000	$ 356,351,000
Interest rate, stated percentage		6.875%		6.875%	6.875%
Private placement price as percentage of par		99.235%
Proceeds from borrowings, net of issuance costs		$ 489,000,000
Debt Instrument, Unamortized Discount		3,800,000
Debt issuance costs		$ 7,200,000
Debt Conversion, Original Debt, Amount	$ 143,700,000
Redemption price percentage		106.875%
Senior Notes Due 2026 | Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 400,000,000	$ 289,448,000	$ 289,448,000
Interest rate, stated percentage			5.375%	5.375%	5.375%
Proceeds from borrowings, net of issuance costs			$ 391,000,000
Debt issuance costs			$ 9,000,000
Debt Conversion, Original Debt, Amount	$ 110,600,000
Redemption price percentage			105.375%

Long-Term Debt - Senior Notes (

Long-Term Debt - Senior Notes (Details) - Senior Notes	Mar. 15, 2019	Mar. 31, 2022
Debt Instrument [Line Items]
Percentage of principal amount, event of default		25.00%
Senior Notes Due 2026
Debt Instrument [Line Items]
Percentage of principal amount, change in control	101.00%
Senior Notes Due 2027
Debt Instrument [Line Items]
Percentage of principal amount, change in control	101.00%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 17,240
Liabilities incurred	237
Liabilities divested and settled	0
Accretion expense	262
Asset Retirement Obligation, Revision of Estimate	92
Asset retirement obligations, end of period	$ 17,647

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	Apr. 29, 2020shares	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)	Sep. 30, 2020shares	May 01, 2019shares	Oct. 07, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares		0
Share-based Payment Arrangement, Expense		$ 19,265	$ 14,999
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant-date fair value (in dollars per share) | $ / shares		$ 6.45
Fair value of vested restricted stock awards		$ 2,000	2,600
Unrecognized compensation costs		$ 18,100
Unrecognized compensation costs, period for recognition		2 years
Granted (in shares) | shares		20,129
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares		387,929
Share-based Payment Arrangement, Expense		$ 3,439	3,606
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition		8 months 12 days
Fair value of stock options vested		$ 200	300
Intrinsic value of options exercised		18
Unrecognized compensation costs for stock options		100
Share-based Payment Arrangement, Expense		$ 31	271
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Unrecognized compensation costs		$ 11,000
Unrecognized compensation costs, period for recognition		2 years 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period		3 years
Share-based Payment Arrangement, Expense		$ 2,003	639
Cash-settled Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares				5,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period		3 years
Share-based Payment Arrangement, Cash Settled Amount		$ 6,200
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares		1,800,000
Share-based Payment Arrangement, Expense		$ 0	3,308
Cash-settled Performance Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs		$ 28,300
Unrecognized compensation costs, period for recognition		1 year 3 months 18 days
Granted (in shares) | shares				5,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period		3 years
Share-based Payment Arrangement, Expense		$ 13,720	$ 7,106
Modified Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		$ 13,600
2016 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares		24,750,000				16,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | shares	8,250,000
2016 Long Term Incentive Plan | Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Option expiration period		10 years
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares					2,000,000
Officer and employees | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Director | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Maximum | Cash-settled Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award rights, percentage return		4
Minimum | Cash-settled Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award rights, percentage return		0.25

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	$ 19,265	$ 14,999
Restricted stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	3,439	3,606
Stock option awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	31	271
Performance stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	2,003	639
Employee Stock [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	72	69
Equity [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	5,545	4,585
Cash-settled Restricted Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	0	3,308
Cash-settled Performance Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	13,720	7,106
Liability Award [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity based compensation expense	$ 13,720	$ 10,414

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details) - Restricted stock	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Restricted Stock
Unvested balance, beginning of period (in shares) | shares	10,143,687
Granted (in shares) | shares	20,129
Vested (in shares) | shares	(387,929)
Forfeited (in shares) | shares	(67,438)
Unvested balance, end of period (in shares) | shares	9,708,449
Weighted Average Fair Value
Beginning of period (in dollars per share) | $ / shares	$ 2.85
Granted (in dollars per share) | $ / shares	6.45
Vested (in dollars per share) | $ / shares	5.03
Forfeited (in dollar per share) | $ / shares	5.51
End of period (in dollars per share) | $ / shares	$ 2.75

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Activity (Details)	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Options
Outstanding, beginning of period (in shares) | shares	2,212,798
Granted (in shares) | shares	0
Exercised (in shares) | shares	(2,500)
Forfeited (in shares) | shares	(2,500)
Expired (in shares) | shares	(25,832)
Outstanding, end of period (in shares) | shares	2,181,966
Exercisable (in shares) | shares	2,109,122
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 15.31
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	0.25
Forfeited (in dollars per share) | $ / shares	7.58
Expired (in dollars per share) | $ / shares	16.72
Outstanding, end of period (in dollars per share) | $ / shares	15.32
Exercisable, Weighted Average Exercise Price | $ / shares	$ 15.71
Outstanding, weighted average remaining term	5 years 1 month 6 days
Exercisable, weighted average remaining term	5 years 1 month 6 days
Outstanding, aggregate intrinsic value | $	$ 496,000
Exercisable, aggregate intrinsic value | $	$ 194,000

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions for Liability Awards (Details) - Cash-settled Performance Stock	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of simulations	10,000,000
Expected implied stock volatility	65.20%
Dividend yield	0.00%
Risk-free interest rate	1.80%

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivative Instruments (Details) - Not Designated as Hedging Instrument	3 Months Ended
	Mar. 31, 2022MMBTUbbl / d$ / bbl$ / MMBTUbbl
Crude Oil Basis Swap - Period One [Member]
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.34
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	7,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	637,000
Crude Oil Basis Swap - Period Two [Member]
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.29
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	6,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	552,000
Crude Oil Roll Differential Swap - Period Three
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.71
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	10,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	920,000
Natural Gas Swaps - Henry Hub - Period One
Derivative [Line Items]
Volume (MMBtu) | MMBTU	2,730,000
Volume (MMBtu/d) | MMBTU	30,000
Weighted Average Fixed Price ($/Bbl) | $ / MMBTU	3.24
Natural Gas Basis Swap - Period One [Member]
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.45
Volume (MMBtu) | MMBTU	1,820,000
Volume (MMBtu/d) | MMBTU	20,000
Natural Gas Basis Swap - Period two
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.45
Volume (MMBtu) | MMBTU	1,840,000
Volume (MMBtu/d) | MMBTU	20,000
Natural Gas Collars - Period Two [Member]
Derivative [Line Items]
Derivative, Average Floor Price	3.50
Volume (MMBtu) | MMBTU	1,840,000
Volume (MMBtu/d) | MMBTU	20,000
Derivative, Average Cap Price	3.97
Natural Gas Collars - Period Three
Derivative [Line Items]
Derivative, Average Floor Price	3.87
Volume (MMBtu) | MMBTU	2,450,000
Volume (MMBtu/d) | MMBTU	26,630
Derivative, Average Cap Price	5.06
Crude Oil Roll Differential Swap - Period Two
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.71
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	10,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	920,000
Natural Gas Collars - Period One
Derivative [Line Items]
Derivative, Average Floor Price	3.50
Volume (MMBtu) | MMBTU	1,820,000
Volume (MMBtu/d) | MMBTU	20,000
Derivative, Average Cap Price	3.97
Natural Gas Collars - Period Four
Derivative [Line Items]
Derivative, Average Floor Price	4
Volume (MMBtu) | MMBTU	2,700,000
Volume (MMBtu/d) | MMBTU	30,000
Derivative, Average Cap Price	5.42
Natural Gas Collars - Period Five
Derivative [Line Items]
Derivative, Average Floor Price	3.13
Volume (MMBtu) | MMBTU	1,820,000
Volume (MMBtu/d) | MMBTU	20,000
Derivative, Average Cap Price	4.05
Crude Oil Basis Swap - Period Three [Member]
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.29
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	6,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	552,000
Crude Oil Roll Differential Swap - Period One
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.71
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	10,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	910,000
Natural Gas Basis Swap - Period Three
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.45
Volume (MMBtu) | MMBTU	1,840,000
Volume (MMBtu/d) | MMBTU	20,000
Natural Gas Basis Swap - Period Four
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.85
Volume (MMBtu) | MMBTU	1,350,000
Volume (MMBtu/d) | MMBTU	15,000
Natural Gas Basis Swap - Period Five
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.85
Volume (MMBtu) | MMBTU	1,365,000
Volume (MMBtu/d) | MMBTU	15,000
Natural Gas Basis Swap - Period Six
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.85
Volume (MMBtu) | MMBTU	1,380,000
Volume (MMBtu/d) | MMBTU	15,000
Natural Gas Basis Swap - Period Seven
Derivative [Line Items]
Weighted Average Differential ($/MMBtu)	0.85
Volume (MMBtu) | MMBTU	1,380,000
Volume (MMBtu/d) | MMBTU	15,000
Natural Gas Collars - Period Six
Derivative [Line Items]
Derivative, Average Floor Price	3.13
Volume (MMBtu) | MMBTU	1,840,000
Volume (MMBtu/d) | MMBTU	20,000
Derivative, Average Cap Price	4.05
Natural Gas Collars - Period Seven
Derivative [Line Items]
Derivative, Average Floor Price	3.21
Volume (MMBtu) | MMBTU	1,840,000
Volume (MMBtu/d) | MMBTU	20,000
Derivative, Average Cap Price	4.89
Natural Gas Collars - Period Eight
Derivative [Line Items]
Derivative, Average Floor Price	3.25
Volume (MMBtu) | MMBTU	1,820,000
Volume (MMBtu/d) | MMBTU	20,000
Derivative, Average Cap Price	5.31
Natural Gas Swaps - Henry Hub - Period Two [Member]
Derivative [Line Items]
Volume (MMBtu) | MMBTU	2,760,000
Volume (MMBtu/d) | MMBTU	30,000
Weighted Average Fixed Price ($/Bbl) | $ / MMBTU	3.24
Natural Gas Swaps - Henry Hub - Period Three [Member]
Derivative [Line Items]
Volume (MMBtu) | MMBTU	1,540,000
Volume (MMBtu/d) | MMBTU	16,739
Weighted Average Fixed Price ($/Bbl) | $ / MMBTU	3.15
NYMEX WTI [Member] | Crude Oil Swap - Period One [Member]
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	65.28
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	12,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	1,092,000
NYMEX WTI [Member] | Crude Oil Swap - Period Two [Domain]
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	65.46
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	8,500
Derivative, Nonmonetary Notional Amount, Volume | bbl	782,000
NYMEX WTI [Member] | Crude Oil Swap - Period Three [Member]
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	65.63
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	7,500
Derivative, Nonmonetary Notional Amount, Volume | bbl	690,000
NYMEX WTI [Member] | Crude Oil Swap - Period Four [Member]
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	73.51
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	2,500
Derivative, Nonmonetary Notional Amount, Volume | bbl	225,000
NYMEX WTI [Member] | Crude Oil Swap - Period Five [Member]
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	73.25
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	2,500
Derivative, Nonmonetary Notional Amount, Volume | bbl	227,500
NYMEX WTI [Member] | Crude Oil Swap - Period Six
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	72.98
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	1,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	92,000
NYMEX WTI [Member] | Crude Oil Swap - Period Seven
Derivative [Line Items]
Weighted Average Fixed Price ($/Bbl)	72.98
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	1,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	92,000
NYMEX WTI [Member] | Crude Oil Collars - Period One [Member]
Derivative [Line Items]
Derivative, Average Floor Price	63.20
Derivative, Average Cap Price	72.41
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	2,500
Derivative, Nonmonetary Notional Amount, Volume | bbl	227,500
NYMEX WTI [Member] | Crude Oil Collars - Period Two
Derivative [Line Items]
Derivative, Average Floor Price	75
Derivative, Average Cap Price	92.46
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	3,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	276,000
NYMEX WTI [Member] | Crude Oil Collars - Period Three
Derivative [Line Items]
Derivative, Average Floor Price	75
Derivative, Average Cap Price	92.46
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	3,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	276,000
NYMEX WTI [Member] | Crude Oil Collars - Period Four
Derivative [Line Items]
Derivative, Average Floor Price	72.22
Derivative, Average Cap Price	84.08
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	4,500
Derivative, Nonmonetary Notional Amount, Volume | bbl	405,000
NYMEX WTI [Member] | Crude Oil Collars - Period Five
Derivative [Line Items]
Derivative, Average Floor Price	72.22
Derivative, Average Cap Price	84.08
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	4,500
Derivative, Nonmonetary Notional Amount, Volume | bbl	409,500
NYMEX WTI [Member] | Crude Oil Collars - Period Six
Derivative [Line Items]
Derivative, Average Floor Price	72
Derivative, Average Cap Price	82.78
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	2,500
Derivative, Nonmonetary Notional Amount, Volume | bbl	230,000
NYMEX WTI [Member] | Crude Oil Collars - Period Seven
Derivative [Line Items]
Derivative, Average Floor Price	72
Derivative, Average Cap Price	82.78
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	2,500
Derivative, Nonmonetary Notional Amount, Volume | bbl	230,000
ICE Brent [Member] | Crude Oil Collars - Period One [Member]
Derivative [Line Items]
Derivative, Average Floor Price	90
Derivative, Average Cap Price	105.20
Derivative, Nonmonetary Notional Amount, Volume Per Day | bbl / d	1,000
Derivative, Nonmonetary Notional Amount, Volume | bbl	91,000

Derivative Instruments - Gains

Derivative Instruments - Gains and Losses from Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net gain (loss) on derivative instruments	$ (129,523)	$ (51,199)

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments Balance Sheet Classification (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid and other current assets
Derivative Assets
Gross Fair Value Asset/Liability Amounts	$ 10,541	$ 3,284
Gross Amounts Offset	(9,388)	(3,284)
Net Recognized Fair Value Assets/Liabilities	1,153	0
Noncurrent Assets [Member]
Derivative Assets
Gross Fair Value Asset/Liability Amounts	13,238	585
Gross Amounts Offset	(11,040)	(345)
Net Recognized Fair Value Assets/Liabilities	2,198	240
Derivative instruments
Derivative Liabilities
Gross Fair Value Asset/Liability Amounts	127,077	38,434
Gross Amounts Offset	(9,388)	(3,284)
Net Recognized Fair Value Assets/Liabilities	117,689	35,150
Non Current Liabilities [Member]
Derivative Liabilities
Gross Fair Value Asset/Liability Amounts	18,257	345
Gross Amounts Offset	(11,040)	(345)
Net Recognized Fair Value Assets/Liabilities	$ 7,217	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Derivative Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	$ 0	$ 0
Derivative Liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	3,351	240
Derivative Liability	124,906	35,150
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	0	0
Derivative Liability	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Fair Value of Liabilities (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Mar. 26, 2021	Mar. 19, 2021	Mar. 15, 2019	Nov. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	$ 801,203,000	$ 825,565,000
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	$ 801,203,000	$ 800,565,000
Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate, stated percentage	5.375%	5.375%				5.375%
Debt Instrument, Face Amount	$ 289,448,000	$ 289,448,000				$ 400,000,000
Fair value of debt instrument	$ 280,765,000	$ 286,554,000
Senior Notes Due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate, stated percentage	6.875%	6.875%			6.875%
Debt Instrument, Face Amount	$ 356,351,000	$ 356,351,000			$ 500,000,000
Fair value of debt instrument	$ 356,351,000	$ 361,696,000
Convertible Senior Notes Due 2028 | Convertible Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate, stated percentage	3.25%	3.25%		3.25%
Debt Instrument, Face Amount	$ 170,000,000	$ 170,000,000	$ 20,000,000	$ 150,000,000
Fair value of debt instrument	258,977,000	215,279,000
Carrying Value | Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	285,874,000	285,666,000
Carrying Value | Senior Notes Due 2027 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	350,936,000	350,712,000
Carrying Value | Convertible Senior Notes Due 2028 | Convertible Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, net	164,393,000	164,187,000
Revolving Credit Facility | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Gross	0	25,000,000
Debt Instrument, Face Amount	0	25,000,000
Fair value of debt instrument	0	25,000,000
Revolving Credit Facility | Carrying Value | Line of Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Gross	$ 0	$ 25,000,000

Equity (Details)

Equity (Details) $ in Thousands	Mar. 31, 2022USD ($)
Equity [Abstract]
Stock Repurchase Program, Authorized Amount	$ 350,000

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 15,802	$ (34,645)
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities	1,293	0
Net Income (Loss) Available to Common Stockholders, Diluted	$ 17,095	$ (34,645)
Basic weighted average shares of Class A Common Stock outstanding (in shares)	284,851	278,935
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants	7,755	0
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	27,074	0
Diluted weighted average shares of Class A Common Stock outstanding (in shares)	319,680	278,935
Basic net earnings per share of Class A Common Stock (USD per share)	$ 0.06	$ (0.12)
Diluted net earnings per share of Class A Common Stock (USD per share)	$ 0.05	$ (0.12)

Earnings Per Share - Summary of

Earnings Per Share - Summary of Shares Excluded From Diluted Earnings Per Share Calculation (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Out-of-the-money stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	2,097	2,294
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	0	8,000
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	0	9,565
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	449	399
Employee Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	0	41
Convertible Notes Payable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-diluted shares excluded from computation of earnings per share (in shares)	0	27,074

Transactions with Related Par_3

Transactions with Related Parties - Schedule of Revenues Recognized and Processing Fees Incurred with Related Parties (Details) - Lucid Energy Delaware, LLC - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Oil and gas sales	$ 9,483	$ 1,075
Gathering, processing and transportation expenses	2,519	$ 1,205
Accounts receivable, net(1)	$ 5,220		$ 5,562

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2022USD ($)
Supply Commitment [Line Items]
Purchase Obligation	$ 44,600
Minimum
Supply Commitment [Line Items]
Loss Contingency, Estimate of Possible Loss	0
Maximum
Supply Commitment [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 7,600

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 347,277	$ 192,391
Oil sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	262,767	133,726
Natural gas sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	39,018	35,451
NGL sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 45,492	$ 23,214

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Accrued oil and gas sales receivable, net	$ 109.7	$ 57.3
Natural Gas and NGL sales | Minimum
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	30 days
Natural Gas and NGL sales | Maximum
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	90 days
Oil sales
Disaggregation of Revenue [Line Items]
Performance obligations billing cycle	30 days

Subsequent Events (Details)

Subsequent Events (Details) - 2016 Long Term Incentive Plan - shares	Apr. 29, 2020	Apr. 27, 2022	Mar. 31, 2022	Oct. 07, 2016
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	8,250,000
Number of shares authorized (in shares)			24,750,000	16,500,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares authorized (in shares)		44,250,000