Document and Entity Information
Document and Entity Information Document | 3 Months Ended |
Mar. 31, 2024 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2024 |
Document Transition Report | false |
Entity File Number | 001-32886 |
Entity Registrant Name | CONTINENTAL RESOURCES, INC |
Entity Central Index Key | 0000732834 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | OK |
Entity Tax Identification Number | 73-0767549 |
Entity Address, Address Line One | 20 N. Broadway |
Entity Address, City or Town | Oklahoma City |
Entity Address, State or Province | OK |
Entity Address, Postal Zip Code | 73102 |
City Area Code | 405 |
Local Phone Number | 234-9000 |
Entity Current Reporting Status | No |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 219,664 | $ 26,397 |
Receivables: | ||
Crude oil, natural gas, and natural gas liquids sales | 1,228,233 | 1,196,262 |
Joint interest and other | 302,009 | 350,907 |
Allowance for credit losses | (3,731) | (3,172) |
Receivables, net | 1,526,511 | 1,543,997 |
Derivative assets | 216,385 | 353,261 |
Inventories | 218,383 | 190,762 |
Prepaid expenses and other | 36,554 | 33,450 |
Total current assets | 2,217,497 | 2,147,867 |
Net property and equipment, based on successful efforts method of accounting | 19,822,519 | 19,786,889 |
Investment in unconsolidated affiliates | 247,804 | 240,484 |
Operating lease right-of-use assets | 34,560 | 38,656 |
Derivative assets, noncurrent | 142,545 | 155,252 |
Other noncurrent assets | 21,120 | 18,293 |
Total assets | 22,486,045 | 22,387,441 |
Current liabilities: | ||
Accounts payable trade | 824,616 | 835,012 |
Revenues and royalties payable | 730,385 | 768,381 |
Accrued liabilities and other | 283,609 | 354,537 |
Current portion of incentive compensation liability | 46,450 | 130,583 |
Current portion of income tax liabilities | 190,061 | 84,556 |
Derivative liabilities | 58,858 | 0 |
Current portion of operating lease liabilities | 15,377 | 18,112 |
Current portion of long-term debt | 895,437 | 895,105 |
Total current liabilities | 3,044,793 | 3,086,286 |
Long-term debt, net of current portion | 5,424,983 | 5,734,007 |
Other noncurrent liabilities: | ||
Deferred income tax liabilities, net | 2,879,099 | 2,867,283 |
Incentive compensation liability, noncurrent | 17,032 | 41,707 |
Asset retirement obligations, noncurrent | 404,945 | 391,957 |
Derivative liabilities, noncurrent | 534 | 586 |
Operating lease liabilities, noncurrent | 18,101 | 19,482 |
Other noncurrent liabilities | 51,840 | 36,346 |
Total other noncurrent liabilities | 3,371,551 | 3,357,361 |
Commitments and contingencies (Note 8) | ||
Equity: | ||
Preferred stock, $0.01 par value; 25,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 1,000,000,000 shares authorized 299,610,267 shares issued and outstanding at March 31, 2024 and December 31, 2023 | 2,996 | 2,996 |
Retained earnings | 10,277,821 | 9,850,687 |
Total shareholders’ equity attributable to Continental Resources | 10,280,817 | 9,853,683 |
Noncontrolling interests | 363,901 | 356,104 |
Total equity | 10,644,718 | 10,209,787 |
Total liabilities and equity | $ 22,486,045 | $ 22,387,441 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 299,610,267 | 299,610,267 |
Common stock, outstanding | 299,610,267 | 299,610,267 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Crude oil, natural gas, and natural gas liquids sales | $ 1,909,843 | $ 1,791,720 |
Gain (loss) on derivative instruments, net | (113,194) | 382,779 |
Crude oil and natural gas service operations | 23,895 | 19,354 |
Total revenues | 1,820,544 | 2,193,853 |
Operating costs and expenses: | ||
Production expenses | 188,697 | 181,986 |
Production and ad valorem taxes | 147,127 | 136,175 |
Transportation, gathering, processing, and compression | 107,946 | 77,869 |
Exploration expenses | 4,110 | 3,378 |
Crude oil and natural gas service operations | 26,640 | 17,832 |
Depreciation, depletion, amortization and accretion | 632,763 | 476,454 |
Property impairments | 12,062 | 13,074 |
General and administrative expenses | 82,282 | 63,271 |
Net (gain) loss on sale of assets and other | (287) | (186) |
Total operating costs and expenses | 1,201,340 | 969,853 |
Income from operations | 619,204 | 1,224,000 |
Other income (expense): | ||
Interest expense | (79,811) | (99,681) |
Other | 3,154 | 1,754 |
Total other income (expense) | (76,657) | (97,927) |
Income before income taxes | 542,547 | 1,126,073 |
Provision for income taxes | (114,054) | (239,756) |
Income before equity in net loss of affiliate | 428,493 | 886,317 |
Equity in net loss of affiliate | (907) | (663) |
Net income | 427,586 | 885,654 |
Net income attributable to noncontrolling interests | 464 | 1,357 |
Net income attributable to Continental Resources | $ 427,122 | $ 884,297 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Shareholders Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Continental Resources Shareholders' Equity | Noncontrolling Interest |
Balance at Dec. 31, 2022 | $ 2,996 | $ 6,754,174 | $ 6,757,170 | ||
Balance, shares at Dec. 31, 2022 | 299,610,267 | ||||
Noncontrolling interests at Dec. 31, 2022 | $ 372,438 | ||||
Total Equity at Dec. 31, 2022 | $ 7,129,608 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income attributable to Continental Resources | 884,297 | 884,297 | 884,297 | ||
Net income attributable to noncontrolling interests | 1,357 | 1,357 | |||
Net income | 885,654 | ||||
Change in dividends payable | 616 | 616 | 616 | ||
Contributions from Noncontrolling Interests | 2,526 | 2,526 | |||
Distributions to Noncontrolling Interests | (10,432) | (10,432) | |||
Balance at Mar. 31, 2023 | $ 2,996 | 7,639,087 | 7,642,083 | ||
Balance, shares at Mar. 31, 2023 | 299,610,267 | ||||
Noncontrolling interests at Mar. 31, 2023 | 365,889 | ||||
Total Equity at Mar. 31, 2023 | 8,007,972 | ||||
Balance at Dec. 31, 2023 | $ 9,853,683 | $ 2,996 | 9,850,687 | 9,853,683 | |
Balance, shares at Dec. 31, 2023 | 299,610,267 | 299,610,267 | |||
Noncontrolling interests at Dec. 31, 2023 | $ 356,104 | 356,104 | |||
Total Equity at Dec. 31, 2023 | 10,209,787 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income attributable to Continental Resources | 427,122 | 427,122 | 427,122 | ||
Net income attributable to noncontrolling interests | 464 | 464 | |||
Net income | 427,586 | ||||
Change in dividends payable | 12 | 12 | 12 | ||
Contributions from Noncontrolling Interests | 14,040 | 14,040 | |||
Distributions to Noncontrolling Interests | (6,707) | (6,707) | |||
Balance at Mar. 31, 2024 | $ 10,280,817 | $ 2,996 | $ 10,277,821 | $ 10,280,817 | |
Balance, shares at Mar. 31, 2024 | 299,610,267 | 299,610,267 | |||
Noncontrolling interests at Mar. 31, 2024 | $ 363,901 | $ 363,901 | |||
Total Equity at Mar. 31, 2024 | $ 10,644,718 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 427,586 | $ 885,654 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion, amortization and accretion | 636,659 | 479,602 |
Property impairments | 12,062 | 13,074 |
Non-cash (gain) loss on derivatives | 208,390 | (331,089) |
Provision for deferred income taxes | 11,816 | 100,693 |
Equity in net loss of affiliate | 907 | 663 |
Net (gain) loss on sale of assets and other | (287) | (186) |
Other, net | 23,567 | 3,988 |
Changes in assets and liabilities: | ||
Accounts receivable | 23,062 | 253,744 |
Inventories | (27,564) | (19,669) |
Other current assets | (1,331) | (3,191) |
Accounts payable trade | 27,166 | 61,761 |
Revenues and royalties payable | (39,001) | (223,212) |
Accrued liabilities and other | (70,148) | (66,745) |
Incentive compensation liability | (108,809) | (129,362) |
Current income taxes liability | 105,504 | 139,063 |
Other noncurrent assets and liabilities | (7,701) | (14,950) |
Net cash provided by operating activities | 1,221,878 | 1,149,838 |
Cash flows from investing activities | ||
Exploration and development | (663,003) | (863,989) |
Purchase of producing crude oil and natural gas properties | (870) | (97,550) |
Purchase of other property and equipment | (49,963) | (60,374) |
Proceeds from sale of assets | 4,340 | 1,223 |
Contributions to unconsolidated affiliates | (8,227) | 0 |
Net cash used in investing activities | (717,723) | (1,020,690) |
Cash flows from financing activities | ||
Credit facility borrowings | 749,000 | 1,073,000 |
Repayment of credit facility | (959,000) | (1,272,000) |
Repayment of other debt | (100,616) | (597) |
Debt issuance costs | 0 | (241) |
Contributions from noncontrolling interests | 7,740 | 1,872 |
Distributions to noncontrolling interests | (5,681) | (11,354) |
Dividends paid on common stock | (2,331) | (2,051) |
Net cash used in financing activities | (310,888) | (211,371) |
Net change in cash and cash equivalents | 193,267 | (82,223) |
Cash and cash equivalents at beginning of period | 26,397 | 137,788 |
Cash and cash equivalents at end of period | $ 219,664 | $ 55,565 |
Organization and Nature of Busi
Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | Note 1. Org anization and Nature of Business Nature of Business Continental Resources, Inc. (the “Company”) was formed in 1967 and is incorporated under the laws of the State of Oklahoma. The Company’s principal business is the exploration, development, management, and production of crude oil and natural gas and associated products with properties primarily located in four leading basins in the United States – the Bakken field of North Dakota and Montana, the Anadarko Basin of Oklahoma, the Permian Basin of Texas, and the Powder River Basin of Wyoming. Additionally, the Company pursues the acquisition and management of perpetually owned minerals located in certain of its key operating areas. For the three months ended March 31, 2024, crude oil accounted for 54 % of the Company’s total production and 86 % of its crude oil, natural gas, and natural gas liquids revenues. Voluntary Filer The Company is privately owned by its founder, Harold G. Hamm, certain members of his family and their affiliated entities (the "Hamm Family"). As of March 31, 2024 , the Hamm Family holds approximately 299.6 million shares of common stock of the Company. As a privately held company, certain of the corporate governance, disclosure, and other provisions applicable to a company with listed equity securities and reporting obligations under the Securities Exchange Act of 1934 do not apply to us. We continue to furnish Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K with the SEC as required by our senior note indentures. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Note 2. Basis of Presentation and Significant Accounting Policies Basis of presentation The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and entities in which the Company has a controlling financial interest. Intercompany accounts and transactions have been eliminated upon consolidation. Noncontrolling interests reflected herein represent third party ownership in the net assets of consolidated subsidiaries. The portions of consolidated net income and equity attributable to the noncontrolling interests are presented separately in the Company’s financial statements. Investments in entities in which the Company has the ability to exercise significant influence, but does not control, are accounted for using the equity method of accounting. In applying the equity method, the investments are initially recognized at cost and are subsequently adjusted for the Company's proportionate share of earnings, losses, contributions, and distributions as applicable. This report has been prepared pursuant to rules and regulations applicable to interim financial information. Because this is an interim period filing presented using a condensed format, it does not include all disclosures required by accounting principles generally accepted in the United States (“U.S. GAAP”), although the Company believes the disclosures are adequate to make the information not misleading. You should read this Quarterly Report on Form 10-Q (“Form 10-Q”) together with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”), which includes a summary of the Company’s significant accounting policies and other disclosures. The condensed consolidated financial statements as of March 31, 2024 and for the three month periods ended March 31, 2024 and 2023 are unaudited. The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited balance sheet included in the 2023 Form 10-K. The Company evaluated its March 31, 2024 financial statements for subsequent events through May 3, 2024, the date the financial statements were available to be issued. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure and estimation of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. The most significant estimates and assumptions impacting reported results are estimates of the Company’s crude oil and natural gas reserves, which are used to compute depreciation, depletion, amortization and impairment of proved crude oil and natural gas properties. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation in accordance with U.S. GAAP have been included in these unaudited condensed consolidated financial statements. The results of operations for any interim period are not necessarily indicative of the results of operations that may be expected for any other interim period or for an entire year. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note 3. Supplemental Cash Flow Information The following table discloses supplemental cash flow information about cash paid for interest and income tax payments and refunds. Also disclosed is information about investing activities that affects recognized assets and liabilities but does not result in cash receipts or payments. Three months ended March 31, In thousands 2024 2023 Supplemental cash flow information: Cash paid for interest $ 86,931 $ 94,875 Cash paid for income taxes — — Cash received for income tax refunds 3,266 2 Non-cash investing activities: Asset retirement obligation additions and revisions, net 9,137 477 As of March 31, 2024 and December 31, 2023 , the Company had $ 329.6 million and $ 367.2 million, respectively, of accrued capital expenditures included in “Net property and equipment” with an offsetting amount in “Accounts payable trade” in the condensed consolidated balance sheets. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Note 4. Revenues The following table presents the disaggregation of the Company's crude oil and natural gas revenues by operating area for the three months ended March 31, 2024 and 2023. Sales of natural gas and NGLs are combined, as a substantial majority of the Company's natural gas sales contracts represent wellhead sales of unprocessed gas. Three months ended March 31, 2024 Three months ended March 31, 2023 In thousands Crude Oil Natural Gas Total Crude Oil Natural Gas Total Bakken $ 891,174 $ 87,447 $ 978,621 $ 796,920 $ 152,885 $ 949,805 Anadarko Basin 241,924 154,284 396,208 200,981 220,220 421,201 Powder River Basin 117,274 13,830 131,104 100,748 14,257 115,005 Permian Basin 344,645 19,340 363,985 243,605 18,854 262,459 All other 39,890 35 39,925 43,182 68 43,250 Crude oil, natural gas, and natural gas liquids sales $ 1,634,907 $ 274,936 $ 1,909,843 $ 1,385,436 $ 406,284 $ 1,791,720 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 5. Derivative Instruments From time to time the Company enters into derivative contracts to economically hedge against the variability in cash flows associated with future sales of production. The Company recognizes its derivative instruments on the balance sheet as either assets or liabilities measured at fair value. The estimated fair value is based upon various factors as described in Note 6. Fair Value Measurements . At March 31, 2024 the Company had outstanding derivative contracts as set forth in the tables below. Natural gas derivatives Period and Type of Contract Average Volumes Hedged Weighted Average Hedge Price ($/MMBtu) April 2024 - June 2024 Swaps - Henry Hub 660,000 MMBtus/day $ 3.38 Swaps - WAHA 60,000 MMBtus/day $ 3.20 July 2024 - Sept 2024 Swaps - Henry Hub 660,000 MMBtus/day $ 3.38 Swaps - WAHA 50,000 MMBtus/day $ 2.81 October 2024 - December 2024 Swaps - Henry Hub 697,000 MMBtus/day $ 3.38 January 2025 - December 2025 Swaps - Henry Hub 602,000 MMBtus/day $ 3.90 January 2026 - December 2026 Swaps - Henry Hub 635,000 MMBtus/day $ 4.11 January 2027 - December 2027 Swaps - Henry Hub 263,000 MMBtus/day $ 3.83 Crude oil derivatives Weighted Average Period and Type of Contract Average Volumes Hedged Roll Swaps Fixed Swaps April 2024 - December 2024 Roll Swaps - NYMEX 60,000 Bbls/day $ 0.72 Fixed Swaps - WTI 59,000 Bbls/day $ 76.45 Derivative gains and losses Cash receipts and payments in the following table reflect the gains or losses on derivative contracts which matured during the applicable period, calculated as the difference between the contract price and the market settlement price of matured contracts. The Company's derivative contracts are settled based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on NYMEX West Texas Intermediate (“WTI”) pricing and natural gas derivative settlements based primarily on NYMEX Henry Hub pricing. Non-cash gains and losses below represent the change in fair value of derivative instruments which continued to be held at period end and the reversal of previously recognized non-cash gains or losses on derivative contracts that matured during the period. Three months ended March 31, In thousands 2024 2023 Cash received (paid) on derivatives: Crude oil fixed price swaps $ 4,829 $ 5,098 Crude oil NYMEX roll swaps 2,473 1,400 Natural gas basis swaps — 1,357 Natural gas WAHA swaps 9,024 12 Natural gas fixed price swaps 62,801 15,702 Natural gas collars 16,069 24,380 Natural gas 3-way collars — 3,741 Cash received (paid) on derivatives, net 95,196 51,690 Non-cash gain (loss) on derivatives: Crude oil fixed price swaps ( 201,049 ) 78,539 Crude oil NYMEX roll swaps ( 10,254 ) ( 608 ) Natural gas basis swaps — ( 6,741 ) Natural gas WAHA swaps ( 329 ) 15,671 Natural gas fixed price swaps 15,165 215,692 Natural gas collars ( 11,923 ) 29,134 Natural gas 3-way collars — ( 598 ) Non-cash gain (loss) on derivatives, net ( 208,390 ) 331,089 Gain (loss) on derivative instruments, net $ ( 113,194 ) $ 382,779 Balance sheet offsetting of derivative assets and liabilities The Company’s derivative contracts are recorded at fair value in the condensed consolidated balance sheets under the captions “Derivative assets,” “Derivative assets, noncurrent,” “Derivative liabilities,” and “Derivative liabilities, noncurrent” as applicable. Derivative assets and liabilities with the same counterparty that are subject to contractual terms which provide for net settlement are reported on a net basis in the condensed consolidated balance sheets. The following table presents the gross amounts of recognized derivative assets and liabilities, as applicable, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the condensed consolidated balance sheets for the periods presented, all at fair value. In thousands March 31, 2024 December 31, 2023 Commodity derivative assets: Gross amounts of recognized assets $ 368,709 $ 510,375 Gross amounts offset on balance sheet ( 9,779 ) ( 1,862 ) Net amounts of assets on balance sheet 358,930 508,513 Commodity derivative liabilities: Gross amounts of recognized liabilities ( 69,171 ) ( 2,448 ) Gross amounts offset on balance sheet 9,779 1,862 Net amounts of liabilities on balance sheet $ ( 59,392 ) $ ( 586 ) The following table reconciles the net amounts disclosed above to the individual financial statement line items in the condensed consolidated balance sheets. In thousands March 31, 2024 December 31, 2023 Derivative assets $ 216,385 $ 353,261 Derivative assets, noncurrent 142,545 155,252 Net amounts of assets on balance sheet 358,930 508,513 Derivative liabilities ( 58,858 ) — Derivative liabilities, noncurrent ( 534 ) ( 586 ) Net amounts of liabilities on balance sheet ( 59,392 ) ( 586 ) Total derivative assets (liabilities), net $ 299,538 $ 507,927 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 6. Fair Value Measurements The Company's derivative instruments are reported at fair value on a recurring basis. In determining the fair values of swap contracts, a discounted cash flow method is used due to the unavailability of relevant comparable market data for the Company’s exact contracts. The discounted cash flow method estimates future cash flows based on quoted market prices for forward commodity prices and a risk-adjusted discount rate. The fair values of swap contracts are calculated mainly using significant observable inputs (Level 2). Calculation of the fair values of collars requires the use of an industry-standard option pricing model that considers various inputs including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. These assumptions are observable in the marketplace or can be corroborated by active markets or broker quotes and are therefore designated as Level 2 within the valuation hierarchy. The Company’s calculation of fair value for each of its derivative positions is compared to the counterparty valuation for reasonableness. The following tables summarize the valuation of derivative instruments by pricing levels that were accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023. Fair value measurements at March 31, 2024 using: In thousands Level 1 Level 2 Level 3 Total Derivative assets (liabilities): Crude oil fixed price swaps $ — $ ( 54,805 ) $ — $ ( 54,805 ) Crude oil NYMEX roll swaps — ( 3,366 ) — ( 3,366 ) Natural gas WAHA swaps — 21,194 — 21,194 Natural gas fixed price swaps — 336,515 — 336,515 Total $ — $ 299,538 $ — $ 299,538 Fair value measurements at December 31, 2023 using: In thousands Level 1 Level 2 Level 3 Total Derivative assets (liabilities): Crude oil fixed price swaps $ — $ 146,243 $ — $ 146,243 Crude oil NYMEX roll swaps — 6,888 — 6,888 Natural gas WAHA swaps — 21,523 — 21,523 Natural gas fixed price swaps — 321,350 — 321,350 Natural gas collars — 11,923 — 11,923 Total $ — $ 507,927 $ — $ 507,927 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Note 7. Debt The Company's debt, net of unamortized discounts, premiums, and debt issuance costs totaling $ 39.8 million and $ 41.7 million at March 31, 2024 and December 31, 2023, respectively, consists of the following. In thousands March 31, 2024 December 31, 2023 Credit facility $ — $ 210,000 Term Loan 648,346 748,092 Notes payable 17,029 17,642 3.8 % Senior Notes due 2024 892,918 892,610 2.268 % Senior Notes due 2026 795,916 795,541 4.375 % Senior Notes due 2028 994,648 994,327 5.75 % Senior Notes due 2031 1,485,880 1,485,460 2.875 % Senior Notes due 2032 793,166 792,977 4.9 % Senior Notes due 2044 692,517 692,463 Total debt $ 6,320,420 $ 6,629,112 Less: Current portion of long-term debt 895,437 895,105 Long-term debt, net of current portion $ 5,424,983 $ 5,734,007 Credit Facility The Company has a credit facility, maturing in October 2026, with aggregate lender commitments totaling $ 2.255 billion. The credit facility is unsecured and has no borrowing base requirement subject to redetermination. The Company had no outstanding borrowings and $ 2.255 billion of borrowing availability on its credit facility at March 31, 2024 . Subsequent to March 31, 2024, the Company repaid the remaining $ 650 million term loan using available cash on-hand and credit facility borrowings. As of April 30, 2024, the balance on the credit facility was $490 million and the Company had $1.8 billion of borrowing availability. The Company incurs commitment fees based on currently assigned credit ratings of 0.20 % per annum on the daily average amount of unused borrowing availability. The credit facility contains certain restrictive covenants including a requirement that the Company maintain a consolidated net debt to total capitalization ratio of no greater than 0.65 to 1.00. This ratio represents the ratio of net debt (calculated as total face value of debt plus outstanding letters of credit less cash and cash equivalents) divided by the sum of net debt plus total shareholders' equity plus, to the extent resulting in a reduction of total shareholders’ equity, the amount of any non-cash impairment charges incurred, net of any tax effect, after June 30, 2014. The Company was in compliance with the credit facility covenants at March 31, 2024. Senior Notes The following table summarizes the face values, maturity dates, semi-annual interest payment dates, and optional redemption periods related to the Company’s outstanding senior note obligations at March 31, 2024. 2024 Notes 2026 Notes 2028 Notes 2031 Notes 2032 Notes 2044 Notes Face value (in thousands) $ 893,126 $ 800,000 $ 1,000,000 $ 1,500,000 $ 800,000 $ 700,000 Maturity date June 1, 2024 November 15, 2026 January 15, 2028 January 15, 2031 April 1, 2032 June 1, 2044 Interest payment dates June 1, Dec 1 May 15, Nov 15 Jan 15, July 15 Jan 15, Jul 15 April 1, Oct 1 June 1, Dec 1 Make-whole redemption period (1) Mar 1, 2024 Nov 15, 2023 Oct 15, 2027 Jul 15, 2030 January 1. 2032 Dec 1, 2043 (1) At any time prior to the indicated dates, the Company has the option to redeem all or a portion of its senior notes of the applicable series at the “make-whole” redemption amounts specified in the respective senior note indentures plus any accrued and unpaid interest to the date of redemption. On or after the indicated dates, the Company may redeem all or a portion of its senior notes at a redemption amount equal to 100 % of the principal amount of the senior notes being redeemed plus any accrued and unpaid interest to the date of redemption. The Company’s senior notes are not subject to any mandatory redemption or sinking fund requirements. The indentures governing the Company’s senior notes contain covenants that, among other things, limit the Company’s ability to create liens securing certain indebtedness, enter into certain sale-leaseback transactions, or consolidate, merge or transfer certain assets. These covenants are subject to a number of important exceptions and qualifications. The Company was in compliance with these covenants at March 31, 2024. The senior notes are obligations of Continental Resources, Inc. Additionally, certain of the Company’s wholly-owned subsidiaries (Banner Pipeline Company, L.L.C., CLR Asset Holdings, LLC, The Mineral Resources Company, SCS1 Holdings LLC, Continental Innovations LLC, Jagged Peak Energy LLC, and Parsley SoDe Water LLC) fully and unconditionally guarantee the senior notes on a joint and several basis. The financial information of the guarantor group is not materially different from the consolidated financial statements of the Company. The Company’s other subsidiaries, whose assets, equity, and results of operations attributable to the Company are not material, do not guarantee the senior notes. Term Loan Subsequent to March 31, 2024, the Company repaid the remaining $ 650 million term loan using available cash on-hand and credit facility borrowings. As of April 30, 2024, the term loan was fully repaid and the balance on the credit facility was $490 million. In November 2022, the Company borrowed $ 750 million under a three-year term loan agreement. The Company repaid $ 100 million of the term loan during the three months ended March 31, 2024 and the remaining balance totaled $ 650 million at March 31, 2024 . The term loan would have matured in November 2025 and bore interest at market-based interest rates plus a margin based on the terms of the borrowing and the credit ratings assigned to the Company’s senior, unsecured, long-term indebtedness. The interest rate on the term loan was 6.93 % at March 31, 2024. The term loan contained certain restrictive covenants including a requirement that the Company maintain a consolidated net debt to total capitalization ratio of no greater than 0.65 to 1.0, consistent with the covenant requirement in the Company’s revolving credit facility. The Company was in compliance with the term loan covenants at March 31, 2024 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8. Commitments and Contingencies Transportation, gathering, and processing commitments – The Company has entered into transportation, gathering, and processing commitments to guarantee capacity on crude oil and natural gas pipelines and natural gas processing facilities. Certain of the commitments, which have varying terms extending as far as 2031 , require the Company to pay per-unit transportation, gathering, or processing charges regardless of the amount of capacity used. Future commitments remaining as of March 31, 2024 under the arrangements amount to approximately $ 1.04 billion, of which $ 265 million is expected to be incurred in the remainder of 2024, $ 278 million in 2025, $ 218 million in 2026, $ 203 million in 2027, $ 70 million in 2028, and $ 8 million thereafter. A portion of these future costs will be borne by other interest owners. The Company is not committed under the above contracts to deliver fixed and determinable quantities of crude oil or natural gas in the future. These commitments do not qualify as leases under ASC Topic 842 and are not recognized on the Company's balance sheet. Litigation pertaining to 2022 take-private transaction In April 2023, three separate putative class action lawsuits were consolidated under the caption In re Continental Resources, Inc. Shareholder Litigation, Case No. CJ-2022-4162, in the District Court of Oklahoma County, Oklahoma (the “Consolidated Action”). In the Consolidated Action, the plaintiffs, on behalf of themselves and all other similarly situated former shareholders of the Company, allege that Mr. Hamm, certain trusts established for the benefit of Mr. Hamm and/or his family members, and the Company’s other directors breached their fiduciary duties in connection with the take-private transaction and seek: (i) monetary damages; (ii) the costs and expenses associated with the lawsuits; and (iii) other equitable relief. The defendants continue to vigorously defend themselves against these claims. In January 2023, FourWorld Deep Value Opportunities Fund I, LLC, FourWorld Event Opportunities, LP, FW Deep Value Opportunities I, LLC, FourWorld Global Opportunities Fund, Ltd., FourWorld Special Opportunities Fund, LLC, Corbin ERISA Opportunity Fund Ltd., and Quadre Investments, L.P. (collectively, “FourWorld”), all former shareholders of the Company, filed a petition in the District Court of Oklahoma County, Oklahoma, seeking appraisal of their respective shares of the Company’s common stock in connection with the take-private transaction. The Company continues to vigorously defend itself against these claims. |
Incentive Compensation
Incentive Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Incentive Compensation | Note 9. Long-Term Incentive Compensation The Company has granted incentive compensation awards to employees pursuant to the Continental Resources, Inc. 2022 Long-Term Incentive Plan (“2022 Plan”). Awards granted prior to 2024 generally vest after three years of employee service. Awards granted in 2024 and thereafter generally vest annually, in one-third increments, over three years of employee service. The Company intends to settle all outstanding incentive awards vesting in the future in cash and, thus, the awards are classified as liability awards pursuant to ASC Topic 718, Compensation—Stock Compensation. At March 31, 2024, the Company had recorded a current liability of $ 46.4 million and a non-current liability of $ 17.0 million in the captions “Current portion of incentive compensation liability” and “Incentive compensation liability, noncurrent,” respectively, in the condensed consolidated balance sheets associated with the awards. Such amounts reflect the Company’s estimate of expected future cash payments multiplied by the percentage of requisite service periods that employees have completed as of March 31, 2024. The Company’s compensation expense associated with such awards, which is included in the caption “General and administrative expenses” in the condensed consolidated statements of income, was $ 32.5 million and $ 1.0 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there was approximately $ 147.2 million of unrecognized liabilities and compensation expense related to unvested awards, which are expected to be recognized over a weighted average period of 1.7 years. The Company’s incentive compensation liability will be remeasured each reporting period leading up to the applicable award vesting dates to reflect additional service rendered by employees and to reflect changes in expected cash payments arising from underlying changes in the value of the Company based on independent third party appraisals. Changes in the liability will be recorded as increases or decreases to compensation expense. The Company has estimated the number of forfeitures expected to occur in determining the amount of liability and expense to recognize. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Description of the Company | Nature of Business Continental Resources, Inc. (the “Company”) was formed in 1967 and is incorporated under the laws of the State of Oklahoma. The Company’s principal business is the exploration, development, management, and production of crude oil and natural gas and associated products with properties primarily located in four leading basins in the United States – the Bakken field of North Dakota and Montana, the Anadarko Basin of Oklahoma, the Permian Basin of Texas, and the Powder River Basin of Wyoming. Additionally, the Company pursues the acquisition and management of perpetually owned minerals located in certain of its key operating areas. For the three months ended March 31, 2024, crude oil accounted for 54 % of the Company’s total production and 86 % of its crude oil, natural gas, and natural gas liquids revenues. |
Voluntary Filer | The Company is privately owned by its founder, Harold G. Hamm, certain members of his family and their affiliated entities (the "Hamm Family"). As of March 31, 2024 , the Hamm Family holds approximately 299.6 million shares of common stock of the Company. As a privately held company, certain of the corporate governance, disclosure, and other provisions applicable to a company with listed equity securities and reporting obligations under the Securities Exchange Act of 1934 do not apply to us. We continue to furnish Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K with the SEC as required by our senior note indentures. |
Basis of Presentation | Basis of presentation The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and entities in which the Company has a controlling financial interest. Intercompany accounts and transactions have been eliminated upon consolidation. Noncontrolling interests reflected herein represent third party ownership in the net assets of consolidated subsidiaries. The portions of consolidated net income and equity attributable to the noncontrolling interests are presented separately in the Company’s financial statements. Investments in entities in which the Company has the ability to exercise significant influence, but does not control, are accounted for using the equity method of accounting. In applying the equity method, the investments are initially recognized at cost and are subsequently adjusted for the Company's proportionate share of earnings, losses, contributions, and distributions as applicable. This report has been prepared pursuant to rules and regulations applicable to interim financial information. Because this is an interim period filing presented using a condensed format, it does not include all disclosures required by accounting principles generally accepted in the United States (“U.S. GAAP”), although the Company believes the disclosures are adequate to make the information not misleading. You should read this Quarterly Report on Form 10-Q (“Form 10-Q”) together with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”), which includes a summary of the Company’s significant accounting policies and other disclosures. The condensed consolidated financial statements as of March 31, 2024 and for the three month periods ended March 31, 2024 and 2023 are unaudited. The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited balance sheet included in the 2023 Form 10-K. The Company evaluated its March 31, 2024 financial statements for subsequent events through May 3, 2024, the date the financial statements were available to be issued. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure and estimation of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. The most significant estimates and assumptions impacting reported results are estimates of the Company’s crude oil and natural gas reserves, which are used to compute depreciation, depletion, amortization and impairment of proved crude oil and natural gas properties. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation in accordance with U.S. GAAP have been included in these unaudited condensed consolidated financial statements. The results of operations for any interim period are not necessarily indicative of the results of operations that may be expected for any other interim period or for an entire year. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Supplemental Cash Flow Information | The following table discloses supplemental cash flow information about cash paid for interest and income tax payments and refunds. Also disclosed is information about investing activities that affects recognized assets and liabilities but does not result in cash receipts or payments. Three months ended March 31, In thousands 2024 2023 Supplemental cash flow information: Cash paid for interest $ 86,931 $ 94,875 Cash paid for income taxes — — Cash received for income tax refunds 3,266 2 Non-cash investing activities: Asset retirement obligation additions and revisions, net 9,137 477 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents the disaggregation of the Company's crude oil and natural gas revenues by operating area for the three months ended March 31, 2024 and 2023. Sales of natural gas and NGLs are combined, as a substantial majority of the Company's natural gas sales contracts represent wellhead sales of unprocessed gas. Three months ended March 31, 2024 Three months ended March 31, 2023 In thousands Crude Oil Natural Gas Total Crude Oil Natural Gas Total Bakken $ 891,174 $ 87,447 $ 978,621 $ 796,920 $ 152,885 $ 949,805 Anadarko Basin 241,924 154,284 396,208 200,981 220,220 421,201 Powder River Basin 117,274 13,830 131,104 100,748 14,257 115,005 Permian Basin 344,645 19,340 363,985 243,605 18,854 262,459 All other 39,890 35 39,925 43,182 68 43,250 Crude oil, natural gas, and natural gas liquids sales $ 1,634,907 $ 274,936 $ 1,909,843 $ 1,385,436 $ 406,284 $ 1,791,720 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Summary of Outstanding Contracts with Respect to Natural Gas | At March 31, 2024 the Company had outstanding derivative contracts as set forth in the tables below. Natural gas derivatives Period and Type of Contract Average Volumes Hedged Weighted Average Hedge Price ($/MMBtu) April 2024 - June 2024 Swaps - Henry Hub 660,000 MMBtus/day $ 3.38 Swaps - WAHA 60,000 MMBtus/day $ 3.20 July 2024 - Sept 2024 Swaps - Henry Hub 660,000 MMBtus/day $ 3.38 Swaps - WAHA 50,000 MMBtus/day $ 2.81 October 2024 - December 2024 Swaps - Henry Hub 697,000 MMBtus/day $ 3.38 January 2025 - December 2025 Swaps - Henry Hub 602,000 MMBtus/day $ 3.90 January 2026 - December 2026 Swaps - Henry Hub 635,000 MMBtus/day $ 4.11 January 2027 - December 2027 Swaps - Henry Hub 263,000 MMBtus/day $ 3.83 Crude oil derivatives Weighted Average Period and Type of Contract Average Volumes Hedged Roll Swaps Fixed Swaps April 2024 - December 2024 Roll Swaps - NYMEX 60,000 Bbls/day $ 0.72 Fixed Swaps - WTI 59,000 Bbls/day $ 76.45 |
Realized and Unrealized Gains and Losses on Derivative Instruments | Three months ended March 31, In thousands 2024 2023 Cash received (paid) on derivatives: Crude oil fixed price swaps $ 4,829 $ 5,098 Crude oil NYMEX roll swaps 2,473 1,400 Natural gas basis swaps — 1,357 Natural gas WAHA swaps 9,024 12 Natural gas fixed price swaps 62,801 15,702 Natural gas collars 16,069 24,380 Natural gas 3-way collars — 3,741 Cash received (paid) on derivatives, net 95,196 51,690 Non-cash gain (loss) on derivatives: Crude oil fixed price swaps ( 201,049 ) 78,539 Crude oil NYMEX roll swaps ( 10,254 ) ( 608 ) Natural gas basis swaps — ( 6,741 ) Natural gas WAHA swaps ( 329 ) 15,671 Natural gas fixed price swaps 15,165 215,692 Natural gas collars ( 11,923 ) 29,134 Natural gas 3-way collars — ( 598 ) Non-cash gain (loss) on derivatives, net ( 208,390 ) 331,089 Gain (loss) on derivative instruments, net $ ( 113,194 ) $ 382,779 |
Gross Amounts of Recognized Derivative Assets and Liabilities | The following table presents the gross amounts of recognized derivative assets and liabilities, as applicable, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the condensed consolidated balance sheets for the periods presented, all at fair value. In thousands March 31, 2024 December 31, 2023 Commodity derivative assets: Gross amounts of recognized assets $ 368,709 $ 510,375 Gross amounts offset on balance sheet ( 9,779 ) ( 1,862 ) Net amounts of assets on balance sheet 358,930 508,513 Commodity derivative liabilities: Gross amounts of recognized liabilities ( 69,171 ) ( 2,448 ) Gross amounts offset on balance sheet 9,779 1,862 Net amounts of liabilities on balance sheet $ ( 59,392 ) $ ( 586 ) |
Derivatives Not Designated as Hedging Instruments | The following table reconciles the net amounts disclosed above to the individual financial statement line items in the condensed consolidated balance sheets. In thousands March 31, 2024 December 31, 2023 Derivative assets $ 216,385 $ 353,261 Derivative assets, noncurrent 142,545 155,252 Net amounts of assets on balance sheet 358,930 508,513 Derivative liabilities ( 58,858 ) — Derivative liabilities, noncurrent ( 534 ) ( 586 ) Net amounts of liabilities on balance sheet ( 59,392 ) ( 586 ) Total derivative assets (liabilities), net $ 299,538 $ 507,927 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Valuation of Financial Instruments by Pricing Levels | The following tables summarize the valuation of derivative instruments by pricing levels that were accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023. Fair value measurements at March 31, 2024 using: In thousands Level 1 Level 2 Level 3 Total Derivative assets (liabilities): Crude oil fixed price swaps $ — $ ( 54,805 ) $ — $ ( 54,805 ) Crude oil NYMEX roll swaps — ( 3,366 ) — ( 3,366 ) Natural gas WAHA swaps — 21,194 — 21,194 Natural gas fixed price swaps — 336,515 — 336,515 Total $ — $ 299,538 $ — $ 299,538 Fair value measurements at December 31, 2023 using: In thousands Level 1 Level 2 Level 3 Total Derivative assets (liabilities): Crude oil fixed price swaps $ — $ 146,243 $ — $ 146,243 Crude oil NYMEX roll swaps — 6,888 — 6,888 Natural gas WAHA swaps — 21,523 — 21,523 Natural gas fixed price swaps — 321,350 — 321,350 Natural gas collars — 11,923 — 11,923 Total $ — $ 507,927 $ — $ 507,927 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | The Company's debt, net of unamortized discounts, premiums, and debt issuance costs totaling $ 39.8 million and $ 41.7 million at March 31, 2024 and December 31, 2023, respectively, consists of the following. In thousands March 31, 2024 December 31, 2023 Credit facility $ — $ 210,000 Term Loan 648,346 748,092 Notes payable 17,029 17,642 3.8 % Senior Notes due 2024 892,918 892,610 2.268 % Senior Notes due 2026 795,916 795,541 4.375 % Senior Notes due 2028 994,648 994,327 5.75 % Senior Notes due 2031 1,485,880 1,485,460 2.875 % Senior Notes due 2032 793,166 792,977 4.9 % Senior Notes due 2044 692,517 692,463 Total debt $ 6,320,420 $ 6,629,112 Less: Current portion of long-term debt 895,437 895,105 Long-term debt, net of current portion $ 5,424,983 $ 5,734,007 |
Summary of Maturity Dates, Semi-Annual Interest Payment Dates, and Optional Redemption Periods of Outstanding Senior Note Obligations | The following table summarizes the face values, maturity dates, semi-annual interest payment dates, and optional redemption periods related to the Company’s outstanding senior note obligations at March 31, 2024. 2024 Notes 2026 Notes 2028 Notes 2031 Notes 2032 Notes 2044 Notes Face value (in thousands) $ 893,126 $ 800,000 $ 1,000,000 $ 1,500,000 $ 800,000 $ 700,000 Maturity date June 1, 2024 November 15, 2026 January 15, 2028 January 15, 2031 April 1, 2032 June 1, 2044 Interest payment dates June 1, Dec 1 May 15, Nov 15 Jan 15, July 15 Jan 15, Jul 15 April 1, Oct 1 June 1, Dec 1 Make-whole redemption period (1) Mar 1, 2024 Nov 15, 2023 Oct 15, 2027 Jul 15, 2030 January 1. 2032 Dec 1, 2043 (1) At any time prior to the indicated dates, the Company has the option to redeem all or a portion of its senior notes of the applicable series at the “make-whole” redemption amounts specified in the respective senior note indentures plus any accrued and unpaid interest to the date of redemption. On or after the indicated dates, the Company may redeem all or a portion of its senior notes at a redemption amount equal to 100 % of the principal amount of the senior notes being redeemed plus any accrued and unpaid interest to the date of redemption. |
Organization and Nature of Bu_2
Organization and Nature of Business - Additional Information (Detail) shares in Millions | 3 Months Ended |
Mar. 31, 2024 shares | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |
Percentage of crude oil and natural gas production concentrated in crude oil | 54% |
Percentage of crude oil and natural gas revenue concentrated in crude oil | 86% |
Omega Acquisition, Inc.[Member] | Hamm Family [Member] | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |
Number of shares held in common stock | 299.6 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest | $ 86,931 | $ 94,875 |
Cash paid for income taxes | 0 | 0 |
Cash received for income tax refunds | 3,266 | 2 |
Non-cash investing activities: | ||
Asset retirement obligation additions and revisions, net | $ 9,137 | $ 477 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accrued capital expenditures | $ 329.6 | $ 367.2 |
Revenues Disaggregation of Reve
Revenues Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | $ 1,909,843 | $ 1,791,720 |
Bakken | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 978,621 | 949,805 |
Anadarko Basin | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 396,208 | 421,201 |
Powder River Basin | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 131,104 | 115,005 |
Permian Basin | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 363,985 | 262,459 |
All Other | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 39,925 | 43,250 |
Crude Oil Sales | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 1,634,907 | 1,385,436 |
Crude Oil Sales | Bakken | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 891,174 | 796,920 |
Crude Oil Sales | Anadarko Basin | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 241,924 | 200,981 |
Crude Oil Sales | Powder River Basin | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 117,274 | 100,748 |
Crude Oil Sales | Permian Basin | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 344,645 | 243,605 |
Crude Oil Sales | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 39,890 | 43,182 |
Natural gas sales | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 274,936 | 406,284 |
Natural gas sales | Bakken | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 87,447 | 152,885 |
Natural gas sales | Anadarko Basin | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 154,284 | 220,220 |
Natural gas sales | Powder River Basin | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 13,830 | 14,257 |
Natural gas sales | Permian Basin | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | 19,340 | 18,854 |
Natural gas sales | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Crude oil, natural gas, and natural gas liquids sales | $ 35 | $ 68 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Outstanding Contracts with Respect to Natural Gas and Crude Oil (Detail) | 3 Months Ended |
Mar. 31, 2024 MMBTU $ / MMBTU $ / bbl bbl | |
April 2024 to June 2024 Swaps | Natural Gas [Member] | |
Derivative [Line Items] | |
Natural Gas Production Derivative Volume, MMBtus | MMBTU | 660,000 |
Swaps Weighted Average Price | $ / MMBTU | 3.38 |
April 2024 to June 2024 WAHA Swaps | Natural Gas [Member] | |
Derivative [Line Items] | |
Natural Gas Production Derivative Volume, MMBtus | MMBTU | 60,000 |
Swaps Weighted Average Price | $ / MMBTU | 3.2 |
July 2024 to Sept 2024 Swaps | Natural Gas [Member] | |
Derivative [Line Items] | |
Natural Gas Production Derivative Volume, MMBtus | MMBTU | 660,000 |
Swaps Weighted Average Price | $ / MMBTU | 3.38 |
July 2024 to Sept 2024 WAHA Swaps | Natural Gas [Member] | |
Derivative [Line Items] | |
Natural Gas Production Derivative Volume, MMBtus | MMBTU | 50,000 |
Swaps Weighted Average Price | $ / MMBTU | 2.81 |
October 2024 to December 2024 Swaps | Natural Gas [Member] | |
Derivative [Line Items] | |
Natural Gas Production Derivative Volume, MMBtus | MMBTU | 697,000 |
Swaps Weighted Average Price | $ / MMBTU | 3.38 |
Jan 2025 to Dec 2025 Swaps | Natural Gas [Member] | |
Derivative [Line Items] | |
Natural Gas Production Derivative Volume, MMBtus | MMBTU | 602,000 |
Swaps Weighted Average Price | $ / MMBTU | 3.9 |
Jan 2026 to Dec 2026 Swaps | Natural Gas [Member] | |
Derivative [Line Items] | |
Natural Gas Production Derivative Volume, MMBtus | MMBTU | 635,000 |
Swaps Weighted Average Price | $ / MMBTU | 4.11 |
Jan 27 to Dec 27 Swaps | Natural Gas [Member] | |
Derivative [Line Items] | |
Natural Gas Production Derivative Volume, MMBtus | MMBTU | 263,000 |
Swaps Weighted Average Price | $ / MMBTU | 3.83 |
April 2024 to December 2024 NYMEX Roll Swaps | Crude Oil [Member] | |
Derivative [Line Items] | |
Swaps Weighted Average Price | $ / bbl | 0.72 |
Crude oil production volume hedged | bbl | 60,000 |
April 2024 to December 2024 WTI Fixed Swaps | Crude Oil [Member] | |
Derivative [Line Items] | |
Swaps Weighted Average Price | $ / bbl | 76.45 |
Crude oil production volume hedged | bbl | 59,000 |
Derivative Instruments - Realiz
Derivative Instruments - Realized and Unrealized Gains and Losses on Derivative Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | $ (208,390) | $ 331,089 |
Gain (loss) on derivative instruments, net | (113,194) | 382,779 |
Swap [Member] | Crude Oil [Member] | ||
Cash received (paid) on derivatives: | ||
Cash received (paid) on derivatives, net | 4,829 | 5,098 |
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | (201,049) | 78,539 |
Swap [Member] | Natural Gas [Member] | ||
Cash received (paid) on derivatives: | ||
Cash received (paid) on derivatives, net | 62,801 | 15,702 |
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | 15,165 | 215,692 |
NYMEX roll swaps | Crude Oil [Member] | ||
Cash received (paid) on derivatives: | ||
Cash received (paid) on derivatives, net | 2,473 | 1,400 |
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | (10,254) | (608) |
Basis swaps | Natural Gas [Member] | ||
Cash received (paid) on derivatives: | ||
Cash received (paid) on derivatives, net | 0 | 1,357 |
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | 0 | (6,741) |
WAHA Swaps | Natural Gas [Member] | ||
Cash received (paid) on derivatives: | ||
Cash received (paid) on derivatives, net | 9,024 | 12 |
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | (329) | 15,671 |
Collars [Member] | Natural Gas [Member] | ||
Cash received (paid) on derivatives: | ||
Cash received (paid) on derivatives, net | 16,069 | 24,380 |
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | (11,923) | 29,134 |
Three way collar | Natural Gas [Member] | ||
Cash received (paid) on derivatives: | ||
Cash received (paid) on derivatives, net | 0 | 3,741 |
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | 0 | (598) |
Crude Oil and Natural Gas [Member] | ||
Cash received (paid) on derivatives: | ||
Cash received (paid) on derivatives, net | 95,196 | 51,690 |
Non-cash gain (loss) on derivatives: | ||
Non-cash gain (loss) on derivatives, net | (208,390) | 331,089 |
Gain (loss) on derivative instruments, net | $ (113,194) | $ 382,779 |
Derivative Instruments - Gross
Derivative Instruments - Gross Amounts of Recognized Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross amounts of recognized assets | $ 368,709 | $ 510,375 |
Gross amounts offset on balance sheet | (9,779) | (1,862) |
Net amounts of assets on balance sheet | 358,930 | 508,513 |
Gross amounts of recognized liabilities | (69,171) | (2,448) |
Gross amounts offset on balance sheet | 9,779 | 1,862 |
Net amounts of liabilities on balance sheet | $ (59,392) | $ (586) |
Derivative Instruments - Reconc
Derivative Instruments - Reconciles Net Amounts Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative assets | $ 216,385 | $ 353,261 |
Noncurrent derivative assets | 142,545 | 155,252 |
Net amounts of assets on balance sheet | 358,930 | 508,513 |
Derivative liabilities | (58,858) | 0 |
Derivative liabilities, noncurrent | (534) | (586) |
Net amounts of liabilities on balance sheet | (59,392) | (586) |
Total derivative assets (liabilities), net | $ 299,538 | $ 507,927 |
Fair Value Measurements - Valua
Fair Value Measurements - Valuation of Financial Instruments by Pricing Levels (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | $ 299,538 | $ 507,927 |
Crude Oil Fixed Price Swaps [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | (54,805) | 146,243 |
Natural Gas Fixed Price Swaps [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 336,515 | 321,350 |
Collars [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 11,923 | |
Crude oil NYMEX roll swaps | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | (3,366) | 6,888 |
Natural Gas WAHA Swaps [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 21,194 | 21,523 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Crude Oil Fixed Price Swaps [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Natural Gas Fixed Price Swaps [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collars [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 0 | |
Fair Value, Inputs, Level 1 [Member] | Crude oil NYMEX roll swaps | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Natural Gas WAHA Swaps [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 299,538 | 507,927 |
Fair Value, Inputs, Level 2 [Member] | Crude Oil Fixed Price Swaps [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | (54,805) | 146,243 |
Fair Value, Inputs, Level 2 [Member] | Natural Gas Fixed Price Swaps [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 336,515 | 321,350 |
Fair Value, Inputs, Level 2 [Member] | Collars [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 11,923 | |
Fair Value, Inputs, Level 2 [Member] | Crude oil NYMEX roll swaps | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | (3,366) | 6,888 |
Fair Value, Inputs, Level 2 [Member] | Natural Gas WAHA Swaps [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 21,194 | 21,523 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Crude Oil Fixed Price Swaps [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Natural Gas Fixed Price Swaps [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Collars [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 0 | |
Fair Value, Inputs, Level 3 [Member] | Crude oil NYMEX roll swaps | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Natural Gas WAHA Swaps [Member] | ||
Derivative assets (liabilities): | ||
Derivative assets (liabilities) | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Apr. 01, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Nov. 30, 2022 | |
Debt Instrument [Line Items] | |||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 39,800 | $ 41,700 | |||
Repayments of Lines of Credit | 959,000 | $ 1,272,000 | |||
Aggregate amount of lender commitments on credit facility | $ 2,255,000 | ||||
Redemption percentage | 100% | ||||
Line of credit facility, commitment fee percentage, per annum | 0.20% | ||||
Line of Credit Facility, Covenant Terms | 0.65 | ||||
Term Loan | |||||
Debt Instrument [Line Items] | |||||
Repayments of Lines of Credit | $ 650,000 | ||||
Term Loan | $ 750,000 | ||||
Repayment of remaining term loan | $ 100,000 | ||||
Debt Instrument, stated interest rate | 6.93% | ||||
Term Loan | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Repayment of remaining term loan | $ 650,000 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,255,000 | ||||
Carrying Amount | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, amount outstanding | 0 | 210,000 | |||
Term Loan | 648,346 | 748,092 | |||
Notes Payable | $ 17,029 | $ 17,642 |
Debt - Long-Term Debt (Detail)
Debt - Long-Term Debt (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Less: Current portion of long-term debt | $ 895,437 | $ 895,105 |
Long-term debt, net of current portion | $ 5,424,983 | 5,734,007 |
3.8% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, stated interest rate | 3.80% | |
Debt Instrument, Maturity Date, Description | 2024 | |
2.268% Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, stated interest rate | 2.268% | |
Debt Instrument, Maturity Date, Description | 2026 | |
4.375% Senior Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, stated interest rate | 4.375% | |
Debt Instrument, Maturity Date, Description | 2028 | |
5.75% Senior Notes due 2031 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, stated interest rate | 5.75% | |
Debt Instrument, Maturity Date, Description | 2031 | |
2.875% Senior Notes due 2032 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, stated interest rate | 2.875% | |
Debt Instrument, Maturity Date, Description | 2032 | |
4.9% Senior Notes due 2044 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, stated interest rate | 4.90% | |
Debt Instrument, Maturity Date, Description | 2044 | |
Carrying Amount | ||
Debt Instrument [Line Items] | ||
Credit facility | $ 0 | 210,000 |
Term Loan | 648,346 | 748,092 |
Notes payable | 17,029 | 17,642 |
Total debt | 6,320,420 | 6,629,112 |
Carrying Amount | 3.8% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Senior notes | 892,918 | 892,610 |
Carrying Amount | 2.268% Senior Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Senior notes | 795,916 | 795,541 |
Carrying Amount | 4.375% Senior Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Senior notes | 994,648 | 994,327 |
Carrying Amount | 5.75% Senior Notes due 2031 | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,485,880 | 1,485,460 |
Carrying Amount | 2.875% Senior Notes due 2032 | ||
Debt Instrument [Line Items] | ||
Senior notes | 793,166 | 792,977 |
Carrying Amount | 4.9% Senior Notes due 2044 | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 692,517 | $ 692,463 |
Debt - Summary of Maturity Date
Debt - Summary of Maturity Dates, Semi-Annual Interest Payment Dates, and Optional Redemption Periods of Outstanding Senior Note Obligations (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) | ||
2024 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 893,126 | |
Debt Instrument, Maturity Date | Jun. 01, 2024 | |
Interest payment dates | June 1, Dec 1 | |
Debt Instrument, Redemption Period, Start Date | Mar. 01, 2024 | [1] |
2026 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 800,000 | |
Debt Instrument, Maturity Date | Nov. 15, 2026 | |
Interest payment dates | May 15, Nov 15 | |
Debt Instrument, Redemption Period, Start Date | Nov. 15, 2023 | [1] |
2028 Notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 1,000,000 | |
Debt Instrument, Maturity Date | Jan. 15, 2028 | |
Interest payment dates | Jan 15, July 15 | |
Debt Instrument, Redemption Period, Start Date | Oct. 15, 2027 | [1] |
Senior Notes due 2031 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 1,500,000 | |
Debt Instrument, Maturity Date | Jan. 15, 2031 | |
Interest payment dates | Jan 15, Jul 15 | |
Debt Instrument, Redemption Period, Start Date | Jul. 15, 2030 | [1] |
Senior Notes due 2032 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 800,000 | |
Debt Instrument, Maturity Date | Apr. 01, 2032 | |
Interest payment dates | April 1, Oct 1 | |
Debt Instrument, Redemption Period, Start Date | Jan. 01, 2032 | [1] |
2044 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 700,000 | |
Debt Instrument, Maturity Date | Jun. 01, 2044 | |
Interest payment dates | June 1, Dec 1 | |
Debt Instrument, Redemption Period, Start Date | Dec. 01, 2043 | [1] |
[1] At any time prior to the indicated dates, the Company has the option to redeem all or a portion of its senior notes of the applicable series at the “make-whole” redemption amounts specified in the respective senior note indentures plus any accrued and unpaid interest to the date of redemption. On or after the indicated dates, the Company may redeem all or a portion of its senior notes at a redemption amount equal to 100 % of the principal amount of the senior notes being redeemed plus any accrued and unpaid interest to the date of redemption. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Purchase Obligation Agreement Expiration Date | 2031 |
Purchase Obligation | $ 1,040 |
Purchase Obligation, Due in Next Twelve Months | 265 |
Purchase Obligation, Due in Second Year | 278 |
Purchase Obligation, Due in Third Year | 218 |
Purchase Obligation, Due in Fourth Year | 203 |
Purchase Obligation, Due in Fifth Year | 70 |
Purchase Obligation, Due after Fifth Year | $ 8 |
Incentive Compensation - Additi
Incentive Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Compensation expense | $ 32.5 | $ 1 |
Unrecognized liabilities and compensation expense related to unvested awards | $ 147.2 | |
Unrecognized compensation expense related to non-vested, period for recognition, in years | 1 year 8 months 12 days | |
Awards Granted prior to 2024 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Vesting description | Awards granted prior to 2024 generally vest after three years of employee service. | |
Awards Granted in 2024 and Thereafter [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Vesting description | Awards granted in 2024 and thereafter generally vest annually, in one-third increments, over three years of employee service. | |
Current Portion of Incentive Compensation Liability [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Liability related settlement of awards | $ 46.4 | |
Incentive Compensation Liability, Net of Current Portion [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Liability related settlement of awards | $ 17 |