Ranger Oil (ROCC) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 28, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-13283
Entity Registrant Name	RANGER OIL CORPORATION
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	23-1184320
Entity Address, Address Line One	16285 Park Ten Place
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77084
City Area Code	713
Local Phone Number	722-6500
Title of 12(b) Security	Class A Common Stock, $0.01 Par Value
Trading Symbol	ROCC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000077159
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		21,163,394
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22,548,998

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Total revenues and other	$ 256,455	$ 88,555
Operating expenses
Lease operating	18,102	8,825
Gathering, processing and transportation	9,040	4,674
Production and ad valorem taxes	13,140	5,513
General and administrative	9,779	13,177
Depreciation, depletion and amortization	50,893	23,884
Impairments of oil and gas properties	0	1,811
Total operating expenses	100,954	57,884
Operating income	155,501	30,671
Other income (expense)
Interest expense, net of amounts capitalized	(10,697)	(5,397)
Gain (loss) on extinguishment of debt	2,157	(1,231)
Derivative losses	(167,887)	(44,368)
Other, net	76	(6)
Loss before income taxes	(20,850)	(20,331)
Income tax benefit	189	310
Net loss	(20,661)	(20,021)
Net loss attributable to Noncontrolling interest	10,676	6,449
Net loss attributable to common shareholders	$ (9,985)	$ (13,572)
Net loss per share attributable to common shareholders:
Basic (in dollars per share)	$ (0.47)	$ (0.89)
Diluted (in dollars per share)	$ (0.47)	$ (0.89)
Weighted average shares outstanding – basic (in shares)	21,107	15,263
Weighted average shares outstanding – diluted (in shares)	21,107	15,263
Crude oil
Revenues
Revenues	$ 226,732	$ 81,913
Natural gas liquids
Revenues
Revenues	16,740	3,562
Natural gas
Revenues
Revenues	12,127	2,833
Other operating income, net
Revenues
Revenues	$ 856	$ 247

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS – UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (20,661)	$ (20,021)
Other comprehensive loss:
Change in pension and postretirement obligations, net of tax	0	2
Comprehensive loss	(20,661)	(20,019)
Net loss attributable to Noncontrolling interest	10,676	6,449
Other comprehensive income attributable to Noncontrolling interest	0	(1)
Comprehensive loss attributable to common shareholders	$ (9,985)	$ (13,571)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 6,358	$ 23,681
Accounts receivable, net of allowance for credit losses	154,179	118,594
Derivative assets	9,631	11,478
Prepaid and other current assets	15,989	20,998
Assets held for sale	11,400	11,400
Total current assets	197,557	186,151
Property and equipment, net (full cost method)	1,417,715	1,383,348
Derivative assets	2,912	2,092
Other assets	4,636	5,017
Total assets	1,622,820	1,576,608
Current liabilities
Accounts payable and accrued liabilities	246,189	214,381
Derivative liabilities	149,008	50,372
Current portion of long-term debt	1,925	4,129
Total current liabilities	397,122	268,882
Deferred income taxes	2,073	2,793
Derivative liabilities	42,620	23,815
Other non-current liabilities	9,900	10,358
Long-term debt, net	521,780	601,252
Commitments and contingencies (Note 11)
Equity
Preferred stock of $0.01 par value – 5,000,000 shares authorized; none issued as of March 31, 2022 and December 31, 2021	0	0
Paid-in capital	273,807	273,329
Retained earnings	39,598	49,583
Accumulated other comprehensive loss	(111)	(111)
Ranger Oil shareholders’ equity	314,025	323,532
Noncontrolling interest	335,300	345,976
Total equity	649,325	669,508
Total liabilities and equity	1,622,820	1,576,608
Common Class A
Equity
Common stock	729	729
Common Class B
Equity
Common stock	$ 2	$ 2

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Series A Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	110,000,000	110,000,000
Common stock, shares, issued (in shares)	21,146,230	21,090,259
Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares, issued (in shares)	22,548,998	22,548,998

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (20,661)	$ (20,021)
Adjustments to reconcile net loss to net cash provided by operating activities:
(Gain) loss on extinguishment of debt	(2,157)	1,231
Depreciation, depletion and amortization	50,893	23,884
Impairments of oil and gas properties	0	1,811
Derivative contracts:
Net losses	167,887	44,368
Cash settlements and premiums paid, net	29,408	7,169
Deferred income tax benefit	(721)	(310)
Non-cash interest expense	800	611
Share-based compensation	924	2,246
Other, net	(182)	2
Changes in operating assets and liabilities, net	(33,540)	(13,966)
Net cash provided by operating activities	133,835	32,687
Cash flows from investing activities
Capital expenditures	(71,173)	(34,758)
Proceeds from sales of assets, net	656	4
Net cash used in investing activities	(70,517)	(34,754)
Cash flows from financing activities
Proceeds from credit facility borrowings	50,000	0
Repayments of credit facility borrowings	(130,000)	(85,500)
Repayments of second lien term loan	0	(53,140)
Repayments of acquired debt	(83)	0
Proceeds from redeemable common units	0	151,160
Proceeds from redeemable preferred stock	0	2
Transaction costs paid on behalf of Noncontrolling interest	0	(5,543)
Issuance costs paid for Noncontrolling interest securities	0	(3,758)
Withholding taxes for share-based compensation	(445)	(476)
Debt issuance costs paid	(113)	(1,830)
Net cash provided by (used in) financing activities	(80,641)	915
Net decrease in cash and cash equivalents	(17,323)	(1,152)
Cash and cash equivalents – beginning of period	23,681	13,020
Cash and cash equivalents – end of period	6,358	11,868
Cash paid for:
Interest, net of amounts capitalized	20,214	4,888
Non-cash investing and financing activities:
Changes in property and equipment related to capital contributions	0	(38,415)
Changes in accrued liabilities related to capital expenditures	$ 9,361	$ 20,246

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - UNAUDITED - USD ($) $ in Thousands		Total	Preferred Stock	Common Stock	Paid-in Capital	Retained Earnings/(Accumulated Deficit)	Accumulated Other Comprehensive Loss	Noncontrolling interest
Balance at beginning of period at Dec. 31, 2020		$ 212,838	$ 0	$ 152	$ 203,463	$ 9,354	$ (131)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(20,021)				(13,572)		(6,449)
Issuance of preferred stock		2	2
Issuance of Noncontrolling interest		179,552			(50,068)			229,620
All other changes	[1]	1,772		1	1,769		1	1
Balance at end of period at Mar. 31, 2021		374,143	2	153	155,164	(4,218)	(130)	223,172
Balance at beginning of period at Dec. 31, 2021		669,508	0	731	273,329	49,583	(111)	345,976
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(20,661)				(9,985)		(10,676)
All other changes	[2]	478			478
Balance at end of period at Mar. 31, 2022		$ 649,325	$ 0	$ 731	$ 273,807	$ 39,598	$ (111)	$ 335,300
[1]	Includes equity-classified share-based compensation of $2.2 million during the three months ended March 31, 2021. During the three months ended March 31, 2021, 102,586 and 6,800 shares of common stock were issued in connection with the vesting of certain RSUs and PRSUs, net of shares withheld for income taxes, respectively.
[2]	Includes equity-classified share-based compensation of $0.9 million during the three months ended March 31, 2022. During the three months ended March 31, 2022, 69,206 of common stock were issued in connection with the vesting of certain time-vested restricted stock units (“RSUs”), net of shares withheld for income taxes. No shares of common stock were issued in connection with the vesting of performance-based restricted stock units (“PRSUs”) during the three months ended March 31, 2022.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - UNAUDITED (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Share-based compensation	$ 924	$ 2,246
Restricted stock units, issued (in shares)	69,206	102,586
Performance shares, issued (in shares)	0	6,800

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Note 1 – Organization and Description of Business Ranger Oil Corporation (together with its consolidated subsidiaries, unless the context otherwise requires, “Ranger Oil,” the “Company,” “we,” “us” or “our”) is an independent oil and gas company focused on the onshore development and production of oil, natural gas liquids (“NGLs”) and natural gas. Our current operations consist of drilling unconventional horizontal development wells and operating our producing wells in the Eagle Ford Shale (the “Eagle Ford”) in South Texas. We operate in and report our financial results and disclosures as one segment, which is the development and production of crude oil, NGLs and natural gas.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation Our unaudited condensed consolidated financial statements include the accounts of Ranger Oil and all of our subsidiaries as of the relevant dates. Intercompany balances and transactions have been eliminated. A substantial noncontrolling interest in our subsidiaries is provided for in our condensed consolidated statements of operations and comprehensive loss and our condensed consolidated balance sheets for the periods presented. Our condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities Exchange Commission (the “SEC”). Preparation of these statements involves the use of estimates and judgments where appropriate. In the opinion of management, all adjustments considered necessary for a fair presentation of our condensed consolidated financial statements have been included. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications did not have a material impact on prior period financial statements. Our condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. Significant Accounting Policies The Company’s significant accounting policies are described in “Note 3 – Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Annual Report”) and are supplemented by the notes included in this Quarterly Report on Form 10-Q. The financial statements and related notes included in this report should be read in conjunction with the Company’s 2021 Annual Report. Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not listed below were assessed and determined to be not applicable. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2021, the Financial Accounting Standards Board issued ASU 2021-08, Business Combinations (Topic 805): (“ASU 2021-08”): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 amends Topic 805 to require the acquirer in a business combination to record contract assets and contract liabilities in accordance with Revenue from Contracts with Customers (Topic 606) at acquisition as if it had originated the contract, rather than at fair value. This update is effective for public companies beginning after December 15, 2022, with early adoption permitted. Adoption should be applied prospectively to business combinations occurring on or after the effective date of the amendments unless early adoption occurs during an interim period in which other application rules apply. We do not expect the adoption of this update to have a material impact to our financial statements.

Acquisition

Acquisition	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition	Note 3 – Acquisition Acquisition of Lonestar Resources On October 5, 2021 (the “Closing Date”), the Company acquired Lonestar Resources US Inc., a Delaware corporation (“Lonestar”), as a result of which Lonestar and its subsidiaries became wholly-owned subsidiaries of the Company (the “Lonestar Acquisition”). The Lonestar Acquisition was effected pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated July 10, 2021, by and between the Company and Lonestar. In accordance with the terms of the Merger Agreement, Lonestar shareholders received 0.51 shares of the Company’s common stock for each share of Lonestar common stock held immediately prior to the effective time of the Lonestar Acquisition. Based on the closing price of the Company’s common stock on October 5, 2021 of $30.19, and in connection with the Lonestar Acquisition, the total value of the Company’s common stock issued to holders of Lonestar common stock, warrants and restricted stock units as applicable, was approximately $173.6 million. The Lonestar Acquisition constituted a business combination and was accounted for using the acquisition method of accounting, with Ranger Oil being treated as the accounting acquirer. Under the acquisition method of accounting, the assets and liabilities of Lonestar and its subsidiaries were recorded at their respective preliminary fair values as of the date of completion of the Lonestar Acquisition. Although the purchase price allocation is substantially complete as of March 31, 2022, there may be further adjustments to oil and gas properties as we continue to gather information related to the evaluation of certain properties. We will finalize these amounts within one year subsequent to the closing date of the Lonestar Acquisition. During the three months ended March 31, 2022, there were no changes to the allocation presented in the 2021 Form 10-K. We expensed $1.7 million in acquisition-related costs for the three months ended March 31, 2022 related to employee severance and change-in-control compensation costs and other integration related costs. Pro Forma Operating Results (Unaudited) The following unaudited pro forma condensed financial data for the three months ended March 31, 2021 was derived from the historical financial statements of the Company giving effect to the Lonestar Acquisition, as if it had occurred on January 1, 2020. Three Months Ended March 31, 2021 Total revenues $ 128,371 Net income (loss) attributable to common shareholders $ (23,850)

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Revenue Recognition	Note 4 – Revenue Recognition Revenue from Contracts with Customers Crude oil . We sell our crude oil production to our customers at either the wellhead or a contractually agreed-upon delivery point, including certain regional central delivery point terminals or pipeline inter-connections. We recognize revenue when control transfers to the customer considering factors associated with custody, title, risk of loss and other contractual provisions as appropriate. Pricing is based on a market index with adjustments for product quality, location differentials and, if applicable, deductions for intermediate transportation. Costs incurred by us for gathering and transporting the products to an agreed-upon delivery point are recognized as a component of gathering, processing and transportation expense (“GPT”) in our condensed consolidated statements of operations. NGLs . We have natural gas processing contracts in place with certain midstream processing vendors. We deliver “wet” natural gas to our midstream processing vendors at the inlet of their processing facilities through gathering lines, certain of which we own and others which are owned by gathering service providers. Subsequent to processing, NGLs are delivered or transported to a third-party customer. Depending upon the nature of the contractual arrangements with the midstream processing vendors regarding the marketing of the NGL products, we recognize revenue for NGL products on either a gross or net basis. For those contracts where we have determined that we are the principal, and the ultimate third party is our customer, we recognize revenue on a gross basis, with associated processing costs presented as GPT expenses. For those contracts where we have determined that we are the agent and the midstream processing vendor is our customer, we recognize NGL product revenues on a net basis with processing costs presented as a reduction of revenue. Natural gas . Subsequent to the processing of “wet” natural gas and the separation of NGL products, the “dry” or residue gas is purchased by the processor or delivered to us at the tailgate of the midstream processing vendors’ facilities and sold to a third-party customer. We recognize revenue when control transfers to the customer considering factors associated with custody, title, risk of loss and other contractual provisions as appropriate. Pricing is based on a market index with adjustments for product quality and location differentials, as applicable. Costs incurred by us for gathering and transportation from the wellhead through the processing facilities are recognized as a component of GPT in our condensed consolidated statements of operations. Performance obligations We record revenue in the month that our oil and gas production is delivered to our customers. However, the collection of revenues from oil and gas production may take up to 60 days following the month of production. Therefore, we make accruals for revenues and accounts receivable based on estimates of our share of production sold. We record any differences, which historically have not been significant, between the actual amounts ultimately received and the original estimates in the period they become finalized. We apply a practical expedient which provides for an exemption from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. Under our commodity product sales contracts, we bill our customers and recognize revenue when our performance obligations have been satisfied. At that time, we have determined that payment is unconditional. Accordingly, our commodity sales contracts do not create contract assets or liabilities. Accounts Receivable from Contracts with Customers Our accounts receivable consists mainly of trade receivables from commodity sales and joint interest billings due from partners on properties we operate. Our allowance for credit losses is entirely attributable to receivables from joint interest partners. We generally have the right to withhold future revenue distributions to recover past due receivables from joint interest owners. Generally, our oil, natural gas, and NGL receivables are collected within 30 to 90 days. The following table summarizes our accounts receivable by type as of the dates presented: March 31, 2022 December 31, 2021 Customers $ 132,760 $ 96,195 Joint interest partners 21,518 21,755 Derivative settlements from counterparties 55 1,037 Other 275 18 Total 154,608 119,005 Less: Allowance for credit losses (429) (411) Accounts receivable, net of allowance for credit losses $ 154,179 $ 118,594

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 5 – Derivative Instruments We utilize derivative instruments, typically swaps, put options and call options which are placed with financial institutions that we believe are acceptable credit risks, to mitigate our financial exposure to commodity price volatility associated with anticipated sales of our future production and volatility in interest rates attributable to our variable rate debt instruments. Our derivative instruments are not formally designated as hedges for accounting purposes. While the use of derivative instruments limits the risk of adverse commodity price and interest rate movements, such use may also limit the beneficial impact of future product revenues and interest expense from favorable commodity price and interest rate movements. From time to time, we may enter into incremental derivative contracts in order to increase the notional volume of production we are hedging, restructure existing derivative contracts or enter into other derivative contracts resulting in modification to the terms of existing contracts. In accordance with our internal policies, we do not utilize derivative instruments for speculative purposes. For our commodity derivatives, we typically combine swaps, purchased put options, purchased call options, sold put options and sold call options in order to achieve various hedging objectives. Certain of these objectives result in combinations that operate as collars which include purchased put options and sold call options, three-way collars, which include purchased put options, sold put options and sold call options, and enhanced swaps, which include either sold put options or sold call options with the associated premiums rolled into an enhanced fixed price swap, among others. Commodity Derivatives 1 The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of March 31, 2022: 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 NYMEX WTI Crude Swaps Average Volume Per Day (bbl) 3,000 3,000 3,000 2,500 2,400 2,807 2,657 462 462 Weighted Average Swap Price ($/bbl) $ 74.12 $ 73.01 $ 69.20 $ 54.40 $ 54.26 $ 54.92 $ 54.93 $ 58.75 $58.75 NYMEX WTI Crude Collars Average Volume Per Day (bbl) 17,720 14,266 9,375 6,250 6,181 1,630 1,630 Weighted Average Purchased Put Price ($/bbl) $ 59.12 $ 57.14 $ 52.17 $ 50.67 $ 50.67 $ 60.00 $ 60.00 Weighted Average Sold Call Price ($/bbl) $ 77.01 $ 81.13 $ 67.57 $ 65.65 $ 65.65 $ 76.12 $ 76.12 NYMEX WTI Crude CMA Roll Basis Swaps Average Volume Per Day (bbl) 20,879 14,674 14,674 Weighted Average Swap Price ($/bbl) $ 1.120 $ 1.172 $ 1.172 NYMEX HH Swaps Average Volume Per Day (MMBtu) 12,500 12,500 12,500 10,000 7,500 Weighted Average Swap Price ($/MMBtu) $ 3.727 $ 3.745 $ 3.793 $ 3.620 $ 3.690 NYMEX HH Collars Average Volume Per Day (MMBtu) 13,187 13,043 13,043 11,538 11,413 11,413 11,538 11,538 Weighted Average Purchased Put Price ($/MMBtu) $ 2.500 $ 2.500 $ 2.500 $ 2.500 $ 2.500 $ 2.500 $ 2.500 $ 2.328 Weighted Average Sold Call Price($/MMBtu) $ 3.220 $ 3.220 $ 3.220 $ 2.682 $ 2.682 $ 2.682 $ 3.650 $ 3.000 OPIS Mt Belv Ethane Swaps Average Volume per Day (gal) 28,022 27,717 27,717 98,901 34,239 34,239 34,615 Weighted Average Fixed Price ($/gal) $ 0.2500 $ 0.2500 $ 0.2500 $ 0.2288 $ 0.2275 $ 0.2275 $ 0.2275 _______________________ 1 NYMEX WTI refers to New York Mercantile Exchange West Texas Intermediate that serves as the benchmark for crude oil. NYMEX HH refers to NYMEX Henry Hub that serves as the benchmark for natural gas. OPIS Mt Belv refers to Oil Price Information Service Mt. Belvieu that serves as the benchmark for ethane which represents a commodity proxy for NGLs. Interest Rate Derivatives As of March 31, 2022, we had a series of interest rate swap contracts (the “Interest Rate Swaps”) establishing fixed interest rates on a portion of our variable interest rate indebtedness. The notional amount of the Interest Rate Swaps totals $300 million, with us paying a weighted average fixed rate of 1.36% on the notional amount, and the counterparties paying a variable rate equal to LIBOR through May 2022. Financial Statement Impact of Derivatives The impact of our derivative activities on income is included within Derivatives on our condensed consolidated statements of operations. Derivative contracts that have expired at the end of a period, but for which cash had not been received or paid as of the balance sheet date, have been recognized as components of Accounts receivable (see Note 4) and Accounts payable and accrued liabilities (see Note 9) on the condensed consolidated balance sheets. The effects of derivative gains and (losses) and cash settlements are reported as adjustments to reconcile net loss to net cash provided by operating activities. These items are recorded within the Derivative contracts section of our condensed consolidated statements of cash flows under Net losses and Cash settlements and premiums paid, net. The following table summarizes the effects of our derivative activities for the periods presented: Three Months Ended March 31, 2022 2021 Interest Rate Swap gains recognized in the condensed consolidated statements of operations $ 83 $ 32 Commodity losses recognized in the condensed consolidated statements of operations (167,970) (44,400) $ (167,887) $ (44,368) Interest rate cash settlements recognized in the condensed consolidated statements of cash flows $ (938) $ (922) Commodity cash settlements and premiums paid recognized in the condensed consolidated statements of cash flows (28,470) (6,247) $ (29,408) $ (7,169) The following table summarizes the fair values of our derivative instruments, which we elect to present on a gross basis, as well as the locations of these instruments on our condensed consolidated balance sheets as of the dates presented: Fair Values March 31, 2022 December 31, 2021 Derivative Derivative Derivative Derivative Type Balance Sheet Location Assets Liabilities Assets Liabilities Interest rate contracts Derivative assets/liabilities – current $ — $ 458 $ — $ 1,480 Commodity contracts Derivative assets/liabilities – current 9,631 148,550 11,478 48,892 Interest rate contracts Derivative assets/liabilities – non-current — — — — Commodity contracts Derivative assets/liabilities – non-current 2,912 42,620 2,092 23,815 $ 12,543 $ 191,628 $ 13,570 $ 74,187 As of March 31, 2022, we reported net commodity derivative liabilities of $178.6 million and net Interest Rate Swap liabilities of $0.5 million. The contracts associated with these positions are with eight counterparties for commodity derivatives and four counterparties for Interest Rate Swaps, all of which are investment grade financial institutions and are participants in our revolving credit facility (the “Credit Facility”). This concentration may impact our overall credit risk in that these counterparties may be similarly affected by changes in economic or other conditions. Non-performance risk is incorporated by utilizing discount rates adjusted for the credit risk of our counterparties if the derivative is in an asset position, and our own credit risk if the derivative is in a liability position. The agreements underlying our derivative instruments include provisions for the netting of settlements with the counterparties for contracts of similar type. We have neither paid to, nor received from, our counterparties any cash collateral in connection with our derivative positions. Furthermore, our derivative contracts are not subject to margin calls or similar accelerations. No significant uncertainties exist related to the collectability of amounts that may be owed to us by these counterparties. See Note 10 for information regarding the fair value of our derivative instruments.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 6 – Property and Equipment The following table summarizes our property and equipment as of the dates presented: March 31, 2022 December 31, 2021 Oil and gas properties: Proved $ 2,412,399 $ 2,327,686 Unproved 58,686 57,900 Total oil and gas properties 2,471,085 2,385,586 Other property and equipment 1 31,060 31,055 Total properties and equipment 2,502,145 2,416,641 Accumulated depreciation, depletion, amortization and impairments (1,084,430) (1,033,293) Total property and equipment, net $ 1,417,715 $ 1,383,348 _______________________ 1 Excludes the corporate office building and related assets acquired in connection with the Lonestar Acquisition that were classified as Assets held for sale on the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021. Unproved property costs of $58.7 million and $57.9 million have been excluded from amortization as of March 31, 2022 and December 31, 2021, respectively. We transferred $0.7 million and $7.6 million of undeveloped leasehold costs, including capitalized interest, associated with proved undeveloped reserves, acreage unlikely to be drilled or expiring acreage, from unproved properties to the full cost pool during the three months ended March 31, 2022 and 2021, respectively. We capitalized internal costs of $1.4 million and $0.7 million and interest of $1.1 million and $0.8 million during the three months ended March 31, 2022 and 2021, respectively, in accordance with our accounting policies. Average depreciation, depletion and amortization per barrel of oil equivalent of proved oil and gas properties was $14.98 and $12.92 for the three months ended March 31, 2022 and 2021, respectively. At the end of each quarterly reporting period, the unamortized cost of our oil and gas properties, net of deferred income taxes, is limited to the sum of the estimated after-tax discounted future net revenues from proved properties adjusted for costs excluded from amortization (the “Ceiling Test”). Beginning in early 2020, certain events such as the COVID-19 pandemic and the decisions by the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia (together with OPEC, collectively “OPEC+”) negatively impacted the oil and gas industry with significant declines in crude oil prices and oversupply of crude oil. Over the past year, however, increased mobility, deployment of vaccines and other factors have resulted in increased oil demand and commodity prices. A high level of uncertainty remains regarding the volatility of energy supply and demand as a result of OPEC’s continued strategy to increase production as well as the Russia-Ukraine conflict and related sanctions which began in the first quarter of 2022. WTI crude oil prices have surged, closing at over $120 per bbl during first quarter 2022 due to concerns that it might result in significant oil supply shortages. Because the Ceiling Test utilizes commodity prices based on a trailing 12 month average, the decline in commodity prices in the first quarter of 2021 as a result of COVID-19 and macroeconomic factors resulted in impairments of our oil and gas properties of $1.8 million during the three months ended March 31, 2021. We did not record any impairments of our oil and gas properties during the three months ended March 31, 2022.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Note 7 – Long-Term Debt The following table summarizes our debt obligations as of the dates presented: March 31, 2022 December 31, 2021 Credit Facility $ 128,000 $ 208,000 9.25% Senior Notes due 2026 400,000 400,000 Mortgage debt 1 8,391 8,438 Other 2 322 2,516 Total 536,713 618,954 Less: Unamortized discount 3 (3,560) (3,720) Less: Unamortized deferred issuance costs 3, 4 (9,448) (9,853) Total, net $ 523,705 $ 605,381 Less: Current portion (1,925) (4,129) Long-term debt $ 521,780 $ 601,252 _______________________ 1 The mortgage debt relates to the corporate office building and related assets acquired in connection with the Lonestar Acquisition for which assets are held as collateral for such debt. As of March 31, 2022 and December 31, 2021, these assets met the held for sale criteria and were classified as Assets held for sale on the condensed consolidated balance sheets. 2 Other debt of $2.2 million was extinguished during the three months ended March 31, 2022 and recorded as a gain on extinguishment of debt. 3 The discount and issuance costs of the 9.25% Senior Notes due 2026 are being amortized over its respective term using the effective-interest method. 4 Excludes issuance costs associated with the Credit Facility, which represents costs attributable to the access to credit over its contractual term, that have been presented as a component of Other assets (see Note 9) and are being amortized over the term of the Credit Facility using the straight-line method. Credit Facility As of March 31, 2022, the Credit Facility had a $1.0 billion revolving commitment and a $725 million borrowing base with aggregate elected commitments of $400 million, and a $25 million sublimit for the issuance of letters of credit. Availability under the Credit Facility may not exceed the lesser of the aggregate elected commitments or the borrowing base less outstanding advances and letters of credit. The borrowing base under the Credit Facility is redetermined semi-annually, generally in the Spring and Fall of each year. Our next borrowing base redetermination is scheduled in May 2022. Additionally, we and the Credit Facility lenders may, upon request, initiate a redetermination at any time during the six-month period between scheduled redeterminations. The Credit Facility is available to us for general corporate purposes, including working capital. The outstanding borrowings under the Credit Facility bear interest at a rate equal to, at our option, either (a) a customary reference rate plus an applicable margin ranging from 1.50% to 2.50%, determined based on the utilization level under the Credit Facility or (b) a Eurodollar rate, including LIBOR through 2023, plus an applicable margin ranging from 2.50% to 3.50%, determined based on the utilization level under the Credit Facility. Interest on reference rate borrowings is payable quarterly in arrears and is computed on the basis of a year of 365/366 days, and interest on Eurodollar borrowings is payable every one three The Credit Facility requires us to maintain (1) a minimum current ratio (as defined in the Credit Facility, which considers the unused portion of the total commitment as a current asset), measured as of the last day of each fiscal quarter of 1.00 to 1.00 and (2) a maximum leverage ratio (consolidated indebtedness to adjusted earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses, both as defined in the Credit Facility), measured as of the last day of each fiscal quarter of 3.50 to 1.00. The Credit Facility also contains other customary affirmative and negative covenants as well as events of default and remedies. If we do not comply with the financial and other covenants in the Credit Facility, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the Credit Facility. As of March 31, 2022, we had $128.0 million in outstanding borrowings and $0.7 million in outstanding letters of credit under the Credit Facility. Factoring in the outstanding letters of credit, we had $271.3 million of availability under the Credit Facility as of March 31, 2022. During the three months ended March 31, 2021, we incurred and capitalized approximately $0.4 million of issue costs associated with amendments to the Credit Facility. 9.25% Senior Notes due 2026 On August 10, 2021, our indirect, wholly-owned subsidiary Penn Virginia Escrow LLC (the “Escrow Issuer”) completed an offering of $400 million aggregate principal amount of senior unsecured notes due 2026 (the “9.25% Senior Notes due 2026”) that bear interest at 9.25% and were sold at 99.018% of par. Obligations under the 9.25% Senior Notes due 2026 were assumed by Penn Virginia Holdings, LLC (“Holdings”), as borrower, and are guaranteed by the subsidiaries of Holdings that guarantee the Credit Facility. Interest on the 9.25% Senior Notes due 2026 is payable semi-annually in arrears on February 15 and August 15 of each year. We may redeem the 9.25% Senior Notes due 2026 at any time in whole or in part from time to time in part at specified redemption prices. The indenture governing the 9.25% Senior Notes due 2026 also contains other customary affirmative and negative covenants as well as events of default and remedies. As of March 31, 2022, we were in compliance with all debt covenants.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 – Income Taxes The income tax provision resulted in a benefit of $0.2 million for the three months ended March 31, 2022. The federal portion was fully offset by an adjustment to the valuation allowance against our net deferred tax assets resulting in an effective tax rate of 0.9%, which is fully attributable to the State of Texas. Our net deferred income tax liability balance of $2.1 million as of March 31, 2022 is also fully attributable to the State of Texas and primarily related to property. The income tax provision resulted in a benefit of $0.3 million for the three months ended March 31, 2021. The federal portion was fully offset by an adjustment to the valuation allowance against our net deferred tax assets resulting in an effective tax rate of 1.5%, which is fully attributable to the State of Texas. We had no liability for unrecognized tax benefits as of March 31, 2022 and December 31, 2021. There were no interest and penalty charges recognized during the three months ended March 31, 2022 and 2021. Tax years from 2017 forward remain open to examination by the major taxing jurisdictions to which the Company is subject; however, net operating losses originating in prior years are subject to examination when utilized.

Supplemental Balance Sheet Deta

Supplemental Balance Sheet Detail	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet Detail	Note 9 – Supplemental Balance Sheet Detail The following table summarizes components of selected balance sheet accounts as of the dates presented: March 31, 2022 December 31, 2021 Prepaid and other current assets: Inventories 1 $ 13,025 $ 10,305 Prepaid expenses 2 2,964 10,693 $ 15,989 $ 20,998 Other assets: Deferred issuance costs of the Credit Facility, net of amortization $ 3,138 $ 3,308 Right-of-use assets – operating leases 1,498 1,671 Other — 38 $ 4,636 $ 5,017 Accounts payable and accrued liabilities: Trade accounts payable $ 32,463 $ 32,452 Drilling and other lease operating costs 47,103 35,045 Revenue and royalties payable 110,493 95,521 Production, ad valorem and other taxes 12,224 7,905 Derivative settlements to counterparties 25,146 6,117 Compensation and benefits 7,957 13,942 Interest 5,003 15,321 Environmental remediation liability 3 2,277 2,287 Current operating lease obligations 891 914 Other 2,632 4,877 $ 246,189 $ 214,381 Other non-current liabilities: Asset retirement obligations $ 8,186 $ 8,413 Non-current operating lease obligations 755 975 Postretirement benefit plan obligations 959 970 $ 9,900 $ 10,358 _______________________ 1 Includes tubular inventory and well materials of $12.2 million and $9.5 million and crude oil volumes in storage of $0.8 million and $0.8 million as of March 31, 2022 and December 31, 2021, respectively. 2 The balances as of March 31, 2022 and December 31, 2021 include $0.6 million and $9.6 million, respectively, for the prepayment of drilling and completion materials and services. 3 The balance as of March 31, 2022 and December 31, 2021 represents estimated costs associated with remediation activities for certain wells and tanks acquired as part of the Lonestar Acquisition.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 10 – Fair Value Measurements We apply the authoritative accounting provisions included in GAAP for measuring the fair value of both our financial and nonfinancial assets and liabilities. Fair value is an exit price representing the expected amount we would receive upon the sale of an asset or that we would expect to pay to transfer a liability in an orderly transaction with market participants at the measurement date. Our financial instruments, including cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to their short-term maturities. As of March 31, 2022 and December 31, 2021, the carrying values of the borrowings outstanding under our credit facilities approximate fair value as the borrowings bear interest at variables rates tied to current market rates and the applicable margins represent market rates. The fair value of our fixed rate 9.25% Senior Notes due 2026 is estimated based on the published market prices for issuances of similar risk and tenor and is categorized as Level 2 within the fair value hierarchy. As of March 31, 2022, the carrying amount and estimated fair value of total debt (before amortization of issuance costs) was $536.7 million and $559.4 million, respectively. As of December 31, 2021, the carrying amount and estimated fair value of total debt (before amortization of issuance costs) was $619.0 million and $634.6 million. Recurring Fair Value Measurements The fair values of our derivative instruments are measured at fair value on a recurring basis on our condensed consolidated balance sheets. The following tables summarize the valuation of those assets and (liabilities) as of the dates presented: As of March 31, 2022 Level 1 Level 2 Level 3 Total Financial assets: Commodity derivative assets – current $ — $ 9,631 $ — $ 9,631 Commodity derivative assets – non-current — 2,912 — 2,912 Total financial assets $ — $ 12,543 $ — $ 12,543 Financial liabilities: Interest rate swap liabilities – current $ — $ (458) $ — $ (458) Commodity derivative liabilities – current — (148,550) — (148,550) Commodity derivative liabilities – non-current — (42,620) — (42,620) Total financial liabilities $ — $ (191,628) $ — $ (191,628) As of December 31, 2021 Level 1 Level 2 Level 3 Total Financial assets: Commodity derivative assets – current $ — $ 11,478 $ — $ 11,478 Commodity derivative assets – non-current — 2,092 — 2,092 Total financial assets $ — $ 13,570 $ — $ 13,570 Financial liabilities: Interest rate swap liabilities – current $ — $ (1,480) $ — $ (1,480) Commodity derivative liabilities – current — (48,892) — (48,892) Commodity derivative liabilities – non-current — (23,815) — (23,815) Total financial liabilities $ — $ (74,187) $ — $ (74,187) We used the following methods and assumptions to estimate fair values for the financial assets and liabilities described below: • Commodity derivatives : We determine the fair values of our commodity derivative instruments using industry-standard models that consider various assumptions including current market and contractual prices for the underlying instruments, implied volatilities, time value and non-performance risk. For the current market prices, we use third-party quoted forward prices, as applicable, for NYMEX WTI, MEH crude oil, NYMEX HH natural gas and OPIS Mt Belv Ethane natural gas liquids closing prices as of the end of the reporting periods. Each of these is a Level 2 input. • Interest rate swaps : We determine the fair values of our interest rate swaps using an income approach valuation technique which discounts future cash flows back to a single present value. We estimate the fair value of the swaps based on published interest rate yield curves as of the date of the estimate. Each of these is a Level 2 input. Non-performance risk is incorporated by utilizing discount rates adjusted for the credit risk of our counterparties if the derivative is in an asset position, and our own credit risk if the derivative is in a liability position. See Note 5 for additional details on our derivative instruments. Non-Recurring Fair Value Measurements The most significant non-recurring fair value measurements utilized in the preparation of our condensed consolidated financial statements are those attributable to the initial determination of AROs associated with the ongoing development of new oil and gas properties and certain share-based compensation awards. The determination of the fair value of AROs is based upon regional market and facility specific information. The amount of an ARO and the costs capitalized represent the estimated future cost to satisfy the abandonment obligation using current prices that are escalated by an assumed inflation factor after discounting the future cost back to the date that the abandonment obligation was incurred using a rate commensurate with the risk, which approximates our cost of funds. Because these significant fair value inputs are typically not observable, we have categorized the initial estimates as Level 3 inputs.

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 Drilling and Completion Commitments As of March 31, 2022, we have a one year contract for one drilling rig and a contractual commitment on a pad-to-pad basis for one other drilling rig. Gathering and Intermediate Transportation Commitments We have long-term agreements that provide us with field gathering and intermediate pipeline transportation services for a majority of our crude oil and condensate production in Lavaca and Gonzales Counties, Texas. We also have volume capacity support for certain downstream interstate pipeline transportation. The following table provides details on these contractual arrangements as of March 31, 2022: Description of contractual arrangement Expiration Minimum Volume Expiration of Minimum Volume Commitment (MVC) Field gathering agreement February 2041 8,000 February 2031 Intermediate pipeline transportation services February 2026 8,000 February 2026 Volume capacity support April 2026 8,000 April 2026 Each of these arrangements also contain an obligation to deliver the first 20,000 gross barrels of oil per day produced from Gonzales, Lavaca and Fayette Counties, Texas. For certain of our crude oil volumes gathered under the field gathering agreement, our rate includes an adjustment based on NYMEX WTI prices. As crude oil prices increase, up to a cap of $90 per bbl, the gathering rate escalates pursuant to the field gathering agreement. Under each of the arrangements, credits for deliveries of volumes in excess of the volume commitment may be applied to any deficiency arising in the succeeding 12-month period. During the three months ended March 31, 2022 and 2021, we recorded expense of $10.2 million and $8.4 million, respectively, for these contractual obligations in connection with these arrangements. Excluding the application of existing credits that we have earned during the preceding 12-month period ended March 31, 2022 for deliveries of volumes in excess of the volume commitment, and the potential impact of the effects of price escalation from commodity price changes, if any, the minimum fee requirements attributable to the MVC under the gathering, transportation and marketing agreements are as follows: $10.5 million for the remainder of 2022, approximately $13.9 million per year for 2023 through 2025, $7.8 million for 2026, $3.8 million per year for 2027 through 2030 and $0.6 million for 2031. Crude Oil Storage As of March 31, 2022, we had access to up to approximately 180,000 barrels of dedicated tank capacity for no additional charge at the service provider’s central delivery point facility (“CDP”), in Lavaca County, Texas through February 2041. In addition, we had access for up to a maximum of 340,000 barrels of tank capacity and evergreen month-to-month at several locations in the South Texas region comprised of (i) access to an additional 70,000 barrels of tank capacity at the CDP on a month-to-month basis, which can be terminated by either party with 45 days’ notice to the counterparty, (ii) crude oil storage capacity for up to 90,000 barrels with a downstream interstate pipeline at a facility in DeWitt County, Texas, on a month-to-month basis, which expired in April 2022, and (iii) an agreement with a marketing affiliate of the aforementioned downstream interstate pipeline to utilize up to 62,000 barrels of capacity within their system on a firm basis and an additional 120,000 barrels, if available, on a flexible basis that both expired in April 2022. Costs associated with these agreements are in the form of monthly fixed rate short-term leases and are charged as incurred on a monthly basis to GPT in our condensed consolidated statements of operations. Other Agreements We have a long-term dedication of certain specific leases to a crude purchase and throughput terminal agreement into 2032. Under the agreement, we have rights to transfer dedicated oil for delivery to a gulf coast terminal in Point Comfort, Texas or oil may be transferred at alternate locations to third parties and pay the terminal fee. We have agreements that provide us with field gathering, compression and short-haul transportation services for our natural gas production and gas lift for our hydrocarbon production under various terms through 2039. We also have agreements that provide us with services to process our wet gas production into NGL products and dry, or residue, gas. Several agreements covering the majority of our wet gas production extend beyond three years, including one agreement that extends into 2029. Legal, Environmental Compliance and Other We are involved, from time to time, in various legal proceedings arising in the ordinary course of business. While the ultimate results of these proceedings cannot be predicted with certainty, our management believes that these claims will not have a material effect on our financial position, results of operations or cash flows. As of March 31, 2022 and December 31, 2021, we had an estimated reserve of approximately $0.1 million for certain claims made against us regarding previously divested operations included in Accounts payable and accrued liabilities on our condensed consolidated balance sheets. As of March 31, 2022 and December 31, 2021, we had AROs of approximately $8.2 million and $8.4 million attributable to the plugging of abandoned wells, respectively. Additionally, we had $2.3 million of environmental remediation liabilities assumed in the Lonestar Acquisition as of March 31, 2022 and December 31, 2021. Additionally, we have entered into certain contractual arrangements for other products and services and have commitments under information technology licensing and service agreements, among others.

Share-Based Compensation and Ot

Share-Based Compensation and Other Benefit Plans	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-Based Compensation and Other Benefit Plans	Note 12 – Share-Based Compensation and Other Benefit Plans Share-Based Compensation We reserved 4,424,600 shares of Class A Common Stock for issuance under the Ranger Oil Management Incentive Plan (the “Plan”) for share-based compensation awards. A total of 762,259 RSUs and 484,197 PRSUs have been granted to employees and directors through March 31, 2022. We recognized expense attributable to the RSUs and PRSUs of $0.9 million for the three months ended March 31, 2022 and $2.2 million, including approximately $1.9 million as a result of a change-in-control event associated with the Juniper Transactions for the three months ended March 31, 2021. We recognize share-based compensation expense as a component of G&A expenses in our condensed consolidated statements of operations. Time-Vested Restricted Stock Units The table below summarizes activity for the three months ended March 31, 2022 with respect to awarded RSUs: Restricted Stock Weighted-Average Balance at beginning of year 230,517 $ 9.20 Granted — — Vested (69,206) (7.94) Forfeited — — Balance at end of year 161,311 $ 10.52 Compensation expense for RSUs is recognized on a straight-line basis over the applicable vesting period, which is generally over a three-year period. As of March 31, 2022, we had $1.2 million of unrecognized compensation cost attributable to RSUs. We expect that cost to be recognized over a weighted-average period of 1.71 years. Performance-Based Restricted Stock Units During the three months ended March 31, 2022, we did not have any activity with respect to the PRSUs. As of March 31, 2022, a total of 345,069 PRSUs were unvested and outstanding. Compensation expense for PRSUs with a market condition is being charged to expense on a straight-line basis for the 2021 grants and graded-vesting for the 2020 and 2019 grants, over a range of less than one The 2021 PRSU grants are based 50% on the Company’s return on average capital employed (“ROCE”) relative to a defined peer group and 50% based on the Company’s absolute total shareholder return and total shareholder return (“TSR”) relative to a defined peer group over the three-year performance period. The 2021 PRSUs cliff vest from 0% to 200% of the original grant at the end of a three-year performance period based on satisfaction of the respective underlying conditions. Vesting of PRSUs granted in 2020 and 2019 range from 0% to 200% of the original grant based on TSR relative to a defined peer group over the three year performance period. As TSR is deemed a “market condition”, the grant-date fair value for the 2019, 2020 and a portion of the 2021 grants is derived by using a Monte Carlo model. The ranges for the assumptions used in the Monte Carlo model for the PRSUs granted during 2021, 2020 and 2019 are presented as follows: 2021 1 2020 1 2019 Expected volatility 131.74% to 134.74% 101.32% to 117.71% 49.9 % Dividend yield 0.0 % 0.0 % 0.0 % Risk-free interest rate 0.22% to 0.29% 0.18% to 0.51% 1.66 % Performance period 2021-2023 2020-2022 2020-2022 _______________________ 1 One executive officer’s inducement award originally granted in August 2020 was amended in April 2021 to conform vesting conditions to other PRSU awards granted in 2021. The Monte Carlo assumptions for both years are included above. As of March 31, 2022, we had $3.9 million of unrecognized compensation cost attributable to PRSUs. We expect that cost to be recognized over a weighted-average period of 1.94 years. Other Benefit Plans We maintain the Penn Virginia Corporation and Affiliated Companies Employees 401(k) Plan (the “401(k) Plan”), a defined contribution plan, which covers substantially all of our employees. We recognized $0.2 million of expense attributable to the 401(k) Plan for both the three months ended March 31, 2022 and 2021. The charges for the 401(k) Plan are recorded as a component of G&A expenses in our condensed consolidated statements of operations. We maintain unqualified legacy defined benefit pension and defined benefit postretirement plans that cover a limited number of former employees, all of whom retired prior to January 1, 2000. The combined expense recognized with respect to these plans was less than $0.1 million for each of the three and three months ended March 31, 2022 and 2021. The charges for these plans are recorded as a component of Other income (expense) in our condensed consolidated statements of operations.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 13 – Earnings Per Share Basic net earnings (loss) per share is calculated by dividing the net income (loss) available to common shareholders, excluding net income or loss attributable to Noncontrolling interest, by the weighted average common shares outstanding for the period. In computing diluted earnings (loss) per share, basic net earnings (loss) per share is adjusted based on the assumption that dilutive RSUs and PRSUs have vested and outstanding Common Units (and shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”) as applicable to the three months ended March 31, 2022 and Series A Preferred Stock, par value $0.01 per share (“Series A Preferred Stock”) as applicable to the three months ended March 31, 2021) held by the Noncontrolling interest in the Partnership are exchanged for common shares. Accordingly, our reported net income (loss) attributable to common shareholders is adjusted to reflect the reallocation of the net income (loss) attributable to the Noncontrolling interest assuming exchange of the Common Units (and shares of Class B Common Stock as applicable to the three months ended March 31, 2022 and Series A Preferred Stock as applicable to the three months ended March 31, 2021) held by the Noncontrolling interest. The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings (loss) per share for the periods presented: Three Months Ended March 31, 2022 2021 Net loss $ (20,661) $ (20,021) Net loss attributable to Noncontrolling interest 10,676 6,449 Net loss attributable to common shareholders (basic) (9,985) (13,572) Reallocation of Noncontrolling interest net loss (10,676) (6,449) Net loss attributable to common shareholders (diluted) $ (20,661) $ (20,021) Weighted-average shares – basic 21,107 15,263 Effect of dilutive securities: Common Units and Series A Preferred Stock or Class B Common Stock, as applicable, that are exchangeable for common shares 1 — — RSUs and PRSUs — — Weighted-average shares – diluted 2 21,107 15,263 _______________________ 1 In connection with the Juniper Transactions in January 2021, we issued shares of Series A Preferred Stock. In October 2021, the Company effected a recapitalization and the Series A Preferred Stock were exchanged with Class B Common Stock and the designation of the Series A Preferred Stock was cancelled. 2 For the three months ended March 31, 2022, approximately 22.5 million potentially dilutive Common Units (and the associated 22.5 million Class B Common Stock) and 0.6 million of RSUs and PRSUs had the effect of being anti-dilutive and were excluded from the calculation of earnings per share. For the three months ended March 31, 2021, approximately 22.7 million potentially dilutive securities represented by approximately 22.5 million Common Units (and the associated approximately 0.2 million shares of Series A Preferred Stock) as well as approximately 0.2 million of RSUs and PRSUs had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 14 – Subsequent Events Share Repurchase Program On April 13, 2022, our Board of Directors approved a share repurchase program, under which the Company is authorized to repurchase up to $100 million of its outstanding Class A common stock. The share repurchase authorization was effective immediately and is valid through March 31, 2023. The shares may be repurchased from time to time in open market transactions, through privately negotiated transactions, or by other means in accordance with federal securities laws. The Company intends to fund repurchases from available working capital and cash provided by operating activities. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including among other things, our earnings, liquidity, capital requirements, financial condition, management’s assessment of the intrinsic value of the Class A Common Stock, the market price of the Company's Class A common stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements (including maintaining a leverage ratio of no more than 1.0 to 1.0), applicable legal requirements and other factors deemed relevant. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. Acquisitions On May 3, 2022, we entered into separate agreements to acquire “bolt-on” oil producing properties in the Eagle Ford shale contiguous to our existing assets for a total purchase price of approximately $64 million in cash, subject to customary adjustments. The transactions are expected to close early in the third quarter, subject to customary closing conditions.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Our unaudited condensed consolidated financial statements include the accounts of Ranger Oil and all of our subsidiaries as of the relevant dates. Intercompany balances and transactions have been eliminated. A substantial noncontrolling interest in our subsidiaries is provided for in our condensed consolidated statements of operations and comprehensive loss and our condensed consolidated balance sheets for the periods presented. Our condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities Exchange Commission (the “SEC”). Preparation of these statements involves the use of estimates and judgments where appropriate. In the opinion of management, all adjustments considered necessary for a fair presentation of our condensed consolidated financial statements have been included. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications did not have a material impact on prior period financial statements. Our condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year.
Recent Accounting Pronouncements	Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not listed below were assessed and determined to be not applicable. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2021, the Financial Accounting Standards Board issued ASU 2021-08, Business Combinations (Topic 805): (“ASU 2021-08”): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 amends Topic 805 to require the acquirer in a business combination to record contract assets and contract liabilities in accordance with Revenue from Contracts with Customers (Topic 606) at acquisition as if it had originated the contract, rather than at fair value. This update is effective for public companies beginning after December 15, 2022, with early adoption permitted. Adoption should be applied prospectively to business combinations occurring on or after the effective date of the amendments unless early adoption occurs during an interim period in which other application rules apply. We do not expect the adoption of this update to have a material impact to our financial statements.
Non-Recurring Fair Value Measurements	Non-Recurring Fair Value Measurements The most significant non-recurring fair value measurements utilized in the preparation of our condensed consolidated financial statements are those attributable to the initial determination of AROs associated with the ongoing development of new oil and gas properties and certain share-based compensation awards. The determination of the fair value of AROs is based upon regional market and facility specific information. The amount of an ARO and the costs capitalized represent the estimated future cost to satisfy the abandonment obligation using current prices that are escalated by an assumed inflation factor after discounting the future cost back to the date that the abandonment obligation was incurred using a rate commensurate with the risk, which approximates our cost of funds. Because these significant fair value inputs are typically not observable, we have categorized the initial estimates as Level 3 inputs.

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Pro Forma Information	The following unaudited pro forma condensed financial data for the three months ended March 31, 2021 was derived from the historical financial statements of the Company giving effect to the Lonestar Acquisition, as if it had occurred on January 1, 2020. Three Months Ended March 31, 2021 Total revenues $ 128,371 Net income (loss) attributable to common shareholders $ (23,850)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Summary of Accounts Receivable	The following table summarizes our accounts receivable by type as of the dates presented: March 31, 2022 December 31, 2021 Customers $ 132,760 $ 96,195 Joint interest partners 21,518 21,755 Derivative settlements from counterparties 55 1,037 Other 275 18 Total 154,608 119,005 Less: Allowance for credit losses (429) (411) Accounts receivable, net of allowance for credit losses $ 154,179 $ 118,594

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity Derivative Positions	The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of March 31, 2022: 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 NYMEX WTI Crude Swaps Average Volume Per Day (bbl) 3,000 3,000 3,000 2,500 2,400 2,807 2,657 462 462 Weighted Average Swap Price ($/bbl) $ 74.12 $ 73.01 $ 69.20 $ 54.40 $ 54.26 $ 54.92 $ 54.93 $ 58.75 $58.75 NYMEX WTI Crude Collars Average Volume Per Day (bbl) 17,720 14,266 9,375 6,250 6,181 1,630 1,630 Weighted Average Purchased Put Price ($/bbl) $ 59.12 $ 57.14 $ 52.17 $ 50.67 $ 50.67 $ 60.00 $ 60.00 Weighted Average Sold Call Price ($/bbl) $ 77.01 $ 81.13 $ 67.57 $ 65.65 $ 65.65 $ 76.12 $ 76.12 NYMEX WTI Crude CMA Roll Basis Swaps Average Volume Per Day (bbl) 20,879 14,674 14,674 Weighted Average Swap Price ($/bbl) $ 1.120 $ 1.172 $ 1.172 NYMEX HH Swaps Average Volume Per Day (MMBtu) 12,500 12,500 12,500 10,000 7,500 Weighted Average Swap Price ($/MMBtu) $ 3.727 $ 3.745 $ 3.793 $ 3.620 $ 3.690 NYMEX HH Collars Average Volume Per Day (MMBtu) 13,187 13,043 13,043 11,538 11,413 11,413 11,538 11,538 Weighted Average Purchased Put Price ($/MMBtu) $ 2.500 $ 2.500 $ 2.500 $ 2.500 $ 2.500 $ 2.500 $ 2.500 $ 2.328 Weighted Average Sold Call Price($/MMBtu) $ 3.220 $ 3.220 $ 3.220 $ 2.682 $ 2.682 $ 2.682 $ 3.650 $ 3.000 OPIS Mt Belv Ethane Swaps Average Volume per Day (gal) 28,022 27,717 27,717 98,901 34,239 34,239 34,615 Weighted Average Fixed Price ($/gal) $ 0.2500 $ 0.2500 $ 0.2500 $ 0.2288 $ 0.2275 $ 0.2275 $ 0.2275 _______________________ 1 NYMEX WTI refers to New York Mercantile Exchange West Texas Intermediate that serves as the benchmark for crude oil. NYMEX HH refers to NYMEX Henry Hub that serves as the benchmark for natural gas. OPIS Mt Belv refers to Oil Price Information Service Mt. Belvieu that serves as the benchmark for ethane which represents a commodity proxy for NGLs.
Impact of Derivative Activities on Condensed Consolidated Statements of Income	The following table summarizes the effects of our derivative activities for the periods presented: Three Months Ended March 31, 2022 2021 Interest Rate Swap gains recognized in the condensed consolidated statements of operations $ 83 $ 32 Commodity losses recognized in the condensed consolidated statements of operations (167,970) (44,400) $ (167,887) $ (44,368) Interest rate cash settlements recognized in the condensed consolidated statements of cash flows $ (938) $ (922) Commodity cash settlements and premiums paid recognized in the condensed consolidated statements of cash flows (28,470) (6,247) $ (29,408) $ (7,169)
Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets	The following table summarizes the fair values of our derivative instruments, which we elect to present on a gross basis, as well as the locations of these instruments on our condensed consolidated balance sheets as of the dates presented: Fair Values March 31, 2022 December 31, 2021 Derivative Derivative Derivative Derivative Type Balance Sheet Location Assets Liabilities Assets Liabilities Interest rate contracts Derivative assets/liabilities – current $ — $ 458 $ — $ 1,480 Commodity contracts Derivative assets/liabilities – current 9,631 148,550 11,478 48,892 Interest rate contracts Derivative assets/liabilities – non-current — — — — Commodity contracts Derivative assets/liabilities – non-current 2,912 42,620 2,092 23,815 $ 12,543 $ 191,628 $ 13,570 $ 74,187

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	The following table summarizes our property and equipment as of the dates presented: March 31, 2022 December 31, 2021 Oil and gas properties: Proved $ 2,412,399 $ 2,327,686 Unproved 58,686 57,900 Total oil and gas properties 2,471,085 2,385,586 Other property and equipment 1 31,060 31,055 Total properties and equipment 2,502,145 2,416,641 Accumulated depreciation, depletion, amortization and impairments (1,084,430) (1,033,293) Total property and equipment, net $ 1,417,715 $ 1,383,348 _______________________ 1 Excludes the corporate office building and related assets acquired in connection with the Lonestar Acquisition that were classified as Assets held for sale on the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table summarizes our debt obligations as of the dates presented: March 31, 2022 December 31, 2021 Credit Facility $ 128,000 $ 208,000 9.25% Senior Notes due 2026 400,000 400,000 Mortgage debt 1 8,391 8,438 Other 2 322 2,516 Total 536,713 618,954 Less: Unamortized discount 3 (3,560) (3,720) Less: Unamortized deferred issuance costs 3, 4 (9,448) (9,853) Total, net $ 523,705 $ 605,381 Less: Current portion (1,925) (4,129) Long-term debt $ 521,780 $ 601,252 _______________________ 1 The mortgage debt relates to the corporate office building and related assets acquired in connection with the Lonestar Acquisition for which assets are held as collateral for such debt. As of March 31, 2022 and December 31, 2021, these assets met the held for sale criteria and were classified as Assets held for sale on the condensed consolidated balance sheets. 2 Other debt of $2.2 million was extinguished during the three months ended March 31, 2022 and recorded as a gain on extinguishment of debt. 3 The discount and issuance costs of the 9.25% Senior Notes due 2026 are being amortized over its respective term using the effective-interest method. 4 Excludes issuance costs associated with the Credit Facility, which represents costs attributable to the access to credit over its contractual term, that have been presented as a component of Other assets (see Note 9) and are being amortized over the term of the Credit Facility using the straight-line method.

Supplemental Balance Sheet De_2

Supplemental Balance Sheet Detail (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Selected Balance Sheet Accounts	The following table summarizes components of selected balance sheet accounts as of the dates presented: March 31, 2022 December 31, 2021 Prepaid and other current assets: Inventories 1 $ 13,025 $ 10,305 Prepaid expenses 2 2,964 10,693 $ 15,989 $ 20,998 Other assets: Deferred issuance costs of the Credit Facility, net of amortization $ 3,138 $ 3,308 Right-of-use assets – operating leases 1,498 1,671 Other — 38 $ 4,636 $ 5,017 Accounts payable and accrued liabilities: Trade accounts payable $ 32,463 $ 32,452 Drilling and other lease operating costs 47,103 35,045 Revenue and royalties payable 110,493 95,521 Production, ad valorem and other taxes 12,224 7,905 Derivative settlements to counterparties 25,146 6,117 Compensation and benefits 7,957 13,942 Interest 5,003 15,321 Environmental remediation liability 3 2,277 2,287 Current operating lease obligations 891 914 Other 2,632 4,877 $ 246,189 $ 214,381 Other non-current liabilities: Asset retirement obligations $ 8,186 $ 8,413 Non-current operating lease obligations 755 975 Postretirement benefit plan obligations 959 970 $ 9,900 $ 10,358 _______________________ 1 Includes tubular inventory and well materials of $12.2 million and $9.5 million and crude oil volumes in storage of $0.8 million and $0.8 million as of March 31, 2022 and December 31, 2021, respectively. 2 The balances as of March 31, 2022 and December 31, 2021 include $0.6 million and $9.6 million, respectively, for the prepayment of drilling and completion materials and services. 3 The balance as of March 31, 2022 and December 31, 2021 represents estimated costs associated with remediation activities for certain wells and tanks acquired as part of the Lonestar Acquisition.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables summarize the valuation of those assets and (liabilities) as of the dates presented: As of March 31, 2022 Level 1 Level 2 Level 3 Total Financial assets: Commodity derivative assets – current $ — $ 9,631 $ — $ 9,631 Commodity derivative assets – non-current — 2,912 — 2,912 Total financial assets $ — $ 12,543 $ — $ 12,543 Financial liabilities: Interest rate swap liabilities – current $ — $ (458) $ — $ (458) Commodity derivative liabilities – current — (148,550) — (148,550) Commodity derivative liabilities – non-current — (42,620) — (42,620) Total financial liabilities $ — $ (191,628) $ — $ (191,628) As of December 31, 2021 Level 1 Level 2 Level 3 Total Financial assets: Commodity derivative assets – current $ — $ 11,478 $ — $ 11,478 Commodity derivative assets – non-current — 2,092 — 2,092 Total financial assets $ — $ 13,570 $ — $ 13,570 Financial liabilities: Interest rate swap liabilities – current $ — $ (1,480) $ — $ (1,480) Commodity derivative liabilities – current — (48,892) — (48,892) Commodity derivative liabilities – non-current — (23,815) — (23,815) Total financial liabilities $ — $ (74,187) $ — $ (74,187)

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Purchase Commitment, Excluding Long-term Commitment	The following table provides details on these contractual arrangements as of March 31, 2022: Description of contractual arrangement Expiration Minimum Volume Expiration of Minimum Volume Commitment (MVC) Field gathering agreement February 2041 8,000 February 2031 Intermediate pipeline transportation services February 2026 8,000 February 2026 Volume capacity support April 2026 8,000 April 2026

Share-Based Compensation and _2

Share-Based Compensation and Other Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Restricted Stock Unit Activity	The table below summarizes activity for the three months ended March 31, 2022 with respect to awarded RSUs: Restricted Stock Weighted-Average Balance at beginning of year 230,517 $ 9.20 Granted — — Vested (69,206) (7.94) Forfeited — — Balance at end of year 161,311 $ 10.52
Schedule of Valuation Assumptions	The ranges for the assumptions used in the Monte Carlo model for the PRSUs granted during 2021, 2020 and 2019 are presented as follows: 2021 1 2020 1 2019 Expected volatility 131.74% to 134.74% 101.32% to 117.71% 49.9 % Dividend yield 0.0 % 0.0 % 0.0 % Risk-free interest rate 0.22% to 0.29% 0.18% to 0.51% 1.66 % Performance period 2021-2023 2020-2022 2020-2022 _______________________ 1 One executive officer’s inducement award originally granted in August 2020 was amended in April 2021 to conform vesting conditions to other PRSU awards granted in 2021. The Monte Carlo assumptions for both years are included above.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Components of Calculation of Basic and Diluted Earnings Per Share	The following table provides a reconciliation of the components used in the calculation of basic and diluted earnings (loss) per share for the periods presented: Three Months Ended March 31, 2022 2021 Net loss $ (20,661) $ (20,021) Net loss attributable to Noncontrolling interest 10,676 6,449 Net loss attributable to common shareholders (basic) (9,985) (13,572) Reallocation of Noncontrolling interest net loss (10,676) (6,449) Net loss attributable to common shareholders (diluted) $ (20,661) $ (20,021) Weighted-average shares – basic 21,107 15,263 Effect of dilutive securities: Common Units and Series A Preferred Stock or Class B Common Stock, as applicable, that are exchangeable for common shares 1 — — RSUs and PRSUs — — Weighted-average shares – diluted 2 21,107 15,263 _______________________ 1 In connection with the Juniper Transactions in January 2021, we issued shares of Series A Preferred Stock. In October 2021, the Company effected a recapitalization and the Series A Preferred Stock were exchanged with Class B Common Stock and the designation of the Series A Preferred Stock was cancelled. 2 For the three months ended March 31, 2022, approximately 22.5 million potentially dilutive Common Units (and the associated 22.5 million Class B Common Stock) and 0.6 million of RSUs and PRSUs had the effect of being anti-dilutive and were excluded from the calculation of earnings per share. For the three months ended March 31, 2021, approximately 22.7 million potentially dilutive securities represented by approximately 22.5 million Common Units (and the associated approximately 0.2 million shares of Series A Preferred Stock) as well as approximately 0.2 million of RSUs and PRSUs had the effect of being anti-dilutive and were excluded from the calculation of diluted earnings per share.

Organization and Description _2

Organization and Description of Business (Details) $ / shares in Units, $ in Millions	Jan. 15, 2021USD ($)$ / sharesshares	Mar. 31, 2022segment$ / shares	Dec. 31, 2021$ / shares
Juniper Transaction Table [Line Items]
Number of reportable segments | segment		1
Number of operating segments | segment		1
Common Class A
Juniper Transaction Table [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Juniper Transaction
Juniper Transaction Table [Line Items]
Proceeds from contributed capital | $	$ 150
Contribution agreement, common (in shares) | shares	22,548,998
Juniper Transaction | Common Class A
Juniper Transaction Table [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - Lonestar $ / shares in Units, $ in Millions	Oct. 05, 2021USD ($)$ / shares	Mar. 31, 2022USD ($)
Business Acquisition [Line Items]
Acquisition, share ratio	0.51
Acquisition, share price (in dollars per share) | $ / shares	$ 30.19
Acquisition, share value	$ 173.6
Acquisition, transaction costs		$ 1.7

Acquisition - Schedule of Pro F

Acquisition - Schedule of Pro Forma Information (Details) - Lonestar $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Business Acquisition [Line Items]
Total revenues	$ 128,371
Net income (loss) attributable to common shareholders	$ (23,850)

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Customers	$ 132,760	$ 96,195
Joint interest partners	21,518	21,755
Derivative settlements from counterparties	55	1,037
Other	275	18
Total	154,608	119,005
Less: Allowance for credit losses	(429)	(411)
Accounts receivable, net of allowance for credit losses	$ 154,179	$ 118,594

Derivative Instruments - Commod

Derivative Instruments - Commodity Derivative Positions (Details)	Mar. 31, 2022bbl$ / bbl
Crude Oil | Swap | Second Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	3,000
Derivative, Swap Type, Average Fixed Price	74.12
Crude Oil | Swap | Third Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	3,000
Derivative, Swap Type, Average Fixed Price	73.01
Crude Oil | Swap | Fourth Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	3,000
Derivative, Swap Type, Average Fixed Price	69.20
Crude Oil | Swap | First Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	2,500
Derivative, Swap Type, Average Fixed Price	54.40
Crude Oil | Swap | Second Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	2,400
Derivative, Swap Type, Average Fixed Price	54.26
Crude Oil | Swap | Third Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	2,807
Derivative, Swap Type, Average Fixed Price	54.92
Crude Oil | Swap | Fourth Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	2,657
Derivative, Swap Type, Average Fixed Price	54.93
Crude Oil | Swap | First Quarter 2024
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	462
Derivative, Swap Type, Average Fixed Price	58.75
Crude Oil | Swap | Second Quarter 2024
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	462
Derivative, Swap Type, Average Fixed Price	58.75
Crude Oil | 2-Way Collars | Second Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	17,720
Derivative, Average Floor Price	59.12
Derivative, Average Cap Price	77.01
Crude Oil | 2-Way Collars | Third Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	14,266
Derivative, Average Floor Price	57.14
Derivative, Average Cap Price	81.13
Crude Oil | 2-Way Collars | Fourth Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	9,375
Derivative, Average Floor Price	52.17
Derivative, Average Cap Price	67.57
Crude Oil | 2-Way Collars | First Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	6,250
Derivative, Average Floor Price	50.67
Derivative, Average Cap Price	65.65
Crude Oil | 2-Way Collars | Second Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	6,181
Derivative, Average Floor Price	50.67
Derivative, Average Cap Price	65.65
Crude Oil | 2-Way Collars | Third Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	1,630
Derivative, Average Floor Price	60
Derivative, Average Cap Price	76.12
Crude Oil | 2-Way Collars | Fourth Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	1,630
Derivative, Average Floor Price	60
Derivative, Average Cap Price	76.12
Crude Oil | CMA Roll Basis Swap | Second Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	20,879
Derivative, CMA Roll Basis Swap, Price	1.120
Crude Oil | CMA Roll Basis Swap | Third Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	14,674
Derivative, CMA Roll Basis Swap, Price	1.172
Crude Oil | CMA Roll Basis Swap | Fourth Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	14,674
Derivative, CMA Roll Basis Swap, Price	1.172
Natural Gas | Swap | Second Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	12,500
Derivative, Swap Type, Average Fixed Price	3.727
Natural Gas | Swap | Third Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	12,500
Derivative, Swap Type, Average Fixed Price	3.745
Natural Gas | Swap | Fourth Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	12,500
Derivative, Swap Type, Average Fixed Price	3.793
Natural Gas | Swap | First Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	10,000
Derivative, Swap Type, Average Fixed Price	3.620
Natural Gas | Swap | Second Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	7,500
Derivative, Swap Type, Average Fixed Price	3.690
Natural Gas | 2-Way Collars | Second Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	13,187
Derivative, Average Floor Price	2.500
Derivative, Average Cap Price	3.220
Natural Gas | 2-Way Collars | Third Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	13,043
Derivative, Average Floor Price	2.500
Derivative, Average Cap Price	3.220
Natural Gas | 2-Way Collars | Fourth Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	13,043
Derivative, Average Floor Price	2.500
Derivative, Average Cap Price	3.220
Natural Gas | 2-Way Collars | Second Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	11,538
Derivative, Average Floor Price	2.500
Derivative, Average Cap Price	2.682
Natural Gas | 2-Way Collars | Third Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	11,413
Derivative, Average Floor Price	2.500
Derivative, Average Cap Price	2.682
Natural Gas | 2-Way Collars | Fourth Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	11,413
Derivative, Average Floor Price	2.500
Derivative, Average Cap Price	2.682
Natural Gas | 2-Way Collars | First Quarter 2024
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	11,538
Derivative, Average Floor Price	2.500
Derivative, Average Cap Price	3.650
Natural Gas | 2-Way Collars | Second Quarter 2024
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	11,538
Derivative, Average Floor Price	2.328
Derivative, Average Cap Price	3
Natural Gas Liquids | Swap | Second Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	28,022
Derivative, Swap Type, Average Fixed Price	0.2500
Natural Gas Liquids | Swap | Third Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	27,717
Derivative, Swap Type, Average Fixed Price	0.2500
Natural Gas Liquids | Swap | Fourth Quarter 2022
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	27,717
Derivative, Swap Type, Average Fixed Price	0.2500
Natural Gas Liquids | Swap | Second Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	98,901
Derivative, Swap Type, Average Fixed Price	0.2288
Natural Gas Liquids | Swap | Third Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	34,239
Derivative, Swap Type, Average Fixed Price	0.2275
Natural Gas Liquids | Swap | Fourth Quarter 2023
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	34,239
Derivative, Swap Type, Average Fixed Price	0.2275
Natural Gas Liquids | Swap | First Quarter 2024
Derivative Instruments Related to Oil and Gas Production [Line Items]
Derivative, Nonmonetary Notional Amount | bbl	34,615
Derivative, Swap Type, Average Fixed Price	0.2275

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Thousands	Mar. 31, 2022USD ($)customer	Dec. 31, 2021USD ($)
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative liabilities	$ 191,628	$ 74,187
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, notional amount	$ 300,000
Derivative, average fixed interest rate	136.00%
Derivative liabilities	$ 500
Number of derivative counterparties | customer	4
Commodity contracts
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative liabilities	$ 178,600
Number of derivative counterparties | customer	8

Derivative Instruments - Impact

Derivative Instruments - Impact of Derivative Activities on Condensed Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swap gains recognized in the condensed consolidated statements of operations	$ 83	$ 32
Commodity losses recognized in the condensed consolidated statements of operations	(167,970)	(44,400)
Derivative losses	(167,887)	(44,368)
Interest rate cash settlements recognized in the condensed consolidated statements of cash flows	(938)	(922)
Commodity cash settlements and premiums paid recognized in the condensed consolidated statements of cash flows	(28,470)	(6,247)
Cash settlements and premiums paid, net	$ (29,408)	$ (7,169)

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative assets	$ 9,631	$ 11,478
Derivative liabilities	149,008	50,372
Derivative assets	2,912	2,092
Derivative liabilities	42,620	23,815
Derivative assets	12,543	13,570
Derivative liabilities	191,628	74,187
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative liabilities	500
Interest Rate Swap | Derivative assets/liabilities – current
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Derivative liabilities	458	1,480
Interest Rate Swap | Derivative assets/liabilities – non-current
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative liabilities	178,600
Commodity contracts | Derivative assets/liabilities – current
Derivatives, Fair Value [Line Items]
Derivative assets	9,631	11,478
Derivative liabilities	148,550	48,892
Commodity contracts | Derivative assets/liabilities – non-current
Derivatives, Fair Value [Line Items]
Derivative assets	2,912	2,092
Derivative liabilities	$ 42,620	$ 23,815

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Oil and gas properties:
Proved	$ 2,412,399	$ 2,327,686
Unproved	58,686	57,900
Total oil and gas properties	2,471,085	2,385,586
Other property and equipment	31,060	31,055
Total properties and equipment	2,502,145	2,416,641
Accumulated depreciation, depletion, amortization and impairments	(1,084,430)	(1,033,293)
Total property and equipment, net	$ 1,417,715	$ 1,383,348

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / bbl$ / bbl	Mar. 31, 2021USD ($)$ / bbl	Dec. 31, 2021USD ($)
Property, Plant and Equipment [Line Items]
Unproved oil and gas property excluded	$ 58,700		$ 57,900
Undeveloped leasehold costs transferred	700	$ 7,600
Capitalized costs, proved properties	1,400	700
Interest costs capitalized	$ 1,100	$ 800
Amortization expense per physical unit of production | $ / bbl	14.98	12.92
Impairments of oil and gas properties	$ 0	$ 1,811
West Texas Intermediate
Property, Plant and Equipment [Line Items]
Oil price per barrel (in dollars per barrel) | $ / bbl	120

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Aug. 10, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 536,713		$ 618,954
Less: Unamortized discount	(3,560)		(3,720)
Less: Unamortized deferred issuance costs	(9,448)		(9,853)
Total, net	523,705		605,381
Less: Current portion	(1,925)		(4,129)
Long-term debt, net	521,780		601,252
Gain (loss) on extinguishment of debt	2,157	$ (1,231)
Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	128,000		208,000
Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	400,000		400,000
Senior Notes | Senior Notes Due 2026
Debt Instrument [Line Items]
Interest rate				9.25%
Mortgage debt
Debt Instrument [Line Items]
Long-term debt, gross	8,391		8,438
Other
Debt Instrument [Line Items]
Long-term debt, gross	322		$ 2,516
Gain (loss) on extinguishment of debt	$ 2,200

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Aug. 10, 2021	Mar. 31, 2021
Debt Disclosure [Line Items]
Current ratio	1
Debt to EBITD ratio, maximum	3.50
Debt issuance costs, line of credit arrangements, gross			$ 400,000
Senior notes		$ 400,000,000
Senior notes, redemption percentage		99.018%
Revolving Credit Facility
Debt Disclosure [Line Items]
Line of credit facility, interest rate at period end	3.02%
Commitment fee	0.50%
Revolving Credit Facility | Minimum
Debt Disclosure [Line Items]
Interest rate	1.50%
Revolving Credit Facility | Maximum
Debt Disclosure [Line Items]
Interest rate	2.50%
Revolving Credit Facility | Interest Payable One
Debt Disclosure [Line Items]
Debt instrument, interest payable period	1 month
Revolving Credit Facility | Interest Payable Two
Debt Disclosure [Line Items]
Debt instrument, interest payable period	3 months
Revolving Credit Facility | Interest Payable Three
Debt Disclosure [Line Items]
Debt instrument, interest payable period	6 months
Revolving Credit Facility | LIBOR | Minimum
Debt Disclosure [Line Items]
Applicable margin	2.50%
Revolving Credit Facility | LIBOR | Maximum
Debt Disclosure [Line Items]
Applicable margin	3.50%
Line of Credit | Revolving Credit Facility
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000
Line of credit facility, current borrowing capacity	400,000,000
Outstanding borrowings	128,000,000
Letters of credit outstanding	700,000
Remaining borrowing capacity	271,300,000
Letter of Credit
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity	25,000,000
Revolving Credit Facility | Line of Credit
Debt Disclosure [Line Items]
Line of credit facility, borrowing base	$ 725,000,000
Senior Notes Due 2026 | Senior Notes
Debt Disclosure [Line Items]
Interest rate		9.25%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax benefit	$ 200,000	$ 300,000
Change in deferred tax assets valuation allowance, percent	0.90%	1.50%
Deferred tax liabilities, tax deferred income	$ 2,100,000
Unrecognized tax benefits	0		$ 0
Income tax examination, penalties and interest expense	$ 0	$ 0

Supplemental Balance Sheet De_3

Supplemental Balance Sheet Detail (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid and other current assets:
Inventories	$ 13,025	$ 10,305
Prepaid expenses	2,964	10,693
Prepaid and other current assets	15,989	20,998
Other assets:
Deferred issuance costs of the Credit Facility, net of amortization	3,138	3,308
Right-of-use assets – operating leases	1,498	1,671
Other	0	38
Other assets	4,636	5,017
Accounts payable and accrued liabilities:
Trade accounts payable	32,463	32,452
Drilling and other lease operating costs	47,103	35,045
Revenue and royalties payable	110,493	95,521
Production, ad valorem and other taxes	12,224	7,905
Derivative settlements to counterparties	25,146	6,117
Compensation and benefits	7,957	13,942
Interest	5,003	15,321
Environmental remediation liability	2,277	2,287
Current operating lease obligations	891	914
Other	2,632	4,877
Accounts payable and accrued liabilities	246,189	214,381
Other non-current liabilities:
Asset retirement obligations	8,186	8,413
Non-current operating lease obligations	755	975
Postretirement benefit plan obligations	959	970
Other non-current liabilities	9,900	10,358
Tubular inventory and well materials	12,200	9,500
Capitalized costs - crude oil in storage	800	800
Drilling and completion prepayment	$ 600	$ 9,600

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Aug. 10, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, gross	$ 536,713	$ 618,954
Long-term debt, fair value	559,400	634,600
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, gross	$ 400,000	$ 400,000
Senior Notes Due 2026 | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate			9.25%

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial assets:
Commodity derivative assets – current	$ 9,631	$ 11,478
Commodity derivative assets – non-current	2,912	2,092
Derivative assets	12,543	13,570
Financial liabilities:
Derivative liabilities – current	(149,008)	(50,372)
Derivative liabilities, noncurrent	(42,620)	(23,815)
Derivative liabilities	(191,628)	(74,187)
Fair Value, Measurements, Recurring
Financial assets:
Derivative assets	12,543	13,570
Financial liabilities:
Derivative liabilities	(191,628)	(74,187)
Commodity contracts
Financial liabilities:
Derivative liabilities	(178,600)
Commodity contracts | Fair Value, Measurements, Recurring
Financial assets:
Commodity derivative assets – current	9,631	11,478
Commodity derivative assets – non-current	2,912	2,092
Financial liabilities:
Derivative liabilities – current	(148,550)	(48,892)
Derivative liabilities, noncurrent	(42,620)	(23,815)
Interest Rate Swap
Financial liabilities:
Derivative liabilities	(500)
Interest Rate Swap | Fair Value, Measurements, Recurring
Financial liabilities:
Derivative liabilities – current	(458)	(1,480)
Level 1 | Fair Value, Measurements, Recurring
Financial assets:
Derivative assets	0	0
Financial liabilities:
Derivative liabilities	0	0
Level 1 | Commodity contracts | Fair Value, Measurements, Recurring
Financial assets:
Commodity derivative assets – current	0	0
Commodity derivative assets – non-current	0	0
Financial liabilities:
Derivative liabilities – current	0	0
Derivative liabilities, noncurrent	0	0
Level 1 | Interest Rate Swap | Fair Value, Measurements, Recurring
Financial liabilities:
Derivative liabilities – current	0	0
Level 2 | Fair Value, Measurements, Recurring
Financial assets:
Derivative assets	12,543	13,570
Financial liabilities:
Derivative liabilities	(191,628)	(74,187)
Level 2 | Commodity contracts | Fair Value, Measurements, Recurring
Financial assets:
Commodity derivative assets – current	9,631	11,478
Commodity derivative assets – non-current	2,912	2,092
Financial liabilities:
Derivative liabilities – current	(148,550)	(48,892)
Derivative liabilities, noncurrent	(42,620)	(23,815)
Level 2 | Interest Rate Swap | Fair Value, Measurements, Recurring
Financial liabilities:
Derivative liabilities – current	(458)	(1,480)
Level 3 | Fair Value, Measurements, Recurring
Financial assets:
Derivative assets	0	0
Financial liabilities:
Derivative liabilities	0	0
Level 3 | Commodity contracts | Fair Value, Measurements, Recurring
Financial assets:
Commodity derivative assets – current	0	0
Commodity derivative assets – non-current	0	0
Financial liabilities:
Derivative liabilities – current	0	0
Derivative liabilities, noncurrent	0	0
Level 3 | Interest Rate Swap | Fair Value, Measurements, Recurring
Financial liabilities:
Derivative liabilities – current	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)rigbbl	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Line Items]
Drilling rig, contract period	1 year
Unrecorded unconditional purchase obligation, change of amount as result of variable components	$ 90
Unrecorded unconditional purchase obligation, purchases	10,200,000	$ 8,400,000
Estimated litigation liability, current	100,000		$ 100,000
Asset retirement obligation	8,200,000		8,400,000
Environmental remediation liability	$ 2,277,000		$ 2,287,000
Drilling Rig With Contractual Term
Commitments and Contingencies Disclosure [Line Items]
Drilling rigs | rig	1
Drilling Rig With Pad-to-Pad Basis Commitment
Commitments and Contingencies Disclosure [Line Items]
Drilling rigs | rig	1
Crude Oil Gathering And Transportation Services
Commitments and Contingencies Disclosure [Line Items]
Purchase obligation, remainder of 2022	$ 10,500,000
Purchase obligation, year 2023	13,900,000
Purchase obligation, year 2024	13,900,000
Purchase obligation, year 2025	13,900,000
Purchase obligation, year 2026	7,800,000
Purchase obligation, year 2027	3,800,000
Purchase obligation, year 2028	3,800,000
Purchase obligation, year 2029	3,800,000
Purchase obligation, year 2030	3,800,000
Purchase obligation, year 2031	$ 600,000
Intermediate pipeline transportation services
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl	8,000
Field gathering agreement
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl	8,000
Gonzales, Lavaca and Fayette Counties, Texas | Intermediate pipeline transportation services
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl	20,000
Gonzales, Lavaca and Fayette Counties, Texas | Field gathering agreement
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl	20,000
Nuevo G&T | Crude Oil Storage Capacity
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl	180,000
Nuevo G&T | Tank Capacity
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl	70,000
Nuevo G&T | Crude Oil Storage Capacity with Downstream Interstate Pipeline
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl	90,000
South Texas Region | Crude Oil Storage Capacity
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl	340,000
Nuevo Dos Gathering and Transportation, LLC-Marketing Affiliate | Crude Oil Storage Capacity with Downstream Interstate Pipeline
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl	62,000
Nuevo Dos Gathering and Transportation, LLC-Marketing Affiliate | Additional Crude Oil Storage Capacity With Downstream Interstate Pipeline
Commitments and Contingencies Disclosure [Line Items]
Number of barrels | bbl	120,000

Commitments and Contingencies_2

Commitments and Contingencies - Purchase Commitment, Excluding Long-term Commitment (Details)	3 Months Ended
	Mar. 31, 2022bbl
Field gathering agreement
Commitments and Contingencies Disclosure [Line Items]
Number of barrels	8,000
Intermediate pipeline transportation services
Commitments and Contingencies Disclosure [Line Items]
Number of barrels	8,000
Volume capacity support
Commitments and Contingencies Disclosure [Line Items]
Number of barrels	8,000

Share-Based Compensation and _3

Share-Based Compensation and Other Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 924	$ 2,246
Defined contribution plan, cost	200	200
Other Pension, Postretirement and Supplemental Plans
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Pension and other postretirement benefits cost (reversal of cost), less than	$ 100	$ 100
Restricted Stock Units (RSUs)
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Number of shares available for grant (in shares)	762,259
Award vesting period	3 years
Cost not yet recognized, amount	$ 1,200
Cost not yet recognized, period for recognition	1 year 8 months 15 days
Performance Shares
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Number of shares authorized (in shares)	484,197
Award vesting period	3 years
Cost not yet recognized, amount	$ 3,900
Cost not yet recognized, period for recognition	1 year 11 months 8 days
Options, outstanding, number (in shares)	345,069
Performance Shares | Minimum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Award vesting period	1 year
Shares expected to vest, percentage	0.00%
Performance Shares | Maximum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Award vesting period	3 years
Shares expected to vest, percentage	200.00%
Change in Control
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 1,900
Employees and Directors
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Number of shares available for grant (in shares)	4,424,600

Share-Based Compensation and _4

Share-Based Compensation and Other Benefit Plans - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Restricted Stock Units
Balance at beginning of period (in shares) | shares	230,517
Granted (in shares) | shares	0
Vested (in shares) | shares	(69,206)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	161,311
Weighted-Average Grant Date Fair Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 9.20
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	(7.94)
Forfeited (in shares) | $ / shares	0
Balance at end of period (in shares) | $ / shares	$ 10.52

Share-Based Compensation and _5

Share-Based Compensation and Other Benefit Plans - Schedule of Valuation Assumptions (Details) - Performance Shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Expected volatility			49.90%
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate, minimum	0.22%	0.18%
Risk-free interest rate, maximum	0.29%	0.51%
Risk-free interest rate			1.66%
Minimum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Expected volatility	131.74%	101.32%
Maximum
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Expected volatility	134.74%	117.71%

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Common Class B
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Series A Preferred Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01

Earnings Per Share - Components

Earnings Per Share - Components of Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (20,661)	$ (20,021)
Net loss attributable to Noncontrolling interest	10,676	6,449
Net loss attributable to common shareholders (basic)	(9,985)	(13,572)
Reallocation of Noncontrolling interest net loss	(10,676)	(6,449)
Net loss attributable to common shareholders (diluted)	$ (20,661)	$ (20,021)
Weighted-average shares – basic (in shares)	21,107	15,263
Effect of dilutive securities:
Common Units and Series A Preferred Stock that are exchangeable for common shares (in shares)	0	0
RSUs and PRSUs (in shares)	0	0
Weighted-average shares – diluted (in shares)	21,107	15,263
Antidilutive securities excluded from computation of earnings per share (in shares)		22,700
Restricted Stock Units and Performance Stock Units
Effect of dilutive securities:
Antidilutive securities excluded from computation of earnings per share (in shares)	600	200
Common Units
Effect of dilutive securities:
Antidilutive securities excluded from computation of earnings per share (in shares)	22,500	22,500
Common Class B
Effect of dilutive securities:
Antidilutive securities excluded from computation of earnings per share (in shares)	22,500
Series A Preferred Stock
Effect of dilutive securities:
Antidilutive securities excluded from computation of earnings per share (in shares)		200

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($)	May 03, 2022	Apr. 13, 2022
Subsequent Event [Line Items]
Maximum debt leverage ratio		100.00%
Bolt-On
Subsequent Event [Line Items]
Cash payment to acquire business	$ 64,000,000
Common Class A
Subsequent Event [Line Items]
Stock repurchase program, authorized amount		$ 100,000,000