Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 25, 2021 | |
Cover [Abstract] | ||
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
Entity Tax Identification Number | 95-2636730 | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80203 | |
City Area Code | 303 | |
Local Phone Number | 860-5800 | |
Entity Registrant Name | PDC ENERGY, INC. | |
Entity Address, Address Line One | 1775 Sherman Street, | |
Entity Address, Address Line Two | Suite 3000 | |
Entity Address, City or Town | Denver | |
Entity Central Index Key | 0000077877 | |
Trading Symbol | PDCE | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-37419 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 97,381,111 | |
Smaller Reporting Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 99,922 | $ 2,623 |
Accounts receivable, net | 368,611 | 244,251 |
Fair value of derivatives | 7,559 | 48,869 |
Prepaid expenses and other current assets | 8,602 | 12,505 |
Total current assets | 484,694 | 308,248 |
Properties and equipment, net | 4,826,337 | 4,859,199 |
Fair value of derivatives | 12,742 | 9,565 |
Other assets | 43,492 | 60,961 |
Total Assets | 5,367,265 | 5,237,973 |
Current liabilities: | ||
Accounts payable | 143,931 | 90,635 |
Production tax liability | 86,914 | 124,475 |
Fair value of derivatives | 454,578 | 98,152 |
Funds held for distribution | 261,547 | 177,132 |
Accrued interest payable | 20,948 | 14,734 |
Other accrued expenses | 85,520 | 81,715 |
Current portion of long-term debt | 0 | 193,014 |
Total current liabilities | 1,053,438 | 779,857 |
Long-term debt | 1,243,235 | 1,409,548 |
Asset retirement obligations | 118,361 | 132,637 |
Fair value of derivatives | 133,631 | 36,359 |
Other liabilities | 274,376 | 264,034 |
Total liabilities | 2,823,041 | 2,622,435 |
Stockholders' Equity: | ||
Common shares - par value $0.01 per share, 150,000,000 authorized, 97,440,523 and 99,758,720 issued as of September 30, 2021 and December 31, 2020, respectively | 974 | 998 |
Additional paid-in capital | 3,267,261 | 3,387,754 |
Accumulated deficit | (723,017) | (772,265) |
Treasury shares - at cost, 20,958 and 37,510 as of September 30, 2021 and December 31, 2020, respectively | (994) | (949) |
Total stockholders’ equity | 2,544,224 | 2,615,538 |
Total Liabilities and Stockholders’ Equity | $ 5,367,265 | $ 5,237,973 |
Common stock, shares authorized | 150,000,000 |
Balance Sheet Parenthetical (Pa
Balance Sheet Parenthetical (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Common stock, shares authorized | 150,000,000 | |
Common stock, shares issued | 97,440,523 | 99,758,720 |
Treasury shares, at cost | 20,958 | 37,510 |
Common stock, par value | $ 0.01 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Crude oil, natural gas and NGLs sales | $ 703,136 | $ 314,920 | $ 1,704,396 | $ 809,156 |
Commodity price risk management gain (loss), net | (217,678) | (68,061) | (707,187) | 245,851 |
Other income | 904 | 2,358 | 4,058 | 5,656 |
Total revenues | 486,362 | 249,217 | 1,001,267 | 1,060,663 |
Costs, expenses and other: | ||||
Lease operating expense | 45,649 | 37,338 | 129,848 | 122,680 |
Production taxes | 44,654 | 14,621 | 101,114 | 40,937 |
Transportation, gathering and processing expense | 26,732 | 24,399 | 74,453 | 54,844 |
Exploration, geologic and geophysical expense | 222 | 162 | 862 | 1,026 |
General and administrative expense | 30,847 | 32,490 | 96,367 | 130,007 |
Depreciation, depletion and amortization | 169,644 | 144,504 | 478,617 | 470,152 |
Accretion of asset retirement obligations | 2,825 | 2,420 | 9,185 | 7,398 |
Impairment of properties and equipment | 77 | 1,221 | 329 | 882,327 |
Loss (gain) on sale of properties and equipment | (220) | (289) | (561) | (642) |
Other | 303 | 1,936 | 2,496 | 6,083 |
Total cost, expenses and other | 320,733 | 258,802 | 892,710 | 1,714,812 |
Income (loss) from operations | 165,629 | (9,585) | 108,557 | (654,149) |
Interest expense | (20,098) | (21,022) | (59,199) | (66,977) |
Income (loss) before income taxes | 145,531 | (30,607) | 49,358 | (721,126) |
Income tax (expense) benefit | (210) | (176) | (110) | 3,496 |
Net income (loss) | $ 145,321 | $ (30,783) | $ 49,248 | $ (717,630) |
Earnings per share: | ||||
Basic | $ 1.48 | $ (0.31) | $ 0.50 | $ (7.34) |
Diluted | $ 1.45 | $ (0.31) | $ 0.49 | $ (7.34) |
Weighted-average common shares outstanding | ||||
Basic | 98,183 | 99,617 | 99,018 | 97,762 |
Diluted | 99,966 | 99,617 | 100,534 | 97,762 |
Common Stock, Dividends, Per Share, Declared | $ 0.12 | $ 0 | $ 0.24 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Net income (loss) | $ 49,248 | $ (717,630) |
Adjustments to net income (loss) to reconcile to net cash provided by operating activities: | ||
Net change in fair value of unsettled commodity derivatives | 491,830 | (18,338) |
Depreciation, depletion and amortization | 478,617 | 470,152 |
Impairment of properties and equipment | 329 | 882,327 |
Accretion of asset retirement obligations | 9,185 | 7,398 |
Non-cash stock-based compensation | 17,294 | 17,441 |
Loss (gain) on sale of properties and equipment | (561) | (642) |
Amortization of debt discount and issuance costs | 11,195 | 12,546 |
Deferred income taxes | 0 | (2,431) |
Other | 2,353 | 1,950 |
Changes in assets and liabilities | (31,670) | (3,461) |
Net cash from operating activities | 1,027,820 | 649,312 |
Cash flows from investing activities: | ||
Capital expenditures for development of crude oil and natural gas properties | (428,831) | (445,505) |
Capital expenditures for other properties and equipment | (363) | (1,940) |
Acquisition of crude oil and natural gas properties, including settlement adjustments | 0 | (139,812) |
Proceeds from sale of properties and equipment | 4,720 | 1,539 |
Proceeds from Divestiture of Businesses | 0 | 1,796 |
Net cash from investing activities | (424,474) | (583,922) |
Cash flows from financing activities: | ||
Proceeds from revolving credit facility | 502,800 | 1,485,600 |
Repayment of revolving credit facility | (670,800) | (1,204,600) |
Proceeds from Secured Notes Payable | 0 | 148,500 |
Early Repayment of Senior Debt | 0 | 452,153 |
Repayments of Convertible Debt | (200,000) | 0 |
Payments of Debt Issuance Costs | 0 | 6,197 |
Purchase of treasury shares for employee stock-based compensation tax withholding obligations | (5,836) | (8,412) |
Purchase of treasury shares under stock repurchase program | (107,318) | (23,819) |
Dividends paid | (23,600) | 0 |
Finance Lease, Principal Payments | (1,293) | (1,454) |
Net cash from financing activities | (506,047) | (62,535) |
Net change in cash, cash equivalents, and restricted cash | 97,299 | 2,855 |
Cash, cash equivalents and restricted cash, beginning of period | 2,623 | 963 |
Cash, cash equivalents and restricted cash, end of period | $ 99,922 | $ 3,818 |
Consolidated Statement of Equit
Consolidated Statement of Equity (Statement) - USD ($) $ in Thousands | Total | Parent [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||
Shares, Issued | (35,000) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stockholders' Equity Attributable to Parent | $ 2,335,507 | $ 617 | $ 2,384,309 | $ (47,945) | $ (1,474) | ||
Shares, Outstanding | 61,652,000 | ||||||
Issuance of treasury shares | 69,000 | ||||||
Purchase of treasury shares | (7,693) | $ (7,693) | |||||
Issuance of treasury shares | 0 | 0 | 0 | ||||
Net income (loss) | (465,015) | (465,015) | |||||
Stock Issued During Period, Shares, Acquisitions | 39,182,000 | ||||||
Stock Issued During Period, Value, Acquisitions | 1,015,312 | $ 391 | 1,014,921 | ||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 121,000 | 0 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 5,672 | $ 1 | 3,713 | $ 1,958 | |||
Treasury Stock, Shares, Retired | (251,000) | 251,000 | |||||
Treasury Stock, Retired, Cost Method, Amount | $ (3) | (6,425) | $ 6,428 | ||||
Stock Repurchased and Retired During Period, Shares | (1,266,000) | 1,266,000 | |||||
Stock Repurchased During Period, Value | (23,819) | $ (23,819) | |||||
Stock Repurchased and Retired During Period, Value | $ (12) | (23,807) | $ 23,819 | ||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (306,000) | ||||||
Stock Repurchased During Period, Shares | (1,266,000) | ||||||
Weighted Average Number of Shares Outstanding, Basic | 97,762,000 | ||||||
Net income (loss) | $ (717,630) | ||||||
Stock Repurchased During Period, Shares | (1,300,000) | ||||||
Shares, Issued | (21,000) | ||||||
Stockholders' Equity Attributable to Parent | 2,859,964 | $ 994 | 3,372,711 | (512,960) | $ (781) | ||
Shares, Outstanding | 99,438,000 | ||||||
Issuance of treasury shares | 13,000 | ||||||
Purchase of treasury shares | (487) | $ (487) | |||||
Issuance of treasury shares | 0 | $ 0 | |||||
Net income (loss) | (221,832) | (221,832) | |||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 213,000 | 0 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 6,364 | $ 2 | 6,164 | $ 198 | |||
Treasury Stock, Shares, Retired | (39,000) | 39,000 | |||||
Treasury Stock, Retired, Cost Method, Amount | (322) | $ 322 | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (64,000) | ||||||
Shares, Issued | (33,000) | ||||||
Stockholders' Equity Attributable to Parent | 2,644,009 | $ 996 | 3,378,553 | (734,792) | $ (748) | ||
Shares, Outstanding | 99,612,000 | ||||||
Weighted Average Number of Shares Outstanding, Basic | 99,617,000 | ||||||
Issuance of treasury shares | 0 | 24,000 | |||||
Purchase of treasury shares | 232 | $ 232 | |||||
Issuance of treasury shares | 0 | $ 0 | 0 | $ 0 | |||
Net income (loss) | $ (30,783) | (30,783) | (30,783) | ||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 37,000 | 0 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 5,405 | $ 0 | 5,216 | $ 189 | |||
Treasury Stock, Shares, Retired | 9,000 | (9,000) | |||||
Treasury Stock, Retired, Cost Method, Amount | 121 | $ (121) | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 17,000 | ||||||
Shares, Issued | 17,000 | ||||||
Stockholders' Equity Attributable to Parent | 2,618,399 | $ 996 | 3,383,648 | (765,575) | $ (670) | ||
Shares, Outstanding | 99,640,000 | ||||||
Shares, Issued | (38,000) | ||||||
Stockholders' Equity Attributable to Parent | $ 2,615,538 | 2,615,538 | $ 998 | 3,387,754 | (772,265) | $ (949) | |
Shares, Outstanding | 99,759,000 | ||||||
Issuance of treasury shares | 65,000 | ||||||
Purchase of treasury shares | (2,356) | $ (2,356) | |||||
Issuance of treasury shares | 0 | 0 | 0 | ||||
Net income (loss) | (9,036) | (9,036) | |||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 209,000 | 0 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 5,020 | $ 2 | 3,670 | $ 1,348 | |||
Treasury Stock, Shares, Retired | (33,000) | 33,000 | |||||
Treasury Stock, Retired, Cost Method, Amount | $ 0 | (1,091) | $ 1,091 | ||||
Stock Repurchased and Retired During Period, Shares | (568,000) | 568,000 | |||||
Stock Repurchased During Period, Value | (22,098) | $ (22,098) | |||||
Stock Repurchased and Retired During Period, Value | $ (6) | (21,061) | $ 21,067 | ||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (81,000) | ||||||
Stock Repurchased During Period, Shares | (598,000) | ||||||
Weighted Average Number of Shares Outstanding, Basic | 99,018,000 | ||||||
Net income (loss) | $ 49,248 | ||||||
Stock Repurchased During Period, Shares | (2,700,000) | ||||||
Shares, Issued | (51,000) | ||||||
Stockholders' Equity Attributable to Parent | 2,587,068 | $ 994 | 3,369,272 | (781,301) | $ (1,897) | ||
Shares, Outstanding | 99,367,000 | ||||||
Issuance of treasury shares | 22,000 | ||||||
Dividends | (12,117) | ||||||
Purchase of treasury shares | (3,300) | $ (3,300) | |||||
Issuance of treasury shares | 0 | 0 | $ 0 | ||||
Net income (loss) | (87,037) | (87,037) | |||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 295,000 | 0 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 6,495 | $ 3 | 5,742 | $ 750 | |||
Treasury Stock, Shares, Retired | (78,000) | 78,000 | |||||
Treasury Stock, Retired, Cost Method, Amount | $ (1) | (2,807) | $ 2,808 | ||||
Stock Repurchased and Retired During Period, Shares | (677,000) | 684,000 | |||||
Stock Repurchased During Period, Value | (26,509) | $ (26,509) | |||||
Stock Repurchased and Retired During Period, Value | $ 306 | $ (7) | (26,922) | $ 27,235 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (92,000) | ||||||
Stock Repurchased During Period, Shares | (661,000) | ||||||
Shares, Issued | (20,000) | ||||||
Stockholders' Equity Attributable to Parent | 2,464,906 | $ 989 | 3,333,168 | (868,338) | $ (913) | ||
Shares, Outstanding | 98,907,000 | ||||||
Weighted Average Number of Shares Outstanding, Basic | 98,183,000 | ||||||
Issuance of treasury shares | 0 | 1,000 | |||||
Dividends | $ (11,936) | ||||||
Purchase of treasury shares | 180 | $ 180 | |||||
Issuance of treasury shares | 0 | $ 0 | 0 | $ 0 | |||
Net income (loss) | 145,321 | 145,321 | 145,321 | ||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 12,000 | 0 | |||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 5,779 | $ 0 | 5,730 | $ 49 | |||
Treasury Stock, Shares, Retired | 2,000 | (2,000) | |||||
Treasury Stock, Retired, Cost Method, Amount | 91 | $ (91) | |||||
Stock Repurchased and Retired During Period, Shares | (1,476,000) | 1,476,000 | |||||
Stock Repurchased During Period, Value | (59,666) | $ (59,666) | |||||
Stock Repurchased and Retired During Period, Value | 0 | $ (15) | (59,610) | $ 59,625 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 4,000 | ||||||
Stock Repurchased During Period, Shares | (1,476,000) | ||||||
Shares, Issued | 21,000 | ||||||
Stockholders' Equity Attributable to Parent | $ 2,544,224 | $ 2,544,224 | $ 974 | $ 3,267,261 | $ (723,017) | $ (994) | |
Shares, Outstanding | 97,441,000 |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION [Abstract] | |
Nature of Operations | NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION PDC Energy, Inc. is a domestic independent exploration and production company that acquires, explores and develops properties for the production of crude oil, natural gas and NGLs, with operations in the Wattenberg Field in Colorado and the Delaware Basin in west Texas. Our operations in the Wattenberg Field are focused in the horizontal Niobrara and Codell plays and our Delaware Basin operations are primarily focused in the horizontal Wolfcamp zones. As of September 30, 2021, we owned an interest in approximately 3,600 gross productive wells. The accompanying unaudited condensed consolidated financial statements include the accounts of PDC and our wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. In our opinion, the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results of interim periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in audited financial statements have been condensed or omitted. The December 31, 2020 condensed consolidated balance sheet data was derived from audited statements, but does not include all disclosures required by U.S. GAAP. The information presented in this Quarterly Report on Form 10-Q should be read in conjunction with our audited consolidated financial statements and notes thereto included in our 2020 Form 10-K. Our results of operations and cash flows for the nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year or any other future period. |
Business Combination (Notes)
Business Combination (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | NOTE 2 - BUSINESS COMBINATION In January 2020, we merged with SRC Energy Inc. (“SRC”) in a transaction valued at $1.7 billion, inclusive of SRC’s net debt (the “SRC Acquisition”). SRC was an independent oil and natural gas company engaged in the exploration, development and production of unconventional oil and associated liquids-rich natural gas reserves in Weld County, Colorado. The acquisition added approximately 83,000 net acres which are located on large, contiguous acreage blocks in the core of the Wattenberg Field. Upon closing, we issued approximately 38.9 million shares of our common stock to SRC shareholders and holders of SRC equity awards, reflecting the issuance of 0.158 of a share of our common stock in exchange for each outstanding share of SRC common stock and the cancellation of outstanding SRC equity awards pursuant to the terms of the merger agreement that we entered into with SRC. We finalized the purchase price allocation on December 31, 2020, and we recognized total transaction costs of $19.9 million for the year ended December 31, 2020. The following table details our final purchase price, valuation and allocation of the purchase price to the assets acquired and liabilities assumed as a result of the SRC Acquisition: (in thousands) Consideration: Cash $ 40 Retirement of seller's credit facility 166,238 Total cash consideration 166,278 Common stock issued 1,009,015 Shares withheld in lieu of taxes 6,299 Total consideration $ 1,181,592 Recognized amounts of identifiable assets acquired and liabilities assumed: Assets acquired: Current assets $ 145,792 Properties and equipment, net - proved 1,613,674 Properties and equipment, net - unproved 109,615 Properties and equipment, net - other 16,242 Deferred tax asset 189,311 Other assets 11,810 Total assets acquired 2,086,444 Liabilities assumed: Current liabilities (253,967) Senior notes (555,500) Asset retirement obligations (42,417) Other liabilities (52,968) Total liabilities assumed (904,852) Total identifiable net assets acquired $ 1,181,592 This acquisition was accounted for under the acquisition method of accounting for business combinations. Accordingly, we conducted assessments of the net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while transaction and integration costs associated with the acquisition were expensed as incurred. The fair value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market, and therefore represent Level 3 inputs. The fair values of crude oil and natural gas properties and asset retirement obligations were measured using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs and assumptions to the valuation of proved and unproved crude oil and natural gas properties include estimates of reserve volumes, future operating and development costs, future commodity prices, lease terms and expirations and a market-based weighted-average cost of capital rate of 10 percent. These inputs require significant judgments and estimates by management at the time of the valuation. The results of operations for the SRC Acquisition since the closing date have been included on our condensed consolidated financial statements for the three and nine months ended September 30, 2020 and include approximately $82.0 million and $233.8 million, respectively, of total revenue, and $20.7 million and $19.3 million loss from operations, respectively. Pro Forma Information. The following unaudited pro forma financial information represents a summary of the consolidated results of operations for the nine months ended September 30, 2020, assuming the acquisition had been completed as of January 1, 2020. The information below reflects certain nonrecurring pro forma adjustments that were directly related to the business combination based on available information and certain assumptions that we believe are reasonable, including (i) the Company's common stock issued to convert SRC’s outstanding shares of common stock and the cancellation of equity awards, (ii) the depletion of SRC’s fair-valued proved oil and gas properties using the successful efforts method of accounting and (iii) the estimated tax impacts of the pro forma adjustments, if any. Additionally, pro forma earnings were adjusted to exclude acquisition-related costs incurred by the Company and SRC totaling approximately $38.0 million for the nine months ended September 30, 2020. The pro forma financial information is not necessarily indicative of the results of operations that would have been achieved if the acquisition had been effective as of these dates, or of future results. Nine Months Ended September 30, 2020 Total revenue $ 1,082,003 Net income (loss) (677,636) Earnings (loss) per share: Basic $ (6.79) Diluted (6.79) |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue from Contract with Customer [Text Block] | NOTE 3 - REVENUE RECOGNITION Disaggregated Revenue. The following table presents crude oil, natural gas and NGLs sales disaggregated by commodity and operating region for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Revenue by Commodity and Operating Region 2021 2020 Percent Change 2021 2020 Percent Change (in thousands) Crude oil Wattenberg Field $ 341,822 $ 183,420 86 % $ 869,336 $ 483,608 80 % Delaware Basin 80,751 42,591 90 % 177,587 107,347 65 % Total $ 422,573 $ 226,011 87 % $ 1,046,923 $ 590,955 77 % Natural gas Wattenberg Field $ 116,263 $ 39,759 192 % $ 287,949 $ 109,279 164 % Delaware Basin 19,207 2,140 * 38,970 3,183 * Total $ 135,470 $ 41,899 223 % $ 326,919 $ 112,462 191 % NGLs Wattenberg Field $ 121,837 $ 38,871 213 % $ 283,119 $ 86,875 226 % Delaware Basin 23,256 8,139 186 % 47,435 18,864 151 % Total $ 145,093 $ 47,010 209 % $ 330,554 $ 105,739 213 % Crude oil, natural gas and NGLs Wattenberg Field $ 579,922 $ 262,050 121 % $ 1,440,404 $ 679,762 112 % Delaware Basin 123,214 52,870 133 % 263,992 129,394 104 % Total $ 703,136 $ 314,920 123 % $ 1,704,396 $ 809,156 111 % _____________ * Percent change is not meaningful. Contract Assets. Contract assets include material contributions in aid of construction, which are common in purchase and processing agreements with the midstream service providers that are our customers. The intent of the payments is primarily to reimburse the customer for actual costs incurred related to the construction of its gathering and processing infrastructure. Contract assets are included in other assets on the condensed consolidated balance sheets. The contract assets are amortized as a reduction to crude oil, natural gas and NGLs sales revenue during the periods in which the related production is transferred to the customer. The following table presents the changes in carrying amounts of the contract assets associated with our crude oil, natural gas and NGLs sales revenue for the nine months ended September 30, 2021: (in thousands) Beginning balance $ 25,872 Reduction to additions previously recognized (2,574) Amortized as a reduction to crude oil, natural gas and NGLs sales (2,181) Ending balance $ 21,117 |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure | NOTE 4 - FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements Derivative Financial Instruments. We measure the fair value of our commodity derivative instruments based upon a pricing model that utilizes market-based inputs, including, but not limited to, the contractual price of the underlying position, current market prices, crude oil and natural gas forward curves, discount rates, volatility factors and nonperformance risk. Nonperformance risk considers the effect of our credit standing on the fair value of derivative liabilities and the effect of our counterparties' credit standings on the fair value of derivative assets. Both inputs to the model are based on published credit default exchange rates and the duration of each outstanding derivative position. We validate our fair value measurement by corroborating the original source of inputs, monitoring changes in valuation methods and assumptions and reviewing counterparty statements and other supporting documentation. Our crude oil and natural gas fixed-price exchanges are included in Level 2. Our collars are included in Level 3. Our basis exchanges are included in Level 2 and Level 3. The following table presents, for each applicable level within the fair value hierarchy, our derivative assets and liabilities, including both current and non-current portions, measured at fair value on a recurring basis as of the dates indicated: September 30, 2021 December 31, 2020 Condensed Consolidated Balance Sheet Line Item Significant Other Significant Total Significant Other Significant Total (in thousands) Derivative assets Current Fair value of derivatives $ 523 $ 7,036 $ 7,559 $ 36,580 $ 12,289 $ 48,869 Non-current Fair value of derivatives 90 12,652 12,742 315 9,250 9,565 Total $ 613 $ 19,688 $ 20,301 $ 36,895 $ 21,539 $ 58,434 Derivative liabilities Current Fair value of derivatives $ 305,677 $ 148,901 $ 454,578 $ 76,420 $ 21,732 $ 98,152 Non-current Fair value of derivatives 104,190 29,441 133,631 28,125 8,234 36,359 Total $ 409,867 $ 178,342 $ 588,209 $ 104,545 $ 29,966 $ 134,511 The following table presents a reconciliation of our Level 3 assets and liabilities measured at fair value: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Fair value of Level 3 instruments, net asset (liability) beginning of period $ (117,985) $ 26,958 $ (8,427) $ 8,414 Changes in fair value included on condensed consolidated statements of operations line item: Commodity price risk management gain (loss), net (87,036) (21,521) (214,556) 32,840 Settlements included on condensed consolidated statement of operations line items: Commodity price risk management gain (loss), net 46,368 (14,652) 64,330 (50,469) Fair value of Level 3 instruments, net asset (liability) end of period $ (158,653) $ (9,215) $ (158,653) $ (9,215) Net change in fair value of Level 3 unsettled derivatives included on condensed consolidated statements of operations line item: Commodity price risk management gain (loss), net $ (78,786) $ (13,171) $ (210,430) $ 9,466 The significant unobservable input used in the fair value measurement of our derivative contracts is the implied volatility curve, which is provided by a third-party vendor. A significant increase or decrease in the implied volatility, in isolation, would have a directionally similar effect resulting in a significantly higher or lower fair value measurement of our Level 3 derivative contracts. There has been no change in the methodology we apply to measure the fair value of our Level 3 derivative contracts during the periods covered by the financial statements. Nonrecurring Fair Value Measurement Acquisitions and Impairment of Long-lived Assets. We measure fair value using inputs that are not observable in the market, and are therefore designated as Level 3 within the valuation hierarchy, on a nonrecurring basis for any acquired assets or businesses and to review our proved and unproved crude oil and natural gas properties for possible impairment. Asset Retirement Obligations. We measure the fair value of asset retirement obligations as of the date a well begins drilling or when production equipment and facilities are installed using a discounted cash flow model based on inputs that are not observable in the market and therefore are designated as Level 3 within the valuation hierarchy. Other Financial Instruments The carrying value of the financial instruments included in current assets and current liabilities approximates fair value due to the short-term maturities of these instruments. Long-term Debt. The portion of our long-term debt related to our revolving credit facility approximates fair value, as the applicable interest rates are variable and reflective of market rates. We have not elected to account for the portion of our debt related to our senior notes under the fair value option; however, we have determined an estimate of the fair values based on measurements of trading activity and broker or dealer quotes, which are published market prices, and therefore are Level 2 inputs. The table below presents these estimates of the fair value of the portion of our long-term debt related to our senior notes and convertible notes as of the dates indicated: September 30, 2021 December 31, 2020 Nominal Interest Estimated Fair Value Percent of Par Estimated Fair Value Percent of Par (in millions) (in millions) Senior Notes: 2021 Convertible Notes (1) 1.125 % $ — — % $ 196.2 98.1 % 2024 Senior Notes 6.125 % 406.0 101.5 % 410.8 102.7 % 2025 Senior Notes 6.25 % 103.9 101.5 % 102.8 100.5 % 2026 Senior Notes 5.75 % 780.8 104.1 % 775.5 103.4 % ____________ (1) Our 2021 Convertible Notes were redeemed and retired on September 15, 2021. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 5 - COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS Objective and Strategy. Our results of operations and operating cash flows are affected by changes in market prices for crude oil, natural gas and NGLs. To manage a portion of our exposure to price volatility from producing crude oil and natural gas we enter into commodity derivative contracts such as collars, fixed-price exchanges and basis protection exchanges, to protect against price declines in future periods. We do not enter into derivative contracts for speculative or trading purposes. We believe our commodity derivative instruments continue to be effective in achieving the risk management objectives for which they were intended. Depending on changes in oil and gas futures markets and management’s view of underlying supply and demand trends, we may increase or decrease our derivative positions from current levels. As of September 30, 2021, we had derivative instruments in place for a portion of our anticipated production in 2021 through 2024. Our commodity derivative contracts have been entered into at no upfront cost to us as we hedge our anticipated production at the then-prevailing commodity market prices, without adjustment for premium or discount. Effect of Derivative Instruments on the Condensed Consolidated Statements of Operations . The following table presents the impact of our derivative instruments on our condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, Condensed Consolidated Statement of Operations Line Item 2021 2020 2021 2020 (in thousands) Commodity price risk management gain (loss), net Net settlements $ (129,571) $ 66,895 $ (215,357) $ 227,513 Net change in fair value of unsettled derivatives (88,107) (134,956) (491,830) 18,338 Total commodity price risk management gain (loss), net $ (217,678) $ (68,061) $ (707,187) $ 245,851 Commodity Derivative Contracts. As of September 30, 2021, we had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted-average contract price is presented: Collars Fixed-Price Swaps Commodity/ Index/ Quantity (Crude oil - MBbls Natural Gas - BBtu) Weighted-Average Quantity (Crude Oil - MBbls Gas and Basis- BBtu) Weighted- Fair Value September 30, 2021 (in thousands) Floors Ceilings Crude Oil NYMEX 2021 1,251 $ 38.01 $ 49.29 2,488 $ 41.89 $ (112,693) 2022 4,272 51.26 63.33 6,744 44.42 (214,207) 2023 1,200 55.00 65.58 5,202 56.55 (41,739) 2024 — — — 600 59.05 (892) Total Crude Oil 6,723 15,034 $ (369,531) Natural Gas NYMEX 2021 18,300 2.51 2.92 7,950 2.40 (82,363) 2022 17,400 2.50 2.89 33,600 2.70 (84,484) 2023 — — — 30,398 2.68 (22,515) Total Natural Gas 35,700 71,948 (189,362) Basis Protection - Natural Gas CIG 2021 26,250 (0.44) (3,443) 2022 51,000 (0.26) (4,775) 2023 26,438 (0.26) (797) Total Basis Protection - Natural Gas 103,688 (9,015) Commodity Derivatives Fair Value $ (567,908) Subsequent to September 30, 2021, we entered into the following commodity derivative positions covering our crude oil and natural gas production: Collars Fixed-Price Swaps Commodity/ Index/ Quantity (Crude oil - MBbls Natural Gas - BBtu) Weighted-Average Quantity (Crude oil - MBbls Natural Gas - BBtu) Weighted- Floors Ceilings Crude Oil NYMEX 2022 1,200 $ 60.00 $ 81.60 — $ — 2023 1,575 55.00 73.32 300 61.52 2024 225 55.00 75.11 300 61.52 Natural Gas NYMEX 2022 18,060 $ 3.75 $ 6.60 — $ — 2023 4,020 3.00 4.42 — — Basis Protection CIG 2022 — $ — $ — 18,060 $ (0.22) 2023 — — — 4,020 (0.29) Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet. The balance sheet line items and fair value amounts of our derivative instruments are disclosed in Note 4 - Fair Value Measurements. Our financial derivative agreements contain master netting provisions that provide for the net settlement of contracts through a single payment in the event of early termination. We have elected not to offset the fair value positions recorded on our condensed consolidated balance sheets. The following table reflects the impact of netting agreements on gross derivative assets and liabilities as of the dates indicated: As of September 30, 2021 Total Gross Amount Presented on the Balance Sheet Effect of Master Netting Agreements Total Net Amount (in thousands) Derivative assets: Derivative instruments, at fair value $ 20,301 $ (20,301) $ — Derivative liabilities: Derivative instruments, at fair value $ 588,209 $ (20,301) $ 567,908 Derivative Counterparties. Our commodity derivative instruments expose us to the risk of non-performance by our counterparties. We use financial institutions who are also lenders under our revolving credit facility as counterparties to our commodity derivative contracts. To date, we have had no derivative counterparty default losses. We have evaluated the credit risk of our derivative assets from our counterparties using relevant credit market default rates, giving consideration to amounts outstanding for each counterparty and the duration of each outstanding derivative position. Based on our evaluation, we have determined that the potential impact of nonperformance of our current counterparties on the fair value of our derivative instruments is not significant at September 30, 2021; however, this determination may change. |
Properties and Equipment
Properties and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment Disclosure | NOTE 6 - PROPERTIES AND EQUIPMENT, NET The following table presents the components of properties and equipment, net of accumulated depreciation, depletion and amortization (“DD&A”) as of the dates indicated: September 30, 2021 December 31, 2020 (in thousands) Properties and equipment, net: Crude oil and natural gas properties Proved $ 8,135,626 $ 7,523,639 Unproved 338,668 350,677 Total crude oil and natural gas properties 8,474,294 7,874,316 Equipment and other 64,343 65,027 Land and buildings 19,978 24,299 Construction in progress 368,808 523,550 Properties and equipment, at cost 8,927,423 8,487,192 Accumulated DD&A (4,101,086) (3,627,993) Properties and equipment, net $ 4,826,337 $ 4,859,199 Impairment of Oil and Gas Properties. There were no significant impairment charges recognized related to our proved and unproved properties during the three and nine months ended September 30, 2021. In the first quarter of 2020, the significant decline in crude oil prices in addition to the ongoing effects of the COVID-19 pandemic were considered a triggering event that required us to assess our crude oil and natural gas properties for possible impairment. As a result of our assessment, we recorded impairment expense of $881.1 million to our proved and unproved properties. Proved Properties. Of the total impairment expense recognized in the first quarter of 2020, approximately $753.0 million was related to our Delaware Basin proved properties. These impairment charges represented the amount by which the carrying value of the crude oil and natural gas properties exceeded the estimated fair value. We estimated the fair value of proved crude oil and natural gas properties using valuation techniques that convert future cash flows to a single discounted amount, a level 3 input. Significant inputs and assumptions to the valuation of proved crude oil and natural gas properties include estimates of reserves volumes, future operating and development costs, future commodity prices, and a discount rate of 17 percent, which was based on a weighted-average cost of capital for the area where the assets are located. Unproved Properties. We recognized approximately $127.3 million of impairment charges for our unproved properties in the Delaware Basin during the three months ended March 31, 2020. These impairment charges were recognized based on the fair value of the properties, a Level 3 input. The fair value is estimated based on a review of our current drilling plans, estimated future cash flows for probable well locations and expected future lease expirations, primarily in areas where we have no development plans. Suspended Well Costs. The following table presents the capitalized exploratory well cost pending determination of proved reserves and included in properties and equipment for the periods presented: Nine Months Ended September 30, 2021 Year Ended December 31, 2020 (in thousands, except for number of wells) Beginning balance $ 7,459 $ 16,078 Additions to capitalized exploratory well costs pending the determination of proved reserves 6,090 11,770 Reclassifications to proved properties (13,549) (20,389) Ending balance $ — $ 7,459 Number of wells pending determination at period-end — 2 |
Other Accrued Expenses and Othe
Other Accrued Expenses and Other Liabilities (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 7 - ACCOUNTS RECEIVABLE, OTHER ACCRUED EXPENSES AND OTHER LIABILITIES Accounts Receivable. The following table presents the components of accounts receivable, net of allowance for doubtful accounts, as of the dates indicated: September 30, 2021 December 31, 2020 (in thousands) Crude oil, natural gas and NGLs sales $ 343,022 $ 178,147 Joint interest billings 21,257 35,396 Other 11,104 37,471 Allowance for doubtful accounts (6,772) (6,763) Accounts receivable, net $ 368,611 $ 244,251 Other Accrued Expenses. The following table presents the components of other accrued expenses as of the dates indicated: September 30, 2021 December 31, 2020 (in thousands) Employee benefits $ 24,106 $ 23,304 Asset retirement obligations 33,875 33,933 Environmental expenses 11,992 10,139 Operating and finance leases 7,532 7,986 Other 8,015 6,353 Other accrued expenses $ 85,520 $ 81,715 Other Liabilities. The following table presents the components of other liabilities as of the dates indicated: September 30, 2021 December 31, 2020 (in thousands) Deferred midstream gathering credits $ 162,112 $ 168,478 Deferred oil gathering credits 16,583 18,090 Production taxes 87,170 65,592 Operating and finance leases 7,760 10,763 Other 751 1,111 Other liabilities $ 274,376 $ 264,034 Deferred Midstream Gathering Credits. In the second quarter of 2019, concurrent with the sale of our Delaware Basin midstream assets, we entered into an agreement with each of the purchasers pursuant to which we dedicated the gathering of certain of our production and all water gathering and disposal volumes in the Delaware Basin. The terms of these agreements range from 15 to 22 years. The acreage dedication agreements resulted in initial cash receipts and are being amortized on a units-of-production basis. The amortization rates are assessed on an annual basis for changes in estimated future production. Deferred Oil Gathering Credits. In 2018, we entered into an agreement that dedicates crude oil from the majority of our Wattenberg Field acreage to the midstream provider’s gathering lines and extends the term of the agreement through December 2029. The acreage dedication agreement resulted in an initial cash receipt and is being amortized on a units-of-production basis. The amortization rates are assessed on an annual basis for changes in estimated future production. The following table presents the amortization charges recognized on the condensed consolidated statements of operations for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Crude oil, natural gas and NGLs sales $ — $ — $ — $ 368 Transportation, gathering and processing expense 2,014 2,038 5,343 4,499 Lease operating expense 732 686 1,817 1,458 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | NOTE 8 - LONG-TERM DEBT Long-term debt, net of unamortized discounts, premiums, and debt issuance costs totaling $9.1 million and $17.8 million as of September 30, 2021 and December 31, 2020, respectively, consists of the following: September 30, 2021 December 31, 2020 (in thousands) Revolving credit facility due May 2023 $ — $ 168,000 1.125% Convertible Notes due September 2021 — 193,014 6.125% Senior Notes due September 2024 397,103 396,368 6.25% Senior Notes due December 2025 103,081 103,204 5.75% Senior Notes due May 2026 743,051 741,976 Total debt, net of unamortized discount, premium and debt issuance costs 1,243,235 1,602,562 Less: Current portion of long-term debt — 193,014 Total long-term debt $ 1,243,235 $ 1,409,548 Revolving Credit Facility In May 2018, we entered into a Fourth Amended and Restated Credit Agreement, which provides for a maximum credit amount of $2.5 billion, subject to certain limitations. The revolving credit facility is available for working capital requirements, capital investments, acquisitions, to support letters of credit and for general corporate purposes. The borrowing base is based on, among other things, the loan value assigned to the proved reserves attributable to our crude oil and natural gas interests. The borrowing base is subject to a semi-annual redetermination on November 1 and May 1 based upon quantification of our reserves at June 30 and December 31, and is also subject to a redetermination upon the occurrence of certain events. Substantially all of our crude oil and natural gas properties have been mortgaged or pledged as security for our revolving credit facility. As of September 30, 2021, we had a borrowing base of $1.8 billion, an elected commitment of $1.6 billion and availability under our revolving credit facility of $1.6 billion, which was net of $18.7 million of letters of credit outstanding. The outstanding principal amount under the revolving credit facility accrues interest at a varying interest rate that fluctuates with an alternate base rate (equal to the greatest of the administrative agent's prime rate, the federal funds rate plus a premium and the rate for dollar deposits in the London interbank market (“LIBOR”) for one month, plus a premium) or, at our election, a rate equal to LIBOR for certain time periods. Additionally, commitment fees, interest margin and other bank fees, charged as a component of interest, vary with our utilization of the facility. As of September 30, 2021, the applicable interest margin is 0.75 percent for the alternate base rate option or 1.75 percent for the LIBOR option, and the unused commitment fee is 0.375 percent. Principal payments are generally not required until the revolving credit facility expires in May 2023, unless the borrowing base falls below the outstanding balance. The revolving credit facility contains various restrictive covenants and compliance requirements, which include, among other things: (i) maintenance of certain financial ratios, as defined per the revolving credit facility, including a minimum current ratio of 1.0:1.0 and a maximum leverage ratio of 4.0:1.0; (ii) restrictions on the payment of cash dividends; (iii) limits on the incurrence of additional indebtedness; (iv) prohibition on the entry into commodity hedges exceeding a specified percentage of our expected production; and (v) restrictions on mergers and dispositions of assets. As of September 30, 2021, we were in compliance with all covenants related to our revolving credit facility. As of September 30, 2021 and December 31, 2020, debt issuance costs related to our revolving credit facility were $5.6 million and $8.1 million, respectively, and are included in other assets on our condensed consolidated balance sheets. On November 2, 2021, we entered into a Fifth Amended and Restated Credit Agreement (the “New Credit Facility”) on substantially similar terms as those in our existing revolving credit facility. The New Credit Facility, led by JPMorgan Chase Bank, provides for an aggregate maximum credit amount of $2.5 billion, has an initial borrowing base of $2.4 billion and matures in November 2026. We elected an initial commitment amount of $1.5 billion. Other significant changes in terms include: (i) a decrease in the maximum leverage ratio from 4.0:1.00 to 3.50:1.00; (ii) replacement of all provisions and related definitions regarding LIBOR with a Secured Overnight Financing Rate based benchmark rate (“SOFR”); (iii) the ability to add certain sustainability-linked key performance indicators to be agreed upon between parties that may impact the applicable margin and commitment fee rate; (iv) the addition of an investment grade period election pursuant to which we have an option to remove our borrowing base limitations and terminate the liens securing the New Credit Facility when certain debt ratings are achieved; and (v) changes to certain of our covenant baskets and event of default provisions. Senior Notes and Convertible Notes The following table summarizes the face values, interest rates, maturity dates, semi-annual interest payment dates, and optional redemption periods related to our outstanding senior note obligations as of September 30, 2021: 2024 Senior Notes 2025 Senior Notes 2026 Senior Notes Outstanding principal amounts (in thousands) $ 400,000 $ 102,324 $ 750,000 Interest rate 6.125 % 6.25 % 5.75 % Maturity date September 15, 2024 December 1, 2025 May 15, 2026 Interest payment dates March 15, September 15 June 1, December 1 May 15, November 15 Redemption periods (1) September 15, 2022 December 1, 2023 May 15, 2024 _____________ (1) At any time prior to the indicated dates, we have the option to redeem all or a portion of our senior notes of the applicable series at the “make-whole” or other redemption amounts specified in the respective senior note indentures plus accrued and unpaid interest to the date of redemption. On or after the indicated dates, we may redeem all or a portion of the senior notes at a redemption amount equal to 100% of the principal amount of the senior notes being redeemed plus accrued and unpaid interest to the date of redemption. Our wholly-owned subsidiary, PDC Permian, Inc., is a guarantor of our obligations under the 2024 Senior Notes, the 2025 Senior Notes and the 2026 Senior Notes (collectively, the “Senior Notes”). The Senior Notes are senior unsecured obligations and rank senior in right of payment to our future indebtedness that is expressly subordinated to the notes; equal in right of payment to our existing and future indebtedness that is not so subordinated; effectively junior in right of payment to all of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by our non-guarantor subsidiaries. Upon the occurrence of a “change of control”, as defined in the indentures for the Senior Notes, holders will have the right to require us to repurchase all or a portion of the notes at a price equal to 101 percent of the aggregate principal amount of the notes repurchased, together with accrued and unpaid interest to the date of purchase. In connection with certain asset sales, we may, under certain circumstances, be required to use the net cash proceeds of such asset sale to make an offer to purchase the notes at 100 percent of the principal amount, together with accrued and unpaid interest to the date of purchase. The indentures governing the Senior Notes contain covenants and restricted payment provisions that, among other things, limit our ability and the ability of our subsidiaries to incur additional indebtedness; pay dividends or make distributions on our stock; purchase or redeem stock or subordinated indebtedness; make investments; create certain liens; enter into agreements that restrict distributions or other payments by restricted subsidiaries to us; enter into transactions with affiliates; sell assets; consolidate or merge with or into other companies or transfer all or substantially of our assets; and create unrestricted subsidiaries. As of September 30, 2021, we were in compliance with all covenants and all restricted payment provisions related to our Senior Notes. Retirement of Convertible Notes. On September 15, 2021, we redeemed and retired our 2021 Convertible Notes with a cash payment for the principal amount of $200 million plus accrued and unpaid interest. Pending Retirement of Senior Notes. In October 2021, we notified the trustee of our 2024 Senior Notes of our intention to redeem approximately $200 million in aggregate principal amount of the notes at a redemption price of 101.531% of the principal plus accrued and unpaid interest. We made our payment on November 3, 2021, leaving an aggregate principal amount outstanding of $200 million. In addition, in October 2021, we notified the trustee of our 2025 Senior Notes of our intention to redeem all of the remaining outstanding principal amount of $102.3 million at a redemption price of 103.125 percent of the principal plus accrued and unpaid interest. We expect to repay our 2025 Senior Notes in December 2021. |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | NOTE 9 - LEASES We have operating leases for office space and well equipment, and finance leases for vehicles. There were no significant changes in our operating and finance leases during 2021. We had short-term lease costs of $48.2 million and $158.4 million for the three and nine months ended September 30, 2021, respectively, and $18.0 million and $150.0 million for the three and nine months ended September 30, 2020, respectively. Our short-term lease costs include amounts that are capitalized as part of the cost of assets and are recorded as properties and equipment, or recognized as expense. The following table presents the balance sheet classification of our leases as of the dates indicated: Leases Condensed Consolidated Balance Sheet Line Item September 30, 2021 December 31, 2020 (in thousands) Operating Leases: Operating lease right-of-use assets Other assets $ 8,677 $ 11,722 Operating lease obligation - short-term Other accrued expenses 6,163 6,520 Operating lease obligation - long-term Other liabilities 5,224 9,061 Total operating lease liabilities $ 11,387 $ 15,581 Finance Leases: Finance lease right-of-use assets Properties and equipment, net $ 3,902 $ 3,189 Finance lease obligation - short-term Other accrued expenses 1,369 1,466 Finance lease obligation - long-term Other liabilities 2,536 1,702 Total finance lease liabilities $ 3,905 $ 3,168 |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation Disclosure | The following table presents the changes in carrying amounts of the asset retirement obligations associated with our working interests in crude oil and natural gas properties for the nine months ended September 30, 2021: (in thousands) Asset retirement obligations at beginning of period $ 166,570 Obligations incurred with development activities and other 4,069 Accretion expense 9,185 Revisions in estimated cash flows (783) Obligations discharged with asset retirements and divestitures (26,805) Asset retirement obligations at end of period 152,236 Current portion (1) (33,875) Long-term portion $ 118,361 _____________ (1) The current portion of the asset retirement obligation is included in other accrued expenses on our condensed consolidated balance sheets. Our estimated asset retirement obligations liability is based on historical experience in plugging and abandoning wells, estimated economic lives and estimated plugging, abandonment and surface reclamation costs considering federal and state regulatory requirements in effect at that time. The liability is discounted using the credit-adjusted risk-free rate estimated at the |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | NOTE 11 - COMMITMENTS AND CONTINGENCIES Commitments . We routinely enter into, extend or amend operating agreements in the ordinary course of business. We have long-term transportation, sales, processing and facility expansion agreements for pipeline capacity and water delivery and disposal commitments. There were no significant commitments entered into during the three and nine months ended September 30, 2021. For details of our commitments, refer to Note 12 - Commitments and Contingencies in Item 8. Financial Statements and Supplementary Data included in our Form 10-K for the year ended December 31, 2020. Litigation and Legal Items. We are involved in various legal proceedings. We review the status of these proceedings on an ongoing basis and, from time to time, may settle or otherwise resolve these matters on terms and conditions that management believes are in our best interests. We have provided the necessary estimated accruals in the accompanying condensed consolidated balance sheets where deemed appropriate for litigation and legal related items that are ongoing and not yet concluded. Although the results cannot be known with certainty, we currently believe that the ultimate results of such proceedings will not have a material adverse effect on our financial position, results of operations or liquidity. Environmental. Due to the nature of the oil and gas industry, we are exposed to environmental risks. We have various policies and procedures to minimize and mitigate the risks from environmental contamination. Liabilities are recorded when environmental damages resulting from past events are probable and the costs can be reasonably estimated. Except as discussed herein, we are not aware of any material environmental claims existing as of September 30, 2021 which have not been provided for or would otherwise have a material impact on our financial statements; however, there can be no assurance that current regulatory requirements will not change or that unknown potential past non-compliance with environmental laws or other environmental liabilities will not be discovered on our properties. Accrued environmental liabilities are recorded in other accrued expenses on our condensed consolidated balance sheets. Following a self-audit of final reclamation activities associated with site retirements, we formally disclosed identified deficiencies to the Colorado Oil and Gas Conservation Commission (“COGCC”) in December 2019. In August 2020, the COGCC issued a Notice of Alleged Violation (“NOAV”) citing a failure to comply with reclamation requirements at multiple locations. To resolve the alleged violations in July of 2021, the COGCC and PDC jointly agreed to an Administrative Order by Consent (“AOC”) which assessed penalties in the amount of approximately $500,000, with approximately $350,000 suspended pending PDC meeting certain conditions of the AOC. We are implementing programs to meet the requirements of the AOC and correct any identified deficiencies. On August 30, 2021, the COGCC issued us a NOAV related to the timing of wellhead pressure test reporting for certain wells in the Wattenberg Field. Pursuant to the NOAV, we will perform a comprehensive audit of our wellhead pressure testing and reporting processes to mitigate against the possibility of the alleged violations occurring in the future. We do not anticipate a material effect on our financial condition or results of operations. However, the potential penalties may exceed $300,000. Commencing in early 2020, we conducted a comprehensive air quality compliance audit over the facilities acquired in the SRC Acquisition. Through the self-audit process, we identified certain deficiencies and disclosed them to the Colorado Department of Public Health and Environment (“CDPHE”) and the U.S. Environmental Protection Agency (“EPA”) in July 2021. We do not believe potential penalties and other expenditures associated with the deficiencies identified will have a material effect on our financial condition or results of operations, but such penalties may exceed $300,000. Clean Air Act Agreement and Related Consent Decree. We continue to implement the requirements of a consent decree entered into with the CDPHE in 2017, as well as a revised compliance order on consent, the latter of which was modified by the CDPHE after the SRC Acquisition was completed. Over the course of this execution, we have identified certain immaterial deficiencies in our implementation of the programs. We report these immaterial deficiencies to the appropriate authorities and remediate them promptly. We do not believe that the penalties and expenditures associated with the consent decree, including any sanctions associated with these deficiencies, will have a material effect on our financial condition or results of operations, but they may exceed $300,000. |
Common Stock Common Stock (Note
Common Stock Common Stock (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Common Stock | NOTE 12 - COMMON STOCK Stock-Based Compensation Plans 2018 Equity Incentive Plan . In May 2020, our stockholders approved an amendment to increase the number of shares of our common stock reserved for issuance pursuant to our long-term equity compensation plan for employees and non-employee directors (the “2018 Plan”) from 1,800,000 to 7,050,000 shares. As of September 30, 2021, there were 4,175,129 shares available for grant under the 2018 Plan. 2010 Long-Term Equity Compensation Plan . Our Amended and Restated 2010 Long-Term Equity Compensation Plan, which was approved by stockholders in 2013 (the “2010 Plan”), remains outstanding and we may continue to use the 2010 Plan to grant awards. No awards may be granted under the 2010 Plan on or after June 5, 2023. As of September 30, 2021, there were 313,477 shares available for grant under the 2010 Plan. 2015 SRC Equity Incentive Plan . SRC PSUs were granted in connection with the closing of the SRC Acquisition. For the nine months ended and as of September 30, 2021, there were no changes to the 2015 SRC Equity Incentive Plan and there were no shares available for grant. The following table provides a summary of the impact of our outstanding stock-based compensation plans on the results of operations for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) General and administrative expense $ 5,479 $ 5,171 $ 16,420 $ 16,632 Lease operating expense 300 234 874 809 Total stock-based compensation expense $ 5,779 $ 5,405 $ 17,294 $ 17,441 Restricted Stock Units The following table presents the changes in non-vested time-based RSUs to all employees, including executive officers, for the nine months ended September 30, 2021: Shares Weighted-Average Grant Date Fair Value per Share Non-vested at beginning of period 1,150,970 $ 20.14 Granted 647,453 33.48 Vested (531,759) 25.04 Forfeited (82,693) 22.36 Non-vested at end of period 1,183,971 25.08 The weighted-average grant date fair value of restricted stock units was $33.48 and $12.00 for the nine months ended September 30, 2021 and 2020, respectively. Total compensation cost related to non-vested time-based awards and not yet recognized on our condensed consolidated statements of operations as of September 30, 2021 was $21.6 million. This cost is expected to be recognized over a weighted-average period of 1.83 years. Performance Stock Units The Compensation Committee awarded a total of 207,655 market-based PSUs to our executive officers during the nine months ended September 30, 2021. In addition to continuous employment, the vesting of these PSUs is contingent on a combination of absolute stock performance and our total stockholder return (“TSR”), which is essentially our stock price change, including any dividends, over a three-year period ending on December 31, 2023, as compared to the TSR of a group of peer companies over the same period. The PSUs will result in a payout between zero and 250 percent of the target PSUs awarded. The grant-date fair value was estimated using a Monte Carlo valuation model. The Monte Carlo valuation model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. The expected term of the awards was based on the requisite service period. The risk-free interest rate was based on the U.S. Treasury yields in effect at the time of grant and extrapolated to approximate the life of the award. The expected volatility was based on our common stock historical volatility. The following table summarizes the key assumptions and related information used to determine the grant-date fair value of performance stock units awarded during the periods presented: Nine Months Ended September 30, 2021 2020 Expected term of award (in years) 3 3 Risk-free interest rate 0.2% 1.4% Expected volatility 84.6% 46.6% Weighted-average grant date fair value per share $54.01 $33.52 SRC Performance Stock Units. The terms of the SRC PSUs are substantially the same as those of the PDC PSUs, except that the SRC PSUs do not require continuous employment and the performance period associated with the awards of January 1, 2019 through December 31, 2021 predates the grant date. The fair value of the SRC PSU awards was determined on the grant date of January 13, 2020 using the Monte Carlo pricing model using the following assumptions: Nine Months Ended September 30, 2020 Expected term of awards (in years) 2 Risk-free interest rate 1.6% Expected volatility 56.9% Weighted-average grant date fair value per share $33.35 The expected term of the awards is based on the number of years from the grant date through the end of the performance period. The risk-free interest rate was based on the U.S. Treasury yields in effect at the time of grant, extrapolated to approximate the life of the awards. The expected volatility was based on our common stock historical volatility, as well as that of our peer group. The following table presents the change in non-vested market-based awards, including SRC PSUs, during the nine months ended September 30, 2021: Shares Weighted-Average Grant Date Fair Value per Share Non-vested at beginning of period 499,547 $ 38.66 Granted 207,655 54.01 Non-vested at end of period 707,202 43.17 Total compensation cost related to non-vested market-based awards not yet recognized on our condensed consolidated statements of operations as of September 30, 2021 was $12.8 million. This cost is expected to be recognized over a weighted-average period of 1.42 years. Stock Appreciation Rights All outstanding SARs as of September 30, 2021 have vested and the related compensation cost has been fully recognized. During the nine months ended September 30, 2021, 17,701 SARs were exercised at a weighted-average exercise price of $30.19 and 34,551 SARs expired with a weighted-average exercise price of $52.15. As of September 30, 2021, there were 158,423 SARs outstanding and exercisable which have a weighted-average exercise price of $51.01 and an average remaining contractual term of 3.52 years. Outstanding and exercisable SARs have $0.5 million intrinsic value as of September 30, 2021. Preferred Stock We are authorized to issue 50,000,000 shares of preferred stock, par value $0.01 per share, which may be issued in one or more series, with such rights, preferences, privileges, and restrictions as shall be fixed by our board of directors from time to time. Through September 30, 2021, no shares of preferred stock have been issued. Stock Repurchase Program In April 2019, the board of directors approved the repurchase of up to $200 million of our outstanding common stock (the “Stock Repurchase Program”). Effective upon the closing of the SRC Acquisition, our board of directors approved an increase and extension to the Stock Repurchase Program from $200 million to $525 million. Repurchases under the Stock Repurchase Program can be made in open markets at our discretion and in compliance with safe harbor provisions, or in privately negotiated transactions. The Stock Repurchase Program does not require any specific number of shares to be acquired, is subject to market conditions and can be modified or discontinued by our board of directors at any time. Pursuant to the Stock Repurchase Program, we repurchased 2.7 million and 1.3 million shares of outstanding common stock at a cost of $108.3 million and $23.8 million during the nine months ended September 30, 2021 and 2020, respectively. We suspended the program in March 2020 due to adverse market conditions but reinstated it in February 2021. Repurchases may extend until December 31, 2023. As of September 30, 2021, $238.5 million of our outstanding common stock remained available for repurchase under the currently approved program. Dividends |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | NOTE 13 - INCOME TAXES We compute our quarterly tax provision using the effective tax rate method by applying the anticipated annual effective rate to our year-to-date income or loss, except for discrete items. Income tax on discrete items is computed and recorded in the period in which the specific transaction occurs. We consider whether a portion, or all, of the deferred tax assets (“DTAs”) will be realized based on a more likely than not standard of judgment. The ultimate realization of DTAs is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. As of December 31, 2020, we had a full valuation allowance totaling $165.6 million against our DTAs resulting from prior year cumulative financial losses, oil and gas impairments, and significant net operating losses for U.S. federal and state income tax. At each reporting period, management considers the scheduled reversal of deferred tax liabilities, available taxes in carryback periods, tax planning strategies and projected future taxable income in making this assessment. As of September 30, 2021, there was no change in our assessment of the realizability of our DTAs. Future events or new evidence which may lead us to conclude that it is more likely than not that our net DTAs will be realized include, but are not limited to, cumulative historical pre-tax earnings, sustained or continued improvements in oil prices, and taxable events that could result from one or more transactions. As long as we conclude that we will continue to provide for a valuation allowance against our net DTA, we will likely not have any income tax expense or benefit other than for state income taxes. The effective income tax rates for the three and nine months ended September 30, 2021 were 0.1 percent and 0.2 percent provision on income, respectively, and 0.6 percent provision on loss and 0.5 percent benefit on loss for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021, there is no liability for unrecognized income tax benefits. As of the date of this report, we are current with our income tax filings in all applicable state jurisdictions and are not currently under any state income tax examinations. The IRS has accepted our 2019 federal income tax return with no tax adjustments. We continue to voluntarily participate in the IRS CAP program for the review of our 2020 and 2021 tax years. Participation in the IRS CAP Program has enabled us to have minimal uncertain tax benefits associated with our federal tax return filings. |
Earnings per share
Earnings per share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 14 - EARNINGS PER SHARE Basic earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is similarly computed, except that the denominator includes the effect, using the treasury stock method, of unvested equity-based employee awards, convertible notes and shares held pursuant to our non-employee director deferred compensation plan, if including such potential shares of common stock is dilutive. The following table presents our weighted-average basic and diluted shares outstanding for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Weighted-average common shares outstanding - basic 98,183 99,617 99,018 97,762 Dilutive effect of: RSUs and PSUs 1,777 — 1,505 — Other equity-based awards 6 — 11 — Weighted-average common shares and equivalents outstanding - diluted 99,966 99,617 100,534 97,762 We reported a net loss for the three and nine months ended September 30, 2020. As a result, our basic and diluted weighted-average common shares outstanding were the same for those periods because the effect of the common share equivalents was anti-dilutive. The following table presents the weighted-average common share equivalents excluded from the calculation of diluted earnings per share due to their anti-dilutive effect for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) RSUs and PSUs 6 1,831 37 1,715 Other equity-based awards 97 223 131 231 Total anti-dilutive common share equivalents 103 2,054 168 1,946 When outstanding, the 2021 Convertible Notes gave the holders, at our election, the right to convert the aggregate principal amount into 2.3 million shares of our common stock at a conversion price of $85.39 per share. The 2021 Convertible Notes were not included in the diluted earnings per share calculation using the treasury stock method for any periods presented as the average market price of our common stock did not exceed the conversion price. Further, the 2021 Convertible Notes were fully retired on the maturity date, September 15, 2021. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Nine Months Ended September 30, 2021 2020 (in thousands) Supplemental cash flow information: Cash payments (receipts) for: Interest, net of capitalized interest $ 41,880 $ 51,556 Income taxes (1,057) (204) Non-cash investing and financing activities: Change in accounts payable related to capital expenditures $ 21,216 $ (31,403) Change in asset retirement obligations, with a corresponding change to crude oil and natural gas properties, net of disposals (1,538) 44,339 Issuance of common stock for the acquisition of crude oil and natural gas properties, net — 1,009,015 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,848 $ 6,714 Operating cash flows from finance leases 77 155 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 1,189 $ 4,217 Finance leases 2,055 703 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy | The accompanying unaudited condensed consolidated financial statements include the accounts of PDC and our wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation |
Basis of Accounting, Policy | In our opinion, the accompanying condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of the results of interim periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in audited financial statements have been condensed or omitted. The December 31, 2020 condensed consolidated balance sheet data was derived from audited statements, but does not include all disclosures required by U.S. GAAP. The information presented in this Quarterly Report on Form 10-Q should be read in conjunction with our audited consolidated financial statements and notes thereto included in our 2020 Form 10-K. Our results of operations and cash flows for the nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year or any other future period |
Earnings Per Share, Policy | Basic earnings per share is computed by dividing net earnings by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is similarly computed, except that the denominator includes the effect, using the treasury stock method, of unvested equity-based employee awards, convertible notes and shares held pursuant to our non-employee director deferred compensation plan, if including such potential shares of common stock is dilutive. |
Asset Retirement Obligations As
Asset Retirement Obligations Asset Retirement Obligations (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation [Policy Text Block] | Our estimated asset retirement obligations liability is based on historical experience in plugging and abandoning wells, estimated economic lives and estimated plugging, abandonment and surface reclamation costs considering federal and state regulatory requirements in effect at that time. The liability is discounted using the credit-adjusted risk-free rate estimated at the time the liability is incurred or revised. To the extent future revisions to these assumptions impact the present value of the existing asset retirement obligations liability, a corresponding adjustment is made to the properties and equipment balance. Changes in the liability due to the passage of time are recognized as an increase in the carrying amount of the liability and as accretion expense. |
Business Combination Purchase P
Business Combination Purchase Price Transaction Details (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Business Combination, Separately Recognized Transactions [Table Text Block] | The following table details our final purchase price, valuation and allocation of the purchase price to the assets acquired and liabilities assumed as a result of the SRC Acquisition: (in thousands) Consideration: Cash $ 40 Retirement of seller's credit facility 166,238 Total cash consideration 166,278 Common stock issued 1,009,015 Shares withheld in lieu of taxes 6,299 Total consideration $ 1,181,592 Recognized amounts of identifiable assets acquired and liabilities assumed: Assets acquired: Current assets $ 145,792 Properties and equipment, net - proved 1,613,674 Properties and equipment, net - unproved 109,615 Properties and equipment, net - other 16,242 Deferred tax asset 189,311 Other assets 11,810 Total assets acquired 2,086,444 Liabilities assumed: Current liabilities (253,967) Senior notes (555,500) Asset retirement obligations (42,417) Other liabilities (52,968) Total liabilities assumed (904,852) Total identifiable net assets acquired $ 1,181,592 |
Business Acquisition, Pro Forma Information [Table Text Block] | Nine Months Ended September 30, 2020 Total revenue $ 1,082,003 Net income (loss) (677,636) Earnings (loss) per share: Basic $ (6.79) Diluted (6.79) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregated Revenue. The following table presents crude oil, natural gas and NGLs sales disaggregated by commodity and operating region for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Revenue by Commodity and Operating Region 2021 2020 Percent Change 2021 2020 Percent Change (in thousands) Crude oil Wattenberg Field $ 341,822 $ 183,420 86 % $ 869,336 $ 483,608 80 % Delaware Basin 80,751 42,591 90 % 177,587 107,347 65 % Total $ 422,573 $ 226,011 87 % $ 1,046,923 $ 590,955 77 % Natural gas Wattenberg Field $ 116,263 $ 39,759 192 % $ 287,949 $ 109,279 164 % Delaware Basin 19,207 2,140 * 38,970 3,183 * Total $ 135,470 $ 41,899 223 % $ 326,919 $ 112,462 191 % NGLs Wattenberg Field $ 121,837 $ 38,871 213 % $ 283,119 $ 86,875 226 % Delaware Basin 23,256 8,139 186 % 47,435 18,864 151 % Total $ 145,093 $ 47,010 209 % $ 330,554 $ 105,739 213 % Crude oil, natural gas and NGLs Wattenberg Field $ 579,922 $ 262,050 121 % $ 1,440,404 $ 679,762 112 % Delaware Basin 123,214 52,870 133 % 263,992 129,394 104 % Total $ 703,136 $ 314,920 123 % $ 1,704,396 $ 809,156 111 % _____________ * Percent change is not meaningful. |
Contract with Customer, Asset and Liability | The following table presents the changes in carrying amounts of the contract assets associated with our crude oil, natural gas and NGLs sales revenue for the nine months ended September 30, 2021: (in thousands) Beginning balance $ 25,872 Reduction to additions previously recognized (2,574) Amortized as a reduction to crude oil, natural gas and NGLs sales (2,181) Ending balance $ 21,117 |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Long-term Debt. The portion of our long-term debt related to our revolving credit facility approximates fair value, as the applicable interest rates are variable and reflective of market rates. We have not elected to account for the portion of our debt related to our senior notes under the fair value option; however, we have determined an estimate of the fair values based on measurements of trading activity and broker or dealer quotes, which are published market prices, and therefore are Level 2 inputs. The table below presents these estimates of the fair value of the portion of our long-term debt related to our senior notes and convertible notes as of the dates indicated: September 30, 2021 December 31, 2020 Nominal Interest Estimated Fair Value Percent of Par Estimated Fair Value Percent of Par (in millions) (in millions) Senior Notes: 2021 Convertible Notes (1) 1.125 % $ — — % $ 196.2 98.1 % 2024 Senior Notes 6.125 % 406.0 101.5 % 410.8 102.7 % 2025 Senior Notes 6.25 % 103.9 101.5 % 102.8 100.5 % 2026 Senior Notes 5.75 % 780.8 104.1 % 775.5 103.4 % ____________ (1) Our 2021 Convertible Notes were redeemed and retired on September 15, 2021. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Our crude oil and natural gas fixed-price exchanges are included in Level 2. Our collars are included in Level 3. Our basis exchanges are included in Level 2 and Level 3. The following table presents, for each applicable level within the fair value hierarchy, our derivative assets and liabilities, including both current and non-current portions, measured at fair value on a recurring basis as of the dates indicated: September 30, 2021 December 31, 2020 Condensed Consolidated Balance Sheet Line Item Significant Other Significant Total Significant Other Significant Total (in thousands) Derivative assets Current Fair value of derivatives $ 523 $ 7,036 $ 7,559 $ 36,580 $ 12,289 $ 48,869 Non-current Fair value of derivatives 90 12,652 12,742 315 9,250 9,565 Total $ 613 $ 19,688 $ 20,301 $ 36,895 $ 21,539 $ 58,434 Derivative liabilities Current Fair value of derivatives $ 305,677 $ 148,901 $ 454,578 $ 76,420 $ 21,732 $ 98,152 Non-current Fair value of derivatives 104,190 29,441 133,631 28,125 8,234 36,359 Total $ 409,867 $ 178,342 $ 588,209 $ 104,545 $ 29,966 $ 134,511 |
Fair Value Assets and Liabilities Unobservable Input Reconciliation | The following table presents a reconciliation of our Level 3 assets and liabilities measured at fair value: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Fair value of Level 3 instruments, net asset (liability) beginning of period $ (117,985) $ 26,958 $ (8,427) $ 8,414 Changes in fair value included on condensed consolidated statements of operations line item: Commodity price risk management gain (loss), net (87,036) (21,521) (214,556) 32,840 Settlements included on condensed consolidated statement of operations line items: Commodity price risk management gain (loss), net 46,368 (14,652) 64,330 (50,469) Fair value of Level 3 instruments, net asset (liability) end of period $ (158,653) $ (9,215) $ (158,653) $ (9,215) Net change in fair value of Level 3 unsettled derivatives included on condensed consolidated statements of operations line item: Commodity price risk management gain (loss), net $ (78,786) $ (13,171) $ (210,430) $ 9,466 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments Not Designated as Hedging Instruments [Abstract] | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the impact of our derivative instruments on our condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, Condensed Consolidated Statement of Operations Line Item 2021 2020 2021 2020 (in thousands) Commodity price risk management gain (loss), net Net settlements $ (129,571) $ 66,895 $ (215,357) $ 227,513 Net change in fair value of unsettled derivatives (88,107) (134,956) (491,830) 18,338 Total commodity price risk management gain (loss), net $ (217,678) $ (68,061) $ (707,187) $ 245,851 |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | As of September 30, 2021, we had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted-average contract price is presented: Collars Fixed-Price Swaps Commodity/ Index/ Quantity (Crude oil - MBbls Natural Gas - BBtu) Weighted-Average Quantity (Crude Oil - MBbls Gas and Basis- BBtu) Weighted- Fair Value September 30, 2021 (in thousands) Floors Ceilings Crude Oil NYMEX 2021 1,251 $ 38.01 $ 49.29 2,488 $ 41.89 $ (112,693) 2022 4,272 51.26 63.33 6,744 44.42 (214,207) 2023 1,200 55.00 65.58 5,202 56.55 (41,739) 2024 — — — 600 59.05 (892) Total Crude Oil 6,723 15,034 $ (369,531) Natural Gas NYMEX 2021 18,300 2.51 2.92 7,950 2.40 (82,363) 2022 17,400 2.50 2.89 33,600 2.70 (84,484) 2023 — — — 30,398 2.68 (22,515) Total Natural Gas 35,700 71,948 (189,362) Basis Protection - Natural Gas CIG 2021 26,250 (0.44) (3,443) 2022 51,000 (0.26) (4,775) 2023 26,438 (0.26) (797) Total Basis Protection - Natural Gas 103,688 (9,015) Commodity Derivatives Fair Value $ (567,908) Subsequent to September 30, 2021, we entered into the following commodity derivative positions covering our crude oil and natural gas production: Collars Fixed-Price Swaps Commodity/ Index/ Quantity (Crude oil - MBbls Natural Gas - BBtu) Weighted-Average Quantity (Crude oil - MBbls Natural Gas - BBtu) Weighted- Floors Ceilings Crude Oil NYMEX 2022 1,200 $ 60.00 $ 81.60 — $ — 2023 1,575 55.00 73.32 300 61.52 2024 225 55.00 75.11 300 61.52 Natural Gas NYMEX 2022 18,060 $ 3.75 $ 6.60 — $ — 2023 4,020 3.00 4.42 — — Basis Protection CIG 2022 — $ — $ — 18,060 $ (0.22) 2023 — — — 4,020 (0.29) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table reflects the impact of netting agreements on gross derivative assets and liabilities as of the dates indicated: As of September 30, 2021 Total Gross Amount Presented on the Balance Sheet Effect of Master Netting Agreements Total Net Amount (in thousands) Derivative assets: Derivative instruments, at fair value $ 20,301 $ (20,301) $ — Derivative liabilities: Derivative instruments, at fair value $ 588,209 $ (20,301) $ 567,908 |
Properties and Equipment (Table
Properties and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Oil and Gas Property [Abstract] | |
Property, Plant and Equipment | The following table presents the components of properties and equipment, net of accumulated depreciation, depletion and amortization (“DD&A”) as of the dates indicated: September 30, 2021 December 31, 2020 (in thousands) Properties and equipment, net: Crude oil and natural gas properties Proved $ 8,135,626 $ 7,523,639 Unproved 338,668 350,677 Total crude oil and natural gas properties 8,474,294 7,874,316 Equipment and other 64,343 65,027 Land and buildings 19,978 24,299 Construction in progress 368,808 523,550 Properties and equipment, at cost 8,927,423 8,487,192 Accumulated DD&A (4,101,086) (3,627,993) Properties and equipment, net $ 4,826,337 $ 4,859,199 |
Schedule of Aging of Capitalized Exploratory Well Costs [Table Text Block] | The following table presents the capitalized exploratory well cost pending determination of proved reserves and included in properties and equipment for the periods presented: Nine Months Ended September 30, 2021 Year Ended December 31, 2020 (in thousands, except for number of wells) Beginning balance $ 7,459 $ 16,078 Additions to capitalized exploratory well costs pending the determination of proved reserves 6,090 11,770 Reclassifications to proved properties (13,549) (20,389) Ending balance $ — $ 7,459 Number of wells pending determination at period-end — 2 |
Other Accrued Expenses and Ot_2
Other Accrued Expenses and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | The following table presents the components of other accrued expenses as of the dates indicated: September 30, 2021 December 31, 2020 (in thousands) Employee benefits $ 24,106 $ 23,304 Asset retirement obligations 33,875 33,933 Environmental expenses 11,992 10,139 Operating and finance leases 7,532 7,986 Other 8,015 6,353 Other accrued expenses $ 85,520 $ 81,715 |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Noncurrent [Text Block] | The following table presents the components of other liabilities as of the dates indicated: September 30, 2021 December 31, 2020 (in thousands) Deferred midstream gathering credits $ 162,112 $ 168,478 Deferred oil gathering credits 16,583 18,090 Production taxes 87,170 65,592 Operating and finance leases 7,760 10,763 Other 751 1,111 Other liabilities $ 274,376 $ 264,034 |
Schedule of Other Assets and Other Liabilities | Other Liabilities. The following table presents the components of other liabilities as of the dates indicated: September 30, 2021 December 31, 2020 (in thousands) Deferred midstream gathering credits $ 162,112 $ 168,478 Deferred oil gathering credits 16,583 18,090 Production taxes 87,170 65,592 Operating and finance leases 7,760 10,763 Other 751 1,111 Other liabilities $ 274,376 $ 264,034 |
Deferred Midstream Gathering Credits | The following table presents the amortization charges recognized on the condensed consolidated statements of operations for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Crude oil, natural gas and NGLs sales $ — $ — $ — $ 368 Transportation, gathering and processing expense 2,014 2,038 5,343 4,499 Lease operating expense 732 686 1,817 1,458 |
Accounts Receivable, Allowance for Credit Loss | Accounts Receivable. The following table presents the components of accounts receivable, net of allowance for doubtful accounts, as of the dates indicated: September 30, 2021 December 31, 2020 (in thousands) Crude oil, natural gas and NGLs sales $ 343,022 $ 178,147 Joint interest billings 21,257 35,396 Other 11,104 37,471 Allowance for doubtful accounts (6,772) (6,763) Accounts receivable, net $ 368,611 $ 244,251 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt, net of unamortized discounts, premiums, and debt issuance costs totaling $9.1 million and $17.8 million as of September 30, 2021 and December 31, 2020, respectively, consists of the following: September 30, 2021 December 31, 2020 (in thousands) Revolving credit facility due May 2023 $ — $ 168,000 1.125% Convertible Notes due September 2021 — 193,014 6.125% Senior Notes due September 2024 397,103 396,368 6.25% Senior Notes due December 2025 103,081 103,204 5.75% Senior Notes due May 2026 743,051 741,976 Total debt, net of unamortized discount, premium and debt issuance costs 1,243,235 1,602,562 Less: Current portion of long-term debt — 193,014 Total long-term debt $ 1,243,235 $ 1,409,548 |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table summarizes the face values, interest rates, maturity dates, semi-annual interest payment dates, and optional redemption periods related to our outstanding senior note obligations as of September 30, 2021: 2024 Senior Notes 2025 Senior Notes 2026 Senior Notes Outstanding principal amounts (in thousands) $ 400,000 $ 102,324 $ 750,000 Interest rate 6.125 % 6.25 % 5.75 % Maturity date September 15, 2024 December 1, 2025 May 15, 2026 Interest payment dates March 15, September 15 June 1, December 1 May 15, November 15 Redemption periods (1) September 15, 2022 December 1, 2023 May 15, 2024 _____________ (1) At any time prior to the indicated dates, we have the option to redeem all or a portion of our senior notes of the applicable series at the “make-whole” or other redemption amounts specified in the respective senior note indentures plus accrued and unpaid interest to the date of redemption. On or after the indicated dates, we may redeem all or a portion of the senior notes at a redemption amount equal to 100% of the principal amount of the senior notes being redeemed plus accrued and unpaid interest to the date of redemption. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Operating and Financing Leases Financial Statement Location [Table Text Block] | The following table presents the balance sheet classification of our leases as of the dates indicated: Leases Condensed Consolidated Balance Sheet Line Item September 30, 2021 December 31, 2020 (in thousands) Operating Leases: Operating lease right-of-use assets Other assets $ 8,677 $ 11,722 Operating lease obligation - short-term Other accrued expenses 6,163 6,520 Operating lease obligation - long-term Other liabilities 5,224 9,061 Total operating lease liabilities $ 11,387 $ 15,581 Finance Leases: Finance lease right-of-use assets Properties and equipment, net $ 3,902 $ 3,189 Finance lease obligation - short-term Other accrued expenses 1,369 1,466 Finance lease obligation - long-term Other liabilities 2,536 1,702 Total finance lease liabilities $ 3,905 $ 3,168 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | NOTE 10 - ASSET RETIREMENT OBLIGATIONS The following table presents the changes in carrying amounts of the asset retirement obligations associated with our working interests in crude oil and natural gas properties for the nine months ended September 30, 2021: (in thousands) Asset retirement obligations at beginning of period $ 166,570 Obligations incurred with development activities and other 4,069 Accretion expense 9,185 Revisions in estimated cash flows (783) Obligations discharged with asset retirements and divestitures (26,805) Asset retirement obligations at end of period 152,236 Current portion (1) (33,875) Long-term portion $ 118,361 _____________ |
Common Stock Common Stock (Tabl
Common Stock Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | The following table provides a summary of the impact of our outstanding stock-based compensation plans on the results of operations for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) General and administrative expense $ 5,479 $ 5,171 $ 16,420 $ 16,632 Lease operating expense 300 234 874 809 Total stock-based compensation expense $ 5,779 $ 5,405 $ 17,294 $ 17,441 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | The following table presents the changes in non-vested time-based RSUs to all employees, including executive officers, for the nine months ended September 30, 2021: Shares Weighted-Average Grant Date Fair Value per Share Non-vested at beginning of period 1,150,970 $ 20.14 Granted 647,453 33.48 Vested (531,759) 25.04 Forfeited (82,693) 22.36 Non-vested at end of period 1,183,971 25.08 |
Restricted Stock Awards, Market-Based, Valuation assumptions [Table Text Block] | The following table summarizes the key assumptions and related information used to determine the grant-date fair value of performance stock units awarded during the periods presented: Nine Months Ended September 30, 2021 2020 Expected term of award (in years) 3 3 Risk-free interest rate 0.2% 1.4% Expected volatility 84.6% 46.6% Weighted-average grant date fair value per share $54.01 $33.52 Nine Months Ended September 30, 2020 Expected term of awards (in years) 2 Risk-free interest rate 1.6% Expected volatility 56.9% Weighted-average grant date fair value per share $33.35 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | The following table presents the change in non-vested market-based awards, including SRC PSUs, during the nine months ended September 30, 2021: Shares Weighted-Average Grant Date Fair Value per Share Non-vested at beginning of period 499,547 $ 38.66 Granted 207,655 54.01 Non-vested at end of period 707,202 43.17 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following table presents our weighted-average basic and diluted shares outstanding for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Weighted-average common shares outstanding - basic 98,183 99,617 99,018 97,762 Dilutive effect of: RSUs and PSUs 1,777 — 1,505 — Other equity-based awards 6 — 11 — Weighted-average common shares and equivalents outstanding - diluted 99,966 99,617 100,534 97,762 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the weighted-average common share equivalents excluded from the calculation of diluted earnings per share due to their anti-dilutive effect for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) RSUs and PSUs 6 1,831 37 1,715 Other equity-based awards 97 223 131 231 Total anti-dilutive common share equivalents 103 2,054 168 1,946 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Nine Months Ended September 30, 2021 2020 (in thousands) Supplemental cash flow information: Cash payments (receipts) for: Interest, net of capitalized interest $ 41,880 $ 51,556 Income taxes (1,057) (204) Non-cash investing and financing activities: Change in accounts payable related to capital expenditures $ 21,216 $ (31,403) Change in asset retirement obligations, with a corresponding change to crude oil and natural gas properties, net of disposals (1,538) 44,339 Issuance of common stock for the acquisition of crude oil and natural gas properties, net — 1,009,015 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,848 $ 6,714 Operating cash flows from finance leases 77 155 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 1,189 $ 4,217 Finance leases 2,055 703 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation Additional Information (Details) | Sep. 30, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Oil and gas producing wells, gross | 3,600 |
Business Combination (Details)
Business Combination (Details) - USD ($) | Jan. 14, 2020 | Dec. 31, 2020 | Apr. 30, 2019 |
Business Acquisition [Line Items] | |||
Conversion of Stock, Shares Issued | 0.158 | ||
Business Acquisition, Transaction Costs | $ 19,900,000 | ||
Purch Price Adj Disc Cash Flow | 10.00% | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,181,592,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | $ 555,500,000 | ||
Stock Repurchase Program, Authorized Amount | $ 525,000,000 | $ 200,000,000 | |
SRC Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Value of Transaction | $ 1,700,000,000 | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 38,900,000 |
Business Combination Schedule o
Business Combination Schedule of consideration, assets, and liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Business Acquisition, Contingent Consideration [Line Items] | |
Business Combination, Consideration Transferred | $ 1,181,592 |
Business Combination, Contingent Consideration, Asset, Current | 145,792 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 16,242 |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 189,311 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 11,810 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 2,086,444 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (253,967) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | (555,500) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (42,417) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (52,968) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (904,852) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,181,592 |
Cash [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Business Combination, Consideration Transferred | 40 |
Revolving Credit Facility | |
Business Acquisition, Contingent Consideration [Line Items] | |
Business Combination, Consideration Transferred | 166,238 |
Cash and Cash Equivalents [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Business Combination, Consideration Transferred | 166,278 |
Common Stock [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 1,009,015 |
Shares withheld in lieu of taxes [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 6,299 |
Proved [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,613,674 |
Unproved [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 109,615 |
Business Combination Proforma (
Business Combination Proforma (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Business Combinations [Abstract] | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 82,000 | $ 233,800 |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | $ (20,700) | (19,300) |
Business Acquisition, Pro Forma Revenue | 1,082,003 | |
Business Acquisition, Pro Forma Net Income (Loss) | $ (677,636) | |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ (6.79) | |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ (6.79) | |
SRC and PDC | ||
Business Combinations [Abstract] | ||
Business Combination, Acquisition Related Costs | $ 38,000 | |
Business Acquisition [Line Items] | ||
Business Combination, Acquisition Related Costs | $ 38,000 |
Revenue Recognition Revenue by
Revenue Recognition Revenue by Commodity and Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 703,136 | $ 314,920 | $ 1,704,396 | $ 809,156 |
Revenue year over year percentage change [Line Items] | 123.00% | 111.00% | ||
Delaware Basin | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 123,214 | 52,870 | $ 263,992 | 129,394 |
Revenue year over year percentage change [Line Items] | 133.00% | 104.00% | ||
Wattenberg Field | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 579,922 | 262,050 | $ 1,440,404 | 679,762 |
Revenue year over year percentage change [Line Items] | 121.00% | 112.00% | ||
Crude Oil [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 422,573 | 226,011 | $ 1,046,923 | 590,955 |
Revenue year over year percentage change [Line Items] | 87.00% | 77.00% | ||
Crude Oil [Member] | Wattenberg Field | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 341,822 | 183,420 | $ 869,336 | 483,608 |
Revenue year over year percentage change [Line Items] | 86.00% | 80.00% | ||
Crude Oil [Member] | Delaware Basin | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 80,751 | 42,591 | $ 177,587 | 107,347 |
Revenue year over year percentage change [Line Items] | 90.00% | 65.00% | ||
Natural Gas [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 135,470 | 41,899 | $ 326,919 | 112,462 |
Revenue year over year percentage change [Line Items] | 223.00% | 191.00% | ||
Natural Gas [Member] | Wattenberg Field | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 116,263 | 39,759 | $ 287,949 | 109,279 |
Revenue year over year percentage change [Line Items] | 192.00% | 164.00% | ||
Natural Gas [Member] | Delaware Basin | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 19,207 | 2,140 | $ 38,970 | 3,183 |
Natural Gas Liquids [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 145,093 | 47,010 | $ 330,554 | 105,739 |
Revenue year over year percentage change [Line Items] | 209.00% | 213.00% | ||
Natural Gas Liquids [Member] | Wattenberg Field | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 121,837 | 38,871 | $ 283,119 | 86,875 |
Revenue year over year percentage change [Line Items] | 213.00% | 226.00% | ||
Natural Gas Liquids [Member] | Delaware Basin | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 23,256 | $ 8,139 | $ 47,435 | $ 18,864 |
Revenue year over year percentage change [Line Items] | 186.00% | 151.00% |
Revenue Recognition Capitalized
Revenue Recognition Capitalized Contract Costs (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Capitalized Contract Cost, Net | $ 25,872 |
Capitalized Contract Cost, Gross | (2,574) |
Capitalized Contract Cost, Amortization | (2,181) |
Capitalized Contract Cost, Net | $ 21,117 |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets and Liabilities at Fair Value | ||
Derivative liability, gross | $ 588,209 | |
Fair Value | ||
Assets and Liabilities at Fair Value | ||
Total assets | 20,301 | $ 58,434 |
Derivative liability, gross | 588,209 | 134,511 |
Fair Value | Current Assets | ||
Assets and Liabilities at Fair Value | ||
Total assets | 7,559 | 48,869 |
Fair Value | Non Current Assets | ||
Assets and Liabilities at Fair Value | ||
Total assets | 12,742 | 9,565 |
Fair Value | Current Liabilities | ||
Assets and Liabilities at Fair Value | ||
Derivative liability, gross | 454,578 | 98,152 |
Fair Value | Non Current Liabilities | ||
Assets and Liabilities at Fair Value | ||
Derivative liability, gross | 133,631 | 36,359 |
Fair Value | Significant Other Observable Inputs (Level 2) | ||
Assets and Liabilities at Fair Value | ||
Total assets | 613 | 36,895 |
Derivative liability, gross | 409,867 | 104,545 |
Fair Value | Significant Other Observable Inputs (Level 2) | Current Assets | ||
Assets and Liabilities at Fair Value | ||
Total assets | 523 | 36,580 |
Fair Value | Significant Other Observable Inputs (Level 2) | Non Current Assets | ||
Assets and Liabilities at Fair Value | ||
Total assets | 90 | 315 |
Fair Value | Significant Other Observable Inputs (Level 2) | Current Liabilities | ||
Assets and Liabilities at Fair Value | ||
Derivative liability, gross | 305,677 | 76,420 |
Fair Value | Significant Other Observable Inputs (Level 2) | Non Current Liabilities | ||
Assets and Liabilities at Fair Value | ||
Derivative liability, gross | 104,190 | 28,125 |
Fair Value | Significant Unobservable Inputs (Level 3) | ||
Assets and Liabilities at Fair Value | ||
Total assets | 19,688 | 21,539 |
Derivative liability, gross | 178,342 | 29,966 |
Fair Value | Significant Unobservable Inputs (Level 3) | Current Assets | ||
Assets and Liabilities at Fair Value | ||
Total assets | 7,036 | 12,289 |
Fair Value | Significant Unobservable Inputs (Level 3) | Non Current Assets | ||
Assets and Liabilities at Fair Value | ||
Total assets | 12,652 | 9,250 |
Fair Value | Significant Unobservable Inputs (Level 3) | Current Liabilities | ||
Assets and Liabilities at Fair Value | ||
Derivative liability, gross | 148,901 | 21,732 |
Fair Value | Significant Unobservable Inputs (Level 3) | Non Current Liabilities | ||
Assets and Liabilities at Fair Value | ||
Derivative liability, gross | $ 29,441 | $ 8,234 |
Reconciliation of Level 3 Fair
Reconciliation of Level 3 Fair Value Measurements (Details) - Derivative Financial Instrument Net Assets - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Roll-forward of Level 3 Assets | ||||
Fair Value, net assets (liabilities), beginning of period | $ (117,985) | $ 26,958 | $ (8,427) | $ 8,414 |
Fair Value, net assets (liabilities), end of period | (158,653) | (9,215) | (158,653) | (9,215) |
Commodity Price Risk Management (loss), net | ||||
Roll-forward of Level 3 Assets | ||||
Changes in fair value included in statement of operations line item: | (87,036) | (21,521) | (214,556) | 32,840 |
Settlements included in statement of operations line items: | 46,368 | (14,652) | 64,330 | (50,469) |
Net change in fair value of unsettled derivatives included in statement of operations line item | $ (78,786) | $ (13,171) | $ (210,430) | $ 9,466 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosures of Senior Notes (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 20,301 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (20,301) | |
Derivative liability, gross | 588,209 | |
1.125% Convertible Senior Notes due 2021 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 0 | $ 196,200 |
Senior Notes Percent of Par | 0.00% | 98.10% |
6.125% Senior Notes due 2024 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 406,000 | $ 410,800 |
Senior Notes Percent of Par | 101.50% | 102.70% |
6.25% Senior Notes due 2025 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 103,900 | $ 102,800 |
Senior Notes Percent of Par | 101.50% | 100.50% |
5.75% Senior Notes due 2026 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes Payable, Fair Value Disclosure | $ 780,800 | $ 775,500 |
Senior Notes Percent of Par | 104.10% | 103.40% |
Impact of Derivative Instrument
Impact of Derivative Instruments on Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (129,571) | $ 66,895 | $ (215,357) | $ 227,513 |
Net change in fair value of unsettled derivatives | (88,107) | (134,956) | (491,830) | 18,338 |
Commodity price risk management gain (loss), net | (217,678) | (68,061) | (707,187) | 245,851 |
Commodity Price Risk Management (loss), net | ||||
Derivative [Line Items] | ||||
Commodity price risk management gain (loss), net | $ (217,678) | $ (68,061) | $ (707,187) | $ 245,851 |
Derivative Financial Instrume_3
Derivative Financial Instruments Outstanding Derivative Contracts (Details) MMBTU in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($)MMBTU$ / UnitMBbls | Dec. 31, 2024MMBTU$ / Unit | Dec. 31, 2023MMBTU$ / Unit | Dec. 31, 2022MMBTU$ / Unit | |
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | $ | $ (567,908) | |||
Natural Gas [Member] | Collars | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 35,700 | |||
Natural Gas [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | $ | $ (189,362) | |||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 71,948 | |||
Crude Oil [Member] | Collars | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | MBbls | 6,723 | |||
Crude Oil [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | MBbls | 15,034 | |||
Derivative, Fair Value, Net | $ | $ (369,531) | |||
2021 | Natural Gas [Member] | Collars | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 18,300 | |||
2021 | Natural Gas [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 7,950 | |||
2021 | Crude Oil [Member] | Collars | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | MBbls | 1,251,000 | |||
2021 | Crude Oil [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | MBbls | 2,488,000 | |||
Derivative, Fair Value, Net | $ | $ (112,693) | |||
2022 | Natural Gas [Member] | Collars | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 17,400 | |||
2022 | Natural Gas [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 33,600 | |||
2022 | Crude Oil [Member] | Collars | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | MBbls | 4,272,000 | |||
2022 | Crude Oil [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | MBbls | 6,744,000 | |||
Derivative, Fair Value, Net | $ | $ (214,207) | |||
2023 | Natural Gas [Member] | Collars | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 0 | |||
2023 | Natural Gas [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 30,398 | |||
2023 | Crude Oil [Member] | Collars | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | MBbls | 1,200,000 | |||
2023 | Crude Oil [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | MBbls | 5,202,000 | |||
Derivative, Fair Value, Net | $ | $ (41,739) | |||
2024 | Crude Oil [Member] | Collars | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | MBbls | 0 | |||
2024 | Crude Oil [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Volume | MBbls | 600,000 | |||
Derivative, Fair Value, Net | $ | $ (892) | |||
Natural Gas [Member] | 2021 | Collars | CME SWAPS MARKETS (NYMEX) [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Floor Price | 2.51 | |||
Derivative, Cap Price | 2.92 | |||
Natural Gas [Member] | 2021 | Fixed Price Swaps | CME SWAPS MARKETS (NYMEX) [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Swap Type, Average Fixed Price | 2.40 | |||
Natural Gas [Member] | 2021 | Fixed Price Swaps | CIG [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Swap Type, Average Fixed Price | (0.44) | |||
Natural Gas [Member] | 2022 | Collars | CME SWAPS MARKETS (NYMEX) [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Floor Price | 2.50 | |||
Derivative, Cap Price | 2.89 | |||
Natural Gas [Member] | 2022 | Fixed Price Swaps | CME SWAPS MARKETS (NYMEX) [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Swap Type, Average Fixed Price | 2.70 | |||
Natural Gas [Member] | 2022 | Fixed Price Swaps | CIG [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Swap Type, Average Fixed Price | (0.26) | |||
Natural Gas [Member] | 2023 | Collars | CME SWAPS MARKETS (NYMEX) [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Floor Price | 0 | |||
Derivative, Cap Price | 0 | |||
Natural Gas [Member] | 2023 | Fixed Price Swaps | CME SWAPS MARKETS (NYMEX) [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Swap Type, Average Fixed Price | 2.68 | |||
Natural Gas [Member] | 2023 | Fixed Price Swaps | CIG [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Swap Type, Average Fixed Price | (0.26) | |||
Crude Oil [Member] | 2021 | Collars | CME SWAPS MARKETS (NYMEX) [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Floor Price | 38.01 | |||
Derivative, Cap Price | 49.29 | |||
Crude Oil [Member] | 2021 | Fixed Price Swaps | CME SWAPS MARKETS (NYMEX) [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Swap Type, Average Fixed Price | 41.89 | |||
Crude Oil [Member] | 2022 | Collars | CME SWAPS MARKETS (NYMEX) [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Floor Price | 51.26 | |||
Derivative, Cap Price | 63.33 | |||
Crude Oil [Member] | 2022 | Fixed Price Swaps | CME SWAPS MARKETS (NYMEX) [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Swap Type, Average Fixed Price | 44.42 | |||
Crude Oil [Member] | 2023 | Collars | CME SWAPS MARKETS (NYMEX) [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Floor Price | 55 | |||
Derivative, Cap Price | 65.58 | |||
Crude Oil [Member] | 2023 | Fixed Price Swaps | CME SWAPS MARKETS (NYMEX) [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Swap Type, Average Fixed Price | 56.55 | |||
Crude Oil [Member] | 2024 | Collars | CME SWAPS MARKETS (NYMEX) [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Floor Price | 0 | |||
Derivative, Cap Price | 0 | |||
Crude Oil [Member] | 2024 | Fixed Price Swaps | CME SWAPS MARKETS (NYMEX) [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Swap Type, Average Fixed Price | 59.05 | |||
CME SWAPS MARKETS (NYMEX) [Member] | 2021 | Natural Gas [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | $ | $ (82,363) | |||
CME SWAPS MARKETS (NYMEX) [Member] | 2022 | Natural Gas [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | $ | (84,484) | |||
CME SWAPS MARKETS (NYMEX) [Member] | 2023 | Natural Gas [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | $ | (22,515) | |||
Basis Protection - CIG [Member] | 2021 | Natural Gas [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | $ | $ (3,443) | |||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 26,250 | |||
Basis Protection - CIG [Member] | 2022 | Natural Gas [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | $ | $ (4,775) | |||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 51,000 | |||
Basis Protection - CIG [Member] | 2023 | Natural Gas [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | $ | $ (797) | |||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 26,438 | |||
Basis Protection Contracts Related to Natural Gas Marketing [Member] | Natural Gas [Member] | Fixed Price Swaps | ||||
Derivative [Line Items] | ||||
Derivative, Fair Value, Net | $ | $ (9,015) | |||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 103,688 | |||
Subsequent Event [Member] | CIG [Member] | Natural Gas [Member] | 2022 | ||||
Derivative [Line Items] | ||||
Derivative, Swap Type, Average Fixed Price | (0.22) | |||
Subsequent Event [Member] | CIG [Member] | Natural Gas [Member] | 2023 | ||||
Derivative [Line Items] | ||||
Derivative, Swap Type, Average Fixed Price | (0.29) | |||
Subsequent Event [Member] | CME SWAPS MARKETS (NYMEX) [Member] | Natural Gas [Member] | 2022 | ||||
Derivative [Line Items] | ||||
Derivative, Floor Price | 3.75 | |||
Derivative, Cap Price | 6.60 | |||
Subsequent Event [Member] | CME SWAPS MARKETS (NYMEX) [Member] | Natural Gas [Member] | 2023 | ||||
Derivative [Line Items] | ||||
Derivative, Floor Price | 3 | |||
Derivative, Cap Price | 4.42 | |||
Subsequent Event [Member] | CME SWAPS MARKETS (NYMEX) [Member] | Crude Oil [Member] | 2022 | ||||
Derivative [Line Items] | ||||
Derivative, Floor Price | 60 | |||
Derivative, Cap Price | 81.60 | |||
Subsequent Event [Member] | CME SWAPS MARKETS (NYMEX) [Member] | Crude Oil [Member] | 2023 | ||||
Derivative [Line Items] | ||||
Derivative, Floor Price | 55 | |||
Derivative, Cap Price | 73.32 | |||
Subsequent Event [Member] | CME SWAPS MARKETS (NYMEX) [Member] | Crude Oil [Member] | 2024 | ||||
Derivative [Line Items] | ||||
Derivative, Floor Price | 55 | |||
Derivative, Cap Price | 75.11 | |||
Subsequent Event [Member] | Crude oil - NYMEX | Crude Oil [Member] | 2023 | ||||
Derivative [Line Items] | ||||
Derivative, Swap Type, Average Fixed Price | 61.52 | |||
Subsequent Event [Member] | Crude oil - NYMEX | Crude Oil [Member] | 2024 | ||||
Derivative [Line Items] | ||||
Derivative, Swap Type, Average Fixed Price | 61.52 | |||
Subsequent Event [Member] | Basis Protection - CIG [Member] | 2022 | Natural Gas [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 18,060 | |||
Subsequent Event [Member] | Basis Protection - CIG [Member] | 2023 | Natural Gas [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 4,020 | |||
Subsequent Event [Member] | Commodity Option [Member] | 2022 | Natural Gas [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 18,060 | |||
Subsequent Event [Member] | Commodity Option [Member] | 2022 | Crude Oil [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 1,200 | |||
Subsequent Event [Member] | Commodity Option [Member] | 2023 | Natural Gas [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 4,020 | |||
Subsequent Event [Member] | Commodity Option [Member] | 2023 | Crude Oil [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 1,575 | |||
Subsequent Event [Member] | Commodity Option [Member] | 2024 | Crude Oil [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 225 | |||
Subsequent Event [Member] | Crude oil - NYMEX | 2023 | Crude Oil [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 300 | |||
Subsequent Event [Member] | Crude oil - NYMEX | 2024 | Crude Oil [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 300 |
Derivative Financial Instrume_4
Derivative Financial Instruments Impact of Netting Agreements (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Derivative Asset: | |
Derivative Asset, Fair Value, Gross Asset | $ 20,301 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (20,301) |
Derivative asset, net | 0 |
Derivative Liability: | |
Derivative liability, gross | 588,209 |
Effect of master netting agreements | (20,301) |
Derivative liability, net | $ 567,908 |
Properties and Equipment (Detai
Properties and Equipment (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($)Wells | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)Wells | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Document Period End Date | Sep. 30, 2021 | ||||
Reclassification to Well, Facilities, and Equipment Based on Determination of Proved Reserves | $ (13,549) | $ (20,389) | |||
Proved Natural Gas and Crude Oil Properties | 8,135,626 | $ 7,523,639 | |||
Unproved Natural Gas and Crude Oil Properties | 338,668 | 350,677 | |||
Total Natural Gas and Crude Oil Properties | 8,474,294 | 7,874,316 | |||
Equipment and other | 64,343 | 65,027 | |||
Land and Buildings | 19,978 | 24,299 | |||
Construction in Progress | 368,808 | 523,550 | |||
Properties and equipment, at cost | 8,927,423 | 8,487,192 | |||
Accumulated DD&A | (4,101,086) | (3,627,993) | |||
Property, Plant and Equipment, Net | 4,826,337 | 4,859,199 | |||
Capitalized Exploratory Well Cost, Additions Pending Determination of Proved Reserves | 6,090 | 11,770 | |||
Capitalized Exploratory Well Costs | $ 0 | $ 7,459 | $ 16,078 | ||
Wells to be completed | Wells | 0 | 2 | |||
Capitalized Exploratory Well Costs that Have Been Capitalized for Period Greater than One Year | $ 7,500 | ||||
Impairment Measurement Input | 17000000.00% | ||||
Results of Operations, Impairment of Oil and Gas Properties | $ 881,100 | ||||
Delaware Basin Proved Property Impairment | 753,000 | ||||
Delaware Basin Unproved Property Impairment | $ 127,300 |
Impairment of Natural Gas and C
Impairment of Natural Gas and Crude Oil Properties (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Impairment of natural gas and crude oil properties [Line Items] | |
Delaware Basin Proved Property Impairment | $ 753 |
Delaware Basin Unproved Property Impairment | 127.3 |
Results of Operations, Impairment of Oil and Gas Properties | $ 881.1 |
Other Accrued Expense (Details)
Other Accrued Expense (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of Other Accrued Expense [Line Items] | ||
Asset Retirement Obligation, Current | $ 33,875 | |
Other accrued expenses | 85,520 | $ 81,715 |
Current Liabilities | ||
Schedule of Other Accrued Expense [Line Items] | ||
Accrued Employee Benefits, Current | 24,106 | 23,304 |
Asset Retirement Obligation, Current | 33,875 | 33,933 |
Accrued Environmental Loss Contingencies, Current | 11,992 | 10,139 |
Operating and Finance Lease Liability, Current | 7,532 | 7,986 |
Other Accrued Liabilities | 8,015 | 6,353 |
Other accrued expenses | $ 85,520 | $ 81,715 |
Other Liabilities (Details)
Other Liabilities (Details) - Non Current Liabilities - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Other Liabilities [Line Items] | ||
Production Tax Liability | $ 87,170 | $ 65,592 |
Deferred oil gathering credits | 16,583 | 18,090 |
Deferred Midstream gathering credits | 162,112 | 168,478 |
Operating and Finance Lease Liability, Noncurrent | 7,760 | 10,763 |
Other Accrued Liabilities | 751 | 1,111 |
Other Accrued Liabilities, Noncurrent | $ 274,376 | $ 264,034 |
Other Accrued Expenses Deferred
Other Accrued Expenses Deferred Midstream Gathering Credits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Midstream Oil Gathering | ||||
Deferred Midstream Gathering Credits [Line Items] | ||||
Amortization of Other Deferred Charges | $ 0 | $ 0 | $ 0 | $ 368 |
Midstream Gas Gathering | ||||
Deferred Midstream Gathering Credits [Line Items] | ||||
Amortization of Other Deferred Charges | 2,014 | 2,038 | 5,343 | 4,499 |
Midstream Water Gathering | ||||
Deferred Midstream Gathering Credits [Line Items] | ||||
Amortization of Other Deferred Charges | $ 732 | $ 686 | $ 1,817 | $ 1,458 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts receivable [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 368,611 | $ 244,251 |
Accounts Receivable, Allowance for Credit Loss, Current | (6,772) | (6,763) |
joint interest billing | ||
Accounts receivable [Line Items] | ||
Accounts Receivable, before Allowance for Credit Loss | 21,257 | 35,396 |
Revenue, Segment Benchmark | ||
Accounts receivable [Line Items] | ||
Accounts Receivable, before Allowance for Credit Loss | 343,022 | 178,147 |
Other Accounts Receivable | ||
Accounts receivable [Line Items] | ||
Accounts Receivable, before Allowance for Credit Loss | $ 11,104 | $ 37,471 |
Schedule of Long-Term Debt (Det
Schedule of Long-Term Debt (Details) - USD ($) | Nov. 01, 2021 | Oct. 01, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument | ||||
Unamortized Debt Issuance Expense | $ 9,100,000 | $ 17,800,000 | ||
Debt, Long-term and Short-term, Combined Amount | 1,243,235,000 | 1,602,562,000 | ||
Long-term Debt, Current Maturities | 0 | 193,014,000 | ||
Long-term debt | 1,243,235,000 | 1,409,548,000 | ||
Line of Credit Facility, Current Borrowing Capacity | 1,800,000,000 | |||
1.125% Convertible Senior Notes due 2021 [Member] | ||||
Debt Instrument | ||||
Convertible Debt | 0 | 193,014,000 | ||
6.125% Senior Notes due 2024 [Member] | ||||
Debt Instrument | ||||
Senior Notes, Noncurrent | 397,103,000 | 396,368,000 | ||
Principal amount | 400,000,000 | |||
6.125% Senior Notes due 2024 [Member] | Subsequent Event [Member] | ||||
Debt Instrument | ||||
Principal amount | $ 200,000,000 | 200 | ||
6.25% Senior Notes due 2025 [Member] | ||||
Debt Instrument | ||||
Senior Notes, Noncurrent | 103,081,000 | 103,204,000 | ||
Principal amount | 102,324,000 | |||
6.25% Senior Notes due 2025 [Member] | Subsequent Event [Member] | ||||
Debt Instrument | ||||
Principal amount | $ 102,300,000 | |||
5.75% Senior Notes due 2026 [Member] | ||||
Debt Instrument | ||||
Senior Notes, Noncurrent | 743,051,000 | 741,976,000 | ||
Revolving Credit Facility | ||||
Debt Instrument | ||||
Revolving credit facility | 0 | $ 168,000,000 | ||
5.75% Senior Notes due 2026 [Member] | ||||
Debt Instrument | ||||
Principal amount | $ 750,000,000 |
Long-Term Debt Additional Infor
Long-Term Debt Additional Information (Details) - USD ($) | Sep. 15, 2021 | Sep. 30, 2021 | Nov. 02, 2021 | Nov. 01, 2021 | Oct. 01, 2021 | Dec. 31, 2020 |
Debt Instrument | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,600,000,000 | |||||
Letters of Credit Outstanding, Amount | 18,700,000 | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,800,000,000 | |||||
1.125% Convertible Senior Notes due 2021 [Member] | ||||||
Debt Instrument | ||||||
Repayments of Debt | $ 200,000,000 | |||||
6.125% Senior Notes due 2024 [Member] | ||||||
Debt Instrument | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.125% | |||||
Debt Instrument, Maturity Date | Sep. 15, 2024 | |||||
Debt Instrument, Frequency of Periodic Payment | March 15, September 15 | |||||
Debt Instrument, Redemption Period, End Date | Sep. 15, 2022 | |||||
6.25% Senior Notes due 2025 [Member] | ||||||
Debt Instrument | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||
Debt Instrument, Maturity Date | Dec. 1, 2025 | |||||
Debt Instrument, Frequency of Periodic Payment | June 1, December 1 | |||||
Debt Instrument, Redemption Period, End Date | Dec. 1, 2023 | |||||
5.75% Senior Notes due 2026 [Member] | ||||||
Debt Instrument | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||
Debt Instrument, Maturity Date | May 15, 2026 | |||||
Debt Instrument, Frequency of Periodic Payment | May 15, November 15 | |||||
Debt Instrument, Redemption Period, End Date | May 15, 2024 | |||||
Principal amount | $ 750,000,000 | |||||
Revolving Credit Facility | Subsequent Event [Member] | ||||||
Debt Instrument | ||||||
Line Of Credit Facility Initial Borrowing Capacity | $ 2,500,000,000 | |||||
6.125% Senior Notes due 2024 [Member] | ||||||
Debt Instrument | ||||||
Principal amount | 400,000,000 | |||||
6.125% Senior Notes due 2024 [Member] | Subsequent Event [Member] | ||||||
Debt Instrument | ||||||
Principal amount | 200 | $ 200,000,000 | ||||
6.25% Senior Notes due 2025 [Member] | ||||||
Debt Instrument | ||||||
Principal amount | 102,324,000 | |||||
6.25% Senior Notes due 2025 [Member] | Subsequent Event [Member] | ||||||
Debt Instrument | ||||||
Principal amount | $ 102,300,000 | |||||
Revolving Credit Facility | ||||||
Debt Instrument | ||||||
Debt Issuance Costs, Line of Credit Arrangements, Net | 5,600,000 | $ 8,100,000 | ||||
Initial Borrowing Base [Member] | Revolving Credit Facility | ||||||
Debt Instrument | ||||||
Line Of Credit Facility Initial Borrowing Capacity | $ 2,500,000,000 | |||||
Initial Borrowing Base [Member] | Revolving Credit Facility | Subsequent Event [Member] | ||||||
Debt Instrument | ||||||
Line Of Credit Facility Initial Borrowing Capacity | 2,400,000,000 | |||||
Alternate Base Rate Option [Member] | ||||||
Debt Instrument | ||||||
Line of Credit Facility, Interest Rate at Period End | 0.75% | |||||
LIBOR Option [Member] | ||||||
Debt Instrument | ||||||
Line of Credit Facility, Interest Rate at Period End | 1.75% | |||||
Unused Commitment Fee [Member] | ||||||
Debt Instrument | ||||||
Line of Credit Facility, Interest Rate at Period End | 0.375% | |||||
Elected commitment [Member] | ||||||
Debt Instrument | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,600,000,000 | |||||
Elected commitment [Member] | Subsequent Event [Member] | ||||||
Debt Instrument | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,500,000,000 |
Leases Leases - Narrative (Deta
Leases Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Short-term Lease, Cost | $ 48,200 | $ 18,000 | $ 158,400 | $ 150,000 |
Leases Leases - Lease Assets an
Leases Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets and Liabilities, Lessee [Abstract] | ||
Operating lease right-of-use assets | $ 8,677 | $ 11,722 |
Operating lease obligation - short-term | 6,163 | 6,520 |
Operating lease obligation - long-term | 5,224 | 9,061 |
Operating Lease, Liability | 11,387 | 15,581 |
Finance lease right-of-use assets | 3,902 | 3,189 |
Finance lease obligation - short-term | 1,369 | 1,466 |
Finance lease obligation - long-term | 2,536 | 1,702 |
Finance Lease, Liability | $ 3,905 | $ 3,168 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Asset Retirement Obligation, Roll Forward Analysis | |||||
Balance at beginning of period | $ 166,570 | ||||
Obligations incurred with development activities | 4,069 | ||||
Accretion expense | $ 2,825 | $ 2,420 | 9,185 | $ 7,398 | |
Obligations discharged asset retirements | (26,805) | ||||
Balance end of period | 152,236 | 152,236 | |||
Less current portion | (33,875) | (33,875) | |||
Asset retirement obligations | $ 118,361 | 118,361 | $ 132,637 | ||
Asset Retirement Obligation, Revision of Estimate | $ (783) |
Common Stock Common Stock (Deta
Common Stock Common Stock (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.12 | $ 0 | $ 0.24 | $ 0 |
Common Stock Stock Based Compen
Common Stock Stock Based Compensation Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | May 31, 2020 | May 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Payment Arrangement, Expense | $ 5,779 | $ 5,405 | $ 17,294 | $ 17,441 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 7,050,000 | 1,800,000 | ||||
2018 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock shares remain avaliable for issuance | 4,175,129 | 4,175,129 | ||||
2010 Long-Term Equity Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock shares remain avaliable for issuance | 313,477 | 313,477 |
Common Stock Stock Based Comp_2
Common Stock Stock Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 5,779 | $ 5,405 | $ 17,294 | $ 17,441 |
Stock-based Compensation - G&A | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 5,479 | $ 5,171 | $ 16,420 | $ 16,632 |
Common Stock COMMON STOCK Restr
Common Stock COMMON STOCK Restricted Stock - Time Based Awards (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 1,183,971 | 1,150,970 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 25.08 | $ 20.14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 647,453 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 33.48 | $ 12 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 531,759 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 25.04 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 82,693 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 22.36 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 21.6 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 9 months 29 days |
Common Stock COMMON STOCK Res_2
Common Stock COMMON STOCK Restricted Stock - Market Based Awards (Details) - USD ($) | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Jan. 14, 2020 | Apr. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 525,000,000 | $ 200,000,000 | |||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Shares Payout Range | 0.00% | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance Shares Payout Range | 250.00% | ||||
Restricted Stock - Market Based Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.20% | 1.40% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 84.60% | 46.60% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 54.01 | $ 33.52 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 12,800,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 5 months 1 day | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 207,655 | ||||
Restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 1,183,971 | 1,150,970 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 25.08 | $ 20.14 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 33.48 | $ 12 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 21,600,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 9 months 29 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 531,759 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 25.04 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (82,693) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 647,453 | ||||
Restricted Stock - Market Based Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.60% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 56.90% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | $ 33.35 | ||||
SRC [Domain] | Restricted Stock - Market Based Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 707,202 | 499,547 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 43.17 | $ 38.66 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 54.01 |
Common Stock COMMON STOCK Stock
Common Stock COMMON STOCK Stock Appreciation Rights (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 500 | ||
Restricted Stock - Market Based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 12,800 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 5 months 1 day | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 207,655 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 54.01 | $ 33.52 | |
Restricted stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 1,183,971 | 1,150,970 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 21,600 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 9 months 29 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 25.08 | $ 20.14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 647,453 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 33.48 | $ 12 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 531,759 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 25.04 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 82,693 | ||
Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 158,423 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 51.01 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (17,701) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 6 months 7 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 34,551 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 52.15 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 30.19 | ||
SRC [Domain] | Restricted Stock - Market Based Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 707,202 | 499,547 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 43.17 | $ 38.66 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 54.01 |
Common Stock Preferred Stock (D
Common Stock Preferred Stock (Details) - $ / shares | Sep. 30, 2021 | Jun. 23, 2008 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Preferred stock, par value | $ 0.01 | |
Preferred Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Preferred Stock, Shares Authorized | 50,000,000 | |
Preferred Stock, Shares Issued | 0 |
Common Stock Stock Repurchase (
Common Stock Stock Repurchase (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jan. 14, 2020 | Apr. 30, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 525,000,000 | $ 200,000,000 | |||||||
Payments for Repurchase of Common Stock | $ 107,318,000 | $ 23,819,000 | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||
Payments for Repurchase of Common Stock | $ 107,318,000 | $ 23,819,000 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.12 | $ 0 | $ 0.24 | $ 0 | |||||
Treasury Stock, Common [Member] | |||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Stock Repurchased During Period, Shares | 1,476,000 | 661,000 | 598,000 | 1,266,000 | 2,700,000 | 1,300,000 | |||
Payments for Repurchase of Common Stock | $ (108,300,000) | $ (23,800,000) | |||||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||
Payments for Repurchase of Common Stock | (108,300,000) | $ (23,800,000) | |||||||
Treasury Stock remaining to be repurchased | $ 238,500,000 | 238,500,000 | |||||||
Treasury Stock remaining to be repurchased | $ 238,500,000 | $ 238,500,000 |
Stock-based compensation compos
Stock-based compensation composition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 5,779 | $ 5,405 | $ 17,294 | $ 17,441 |
Stock-based Compensation - G&A | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 5,479 | 5,171 | 16,420 | 16,632 |
Stock-based Compensation - LOE | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 300 | $ 234 | $ 874 | $ 809 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | $ 165,600 | ||||
Unrecognized Tax Benefits | $ 0 | $ 0 | |||
Effective Income Tax Rate, Continuing Operations | (0.10%) | 0.60% | (0.20%) | (0.50%) |
Earnings Per Share (Details)
Earnings Per Share (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reconciliation of Weighted-Average Diluted Shares Outstanding | ||||
Weighted Average Number of Shares Outstanding, Basic | 98,183 | 99,617 | 99,018 | 97,762 |
Weighted Average Number of Shares Outstanding, Diluted | 99,966 | 99,617 | 100,534 | 97,762 |
Anti-dilutive Effect | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 103 | 2,054 | 168 | 1,946 |
Convertible Senior Note | ||||
Convertible Note, Shares To Be Received Upon Conversion (in thousands) | 2,300 | |||
Restricted stock | ||||
Reconciliation of Weighted-Average Diluted Shares Outstanding | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,777 | 0 | 1,505 | 0 |
Anti-dilutive Effect | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6 | 1,831 | 37 | 1,715 |
Stock Appreciation Rights (SARs) | ||||
Reconciliation of Weighted-Average Diluted Shares Outstanding | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 6 | 0 | 11 | 0 |
Anti-dilutive Effect | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 97 | 223 | 131 | 231 |
1.125% Convertible Senior Notes due 2021 [Member] | ||||
Convertible Senior Note | ||||
Convertible Note, Conversion Price | $ 85.39 | $ 85.39 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest, net of capitalized interest | $ 41,880 | $ 51,556 |
Income taxes | (1,057) | (204) |
Change in accounts payable related to capital expenditures | 21,216 | (31,403) |
Asset Retirement Obligation, Period Increase (Decrease) | $ (1,538) | $ 44,339 |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | 0 | 1,009,015 |
Operating Lease, Payments | $ 5,848 | $ 6,714 |
Operating Cash Flow from Financing Leases | 77 | 155 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 1,189 | 4,217 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 2,055 | $ 703 |