Callon Petroleum (CPE) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-14039
Entity Registrant Name	Callon Petroleum Co
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	64-0844345
Entity Address, Address Line One	One Briarlake Plaza
Entity Address, Address Line Two	2000 W. Sam Houston Parkway S., Suite 2000
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	(281)
Local Phone Number	589-5200
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CPE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		61,689,752
Entity Central Index Key	0000928022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 4,150	$ 9,882
Accounts receivable, net	347,593	232,436
Fair value of derivatives	0	22,381
Other current assets	33,249	30,745
Total current assets	384,992	295,444
Oil and natural gas properties, full cost accounting method:
Evaluated properties, net	3,426,156	3,352,821
Unevaluated properties	1,847,790	1,812,827
Total oil and natural gas properties, net	5,273,946	5,165,648
Other property and equipment, net	28,985	28,128
Deferred financing costs	16,543	18,125
Other assets, net	41,054	40,158
Total assets	5,745,520	5,547,503
Current liabilities:
Accounts payable and accrued liabilities	516,440	569,991
Fair value of derivatives	392,928	185,977
Other current liabilities	163,936	116,523
Total current liabilities	1,073,304	872,491
Long-term debt	2,623,282	2,694,115
Asset retirement obligations	55,160	54,458
Fair value of derivatives	34,434	11,409
Other long-term liabilities	44,750	49,262
Total liabilities	3,830,930	3,681,735
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value, 78,750,000 shares authorized; 61,493,753 and 61,370,684 shares outstanding, respectively	615	614
Capital in excess of par value	4,021,442	4,012,358
Accumulated deficit	(2,107,467)	(2,147,204)
Total stockholders’ equity	1,914,590	1,865,768
Total liabilities and stockholders’ equity	$ 5,745,520	$ 5,547,503

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	78,750,000	78,750,000
Common stock, shares outstanding (in shares)	61,493,753	61,370,684

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Revenues:
Total operating revenues	$ 777,218	$ 359,881
Operating Expenses:
Lease operating	67,328	40,453
Production and ad valorem taxes	37,678	18,439
Gathering, transportation and processing	20,775	17,981
Depreciation, depletion and amortization	102,979	70,987
General and administrative	17,121	16,799
Merger, integration and transaction	769	0
Total operating expenses	357,921	205,576
Income From Operations	419,297	154,305
Other (Income) Expenses:
Interest expense, net of capitalized amounts	21,558	24,416
Loss on derivative contracts	358,300	214,523
Other income	(782)	(3,306)
Total other expense	379,076	235,633
Income (Loss) Before Income Taxes	40,221	(81,328)
Income tax benefit (expense)	(484)	921
Net Income (Loss)	$ 39,737	$ (80,407)
Net Income (Loss) Per Common Share:
Basic (in dollars per share)	$ 0.65	$ (1.89)
Diluted (in dollars per share)	$ 0.64	$ (1.89)
Weighted Average Common Shares Outstanding:
Basic (in shares)	61,487	42,590
Diluted (in shares)	62,065	42,590
Oil
Operating Revenues:
Total operating revenues	$ 553,249	$ 267,045
Natural gas
Operating Revenues:
Total operating revenues	43,976	24,220
Natural gas liquids
Operating Revenues:
Total operating revenues	67,618	29,357
Sales of purchased oil and gas
Operating Revenues:
Total operating revenues	112,375	39,259
Operating Expenses:
Cost of purchased oil and gas	$ 111,271	$ 40,917

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Capital in Excess of Par	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020		39,759
Beginning balance at Dec. 31, 2020	$ 711,002	$ 398	$ 3,222,959	$ (2,512,355)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(80,407)			(80,407)
Restricted stock (in shares)		13
Restricted stock	2,609	$ 0	2,609
Warrant exercises (in shares)		6,385
Warrant exercises	134,818	$ 64	134,754
Ending balance (in shares) at Mar. 31, 2021		46,157
Ending balance at Mar. 31, 2021	768,022	$ 462	3,360,322	(2,592,762)
Beginning balance (in shares) at Dec. 31, 2021		61,371
Beginning balance at Dec. 31, 2021	1,865,768	$ 614	4,012,358	(2,147,204)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	39,737			39,737
Restricted stock (in shares)		6
Restricted stock	2,790		2,790
Stock Issued During Period, Shares, Acquisitions		117
Common stock issued for Primexx Acquisition	6,295	$ 1	6,294
Ending balance (in shares) at Mar. 31, 2022		61,494
Ending balance at Mar. 31, 2022	$ 1,914,590	$ 615	$ 4,021,442	$ (2,107,467)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 39,737	$ (80,407)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	102,979	70,987
Amortization of non-cash debt related items, net	1,716	2,256
Loss on derivative contracts	358,300	214,523
Cash paid for commodity derivative settlements, net	(101,525)	(42,162)
Non-cash expense related to share-based awards	4,166	7,608
Other, net	2,894	1,217
Changes in current assets and liabilities:
Accounts receivable	(116,322)	(45,683)
Other current assets	(4,180)	(2,856)
Accounts payable and accrued liabilities	(12,987)	12,182
Cash received for settlements of contingent consideration arrangements, net	6,492	0
Net cash provided by operating activities	281,270	137,665
Cash flows from investing activities:
Capital expenditures	(201,478)	(101,341)
Acquisition of oil and gas properties	(9,409)	(768)
Proceeds from sales of assets	4,484	0
Cash paid for settlement of contingent consideration arrangement	(19,171)	0
Other, net	3,635	3,595
Net cash used in investing activities	(221,939)	(98,514)
Cash flows from financing activities:
Borrowings on Credit Facility	673,000	303,000
Payments on Credit Facility	(746,000)	(338,000)
Cash received for settlement of contingent consideration arrangement	8,512	0
Other, net	(575)	(37)
Net cash used in financing activities	(65,063)	(35,037)
Net change in cash and cash equivalents	(5,732)	4,114
Balance, beginning of period	9,882	20,236	$ 20,236
Balance, end of period	$ 4,150	$ 24,350	$ 9,882

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business Callon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and development of high-quality assets in the leading oil plays of South and West Texas. As used herein, the “Company,” “Callon,” “we,” “us,” and “our” refer to Callon Petroleum Company and its predecessors and subsidiaries unless the context requires otherwise. The Company’s activities are primarily focused on horizontal development in the Midland and Delaware Basins, both of which are part of the larger Permian Basin in West Texas, as well as the Eagle Ford in South Texas. The Company’s primary operations in the Permian reflect a high-return, oil-weighted drilling inventory with multiple prospective horizontal development intervals and are complemented by a well-established and repeatable cash flow-generating business in the Eagle Ford. Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of the Company after elimination of intercompany transactions and balances. These financial statements have been prepared pursuant to the rules and regulations of the SEC and therefore do not include all disclosures required for financial statements prepared in conformity with GAAP. In the opinion of management, these financial statements reflect all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial position, results of operations and cash flows. However, the results of operations for the periods presented are not necessarily indicative of the results of operations that may be expected for the full year. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications did not have a material impact on prior period financial statements. Significant Accounting Policies The Company’s significant accounting policies are described in “Note 2 - Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Annual Report”) and are supplemented by the notes included in this Quarterly Report on Form 10-Q. The financial statements and related notes included in this report should be read in conjunction with the Company’s 2021 Annual Report. Recently Adopted Accounting Standards Debt. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 was issued to reduce the complexity associated with accounting for certain financial instruments with characteristics of liabilities and equity. The guidance is to be applied using either a modified retrospective or a fully retrospective method. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. The Company adopted ASU 2020-06 on January 1, 2022. The adoption of ASU 2020-06 did not have a material impact to the Company’s consolidated financial statements or disclosures. Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) followed by ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), issued in January 2021 to provide clarifying guidance regarding the scope of Topic 848. ASU 2020-04 was issued to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Generally, the guidance is to be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. In April 2022, the FASB proposed to defer the effective date from December 31, 2022 to December 31, 2024, however a final ruling has not been issued. As of March 31, 2022, the Company has not elected to use the optional guidance and continues to evaluate the options provided by ASU 2020-04 and ASU 2021-01. Please refer to “Note 6 – Borrowings” for discussion of the use of the adjusted LIBO rate in connection with borrowings under the Company’s senior secured revolving credit facility. Subsequent Events The Company evaluates subsequent events through the date the financial statements are issued. See “Note 15 - Subsequent Events” for further discussion.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Revenue from Contracts with Customers The Company recognizes oil, natural gas, and NGL production revenue at the point in time when control of the product transfers to the purchaser, which differs depending on the applicable contractual terms. Transfer of control also drives the presentation of gathering, transportation and processing in the consolidated statements of operations. See “Note 3 - Revenue Recognition” of the Notes to Consolidated Financial Statements in the 2021 Annual Report for more information regarding the types of contracts under which oil, natural gas, and NGL production revenue is generated. Accounts Receivable from Revenues from Contracts with Customers Net accounts receivable include amounts billed and currently due from revenues from contracts with customers of our oil and natural gas production, which had a balance at March 31, 2022 and December 31, 2021 of $262.4 million and $171.8 million, respectively, and are presented in “Accounts receivable, net” in the consolidated balance sheets. Prior Period Performance Obligations The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for sales may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. The Company records the differences between estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. The Company has existing internal controls for its revenue estimation process and related accruals, and any identified differences between its revenue estimates and actual revenue received historically have not been significant.

Acquisitions_and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures 2021 Acquisitions and Divestitures Primexx Acquisition On October 1, 2021, the Company closed on the acquisition of certain producing oil and gas properties, undeveloped acreage and associated infrastructure assets in the Delaware Basin from Primexx Resource Development, LLC (“Primexx”) and BPP Acquisition, LLC (“BPP”) for an adjusted purchase price of approximately $444.8 million in cash, inclusive of the deposit paid at signing, 8.84 million shares of the Company’s common stock and approximately $25.2 million paid upon final closing for total consideration of $880.8 million (the “Primexx Acquisition”), subject to potential adjustments for applicable indemnification claims as discussed below. The Company funded the cash portion of the total consideration with borrowings under its Credit Facility, as defined below. Of the 8.84 million shares of the Company’s common stock issued upon closing, 2.6 million shares were held in escrow pursuant to the purchase and sale agreements with Primexx and BPP (collectively, the “Primexx PSAs”) . Pursuant to the Primexx PSAs, 50% of the shares held in escrow were released six months after the closing date, which was on April 1, 2022, and the remaining shares will be released twelve months after the closing date, which will be on October 1, 2022, in each case subject to holdback for the satisfaction of any applicable indemnification claims that may be made under the Primexx PSAs. Also, pursuant to the Primexx PSAs, certain interest owners exercised their option to sell their interest in the properties included in the Primexx Acquisition to the Company for consideration structured similarly to the Primexx Acquisition, for an incremental purchase price totaling approximately $33.1 million, net of customary purchase price adjustments, of which $10.7 million closed during the first quarter of 2022. The Primexx Acquisition was accounted for as a business combination; therefore, the purchase price was allocated to the assets acquired and the liabilities assumed based on their estimated acquisition date fair values with information available at that time. A combination of a discounted cash flow model and market data was used by a third-party specialist in determining the fair value of the oil and gas properties. Significant inputs into the calculation included future commodity prices, estimated volumes of oil and gas reserves, expectations for timing and amount of future development and operating costs, future plugging and abandonment costs and a risk adjusted discount rate. Certain data necessary to complete the purchase price allocation is not yet available. The Company expects to complete the purchase price allocation during the 12-month period following the acquisition date. The following table sets forth the Company’s preliminary allocation of the total estimated consideration of $914.0 million to the assets acquired and liabilities assumed as of the acquisition date. Preliminary Purchase (In thousands) Assets: Other current assets $10,250 Evaluated oil and natural gas properties 686,393 Unevaluated properties 278,602 Total assets acquired $975,245 Liabilities: Suspense payable $16,447 Other current liabilities 33,482 Asset retirement obligation 1,898 Other long-term liabilities 9,425 Total liabilities assumed $61,252 Total consideration $913,993 Approximately $138.1 million of revenues and $28.8 million of direct operating expenses attributed to the Primexx Acquisition are included in the Company’s consolidated statements of operations for the three months ended March 31, 2022. Pro Forma Operating Results (Unaudited). The following unaudited pro forma combined condensed financial data for the year ended December 31, 2021 was derived from the historical financial statements of the Company giving effect to the Primexx Acquisition, as if it had occurred on January 1, 2020. The below information reflects pro forma adjustments for the issuance of the Company’s common stock and the borrowings under the Credit Facility as total consideration, as well as pro forma adjustments based on available information and certain assumptions that the Company believes provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the Primexx Acquisition. The pro forma consolidated statements of operations data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the Primexx Acquisition taken place on January 1, 2020 and is not intended to be a projection of future results. For the Year Ended December 31, 2021 (In thousands) Revenues $2,294,893 Income from operations 1,151,493 Net income 482,690 Basic earnings per common share $8.37 Diluted earnings per common share $8.13 Non-Core Asset Divestitures

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net As of March 31, 2022 and December 31, 2021, total property and equipment, net consisted of the following: March 31, 2022 December 31, 2021 Oil and natural gas properties, full cost accounting method (In thousands) Evaluated properties $9,412,921 $9,238,823 Accumulated depreciation, depletion, amortization and impairments (5,986,765) (5,886,002) Evaluated properties, net 3,426,156 3,352,821 Unevaluated properties Unevaluated leasehold and seismic costs 1,567,076 1,557,453 Capitalized interest 280,714 255,374 Total unevaluated properties 1,847,790 1,812,827 Total oil and natural gas properties, net $5,273,946 $5,165,648 Other property and equipment $59,428 $58,367 Accumulated depreciation (30,443) (30,239) Other property and equipment, net $28,985 $28,128 The Company capitalized internal costs of employee compensation and benefits, including share-based compensation, directly associated with acquisition, exploration and development activities totaling $11.6 million and $11.2 million for the three months ended March 31, 2022 and 2021, respectively. The Company capitalized interest costs to unproved properties totaling $25.5 million and $24.0 million for the three months ended March 31, 2022 and 2021, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings per share includes the potential dilutive impact of non-vested restricted stock units and unexercised warrants outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. For the three months ended March 31, 2021, the Company reported a net loss. As a result, the calculation of diluted weighted average common shares outstanding excluded all potentially dilutive common shares outstanding. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2022 2021 (In thousands, except per share amounts) Net Income (Loss) $39,737 ($80,407) Basic weighted average common shares outstanding 61,487 42,590 Dilutive impact of restricted stock units 578 — Diluted weighted average common shares outstanding 62,065 42,590 Net Income (Loss) Per Common Share Basic $0.65 ($1.89) Diluted $0.64 ($1.89) Restricted stock units (1) 3 702 Warrants (1) 327 5,826 (1) Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Borrowings	Borrowings The Company’s borrowings consisted of the following: March 31, 2022 December 31, 2021 (In thousands) 6.125% Senior Notes due 2024 $460,241 $460,241 Senior Secured Revolving Credit Facility due 2024 712,000 785,000 9.00% Second Lien Senior Secured Notes due 2025 319,659 319,659 8.25% Senior Notes due 2025 187,238 187,238 6.375% Senior Notes due 2026 320,783 320,783 8.00% Senior Notes due 2028 650,000 650,000 Total principal outstanding 2,649,921 2,722,921 Unamortized premium on 6.125% Senior Notes 2,157 2,373 Unamortized discount on 9.00% Second Lien Senior Secured Notes (13,591) (14,852) Unamortized premium on 8.25% Senior Notes 2,287 2,477 Unamortized deferred financing costs for Second Lien Notes (2,663) (2,910) Unamortized deferred financing costs for Senior Notes (14,829) (15,894) Total carrying value of borrowings (1) $2,623,282 $2,694,115 (1) Excludes unamortized deferred financing costs related to the Company’s senior secured revolving credit facility of $16.5 million and $18.1 million as of March 31, 2022 and December 31, 2021, respectively, which are classified in “Deferred financing costs” in the consolidated balance sheets. Senior Secured Revolving Credit Facility The Company has a senior secured revolving credit facility with a syndicate of lenders (the “Credit Facility”) that, as of March 31, 2022, had a maximum credit amount of $5.0 billion, a borrowing base and elected commitment amount of $1.6 billion, with borrowings outstanding of $712.0 million at a weighted-average interest rate of 2.74%, and letters of credit outstanding of $23.0 million. The credit agreement governing the Credit Facility provides for interest-only payments until December 20, 2024 when the credit agreement matures and any outstanding borrowings are due. The Credit Facility is subject to specified springing maturity dates if more than $100.0 million principal amount of the 9.00% Second Lien Senior Secured Notes due 2025 (the “Second Lien Notes”) and 6.125% Senior Notes are outstanding. The Credit Facility is secured by first preferred mortgages covering the Company’s major producing properties. The borrowing base under the credit agreement is subject to regular redeterminations in the spring and fall of each year, as well as special redeterminations described in the credit agreement, which in each case may reduce the amount of the borrowing base. On May 2, 2022, as part of the Company’s spring 2022 redetermination, the borrowing base and elected commitment amount of $1.6 billion were reaffirmed. Borrowings outstanding under the credit agreement bear interest at the Company’s option at either (i) a base rate for a base rate loan plus a margin between 1.00% to 2.00%, where the base rate is defined as the greatest of the prime rate, the federal funds rate plus 0.50% and the adjusted LIBO rate plus 1.00%, or (ii) an adjusted LIBO rate for a Eurodollar loan plus a margin between 2.00% to 3.00%. The Company also incurs commitment fees at rates ranging between 0.375% to 0.500% on the unused portion of lender commitments, which are included in “Interest expense, net of capitalized amounts” in the consolidated statements of operations. Covenants The Company’s credit agreement governing the Credit Facility, the 6.125% Senior Notes, the 8.25% Senior Notes, the 6.375% Senior Notes and the 8.00% Senior Notes (collectively, the “Senior Unsecured Notes”) and the Second Lien Notes limit the Company and certain of its subsidiaries with respect to the amount of additional indebtedness, liens, dividends and other payments to shareholders, repurchases or redemptions of the Company’s common stock, redemptions of senior notes, investments, acquisitions, mergers, asset dispositions, transactions with affiliates, hedging transactions and other matters, along with maintenance of certain financial ratios. Under the credit agreement, the Company must maintain the following financial covenants determined as of the last day of the quarter: (1) a Leverage Ratio (as defined in the credit agreement governing the Credit Facility) of no more than 4.00 to 1.00 and (2) a Current Ratio (as defined in the credit agreement governing the Credit Facility) of not less than 1.00 to 1.00. The Company was in compliance with these covenants at March 31, 2022. The credit agreement and indentures are subject to customary events of default. If an event of default occurs and is continuing, the holders or lenders may elect to accelerate amounts due (except in the case of a bankruptcy event of default, in which case such amounts will automatically become due and payable).

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Objectives and Strategies for Using Derivative Instruments The Company is exposed to fluctuations in oil, natural gas and NGL prices received for its production. Consequently, the Company believes it is prudent to manage the variability in cash flows on a portion of its oil, natural gas and NGL production. The Company utilizes a mix of collars, swaps, and put and call options to manage fluctuations in cash flows resulting from changes in commodity prices. The Company does not use these instruments for speculative or trading purposes. Counterparty Risk and Offsetting The Company typically has numerous commodity derivative instruments outstanding with a counterparty that were executed at various dates, for various contract types, commodities and time periods. This often results in both commodity derivative asset and liability positions with that counterparty. The Company nets its commodity derivative instrument fair values executed with the same counterparty to a single asset or liability pursuant to International Swap Dealers Association Master Agreements (“ISDA Agreements”), which provide for net settlement over the term of the contract and in the event of default or termination of the contract. In general, if a party to a derivative transaction incurs an event of default, as defined in the applicable agreement, the other party will have the right to demand the posting of collateral, demand a cash payment transfer or terminate the arrangement. As of March 31, 2022, the Company has outstanding commodity derivative instruments with ten counterparties to minimize its credit exposure to any individual counterparty. All of the counterparties to the Company’s commodity derivative instruments are also lenders under the Company’s credit agreement. Therefore, each of the Company’s counterparties allow the Company to satisfy any need for margin obligations associated with commodity derivative instruments where the Company is in a net liability position with the collateral securing the credit agreement, thus eliminating the need for independent collateral posting. Because each of the Company’s counterparties has an investment grade credit rating, the Company believes it does not have significant credit risk and accordingly does not currently require its counterparties to post collateral to support the net asset positions of its commodity derivative instruments. Although the Company does not currently anticipate nonperformance from its counterparties, it continually monitors the credit ratings of each counterparty. While the Company monitors counterparty creditworthiness on an ongoing basis, it cannot predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, the Company may be limited in its ability to mitigate an increase in counterparty credit risk. Should one of these counterparties not perform, the Company may not realize the benefit of some of its derivative instruments under lower commodity prices while continuing to be obligated under higher commodity price contracts subject to any right of offset under the agreements. Counterparty credit risk is considered when determining the fair value of a derivative instrument. See “Note 8 - Fair Value Measurements” for further discussion. Contingent Consideration Arrangements The Company met certain oil pricing thresholds for 2021 associated with certain contingent consideration arrangements described in “Note 8 - Derivative Instruments and Hedging Activities” of the Notes to Consolidated Financial Statements in its 2021 Annual Report. Cash received or paid for settlements of contingent consideration arrangements are classified as cash flows from financing activities or cash flows from investing activities, respectively, up to the divestiture or acquisition date fair value, respectively, with any excess classified as cash flows from operating activities. As a result, the Company received $20.8 million, of which $8.5 million is presented in cash flows from financing activities with the remaining $12.3 million presented in cash flows from operating activities, and paid $25.0 million, of which $19.2 million is presented in cash flows from investing activities with the remaining $5.8 million presented in cash flows from operating activities, in the first quarter of 2022. Both of these contingent consideration arrangements expired at the end of 2021. Financial Statement Presentation and Settlements The Company records its derivative instruments at fair value in the consolidated balance sheets and records changes in fair value as “(Gain) loss on derivative contracts” in the consolidated statements of operations. Settlements are also recorded as “(Gain) loss on derivative contracts” in the consolidated statements of operations. The Company presents the fair value of derivative contracts on a net basis in the consolidated balance sheets as they are subject to master netting arrangements. The following presents the impact of this presentation to the Company’s recognized assets and liabilities for the periods indicated: As of March 31, 2022 Presented without As Presented with Effects of Netting Effects of Netting Effects of Netting (In thousands) Derivative Assets Fair value of derivatives - current $10,939 ($10,939) $— Other assets, net $15,773 ($15,773) $— Derivative Liabilities Fair value of derivatives - current (1) ($403,867) $10,939 ($392,928) Fair value of derivatives - non-current ($50,207) $15,773 ($34,434) (1) Includes approximately $0.9 million of deferred premiums, which will be paid as the applicable contracts settle. As of December 31, 2021 Presented without As Presented with Effects of Netting Effects of Netting Effects of Netting (In thousands) Assets Commodity derivative instruments $25,469 ($23,921) $1,548 Contingent consideration arrangements 20,833 — 20,833 Fair value of derivatives - current $46,302 ($23,921) $22,381 Commodity derivative instruments $1,119 ($869) $250 Contingent consideration arrangements — — — Other assets, net $1,119 ($869) $250 Liabilities Commodity derivative instruments (1) ($184,898) $23,921 ($160,977) Contingent consideration arrangements (25,000) — (25,000) Fair value of derivatives - current ($209,898) $23,921 ($185,977) Commodity derivative instruments ($12,278) $869 ($11,409) Contingent consideration arrangements — — — Fair value of derivatives - non-current ($12,278) $869 ($11,409) (1) Includes approximately $2.9 million of deferred premiums, which will be paid as the applicable contracts settle. The components of “Loss on derivative contracts” are as follows for the respective periods: Three Months Ended March 31, 2022 2021 (In thousands) Loss on oil derivatives $325,348 $149,561 Loss on natural gas derivatives 28,181 2,697 Loss on NGL derivatives 4,771 1,138 Loss on contingent consideration arrangements — 5,737 Loss on September 2020 Warrants liability (1) — 55,390 Loss on derivative contracts $358,300 $214,523 (1) Further details of the Company’s September 2020 Warrants and the loss on the associated September 2020 Warrants liability are described in “Note 7 - Borrowings”, “Note 8 - Derivative Instruments and Hedging Activities” and “Note 9 - Fair Value Measurements” of the Notes to Consolidated Financial Statements in its 2021 Annual Report. The components of “Cash paid for commodity derivative settlements, net” and “Cash received (paid) for settlements of contingent consideration arrangements, net” are as follows for the respective periods: Three Months Ended March 31, 2022 2021 (In thousands) Cash flows from operating activities Cash paid on oil derivatives ($95,353) ($39,947) Cash paid on natural gas derivatives (4,644) (1,369) Cash paid on NGL derivatives (1,528) (846) Cash paid for commodity derivative settlements, net ($101,525) ($42,162) Cash received for settlements of contingent consideration arrangements, net $6,492 $— Cash flows from investing activities Cash paid for settlement of contingent consideration arrangement ($19,171) $— Cash flows from financing activities Cash received for settlement of contingent consideration arrangement $8,512 $— Derivative Positions Listed in the tables below are the outstanding oil, natural gas and NGL derivative contracts as of March 31, 2022: For the Remainder For the Full Year Oil Contracts (WTI) 2022 2023 Swap Contracts Total volume (Bbls) 3,676,000 (1) 905,000 Weighted average price per Bbl $62.77 (1) $71.20 Collar Contracts Total volume (Bbls) 4,712,500 2,096,500 Weighted average price per Bbl Ceiling (short call) $68.77 $80.25 Floor (long put) $57.83 $69.48 Short Call Swaption Contracts (2) Total volume (Bbls) — 1,825,000 Weighted average price per Bbl $— $72.00 Oil Contracts (Midland Basis Differential) Swap Contracts Total volume (Bbls) 1,787,500 — Weighted average price per Bbl $0.50 $— Oil Contracts (Argus Houston MEH) Collar Contracts Total volume (Bbls) 227,500 — Weighted average price per Bbl Ceiling (short call) $63.15 $— Floor (long put) $51.25 $— (1) In March 2022, the Company entered into certain offsetting WTI swaps for the second quarter of 2022 to reduce its exposure to rising oil prices. Those offsetting swaps resulted in a recognized loss of approximately $39.3 million which will be settled in the second quarter of 2022 as the applicable contracts settle. (2) The 2023 short call swaption contracts have exercise expiration dates of December 30, 2022. For the Remainder For the Full Year Natural Gas Contracts (Henry Hub) 2022 2023 Swap Contracts Total volume (MMBtu) 10,700,000 — Weighted average price per MMBtu $3.62 $— Collar Contracts Total volume (MMBtu) 6,110,000 2,700,000 Weighted average price per MMBtu Ceiling (short call) $4.51 $5.56 Floor (long put) $3.68 $4.58 Natural Gas Contracts (Waha Basis Differential) Swap Contracts Total volume (MMBtu) 1,220,000 6,080,000 Weighted average price per MMBtu ($0.75) ($0.75)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1 – Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities. Level 2 – Other inputs that are observable directly or indirectly such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 – Unobservable inputs for which there is little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities. Fair Value of Financial Instruments Cash, Cash Equivalents, and Restricted Investments. The carrying amounts for these instruments approximate fair value due to the short-term nature or maturity of the instruments. Debt. The carrying amount of borrowings outstanding under the Credit Facility approximates fair value as the borrowings bear interest at variable rates and are reflective of market rates. The following table presents the principal amounts of the Company’s Second Lien Notes and Senior Unsecured Notes with the fair values measured using quoted secondary market trading prices which are designated as Level 2 within the valuation hierarchy. See “Note 6 - Borrowings” for further discussion. March 31, 2022 December 31, 2021 Principal Amount Fair Value Principal Amount Fair Value (In thousands) 6.125% Senior Notes $460,241 $456,789 $460,241 $455,639 9.00% Second Lien Notes 319,659 339,638 319,659 343,633 8.25% Senior Notes 187,238 189,110 187,238 184,429 6.375% Senior Notes 320,783 317,575 320,783 309,556 8.00% Senior Notes 650,000 684,125 650,000 663,000 Total $1,937,921 $1,987,237 $1,937,921 $1,956,257 Assets and Liabilities Measured at Fair Value on a Recurring Basis Certain assets and liabilities are reported at fair value on a recurring basis in the consolidated balance sheets. The following methods and assumptions were used to estimate fair value: Commodity Derivative Instruments. The fair value of commodity derivative instruments is derived using a third-party income approach valuation model that utilizes market-corroborated inputs that are observable over the term of the commodity derivative contract. The Company’s fair value calculations also incorporate an estimate of the counterparties’ default risk for commodity derivative assets and an estimate of the Company’s default risk for commodity derivative liabilities. As the inputs in the model are substantially observable over the term of the commodity derivative contract and there is a wide availability of quoted market prices for similar commodity derivative contracts, the Company designates its commodity derivative instruments as Level 2 within the fair value hierarchy. See “Note 7 - Derivative Instruments and Hedging Activities” for further discussion. The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021: March 31, 2022 Level 1 Level 2 Level 3 (In thousands) Commodity derivative assets $— $— $— Commodity derivative liabilities (1) — (427,362) — December 31, 2021 Level 1 Level 2 Level 3 (In thousands) Assets Commodity derivative instruments $— $1,798 $— Contingent consideration arrangements — 20,833 — Liabilities Commodity derivative instruments (2) — (172,386) — Contingent consideration arrangements — (25,000) — Total net assets (liabilities) $— ($174,755) $— (1) Includes approximately $0.9 million of deferred premiums, which will be paid as the applicable contracts settle. (2) Includes approximately $2.9 million of deferred premiums, which will be paid as the applicable contracts settle. There were no transfers between any of the fair value levels during any period presented. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Acquisitions. The fair value of assets acquired and liabilities assumed are measured as of the acquisition date by a third-party valuation specialist using a combination of income and market approaches, which are not observable in the market and are therefore designated as Level 3 inputs. Significant inputs include expected discounted future cash flows from estimated reserve quantities, estimates for timing and costs to produce and develop reserves, oil and natural gas forward prices, and a risk-adjusted discount rate. See “Note 3 - Acquisitions and Divestitures” for additional discussion.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company provides for income taxes at the statutory rate of 21%. Reported income tax benefit (expense) differs from the amount of income tax benefit (expense) that would result from applying domestic federal statutory tax rates to pretax income (loss). These differences primarily relate to non-deductible executive compensation expenses, restricted stock windfalls, changes in valuation allowances, and state income taxes. For both the three months ended March 31, 2022 and 2021, the Company’s effective income tax rate was approximately 1%. The primary differences between the effective tax rates for the three months ended March 31, 2022 and 2021 and the statutory rate resulted from the valuation allowance recorded against the Company’s net deferred tax assets beginning in the second quarter of 2020 and the effect of state income taxes. Deferred Tax Asset Valuation Allowance Management monitors company-specific, oil and natural gas industry and worldwide economic factors and assesses the likelihood that the Company’s net deferred tax assets will be utilized prior to their expiration. A significant item of objective negative evidence considered was the cumulative historical three-year pre-tax loss and a net deferred tax asset position at March 31, 2022, driven primarily by the impairments of evaluated oil and gas properties recognized beginning in the second quarter of 2020 and continuing through the fourth quarter of 2020. This limits the ability to consider other subjective evidence such as the Company’s potential for future growth. Since the second quarter of 2020, based on the evaluation of the evidence available, the Company concluded that it is more likely than not that the net deferred tax assets will not be realized. As a result, the Company has recorded a valuation allowance, reducing the net deferred tax assets as of March 31, 2022 to zero. As long as the Company continues to conclude that the valuation allowance against its net deferred tax assets is necessary, the Company does not expect to have no significant deferred income tax expense or benefit. The Company will continue to evaluate whether the valuation allowance is needed in future reporting periods. The valuation allowance will remain until the Company can conclude that the net deferred tax assets are more likely than not to be realized. Future events or new evidence which may lead the Company to conclude that it is more likely than not its net deferred tax assets will be realized include, but are not limited to, cumulative historical pre-tax earnings, improvements in crude oil prices, and taxable events that could result from one or more transactions. The valuation allowance does not preclude the Company from utilizing the tax attributes if it recognizes taxable income. As long as the Company continues to conclude that the valuation allowance against its net deferred tax assets is necessary, the Company will have no significant deferred income tax expense or benefit.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation RSU Equity Awards The following table summarizes activity for restricted stock units that may be settled in common stock (“RSU Equity Awards”) for the three months ended March 31, 2022: Three Months Ended March 31, 2022 RSU Equity Awards Weighted Average Grant-Date Fair Value Per Share Unvested at beginning of the period 968 $34.04 Granted 328 $60.63 Vested (10) $53.38 Forfeited (11) $33.36 Unvested at end of the period 1,275 $40.73 Grant activity for the three months ended March 31, 2022 primarily consisted of RSU Equity Awards granted to executives and employees as part of the annual grant of long-term equity incentive awards with a weighted-average grant date fair value of $60.63 . The aggregate fair value of RSU Equity Awards that vested during the three months ended March 31, 2022 was $0.5 million. As of March 31, 2022, unrecognized compensation costs related to unvested RSU Equity Awards were $37.3 million and will be recognized over a weighted average period of 2.5 years. Cash-Settled Awards No restricted stock units that may be settled in cash (“Cash-Settled RSU Awards”) or cash-settled stock appreciation rights (“Cash SARs”) were granted to employees during the three months ended March 31, 2022 and 2021. The following table summarizes the Company’s liabilities for cash-settled awards and the classification in the consolidated balance sheets for the periods indicated: March 31, 2022 December 31, 2021 (In thousands) Cash SARs $10,324 $7,884 Cash-Settled RSU Awards 4,563 1,382 Other current liabilities 14,887 9,266 Cash-Settled RSU Awards 1,972 6,366 Other long-term liabilities 1,972 6,366 Total Cash-Settled RSU Awards $16,859 $15,632 Share-Based Compensation Expense (Benefit), Net Share-based compensation expense associated with the RSU Equity Awards, Cash-Settled RSU Awards, and Cash SARs, net of amounts capitalized, is included in “General and administrative” in the consolidated statements of operations. The following table presents share-based compensation expense (benefit), net for each respective period: Three Months Ended March 31, 2022 2021 (In thousands) RSU Equity Awards $3,366 $2,608 Cash-Settled RSU Awards 237 4,442 Cash SARs 2,440 4,866 6,043 11,916 Less: amounts capitalized to oil and gas properties (1,877) (4,308) Total share-based compensation expense (benefit), net $4,166 $7,608

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders’ Equity	Stockholders’ EquityWarrant Exercises During the three months ended March 31,

Accounts Receivable, Net

Accounts Receivable, Net	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net March 31, 2022 December 31, 2021 (In thousands) Oil and natural gas receivables $262,389 $171,837 Joint interest receivables 21,044 13,751 Other receivables 66,388 49,053 Total 349,821 234,641 Allowance for credit losses (2,228) (2,205) Total accounts receivable, net $347,593 $232,436

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities March 31, 2022 December 31, 2021 (In thousands) Accounts payable $134,690 $151,836 Revenues and royalties payable 277,368 294,143 Accrued capital expenditures 56,388 64,412 Accrued interest 47,994 59,600 Total accounts payable and accrued liabilities $516,440 $569,991

Supplemental Cash Flow

Supplemental Cash Flow	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow	Supplemental Cash Flow Three Months Ended March 31, 2022 2021 (In thousands) Supplemental cash flow information: Interest paid, net of capitalized amounts $25,144 $12,983 Income taxes paid — — Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $7,382 $8,065 Investing cash flows from operating leases 6,189 6,005 Non-cash investing and financing activities: Change in accrued capital expenditures ($8,897) $18,903 Change in asset retirement costs 289 1,151 ROU assets obtained in exchange for lease liabilities: Operating leases $8,505 $6,476

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Credit Agreement ReaffirmationOn May 2, 2022, as part of the Company’s spring 2022 redetermination, the borrowing base and elected commitment amount of $1.6 billion were reaffirmed.

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of the Company after elimination of intercompany transactions and balances. These financial statements have been prepared pursuant to the rules and regulations of the SEC and therefore do not include all disclosures required for financial statements prepared in conformity with GAAP. In the opinion of management, these financial statements reflect all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial position, results of operations and cash flows. However, the results of operations for the periods presented are not necessarily indicative of the results of operations that may be expected for the full year. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications did not have a material impact on prior period financial statements. Significant Accounting Policies The Company’s significant accounting policies are described in “Note 2 - Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Annual Report”) and are supplemented by the notes included in this Quarterly Report on Form 10-Q. The financial statements and related notes included in this report should be read in conjunction with the Company’s 2021 Annual Report.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards	Recently Adopted Accounting Standards Debt. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 was issued to reduce the complexity associated with accounting for certain financial instruments with characteristics of liabilities and equity. The guidance is to be applied using either a modified retrospective or a fully retrospective method. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. The Company adopted ASU 2020-06 on January 1, 2022. The adoption of ASU 2020-06 did not have a material impact to the Company’s consolidated financial statements or disclosures. Recently Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) followed by ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), issued in January 2021 to provide clarifying guidance regarding the scope of Topic 848. ASU 2020-04 was issued to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Generally, the guidance is to be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. In April 2022, the FASB proposed to defer the effective date from December 31, 2022 to December 31, 2024, however a final ruling has not been issued. As of March 31, 2022, the Company has not elected to use the optional guidance and continues to evaluate the options provided by ASU 2020-04 and ASU 2021-01. Please refer to “Note 6 –
Subsequent Events	Subsequent Events The Company evaluates subsequent events through the date the financial statements are issued. See “Note 15 - Subsequent Events” for further discussion.
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company recognizes oil, natural gas, and NGL production revenue at the point in time when control of the product transfers to the purchaser, which differs depending on the applicable contractual terms. Transfer of control also drives the presentation of gathering, transportation and processing in the consolidated statements of operations. See “Note 3 - Revenue Recognition” of the Notes to Consolidated Financial Statements in the 2021 Annual Report for more information regarding the types of contracts under which oil, natural gas, and NGL production revenue is generated. Accounts Receivable from Revenues from Contracts with Customers

Acquisitions_and Divestitures (

Acquisitions and Divestitures (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table sets forth the Company’s preliminary allocation of the total estimated consideration of $914.0 million to the assets acquired and liabilities assumed as of the acquisition date. Preliminary Purchase (In thousands) Assets: Other current assets $10,250 Evaluated oil and natural gas properties 686,393 Unevaluated properties 278,602 Total assets acquired $975,245 Liabilities: Suspense payable $16,447 Other current liabilities 33,482 Asset retirement obligation 1,898 Other long-term liabilities 9,425 Total liabilities assumed $61,252 Total consideration $913,993
Unaudited Summary Pro Forma Financial Information	The pro forma consolidated statements of operations data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the Primexx Acquisition taken place on January 1, 2020 and is not intended to be a projection of future results. For the Year Ended December 31, 2021 (In thousands) Revenues $2,294,893 Income from operations 1,151,493 Net income 482,690 Basic earnings per common share $8.37 Diluted earnings per common share $8.13

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	As of March 31, 2022 and December 31, 2021, total property and equipment, net consisted of the following: March 31, 2022 December 31, 2021 Oil and natural gas properties, full cost accounting method (In thousands) Evaluated properties $9,412,921 $9,238,823 Accumulated depreciation, depletion, amortization and impairments (5,986,765) (5,886,002) Evaluated properties, net 3,426,156 3,352,821 Unevaluated properties Unevaluated leasehold and seismic costs 1,567,076 1,557,453 Capitalized interest 280,714 255,374 Total unevaluated properties 1,847,790 1,812,827 Total oil and natural gas properties, net $5,273,946 $5,165,648 Other property and equipment $59,428 $58,367 Accumulated depreciation (30,443) (30,239) Other property and equipment, net $28,985 $28,128

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2022 2021 (In thousands, except per share amounts) Net Income (Loss) $39,737 ($80,407) Basic weighted average common shares outstanding 61,487 42,590 Dilutive impact of restricted stock units 578 — Diluted weighted average common shares outstanding 62,065 42,590 Net Income (Loss) Per Common Share Basic $0.65 ($1.89) Diluted $0.64 ($1.89) Restricted stock units (1) 3 702 Warrants (1) 327 5,826 (1) Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Borrowings	The Company’s borrowings consisted of the following: March 31, 2022 December 31, 2021 (In thousands) 6.125% Senior Notes due 2024 $460,241 $460,241 Senior Secured Revolving Credit Facility due 2024 712,000 785,000 9.00% Second Lien Senior Secured Notes due 2025 319,659 319,659 8.25% Senior Notes due 2025 187,238 187,238 6.375% Senior Notes due 2026 320,783 320,783 8.00% Senior Notes due 2028 650,000 650,000 Total principal outstanding 2,649,921 2,722,921 Unamortized premium on 6.125% Senior Notes 2,157 2,373 Unamortized discount on 9.00% Second Lien Senior Secured Notes (13,591) (14,852) Unamortized premium on 8.25% Senior Notes 2,287 2,477 Unamortized deferred financing costs for Second Lien Notes (2,663) (2,910) Unamortized deferred financing costs for Senior Notes (14,829) (15,894) Total carrying value of borrowings (1) $2,623,282 $2,694,115 (1) Excludes unamortized deferred financing costs related to the Company’s senior secured revolving credit facility of $16.5 million and $18.1 million as of March 31, 2022 and December 31, 2021, respectively, which are classified in “Deferred financing costs” in the consolidated balance sheets.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Offsetting Assets	The following presents the impact of this presentation to the Company’s recognized assets and liabilities for the periods indicated: As of March 31, 2022 Presented without As Presented with Effects of Netting Effects of Netting Effects of Netting (In thousands) Derivative Assets Fair value of derivatives - current $10,939 ($10,939) $— Other assets, net $15,773 ($15,773) $— Derivative Liabilities Fair value of derivatives - current (1) ($403,867) $10,939 ($392,928) Fair value of derivatives - non-current ($50,207) $15,773 ($34,434) (1) Includes approximately $0.9 million of deferred premiums, which will be paid as the applicable contracts settle. As of December 31, 2021 Presented without As Presented with Effects of Netting Effects of Netting Effects of Netting (In thousands) Assets Commodity derivative instruments $25,469 ($23,921) $1,548 Contingent consideration arrangements 20,833 — 20,833 Fair value of derivatives - current $46,302 ($23,921) $22,381 Commodity derivative instruments $1,119 ($869) $250 Contingent consideration arrangements — — — Other assets, net $1,119 ($869) $250 Liabilities Commodity derivative instruments (1) ($184,898) $23,921 ($160,977) Contingent consideration arrangements (25,000) — (25,000) Fair value of derivatives - current ($209,898) $23,921 ($185,977) Commodity derivative instruments ($12,278) $869 ($11,409) Contingent consideration arrangements — — — Fair value of derivatives - non-current ($12,278) $869 ($11,409) (1) Includes approximately $2.9 million of deferred premiums, which will be paid as the applicable contracts settle.
Schedule of Offsetting Liabilities	The following presents the impact of this presentation to the Company’s recognized assets and liabilities for the periods indicated: As of March 31, 2022 Presented without As Presented with Effects of Netting Effects of Netting Effects of Netting (In thousands) Derivative Assets Fair value of derivatives - current $10,939 ($10,939) $— Other assets, net $15,773 ($15,773) $— Derivative Liabilities Fair value of derivatives - current (1) ($403,867) $10,939 ($392,928) Fair value of derivatives - non-current ($50,207) $15,773 ($34,434) (1) Includes approximately $0.9 million of deferred premiums, which will be paid as the applicable contracts settle. As of December 31, 2021 Presented without As Presented with Effects of Netting Effects of Netting Effects of Netting (In thousands) Assets Commodity derivative instruments $25,469 ($23,921) $1,548 Contingent consideration arrangements 20,833 — 20,833 Fair value of derivatives - current $46,302 ($23,921) $22,381 Commodity derivative instruments $1,119 ($869) $250 Contingent consideration arrangements — — — Other assets, net $1,119 ($869) $250 Liabilities Commodity derivative instruments (1) ($184,898) $23,921 ($160,977) Contingent consideration arrangements (25,000) — (25,000) Fair value of derivatives - current ($209,898) $23,921 ($185,977) Commodity derivative instruments ($12,278) $869 ($11,409) Contingent consideration arrangements — — — Fair value of derivatives - non-current ($12,278) $869 ($11,409) (1) Includes approximately $2.9 million of deferred premiums, which will be paid as the applicable contracts settle.
Schedule of Gain or Loss on Derivative Contracts	The components of “Loss on derivative contracts” are as follows for the respective periods: Three Months Ended March 31, 2022 2021 (In thousands) Loss on oil derivatives $325,348 $149,561 Loss on natural gas derivatives 28,181 2,697 Loss on NGL derivatives 4,771 1,138 Loss on contingent consideration arrangements — 5,737 Loss on September 2020 Warrants liability (1) — 55,390 Loss on derivative contracts $358,300 $214,523 (1) Further details of the Company’s September 2020 Warrants and the loss on the associated September 2020 Warrants liability are described in “Note 7 - Borrowings”, “Note 8 - Derivative Instruments and Hedging Activities” and “Note 9 - Fair Value Measurements” of the Notes to Consolidated Financial Statements in its 2021 Annual Report.
Schedule of Derivative Instruments	The components of “Cash paid for commodity derivative settlements, net” and “Cash received (paid) for settlements of contingent consideration arrangements, net” are as follows for the respective periods: Three Months Ended March 31, 2022 2021 (In thousands) Cash flows from operating activities Cash paid on oil derivatives ($95,353) ($39,947) Cash paid on natural gas derivatives (4,644) (1,369) Cash paid on NGL derivatives (1,528) (846) Cash paid for commodity derivative settlements, net ($101,525) ($42,162) Cash received for settlements of contingent consideration arrangements, net $6,492 $— Cash flows from investing activities Cash paid for settlement of contingent consideration arrangement ($19,171) $— Cash flows from financing activities Cash received for settlement of contingent consideration arrangement $8,512 $—
Schedule of Outstanding Oil and Natural Gas Derivative Contracts	Listed in the tables below are the outstanding oil, natural gas and NGL derivative contracts as of March 31, 2022: For the Remainder For the Full Year Oil Contracts (WTI) 2022 2023 Swap Contracts Total volume (Bbls) 3,676,000 (1) 905,000 Weighted average price per Bbl $62.77 (1) $71.20 Collar Contracts Total volume (Bbls) 4,712,500 2,096,500 Weighted average price per Bbl Ceiling (short call) $68.77 $80.25 Floor (long put) $57.83 $69.48 Short Call Swaption Contracts (2) Total volume (Bbls) — 1,825,000 Weighted average price per Bbl $— $72.00 Oil Contracts (Midland Basis Differential) Swap Contracts Total volume (Bbls) 1,787,500 — Weighted average price per Bbl $0.50 $— Oil Contracts (Argus Houston MEH) Collar Contracts Total volume (Bbls) 227,500 — Weighted average price per Bbl Ceiling (short call) $63.15 $— Floor (long put) $51.25 $— (1) In March 2022, the Company entered into certain offsetting WTI swaps for the second quarter of 2022 to reduce its exposure to rising oil prices. Those offsetting swaps resulted in a recognized loss of approximately $39.3 million which will be settled in the second quarter of 2022 as the applicable contracts settle. (2) The 2023 short call swaption contracts have exercise expiration dates of December 30, 2022. For the Remainder For the Full Year Natural Gas Contracts (Henry Hub) 2022 2023 Swap Contracts Total volume (MMBtu) 10,700,000 — Weighted average price per MMBtu $3.62 $— Collar Contracts Total volume (MMBtu) 6,110,000 2,700,000 Weighted average price per MMBtu Ceiling (short call) $4.51 $5.56 Floor (long put) $3.68 $4.58 Natural Gas Contracts (Waha Basis Differential) Swap Contracts Total volume (MMBtu) 1,220,000 6,080,000 Weighted average price per MMBtu ($0.75) ($0.75)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Fair Value of Financial Instruments at Carrying and Fair Value	The carrying amount of borrowings outstanding under the Credit Facility approximates fair value as the borrowings bear interest at variable rates and are reflective of market rates. The following table presents the principal amounts of the Company’s Second Lien Notes and Senior Unsecured Notes with the fair values measured using quoted secondary market trading prices which are designated as Level 2 within the valuation hierarchy. See “Note 6 - Borrowings” for further discussion. March 31, 2022 December 31, 2021 Principal Amount Fair Value Principal Amount Fair Value (In thousands) 6.125% Senior Notes $460,241 $456,789 $460,241 $455,639 9.00% Second Lien Notes 319,659 339,638 319,659 343,633 8.25% Senior Notes 187,238 189,110 187,238 184,429 6.375% Senior Notes 320,783 317,575 320,783 309,556 8.00% Senior Notes 650,000 684,125 650,000 663,000 Total $1,937,921 $1,987,237 $1,937,921 $1,956,257
Fair Value of Assets Measured on Recurring Basis	The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021: March 31, 2022 Level 1 Level 2 Level 3 (In thousands) Commodity derivative assets $— $— $— Commodity derivative liabilities (1) — (427,362) — December 31, 2021 Level 1 Level 2 Level 3 (In thousands) Assets Commodity derivative instruments $— $1,798 $— Contingent consideration arrangements — 20,833 — Liabilities Commodity derivative instruments (2) — (172,386) — Contingent consideration arrangements — (25,000) — Total net assets (liabilities) $— ($174,755) $— (1) Includes approximately $0.9 million of deferred premiums, which will be paid as the applicable contracts settle. (2) Includes approximately $2.9 million of deferred premiums, which will be paid as the applicable contracts settle.
Fair Value of Liabilities Measured on Recurring Basis	The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021: March 31, 2022 Level 1 Level 2 Level 3 (In thousands) Commodity derivative assets $— $— $— Commodity derivative liabilities (1) — (427,362) — December 31, 2021 Level 1 Level 2 Level 3 (In thousands) Assets Commodity derivative instruments $— $1,798 $— Contingent consideration arrangements — 20,833 — Liabilities Commodity derivative instruments (2) — (172,386) — Contingent consideration arrangements — (25,000) — Total net assets (liabilities) $— ($174,755) $— (1) Includes approximately $0.9 million of deferred premiums, which will be paid as the applicable contracts settle. (2) Includes approximately $2.9 million of deferred premiums, which will be paid as the applicable contracts settle.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Unit Activity	The following table summarizes activity for restricted stock units that may be settled in common stock (“RSU Equity Awards”) for the three months ended March 31, 2022: Three Months Ended March 31, 2022 RSU Equity Awards Weighted Average Grant-Date Fair Value Per Share Unvested at beginning of the period 968 $34.04 Granted 328 $60.63 Vested (10) $53.38 Forfeited (11) $33.36 Unvested at end of the period 1,275 $40.73
Schedule of Cash-Settled Awards	The following table summarizes the Company’s liabilities for cash-settled awards and the classification in the consolidated balance sheets for the periods indicated: March 31, 2022 December 31, 2021 (In thousands) Cash SARs $10,324 $7,884 Cash-Settled RSU Awards 4,563 1,382 Other current liabilities 14,887 9,266 Cash-Settled RSU Awards 1,972 6,366 Other long-term liabilities 1,972 6,366 Total Cash-Settled RSU Awards $16,859 $15,632
Schedule of Share-based Compensation Expense	The following table presents share-based compensation expense (benefit), net for each respective period: Three Months Ended March 31, 2022 2021 (In thousands) RSU Equity Awards $3,366 $2,608 Cash-Settled RSU Awards 237 4,442 Cash SARs 2,440 4,866 6,043 11,916 Less: amounts capitalized to oil and gas properties (1,877) (4,308) Total share-based compensation expense (benefit), net $4,166 $7,608

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of Accounts Receivable, Net	March 31, 2022 December 31, 2021 (In thousands) Oil and natural gas receivables $262,389 $171,837 Joint interest receivables 21,044 13,751 Other receivables 66,388 49,053 Total 349,821 234,641 Allowance for credit losses (2,228) (2,205) Total accounts receivable, net $347,593 $232,436

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	March 31, 2022 December 31, 2021 (In thousands) Accounts payable $134,690 $151,836 Revenues and royalties payable 277,368 294,143 Accrued capital expenditures 56,388 64,412 Accrued interest 47,994 59,600 Total accounts payable and accrued liabilities $516,440 $569,991

Supplemental Cash Flow (Tables)

Supplemental Cash Flow (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Three Months Ended March 31, 2022 2021 (In thousands) Supplemental cash flow information: Interest paid, net of capitalized amounts $25,144 $12,983 Income taxes paid — — Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $7,382 $8,065 Investing cash flows from operating leases 6,189 6,005 Non-cash investing and financing activities: Change in accrued capital expenditures ($8,897) $18,903 Change in asset retirement costs 289 1,151 ROU assets obtained in exchange for lease liabilities: Operating leases $8,505 $6,476

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable	$ 349,821	$ 234,641
Performance obligation, description of timing	The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for sales may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product.
Oil and Natural Gas
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable	$ 262,389	$ 171,837

Acquisitions_and Divestitures -

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	Oct. 01, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Revenues		$ 777,218	$ 359,881
Total operating expenses		357,921	205,576
Proceeds from sales of assets		4,484	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Certain Non Core Assets in Delaware Basin, Midland Basin, and Eagle Ford Shale
Business Acquisition [Line Items]
Proceeds from sales of assets				$ 181,800
Primexx Acquisition
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 444,800
Shares of common stock issued in acquisition (in shares)	8,840
Other payments to acquire businesses	25,200
Total consideration	$ 880,800	913,993
Number of shares, held in escrow (in shares)	2.6
Shares held In escrow percentage to be release	50.00%
Timing after closing date of release of the first 50% of shares	6 months
Timing after closing date of release of the remaining shares	12 months
Proceeds from settlement of contingent consideration arrangements	$ 33,100	10,700
Revenues		138,100
Total operating expenses		$ 28,800

Acquisitions and Divestitures -

Acquisitions and Divestitures - Recognized Identified Assets Acquired and Liabilities (Details) - Primexx Acquisition - USD ($) $ in Thousands	Oct. 01, 2021	Mar. 31, 2022
Business Acquisition [Line Items]
Other current assets		$ 10,250
Total assets acquired		975,245
Suspense payable		16,447
Other current liabilities		33,482
Asset retirement obligation		1,898
Other long-term liabilities		9,425
Total liabilities assumed		61,252
Total consideration	$ 880,800	913,993
Evaluated oil and natural gas properties
Business Acquisition [Line Items]
Oil and natural gas properties		686,393
Unevaluated properties
Business Acquisition [Line Items]
Oil and natural gas properties		$ 278,602

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Unaudited Pro Forma Financial Information (Details) - Primexx Acquisition $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)$ / shares
Business Acquisition [Line Items]
Revenues	$ 2,294,893
Income from operations	1,151,493
Net income	$ 482,690
Basic earnings per common share (in dollars per share) | $ / shares	$ 8.37
Diluted earnings per common share (in dollars per share) | $ / shares	$ 8.13

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Oil and natural gas properties, full cost accounting method
Evaluated properties	$ 9,412,921	$ 9,238,823
Accumulated depreciation, depletion, amortization and impairments	(5,986,765)	(5,886,002)
Evaluated properties, net	3,426,156	3,352,821
Unevaluated properties
Unevaluated leasehold and seismic costs	1,567,076	1,557,453
Capitalized interest	280,714	255,374
Total unevaluated properties	1,847,790	1,812,827
Total oil and natural gas properties, net	5,273,946	5,165,648
Other property and equipment	59,428	58,367
Accumulated depreciation	(30,443)	(30,239)
Other property and equipment, net	$ 28,985	$ 28,128

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Internal costs capitalized	$ 11.6	$ 11.2
Interest costs capitalized	$ 25.5	$ 24

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Basic and Diluted [Line Items]
Net Income (Loss)	$ 39,737	$ (80,407)
Basic weighted average common shares outstanding (in shares)	61,487	42,590
Diluted weighted average common shares outstanding (in shares)	62,065	42,590
Net Income (Loss) Per Common Share
Basic (in dollars per share)	$ 0.65	$ (1.89)
Diluted (in dollars per share)	$ 0.64	$ (1.89)
Restricted Stock
Earnings Per Share, Basic and Diluted [Line Items]
Dilutive impact of restricted stock and warrants (in shares)	578	0
Net Income (Loss) Per Common Share
Shares excluded from the diluted earnings per share (in shares)	3	702
Warrants
Net Income (Loss) Per Common Share
Shares excluded from the diluted earnings per share (in shares)	327	5,826

Borrowings - Schedule of Borrow

Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Principal components:
Total principal outstanding	$ 2,649,921	$ 2,722,921
Unamortized deferred financing costs for Senior Notes	(14,829)	(15,894)
Long-term debt	2,623,282	2,694,115
Deferred financing costs	16,543	18,125
6.125% Senior Notes due 2024
Principal components:
Total principal outstanding	460,241	460,241
Premium on senior unsecured notes, net of accumulated amortization	$ 2,157	2,373
Debt instrument, interest rate, stated (as a percent)	6.125%
6.125% Senior Notes due 2024 | Unsecured debt
Principal components:
Debt instrument, interest rate, stated (as a percent)	6.125%
Senior Secured Revolving Credit Facility due 2024
Principal components:
Total principal outstanding	$ 712,000	785,000
Deferred financing costs	16,500	18,100
9.00% Second Lien Senior Secured Notes due 2025
Principal components:
Total principal outstanding	319,659	319,659
Premium on senior unsecured notes, net of accumulated amortization	$ (13,591)	(14,852)
Debt instrument, interest rate, stated (as a percent)	9.00%
9.00% Second Lien Senior Secured Notes due 2025 | Secured debt
Principal components:
Unamortized deferred financing costs for Senior Notes	$ (2,663)	(2,910)
8.25% Senior Notes due 2025
Principal components:
Total principal outstanding	187,238	187,238
Premium on senior unsecured notes, net of accumulated amortization	$ 2,287	2,477
8.25% Senior Notes due 2025 | Unsecured debt
Principal components:
Debt instrument, interest rate, stated (as a percent)	8.25%
6.375% Senior Notes due 2026
Principal components:
Total principal outstanding	$ 320,783	320,783
6.375% Senior Notes due 2026 | Unsecured debt
Principal components:
Debt instrument, interest rate, stated (as a percent)	6.375%
8.00% Senior Notes due 2028
Principal components:
Total principal outstanding	$ 650,000	$ 650,000

Borrowings - Narrative (Details

Borrowings - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	May 02, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Total principal outstanding	$ 2,649,921		$ 2,722,921
Subsequent Event
Line of Credit Facility [Line Items]
Credit facility borrowing base		$ 1,600,000
Minimum
Line of Credit Facility [Line Items]
Outstanding principal amount of issuance	100,000
New Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	5,000,000
Credit facility borrowing base	1,600,000
Total principal outstanding	$ 712,000
Interest rate at period end (as a percent)	2.74%
Letters of credit outstanding	$ 23,000
New Credit Facility | Federal Funds Rate
Line of Credit Facility [Line Items]
Debt instrument interest rate (as a percent)	0.50%
New Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Debt instrument interest rate (as a percent)	1.00%
New Credit Facility | Minimum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee (as a percent)	0.375%
New Credit Facility | Minimum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument interest rate (as a percent)	1.00%
New Credit Facility | Minimum | Eurodollar
Line of Credit Facility [Line Items]
Debt instrument interest rate (as a percent)	2.00%
New Credit Facility | Maximum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee (as a percent)	0.50%
New Credit Facility | Maximum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument interest rate (as a percent)	2.00%
New Credit Facility | Maximum | Eurodollar
Line of Credit Facility [Line Items]
Debt instrument interest rate (as a percent)	3.00%
6.125% Senior Notes due 2024
Line of Credit Facility [Line Items]
Total principal outstanding	$ 460,241		460,241
Debt instrument, interest rate, stated (as a percent)	6.125%
6.125% Senior Notes due 2024 | Unsecured debt
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated (as a percent)	6.125%
9.00% Second Lien Senior Secured Notes due 2025
Line of Credit Facility [Line Items]
Total principal outstanding	$ 319,659		$ 319,659
Debt instrument, interest rate, stated (as a percent)	9.00%

Borrowings - Restrictive Covena

Borrowings - Restrictive Covenants (Details)	Mar. 31, 2022
6.125% Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument, interest rate, stated (as a percent)	6.125%
6.125% Senior Notes due 2024 | Unsecured debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated (as a percent)	6.125%
8.25% Senior Notes due 2025 | Unsecured debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated (as a percent)	8.25%
6.375% Senior Notes due 2026 | Unsecured debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated (as a percent)	6.375%
8.00% Senior Notes | Unsecured debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated (as a percent)	8.00%
Maximum | New Credit Facility
Debt Instrument [Line Items]
Leverage ratio	400.00%
Minimum | New Credit Facility
Debt Instrument [Line Items]
Leverage ratio	100.00%

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)counterparty	Mar. 31, 2021USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of counterparties | counterparty	10
Cash paid for settlement of contingent consideration arrangement	$ (19,171)	$ 0
Divestiture, Ranger
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Credit risk derivative, contingent receipt received	20,800
Payment to be presented in cash flows, financing activity	8,500
Payment to be presented in cash flows, operating activities	12,300
Primexx Acquisition
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Payment for contingent consideration	(25,000)
Cash paid for settlement of contingent consideration arrangement	(19,200)
Cash received for settlements of contingent consideration arrangements, net	$ (5,800)

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair value of derivatives - current
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting		$ 46,302
Effects of Netting		(23,921)
As Presented with Effects of Netting		22,381
Fair value of derivatives - current | Contingent consideration arrangements
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting		20,833
Effects of Netting		0
As Presented with Effects of Netting		20,833
Fair value of derivatives - current | Fair value of derivatives - current
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	$ 10,939	25,469
Effects of Netting	(10,939)	(23,921)
As Presented with Effects of Netting	0	1,548
Fair value of derivatives liabilities, current
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting		(209,898)
Effects of Netting		23,921
As Presented with Effects of Netting		(185,977)
Fair value of derivatives liabilities, current | Contingent consideration arrangements
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting		(25,000)
Effects of Netting		0
As Presented with Effects of Netting		(25,000)
Fair value of derivatives liabilities, current | Fair value of derivatives - current
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	(403,867)	(184,898)
Effects of Netting	10,939	23,921
As Presented with Effects of Netting	(392,928)	(160,977)
Financial guarantee contracts, deferred premium	900	2,900
Fair value of derivatives liabilities, noncurrent
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting		(12,278)
Effects of Netting		869
As Presented with Effects of Netting		(11,409)
Fair value of derivatives liabilities, noncurrent | Contingent consideration arrangements
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting		0
Effects of Netting		0
As Presented with Effects of Netting		0
Fair value of derivatives liabilities, noncurrent | Fair value of derivatives - current
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	(50,207)	(12,278)
Effects of Netting	15,773	869
As Presented with Effects of Netting	(34,434)	(11,409)
Other assets, net
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting		1,119
Effects of Netting		(869)
As Presented with Effects of Netting		250
Other assets, net | Contingent consideration arrangements
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting		0
Effects of Netting		0
As Presented with Effects of Netting		0
Other assets, net | Fair value of derivatives - current
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	15,773	1,119
Effects of Netting	(15,773)	(869)
As Presented with Effects of Netting	$ 0	$ 250

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Schedule of Gain or Loss on Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative contracts	$ 358,300	$ 214,523
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative contracts	358,300	214,523
Not Designated as Hedging Instrument | Loss on contingent consideration arrangements
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative contracts	0	5,737
Not Designated as Hedging Instrument | Loss on September 2020 Warrants liability
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative contracts	0	55,390
Not Designated as Hedging Instrument | Commodity - Oil
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative contracts	325,348	149,561
Not Designated as Hedging Instrument | Natural gas
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative contracts	28,181	2,697
Not Designated as Hedging Instrument | Natural gas liquids
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative contracts	$ 4,771	$ 1,138

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Schedule of Cash Paid (Received) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Cash paid for commodity derivative settlements, net	$ (101,525)	$ (42,162)
Not Designated as Hedging Instrument | Loss on contingent consideration arrangements
Cash flows from operating activities
Cash received for settlements of contingent consideration arrangements, net	6,492	0
Cash flows from investing activities
Cash paid for settlement of contingent consideration arrangement	(19,171)	0
Cash flows from financing activities
Cash received for settlement of contingent consideration arrangement	8,512	0
Commodity - Oil | Not Designated as Hedging Instrument
Cash flows from operating activities
Cash paid for commodity derivative settlements, net	(95,353)	(39,947)
Natural gas | Not Designated as Hedging Instrument
Cash flows from operating activities
Cash paid for commodity derivative settlements, net	(4,644)	(1,369)
Natural gas liquids | Not Designated as Hedging Instrument
Cash flows from operating activities
Cash paid for commodity derivative settlements, net	$ (1,528)	$ (846)

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Schedule of Outstanding Oil and Natural Gas Derivative Contracts (Details) - Forecast - Not Designated as Hedging Instrument $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2023MMBTU	Jun. 30, 2022USD ($)	Jun. 30, 2024MMBTU	Dec. 31, 2023$ / bbl$ / MMBTUbbl	Dec. 31, 2022MMBTU$ / bbl$ / MMBTUbbl	Dec. 31, 2024$ / MMBTU
Commodity - Oil | Collar Contracts
Derivative [Line Items]
Total volume (Bbls) | bbl				2,096,500	4,712,500
Commodity - Oil | Collar Contracts | Call option | Short
Derivative [Line Items]
Weighted average price (in dollars per share)				80.25	68.77
Commodity - Oil | Collar Contracts | Put option | Long
Derivative [Line Items]
Weighted average price (in dollars per share)				69.48	57.83
Commodity - Oil | Oil Contracts (Argus Houston MEH)
Derivative [Line Items]
Total volume (Bbls) | bbl				0	227,500
Commodity - Oil | Collar Contracts (Argus Houston MEH) | Call option | Short
Derivative [Line Items]
Weighted average price (in dollars per share)				0	63.15
Commodity - Oil | Collar Contracts (Argus Houston MEH) | Put option | Long
Derivative [Line Items]
Weighted average price (in dollars per share)				0	51.25
Commodity - Oil | Swap Contracts
Derivative [Line Items]
Total volume (Bbls) | bbl				905,000	3,676,000
Weighted average price (in dollars per share)				71.20	62.77
Locked-in loss | $		$ 39.3
Commodity - Oil | Swap Contracts | Call option | Short
Derivative [Line Items]
Total volume (Bbls) | bbl				1,825,000	0
Weighted average price (in dollars per share)				72	0
Commodity - Oil | Swap Contracts | Oil Contracts (Midland Basis Differential)
Derivative [Line Items]
Total volume (Bbls) | bbl				0	1,787,500
Weighted average price (in dollars per share)				0	0.50
Natural gas | Collar Contracts
Derivative [Line Items]
Total volume (MMBtu) | MMBTU	2,700,000				6,110,000
Natural gas | Collar Contracts | Call option | Short
Derivative [Line Items]
Weighted average price (in dollars per share) | $ / MMBTU				5.56	4.51
Natural gas | Collar Contracts | Put option | Long
Derivative [Line Items]
Weighted average price (in dollars per share) | $ / MMBTU				4.58	3.68
Natural gas | Swap Contracts
Derivative [Line Items]
Weighted average price (in dollars per share) | $ / MMBTU					3.62	0
Total volume (MMBtu) | MMBTU			0		10,700,000
Natural gas | Swap Contracts | Natural Gas Contracts (Waha Basis Differential)
Derivative [Line Items]
Total volume (MMBtu) | MMBTU			6,080,000		1,220,000
Weighted average price per MMBtu | $ / MMBTU					(0.75)	(0.75)

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Instruments at Carrying and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
6.125% Senior Notes due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated (as a percent)	6.125%
9.00% Second Lien Senior Secured Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated (as a percent)	9.00%
Unsecured debt | 6.125% Senior Notes due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated (as a percent)	6.125%
Unsecured debt | 8.25% Senior Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated (as a percent)	8.25%
Unsecured debt | 6.375% Senior Notes due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated (as a percent)	6.375%
Unsecured debt | 8.00% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated (as a percent)	8.00%
Principal Amount | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 1,937,921	$ 1,937,921
Principal Amount | Level 2 | Unsecured debt | 6.125% Senior Notes due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	460,241	460,241
Principal Amount | Level 2 | Unsecured debt | 9.00% Second Lien Senior Secured Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	319,659	319,659
Principal Amount | Level 2 | Unsecured debt | 8.25% Senior Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	187,238	187,238
Principal Amount | Level 2 | Unsecured debt | 6.375% Senior Notes due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	320,783	320,783
Principal Amount | Level 2 | Unsecured debt | 8.00% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	650,000	650,000
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	1,987,237	1,956,257
Fair Value | Level 2 | Unsecured debt | 6.125% Senior Notes due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	456,789	455,639
Fair Value | Level 2 | Unsecured debt | 9.00% Second Lien Senior Secured Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	339,638	343,633
Fair Value | Level 2 | Unsecured debt | 8.25% Senior Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	189,110	184,429
Fair Value | Level 2 | Unsecured debt | 6.375% Senior Notes due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	317,575	309,556
Fair Value | Level 2 | Unsecured debt | 8.00% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 684,125	$ 663,000

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Liabilities, Fair Value Disclosure [Abstract]
Financial guarantee contracts, deferred premium	$ 900	$ 2,900
Level 1
Derivative Asset [Abstract]
Commodity derivative assets	0	0
Contingent consideration arrangements		0
Liabilities, Fair Value Disclosure [Abstract]
Commodity derivative liabilities	0	0
Contingent consideration arrangements		0
Total net assets (liabilities)		0
Level 2
Derivative Asset [Abstract]
Commodity derivative assets	0	1,798
Contingent consideration arrangements		20,833
Liabilities, Fair Value Disclosure [Abstract]
Commodity derivative liabilities	(427,362)	(172,386)
Contingent consideration arrangements		(25,000)
Total net assets (liabilities)		(174,755)
Level 3
Derivative Asset [Abstract]
Commodity derivative assets	0	0
Contingent consideration arrangements		0
Liabilities, Fair Value Disclosure [Abstract]
Commodity derivative liabilities	$ 0	0
Contingent consideration arrangements		0
Total net assets (liabilities)		$ 0

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
Income Tax Disclosure [Abstract]
Income taxes at statutory tax rate, percent	21.00%
Effective income tax rate (in percent)	(1.00%)
Deferred tax assets, valuation allowance	$ 0

Share-Based Compensation - RSU

Share-Based Compensation - RSU Equity Awards (Details) - RSU Equity Awards shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
RSU Equity Awards
Unvested, beginning of the period (in shares) | shares	968
Granted (in shares) | shares	328
Vested (in shares) | shares	(10)
Forfeited (in shares) | shares	(11)
Unvested, end of the period (in shares) | shares	1,275
Weighted Average Grant-Date Fair Value Per Share
Unvested, beginning of the period (in dollars per share) | $ / shares	$ 34.04
Granted (in dollars per share) | $ / shares	60.63
Vested (in dollars per share) | $ / shares	53.38
Forfeited (in dollars per share) | $ / shares	33.36
Unvested, end of the period (in dollars per share) | $ / shares	$ 40.73

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
RSU Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 60.63
Grant date fair value	$ 0.5
Unrecognized compensation costs	$ 37.3
Period for recognition (in years)	2 years 6 months
Granted (in shares)	328,000
Cash-Settled RSU Awards | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0
Cash SARs | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0	0

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Liability for Cash-Settled RSU Awards (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other current liabilities	$ 14,887	$ 9,266
Other long-term liabilities	1,972	6,366
Total Cash-Settled RSU Awards	16,859	15,632
Cash SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other current liabilities	10,324	7,884
Cash-Settled RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other current liabilities	4,563	1,382
Other long-term liabilities	$ 1,972	$ 6,366

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 6,043	$ 11,916
Less: amounts capitalized to oil and gas properties	(1,877)	(4,308)
Total share-based compensation expense (benefit), net	4,166	7,608
RSU Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3,366	2,608
Cash-Settled RSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	237	4,442
Cash SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2,440	$ 4,866

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) shares in Millions	3 Months Ended
	Mar. 31, 2022shares
Equity [Abstract]
Sale of stock, number of shares issued in transaction (in shares)	6.4
Outstanding warrants (in shares)	8.4

Accounts Receivable, Net (Detai

Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 349,821	$ 234,641
Allowance for credit losses	(2,228)	(2,205)
Total accounts receivable, net	347,593	232,436
Joint interest receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	21,044	13,751
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	66,388	49,053
Oil and natural gas receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 262,389	$ 171,837

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable	$ 134,690	$ 151,836
Revenues and royalties payable	277,368	294,143
Accrued capital expenditures	56,388	64,412
Accrued interest	47,994	59,600
Total accounts payable and accrued liabilities	$ 516,440	$ 569,991

Supplemental Cash Flow (Details

Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental cash flow information:
Interest paid, net of capitalized amounts	$ 25,144	$ 12,983
Income taxes paid	0	0
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	7,382	8,065
Investing cash flows from operating leases	6,189	6,005
Non-cash investing and financing activities:
Change in accrued capital expenditures	(8,897)	18,903
Change in asset retirement costs	289	1,151
ROU assets obtained in exchange for lease liabilities:
Operating leases	$ 8,505	$ 6,476

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ in Billions	May 02, 2022USD ($)
Subsequent Event
Subsequent Event [Line Items]
Credit facility borrowing base	$ 1.6