0001528129-22-000091 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2022	May 02, 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	001-35380
Entity Registrant Name	Laredo Petroleum, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3007926
Entity Address, Address Line One	15 W. Sixth Street
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Tulsa
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74119
City Area Code	918
Local Phone Number	513-4570
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	LPI
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		17,303,489
Entity Central Index Key	0001528129
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Consolidated balance sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 65,137	$ 56,798
Accounts receivable, net	213,549	151,807
Derivatives	5,899	4,346
Other current assets	17,767	22,906
Total current assets	302,352	235,857
Oil and natural gas properties, full cost method:
Evaluated properties	9,149,982	8,968,668
Unevaluated properties not being depleted	156,899	170,033
Less accumulated depletion and impairment	(7,089,265)	(7,019,670)
Oil and natural gas properties, net	2,217,616	2,119,031
Midstream service assets, net	94,632	96,528
Other fixed assets, net	35,374	34,590
Total property and equipment, net	2,347,622	2,250,149
Derivatives	33,862	32,963
Other noncurrent assets, net	42,494	32,855
Total assets	2,726,330	2,551,824
Current liabilities:
Accounts payable and accrued liabilities	73,228	71,386
Accrued capital expenditures	69,018	50,585
Undistributed revenue and royalties	162,233	117,920
Derivatives	365,256	179,809
Other current liabilities	105,767	107,213
Total current liabilities	775,502	526,913
Long-term debt, net	1,421,821	1,425,858
Derivatives	17,450	0
Asset retirement obligations	69,677	69,057
Other noncurrent liabilities	18,092	16,216
Total liabilities	2,302,542	2,038,044
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized and zero issued as of March 31, 2022 and December 31, 2021	0	0
Common stock, $0.01 par value, 22,500,000 shares authorized and 17,302,320 and 17,074,516 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	173	171
Additional paid-in capital	2,785,415	2,788,628
Accumulated deficit	(2,361,800)	(2,275,019)
Total stockholders' equity	423,788	513,780
Total liabilities and stockholders' equity	$ 2,726,330	$ 2,551,824

Consolidated balance sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	50,000,000	50,000,000
Preferred stock issued (in shares)	0	0
Common stock par value (in USD per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	22,500,000	22,500,000
Common stock issued (in shares)	17,302,320	17,074,516
Common stock outstanding (in shares)	17,302,320	17,074,516

Consolidated statements of operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total revenues	$ 532,395	$ 250,230
Costs and expenses:
Lease operating expenses	40,876	18,918
Production and ad valorem taxes	27,487	13,283
General and administrative	21,944	13,073
Depletion, depreciation and amortization	73,492	38,109
Other operating expenses	1,019	1,143
Total costs and expenses	263,939	147,427
Operating income	268,456	102,803
Non-operating income (expense):
Loss on derivatives, net	(325,816)	(154,365)
Interest expense	(32,477)	(25,946)
Loss on disposal of assets, net	(260)	(72)
Other income, net	2,439	1,379
Total non-operating expense, net	(356,114)	(179,004)
Loss before income taxes	(87,658)	(76,201)
Income tax (expense) benefit:
Current	(1,218)	0
Deferred	2,095	762
Total income tax benefit	877	762
Net loss	$ (86,781)	$ (75,439)
Net loss per common share:
Basic (in USD per share)	$ (5.18)	$ (6.33)
Diluted (in USD per share)	$ (5.18)	$ (6.33)
Weighted-average common shares outstanding:
Basic (in shares)	16,767	11,918
Diluted (in shares)	16,767	11,918
Oil sales
Revenues:
Total revenues	$ 347,443	$ 127,701
NGL sales
Revenues:
Total revenues	65,155	41,678
Natural gas sales
Revenues:
Total revenues	38,589	33,078
Midstream service revenues
Revenues:
Total revenues	2,344	1,296
Costs and expenses:
Cost of goods and services sold	1,414	858
Sales of purchased oil
Revenues:
Total revenues	78,864	46,477
Costs and expenses:
Cost of goods and services sold	82,964	49,916
Transportation and marketing expenses
Costs and expenses:
Cost of goods and services sold	$ 14,743	$ 12,127

Consolidated statement of stockholders' equity - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Treasury stock (at cost)	Accumulated deficit
Balance at beginning of period (in shares) at Dec. 31, 2020		12,020		0
Balance at beginning of period at Dec. 31, 2020	$ (21,443)	$ 120	$ 2,398,464	$ 0	$ (2,420,027)
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		188
Restricted stock awards	0	$ 2	(2)
Restricted stock forfeitures (in shares)		(1)
Stock exchanged for tax withholding (in shares)				37
Stock exchanged for tax withholding	(1,290)			$ (1,290)
Retirement of treasury stock (in shares)		(37)		(37)
Retirement of treasury stock	0		(1,290)	$ 1,290
Share-settled equity-based compensation	2,738		2,738
Issuance of common stock, net of costs (in shares)		724
Issuance of common stock, net of costs	26,866	$ 7	26,859
Performance share conversion (in shares)		6
Net loss	(75,439)				(75,439)
Balance at end of period (in shares) at Mar. 31, 2021		12,900		0
Balance at end of period at Mar. 31, 2021	(68,568)	$ 129	2,426,769	$ 0	(2,495,466)
Balance at beginning of period (in shares) at Dec. 31, 2021		17,075		0
Balance at beginning of period at Dec. 31, 2021	513,780	$ 171	2,788,628	$ 0	(2,275,019)
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		232
Restricted stock awards	0	$ 2	(2)
Restricted stock forfeitures (in shares)		(4)
Stock exchanged for tax withholding (in shares)				76
Stock exchanged for tax withholding	(5,847)			$ (5,847)
Retirement of treasury stock (in shares)		(76)		(76)
Retirement of treasury stock	0	$ (1)	(5,846)	$ 5,847
Share-settled equity-based compensation	2,636		2,636
Performance share conversion (in shares)		75
Performance share conversion	0	$ 1	(1)
Net loss	(86,781)				(86,781)
Balance at end of period (in shares) at Mar. 31, 2022		17,302		0
Balance at end of period at Mar. 31, 2022	$ 423,788	$ 173	$ 2,785,415	$ 0	$ (2,361,800)

Consolidated statements of cash flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (86,781)	$ (75,439)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-settled equity-based compensation, net	2,053	2,068
Depletion, depreciation and amortization	73,492	38,109
Mark-to-market on derivatives:
Loss on derivatives, net	325,816	154,365
Settlements paid for matured derivatives, net	(125,370)	(41,174)
Premiums received for commodity derivatives	0	9,041
Amortization of debt issuance costs	1,541	989
Amortization of operating lease right-of-use assets	5,025	2,997
Deferred income tax benefit	(2,095)	(762)
Other, net	425	1,491
Changes in operating assets and liabilities:
Accounts receivable, net	(61,742)	(3,728)
Other current assets	5,092	(10,264)
Other noncurrent assets, net	(15,227)	(1,636)
Accounts payable and accrued liabilities	1,842	9,065
Undistributed revenue and royalties	44,294	7,290
Other current liabilities	(1,471)	(19,622)
Other noncurrent liabilities	3,988	(1,639)
Net cash provided by operating activities	170,882	71,151
Cash flows from investing activities:
Acquisitions of oil and natural gas properties, net	(7,870)	0
Capital expenditures:
Oil and natural gas properties	(143,500)	(68,329)
Midstream service assets	(293)	(329)
Other fixed assets	(2,052)	(551)
Proceeds from dispositions of capital assets, net of selling costs	2,019	189
Net cash used in investing activities	(151,696)	(69,020)
Cash flows from financing activities:
Borrowings on Senior Secured Credit Facility	50,000	15,000
Payments on Senior Secured Credit Facility	(55,000)	(50,000)
Proceeds from issuance of common stock, net of offering costs	0	26,866
Stock exchanged for tax withholding	(5,847)	(1,290)
Other	0	2,798
Net cash used in financing activities	(10,847)	(6,626)
Net increase (decrease) in cash and cash equivalents	8,339	(4,495)
Cash and cash equivalents, beginning of period	56,798	48,757
Cash and cash equivalents, end of period	$ 65,137	$ 44,262

Organization and basis of presentation	3 Months Ended
Organization and basis of presentation	Mar. 31, 2022
Accounting Policies [Abstract]
Organization and basis of presentation	Organization and basis of presentation Organization Laredo Petroleum, Inc. ("Laredo"), together with its wholly-owned subsidiaries, Laredo Midstream Services, LLC ("LMS") and Garden City Minerals, LLC ("GCM"), is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties, primarily in the Permian Basin of West Texas. The Company has identified one operating segment: exploration and production. In these notes, the "Company" refers to Laredo, LMS and GCM collectively, unless the context indicates otherwise. All amounts, dollars and percentages presented in these unaudited consolidated financial statements and the related notes are rounded and, therefore, approximate. Basis of presentation The unaudited consolidated financial statements were derived from the historical accounting records of the Company and reflect the historical financial position, results of operations and cash flows for the periods described herein. The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All material intercompany transactions and account balances have been eliminated in the consolidation of accounts. The unaudited consolidated financial statements have not been audited by the Company's independent registered public accounting firm, except that the consolidated balance sheet as of December 31, 2021 is derived from the Company's audited consolidated financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's financial position as of March 31, 2022, results of operations for the three months ended March 31, 2022 and 2021 and cash flows for the three months ended March 31, 2022 and 2021. Certain disclosures have been condensed or omitted from the unaudited consolidated financial statements. Accordingly, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2021 Annual Report. Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. There was no impact on previously reported total assets, total liabilities, net loss or stockholders' equity for the periods presented. Significant accounting policies There have been no material changes in the Company's significant accounting policies during the three months ended March 31, 2022. See Note 2 in the 2021 Annual Report for discussion of significant accounting policies. Use of estimates in the preparation of interim unaudited consolidated financial statements The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates are reasonable, actual results could differ. See Note 2 in the 2021 Annual Report for further information regarding the use of estimates and assumptions.

New accounting standards	3 Months Ended
New accounting standards	Mar. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
New accounting standards	New accounting standards The Company considered the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board to the Accounting Standards Codification ("ASC") and has determined there are no ASUs that are not yet adopted and meaningful to disclose as of March 31, 2022. Additionally, the Company did not adopt any new ASUs during the three months ended March 31, 2022.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Acquisitions and divestitures

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions and divestitures

2021 Acquisitions and divestiture

Pioneer Acquisition

On September 17, 2021, the Company entered into a purchase and sale agreement (the "Pioneer PSA") with Pioneer Natural Resources USA, Inc ("PXD"), DE Midland III, LLC ("DEM"), Parsley Minerals, LLC ("PM") and Parsley Energy, L.P. ("PE" and collectively with PXD, DEM, and PM, the "Seller") pursuant to which the Company agreed to purchase (the "Pioneer Acquisition"), effective as of July 1, 2021, certain oil and natural gas properties in the Midland Basin, including approximately 20,000 net acres, and approximately 135 gross (121 net) operated locations, located in western Glasscock County, Texas, as well as related assets and contracts (the "Pioneer Assets").

On October 18, 2021 ("Pioneer Closing Date"), the Company closed the Pioneer Acquisition for an aggregate purchase price of $206.3 million, comprised of (i) $131.6 million in cash, (ii) 959,691 shares of the Company's common stock, par value $0.01 per share (the "common stock"), based upon the share price as of the Pioneer Closing Date and (iii) $3.8 million in transaction related expenses, inclusive of customary closing adjustments, subject to post-closing adjustments.

The Company determined that the Pioneer Acquisition was an asset acquisition, as substantially all of the gross assets acquired are concentrated in a group of similar identifiable assets. Accordingly, the consideration paid was allocated to the individual assets acquired and liabilities assumed based on their relative fair values and all transaction costs associated were capitalized.

The following table presents components of the purchase price, inclusive of customary closing adjustments:


(in thousands, except for share and share price data)	As of October 18, 2021
Shares of Company common stock	959,691
Company common stock price at the Pioneer Closing Date	$	73.90
Value of Company common stock consideration	$	70,921

Cash consideration	$	131,633
Transaction costs	3,775

Total purchase price	$	206,329

The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed, based on their relative fair values, on the Pioneer Closing Date:


(in thousands)	As of October 18, 2021
Evaluated properties	$	139,859
Unevaluated properties	74,192
Revenue suspense liabilities assumed	(7,722)
Allocated purchase price	$	206,329

The Company funded the cash portion of the aggregate purchase price and related transaction costs with respect to the Pioneer Acquisition with cash on hand and borrowings under its Senior Secured Credit Facility.

During the year ended December 31, 2021, in connection with the Pioneer Acquisition, the Company acquired additional interests in the Pioneer Assets through additional sellers that exercised their "tag-along" sales rights, for total cash consideration of $2.9 million, excluding customary purchase price adjustments. These acquisitions were accounted for as asset acquisitions.

Sabalo/Shad Acquisition

On May 7, 2021, the Company entered into two separate purchase and sale agreements, one (the "Sabalo PSA") with Sabalo Energy, LLC and its subsidiary, Sabalo Operating, LLC (collectively, "Sabalo"), and the other (the "Shad PSA" and together with the Sabalo PSA, the "Sabalo/Shad PSAs") with Shad Permian, LLC ("Shad"), to acquire certain Midland Basin oil and natural gas

properties, including approximately 21,000 net acres and approximately 120 gross (109 net) operated locations and approximately 150 gross (18 net) non-operated locations, located in Howard and Borden Counties, Texas, (collectively, the "Sabalo/Shad Acquisition"). Sabalo and Shad are unaffiliated, but owned interests in the same assets.

On July 1, 2021 ("Sabalo/Shad Closing Date"), the Company closed the Sabalo/Shad Acquisition, effective April 1, 2021, for an aggregate purchase price of $863.1 million, comprised of (i) $606.1 million in cash (ii) 2,506,964 shares of the Company's common stock, based upon the share price as of the Sabalo/Shad Closing Date, and (iii) $17.0 million in transaction related expenses, inclusive of customary closing adjustments, subject to post-closing adjustments.

The Sabalo/Shad Acquisition was accounted for as a single transaction because the Sabalo PSA and Shad PSA were entered into at the same time and in contemplation of one another to form a single transaction designed to achieve an overall economic effect. The Company determined that the Sabalo/Shad Acquisition was an asset acquisition, as substantially all of the gross assets acquired are concentrated in a group of similar identifiable assets. Accordingly, the consideration paid was allocated to the individual assets acquired and liabilities assumed based on their relative fair values and all transaction costs associated were capitalized.

The following table presents components of the purchase price, inclusive of customary closing adjustments:


(in thousands, except for share and share price data)	As of July 1, 2021
Shares of Company common stock	2,506,964
Company common stock price at the Sabalo/Shad Closing Date	$	95.72
Value of Company common stock consideration	$	239,967

Cash consideration	$	606,126
Transaction costs	17,020
Total purchase price	$	863,113

The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed, based on their relative fair values, on the Sabalo/Shad Closing Date:


(in thousands)	As of July 1, 2021
Evaluated properties	$	503,005
Unevaluated properties	362,977
Revenue suspense liabilities assumed	(4,269)
Inventory	1,400
Allocated purchase price	$	863,113

The Company funded the cash portion of the aggregate purchase price and related transaction costs with respect to the Sabalo/Shad Acquisition with proceeds from borrowings under its Senior Secured Credit Facility and the Working Interest Sale described below.

Working Interest Sale

On May 7, 2021, the Company entered into a purchase and sale agreement (the "Sixth Street PSA") with Piper Investments Holdings, LLC, an affiliate of Sixth Street Partners, LLC ("Sixth Street"), to sell 37.5% of the Company's working interest in certain producing wellbores and the related properties primarily located within Glasscock and Reagan Counties, Texas, subject to certain excluded assets and title diligence procedures (the "Working Interest Sale").

On July 1, 2021 (the "Sixth Street Closing Date"), the Company closed the Working Interest Sale for cash proceeds of $405.0 million. In addition to such proceeds, the Sixth Street PSA also provided the Company with the right to receive up to a maximum of $93.7 million in additional cash consideration if certain cash flow targets related to divested oil and natural gas property operations are met ("Sixth Street Contingent Consideration"). The Sixth Street Contingent Consideration is made up of quarterly payments through June 2027 totaling up to $38.7 million and a potential balloon payment of $55.0 million in June 2027. On the Sixth Street Closing Date, the fair value of the Sixth Street Contingent Consideration was determined to be $33.8 million. The Sixth Street Contingent Consideration is accounted for as a contingent consideration derivative, with all

gains and losses as a result of changes in the fair value of the contingent consideration derivative recognized in earnings in the period in which the changes occur. See Notes 8 and 9 for further discussion of the Sixth Street Contingent Consideration.

Subsequent to the Sixth Street Closing Date, the Company continues to own and operate its remaining working interest in the properties sold to Sixth Street; however, the results of operations and cash flows related to the 37.5% working interests sold were eliminated from the Company's financial statements. This divestiture did not represent a strategic shift and will not have a major effect on the Company's future operations or financial results.

Pursuant to the rules governing full cost accounting, the Company recorded a gain on the Working Interest Sale of $93.5 million, net of transaction expenses of $11.6 million, on the Company's consolidated statements of operations, subject to post-closing adjustments, as this divestment represented more than 25% of the Company's June 30, 2021 proved reserves. For the purposes of calculating the gain, total capitalized costs were allocated between reserves sold and reserves retained as of the Sixth Street Closing Date.

Exchange of unevaluated oil and natural gas properties

From time to time, the Company exchanges undeveloped acreage with third parties. The exchanges are recorded at fair value and the difference is accounted for as an adjustment of capitalized costs with no gain or loss recognized pursuant to the rules governing full cost accounting, unless such adjustment would significantly alter the relationship between capitalized costs and proved reserves of oil, NGL and natural gas.

Property and equipment

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and equipment

The following table presents the Company's property and equipment as of the dates presented:


(in thousands)	March 31, 2022		December 31, 2021
Evaluated oil and natural gas properties	$	9,149,982	$	8,968,668
Less accumulated depletion and impairment	(7,089,265)		(7,019,670)
Evaluated oil and natural gas properties, net	2,060,717		1,948,998

Unevaluated oil and natural gas properties not being depleted	156,899		170,033

Midstream service assets	165,099		165,232
Less accumulated depreciation and impairment	(70,467)		(68,704)
Midstream service assets, net	94,632		96,528

Depreciable other fixed assets	45,448		43,381
Less accumulated depreciation and amortization	(28,980)		(27,692)
Depreciable other fixed assets, net	16,468		15,689

Land	18,906		18,901

Total property and equipment, net	$	2,347,622	$	2,250,149

See Notes 2 and 6 in the 2021 Annual Report for additional discussion of the Company's property and equipment.

The unamortized cost of evaluated oil and natural gas properties being depleted did not exceed the full cost ceiling as of March 31, 2022 and March 31, 2021. As such, no full cost ceiling impairments were recorded for the three months ended March 31, 2022 and 2021.

The following table presents incurred capital expenditures in the acquisition, exploration and development of oil and natural gas properties, with asset retirement obligations included in evaluated property acquisition costs and development costs, for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Property acquisition costs:
Evaluated	$	4,780	$	—
Unevaluated	3,274		—
Exploration costs	6,753		3,957
Development costs	161,615		64,492
Total oil and natural gas properties incurred capital expenditures	$	176,422	$	68,449

Total oil and natural gas properties incurred capital expenditures includes certain employee-related costs. The following table presents capitalized employee-related incurred capital expenditures in the acquisition, exploration and development of oil and natural gas properties for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Capitalized employee-related costs	$	4,343	$	4,241

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

Long-term debt, net

The following table presents the Company's long-term debt and debt issuance costs, net included in "Long-term debt, net" on the unaudited consolidated balance sheets as of the dates presented:


	March 31, 2022						December 31, 2021
(in thousands)	Long-term debt		Debt issuance costs, net		Long-term debt, net		Long-term debt		Debt issuance costs, net		Long-term debt, net
January 2025 Notes	$	577,913	$	(5,816)	$	572,097	$	577,913	$	(6,345)	$	571,568
January 2028 Notes	361,044		(4,814)		356,230		361,044		(5,024)		356,020
July 2029 Notes	400,000		(6,506)		393,494		400,000		(6,730)		393,270
Senior Secured Credit Facility(1)	100,000		—		100,000		105,000		—		105,000
Total	$	1,438,957	$	(17,136)	$	1,421,821	$	1,443,957	$	(18,099)	$	1,425,858

______________________________________________________________________________

(1)Debt issuance costs, net related to the Senior Secured Credit Facility of $7.5 million and $8.1 million as of March 31, 2022 and December 31, 2021, respectively, are included in "Other noncurrent assets, net" on the unaudited consolidated balance sheets.

July 2029 Notes

On July 16, 2021, the Company completed a private offering and sale of $400.0 million in aggregate principal amount of 7.750% senior unsecured notes due 2029 (the "July 2029 Notes"). Interest for the July 2029 Notes is payable semi-annually, in cash in arrears on January 31 and July 31 of each year, commencing January 31, 2022 with interest from closing to that date. The terms of the July 2029 Notes include covenants, which are in addition to but different than similar covenants in the Senior Secured Credit Facility, which limit the Company's ability to incur indebtedness, make restricted payments, grant liens and dispose of assets.

The July 2029 Notes are fully and unconditionally guaranteed on a senior unsecured basis by LMS and GCM, and will be fully and unconditionally guaranteed by certain of the Company's future restricted subsidiaries, subject to certain automatic customary releases, including the sale, disposition or transfer of all of the capital stock or of all or substantially all of the assets of a subsidiary guarantor to one or more persons that are not the Company or a restricted subsidiary, exercise of legal defeasance or covenant defeasance options or satisfaction and discharge of the applicable indenture, designation of a

subsidiary guarantor as a non-guarantor restricted subsidiary or as an unrestricted subsidiary in accordance with the applicable indenture, release from guarantee under the Senior Secured Credit Facility, or liquidation or dissolution (collectively, the "Releases").

The Company received net proceeds of approximately $392.0 million from the July 2029 Notes, after deducting underwriting discounts and commissions and estimated offering expenses. The proceeds from the offering were used for general corporate purposes, including repaying a portion of the borrowings outstanding under the Senior Secured Credit Facility.

Senior Secured Credit Facility

As of March 31, 2022, the Senior Secured Credit Facility, which matures on July 16, 2025 (subject to a springing maturity date of July 29, 2024 if any of the January 2025 Notes are outstanding on such date), had a maximum credit amount of $2.0 billion, a borrowing base and an aggregate elected commitment of $1.0 billion and $725.0 million, respectively, with $100.0 million outstanding, and was subject to an interest rate of 3.000%. The Senior Secured Credit Facility contains both financial and non-financial covenants, all of which the Company was in compliance with for all periods presented. Additionally, the Senior Secured Credit Facility provides for the issuance of letters of credit, limited to the lesser of total capacity and $80.0 million. As of March 31, 2022 and December 31, 2021, the Company had one letter of credit outstanding of $44.1 million under the Senior Secured Credit Facility. For additional information see Note 7 in the 2021 Annual Report.

See Note 16 for discussion of (i) additional borrowings and repayments on and (ii) an increase in the borrowing base and aggregate commitment of the Senior Secured Credit Facility subsequent to March 31, 2022.

The Company's measurements of Adjusted EBITDA (non-GAAP) for financial reporting as compared to compliance under its debt agreements differ.

Debt issuance costs

No debt issuance costs were capitalized or written off during the three months ended March 31, 2022 or 2021.

The Company had total debt issuance costs of $24.7 million and $26.2 million, net of accumulated amortization of $28.7 million and $27.2 million, as of March 31, 2022 and December 31, 2021, respectively. Debt issuance costs related to the Company's January 2025 Notes, January 2028 Notes and July 2029 Notes are included in "Long-term debt, net" on the unaudited consolidated balance sheets. Debt issuance costs related to the Senior Secured Credit Facility are included in "Other noncurrent assets, net" on the unaudited consolidated balance sheets. Debt issuance costs are amortized on a straight-line basis over the respective terms of the notes and the Senior Secured Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Stockholders' equity	3 Months Ended
Stockholders' equity	Mar. 31, 2022
Equity [Abstract]
Stockholders' equity	Stockholders' equity ATM Program On February 23, 2021, the Company entered into an equity distribution agreement (the "Equity Distribution Agreement") with Wells Fargo Securities, LLC acting as sales agent and/or principal (the "Sales Agent"), pursuant to which the Company may offer and sell, from time to time through the Sales Agent, shares of its common stock having an aggregate gross sales price of up to $75.0 million through an "at-the-market" equity program (the "ATM Program"). During the three months ended March 31, 2021, the Company sold 723,579 shares of its common stock pursuant to the ATM Program for net proceeds of approximately $26.9 million, after underwriting commissions and other related expenses. The ATM Program was completed during the year ended December 31, 2021. Proceeds from the share sales were utilized to reduce borrowings on the Senior Secured Credit Facility.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Equity Incentive Plan

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Equity Incentive Plan

The Laredo Petroleum, Inc. Omnibus Equity Incentive Plan (the "Equity Incentive Plan") provides for the granting of incentive awards in the form of restricted stock awards, stock option awards, performance share awards, performance unit awards, phantom unit awards and other awards. On May 20, 2021, the Company's stockholders approved an amendment to the Equity Incentive Plan to, among other things, increase the maximum number of shares of the Company's common stock issuable under the Equity Incentive Plan from 1,492,500 to 2,432,500 shares.

See Note 9 in the 2021 Annual Report for additional discussion of the Company's equity-based compensation awards.

The following table presents activity for equity-based compensation awards for the three months ended March 31, 2022:


	Equity Awards			Liability Awards
(in thousands)	Restricted Stock Awards	Stock Option Awards	Performance Share Awards(1)(2)	Performance Unit Awards	Phantom Unit Awards(3)
Outstanding as of December 31, 2021	350	7	72	209	33
Granted	232	—	62	—	—
Forfeited	(4)	—	(2)	—	—
Vested	(125)	—	(70)	—	(15)

Expired or canceled	—	(2)	—	—	—
Outstanding as of March 31, 2022	453	5	62	209	18

_____________________________________________________________________________

(1)The performance share awards granted on February 28, 2019 had a performance period of January 1, 2019 to December 31, 2021 and, as their market and performance criteria were satisfied, resulted in a 107% payout. As such, the granted awards vested and were converted into 75,107 shares of the Company's common stock during the three months ended March 31, 2022 based on this 107% payout.

(2)On February 22, 2022, the Company granted performance share awards with a performance period of January 1, 2022 through December 31, 2024. The market criteria consists of: (i) annual relative total shareholder return comparing the Company's shareholder return to the shareholder return of the exploration and production companies listed in the Russell 2000 Index and (ii) annual absolute total shareholder return. The performance criteria for these awards consists of: (i) earnings before interest, taxes, depreciation, amortization and exploration expense and three-year total debt reduction, (ii) growth in inventory and (iii) emissions reduction targets. Any shares earned are expected to be paid in equity during the first quarter following the completion of the requisite service period, based on the achievement of market and performance criteria, and the payout can range from 0% to 225%.

(3)On March 1, 2022 and March 5, 2022, the vested phantom unit awards were settled and paid out in cash at a fair value of $76.60 and $83.00 based on the Company's closing stock price on the respective vesting dates.

As of March 31, 2022, total unrecognized cost related to equity-based compensation awards was $39.7 million, of which $14.0 million was attributable to liability awards which will be settled in cash rather than shares. Such cost will be recognized on a straight-line basis over an expected weighted-average period of 2.28 years.

Equity-based compensation

The following table reflects equity-based compensation expense for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Equity awards:
Restricted stock awards	$	2,175	$	1,963
Performance share awards	461		768
Stock option awards	—		7
Total share-settled equity-based compensation, gross	$	2,636	$	2,738
Less amounts capitalized	(583)		(670)
Total share-settled equity-based compensation, net	$	2,053	$	2,068
Liability awards:
Performance unit awards	$	5,566	$	820
Phantom unit awards	609		506
Total cash-settled equity-based compensation, gross	$	6,175	$	1,326
Less amounts capitalized	(47)		(198)
Total cash-settled equity-based compensation, net	$	6,128	$	1,128
Total equity-based compensation, net	$	8,181	$	3,196

Derivatives

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company has three types of derivative instruments as of March 31, 2022: (i) commodity derivatives, (ii) a debt interest rate derivative and (iii) a contingent consideration derivative. See Notes (i) 2 in the 2021 Annual Report for discussion of the Company's significant accounting policies for derivatives and presentation, (ii) 9 for discussion of fair value measurement of derivatives on a recurring basis and (iii) 16 for discussion of derivatives subsequent events. The Company's derivatives were not designated as hedges for accounting purposes, and the Company does not enter into such instruments for speculative trading purposes. Accordingly, the changes in fair value are recognized in "Loss on derivatives, net" under "Non-operating income (expense)" on the unaudited consolidated statements of operations.

The following table summarizes components of the Company's loss on derivatives, net by type of derivative instrument for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Commodity	$	(329,724)	$	(154,033)
Interest rate	13		4
Contingent consideration	3,895		(336)
Loss on derivatives, net	$	(325,816)	$	(154,365)

Commodity

Due to the inherent volatility in oil, NGL and natural gas prices and the sometimes wide pricing differentials between where the Company produces and where the Company sells such commodities, the Company engages in commodity derivative transactions, such as puts, swaps, collars and basis swaps, to hedge price risk associated with a portion of the Company's anticipated sales volumes. By removing a portion of the price volatility associated with future sales volumes, the Company expects to mitigate, but not eliminate, the potential effects of variability in cash flows from operations. See Note 10 in the 2021 Annual Report for discussion of transaction types and settlement indexes.

During the three months ended March 31, 2022, the Company’s derivatives were settled based on reported prices on commodity exchanges, with (i) oil derivatives settled based on WTI NYMEX and Brent ICE pricing, (ii) NGL derivatives settled based on Mont Belvieu OPIS pricing and (iii) natural gas derivatives settled based on Henry Hub NYMEX and Waha Inside FERC pricing.

The following table summarizes open commodity derivative positions as of March 31, 2022, for commodity derivatives that were entered into through March 31, 2022, for the settlement periods presented:


	Remaining Year 2022		Year 2023
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	1,068,000		—
Weighted-average price ($/Bbl)	$	81.57	$	—
WTI NYMEX - Collars:
Volume (Bbl)	2,557,500		3,997,000
Weighted-average floor price ($/Bbl)	$	58.23	$	66.37
Weighted-average ceiling price ($/Bbl)	$	69.39	$	81.16









Brent ICE - Swaps:
Volume (Bbl)	3,107,500		—
Weighted-average price ($/Bbl)	$	48.34	$	—
Brent ICE - Collars:
Volume (Bbl)	1,168,750		—
Weighted-average floor price ($/Bbl)	$	56.65	$	—
Weighted-average ceiling price ($/Bbl)	$	65.44	$	—














































NGL:

Purity Ethane - Swaps:
Volume (Bbl)	1,155,000		—
Weighted-average price ($/Bbl)	$	11.42	$	—
Non-TET Propane - Swaps:
Volume (Bbl)	880,000		—
Weighted-average price ($/Bbl)	$	35.91	$	—
Non-TET Normal Butane - Swaps:
Volume (Bbl)	275,000		—
Weighted-average price ($/Bbl)	$	41.58	$	—
Non-TET Isobutane - Swaps:
Volume (Bbl)	82,500		—
Weighted-average price ($/Bbl)	$	42.00	$	—
Non-TET Natural Gasoline - Swaps:
Volume (Bbl)	275,000		—
Weighted-average price ($/Bbl)	$	60.65	$	—

Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	2,750,000		—
Weighted-average price ($/MMBtu)	$	2.73	$	—
Henry Hub NYMEX - Collars:
Volume (MMBtu)	22,000,000		3,650,000
Weighted-average floor price ($/MMBtu)	$	3.09	$	3.00
Weighted-average ceiling price ($/MMBtu)	$	3.84	$	4.45





Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	21,862,500		—
Weighted-average differential ($/MMBtu)	$	(0.36)	$	—

Interest rate

Due to the inherent volatility in interest rates, the Company has entered into an interest rate derivative swap to hedge interest rate risk associated with a portion of the Company's anticipated outstanding debt under the Senior Secured Credit Facility. The Company will pay a fixed rate over the contract term for that portion. By removing a portion of the interest rate volatility associated with anticipated outstanding debt, the Company expects to mitigate, but not eliminate, the potential effects of variability in cash flows from operations.

The following table summarizes the Company's interest rate derivative:


	Notional amount (in thousands)		Fixed rate		Contract period
LIBOR - Swap	$	100,000	0.345	%	April 16, 2020 - April 18, 2022

Contingent consideration

The Sixth Street PSA provides for potential contingent payments to be paid to the Company if certain cash flow targets are met related to divested oil and natural gas property operations. The Sixth Street Contingent Consideration provides the Company with the right to receive up to a maximum of $93.7 million in additional cash consideration, comprised of potential quarterly payments through June 2027 totaling up to $38.7 million and a potential balloon payment of $55.0 million in June 2027. The fair value of the Sixth Street Contingent Consideration was $35.9 million as of December 31, 2021 and $39.8 million as of March 31, 2022. See Note 3 for further discussion of the Working Interest Sale associated with the Sixth Street Contingent Consideration.

The Company's asset acquisition of oil and natural gas properties that closed on April 30, 2020 provided for potential contingent payments to be paid by the Company if the arithmetic average of the monthly settlement WTI NYMEX prices exceed certain thresholds for the contingency period beginning on January 1, 2021 and ending on the earlier of December 31, 2022 or the date the counterparty has received the maximum consideration of $1.2 million. As the maximum thresholds were met, the Company paid the maximum amount of the $1.2 million contingent consideration to the counterparty during the year ended December 31, 2021.

At each quarterly reporting period, the Company remeasures contingent consideration with the change in fair value recognized in earnings.

Fair value measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair value measurements

See the beginning of Note 11 in the 2021 Annual Report for information about the fair value hierarchy levels.

Fair value measurement on a recurring basis

See Note 8 for further discussion of the Company's derivatives, and see Note 2 in the 2021 Annual Report for the Company's significant accounting policies for derivatives.

Balance sheet presentation

The following tables present the Company's derivatives by (i) balance sheet classification, (ii) derivative type and (iii) fair value hierarchy level, and provide a total, on a gross basis and a net basis reflected in "Derivatives" on the unaudited consolidated balance sheets as of the dates presented:


	March 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total gross fair value		Amounts offset		Net fair value presented on the unaudited consolidated balance sheets
Assets:
Current:



Commodity	$	—	$	18,029	$	—	$	18,029	$	(18,029)	$	—

Interest rate	—		5		—		5		—		5
Contingent consideration	—		—		5,894		5,894		—		5,894
Noncurrent:



Commodity	—		315		—		315		(315)		—


Contingent consideration	—		—		33,862		33,862		—		33,862
Liabilities:
Current:



Commodity	—		(383,285)		—		(383,285)		18,029		(365,256)

Interest rate	—		—		—		—		—		—

Noncurrent:



Commodity	—		(17,765)		—		(17,765)		315		(17,450)




Net derivative liability positions	$	—	$	(382,701)	$	39,756	$	(342,945)	$	—	$	(342,945)


	December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total gross fair value		Amounts offset		Net fair value presented on the consolidated balance sheets
Assets:
Current:



Commodity	$	—	$	21,671	$	—	$	21,671	$	(21,671)	$	—


Interest rate	—		—		—		—		—		—
Contingent consideration	—		—		4,346		4,346		—		4,346
Noncurrent:



Commodity	—		1,448		—		1,448		—		1,448


Contingent consideration	—		—		31,515		31,515		—		31,515
Liabilities:
Current:



Commodity	—		(201,428)		—		(201,428)		21,671		(179,757)


Interest rate	—		(52)		—		(52)		—		(52)

Noncurrent:



Commodity	—		—		—		—		—		—




Net derivative liability positions	$	—	$	(178,361)	$	35,861	$	(142,500)	$	—	$	(142,500)

See Note 11 in the 2021 Annual Report for discussion of the significant Level 2 inputs used in the fair value mark-to-market analysis of commodity, interest rate and contingent consideration derivatives. The Company reviewed the third-party

specialist's valuations of commodity, interest rate and contingent consideration derivatives, including the related inputs, and analyzed changes in fair values between reporting dates.

The Working Interest Sale provides for potential contingent payments to be paid to the Company. The Sixth Street Contingent Consideration associated with the Working Interest Sale was categorized as Level 3 of the fair value hierarchy, as the Company utilized its own cash flow projections along with a risk-adjusted discount rate generated by a third-party valuation specialist to determine the valuation. The Company reviewed the third-party specialist's valuation, including the related inputs, and analyzed changes in fair values between the Sixth Street Closing Date and the reporting dates. The fair value of the Sixth Street Contingent Consideration was recorded as part of the basis in the oil and natural gas properties divested and as a contingent consideration asset. At each quarterly reporting period prior to the end of the contingency period, the Company will remeasure the Sixth Street Contingent Consideration with the changes in fair value recognized in the earnings for such quarter. See Note 3 for further discussion of the Working Interest Sale associated with the Sixth Street Contingent Consideration.

The following table summarizes the changes in contingent consideration derivatives classified as Level 3 measurements for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Balance of Level 3 at beginning of year	$	35,861	$	—

Change in net present value of Sixth Street Contingent Consideration	3,895		—
Balance of Level 3 at end of period	$	39,756	$	—

The Company's acquisition of oil and natural gas properties that closed on April 30, 2020 provided for potential contingent payments to be paid by the Company. During the year ended December 31, 2021, the maximum amount of the $1.2 million contingent consideration was distributed to the counterparty.

Fair value measurement on a nonrecurring basis

See Note 2 in the 2021 Annual Report for the Level 2 fair value hierarchy input assumptions used in estimating the net realizable value ("NRV") of inventory. There were no impairments of inventory recorded during the three months ended March 31, 2022 and 2021.

See Note 11 in the 2021 Annual Report for the Level 3 fair value hierarchy input assumptions used in the fair value measurement of long-lived assets. There were no impairments of long-lived assets recorded during the three months ended March 31, 2022 and 2021.

Items not accounted for at fair value

The carrying amounts reported on the unaudited consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable, accrued capital expenditures, undistributed revenue and royalties and other accrued assets and liabilities approximate their fair values.

The Company has not elected to account for its debt instruments at fair value. The following table presents the carrying amounts and fair values of the Company's debt as of the dates presented:


	March 31, 2022				December 31, 2021
(in thousands)	Carrying amount		Fair value(1)		Carrying amount		Fair value(1)
January 2025 Notes	$	577,913	$	602,567	$	577,913	$	589,471
January 2028 Notes	361,044		388,014		361,044		378,578
July 2029 Notes	400,000		404,112		400,000		390,000
Senior Secured Credit Facility	100,000		99,980		105,000		105,040
Total	$	1,438,957	$	1,494,673	$	1,443,957	$	1,463,089

______________________________________________________________________________

(1)The fair values of the outstanding notes were determined using the Level 1 fair value hierarchy quoted market prices for each respective instrument as of March 31, 2022 and December 31, 2021. The fair values of the outstanding debt under the Senior Secured Credit Facility were estimated utilizing the Level 2 fair value hierarchy pricing model for similar instruments as of March 31, 2022 and December 31, 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Net loss per common share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net loss per common share

Basic and diluted net loss per common share are computed by dividing net loss by the weighted-average common shares outstanding for the period. Diluted net loss per common share reflects the potential dilution of non-vested restricted stock awards, outstanding stock option awards and non-vested performance share awards. See Note 9 in the 2021 Annual Report for additional discussion of these awards. For the three months ended March 31, 2022 and March 31, 2021, all of these awards were anti-dilutive due to the Company's net loss and, therefore, were excluded from the calculation of diluted net loss per common share.

The following table reflects the calculations of basic and diluted (i) weighted-average common shares outstanding and (ii) net loss per common share for the periods presented:


	Three months ended March 31,
(in thousands, except for per share data)	2022		2021
Net loss (numerator)	$	(86,781)	$	(75,439)
Weighted-average common shares outstanding (denominator):
Basic	16,767		11,918




Diluted	16,767		11,918
Net loss per common share:
Basic	$	(5.18)	$	(6.33)
Diluted	$	(5.18)	$	(6.33)

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies From time to time, the Company is subject to various legal proceedings arising in the ordinary course of business, including those that arise from interpretation of federal, state and local laws and regulations affecting the oil and natural gas industry, personal injury claims, title disputes, royalty disputes, contract claims, contamination claims relating to oil and natural gas exploration and development and environmental claims, including claims involving assets previously sold to third parties and no longer part of the Company's current operations. The Company may not have insurance coverage for some of these proceedings and failure to comply with applicable laws and regulations can result in substantial penalties. While many of these matters involve inherent uncertainty, as of the date hereof, the Company believes that any such legal proceedings, if ultimately decided adversely, will not have a material adverse effect on the Company's business, financial position, results of operations or liquidity. See Note 15 in the 2021 Annual Report for further discussion of litigation and environmental and federal, state and local regulations. Drilling rig contracts The Company enters into drilling rig contracts to ensure availability of desired rigs to facilitate drilling plans. The Company has two operating leases for terms of multiple months, both of which contain early termination clauses that require the Company to potentially pay penalties to the third party should the Company cease drilling efforts. These penalties would negatively impact the Company's financial statements upon early contract termination. There were no penalties incurred for early contract termination for either of the three months ended March 31, 2022 or 2021. As these drilling rig contracts are operating leases with an initial term greater than 12 months, the present value of the future commitment as of March 31, 2022 is included in current and noncurrent "Other liabilities, net" on the unaudited consolidated balance sheet as of March 31, 2022. See Note 5 in the 2021 Annual Report for additional discussion of the Company's leases. Firm sale and transportation commitments The Company has committed to deliver, for sale or transportation, fixed volumes of product under certain contractual arrangements that specify the delivery of a fixed and determinable quantity. If not fulfilled, the Company is subject to firm transportation payments on excess pipeline capacity and other contractual penalties. These commitments are normal and customary for the Company's business. In certain instances, the Company has used spot market purchases to meet its commitments in certain locations or due to favorable pricing. A portion of the Company's commitments are related to transportation commitments with a certain pipeline pertaining to the gathering of the Company's production from established acreage that extends into 2024. The Company was unable to satisfy a portion of this particular commitment with produced or purchased oil, therefore, the Company expensed firm transportation payments on excess capacity of $2.1 million and $1.6 million during the three months ended March 31, 2022 and 2021, respectively, which are recorded in "Transportation and marketing expenses" on the unaudited consolidated statement of operations. The Company's estimated aggregate liability of firm transportation payments on excess capacity is $5.4 million as of March 31, 2022, and is included in "Accounts payable and accrued liabilities" on the unaudited consolidated balance sheet. As of March 31, 2022, future firm sale and transportation commitments of $199.3 million are expected to be satisfied and, as such, are not recorded as a liability on the unaudited consolidated balance sheet. Sand purchase commitment During the year ended December 31, 2021, the Company renegotiated an agreement to take delivery of processed sand at a fixed price for one year, which is utilized in the Company's completions activities, from its sand mine that is operated by a third-party contractor. As of March 31, 2022, under the terms of this agreement, the Company is required to purchase a certain volume remaining under its commitment or it will incur a shortfall payment of $3.9 million at the end of the contract period.

Supplemental cash flow and non-cash information

3 Months Ended

Mar. 31, 2022

Supplemental Cash Flow Elements [Abstract]

Supplemental cash flow and non-cash information

The following table presents supplemental cash flow and non-cash information for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Supplemental cash flow information:
Cash paid for interest, net of $1,463 and $449 of capitalized interest, respectively	$	63,057	$	48,030

Supplemental non-cash investing information:

Change in accrued capital expenditures	$	18,433	$	(351)

Capitalized share-settled equity-based compensation	$	583	$	670
Capitalized asset retirement cost	$	181	$	397

The following table presents supplemental non-cash adjustments information related to operating leases for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Right-of-use assets obtained in exchange for operating lease liabilities(1)	$	9,949	$	—

_____________________________________________________________________________

(1)See Note 5 in the 2021 Annual Report for additional discussion of the Company's leases.

Asset retirement obligations

3 Months Ended

Mar. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Asset retirement obligations

See Note 2 in the 2021 Annual Report for discussion of the Company's significant accounting policies for asset retirement obligations. The following table reconciles the Company's asset retirement obligation liability associated with tangible long-lived assets for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Liability at beginning of period	$	72,003	$	68,326
Liabilities added due to acquisitions, drilling, midstream service asset construction and other	181		397
Accretion expense(1)	1,019		1,143
Liabilities settled due to plugging and abandonment or removed due to sale	(555)		(57)


Liability at end of period	$	72,648	$	69,809

_____________________________________________________________________________

(1)Accretion expense is included in "Other operating expenses" on the unaudited consolidated statements of operations.

Income taxes	3 Months Ended
Income taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company is subject to federal and state income taxes and the Texas franchise tax. As of March 31, 2022, the Company had federal net operating loss ("NOL") carryforwards totaling $2.0 billion, $1.7 billion of which will begin to expire in 2026 and $376.2 million of which will not expire but may be limited in future periods, and state of Oklahoma net operating loss carryforwards totaling $34.4 million that will begin to expire in 2032. If the Company were to experience an "ownership change" as determined under Section 382 of the Internal Revenue Code, the Company's ability to offset taxable income arising after the ownership change with net operating losses arising prior to the ownership change would be limited. For the three months ended March 31, 2022, the Company recorded current tax expense of $1.2 million for Texas franchise taxes. As of March 31, 2022, the Company believes it is more likely than not that a portion of the net operating loss carryforwards are not fully realizable. The Company continues to consider new evidence, both positive and negative, in determining whether, based on the weight of that evidence, a valuation allowance is needed. Such consideration includes projected future cash flows from its oil, NGL and natural gas reserves (including the timing of those cash flows), the reversal of deferred tax liabilities recorded as of March 31, 2022 and the Company's ability to capitalize intangible drilling costs, rather than expensing these costs and future projections of taxable income. As of March 31, 2022, a total valuation allowance of $455.3 million has been recorded to offset the Company's federal and Oklahoma net deferred tax assets, resulting in a nominal Texas net deferred asset, which is included in "Other noncurrent assets, net" on the unaudited consolidated balance sheets. Since September 30, 2015, the Company has recorded a full valuation allowance against its federal and Oklahoma net deferred tax position. As such, the Company's effective tax rate is 1%, due to the Texas franchise tax. The Company's effective tax rate is affected by changes in valuation allowances, recurring permanent differences and discrete items that may occur in any given year, but are not consistent from year to year.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Related parties

3 Months Ended

Mar. 31, 2022

Related parties

Halliburton

The Chairman of the Company's board of directors is on the board of directors of Halliburton Company ("Halliburton"). Halliburton provides drilling and completions services to the Company.

The following table presents the capital expenditures for oil and natural gas properties paid to Halliburton included in the unaudited consolidated statements of cash flows for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021

Capital expenditures for oil and natural gas properties	$	30,141	$	11,780

Subsequent events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent events

Senior Secured Credit Facility

On April 6, 2022, the Company borrowed an additional $30.0 million and on April 25, 2022, the Company repaid $80.0 million on the Senior Secured Credit Facility. As a result, the outstanding balance under the Senior Secured Credit Facility was $50.0 million as of May 3, 2022. See Note 5 for additional discussion of the Senior Secured Credit Facility.

On April 13, 2022, the Company entered into the Eighth Amendment (the "Eighth Amendment") to the Senior Secured Credit Facility. The Eighth Amendment, among other things, (i) increased the borrowing base from $1.0 billion to $1.25 billion and the aggregate elected commitment from $725.0 million to $1.0 billion, (ii) increased, from closing through December 31, 2022, the $50.0 million bond buyback and distributions baskets to $250.0 million, subject to certain conditions, (iii) added an energy transition and technology commercialization investment basket of $25.0 million, subject to certain conditions, (iv) allowed for the designation of unrestricted subsidiaries and (v) amended certain other provisions relating to certain commercial agreements and the administration of the Company's loans, in each case, subject to the terms of the Eighth Amendment and the Senior Secured Credit Facility.

Commodity derivatives

The following table summarizes the Company's open natural gas derivative positions as of March 31, 2022, updated for derivative transactions entered into from March 31, 2022 through May 3, 2022, for the settlement periods presented:


	Year 2022		Year 2023























Natural gas:
Henry Hub NYMEX - Swaps:
Volume (MMBtu)	2,750,000		—
Weighted-average price ($/MMBtu)	$	2.73	$	—
Henry Hub NYMEX - Collars:
Volume (MMBtu)	22,000,000		14,600,000
Weighted-average floor price ($/MMBtu)	$	3.09	$	3.75
Weighted-average ceiling price ($/MMBtu)	$	3.84	$	7.88
Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	21,862,500		14,600,000
Weighted-average differential ($/MMBtu)	$	(0.36)	$	(1.52)

See Note 8 for additional discussion regarding the Company's derivatives. There has been no other derivative activity subsequent to March 31, 2022.

Organization and basis of presentation (Policies)	3 Months Ended
Organization and basis of presentation (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The unaudited consolidated financial statements were derived from the historical accounting records of the Company and reflect the historical financial position, results of operations and cash flows for the periods described herein. The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All material intercompany transactions and account balances have been eliminated in the consolidation of accounts. The unaudited consolidated financial statements have not been audited by the Company's independent registered public accounting firm, except that the consolidated balance sheet as of December 31, 2021 is derived from the Company's audited consolidated financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all necessary adjustments to present fairly the Company's financial position as of March 31, 2022, results of operations for the three months ended March 31, 2022 and 2021 and cash flows for the three months ended March 31, 2022 and 2021. Certain disclosures have been condensed or omitted from the unaudited consolidated financial statements. Accordingly, the unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2021 Annual Report.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. There was no impact on previously reported total assets, total liabilities, net loss or stockholders' equity for the periods presented.
Use of estimates in the preparation of interim unaudited consolidated financial statements	Use of estimates in the preparation of interim unaudited consolidated financial statements The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes these estimates are reasonable, actual results could differ. See Note 2 in the 2021 Annual Report for further information regarding the use of estimates and assumptions.
New accounting standards	New accounting standards The Company considered the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board to the Accounting Standards Codification ("ASC") and has determined there are no ASUs that are not yet adopted and meaningful to disclose as of March 31, 2022. Additionally, the Company did not adopt any new ASUs during the three months ended March 31, 2022.
Net income (loss) per common share	Net loss per common shareBasic and diluted net loss per common share are computed by dividing net loss by the weighted-average common shares outstanding for the period. Diluted net loss per common share reflects the potential dilution of non-vested restricted stock awards, outstanding stock option awards and non-vested performance share awards.

Acquisitions and divestitures (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of components of purchase price

The following table presents components of the purchase price, inclusive of customary closing adjustments:


(in thousands, except for share and share price data)	As of October 18, 2021
Shares of Company common stock	959,691
Company common stock price at the Pioneer Closing Date	$	73.90
Value of Company common stock consideration	$	70,921

Cash consideration	$	131,633
Transaction costs	3,775

Total purchase price	$	206,329

The following table presents components of the purchase price, inclusive of customary closing adjustments:


(in thousands, except for share and share price data)	As of July 1, 2021
Shares of Company common stock	2,506,964
Company common stock price at the Sabalo/Shad Closing Date	$	95.72
Value of Company common stock consideration	$	239,967

Cash consideration	$	606,126
Transaction costs	17,020
Total purchase price	$	863,113

Schedule of final estimate of the fair values of the assets acquired and liabilities assumed

The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed, based on their relative fair values, on the Pioneer Closing Date:


(in thousands)	As of October 18, 2021
Evaluated properties	$	139,859
Unevaluated properties	74,192
Revenue suspense liabilities assumed	(7,722)
Allocated purchase price	$	206,329

The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed, based on their relative fair values, on the Sabalo/Shad Closing Date:


(in thousands)	As of July 1, 2021
Evaluated properties	$	503,005
Unevaluated properties	362,977
Revenue suspense liabilities assumed	(4,269)
Inventory	1,400
Allocated purchase price	$	863,113

Property and equipment (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

The following table presents the Company's property and equipment as of the dates presented:


(in thousands)	March 31, 2022		December 31, 2021
Evaluated oil and natural gas properties	$	9,149,982	$	8,968,668
Less accumulated depletion and impairment	(7,089,265)		(7,019,670)
Evaluated oil and natural gas properties, net	2,060,717		1,948,998

Unevaluated oil and natural gas properties not being depleted	156,899		170,033

Midstream service assets	165,099		165,232
Less accumulated depreciation and impairment	(70,467)		(68,704)
Midstream service assets, net	94,632		96,528

Depreciable other fixed assets	45,448		43,381
Less accumulated depreciation and amortization	(28,980)		(27,692)
Depreciable other fixed assets, net	16,468		15,689

Land	18,906		18,901

Total property and equipment, net	$	2,347,622	$	2,250,149

Schedule of costs incurred in the acquisition, exploration and development of oil and natural gas properties


	Three months ended March 31,
(in thousands)	2022		2021
Property acquisition costs:
Evaluated	$	4,780	$	—
Unevaluated	3,274		—
Exploration costs	6,753		3,957
Development costs	161,615		64,492
Total oil and natural gas properties incurred capital expenditures	$	176,422	$	68,449

Schedule of capitalized related employee costs incurred for the purpose of exploring for or developing oil and natural gas properties

The following table presents capitalized employee-related incurred capital expenditures in the acquisition, exploration and development of oil and natural gas properties for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Capitalized employee-related costs	$	4,343	$	4,241

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of debt

The following table presents the Company's long-term debt and debt issuance costs, net included in "Long-term debt, net" on the unaudited consolidated balance sheets as of the dates presented:


	March 31, 2022						December 31, 2021
(in thousands)	Long-term debt		Debt issuance costs, net		Long-term debt, net		Long-term debt		Debt issuance costs, net		Long-term debt, net
January 2025 Notes	$	577,913	$	(5,816)	$	572,097	$	577,913	$	(6,345)	$	571,568
January 2028 Notes	361,044		(4,814)		356,230		361,044		(5,024)		356,020
July 2029 Notes	400,000		(6,506)		393,494		400,000		(6,730)		393,270
Senior Secured Credit Facility(1)	100,000		—		100,000		105,000		—		105,000
Total	$	1,438,957	$	(17,136)	$	1,421,821	$	1,443,957	$	(18,099)	$	1,425,858

______________________________________________________________________________

Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of activity for restricted stock awards, performance units and shares and stock options

The following table presents activity for equity-based compensation awards for the three months ended March 31, 2022:


	Equity Awards			Liability Awards
(in thousands)	Restricted Stock Awards	Stock Option Awards	Performance Share Awards(1)(2)	Performance Unit Awards	Phantom Unit Awards(3)
Outstanding as of December 31, 2021	350	7	72	209	33
Granted	232	—	62	—	—
Forfeited	(4)	—	(2)	—	—
Vested	(125)	—	(70)	—	(15)

Expired or canceled	—	(2)	—	—	—
Outstanding as of March 31, 2022	453	5	62	209	18

_____________________________________________________________________________

Schedule of allocated share-based compensation costs

The following table reflects equity-based compensation expense for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Equity awards:
Restricted stock awards	$	2,175	$	1,963
Performance share awards	461		768
Stock option awards	—		7
Total share-settled equity-based compensation, gross	$	2,636	$	2,738
Less amounts capitalized	(583)		(670)
Total share-settled equity-based compensation, net	$	2,053	$	2,068
Liability awards:
Performance unit awards	$	5,566	$	820
Phantom unit awards	609		506
Total cash-settled equity-based compensation, gross	$	6,175	$	1,326
Less amounts capitalized	(47)		(198)
Total cash-settled equity-based compensation, net	$	6,128	$	1,128
Total equity-based compensation, net	$	8,181	$	3,196

Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of gain (loss) on derivatives

The following table summarizes components of the Company's loss on derivatives, net by type of derivative instrument for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Commodity	$	(329,724)	$	(154,033)
Interest rate	13		4
Contingent consideration	3,895		(336)
Loss on derivatives, net	$	(325,816)	$	(154,365)

Schedule of open positions and derivatives in place

The following table summarizes open commodity derivative positions as of March 31, 2022, for commodity derivatives that were entered into through March 31, 2022, for the settlement periods presented:


	Remaining Year 2022		Year 2023
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	1,068,000		—
Weighted-average price ($/Bbl)	$	81.57	$	—
WTI NYMEX - Collars:
Volume (Bbl)	2,557,500		3,997,000
Weighted-average floor price ($/Bbl)	$	58.23	$	66.37
Weighted-average ceiling price ($/Bbl)	$	69.39	$	81.16









Brent ICE - Swaps:
Volume (Bbl)	3,107,500		—
Weighted-average price ($/Bbl)	$	48.34	$	—
Brent ICE - Collars:
Volume (Bbl)	1,168,750		—
Weighted-average floor price ($/Bbl)	$	56.65	$	—
Weighted-average ceiling price ($/Bbl)	$	65.44	$	—














































NGL:

Purity Ethane - Swaps:
Volume (Bbl)	1,155,000		—
Weighted-average price ($/Bbl)	$	11.42	$	—
Non-TET Propane - Swaps:
Volume (Bbl)	880,000		—
Weighted-average price ($/Bbl)	$	35.91	$	—
Non-TET Normal Butane - Swaps:
Volume (Bbl)	275,000		—
Weighted-average price ($/Bbl)	$	41.58	$	—
Non-TET Isobutane - Swaps:
Volume (Bbl)	82,500		—
Weighted-average price ($/Bbl)	$	42.00	$	—
Non-TET Natural Gasoline - Swaps:
Volume (Bbl)	275,000		—
Weighted-average price ($/Bbl)	$	60.65	$	—

Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	2,750,000		—
Weighted-average price ($/MMBtu)	$	2.73	$	—
Henry Hub NYMEX - Collars:
Volume (MMBtu)	22,000,000		3,650,000
Weighted-average floor price ($/MMBtu)	$	3.09	$	3.00
Weighted-average ceiling price ($/MMBtu)	$	3.84	$	4.45





Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	21,862,500		—
Weighted-average differential ($/MMBtu)	$	(0.36)	$	—

The following table summarizes the Company's interest rate derivative:


	Notional amount (in thousands)		Fixed rate		Contract period
LIBOR - Swap	$	100,000	0.345	%	April 16, 2020 - April 18, 2022

Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis


	March 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total gross fair value		Amounts offset		Net fair value presented on the unaudited consolidated balance sheets
Assets:
Current:



Commodity	$	—	$	18,029	$	—	$	18,029	$	(18,029)	$	—

Interest rate	—		5		—		5		—		5
Contingent consideration	—		—		5,894		5,894		—		5,894
Noncurrent:



Commodity	—		315		—		315		(315)		—


Contingent consideration	—		—		33,862		33,862		—		33,862
Liabilities:
Current:



Commodity	—		(383,285)		—		(383,285)		18,029		(365,256)

Interest rate	—		—		—		—		—		—

Noncurrent:



Commodity	—		(17,765)		—		(17,765)		315		(17,450)




Net derivative liability positions	$	—	$	(382,701)	$	39,756	$	(342,945)	$	—	$	(342,945)


	December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total gross fair value		Amounts offset		Net fair value presented on the consolidated balance sheets
Assets:
Current:



Commodity	$	—	$	21,671	$	—	$	21,671	$	(21,671)	$	—


Interest rate	—		—		—		—		—		—
Contingent consideration	—		—		4,346		4,346		—		4,346
Noncurrent:



Commodity	—		1,448		—		1,448		—		1,448


Contingent consideration	—		—		31,515		31,515		—		31,515
Liabilities:
Current:



Commodity	—		(201,428)		—		(201,428)		21,671		(179,757)


Interest rate	—		(52)		—		(52)		—		(52)

Noncurrent:



Commodity	—		—		—		—		—		—




Net derivative liability positions	$	—	$	(178,361)	$	35,861	$	(142,500)	$	—	$	(142,500)

Schedule of changes in contingent consideration derivatives

The following table summarizes the changes in contingent consideration derivatives classified as Level 3 measurements for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Balance of Level 3 at beginning of year	$	35,861	$	—

Change in net present value of Sixth Street Contingent Consideration	3,895		—
Balance of Level 3 at end of period	$	39,756	$	—

Schedule of carrying amount and fair value of debt instruments

The Company has not elected to account for its debt instruments at fair value. The following table presents the carrying amounts and fair values of the Company's debt as of the dates presented:


	March 31, 2022				December 31, 2021
(in thousands)	Carrying amount		Fair value(1)		Carrying amount		Fair value(1)
January 2025 Notes	$	577,913	$	602,567	$	577,913	$	589,471
January 2028 Notes	361,044		388,014		361,044		378,578
July 2029 Notes	400,000		404,112		400,000		390,000
Senior Secured Credit Facility	100,000		99,980		105,000		105,040
Total	$	1,438,957	$	1,494,673	$	1,443,957	$	1,463,089

______________________________________________________________________________

Net loss per common share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of calculation of basic and diluted weighted-average common shares outstanding and net loss per common share

The following table reflects the calculations of basic and diluted (i) weighted-average common shares outstanding and (ii) net loss per common share for the periods presented:


	Three months ended March 31,
(in thousands, except for per share data)	2022		2021
Net loss (numerator)	$	(86,781)	$	(75,439)
Weighted-average common shares outstanding (denominator):
Basic	16,767		11,918




Diluted	16,767		11,918
Net loss per common share:
Basic	$	(5.18)	$	(6.33)
Diluted	$	(5.18)	$	(6.33)

Supplemental cash flow and non-cash information (Tables)

3 Months Ended

Mar. 31, 2022

Supplemental Cash Flow Elements [Abstract]

Schedule of non-cash investing & financing and supplemental cash flow information

The following table presents supplemental cash flow and non-cash information for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Supplemental cash flow information:
Cash paid for interest, net of $1,463 and $449 of capitalized interest, respectively	$	63,057	$	48,030

Supplemental non-cash investing information:

Change in accrued capital expenditures	$	18,433	$	(351)

Capitalized share-settled equity-based compensation	$	583	$	670
Capitalized asset retirement cost	$	181	$	397

The following table presents supplemental non-cash adjustments information related to operating leases for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Right-of-use assets obtained in exchange for operating lease liabilities(1)	$	9,949	$	—

_____________________________________________________________________________

(1)See Note 5 in the 2021 Annual Report for additional discussion of the Company's leases.

Asset retirement obligations (Tables)

3 Months Ended

Mar. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Schedule of asset retirement obligation liability

The following table reconciles the Company's asset retirement obligation liability associated with tangible long-lived assets for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021
Liability at beginning of period	$	72,003	$	68,326
Liabilities added due to acquisitions, drilling, midstream service asset construction and other	181		397
Accretion expense(1)	1,019		1,143
Liabilities settled due to plugging and abandonment or removed due to sale	(555)		(57)


Liability at end of period	$	72,648	$	69,809

_____________________________________________________________________________

(1)Accretion expense is included in "Other operating expenses" on the unaudited consolidated statements of operations.

Related parties (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of related party transactions

The following table presents the capital expenditures for oil and natural gas properties paid to Halliburton included in the unaudited consolidated statements of cash flows for the periods presented:


	Three months ended March 31,
(in thousands)	2022		2021

Capital expenditures for oil and natural gas properties	$	30,141	$	11,780

Subsequent events (Tables)

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Schedule of subsequent events


	Year 2022		Year 2023























Natural gas:
Henry Hub NYMEX - Swaps:
Volume (MMBtu)	2,750,000		—
Weighted-average price ($/MMBtu)	$	2.73	$	—
Henry Hub NYMEX - Collars:
Volume (MMBtu)	22,000,000		14,600,000
Weighted-average floor price ($/MMBtu)	$	3.09	$	3.75
Weighted-average ceiling price ($/MMBtu)	$	3.84	$	7.88
Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	21,862,500		14,600,000
Weighted-average differential ($/MMBtu)	$	(0.36)	$	(1.52)

Organization and basis of presentation - Narrative (Details)	3 Months Ended
	Mar. 31, 2022 operating_segment
Accounting Policies [Abstract]
Number of operating segments	1

Acquisitions and divestitures - Narrative (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Oct. 18, 2021 USD ($) $ / shares shares	Jul. 01, 2021 USD ($) shares	Dec. 31, 2021 USD ($) $ / shares	Mar. 31, 2022 USD ($) $ / shares	Sep. 17, 2021 a location	May 07, 2021 a location agreement
Asset Acquisition [Line Items]
Common stock par value (in USD per share) \| $ / shares	$ 0.01		$ 0.01	$ 0.01
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Asset Acquisition [Line Items]
Average working interest (as a percent)						37.50%
Sixth Street PSA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Asset Acquisition [Line Items]
Average working interest (as a percent)		37.50%
Proceeds from dispositions after transaction costs		$ 405,000
Aggregate quarterly payments of additional cash contingent consideration		38,700
Balloon payment of additional cash contingent consideration		55,000
Fair value of contingent consideration		33,800	$ 35,900	$ 39,800
Gain on disposal		93,500
Transaction costs associated with disposition		11,600
Sixth Street PSA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Maximum
Asset Acquisition [Line Items]
Additional cash contingent consideration		93,700
Aggregate quarterly payments of additional cash contingent consideration		$ 38,700
Sixth Street PSA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Minimum
Asset Acquisition [Line Items]
Pre-acquisition reserves (as a percent)		25.00%
Pioneer Acquisition
Asset Acquisition [Line Items]
Area of land (in acres) \| a					20,000
Consideration transferred in acquisition	$ 206,329
Payments to acquire productive assets	$ 131,633
Stock issued in asset acquisition (shares) \| shares	959,691
Transaction related expenses	$ 3,775
Pioneer - Glasscock County Gross - Operated Locations
Asset Acquisition [Line Items]
Number of locations \| location					135
Pioneer - Glasscock County Net - Operated Locations
Asset Acquisition [Line Items]
Number of locations \| location					121
Sabalo/Shad
Asset Acquisition [Line Items]
Area of land (in acres) \| a						21,000
Consideration transferred in acquisition		$ 863,113
Payments to acquire productive assets		$ 606,126
Stock issued in asset acquisition (shares) \| shares		2,506,964
Transaction related expenses		$ 17,020
Number of purchase and sale agreements \| agreement						2
Sabalo and Shad - Howard and Borden County Gross - Operated Locations
Asset Acquisition [Line Items]
Number of locations \| location						120
Sabalo and Shad - Howard and Borden County Net - Operated Locations
Asset Acquisition [Line Items]
Number of locations \| location						109
Sabalo and Shad - Howard and Borden County Gross - Non-Operated Locations
Asset Acquisition [Line Items]
Number of locations \| location						150
Sabalo and Shad - Howard and Borden County Net - Non-Operated Locations
Asset Acquisition [Line Items]
Number of locations \| location						18
Pioneer Acquisition - Tag-Along Sales Rights
Asset Acquisition [Line Items]
Payments to acquire productive assets			$ 2,900

Acquisitions and divestitures - Purchase price (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 18, 2021	Jul. 01, 2021
Pioneer Acquisition
Asset Acquisition [Line Items]
Shares of Company common stock (shares)	959,691
Cash consideration	$ 131,633
Transaction costs	3,775
Total purchase price	$ 206,329
Pioneer Acquisition \| Common stock
Asset Acquisition [Line Items]
Shares of Company common stock (shares)	959,691
Company common stock price at the Sabalo/Shad Closing Date (in USD per share)	$ 73.90
Value of Company common stock consideration	$ 70,921
Sabalo/Shad
Asset Acquisition [Line Items]
Shares of Company common stock (shares)		2,506,964
Cash consideration		$ 606,126
Transaction costs		17,020
Total purchase price		$ 863,113
Sabalo/Shad \| Common stock
Asset Acquisition [Line Items]
Shares of Company common stock (shares)		2,506,964
Company common stock price at the Sabalo/Shad Closing Date (in USD per share)		$ 95.72
Value of Company common stock consideration		$ 239,967

Acquisitions and divestitures - Assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Oct. 18, 2021	Jul. 01, 2021
Sabalo/Shad
Asset Acquisition [Line Items]
Revenue suspense liabilities assumed		$ (4,269)
Inventory		1,400
Allocated purchase price		863,113
Sabalo/Shad \| Evaluated properties
Asset Acquisition [Line Items]
Properties		503,005
Sabalo/Shad \| Unevaluated Properties
Asset Acquisition [Line Items]
Properties		$ 362,977
Pioneer Acquisition
Asset Acquisition [Line Items]
Revenue suspense liabilities assumed	$ (7,722)
Allocated purchase price	206,329
Pioneer Acquisition \| Evaluated properties
Asset Acquisition [Line Items]
Properties	139,859
Pioneer Acquisition \| Unevaluated Properties
Asset Acquisition [Line Items]
Properties	$ 74,192

Property and equipment - Company Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Evaluated oil and natural gas properties	$ 9,149,982	$ 8,968,668
Less accumulated depletion and impairment	(7,089,265)	(7,019,670)
Evaluated oil and natural gas properties, net	2,060,717	1,948,998
Unevaluated oil and natural gas properties not being depleted	156,899	170,033
Midstream service assets, net	94,632	96,528
Property, Plant and Equipment, Other, Net, Total	35,374	34,590
Total property and equipment, net	2,347,622	2,250,149
Midstream service assets
Property, Plant and Equipment [Line Items]
Midstream service assets	165,099	165,232
Less accumulated depreciation and impairment	(70,467)	(68,704)
Depreciable other fixed assets
Property, Plant and Equipment [Line Items]
Less accumulated depreciation and impairment	(28,980)	(27,692)
Depreciable other fixed assets	45,448	43,381
Property, Plant and Equipment, Other, Net, Total	16,468	15,689
Land
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Other, Net, Total	$ 18,906	$ 18,901

Property and equipment - Narrative (Details) - USD ($)	3 Months Ended
Property and equipment - Narrative (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Full cost ceiling impairment	$ 0	$ 0

Property and equipment - Costs Incurred in the Acquisition, Exploration and Development of Oil and Natural Gas Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property acquisition costs:
Evaluated	$ 4,780	$ 0
Unevaluated	3,274	0
Exploration costs	6,753	3,957
Development costs	161,615	64,492
Total oil and natural gas properties incurred capital expenditures	$ 176,422	$ 68,449

Property and equipment - Other Property and Equipment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Capitalized employee-related costs	$ 4,343	$ 4,241

Debt - Long-term Debt, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 1,438,957	$ 1,443,957
Debt issuance costs, net	(17,136)	(18,099)
Long-term debt, net	1,421,821	1,425,858
Senior Notes \| January 2025 Notes
Debt Instrument [Line Items]
Long-term debt	577,913	577,913
Debt issuance costs, net	(5,816)	(6,345)
Long-term debt, net	572,097	571,568
Senior Notes \| January 2028 Notes
Debt Instrument [Line Items]
Long-term debt	361,044	361,044
Debt issuance costs, net	(4,814)	(5,024)
Long-term debt, net	356,230	356,020
Senior Notes \| July 2029 Notes
Debt Instrument [Line Items]
Long-term debt	400,000	400,000
Debt issuance costs, net	(6,506)	(6,730)
Long-term debt, net	393,494	393,270
Secured Debt \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Long-term debt	100,000	105,000
Debt issuance costs, net	0	0
Long-term debt, net	100,000	105,000
Secured Debt \| Senior Secured Credit Facility \| Other Noncurrent Assets
Debt Instrument [Line Items]
Debt issuance costs related to line of credit arrangements	$ 7,500	$ 8,100

Debt - July 2029 Notes (Details) - Senior Notes - July 2029 Notes $ in Millions	Jul. 16, 2021 USD ($)
Debt Instrument [Line Items]
Face amount of debt	$ 400.0
Interest rate (as a percent)	7.75%
Proceeds from senior notes	$ 392.0

Debt - Senior Secured Credit Facility (Details) - Secured Debt	Mar. 31, 2022 USD ($) letter_of_credit	Dec. 31, 2021 USD ($) letter_of_credit
Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum credit amount	$ 2,000,000,000
Borrowing base	1,000,000,000
Aggregate elected commitment	725,000,000
Amount of debt outstanding	$ 100,000,000
Credit facility, interest rate at period end (as a percent)	3.00%
Letter of Credit
Debt Instrument [Line Items]
Maximum credit amount	$ 80,000,000
Number of letter of credit outstanding \| letter_of_credit	1	1
Letters of credit outstanding	$ 44,100,000	$ 44,100,000

Debt - Debt Issuance Costs (Details) - USD ($)	3 Months Ended
Debt - Debt Issuance Costs (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Write-off of debt issuance costs	$ 0
Total debt issuance costs, including line of credit	24,700,000	$ 26,200,000
Accumulated amortization	$ 28,700,000	$ 27,200,000

Stockholders' equity (Details) - At-the-Market Offering - USD ($) $ in Millions		3 Months Ended
	Feb. 23, 2021	Mar. 31, 2021
Class of Stock [Line Items]
Consideration received from sale of stock		$ 26.9
Stock issued in sale (in shares)		723,579
Maximum
Class of Stock [Line Items]
Consideration received from sale of stock	$ 75.0

Equity Incentive Plan - Equity Incentive Plan (Details) - Equity Incentive Plan - shares	May 20, 2021	May 19, 2021
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock authorized for issuance (in shares)		1,492,500
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock authorized for issuance (in shares)	2,432,500

Equity Incentive Plan - Activity for Restricted Stock Awards, Performance Units and Shares and Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	36 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 05, 2022	Mar. 01, 2022
Stock option awards
Outstanding at beginning of period (in shares)	7,000
Expired or canceled (in shares)	(2,000)
Outstanding at end of period (in shares)	5,000	7,000
Closing stock price (in USD per share)			$ 83.00	$ 76.60
Stock-based compensation not yet recognized	$ 39.7
Stock-based compensation, amount expected to be settled in cash	$ 14.0
Recognition period for costs not yet recognized	2 years 3 months 10 days
February 28, 2019
Stock option awards
Overall payout (as a percent)	107.00%	107.00%
February 22, 2022 \| Minimum
Stock option awards
Overall payout (as a percent)	0.00%
February 22, 2022 \| Maximum
Stock option awards
Overall payout (as a percent)	225.00%
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)	350,000
Granted (in shares)	232,000
Forfeited (in shares)	(4,000)
Vested (in shares)	(125,000)
Outstanding at end of period (in shares)	453,000	350,000
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)	72,000
Granted (in shares)	62,000
Forfeited (in shares)	(2,000)
Vested (in shares)	(70,000)
Outstanding at end of period (in shares)	62,000	72,000
Stock option awards
Performance share conversion (in shares)	75,107
Performance unit awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)	209,000
Outstanding at end of period (in shares)	209,000	209,000
Phantom unit awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)	33,000
Vested (in shares)	(15,000)
Outstanding at end of period (in shares)	18,000	33,000

Equity Incentive Plan - Equity-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Less amounts capitalized	$ (583)	$ (670)
Total equity-based compensation, net	8,181	3,196
Share-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	2,636	2,738
Less amounts capitalized	(583)	(670)
Total equity-based compensation, net	2,053	2,068
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	2,175	1,963
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	461	768
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	0	7
Cash-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	6,175	1,326
Less amounts capitalized	(47)	(198)
Total equity-based compensation, net	6,128	1,128
Performance unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	5,566	820
Phantom unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	$ 609	$ 506

Derivatives - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($) derivative	Dec. 31, 2021 USD ($)	Jul. 01, 2021 USD ($)
Derivative [Line Items]
Number of types of derivative instruments \| derivative		3
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Glasscock and Reagan County - Working Interest Sale in Oil and Gas Properties \| Maximum
Derivative [Line Items]
Additional cash contingent consideration				$ 93.7
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Sixth Street PSA
Derivative [Line Items]
Aggregate quarterly payments of additional cash contingent consideration				38.7
Balloon payment of additional cash contingent consideration				55.0
Fair value of contingent consideration		$ 39.8	$ 35.9	33.8
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Sixth Street PSA \| Maximum
Derivative [Line Items]
Additional cash contingent consideration				93.7
Aggregate quarterly payments of additional cash contingent consideration				$ 38.7
Commodity - Oil \| WTI NYMEX \| Oil put January 2021 - December 2022 \| Not Designated as Hedges \| Howard County Net Acres
Derivative [Line Items]
Notional amount of derivative			$ 1.2
Commodity - Oil \| WTI NYMEX \| Oil put January 2021 - December 2022 \| Forecast \| Not Designated as Hedges \| Howard County Net Acres
Derivative [Line Items]
Notional amount of derivative	$ 1.2

Derivatives - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Loss on derivatives, net	$ (325,816)	$ (154,365)
Commodity
Derivative [Line Items]
Loss on derivatives, net	(329,724)	(154,033)
Interest rate
Derivative [Line Items]
Loss on derivatives, net	13	4
Contingent consideration
Derivative [Line Items]
Loss on derivatives, net	$ 3,895	$ (336)

Derivatives - Summary (Details) - Forecast - Outstanding at End of Period - Not Designated as Hedges	9 Months Ended	12 Months Ended
	Dec. 31, 2022 MMBTU $ / bbl $ / MMBTU bbl	Dec. 31, 2023 MMBTU $ / bbl $ / MMBTU bbl
Commodity - Oil \| WTI NYMEX \| Swap
Derivative [Line Items]
Volume (Bbl) \| bbl	1,068,000	0
Weighted-average price/differential (in USD per unit)	81.57	0
Commodity - Oil \| WTI NYMEX \| Collar
Derivative [Line Items]
Volume (Bbl) \| bbl	2,557,500	3,997,000
Commodity - Oil \| WTI NYMEX \| Collar \| Floor
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	58.23	66.37
Commodity - Oil \| WTI NYMEX \| Collar \| Ceiling
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	69.39	81.16
Commodity - Oil \| Brent ICE \| Swap
Derivative [Line Items]
Volume (Bbl) \| bbl	3,107,500	0
Weighted-average price/differential (in USD per unit)	48.34	0
Commodity - Oil \| Brent ICE \| Collar
Derivative [Line Items]
Volume (Bbl) \| bbl	1,168,750	0
Commodity - Oil \| Brent ICE \| Collar \| Floor
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	56.65	0
Commodity - Oil \| Brent ICE \| Collar \| Ceiling
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	65.44	0
Commodity - NGL \| Swap \| Ethane
Derivative [Line Items]
Volume (Bbl) \| bbl	1,155,000	0
Weighted-average price/differential (in USD per unit)	11.42	0
Commodity - NGL \| Swap \| Propane
Derivative [Line Items]
Volume (Bbl) \| bbl	880,000	0
Weighted-average price/differential (in USD per unit)	35.91	0
Commodity - NGL \| Swap \| Normal Butane
Derivative [Line Items]
Volume (Bbl) \| bbl	275,000	0
Weighted-average price/differential (in USD per unit)	41.58	0
Commodity - NGL \| Swap \| Isobutane
Derivative [Line Items]
Volume (Bbl) \| bbl	82,500	0
Weighted-average price/differential (in USD per unit)	42.00	0
Commodity - NGL \| Swap \| Natural Gasoline
Derivative [Line Items]
Volume (Bbl) \| bbl	275,000	0
Weighted-average price/differential (in USD per unit)	60.65	0
Commodity - Natural gas \| Henry Hub NYMEX \| Swap
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	2.73	0
Volume (MMBtu) \| MMBTU	2,750,000	0
Commodity - Natural gas \| Henry Hub NYMEX \| Collar
Derivative [Line Items]
Volume (MMBtu) \| MMBTU	22,000,000	3,650,000
Commodity - Natural gas \| Henry Hub NYMEX \| Collar \| Floor
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	3.09	3.00
Commodity - Natural gas \| Henry Hub NYMEX \| Collar \| Ceiling
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	3.84	4.45
Commodity - Natural gas \| Waha Inside FERC to Henry Hub NYMEX \| Basis Swap
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	(0.36)	0
Volume (MMBtu) \| MMBTU	21,862,500	0

Derivatives - Derivatives Entered into (Details) - Interest Rate Swap - Not Designated as Hedges $ in Thousands	Mar. 31, 2022 USD ($)
Derivative [Line Items]
Notional amount of derivative	$ 100,000
Fixed rate (as a percent)	0.345%

Fair value measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Net fair value presented on the unaudited consolidated balance sheets	$ 5,899	$ 4,346
Net fair value presented on the unaudited consolidated balance sheets	33,862	32,963
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(365,256)	(179,809)
Net fair value presented on the unaudited consolidated balance sheets	(17,450)	0
Net derivative liability positions	(342,945)	(142,500)
Commodity Derivatives
Assets:
Net fair value presented on the unaudited consolidated balance sheets	0	0
Net fair value presented on the unaudited consolidated balance sheets	0	1,448
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(365,256)	(179,757)
Net fair value presented on the unaudited consolidated balance sheets	(17,450)	0
Interest rate
Assets:
Net fair value presented on the unaudited consolidated balance sheets	5	0
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	0	(52)
Commodity - Oil \| Contingent Consideration
Assets:
Net fair value presented on the unaudited consolidated balance sheets	5,894	4,346
Net fair value presented on the unaudited consolidated balance sheets	33,862	31,515
Current Assets \| Commodity Derivatives
Assets:
Total gross fair value	18,029	21,671
Amounts offset	(18,029)	(21,671)
Current Assets \| Interest rate
Assets:
Total gross fair value	5	0
Amounts offset	0	0
Current Assets \| Commodity - Oil \| Contingent Consideration
Assets:
Total gross fair value	5,894	4,346
Amounts offset	0	0
Noncurrent Assets \| Commodity Derivatives
Assets:
Total gross fair value	315	1,448
Amounts offset	(315)	0
Noncurrent Assets \| Commodity - Oil \| Contingent Consideration
Assets:
Total gross fair value	33,862	31,515
Amounts offset	0	0
Current Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	(383,285)	(201,428)
Amounts offset	18,029	21,671
Current Liabilities \| Interest rate
Liabilities:
Total gross fair value	0	(52)
Amounts offset	0	0
Noncurrent Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	(17,765)	0
Amounts offset	315	0
Level 1
Liabilities:
Net derivative liability positions	0	0
Level 1 \| Current Assets \| Commodity Derivatives
Assets:
Total gross fair value	0	0
Level 1 \| Current Assets \| Interest rate
Assets:
Total gross fair value	0	0
Level 1 \| Current Assets \| Commodity - Oil \| Contingent Consideration
Assets:
Total gross fair value	0	0
Level 1 \| Noncurrent Assets \| Commodity Derivatives
Assets:
Total gross fair value	0	0
Level 1 \| Noncurrent Assets \| Commodity - Oil \| Contingent Consideration
Assets:
Total gross fair value	0	0
Level 1 \| Current Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	0	0
Level 1 \| Current Liabilities \| Interest rate
Liabilities:
Total gross fair value	0	0
Level 1 \| Noncurrent Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	0	0
Level 2
Liabilities:
Net derivative liability positions	(382,701)	(178,361)
Level 2 \| Current Assets \| Commodity Derivatives
Assets:
Total gross fair value	18,029	21,671
Level 2 \| Current Assets \| Interest rate
Assets:
Total gross fair value	5	0
Level 2 \| Current Assets \| Commodity - Oil \| Contingent Consideration
Assets:
Total gross fair value	0	0
Level 2 \| Noncurrent Assets \| Commodity Derivatives
Assets:
Total gross fair value	315	1,448
Level 2 \| Noncurrent Assets \| Commodity - Oil \| Contingent Consideration
Assets:
Total gross fair value	0	0
Level 2 \| Current Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	(383,285)	(201,428)
Level 2 \| Current Liabilities \| Interest rate
Liabilities:
Total gross fair value	0	(52)
Level 2 \| Noncurrent Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	(17,765)	0
Level 3
Liabilities:
Net derivative liability positions	39,756	35,861
Level 3 \| Current Assets \| Commodity Derivatives
Assets:
Total gross fair value	0	0
Level 3 \| Current Assets \| Interest rate
Assets:
Total gross fair value	0	0
Level 3 \| Current Assets \| Commodity - Oil \| Contingent Consideration
Assets:
Total gross fair value	5,894	4,346
Level 3 \| Noncurrent Assets \| Commodity Derivatives
Assets:
Total gross fair value	0	0
Level 3 \| Noncurrent Assets \| Commodity - Oil \| Contingent Consideration
Assets:
Total gross fair value	33,862	31,515
Level 3 \| Current Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	0	0
Level 3 \| Current Liabilities \| Interest rate
Liabilities:
Total gross fair value	0	0
Level 3 \| Noncurrent Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	$ 0	$ 0

Fair value measurements - Changes in Contingent Consideration (Details) - Level 3 - Contingent Consideration Derivative - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Change in Amount of Contingent Consideration, Liability [Roll Forward]
Balance of Level 3 at beginning of year	$ 35,861	$ 0
Change in net present value of Sixth Street Contingent Consideration	3,895	0
Balance of Level 3 at end of period	$ 39,756	$ 0

Fair value measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Commodity - Oil \| Oil put January 2021 - December 2022 \| WTI NYMEX \| Howard County Net Acres \| Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount of derivative			$ 1.2
Level 2 \| Nonrecurring \| Line-Fill and Other Inventories
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment expense	$ 0.0	$ 0.0
Level 3 \| Nonrecurring \| Long-Lived Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment expense	$ 0.0	$ 0.0

Fair value measurements - Carrying Amount of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 1,438,957	$ 1,443,957
Carrying amount \| Senior Secured Credit Facility \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	100,000	105,000
Carrying amount \| January 2025 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	577,913	577,913
Carrying amount \| January 2028 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	361,044	361,044
Carrying amount \| July 2029 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	400,000	400,000
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	1,494,673	1,463,089
Fair value \| Senior Secured Credit Facility \| Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	99,980	105,040
Fair value \| January 2025 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	602,567	589,471
Fair value \| January 2028 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	388,014	378,578
Fair value \| July 2029 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 404,112	$ 390,000

Net loss per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss (numerator)	$ (86,781)	$ (75,439)
Weighted-average common shares outstanding (denominator):
Basic (in shares)	16,767	11,918
Diluted (in shares)	16,767	11,918
Net loss per common share:
Basic (in USD per share)	$ (5.18)	$ (6.33)
Diluted (in USD per share)	$ (5.18)	$ (6.33)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Commitments and contingencies (Details)	3 Months Ended		12 Months Ended
Commitments and contingencies (Details)	Mar. 31, 2022 USD ($) operating_lease	Mar. 31, 2021 USD ($)	Dec. 31, 2020
Unrecorded Unconditional Purchase Obligation [Line Items]
Minimum volume commitment deficiency payments	$ 2,100,000	$ 1,600,000
Minimum volume commitments deficiency payments liability	5,400,000
Sand Purchase Commitment
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase and supply commitment period			1 year
Minimum purchase commitment shortfall payment	3,900,000
Firm Sale and Transportation Commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Future commitments	$ 199,300,000
Drilling Rig Contract
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of operating leases \| operating_lease	2
Penalties incurred for early contract termination	$ 0	$ 0

Supplemental cash flow and non-cash information - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental cash flow information:
Cash paid for interest, net of $1,463 and $449 of capitalized interest, respectively	$ 63,057	$ 48,030
Supplemental non-cash investing information:
Change in accrued capital expenditures	18,433	(351)
Capitalized share-settled equity-based compensation	583	670
Capitalized asset retirement cost	181	397
Right-of-use assets obtained in exchange for operating lease liabilities	9,949	0
Capitalized interest	$ 1,463	$ 449

Asset retirement obligations - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liability at beginning of period	$ 72,003	$ 68,326
Liabilities added due to acquisitions, drilling, midstream service asset construction and other	181	397
Accretion expense	1,019	1,143
Liabilities settled due to plugging and abandonment or removed due to sale	(555)	(57)
Liability at end of period	$ 72,648	$ 69,809

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Operating loss carry-forward
Current tax expense	$ 1,218	$ 0
Deferred tax assets, valuation allowance	$ 455,300
Effective tax rate (as a percent)	1.00%
Federal \| Internal Revenue Service (IRS)
Operating loss carry-forward
Operating loss carryforwards	$ 2,000,000
Operating loss carryforwards subject to expiration	1,700,000
Operating loss carryforwards not subject to expiration	376,200
State \| State of Oklahoma
Operating loss carry-forward
Operating loss carryforwards subject to expiration	34,400
State \| Texas
Operating loss carry-forward
Net deferred tax assets	$ 0

Related parties - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Capital expenditures for oil and natural gas properties	$ 143,500	$ 68,329
Halliburton \| Affiliated entity
Related Party Transaction [Line Items]
Capital expenditures for oil and natural gas properties	$ 30,141	$ 11,780

Subsequent events - Narrative (Details) - Secured Debt - Senior Secured Credit Facility - USD ($) $ in Millions	Apr. 25, 2022	Apr. 06, 2022	May 03, 2022	Apr. 13, 2022	Apr. 12, 2022	Mar. 31, 2022
Subsequent Event [Line Items]
Amount of debt outstanding						$ 100.0
Borrowing base						1,000.0
Aggregate elected commitment						$ 725.0
Subsequent Event
Subsequent Event [Line Items]
Proceeds from lines of credit		$ 30.0
Repayments of lines of credit	$ 80.0
Amount of debt outstanding			$ 50.0
Borrowing base				$ 1,250.0	$ 1,000.0
Aggregate elected commitment				1,000.0	725.0
Bond buyback and distributions baskets				250.0	$ 50.0
Energy transition and technology commercialization investment basket				$ 25.0

Subsequent events - Commodity Derivatives (Details) - Subsequent to End of Period - Commodity - Natural gas - Forecast - Not Designated as Hedges	9 Months Ended	12 Months Ended
	Dec. 31, 2022 MMBTU $ / MMBTU	Dec. 31, 2023 MMBTU $ / MMBTU
Henry Hub NYMEX \| Swap
Subsequent Event [Line Items]
Volume (MMBtu) \| MMBTU	2,750,000	0
Weighted-average price ($/Bbl)	2.73	0
Henry Hub NYMEX \| Collar
Subsequent Event [Line Items]
Volume (MMBtu) \| MMBTU	22,000,000	14,600,000
Henry Hub NYMEX \| Collar \| Minimum
Subsequent Event [Line Items]
Weighted-average price ($/Bbl)	3.09	3.75
Henry Hub NYMEX \| Collar \| Maximum
Subsequent Event [Line Items]
Weighted-average price ($/Bbl)	3.84	7.88
Waha Inside FERC to Henry Hub NYMEX \| Basis Swap
Subsequent Event [Line Items]
Volume (MMBtu) \| MMBTU	21,862,500	14,600,000
Weighted-average price ($/Bbl)	(0.36)	(1.52)