0001528129-22-000191 | 10-Q | XBRL Viewer

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Income taxes	9 Months Ended
Income taxes	Sep. 30, 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 September 30, 2022, the Company had federal net operating loss ("NOL") carryforwards totaling $1.6 billion, $1.2 billion of which will begin to expire in 2031 and $366.8 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. As of September 30, 2022, no such ownership change has occurred. As of September 30, 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 September 30, 2022 and the Company's ability to capitalize intangible drilling costs, rather than expensing these costs and future projections of taxable income. A significant item of objective negative evidence considered was the cumulative historical three-year pre-tax loss and net deferred tax asset position. Such objective evidence limits the ability to consider other subjective evidence such as the Company’s potential for future growth. As of September 30, 2022, a total valuation allowance of $325.7 million has been recorded to offset the Company's federal and Oklahoma net deferred tax assets, resulting in a $1.5 million 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. For the three and nine months ended September 30, 2022 and 2021, the Company’s items of discrete income tax expense or benefit were not material. On August 16, 2022, the U.S. Inflation Reduction Act of 2022 (the "IRA") was signed into U.S. law. The IRA includes various tax provisions, including a 1% excise tax on stock repurchases made by publicly traded U.S. corporations, expanded tax credits for clean energy incentives and a 15% corporate alternative minimum tax that applies to certain corporations with adjusted financial statement income in excess of $1.0 billion. The Company is evaluating the IRA and its requirements, as well as the potential impact of the IRA to its business.

- 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.

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+ Details

Debt

9 Months Ended

Sep. 30, 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:


	September 30, 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	$	529,464	$	(4,355)	$	525,109	$	577,913	$	(6,345)	$	571,568
January 2028 Notes	326,756		(3,978)		322,778		361,044		(5,024)		356,020
July 2029 Notes	298,214		(4,517)		293,697		400,000		(6,730)		393,270
Senior Secured Credit Facility(1)	40,000		—		40,000		105,000		—		105,000
Total	$	1,194,434	$	(12,850)	$	1,181,584	$	1,443,957	$	(18,099)	$	1,425,858

______________________________________________________________________________

(1)Debt issuance costs, net related to the Senior Secured Credit Facility of $7.8 million and $8.1 million as of September 30, 2022 and December 31, 2021, respectively, are included in "Other noncurrent assets, net" on the unaudited consolidated balance sheets.

Senior unsecured notes repurchases

The following table presents the Company's repurchases of its senior unsecured notes and the related gain or loss on extinguishment of debt during the periods presented:


(in thousands)	Three months ended September 30, 2022		Nine months ended September 30, 2022
January 2025 Notes	$	48,449	$	48,449
January 2028 Notes	28,038		34,288
January 2029 Notes	76,010		101,786
Total principal amount repurchased	$	152,497	$	184,523

Write off of debt issuance costs	$	(1,958)	$	(2,449)
Difference between consideration paid and net carrying amounts	2,511		2,204
Gain (loss) on extinguishment of debt, net	$	553	$	(245)

Senior Secured Credit Facility

On August 30, 2022, the Company entered into the Ninth Amendment to the Senior Secured Credit Facility (the "Ninth Amendment"). The Ninth Amendment, among other things, added additional capacity to making repurchases of the Company's common stock and clarified the conditions to making redemptions of the Company's debt.

As of September 30, 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 $1.25 billion and $1.0 billion, respectively, with a $40.0 million balance outstanding, and was subject to an interest rate of 5.379%. 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 December 31, 2021, the Company had a $44.1 million letter of credit outstanding under the Senior Secured Credit Facility. No letters of credit were outstanding under the Senior Secured Credit Facility as of September 30, 2022. For additional information see Note 7 in the 2021 Annual Report. See Note 15 for discussion of (i) additional repayments on and (ii) an increase in the borrowing base of the Senior Secured Credit Facility subsequent to September 30, 2022.

- 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

Organizational restructurings	9 Months Ended
Organizational restructurings	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Organizational restructurings	Organizational restructurings On August 24, 2022, the Company announced the departure of the Company's Senior Vice President and Chief Operating Officer. In connection with the departure, the Company incurred one-time charges for certain payments and benefits of $10.4 million during the three months ended September 30, 2022. These charges were recorded as "Organizational restructuring expenses" on the unaudited consolidated statements of operations. All equity-based compensation awards held by the Company's Senior Vice President and Chief Operating Officer were forfeited and the corresponding equity-based compensation totaling $4.9 million previously recorded was reversed in "General and administrative" on the unaudited consolidated statements of operations during the three months ended September 30, 2022. On June 29, 2021 (the "Effective Date"), the Company committed to a company-wide reorganization effort (the "Reorganization Plan") that included a workforce reduction of 14 individuals, or approximately 5% of the workforce. The reduction in workforce was communicated to employees on the Effective Date and implemented immediately, subject to certain administrative procedures. The Company put the Reorganization Plan in place in order to better position the Company for the future. In connection with the Reorganization Plan, the Company incurred an aggregate of $9.8 million of one-time charges during the nine months ended September 30, 2021 comprising of compensation, tax, professional, outplacement and insurance related expenses. All equity-based compensation awards held by the affected employees were forfeited and the corresponding equity-based compensation totaling $1.1 million previously recorded was reversed in "General and administrative" on the unaudited consolidated statements of operations during the nine months ended September 30, 2021.

Income taxes (Details) $ in Millions	9 Months Ended
Income taxes (Details) $ in Millions	Sep. 30, 2022 USD ($)
Operating loss carry-forward
Deferred tax assets, valuation allowance	$ 325.7
Effective tax rate (as a percent)	1.00%
Federal \| Internal Revenue Service (IRS)
Operating loss carry-forward
Operating loss carryforwards	$ 1,600.0
Operating loss carryforwards subject to expiration	1,200.0
Operating loss carryforwards not subject to expiration	366.8
State \| State of Oklahoma
Operating loss carry-forward
Operating loss carryforwards subject to expiration	34.4
State \| Texas
Operating loss carry-forward
Net deferred tax assets	$ 1.5

Derivatives (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of gain (loss) on derivatives

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Commodity	$	110,356	$	(101,394)	$	(285,715)	$	(472,296)
Interest rate	—		(17)		14		(43)
Contingent consideration	(9,608)		5,171		(5,294)		4,792
Gain (loss) on derivatives, net	$	100,748	$	(96,240)	$	(290,995)	$	(467,547)

Schedule of open positions and derivatives in place

The following table summarizes open commodity derivative positions as of September 30, 2022, for commodity derivatives that were entered into through September 30, 2022, for the settlement periods presented:


	Remaining Year 2022		Year 2023
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	64.40	$	—
WTI NYMEX - Collars:
Volume (Bbl)	1,407,600		4,362,000
Weighted-average floor price ($/Bbl)	$	72.65	$	67.93
Weighted-average ceiling price ($/Bbl)	$	86.54	$	82.89









Brent ICE - Swaps:
Volume (Bbl)	1,039,600		—
Weighted-average price ($/Bbl)	$	48.34	$	—
Brent ICE - Collars:
Volume (Bbl)	391,000		—
Weighted-average floor price ($/Bbl)	$	56.65	$	—
Weighted-average ceiling price ($/Bbl)	$	65.44	$	—














































NGL:

Purity Ethane - Swaps:
Volume (Bbl)	386,400		—
Weighted-average price ($/Bbl)	$	11.42	$	—
Non-TET Propane - Swaps:
Volume (Bbl)	294,400		—
Weighted-average price ($/Bbl)	$	35.91	$	—
Non-TET Normal Butane - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	41.58	$	—
Non-TET Isobutane - Swaps:
Volume (Bbl)	27,600		—
Weighted-average price ($/Bbl)	$	42.00	$	—
Non-TET Natural Gasoline - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	60.65	$	—

Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	920,000		—
Weighted-average price ($/MMBtu)	$	2.73	$	—
Henry Hub NYMEX - Collars:
Volume (MMBtu)	7,360,000		25,550,000
Weighted-average floor price ($/MMBtu)	$	3.09	$	4.14
Weighted-average ceiling price ($/MMBtu)	$	3.84	$	8.43





Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	7,314,000		25,550,000
Weighted-average differential ($/MMBtu)	$	(0.36)	$	(1.65)

The following table summarizes the Company's open oil derivative positions as of September 30, 2022, updated for derivative transactions entered into from September 30, 2022 through November 2, 2022, for the settlement periods presented:


	Remaining Year 2022		Year 2023
Oil:
WTI NYMEX - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	64.40	$	—
WTI NYMEX - Collars:
Volume (Bbl)	1,407,600		4,727,000
Weighted-average floor price ($/Bbl)	$	72.65	$	68.09
Weighted-average ceiling price ($/Bbl)	$	86.54	$	83.81

Organization and basis of presentation (Details)	9 Months Ended
Organization and basis of presentation (Details)	Sep. 30, 2022 operating_segment
Accounting Policies [Abstract]
Number of operating segments	1

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		16,813,540
Entity Central Index Key	0001528129
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

Acquisitions and divestitures - Purchase price (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 18, 2021	Jul. 01, 2021
Pioneer Acquisition
Asset Acquisition [Line Items]
Cash consideration	$ 135,323
Transaction costs	3,861
Total purchase price	$ 210,105
Pioneer Acquisition \| Common stock
Asset Acquisition [Line Items]
Shares of Company common stock (in 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 (in 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 (in 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

Organization and basis of presentation	9 Months Ended
Organization and basis of presentation	Sep. 30, 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, is an independent energy company focused on the acquisition, exploration and development of oil and natural gas properties 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 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 September 30, 2022, results of operations for the three and nine months ended September 30, 2022 and 2021 and cash flows for the nine months ended September 30, 2022 and 2021. All adjustments are of a recurring nature unless otherwise disclosed herein. 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 previously reported 2022 and 2021 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 income (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 nine months ended September 30, 2022. See Note 2 in the 2021 Annual Report for discussion of significant accounting policies. Use of estimates 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.

Supplemental cash flow and non-cash information

9 Months Ended

Sep. 30, 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:


	Nine months ended September 30,
(in thousands)	2022		2021
Supplemental cash flow information:
Cash paid for interest, net of $3,265 and $3,081 of capitalized interest, respectively	$	130,082	$	95,684


Supplemental non-cash operating information:
Right-of-use assets obtained in exchange for operating lease liabilities(1)	$	34,532	$	7,532
Supplemental non-cash investing information:
Fair value of contingent consideration asset on transaction date(2)	$	—	$	33,832
Change in accrued capital expenditures	$	5,144	$	25,380

_____________________________________________________________________________

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

Fair value measurements - Carrying Amount of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Carrying amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 1,194,434	$ 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	40,000	105,000
Carrying amount \| January 2025 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	529,464	577,913
Carrying amount \| January 2028 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	326,756	361,044
Carrying amount \| July 2029 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	298,214	400,000
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	1,153,475	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	39,959	105,040
Fair value \| January 2025 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	525,059	589,471
Fair value \| January 2028 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	313,686	378,578
Fair value \| July 2029 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 274,771	$ 390,000

Supplemental cash flow and non-cash information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental cash flow information:
Cash paid for interest, net of $3,265 and $3,081 of capitalized interest, respectively	$ 130,082	$ 95,684
Capitalized interest	3,265	3,081
Supplemental non-cash operating information:
Right-of-use assets obtained in exchange for operating lease liabilities	34,532	7,532
Supplemental non-cash investing information:
Fair value of contingent consideration asset on transaction date	0	33,832
Change in accrued capital expenditures	$ 5,144	$ 25,380

Net income (loss) per common share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

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

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except for per share data)	2022		2021		2022		2021
Net income (loss) (numerator)	$	337,523	$	136,832	$	513,288	$	(71,268)
Weighted-average common shares outstanding (denominator):
Basic	16,650		15,756		16,750		13,464
Dilutive non-vested restricted stock awards	159		187		197		—

Dilutive non-vested performance share awards(1)	—		50		16		—

Diluted	16,809		15,993		16,963		13,464
Net income (loss) per common share:
Basic	$	20.27	$	8.68	$	30.64	$	(5.29)
Diluted	$	20.08	$	8.56	$	30.26	$	(5.29)

_____________________________________________________________________________

(1)The dilutive effect of the non-vested performance shares for the three and nine months ended September 30, 2022 was calculated assuming the performance period ended on September 30, 2022.

Stockholders' equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stockholders' equity

Authorized shares increase

On May 26, 2022, upon recommendation of the Company's board of directors, stockholders approved an amendment to the Company's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of its common stock from 22,500,000 shares to 40,000,000 shares.

Share repurchase program

On May 31, 2022, the Company's board of directors authorized a $200.0 million share repurchase program. The repurchase program commenced in May 2022 and expires in May 2024. Share repurchases under the program may be made through a variety of methods, which may include open market purchases, including under plans complying with Rule 10b5-1 of the Exchange Act, and privately negotiated transactions. The timing and actual number of share repurchases will depend upon several factors, including market conditions, business conditions, the trading price of the Company's common stock and the nature of other investment opportunities available to the Company.

The following table presents the Company's open market repurchases of its common stock during the periods presented:


(in thousands, except for share and share price data)	Three months ended September 30, 2022		Nine months ended September 30, 2022
Shares of Company common stock repurchased	244,687		329,848
Average share price(1)	$	71.58	$	80.60
Total	$	17,515	$	26,586

______________________________________________________________________________

(1)Average share price includes any commissions paid to repurchase stock.

All shares were retired upon repurchase. See Note 15 for the Company's additional repurchases of its common stock subsequent to September 30, 2022.

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 nine months ended September 30, 2021, the Company sold 1,438,105 shares of its common stock pursuant to the ATM Program for net proceeds of approximately $72.5 million, after underwriting commissions and other related expenses,

thus completing the ATM Program. 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

Stockholders' equity - Share repurchase program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Class of Stock [Line Items]
Total		$ 26,586	$ 0
Treasury stock (at cost)
Class of Stock [Line Items]
Shares of Company common stock repurchased (in shares)	244,687	329,848
Average share price (in USD per share)	$ 71.58	$ 80.60
Total	$ 17,515	$ 26,586

Debt - Senior Secured Credit Facility (Details) - Secured Debt - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Maximum credit amount	$ 1,250,000,000
Letter of Credit
Debt Instrument [Line Items]
Maximum credit amount	80,000,000
Letters of credit outstanding	0	$ 44,100,000
Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum credit amount	2,000,000,000
Aggregate elected commitment	1,000,000,000
Borrowing base	1,250,000,000
Amount of debt outstanding	$ 40,000,000
Credit facility, interest rate at period end (as a percent)	5.379%

Fair value measurements - Changes in Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Change in Amount of Contingent Consideration, Liability [Roll Forward]
Settlements received for contingent consideration			$ 1,555	$ 0
Level 3 \| Contingent Consideration Derivative
Change in Amount of Contingent Consideration, Liability [Roll Forward]
Balance of Level 3 at beginning of period	$ 38,620	$ 0	35,861	0
Sixth Street Contingent Consideration valuation as of Sixth Street Closing Date	0	33,832	0	33,832
Change in Sixth Street Contingent Consideration fair value	(9,608)	5,182	(5,294)	5,182
Settlements realized	(322)	0	(1,877)	0
Balance of Level 3 at end of period	28,690	$ 39,014	28,690	$ 39,014
Level 3 \| Contingent Consideration Derivative
Change in Amount of Contingent Consideration, Liability [Roll Forward]
Settlements received for contingent consideration			1,600
Realized settlements receivable at period end	$ 300		$ 300

New accounting standards	9 Months Ended
New accounting standards	Sep. 30, 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 September 30, 2022. Additionally, the Company did not adopt any new ASUs during the nine months ended September 30, 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

Organizational restructurings (Details) $ in Thousands		3 Months Ended		9 Months Ended
Organizational restructurings (Details) $ in Thousands	Jun. 29, 2021 employee	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Organizational restructuring expenses		$ 10,420	$ 0	$ 10,420	$ 9,800
Reversal of equity-based compensation expense		2,519	$ (3,400)	$ (8,721)	(15,010)
Workforce reduction (positions eliminated) \| employee	14
Workforce reduction (as a percent)	5.00%
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Organizational restructuring expenses		10,400			9,800
Share Based Compensation Awards Forfeited
Restructuring Cost and Reserve [Line Items]
Reversal of equity-based compensation expense		$ 4,900			$ 1,100

Consolidated statements of stockholders' equity - USD ($) $ 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		12,020,000
Balance at beginning of period at Dec. 31, 2020	$ (21,443)	$ 120	$ 2,398,464	$ 0	$ (2,420,027)
Balance at beginning of period (in shares) at Dec. 31, 2020				0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		233,000
Restricted stock awards	0	$ 2	(2)
Restricted stock forfeitures (in shares)		(42,000)
Stock exchanged for tax withholding (in shares)				53,000
Stock exchanged for tax withholding	(2,589)			$ (2,589)
Retirement of treasury stock (in shares)		(53,000)		(53,000)
Retirement of treasury stock	0		(2,589)	$ 2,589
Exercise of stock options (in shares)		2,000
Exercise of stock options	173		173
Share-settled equity-based compensation	6,730		6,730
Issuance of common stock, net of costs (in shares)		1,438,000
Issuance of common stock, net of costs	72,492	$ 14	72,478
Equity issued for acquisitions of oil and natural gas properties (in shares)		2,507,000
Equity issued for acquisitions of oil and natural gas properties	239,967	$ 25	239,942
Performance share conversion (in shares)		6,000
Net income (loss)	(71,268)				(71,268)
Balance at end of period (in shares) at Sep. 30, 2021		16,111,000
Balance at end of period at Sep. 30, 2021	224,062	$ 161	2,715,196	$ 0	(2,491,295)
Balance at end of period (in shares) at Sep. 30, 2021				0
Balance at beginning of period (in shares) at Jun. 30, 2021		13,573,000
Balance at beginning of period at Jun. 30, 2021	(154,282)	$ 136	2,473,709	$ 0	(2,628,127)
Balance at beginning of period (in shares) at Jun. 30, 2021				0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		39,000
Restricted stock awards	0
Restricted stock forfeitures (in shares)		(1,000)
Restricted stock forfeitures	0
Stock exchanged for tax withholding (in shares)				9,000
Stock exchanged for tax withholding	(848)			$ (848)
Retirement of treasury stock (in shares)		(9,000)		(9,000)
Retirement of treasury stock	0		(848)	$ 848
Exercise of stock options (in shares)		2,000
Exercise of stock options	173		173
Share-settled equity-based compensation	2,220		2,220
Equity issued for acquisitions of oil and natural gas properties (in shares)		2,507,000
Equity issued for acquisitions of oil and natural gas properties	239,967	$ 25	239,942
Net income (loss)	136,832				136,832
Balance at end of period (in shares) at Sep. 30, 2021		16,111,000
Balance at end of period at Sep. 30, 2021	$ 224,062	$ 161	2,715,196	$ 0	(2,491,295)
Balance at end of period (in shares) at Sep. 30, 2021				0
Balance at beginning of period (in shares) at Dec. 31, 2021	17,074,516	17,075,000
Balance at beginning of period at Dec. 31, 2021	$ 513,780	$ 171	2,788,628	$ 0	(2,275,019)
Balance at beginning of period (in shares) at Dec. 31, 2021				0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		246,000
Restricted stock awards	0	$ 2	(2)
Restricted stock forfeitures (in shares)		(57,000)
Restricted stock forfeitures	0	$ (1)	1
Share repurchases (in shares)				330,000
Share repurchases	(26,586)			$ (26,586)
Stock exchanged for tax withholding (in shares)				94,000
Stock exchanged for tax withholding	(7,442)			$ (7,442)
Retirement of treasury stock (in shares)		(424,000)		(424,000)
Retirement of treasury stock	0	$ (4)	(34,024)	$ 34,028
Share-settled equity-based compensation	7,630		7,630
Performance share conversion (in shares)		75,000
Performance share conversion	0	$ 1	(1)
Net income (loss)	$ 513,288				513,288
Balance at end of period (in shares) at Sep. 30, 2022	16,914,836	16,915,000
Balance at end of period at Sep. 30, 2022	$ 1,000,670	$ 169	2,762,232	$ 0	(1,761,731)
Balance at end of period (in shares) at Sep. 30, 2022				0
Balance at beginning of period (in shares) at Jun. 30, 2022		17,212,000
Balance at beginning of period at Jun. 30, 2022	679,456	$ 172	2,778,538	$ 0	(2,099,254)
Balance at beginning of period (in shares) at Jun. 30, 2022				0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		9,000
Restricted stock awards	0
Restricted stock forfeitures (in shares)		(50,000)
Restricted stock forfeitures	0	$ (1)	1
Share repurchases (in shares)				245,000
Share repurchases	(17,515)			$ (17,515)
Stock exchanged for tax withholding (in shares)				11,000
Stock exchanged for tax withholding	(853)			$ (853)
Retirement of treasury stock (in shares)		(256,000)		(256,000)
Retirement of treasury stock	0	$ (2)	(18,366)	$ 18,368
Share-settled equity-based compensation	2,059		2,059
Net income (loss)	$ 337,523				337,523
Balance at end of period (in shares) at Sep. 30, 2022	16,914,836	16,915,000
Balance at end of period at Sep. 30, 2022	$ 1,000,670	$ 169	$ 2,762,232	$ 0	$ (1,761,731)
Balance at end of period (in shares) at Sep. 30, 2022				0

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	Sep. 30, 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
Sixth Street PSA \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Asset Acquisition [Line Items]
Average working interest (as a percent)		37.50%				37.50%
Proceeds from dispositions after transaction costs		$ 405,000
Additional cash contingent consideration		93,700
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	$ 28,700
Gain on disposal		94,300
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	$ 210,105
Payments to acquire productive assets	$ 135,323
Common stock par value (in USD per share) \| $ / shares	$ 0.01
Transaction related expenses	$ 3,861
Pioneer Acquisition \| Common stock
Asset Acquisition [Line Items]
Stock issued in asset acquisition (in shares) \| shares	959,691
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 (in shares) \| shares		2,506,964
Transaction related expenses		$ 17,020
Number of purchase and sale agreements \| agreement						2
Sabalo/Shad \| Common stock
Asset Acquisition [Line Items]
Stock issued in asset acquisition (in shares) \| shares		2,506,964
Pioneer Acquisition - Tag-Along Sales Rights
Asset Acquisition [Line Items]
Payments to acquire productive assets			$ 2,900
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

Stockholders' equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of share repurchases program

The following table presents the Company's open market repurchases of its common stock during the periods presented:


(in thousands, except for share and share price data)	Three months ended September 30, 2022		Nine months ended September 30, 2022
Shares of Company common stock repurchased	244,687		329,848
Average share price(1)	$	71.58	$	80.60
Total	$	17,515	$	26,586

______________________________________________________________________________

(1)Average share price includes any commissions paid to repurchase stock.

Consolidated statements of cash flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 513,288	$ (71,268)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Share-settled equity-based compensation, net	6,295	5,609
Depletion, depreciation and amortization	226,555	140,763
Impairment expense	0	1,613
Gain (Loss) on Disposition of Assets	(4,952)	(93,454)
Mark-to-market on derivatives:
Loss on derivatives, net	290,995	467,547
Settlements paid for matured derivatives, net	(423,668)	(191,507)
Premiums received for commodity derivatives	0	9,041
Amortization of debt issuance costs	4,809	3,608
Amortization of operating lease right-of-use assets	16,523	9,907
Loss on extinguishment of debt, net	245	0
Deferred income tax benefit	(2,324)	(707)
Other, net	4,600	3,359
Changes in operating assets and liabilities:
Accounts receivable, net	(11,069)	(58,681)
Other current assets	7,574	(3,026)
Other noncurrent assets, net	1,450	(30,285)
Accounts payable and accrued liabilities	15,084	21,342
Undistributed revenue and royalties	131,356	56,268
Other current liabilities	(41,362)	11,203
Other noncurrent liabilities	(14,697)	5,780
Net cash provided by operating activities	720,702	287,112
Cash flows from investing activities:
Acquisitions of oil and natural gas properties, net	(5,581)	(627,044)
Capital expenditures:
Oil and natural gas properties	(432,124)	(278,847)
Midstream service assets	(1,163)	(2,375)
Other fixed assets	(9,101)	(3,226)
Proceeds from dispositions of capital assets, net of selling costs	2,939	393,742
Settlements received for contingent consideration	1,555	0
Net cash used in investing activities	(443,475)	(517,750)
Cash flows from financing activities:
Borrowings on Senior Secured Credit Facility	335,000	425,000
Payments on Senior Secured Credit Facility	(400,000)	(650,000)
Extinguishment of debt	182,319	0
Issuance of July 2029 Notes	0	400,000
Proceeds from issuance of common stock, net of offering costs	0	72,492
Share repurchases	(26,586)	0
Stock exchanged for tax withholding	(7,442)	(2,589)
Proceeds from exercise of stock options	0	173
Payments for debt issuance costs	(1,725)	(14,597)
Other, net	(1,012)	2,798
Net cash (used in) provided by financing activities	(284,084)	233,277
Net (decrease) increase in cash and cash equivalents	(6,857)	2,639
Cash and cash equivalents, beginning of period	56,798	48,757
Cash and cash equivalents, end of period	$ 49,941	$ 51,396

Stockholders' equity - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	May 31, 2022	May 26, 2022	May 25, 2022	Dec. 31, 2021	Feb. 23, 2021
Class of Stock [Line Items]
Common stock authorized (in shares)		40,000,000		40,000,000	22,500,000	22,500,000
Share repurchase program, authorized amount			$ 200.0
At-the-Market Offering
Class of Stock [Line Items]
Stock Sale Program, Maximum Authorized Amount							$ 75.0
Stock issued in sale (in shares)	1,438,105
Consideration received from sale of stock	$ 72.5

Equity Incentive Plan - Activity for Restricted Stock Awards, Performance Units and Shares and Stock Options (Details) - $ / shares	9 Months Ended	36 Months Ended
	Sep. 30, 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
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)	246,000
Forfeited (in shares)	(57,000)
Vested (in shares)	(180,000)
Outstanding at end of period (in shares)	359,000	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)	(16,000)
Vested (in shares)	(70,000)
Outstanding at end of period (in shares)	48,000	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
Forfeited (in shares)	(59,000)
Outstanding at end of period (in shares)	150,000	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
Stock option awards
Settlement/payment, per share			$ 83.00	$ 76.60

Derivatives - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Gain (loss) on derivatives, net	$ 100,748	$ (96,240)	$ (290,995)	$ (467,547)
Commodity
Derivative [Line Items]
Gain (loss) on derivatives, net	110,356	(101,394)	(285,715)	(472,296)
Interest rate
Derivative [Line Items]
Gain (loss) on derivatives, net	0	(17)	14	(43)
Contingent consideration
Derivative [Line Items]
Gain (loss) on derivatives, net	$ (9,608)	$ 5,171	$ (5,294)	$ 4,792

Commitments and contingencies (Details) - Firm Sale and Transportation Commitments - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Unrecorded Unconditional Purchase Obligation [Line Items]
Minimum volume commitment deficiency payments	$ 7.7	$ 2.8
Minimum volume commitments deficiency payments liability	8.6
Future commitments	$ 171.5

Debt (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 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	$	529,464	$	(4,355)	$	525,109	$	577,913	$	(6,345)	$	571,568
January 2028 Notes	326,756		(3,978)		322,778		361,044		(5,024)		356,020
July 2029 Notes	298,214		(4,517)		293,697		400,000		(6,730)		393,270
Senior Secured Credit Facility(1)	40,000		—		40,000		105,000		—		105,000
Total	$	1,194,434	$	(12,850)	$	1,181,584	$	1,443,957	$	(18,099)	$	1,425,858

______________________________________________________________________________

Schedule of Extinguishment of Debt

The following table presents the Company's repurchases of its senior unsecured notes and the related gain or loss on extinguishment of debt during the periods presented:


(in thousands)	Three months ended September 30, 2022		Nine months ended September 30, 2022
January 2025 Notes	$	48,449	$	48,449
January 2028 Notes	28,038		34,288
January 2029 Notes	76,010		101,786
Total principal amount repurchased	$	152,497	$	184,523

Write off of debt issuance costs	$	(1,958)	$	(2,449)
Difference between consideration paid and net carrying amounts	2,511		2,204
Gain (loss) on extinguishment of debt, net	$	553	$	(245)

Acquisitions and divestitures - Assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Oct. 18, 2021	Jul. 01, 2021
Pioneer Acquisition
Asset Acquisition [Line Items]
Revenue suspense liabilities assumed	$ (7,384)
Allocated purchase price	210,105
Pioneer Acquisition \| Evaluated properties
Asset Acquisition [Line Items]
Properties	143,021
Pioneer Acquisition \| Unevaluated Properties
Asset Acquisition [Line Items]
Properties	$ 74,468
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

Derivatives

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company has two types of derivative instruments as of September 30, 2022: (i) commodity derivatives and (ii) a contingent consideration derivative. In previous periods, the Company also engaged in an interest rate swap derivative, which concluded during the quarterly period ended June 30, 2022. See (i) Note 2 in the 2021 Annual Report for discussion of the Company's significant accounting policies for derivatives and presentation and (ii) Note 9 for discussion of fair value measurement of derivatives on a recurring basis. 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 "Gain (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 gain (loss) on derivatives, net by type of derivative instrument for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Commodity	$	110,356	$	(101,394)	$	(285,715)	$	(472,296)
Interest rate	—		(17)		14		(43)
Contingent consideration	(9,608)		5,171		(5,294)		4,792
Gain (loss) on derivatives, net	$	100,748	$	(96,240)	$	(290,995)	$	(467,547)

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 nine months ended September 30, 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.


	Remaining Year 2022		Year 2023
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	64.40	$	—
WTI NYMEX - Collars:
Volume (Bbl)	1,407,600		4,362,000
Weighted-average floor price ($/Bbl)	$	72.65	$	67.93
Weighted-average ceiling price ($/Bbl)	$	86.54	$	82.89









Brent ICE - Swaps:
Volume (Bbl)	1,039,600		—
Weighted-average price ($/Bbl)	$	48.34	$	—
Brent ICE - Collars:
Volume (Bbl)	391,000		—
Weighted-average floor price ($/Bbl)	$	56.65	$	—
Weighted-average ceiling price ($/Bbl)	$	65.44	$	—














































NGL:

Purity Ethane - Swaps:
Volume (Bbl)	386,400		—
Weighted-average price ($/Bbl)	$	11.42	$	—
Non-TET Propane - Swaps:
Volume (Bbl)	294,400		—
Weighted-average price ($/Bbl)	$	35.91	$	—
Non-TET Normal Butane - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	41.58	$	—
Non-TET Isobutane - Swaps:
Volume (Bbl)	27,600		—
Weighted-average price ($/Bbl)	$	42.00	$	—
Non-TET Natural Gasoline - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	60.65	$	—

Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	920,000		—
Weighted-average price ($/MMBtu)	$	2.73	$	—
Henry Hub NYMEX - Collars:
Volume (MMBtu)	7,360,000		25,550,000
Weighted-average floor price ($/MMBtu)	$	3.09	$	4.14
Weighted-average ceiling price ($/MMBtu)	$	3.84	$	8.43





Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	7,314,000		25,550,000
Weighted-average differential ($/MMBtu)	$	(0.36)	$	(1.65)

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. As of September 30, 2022, the maximum remaining additional cash consideration of the contingent consideration was $90.1 million. The fair value of the Sixth Street Contingent Consideration was $35.9 million as of December 31, 2021 and $28.7 million as of September 30, 2022. See Note 3 for further discussion of the Working Interest Sale associated with the Sixth Street Contingent Consideration.

At each quarterly reporting period, the Company remeasures contingent consideration with the change in fair value recognized in "Gain (loss) on derivatives, net" under "Non-operating income (expense)" on the unaudited consolidated statements of operations.

Net income (loss) per common share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net income (loss) per common share

Basic and diluted net income (loss) per common share are computed by dividing net income (loss) by the weighted-average common shares outstanding for the period. Diluted net income (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 nine months ended September 30, 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 income (loss) per common share for the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except for per share data)	2022		2021		2022		2021
Net income (loss) (numerator)	$	337,523	$	136,832	$	513,288	$	(71,268)
Weighted-average common shares outstanding (denominator):
Basic	16,650		15,756		16,750		13,464
Dilutive non-vested restricted stock awards	159		187		197		—

Dilutive non-vested performance share awards(1)	—		50		16		—

Diluted	16,809		15,993		16,963		13,464
Net income (loss) per common share:
Basic	$	20.27	$	8.68	$	30.64	$	(5.29)
Diluted	$	20.08	$	8.56	$	30.26	$	(5.29)

_____________________________________________________________________________

(1)The dilutive effect of the non-vested performance shares for the three and nine months ended September 30, 2022 was calculated assuming the performance period ended on September 30, 2022.

Net income (loss) per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss) (numerator)	$ 337,523	$ 136,832	$ 513,288	$ (71,268)
Weighted-average common shares outstanding (denominator):
Basic (in shares)	16,650	15,756	16,750	13,464
Diluted (in shares)	16,809	15,993	16,963	13,464
Net income (loss) per common share:
Basic (in USD per share)	$ 20.27	$ 8.68	$ 30.64	$ (5.29)
Diluted (in USD per share)	$ 20.08	$ 8.56	$ 30.26	$ (5.29)
Restricted stock awards
Weighted-average common shares outstanding (denominator):
Incremental common shares (in shares)	159	187	197	0
Performance share awards
Weighted-average common shares outstanding (denominator):
Incremental common shares (in shares)	0	50	16	0

Fair value measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Net fair value presented on the unaudited consolidated balance sheets	$ 18,990	$ 4,346
Net fair value presented on the unaudited consolidated balance sheets	29,156	32,963
Liabilities:
Total gross fair value	(11,383)	(142,500)
Net fair value presented on the unaudited consolidated balance sheets	(58,763)	(179,809)
Net fair value presented on the unaudited consolidated balance sheets	(766)	0
Amounts offset	0	0
Net derivative liability positions	(11,383)	(142,500)
Commodity Derivatives
Assets:
Net fair value presented on the unaudited consolidated balance sheets	14,850	0
Net fair value presented on the unaudited consolidated balance sheets	4,606	1,448
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets	(58,763)	(179,757)
Net fair value presented on the unaudited consolidated balance sheets	(766)	0
Contingent Consideration
Assets:
Net fair value presented on the unaudited consolidated balance sheets	4,140	4,346
Net fair value presented on the unaudited consolidated balance sheets	24,550	31,515
Interest rate
Liabilities:
Net fair value presented on the unaudited consolidated balance sheets		(52)
Current Assets \| Commodity Derivatives
Assets:
Total gross fair value	49,566	21,671
Amounts offset	(34,716)	(21,671)
Current Assets \| Contingent Consideration
Assets:
Total gross fair value	4,140	4,346
Amounts offset	0	0
Noncurrent Assets \| Commodity Derivatives
Assets:
Total gross fair value	5,204	1,448
Amounts offset	(598)	0
Noncurrent Assets \| Contingent Consideration
Assets:
Total gross fair value	24,550	31,515
Amounts offset	0	0
Current Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	(93,479)	(201,428)
Amounts offset	34,716	21,671
Current Liabilities \| Interest rate
Liabilities:
Total gross fair value		(52)
Amounts offset		0
Noncurrent Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	(1,364)	0
Amounts offset	598	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 \| 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 \| 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
Level 1 \| Noncurrent Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	0	0
Level 2
Liabilities:
Net derivative liability positions	40,073	178,361
Level 2 \| Current Assets \| Commodity Derivatives
Assets:
Total gross fair value	49,566	21,671
Level 2 \| Current Assets \| Contingent Consideration
Assets:
Total gross fair value	0	0
Level 2 \| Noncurrent Assets \| Commodity Derivatives
Assets:
Total gross fair value	5,204	1,448
Level 2 \| Noncurrent Assets \| Contingent Consideration
Assets:
Total gross fair value	0	0
Level 2 \| Current Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	(93,479)	(201,428)
Level 2 \| Current Liabilities \| Interest rate
Liabilities:
Total gross fair value		(52)
Level 2 \| Noncurrent Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	(1,364)	0
Level 3
Liabilities:
Net derivative liability positions	28,690	35,861
Level 3 \| Current Assets \| Commodity Derivatives
Assets:
Total gross fair value	0	0
Level 3 \| Current Assets \| Contingent Consideration
Assets:
Total gross fair value	4,140	4,346
Level 3 \| Noncurrent Assets \| Commodity Derivatives
Assets:
Total gross fair value	0	0
Level 3 \| Noncurrent Assets \| Contingent Consideration
Assets:
Total gross fair value	24,550	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
Level 3 \| Noncurrent Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	$ 0	$ 0

Debt - Long-term Debt, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 1,194,434	$ 1,443,957
Debt issuance costs, net	(12,850)	(18,099)
Long-term debt, net	1,181,584	1,425,858
Senior Notes \| January 2025 Notes
Debt Instrument [Line Items]
Long-term debt	529,464	577,913
Debt issuance costs, net	(4,355)	(6,345)
Long-term debt, net	525,109	571,568
Senior Notes \| January 2028 Notes
Debt Instrument [Line Items]
Long-term debt	326,756	361,044
Debt issuance costs, net	(3,978)	(5,024)
Long-term debt, net	322,778	356,020
Senior Notes \| July 2029 Notes
Debt Instrument [Line Items]
Long-term debt	298,214	400,000
Debt issuance costs, net	(4,517)	(6,730)
Long-term debt, net	293,697	393,270
Secured Debt \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Long-term debt	40,000	105,000
Debt issuance costs, net	0	0
Long-term debt, net	40,000	105,000
Secured Debt \| Senior Secured Credit Facility \| Other Noncurrent Assets
Debt Instrument [Line Items]
Debt issuance costs related to line of credit arrangements	$ 7,800	$ 8,100

Consolidated balance sheets (Parenthetical) - $ / shares	Sep. 30, 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)	40,000,000	22,500,000
Common stock issued (in shares)	16,914,836	17,074,516
Common stock outstanding (in shares)	16,914,836	17,074,516

Subsequent events - Commodity Derivatives (Details) - Subsequent to End of Period - Forecast - Not Designated as Hedges - Crude Oil - WTI NYMEX	3 Months Ended	12 Months Ended
	Dec. 31, 2022 $ / bbl bbl	Dec. 31, 2023 $ / bbl bbl
Swap
Subsequent Event [Line Items]
Volume (Bbl) \| bbl	92,000	0
Weighted-average price/differential (in USD per unit)	64.40	0
Collar
Subsequent Event [Line Items]
Volume (Bbl) \| bbl	1,407,600	4,727,000
Collar \| Minimum
Subsequent Event [Line Items]
Weighted-average price/differential (in USD per unit)	72.65	68.09
Collar \| Maximum
Subsequent Event [Line Items]
Weighted-average price/differential (in USD per unit)	86.54	83.81

Acquisitions and divestitures (Tables)

9 Months Ended

Sep. 30, 2022

Pioneer Acquisition

Asset Acquisition [Line Items]

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	$	135,323
Transaction costs	3,861

Total purchase price	$	210,105

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	$	143,021
Unevaluated properties	74,468
Revenue suspense liabilities assumed	(7,384)
Allocated purchase price	$	210,105

Sabalo/Shad

Asset Acquisition [Line Items]

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 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 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

Derivatives - Narrative (Details)
$ in Millions

9 Months Ended

Sep. 30, 2022

USD ($)

derivative

Dec. 31, 2021

USD ($)

Jul. 01, 2021

USD ($)

Derivative [Line Items]

Number of types of derivative instruments | derivative

Derivatives

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Commodity	$	110,356	$	(101,394)	$	(285,715)	$	(472,296)
Interest rate	—		(17)		14		(43)
Contingent consideration	(9,608)		5,171		(5,294)		4,792
Gain (loss) on derivatives, net	$	100,748	$	(96,240)	$	(290,995)	$	(467,547)

Commodity


	Remaining Year 2022		Year 2023
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	64.40	$	—
WTI NYMEX - Collars:
Volume (Bbl)	1,407,600		4,362,000
Weighted-average floor price ($/Bbl)	$	72.65	$	67.93
Weighted-average ceiling price ($/Bbl)	$	86.54	$	82.89









Brent ICE - Swaps:
Volume (Bbl)	1,039,600		—
Weighted-average price ($/Bbl)	$	48.34	$	—
Brent ICE - Collars:
Volume (Bbl)	391,000		—
Weighted-average floor price ($/Bbl)	$	56.65	$	—
Weighted-average ceiling price ($/Bbl)	$	65.44	$	—














































NGL:

Purity Ethane - Swaps:
Volume (Bbl)	386,400		—
Weighted-average price ($/Bbl)	$	11.42	$	—
Non-TET Propane - Swaps:
Volume (Bbl)	294,400		—
Weighted-average price ($/Bbl)	$	35.91	$	—
Non-TET Normal Butane - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	41.58	$	—
Non-TET Isobutane - Swaps:
Volume (Bbl)	27,600		—
Weighted-average price ($/Bbl)	$	42.00	$	—
Non-TET Natural Gasoline - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	60.65	$	—

Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	920,000		—
Weighted-average price ($/MMBtu)	$	2.73	$	—
Henry Hub NYMEX - Collars:
Volume (MMBtu)	7,360,000		25,550,000
Weighted-average floor price ($/MMBtu)	$	3.09	$	4.14
Weighted-average ceiling price ($/MMBtu)	$	3.84	$	8.43





Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	7,314,000		25,550,000
Weighted-average differential ($/MMBtu)	$	(0.36)	$	(1.65)

Contingent consideration

Sixth Street PSA | Disposal Group, Disposed of by Sale, Not Discontinued Operations

Derivative [Line Items]

Additional cash contingent consideration

$ 93.7

Aggregate quarterly payments of additional cash contingent consideration

38.7

Balloon payment of additional cash contingent consideration

55.0

Notional amount of derivative

$ 90.1

Fair value of contingent consideration

$ 28.7

$ 35.9

$ 33.8

Acquisitions and divestitures

9 Months Ended

Sep. 30, 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 $210.1 million, comprised of (i) $135.3 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) $3.9 million in transaction related expenses, inclusive of 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	$	135,323
Transaction costs	3,861

Total purchase price	$	210,105

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	$	143,021
Unevaluated properties	74,468
Revenue suspense liabilities assumed	(7,384)
Allocated purchase price	$	210,105

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 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 $94.3 million, net of transaction expenses of $11.6 million, on the Company's consolidated statements of operations, inclusive of 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.

Equity Incentive Plan - Equity Incentive Plan (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	May 20, 2021	May 19, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized	$ 23.2
Stock-based compensation, amount expected to be settled in cash	$ 5.3
Recognition period for costs not yet recognized	1 year 11 months 26 days
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock authorized for issuance (in shares)		2,432,500	1,492,500

Equity Incentive Plan (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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	246	—	62	—	—
Forfeited	(57)	—	(16)	(59)	—
Vested	(180)	—	(70)	—	(15)

Expired or canceled	—	(2)	—	—	—
Outstanding as of September 30, 2022	359	5	48	150	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 nine months ended September 30, 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.

Schedule of allocated share-based compensation costs

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Equity awards:
Restricted stock awards	$	1,818	$	1,810	$	6,428	$	5,630
Performance share awards	241		410		1,202		1,093
Stock option awards	—		—		—		7
Total share-settled equity-based compensation, gross	$	2,059	$	2,220	$	7,630	$	6,730
Less amounts capitalized	(421)		(409)		(1,335)		(1,121)
Total share-settled equity-based compensation, net	$	1,638	$	1,811	$	6,295	$	5,609
Liability awards:
Performance unit awards	$	(4,311)	$	1,380	$	1,595	$	8,552
Phantom unit awards	199		269		1,078		1,202
Total cash-settled equity-based compensation, gross	$	(4,112)	$	1,649	$	2,673	$	9,754
Less amounts capitalized	(45)		(60)		(247)		(353)
Total cash-settled equity-based compensation, net	$	(4,157)	$	1,589	$	2,426	$	9,401
Total equity-based compensation, net	$	(2,519)	$	3,400	$	8,721	$	15,010

Subsequent events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 07, 2022	Nov. 02, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Nov. 01, 2022	Aug. 16, 2022
Subsequent Event [Line Items]
Payments to repurchase common stock				$ 26,586	$ 0
Oil and Gas Properties
Subsequent Event [Line Items]
Proceeds from dispositions after transaction costs							$ 110,000
Treasury stock (at cost)
Subsequent Event [Line Items]
Shares repurchased (in shares)			244,687	329,848
Weighted-average price of stock repurchased (in USD per share)			$ 71.58	$ 80.60
Payments to repurchase common stock			$ 17,515	$ 26,586
Secured Debt
Subsequent Event [Line Items]
Maximum credit amount			$ 1,250,000	$ 1,250,000
Subsequent Event \| Treasury stock (at cost)
Subsequent Event [Line Items]
Shares repurchased (in shares)		112,049
Weighted-average price of stock repurchased (in USD per share)		$ 66.68
Payments to repurchase common stock		$ 7,500
Subsequent Event \| Senior Notes \| January 2025 Notes
Subsequent Event [Line Items]
Repurchased aggregate principal amount		50,900
Subsequent Event \| Senior Notes \| January 2028 Notes
Subsequent Event [Line Items]
Repurchased aggregate principal amount		9,900
Subsequent Event \| Secured Debt
Subsequent Event [Line Items]
Repayments of lines of credit	$ 40,000
Amount of debt outstanding		$ 0
Maximum credit amount						$ 1,300,000

Subsequent events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent events

NOG Working Interest Sale

On August 16, 2022, the Company entered into a purchase and sale agreement with Northern Oil and Gas, Inc. ("NOG"), pursuant to which the Company agreed to sell to NOG the Company’s working interests in certain specified non-operated oil and gas properties for an aggregate purchase price of $110.0 million, subject to certain customary adjustments (the "NOG Working Interest Sale"). The NOG Working Interest Sale closed on October 3, 2022, with an effective date of August 1, 2022.

Senior Secured Credit Facility

On October 7, 2022, the Company repaid $40.0 million on the Senior Secured Credit Facility. As a result, there was no outstanding balance under the Senior Secured Credit Facility as of November 2, 2022. See Note 4 for additional discussion of the Senior Secured Credit Facility.

On November 1, 2022, the Company entered into the Tenth Amendment (the "Tenth Amendment") to the Senior Secured Credit Facility. The Tenth Amendment, among other things, (i) increases the borrowing base from $1.25 billion to $1.3 billion, (ii) permits additional senior note buybacks and other restricted payments, subject to certain conditions; and (iii) makes technical changes to permit the Company to potentially incur term loans, subject to terms to be agreed with lenders making such term loans, in addition to revolving loans, in each case, subject to the terms of the Tenth Amendment and the Senior Secured Credit Facility.

Senior unsecured notes repurchases

Subsequent to September 30, 2022, the Company repurchased $50.9 million and $9.9 million in aggregate principal amount of the January 2025 Notes and January 2028 Notes, respectively, through November 2, 2022. See Note 4 for additional discussion of the Company's senior unsecured notes repurchases.

Share repurchase program

Subsequent to September 30, 2022, the Company repurchased 112,049 shares of its common stock on the open market at a weighted-average price of $66.68 per common share for a total of $7.5 million under the share repurchase program through November 2, 2022. See Note 5 for additional discussion of the Company's share repurchases under this program.

Commodity derivatives


	Remaining Year 2022		Year 2023
Oil:
WTI NYMEX - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	64.40	$	—
WTI NYMEX - Collars:
Volume (Bbl)	1,407,600		4,727,000
Weighted-average floor price ($/Bbl)	$	72.65	$	68.09
Weighted-average ceiling price ($/Bbl)	$	86.54	$	83.81

See Note 8 for additional discussion regarding the Company's derivatives. There has been no other derivative activity subsequent to September 30, 2022.

Consolidated balance sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 49,941	$ 56,798
Accounts receivable, net	162,876	151,807
Derivatives	18,990	4,346
Other current assets	16,254	22,906
Total current assets	248,061	235,857
Oil and natural gas properties, full cost method:
Evaluated properties	9,465,399	8,968,668
Unevaluated properties not being depleted	115,994	170,033
Less: accumulated depletion and impairment	(7,236,621)	(7,019,670)
Oil and natural gas properties, net	2,344,772	2,119,031
Midstream service assets, net	90,990	96,528
Other fixed assets, net	40,150	34,590
Total property and equipment, net	2,475,912	2,250,149
Derivatives	29,156	32,963
Other noncurrent assets, net	52,796	32,855
Total assets	2,805,925	2,551,824
Current liabilities:
Accounts payable and accrued liabilities	86,211	71,386
Accrued capital expenditures	55,729	50,585
Undistributed revenue and royalties	249,295	117,920
Derivatives	58,763	179,809
Other current liabilities	77,275	107,213
Total current liabilities	527,273	526,913
Long-term debt, net	1,181,584	1,425,858
Derivatives	766	0
Asset retirement obligations	70,063	69,057
Other noncurrent liabilities	25,569	16,216
Total liabilities	1,805,255	2,038,044
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized and zero issued as of September 30, 2022 and December 31, 2021, respectively	0	0
Common stock, $0.01 par value, 40,000,000 and 22,500,000 shares authorized, and 16,914,836 and 17,074,516 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	169	171
Additional paid-in capital	2,762,232	2,788,628
Accumulated deficit	(1,761,731)	(2,275,019)
Total stockholders' equity	1,000,670	513,780
Total liabilities and stockholders' equity	$ 2,805,925	$ 2,551,824

Subsequent events (Tables)

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Schedule of open positions and derivatives in place


	Remaining Year 2022		Year 2023
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	64.40	$	—
WTI NYMEX - Collars:
Volume (Bbl)	1,407,600		4,362,000
Weighted-average floor price ($/Bbl)	$	72.65	$	67.93
Weighted-average ceiling price ($/Bbl)	$	86.54	$	82.89









Brent ICE - Swaps:
Volume (Bbl)	1,039,600		—
Weighted-average price ($/Bbl)	$	48.34	$	—
Brent ICE - Collars:
Volume (Bbl)	391,000		—
Weighted-average floor price ($/Bbl)	$	56.65	$	—
Weighted-average ceiling price ($/Bbl)	$	65.44	$	—














































NGL:

Purity Ethane - Swaps:
Volume (Bbl)	386,400		—
Weighted-average price ($/Bbl)	$	11.42	$	—
Non-TET Propane - Swaps:
Volume (Bbl)	294,400		—
Weighted-average price ($/Bbl)	$	35.91	$	—
Non-TET Normal Butane - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	41.58	$	—
Non-TET Isobutane - Swaps:
Volume (Bbl)	27,600		—
Weighted-average price ($/Bbl)	$	42.00	$	—
Non-TET Natural Gasoline - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	60.65	$	—

Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	920,000		—
Weighted-average price ($/MMBtu)	$	2.73	$	—
Henry Hub NYMEX - Collars:
Volume (MMBtu)	7,360,000		25,550,000
Weighted-average floor price ($/MMBtu)	$	3.09	$	4.14
Weighted-average ceiling price ($/MMBtu)	$	3.84	$	8.43





Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	7,314,000		25,550,000
Weighted-average differential ($/MMBtu)	$	(0.36)	$	(1.65)


	Remaining Year 2022		Year 2023
Oil:
WTI NYMEX - Swaps:
Volume (Bbl)	92,000		—
Weighted-average price ($/Bbl)	$	64.40	$	—
WTI NYMEX - Collars:
Volume (Bbl)	1,407,600		4,727,000
Weighted-average floor price ($/Bbl)	$	72.65	$	68.09
Weighted-average ceiling price ($/Bbl)	$	86.54	$	83.81

Fair value measurements

9 Months Ended

Sep. 30, 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:


	September 30, 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	$	—	$	49,566	$	—	$	49,566	$	(34,716)	$	14,850


Contingent consideration	—		—		4,140		4,140		—		4,140
Noncurrent:
Commodity	—		5,204		—		5,204		(598)		4,606


Contingent consideration	—		—		24,550		24,550		—		24,550
Liabilities:
Current:
Commodity	—		(93,479)		—		(93,479)		34,716		(58,763)



Noncurrent:
Commodity	—		(1,364)		—		(1,364)		598		(766)




Net derivative liability positions	$	—	$	(40,073)	$	28,690	$	(11,383)	$	—	$	(11,383)


	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)	$	—



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 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 September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Balance of Level 3 at beginning of period	$	38,620	$	—	$	35,861	$	—
Sixth Street Contingent Consideration valuation as of Sixth Street Closing Date	—		33,832		—		33,832
Change in Sixth Street Contingent Consideration fair value	(9,608)		5,182		(5,294)		5,182
Settlements realized(1)	(322)		—		(1,877)		—
Balance of Level 3 at end of period	$	28,690	$	39,014	$	28,690	$	39,014

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:


	September 30, 2022				December 31, 2021
(in thousands)	Carrying amount		Fair value(1)		Carrying amount		Fair value(1)
January 2025 Notes	$	529,464	$	525,059	$	577,913	$	589,471
January 2028 Notes	326,756		313,686		361,044		378,578
July 2029 Notes	298,214		274,771		400,000		390,000
Senior Secured Credit Facility	40,000		39,959		105,000		105,040
Total	$	1,194,434	$	1,153,475	$	1,443,957	$	1,463,089

______________________________________________________________________________

(1)The fair values of the outstanding notes were determined using the Level 2 fair value hierarchy quoted market prices for each respective instrument as of September 30, 2022 and December 31, 2021. The fair values of the outstanding debt under the Senior Secured Credit Facility was estimated utilizing the Level 2 fair value hierarchy pricing model for similar instruments as of September 30, 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

Supplemental cash flow and non-cash information (Tables)

9 Months Ended

Sep. 30, 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:


	Nine months ended September 30,
(in thousands)	2022		2021
Supplemental cash flow information:
Cash paid for interest, net of $3,265 and $3,081 of capitalized interest, respectively	$	130,082	$	95,684


Supplemental non-cash operating information:
Right-of-use assets obtained in exchange for operating lease liabilities(1)	$	34,532	$	7,532
Supplemental non-cash investing information:
Fair value of contingent consideration asset on transaction date(2)	$	—	$	33,832
Change in accrued capital expenditures	$	5,144	$	25,380

_____________________________________________________________________________

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

(2)See Note 3 for discussion of the Company's 2021 Working Interest Sale which included contingent consideration. See Note 9 for discussion of the quarterly remeasurement of this contingent consideration.

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 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. 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 $7.7 million and $2.8 million during the nine months ended September 30, 2022 and 2021, respectively, which are recorded in "Transportation and marketing expenses" on the unaudited consolidated statements of operations. The Company's estimated aggregate liability of firm transportation payments on excess capacity is $8.6 million as of September 30, 2022, and is included in "Accounts payable and accrued liabilities" on the unaudited consolidated balance sheet. As of September 30, 2022, future firm sale and transportation commitments of $171.5 million are expected to be satisfied and, as such, are not recorded as a liability on the unaudited consolidated balance sheet.

Related parties

9 Months Ended

Sep. 30, 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:


	Nine months ended September 30,
(in thousands)	2022		2021

Capital expenditures for oil and natural gas properties	$	78,749	$	42,074

Equity Incentive Plan - Equity-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 05, 2022	Mar. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, net	$ (2,519)	$ 3,400	$ 8,721	$ 15,010
Share-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	2,059	2,220	7,630	6,730
Less amounts capitalized	(421)	(409)	(1,335)	(1,121)
Total equity-based compensation, net	1,638	1,811	6,295	5,609
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	1,818	1,810	6,428	5,630
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	241	410	1,202	1,093
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	0	0	0	7
Cash-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	(4,112)	1,649	2,673	9,754
Less amounts capitalized	(45)	(60)	(247)	(353)
Total equity-based compensation, net	(4,157)	1,589	2,426	9,401
Performance unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	(4,311)	1,380	1,595	8,552
Phantom unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	$ 199	$ 269	$ 1,078	$ 1,202
Settlement/payment, per share					$ 83.00	$ 76.60

Consolidated statements of operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Total revenues	$ 464,114	$ 379,250	$ 1,556,665	$ 923,851
Costs and expenses:
Lease operating expenses	44,246	29,837	127,136	68,526
Production and ad valorem taxes	29,024	17,937	89,512	45,957
General and administrative	11,857	15,008	50,800	49,182
Organizational restructuring expenses	10,420	0	10,420	9,800
Depletion, depreciation and amortization	74,928	62,678	226,555	140,763
Impairment expense	0	0	0	1,613
Other operating expense, net	1,772	1,798	2,947	4,099
Total costs and expenses	205,073	208,737	658,824	540,447
Gain on disposal of assets, net	4,282	95,201	4,952	93,454
Operating income	263,323	265,714	902,793	476,858
Non-operating income (expense):
Gain (loss) on derivatives, net	100,748	(96,240)	(290,995)	(467,547)
Interest expense	(30,967)	(30,406)	(96,251)	(82,222)
Gain (loss) extinguishment of debt, net	553	0	(245)	0
Other income, net	98	441	433	2,236
Total non-operating income (expense), net	70,432	(126,205)	(387,058)	(547,533)
Income (loss) before income taxes	333,755	139,509	515,735	(70,675)
Income tax benefit (expense):
Current	960	(1,300)	(4,771)	(1,300)
Deferred	2,808	(1,377)	2,324	707
Total income tax benefit (expense)	3,768	(2,677)	(2,447)	(593)
Net income (loss)	$ 337,523	$ 136,832	$ 513,288	$ (71,268)
Net income (loss) per common share:
Basic (in USD per share)	$ 20.27	$ 8.68	$ 30.64	$ (5.29)
Diluted (in USD per share)	$ 20.08	$ 8.56	$ 30.26	$ (5.29)
Weighted-average common shares outstanding:
Basic (in shares)	16,650	15,756	16,750	13,464
Diluted (in shares)	16,809	15,993	16,963	13,464
Oil sales
Revenues:
Total revenues	$ 311,740	$ 229,329	$ 1,069,542	$ 514,752
NGL sales
Revenues:
Total revenues	59,377	47,949	197,037	133,121
Natural gas sales
Revenues:
Total revenues	73,831	33,998	179,026	98,186
Transportation and marketing expenses
Costs and expenses:
Cost of goods and services sold	13,285	11,660	39,022	34,477
Midstream service revenues
Revenues:
Total revenues	795	1,739	5,030	4,292
Costs and expenses:
Cost of goods and services sold	769	1,014	3,916	2,572
Sales of purchased oil
Revenues:
Total revenues	18,371	66,235	106,030	173,500
Costs and expenses:
Cost of goods and services sold	$ 18,772	$ 68,805	$ 108,516	$ 183,458

Derivatives - Summary (Details) - Forecast - Outstanding at End of Period - Not Designated as Hedges	3 Months Ended	12 Months Ended
	Dec. 31, 2022 MMBTU $ / bbl $ / MMBTU bbl	Dec. 31, 2023 MMBTU $ / bbl $ / MMBTU bbl
Crude Oil \| WTI NYMEX \| Swap
Derivative [Line Items]
Volume (Bbl) \| bbl	92,000	0
Weighted-average price/differential (in USD per unit)	64.40	0
Crude Oil \| WTI NYMEX \| Collar
Derivative [Line Items]
Volume (Bbl) \| bbl	1,407,600	4,362,000
Crude Oil \| WTI NYMEX \| Collar \| Floor
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	72.65	67.93
Crude Oil \| WTI NYMEX \| Collar \| Ceiling
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	86.54	82.89
Crude Oil \| Brent ICE \| Swap
Derivative [Line Items]
Volume (Bbl) \| bbl	1,039,600	0
Weighted-average price/differential (in USD per unit)	48.34	0
Crude Oil \| Brent ICE \| Collar
Derivative [Line Items]
Volume (Bbl) \| bbl	391,000	0
Crude Oil \| Brent ICE \| Collar \| Floor
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	56.65	0
Crude Oil \| Brent ICE \| Collar \| Ceiling
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	65.44	0
Natural Gas Liquids \| Swap \| Ethane
Derivative [Line Items]
Volume (Bbl) \| bbl	386,400	0
Weighted-average price/differential (in USD per unit)	11.42	0
Natural Gas Liquids \| Swap \| Propane
Derivative [Line Items]
Volume (Bbl) \| bbl	294,400	0
Weighted-average price/differential (in USD per unit)	35.91	0
Natural Gas Liquids \| Swap \| Normal Butane
Derivative [Line Items]
Volume (Bbl) \| bbl	92,000	0
Weighted-average price/differential (in USD per unit)	41.58	0
Natural Gas Liquids \| Swap \| Isobutane
Derivative [Line Items]
Volume (Bbl) \| bbl	27,600	0
Weighted-average price/differential (in USD per unit)	42.00	0
Natural Gas Liquids \| Swap \| Natural Gasoline
Derivative [Line Items]
Volume (Bbl) \| bbl	92,000	0
Weighted-average price/differential (in USD per unit)	60.65	0
Natural Gas \| Henry Hub NYMEX \| Swap
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	2.73	0
Volume (MMBtu) \| MMBTU	920,000	0
Natural Gas \| Henry Hub NYMEX \| Collar
Derivative [Line Items]
Volume (MMBtu) \| MMBTU	7,360,000	25,550,000
Natural Gas \| Henry Hub NYMEX \| Collar \| Floor
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	3.09	4.14
Natural Gas \| Henry Hub NYMEX \| Collar \| Ceiling
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	3.84	8.43
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)	(1.65)
Volume (MMBtu) \| MMBTU	7,314,000	25,550,000

Related parties (Details) - USD ($) $ in Thousands	9 Months Ended
Related parties (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Capital expenditures for oil and natural gas properties	$ 432,124	$ 278,847
Halliburton \| Affiliated entity
Related Party Transaction [Line Items]
Capital expenditures for oil and natural gas properties	$ 78,749	$ 42,074

Debt - Senior Unsecured Notes Repurchases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt, net	$ 553	$ 0	$ (245)	$ 0
Senior Notes
Debt Instrument [Line Items]
Write-off of debt issuance costs	(1,958)		(2,449)
Difference between consideration paid and net carrying amounts	2,511		2,204
Gain (loss) on extinguishment of debt, net	553		(245)
Extinguishment of Debt, Amount	152,497		184,523
Senior Notes \| January 2025 Notes
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	48,449		48,449
Senior Notes \| January 2028 Notes
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	28,038		34,288
Senior Notes \| July 2029 Notes
Debt Instrument [Line Items]
Extinguishment of Debt, Amount	$ 76,010		$ 101,786

Related parties (Tables)

9 Months Ended

Sep. 30, 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:


	Nine months ended September 30,
(in thousands)	2022		2021

Capital expenditures for oil and natural gas properties	$	78,749	$	42,074

Organization and basis of presentation (Policies)	9 Months Ended
Organization and basis of presentation (Policies)	Sep. 30, 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 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 September 30, 2022, results of operations for the three and nine months ended September 30, 2022 and 2021 and cash flows for the nine months ended September 30, 2022 and 2021. All adjustments are of a recurring nature unless otherwise disclosed herein. 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 previously reported 2022 and 2021 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 income (loss) or stockholders' equity for the periods presented.
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 September 30, 2022. Additionally, the Company did not adopt any new ASUs during the nine months ended September 30, 2022.
Net income (loss) per common share	Net income (loss) per common shareBasic and diluted net income (loss) per common share are computed by dividing net income (loss) by the weighted-average common shares outstanding for the period. Diluted net income (loss) per common share reflects the potential dilution of non-vested restricted stock awards, outstanding stock option awards and non-vested performance share awards.

Equity Incentive Plan

9 Months Ended

Sep. 30, 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 nine months ended September 30, 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	246	—	62	—	—
Forfeited	(57)	—	(16)	(59)	—
Vested	(180)	—	(70)	—	(15)

Expired or canceled	—	(2)	—	—	—
Outstanding as of September 30, 2022	359	5	48	150	18

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As of September 30, 2022, total unrecognized cost related to equity-based compensation awards was $23.2 million, of which $5.3 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 1.99 years.

Equity-based compensation

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Equity awards:
Restricted stock awards	$	1,818	$	1,810	$	6,428	$	5,630
Performance share awards	241		410		1,202		1,093
Stock option awards	—		—		—		7
Total share-settled equity-based compensation, gross	$	2,059	$	2,220	$	7,630	$	6,730
Less amounts capitalized	(421)		(409)		(1,335)		(1,121)
Total share-settled equity-based compensation, net	$	1,638	$	1,811	$	6,295	$	5,609
Liability awards:
Performance unit awards	$	(4,311)	$	1,380	$	1,595	$	8,552
Phantom unit awards	199		269		1,078		1,202
Total cash-settled equity-based compensation, gross	$	(4,112)	$	1,649	$	2,673	$	9,754
Less amounts capitalized	(45)		(60)		(247)		(353)
Total cash-settled equity-based compensation, net	$	(4,157)	$	1,589	$	2,426	$	9,401
Total equity-based compensation, net	$	(2,519)	$	3,400	$	8,721	$	15,010

Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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


	September 30, 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	$	—	$	49,566	$	—	$	49,566	$	(34,716)	$	14,850


Contingent consideration	—		—		4,140		4,140		—		4,140
Noncurrent:
Commodity	—		5,204		—		5,204		(598)		4,606


Contingent consideration	—		—		24,550		24,550		—		24,550
Liabilities:
Current:
Commodity	—		(93,479)		—		(93,479)		34,716		(58,763)



Noncurrent:
Commodity	—		(1,364)		—		(1,364)		598		(766)




Net derivative liability positions	$	—	$	(40,073)	$	28,690	$	(11,383)	$	—	$	(11,383)


	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)	$	—



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 September 30,				Nine months ended September 30,
(in thousands)	2022		2021		2022		2021
Balance of Level 3 at beginning of period	$	38,620	$	—	$	35,861	$	—
Sixth Street Contingent Consideration valuation as of Sixth Street Closing Date	—		33,832		—		33,832
Change in Sixth Street Contingent Consideration fair value	(9,608)		5,182		(5,294)		5,182
Settlements realized(1)	(322)		—		(1,877)		—
Balance of Level 3 at end of period	$	28,690	$	39,014	$	28,690	$	39,014

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(1)For the nine months ended September 30, 2022, $1.6 million of realized settlements has been received and is included in "Settlements received for contingent consideration" in cash flows from investing activities on the unaudited consolidated statements of cash flows, and $0.3 million is a receivable at period end.

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:


	September 30, 2022				December 31, 2021
(in thousands)	Carrying amount		Fair value(1)		Carrying amount		Fair value(1)
January 2025 Notes	$	529,464	$	525,059	$	577,913	$	589,471
January 2028 Notes	326,756		313,686		361,044		378,578
July 2029 Notes	298,214		274,771		400,000		390,000
Senior Secured Credit Facility	40,000		39,959		105,000		105,040
Total	$	1,194,434	$	1,153,475	$	1,443,957	$	1,463,089

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