0001528129-23-000183 | 10-Q | XBRL Viewer

Debt

9 Months Ended

Sep. 30, 2023

Long-term debt, net

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


(in thousands)	September 30, 2023		December 31, 2022
January 2025 Notes	$	455,628	$	455,628
January 2028 Notes	700,309		300,309
July 2029 Notes	298,214		298,214
September 2030 Notes	500,000		—
Senior Secured Credit Facility(1)	—		70,000
Total long-term debt	1,954,151		1,124,151
Unamortized debt issuance costs	(24,895)		(11,128)
Unamortized discounts	(6,290)		—
Unamortized premiums	4,000		—
Total long-term debt, net	$	1,926,966	$	1,113,023

______________________________________________________________________________

(1)Unamortized debt issuance costs related to the Senior Secured Credit Facility of $5.1 million and $7.3 million as of September 30, 2023 and December 31, 2022, respectively, are included in "Other noncurrent assets, net" on the 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
Less:
Consideration paid	$	149,986	$	182,320
Write off of debt issuance costs	1,958		2,448
Gain (loss) on extinguishment of debt, net(1)	$	553	$	(245)

______________________________________________________________________________

(1)Amounts are included in "Gain (loss) on extinguishment of debt, net" on the consolidated statements of operations.

No senior unsecured notes were repurchased during the three and nine months ended September 30, 2023.

Senior Secured Credit Facility

As of September 30, 2023, 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 $1.3 billion and $1.0 billion, respectively, with no balance outstanding. 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 or $80.0 million. As of September 30, 2023 and December 31, 2022, the Company had no letters of credit outstanding under the Senior Secured Credit Facility. For additional information see Note 7 in the 2022 Annual Report. See Note 15 for discussion of changes to the Senior Secured Credit Facility in connection with the closing of the Maple Acquisition subsequent to September 30, 2023.

On September 13, 2023 (the "Eleventh Amendment Effective Date"), the Company entered into the Limited Consent and Eleventh Amendment to the Senior Secured Credit Facility (the "Eleventh Amendment"). The Eleventh Amendment, among other things, (i) provides for consent to the Acquisitions and (ii) upon consummation of at least one of the Acquisitions, further amends the Senior Secured Credit Facility to provide for increases to the borrowing base and revolving elected commitments (as so amended, the "Amended Senior Secured Credit Facility"). The Amended Senior Secured Credit Facility will mature on September 13, 2027, subject to a springing maturity date of July 19, 2024 if more than a certain amount of the Company's January 2025 Notes relative to the availability under the Amended Senior Secured Credit Facility are outstanding on such date. The Amended Senior Secured Credit Facility will have a maximum credit amount of $3.0 billion, a borrowing base of up to $1.5 billion (consisting of an initial borrowing base of $1.3 billion, which would increase by $75.0 million at the closing of the Henry Acquisition, $50.0 million at the closing of the Maple Acquisition and $75.0 million at the closing of the Tall City Acquisition) and an aggregate revolving elected commitment of up to $1.25 billion (consisting of an initial revolving elected commitment of $1.0 billion, which would increase by $150.0 million at the closing of the Henry Acquisition and $100.0 million at the closing of the Maple Acquisition) and a term loan commitment of $250.0 million (as such amount may be reduced by the proceeds of debt and equity on and after the Eleventh Amendment Effective Date), and such other term loan commitments as the Company and the applicable term loan lenders may agree from time to time in an aggregate amount not to exceed the lesser of (i) the excess of the borrowing base over the revolving elected commitments, in each case, then in effect and (ii) one-third of the sum of the total revolving commitments plus the aggregate term loan exposure then outstanding. The borrowing base will be subject to a semi-annual redetermination occurring by May 1 and November 1 of each year based on the lenders’ evaluation of the Company’s oil and gas reserves, beginning May 1,

2023 Issuance of Notes

January 2028 Notes

On January 24, 2020, the Company completed an offering and sale of $400.0 million in aggregate principal amount of 10.125% senior unsecured notes due 2028 (the "Original January 2028 Notes"). Interest for the Original January 2028 Notes is payable semi-annually, in cash in arrears on January 15 and July 15 of each year.

On September 18, 2023, the Company completed an offering and sale of $400.0 million in aggregate principal amount of new 10.125% senior unsecured notes due 2028 (the "New January 2028 Notes" and, together with the Original January 2028 Notes, the "January 2028 Notes") as additional notes under, and subject to the terms of, the indenture governing the January 2028 Notes. The New January 2028 Notes were issued at 101.000% of par value, which resulted in a premium upon issuance of $4.0 million. The Company received net proceeds of approximately $396.7 million from the New January 2028 Notes, after issuance premiums and deducting underwriting discounts and commissions and offering costs.

September 2030 Notes

On September 18, 2023, the Company completed an offering and sale of $500.0 million in aggregate principal amount of 9.750% senior unsecured notes due 2030 (the "September 2030 Notes"). Interest for the September 2030 Notes is payable semi-annually, in cash in arrears on April 15 and October 15 of each year, commencing October 15, 2023 with interest from closing to that date. If the Henry PSA is terminated prior to the closing of the Henry Acquisition, or if the closing of the Henry Acquisition does not otherwise occur on or prior to January 11, 2024, the Company will redeem all of the September 2030 Notes at a redemption price equal to 100% of the aggregate issue price of the September 2030 Notes, plus accrued and unpaid interest to, but not including, the redemption date. The September 2030 Notes were issued at 98.742% of par value, which resulted in a discount upon issuance of $6.3 million. The Company received net proceeds of approximately $484.7 million from the September 2030 Notes, after deducting issuance discounts, underwriting discounts and commissions and offering costs.

The terms of the Company's January 2028 Notes and September 2030 Notes include covenants, which are in addition to but different than similar covenants in the Senior Secured Credit Facility, which limit the Company's ability to incur indebtedness, make restricted payments, grant liens and dispose of assets. The January 2028 Notes and September 2030 Notes are fully and unconditionally guaranteed on a senior unsecured basis by Vital Midstream Services, LLC and certain of the Company's future restricted subsidiaries, subject to certain automatic customary releases, including the sale, disposition or transfer of all of the capital stock or of all or substantially all of the assets of a subsidiary guarantor to one or more persons that are not the Company or a restricted subsidiary, exercise of legal defeasance or covenant defeasance options or satisfaction and discharge

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

- 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

Subsequent events - Narrative (Details) - USD ($) $ in Millions	Oct. 31, 2023	Sep. 13, 2023	Sep. 30, 2023	Sep. 12, 2023
Secured Debt
Subsequent Event [Line Items]
Aggregate elected commitment		$ 1,500.0		$ 1,300.0
Senior Secured Credit Facility \| Secured Debt
Subsequent Event [Line Items]
Aggregate elected commitment			$ 1,300.0
Subsequent Event \| Senior Secured Credit Facility \| Secured Debt
Subsequent Event [Line Items]
Aggregate elected commitment	$ 1,100.0
Subsequent Event \| Senior Secured Credit Facility \| Borrowing Base \| Secured Debt
Subsequent Event [Line Items]
Aggregate elected commitment	$ 1,350.0
Maple Acquisition \| Secured Debt
Subsequent Event [Line Items]
Aggregate elected commitment				$ 50.0
Maple Acquisition \| Common stock
Subsequent Event [Line Items]
Stock issued in asset acquisition (in shares)		3,580,000
Maple Acquisition \| Common stock \| Subsequent Event
Subsequent Event [Line Items]
Stock issued in asset acquisition (in shares)	3,012,997

Derivatives - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($) derivative	Dec. 31, 2022 USD ($)	May 07, 2021 USD ($)
Derivative [Line Items]
Number of types of derivative instruments \| derivative	2
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Sixth Street PSA
Derivative [Line Items]
Average working interest (as a percent)			37.50%
Balloon payment of additional cash contingent consideration			$ 55.0
Notional amount of derivative	$ 85.4
Fair value of contingent consideration	$ 29.8	$ 26.6
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Sixth Street PSA \| Maximum
Derivative [Line Items]
Additional cash contingent consideration			93.7
Aggregate quarterly payments of additional cash contingent consideration			$ 38.7

Debt - Senior Unsecured Notes Repurchases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Loss on extinguishment of debt, net	$ 0	$ 553	$ 0	$ (245)
Senior Notes
Debt Instrument [Line Items]
Total principal amount repurchased	$ 0	152,497	$ 0	184,523
Consideration paid		149,986		182,320
Write off of debt issuance costs		1,958		2,448
Loss on extinguishment of debt, net		553		(245)
January 2025 Notes \| Senior Notes
Debt Instrument [Line Items]
Total principal amount repurchased		48,449		48,449
January 2028 Notes \| Senior Notes
Debt Instrument [Line Items]
Total principal amount repurchased		28,038		34,288
July 2029 Notes \| Senior Notes
Debt Instrument [Line Items]
Total principal amount repurchased		$ 76,010		$ 101,786

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Equity Incentive Plan

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Equity Incentive Plan

The Vital Energy, 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. The Equity Incentive Plan allows for the issuance of up to 2,432,500 shares.

See Note 9 in the 2022 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, 2023:


	Equity Awards			Liability Awards
(in thousands)	Restricted Stock Awards	Stock Option Awards	Performance Share Awards	Performance Unit Awards(1)(2)	Phantom Unit Awards(3)
Outstanding as of December 31, 2022	362	3	48	150	18
Granted	327	—	—	75	—
Forfeited	(19)	—	—	—	—
Vested	(176)	—	—	(67)	(16)

Expired or canceled	—	(1)	—	—	—
Outstanding as of September 30, 2023	494	2	48	158	2

_____________________________________________________________________________

(1)The performance unit awards granted on March 5, 2020 had a performance period of January 1, 2020 to December 31, 2022 and, as their market and performance criteria were satisfied, resulted in a 151% payout, or 101,368 units. As such, the granted awards vested and were paid out in cash on March 3, 2023 at $57.06 based on the Company's closing stock price on the vesting date.

(2)On February 15, 2023, the Company granted performance unit awards with a performance period of January 1, 2023 through December 31, 2025. 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 Russel 2000 Index and (ii) annual absolute 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 reductions. Any units earned are expected to be paid in cash 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, 2023 and March 3, 2023, granted phantom unit awards vested and were paid out in cash at $52.56 and $57.06, respectively, based on the Company's closing stock price on the vesting date.

As of September 30, 2023, total unrecognized cost related to equity-based compensation awards was $27.0 million, of which $4.9 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 1.92 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)	2023		2022		2023		2022
Equity awards:
Restricted stock awards	$	3,272	$	1,818	$	9,311	$	6,428
Performance share awards	535		241		1,348		1,202

Total share-settled equity-based compensation, gross	3,807		2,059		10,659		7,630
Less amounts capitalized	(870)		(421)		(2,257)		(1,335)
Total share-settled equity-based compensation, net	2,937		1,638		8,402		6,295
Liability awards:
Performance unit awards	2,479		(4,311)		4,069		1,595
Phantom unit awards	28		199		263		1,078
Total cash-settled equity-based compensation, gross	2,507		(4,112)		4,332		2,673
Less amounts capitalized	—		(45)		(50)		(247)
Total cash-settled equity-based compensation, net	2,507		(4,157)		4,282		2,426
Total equity-based compensation, net	$	5,444	$	(2,519)	$	12,684	$	8,721

Related parties (Details) - USD ($) $ in Thousands	9 Months Ended
Related parties (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Capital expenditures for oil and natural gas properties	$ 455,046	$ 432,124
Halliburton \| Affiliated entity
Related Party Transaction [Line Items]
Operating lease liability	66,500
Capital expenditures for oil and natural gas properties	$ 91,751	$ 78,749

Acquisitions and divestitures	9 Months Ended
Acquisitions and divestitures	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and divestitures	Acquisitions and divestitures 2023 Acquisitions Henry Acquisition On September 13, 2023, the Company entered into a purchase and sale agreement (the “Henry PSA”) with Henry Resources, LLC, Henry Energy LP and Moriah Henry Partners LLC (collectively, “Henry”), pursuant to which the Company agreed to purchase (the “Henry Acquisition”) Henry’s oil and gas properties in the Midland and Delaware Basin, including approximately 15,900 net acres located in Midland, Reeves and Upton Counties, equity interests in certain subsidiaries and related assets and contracts, for consideration comprising (i) approximately 3.72 million shares of the Company’s common stock, par value $0.01 per share (“Common Stock”), and (ii) approximately 4.98 million shares of the Company’s 2.0% Cumulative Mandatorily Convertible Series A Preferred Stock, par value $0.01 per share ("Preferred Stock"), each subject to purchase price adjustments and customary closing adjustments. Upon entering into the Henry PSA, the Company issued Preferred Stock as a deposit to be held in escrow until the closing of the Henry Acquisition, which shares may remain in escrow post-closing to satisfy potential title defect claims under the Henry PSA. See Note 5 for additional information. The Company expects the Henry Acquisition to close in the fourth quarter of 2023, subject to customary closing conditions. Upon execution of the Henry PSA, the "tag-along" sales rights of certain parties unrelated to Henry (the "Third Parties") to sell their non-operated working interest in the oil and natural gas properties were triggered and Henry gave notice to such Third Parties (the "Potential Acquisitions"). The elections of such "tag-along" sales rights by the Third Parties are ongoing and therefore the terms of the Potential Acquisitions are still subject to negotiation and due diligence is still in process. The amount and mix of consideration to be received by the Third Parties (which may consist of cash, Common Stock and/or Preferred Stock) has not been determined yet. The number of shares of Common Stock to be issued to Henry may decrease to approximately 2.1 million shares, and the number of share of Preferred Stock to be issued to Henry may increase to approximately 6.6 million shares to reserve shares of Common Stock for the Potential Acquisitions. There can be no assurance that the Company will enter into purchase and sale agreements with any of the Third Parties. The Henry Acquisition and the Potential Acquisitions are not contingent on each other, and the Henry Acquisition is expected to be consummated regardless of whether or not the Company enters into purchase and sale agreements with any of the Third Parties. The Company expects to account for the Henry Acquisition as a business combination and, accordingly, will estimate the fair values of assets acquired and liabilities assumed, while transaction costs associated with the acquisition will be expensed. Maple Acquisition On September 13, 2023, the Company entered into a purchase and sale agreement (the “Maple PSA”) with Maple Energy Holdings, LLC (“Maple”), pursuant to which the Company agreed to purchase (the “Maple Acquisition”) Maple’s oil and gas properties in the Delaware Basin, including approximately 15,500 net acres located in Reeves County and related assets and contracts, for consideration comprising approximately 3.58 million shares of Common Stock, subject to purchase price adjustments and customary closing adjustments. Upon entering into the Maple PSA, the Company issued Common Stock as a deposit to be held in escrow until closing of the Maple Acquisition, which shares will remain in escrow post-closing to satisfy potential indemnification claims arising under the Maple PSA during the 12-month period following the closing of the Maple Acquisition. See Note 5 for additional information. See Note 15 for discussion of the October 31, 2023 closing of the Maple Acquisition. The Company's analysis of the accounting treatment determination for the Maple Acquisition is ongoing and not yet complete. Tall City Acquisition On September 13, 2023, the Company entered into a purchase and sale agreement (the “Tall City PSA”) with Tall City Property Holdings III LLC and Tall City Operations III LLC (collectively, “Tall City”), pursuant to which the Company agreed to purchase (the “Tall City Acquisition” and, together with the Henry Acquisition and Maple Acquisition, the “Acquisitions”) Tall City’s oil and gas properties in the Delaware Basin, including approximately 21,450 net acres located in Reeves County and related assets and contracts, for consideration comprising (i) $300.0 million payable to Tall City in cash and (ii) approximately 2.27 million shares of Common Stock, each subject to purchase price adjustments and customary closing adjustments. Upon entering into the Tall City PSA, the Company issued Common Stock as a deposit to be held in escrow until closing of the Tall City Acquisition, which shares will remain in escrow to satisfy potential indemnification claims under the Tall City PSA. See Note 5 for additional information. The Company expects the Tall City Acquisition to close in the fourth quarter of 2023, subject to customary closing conditions. The Company's analysis of the accounting treatment determination for the Tall City Acquisition is ongoing and not yet complete. Forge Acquisition On June 30, 2023 ("Forge Closing Date"), the Company purchased certain oil and natural gas properties located in the Delaware Basin, including approximately 34,000 net acres in Pecos, Reeves and Ward Counties, and related assets and contracts, with an effective date of March 1, 2023 (the "Forge Acquisition") from Forge Energy II Delaware, LLC ("Forge"). The aggregate purchase price of $398.2 million consisted of (i) $391.6 million in cash, inclusive of customary closing price adjustments, subject to post-closing adjustments, and (ii) $6.6 million in transaction related expenses. The Forge Acquisition was accounted for as an asset acquisition, as substantially all the gross assets acquired are concentrated in a group of similar identifiable assets. Based on the relative fair values on the Forge Closing Date, the acquired assets and liabilities assumed were allocated as follows: i) $250.3 million to evaluated properties, ii) $149.8 million to unevaluated properties, iii) $4.1 million to equipment inventory, iii) $4.3 million to revenue suspense liabilities and iv) $1.7 million to asset retirement obligation liabilities. Driftwood Acquisition On April 3, 2023 ("Driftwood Closing Date"), the Company purchased certain oil and natural gas properties in the Midland Basin, including approximately 11,200 net acres located in Upton and Reagan Counties and related assets and contracts, inclusive of derivatives (the "Driftwood Assets") with an effective date of January 1, 2023 (the "Driftwood Acquisition") from Driftwood Energy Operating, LLC ("Driftwood"). The aggregate purchase price of $201.3 million consisted of (i) $117.0 million of cash, inclusive of post-closing adjustments, (ii) 1,578,948 shares of Common Stock based upon the share price as of the Driftwood Closing Date and (iii) $4.2 million in transaction related expenses. The Driftwood Acquisition was accounted for as an asset acquisition, as substantially all the gross assets acquired are concentrated in a group of similar identifiable assets. Based on the relative fair values on the Driftwood Closing Date, the acquired assets and liabilities assumed were allocated as follows: i) $148.4 million to evaluated properties, ii) $58.3 million to unevaluated properties, iii) $0.5 million to revenue suspense liabilities, iv) $4.2 million to derivative liabilities and v) $0.7 million to asset retirement obligation liabilities. During the second quarter of 2023, in connection with the Driftwood Acquisition, the Company acquired additional interests in the Driftwood Assets through additional sellers that exercised their "tag-along" sales rights, for total cash consideration of $8.6 million, excluding customary purchase price adjustments. These acquisitions were accounted for as asset acquisitions. 2022 Divestiture On August 16, 2022, the Company entered into a purchase and sale agreement with 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 (the "NOG Working Interest Sale"). On October 3, 2022, the Company closed the NOG Working Interest Sale for an aggregate sales price of $106.1 million, inclusive of post-closing adjustments.

Debt - January 2023 Notes (Details) - USD ($)	Sep. 18, 2023	Sep. 30, 2023	Dec. 31, 2022	Jan. 24, 2020
Debt Instrument [Line Items]
Unamortized premiums		$ 4,000,000	$ 0
Senior Note 10.125% Percent Due 2028
Debt Instrument [Line Items]
Face amount of debt	$ 400,000,000			$ 400,000,000
Interest rate (as a percent)	10.125%			10.125%
Debt instruments, issue price	101.00%
Unamortized premiums	$ 4,000,000
Proceeds from senior notes	$ 396,700,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated statements of cash flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 413,644	$ 513,288
Adjustments to reconcile net income to net cash provided by operating activities:
Share-settled equity-based compensation, net	8,402	6,295
Depletion, depreciation and amortization	310,618	226,555
Gain on disposal of assets, net	(540)	(4,952)
Mark-to-market on derivatives:
Loss on derivatives, net	132,875	290,995
Settlements paid for matured derivatives, net	(14,320)	(423,668)
Loss on extinguishment of debt, net	0	245
Deferred income tax benefit	(220,149)	(2,324)
Other, net	8,851	25,932
Changes in operating assets and liabilities:
Accounts receivable, net	(38,807)	(11,069)
Other current assets	(9,589)	7,574
Other noncurrent assets, net	1,266	1,450
Accounts payable and accrued liabilities	4,243	15,084
Undistributed revenue and royalties	199	131,356
Other current liabilities	(12,846)	(41,362)
Other noncurrent liabilities	(4,625)	(14,697)
Net cash provided by operating activities	579,222	720,702
Cash flows from investing activities:
Acquisitions of oil and natural gas properties, net	(540,129)	(5,581)
Capital expenditures:
Oil and natural gas properties	(455,046)	(432,124)
Midstream and other fixed assets	(10,692)	(10,264)
Proceeds from dispositions of capital assets, net of selling costs	2,343	2,939
Settlements received for contingent consideration	2,082	1,555
Net cash used in investing activities	(1,001,442)	(443,475)
Cash flows from financing activities:
Borrowings on Senior Secured Credit Facility	630,000	335,000
Payments on Senior Secured Credit Facility	(700,000)	(400,000)
Issuance of senior unsecured notes	897,710	0
Extinguishment of debt	0	(182,319)
Proceeds from issuance of common stock, net of offering costs	161,003	0
Share repurchases	0	(26,586)
Stock exchanged for tax withholding	(3,056)	(7,442)
Payments for debt issuance costs	(16,331)	(1,725)
Other, net	(1,846)	(1,012)
Net cash provided by (used in) financing activities	967,480	(284,084)
Net increase (decrease) in cash and cash equivalents	545,260	(6,857)
Cash and cash equivalents, beginning of period	44,435	56,798
Cash and cash equivalents, end of period	$ 589,695	$ 49,941

Income taxes (Details) - USD ($) $ in Millions	9 Months Ended
Income taxes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Operating loss carry-forward
Deferred tax assets, valuation allowance		$ 298.2
Reduction in valuation allowance	$ 220.4
Federal
Operating loss carry-forward
Operating loss carryforwards	1,100.0
Operating loss carryforwards subject to expiration	712.1
Operating loss carryforwards not subject to expiration	366.8
State \| Oklahoma
Operating loss carry-forward
Operating loss carryforwards subject to expiration	$ 34.4

Stockholders' equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Stockholders' equity

Equity offering

On September 19, 2023, the Company completed the sale of 2,750,000 shares of its common stock for net proceeds of $140.0 million, after underwriting discounts, commissions and offering expenses. On September 29, 2023, the underwriters exercised their option to purchase an additional 412,500 shares of common stock, which resulted in net proceeds to the Company of $21.0 million, after underwriting discounts, commissions and offering expenses.

Equity issued for acquisitions of oil and natural gas properties

On September 13, 2023, in connection with the signing of the Henry PSA, the Company issued 869,419 shares of Preferred Stock as a deposit to be held in escrow until closing of the Henry Acquisition, which shares may remain in escrow post-closing to satisfy potential title defect claims under the Henry PSA. Additionally, on September 13, 2023, in connection with the signing of the Maple PSA, the Company issued 357,500 shares of its common stock as a deposit to be held in escrow until closing of the Maple Acquisition, which shares will remain in escrow post-closing to satisfy potential indemnification claims arising under the Maple PSA during the 12-month period following the closing of the Maple Acquisition. Further, on September 13, 2023, in connection with the signing of the Tall City PSA, the Company issued 579,968 shares of its common stock as a deposit to be held in escrow until closing of the Tall City Acquisition, which shares will remain in escrow to satisfy potential indemnification claims under the Tall City PSA. During the escrow period, the issued shares of the Company's preferred stock and common stock held in escrow are not considered outstanding for accounting purposes as they are subject to recall and other conditions, and under the escrow agreements for the Henry Acquisition and Maple Acquisition, the Company retains certain rights, including voting and dividend rights, as applicable.

On April 3, 2023, in connection with the Driftwood Acquisition, the Company issued 1,578,948 shares of its common stock as part of the purchase price.

See Note 3 for additional information on the Henry Acquisition, the Maple Acquisition, the Tall City Acquisition and the Driftwood Acquisition. See Note 15 for discussion of the October 31, 2023 closing of the Maple Acquisition.

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. No shares were repurchased during the nine months ended September 30, 2023. As of September 30, 2023, approximately $162.7 million remained available for future repurchases under the share repurchase program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net income per common share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net income per common share

Basic and diluted net income per common share are computed by dividing net income by the weighted-average common shares outstanding for the period. Diluted net income per common share reflects the potential dilution of non-vested equity-based compensation awards. See Note 9 in the 2022 Annual Report for additional discussion of these awards.

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except for per share data)	2023		2022		2023		2022
Net income	$	4,893	$	337,523	$	413,644	$	513,288
Weighted-average common shares outstanding(1):
Basic	18,455		16,650		17,646		16,750
Dilutive non-vested restricted stock awards	112		159		93		197

Dilutive non-vested performance share awards(2)	2		—		1		16

Diluted	18,569		16,809		17,740		16,963
Net income per common share:
Basic	$	0.27	$	20.27	$	23.44	$	30.64
Diluted	$	0.26	$	20.08	$	23.32	$	30.26

_____________________________________________________________________________

(1)Weighted-average common shares outstanding for the three and nine months ended September 30, 2023 does not include shares of Preferred Stock and common stock issued into escrow accounts in connection with the Acquisitions. See Notes 3 and 5 for additional information.

(2)The dilutive effect of the non-vested performance shares for the three and nine months ended September 30, 2022 and 2023 were calculated assuming each respective performance period ended on September 30, 2022 and 2023, respectively.

Consolidated balance sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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	40,000,000
Common stock issued (in shares)	21,751,758	16,762,127
Common stock outstanding (in shares)	21,751,758	16,762,127

Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

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 consolidated balance sheets as of the dates presented:


	September 30, 2023
(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	$	—	$	12,208	$	—	$	12,208	$	(11,165)	$	1,043


Contingent consideration	—		—		2,732		2,732		—		2,732
Noncurrent:
Commodity	—		(38)		—		(38)		116		78


Contingent consideration	—		—		27,085		27,085		—		27,085
Liabilities:
Current:
Commodity	—		(117,932)		—		(117,932)		11,165		(106,767)



Noncurrent:
Commodity	—		(5,769)		—		(5,769)		(116)		(5,885)




Net derivative liability positions	$	—	$	(111,531)	$	29,817	$	(81,714)	$	—	$	(81,714)


	December 31, 2022
(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	$	—	$	35,586	$	—	$	35,586	$	(13,193)	$	22,393



Contingent consideration	—		—		2,277		2,277		—		2,277
Noncurrent:



Contingent consideration	—		—		24,363		24,363		—		24,363
Liabilities:
Current:
Commodity	—		(19,153)		—		(19,153)		13,193		(5,960)










Net derivative asset positions	$	—	$	16,433	$	26,640	$	43,073	$	—	$	43,073

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)	2023		2022		2023		2022
Balance of Level 3 at beginning of period	$	26,239	$	38,620	$	26,640	$	35,861
Change in Sixth Street Contingent Consideration fair value	3,625		(9,608)		4,679		(5,294)
Settlements realized(1)	(47)		(322)		(1,502)		(1,877)
Balance of Level 3 at end of period	$	29,817	$	28,690	$	29,817	$	28,690

_____________________________________________________________________________

(1)For the nine months ended September 30, 2023 and 2022, the settlements are included in "Settlements received for contingent consideration" in cash flows from investing activities on the consolidated statements of cash flows.

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, 2023				December 31, 2022
(in thousands)	Carrying amount		Fair value(1)		Carrying amount		Fair value(1)
January 2025 Notes	$	455,628	$	459,350	$	455,628	$	449,122
January 2028 Notes	700,309		713,188		300,309		292,846
July 2029 Notes	298,214		277,414		298,214		268,416
September 2030 Notes	500,000		511,020		—		—
Senior Secured Credit Facility	—		—		70,000		69,945
Total	$	1,954,151	$	1,960,972	$	1,124,151	$	1,080,329

______________________________________________________________________________

(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, 2023 and December 31, 2022. 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, 2023 and December 31, 2022.

Subsequent events (Tables)

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Schedule of open positions and derivatives in place

The following table summarizes open commodity derivative positions as of September 30, 2023, for commodity derivatives that were entered into through September 30, 2023, for the settlement periods presented:


	Remaining Year 2023		Year 2024		Year 2025
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	2,760,000		14,809,950		2,902,000
Weighted-average price ($/Bbl)	$	75.82	$	75.08	$	75.54
WTI NYMEX - Collars:
Volume (Bbl)	890,550		—		—
Weighted-average floor price ($/Bbl)	$	69.60	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	87.04	$	—	$	—
WTI NYMEX - Three-way Collars:
Volume (Bbl)	91,550		217,350		—
Weighted-average sold put price ($/Bbl)	$	45.50	$	50.00	$	—
Weighted-average floor price ($/Bbl)	$	57.64	$	66.51	$	—
Weighted-average ceiling price ($/Bbl)	$	74.25	$	87.09	$	—
Argus WTI Midland to Argus WTI Formula Basis - Basis Swaps:
Volume (Bbl)	154,100		293,300		—
Weighted-average differential ($/Bbl)	$	0.17	$	0.11	$	—
















































































Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	38,000		26,075,700		—
Weighted-average price ($/MMBtu)	$	2.46	$	3.47	$	—
Henry Hub NYMEX - Collars:
Volume (MMBtu)	6,826,534		776,292		—
Weighted-average floor price ($/MMBtu)	$	4.11	$	3.40	$	—
Weighted-average ceiling price ($/MMBtu)	$	8.34	$	6.11	$	—
Henry Hub NYMEX - Three-way Collars:
Volume (MMBtu)	33,500		—		—
Weighted-average sold put price ($/MMBtu)	$	2.00	$	—	$	—
Weighted-average floor price ($/MMBtu)	$	2.50	$	—	$	—
Weighted-average ceiling price ($/MMBtu)	$	3.01	$	—	$	—





Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	10,578,034		26,851,992		—
Weighted-average differential ($/MMBtu)	$	(1.53)	$	(0.74)	$	—

The following table summarizes the Company's open oil derivative positions as of September 30, 2023, updated for the derivative transactions entered into from September 30, 2023 through November 2, 2023, for the settlement periods presented:


	Remaining Year 2023		Year 2024		Year 2025
Oil:
WTI NYMEX - Swaps:
Volume (Bbl)	2,760,000		18,103,950		3,445,000
Weighted-average price ($/Bbl)	$	75.82	$	75.36	$	75.52
WTI NYMEX - Collars:
Volume (Bbl)	890,550		—		—
Weighted-average floor price ($/Bbl)	$	69.60	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	87.04	$	—	$	—
WTI NYMEX - Three-way Collars:
Volume (Bbl)	91,550		217,350		—
Weighted-average sold put price ($/Bbl)	$	45.50	$	50.00	$	—
Weighted-average floor price ($/Bbl)	$	57.64	$	66.51	$	—
Weighted-average ceiling price ($/Bbl)	$	74.25	$	87.09	$	—







Argus WTI Midland to Argus WTI Formula Basis - Basis Swaps:
Volume (Bbl)	154,100		293,300		—
Weighted-average differential ($/Bbl)	$	0.17	$	0.11	$	—

Organization and basis of presentation	9 Months Ended
Organization and basis of presentation	Sep. 30, 2023
Accounting Policies [Abstract]
Organization and basis of presentation	Organization and basis of presentation Organization Vital Energy, Inc. ("Vital" or the "Company"), 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 Vital and its subsidiaries 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, 2022 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 interim financial position, results of operations and cash flows. 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 2022 Annual Report. Significant accounting policies There have been no material changes in the Company's significant accounting policies during the nine months ended September 30, 2023. See Note 2 in the 2022 Annual Report for discussion of significant accounting policies. Use of estimates The preparation of the 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 at 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 2022 Annual Report for further information regarding the use of estimates and assumptions.

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 2023
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. 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 $6.5 million and $7.7 million during the nine months ended September 30, 2023 and 2022, respectively, which are recorded in "Oil transportation and marketing expenses" on the consolidated statements of operations. The Company had an estimated aggregate liability of firm transportation payments on excess capacity of $10.4 million and $11.5 million as of September 30, 2023 and December 31, 2022, respectively, which is included in "Accounts payable and accrued liabilities" on the consolidated balance sheets. As of September 30, 2023, future firm sale and transportation commitments of $129.1 million are expected to be satisfied and, as such, are not recorded as a liability on the consolidated balance sheet.

Supplemental cash flow and non-cash information (Tables)

9 Months Ended

Sep. 30, 2023

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)	2023		2022
Supplemental cash flow information:
Cash paid for interest, net of $1,827 and $3,265 of capitalized interest, respectively	$	109,795	$	130,082
Supplemental non-cash operating information:
Right-of-use assets obtained in exchange for operating lease liabilities(1)	$	125,940	$	34,532
Supplemental non-cash investing information:
Change in accrued capital expenditures	$	25,771	$	5,144
Equity issued for acquisition of oil and natural gas properties(2)	$	80,068	$	—
Liabilities assumed in acquisitions of oil and natural gas properties(2)	$	11,411	$	—

_____________________________________________________________________________

(1)See Notes 5 and 18 in the 2022 Annual Report for additional discussion of the Company's leases.

(2)See Note 3 for additional discussion of the Company's acquisitions.

Organization and basis of presentation (Details)	9 Months Ended
Organization and basis of presentation (Details)	Sep. 30, 2023 operating_segment
Accounting Policies [Abstract]
Number of operating segments	1

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-35380
Entity Registrant Name	Vital Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3007926
Entity Address, Address Line One	521 E. Second Street
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Tulsa
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74120
City Area Code	918
Local Phone Number	513-4570
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	VTLE
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		24,760,683
Entity Central Index Key	0001528129
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt - Senior Secured Credit Facility (Details) - Secured Debt - USD ($)	Sep. 30, 2023	Sep. 13, 2023	Sep. 12, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Maximum credit amount		$ 3,000,000,000
Borrowing base		1,500,000,000	$ 1,300,000,000
Aggregate elected commitment		1,250,000,000	1,000,000,000
Term Loan
Debt Instrument [Line Items]
Maximum credit amount		$ 250,000,000
Henry Acquisition
Debt Instrument [Line Items]
Borrowing base			75,000,000
Aggregate elected commitment			150,000,000
Maple Acquisition
Debt Instrument [Line Items]
Borrowing base			50,000,000
Aggregate elected commitment			100,000,000
Tall City Acquisition
Debt Instrument [Line Items]
Borrowing base			$ 75,000,000
Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum credit amount	$ 2,000,000,000
Borrowing base	1,300,000,000
Aggregate elected commitment	1,000,000,000
Amount of debt outstanding	0
Letter of Credit
Debt Instrument [Line Items]
Maximum credit amount	80,000,000
Letters of credit outstanding	$ 0			$ 0

Supplemental cash flow and non-cash information

9 Months Ended

Sep. 30, 2023

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)	2023		2022
Supplemental cash flow information:
Cash paid for interest, net of $1,827 and $3,265 of capitalized interest, respectively	$	109,795	$	130,082
Supplemental non-cash operating information:
Right-of-use assets obtained in exchange for operating lease liabilities(1)	$	125,940	$	34,532
Supplemental non-cash investing information:
Change in accrued capital expenditures	$	25,771	$	5,144
Equity issued for acquisition of oil and natural gas properties(2)	$	80,068	$	—
Liabilities assumed in acquisitions of oil and natural gas properties(2)	$	11,411	$	—

_____________________________________________________________________________

(1)See Notes 5 and 18 in the 2022 Annual Report for additional discussion of the Company's leases.

(2)See Note 3 for additional discussion of the Company's acquisitions.

Related parties

9 Months Ended

Sep. 30, 2023

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 Company has entered into a lease agreement with Halliburton, which became effective during the first quarter of 2023 and extends through 2025, to provide an electric fracture stimulation crew and the related services. Under the agreement, the Company had a lease liability of $66.5 million as of September 30, 2023 which is included in both current and noncurrent "Operating lease liabilities" on the consolidated balance sheets. Services provided under the lease agreement do not differ substantially from historical services provided by Halliburton, which were previously not subject to a long-term agreement. Payments to Halliburton are included in capital expenditures for oil and natural gas properties in cash flows from investing activities on the consolidated statements of cash flows.

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


	Nine months ended September 30,
(in thousands)	2023		2022

Capital expenditures for oil and natural gas properties	$	91,751	$	78,749

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Related parties (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of related party transactions

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


	Nine months ended September 30,
(in thousands)	2023		2022

Capital expenditures for oil and natural gas properties	$	91,751	$	78,749

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of debt


(in thousands)	September 30, 2023		December 31, 2022
January 2025 Notes	$	455,628	$	455,628
January 2028 Notes	700,309		300,309
July 2029 Notes	298,214		298,214
September 2030 Notes	500,000		—
Senior Secured Credit Facility(1)	—		70,000
Total long-term debt	1,954,151		1,124,151
Unamortized debt issuance costs	(24,895)		(11,128)
Unamortized discounts	(6,290)		—
Unamortized premiums	4,000		—
Total long-term debt, net	$	1,926,966	$	1,113,023

______________________________________________________________________________

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
Less:
Consideration paid	$	149,986	$	182,320
Write off of debt issuance costs	1,958		2,448
Gain (loss) on extinguishment of debt, net(1)	$	553	$	(245)

______________________________________________________________________________

(1)Amounts are included in "Gain (loss) on extinguishment of debt, net" on the consolidated statements of operations.

Stockholders' equity (Tables)

9 Months Ended

Sep. 30, 2023

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.

Fair value measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair value measurements

See the beginning of Note 12 in the 2022 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.

Balance sheet presentation


	September 30, 2023
(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	$	—	$	12,208	$	—	$	12,208	$	(11,165)	$	1,043


Contingent consideration	—		—		2,732		2,732		—		2,732
Noncurrent:
Commodity	—		(38)		—		(38)		116		78


Contingent consideration	—		—		27,085		27,085		—		27,085
Liabilities:
Current:
Commodity	—		(117,932)		—		(117,932)		11,165		(106,767)



Noncurrent:
Commodity	—		(5,769)		—		(5,769)		(116)		(5,885)




Net derivative liability positions	$	—	$	(111,531)	$	29,817	$	(81,714)	$	—	$	(81,714)


	December 31, 2022
(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	$	—	$	35,586	$	—	$	35,586	$	(13,193)	$	22,393



Contingent consideration	—		—		2,277		2,277		—		2,277
Noncurrent:



Contingent consideration	—		—		24,363		24,363		—		24,363
Liabilities:
Current:
Commodity	—		(19,153)		—		(19,153)		13,193		(5,960)










Net derivative asset positions	$	—	$	16,433	$	26,640	$	43,073	$	—	$	43,073

See Note 12 in the 2022 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 divestiture 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, the Company remeasures contingent consideration with the change in fair values recognized in "Gain (loss) on derivatives, net" under "Non-operating income (expense)" on the consolidated statement of operations.

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)	2023		2022		2023		2022
Balance of Level 3 at beginning of period	$	26,239	$	38,620	$	26,640	$	35,861
Change in Sixth Street Contingent Consideration fair value	3,625		(9,608)		4,679		(5,294)
Settlements realized(1)	(47)		(322)		(1,502)		(1,877)
Balance of Level 3 at end of period	$	29,817	$	28,690	$	29,817	$	28,690

_____________________________________________________________________________

Items not accounted for at fair value

The carrying amounts reported on the 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, 2023				December 31, 2022
(in thousands)	Carrying amount		Fair value(1)		Carrying amount		Fair value(1)
January 2025 Notes	$	455,628	$	459,350	$	455,628	$	449,122
January 2028 Notes	700,309		713,188		300,309		292,846
July 2029 Notes	298,214		277,414		298,214		268,416
September 2030 Notes	500,000		511,020		—		—
Senior Secured Credit Facility	—		—		70,000		69,945
Total	$	1,954,151	$	1,960,972	$	1,124,151	$	1,080,329

______________________________________________________________________________

- 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

New accounting standards	9 Months Ended
New accounting standards	Sep. 30, 2023
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 and has determined there are no ASUs that are not yet adopted and meaningful to disclose as of September 30, 2023. Additionally, the Company did not adopt any new ASUs during the nine months ended September 30, 2023.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
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-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair value measurements - Changes in Contingent Consideration (Details) - Contingent Consideration Derivative - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Change in Amount of Contingent Consideration, Liability [Roll Forward]
Balance of Level 3 at beginning of period	$ 26,239	$ 38,620	$ 26,640	$ 35,861
Change in Sixth Street Contingent Consideration fair value	3,625	(9,608)	4,679	(5,294)
Settlements realized	(47)	(322)	(1,502)	(1,877)
Balance of Level 3 at end of period	$ 29,817	$ 28,690	$ 29,817	$ 28,690

Equity Incentive Plan - Narrative (Details) $ in Millions	9 Months Ended
Equity Incentive Plan - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized	$ 27.0
Stock-based compensation, amount expected to be settled in cash	$ 4.9
Recognition period for costs not yet recognized	1 year 11 months 1 day
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock authorized for issuance (in shares) \| shares	2,432,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
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+ Details

Debt - September 2030 Notes (Details) - USD ($)	Sep. 18, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized premiums		$ 4,000,000	$ 0
Unamortized discounts		$ 6,290,000	$ 0
September 2030 Notes
Debt Instrument [Line Items]
Face amount of debt	$ 500,000,000
Interest rate (as a percent)	9.75%
Proceeds from senior notes	$ 484,700,000
Debt instruments, issue price	98.742%
Unamortized discounts	$ 6,300,000
Debt redemption price (as a percent)	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Derivatives - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Gain (loss) on derivatives, net	$ (135,321)	$ 100,748	$ (132,875)	$ (290,995)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Commodity
Derivative [Line Items]
Gain (loss) on derivatives, net	$ (138,946)	$ 110,356	$ (137,554)	$ (285,715)
Contingent consideration
Derivative [Line Items]
Gain (loss) on derivatives, net	3,625	(9,608)	4,679	(5,294)
Interest rate
Derivative [Line Items]
Gain (loss) on derivatives, net	$ 0	$ 0	$ 0	$ 14

Derivatives - Open Positions and Derivatives in Place (Details) - Forecast - Not Designated as Hedges	3 Months Ended	12 Months Ended
	Dec. 31, 2023 MMBTU $ / bbl $ / MMBTU bbl	Dec. 31, 2025 MMBTU $ / bbl $ / MMBTU bbl	Dec. 31, 2024 MMBTU $ / bbl $ / MMBTU bbl
WTI NYMEX \| Crude Oil \| Swap
Derivative [Line Items]
Volume (Bbl) \| bbl	2,760,000	3,445,000	18,103,950
Weighted-average price/differential (in USD per unit)	75.82	75.52	75.36
WTI NYMEX \| Crude Oil \| Swap \| Entered through end of quarter
Derivative [Line Items]
Volume (Bbl) \| bbl	2,760,000	2,902,000	14,809,950
Weighted-average price/differential (in USD per unit)	75.82	75.54	75.08
WTI NYMEX \| Crude Oil \| Collar
Derivative [Line Items]
Volume (Bbl) \| bbl	890,550	0	0
WTI NYMEX \| Crude Oil \| Collar \| Entered through end of quarter
Derivative [Line Items]
Volume (Bbl) \| bbl	890,550	0	0
WTI NYMEX \| Crude Oil \| Collar \| Minimum
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	69.60	0	0
WTI NYMEX \| Crude Oil \| Collar \| Minimum \| Entered through end of quarter
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	69.60	0	0
WTI NYMEX \| Crude Oil \| Collar \| Maximum
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	87.04	0	0
WTI NYMEX \| Crude Oil \| Collar \| Maximum \| Entered through end of quarter
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	87.04	0	0
WTI NYMEX \| Crude Oil \| Three-way Collar
Derivative [Line Items]
Volume (Bbl) \| bbl	91,550	0	217,350
Weighted-average price/differential (in USD per unit)	45.50	0	50.00
WTI NYMEX \| Crude Oil \| Three-way Collar \| Entered through end of quarter
Derivative [Line Items]
Volume (Bbl) \| bbl	91,550	0	217,350
Weighted-average price/differential (in USD per unit)	45.50	0	50.00
WTI NYMEX \| Crude Oil \| Three-way Collar \| Minimum
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	57.64	0	66.51
WTI NYMEX \| Crude Oil \| Three-way Collar \| Minimum \| Entered through end of quarter
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	57.64	0	66.51
WTI NYMEX \| Crude Oil \| Three-way Collar \| Maximum
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	74.25	0	87.09
WTI NYMEX \| Crude Oil \| Three-way Collar \| Maximum \| Entered through end of quarter
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	74.25	0	87.09
Argus WTI Midland to Argus WTI \| Crude Oil \| Basis Swap
Derivative [Line Items]
Volume (Bbl) \| bbl	154,100	0	293,300
Weighted-average price/differential (in USD per unit)	0.17	0	0.11
Argus WTI Midland to Argus WTI \| Crude Oil \| Basis Swap \| Entered through end of quarter
Derivative [Line Items]
Volume (Bbl) \| bbl	154,100	0	293,300
Weighted-average price/differential (in USD per unit)	0.17	0	0.11
Henry Hub NYMEX \| Natural Gas \| Swap \| Entered through end of quarter
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	2.46	0	3.47
Volume (MMBtu) \| MMBTU	38,000	0	26,075,700
Henry Hub NYMEX \| Natural Gas \| Collar \| Entered through end of quarter
Derivative [Line Items]
Volume (MMBtu) \| MMBTU	6,826,534	0	776,292
Henry Hub NYMEX \| Natural Gas \| Collar \| Minimum \| Entered through end of quarter
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	4.11	0	3.40
Henry Hub NYMEX \| Natural Gas \| Collar \| Maximum \| Entered through end of quarter
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	8.34	0	6.11
Henry Hub NYMEX \| Natural Gas \| Three-way Collar \| Entered through end of quarter
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	2.00	0	0
Volume (MMBtu) \| MMBTU	33,500	0	0
Henry Hub NYMEX \| Natural Gas \| Three-way Collar \| Minimum \| Entered through end of quarter
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	2.50	0	0
Henry Hub NYMEX \| Natural Gas \| Three-way Collar \| Maximum \| Entered through end of quarter
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	3.01	0	0
Waha Inside FERC to Henry Hub NYMEX \| Natural Gas \| Basis Swap \| Entered through end of quarter
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	(1.53)	0	(0.74)
Volume (MMBtu) \| MMBTU	10,578,034	0	26,851,992

Consolidated balance sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 589,695	$ 44,435
Accounts receivable, net	199,838	163,369
Derivatives	3,775	24,670
Other current assets	20,900	13,317
Total current assets	814,208	245,791
Oil and natural gas properties, full cost method:
Evaluated properties	10,512,608	9,554,706
Unevaluated properties not being depleted	199,490	46,430
Less: accumulated depletion and impairment	(7,616,830)	(7,318,399)
Oil and natural gas properties, net	3,095,268	2,282,737
Midstream and other fixed assets, net	129,115	127,803
Property and equipment, net	3,224,383	2,410,540
Derivatives	27,163	24,363
Operating lease right-of-use assets	116,634	23,047
Deferred income taxes	220,382	0
Other noncurrent assets, net	23,482	22,373
Total assets	4,426,252	2,726,114
Current liabilities:
Accounts payable and accrued liabilities	106,376	102,516
Accrued capital expenditures	74,149	48,378
Undistributed revenue and royalties	165,027	160,023
Derivatives	106,767	5,960
Operating lease liabilities	47,399	15,449
Other current liabilities	71,984	82,950
Total current liabilities	571,702	415,276
Long-term debt, net	1,926,966	1,113,023
Derivatives	5,885	0
Asset retirement obligations	75,416	70,366
Operating lease liabilities	66,366	9,435
Other noncurrent liabilities	6,853	7,268
Total liabilities	2,653,188	1,615,368
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized and zero issued as of September 30, 2023 and December 31, 2022	0	0
Common stock, $0.01 par value, 40,000,000 shares authorized, and 21,751,758 and 16,762,127 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	218	168
Additional paid-in capital	3,002,709	2,754,085
Accumulated deficit	(1,229,863)	(1,643,507)
Total stockholders' equity	1,773,064	1,110,746
Total liabilities and stockholders' equity	$ 4,426,252	$ 2,726,114

Stockholders' equity - Share repurchase program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Payments for Repurchase of Common Stock		$ 0	$ 26,586
Treasury stock (at cost)
Class of Stock [Line Items]
Shares of Company common stock repurchased (in shares)	244,687	0	329,848
Average share price (in USD per share)	$ 71.58		$ 80.60
Payments for Repurchase of Common Stock	$ 17,515		$ 26,586

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 3
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Subsequent events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent events

Maple Acquisition

On October 31, 2023, the Company closed the Maple Acquisition and issued 3,012,997 shares of its common stock, which, in addition to the 357,500 previously issued escrow shares, constituted the purchase price, inclusive of customary closing adjustments. See Notes 3 and 5 for additional discussion of the Maple Acquisition.

Senior Secured Credit Facility

On October 31, 2023, in connection with, and upon closing of the Maple Acquisition, the Senior Secured Credit Facility was further amended under the Eleventh Amendment. As of October 31, 2023, the Amended Senior Secured Credit Facility, which matures on September 13, 2027, subject to a springing maturity date of July 19, 2024 if more than a certain amount of the Company's January 2025 Notes relative to the availability under the Amended Senior Secured Credit Facility are outstanding on such date, had a borrowing base of $1.35 billion and an aggregate elected commitment of $1.1 billion. See Note 4 for additional discussion of the Company's Amended Senior Secured Credit Facility.

Commodity derivatives


	Remaining Year 2023		Year 2024		Year 2025
Oil:
WTI NYMEX - Swaps:
Volume (Bbl)	2,760,000		18,103,950		3,445,000
Weighted-average price ($/Bbl)	$	75.82	$	75.36	$	75.52
WTI NYMEX - Collars:
Volume (Bbl)	890,550		—		—
Weighted-average floor price ($/Bbl)	$	69.60	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	87.04	$	—	$	—
WTI NYMEX - Three-way Collars:
Volume (Bbl)	91,550		217,350		—
Weighted-average sold put price ($/Bbl)	$	45.50	$	50.00	$	—
Weighted-average floor price ($/Bbl)	$	57.64	$	66.51	$	—
Weighted-average ceiling price ($/Bbl)	$	74.25	$	87.09	$	—







Argus WTI Midland to Argus WTI Formula Basis - Basis Swaps:
Volume (Bbl)	154,100		293,300		—
Weighted-average differential ($/Bbl)	$	0.17	$	0.11	$	—

See Note 8 for additional discussion regarding the Company's derivatives. There has been no other derivative activity subsequent to September 30, 2023.

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, 2021		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)		232,000
Restricted stock awards	0	$ 2	(2)
Restricted stock forfeitures (in shares)		(4,000)
Stock exchanged for tax withholding (in shares)				76,000
Stock exchanged for tax withholding	(5,847)			$ (5,847)
Retirement of treasury stock (in shares)		(76,000)		(76,000)
Retirement of treasury stock	0	$ (1)	(5,846)	$ 5,847
Share-settled equity-based compensation	2,636		2,636
Performance share conversion (in shares)		75,000
Performance share conversion	0	$ 1	(1)
Net income (loss)	(86,781)				(86,781)
Balance at end of period (in shares) at Mar. 31, 2022		17,302,000
Balance at end of period at Mar. 31, 2022	423,788	$ 173	2,785,415	$ 0	(2,361,800)
Balance at end of period (in shares) at Mar. 31, 2022				0
Balance at beginning of period (in shares) at Dec. 31, 2021		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
Net income (loss)	513,288
Balance at end of period (in shares) at Sep. 30, 2022		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 Mar. 31, 2022		17,302,000
Balance at beginning of period at Mar. 31, 2022	423,788	$ 173	2,785,415	$ 0	(2,361,800)
Balance at beginning of period (in shares) at Mar. 31, 2022				0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		5,000
Restricted stock awards	0	$ 0
Restricted stock forfeitures (in shares)		(3,000)
Share repurchases (in shares)				85,000
Share repurchases	(9,071)			$ (9,071)
Stock exchanged for tax withholding (in shares)				7,000
Stock exchanged for tax withholding	(742)			$ (742)
Retirement of treasury stock (in shares)		(92,000)		(92,000)
Retirement of treasury stock	0	$ (1)	(9,812)	$ 9,813
Share-settled equity-based compensation	2,935		2,935
Net income (loss)	262,546				262,546
Balance at end of period (in shares) at Jun. 30, 2022		17,212,000
Balance at end of period at Jun. 30, 2022	679,456	$ 172	2,778,538	$ 0	(2,099,254)
Balance at end 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	$ 0	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		16,915,000
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 Dec. 31, 2022	16,762,127	16,762,000
Balance at beginning of period at Dec. 31, 2022	$ 1,110,746	$ 168	2,754,085	$ 0	(1,643,507)
Balance at beginning of period (in shares) at Dec. 31, 2022				0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		315,000
Restricted stock awards	0	$ 3	(3)
Restricted stock forfeitures (in shares)		(3,000)
Stock exchanged for tax withholding (in shares)				49,000
Stock exchanged for tax withholding	(2,459)			$ (2,459)
Retirement of treasury stock (in shares)		(49,000)		(49,000)
Retirement of treasury stock	0	$ (1)	(2,458)	$ 2,459
Share-settled equity-based compensation	3,141		3,141
Net income (loss)	113,940				113,940
Balance at end of period (in shares) at Mar. 31, 2023		17,025,000
Balance at end of period at Mar. 31, 2023	$ 1,225,368	$ 170	2,754,765	$ 0	(1,529,567)
Balance at end of period (in shares) at Mar. 31, 2023				0
Balance at beginning of period (in shares) at Dec. 31, 2022	16,762,127	16,762,000
Balance at beginning of period at Dec. 31, 2022	$ 1,110,746	$ 168	2,754,085	$ 0	(1,643,507)
Balance at beginning of period (in shares) at Dec. 31, 2022				0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 413,644
Balance at end of period (in shares) at Sep. 30, 2023	21,751,758	21,752,000
Balance at end of period at Sep. 30, 2023	$ 1,773,064	$ 218	3,002,709	$ 0	(1,229,863)
Balance at end of period (in shares) at Sep. 30, 2023				0
Balance at beginning of period (in shares) at Mar. 31, 2023		17,025,000
Balance at beginning of period at Mar. 31, 2023	1,225,368	$ 170	2,754,765	$ 0	(1,529,567)
Balance at beginning of period (in shares) at Mar. 31, 2023				0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		6,000
Restricted stock awards	0	$ 0	0
Restricted stock forfeitures (in shares)		(9,000)
Stock exchanged for tax withholding (in shares)				7,000
Stock exchanged for tax withholding	(385)			$ (385)
Retirement of treasury stock (in shares)		(7,000)		(7,000)
Retirement of treasury stock	0	$ 0	(385)	$ 385
Share-settled equity-based compensation	3,711		3,711
Equity issued for acquisitions of oil and natural gas properties (in shares)		1,579,000
Equity issued for acquisition of oil and natural gas properties	80,068	$ 16	80,052
Net income (loss)	294,811				294,811
Balance at end of period (in shares) at Jun. 30, 2023		18,594,000
Balance at end of period at Jun. 30, 2023	1,603,573	$ 186	2,838,143	$ 0	(1,234,756)
Balance at end of period (in shares) at Jun. 30, 2023				0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)		6,000
Restricted stock awards	0	$ 0	0
Restricted stock forfeitures (in shares)		(7,000)
Restricted stock forfeitures	0	$ 0	0
Stock exchanged for tax withholding (in shares)				(4,000)
Stock exchanged for tax withholding	(212)			$ (212)
Retirement of treasury stock (in shares)		(4,000)		(4,000)
Retirement of treasury stock	0	$ 0	(212)	$ 212
Share-settled equity-based compensation	3,807		3,807
Issuance of common stock, net of costs (in shares)		3,163,000
Issuance of common stock, net of costs	161,003	$ 32	160,971
Net income (loss)	$ 4,893				4,893
Balance at end of period (in shares) at Sep. 30, 2023	21,751,758	21,752,000
Balance at end of period at Sep. 30, 2023	$ 1,773,064	$ 218	$ 3,002,709	$ 0	$ (1,229,863)
Balance at end of period (in shares) at Sep. 30, 2023				0

Organizational restructurings	9 Months Ended
Organizational restructurings	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Organizational restructurings	Organizational restructuringsOn 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 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 consolidated statements of operations during the three months ended September 30, 2022.

Fair value measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Total gross fair value	$ 81,714	$ 43,073
Net fair value presented on the consolidated balance sheets	3,775	24,670
Net fair value presented on the consolidated balance sheets	27,163	24,363
Liabilities:
Net fair value presented on the consolidated balance sheets	(106,767)	(5,960)
Net fair value presented on the consolidated balance sheets	(5,885)	0
Amounts offset	0	0
Net derivative liability/asset positions	(81,714)	43,073
Level 1
Liabilities:
Net derivative liability/asset positions	0	0
Level 2
Liabilities:
Net derivative liability/asset positions	111,531	(16,433)
Level 3
Liabilities:
Net derivative liability/asset positions	29,817	26,640
Commodity Derivatives
Assets:
Net fair value presented on the consolidated balance sheets	1,043	22,393
Net fair value presented on the consolidated balance sheets	78
Liabilities:
Net fair value presented on the consolidated balance sheets	(106,767)	(5,960)
Net fair value presented on the consolidated balance sheets	(5,885)
Contingent Consideration
Assets:
Net fair value presented on the consolidated balance sheets	2,732	2,277
Net fair value presented on the consolidated balance sheets	27,085	24,363
Current Assets \| Commodity Derivatives
Assets:
Total gross fair value	12,208	35,586
Amounts offset	(11,165)	(13,193)
Current Assets \| Commodity Derivatives \| Level 1
Assets:
Total gross fair value	0	0
Current Assets \| Commodity Derivatives \| Level 2
Assets:
Total gross fair value	12,208	35,586
Current Assets \| Commodity Derivatives \| Level 3
Assets:
Total gross fair value	0	0
Current Assets \| Contingent Consideration
Assets:
Total gross fair value	2,732	2,277
Amounts offset	0	0
Current Assets \| Contingent Consideration \| Level 1
Assets:
Total gross fair value	0	0
Current Assets \| Contingent Consideration \| Level 2
Assets:
Total gross fair value	0	0
Current Assets \| Contingent Consideration \| Level 3
Assets:
Total gross fair value	2,732	2,277
Noncurrent Assets \| Commodity Derivatives
Liabilities:
Total gross fair value	(38)
Amounts offset	116
Noncurrent Assets \| Commodity Derivatives \| Level 1
Liabilities:
Total gross fair value	0
Noncurrent Assets \| Commodity Derivatives \| Level 2
Liabilities:
Total gross fair value	(38)
Noncurrent Assets \| Commodity Derivatives \| Level 3
Liabilities:
Total gross fair value	0
Noncurrent Assets \| Contingent Consideration
Assets:
Total gross fair value	27,085	24,363
Amounts offset	0	0
Noncurrent Assets \| Contingent Consideration \| Level 1
Assets:
Total gross fair value	0	0
Noncurrent Assets \| Contingent Consideration \| Level 2
Assets:
Total gross fair value	0	0
Noncurrent Assets \| Contingent Consideration \| Level 3
Assets:
Total gross fair value	27,085	24,363
Current Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	(117,932)	(19,153)
Amounts offset	11,165	13,193
Current Liabilities \| Commodity Derivatives \| Level 1
Liabilities:
Total gross fair value	0	0
Current Liabilities \| Commodity Derivatives \| Level 2
Liabilities:
Total gross fair value	(117,932)	(19,153)
Current Liabilities \| Commodity Derivatives \| Level 3
Liabilities:
Total gross fair value	0	$ 0
Noncurrent Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value	(5,769)
Amounts offset	(116)
Noncurrent Liabilities \| Commodity Derivatives \| Level 1
Liabilities:
Total gross fair value	0
Noncurrent Liabilities \| Commodity Derivatives \| Level 2
Liabilities:
Total gross fair value	(5,769)
Noncurrent Liabilities \| Commodity Derivatives \| Level 3
Liabilities:
Total gross fair value	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 4,893	$ 294,811	$ 113,940	$ 337,523	$ 262,546	$ (86,781)	$ 413,644	$ 513,288

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

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)	2023		2022		2023		2022
Commodity	$	(138,946)	$	110,356	$	(137,554)	$	(285,715)
Contingent consideration	3,625		(9,608)		4,679		(5,294)
Interest rate	—		—		—		14
Gain (loss) on derivatives, net	$	(135,321)	$	100,748	$	(132,875)	$	(290,995)

Schedule of open positions and derivatives in place


	Remaining Year 2023		Year 2024		Year 2025
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	2,760,000		14,809,950		2,902,000
Weighted-average price ($/Bbl)	$	75.82	$	75.08	$	75.54
WTI NYMEX - Collars:
Volume (Bbl)	890,550		—		—
Weighted-average floor price ($/Bbl)	$	69.60	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	87.04	$	—	$	—
WTI NYMEX - Three-way Collars:
Volume (Bbl)	91,550		217,350		—
Weighted-average sold put price ($/Bbl)	$	45.50	$	50.00	$	—
Weighted-average floor price ($/Bbl)	$	57.64	$	66.51	$	—
Weighted-average ceiling price ($/Bbl)	$	74.25	$	87.09	$	—
Argus WTI Midland to Argus WTI Formula Basis - Basis Swaps:
Volume (Bbl)	154,100		293,300		—
Weighted-average differential ($/Bbl)	$	0.17	$	0.11	$	—
















































































Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	38,000		26,075,700		—
Weighted-average price ($/MMBtu)	$	2.46	$	3.47	$	—
Henry Hub NYMEX - Collars:
Volume (MMBtu)	6,826,534		776,292		—
Weighted-average floor price ($/MMBtu)	$	4.11	$	3.40	$	—
Weighted-average ceiling price ($/MMBtu)	$	8.34	$	6.11	$	—
Henry Hub NYMEX - Three-way Collars:
Volume (MMBtu)	33,500		—		—
Weighted-average sold put price ($/MMBtu)	$	2.00	$	—	$	—
Weighted-average floor price ($/MMBtu)	$	2.50	$	—	$	—
Weighted-average ceiling price ($/MMBtu)	$	3.01	$	—	$	—





Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	10,578,034		26,851,992		—
Weighted-average differential ($/MMBtu)	$	(1.53)	$	(0.74)	$	—


	Remaining Year 2023		Year 2024		Year 2025
Oil:
WTI NYMEX - Swaps:
Volume (Bbl)	2,760,000		18,103,950		3,445,000
Weighted-average price ($/Bbl)	$	75.82	$	75.36	$	75.52
WTI NYMEX - Collars:
Volume (Bbl)	890,550		—		—
Weighted-average floor price ($/Bbl)	$	69.60	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	87.04	$	—	$	—
WTI NYMEX - Three-way Collars:
Volume (Bbl)	91,550		217,350		—
Weighted-average sold put price ($/Bbl)	$	45.50	$	50.00	$	—
Weighted-average floor price ($/Bbl)	$	57.64	$	66.51	$	—
Weighted-average ceiling price ($/Bbl)	$	74.25	$	87.09	$	—







Argus WTI Midland to Argus WTI Formula Basis - Basis Swaps:
Volume (Bbl)	154,100		293,300		—
Weighted-average differential ($/Bbl)	$	0.17	$	0.11	$	—

Subsequent events - Commodity Derivatives (Details) - Crude Oil - Forecast - Not Designated as Hedges	3 Months Ended	12 Months Ended
	Dec. 31, 2023 $ / bbl bbl	Dec. 31, 2025 $ / bbl bbl	Dec. 31, 2024 $ / bbl bbl
WTI NYMEX \| Swap
Subsequent Event [Line Items]
Volume (Bbl) \| bbl	2,760,000	3,445,000	18,103,950
Weighted-average price/differential (in USD per unit)	75.82	75.52	75.36
WTI NYMEX \| Collar
Subsequent Event [Line Items]
Volume (Bbl) \| bbl	890,550	0	0
WTI NYMEX \| Collar \| Minimum
Subsequent Event [Line Items]
Weighted-average price/differential (in USD per unit)	69.60	0	0
WTI NYMEX \| Collar \| Maximum
Subsequent Event [Line Items]
Weighted-average price/differential (in USD per unit)	87.04	0	0
WTI NYMEX \| Three-way Collar
Subsequent Event [Line Items]
Volume (Bbl) \| bbl	91,550	0	217,350
Weighted-average price/differential (in USD per unit)	45.50	0	50.00
WTI NYMEX \| Three-way Collar \| Minimum
Subsequent Event [Line Items]
Weighted-average price/differential (in USD per unit)	57.64	0	66.51
WTI NYMEX \| Three-way Collar \| Maximum
Subsequent Event [Line Items]
Weighted-average price/differential (in USD per unit)	74.25	0	87.09
Argus WTI Midland to Argus WTI \| Basis Swap
Subsequent Event [Line Items]
Volume (Bbl) \| bbl	154,100	0	293,300
Weighted-average price/differential (in USD per unit)	0.17	0	0.11

Organizational restructurings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Organizational restructuring expenses	$ 0	$ 10,420	$ 0	$ 10,420
Reversal of equity-based compensation expense	$ (5,444)	2,519	$ (12,684)	$ (8,721)
One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Organizational restructuring expenses		10,400
Share Based Compensation Awards Forfeited \| General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Reversal of equity-based compensation expense		$ 4,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income taxes	9 Months Ended
Income taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxes As of September 30, 2023, the Company’s deferred tax assets were primarily the result of U.S. net operating loss carryforwards. A valuation allowance of $298.2 million was recorded against the gross deferred tax asset balance as of December 31, 2022, on the basis of management’s assessment that its deferred tax assets did not meet the standard for recognition. As of each reporting date, the Company considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. As of June 30, 2023, the Company determined that there was sufficient positive evidence to conclude that it is more likely than not its federal deferred tax assets are realizable. During the nine months ended September 30, 2023, the Company recorded $220.4 million of discrete tax benefit, which is primarily attributable to the release of the valuation allowance. The balance of the valuation allowance reversal is reflected as part of the Company's estimated annualized effective tax rate with respect to current year projected earnings. The Company believes that it is more-likely-than-not that its Oklahoma deferred tax assets are not realizable and continues to maintain a full valuation allowance recorded against these deferred tax assets. As of September 30, 2023, the Company had federal net operating loss carryforwards totaling $1.1 billion, $712.1 million of which will begin to expire in 2035 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 could be significantly limited.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Topic 740
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Equity Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Share-based payment arrangement, activity

The following table presents activity for equity-based compensation awards for the nine months ended September 30, 2023:


	Equity Awards			Liability Awards
(in thousands)	Restricted Stock Awards	Stock Option Awards	Performance Share Awards	Performance Unit Awards(1)(2)	Phantom Unit Awards(3)
Outstanding as of December 31, 2022	362	3	48	150	18
Granted	327	—	—	75	—
Forfeited	(19)	—	—	—	—
Vested	(176)	—	—	(67)	(16)

Expired or canceled	—	(1)	—	—	—
Outstanding as of September 30, 2023	494	2	48	158	2

_____________________________________________________________________________

(3)On March 1, 2023 and March 3, 2023, granted phantom unit awards vested and were paid out in cash at $52.56 and $57.06, respectively, based on the Company's closing stock price on the vesting date.

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)	2023		2022		2023		2022
Equity awards:
Restricted stock awards	$	3,272	$	1,818	$	9,311	$	6,428
Performance share awards	535		241		1,348		1,202

Total share-settled equity-based compensation, gross	3,807		2,059		10,659		7,630
Less amounts capitalized	(870)		(421)		(2,257)		(1,335)
Total share-settled equity-based compensation, net	2,937		1,638		8,402		6,295
Liability awards:
Performance unit awards	2,479		(4,311)		4,069		1,595
Phantom unit awards	28		199		263		1,078
Total cash-settled equity-based compensation, gross	2,507		(4,112)		4,332		2,673
Less amounts capitalized	—		(45)		(50)		(247)
Total cash-settled equity-based compensation, net	2,507		(4,157)		4,282		2,426
Total equity-based compensation, net	$	5,444	$	(2,519)	$	12,684	$	8,721

Equity Incentive Plan - Equity-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, net	$ 5,444	$ (2,519)	$ 12,684	$ 8,721
Share-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	3,807	2,059	10,659	7,630
Less amounts capitalized	(870)	(421)	(2,257)	(1,335)
Total equity-based compensation, net	2,937	1,638	8,402	6,295
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	3,272	1,818	9,311	6,428
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	535	241	1,348	1,202
Cash-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	2,507	(4,112)	4,332	2,673
Less amounts capitalized	0	(45)	(50)	(247)
Total equity-based compensation, net	2,507	(4,157)	4,282	2,426
Performance unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	2,479	(4,311)	4,069	1,595
Phantom unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	$ 28	$ 199	$ 263	$ 1,078

Net income per common share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

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

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except for per share data)	2023		2022		2023		2022
Net income	$	4,893	$	337,523	$	413,644	$	513,288
Weighted-average common shares outstanding(1):
Basic	18,455		16,650		17,646		16,750
Dilutive non-vested restricted stock awards	112		159		93		197

Dilutive non-vested performance share awards(2)	2		—		1		16

Diluted	18,569		16,809		17,740		16,963
Net income per common share:
Basic	$	0.27	$	20.27	$	23.44	$	30.64
Diluted	$	0.26	$	20.08	$	23.32	$	30.26

_____________________________________________________________________________

Commitments and contingencies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Unrecorded Unconditional Purchase Obligation [Line Items]
Minimum volume commitment deficiency payments	$ 6.5	$ 7.7
Firm Sale and Transportation Commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Minimum volume commitments deficiency payments liability	10.4		$ 11.5
Future commitments	$ 129.1

Debt - Long-term Debt, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 18, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total long-term debt	$ 1,954,151		$ 1,124,151
Unamortized debt issuance costs	(24,895)		(11,128)
Unamortized discounts	6,290		0
Unamortized premiums	4,000		0
Total long-term debt, net	1,926,966		1,113,023
Secured Debt \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Total long-term debt	0		70,000
Secured Debt \| Senior Secured Credit Facility \| Other Noncurrent Assets
Debt Instrument [Line Items]
Debt issuance costs related to line of credit arrangements	5,100		7,300
January 2025 Notes \| Senior Notes
Debt Instrument [Line Items]
Total long-term debt	455,628		455,628
January 2028 Notes \| Senior Notes
Debt Instrument [Line Items]
Total long-term debt	700,309		300,309
July 2029 Notes \| Senior Notes
Debt Instrument [Line Items]
Total long-term debt	298,214		298,214
September 2030 Notes
Debt Instrument [Line Items]
Unamortized discounts		$ 6,300
September 2030 Notes \| Senior Notes
Debt Instrument [Line Items]
Total long-term debt	$ 500,000		$ 0

Supplemental cash flow and non-cash information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental cash flow information:
Cash paid for interest, net of $1,827 and $3,265 of capitalized interest, respectively	$ 109,795	$ 130,082
Capitalized interest	1,827	3,265
Supplemental non-cash operating information:
Right-of-use assets obtained in exchange for operating lease liabilities	125,940	34,532
Supplemental non-cash investing information:
Change in accrued capital expenditures	25,771	5,144
Equity issued for acquisition of oil and natural gas properties	80,068	0
Liabilities assumed in acquisitions of oil and natural gas properties	$ 11,411	$ 0

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, 2023	Dec. 31, 2022	Mar. 03, 2023	Mar. 01, 2023
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)	362,000
Granted (in shares)	327,000
Forfeited (in shares)	(19,000)
Vested (in shares)	(176,000)
Outstanding at end of period (in shares)	494,000	362,000
Stock Option Awards
Stock option awards
Outstanding at beginning of period (in shares)	3,000
Expired or canceled (in shares)	(1,000)
Outstanding at end of period (in shares)	2,000	3,000
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)	48,000
Outstanding at end of period (in shares)	48,000	48,000
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)	150,000
Granted (in shares)	75,000
Vested (in shares)	(67,000)
Outstanding at end of period (in shares)	158,000	150,000
Performance unit awards \| March 5, 2020
Stock option awards
Overall payout (as a percent)		151.00%
Performance share conversion (in shares)	101,368
Settlement/payment, per share			$ 57.06
Performance unit awards \| February 15, 2023 \| Minimum
Stock option awards
Overall payout (as a percent)	0.00%
Performance unit awards \| February 15, 2023 \| Maximum
Stock option awards
Overall payout (as a percent)	225.00%
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)	18,000
Vested (in shares)	(16,000)
Outstanding at end of period (in shares)	2,000	18,000
Stock option awards
Settlement/payment, per share			$ 57.06	$ 52.56

Organization and basis of presentation (Policies)	9 Months Ended
Organization and basis of presentation (Policies)	Sep. 30, 2023
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, 2022 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 interim financial position, results of operations and cash flows. 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 2022 Annual Report.
Use of estimates	Use of estimates The preparation of the 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 at 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 2022 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 and has determined there are no ASUs that are not yet adopted and meaningful to disclose as of September 30, 2023. Additionally, the Company did not adopt any new ASUs during the nine months ended September 30, 2023.
Net income (loss) per common share	Net income per common shareBasic and diluted net income per common share are computed by dividing net income by the weighted-average common shares outstanding for the period. Diluted net income per common share reflects the potential dilution of non-vested equity-based compensation awards.

Net income per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 4,893	$ 294,811	$ 113,940	$ 337,523	$ 262,546	$ (86,781)	$ 413,644	$ 513,288
Weighted-average common shares outstanding
Basic (in shares)	18,455			16,650			17,646	16,750
Diluted (in shares)	18,569			16,809			17,740	16,963
Net income per common share:
Basic (in USD per share)	$ 0.27			$ 20.27			$ 23.44	$ 30.64
Diluted (in USD per share)	$ 0.26			$ 20.08			$ 23.32	$ 30.26
Restricted stock awards
Weighted-average common shares outstanding
Dilutive non-vested stock awards (in shares)	112			159			93	197
Performance share awards
Weighted-average common shares outstanding
Dilutive non-vested stock awards (in shares)	2			0			1	16

Consolidated statements of operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total revenues	$ 435,514	$ 464,114	$ 1,103,083	$ 1,556,665
Costs and expenses:
Lease operating expenses	66,040	44,246	173,939	127,136
Production and ad valorem taxes	27,360	29,024	69,498	89,512
General and administrative	28,641	11,857	73,053	50,800
Organizational restructuring expenses	0	10,420	0	10,420
Depletion, depreciation and amortization	120,499	74,928	310,618	226,555
Other operating expenses, net	1,703	2,616	4,538	6,973
Total costs and expenses	255,510	205,148	679,264	658,934
Gain on disposal of assets, net	149	4,282	540	4,952
Operating income	$ 180,153	$ 263,248	$ 424,359	$ 902,683
Non-operating income (expense):
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total non-operating income (expense), net	Total non-operating income (expense), net	Total non-operating income (expense), net	Total non-operating income (expense), net
Gain (loss) on derivatives, net	$ (135,321)	$ 100,748	$ (132,875)	$ (290,995)
Interest expense	(39,305)	(30,967)	(99,388)	(96,251)
Gain (loss) on extinguishment of debt, net	0	553	0	(245)
Other income, net	1,739	173	3,697	543
Total non-operating income (expense), net	(172,887)	70,507	(228,566)	(386,948)
Income before income taxes	7,266	333,755	195,793	515,735
Income tax benefit (expense):
Current	(464)	960	(2,298)	(4,771)
Deferred	(1,909)	2,808	220,149	2,324
Total income tax benefit (expense)	(2,373)	3,768	217,851	(2,447)
Net income	$ 4,893	$ 337,523	$ 413,644	$ 513,288
Net income per common share:
Basic (in USD per share)	$ 0.27	$ 20.27	$ 23.44	$ 30.64
Diluted (in USD per share)	$ 0.26	$ 20.08	$ 23.32	$ 30.26
Weighted-average common shares outstanding:
Basic (in shares)	18,455	16,650	17,646	16,750
Diluted (in shares)	18,569	16,809	17,740	16,963
Oil sales
Revenues:
Total revenues	$ 375,166	$ 311,740	$ 940,982	$ 1,069,542
NGL sales
Revenues:
Total revenues	38,303	59,377	97,196	197,037
Natural gas sales
Revenues:
Total revenues	21,234	73,831	48,260	179,026
Sales of purchased oil
Revenues:
Total revenues	3	18,371	14,192	106,030
Costs and expenses:
Cost of goods and services sold	101	18,772	14,856	108,516
Other operating revenues
Revenues:
Total revenues	808	795	2,453	5,030
Oil transportation and marketing expenses
Costs and expenses:
Cost of goods and services sold	10,795	13,285	32,391	39,022
Gas gathering, processing and transportation expenses
Costs and expenses:
Cost of goods and services sold	$ 371	$ 0	$ 371	$ 0

Stockholders' equity - Narrative (Details) - USD ($)					3 Months Ended		9 Months Ended
Stockholders' equity - Narrative (Details) - USD ($)	Sep. 29, 2023	Sep. 19, 2023	Sep. 13, 2023	Apr. 03, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	May 31, 2022	May 26, 2022	May 25, 2022
Class of Stock [Line Items]
Common stock authorized (in shares)					40,000,000		40,000,000		40,000,000		40,000,000	22,500,000
Share repurchase program, authorized amount										$ 200,000,000
Shares available for future repurchase					$ 162,700,000		$ 162,700,000
Treasury stock (at cost)
Class of Stock [Line Items]
Shares repurchased (in shares)						244,687	0	329,848
Common stock
Class of Stock [Line Items]
Issuance of common stock, net of costs (in shares)					3,163,000
Common stock \| Equity Offering
Class of Stock [Line Items]
Stock issued in sale (in shares)		2,750,000
Consideration received from sale of stock		$ 140,000,000
Common stock \| Over-Allotment Option
Class of Stock [Line Items]
Consideration received from sale of stock	$ 21,000,000
Issuance of common stock, net of costs (in shares)	412,500
Henry APA \| Series A Preferred Stock
Class of Stock [Line Items]
Stock issued in asset acquisition (in shares)			869,419
Maple APA \| Common stock
Class of Stock [Line Items]
Stock issued in asset acquisition (in shares)			357,500
Tall City APA \| Common stock
Class of Stock [Line Items]
Stock issued in asset acquisition (in shares)			579,968
Driftwood Acquisition \| Common stock
Class of Stock [Line Items]
Stock issued in asset acquisition (in shares)				1,578,948

Derivatives

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company has two types of derivative instruments as of September 30, 2023: (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 second quarter of 2022. See Note 9 for discussion of fair value measurement of derivatives on a recurring basis and Note 15 for discussion of derivatives subsequent events. The Company's derivatives were not designated as hedges for accounting purposes, and the Company does not enter into such instruments for speculative trading purposes. Accordingly, the changes in derivative fair values are recognized in "Gain (loss) on derivatives, net" under "Non-operating income (expense)" on the 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)	2023		2022		2023		2022
Commodity	$	(138,946)	$	110,356	$	(137,554)	$	(285,715)
Contingent consideration	3,625		(9,608)		4,679		(5,294)
Interest rate	—		—		—		14
Gain (loss) on derivatives, net	$	(135,321)	$	100,748	$	(132,875)	$	(290,995)

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 11 in the 2022 Annual Report for discussion of transaction types and settlement indexes. During the nine months ended September 30, 2023, the Company’s derivatives were settled based on reported prices on commodity exchanges, with oil derivatives settled based on WTI NYMEX, Argus WTI Midland and Argus WTI Formula Basis pricing and natural gas derivatives settled based on Henry Hub NYMEX and Waha Inside FERC pricing.


	Remaining Year 2023		Year 2024		Year 2025
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	2,760,000		14,809,950		2,902,000
Weighted-average price ($/Bbl)	$	75.82	$	75.08	$	75.54
WTI NYMEX - Collars:
Volume (Bbl)	890,550		—		—
Weighted-average floor price ($/Bbl)	$	69.60	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	87.04	$	—	$	—
WTI NYMEX - Three-way Collars:
Volume (Bbl)	91,550		217,350		—
Weighted-average sold put price ($/Bbl)	$	45.50	$	50.00	$	—
Weighted-average floor price ($/Bbl)	$	57.64	$	66.51	$	—
Weighted-average ceiling price ($/Bbl)	$	74.25	$	87.09	$	—
Argus WTI Midland to Argus WTI Formula Basis - Basis Swaps:
Volume (Bbl)	154,100		293,300		—
Weighted-average differential ($/Bbl)	$	0.17	$	0.11	$	—
















































































Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	38,000		26,075,700		—
Weighted-average price ($/MMBtu)	$	2.46	$	3.47	$	—
Henry Hub NYMEX - Collars:
Volume (MMBtu)	6,826,534		776,292		—
Weighted-average floor price ($/MMBtu)	$	4.11	$	3.40	$	—
Weighted-average ceiling price ($/MMBtu)	$	8.34	$	6.11	$	—
Henry Hub NYMEX - Three-way Collars:
Volume (MMBtu)	33,500		—		—
Weighted-average sold put price ($/MMBtu)	$	2.00	$	—	$	—
Weighted-average floor price ($/MMBtu)	$	2.50	$	—	$	—
Weighted-average ceiling price ($/MMBtu)	$	3.01	$	—	$	—





Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	10,578,034		26,851,992		—
Weighted-average differential ($/MMBtu)	$	(1.53)	$	(0.74)	$	—

Contingent consideration

On May 7, 2021, the Company entered into a purchase and sale agreement (the "Sixth Street PSA"), 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. 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"). 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, 2023, the maximum remaining additional cash consideration of the contingent consideration was $85.4 million. The fair value of the Sixth Street Contingent Consideration was $29.8 million as of September 30, 2023 and $26.6 million as of December 31, 2022

Acquisitions and divestitures (Details) $ / shares in Units, $ in Thousands				3 Months Ended
	Sep. 13, 2023 USD ($) a $ / shares shares	Jun. 30, 2023 USD ($) a	Apr. 03, 2023 USD ($) a shares	Jun. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Oct. 03, 2022 USD ($)
Asset Acquisition [Line Items]
Common stock par value (in USD per share) \| $ / shares					$ 0.01	$ 0.01
Preferred stock par value (in USD per share) \| $ / shares					$ 0.01	$ 0.01
Evaluated properties					$ 10,512,608	$ 9,554,706
Unevaluated properties not being depleted					$ 199,490	$ 46,430
Oil and Gas Properties
Asset Acquisition [Line Items]
Proceeds from dispositions after transaction costs							$ 106,100
Maple Acquisition
Asset Acquisition [Line Items]
Area of land (in acres) \| a	15,500
Maple Acquisition \| Common stock
Asset Acquisition [Line Items]
Stock issued in asset acquisition (in shares) \| shares	3,580,000
Tall City Acquisition
Asset Acquisition [Line Items]
Area of land (in acres) \| a	21,450
Payments to acquire productive assets	$ 300,000
Tall City Acquisition \| Common stock
Asset Acquisition [Line Items]
Stock issued in asset acquisition (in shares) \| shares	2,270,000
Forge Acquisition
Asset Acquisition [Line Items]
Payments to acquire productive assets		$ 391,600
Consideration transferred in acquisition		398,200
Transaction related expenses		6,600
Evaluated properties		250,300
Unevaluated properties not being depleted		149,800
Equipment inventory		4,100
Revenue suspense liabilities assumed		4,300
Asset retirement obligation liabilities		$ 1,700
Forge Acquisition \| Vital Energy, Inc. and Northern Oil and Gas, Inc.
Asset Acquisition [Line Items]
Area of land (in acres) \| a		34,000
Driftwood Acquisition
Asset Acquisition [Line Items]
Area of land (in acres) \| a			11,200
Payments to acquire productive assets			$ 117,000	$ 8,600
Consideration transferred in acquisition			201,300
Transaction related expenses			4,200
Evaluated properties			148,400
Unevaluated properties not being depleted			58,300
Revenue suspense liabilities assumed			500
Asset retirement obligation liabilities			700
Derivative liabilities			$ 4,200
Driftwood Acquisition \| Common stock
Asset Acquisition [Line Items]
Stock issued in asset acquisition (in shares) \| shares			1,578,948
Henry Acquisition
Asset Acquisition [Line Items]
Area of land (in acres) \| a	15,900
Henry Acquisition \| Common stock
Asset Acquisition [Line Items]
Shares issuable in acquisition (in shares) \| shares	3,720,000
Common stock par value (in USD per share) \| $ / shares	$ 0.01
Shares issuable in acquisition, minimum (in shares) \| shares	2,100,000
Henry Acquisition \| Preferred Stock
Asset Acquisition [Line Items]
Shares issuable in acquisition, maximum (in shares) \| shares	6,600,000
Henry Acquisition \| Preferred Stock \| Series A Preferred Stock
Asset Acquisition [Line Items]
Shares issuable in acquisition (in shares) \| shares	4,980,000
Cumulative percentage	2.00%
Preferred stock par value (in USD per share) \| $ / shares	$ 0.01

Fair value measurements - Carrying Amount of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 1,954,151	$ 1,124,151
Carrying amount \| Secured Debt \| Senior Secured Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0	70,000
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	1,960,972	1,080,329
Fair value \| Secured Debt \| Senior Secured Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	0	69,945
January 2025 Notes \| Carrying amount \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	455,628	455,628
January 2025 Notes \| Fair value \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	459,350	449,122
January 2028 Notes \| Carrying amount \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	700,309	300,309
January 2028 Notes \| Fair value \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	713,188	292,846
July 2029 Notes \| Carrying amount \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	298,214	298,214
July 2029 Notes \| Fair value \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	277,414	268,416
September 2030 Notes \| Carrying amount \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	500,000	0
September 2030 Notes \| Fair value \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 511,020	$ 0