0001528129-24-000107 | 10-Q | XBRL Viewer

Consolidated balance sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	1,575,376	595,104
Preferred Stock, Shares Outstanding	1,575,376	595,104
Common stock par value (in USD per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	80,000,000	80,000,000
Common stock issued (in shares)	36,660,995	35,413,551
Common stock outstanding (in shares)	36,660,995	35,413,551

Fair value measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair value measurements

See the beginning of Note 12 in the 2023 Annual Report for information about the fair value hierarchy levels.

Fair value measurement on a recurring basis

See Note 7 for further discussion of the Company's derivatives.

Balance sheet presentation

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


	March 31, 2024
(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	$	—	$	28,120	$	—	$	28,120	$	(22,410)	$	5,710


Contingent consideration	—		—		2,219		2,219		—		2,219
Noncurrent:
Commodity	—		2,277		—		2,277		46		2,323


Contingent consideration	—		—		32,575		32,575		—		32,575
Liabilities:
Current:
Commodity	—		(57,977)		—		(57,977)		22,410		(35,567)



Noncurrent:
Commodity	—		46		—		46		(46)		—




Net derivative asset positions	$	—	$	(27,534)	$	34,794	$	7,260	$	—	$	7,260


	December 31, 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	$	—	$	106,067	$	—	$	106,067	$	(9,032)	$	97,035



Contingent consideration	—		—		2,301		2,301		—		2,301
Noncurrent:
Commodity	—		22,266		—		22,266		—		22,266
Contingent consideration	—		—		28,805		28,805		—		28,805
Liabilities:
Current:
Commodity	—		(9,032)		—		(9,032)		9,032		—










Net derivative asset positions	$	—	$	119,301	$	31,106	$	150,407	$	—	$	150,407

See Note 12 in the 2023 Annual Report for discussion of the significant Level 2 inputs used in the fair value mark-to-market analysis of commodity and contingent consideration derivatives. The Company reviewed the third-party specialist's valuations of commodity 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 March 31,
(in thousands)	2024		2023
Balance of Level 3 at beginning of period	$	31,106	$	26,640
Change in Sixth Street Contingent Consideration fair value	3,688		2,908
Settlements realized(1)	—		(1,455)
Balance of Level 3 at end of period	$	34,794	$	28,093

_____________________________________________________________________________

(1)For the three months ended March 31, 2024 and 2023, any settlements are included in "Other, net" in cash flows from investing activities on the consolidated statements of cash flows.

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:


	March 31, 2024				December 31, 2023
(in thousands)	Carrying amount(1)		Fair value(2)		Carrying amount(1)		Fair value(2)
10.125% senior unsecured notes due 2028	$	269,159	$	282,515	$	700,309	$	719,617
7.750% senior unsecured notes due 2029	298,214		300,677		298,214		285,099
9.750% senior unsecured notes due 2030	500,000		546,715		500,000		518,875
7.875% senior unsecured notes due 2032	800,000		813,496		—		—
Senior Secured Credit Facility	265,000		265,301		135,000		135,095
Total	$	2,132,373	$	2,208,704	$	1,633,523	$	1,658,686

______________________________________________________________________________

(1)Amounts presented do not include issuance premiums or discounts.

(2)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 March 31, 2024 and December 31, 2023. 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 March 31, 2024 and December 31, 2023.

- 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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (66,131)	$ 113,940

- Definition

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

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+ Details

Income taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of income tax (expense) benefit

The following table presents income tax benefit (expense) for the periods presented:


	Three months ended March 31,
(in thousands)	2024		2023
Current	$	(1,175)	$	(1,331)
Deferred	16,924		(276)
Income tax benefit (expense)	$	15,749	$	(1,607)

Debt - March 2032 Notes (Details) - USD ($)					3 Months Ended
Debt - March 2032 Notes (Details) - USD ($)	Apr. 29, 2024	Apr. 03, 2024	Mar. 29, 2024	Mar. 28, 2024	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt						$ (25,814,000)	$ 0
Senior Notes \| Forecast
Debt Instrument [Line Items]
Loss on extinguishment of debt					$ 40,000,000
$10.125% senior unsecured notes due 2028
Debt Instrument [Line Items]
Interest rate (as a percent)						10.125%
$10.125% senior unsecured notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Repayments of long-term debt			$ 431,200,000			$ 431,150,000
Loss on extinguishment of debt						$ (25,814,000)
$10.125% senior unsecured notes due 2028 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Repayments of long-term debt	$ 269,200,000
Debt redemption price (as a percent)	105.063%
$9.750% senior unsecured notes due 2030
Debt Instrument [Line Items]
Interest rate (as a percent)						9.75%
$9.750% senior unsecured notes due 2030 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Repayments of long-term debt		$ 197,600,000
Senior Note 7.875 Percent Due 2032
Debt Instrument [Line Items]
Interest rate (as a percent)				7.875%		7.875%
Senior Note 7.875 Percent Due 2032 \| Subsequent Event
Debt Instrument [Line Items]
Interest rate (as a percent)		7.875%
Senior Note 7.875 Percent Due 2032 \| Senior Notes
Debt Instrument [Line Items]
Face amount of debt				$ 800,000,000
Proceeds from senior notes				$ 784,800,000
Senior Note 7.875 Percent Due 2032 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Face amount of debt		$ 200,000,000
Proceeds from senior notes		$ 198,700,000
Debt instruments, premium issue rate		100.75%

Debt - Long-term Debt, Net (Details) - USD ($)	Mar. 31, 2024	Mar. 28, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 2,132,373,000		$ 1,633,523,000
Unamortized debt issuance costs	(30,843,000)		(21,800,000)
Unamortized discounts	(5,846,000)		(6,068,000)
Unamortized premiums	1,360,000		3,769,000
Total long-term debt, net	2,097,044,000		1,609,424,000
Secured Debt \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Amount of debt outstanding	265,000,000		135,000,000
Secured Debt \| Senior Secured Credit Facility \| Other Noncurrent Assets
Debt Instrument [Line Items]
Debt issuance costs related to line of credit arrangements	$ 13,200,000		14,100,000
$10.125% senior unsecured notes due 2028
Debt Instrument [Line Items]
Interest rate (as a percent)	10.125%
$10.125% senior unsecured notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Total long-term debt	$ 269,159,000		700,309,000
$7.750% senior unsecured notes due 2029
Debt Instrument [Line Items]
Interest rate (as a percent)	7.75%
$7.750% senior unsecured notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Total long-term debt	$ 298,214,000		298,214,000
$9.750% senior unsecured notes due 2030
Debt Instrument [Line Items]
Interest rate (as a percent)	9.75%
$9.750% senior unsecured notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Total long-term debt	$ 500,000,000		500,000,000
Senior Note 7.875 Percent Due 2032
Debt Instrument [Line Items]
Interest rate (as a percent)	7.875%	7.875%
Senior Note 7.875 Percent Due 2032 \| Senior Notes
Debt Instrument [Line Items]
Total long-term debt	$ 800,000,000		$ 0

Derivatives - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($) derivative	Dec. 31, 2023 USD ($)	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%
Life-to-date contingent consideration payments received	$ 4.3
Notional amount of derivative	83.0
Fair value of contingent consideration	$ 34.8	$ 31.1
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
Balloon payment of additional cash contingent consideration			$ 55.0

Related parties

3 Months Ended

Mar. 31, 2024

Related parties

Halliburton

The Chairman of the Company's board of directors is on the board of directors of Halliburton Company ("Halliburton"). The Company has a lease agreement with Halliburton, which extends through 2025, to provide an electric fracture stimulation crew and the related services. Under the agreement, the Company had a lease liability of $52.7 million as of March 31, 2024 and $59.7 million as of December 31, 2023, which is included in both current and noncurrent "Operating lease liabilities" on the consolidated balance sheets. 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:


	Three months ended March 31,
(in thousands)	2024		2023

Capital expenditures for oil and natural gas properties	$	22,683	$	32,249

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-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
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Consolidated statements of operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 482,339	$ 332,507
Costs and expenses:
Lease operating expenses	105,728	50,181
Production and ad valorem taxes	30,614	20,531
General and administrative	29,356	25,930
Depletion, depreciation and amortization	166,107	86,779
Other operating expenses, net	1,018	1,484
Total costs and expenses	345,032	209,987
Gain on disposal of assets, net	130	237
Operating income	$ 137,437	$ 122,757
Non-operating income (expense):
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total non-operating expense, net	Total non-operating expense, net
Gain (loss) on derivatives, net	$ (152,147)	$ 20,490
Interest expense	(43,421)	(28,554)
Loss on extinguishment of debt, net	(25,814)	0
Other income, net	2,065	854
Total non-operating expense, net	(219,317)	(7,210)
Income (loss) before income taxes	(81,880)	115,547
Income tax benefit (expense)	15,749	(1,607)
Net income (loss)	(66,131)	113,940
Preferred Stock Dividends, Income Statement Impact	349	0
Net income (loss) available to common stockholders	$ (66,480)	$ 113,940
Net income (loss) per common share:
Basic (in USD per share)	$ (1.87)	$ 6.93
Diluted (in USD per share)	$ (1.87)	$ 6.89
Weighted-average common shares outstanding:
Basic (in shares)	35,566	16,431
Diluted (in shares)	35,566	16,545
Oil sales
Revenues:
Total revenues	$ 415,784	$ 266,731
NGL sales
Revenues:
Total revenues	47,075	33,006
Natural gas sales
Revenues:
Total revenues	18,245	18,074
Sales of purchased oil
Revenues:
Total revenues	0	13,851
Costs and expenses:
Cost of goods and services sold	0	14,167
Other operating revenues
Revenues:
Total revenues	1,235	845
Oil transportation and marketing expenses
Costs and expenses:
Cost of goods and services sold	9,833	10,915
Gas gathering, processing and transportation expenses
Costs and expenses:
Cost of goods and services sold	$ 2,376	$ 0

Derivatives - Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Gain (loss) on derivatives, net	$ (152,147)	$ 20,490
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Commodity
Derivative [Line Items]
Gain (loss) on derivatives, net	$ (155,835)	$ 17,582
Contingent consideration
Derivative [Line Items]
Gain (loss) on derivatives, net	$ 3,688	$ 2,908

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2024
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. As of March 31, 2024, future firm sale and transportation commitments of $114.6 million are expected to be satisfied and, as such, are not recorded as a liability on the consolidated balance sheet.

Equity Incentive Plan - Activity for Restricted Stock Awards, Performance Units and Shares and Stock Options (Details) - $ / shares	3 Months Ended	36 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 08, 2024
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)	472,000
Granted (in shares)	445,000
Forfeited (in shares)	(5,000)
Vested (in shares)	(194,000)
Outstanding at end of period (in shares)	718,000	472,000
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 and 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)	158,000
Granted (in shares)	140,000
Vested (in shares)	(83,000)
Outstanding at end of period (in shares)	215,000	158,000
Performance unit awards and phantom unit awards \| March 9, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Overall payout (as a percent)		145.83%
Performance share conversion (in shares)	120,297
Settlement/payment, per share			$ 50.38
Performance unit awards and phantom unit awards \| February 20, 2023 \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Overall payout (as a percent)	0.00%
Performance unit awards and phantom unit awards \| February 20, 2023 \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Overall payout (as a percent)	225.00%

Organization and basis of presentation	3 Months Ended
Organization and basis of presentation	Mar. 31, 2024
Accounting Policies [Abstract]
Organization and basis of presentation	Organization and basis of presentation Organization Vital Energy, Inc. ("Vital Energy" 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 Energy 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, 2023 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 2023 Annual Report. Significant accounting policies There have been no material changes in the Company's significant accounting policies during the three months ended March 31, 2024. See Note 2 in the 2023 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 2023 Annual Report for further information regarding the use of estimates and assumptions.

Supplemental cash flow and non-cash information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental cash flow information:
Cash paid for interest, net of $483 and $535 of capitalized interest, respectively	$ 60,772	$ 51,147
Capitalized interest	483	535
Restricted cash	0	16,324
Supplemental non-cash operating information:
Right-of-use assets obtained in exchange for operating lease liabilities	19,491	124,128
Supplemental non-cash investing information:
Change in accrued capital expenditures	16,609	18,843
Equity issued for acquisition of oil and natural gas properties	$ 78,740	$ 0

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of debt

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)	March 31, 2024		December 31, 2023
10.125% senior unsecured notes due 2028	$	269,159	$	700,309
7.750% senior unsecured notes due 2029	298,214		298,214
9.750% senior unsecured notes due 2030	500,000		500,000
7.875% senior unsecured notes due 2032	800,000		—
Senior Secured Credit Facility(1)	265,000		135,000
Total long-term debt	2,132,373		1,633,523
Unamortized debt issuance costs	(30,843)		(21,800)
Unamortized discounts	(5,846)		(6,068)
Unamortized premiums	1,360		3,769
Total long-term debt, net	$	2,097,044	$	1,609,424

______________________________________________________________________________

(1)Unamortized debt issuance costs related to the Senior Secured Credit Facility of $13.2 million and $14.1 million as of March 31, 2024 and December 31, 2023, respectively, are included in "Other noncurrent assets, net" on the consolidated balance sheets.

Schedule of Loss Extinguishment of Debt

The following table presents the components of the Company's cash tender offer for the January 2028 Notes and the related loss on extinguishment of debt during the period presented:


(in thousands)	Three months ended March 31, 2024
Principal amount tendered	$	431,150
Extinguishment of debt(1)	(453,518)
Early tender premiums	(22,368)
Write-off of debt issuance costs	(5,672)
Write-off of issuance premium	2,226

Loss on extinguishment of debt, net(2)	$	(25,814)

______________________________________________________________________________

(1)Amounts are included in "Extinguishment of debt" in cash flows from financing activities on the consolidated statements of cash flows.

(2)Amounts are included in "Loss on extinguishment of debt, net" on the consolidated statements of operations.

Organization and basis of presentation (Details)	3 Months Ended
Organization and basis of presentation (Details)	Mar. 31, 2024 operating_segment
Accounting Policies [Abstract]
Number of operating segments	1

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions PEP Acquisition On February 2, 2024 (the "PEP Closing Date"), the Company purchased additional working interests in producing properties associated with the Henry Acquisition (as defined herein), with an effective date of August 1, 2023 (the "PEP Acquisition") through PEP Henry Production Partners LP, PEP HPP Jubilee SPV LP, PEP PEOF Dropkick SPV, LLC, PEP HPP Dropkick SPV LP and HPP Acorn SPV LP (collectively, "PEP"). The aggregate purchase price of $80.0 million consisted of (i) 878,690 shares of the Company's common stock, par value $0.01 per share ("Common Stock") based upon the share price as of the PEP Closing Date, (ii) 980,272 shares of the Company's 2.0% Cumulative Mandatorily Convertible Series A Preferred Stock, par value $0.01 per share ("Preferred Stock") based upon the share price as of the PEP Closing Date and (iii) $1.3 million in transaction-related expenses, inclusive of customary closing price adjustments and subject to post-closing adjustments. The PEP Acquisition was accounted for as an asset acquisition, as substantially all the gross assets acquired are concentrated in a group of similar identifiable assets. The "Henry Acquisition," which closed on November 5, 2023, consisted of the purchase of certain oil and natural gas properties in the Midland and Delaware basins, and was accounted for as a business combination. See Note 4 in the 2023 Annual Report for additional discussion of the Henry Acquisition and the Company's 2023 asset acquisitions.

Supplemental cash flow and non-cash information

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental cash flow and non-cash information

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


	Three months ended March 31,
(in thousands)	2024		2023
Supplemental cash flow information:
Cash paid for interest, net of $483 and $535 of capitalized interest, respectively	$	60,772	$	51,147
Restricted cash(1)	$	—	$	16,324
Supplemental non-cash operating information:
Right-of-use assets obtained in exchange for operating lease liabilities(2)	$	19,491	$	124,128
Supplemental non-cash investing information:
Change in accrued capital expenditures	$	16,609	$	18,843
Equity issued for acquisition of oil and natural gas properties(3)	$	78,740	$	—

_____________________________________________________________________________

(1)Represents a short-term deposit for acquisition of oil and natural gas properties held in a third-party escrow account.

(2)See Note 5 in the 2023 Annual Report for additional discussion of the Company's leases.

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

Equity Incentive Plan (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Share-based payment arrangement, activity

The following table presents activity for equity-based compensation awards for the three months ended March 31, 2024:


	Equity Awards	Liability Awards
(in thousands)	Restricted Stock Awards	Performance Share Awards	Performance Unit Awards(1)(2)
Outstanding as of December 31, 2023	472	48	158
Granted	445	—	140
Forfeited	(5)	—	—
Vested	(194)	—	(83)


Outstanding as of March 31, 2024	718	48	215

_____________________________________________________________________________

(1)The performance unit awards granted on March 9, 2021 had a performance period of January 1, 2021 to December 31, 2023 and, as their market and performance criteria were satisfied, resulted in a 145.83% payout, or 120,297 units. As such, the granted awards vested and were paid out in cash on March 8, 2024 at $50.38 per unit based on the Company's closing stock price on the vesting date.

(2)On February 20, 2024, the Company granted performance unit awards with a performance period of January 1, 2024 through December 31, 2026. The market criteria consists of: (i) 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) 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%.

Schedule of allocated share-based compensation costs

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


	Three months ended March 31,
(in thousands)		2024		2023
Equity awards:
Restricted stock awards		$	3,802	$	2,717
Performance share awards		546		424

Total share-settled equity-based compensation, gross		4,348		3,141
Less amounts capitalized		(847)		(569)
Total share-settled equity-based compensation, net		3,501		2,572
Liability awards:
Performance unit awards and phantom unit awards		1,767		714

Total cash-settled equity-based compensation, gross		1,767		714
Less amounts capitalized		(7)		(50)
Total cash-settled equity-based compensation, net		1,760		664
Total equity-based compensation, net		$	5,261	$	3,236

Net income (loss) per common share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net income (loss) per common share

Basic net income (loss) per common share is computed by first subtracting preferred stock dividends from net income (loss) to arrive at net income (loss) available to common stockholders, and then dividing net income (loss) available to common stockholders by the basic weighted-average common shares outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the diluted weighted average common shares outstanding for the period, which reflects the potential dilution of preferred stock and non-vested equity-based compensation awards. See Notes 8 and 9 in the 2023 Annual Report for additional discussion of the Company's preferred stock and equity-based compensation awards, respectively. For the three months ended March 31, 2024, the preferred stock and equity-based compensation awards were anti-dilutive due to the Company's net loss and, therefore, were excluded from the calculation of diluted net loss per common share.

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


	Three months ended March 31,
(in thousands, except for per share data)		2024		2023
Net income (loss)		$	(66,131)	$	113,940
Less: Preferred stock dividends		349		—
Net income (loss) available to common stockholders		$	(66,480)	$	113,940
Weighted-average common shares outstanding:
Basic		35,566		16,431
Dilutive non-vested restricted stock awards		—		114




Diluted		35,566		16,545
Net income (loss) per common share:
Basic		$	(1.87)	$	6.93
Diluted		$	(1.87)	$	6.89

Anti-dilutive weighted-average common shares outstanding(1):
Restricted stock awards		370		298

Performance share awards		8		29
Preferred stock		1,231		—

_____________________________________________________________________________

(1)Shares excluded from the diluted net income (loss) per common share calculation because their effect would be anti-dilutive.

Fair value measurements - Changes in Contingent Consideration (Details) - Contingent Consideration Derivative - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Change in Amount of Contingent Consideration, Liability [Roll Forward]
Balance of Level 3 at beginning of period	$ 31,106	$ 26,640
Change in Sixth Street Contingent Consideration fair value	3,688	2,908
Settlements realized	0	(1,455)
Balance of Level 3 at end of period	$ 34,794	$ 28,093

Equity Incentive Plan - Equity-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, net	$ 5,261	$ 3,236
Share-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	4,348	3,141
Less amounts capitalized	(847)	(569)
Total equity-based compensation, net	3,501	2,572
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	3,802	2,717
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	546	424
Cash-settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	1,767	714
Less amounts capitalized	(7)	(50)
Total equity-based compensation, net	1,760	664
Performance unit awards and phantom unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation, gross	$ 1,767	$ 714

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Commitments and contingencies (Details) $ in Millions	Mar. 31, 2024 USD ($)
Firm Sale and Transportation Commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Future commitments	$ 114.6

Related parties (Tables)

3 Months Ended

Mar. 31, 2024

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:


	Three months ended March 31,
(in thousands)	2024		2023

Capital expenditures for oil and natural gas properties	$	22,683	$	32,249

Net income (loss) per common share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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

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


	Three months ended March 31,
(in thousands, except for per share data)		2024		2023
Net income (loss)		$	(66,131)	$	113,940
Less: Preferred stock dividends		349		—
Net income (loss) available to common stockholders		$	(66,480)	$	113,940
Weighted-average common shares outstanding:
Basic		35,566		16,431
Dilutive non-vested restricted stock awards		—		114




Diluted		35,566		16,545
Net income (loss) per common share:
Basic		$	(1.87)	$	6.93
Diluted		$	(1.87)	$	6.89

Anti-dilutive weighted-average common shares outstanding(1):
Restricted stock awards		370		298

Performance share awards		8		29
Preferred stock		1,231		—

_____________________________________________________________________________

(1)Shares excluded from the diluted net income (loss) per common share calculation because their effect would be anti-dilutive.

Organization and basis of presentation (Policies)	3 Months Ended
Organization and basis of presentation (Policies)	Mar. 31, 2024
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, 2023 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 2023 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 2023 Annual Report for further information regarding the use of estimates and assumptions.
Recently adopted pronouncements and Accounting pronouncements not yet adopted	Accounting pronouncements not yet adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 "Segment Reporting," including clarifying that entities with a single reportable segment are subject to both new and existing segment reporting requirements. ASU 2023-07 will be effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. Adoption of this ASU will result in additional disclosure, but will not impact the Company’s consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires more detailed tax disclosures, including disaggregated information about an entity's effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2024, on a prospective basis. Early adoption is permitted. Adoption of this ASU will result in additional disclosure, but will not impact the Company’s consolidated financial position, results of operations or cash flows.
Net income per common share	Net income (loss) per common shareBasic net income (loss) per common share is computed by first subtracting preferred stock dividends from net income (loss) to arrive at net income (loss) available to common stockholders, and then dividing net income (loss) available to common stockholders by the basic weighted-average common shares outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the diluted weighted average common shares outstanding for the period, which reflects the potential dilution of preferred stock and non-vested equity-based compensation awards.

Derivatives

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company has two types of derivative instruments as of March 31, 2024: (i) commodity derivatives and (ii) a contingent consideration derivative. See Note 8 for discussion of fair value measurement of derivatives on a recurring basis. The Company's derivatives were not designated as hedges for accounting purposes, and the Company does not enter into such instruments for speculative trading purposes. Accordingly, the changes in 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 March 31,
(in thousands)		2024		2023
Commodity		$	(155,835)	$	17,582
Contingent consideration		3,688		2,908

Gain (loss) on derivatives, net		$	(152,147)	$	20,490

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 2023 Annual Report for discussion of transaction types and settlement indexes. During the three months ended March 31, 2024, the Company’s derivatives were settled based on reported prices on commodity exchanges, with (i) oil derivatives settled based on WTI NYMEX, Argus WTI Midland and Argus WTI Formula Basis pricing, (ii) NGL derivatives settled based on Mont Belvieu OPIS pricing and (iii) natural gas derivatives settled based on Henry Hub NYMEX and Waha Inside FERC pricing.

The following table summarizes open commodity derivative positions as of March 31, 2024, for commodity derivatives that were entered into through March 31, 2024, for the settlement periods presented:


	Remaining Year 2024		Year 2025
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	14,813,950		4,345,000
Weighted-average price ($/Bbl)	$	76.16	$	75.44




WTI NYMEX - Three-way Collars:
Volume (Bbl)	156,050		—
Weighted-average sold put price ($/Bbl)	$	50.00	$	—
Weighted-average floor price ($/Bbl)	$	66.48	$	—
Weighted-average ceiling price ($/Bbl)	$	87.07	$	—
Argus WTI Midland to Argus WTI Formula Basis - Basis Swaps:
Volume (Bbl)	211,000		—
Weighted-average differential ($/Bbl)	$	0.11	$	—






















NGL:




Non-TET Propane - Swaps:
Volume (Bbl)	306,000		—
Weighted-average price ($/Bbl)	$	34.23	$	—
Non-TET Normal Butane - Swaps:
Volume (Bbl)	67,757		—
Weighted-average price ($/Bbl)	$	39.78	$	—
Non-TET Isobutane - Swaps:
Volume (Bbl)	218,571		—
Weighted-average price ($/Bbl)	$	42.26	$	—
Non-TET Pentane - Swaps:
Volume (Bbl)	211,286		—
Weighted-average price ($/Bbl)	$	65.15	$	—



Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	19,596,200		—
Weighted-average price ($/MMBtu)	$	3.47	$	—
Henry Hub NYMEX - Collars:
Volume (MMBtu)	533,164		—
Weighted-average floor price ($/MMBtu)	$	3.40	$	—
Weighted-average ceiling price ($/MMBtu)	$	6.10	$	—










Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	20,129,364		—
Weighted-average differential ($/MMBtu)	$	(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 March 31, 2024, the Company had received

life-to-date contingent consideration payments of $4.3 million, with maximum remaining potential cash consideration totaling $83.0 million. The fair value of the Sixth Street Contingent Consideration was $34.8 million as of March 31, 2024 and $31.1 million as of December 31, 2023

Derivatives - Open Positions and Derivatives in Place (Details) - Forecast - Not Designated as Hedges - Entered through end of quarter	9 Months Ended	12 Months Ended
	Dec. 31, 2024 MMBTU $ / bbl $ / MMBTU bbl	Dec. 31, 2025 MMBTU $ / bbl $ / MMBTU bbl
Natural Gas Liquids \| Swap \| Propane
Derivative [Line Items]
Volume (Bbl) \| bbl	306,000	0
Weighted-average price/differential (in USD per unit)	34.23	0
Natural Gas Liquids \| Swap \| Normal Butane
Derivative [Line Items]
Volume (Bbl) \| bbl	67,757	0
Weighted-average price/differential (in USD per unit)	39.78	0
Natural Gas Liquids \| Swap \| Isobutane
Derivative [Line Items]
Volume (Bbl) \| bbl	218,571	0
Weighted-average price/differential (in USD per unit)	42.26	0
Natural Gas Liquids \| Swap \| Pentane
Derivative [Line Items]
Volume (Bbl) \| bbl	211,286	0
Weighted-average price/differential (in USD per unit)	65.15	0
WTI NYMEX \| Crude Oil \| Swap
Derivative [Line Items]
Volume (Bbl) \| bbl	14,813,950	4,345,000
Weighted-average price/differential (in USD per unit)	76.16	75.44
WTI NYMEX \| Crude Oil \| Three-way Collar
Derivative [Line Items]
Volume (Bbl) \| bbl	156,050	0
Weighted-average price/differential (in USD per unit)	50.00	0
WTI NYMEX \| Crude Oil \| Three-way Collar \| Minimum
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	66.48	0
WTI NYMEX \| Crude Oil \| Three-way Collar \| Maximum
Derivative [Line Items]
Weighted-average price/differential (in USD per unit)	87.07	0
Argus WTI Midland to Argus WTI \| Crude Oil \| Basis Swap
Derivative [Line Items]
Volume (Bbl) \| bbl	211,000	0
Weighted-average price/differential (in USD per unit)	0.11	0
Henry Hub NYMEX \| Natural Gas \| Swap
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	3.47	0
Volume (MMBtu) \| MMBTU	19,596,200	0
Henry Hub NYMEX \| Natural Gas \| Collar
Derivative [Line Items]
Volume (MMBtu) \| MMBTU	533,164	0
Henry Hub NYMEX \| Natural Gas \| Collar \| Minimum
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	3.40	0
Henry Hub NYMEX \| Natural Gas \| Collar \| Maximum
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	6.10	0
Waha Inside FERC to Henry Hub NYMEX \| Natural Gas \| Basis Swap
Derivative [Line Items]
Weighted-average price/differential (in USD per unit) \| $ / MMBTU	(0.74)	0
Volume (MMBtu) \| MMBTU	20,129,364	0

Debt - Senior Secured Credit Facility (Details) - USD ($)	1 Months Ended	3 Months Ended
	May 06, 2024	Mar. 31, 2024	Mar. 31, 2023	May 08, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Repayment of credit facility		$ 0	$ 45,000,000
Borrowings on Senior Secured Credit Facility		130,000,000	$ 95,000,000
Senior Secured Credit Facility \| Secured Debt
Debt Instrument [Line Items]
Maximum credit amount		3,000,000,000
Borrowing base		1,500,000,000
Aggregate elected commitment		1,250,000,000
Amount of debt outstanding		$ 265,000,000			$ 135,000,000
Credit facility, weighted-average interest rate		7.676%
Senior Secured Credit Facility \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Borrowing base				$ 1,500,000,000
Aggregate elected commitment				$ 1,350,000,000
Amount of debt outstanding	$ 215,000,000
Repayment of credit facility	265,000,000
Borrowings on Senior Secured Credit Facility	$ 215,000,000
Letter of Credit \| Secured Debt
Debt Instrument [Line Items]
Maximum credit amount		$ 80,000,000
Letters of credit outstanding		$ 0			$ 0

New accounting standards	3 Months Ended
New accounting standards	Mar. 31, 2024
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 ("FASB") to the Accounting Standards Codification. ASUs not discussed were assessed and determined to be either not applicable, the effects of adoption are not expected to be material or are clarifications of ASUs previously disclosed. There were no new material ASUs adopted during the three months ended March 31, 2024. See below for discussion of ASUs not yet adopted. Accounting pronouncements not yet adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 "Segment Reporting," including clarifying that entities with a single reportable segment are subject to both new and existing segment reporting requirements. ASU 2023-07 will be effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. Adoption of this ASU will result in additional disclosure, but will not impact the Company’s consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires more detailed tax disclosures, including disaggregated information about an entity's effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2024, on a prospective basis. Early adoption is permitted. Adoption of this ASU will result in additional disclosure, but will not impact the Company’s consolidated financial position, results of operations or cash flows.

- 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
-Topic 944
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-Paragraph 2
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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
-Topic 944
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-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
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-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)(4)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
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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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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 8
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-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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-Subparagraph (e)(2)
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
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+ Details

Equity Incentive Plan

3 Months Ended

Mar. 31, 2024

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 2023 Annual Report for additional discussion of the Company's equity-based compensation awards.

The following table presents activity for equity-based compensation awards for the three months ended March 31, 2024:


	Equity Awards	Liability Awards
(in thousands)	Restricted Stock Awards	Performance Share Awards	Performance Unit Awards(1)(2)
Outstanding as of December 31, 2023	472	48	158
Granted	445	—	140
Forfeited	(5)	—	—
Vested	(194)	—	(83)


Outstanding as of March 31, 2024	718	48	215

_____________________________________________________________________________

As of March 31, 2024, total unrecognized cost related to equity-based compensation awards was $43.6 million, of which $10.6 million was attributable to liability awards which will be settled in cash rather than shares. Such cost will be recognized on a straight-line basis over an expected weighted-average period of 2.36 years.

Equity-based compensation

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


	Three months ended March 31,
(in thousands)		2024		2023
Equity awards:
Restricted stock awards		$	3,802	$	2,717
Performance share awards		546		424

Total share-settled equity-based compensation, gross		4,348		3,141
Less amounts capitalized		(847)		(569)
Total share-settled equity-based compensation, net		3,501		2,572
Liability awards:
Performance unit awards and phantom unit awards		1,767		714

Total cash-settled equity-based compensation, gross		1,767		714
Less amounts capitalized		(7)		(50)
Total cash-settled equity-based compensation, net		1,760		664
Total equity-based compensation, net		$	5,261	$	3,236

Consolidated statements of cash flows - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Cash flows from operating activities:

Net income (loss)

$ (66,131)

$ 113,940

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Share-settled equity-based compensation, net

3,501

2,572

Depletion, depreciation and amortization

166,107

86,779

Mark-to-market on derivatives:

(Gain) loss on derivatives, net

152,147

(20,490)

Settlements paid for matured derivatives, net

(9,000)

(2,343)

Loss on extinguishment of debt, net

25,814

Deferred income tax (benefit) expense

(16,924)

276

Other, net

5,402

2,147

Changes in operating assets and liabilities:

Accounts receivable, net

(51,475)

13,961

Other current assets

(5,646)

(7,464)

Other noncurrent assets, net

(357)

2,345

Accounts payable and accrued liabilities

(9,064)

(10,693)

Undistributed revenue and royalties

(12,865)

(11,825)

Other current liabilities

(21,347)

(48,650)

Other noncurrent liabilities

(1,572)

(4,430)

Net cash provided by operating activities

158,590

116,125

Cash flows from investing activities:

Acquisitions of oil and natural gas properties, net

(4,380)

Capital expenditures:

Oil and natural gas properties

(195,372)

(165,042)

Midstream and other fixed assets

(5,085)

(2,771)

Proceeds from dispositions of capital assets, net of selling costs

125

2,175

Other, net

(952)

2,035

Net cash used in investing activities

(205,664)

(163,603)

Cash flows from financing activities:

Borrowings on Senior Secured Credit Facility

130,000

95,000

Payments on Senior Secured Credit Facility

(45,000)

Issuance of senior unsecured notes

800,000

Extinguishment of debt

(453,518)

Stock exchanged for tax withholding

(3,411)

(2,459)

Payments for debt issuance costs

(15,721)

Other, net

(1,012)

(492)

Net cash provided by financing activities

456,338

47,049

Net increase (decrease) in cash, cash equivalents and restricted cash

409,264

(429)

Cash, cash equivalents and restricted cash, beginning of period

14,061

44,435

Cash, cash equivalents and restricted cash, end of period

^[1]

$ 423,325

$ 44,006

[1]	See Note 10 for additional information on the Company's restricted cash as of March 31, 2023.

Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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


	March 31, 2024
(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	$	—	$	28,120	$	—	$	28,120	$	(22,410)	$	5,710


Contingent consideration	—		—		2,219		2,219		—		2,219
Noncurrent:
Commodity	—		2,277		—		2,277		46		2,323


Contingent consideration	—		—		32,575		32,575		—		32,575
Liabilities:
Current:
Commodity	—		(57,977)		—		(57,977)		22,410		(35,567)



Noncurrent:
Commodity	—		46		—		46		(46)		—




Net derivative asset positions	$	—	$	(27,534)	$	34,794	$	7,260	$	—	$	7,260


	December 31, 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	$	—	$	106,067	$	—	$	106,067	$	(9,032)	$	97,035



Contingent consideration	—		—		2,301		2,301		—		2,301
Noncurrent:
Commodity	—		22,266		—		22,266		—		22,266
Contingent consideration	—		—		28,805		28,805		—		28,805
Liabilities:
Current:
Commodity	—		(9,032)		—		(9,032)		9,032		—










Net derivative asset positions	$	—	$	119,301	$	31,106	$	150,407	$	—	$	150,407

Schedule of changes in contingent consideration derivatives

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


	Three months ended March 31,
(in thousands)	2024		2023
Balance of Level 3 at beginning of period	$	31,106	$	26,640
Change in Sixth Street Contingent Consideration fair value	3,688		2,908
Settlements realized(1)	—		(1,455)
Balance of Level 3 at end of period	$	34,794	$	28,093

_____________________________________________________________________________

(1)For the three months ended March 31, 2024 and 2023, any settlements are included in "Other, net" 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:


	March 31, 2024				December 31, 2023
(in thousands)	Carrying amount(1)		Fair value(2)		Carrying amount(1)		Fair value(2)
10.125% senior unsecured notes due 2028	$	269,159	$	282,515	$	700,309	$	719,617
7.750% senior unsecured notes due 2029	298,214		300,677		298,214		285,099
9.750% senior unsecured notes due 2030	500,000		546,715		500,000		518,875
7.875% senior unsecured notes due 2032	800,000		813,496		—		—
Senior Secured Credit Facility	265,000		265,301		135,000		135,095
Total	$	2,132,373	$	2,208,704	$	1,633,523	$	1,658,686

______________________________________________________________________________

(1)Amounts presented do not include issuance premiums or discounts.

Supplemental cash flow and non-cash information (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

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

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


	Three months ended March 31,
(in thousands)	2024		2023
Supplemental cash flow information:
Cash paid for interest, net of $483 and $535 of capitalized interest, respectively	$	60,772	$	51,147
Restricted cash(1)	$	—	$	16,324
Supplemental non-cash operating information:
Right-of-use assets obtained in exchange for operating lease liabilities(2)	$	19,491	$	124,128
Supplemental non-cash investing information:
Change in accrued capital expenditures	$	16,609	$	18,843
Equity issued for acquisition of oil and natural gas properties(3)	$	78,740	$	—

_____________________________________________________________________________

(1)Represents a short-term deposit for acquisition of oil and natural gas properties held in a third-party escrow account.

(2)See Note 5 in the 2023 Annual Report for additional discussion of the Company's leases.

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

Equity Incentive Plan - Narrative (Details) $ in Millions	3 Months Ended
Equity Incentive Plan - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation not yet recognized	$ 43.6
Stock-based compensation, amount expected to be settled in cash	$ 10.6
Recognition period for costs not yet recognized	2 years 4 months 9 days
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

+ Details

Net income (loss) per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ (66,131)	$ 113,940
Less: Preferred stock dividends	349	0
Net income (loss) available to common stockholders	$ (66,480)	$ 113,940
Weighted-average common shares outstanding
Basic (in shares)	35,566	16,431
Diluted (in shares)	35,566	16,545
Net income (loss) per common share:
Basic (in USD per share)	$ (1.87)	$ 6.93
Diluted (in USD per share)	$ (1.87)	$ 6.89
Restricted stock awards
Weighted-average common shares outstanding
Dilutive non-vested stock awards (in shares)	0	114
Net income (loss) per common share:
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	370	298
Performance share awards
Net income (loss) per common share:
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8	29
Series A Preferred Stock
Net income (loss) per common share:
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,231	0

Consolidated statements of stockholders' equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common stock	Additional paid-in capital	Treasury stock (at cost)	Accumulated deficit
Balance at beginning of period (in shares) at Dec. 31, 2022		0	16,762
Balance at beginning of period at Dec. 31, 2022	$ 1,110,746	$ 0	$ 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
Restricted stock awards	0		$ 3	(3)
Restricted stock forfeitures (in shares)			(3)
Stock exchanged for tax withholding (in shares)			(49)		49
Stock exchanged for tax withholding	0		$ (1)	(2,458)	$ 2,459
Retirement of treasury stock (in shares)			0		(49)
Retirement of treasury stock	(2,459)		$ 0	0	$ (2,459)
Share-settled equity-based compensation	3,141			3,141
Balance at end of period (in shares) at Mar. 31, 2023		0	17,025
Balance at end of period at Mar. 31, 2023	1,225,368	$ 0	$ 170	2,754,765	$ 0	(1,529,567)
Balance at end of period (in shares) at Mar. 31, 2023					0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	113,940					113,940
Balance at beginning of period (in shares) at Dec. 31, 2023		595	35,414
Balance at beginning of period at Dec. 31, 2023	2,785,257	$ 6	$ 354	3,733,775	$ 0	(948,878)
Balance at beginning of period (in shares) at Dec. 31, 2023					0
Increase (Decrease) in Stockholders' Equity
Restricted stock awards (in shares)			445
Restricted stock awards	5		$ 5	0
Restricted stock forfeitures (in shares)			(5)
Restricted stock forfeitures	(4)			(4)
Stock exchanged for tax withholding (in shares)			(72)		72
Stock exchanged for tax withholding	0		$ (1)	(3,410)	$ 3,411
Retirement of treasury stock (in shares)					(72)
Retirement of treasury stock	(3,411)				$ (3,411)
Share-settled equity-based compensation	4,348			4,348
Equity issued for acquisitions of oil and natural gas properties (in shares)		980	879
Equity issued for acquisition of oil and natural gas properties	78,740	$ 10	$ 9	78,721
Balance at end of period (in shares) at Mar. 31, 2024		1,575	36,661
Balance at end of period at Mar. 31, 2024	2,798,804	$ 16	$ 367	$ 3,813,430	$ 0	(1,015,009)
Balance at end of period (in shares) at Mar. 31, 2024					0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ (66,131)					$ (66,131)

Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 02, 2024	Mar. 31, 2024	Dec. 31, 2023
Asset Acquisition [Line Items]
Common stock par value (in USD per share)		$ 0.01	$ 0.01
Preferred stock par value (in USD per share)		$ 0.01	$ 0.01
PEP Acquisition
Asset Acquisition [Line Items]
Consideration transferred in acquisition	$ 80.0
Transaction related expenses	$ 1.3
PEP Acquisition \| Series A Preferred Stock
Asset Acquisition [Line Items]
Stock issued in asset acquisition (in shares)	980,272
Cumulative percentage	2.00%
Preferred stock par value (in USD per share)	$ 0.01
PEP Acquisition \| Common stock
Asset Acquisition [Line Items]
Stock issued in asset acquisition (in shares)	878,690
Common stock par value (in USD per share)	$ 0.01

Income taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income taxes

The following table presents income tax benefit (expense) for the periods presented:


	Three months ended March 31,
(in thousands)	2024		2023
Current	$	(1,175)	$	(1,331)
Deferred	16,924		(276)
Income tax benefit (expense)	$	15,749	$	(1,607)

The Company estimates its annual effective tax rate (“AETR”) in recording its interim quarterly income tax provision for the various jurisdictions in which it operates. The tax effects of statutory rate changes, significant unusual or infrequently occurring items, and certain changes in the assessment of the realizability of deferred tax assets are excluded from the determination of its estimated AETR and are recognized as discrete items in the quarter in which they occur. The Company's effective tax rate during three months ended March 31, 2024 was 19.23% and is the result of projecting current and deferred

U.S. income and Texas franchise taxes, including the impact of discrete items and permanent differences. Current income tax expense is primarily attributable to Texas Franchise tax.

Our estimated effective tax rate during the three months ended March 31, 2023 was 1.37% as a result of projecting current Texas franchise tax and maintaining full valuation allowances against our U.S. and state of Oklahoma net deferred asset positions.

As of March 31, 2024, the Company continues to maintain a full valuation allowance against its state of Oklahoma deferred tax assets.

The Company’s deferred tax assets are primarily the result of U.S. net operating loss carryforwards. As of March 31, 2024, the Company had U.S. net operating loss carryforwards totaling $1.2 billion, of which $789.8 million will begin to expire in 2034 and $452.7 million will not expire but may be limited in future periods, and state of Oklahoma net operating loss carryforwards totaling $530.9 million, of which $34.6 million is subject to expiration beginning 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. Based on information available as of March 31, 2024, no such ownership change has occurred.

The Company closed the PEP Acquisition during the first quarter of 2024. For income tax purposes, the PEP Acquisition will be treated as an asset purchase such that the tax basis in the assets and liabilities will generally reflect the allocated fair value at closing. Therefore, the Company does not anticipate recording any deferred income taxes as part of the purchase consideration with respect to this acquisition. See Note 3 for additional information regarding the Company's acquisition.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 17
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair value measurements - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Total gross fair value	$ 7,260	$ 150,407
Net fair value presented on the consolidated balance sheets	7,929	99,336
Net fair value presented on the consolidated balance sheets	34,898	51,071
Liabilities:
Net fair value presented on the consolidated balance sheets	(35,567)	0
Amounts offset	0	0
Net derivative asset positions	7,260	150,407
Level 1
Liabilities:
Net derivative asset positions	0	0
Level 2
Liabilities:
Net derivative asset positions	(27,534)	119,301
Level 3
Liabilities:
Net derivative asset positions	34,794	31,106
Commodity Derivatives
Assets:
Net fair value presented on the consolidated balance sheets	5,710	97,035
Net fair value presented on the consolidated balance sheets	2,323	22,266
Liabilities:
Net fair value presented on the consolidated balance sheets	(35,567)	0
Net fair value presented on the consolidated balance sheets	0
Contingent Consideration
Assets:
Net fair value presented on the consolidated balance sheets	2,219	2,301
Net fair value presented on the consolidated balance sheets	32,575	28,805
Current Assets \| Commodity Derivatives
Assets:
Total gross fair value	28,120	106,067
Amounts offset	(22,410)	(9,032)
Current Assets \| Commodity Derivatives \| Level 1
Assets:
Total gross fair value	0	0
Current Assets \| Commodity Derivatives \| Level 2
Assets:
Total gross fair value	28,120	106,067
Current Assets \| Commodity Derivatives \| Level 3
Assets:
Total gross fair value	0	0
Current Assets \| Contingent Consideration
Assets:
Total gross fair value	2,219	2,301
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	2,219	2,301
Noncurrent Assets \| Commodity Derivatives
Assets:
Total gross fair value	2,277	22,266
Amounts offset		0
Amounts offset	46
Noncurrent Assets \| Commodity Derivatives \| Level 1
Assets:
Total gross fair value	0	0
Noncurrent Assets \| Commodity Derivatives \| Level 2
Assets:
Total gross fair value	2,277	22,266
Noncurrent Assets \| Commodity Derivatives \| Level 3
Assets:
Total gross fair value	0	0
Noncurrent Assets \| Contingent Consideration
Assets:
Total gross fair value	32,575	28,805
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	32,575	28,805
Current Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value, Current	(57,977)	(9,032)
Amounts offset, Current	22,410	9,032
Current Liabilities \| Commodity Derivatives \| Level 1
Liabilities:
Total gross fair value, Current	0	0
Current Liabilities \| Commodity Derivatives \| Level 2
Liabilities:
Total gross fair value, Current	(57,977)	(9,032)
Current Liabilities \| Commodity Derivatives \| Level 3
Liabilities:
Total gross fair value, Current	0	$ 0
Noncurrent Liabilities \| Commodity Derivatives
Liabilities:
Total gross fair value, Noncurrent	46
Amounts offset, Noncurrent	(46)
Noncurrent Liabilities \| Commodity Derivatives \| Level 1
Liabilities:
Total gross fair value, Noncurrent	0
Noncurrent Liabilities \| Commodity Derivatives \| Level 2
Liabilities:
Total gross fair value, Noncurrent	46
Noncurrent Liabilities \| Commodity Derivatives \| Level 3
Liabilities:
Total gross fair value, Noncurrent	$ 0

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Long-term debt, net


(in thousands)	March 31, 2024		December 31, 2023
10.125% senior unsecured notes due 2028	$	269,159	$	700,309
7.750% senior unsecured notes due 2029	298,214		298,214
9.750% senior unsecured notes due 2030	500,000		500,000
7.875% senior unsecured notes due 2032	800,000		—
Senior Secured Credit Facility(1)	265,000		135,000
Total long-term debt	2,132,373		1,633,523
Unamortized debt issuance costs	(30,843)		(21,800)
Unamortized discounts	(5,846)		(6,068)
Unamortized premiums	1,360		3,769
Total long-term debt, net	$	2,097,044	$	1,609,424

______________________________________________________________________________

Senior Secured Credit Facility

As of March 31, 2024, the Senior Secured Credit Facility, which matures on September 13, 2027, had a maximum credit amount of $3.0 billion, a borrowing base and an aggregate elected commitment of $1.5 billion and $1.25 billion, respectively, with an outstanding balance of $265.0 million subject to a weighted-average interest rate of 7.676%. 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 March 31, 2024 and December 31, 2023, the Company had no letters of credit outstanding under the Senior Secured Credit Facility. For additional information see Note 7 in the 2023 Annual Report.

Subsequent to March 31, 2024, the Company repaid $265.0 million and borrowed $215.0 million on the Senior Secured Credit Facility. As a result, the outstanding balance under the Senior Secured Credit Facility was $215.0 million as of May 6, 2024.

On May 8, 2024, pursuant to the regular semi-annual redetermination, the Company's lenders reaffirmed the borrowing base at $1.5 billion and increased the aggregate elected commitment to $1.35 billion under the Senior Secured Credit Facility.

March 2032 Notes

On March 28, 2024, the Company completed an offering of $800.0 million in aggregate principal amount of 7.875% senior unsecured notes due 2032 (the "Initial March 2032 Notes") for net proceeds of $784.8 million. The net proceeds from this offering and the Tack-On March 2032 Notes (defined below) were used to (i) extinguish in full the Company's outstanding 10.125% senior unsecured notes due 2028 (the "January 2028 Notes"), (ii) reduce the outstanding principal amount of the 9.750% senior unsecured notes due 2030 (the "September 2030 Notes") and (iii) repay a portion of the outstanding borrowings on the Senior Secured Credit Facility. On March 29, 2024, the Company settled a cash tender offer on the January 2028 Notes for an aggregate principal amount outstanding of $431.2 million.

On April 3, 2024, the Company completed an offering of an additional $200.0 million in aggregate principal amount of 7.875% senior unsecured notes due 2032 (the "Tack-On March 2032 Notes," and, together with the Initial March 2032 Notes, the "March 2032 Notes"), at 100.750% of par, under the same indenture dated as of March 28, 2024 for net proceeds of approximately $198.7 million. On April 3, 2024, the Company settled a cash tender offer on the September 2030 Notes of $197.6 million and on April 29, 2024, the Company redeemed the remaining principal amount outstanding on the January 2028 Notes of $269.2 million at a redemption price of 105.063%. The Company expects to record a loss on extinguishment of debt in the second quarter of 2024 of approximately $40.0 million related to a cash tender offer for the September 2030 Notes and the redemption of the January 2028 Notes.

Interest for the March 2032 Notes is payable semi-annually, in cash in arrears on April 15 and October 15 of each year, commencing October 15, 2024 with interest from closing to that date. The terms of the Company's March 2032 Notes include covenants, which are in addition to 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 March 2032 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.

The following table presents the components of the Company's cash tender offer for the January 2028 Notes and the related loss on extinguishment of debt during the period presented:


(in thousands)	Three months ended March 31, 2024
Principal amount tendered	$	431,150
Extinguishment of debt(1)	(453,518)
Early tender premiums	(22,368)
Write-off of debt issuance costs	(5,672)
Write-off of issuance premium	2,226

Loss on extinguishment of debt, net(2)	$	(25,814)

______________________________________________________________________________

(1)Amounts are included in "Extinguishment of debt" in cash flows from financing activities on the consolidated statements of cash flows.

(2)Amounts are included in "Loss on extinguishment of debt, net" on the consolidated statements of operations.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Derivatives (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
(in thousands)		2024		2023
Commodity		$	(155,835)	$	17,582
Contingent consideration		3,688		2,908

Gain (loss) on derivatives, net		$	(152,147)	$	20,490

Schedule of open positions and derivatives in place

The following table summarizes open commodity derivative positions as of March 31, 2024, for commodity derivatives that were entered into through March 31, 2024, for the settlement periods presented:


	Remaining Year 2024		Year 2025
Oil:





WTI NYMEX - Swaps:
Volume (Bbl)	14,813,950		4,345,000
Weighted-average price ($/Bbl)	$	76.16	$	75.44




WTI NYMEX - Three-way Collars:
Volume (Bbl)	156,050		—
Weighted-average sold put price ($/Bbl)	$	50.00	$	—
Weighted-average floor price ($/Bbl)	$	66.48	$	—
Weighted-average ceiling price ($/Bbl)	$	87.07	$	—
Argus WTI Midland to Argus WTI Formula Basis - Basis Swaps:
Volume (Bbl)	211,000		—
Weighted-average differential ($/Bbl)	$	0.11	$	—






















NGL:




Non-TET Propane - Swaps:
Volume (Bbl)	306,000		—
Weighted-average price ($/Bbl)	$	34.23	$	—
Non-TET Normal Butane - Swaps:
Volume (Bbl)	67,757		—
Weighted-average price ($/Bbl)	$	39.78	$	—
Non-TET Isobutane - Swaps:
Volume (Bbl)	218,571		—
Weighted-average price ($/Bbl)	$	42.26	$	—
Non-TET Pentane - Swaps:
Volume (Bbl)	211,286		—
Weighted-average price ($/Bbl)	$	65.15	$	—



Natural gas:



Henry Hub NYMEX - Swaps:
Volume (MMBtu)	19,596,200		—
Weighted-average price ($/MMBtu)	$	3.47	$	—
Henry Hub NYMEX - Collars:
Volume (MMBtu)	533,164		—
Weighted-average floor price ($/MMBtu)	$	3.40	$	—
Weighted-average ceiling price ($/MMBtu)	$	6.10	$	—










Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	20,129,364		—
Weighted-average differential ($/MMBtu)	$	(0.74)	$	—

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		36,659,581
Entity Central Index Key	0001528129
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

Income taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Operating loss carry-forward
Effective tax rate (as a percent)	19.23%	1.37%
Federal
Operating loss carry-forward
Operating loss carryforwards	$ 1,200.0
Operating loss carryforwards subject to expiration	789.8
Operating loss carryforwards not subject to expiration	452.7
State \| Oklahoma
Operating loss carry-forward
Operating loss carryforwards	530.9
Operating loss carryforwards subject to expiration	$ 34.6

Related parties (Details) - USD ($) $ in Thousands	3 Months Ended
Related parties (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Capital expenditures for oil and natural gas properties	$ 195,372	$ 165,042
Halliburton \| Affiliated entity
Related Party Transaction [Line Items]
Operating lease liability	52,700		$ 59,700
Capital expenditures for oil and natural gas properties	$ 22,683	$ 32,249

Income taxes - Income tax benefit (expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Current	$ (1,175)	$ (1,331)
Deferred	16,924	(276)
Income tax benefit (expense)	$ 15,749	$ (1,607)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Fair value measurements - Carrying Amount of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 28, 2024	Dec. 31, 2023
Carrying amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 2,132,373		$ 1,633,523
Carrying amount \| Secured Debt \| Senior Secured Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	265,000		135,000
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	2,208,704		1,658,686
Fair value \| Secured Debt \| Senior Secured Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 265,301		135,095
$10.125% senior unsecured notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)	10.125%
$10.125% senior unsecured notes due 2028 \| Carrying amount \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 269,159		700,309
$10.125% senior unsecured notes due 2028 \| Fair value \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 282,515		719,617
$7.750% senior unsecured notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)	7.75%
$7.750% senior unsecured notes due 2029 \| Carrying amount \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 298,214		298,214
$7.750% senior unsecured notes due 2029 \| Fair value \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 300,677		285,099
$9.750% senior unsecured notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)	9.75%
$9.750% senior unsecured notes due 2030 \| Carrying amount \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 500,000		500,000
$9.750% senior unsecured notes due 2030 \| Fair value \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 546,715		518,875
Senior Note 7.875 Percent Due 2032
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (as a percent)	7.875%	7.875%
Senior Note 7.875 Percent Due 2032 \| Carrying amount \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 800,000		0
Senior Note 7.875 Percent Due 2032 \| Fair value \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt	$ 813,496		$ 0

Debt - Cash Tender Offer and Loss On Extinguishment of Debt (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 29, 2024	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt, net		$ (25,814)	$ 0
$10.125% senior unsecured notes due 2028
Debt Instrument [Line Items]
Interest rate (as a percent)		10.125%
$10.125% senior unsecured notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Repayments of long-term debt	$ 431,200	$ 431,150
Extinguishment of debt		(453,518)
Early tender premiums		(22,368)
Write-off of debt issuance costs		(5,672)
Write-off of issuance premium		2,226
Loss on extinguishment of debt, net		$ (25,814)

Consolidated balance sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 423,325	$ 14,061
Accounts receivable, net	290,248	238,773
Derivatives	7,929	99,336
Other current assets	24,395	18,749
Total current assets	745,897	370,919
Oil and natural gas properties, full cost method:
Evaluated properties	12,100,933	11,799,155
Unevaluated properties not being depleted	190,387	195,457
Less: accumulated depletion and impairment	(7,925,773)	(7,764,697)
Oil and natural gas properties, net	4,365,547	4,229,915
Midstream and other fixed assets, net	130,918	130,293
Property and equipment, net	4,496,465	4,360,208
Derivatives	34,898	51,071
Operating lease right-of-use assets	144,667	144,900
Deferred income taxes	205,760	188,836
Other noncurrent assets, net	34,214	33,647
Total assets	5,661,901	5,149,581
Current liabilities:
Accounts payable and accrued liabilities	150,756	159,892
Accrued capital expenditures	108,546	91,937
Undistributed revenue and royalties	181,442	194,307
Derivatives	35,567	0
Operating lease liabilities	75,122	70,651
Other current liabilities	57,902	78,802
Total current liabilities	609,335	595,589
Long-term debt, net	2,097,044	1,609,424
Asset retirement obligations	83,039	81,680
Operating lease liabilities	66,791	71,343
Other noncurrent liabilities	6,888	6,288
Total liabilities	2,863,097	2,364,324
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, $50,000,000 shares authorized, and $1,575,376 and $595,104 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	16	6
Common stock, $0.01 par value, 80,000,000 shares authorized, and 36,660,995 and 35,413,551 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	367	354
Additional paid-in capital	3,813,430	3,733,775
Accumulated deficit	(1,015,009)	(948,878)
Total stockholders' equity	2,798,804	2,785,257
Total liabilities and stockholders' equity	$ 5,661,901	$ 5,149,581