CPE Callon Petroleum Company

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Basis of Presentation

The accompanying unaudited interim consolidated financial statements include the accounts of the Company after elimination of intercompany transactions and balances. These financial statements have been prepared pursuant to the rules and regulations of the SEC and therefore do not include all disclosures required for financial statements prepared in conformity with GAAP. In the opinion of management, these financial statements reflect all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial position, results of operations and cash flows. However, the results of operations for the periods presented are not necessarily indicative of the results of operations that may be expected for the full year. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications did not have a material impact on prior period financial statements.

Significant Accounting Policies

The Company’s significant accounting policies are described in “Note 2 — Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in its 2022 Annual Report and are supplemented by the notes included in this Form 10-Q. The financial statements and related notes included in this Form 10-Q should be read in conjunction with the Company’s 2022 Annual Report.

Recast Financial Information for Change in Accounting Principle

In the first quarter of 2023, the Company voluntarily changed its method of accounting for its oil and gas exploration and development activities from the full cost method to the successful efforts method of accounting. Accordingly, the financial information for prior periods has been recast to reflect retrospective application of the successful efforts method, as prescribed by the FASB Accounting Standards Codification (“ASC”) 932 “Extractive Activities — Oil and Gas.” Although the full cost method of accounting continues to be an accepted alternative, the successful efforts method of accounting is the generally preferred method of the SEC and, because it is more widely used in the industry, the Company expects the change to improve the comparability of its financial statements to its peers. The Company also believes the successful efforts method provides a more representational depiction of assets and operating results and provides for its investments in oil and natural gas properties to be assessed for impairment in accordance with ASC Topic 360 “Property Plant and Equipment,” rather than valuations based on prices and costs prescribed under the full cost method as of the balance sheet date. As required by ASC 250 “Accounting Changes and Error Corrections,” the Company has presented the accumulated effect of the change in accounting principle as a change in the beginning balance of retained earnings (accumulated deficit) of the earliest period presented in the consolidated financial statements. For detailed information regarding the effects of the change to the successful efforts method, see “Note 3 — Change in Accounting Principle.”

Oil and Natural Gas Properties

Proved Oil and Natural Gas Properties. The Company follows the successful efforts method of accounting for its oil and gas properties. Under this method, drilling and completion costs, including lease and well equipment, intangible development costs, and operational support facilities in the field, associated with development wells are capitalized to proved oil and gas properties and are depleted on an asset group basis (properties aggregated based on geographical and geological characteristics) using the units-of-production method based on estimated proved developed oil and gas reserves. The calculation of depletion expense takes into consideration estimated asset retirement costs, net of estimated salvage values.

Proved oil and gas properties are assessed for impairment on an asset group basis whenever events and circumstances indicate that there could be a possible decline in the recoverability of the net book value of such property. The Company estimates the expected

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future net cash flows of its proved oil and gas properties and compares these undiscounted cash flows to the net book value of the proved oil and gas properties to determine if the net book value is recoverable. If the net book value exceeds the estimated undiscounted future net cash flows, the Company will recognize an impairment to reduce the net book value of the proved oil and gas properties to fair value. The factors used to determine fair value include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, estimated future development costs and operating costs, and discount rates, which are based on a weighted average cost of capital. See “Note 5 — Acquisitions and Divestitures” for details of the impairment recorded in the second quarter of 2023 associated with the sale of all the Company’s interests of Callon (Eagle Ford) LLC to Ridgemar Energy Operating, LLC.

The partial sale of a proved property within an existing asset group is accounted for as a normal retirement and no net gain or loss on divestiture is recognized as long as the treatment does not significantly alter the units-of-production depletion rate. The sale of a partial interest in an individual proved property is accounted for as a recovery of cost. A net gain or loss on divestiture is recognized in the consolidated statements of operations for all other sales of proved properties.

Unproved Oil and Natural Gas Properties. Unproved oil and gas properties consist of costs incurred in obtaining a mineral interest or a right in a property such as a lease, in addition to broker fees, recording fees and other similar costs. Leasehold costs are classified as unproved until proved reserves are discovered on or otherwise attributed to the property, at which time the related unproved oil and gas property costs are reclassified to proved oil and gas properties and depleted on an asset group basis using the units-of-production method based on estimated total proved oil and gas reserves.

The Company evaluates significant unproved oil and gas property costs for impairment based on remaining lease term, drilling results, reservoir performance, seismic interpretation or changes in future plans to develop acreage. Unproved oil and gas properties that are not individually significant are aggregated by asset group, and the portion of such costs estimated to be nonproductive prior to lease expiration is amortized over the average holding period. The estimate of what could be nonproductive is based on the Company’s historical experience or other information, including current drilling plans and existing geological data. Impairment and amortization of unproved oil and gas properties are recognized as “Impairment of oil and gas properties” in the consolidated statements of operations.

Exploratory. Exploratory costs, including personnel and other internal costs, geological and geophysical expenses and delay rentals for oil and gas leases, are expensed as incurred. Exploratory well costs are initially capitalized pending the determination of whether proved reserves have been discovered. If proved reserves are discovered, exploratory well costs are capitalized as proved oil and gas properties. If proved reserves are not found, exploratory well costs are expensed as dry holes. The application of the successful efforts method of accounting requires management’s judgment to determine the proper designation of wells as either development or exploratory, which will ultimately determine the proper accounting treatment of costs of dry holes.

Capitalized Interest. The Company capitalizes interest on expenditures made in connection with exploration and development projects that meet certain thresholds and are not subject to current amortization. For projects that meet these thresholds, interest is capitalized only for the period that activities are in process to bring the projects to their intended use. Capitalized interest cannot exceed interest expense for the period capitalized. During both the three and nine months ended September 30, 2023 and 2022, the Company did not have any projects that met the thresholds and, therefore, had no capitalized interest.

Share Repurchase Program

The Company repurchases shares of its common stock from time to time under a program authorized by the Board of Directors. The Company retires shares acquired through share repurchases and returns those shares to the status of authorized but unissued. The repurchased and retired shares are recorded as a reduction to “Common stock” and “Capital in excess of par value” in the consolidated balance sheets. See “Note 13 — Stockholders’ Equity” for further discussion.

Recently Issued Accounting Standards

As of September 30, 2023, and through the filing of this report, no new accounting standards have been issued and not yet adopted that are applicable to the Company and that would have a material effect on the Company’s unaudited interim consolidated financial statements and related disclosures.

Subsequent Events

The Company evaluates subsequent events through the date the financial statements are issued. See “Note 17 — Subsequent Events” for further discussion.

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exploration overhead are expensed as incurred as opposed to being capitalized under the full cost method of accounting. The successful efforts method also provides for the assessment of potential proved oil and gas property impairments by comparing the net book value of proved oil and gas properties to associated estimated undiscounted future net cash flows. If the net book value exceeds the estimated undiscounted future net cash flows, an impairment is recorded to reduce the net book value to fair value. Under the full cost method of accounting, an impairment would be required if the net book value of oil and natural gas properties exceeds a full cost ceiling using an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months. In addition, gains or losses, if applicable, are recognized more frequently on the divestitures of oil and gas properties under the successful efforts method, as opposed to an adjustment to the net book value of the oil and gas properties under the full cost method.

The “Impairment of oil and gas properties” and “Gain on sale of oil and gas properties” line items presented in the tables below are in connection with the sale of all of the Company’s interests of Callon (Eagle Ford) LLC to Ridgemar Energy Operating, LLC. See “Note 5 — Acquisitions and Divestitures” for additional details.

The following tables present the effects of the change to the successful efforts method in the consolidated balance sheets:

						As of September 30, 2023
						Under Full Cost						Changes						Under Successful Efforts
						(In thousands)
Oil and natural gas properties:
Proved properties						$11,191,350						($1,947,545)						$9,243,805
Accumulated depreciation, depletion, amortization and impairments						(6,734,174)						2,306,145						(4,428,029)
Unproved properties						1,807,300						(520,281)						1,287,019
Total oil and gas properties, net						6,264,476						(161,681)						6,102,795
Deferred income taxes						170,001						29,733						199,734
Total assets						$6,860,471						($131,948)						$6,728,523
Stockholders’ equity:
Accumulated deficit						(232,855)						(131,948)						(364,803)
Total stockholders' equity						3,993,006						(131,948)						3,861,058
Total liabilities and stockholders' equity						$6,860,471						($131,948)						$6,728,523

						As of December 31, 2022
						Under Full Cost						Changes						Under Successful Efforts
						(In thousands)
Oil and natural gas properties:
Proved properties						$10,367,478						($1,099,343)						$9,268,135
Accumulated depreciation, depletion, amortization and impairments						(6,343,875)						1,927,269						(4,416,606)
Unproved properties						1,711,306						(485,538)						1,225,768
Total oil and gas properties, net						5,734,909						342,388						6,077,297
Total assets						$6,146,081						$342,388						$6,488,469
Deferred income taxes (1)						4,279						2,029						6,308
Stockholders’ equity:
Accumulated deficit						(937,388)						340,359						(597,029)
Total stockholders' equity						3,085,422						340,359						3,425,781
Total liabilities and stockholders' equity						$6,146,081						$342,388						$6,488,469

(1)    Included in “Other long-term liabilities” in the consolidated balance sheets.

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The following tables present the effects of the change to the successful efforts method in the consolidated statements of operations:

						Three Months Ended September 30, 2023
						Under Full Cost						Changes						Under Successful Efforts
						(In thousands, except per share amounts)
Operating Expenses:
Exploration						$—						$3,588						$3,588
Depreciation, depletion and amortization						138,313						285						138,598
Gain on sale of oil and gas properties						—						(20,570)						(20,570)
General and administrative						22,016						7,323						29,339
Income From Operations						211,554						9,374						220,928
Other Expenses:
Interest expense						14,145						29,004						43,149
Income Before Income Taxes						139,623						(19,630)						119,993
Income tax benefit (expense)						10,663						(11,172)						(509)
Net Income						$150,286						($30,802)						$119,484
Net Income Per Common Share:
Basic						$2.21												$1.76
Diluted						$2.21												$1.75

						Three Months Ended September 30, 2022
						Under Full Cost						Changes						Under Successful Efforts
						(In thousands, except per share amounts)
Operating Expenses:
Exploration						$—						$2,942						$2,942
Depreciation, depletion and amortization						122,833						7,062						129,895
General and administrative						14,022						10,231						24,253
Income From Operations						440,597						(20,235)						420,362
Other Expenses:
Interest expense						19,468						27,461						46,929
Income Before Income Taxes						553,118						(47,696)						505,422
Income tax expense						(3,515)						132						(3,383)
Net Income						$549,603						($47,564)						$502,039
Net Income Per Common Share:
Basic						$8.91												$8.14
Diluted						$8.88												$8.11

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						Nine Months Ended September 30, 2023
						Under Full Cost						Changes						Under Successful Efforts
						(In thousands, except per share amounts)
Operating Expenses:
Exploration						$—						$7,702						$7,702
Depreciation, depletion and amortization						396,348						(4,437)						391,911
Impairment of oil and gas properties						—						406,898						406,898
Gain on sale of oil and gas properties						—						(20,570)						(20,570)
General and administrative						56,305						30,600						86,905
Income From Operations						602,555						(420,193)						182,362
Other Expenses:
Interest expense						52,818						83,876						136,694
Income Before Income Taxes						529,897						(504,069)						25,828
Income tax benefit						174,636						31,762						206,398
Net Income						$704,533						($472,307)						$232,226
Net Income Per Common Share:
Basic						$11.04												$3.64
Diluted						$11.01												$3.63

						Nine Months Ended September 30, 2022
						Under Full Cost						Changes						Under Successful Efforts
						(In thousands, except per share amounts)
Operating Expenses:
Exploration						$—						$7,237						$7,237
Depreciation, depletion and amortization						335,221						24,273						359,494
General and administrative						42,052						29,433						71,485
Income From Operations						1,356,719						(60,943)						1,295,776
Other Expenses:
Interest expense						61,717						79,303						141,020
Income Before Income Taxes						944,357						(140,246)						804,111
Income tax expense						(7,008)						472						(6,536)
Net Income						$937,349						($139,774)						$797,575
Net Income Per Common Share:
Basic						$15.21												$12.94
Diluted						$15.14												$12.88

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The following tables present the effects of the change to the successful efforts method in the consolidated statements of cash flows:

						Nine Months Ended September 30, 2023
						Under Full Cost						Changes						Under Successful Efforts
						(In thousands)
Cash flows from operating activities:
Net income						$704,533						($472,307)						$232,226
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization						396,348						(4,437)						391,911
Impairment of oil and gas properties						—						406,898						406,898
Amortization of non-cash debt related items, net						3,064						4,915						7,979
Deferred income tax benefit						(174,279)						(31,762)						(206,041)
Gain on sale of oil and gas properties						—						(20,570)						(20,570)
Non-cash expense related to share-based awards						3,848						5,676						9,524
Net cash provided by operating activities						905,850						(111,587)						794,263
Cash flows from investing activities:
Capital expenditures						(854,889)						103,885						(751,004)
Acquisition of oil and gas properties						(286,136)						7,702						(278,434)
Net cash used in investing activities						(592,429)						111,587						(480,842)
Net change in cash and cash equivalents						61						—						61
Balance, beginning of period						3,395						—						3,395
Balance, end of period						$3,456						$—						$3,456

						Nine Months Ended September 30, 2022
						Under Full Cost						Changes						Under Successful Efforts
						(In thousands)
Cash flows from operating activities:
Net income						$937,349						($139,774)						$797,575
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization						335,221						24,273						359,494
Amortization of non-cash debt related items, net						4,263						5,417						9,680
Deferred income tax expense						1,626						(516)						1,110
Non-cash expense related to share-based awards						1,055						3,372						4,427
Changes in current assets and liabilities:
Accounts payable and accrued liabilities						(8,693)						44						(8,649)
Net cash provided by operating activities						1,128,870						(107,184)						1,021,686
Cash flows from investing activities:
Capital expenditures						(754,225)						106,076						(648,149)
Acquisition of oil and gas properties						(18,114)						1,108						(17,006)
Net cash used in investing activities						(768,700)						107,184						(661,516)
Net change in cash and cash equivalents						(5,532)						—						(5,532)
Balance, beginning of period						9,882						—						9,882
Balance, end of period						$4,350						$—						$4,350

The following tables present the effects of the change to the successful efforts method in the consolidated statements of stockholders’ equity:

						As of September 30, 2023
						Under Full Cost						Changes						Under Successful Efforts
						(In thousands)
Accumulated deficit						($232,855)						($131,948)						($364,803)
Total stockholders’ equity						$3,993,006						($131,948)						$3,861,058

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Revenue from Contracts with Customers

The Company recognizes oil, natural gas, and NGL production revenue at the point in time when control of the product transfers to the purchaser, which differs depending on the applicable contractual terms. Transfer of control also drives the presentation of gathering, transportation and processing expenses in the consolidated statements of operations. See “Note 3 — Revenue Recognition” of the Notes to Consolidated Financial Statements in the 2022 Annual Report for more information regarding the types of contracts under which oil, natural gas, and NGL production revenue is generated.

Oil and Gas Purchase and Sale Arrangements

The Company proactively evaluates development plans and looks to enter into pipeline transportation contracts to mitigate market exposures and help ensure certainty of flow for its oil and gas production, in some cases multiple years in advance of development. Additionally, as the Company looks to optimize its operations and reduce exposures, in certain instances, the Company purchases oil and gas from third parties which is utilized to fulfill portions of its pipeline commitments. Sales of purchased oil and gas represent revenues the Company receives from sales of commodities purchased from a third party. The Company recognizes these revenues and the purchase of the third-party commodities, as well as any costs associated with the purchase, on a gross basis, as the Company acts as a principal in these transactions by assuming control of the purchased commodity before it is transferred to the customer.

Accounts Receivable from Revenues from Contracts with Customers

Net accounts receivable include amounts billed and currently due from revenues from contracts with customers of our oil and natural gas production, which had a balance at September 30, 2023 and December 31, 2022 of $169.3 million and $174.1 million, respectively, and are presented in “Accounts receivable, net” in the consolidated balance sheets.

Prior Period Performance Obligations

The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for sales may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. The Company records the differences between estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. The Company has existing internal controls for its revenue estimation process and related accruals, and any identified differences between its revenue estimates and actual revenue received historically have not been significant.

Eagle Ford Divestiture

On May 3, 2023, the Company entered into an agreement with Ridgemar Energy Operating, LLC (“Ridgemar”) for the sale of all its oil and gas properties in the Eagle Ford (the “Eagle Ford Divestiture”) for consideration of $655.0 million in cash, subject to customary purchase price adjustments, as well as contingent consideration where the Company could receive up to $45.0 million if the WTI price of oil exceeds certain thresholds in 2024 (“Contingent Eagle Ford Consideration”). See “Note 9 — Derivative Instruments and Hedging Activities” for further discussion of the Contingent Eagle Ford Consideration. Upon signing, Ridgemar paid approximately $49.1 million as a deposit into a third-party escrow account. The transaction was structured as the acquisition by Ridgemar of 100% of the limited liability company interests of the Company’s wholly owned subsidiary, Callon (Eagle Ford) LLC.

During the second quarter of 2023, the Company classified the assets and liabilities associated with the Eagle Ford Divestiture as held for sale, and recorded an impairment of $406.9 million against properties associated with the Eagle Ford Divestiture as the fair value less cost to sell was less than the carrying amount of the net assets. On July 3, 2023, the Company closed the Eagle Ford Divestiture. The Eagle Ford Divestiture has an adjusted purchase price of approximately $549.3 million in cash, inclusive of the deposit paid at signing, subject to customary post-closing purchase price adjustments. As a result, the Company recorded a gain on sale of assets of $20.6 million.

Percussion Acquisition

On May 3, 2023, the Company entered into an agreement (the “Percussion Agreement”) with Percussion Petroleum Management II, LLC (“Percussion”) for the purchase of its oil and gas properties in the Delaware Basin (the “Percussion Acquisition”) for

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consideration of $475.0 million, which consisted of $255.0 million in cash, inclusive of the repayment of Percussion’s indebtedness of approximately $220.0 million, and $210.0 million of shares of the Company’s common stock, subject to customary purchase price adjustments. Upon signing, the Company paid $36.0 million as a deposit into a third-party escrow account. The transaction was structured as the acquisition by Callon Petroleum Operating Company of 100% of the limited liability company interests of Percussion’s wholly owned subsidiary, Percussion Petroleum Operating II, LLC (“Percussion Operating”).

On July 3, 2023, the Company closed the Percussion Acquisition for an adjusted purchase price of approximately $248.5 million in cash, inclusive of the deposit paid at signing and the repayment of Percussion Operating’s indebtedness of approximately $220.0 million, and approximately 6.3 million shares of the Company’s common stock for total consideration of $458.5 million, subject to customary post-closing purchase price adjustments. The Company funded the cash portion of the total consideration with proceeds from the Eagle Ford Divestiture. Additionally, the Company assumed Percussion Operating’s (as defined below) existing hedges and transportation contract liabilities, and could have to pay up to $62.5 million if the WTI price of oil exceeds certain thresholds in 2023, 2024, and 2025 (“Percussion Earn-Out Obligation”).

The Percussion Acquisition was accounted for as a business combination; therefore, the purchase price was allocated to the assets acquired and the liabilities assumed based on their estimated acquisition date fair values with information available at that time. A combination of a discounted cash flow model and market data was used by a third-party specialist in determining the fair value of the oil and gas properties. Significant inputs into the calculation included future commodity prices, estimated volumes of oil and gas reserves, expectations for timing and amount of future development and operating costs, future plugging and abandonment costs and a risk adjusted discount rate. Certain data necessary to complete the purchase price allocation is not yet available. The Company expects to complete the purchase price allocation during the 12-month period following the acquisition date.

The following table sets forth the Company’s preliminary allocation of the total estimated consideration of $458.5 million to the assets acquired and liabilities assumed as of the acquisition date.

						Preliminary Purchase Price Allocation
						(In thousands)
Assets:
Accounts receivable, net						$30,135
Proved properties, net						491,367
Unproved properties						52,590
Total assets acquired						$574,092
Liabilities:
Accounts payable and accrued liabilities						$42,585
Fair value of derivatives - current						20,660
Other current liabilities						11,471
Asset retirement obligations						2,323
Fair value of derivatives - long-term						27,979
Other long-term liabilities						10,619
Total liabilities assumed						$115,637
Total consideration						$458,455

Approximately $57.8 million of revenues and $16.3 million of direct operating expenses attributed to the assets acquired in the Percussion Acquisition are included in the Company’s consolidated statements of operations for the period from the closing date on July 3, 2023 through September 30, 2023.

Pro Forma Operating Results (Unaudited). The following unaudited pro forma combined condensed financial data for the three and nine months ended September 30, 2023 and 2022 was derived from the historical financial statements of the Company and gives effect to the Percussion Acquisition, as if it had occurred on January 1, 2022. The below information reflects pro forma adjustments for the issuance of the Company’s common stock, as well as pro forma adjustments based on available information and certain assumptions that the Company believes provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the Percussion Acquisition.

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The pro forma consolidated statements of operations data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the Percussion Acquisition taken place on January 1, 2022 and is not intended to be a projection of future results.

						Three Months Ended September 30,												Nine Months Ended September 30,
						2023						2022*						2023						2022*
						(In thousands, except per share amounts)
Revenues						$619,298						$928,218						$1,879,442						$2,815,342
Income from operations						220,928						480,459						252,809						1,490,205
Net income						119,484						708,355						360,850						856,610
Basic earnings per common share						$1.76						$10.42						$5.65						$12.62
Diluted earnings per common share						$1.75						$10.40						$5.64						$12.56

As of September 30, 2023 and December 31, 2022, total property and equipment, net consisted of the following:

						September 30, 2023						December 31, 2022*
Oil and natural gas properties, successful efforts accounting method						(In thousands)
Proved properties						$9,243,805						$9,268,135
Accumulated depreciation, depletion, amortization and impairments						(4,428,029)						(4,416,606)
Proved properties, net						4,815,776						4,851,529
Unproved properties						1,287,019						1,225,768
Total oil and natural gas properties, net						$6,102,795						$6,077,297
Other property and equipment						$40,243						$40,530
Accumulated depreciation						(13,845)						(14,378)
Other property and equipment, net						$26,398						$26,152

*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

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The following table sets forth the computation of basic and diluted earnings per share:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022*						2023						2022*
			(In thousands, except per share amounts)
Net Income			$119,484						$502,039						$232,226						$797,575
Basic weighted average common shares outstanding			67,931						61,703						63,827						61,624
Dilutive impact of restricted stock units			152						167						189						303
Diluted weighted average common shares outstanding			68,083						61,870						64,016						61,927
Net Income Per Common Share
Basic			$1.76						$8.14						$3.64						$12.94
Diluted			$1.75						$8.11						$3.63						$12.88
Restricted stock units (1)			54						100						75						28
Warrants (1)			481						481						481						416

*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

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

The Company’s borrowings consisted of the following:

						September 30, 2023						December 31, 2022
						(In thousands)
8.25% Senior Notes due 2025						$—						$187,238
6.375% Senior Notes due 2026						320,783						320,783
Senior Secured Revolving Credit Facility due 2027						396,000						503,000
8.0% Senior Notes due 2028						650,000						650,000
7.5% Senior Notes due 2030						600,000						600,000
Total principal outstanding						1,966,783						2,261,021
Unamortized premium on 8.25% Senior Notes						—						1,715
Unamortized deferred financing costs for Senior Notes						(18,164)						(21,441)
Long-term debt (1)						$1,948,619						$2,241,295

(1)    Excludes unamortized deferred financing costs related to the Company’s senior secured revolving credit facility of $14.2 million and $18.8 million as of September 30, 2023 and December 31, 2022, respectively, which are classified in “Deferred financing costs” in the consolidated balance sheets.

Senior Secured Revolving Credit Facility

The Company has a senior secured revolving credit facility with a syndicate of lenders (the “Credit Facility”) that, as of September 30, 2023, had a maximum credit amount of $5.0 billion, a borrowing base of $2.0 billion and an elected commitment amount of $1.5 billion, with borrowings outstanding of $396.0 million at a weighted-average interest rate of 7.50%, and letters of credit outstanding of $21.4 million. The credit agreement governing the Credit Facility (the “Credit Agreement”) provides for interest-only payments until October 19, 2027 when the Credit Agreement matures and any outstanding borrowings are due.

Borrowings outstanding under the Credit Agreement bear interest at the Company’s option at either (i) a base rate for a base rate loan plus a margin between 0.75% to 1.75%, where the base rate is defined as the greatest of the prime rate, the federal funds rate plus 0.50%, and the SOFR plus 0.1% (“Adjusted SOFR”) for a one month period plus 1.00%, or (ii) an Adjusted SOFR plus a margin between 1.75% to 2.75%. The Company also incurs commitment fees at rates ranging between 0.375% to 0.500% on the unused portion of lender commitments, which are included in “Interest expense” in the consolidated statements of operations.

The borrowing base under the Credit Agreement is subject to regular redeterminations in the spring and fall of each year, as well as special redeterminations described in the Credit Agreement, which in each case may reduce the amount of the borrowing base. On October 31, 2023, as part of the Company’s fall 2023 redetermination, the borrowing base of $2.0 billion and elected commitment amount of $1.5 billion were reaffirmed.

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Redemption of 8.25% Senior Notes due 2025

On August 2, 2023, the Company used borrowings under the Credit Facility to redeem all $187.2 million of its outstanding 8.25% Senior Notes due 2025 (“8.25% Senior Notes”). The Company recognized a gain on extinguishment of debt of approximately $1.2 million in its consolidated statements of operations, which primarily related to the remaining unamortized premium.

Covenants

The Credit Agreement and the indentures governing the 6.375% Senior Notes due 2026, the 8.0% Senior Notes due 2028, and the 7.5% Senior Notes due 2030 (collectively, the “Senior Notes”) limit the Company and certain of its subsidiaries with respect to the amount of additional indebtedness, liens, dividends and other payments to shareholders, repurchases or redemptions of the Company’s common stock, redemptions of senior notes, investments, acquisitions, mergers, asset dispositions, transactions with affiliates, hedging transactions and other matters, along with maintenance of certain financial ratios.

Under the Credit Agreement, the Company must maintain the following financial covenants determined as of the last day of the quarter: (1) a Leverage Ratio (as defined in the Credit Agreement) of no more than 3.50 to 1.00 and (2) a Current Ratio (as defined in the Credit Agreement) of not less than 1.00 to 1.00. The Company was in compliance with these covenants at September 30, 2023.

The Credit Agreement and indentures are subject to customary events of default. If an event of default occurs and is continuing, the holders or lenders may elect to accelerate amounts due (except in the case of a bankruptcy event of default, in which case such amounts will automatically become due and payable).

Objectives and Strategies for Using Derivative Instruments

The Company is exposed to fluctuations in oil, natural gas and NGL prices received for its production. Consequently, the Company believes it is prudent to manage the variability in cash flows on a portion of its oil, natural gas and NGL production. The Company utilizes a mix of collars, swaps, put and call options, and basis differential swaps to manage fluctuations in cash flows resulting from changes in commodity prices. The Company does not use these instruments for speculative or trading purposes.

Counterparty Risk and Offsetting

The Company typically has numerous commodity derivative instruments outstanding with a counterparty that were executed at various dates, for various contract types, commodities and time periods. This often results in both commodity derivative asset and liability positions with that counterparty. The Company nets its commodity derivative instrument fair values executed with the same counterparty to a single asset or liability pursuant to International Swap Dealers Association Master Agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. In general, if a party to a derivative transaction incurs an event of default, as defined in the applicable agreement, the other party will have the right to demand the posting of collateral, demand a cash payment transfer or terminate the arrangement.

The Company strives to minimize its credit exposure to any individual counterparty and, as such, the Company has outstanding commodity derivative instruments with nine counterparties as of September 30, 2023. All of the counterparties to the Company’s commodity derivative instruments are also lenders under the Company’s Credit Facility. Therefore, each of the Company’s counterparties allow the Company to satisfy any need for margin obligations associated with commodity derivative instruments where the Company is in a net liability position with the collateral securing the Credit Facility, thus eliminating the need for independent collateral posting.

Because each of the Company’s counterparties has an investment grade credit rating, the Company believes it does not have significant credit risk and accordingly does not currently require its counterparties to post collateral to support the net asset positions of its commodity derivative instruments. Although the Company does not currently anticipate nonperformance from its counterparties, it continually monitors the credit ratings of each counterparty.

While the Company monitors counterparty creditworthiness on an ongoing basis, it cannot predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, the Company may be limited in its ability to mitigate an increase in counterparty credit risk. Should one of these counterparties not perform, the Company may not realize the benefit of some of its derivative instruments under lower commodity prices while continuing to be obligated under higher commodity price contracts subject to any right of offset under the agreements. Counterparty credit risk is considered when determining the fair value of a derivative instrument. See “Note 10 — Fair Value Measurements” for further discussion.

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Contingent Consideration Arrangements

Percussion Earn-Out Obligation. As a result of the Percussion Acquisition, the Company assumed an earn-out obligation from Percussion Operating, where the Company could be required to pay up to $62.5 million in the aggregate if the average daily settlement price of WTI crude oil exceeds $60.00 per barrel for each of the 2023, 2024, and 2025 calendar years.

Contingent Eagle Ford Consideration. As a result of the Eagle Ford Divestiture, the Company received a contingent consideration arrangement from Ridgemar. The Company could receive up to $45.0 million if the average daily settlement price of WTI crude oil for 2024 is at least $80.00 per barrel. If the average daily settlement price of WTI crude oil for 2024 is less than $80.00 per barrel but at least $75.00 per barrel, then the Company would receive $20.0 million.

The Company determined that the Percussion Earn-Out Obligation and Contingent Eagle Ford Consideration receipt were not clearly and closely related to the Percussion Acquisition and Eagle Ford Divestiture membership interest purchase agreements, and therefore bifurcated these embedded features and recorded these derivatives at their acquisition date fair value and divestiture date fair value of $34.9 million and $10.9 million, respectively, in the consolidated financial statements. As of September 30, 2023, the estimated fair values of the Percussion Earn-Out Obligation and Contingent Eagle Ford Consideration were $46.4 million and $21.7 million, respectively, and are presented in “Fair value of derivatives” in the consolidated balance sheets.

Financial Statement Presentation and Settlements

The Company records its derivative instruments at fair value in the consolidated balance sheets and records changes in fair value, as well as settlements during the period, as “(Gain) loss on derivative contracts” in the consolidated statements of operations. The Company presents the fair value of derivative contracts on a net basis in the consolidated balance sheets as they are subject to master netting arrangements. The following presents the impact of this presentation to the Company’s recognized assets and liabilities for the periods indicated:

			As of September 30, 2023
			Presented without												As Presented with
			Effects of Netting						Effects of Netting						Effects of Netting
			(In thousands)
Derivative Assets
Commodity derivative instruments			$9,792						($8,596)						$1,196
Fair value of derivatives - current			$9,792						($8,596)						$1,196
Commodity derivative instruments			$4,270						($4,208)						$62
Contingent consideration arrangements			21,680						—						21,680
Fair value of derivatives - non-current			$25,950						($4,208)						$21,742
Derivative Liabilities
Commodity derivative instruments			($57,575)						$8,596						($48,979)
Contingent consideration arrangements			(12,210)						—						(12,210)
Fair value of derivatives - current			($69,785)						$8,596						($61,189)
Commodity derivative instruments			($14,805)						$4,208						($10,597)
Contingent consideration arrangements			(34,210)						—						(34,210)
Fair value of derivatives - non-current			($49,015)						$4,208						($44,807)

			As of December 31, 2022
			Presented without												As Presented with
			Effects of Netting						Effects of Netting						Effects of Netting
			(In thousands)
Derivative Assets
Fair value of derivatives - current			$51,984						($30,652)						$21,332
Fair value of derivatives - non-current			$1,343						($889)						$454
Derivative Liabilities
Fair value of derivatives - current			($46,849)						$30,652						($16,197)
Fair value of derivatives - non-current			($14,304)						$889						($13,415)

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The components of “(Gain) loss on derivative contracts” are as follows for the respective periods:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
			(In thousands)
(Gain) loss on oil derivatives			$54,446						($157,731)						$18,165						$243,527
(Gain) loss on natural gas derivatives			(2,315)						22,881						2,380						56,800
Loss on NGL derivatives			2,933						—						2,933						4,771
Loss on contingent consideration arrangements			740						—						740						—
(Gain) loss on derivative contracts			$55,804						($134,850)						$24,218						$305,098

The components of “Cash received (paid) for commodity derivative settlements, net” and “Cash received (paid) for settlements of contingent consideration arrangements, net” are as follows for the respective periods:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
			(In thousands)
Cash flows from operating activities
Cash received (paid) on oil derivatives			$1,680						($117,024)						($4,450)						($374,711)
Cash received (paid) on natural gas derivatives			(560)						(28,572)						17,816						(55,024)
Cash paid on NGL derivatives			(92)						—						(92)						(3,783)
Cash received (paid) for commodity derivative settlements, net			$1,028						($145,596)						$13,274						($433,518)
Cash received for settlements of contingent consideration arrangements, net (1)			$—						$—						$—						$6,492
Cash flows from investing activities
Cash paid for settlement of contingent consideration arrangement (1)			$—						$—						$—						($19,171)
Cash flows from financing activities
Cash received for settlement of contingent consideration arrangement (1)			$—						$—						$—						$8,512

(1)    See “Note 8 — Derivative Instruments and Hedging Activities” of the Notes to Consolidated Financial Statements in our 2022 Annual Report for discussion of the contingent consideration arrangements.

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Derivative Positions

Listed in the tables below are the outstanding oil, natural gas, and NGL derivative contracts as of September 30, 2023:

			For the Remainder						For the Full Year
Oil Contracts (WTI)			2023						2024
Swap Contracts
Total volume (Bbls)			—						1,076,300
Weighted average price per Bbl			$—						$81.66
Collar Contracts (Three-Way Collars)
Total volume (Bbls)			541,528						3,963,025
Weighted average price per Bbl
Ceiling (short call)			$70.95						$78.86
Floor (long put)			$55.00						$58.16
Floor (short put)			$45.00						$48.16
Collar Contracts (Two-Way Collars)
Total volume (Bbls)			993,455						—
Weighted average price per Bbl
Ceiling (short call)			$87.20						$—
Floor (long put)			$72.04						$—
CMA Roll Swap Contracts
Total volume (Bbls)			838,828						—
Weighted average price per Bbl			$0.30						$—

			For the Remainder						For the Full Year
Natural Gas Contracts (Henry Hub)			2023						2024
Swap Contracts
Total volume (MMBtu)			620,000						—
Weighted average price per MMBtu			$3.00						$—
Collar Contracts
Total volume (MMBtu)			2,201,104						8,598,557
Weighted average price per MMBtu
Ceiling (short call)			$5.37						$3.89
Floor (long put)			$3.14						$3.00
Natural Gas Contracts (Waha Basis Differential)
Swap Contracts
Total volume (MMBtu)			2,460,000						7,320,000
Weighted average price per MMBtu			($1.49)						($1.06)
Natural Gas Contracts (HSC Basis Differential)
Swap Contracts
Total volume (MMBtu)			2,760,000						14,640,000
Weighted average price per MMBtu			($0.29)						($0.42)

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Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows:

Level 1 – Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities.

Level 2 – Other inputs that are observable directly or indirectly, such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3 – Unobservable inputs for which there is little or no market data and for which the Company makes its own assumptions about how market participants would price the assets and liabilities.

Fair Value of Financial Instruments

Cash, Cash Equivalents, and Restricted Investments. The carrying amounts for these instruments approximate fair value due to the short-term nature or maturity of the instruments.

Debt. The carrying amount of borrowings outstanding under the Credit Facility approximates fair value as the borrowings bear interest at variable rates and are reflective of market rates. The following table presents the principal amounts of the Senior Notes with the fair values measured using quoted secondary market trading prices which are designated as Level 2 within the valuation hierarchy.

						September 30, 2023												December 31, 2022
						Principal Amount						Fair Value						Principal Amount						Fair Value
						(In thousands)
8.25% Senior Notes						$—						$—						$187,238						$186,719
6.375% Senior Notes						320,783						314,634						320,783						301,732
8.0% Senior Notes						650,000						650,800						650,000						616,935
7.5% Senior Notes						600,000						581,754						600,000						550,812
Total						$1,570,783						$1,547,188						$1,758,021						$1,656,198

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Certain assets and liabilities are reported at fair value on a recurring basis in the consolidated balance sheets. The following methods and assumptions were used to estimate fair value:

Commodity Derivative Instruments. The fair value of commodity derivative instruments is derived using a third-party income approach valuation model that utilizes market-corroborated inputs that are observable over the term of the commodity derivative

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contract. The Company’s fair value calculations also incorporate an estimate of the counterparties’ default risk for commodity derivative assets and an estimate of the Company’s default risk for commodity derivative liabilities. As the inputs in the model are substantially observable over the term of the commodity derivative contract and as there is a wide availability of quoted market prices for similar commodity derivative contracts, the Company designates its commodity derivative instruments as Level 2 within the fair value hierarchy. See “Note 9 — Derivative Instruments and Hedging Activities” for further discussion.

Contingent Consideration Arrangements - Embedded Derivative Financial Instruments. The embedded options within the contingent consideration arrangements are considered financial instruments under ASC 815. The Company engages a third-party valuation specialist using an option pricing model approach to measure the fair value of the embedded options on a recurring basis. The valuation includes significant inputs such as forward oil price curves, time to expiration, and implied volatility. The model provides for the probability that the specified pricing thresholds would be met for each settlement period, estimates undiscounted payouts, and risk adjusts for the discount rates inclusive of adjustments for each of the counterparty’s credit quality. As these inputs are substantially observable for the full term of the contingent consideration arrangements, the inputs are considered Level 2 inputs within the fair value hierarchy. See “Note 9 - Derivative Instruments and Hedging Activities” for further discussion.

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022:

			September 30, 2023
			Level 1						Level 2						Level 3
			(In thousands)
Derivative Assets
Commodity derivative instruments			$—						$1,258						$—
Contingent consideration arrangements			—						21,680						—
Total net assets			$—						$22,938						$—
Derivative Liabilities
Commodity derivative instruments			$—						($59,576)						$—
Contingent consideration arrangements			—						(46,420)						—
Total net liabilities			$—						($105,996)						$—
			December 31, 2022
			Level 1						Level 2						Level 3
			(In thousands)
Commodity derivative assets			$—						$21,786						$—
Commodity derivative liabilities			$—						($29,612)						$—

There were no transfers between any of the fair value levels during any period presented.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Acquisitions. The fair value of assets acquired and liabilities assumed are measured as of the acquisition date by a third-party valuation specialist using a combination of income and market approaches, which are not observable in the market and are therefore designated as Level 3 inputs. Significant inputs include expected discounted future cash flows from estimated reserve quantities, estimates for timing and costs to produce and develop reserves, oil and natural gas forward prices, and a risk adjusted discount rate. See “Note 5 –Acquisitions and Divestitures” for additional discussion.

The Company provides for income taxes at the statutory rate of 21%. Reported income tax expense differs from the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income. These differences primarily relate to non-deductible executive compensation expenses, restricted stock unit windfalls, changes in valuation allowances, and state income taxes.

For the three and nine months ended September 30, 2023, the Company recognized income tax expense of $0.5 million and income tax benefit of $206.4 million, respectively, as a result of the release of the valuation allowance recorded against the Company’s net deferred tax assets as discussed further below. For the three and nine months ended September 30, 2022, the Company recognized

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income tax expense of $3.4 million and $6.5 million, respectively, as a result of the full valuation allowance that was in place and the effect of state income taxes.

Deferred Tax Asset Valuation Allowance

RSU Equity Awards

The following table summarizes activity for restricted stock units that may be settled in common stock (“RSU Equity Awards”) for the nine months ended September 30, 2023:

						Nine Months Ended September 30, 2023
						RSU Equity Awards (In thousands)						Weighted Average Grant Date Fair Value
Unvested, beginning of the period						800						$44.79
Granted						539						$34.54
Vested						(369)						$39.89
Forfeited						(128)						$44.00
Unvested, end of the period						842						$40.49

Grant activity for the nine months ended September 30, 2023 primarily consisted of RSU Equity Awards granted to executives and employees as part of the annual grant of long-term equity incentive awards with a weighted-average grant date fair value of $34.54.

The aggregate fair value of RSU Equity Awards that vested during the nine months ended September 30, 2023 was $12.3 million. As of September 30, 2023, unrecognized compensation costs related to unvested RSU Equity Awards were $25.3 million and will be recognized over a weighted average period of 2.0 years.

Cash-Settled Awards

As of September 30, 2023 and December 31, 2022, the Company had a total liability of $3.4 million and $6.5 million, respectively, for outstanding Cash-Settled Awards (as defined below). As of December 31, 2022, Cash-Settled Awards consisted of restricted stock unit awards that may be settled in cash (“Cash-Settled RSU Awards”) and stock appreciation rights to be settled in cash (“Cash SARs” and, collectively with the Cash-Settled RSU Awards, the “Cash-Settled Awards”). As of September 30, 2023, there were no Cash-Settled RSU Awards outstanding.

Share-Based Compensation Expense (Benefit), Net

Share-based compensation expense associated with the RSU Equity Awards and the Cash-Settled Awards is included in “General and administrative” in the consolidated statements of operations. The following table presents share-based compensation expense (benefit), net for the periods indicated:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2023						2022*						2023						2022*
						(In thousands)
RSU Equity Awards						$3,906						$3,892						$11,613						$11,581
Cash-Settled Awards						49						(2,151)						(2,089)						(7,154)
Total share-based compensation expense (benefit), net						$3,955						$1,741						$9,524						$4,427

*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

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On May 2, 2023, the board of directors (the “Board”) of the Company approved a share repurchase program (the “Share Repurchase Program”), pursuant to which the Company is authorized to repurchase up to $300.0 million of its outstanding common stock through the second quarter of 2025. Repurchases under the Share Repurchase Program may be made, from time to time, in amounts and at prices the Company deems appropriate and will be subject to a variety of factors, including the market price of the Company’s common stock, general market and economic conditions and applicable legal requirements. The Share Repurchase Program may be suspended, modified or discontinued by the Board at any time without prior notice.

During the three months ended September 30, 2023, the Company repurchased and retired 386,719 shares of common stock at a weighted average purchase price of $38.72 per common share for a total cost of approximately $15.0 million. As of September 30, 2023, the remaining authorized repurchase amount under the Share Repurchase Program was $285.0 million.

			Nine Months Ended September 30,
			2023						2022*
			(In thousands)
Supplemental cash flow information:
Interest paid			$142,616						$159,832
Income taxes paid (1)			4,477						—
Non-cash investing and financing activities:
Change in accrued capital expenditures			$41,505						$13,966
Change in asset retirement costs			5,956						3,665

*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

(1)    The Company did not pay or receive a refund for any federal income tax for the nine months ended September 30, 2022. For the nine months ended September 30, 2023 and 2022, the Company had net payments of $2.3 million and $0.2 million, respectively, for state income taxes.

Credit Agreement Reaffirmation

See “Note 8 — Borrowings” for discussion of the results of the Company’s fall 2023 borrowing base redetermination.

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v3.23.3

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-14039
Entity Registrant Name	Callon Petroleum Co
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	64-0844345
Entity Address, Address Line One	One Briarlake Plaza
Entity Address, Address Line Two	2000 W. Sam Houston Parkway S., Suite 2000
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	(281)
Local Phone Number	589-5200
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CPE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		67,773,848
Entity Central Index Key	0000928022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

v3.23.3

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	[1]
Current assets:
Cash and cash equivalents	$ 3,456	$ 3,395
Accounts receivable, net	262,394	237,128
Fair value of derivatives	1,196	21,332
Other current assets	29,665	35,783
Total current assets	296,711	297,638
Oil and natural gas properties, successful efforts accounting method:
Proved properties, net	4,815,776	4,851,529
Unproved properties	1,287,019	1,225,768
Total oil and natural gas properties, net	6,102,795	6,077,297
Other property and equipment, net	26,398	26,152
Deferred income taxes	199,734	0
Deferred financing costs	14,235	18,822
Fair value of derivatives	21,742	454
Other assets, net	66,908	68,106
Total assets	6,728,523	6,488,469
Current liabilities:
Accounts payable and accrued liabilities	585,529	536,233
Fair value of derivatives	61,189	16,197
Other current liabilities	103,077	150,384
Total current liabilities	749,795	702,814
Long-term debt	1,948,619	2,241,295
Asset retirement obligations	41,290	53,892
Fair value of derivatives	44,807	13,415
Other long-term liabilities	82,954	51,272
Total liabilities	2,867,465	3,062,688
Commitments and contingencies
Stockholders’ equity:
Common stock	678	616
Capital in excess of par value	4,225,183	4,022,194
Accumulated deficit	(364,803)	(597,029)
Total stockholders’ equity	3,861,058	3,425,781	[2]
Total liabilities and stockholders’ equity	$ 6,728,523	$ 6,488,469
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. [2] Financial information for prior periods has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	130,000,000	130,000,000
Common stock, outstanding (in shares)	67,770,721	61,621,518

v3.23.3

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	[1]	Sep. 30, 2023	Sep. 30, 2022	[1]
Operating Revenues:
Total operating revenues	$ 619,298	$ 835,877		$ 1,741,627	$ 2,526,715
Operating Expenses:
Lease operating	73,525	76,121		225,415	216,389
Production and ad valorem taxes	30,592	43,290		88,019	125,841
Gathering, transportation and processing	27,255	27,575		80,570	71,617
Exploration	3,588	2,942		7,702	7,237
Depreciation, depletion and amortization	138,598	129,895		391,911	359,494
Impairment of oil and gas properties	0	0		406,898	0	[2]
Gain on sale of oil and gas properties	(20,570)	0		(20,570)	0
General and administrative	29,339	24,253		86,905	71,485
Merger, integration and transaction	4,925	0		6,468	769
Total operating expenses	398,370	415,515		1,559,265	1,230,939
Income From Operations	220,928	420,362		182,362	1,295,776
Other (Income) Expenses:
Interest expense	43,149	46,929		136,694	141,020
(Gain) loss on derivative contracts	55,804	(134,850)		24,218	305,098
(Gain) loss on extinguishment of debt	(1,238)	0		(1,238)	42,417
Other (income) expense	3,220	2,861		(3,140)	3,130
Total other (income) expense	100,935	(85,060)		156,534	491,665
Income Before Income Taxes	119,993	505,422		25,828	804,111
Income tax benefit (expense)	(509)	(3,383)		206,398	(6,536)
Net Income	$ 119,484	$ 502,039		$ 232,226	$ 797,575	[2]
Net Income Per Common Share:
Basic (in dollars per share)	$ 1.76	$ 8.14		$ 3.64	$ 12.94
Diluted (in dollars per share)	$ 1.75	$ 8.11		$ 3.63	$ 12.88
Weighted Average Common Shares Outstanding:
Basic (in shares)	67,931	61,703		63,827	61,624
Diluted (in shares)	68,083	61,870		64,016	61,927
Oil
Operating Revenues:
Total operating revenues	$ 438,665	$ 575,852		$ 1,269,996	$ 1,748,913
Natural gas
Operating Revenues:
Total operating revenues	25,045	81,018		63,054	189,907
Natural gas liquids
Operating Revenues:
Total operating revenues	46,489	67,548		130,488	210,696
Sales of purchased oil and gas
Operating Revenues:
Total operating revenues	109,099	111,459		278,089	377,199
Operating Expenses:
Cost of purchased oil and gas	$ 111,118	$ 111,439		$ 285,947	$ 378,107
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. [2] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information

v3.23.3

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Total		Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	[1]	Common Stock		Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance	[1]	Capital in Excess of Par	Capital in Excess of Par Cumulative Effect, Period of Adoption, Adjusted Balance	[1]	Accumulated deficit	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated deficit Cumulative Effect, Period of Adoption, Adjusted Balance	[1]
Beginning balance (in shares) at Dec. 31, 2021							61,371,000		61,371,000
Beginning balance at Dec. 31, 2021		$ 1,865,768		$ 530,732	$ 2,396,500		$ 614		$ 614		$ 4,012,358	$ 4,012,358		$ (2,147,204)	$ 530,732	$ (1,616,472)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(7,715)												(7,715)
Restricted stock units (in shares)							6,000
Restricted stock units		2,790									2,790
Common stock issued for Primexx Acquisition (in shares)							117,000
Common stock issued for Primexx Acquisition		6,295					$ 1				6,294
Ending balance (in shares) at Mar. 31, 2022	[1]						61,494,000
Ending balance at Mar. 31, 2022	[1]	2,397,870					$ 615				4,021,442			(1,624,187)
Beginning balance (in shares) at Dec. 31, 2021							61,371,000		61,371,000
Beginning balance at Dec. 31, 2021		1,865,768		$ 530,732	$ 2,396,500		$ 614		$ 614		4,012,358	$ 4,012,358		(2,147,204)	$ 530,732	$ (1,616,472)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	[2],[3]	797,575
Ending balance (in shares) at Sep. 30, 2022	[1]						61,607,000
Ending balance at Sep. 30, 2022	[1]	3,199,960					$ 616				4,018,241			(818,897)
Beginning balance (in shares) at Mar. 31, 2022	[1]						61,494,000
Beginning balance at Mar. 31, 2022	[1]	2,397,870					$ 615				4,021,442			(1,624,187)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		303,251												303,251
Restricted stock units (in shares)							244,000
Restricted stock units		(1,899)					$ 2				(1,901)
Common stock issued for Percussion Acquisition (in shares)							(22,000)
Common stock issued for Primexx Acquisition		(1,363)									(1,363)
Ending balance (in shares) at Jun. 30, 2022	[1]						61,716,000
Ending balance at Jun. 30, 2022	[1]	2,697,859					$ 617				4,018,178			(1,320,936)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		502,039	[3]											502,039
Restricted stock units (in shares)							1,000
Restricted stock units		3,893									3,893
Common stock issued for Percussion Acquisition (in shares)							(110,000)
Common stock issued for Primexx Acquisition		(3,831)					$ (1)				(3,830)
Ending balance (in shares) at Sep. 30, 2022	[1]						61,607,000
Ending balance at Sep. 30, 2022	[1]	$ 3,199,960					$ 616				4,018,241			(818,897)
Beginning balance (in shares) at Dec. 31, 2022		61,621,518					61,622,000	[1]
Beginning balance at Dec. 31, 2022	[1]	$ 3,425,781	[4]				$ 616				4,022,194			(597,029)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		220,638												220,638
Restricted stock units (in shares)							3,000
Restricted stock units		3,339									3,339
Ending balance (in shares) at Mar. 31, 2023							61,625,000
Ending balance at Mar. 31, 2023		$ 3,649,758					$ 616				4,025,533			(376,391)
Beginning balance (in shares) at Dec. 31, 2022		61,621,518					61,622,000	[1]
Beginning balance at Dec. 31, 2022	[1]	$ 3,425,781	[4]				$ 616				4,022,194			(597,029)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		$ 232,226
Ending balance (in shares) at Sep. 30, 2023		67,770,721					67,771,000
Ending balance at Sep. 30, 2023		$ 3,861,058					$ 678				4,225,183			(364,803)
Beginning balance (in shares) at Mar. 31, 2023							61,625,000
Beginning balance at Mar. 31, 2023		3,649,758					$ 616				4,025,533			(376,391)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(107,896)												(107,896)
Restricted stock units (in shares)							263,000
Restricted stock units		810					$ 3				807
Ending balance (in shares) at Jun. 30, 2023							61,888,000
Ending balance at Jun. 30, 2023		3,542,672					$ 619				4,026,340			(484,287)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		119,484												119,484
Restricted stock units (in shares)							2,000
Restricted stock units		3,881									3,881
Common stock issued for Primexx Acquisition (in shares)							6,267,000
Common stock issued for Primexx Acquisition		210,000					$ 63				209,937
Repurchase and retirement of common stock		$ (14,979)					$ (4)				(14,975)
Repurchase and retirement of common stock (in shares)							(386,000)
Ending balance (in shares) at Sep. 30, 2023		67,770,721					67,771,000
Ending balance at Sep. 30, 2023		$ 3,861,058					$ 678				$ 4,225,183			$ (364,803)
[1] Financial information for prior periods has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. [2] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information [3] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. [4] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	[1]
Cash flows from operating activities:
Net income	$ 232,226	$ 797,575	[2]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	391,911	359,494
Impairment of oil and gas properties	406,898	0	[2]
Amortization of non-cash debt related items, net	7,979	9,680
Deferred income tax (benefit) expense	(206,041)	1,110
(Gain) loss on derivative contracts	24,218	305,098
Cash received (paid) for commodity derivative settlements, net	13,274	(433,518)
Gain on extinguishment of debt	(1,238)	42,417
Gain on sale of oil and gas properties	(20,570)	0
Non-cash expense related to share-based awards	9,524	4,427
Other, net	4,563	8,704
Changes in current assets and liabilities:
Accounts receivable	14,219	(52,423)
Other current assets	(13,178)	(12,229)
Accounts payable and accrued liabilities	(69,522)	(8,649)
Net cash provided by operating activities	794,263	1,021,686
Cash flows from investing activities:
Capital expenditures	(751,004)	(648,149)
Acquisition of oil and gas properties	(278,434)	(17,006)
Proceeds from sales of assets	551,446	9,313
Cash paid for settlement of contingent consideration arrangement	0	(19,171)
Other, net	(2,850)	13,497
Net cash used in investing activities	(480,842)	(661,516)
Cash flows from financing activities:
Borrowings on credit facility	2,629,500	2,535,000
Payments on credit facility	(2,736,500)	(2,684,000)
Issuance of 7.5% Senior Notes due 2030	0	600,000
Redemption of 9.0% Second Lien Senior Secured Notes due 2025	0	(339,507)
Payment of deferred financing costs	(560)	(11,623)
Cash paid to repurchase common stock	(14,980)	0
Other, net	(3,582)	1,715
Net cash used in financing activities	(313,360)	(365,702)
Net change in cash and cash equivalents	61	(5,532)
Balance, beginning of period	3,395	9,882
Balance, end of period	3,456	4,350
8.25% Senior Notes due 2025
Cash flows from financing activities:
Redemption of 6.125% Senior Notes due 2024	(187,238)	0
6.125% Senior Note Due 2024
Cash flows from financing activities:
Redemption of 6.125% Senior Notes due 2024	$ 0	$ (467,287)
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information [2] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Consolidated Statements of Cash Flows (Parenthetical)	Sep. 30, 2023
7.5% Senior Notes due 2030
Debt instrument, interest rate, stated (as a percent)	7.50%
8.25% Senior Notes due 2025
Debt instrument, interest rate, stated (as a percent)	8.25%
6.125% Senior Note Due 2024
Debt instrument, interest rate, stated (as a percent)	6.125%
9.0% Second Lien Senior Secured Notes Due 2025
Debt instrument, interest rate, stated (as a percent)	9.00%

v3.23.3

Description of Business	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of BusinessCallon Petroleum Company is an independent oil and natural gas company focused on the acquisition, exploration and sustainable development of high-quality assets in the Permian Basin in West Texas. As used herein, the “Company,” “Callon,” “we,” “us,” and “our” refer to Callon Petroleum Company and its predecessors and subsidiaries unless the context requires otherwise.

v3.23.3

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of the Company after elimination of intercompany transactions and balances. These financial statements have been prepared pursuant to the rules and regulations of the SEC and therefore do not include all disclosures required for financial statements prepared in conformity with GAAP. In the opinion of management, these financial statements reflect all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial position, results of operations and cash flows. However, the results of operations for the periods presented are not necessarily indicative of the results of operations that may be expected for the full year. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications did not have a material impact on prior period financial statements. Significant Accounting Policies The Company’s significant accounting policies are described in “Note 2 — Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in its 2022 Annual Report and are supplemented by the notes included in this Form 10-Q. The financial statements and related notes included in this Form 10-Q should be read in conjunction with the Company’s 2022 Annual Report. Recast Financial Information for Change in Accounting Principle In the first quarter of 2023, the Company voluntarily changed its method of accounting for its oil and gas exploration and development activities from the full cost method to the successful efforts method of accounting. Accordingly, the financial information for prior periods has been recast to reflect retrospective application of the successful efforts method, as prescribed by the FASB Accounting Standards Codification (“ASC”) 932 “Extractive Activities — Oil and Gas.” Although the full cost method of accounting continues to be an accepted alternative, the successful efforts method of accounting is the generally preferred method of the SEC and, because it is more widely used in the industry, the Company expects the change to improve the comparability of its financial statements to its peers. The Company also believes the successful efforts method provides a more representational depiction of assets and operating results and provides for its investments in oil and natural gas properties to be assessed for impairment in accordance with ASC Topic 360 “Property Plant and Equipment,” rather than valuations based on prices and costs prescribed under the full cost method as of the balance sheet date. As required by ASC 250 “Accounting Changes and Error Corrections,” the Company has presented the accumulated effect of the change in accounting principle as a change in the beginning balance of retained earnings (accumulated deficit) of the earliest period presented in the consolidated financial statements. For detailed information regarding the effects of the change to the successful efforts method, see “Note 3 — Change in Accounting Principle.” Oil and Natural Gas Properties Proved Oil and Natural Gas Properties. The Company follows the successful efforts method of accounting for its oil and gas properties. Under this method, drilling and completion costs, including lease and well equipment, intangible development costs, and operational support facilities in the field, associated with development wells are capitalized to proved oil and gas properties and are depleted on an asset group basis (properties aggregated based on geographical and geological characteristics) using the units-of-production method based on estimated proved developed oil and gas reserves. The calculation of depletion expense takes into consideration estimated asset retirement costs, net of estimated salvage values. Proved oil and gas properties are assessed for impairment on an asset group basis whenever events and circumstances indicate that there could be a possible decline in the recoverability of the net book value of such property. The Company estimates the expected future net cash flows of its proved oil and gas properties and compares these undiscounted cash flows to the net book value of the proved oil and gas properties to determine if the net book value is recoverable. If the net book value exceeds the estimated undiscounted future net cash flows, the Company will recognize an impairment to reduce the net book value of the proved oil and gas properties to fair value. The factors used to determine fair value include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, estimated future development costs and operating costs, and discount rates, which are based on a weighted average cost of capital. See “Note 5 — Acquisitions and Divestitures” for details of the impairment recorded in the second quarter of 2023 associated with the sale of all the Company’s interests of Callon (Eagle Ford) LLC to Ridgemar Energy Operating, LLC. The partial sale of a proved property within an existing asset group is accounted for as a normal retirement and no net gain or loss on divestiture is recognized as long as the treatment does not significantly alter the units-of-production depletion rate. The sale of a partial interest in an individual proved property is accounted for as a recovery of cost. A net gain or loss on divestiture is recognized in the consolidated statements of operations for all other sales of proved properties. Unproved Oil and Natural Gas Properties. Unproved oil and gas properties consist of costs incurred in obtaining a mineral interest or a right in a property such as a lease, in addition to broker fees, recording fees and other similar costs. Leasehold costs are classified as unproved until proved reserves are discovered on or otherwise attributed to the property, at which time the related unproved oil and gas property costs are reclassified to proved oil and gas properties and depleted on an asset group basis using the units-of-production method based on estimated total proved oil and gas reserves. The Company evaluates significant unproved oil and gas property costs for impairment based on remaining lease term, drilling results, reservoir performance, seismic interpretation or changes in future plans to develop acreage. Unproved oil and gas properties that are not individually significant are aggregated by asset group, and the portion of such costs estimated to be nonproductive prior to lease expiration is amortized over the average holding period. The estimate of what could be nonproductive is based on the Company’s historical experience or other information, including current drilling plans and existing geological data. Impairment and amortization of unproved oil and gas properties are recognized as “Impairment of oil and gas properties” in the consolidated statements of operations. Exploratory. Exploratory costs, including personnel and other internal costs, geological and geophysical expenses and delay rentals for oil and gas leases, are expensed as incurred. Exploratory well costs are initially capitalized pending the determination of whether proved reserves have been discovered. If proved reserves are discovered, exploratory well costs are capitalized as proved oil and gas properties. If proved reserves are not found, exploratory well costs are expensed as dry holes. The application of the successful efforts method of accounting requires management’s judgment to determine the proper designation of wells as either development or exploratory, which will ultimately determine the proper accounting treatment of costs of dry holes. Capitalized Interest. The Company capitalizes interest on expenditures made in connection with exploration and development projects that meet certain thresholds and are not subject to current amortization. For projects that meet these thresholds, interest is capitalized only for the period that activities are in process to bring the projects to their intended use. Capitalized interest cannot exceed interest expense for the period capitalized. During both the three and nine months ended September 30, 2023 and 2022, the Company did not have any projects that met the thresholds and, therefore, had no capitalized interest. Share Repurchase Program The Company repurchases shares of its common stock from time to time under a program authorized by the Board of Directors. The Company retires shares acquired through share repurchases and returns those shares to the status of authorized but unissued. The repurchased and retired shares are recorded as a reduction to “Common stock” and “Capital in excess of par value” in the consolidated balance sheets. See “Note 13 — Stockholders’ Equity” for further discussion. Recently Issued Accounting Standards As of September 30, 2023, and through the filing of this report, no new accounting standards have been issued and not yet adopted that are applicable to the Company and that would have a material effect on the Company’s unaudited interim consolidated financial statements and related disclosures. Subsequent Events The Company evaluates subsequent events through the date the financial statements are issued. See “Note 17 — Subsequent Events” for further discussion.

v3.23.3

Change in Accounting Principle	9 Months Ended
	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Change in Accounting Principle	Change in Accounting PrincipleIn the first quarter of 2023, the Company voluntarily changed its method of accounting for oil and natural gas exploration and development activities from the full cost method to the successful efforts method. Accordingly, financial information for prior periods has been recast to reflect retrospective application of the successful efforts method. In general, under successful efforts, exploration costs such as exploratory dry holes, exploratory geophysical and geological costs, delay rentals, unproved leasehold impairments and exploration overhead are expensed as incurred as opposed to being capitalized under the full cost method of accounting. The successful efforts method also provides for the assessment of potential proved oil and gas property impairments by comparing the net book value of proved oil and gas properties to associated estimated undiscounted future net cash flows. If the net book value exceeds the estimated undiscounted future net cash flows, an impairment is recorded to reduce the net book value to fair value. Under the full cost method of accounting, an impairment would be required if the net book value of oil and natural gas properties exceeds a full cost ceiling using an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months. In addition, gains or losses, if applicable, are recognized more frequently on the divestitures of oil and gas properties under the successful efforts method, as opposed to an adjustment to the net book value of the oil and gas properties under the full cost method. The “Impairment of oil and gas properties” and “Gain on sale of oil and gas properties” line items presented in the tables below are in connection with the sale of all of the Company’s interests of Callon (Eagle Ford) LLC to Ridgemar Energy Operating, LLC. See “Note 5 — Acquisitions and Divestitures” for additional details. The following tables present the effects of the change to the successful efforts method in the consolidated balance sheets: As of September 30, 2023 Under Full Cost Changes Under Successful Efforts (In thousands) Oil and natural gas properties: Proved properties $11,191,350  ($1,947,545) $9,243,805  Accumulated depreciation, depletion, amortization and impairments (6,734,174) 2,306,145  (4,428,029) Unproved properties 1,807,300  (520,281) 1,287,019  Total oil and gas properties, net 6,264,476  (161,681) 6,102,795  Deferred income taxes 170,001  29,733  199,734  Total assets $6,860,471  ($131,948) $6,728,523  Stockholders’ equity: Accumulated deficit (232,855) (131,948) (364,803) Total stockholders' equity 3,993,006  (131,948) 3,861,058  Total liabilities and stockholders' equity $6,860,471  ($131,948) $6,728,523  As of December 31, 2022 Under Full Cost Changes Under Successful Efforts (In thousands) Oil and natural gas properties: Proved properties $10,367,478  ($1,099,343) $9,268,135  Accumulated depreciation, depletion, amortization and impairments (6,343,875) 1,927,269  (4,416,606) Unproved properties 1,711,306  (485,538) 1,225,768  Total oil and gas properties, net 5,734,909  342,388  6,077,297  Total assets $6,146,081  $342,388  $6,488,469  Deferred income taxes (1) 4,279  2,029  6,308  Stockholders’ equity: Accumulated deficit (937,388) 340,359  (597,029) Total stockholders' equity 3,085,422  340,359  3,425,781  Total liabilities and stockholders' equity $6,146,081  $342,388  $6,488,469  (1)    Included in “Other long-term liabilities” in the consolidated balance sheets. The following tables present the effects of the change to the successful efforts method in the consolidated statements of operations: Three Months Ended September 30, 2023 Under Full Cost Changes Under Successful Efforts (In thousands, except per share amounts) Operating Expenses: Exploration $—  $3,588  $3,588  Depreciation, depletion and amortization 138,313  285  138,598  Gain on sale of oil and gas properties —  (20,570) (20,570) General and administrative 22,016  7,323  29,339  Income From Operations 211,554  9,374  220,928  Other Expenses: Interest expense 14,145  29,004  43,149  Income Before Income Taxes 139,623  (19,630) 119,993  Income tax benefit (expense) 10,663  (11,172) (509) Net Income $150,286  ($30,802) $119,484  Net Income Per Common Share: Basic $2.21  $1.76  Diluted $2.21  $1.75  Three Months Ended September 30, 2022 Under Full Cost Changes Under Successful Efforts (In thousands, except per share amounts) Operating Expenses: Exploration $—  $2,942  $2,942  Depreciation, depletion and amortization 122,833  7,062  129,895  General and administrative 14,022  10,231  24,253  Income From Operations 440,597  (20,235) 420,362  Other Expenses: Interest expense 19,468  27,461  46,929  Income Before Income Taxes 553,118  (47,696) 505,422  Income tax expense (3,515) 132  (3,383) Net Income $549,603  ($47,564) $502,039  Net Income Per Common Share: Basic $8.91  $8.14  Diluted $8.88  $8.11  Nine Months Ended September 30, 2023 Under Full Cost Changes Under Successful Efforts (In thousands, except per share amounts) Operating Expenses: Exploration $—  $7,702  $7,702  Depreciation, depletion and amortization 396,348  (4,437) 391,911  Impairment of oil and gas properties —  406,898  406,898  Gain on sale of oil and gas properties —  (20,570) (20,570) General and administrative 56,305  30,600  86,905  Income From Operations 602,555  (420,193) 182,362  Other Expenses: Interest expense 52,818  83,876  136,694  Income Before Income Taxes 529,897  (504,069) 25,828  Income tax benefit 174,636  31,762  206,398  Net Income $704,533  ($472,307) $232,226  Net Income Per Common Share: Basic $11.04  $3.64  Diluted $11.01  $3.63  Nine Months Ended September 30, 2022 Under Full Cost Changes Under Successful Efforts (In thousands, except per share amounts) Operating Expenses: Exploration $—  $7,237  $7,237  Depreciation, depletion and amortization 335,221  24,273  359,494  General and administrative 42,052  29,433  71,485  Income From Operations 1,356,719  (60,943) 1,295,776  Other Expenses: Interest expense 61,717  79,303  141,020  Income Before Income Taxes 944,357  (140,246) 804,111  Income tax expense (7,008) 472  (6,536) Net Income $937,349  ($139,774) $797,575  Net Income Per Common Share: Basic $15.21  $12.94  Diluted $15.14  $12.88  The following tables present the effects of the change to the successful efforts method in the consolidated statements of cash flows: Nine Months Ended September 30, 2023 Under Full Cost Changes Under Successful Efforts (In thousands) Cash flows from operating activities: Net income $704,533  ($472,307) $232,226  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 396,348  (4,437) 391,911  Impairment of oil and gas properties —  406,898  406,898  Amortization of non-cash debt related items, net 3,064  4,915  7,979  Deferred income tax benefit (174,279) (31,762) (206,041) Gain on sale of oil and gas properties —  (20,570) (20,570) Non-cash expense related to share-based awards 3,848  5,676  9,524  Net cash provided by operating activities 905,850  (111,587) 794,263  Cash flows from investing activities: Capital expenditures (854,889) 103,885  (751,004) Acquisition of oil and gas properties (286,136) 7,702  (278,434) Net cash used in investing activities (592,429) 111,587  (480,842) Net change in cash and cash equivalents 61  —  61  Balance, beginning of period 3,395  —  3,395  Balance, end of period $3,456  $—  $3,456  Nine Months Ended September 30, 2022 Under Full Cost Changes Under Successful Efforts (In thousands) Cash flows from operating activities: Net income $937,349  ($139,774) $797,575  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 335,221  24,273  359,494  Amortization of non-cash debt related items, net 4,263  5,417  9,680  Deferred income tax expense 1,626  (516) 1,110  Non-cash expense related to share-based awards 1,055  3,372  4,427  Changes in current assets and liabilities: Accounts payable and accrued liabilities (8,693) 44  (8,649) Net cash provided by operating activities 1,128,870  (107,184) 1,021,686  Cash flows from investing activities: Capital expenditures (754,225) 106,076  (648,149) Acquisition of oil and gas properties (18,114) 1,108  (17,006) Net cash used in investing activities (768,700) 107,184  (661,516) Net change in cash and cash equivalents (5,532) —  (5,532) Balance, beginning of period 9,882  —  9,882  Balance, end of period $4,350  $—  $4,350  The following tables present the effects of the change to the successful efforts method in the consolidated statements of stockholders’ equity: As of September 30, 2023 Under Full Cost Changes Under Successful Efforts (In thousands) Accumulated deficit ($232,855) ($131,948) ($364,803) Total stockholders’ equity $3,993,006  ($131,948) $3,861,058  As of December 31, 2022 Under Full Cost Changes Under Successful Efforts (In thousands) Accumulated deficit ($937,388) $340,359  ($597,029) Total stockholders’ equity $3,085,422  $340,359  $3,425,781

v3.23.3

Revenue Recognition	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Revenue from Contracts with Customers The Company recognizes oil, natural gas, and NGL production revenue at the point in time when control of the product transfers to the purchaser, which differs depending on the applicable contractual terms. Transfer of control also drives the presentation of gathering, transportation and processing expenses in the consolidated statements of operations. See “Note 3 — Revenue Recognition” of the Notes to Consolidated Financial Statements in the 2022 Annual Report for more information regarding the types of contracts under which oil, natural gas, and NGL production revenue is generated. Oil and Gas Purchase and Sale Arrangements The Company proactively evaluates development plans and looks to enter into pipeline transportation contracts to mitigate market exposures and help ensure certainty of flow for its oil and gas production, in some cases multiple years in advance of development. Additionally, as the Company looks to optimize its operations and reduce exposures, in certain instances, the Company purchases oil and gas from third parties which is utilized to fulfill portions of its pipeline commitments. Sales of purchased oil and gas represent revenues the Company receives from sales of commodities purchased from a third party. The Company recognizes these revenues and the purchase of the third-party commodities, as well as any costs associated with the purchase, on a gross basis, as the Company acts as a principal in these transactions by assuming control of the purchased commodity before it is transferred to the customer. Accounts Receivable from Revenues from Contracts with Customers Net accounts receivable include amounts billed and currently due from revenues from contracts with customers of our oil and natural gas production, which had a balance at September 30, 2023 and December 31, 2022 of $169.3 million and $174.1 million, respectively, and are presented in “Accounts receivable, net” in the consolidated balance sheets. Prior Period Performance Obligations The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for sales may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. The Company records the differences between estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. The Company has existing internal controls for its revenue estimation process and related accruals, and any identified differences between its revenue estimates and actual revenue received historically have not been significant.

v3.23.3

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Eagle Ford Divestiture On May 3, 2023, the Company entered into an agreement with Ridgemar Energy Operating, LLC (“Ridgemar”) for the sale of all its oil and gas properties in the Eagle Ford (the “Eagle Ford Divestiture”) for consideration of $655.0 million in cash, subject to customary purchase price adjustments, as well as contingent consideration where the Company could receive up to $45.0 million if the WTI price of oil exceeds certain thresholds in 2024 (“Contingent Eagle Ford Consideration”). See “Note 9 — Derivative Instruments and Hedging Activities” for further discussion of the Contingent Eagle Ford Consideration. Upon signing, Ridgemar paid approximately $49.1 million as a deposit into a third-party escrow account. The transaction was structured as the acquisition by Ridgemar of 100% of the limited liability company interests of the Company’s wholly owned subsidiary, Callon (Eagle Ford) LLC. During the second quarter of 2023, the Company classified the assets and liabilities associated with the Eagle Ford Divestiture as held for sale, and recorded an impairment of $406.9 million against properties associated with the Eagle Ford Divestiture as the fair value less cost to sell was less than the carrying amount of the net assets. On July 3, 2023, the Company closed the Eagle Ford Divestiture. The Eagle Ford Divestiture has an adjusted purchase price of approximately $549.3 million in cash, inclusive of the deposit paid at signing, subject to customary post-closing purchase price adjustments. As a result, the Company recorded a gain on sale of assets of $20.6 million. Percussion Acquisition On May 3, 2023, the Company entered into an agreement (the “Percussion Agreement”) with Percussion Petroleum Management II, LLC (“Percussion”) for the purchase of its oil and gas properties in the Delaware Basin (the “Percussion Acquisition”) for consideration of $475.0 million, which consisted of $255.0 million in cash, inclusive of the repayment of Percussion’s indebtedness of approximately $220.0 million, and $210.0 million of shares of the Company’s common stock, subject to customary purchase price adjustments. Upon signing, the Company paid $36.0 million as a deposit into a third-party escrow account. The transaction was structured as the acquisition by Callon Petroleum Operating Company of 100% of the limited liability company interests of Percussion’s wholly owned subsidiary, Percussion Petroleum Operating II, LLC (“Percussion Operating”). On July 3, 2023, the Company closed the Percussion Acquisition for an adjusted purchase price of approximately $248.5 million in cash, inclusive of the deposit paid at signing and the repayment of Percussion Operating’s indebtedness of approximately $220.0 million, and approximately 6.3 million shares of the Company’s common stock for total consideration of $458.5 million, subject to customary post-closing purchase price adjustments. The Company funded the cash portion of the total consideration with proceeds from the Eagle Ford Divestiture. Additionally, the Company assumed Percussion Operating’s (as defined below) existing hedges and transportation contract liabilities, and could have to pay up to $62.5 million if the WTI price of oil exceeds certain thresholds in 2023, 2024, and 2025 (“Percussion Earn-Out Obligation”). The Percussion Acquisition was accounted for as a business combination; therefore, the purchase price was allocated to the assets acquired and the liabilities assumed based on their estimated acquisition date fair values with information available at that time. A combination of a discounted cash flow model and market data was used by a third-party specialist in determining the fair value of the oil and gas properties. Significant inputs into the calculation included future commodity prices, estimated volumes of oil and gas reserves, expectations for timing and amount of future development and operating costs, future plugging and abandonment costs and a risk adjusted discount rate. Certain data necessary to complete the purchase price allocation is not yet available. The Company expects to complete the purchase price allocation during the 12-month period following the acquisition date. The following table sets forth the Company’s preliminary allocation of the total estimated consideration of $458.5 million to the assets acquired and liabilities assumed as of the acquisition date. Preliminary Purchase Price Allocation (In thousands) Assets: Accounts receivable, net $30,135  Proved properties, net 491,367  Unproved properties 52,590  Total assets acquired $574,092  Liabilities: Accounts payable and accrued liabilities $42,585  Fair value of derivatives - current 20,660  Other current liabilities 11,471  Asset retirement obligations 2,323  Fair value of derivatives - long-term 27,979  Other long-term liabilities 10,619  Total liabilities assumed $115,637  Total consideration $458,455  Approximately $57.8 million of revenues and $16.3 million of direct operating expenses attributed to the assets acquired in the Percussion Acquisition are included in the Company’s consolidated statements of operations for the period from the closing date on July 3, 2023 through September 30, 2023. Pro Forma Operating Results (Unaudited). The following unaudited pro forma combined condensed financial data for the three and nine months ended September 30, 2023 and 2022 was derived from the historical financial statements of the Company and gives effect to the Percussion Acquisition, as if it had occurred on January 1, 2022. The below information reflects pro forma adjustments for the issuance of the Company’s common stock, as well as pro forma adjustments based on available information and certain assumptions that the Company believes provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the Percussion Acquisition. The pro forma consolidated statements of operations data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the Percussion Acquisition taken place on January 1, 2022 and is not intended to be a projection of future results. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022* 2023 2022* (In thousands, except per share amounts) Revenues $619,298  $928,218  $1,879,442  $2,815,342  Income from operations 220,928  480,459  252,809  1,490,205  Net income 119,484  708,355  360,850  856,610  Basic earnings per common share $1.76  $10.42  $5.65  $12.62  Diluted earnings per common share $1.75  $10.40  $5.64  $12.56

v3.23.3

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net As of September 30, 2023 and December 31, 2022, total property and equipment, net consisted of the following: September 30, 2023 December 31, 2022* Oil and natural gas properties, successful efforts accounting method (In thousands) Proved properties $9,243,805  $9,268,135  Accumulated depreciation, depletion, amortization and impairments (4,428,029) (4,416,606) Proved properties, net 4,815,776  4,851,529  Unproved properties 1,287,019  1,225,768  Total oil and natural gas properties, net $6,102,795  $6,077,297  Other property and equipment $40,243  $40,530  Accumulated depreciation (13,845) (14,378) Other property and equipment, net $26,398  $26,152  *Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareBasic earnings per share is computed by dividing net income by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings per share includes the potential dilutive impact of non-vested restricted stock units outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30,   2023 2022* 2023 2022* (In thousands, except per share amounts) Net Income $119,484  $502,039  $232,226  $797,575  Basic weighted average common shares outstanding 67,931  61,703  63,827  61,624  Dilutive impact of restricted stock units 152  167  189  303  Diluted weighted average common shares outstanding 68,083  61,870  64,016  61,927          Net Income Per Common Share Basic $1.76  $8.14  $3.64  $12.94  Diluted $1.75  $8.11  $3.63  $12.88          Restricted stock units (1) 54  100  75  28  Warrants (1) 481  481  481  416  *Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. (1)    Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.

v3.23.3

Borrowings	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Borrowings	Borrowings The Company’s borrowings consisted of the following: September 30, 2023 December 31, 2022 (In thousands) 8.25% Senior Notes due 2025 $—  $187,238  6.375% Senior Notes due 2026 320,783  320,783  Senior Secured Revolving Credit Facility due 2027 396,000  503,000  8.0% Senior Notes due 2028 650,000  650,000  7.5% Senior Notes due 2030 600,000  600,000  Total principal outstanding 1,966,783  2,261,021  Unamortized premium on 8.25% Senior Notes —  1,715  Unamortized deferred financing costs for Senior Notes (18,164) (21,441) Long-term debt (1) $1,948,619  $2,241,295  (1)    Excludes unamortized deferred financing costs related to the Company’s senior secured revolving credit facility of $14.2 million and $18.8 million as of September 30, 2023 and December 31, 2022, respectively, which are classified in “Deferred financing costs” in the consolidated balance sheets. Senior Secured Revolving Credit Facility The Company has a senior secured revolving credit facility with a syndicate of lenders (the “Credit Facility”) that, as of September 30, 2023, had a maximum credit amount of $5.0 billion, a borrowing base of $2.0 billion and an elected commitment amount of $1.5 billion, with borrowings outstanding of $396.0 million at a weighted-average interest rate of 7.50%, and letters of credit outstanding of $21.4 million. The credit agreement governing the Credit Facility (the “Credit Agreement”) provides for interest-only payments until October 19, 2027 when the Credit Agreement matures and any outstanding borrowings are due. Borrowings outstanding under the Credit Agreement bear interest at the Company’s option at either (i) a base rate for a base rate loan plus a margin between 0.75% to 1.75%, where the base rate is defined as the greatest of the prime rate, the federal funds rate plus 0.50%, and the SOFR plus 0.1% (“Adjusted SOFR”) for a one month period plus 1.00%, or (ii) an Adjusted SOFR plus a margin between 1.75% to 2.75%. The Company also incurs commitment fees at rates ranging between 0.375% to 0.500% on the unused portion of lender commitments, which are included in “Interest expense” in the consolidated statements of operations. The borrowing base under the Credit Agreement is subject to regular redeterminations in the spring and fall of each year, as well as special redeterminations described in the Credit Agreement, which in each case may reduce the amount of the borrowing base. On October 31, 2023, as part of the Company’s fall 2023 redetermination, the borrowing base of $2.0 billion and elected commitment amount of $1.5 billion were reaffirmed. Redemption of 8.25% Senior Notes due 2025 On August 2, 2023, the Company used borrowings under the Credit Facility to redeem all $187.2 million of its outstanding 8.25% Senior Notes due 2025 (“8.25% Senior Notes”). The Company recognized a gain on extinguishment of debt of approximately $1.2 million in its consolidated statements of operations, which primarily related to the remaining unamortized premium. Covenants The Credit Agreement and the indentures governing the 6.375% Senior Notes due 2026, the 8.0% Senior Notes due 2028, and the 7.5% Senior Notes due 2030 (collectively, the “Senior Notes”) limit the Company and certain of its subsidiaries with respect to the amount of additional indebtedness, liens, dividends and other payments to shareholders, repurchases or redemptions of the Company’s common stock, redemptions of senior notes, investments, acquisitions, mergers, asset dispositions, transactions with affiliates, hedging transactions and other matters, along with maintenance of certain financial ratios. Under the Credit Agreement, the Company must maintain the following financial covenants determined as of the last day of the quarter: (1) a Leverage Ratio (as defined in the Credit Agreement) of no more than 3.50 to 1.00 and (2) a Current Ratio (as defined in the Credit Agreement) of not less than 1.00 to 1.00. The Company was in compliance with these covenants at September 30, 2023. The Credit Agreement and indentures are subject to customary events of default. If an event of default occurs and is continuing, the holders or lenders may elect to accelerate amounts due (except in the case of a bankruptcy event of default, in which case such amounts will automatically become due and payable).

v3.23.3

Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Objectives and Strategies for Using Derivative Instruments The Company is exposed to fluctuations in oil, natural gas and NGL prices received for its production. Consequently, the Company believes it is prudent to manage the variability in cash flows on a portion of its oil, natural gas and NGL production. The Company utilizes a mix of collars, swaps, put and call options, and basis differential swaps to manage fluctuations in cash flows resulting from changes in commodity prices. The Company does not use these instruments for speculative or trading purposes. Counterparty Risk and Offsetting The Company typically has numerous commodity derivative instruments outstanding with a counterparty that were executed at various dates, for various contract types, commodities and time periods. This often results in both commodity derivative asset and liability positions with that counterparty. The Company nets its commodity derivative instrument fair values executed with the same counterparty to a single asset or liability pursuant to International Swap Dealers Association Master Agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. In general, if a party to a derivative transaction incurs an event of default, as defined in the applicable agreement, the other party will have the right to demand the posting of collateral, demand a cash payment transfer or terminate the arrangement. The Company strives to minimize its credit exposure to any individual counterparty and, as such, the Company has outstanding commodity derivative instruments with nine counterparties as of September 30, 2023. All of the counterparties to the Company’s commodity derivative instruments are also lenders under the Company’s Credit Facility. Therefore, each of the Company’s counterparties allow the Company to satisfy any need for margin obligations associated with commodity derivative instruments where the Company is in a net liability position with the collateral securing the Credit Facility, thus eliminating the need for independent collateral posting. Because each of the Company’s counterparties has an investment grade credit rating, the Company believes it does not have significant credit risk and accordingly does not currently require its counterparties to post collateral to support the net asset positions of its commodity derivative instruments. Although the Company does not currently anticipate nonperformance from its counterparties, it continually monitors the credit ratings of each counterparty. While the Company monitors counterparty creditworthiness on an ongoing basis, it cannot predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, the Company may be limited in its ability to mitigate an increase in counterparty credit risk. Should one of these counterparties not perform, the Company may not realize the benefit of some of its derivative instruments under lower commodity prices while continuing to be obligated under higher commodity price contracts subject to any right of offset under the agreements. Counterparty credit risk is considered when determining the fair value of a derivative instrument. See “Note 10 — Fair Value Measurements” for further discussion. Contingent Consideration Arrangements Percussion Earn-Out Obligation. As a result of the Percussion Acquisition, the Company assumed an earn-out obligation from Percussion Operating, where the Company could be required to pay up to $62.5 million in the aggregate if the average daily settlement price of WTI crude oil exceeds $60.00 per barrel for each of the 2023, 2024, and 2025 calendar years. Contingent Eagle Ford Consideration. As a result of the Eagle Ford Divestiture, the Company received a contingent consideration arrangement from Ridgemar. The Company could receive up to $45.0 million if the average daily settlement price of WTI crude oil for 2024 is at least $80.00 per barrel. If the average daily settlement price of WTI crude oil for 2024 is less than $80.00 per barrel but at least $75.00 per barrel, then the Company would receive $20.0 million. The Company determined that the Percussion Earn-Out Obligation and Contingent Eagle Ford Consideration receipt were not clearly and closely related to the Percussion Acquisition and Eagle Ford Divestiture membership interest purchase agreements, and therefore bifurcated these embedded features and recorded these derivatives at their acquisition date fair value and divestiture date fair value of $34.9 million and $10.9 million, respectively, in the consolidated financial statements. As of September 30, 2023, the estimated fair values of the Percussion Earn-Out Obligation and Contingent Eagle Ford Consideration were $46.4 million and $21.7 million, respectively, and are presented in “Fair value of derivatives” in the consolidated balance sheets. Financial Statement Presentation and Settlements The Company records its derivative instruments at fair value in the consolidated balance sheets and records changes in fair value, as well as settlements during the period, as “(Gain) loss on derivative contracts” in the consolidated statements of operations. The Company presents the fair value of derivative contracts on a net basis in the consolidated balance sheets as they are subject to master netting arrangements. The following presents the impact of this presentation to the Company’s recognized assets and liabilities for the periods indicated: As of September 30, 2023 Presented without   As Presented with Effects of Netting Effects of Netting Effects of Netting (In thousands) Derivative Assets Commodity derivative instruments $9,792  ($8,596) $1,196  Fair value of derivatives - current $9,792  ($8,596) $1,196  Commodity derivative instruments $4,270  ($4,208) $62  Contingent consideration arrangements 21,680  —  21,680  Fair value of derivatives - non-current $25,950  ($4,208) $21,742  Derivative Liabilities       Commodity derivative instruments ($57,575) $8,596  ($48,979) Contingent consideration arrangements (12,210) —  (12,210) Fair value of derivatives - current ($69,785) $8,596  ($61,189) Commodity derivative instruments ($14,805) $4,208  ($10,597) Contingent consideration arrangements (34,210) —  (34,210) Fair value of derivatives - non-current ($49,015) $4,208  ($44,807) As of December 31, 2022 Presented without   As Presented with Effects of Netting Effects of Netting Effects of Netting (In thousands) Derivative Assets Fair value of derivatives - current $51,984  ($30,652) $21,332  Fair value of derivatives - non-current $1,343  ($889) $454  Derivative Liabilities       Fair value of derivatives - current ($46,849) $30,652  ($16,197) Fair value of derivatives - non-current ($14,304) $889  ($13,415) The components of “(Gain) loss on derivative contracts” are as follows for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) (Gain) loss on oil derivatives $54,446  ($157,731) $18,165  $243,527  (Gain) loss on natural gas derivatives (2,315) 22,881  2,380  56,800  Loss on NGL derivatives 2,933  —  2,933  4,771  Loss on contingent consideration arrangements 740  —  740  —  (Gain) loss on derivative contracts $55,804  ($134,850) $24,218  $305,098  The components of “Cash received (paid) for commodity derivative settlements, net” and “Cash received (paid) for settlements of contingent consideration arrangements, net” are as follows for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Cash flows from operating activities         Cash received (paid) on oil derivatives $1,680  ($117,024) ($4,450) ($374,711) Cash received (paid) on natural gas derivatives (560) (28,572) 17,816  (55,024) Cash paid on NGL derivatives (92) —  (92) (3,783) Cash received (paid) for commodity derivative settlements, net $1,028  ($145,596) $13,274  ($433,518) Cash received for settlements of contingent consideration arrangements, net (1) $—  $—  $—  $6,492  Cash flows from investing activities         Cash paid for settlement of contingent consideration arrangement (1) $—  $—  $—  ($19,171) Cash flows from financing activities Cash received for settlement of contingent consideration arrangement (1) $—  $—  $—  $8,512  (1)    See “Note 8 — Derivative Instruments and Hedging Activities” of the Notes to Consolidated Financial Statements in our 2022 Annual Report for discussion of the contingent consideration arrangements. Derivative Positions Listed in the tables below are the outstanding oil, natural gas, and NGL derivative contracts as of September 30, 2023: For the Remainder For the Full Year Oil Contracts (WTI) 2023 2024 Swap Contracts Total volume (Bbls) —  1,076,300  Weighted average price per Bbl $—  $81.66  Collar Contracts (Three-Way Collars) Total volume (Bbls) 541,528  3,963,025  Weighted average price per Bbl Ceiling (short call) $70.95  $78.86  Floor (long put) $55.00  $58.16  Floor (short put) $45.00  $48.16  Collar Contracts (Two-Way Collars) Total volume (Bbls) 993,455  —  Weighted average price per Bbl Ceiling (short call) $87.20  $—  Floor (long put) $72.04  $—  CMA Roll Swap Contracts Total volume (Bbls) 838,828  —  Weighted average price per Bbl $0.30  $—  For the Remainder For the Full Year Natural Gas Contracts (Henry Hub) 2023 2024 Swap Contracts Total volume (MMBtu) 620,000  —  Weighted average price per MMBtu $3.00  $—  Collar Contracts Total volume (MMBtu) 2,201,104  8,598,557  Weighted average price per MMBtu Ceiling (short call) $5.37  $3.89  Floor (long put) $3.14  $3.00  Natural Gas Contracts (Waha Basis Differential) Swap Contracts Total volume (MMBtu) 2,460,000  7,320,000  Weighted average price per MMBtu ($1.49) ($1.06) Natural Gas Contracts (HSC Basis Differential) Swap Contracts Total volume (MMBtu) 2,760,000  14,640,000  Weighted average price per MMBtu ($0.29) ($0.42) For the Remainder For the Full Year NGL Contracts (Mont Belvieu Natural Gasoline) 2023 2024 Swap Contracts Total volume (Bbls) 43,105  —  Weighted average price per Bbl $56.38  $—  NGL Contracts (Mont Belvieu Propane) Swap Contracts Total volume (Bbls) 35,754  —  Weighted average price per Bbl $31.27  $—  NGL Contracts (Mont Belvieu Purity Ethane) Swap Contracts Total volume (Bbls) 35,095  —  Weighted average price per Bbl $9.54  $—  NGL Contracts (Mont Belvieu Normal Butane) Swap Contracts Total volume (Bbls) 33,470  72,105  Weighted average price per Bbl $35.56  $33.18  NGL Contracts (Mont Belvieu Isobutane) Swap Contracts Total volume (Bbls) 10,967  23,462  Weighted average price per Bbl $35.42  $33.18

v3.23.3

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: Level 1 – Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities. Level 2 – Other inputs that are observable directly or indirectly, such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 – Unobservable inputs for which there is little or no market data and for which the Company makes its own assumptions about how market participants would price the assets and liabilities. Fair Value of Financial Instruments Cash, Cash Equivalents, and Restricted Investments. The carrying amounts for these instruments approximate fair value due to the short-term nature or maturity of the instruments. Debt. The carrying amount of borrowings outstanding under the Credit Facility approximates fair value as the borrowings bear interest at variable rates and are reflective of market rates. The following table presents the principal amounts of the Senior Notes with the fair values measured using quoted secondary market trading prices which are designated as Level 2 within the valuation hierarchy. September 30, 2023 December 31, 2022 Principal Amount Fair Value Principal Amount Fair Value (In thousands) 8.25% Senior Notes $—  $—  $187,238  $186,719  6.375% Senior Notes 320,783  314,634  320,783  301,732  8.0% Senior Notes 650,000  650,800  650,000  616,935  7.5% Senior Notes 600,000  581,754  600,000  550,812  Total $1,570,783  $1,547,188  $1,758,021  $1,656,198  Assets and Liabilities Measured at Fair Value on a Recurring Basis Certain assets and liabilities are reported at fair value on a recurring basis in the consolidated balance sheets. The following methods and assumptions were used to estimate fair value: Commodity Derivative Instruments. The fair value of commodity derivative instruments is derived using a third-party income approach valuation model that utilizes market-corroborated inputs that are observable over the term of the commodity derivative contract. The Company’s fair value calculations also incorporate an estimate of the counterparties’ default risk for commodity derivative assets and an estimate of the Company’s default risk for commodity derivative liabilities. As the inputs in the model are substantially observable over the term of the commodity derivative contract and as there is a wide availability of quoted market prices for similar commodity derivative contracts, the Company designates its commodity derivative instruments as Level 2 within the fair value hierarchy. See “Note 9 — Derivative Instruments and Hedging Activities” for further discussion. Contingent Consideration Arrangements - Embedded Derivative Financial Instruments. The embedded options within the contingent consideration arrangements are considered financial instruments under ASC 815. The Company engages a third-party valuation specialist using an option pricing model approach to measure the fair value of the embedded options on a recurring basis. The valuation includes significant inputs such as forward oil price curves, time to expiration, and implied volatility. The model provides for the probability that the specified pricing thresholds would be met for each settlement period, estimates undiscounted payouts, and risk adjusts for the discount rates inclusive of adjustments for each of the counterparty’s credit quality. As these inputs are substantially observable for the full term of the contingent consideration arrangements, the inputs are considered Level 2 inputs within the fair value hierarchy. See “Note 9 - Derivative Instruments and Hedging Activities” for further discussion. The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022: September 30, 2023 Level 1 Level 2 Level 3 (In thousands) Derivative Assets Commodity derivative instruments $—  $1,258  $—  Contingent consideration arrangements —  21,680  —  Total net assets $—  $22,938  $—  Derivative Liabilities Commodity derivative instruments $—  ($59,576) $—  Contingent consideration arrangements —  (46,420) —  Total net liabilities $—  ($105,996) $—        December 31, 2022 Level 1 Level 2 Level 3 (In thousands) Commodity derivative assets $—  $21,786  $—  Commodity derivative liabilities $—  ($29,612) $—  There were no transfers between any of the fair value levels during any period presented. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Acquisitions. The fair value of assets acquired and liabilities assumed are measured as of the acquisition date by a third-party valuation specialist using a combination of income and market approaches, which are not observable in the market and are therefore designated as Level 3 inputs. Significant inputs include expected discounted future cash flows from estimated reserve quantities, estimates for timing and costs to produce and develop reserves, oil and natural gas forward prices, and a risk adjusted discount rate. See “Note 5 –Acquisitions and Divestitures” for additional discussion. Asset Retirement Obligations. The Company measures the fair value of asset retirement obligations as of the date a well begins drilling or when production equipment and facilities are installed using a discounted cash flow model based on inputs that are not observable in the market and that, therefore, are designated as Level 3 within the valuation hierarchy. Significant inputs to the fair value measurement of asset retirement obligations include estimates of the costs of plugging and abandoning oil and gas wells, removing production equipment and facilities, restoring the surface of the land as well as estimates of the economic lives of the oil and gas wells and future inflation rates.

v3.23.3

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company provides for income taxes at the statutory rate of 21%. Reported income tax expense differs from the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income. These differences primarily relate to non-deductible executive compensation expenses, restricted stock unit windfalls, changes in valuation allowances, and state income taxes. For the three and nine months ended September 30, 2023, the Company recognized income tax expense of $0.5 million and income tax benefit of $206.4 million, respectively, as a result of the release of the valuation allowance recorded against the Company’s net deferred tax assets as discussed further below. For the three and nine months ended September 30, 2022, the Company recognized income tax expense of $3.4 million and $6.5 million, respectively, as a result of the full valuation allowance that was in place and the effect of state income taxes. Deferred Tax Asset Valuation Allowance Management monitors company-specific, oil and natural gas industry and worldwide economic factors and assesses the likelihood that the Company’s net deferred tax assets will be utilized prior to their expiration. As previously disclosed in the Company’s 2022 Annual Report, beginning in the second quarter of 2020 and through the fourth quarter of 2022, the Company maintained a valuation allowance against its net deferred tax assets. Considering all available evidence (both positive and negative), the Company concluded that it was more likely than not that the deferred tax assets would be realized and released the valuation allowance in the first quarter of 2023. This release resulted in deferred income tax benefit of $0.7 million and $206.1 million for the three and nine months ended September 30, 2023, respectively.

v3.23.3

Share-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation RSU Equity Awards The following table summarizes activity for restricted stock units that may be settled in common stock (“RSU Equity Awards”) for the nine months ended September 30, 2023: Nine Months Ended September 30, 2023 RSU Equity Awards (In thousands) Weighted Average Grant Date Fair Value Unvested, beginning of the period 800  $44.79  Granted 539  $34.54  Vested (369) $39.89  Forfeited (128) $44.00  Unvested, end of the period 842  $40.49  Grant activity for the nine months ended September 30, 2023 primarily consisted of RSU Equity Awards granted to executives and employees as part of the annual grant of long-term equity incentive awards with a weighted-average grant date fair value of $34.54. The aggregate fair value of RSU Equity Awards that vested during the nine months ended September 30, 2023 was $12.3 million. As of September 30, 2023, unrecognized compensation costs related to unvested RSU Equity Awards were $25.3 million and will be recognized over a weighted average period of 2.0 years. Cash-Settled Awards As of September 30, 2023 and December 31, 2022, the Company had a total liability of $3.4 million and $6.5 million, respectively, for outstanding Cash-Settled Awards (as defined below). As of December 31, 2022, Cash-Settled Awards consisted of restricted stock unit awards that may be settled in cash (“Cash-Settled RSU Awards”) and stock appreciation rights to be settled in cash (“Cash SARs” and, collectively with the Cash-Settled RSU Awards, the “Cash-Settled Awards”). As of September 30, 2023, there were no Cash-Settled RSU Awards outstanding. Share-Based Compensation Expense (Benefit), Net Share-based compensation expense associated with the RSU Equity Awards and the Cash-Settled Awards is included in “General and administrative” in the consolidated statements of operations. The following table presents share-based compensation expense (benefit), net for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022* 2023 2022* (In thousands) RSU Equity Awards $3,906  $3,892  $11,613  $11,581  Cash-Settled Awards 49  (2,151) (2,089) (7,154) Total share-based compensation expense (benefit), net $3,955  $1,741  $9,524  $4,427  *Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. See “Note 10 — Share-Based Compensation” of the Notes to Consolidated Financial Statements in the 2022 Annual Report for details of the Company’s equity-based incentive plans.

v3.23.3

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity On May 2, 2023, the board of directors (the “Board”) of the Company approved a share repurchase program (the “Share Repurchase Program”), pursuant to which the Company is authorized to repurchase up to $300.0 million of its outstanding common stock through the second quarter of 2025. Repurchases under the Share Repurchase Program may be made, from time to time, in amounts and at prices the Company deems appropriate and will be subject to a variety of factors, including the market price of the Company’s common stock, general market and economic conditions and applicable legal requirements. The Share Repurchase Program may be suspended, modified or discontinued by the Board at any time without prior notice. During the three months ended September 30, 2023, the Company repurchased and retired 386,719 shares of common stock at a weighted average purchase price of $38.72 per common share for a total cost of approximately $15.0 million. As of September 30, 2023, the remaining authorized repurchase amount under the Share Repurchase Program was $285.0 million.

v3.23.3

Accounts Receivable, Net	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net September 30, 2023 December 31, 2022 (In thousands) Oil and natural gas receivables $169,254  $174,107  Joint interest receivables 35,777  16,778  Other receivables 58,531  48,277     Total 263,562  239,162  Allowance for credit losses (1,168) (2,034)    Total accounts receivable, net $262,394  $237,128

v3.23.3

Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities September 30, 2023 December 31, 2022 (In thousands) Accounts payable $254,568  $191,133  Revenues and royalties payable 230,918  244,408  Accrued capital expenditures 71,678  58,395  Accrued interest 28,365  42,297     Total accounts payable and accrued liabilities $585,529  $536,233

v3.23.3

Supplemental Cash Flow	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow	Supplemental Cash Flow Nine Months Ended September 30, 2023 2022* (In thousands) Supplemental cash flow information: Interest paid $142,616  $159,832  Income taxes paid (1) 4,477  —  Non-cash investing and financing activities: Change in accrued capital expenditures $41,505  $13,966  Change in asset retirement costs 5,956  3,665  *Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. (1)    The Company did not pay or receive a refund for any federal income tax for the nine months ended September 30, 2022. For the nine months ended September 30, 2023 and 2022, the Company had net payments of $2.3 million and $0.2 million, respectively, for state income taxes.

v3.23.3

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Credit Agreement Reaffirmation See “Note 8 — Borrowings” for discussion of the results of the Company’s fall 2023 borrowing base redetermination.

v3.23.3

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended							9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 119,484	$ (107,896)	$ 220,638	$ 502,039	[1]	$ 303,251	$ (7,715)	$ 232,226	$ 797,575	[1],[2]
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. [2] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information

v3.23.3

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

v3.23.3

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of the Company after elimination of intercompany transactions and balances. These financial statements have been prepared pursuant to the rules and regulations of the SEC and therefore do not include all disclosures required for financial statements prepared in conformity with GAAP. In the opinion of management, these financial statements reflect all normal, recurring adjustments and accruals considered necessary to present fairly, in all material respects, the Company’s interim financial position, results of operations and cash flows. However, the results of operations for the periods presented are not necessarily indicative of the results of operations that may be expected for the full year. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications did not have a material impact on prior period financial statements. Significant Accounting Policies The Company’s significant accounting policies are described in “Note 2 — Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in its 2022 Annual Report and are supplemented by the notes included in this Form 10-Q. The financial statements and related notes included in this Form 10-Q should be read in conjunction with the Company’s 2022 Annual Report.
Oil and Natural Gas Properties	Oil and Natural Gas Properties Proved Oil and Natural Gas Properties. The Company follows the successful efforts method of accounting for its oil and gas properties. Under this method, drilling and completion costs, including lease and well equipment, intangible development costs, and operational support facilities in the field, associated with development wells are capitalized to proved oil and gas properties and are depleted on an asset group basis (properties aggregated based on geographical and geological characteristics) using the units-of-production method based on estimated proved developed oil and gas reserves. The calculation of depletion expense takes into consideration estimated asset retirement costs, net of estimated salvage values. Proved oil and gas properties are assessed for impairment on an asset group basis whenever events and circumstances indicate that there could be a possible decline in the recoverability of the net book value of such property. The Company estimates the expected future net cash flows of its proved oil and gas properties and compares these undiscounted cash flows to the net book value of the proved oil and gas properties to determine if the net book value is recoverable. If the net book value exceeds the estimated undiscounted future net cash flows, the Company will recognize an impairment to reduce the net book value of the proved oil and gas properties to fair value. The factors used to determine fair value include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, estimated future development costs and operating costs, and discount rates, which are based on a weighted average cost of capital. See “Note 5 — Acquisitions and Divestitures” for details of the impairment recorded in the second quarter of 2023 associated with the sale of all the Company’s interests of Callon (Eagle Ford) LLC to Ridgemar Energy Operating, LLC. The partial sale of a proved property within an existing asset group is accounted for as a normal retirement and no net gain or loss on divestiture is recognized as long as the treatment does not significantly alter the units-of-production depletion rate. The sale of a partial interest in an individual proved property is accounted for as a recovery of cost. A net gain or loss on divestiture is recognized in the consolidated statements of operations for all other sales of proved properties. Unproved Oil and Natural Gas Properties. Unproved oil and gas properties consist of costs incurred in obtaining a mineral interest or a right in a property such as a lease, in addition to broker fees, recording fees and other similar costs. Leasehold costs are classified as unproved until proved reserves are discovered on or otherwise attributed to the property, at which time the related unproved oil and gas property costs are reclassified to proved oil and gas properties and depleted on an asset group basis using the units-of-production method based on estimated total proved oil and gas reserves. The Company evaluates significant unproved oil and gas property costs for impairment based on remaining lease term, drilling results, reservoir performance, seismic interpretation or changes in future plans to develop acreage. Unproved oil and gas properties that are not individually significant are aggregated by asset group, and the portion of such costs estimated to be nonproductive prior to lease expiration is amortized over the average holding period. The estimate of what could be nonproductive is based on the Company’s historical experience or other information, including current drilling plans and existing geological data. Impairment and amortization of unproved oil and gas properties are recognized as “Impairment of oil and gas properties” in the consolidated statements of operations. Exploratory. Exploratory costs, including personnel and other internal costs, geological and geophysical expenses and delay rentals for oil and gas leases, are expensed as incurred. Exploratory well costs are initially capitalized pending the determination of whether proved reserves have been discovered. If proved reserves are discovered, exploratory well costs are capitalized as proved oil and gas properties. If proved reserves are not found, exploratory well costs are expensed as dry holes. The application of the successful efforts method of accounting requires management’s judgment to determine the proper designation of wells as either development or exploratory, which will ultimately determine the proper accounting treatment of costs of dry holes. Capitalized Interest. The Company capitalizes interest on expenditures made in connection with exploration and development projects that meet certain thresholds and are not subject to current amortization. For projects that meet these thresholds, interest is capitalized only for the period that activities are in process to bring the projects to their intended use. Capitalized interest cannot exceed interest expense for the period capitalized. During both the three and nine months ended September 30, 2023 and 2022, the Company did not have any projects that met the thresholds and, therefore, had no capitalized interest.
Share Repurchase Program	Share Repurchase Program The Company repurchases shares of its common stock from time to time under a program authorized by the Board of Directors. The Company retires shares acquired through share repurchases and returns those shares to the status of authorized but unissued. The repurchased and retired shares are recorded as a reduction to “Common stock” and “Capital in excess of par value” in the consolidated balance sheets. See “Note 13 — Stockholders’ Equity” for further discussion.
Recently Issued Accounting Standards	Recently Issued Accounting Standards As of September 30, 2023, and through the filing of this report, no new accounting standards have been issued and not yet adopted that are applicable to the Company and that would have a material effect on the Company’s unaudited interim consolidated financial statements and related disclosures.
Subsequent Events	Subsequent Events The Company evaluates subsequent events through the date the financial statements are issued. See “Note 17 — Subsequent Events” for further discussion.
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company recognizes oil, natural gas, and NGL production revenue at the point in time when control of the product transfers to the purchaser, which differs depending on the applicable contractual terms. Transfer of control also drives the presentation of gathering, transportation and processing expenses in the consolidated statements of operations. See “Note 3 — Revenue Recognition” of the Notes to Consolidated Financial Statements in the 2022 Annual Report for more information regarding the types of contracts under which oil, natural gas, and NGL production revenue is generated. Oil and Gas Purchase and Sale Arrangements The Company proactively evaluates development plans and looks to enter into pipeline transportation contracts to mitigate market exposures and help ensure certainty of flow for its oil and gas production, in some cases multiple years in advance of development. Additionally, as the Company looks to optimize its operations and reduce exposures, in certain instances, the Company purchases oil and gas from third parties which is utilized to fulfill portions of its pipeline commitments. Sales of purchased oil and gas represent revenues the Company receives from sales of commodities purchased from a third party. The Company recognizes these revenues and the purchase of the third-party commodities, as well as any costs associated with the purchase, on a gross basis, as the Company acts as a principal in these transactions by assuming control of the purchased commodity before it is transferred to the customer. Accounts Receivable from Revenues from Contracts with Customers Net accounts receivable include amounts billed and currently due from revenues from contracts with customers of our oil and natural gas production, which had a balance at September 30, 2023 and December 31, 2022 of $169.3 million and $174.1 million, respectively, and are presented in “Accounts receivable, net” in the consolidated balance sheets.

v3.23.3

Change in Accounting Principle (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Schedule of Effects of the Change to the Successful Efforts Method	The following tables present the effects of the change to the successful efforts method in the consolidated balance sheets: As of September 30, 2023 Under Full Cost Changes Under Successful Efforts (In thousands) Oil and natural gas properties: Proved properties $11,191,350  ($1,947,545) $9,243,805  Accumulated depreciation, depletion, amortization and impairments (6,734,174) 2,306,145  (4,428,029) Unproved properties 1,807,300  (520,281) 1,287,019  Total oil and gas properties, net 6,264,476  (161,681) 6,102,795  Deferred income taxes 170,001  29,733  199,734  Total assets $6,860,471  ($131,948) $6,728,523  Stockholders’ equity: Accumulated deficit (232,855) (131,948) (364,803) Total stockholders' equity 3,993,006  (131,948) 3,861,058  Total liabilities and stockholders' equity $6,860,471  ($131,948) $6,728,523  As of December 31, 2022 Under Full Cost Changes Under Successful Efforts (In thousands) Oil and natural gas properties: Proved properties $10,367,478  ($1,099,343) $9,268,135  Accumulated depreciation, depletion, amortization and impairments (6,343,875) 1,927,269  (4,416,606) Unproved properties 1,711,306  (485,538) 1,225,768  Total oil and gas properties, net 5,734,909  342,388  6,077,297  Total assets $6,146,081  $342,388  $6,488,469  Deferred income taxes (1) 4,279  2,029  6,308  Stockholders’ equity: Accumulated deficit (937,388) 340,359  (597,029) Total stockholders' equity 3,085,422  340,359  3,425,781  Total liabilities and stockholders' equity $6,146,081  $342,388  $6,488,469  (1)    Included in “Other long-term liabilities” in the consolidated balance sheets. The following tables present the effects of the change to the successful efforts method in the consolidated statements of operations: Three Months Ended September 30, 2023 Under Full Cost Changes Under Successful Efforts (In thousands, except per share amounts) Operating Expenses: Exploration $—  $3,588  $3,588  Depreciation, depletion and amortization 138,313  285  138,598  Gain on sale of oil and gas properties —  (20,570) (20,570) General and administrative 22,016  7,323  29,339  Income From Operations 211,554  9,374  220,928  Other Expenses: Interest expense 14,145  29,004  43,149  Income Before Income Taxes 139,623  (19,630) 119,993  Income tax benefit (expense) 10,663  (11,172) (509) Net Income $150,286  ($30,802) $119,484  Net Income Per Common Share: Basic $2.21  $1.76  Diluted $2.21  $1.75  Three Months Ended September 30, 2022 Under Full Cost Changes Under Successful Efforts (In thousands, except per share amounts) Operating Expenses: Exploration $—  $2,942  $2,942  Depreciation, depletion and amortization 122,833  7,062  129,895  General and administrative 14,022  10,231  24,253  Income From Operations 440,597  (20,235) 420,362  Other Expenses: Interest expense 19,468  27,461  46,929  Income Before Income Taxes 553,118  (47,696) 505,422  Income tax expense (3,515) 132  (3,383) Net Income $549,603  ($47,564) $502,039  Net Income Per Common Share: Basic $8.91  $8.14  Diluted $8.88  $8.11  Nine Months Ended September 30, 2023 Under Full Cost Changes Under Successful Efforts (In thousands, except per share amounts) Operating Expenses: Exploration $—  $7,702  $7,702  Depreciation, depletion and amortization 396,348  (4,437) 391,911  Impairment of oil and gas properties —  406,898  406,898  Gain on sale of oil and gas properties —  (20,570) (20,570) General and administrative 56,305  30,600  86,905  Income From Operations 602,555  (420,193) 182,362  Other Expenses: Interest expense 52,818  83,876  136,694  Income Before Income Taxes 529,897  (504,069) 25,828  Income tax benefit 174,636  31,762  206,398  Net Income $704,533  ($472,307) $232,226  Net Income Per Common Share: Basic $11.04  $3.64  Diluted $11.01  $3.63  Nine Months Ended September 30, 2022 Under Full Cost Changes Under Successful Efforts (In thousands, except per share amounts) Operating Expenses: Exploration $—  $7,237  $7,237  Depreciation, depletion and amortization 335,221  24,273  359,494  General and administrative 42,052  29,433  71,485  Income From Operations 1,356,719  (60,943) 1,295,776  Other Expenses: Interest expense 61,717  79,303  141,020  Income Before Income Taxes 944,357  (140,246) 804,111  Income tax expense (7,008) 472  (6,536) Net Income $937,349  ($139,774) $797,575  Net Income Per Common Share: Basic $15.21  $12.94  Diluted $15.14  $12.88  The following tables present the effects of the change to the successful efforts method in the consolidated statements of cash flows: Nine Months Ended September 30, 2023 Under Full Cost Changes Under Successful Efforts (In thousands) Cash flows from operating activities: Net income $704,533  ($472,307) $232,226  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 396,348  (4,437) 391,911  Impairment of oil and gas properties —  406,898  406,898  Amortization of non-cash debt related items, net 3,064  4,915  7,979  Deferred income tax benefit (174,279) (31,762) (206,041) Gain on sale of oil and gas properties —  (20,570) (20,570) Non-cash expense related to share-based awards 3,848  5,676  9,524  Net cash provided by operating activities 905,850  (111,587) 794,263  Cash flows from investing activities: Capital expenditures (854,889) 103,885  (751,004) Acquisition of oil and gas properties (286,136) 7,702  (278,434) Net cash used in investing activities (592,429) 111,587  (480,842) Net change in cash and cash equivalents 61  —  61  Balance, beginning of period 3,395  —  3,395  Balance, end of period $3,456  $—  $3,456  Nine Months Ended September 30, 2022 Under Full Cost Changes Under Successful Efforts (In thousands) Cash flows from operating activities: Net income $937,349  ($139,774) $797,575  Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 335,221  24,273  359,494  Amortization of non-cash debt related items, net 4,263  5,417  9,680  Deferred income tax expense 1,626  (516) 1,110  Non-cash expense related to share-based awards 1,055  3,372  4,427  Changes in current assets and liabilities: Accounts payable and accrued liabilities (8,693) 44  (8,649) Net cash provided by operating activities 1,128,870  (107,184) 1,021,686  Cash flows from investing activities: Capital expenditures (754,225) 106,076  (648,149) Acquisition of oil and gas properties (18,114) 1,108  (17,006) Net cash used in investing activities (768,700) 107,184  (661,516) Net change in cash and cash equivalents (5,532) —  (5,532) Balance, beginning of period 9,882  —  9,882  Balance, end of period $4,350  $—  $4,350  The following tables present the effects of the change to the successful efforts method in the consolidated statements of stockholders’ equity: As of September 30, 2023 Under Full Cost Changes Under Successful Efforts (In thousands) Accumulated deficit ($232,855) ($131,948) ($364,803) Total stockholders’ equity $3,993,006  ($131,948) $3,861,058  As of December 31, 2022 Under Full Cost Changes Under Successful Efforts (In thousands) Accumulated deficit ($937,388) $340,359  ($597,029) Total stockholders’ equity $3,085,422  $340,359  $3,425,781

v3.23.3

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table sets forth the Company’s preliminary allocation of the total estimated consideration of $458.5 million to the assets acquired and liabilities assumed as of the acquisition date. Preliminary Purchase Price Allocation (In thousands) Assets: Accounts receivable, net $30,135  Proved properties, net 491,367  Unproved properties 52,590  Total assets acquired $574,092  Liabilities: Accounts payable and accrued liabilities $42,585  Fair value of derivatives - current 20,660  Other current liabilities 11,471  Asset retirement obligations 2,323  Fair value of derivatives - long-term 27,979  Other long-term liabilities 10,619  Total liabilities assumed $115,637  Total consideration $458,455
Schedule of Unaudited Summary Pro Forma Financial Information	The pro forma consolidated statements of operations data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the Percussion Acquisition taken place on January 1, 2022 and is not intended to be a projection of future results. Three Months Ended September 30, Nine Months Ended September 30, 2023 2022* 2023 2022* (In thousands, except per share amounts) Revenues $619,298  $928,218  $1,879,442  $2,815,342  Income from operations 220,928  480,459  252,809  1,490,205  Net income 119,484  708,355  360,850  856,610  Basic earnings per common share $1.76  $10.42  $5.65  $12.62  Diluted earnings per common share $1.75  $10.40  $5.64  $12.56

v3.23.3

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	As of September 30, 2023 and December 31, 2022, total property and equipment, net consisted of the following: September 30, 2023 December 31, 2022* Oil and natural gas properties, successful efforts accounting method (In thousands) Proved properties $9,243,805  $9,268,135  Accumulated depreciation, depletion, amortization and impairments (4,428,029) (4,416,606) Proved properties, net 4,815,776  4,851,529  Unproved properties 1,287,019  1,225,768  Total oil and natural gas properties, net $6,102,795  $6,077,297  Other property and equipment $40,243  $40,530  Accumulated depreciation (13,845) (14,378) Other property and equipment, net $26,398  $26,152  *Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30,   2023 2022* 2023 2022* (In thousands, except per share amounts) Net Income $119,484  $502,039  $232,226  $797,575  Basic weighted average common shares outstanding 67,931  61,703  63,827  61,624  Dilutive impact of restricted stock units 152  167  189  303  Diluted weighted average common shares outstanding 68,083  61,870  64,016  61,927          Net Income Per Common Share Basic $1.76  $8.14  $3.64  $12.94  Diluted $1.75  $8.11  $3.63  $12.88          Restricted stock units (1) 54  100  75  28  Warrants (1) 481  481  481  416  *Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. (1)    Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.

v3.23.3

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Borrowings	The Company’s borrowings consisted of the following: September 30, 2023 December 31, 2022 (In thousands) 8.25% Senior Notes due 2025 $—  $187,238  6.375% Senior Notes due 2026 320,783  320,783  Senior Secured Revolving Credit Facility due 2027 396,000  503,000  8.0% Senior Notes due 2028 650,000  650,000  7.5% Senior Notes due 2030 600,000  600,000  Total principal outstanding 1,966,783  2,261,021  Unamortized premium on 8.25% Senior Notes —  1,715  Unamortized deferred financing costs for Senior Notes (18,164) (21,441) Long-term debt (1) $1,948,619  $2,241,295  (1)    Excludes unamortized deferred financing costs related to the Company’s senior secured revolving credit facility of $14.2 million and $18.8 million as of September 30, 2023 and December 31, 2022, respectively, which are classified in “Deferred financing costs” in the consolidated balance sheets.

v3.23.3

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Offsetting Assets	The following presents the impact of this presentation to the Company’s recognized assets and liabilities for the periods indicated: As of September 30, 2023 Presented without   As Presented with Effects of Netting Effects of Netting Effects of Netting (In thousands) Derivative Assets Commodity derivative instruments $9,792  ($8,596) $1,196  Fair value of derivatives - current $9,792  ($8,596) $1,196  Commodity derivative instruments $4,270  ($4,208) $62  Contingent consideration arrangements 21,680  —  21,680  Fair value of derivatives - non-current $25,950  ($4,208) $21,742  Derivative Liabilities       Commodity derivative instruments ($57,575) $8,596  ($48,979) Contingent consideration arrangements (12,210) —  (12,210) Fair value of derivatives - current ($69,785) $8,596  ($61,189) Commodity derivative instruments ($14,805) $4,208  ($10,597) Contingent consideration arrangements (34,210) —  (34,210) Fair value of derivatives - non-current ($49,015) $4,208  ($44,807) As of December 31, 2022 Presented without   As Presented with Effects of Netting Effects of Netting Effects of Netting (In thousands) Derivative Assets Fair value of derivatives - current $51,984  ($30,652) $21,332  Fair value of derivatives - non-current $1,343  ($889) $454  Derivative Liabilities       Fair value of derivatives - current ($46,849) $30,652  ($16,197) Fair value of derivatives - non-current ($14,304) $889  ($13,415)
Schedule of Offsetting Liabilities	The following presents the impact of this presentation to the Company’s recognized assets and liabilities for the periods indicated: As of September 30, 2023 Presented without   As Presented with Effects of Netting Effects of Netting Effects of Netting (In thousands) Derivative Assets Commodity derivative instruments $9,792  ($8,596) $1,196  Fair value of derivatives - current $9,792  ($8,596) $1,196  Commodity derivative instruments $4,270  ($4,208) $62  Contingent consideration arrangements 21,680  —  21,680  Fair value of derivatives - non-current $25,950  ($4,208) $21,742  Derivative Liabilities       Commodity derivative instruments ($57,575) $8,596  ($48,979) Contingent consideration arrangements (12,210) —  (12,210) Fair value of derivatives - current ($69,785) $8,596  ($61,189) Commodity derivative instruments ($14,805) $4,208  ($10,597) Contingent consideration arrangements (34,210) —  (34,210) Fair value of derivatives - non-current ($49,015) $4,208  ($44,807) As of December 31, 2022 Presented without   As Presented with Effects of Netting Effects of Netting Effects of Netting (In thousands) Derivative Assets Fair value of derivatives - current $51,984  ($30,652) $21,332  Fair value of derivatives - non-current $1,343  ($889) $454  Derivative Liabilities       Fair value of derivatives - current ($46,849) $30,652  ($16,197) Fair value of derivatives - non-current ($14,304) $889  ($13,415)
Schedule of Gain or Loss on Derivative Contracts	The components of “(Gain) loss on derivative contracts” are as follows for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) (Gain) loss on oil derivatives $54,446  ($157,731) $18,165  $243,527  (Gain) loss on natural gas derivatives (2,315) 22,881  2,380  56,800  Loss on NGL derivatives 2,933  —  2,933  4,771  Loss on contingent consideration arrangements 740  —  740  —  (Gain) loss on derivative contracts $55,804  ($134,850) $24,218  $305,098
Schedule of Derivative Instruments	The components of “Cash received (paid) for commodity derivative settlements, net” and “Cash received (paid) for settlements of contingent consideration arrangements, net” are as follows for the respective periods: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Cash flows from operating activities         Cash received (paid) on oil derivatives $1,680  ($117,024) ($4,450) ($374,711) Cash received (paid) on natural gas derivatives (560) (28,572) 17,816  (55,024) Cash paid on NGL derivatives (92) —  (92) (3,783) Cash received (paid) for commodity derivative settlements, net $1,028  ($145,596) $13,274  ($433,518) Cash received for settlements of contingent consideration arrangements, net (1) $—  $—  $—  $6,492  Cash flows from investing activities         Cash paid for settlement of contingent consideration arrangement (1) $—  $—  $—  ($19,171) Cash flows from financing activities Cash received for settlement of contingent consideration arrangement (1) $—  $—  $—  $8,512  (1)    See “Note 8 — Derivative Instruments and Hedging Activities” of the Notes to Consolidated Financial Statements in our 2022 Annual Report for discussion of the contingent consideration arrangements.
Schedule of Outstanding Oil, Natural Gas, and NGL Derivative Contracts	Listed in the tables below are the outstanding oil, natural gas, and NGL derivative contracts as of September 30, 2023: For the Remainder For the Full Year Oil Contracts (WTI) 2023 2024 Swap Contracts Total volume (Bbls) —  1,076,300  Weighted average price per Bbl $—  $81.66  Collar Contracts (Three-Way Collars) Total volume (Bbls) 541,528  3,963,025  Weighted average price per Bbl Ceiling (short call) $70.95  $78.86  Floor (long put) $55.00  $58.16  Floor (short put) $45.00  $48.16  Collar Contracts (Two-Way Collars) Total volume (Bbls) 993,455  —  Weighted average price per Bbl Ceiling (short call) $87.20  $—  Floor (long put) $72.04  $—  CMA Roll Swap Contracts Total volume (Bbls) 838,828  —  Weighted average price per Bbl $0.30  $—  For the Remainder For the Full Year Natural Gas Contracts (Henry Hub) 2023 2024 Swap Contracts Total volume (MMBtu) 620,000  —  Weighted average price per MMBtu $3.00  $—  Collar Contracts Total volume (MMBtu) 2,201,104  8,598,557  Weighted average price per MMBtu Ceiling (short call) $5.37  $3.89  Floor (long put) $3.14  $3.00  Natural Gas Contracts (Waha Basis Differential) Swap Contracts Total volume (MMBtu) 2,460,000  7,320,000  Weighted average price per MMBtu ($1.49) ($1.06) Natural Gas Contracts (HSC Basis Differential) Swap Contracts Total volume (MMBtu) 2,760,000  14,640,000  Weighted average price per MMBtu ($0.29) ($0.42) For the Remainder For the Full Year NGL Contracts (Mont Belvieu Natural Gasoline) 2023 2024 Swap Contracts Total volume (Bbls) 43,105  —  Weighted average price per Bbl $56.38  $—  NGL Contracts (Mont Belvieu Propane) Swap Contracts Total volume (Bbls) 35,754  —  Weighted average price per Bbl $31.27  $—  NGL Contracts (Mont Belvieu Purity Ethane) Swap Contracts Total volume (Bbls) 35,095  —  Weighted average price per Bbl $9.54  $—  NGL Contracts (Mont Belvieu Normal Butane) Swap Contracts Total volume (Bbls) 33,470  72,105  Weighted average price per Bbl $35.56  $33.18  NGL Contracts (Mont Belvieu Isobutane) Swap Contracts Total volume (Bbls) 10,967  23,462  Weighted average price per Bbl $35.42  $33.18

v3.23.3

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Fair Value of Financial Instruments at Carrying and Fair Value	The carrying amount of borrowings outstanding under the Credit Facility approximates fair value as the borrowings bear interest at variable rates and are reflective of market rates. The following table presents the principal amounts of the Senior Notes with the fair values measured using quoted secondary market trading prices which are designated as Level 2 within the valuation hierarchy. September 30, 2023 December 31, 2022 Principal Amount Fair Value Principal Amount Fair Value (In thousands) 8.25% Senior Notes $—  $—  $187,238  $186,719  6.375% Senior Notes 320,783  314,634  320,783  301,732  8.0% Senior Notes 650,000  650,800  650,000  616,935  7.5% Senior Notes 600,000  581,754  600,000  550,812  Total $1,570,783  $1,547,188  $1,758,021  $1,656,198
Schedule of Fair Value of Assets Measured on Recurring Basis	The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022: September 30, 2023 Level 1 Level 2 Level 3 (In thousands) Derivative Assets Commodity derivative instruments $—  $1,258  $—  Contingent consideration arrangements —  21,680  —  Total net assets $—  $22,938  $—  Derivative Liabilities Commodity derivative instruments $—  ($59,576) $—  Contingent consideration arrangements —  (46,420) —  Total net liabilities $—  ($105,996) $—        December 31, 2022 Level 1 Level 2 Level 3 (In thousands) Commodity derivative assets $—  $21,786  $—  Commodity derivative liabilities $—  ($29,612) $—
Schedule of Fair Value of Liabilities Measured on Recurring Basis	The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022: September 30, 2023 Level 1 Level 2 Level 3 (In thousands) Derivative Assets Commodity derivative instruments $—  $1,258  $—  Contingent consideration arrangements —  21,680  —  Total net assets $—  $22,938  $—  Derivative Liabilities Commodity derivative instruments $—  ($59,576) $—  Contingent consideration arrangements —  (46,420) —  Total net liabilities $—  ($105,996) $—        December 31, 2022 Level 1 Level 2 Level 3 (In thousands) Commodity derivative assets $—  $21,786  $—  Commodity derivative liabilities $—  ($29,612) $—

v3.23.3

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of RSU Equity Awards	The following table summarizes activity for restricted stock units that may be settled in common stock (“RSU Equity Awards”) for the nine months ended September 30, 2023: Nine Months Ended September 30, 2023 RSU Equity Awards (In thousands) Weighted Average Grant Date Fair Value Unvested, beginning of the period 800  $44.79  Granted 539  $34.54  Vested (369) $39.89  Forfeited (128) $44.00  Unvested, end of the period 842  $40.49
Schedule of Share-based Compensation Expense (Benefit)	The following table presents share-based compensation expense (benefit), net for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022* 2023 2022* (In thousands) RSU Equity Awards $3,906  $3,892  $11,613  $11,581  Cash-Settled Awards 49  (2,151) (2,089) (7,154) Total share-based compensation expense (benefit), net $3,955  $1,741  $9,524  $4,427  *Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Accounts Receivable, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Schedule of Accounts Receivable, Net	September 30, 2023 December 31, 2022 (In thousands) Oil and natural gas receivables $169,254  $174,107  Joint interest receivables 35,777  16,778  Other receivables 58,531  48,277     Total 263,562  239,162  Allowance for credit losses (1,168) (2,034)    Total accounts receivable, net $262,394  $237,128

v3.23.3

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	September 30, 2023 December 31, 2022 (In thousands) Accounts payable $254,568  $191,133  Revenues and royalties payable 230,918  244,408  Accrued capital expenditures 71,678  58,395  Accrued interest 28,365  42,297     Total accounts payable and accrued liabilities $585,529  $536,233

v3.23.3

Supplemental Cash Flow (Tables)	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Nine Months Ended September 30, 2023 2022* (In thousands) Supplemental cash flow information: Interest paid $142,616  $159,832  Income taxes paid (1) 4,477  —  Non-cash investing and financing activities: Change in accrued capital expenditures $41,505  $13,966  Change in asset retirement costs 5,956  3,665  *Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. (1)    The Company did not pay or receive a refund for any federal income tax for the nine months ended September 30, 2022. For the nine months ended September 30, 2023 and 2022, the Company had net payments of $2.3 million and $0.2 million, respectively, for state income taxes.

v3.23.3

Change in Accounting Principle - Schedule of Effects of the Change to the Successful Efforts Method in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022		Sep. 30, 2022	[2]	Jun. 30, 2022	[2]	Mar. 31, 2022	[2]	Dec. 31, 2021
Oil and natural gas properties:
Proved properties	$ 9,243,805			$ 9,268,135
Accumulated depreciation, depletion, amortization and impairments	(4,428,029)			(4,416,606)
Unproved properties	1,287,019			1,225,768	[1]
Total oil and natural gas properties, net	6,102,795			6,077,297	[1]
Deferred income taxes	199,734			0	[1]
Total assets	6,728,523			6,488,469	[1]
Stockholders’ equity:
Accumulated deficit	(364,803)			(597,029)	[1]
Total stockholders’ equity	3,861,058	$ 3,542,672	$ 3,649,758	3,425,781	[1],[2]	$ 3,199,960		$ 2,697,859		$ 2,397,870		$ 1,865,768
Total liabilities and stockholders’ equity	6,728,523			6,488,469	[1]
Other Noncurrent Liabilities
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deferred income taxes				6,308
Under Full Cost
Oil and natural gas properties:
Proved properties	11,191,350			10,367,478
Accumulated depreciation, depletion, amortization and impairments	(6,734,174)			(6,343,875)
Unproved properties	1,807,300			1,711,306
Total oil and natural gas properties, net	6,264,476			5,734,909
Deferred income taxes	170,001
Total assets	6,860,471			6,146,081
Stockholders’ equity:
Accumulated deficit	(232,855)			(937,388)
Total stockholders’ equity	3,993,006			3,085,422
Total liabilities and stockholders’ equity	6,860,471			6,146,081
Under Full Cost | Other Noncurrent Liabilities
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deferred income taxes				4,279
Changes
Oil and natural gas properties:
Proved properties	(1,947,545)			(1,099,343)
Accumulated depreciation, depletion, amortization and impairments	2,306,145			1,927,269
Unproved properties	(520,281)			(485,538)
Total oil and natural gas properties, net	(161,681)			342,388
Deferred income taxes	29,733
Total assets	(131,948)			342,388
Stockholders’ equity:
Accumulated deficit	(131,948)			340,359
Total stockholders’ equity	(131,948)			340,359
Total liabilities and stockholders’ equity	$ (131,948)			342,388
Changes | Other Noncurrent Liabilities
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deferred income taxes				$ 2,029
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. [2] Financial information for prior periods has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Change in Accounting Principle - Schedule of Effects of the Change to the Successful Efforts Method in the Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Expenses:
Exploration	$ 3,588			$ 2,942	[1]			$ 7,702	$ 7,237	[1]
Depreciation, depletion and amortization	138,598			129,895	[1]			391,911	359,494	[1]
Impairment of oil and gas properties	0			0	[1]			406,898	0	[1],[2]
Gain on sale of oil and gas properties	(20,570)			0	[1]			(20,570)	0	[1]
General and administrative	29,339			24,253	[1]			86,905	71,485	[1]
Income From Operations	220,928			420,362	[1]			182,362	1,295,776	[1]
Other Expenses:
Interest expense	43,149			46,929	[1]			136,694	141,020	[1]
Income Before Income Taxes	119,993			505,422	[1]			25,828	804,111	[1]
Income tax expense (benefit)	(509)			(3,383)	[1]			206,398	(6,536)	[1]
Net Income	$ 119,484	$ (107,896)	$ 220,638	$ 502,039	[1]	$ 303,251	$ (7,715)	$ 232,226	$ 797,575	[1],[2]
Net Income Per Common Share:
Basic (in dollars per share)	$ 1.76			$ 8.14	[1]			$ 3.64	$ 12.94	[1]
Diluted (in dollars per share)	$ 1.75			$ 8.11	[1]			$ 3.63	$ 12.88	[1]
Under Full Cost
Operating Expenses:
Exploration	$ 0			$ 0				$ 0	$ 0
Depreciation, depletion and amortization	138,313			122,833				396,348	335,221
Impairment of oil and gas properties								0
Gain on sale of oil and gas properties	0							0
General and administrative	22,016			14,022				56,305	42,052
Income From Operations	211,554			440,597				602,555	1,356,719
Other Expenses:
Interest expense	14,145			19,468				52,818	61,717
Income Before Income Taxes	139,623			553,118				529,897	944,357
Income tax expense (benefit)	10,663			(3,515)				174,636	(7,008)
Net Income	$ 150,286			$ 549,603				$ 704,533	$ 937,349
Net Income Per Common Share:
Basic (in dollars per share)	$ 2.21			$ 8.91				$ 11.04	$ 15.21
Diluted (in dollars per share)	$ 2.21			$ 8.88				$ 11.01	$ 15.14
Changes
Operating Expenses:
Exploration	$ 3,588			$ 2,942				$ 7,702	$ 7,237
Depreciation, depletion and amortization	285			7,062				(4,437)	24,273
Impairment of oil and gas properties								406,898
Gain on sale of oil and gas properties	(20,570)							(20,570)
General and administrative	7,323			10,231				30,600	29,433
Income From Operations	9,374			(20,235)				(420,193)	(60,943)
Other Expenses:
Interest expense	29,004			27,461				83,876	79,303
Income Before Income Taxes	(19,630)			(47,696)				(504,069)	(140,246)
Income tax expense (benefit)	(11,172)			132				31,762	472
Net Income	$ (30,802)			$ (47,564)				$ (472,307)	$ (139,774)
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. [2] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information

v3.23.3

Change in Accounting Principle - Schedule of Effects of the Change to the Successful Efforts Method in the Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended								9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022		Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 119,484	$ (107,896)	$ 220,638	$ 502,039	[1]	$ 303,251	$ (7,715)		$ 232,226	$ 797,575	[1],[2]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization									391,911	359,494	[2]
Impairment of oil and gas properties	0			0	[1]				406,898	0	[1],[2]
Amortization of non-cash debt related items, net									7,979	9,680	[2]
Deferred income tax benefit									(206,041)	1,110	[2]
Gain on sale of oil and gas properties									(20,570)
Non-cash expense related to share-based awards									9,524	4,427	[2]
Accounts payable and accrued liabilities									(69,522)	(8,649)	[2]
Net cash provided by operating activities									794,263	1,021,686	[2]
Cash flows from investing activities:
Capital expenditures									(751,004)	(648,149)	[2]
Acquisition of oil and gas properties									278,434	17,006	[2]
Net cash used in investing activities									(480,842)	(661,516)	[2]
Net change in cash and cash equivalents									61	(5,532)	[2]
Balance, beginning of period			3,395				9,882	[2]	3,395	9,882	[2]
Balance, end of period	3,456			4,350	[2]				3,456	4,350	[2]
Under Full Cost
Cash flows from operating activities:
Net income (loss)	150,286			549,603					704,533	937,349
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization									396,348	335,221
Impairment of oil and gas properties									0
Amortization of non-cash debt related items, net									3,064	4,263
Deferred income tax benefit									(174,279)	1,626
Gain on sale of oil and gas properties									0
Non-cash expense related to share-based awards									3,848	1,055
Accounts payable and accrued liabilities										(8,693)
Net cash provided by operating activities									905,850	1,128,870
Cash flows from investing activities:
Capital expenditures									(854,889)	(754,225)
Acquisition of oil and gas properties									286,136	18,114
Net cash used in investing activities									(592,429)	(768,700)
Net change in cash and cash equivalents									61	(5,532)
Balance, beginning of period			3,395				9,882		3,395	9,882
Balance, end of period	3,456			4,350					3,456	4,350
Changes
Cash flows from operating activities:
Net income (loss)	(30,802)			(47,564)					(472,307)	(139,774)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization									(4,437)	24,273
Impairment of oil and gas properties									406,898
Amortization of non-cash debt related items, net									4,915	5,417
Deferred income tax benefit									(31,762)	(516)
Gain on sale of oil and gas properties									(20,570)
Non-cash expense related to share-based awards									5,676	3,372
Accounts payable and accrued liabilities										44
Net cash provided by operating activities									(111,587)	(107,184)
Cash flows from investing activities:
Capital expenditures									103,885	106,076
Acquisition of oil and gas properties									(7,702)	(1,108)
Net cash used in investing activities									111,587	107,184
Net change in cash and cash equivalents									0	0
Balance, beginning of period			$ 0				$ 0		0	0
Balance, end of period	$ 0			$ 0					$ 0	$ 0
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. [2] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information

v3.23.3

Change in Accounting Principle - Schedule of Effects of the Change to the Successful Efforts Method in the Consolidated Statement of Statements of Stockholders' Equity (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022		Sep. 30, 2022	[2]	Jun. 30, 2022	[2]	Mar. 31, 2022	[2]	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit	$ (364,803)			$ (597,029)	[1]
Total stockholders’ equity	3,861,058	$ 3,542,672	$ 3,649,758	3,425,781	[1],[2]	$ 3,199,960		$ 2,697,859		$ 2,397,870		$ 1,865,768
Under Full Cost
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit	(232,855)			(937,388)
Total stockholders’ equity	3,993,006			3,085,422
Changes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit	(131,948)			340,359
Total stockholders’ equity	(131,948)			340,359
Accumulated deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit	(364,803)			(597,029)
Total stockholders’ equity	(364,803)	$ (484,287)	$ (376,391)	(597,029)	[2]	$ (818,897)		$ (1,320,936)		$ (1,624,187)		$ (2,147,204)
Accumulated deficit | Under Full Cost
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit	(232,855)			(937,388)
Accumulated deficit | Changes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit	$ (131,948)			$ 340,359
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. [2] Financial information for prior periods has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Revenue Recognition (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable	$ 263,562	$ 239,162
Performance obligation, description of timing	The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for sales may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product.
Oil and Natural Gas
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts receivable	$ 169,254	$ 174,107

v3.23.3

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Thousands, shares in Millions			3 Months Ended					9 Months Ended
	Jul. 03, 2023	May 03, 2023	Sep. 30, 2023	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	[1]	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Impairment of oil and gas properties			$ 0			$ 0		$ 406,898	$ 0	[1],[2]
Proceeds from sales of assets								551,446	9,313	[2]
Gain on sale of oil and gas properties			(20,570)			0		(20,570)	0	[1]
Revenues			619,298			835,877		1,741,627	2,526,715	[1]
Total operating expenses			398,370			$ 415,515		1,559,265	$ 1,230,939	[1]
Percussion Petroleum Operating, LLC
Business Acquisition [Line Items]
Escrow deposit		$ 36,000
Total consideration	$ 458,455	475,000
Amount of cash paid in acquisition	248,500	255,000
Liabilities incurred	$ 220,000	220,000
Consideration transferred, equity issued		210,000
Percentage of interests acquired	100.00%
Shares of common stock issued in acquisition (in shares)	6.3
Contingent consideration arrangements	$ 62,500
Revenues				$ 57,800
Total operating expenses				16,300
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Eagle Ford
Business Acquisition [Line Items]
Purchase price		655,000
Impairment of oil and gas properties					$ 406,900
Proceeds from sales of assets	549,300
Gain on sale of oil and gas properties	$ (20,600)
Contingent consideration arrangements			$ 21,700	$ 21,700				$ 21,700
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Eagle Ford | Ridgemar Energy Operating, LLC
Business Acquisition [Line Items]
Escrow deposit		$ 49,100
Percent of limited liability company interests acquired		100.00%
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. [2] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information

v3.23.3

Acquisitions and Divestitures - Recognized Identified Assets Acquired and Liabilities (Details) - Percussion Petroleum Operating, LLC - USD ($) $ in Thousands	Jul. 03, 2023	May 03, 2023
Business Acquisition [Line Items]
Accounts receivable, net	$ 30,135
Proved properties, net	491,367
Unproved properties	52,590
Total assets acquired	574,092
Accounts payable and accrued liabilities	42,585
Fair value of derivatives - current	20,660
Other current liabilities	11,471
Asset retirement obligations	2,323
Fair value of derivatives - long-term	27,979
Other long-term liabilities	10,619
Total liabilities assumed	115,637
Total consideration	$ 458,455	$ 475,000

v3.23.3

Acquisitions and Divestitures - Unaudited Pro Forma Financial Information (Details) - Percussion Petroleum Operating, LLC - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Revenues	$ 619,298	$ 928,218	$ 1,879,442	$ 2,815,342
Income from operations	220,928	480,459	252,809	1,490,205
Net income	$ 119,484	$ 708,355	$ 360,850	$ 856,610
Net income per common share:
Basic earnings per common share (in dollars per share)	$ 1.76	$ 10.42	$ 5.65	$ 12.62
Diluted earnings per common share (in dollars per share)	$ 1.75	$ 10.40	$ 5.64	$ 12.56

v3.23.3

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Oil and natural gas properties, successful efforts accounting method
Proved properties	$ 9,243,805	$ 9,268,135
Accumulated depreciation, depletion, amortization and impairments	(4,428,029)	(4,416,606)
Proved properties, net	4,815,776	4,851,529
Unproved properties	1,287,019	1,225,768
Total oil and natural gas properties, net	6,102,795	6,077,297
Other property and equipment	40,243	40,530
Accumulated depreciation	(13,845)	(14,378)
Other property and equipment, net	$ 26,398	$ 26,152	[1]
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended							9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022		Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share, Basic and Diluted [Line Items]
Net Income	$ 119,484	$ (107,896)	$ 220,638	$ 502,039	[1]	$ 303,251	$ (7,715)	$ 232,226	$ 797,575	[1],[2]
Basic weighted average common shares outstanding (in shares)	67,931			61,703	[1]			63,827	61,624	[1]
Diluted weighted average common shares outstanding (in shares)	68,083			61,870	[1]			64,016	61,927	[1]
Net Income Per Common Share
Basic (in dollars per share)	$ 1.76			$ 8.14	[1]			$ 3.64	$ 12.94	[1]
Diluted (in dollars per share)	$ 1.75			$ 8.11	[1]			$ 3.63	$ 12.88	[1]
Restricted Stock
Earnings Per Share, Basic and Diluted [Line Items]
Dilutive impact of restricted stock units (in shares)	152			167				189	303
Net Income Per Common Share
Shares excluded from the diluted earnings per share (in shares)	54			100				75	28
Warrants
Net Income Per Common Share
Shares excluded from the diluted earnings per share (in shares)	481			481				481	416
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information. [2] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information

v3.23.3

Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Aug. 02, 2023	Dec. 31, 2022
Principal components:
Total principal outstanding	$ 1,966,783		$ 2,261,021
Long-term debt	1,948,619		2,241,295	[1]
Deferred financing costs	14,235		18,822	[1]
Unsecured debt
Principal components:
Unamortized deferred financing costs for Senior Notes	$ (18,164)		(21,441)
8.25% Senior Notes due 2025
Principal components:
Debt instrument, interest rate, stated (as a percent)	8.25%
8.25% Senior Notes due 2025 | Unsecured debt
Principal components:
Total principal outstanding	$ 0	$ 187,200	187,238
Premium on senior unsecured notes, net of accumulated amortization	$ 0		1,715
Debt instrument, interest rate, stated (as a percent)	8.25%
6.375% Senior Notes due 2026
Principal components:
Debt instrument, interest rate, stated (as a percent)	6.375%
6.375% Senior Notes due 2026 | Unsecured debt
Principal components:
Total principal outstanding	$ 320,783		320,783
Debt instrument, interest rate, stated (as a percent)	6.375%
Senior Secured Revolving Credit Facility due 2027 | Secured Debt
Principal components:
Total principal outstanding	$ 396,000		503,000
8.0% Senior Notes due 2028 | Unsecured debt
Principal components:
Total principal outstanding	$ 650,000		650,000
Debt instrument, interest rate, stated (as a percent)	8.00%
7.5% Senior Notes due 2030
Principal components:
Debt instrument, interest rate, stated (as a percent)	7.50%
7.5% Senior Notes due 2030 | Unsecured debt
Principal components:
Total principal outstanding	$ 600,000		$ 600,000
Debt instrument, interest rate, stated (as a percent)	7.50%
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Borrowings - Senior Secured Revolving Credit Facility (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Nov. 01, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 1,966,783,000		$ 2,261,021,000
Senior Secured Revolving Credit Facility due 2027
Line of Credit Facility [Line Items]
Maximum borrowing capacity	5,000,000,000
Credit facility borrowing base	2,000,000,000
Elected commitment amount	$ 1,500,000,000
Interest rate at period end (as a percent)	7.50%
Letters of credit outstanding	$ 21,400,000
Senior Secured Revolving Credit Facility due 2027 | Subsequent Event
Line of Credit Facility [Line Items]
Credit facility borrowing base		$ 2,000,000,000
Senior Secured Revolving Credit Facility due 2027 | Secured Debt
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 396,000,000		$ 503,000,000
Senior Secured Revolving Credit Facility due 2027 | Federal Funds Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread (as a percent)	0.50%
Senior Secured Revolving Credit Facility due 2027 | SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread (as a percent)	0.10%
Senior Secured Revolving Credit Facility due 2027 | Adjusted Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread (as a percent)	1.00%
Senior Secured Revolving Credit Facility due 2027 | Minimum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee (as a percent)	0.375%
Senior Secured Revolving Credit Facility due 2027 | Minimum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread (as a percent)	0.75%
Senior Secured Revolving Credit Facility due 2027 | Minimum | SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread (as a percent)	1.75%
Senior Secured Revolving Credit Facility due 2027 | Maximum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee (as a percent)	0.50%
Senior Secured Revolving Credit Facility due 2027 | Maximum | Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread (as a percent)	1.75%
Senior Secured Revolving Credit Facility due 2027 | Maximum | SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread (as a percent)	2.75%

v3.23.3

Borrowings - Redemption of 8.25% Senior Notes Due 2025 (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
	Aug. 02, 2023	Sep. 30, 2023	Sep. 30, 2022	[1]	Sep. 30, 2023	Sep. 30, 2022	[1]	Dec. 31, 2022
Line of Credit Facility [Line Items]
Outstanding borrowings		$ 1,966,783			$ 1,966,783			$ 2,261,021
Gain on extinguishment of debt		$ (1,238)	$ 0		$ (1,238)	$ 42,417
8.25% Senior Notes due 2025
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated (as a percent)		8.25%			8.25%
8.25% Senior Notes due 2025 | Unsecured debt
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated (as a percent)		8.25%			8.25%
Outstanding borrowings	$ 187,200	$ 0			$ 0			$ 187,238
Gain on extinguishment of debt	$ (1,200)
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Borrowings - Covenants (Details)	Sep. 30, 2023
6.375% Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument, interest rate, stated (as a percent)	6.375%
6.375% Senior Notes due 2026 | Unsecured debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated (as a percent)	6.375%
8.0% Senior Notes due 2028 | Unsecured debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated (as a percent)	8.00%
7.5% Senior Notes due 2030
Debt Instrument [Line Items]
Debt instrument, interest rate, stated (as a percent)	7.50%
7.5% Senior Notes due 2030 | Unsecured debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated (as a percent)	7.50%
Minimum | Senior Secured Revolving Credit Facility due 2027
Debt Instrument [Line Items]
Leverage ratio	100.00%
Maximum | Senior Secured Revolving Credit Facility due 2027
Debt Instrument [Line Items]
Leverage ratio	350.00%

v3.23.3

Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) counterparty $ / barrel	Jul. 03, 2023 USD ($)
Business Acquisition, Contingent Consideration [Line Items]
Number of counterparties | counterparty	9
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Eagle Ford
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration arrangements	$ 21.7
Derivative liability, fair value, gross liability	10.9
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Eagle Ford | Average Daily Settlement Price Of WTI Crude Oil Greater Than Threshold Price Per Barrel
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration	45.0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Eagle Ford | Average Daily Settlement Price Of WTI Crude Oil Less Than Threshold Price Per Barrel
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration	20.0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Percussion Earn-Out Obligation
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration arrangements	46.4
Derivative liability, fair value, gross liability	$ 34.9
Merger, Contingent Percussion Consideration | Remaining Potential Settlements 2023-2025
Business Acquisition, Contingent Consideration [Line Items]
Threshold (in usd per barrel) | $ / barrel	60.00
Merger, Contingent Eagle Ford Consideration | Remaining Potential Settlements 2023-2025
Business Acquisition, Contingent Consideration [Line Items]
Threshold (in usd per barrel) | $ / barrel	80.00
Merger, Contingent Eagle Ford Consideration | Remaining Potential Settlements 2023-2025 | Maximum
Business Acquisition, Contingent Consideration [Line Items]
Threshold (in usd per barrel) | $ / barrel	80.00
Merger, Contingent Eagle Ford Consideration | Remaining Potential Settlements 2023-2025 | Minimum
Business Acquisition, Contingent Consideration [Line Items]
Threshold (in usd per barrel) | $ / barrel	75.00
Percussion Petroleum Operating, LLC
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration arrangements		$ 62.5

v3.23.3

Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Offsetting Assets and Liabilities [Line Items]
As Presented with Effects of Netting	$ 1,196	$ 21,332	[1]
As Presented with Effects of Netting	21,742	454	[1]
As Presented with Effects of Netting	(61,189)	(16,197)	[1]
As Presented with Effects of Netting	$ (44,807)	$ (13,415)	[1]
Derivative asset, noncurrent, statement of financial position [extensible enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Derivative liability, current, statement of financial position [extensible enumeration]	As Presented with Effects of Netting	As Presented with Effects of Netting
Derivative liability, noncurrent, statement of financial position [extensible enumeration]	As Presented with Effects of Netting	As Presented with Effects of Netting
Not Designated as Hedging Instrument
Offsetting Assets and Liabilities [Line Items]
As Presented with Effects of Netting	$ 1,196	$ 21,332
As Presented with Effects of Netting	21,742	454
As Presented with Effects of Netting	(61,189)	(16,197)
As Presented with Effects of Netting	(44,807)	(13,415)
Not Designated as Hedging Instrument | Commodity Derivative Instruments
Offsetting Assets and Liabilities [Line Items]
As Presented with Effects of Netting	1,196
As Presented with Effects of Netting	62
As Presented with Effects of Netting	(48,979)
As Presented with Effects of Netting	(10,597)
Not Designated as Hedging Instrument | Contingent consideration arrangements
Offsetting Assets and Liabilities [Line Items]
As Presented with Effects of Netting	21,680
As Presented with Effects of Netting	(12,210)
As Presented with Effects of Netting	(34,210)
Not Designated as Hedging Instrument | Derivative Assets, Current
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	9,792	51,984
Effects of Netting	(8,596)	(30,652)
Not Designated as Hedging Instrument | Derivative Assets, Current | Commodity Derivative Instruments
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	9,792
Effects of Netting	(8,596)
Not Designated as Hedging Instrument | Derivative Assets, Noncurrent
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	25,950	1,343
Effects of Netting	(4,208)	(889)
Not Designated as Hedging Instrument | Derivative Assets, Noncurrent | Commodity Derivative Instruments
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	4,270
Effects of Netting	(4,208)
Not Designated as Hedging Instrument | Derivative Assets, Noncurrent | Contingent consideration arrangements
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	21,680
Effects of Netting	0
Not Designated as Hedging Instrument | Derivative Liabilities, Current
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	(69,785)	(46,849)
Effects of Netting	8,596	30,652
Not Designated as Hedging Instrument | Derivative Liabilities, Current | Commodity Derivative Instruments
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	(57,575)
Effects of Netting	8,596
Not Designated as Hedging Instrument | Derivative Liabilities, Current | Contingent consideration arrangements
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	(12,210)
Effects of Netting	0
Not Designated as Hedging Instrument | Derivative Liabilities, Noncurrent
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	(49,015)	(14,304)
Effects of Netting	4,208	$ 889
Not Designated as Hedging Instrument | Derivative Liabilities, Noncurrent | Commodity Derivative Instruments
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	(14,805)
Effects of Netting	4,208
Not Designated as Hedging Instrument | Derivative Liabilities, Noncurrent | Contingent consideration arrangements
Offsetting Assets and Liabilities [Line Items]
Presented without Effects of Netting	(34,210)
Effects of Netting	$ 0
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Derivative Instruments and Hedging Activities - Schedule of Gain or Loss on Derivative Contracts (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) loss on derivative contracts	$ (55,804)	$ 134,850	[1]	$ (24,218)	$ (305,098)	[1]
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) loss on derivative contracts	55,804	(134,850)		24,218	305,098
Not Designated as Hedging Instrument | Loss on contingent consideration arrangements
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) loss on derivative contracts	740	0		740	0
Not Designated as Hedging Instrument | (Gain) loss on oil derivatives
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) loss on derivative contracts	54,446	(157,731)		18,165	243,527
Not Designated as Hedging Instrument | (Gain) loss on natural gas derivatives
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) loss on derivative contracts	(2,315)	22,881		2,380	56,800
Not Designated as Hedging Instrument | Loss on NGL derivatives
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) loss on derivative contracts	$ 2,933	$ 0		$ 2,933	$ 4,771
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Derivative Instruments and Hedging Activities - Schedule of Cash Paid (Received) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Cash paid for commodity derivative settlements, net	$ 1,028	$ (145,596)	$ 13,274	$ (433,518)	[1]
Not Designated as Hedging Instrument | Loss on contingent consideration arrangements
Cash flows from operating activities
Cash received for settlements of contingent consideration arrangements, net	0	0	0	6,492
Cash flows from investing activities
Cash paid for settlement of contingent consideration arrangement	0	0	0	(19,171)
Cash flows from financing activities
Cash received for settlement of contingent consideration arrangement	0	0	0	8,512
Commodity - Oil | Not Designated as Hedging Instrument
Cash flows from operating activities
Cash paid for commodity derivative settlements, net	1,680	(117,024)	(4,450)	(374,711)
Natural gas | Not Designated as Hedging Instrument
Cash flows from operating activities
Cash paid for commodity derivative settlements, net	(560)	(28,572)	17,816	(55,024)
Natural gas liquids | Not Designated as Hedging Instrument
Cash flows from operating activities
Cash paid for commodity derivative settlements, net	$ (92)	$ 0	$ (92)	$ (3,783)
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information

v3.23.3

Derivative Instruments and Hedging Activities - Schedule of Outstanding Oil, Natural Gas, and NGL Derivative Contracts (Details) - Forecast - Not Designated as Hedging Instrument	3 Months Ended	12 Months Ended
	Dec. 31, 2023 MMBTU $ / barrel $ / MMBTU bbl	Dec. 31, 2024 MMBTU $ / MMBTU $ / barrel bbl
(Gain) loss on oil derivatives
Derivative [Line Items]
Total volume (Bbls) | bbl	0	1,076,300
Weighted average price (in dollars per share) | $ / barrel	0	81.66
(Gain) loss on oil derivatives | Short | Percussion Acquisition | CMA Roll Swap Contracts [Member]
Derivative [Line Items]
Total volume (Bbls) | bbl		0
(Gain) loss on oil derivatives | Short | Percussion Acquisition | CMA Roll Swap Contracts [Member] | Call option
Derivative [Line Items]
Total volume (Bbls) | bbl	838,828
Weighted average price (in dollars per share)	0.30
(Gain) loss on oil derivatives | Call option | Short | Percussion Acquisition | CMA Roll Swap Contracts [Member]
Derivative [Line Items]
Weighted average price (in dollars per share)		0
(Gain) loss on oil derivatives | Collar Contracts (Three-Way Collars)
Derivative [Line Items]
Total volume (Bbls) | bbl	541,528	3,963,025
(Gain) loss on oil derivatives | Collar Contracts (Three-Way Collars) | Call option | Short
Derivative [Line Items]
Weighted average price (in dollars per share) | $ / barrel	70.95	78.86
(Gain) loss on oil derivatives | Collar Contracts (Three-Way Collars) | Put option | Short
Derivative [Line Items]
Weighted average price (in dollars per share) | $ / barrel	45.00	48.16
(Gain) loss on oil derivatives | Collar Contracts (Three-Way Collars) | Put option | Long
Derivative [Line Items]
Weighted average price (in dollars per share) | $ / barrel	55.00	58.16
(Gain) loss on oil derivatives | Collar Contracts (Two-Way Collars)
Derivative [Line Items]
Total volume (Bbls) | bbl	993,455	0
(Gain) loss on oil derivatives | Collar Contracts (Two-Way Collars) | Call option | Short
Derivative [Line Items]
Weighted average price (in dollars per share) | $ / barrel	87.20	0
(Gain) loss on oil derivatives | Collar Contracts (Two-Way Collars) | Put option | Long
Derivative [Line Items]
Weighted average price (in dollars per share) | $ / barrel	72.04	0
Natural gas
Derivative [Line Items]
Total volume (MMBtu) | MMBTU	620,000	0
Weighted average price (in dollars per share)	3.00	0
Natural gas | Collar Contracts
Derivative [Line Items]
Total volume (MMBtu) | MMBTU	2,201,104	8,598,557
Natural gas | Collar Contracts | Call option | Short
Derivative [Line Items]
Weighted average price (in dollars per share)	5.37	3.89
Natural gas | Collar Contracts | Put option | Long
Derivative [Line Items]
Weighted average price (in dollars per share)	3.14	3.00
Natural gas | Natural Gas Contracts (Waha Basis Differential)
Derivative [Line Items]
Total volume (MMBtu) | MMBTU	2,460,000	7,320,000
Weighted average price (in dollars per share)	1.49	1.06
Natural gas | Natural Gas Contracts (HSC Basis Differential)
Derivative [Line Items]
Total volume (MMBtu) | MMBTU	2,760,000	14,640,000
Weighted average price (in dollars per share)	0.29	0.42
Natural gas liquids | NGL Contracts (Mont Belvieu Natural Gasoline) [Member] | Percussion Acquisition | Swap Contracts
Derivative [Line Items]
Total volume (Bbls) | bbl	43,105	0
Weighted average price (in dollars per share)	56.38	0
Natural gas liquids | NGL Contracts (Mont Belvieu Propane) [Member] | Percussion Acquisition | Swap Contracts
Derivative [Line Items]
Total volume (Bbls) | bbl	35,754	0
Weighted average price (in dollars per share)	31.27	0
Natural gas liquids | NGL Contracts (Mont Belvieu Purity Ethane) [Member] | Percussion Acquisition | Swap Contracts
Derivative [Line Items]
Total volume (Bbls) | bbl	35,095	0
Weighted average price (in dollars per share)	9.54	0
Natural gas liquids | NGL Contracts (Mont Belvieu Normal Butane) [Member] | Percussion Acquisition | Swap Contracts
Derivative [Line Items]
Total volume (Bbls) | bbl	33,470	72,105
Weighted average price (in dollars per share)	35.56	33.18
Natural gas liquids | NGL Contracts (Mont Belvieu Isobutane) [Member] | Percussion Acquisition | Swap Contracts
Derivative [Line Items]
Total volume (Bbls) | bbl	10,967	23,462
Weighted average price (in dollars per share)	35.42	33.18

v3.23.3

Fair Value Measurements - Summary of Financial Instruments at Carrying and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
8.25% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated (as a percent)	8.25%
6.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated (as a percent)	6.375%
8.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated (as a percent)	8.00%
7.5% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated (as a percent)	7.50%
Unsecured debt | 8.25% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated (as a percent)	8.25%
Unsecured debt | 6.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated (as a percent)	6.375%
Unsecured debt | 7.5% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated (as a percent)	7.50%
Principal Amount | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 1,570,783	$ 1,758,021
Principal Amount | Level 2 | Unsecured debt | 8.25% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	0	187,238
Principal Amount | Level 2 | Unsecured debt | 6.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	320,783	320,783
Principal Amount | Level 2 | Unsecured debt | 8.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	650,000	650,000
Principal Amount | Level 2 | Unsecured debt | 7.5% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	600,000	600,000
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	1,547,188	1,656,198
Fair Value | Level 2 | Unsecured debt | 8.25% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	0	186,719
Fair Value | Level 2 | Unsecured debt | 6.375% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	314,634	301,732
Fair Value | Level 2 | Unsecured debt | 8.0% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	650,800	616,935
Fair Value | Level 2 | Unsecured debt | 7.5% Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes	$ 581,754	$ 550,812

v3.23.3

Fair Value Measurements - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Level 1
Derivative Assets
Total net assets	$ 0
Derivative Liabilities
Total net liabilities	0
Level 1 | Commodity derivative instruments
Derivative Assets
Total net assets	0	$ 0
Derivative Liabilities
Total net liabilities	0	0
Level 1 | Contingent consideration arrangements
Derivative Assets
Total net assets	0
Derivative Liabilities
Total net liabilities	0
Level 2
Derivative Assets
Total net assets	22,938
Derivative Liabilities
Total net liabilities	(105,996)
Level 2 | Commodity derivative instruments
Derivative Assets
Total net assets	1,258	21,786
Derivative Liabilities
Total net liabilities	(59,576)	(29,612)
Level 2 | Contingent consideration arrangements
Derivative Assets
Total net assets	21,680
Derivative Liabilities
Total net liabilities	(46,420)
Level 3
Derivative Assets
Total net assets	0
Derivative Liabilities
Total net liabilities	0
Level 3 | Commodity derivative instruments
Derivative Assets
Total net assets	0	0
Derivative Liabilities
Total net liabilities	0	$ 0
Level 3 | Contingent consideration arrangements
Derivative Assets
Total net assets	0
Derivative Liabilities
Total net liabilities	$ 0

v3.23.3

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	[1]	Sep. 30, 2023	Sep. 30, 2022	[1]
Income Tax Disclosure [Abstract]
Income taxes at statutory tax rate, percent				21.00%
Income tax expense (benefit)	$ (509)	$ (3,383)		$ 206,398	$ (6,536)
Deferred income tax expense (benefit)	$ 700			$ 206,100
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Share-Based Compensation - Schedule of RSU Equity Awards (Details) - RSU Equity Awards shares in Thousands	9 Months Ended
	Sep. 30, 2023 $ / shares shares
RSU Equity Awards
Unvested, beginning of the period (in shares) | shares	800
Granted (in shares) | shares	539
Vested (in shares) | shares	(369)
Forfeited (in shares) | shares	(128)
Unvested, end of the period (in shares) | shares	842
Weighted Average Grant Date Fair Value
Unvested, beginning of the period (in dollars per share) | $ / shares	$ 44.79
Granted (in dollars per share) | $ / shares	34.54
Vested (in dollars per share) | $ / shares	39.89
Forfeited (in dollars per share) | $ / shares	44.00
Unvested, end of the period (in dollars per share) | $ / shares	$ 40.49

v3.23.3

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, cash used to settle award	$ 3.4	$ 6.5
RSU Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 34.54
Grant date fair value	$ 12.3
Unrecognized compensation costs	$ 25.3
Period for recognition (in years)	2 years

v3.23.3

Share-Based Compensation - Schedule of Share-based Compensation Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,955	$ 1,741	$ 9,524	$ 4,427
RSU Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3,906	3,892	11,613	11,581
Cash-Settled Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 49	$ (2,151)	$ (2,089)	$ (7,154)

v3.23.3

Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	[1]	May 02, 2023
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount					$ 300,000
Cash paid to repurchase common stock		$ 14,980	$ 0
Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchased (in shares)	386,719
Shares acquired, average cost per share (in dollars per share)	$ 38.72
Cash paid to repurchase common stock	$ 15,000
Stock repurchase program, remaining	$ 285,000	$ 285,000
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information

v3.23.3

Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 263,562	$ 239,162
Allowance for credit losses	(1,168)	(2,034)
Total accounts receivable, net	262,394	237,128	[1]
Joint interest receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	35,777	16,778
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	58,531	48,277
Oil and natural gas receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 169,254	$ 174,107
[1] Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.

v3.23.3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 254,568	$ 191,133
Revenues and royalties payable	230,918	244,408
Accrued capital expenditures	71,678	58,395
Accrued interest	28,365	42,297
Total accounts payable and accrued liabilities	$ 585,529	$ 536,233

v3.23.3

Supplemental Cash Flow (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental cash flow information:
Interest paid	$ 142,616	$ 159,832
Income taxes paid	4,477	0
Non-cash investing and financing activities:
Change in accrued capital expenditures	41,505	13,966
Change in asset retirement costs	5,956	3,665
Income taxes paid, net	$ 2,300	$ 200

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