Civitas Resources (CIVI) 10-Q3 May 232023 Q1 Quarterly reportFinancial data

Company Profile

COVER PAGE

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-35371
Entity Registrant Name	Civitas Resources, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1630631
Entity Address, Address Line One	555 17th Street,
Entity Address, Address Line Two	Suite 3700
Entity Address, City or Town	Denver,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	293-9100
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CIVI
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 (in shares)		80,436,855
Entity Central Index Key	0001509589
Amendment Flag	false
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 556,113	$ 768,032
Accounts receivable, net:
Oil and natural gas sales	222,448	343,500
Joint interest and other	115,717	135,816
Derivative assets	3,319	2,490
Prepaid income taxes	7,711	29,604
Prepaid expenses and other	50,933	48,988
Total current assets	956,241	1,328,430
Property and equipment (successful efforts method):
Proved properties	7,130,302	6,774,635
Less: accumulated depreciation, depletion, and amortization	(1,408,790)	(1,214,484)
Total proved properties, net	5,721,512	5,560,151
Unproved properties	585,791	593,971
Wells in progress	322,106	407,351
Other property and equipment, net of accumulated depreciation of $7,935 in 2023 and $7,329 in 2022	49,655	49,632
Total property and equipment, net	6,679,064	6,611,105
Long-term derivative assets	2,463	794
Right-of-use assets	31,589	24,125
Other noncurrent assets	5,691	6,945
Total assets	7,675,048	7,971,399
Current liabilities:
Accounts payable and accrued expenses	263,429	295,297
Production taxes payable	222,077	258,932
Oil and natural gas revenue distribution payable	506,640	538,343
Derivative liability	22,878	46,334
Asset retirement obligations	25,557	25,557
Lease liability	17,450	13,464
Total current liabilities	1,058,031	1,177,927
Long-term liabilities:
Senior notes	393,693	393,293
Ad valorem taxes	470,180	412,650
Derivative liability	7,442	17,199
Deferred income tax liabilities	365,573	319,618
Asset retirement obligations	263,586	265,469
Lease liability	14,794	11,324
Total liabilities	2,573,299	2,597,480
Commitments and contingencies (Note 6)
Stockholders’ equity:
Preferred stock, $.01 par value, 25,000,000 shares authorized, none outstanding	0	0
Common stock, $.01 par value, 225,000,000 shares authorized, 80,297,548 and 85,120,287 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	4,869	4,918
Additional paid-in capital	3,973,587	4,211,197
Retained earnings	1,123,293	1,157,804
Total stockholders’ equity	5,101,749	5,373,919
Total liabilities and stockholders’ equity	$ 7,675,048	$ 7,971,399

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Other property and equipment, accumulated depreciation	$ 7,935	$ 7,329
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	225,000,000	225,000,000
Common stock, shares issued (in shares)	80,297,548	85,120,287
Common stock, shares outstanding (in shares)	80,297,548	85,120,287

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating net revenues:
Oil and natural gas sales	$ 656,022	$ 817,810
Operating expenses:
Lease operating expense	45,838	36,019
Severance and ad valorem taxes	52,362	63,304
Exploration	571	528
Depreciation, depletion, and amortization	201,303	184,860
Abandonment and impairment of unproved properties	0	17,975
Unused commitments	391	776
Bad debt recovery	(253)	0
Merger transaction costs	482	20,534
General and administrative expense, including $7,380 and $8,090, respectively, of stock-based compensation	36,858	35,720
Total operating expenses	414,965	415,831
Other income (expense):
Derivative gain (loss)	25,160	(295,493)
Interest expense	(7,449)	(9,066)
Gain (loss) on property transactions, net	(241)	16,797
Other income	9,023	783
Total other income (expense)	26,493	(286,979)
Income from operations before income taxes	267,550	115,000
Income tax expense	(65,089)	(23,361)
Net income, basic	202,461	91,639
Net income, diluted	$ 202,461	$ 91,639
Net income per common share:
Basic (in dollars per share)	$ 2.48	$ 1.08
Diluted (in dollars per share)	$ 2.46	$ 1.07
Weighted-average common shares outstanding:
Basic (in shares)	81,719	84,840
Diluted (in shares)	82,430	85,326
Midstream operating expense
Operating expenses:
Operating expense	$ 10,061	$ 5,712
Gathering, transportation, and processing
Operating expenses:
Operating expense	$ 67,352	$ 50,403

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
General and administrative expense, stock-based compensation	$ 7,380	$ 8,090

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings
Balance at beginning of period (in shares) at Dec. 31, 2021		84,572,846
Balance at beginning of period at Dec. 31, 2021	$ 4,654,998	$ 4,912	$ 4,199,108	$ 450,978
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		579,229
Restricted common stock issued	6	$ 6
Stock used for tax withholdings (in shares)		(215,811)
Stock used for tax withholdings	(12,934)	$ (2)	(12,932)
Exercise of stock options (in shares)		5,294
Exercise of stock options	178		178
Stock-based compensation	8,090		8,090
Dividends declared	(104,444)			(104,444)
Net income	91,639			91,639
Balance at end of period (in shares) at Mar. 31, 2022		84,941,558
Balance at end of period at Mar. 31, 2022	4,637,533	$ 4,916	4,194,444	438,173
Balance at beginning of period (in shares) at Dec. 31, 2022		85,120,287
Balance at beginning of period at Dec. 31, 2022	5,373,919	$ 4,918	4,211,197	1,157,804
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		112,052
Stock used for tax withholdings (in shares)		(30,111)
Stock used for tax withholdings	(2,118)		(2,118)
Exercise of stock options (in shares)		13,352
Exercise of stock options	440		440
Common stock repurchased and retired (in shares)		(4,918,032)
Common stock repurchased and retired	(303,455)	$ (49)	(243,312)	(60,094)
Stock-based compensation	7,380		7,380
Dividends declared	(176,878)			(176,878)
Net income	202,461			202,461
Balance at end of period (in shares) at Mar. 31, 2023		80,297,548
Balance at end of period at Mar. 31, 2023	$ 5,101,749	$ 4,869	$ 3,973,587	$ 1,123,293

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 2.15	$ 1.2125

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income		$ 202,461	$ 91,639
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization		201,303	184,860
Deferred income tax expense		45,953	23,361
Abandonment and impairment of unproved properties		0	17,975
Stock-based compensation		7,380	8,090
Amortization of deferred financing costs		1,150	1,078
Derivative (gain) loss		(25,160)	295,493
Derivative cash settlement loss		(10,550)	(166,578)
(Gain) loss on property transactions, net		241	(16,797)
Other		(8)	68
Changes in current assets and liabilities:
Accounts receivable, net		140,744	11,906
Prepaid expenses and other assets		17,528	(2,398)
Accounts payable and accrued liabilities		(35,646)	88,975
Settlement of asset retirement obligations		(6,547)	(5,131)
Net cash provided by operating activities		538,849	532,541
Cash flows from investing activities:
Acquisition of oil and natural gas properties		(30,824)	(300,087)
Cash acquired		0	44,310
Proceeds from sale of oil and natural gas properties		5,700	0
Exploration and development of oil and natural gas properties		(250,389)	(260,667)
Additions to other property and equipment		(630)	(68)
Other		536	212
Net cash used in investing activities		(275,607)	(516,300)
Cash flows from financing activities:
Dividends paid		(173,376)	(103,596)
Common stock repurchased and retired		(300,107)	0
Proceeds from exercise of stock options		440	178
Payment of employee tax withholdings in exchange for the return of common stock		(2,118)	(12,928)
Net cash used in financing activities		(475,161)	(116,346)
Net change in cash, cash equivalents, and restricted cash		(211,919)	(100,105)
Cash, cash equivalents, and restricted cash:
Beginning of period	[1]	768,134	254,556
End of period	[1]	$ 556,215	$ 154,451

[1] (1) Includes $0.1 million of restricted cash and consists of funds for road maintenance and repairs that is presented in other noncurrent assets within the accompanying unaudited condensed consolidated balance sheets (“balance sheets”).

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Restricted cash included in other noncurrent assets	$ 0.1	$ 0.1

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Operations When we use the terms “Civitas,” the “Company,” “we,” “us,” or “our,” we are referring to Civitas Resources, Inc. and its consolidated subsidiaries unless the context otherwise requires. Civitas is an independent exploration and production company focused on the acquisition, development, and production of oil and associated liquids-rich natural gas in the Rocky Mountain region, primarily in the Denver-Julesburg Basin of Colorado (the “DJ Basin”). Our operations are focused on developing the horizontal Niobrara and Codell formations that have a low-cost structure, mature infrastructure, strong production efficiencies, multiple producing horizons, multiple service providers, established reserves, and prospective drilling opportunities, which help facilitate predictable production and achieve our business strategies. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, the instructions to Quarterly Report on Form 10-Q, and Regulation S-X. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in audited financial statements have been condensed or omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation of interim financial information, have been included. All significant intercompany balances and transactions have been eliminated in consolidation. The December 31, 2022 unaudited condensed consolidated balance sheet data has been derived from the audited consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2022 (“ 2022 Form 10-K ”), but does not include all disclosures, including notes required by GAAP. As such, this quarterly report should be read in conjunction with the audited consolidated financial statements and related notes included in our 2022 Form 10-K . In connection with the preparation of the unaudited condensed consolidated financial statements, the Company evaluated events subsequent to the balance sheet date of March 31, 2023, through the filing date of this report. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year or any other future period. Significant Accounting Policies The significant accounting policies followed by the Company are set forth in Note 1 - Summary of Significant Accounting Policies in the 2022 Form 10-K and are supplemented by the notes to the unaudited condensed consolidated financial statements included in this report. Recently Issued and Adopted Accounting Standards

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	3 Months Ended
ACQUISITIONS AND DIVESTITURES	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Bison Acquisition On March 1, 2022, the Company completed the acquisition of privately held DJ Basin operator Bison Oil & Gas II, LLC (“Bison”) for merger consideration of approximately $280.4 million (the “Bison Acquisition”). The Bison Acquisition was accounted for under the acquisition method of accounting for business combinations. Accordingly, we conducted assessments of the net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while transaction and integration costs associated with the acquisition were expensed as incurred. The fair value measurements of assets acquired and liabilities assumed were based on inputs that are not observable in the market, and therefore represent Level 3 inputs. The fair values of oil and natural gas properties and asset retirement obligations were measured using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs to the valuation of oil and natural gas properties include estimates of reserves, future operating and development costs, future commodity prices, estimated future cash flows, and a market-based weighted-average cost of capital. These inputs required significant judgments and estimates by management at the time of the valuation. Net assets acquired under the purchase price allocation were $294.0 million and consequently resulted in a bargain purchase gain of $13.6 million. Because of the immateriality of the Bison Acquisition, the related revenue and earnings, supplemental pro forma financial information, and detailed purchase price allocation are not disclosed. Merger transaction costs Merger transaction costs related to the Bison Acquisition and other mergers completed in the fourth quarter of 2021 were accounted for separately from the assets acquired and liabilities assumed and are included in merger transaction costs in the accompanying unaudited condensed consolidated statements of operations (“statements of operations”). The Company incurred merger transaction costs of $0.5 million and $20.5 million during the three months ended March 31, 2023 and 2022, respectively. Acquisition of additional working interests in Company-operated wells On July 5, 2022, the Company acquired additional working interests in certain Company-operated wells for cash consideration of $80.7 million, after customary purchase price adjustments.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
REVENUE RECOGNITION	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Oil and natural gas sales revenue presented within the accompanying statements of operations is reflective of the revenue generated from contracts with customers. Revenue attributable to each identified revenue stream is disaggregated below (in thousands): Three Months Ended March 31, 2023 2022 Operating net revenues: Oil sales $ 460,374 $ 549,502 Natural gas sales 103,555 113,161 Natural gas liquid (“NGL”) sales 92,093 155,147 Oil and natural gas sales $ 656,022 $ 817,810 The Company recognizes revenue from the sale of produced oil, natural gas, and NGL at the point in time when control of produced oil, natural gas, or NGL volumes transfer to the purchaser, which may differ depending on the applicable contractual terms. The Company considers the transfer of control to have occurred when the purchaser has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the oil, natural gas, or NGL production. Transfer of control dictates the presentation of gathering, transportation, and processing expenses within the accompanying statements of operations. Gathering, transportation, and processing expenses incurred by the Company prior to the transfer of control are recorded gross within the gathering, transportation, and processing line item on the accompanying statements of operations. Conversely, gathering, transportation, and processing expenses incurred by the Company subsequent to the transfer of control are recorded net within the oil, natural gas, and NGL sales line item on the accompanying statements of operations. Please refer to Note 1 - Summary of Significant Accounting Policies in the 2022 Form 10-K for more information regarding the types of contracts under which oil, natural gas, and NGL sales revenue is generated.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	Mar. 31, 2023
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses contain the following (in thousands): March 31, 2023 December 31, 2022 Accounts payable trade $ 23,449 $ 31,783 Accrued drilling and completion costs 123,072 137,171 Accrued lease operating expense 14,097 18,109 Accrued gathering, transportation, and processing 55,407 59,398 Accrued general and administrative expense 16,785 20,054 Accrued commodity derivative settlements 1,079 12,514 Accrued interest expense 10,480 5,509 Accrued settlement 4,814 1,497 Other accrued expenses 14,246 9,262 Total accounts payable and accrued expenses $ 263,429 $ 295,297

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
LONG-TERM DEBT	Mar. 31, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT 5.0% Senior Notes On October 13, 2021, the Company issued $400.0 million aggregate principal amount of 5.0% Senior Notes due 2026 (the “5.0% Senior Notes”) pursuant to an indenture (the “5.0% Indenture”), among Civitas Resources, Wells Fargo Bank, National Association, as trustee, and the guarantors party thereto. Interest accrues at the rate of 5.0% per annum and is payable semiannually in arrears on April 15 and October 15 of each year. Payments commenced on April 15, 2022. The 5.0% Indenture contains covenants that limit, among other things, the Company’s ability to: (i) incur or guarantee additional indebtedness; (ii) create liens securing indebtedness; (iii) pay dividends on or redeem or repurchase stock or subordinated debt; (iv) make specified types of investments and acquisitions; (v) enter into or permit to exist contractual limits on the ability of the Company’s subsidiaries to pay dividends to Civitas Resources; (vi) enter into transactions with affiliates; and (vii) sell assets or merge with other companies. These covenants are subject to a number of important limitations and exceptions. The Company was in compliance with all covenants under the 5.0% Indenture as of March 31, 2023, and through the filing of this report. In addition, certain of these covenants will be terminated before the 5.0% Senior Notes mature if at any time no default or event of default exists under the 5.0% Indenture and the 5.0% Senior Notes receive an investment-grade rating from at least two ratings agencies. The 5.0% Indenture also contains customary events of default. At any time prior to October 15, 2023, the Company may redeem the 5.0% Senior Notes, in whole or in part, at a redemption price equal to the sum of (i) the principal amount thereof, plus (ii) the “make-whole” premium at the redemption date, plus (iii) accrued and unpaid interest, if any. On or after October 15, 2023, the Company may redeem all or part of the 5.0% Senior Notes at redemption prices (expressed as percentages of the principal amount redeemed) equal to (i) 102.5% for the twelve-month period beginning on October 15, 2023; (ii) 101.25% for the twelve-month period beginning on October 15, 2024; and (iii) 100.0% for the twelve-month period beginning October 15, 2025 and at any time thereafter, plus accrued and unpaid interest, if any. The Company may redeem up to 35% of the aggregate principal amount of the 5.0% Senior Notes at any time prior to October 15, 2023 with an amount not to exceed the net cash proceeds from certain equity offerings at a redemption price equal to 105.0% of the principal amount of the 5.0% Senior Notes redeemed, plus accrued and unpaid interest, if any, provided, however, that (i) at least 65.0% of the aggregate principal amount of the 5.0% Senior Notes originally issued on the issue date (but excluding 5.0% Senior Notes held by the Company) remains outstanding immediately after the occurrence of such redemption (unless all such 5.0% Senior Notes are redeemed substantially concurrently) and (ii) the redemption occurs within 180 days after the date of the closing of such equity offering. The 5.0% Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by all of Civitas’ existing subsidiaries. The 5.0% Senior Notes are recorded net of unamortized deferred financing costs within senior notes on the accompanying balance sheets, with no associated discounts or premiums. The table below presents the related carrying value as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Principal amount $ 400,000 $ 400,000 Unamortized deferred financing costs 6,307 6,707 Net amount $ 393,693 $ 393,293 7.5% Senior Notes In April 2021, the Company issued $100.0 million aggregate principal amount of 7.5% Senior Notes due 2026 (the “7.5% Senior Notes”) pursuant to an indenture by and among Civitas Resources, U.S. Bank National Association, as trustee, and the guarantors party thereto. Interest accrued at the rate of 7.5% per annum and was payable semiannually in arrears on April 30 and October 31 of each year. On May 1, 2022, the Company redeemed all of the issued and outstanding 7.5% Senior Notes at 100.0% of their aggregate principal amount, plus accrued and unpaid interest thereon to the redemption date. Credit Facility The Company is party to a reserve-based revolving facility, as the borrower, with JPMorgan Chase Bank, N.A. (“JPMorgan”), as the administrative agent, and a syndicate of financial institutions, as lenders, that has an aggregate maximum commitment amount of $2.0 billion and matures on November 1, 2025 (with all subsequent amendments, the “Credit Facility” or the “Credit Agreement”). The Credit Facility is guaranteed by all restricted domestic subsidiaries of the Company, and is secured by first priority security interests on substantially all assets, including a mortgage on at least 90% of the total value of the proved properties evaluated in the most recently delivered reserve reports prior to the amendment effective date, including any engineering reports relating to the oil and natural gas properties of the restricted domestic subsidiaries of the Company, subject to customary exceptions. The Credit Facility contains customary representations and affirmative covenants. The Credit Facility also contains customary negative covenants, which, among other things, and subject to certain exceptions, include restrictions on (i) liens, (ii) indebtedness, guarantees and other obligations, (iii) restrictions in agreements on liens and distributions, (iv) mergers or consolidations, (v) asset sales, (vi) restricted payments, (vii) investments, (viii) affiliate transactions, (ix) change of business, (x) foreign operations or subsidiaries, (xi) name changes, (xii) use of proceeds, letters of credit, (xiii) gas imbalances, (xiv) hedging transactions, (xv) additional subsidiaries, (xvi) changes in fiscal year or fiscal quarter, (xvii) operating leases, (xviii) prepayments of certain debt and other obligations, (xix) sales or discounts of receivables, (xx) dividend payment thresholds, and (xxi) cash balances. In addition, the Company is subject to certain financial covenants under the Credit Facility, as tested on the last day of each fiscal quarter, including, without limitation, (a) permitted net leverage ratio of 3.00 to 1 and (b) a current ratio, inclusive of the unused commitments then available to be borrowed, to not be less than 1.00 to 1. The Company was in compliance with all covenants under the Credit Facility as of March 31, 2023 and through the filing of this report. On April 20, 2022, the Company entered into an amendment to the Credit Agreement that increased the Company’s borrowing base from $1.0 billion to $1.7 billion and increased the aggregate elected commitments from $800.0 million to $1.0 billion. In addition, this amendment resulted in the removal and replacement of LIBOR with the Secured Overnight Financing Rate (“SOFR”) as a mechanism to determine interest for borrowings made under the Credit Facility using a term-specific SOFR. As a result, borrowings under the Credit Facility bear interest at a per annum rate equal to, at the option of the Company, either (i) the Alternate Base Rate (“ABR”, for ABR Revolving Credit Loans) plus the applicable margin, or (ii) the term-specific SOFR plus the applicable margin. ABR is established as a rate per annum equal to the greatest of (a) the rate of interest publicly announced by JPMorgan as its prime rate, (b) the applicable rate of interest published by the Federal Reserve Bank of New York plus 0.5%, or (c) the term-specific SOFR plus 1.0%, subject to a 1.5% floor plus the applicable margin of 1.0% to 2.0%, based on the utilization of the Credit Facility. Term-specific SOFR is based on one-, three-, or six-month terms as selected by the Company and is subject to a 0.5% floor plus the applicable margin of 2.0% to 3.0%, based on the utilization of the Credit Facility. Interest on borrowings that bear interest at the SOFR are payable on the last day of the applicable interest period selected by the Company, and interest on borrowings that bear interest at the ABR are payable quarterly in arrears. As part of the regularly scheduled, semi-annual borrowing base redeterminations under the Credit Facility, on October 27, 2022, the Company’s aggregate elected commitments of $1.0 billion were reaffirmed and borrowing base was increased from $1.7 billion to $1.85 billion, and on April 28, 2023, the Company’s aggregate elected commitments of $1.0 billion and borrowing base of $1.85 billion were reaffirmed. The next scheduled borrowing base redetermination date is set to occur in October 2023. The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Facility as of May 3, 2023, March 31, 2023, and December 31, 2022 (in thousands): Revolving credit facility $ — Letters of credit 12,100 Available borrowing capacity 987,900 Total aggregate elected commitments $ 1,000,000 In connection with the amendments to the Credit Facility, the Company capitalized a total of approximately $11.9 million in deferred financing costs. Of the total post-amortization net capitalized amounts, (i) $4.8 million and $5.5 million are presented within other noncurrent assets on the accompanying balance sheets as of March 31, 2023 and December 31, 2022, respectively, and (ii) $3.0 million is presented within prepaid expenses and other on the accompanying balance sheets as of both March 31, 2023 and December 31, 2022. Interest Expense

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company is involved in various commercial and regulatory claims, litigation, and other legal proceedings that arise in the ordinary course of its business. The Company assesses these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in its consolidated financial statements. In accordance with authoritative accounting guidance, an accrual is recorded for a loss contingency when its occurrence is probable and damages can be reasonably estimated based on the most likely anticipated outcome or the minimum amount within a range of possible outcomes. Because legal proceedings are inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly subjective and requires judgments about uncertain future events. When evaluating contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matters. The Company regularly reviews contingencies to determine the adequacy of its accruals and related disclosures. As of the filing date of this report, there were no probable, material pending, or overtly threatened legal actions against the Company of which it was aware, other than the following: Boulder County. In prior periods, there was ongoing litigation between Boulder County and Extraction which has been previously disclosed as having the potential to prevent oil and gas operations for the development of minerals contained within Boulder County, Colorado. Boulder County had initiated suit in District Court for Boulder County that was primarily a contract case, where the relevant contracts were the conservation easement over the Blue Paintbrush location, Extraction’s Surface Use Agreement for the Blue Paintbrush location, and the leases that Boulder owns within the Blue Paintbrush drilling and spacing unit. Boulder sought invalidation of these leases in the litigation. This litigation has been resolved as to all substantive issues, and the Company is awaiting final dismissal of the matter by the trial court. In May 2022, Boulder County alleged new legal theories and requested termination of the leases previously at issue in the Blue Paintbrush litigation. Boulder has raised these same claims in opposition to the Company’s pooling application before the Colorado Oil & Gas Conservation Commission (“COGCC”), which is set for hearing in May of 2023. The Company intends to vigorously defend against all claims alleged by Boulder County, both in the pooling hearing and in any subsequent action brought by Boulder County. If an action is brought by Boulder County, an adverse outcome in any such litigation could result in the Company failing to meet its development objectives in Blue Paintbrush. Enforcement. Disclosure of certain environmental matters is required when a governmental authority is a party to the proceedings and the proceedings involve potential monetary sanctions that the Company believes could exceed $0.3 million. The Company has received Notices of Alleged Violations (“NOAV”) from the COGCC alleging violations of various Colorado statutes and COGCC regulations governing oil and gas operations. The Company has further received notices from the Colorado Air Pollution Control Division. The Company continues to engage in discussions regarding resolution of the alleged violations. As of March 31, 2023 and December 31, 2022, the Company has accrued approximately $0.8 million and $0.7 million, respectively, associated with the NOAVs and Colorado Air Pollution Control Division notices. Commitments Firm Transportation Agreements. The Company is party to a firm pipeline transportation contract to provide a guaranteed outlet for production on an oil pipeline system. The contract requires the Company to pay minimum volume transportation charges on 12,500 barrels (“Bbl”) per day through April 2025, regardless of the amount of pipeline capacity utilized by the Company. The aggregate financial commitment fee over the remaining term was $30.4 million as of March 31, 2023. The Company expects to utilize most, if not all, of the firm capacity on the oil pipeline system. Minimum Volume Agreement - Oil. The Company is party to a purchase agreement to deliver fixed and determinable quantities of crude oil. Under the terms of the agreement, the Company is required to make periodic deficiency payments for any shortfalls in delivering the minimum volume commitment of 20,000 gross Bbls per day over a term ending in December 2023. The aggregate financial commitment fee over the remaining term is $34.0 million as of March 31, 2023. The Company has not and does not expect to incur any deficiency payments. Minimum Volume Agreement - Gas and Other. The Company is party to a gas gathering and processing agreement (the “Gathering Agreement”) with a third-party midstream provider over a term ending in 2029 with an annual minimum volume commitment of 13.0 billion cubic feet of natural gas. The Gathering Agreement also includes a commitment to sell take-in-kind NGLs from other processing agreements of 7,500 Bbls a day through 2026 with the ability to roll forward up to a 10% shortfall in a given month to the subsequent month. The aggregate financial commitment fee over the remaining term is $113.0 million as of March 31, 2023, which fluctuates with commodity prices as this is a value-based percentage of proceeds sales contract. Based on current projections, the Company may incur approximately $49.3 million of shortfall payments under the Gathering Agreement during the remaining term of approximately seven years; however, the Company is actively engaging alternative strategies to reduce any potential contract deficiencies incurred in future periods. Additionally, the Company is also party to a gas gathering and processing agreement with several third-party producers and a third-party midstream provider to deliver to two different plants over terms that end in August 2025 and July 2026. The Company’s share of these commitments requires an incremental 51.5 and 20.6 million cubic feet of natural gas (“MMcf”) per day, respectively, over a baseline volume of 65 MMcf per day for a period of seven years following the in-service dates of the plants. The Company may be required to pay a shortfall fee for any incremental volume deficiencies under these commitments. These contractual obligations can be reduced by the Company’s proportionate share of the collective volumes delivered to the plants by other incremental third-party volumes available to the midstream provider that are in excess of the total commitments. Because of the third-party producer reduction provision, we believe that the aggregate financial commitment fee over the remaining term is zero as of March 31, 2023. The Company has not and does not expect to incur any deficiency payments. The Company is also party to additional individually immaterial agreements that require the Company to pay a fee associated with the minimum volumes over various terms ending in April 2025, regardless of the amount delivered. The aggregate financial commitment fee over the remaining term for these contracts was $7.5 million as of March 31, 2023. The minimum annual payments under these agreements for the next five years as of March 31, 2023 are presented below (in thousands): Firm Transportation Minimum Volume (1) Remainder of 2023 $ 11,000 $ 48,050 2024 14,640 19,726 2025 4,800 18,639 2026 — 17,468 2027 — 17,030 2028 and thereafter — 33,540 Total $ 30,440 $ 154,453 ___________________________ (1) The above calculation is based on the minimum volume commitment schedule (as defined in the relevant agreement) and applicable differential fees. Other commitments. The Company is party to a drilling commitment agreement with a third-party midstream provider such that the Company is required to drill and complete a total of 106 qualifying wells, whereby a minimum number of wells out of the total must be drilled by a deadline occurring every two years over a period ending December 31, 2026. The drilling commitment agreement provides for, among other things, a number of specifications such as minimum consecutive days of production, well performance, and lateral length. Wells operated by others can satisfy this commitment, subject to limitations. If the Company were to fail to complete the wells by the applicable deadline, it would be in breach of the agreement and the third-party midstream provider could attempt to assert damages against Civitas and its affiliates. As of the date of filing, the Company cannot reasonably estimate how much, if any, damages will be paid. Refer to Note 13 - Leases

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Long Term Incentive Plans In April 2017, the Company adopted the 2017 Long Term Incentive Plan (“2017 LTIP”), which provides for the issuance of restricted stock units, performance stock units, and stock options, and reserved 2,467,430 shares of common stock. In June 2021, the Company adopted the 2021 Long Term Incentive Plan (“2021 LTIP”), which reserved an incremental 700,000 shares of common stock to those previously reserved under the 2017 LTIP. Finally, in conjunction with the Company’s merger with Extraction Oil & Gas, Inc. (“Extraction”) in November 2021, Civitas assumed Extraction’s 2021 Long Term Incentive Plan (the “Extraction Equity Plan”), which reserved 3,305,080 shares of common stock now issuable by Civitas. The 2017 LTIP, 2021 LTIP, and Extraction Equity Plan are collectively referred to herein as the “LTIP”. The Company records compensation expense associated with the issuance of awards under the LTIP on a straight-line basis over the vesting period based on the fair value of the awards as of the date of grant within general and administrative expense. The following table outlines the compensation expense recorded by type of award (in thousands): Three Months Ended March 31, 2023 2022 Restricted and deferred stock units $ 4,425 $ 5,265 Performance stock units 2,955 2,825 Total stock-based compensation $ 7,380 $ 8,090 As of March 31, 2023, unrecognized compensation expense related to the awards granted under the LTIP will be amortized through the relevant periods as follows (in thousands): Unrecognized Compensation Expense Final Year of Recognition Restricted and deferred stock units $ 28,642 2026 Performance stock units 32,683 2025 Total unrecognized stock-based compensation $ 61,325 Restricted Stock Units and Deferred Stock Units The Company grants time-based Restricted Stock Units (“RSUs”) to its officers, executives, and employees and time-based Deferred Stock Units (“DSUs”) to its non-employee directors as part of its LTIP. Each RSU and DSU represents a right to receive one share of the Company’s common stock at the end of the specified vesting period. RSUs generally vest and settle either over a (i) one-year vesting period, with the entire grant vesting and settling on the anniversary date or (ii) three-year vesting period, with one-third of the total grant vesting and settling on each anniversary date. Each RSU is entitled to a dividend equivalent right to receive, upon settlement, a cash payment based on the regular cash dividends that would have been paid on a share of the Company’s common stock during the period between the grant date and the date the RSUs vest and are settled. Accrued but unpaid dividend equivalents are recognized as a liability on the accompanying balance sheets, until the recipients receive the dividend equivalents upon vesting and settlement. DSUs generally vest in quarterly installments over a one-year period following the grant date. DSUs are settled in shares of the Company’s common stock upon the non-employee director’s separation of service from the Board of Directors (the “Board”). Each DSU is entitled to a dividend equivalent right to receive, on a current basis, a cash payment based on the regular cash dividends that would have been paid on a share of the Company’s common stock. The grant-date fair value of RSUs and DSUs is equal to the closing price of the Company’s common stock on the date of the grant. A summary of the status and activity of non-vested RSUs and DSUs for the three months ended March 31, 2023 is presented below: RSUs and DSUs Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 675,898 $ 50.27 Granted 230,111 71.72 Vested (96,983) 52.73 Forfeited (3,310) 45.84 Non-vested, end of period 805,716 $ 56.12 The aggregate grant-date fair value of the RSUs and DSUs granted under the LTIP during the three months ended March 31, 2023 was $16.5 million. Performance Stock Units The Company grants market-based performance stock units (“PSUs”) to its officers and certain executives as part of its LTIP. The number of shares of the Company’s common stock issued to settle PSUs ranges from zero to 225% (or, for PSUs granted prior to fiscal year 2023, 200%) of the number of PSUs granted and is determined based on performance achievement against certain market-based criteria over a three-year performance period. PSUs generally vest and settle on December 31 of the year preceding the third anniversary of the date of grant. Each PSU is entitled to a dividend equivalent right to receive, upon settlement, a cash payment based on the regular cash dividends that would have been paid on a share of the Company’s common stock during the period between the grant date and the date the PSUs vest and are settled. Accrued but unpaid dividend equivalents are recognized as a liability on the accompanying balance sheets, until the recipients receive the dividend equivalents upon vesting and settlement. Performance achievement is determined based on either, or a combination of, (1) the Company’s annualized absolute total shareholder return (“TSR”) or (2) for certain PSUs granted prior to fiscal year 2023, the Company’s absolute TSR relative to that of a defined peer group. Absolute TSR is determined based upon the performance of the Company's common stock over the performance period relative to the price of the Company’s common stock at the grant date. For awards with a relative TSR component, the Company’s absolute TSR is compared with the absolute TSRs of a group of peer companies over the performance period. The absolute TSR for the Company and each of the peer companies is determined by dividing (A) (i) the volume-weighted average share price for the last 30 trading days of the performance period, minus (ii) the volume-weighted average share price for the 30 trading days preceding the beginning of the performance period, plus (iii) dividends paid by (B) the volume-weighted average share price for the 30 trading days preceding the beginning of the performance period. The resultant amount is then annualized based on the length of the performance period. The grant-date fair value of the PSUs was estimated using a Monte Carlo valuation model. The Monte Carlo valuation model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Significant assumptions used in this valuation include the Company’s expected volatility as well as the volatilities for each of the Company’s peers and an interpolated risk-free interest rate based on U.S. Treasury yields with maturities consistent with the performance period. A summary of the status and activity of non-vested PSUs for the three months ended March 31, 2023 is presented below: PSUs (1) Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 345,999 $ 77.42 Granted 190,843 106.39 Vested (8,926) 23.36 Expired (242) 18.26 Non-vested, end of period 527,674 $ 88.84 ___________________________ (1) The number of awards assumes that the associated performance condition is met at the target amount (multiplier of one). The final number of shares of the Company’s common stock issued may vary depending on the performance multiplier, which ranges from zero to 225% (or, for PSUs granted prior to fiscal year 2023, 200%), depending on the level of satisfaction of the performance condition. The aggregate grant-date fair value of the PSUs granted under the LTIP during the three months ended March 31, 2023 was $20.3 million. Stock Options The LTIP allows for the issuance of stock options to the Company’s employees at the sole discretion of the Board. Options expire ten years from the grant date unless otherwise determined by the Board. Stock options are valued using a Black-Scholes Model where expected volatility is based on an average historical volatility of a peer group selected by management over a period consistent with the expected life assumption on the grant date, the risk-free rate of return is based on the U.S. Treasury constant maturity yield on the grant date with a remaining term equal to the expected term of the awards, and the Company’s expected life of stock option awards is derived from the midpoint of the average vesting time and contractual term of the awards. A summary of the status and activity of non-vested stock options for the three months ended March 31, 2023 is presented below: Stock Options Weighted- Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, beginning of year 15,170 $ 34.36 Exercised (13,352) 34.36 Outstanding, end of period 1,818 $ 34.36 3.8 $ 62 Options outstanding and exercisable 1,818 $ 34.36 3.8 $ 62 The aggregate intrinsic value of options exercised during the three months ended March 31, 2023 was $0.5 million.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company follows authoritative accounting guidance for measuring the fair value of assets and liabilities in its financial statements. This guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Further, this guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The fair value hierarchy is broken down into three levels based on the reliability of the inputs as follows: Level 1: Quoted prices in active markets for identical assets or liabilities Level 2: Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable Level 3: Significant inputs to the valuation model are unobservable Financial and non-financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy. Derivatives The Company uses Level 2 inputs to measure the fair value of oil and natural gas commodity price derivatives. The fair value of the Company’s commodity price derivatives is estimated using industry-standard models that contemplate various inputs including, but not limited to, the contractual price of the underlying position, current market prices, forward commodity price curves, volatility factors, time value of money, and the credit risk of both the Company and its counterparties. We validate our fair value estimate by corroborating the original source of inputs, monitoring changes in valuation methods and assumptions, and reviewing counterparty mark-to-market statements and other supporting documentation. Refer to Note 9 - Derivatives for more information regarding the Company’s derivative instruments. The following tables present the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 and their classification within the fair value hierarchy (in thousands): As of March 31, 2023 Level 1 Level 2 Level 3 Derivative assets $ — $ 5,782 $ — Derivative liabilities $ — $ 30,320 $ — As of December 31, 2022 Level 1 Level 2 Level 3 Derivative assets $ — $ 3,284 $ — Derivative liabilities $ — $ 63,533 $ — Long-Term Debt The 5.0% Senior Notes are recorded at cost, net of any unamortized deferred financing costs. As of March 31, 2023, the fair value of the 5.0% Senior Notes was $380.6 million. This fair value is based on quoted market prices, and as such, is designated as Level 1 within the fair value hierarchy. The recorded value of the Credit Facility, if any, approximates its fair value as it bears interest at a floating rate that approximates a current market rate. Please refer to Note 5 - Long-Term Debt for additional information. Warrants Warrants issued are indexed to the Company’s common stock and required to be net share settled via a cashless exercise. Accordingly, they are classified as equity instruments. The Company’s share price traded below the exercise price of the warrants and therefore were not exercisable during the three months ended March 31, 2023 and 2022. The fair value of the warrants on the issuance date was determined using Level 3 inputs including, but not limited to, volatility, risk-free rate, and dividend yield under the Cox-Ross-Rubinstein binomial option pricing model. The warrants are recorded within additional paid-in capital on the accompanying balance sheets at a fair value of $77.5 million, with no recurring fair value measurement required. There have been no changes to the initial carrying amount of the warrants since issuance. Acquisitions and Impairments of Proved and Unproved Properties We measure acquired assets or businesses at fair value on a nonrecurring basis and review our proved and unproved oil and natural gas properties for impairment using inputs that are not observable in the market, and are therefore designated as Level 3 within the valuation hierarchy. During the three months ended March 31, 2023 and 2022, the Company recorded no impairments of proved properties and incurred zero and $18.0 million, respectively, of abandonment and impairment of unproved properties. Please refer to Note 1 – Summary of Significant Accounting Policies for information on the Company’s policies for determining fair value of its proved and unproved properties and related impairment expense.

DERIVATIVES

DERIVATIVES	3 Months Ended
DERIVATIVES	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company periodically enters into commodity derivative contracts to mitigate a portion of its exposure to potentially adverse market changes in commodity prices for its expected future oil and natural gas production and the associated impact on cash flows. The Company’s commodity derivative contracts consist of swaps, collars, and basis protection swap arrangements. As of March 31, 2023, all derivative counterparties were members of the Credit Facility lender group and all commodity derivative contracts are entered into for other-than-trading purposes. The Company does not designate its commodity derivative contracts as hedging instruments. A typical swap arrangement guarantees a fixed price on contracted volumes. If the agreed upon published third-party index price (“index price”) is lower than the fixed contract price at the time of settlement, the Company receives the difference between the index price and the fixed contract price. If the index price is higher than the fixed contact price at the time of settlement, the Company pays the difference between the index price and the fixed contract price. A typical collar arrangement establishes a floor and ceiling price on contracted volumes through the use of a short call and a long put (“two-way collar”). When the index price is above the ceiling price at the time of settlement, the Company pays the difference between the index price and the ceiling price. When the index price is below the floor price at the time of settlement, the Company receives the difference between the index price and floor price. When the index price is between the floor price and ceiling price, no payment or receipt occurs. A minority of our collar arrangements combine a two-way collar with a short put that holds an exercise price below the floor price (“three-way collar”). In these arrangements, when the index price is below the floor price at the time of settlement, the Company receives the difference between the index price and the floor price, capped at the difference between the floor price and the exercise price of the short put. Basis protection swaps are arrangements that guarantee a price differential for natural gas from a specified delivery point. For basis protection swaps, the Company receives a payment from the counterparty if the price differential is greater than the stated terms of the contract and pays the counterparty if the price differential is less than the stated terms of the contract. As of March 31, 2023, the Company had entered into the following commodity price derivative contracts: Contract Period Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 - Q4 2024 Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) Swaps NYMEX WTI Volumes 1,205 1,053 984 814 1,087 Weighted-Average Contract Price $ 73.49 $ 70.92 $ 70.61 $ 73.27 $ 65.18 Three-Way Collars NYMEX WTI Volumes 1,436 1,302 1,172 573 — Weighted-Average Ceiling Price $ 57.69 $ 57.48 $ 56.49 $ 56.25 $ — Weighted-Average Floor Price $ 48.10 $ 47.91 $ 49.04 $ 45.00 $ — Weighted-Average Sold Put Price $ 37.70 $ 37.41 $ 39.04 $ 35.00 $ — Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) Swaps NYMEX HH Volumes 46,374 46,120 45,947 31,790 21,619 Weighted-Average Contract Price $ 2.64 $ 2.61 $ 2.60 $ 2.69 $ 2.71 Two-Way Collars NYMEX HH Volumes 1,563 1,887 1,756 736 1,131 Weighted-Average Ceiling Price $ 2.78 $ 2.96 $ 2.96 $ 3.16 $ 3.02 Weighted-Average Floor Price $ 2.21 $ 2.34 $ 2.38 $ 2.50 $ 2.35 Three-Way Collars NYMEX HH Volumes 505 — — 1,166 18 Weighted-Average Ceiling Price $ 3.33 $ — $ — $ 3.50 $ 3.42 Weighted-Average Floor Price $ 2.50 $ — $ — $ 2.50 $ 2.50 Weighted-Average Sold Put Price $ 2.00 $ — $ — $ 2.00 $ 2.00 Basis Protection Swaps CIG-NYMEX HH Volumes 48,442 48,007 47,703 33,692 22,199 Weighted-Average Contract Price $ (0.46) $ (0.46) $ (0.46) $ (0.27) $ (0.27) Derivative Assets and Liabilities Fair Value The Company’s commodity price derivatives are measured at fair value and are included in the accompanying balance sheets as derivative assets and liabilities. The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as well as a reconciliation between the gross assets and liabilities and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Derivative Assets: Commodity contracts - current $ 3,319 $ 2,490 Commodity contracts - noncurrent 2,463 794 Total derivative assets 5,782 3,284 Amounts not offset in the accompanying balance sheets (3,203) — Total derivative assets, net $ 2,579 $ 3,284 Derivative Liabilities: Commodity contracts - current $ (22,878) $ (46,334) Commodity contracts - long-term (7,442) (17,199) Total derivative liabilities (30,320) (63,533) Amounts not offset in the accompanying balance sheets 3,203 — Total derivative liabilities, net $ (27,117) $ (63,533) The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands): Three Months Ended March 31, 2023 2022 Derivative cash settlement loss: Oil contracts $ (3,449) $ (125,162) Natural gas contracts (7,101) (28,784) NGL contracts — (12,632) Total derivative cash settlement loss (10,550) (166,578) Change in fair value gain (loss) 35,710 (128,915) Total derivative gain (loss) $ 25,160 $ (295,493)

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended
ASSET RETIREMENT OBLIGATIONS	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	ASSET RETIREMENT OBLIGATIONS The Company recognizes an estimated liability for future costs associated with the abandonment of its oil and gas properties, including facilities requiring decommissioning. A liability for the fair value of an asset retirement obligation and corresponding increase to the carrying value of the related long-lived asset are recorded at the time a well is drilled or acquired, or a facility is constructed. The increase in carrying value is included in proved properties in the accompanying balance sheets. The Company depletes the amount added to proved properties and recognizes expense in connection with the accretion of the discounted liability over the remaining estimated economic lives of the respective long-lived assets. Cash paid to settle asset retirement obligations is included in the cash flows from operating activities section of the accompanying unaudited condensed consolidated statements of cash flows. The Company’s estimated asset retirement obligation liability is based on historical experience plugging and abandoning wells, estimated economic lives, estimated plugging and abandonment cost, and regulatory requirements. The liability is discounted using the credit-adjusted risk-free rate estimated at the time the liability is incurred or revised. A roll-forward of the Company’s asset retirement obligation is as follows (in thousands): Amount Balance as of December 31, 2022 $ 291,026 Additional liabilities incurred 828 Accretion expense 3,836 Liabilities settled (6,547) Balance as of March 31, 2023 $ 289,143 Current portion 25,557 Long-term portion $ 263,586

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Earnings per basic and diluted share are calculated under the treasury stock method. Basic net income per common share is calculated by dividing net income by the basic weighted-average common shares outstanding for the respective period. Diluted net income per common share is calculated by dividing net income by the diluted weighted-average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities consist of unvested RSUs, DSUs, PSUs as well as outstanding in-the-money stock options and warrants. When the Company recognizes a loss from continuing operations, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of diluted earnings per share. As discussed in Note 7 - Stock-Based Compensation , PSUs represent the right to receive a number of shares of the Company’s common stock ranging from zero to 225% (or, for PSUs granted prior to fiscal year 2023, 200%) of PSUs granted based on the performance achievement over the applicable performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the performance period applicable to such awards. The Company has also issued stock options and warrants, which both represent the right to purchase the Company’s common stock at a specified exercise price. The number of potentially dilutive shares related to the stock options and warrants is based on the number of shares, if any, that would be exercisable at the end of the respective reporting period, assuming that date was the end of such stock options’ or warrants’ term. Stock options and warrants are only dilutive when the average price of the common stock during the period exceeds the exercise price. The following table sets forth the calculations of basic and diluted net income per common share (in thousands, except per share amounts): Three Months Ended March 31, 2023 2022 Net income $ 202,461 $ 91,639 Basic net income per common share $ 2.48 $ 1.08 Diluted net income per common share $ 2.46 $ 1.07 Weighted-average shares outstanding - basic 81,719 84,840 Add: dilutive effect of stock awards 711 486 Weighted-average shares outstanding - diluted 82,430 85,326 There were 138,049 and 18,436 shares that were anti-dilutive for the three months ended March 31, 2023 and 2022, respectively. The exercise price of the Company’s warrants was in excess of the Company’s stock price during the three months ended March 31, 2023 and 2022

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Deferred tax assets and liabilities are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years related to cumulative temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying balance sheets. The tax effect of the net change in the cumulative temporary differences during each period in the deferred tax assets and liabilities determines the periodic provision for deferred taxes. The Company assesses the recoverability of its deferred tax assets each period by considering whether it is more likely than not that all or a portion of the deferred tax assets will be realized. In making such determination, the Company considers all available (both positive and negative) evidence, including future reversals of temporary differences, tax-planning strategies, projected future taxable income, and results of operations. As a result of merger activity in 2021, the Company had a valuation allowance of $25.4 million as of both March 31, 2023 and December 31, 2022 against certain acquired net operating losses and other tax attributes due to the limitation on realizability caused by the change of ownership provisions of Section 382 of the Internal Revenue Code. The Company will continue to monitor facts and circumstances in the reassessment of the likelihood that the deferred tax assets will be realized. The net deferred tax liability as of March 31, 2023 and December 31, 2022 was $365.6 million and $319.6 million, respectively. Additionally, prepaid income taxes under current assets as of March 31, 2023 and December 31, 2022 were $7.7 million and $29.6 million, respectively. Federal income tax expense differs from the amount that would be provided by applying the statutory United States federal income tax rate of 21% to income before income taxes primarily due to the effect of state income taxes, excess tax benefits and deficiencies on stock-based compensation awards, tax limitations on compensation of covered individuals, changes in valuation allowances, and other permanent differences including bargain purchase gain. During the three months ended March 31, 2023 and 2022, the Company recorded income tax expense of $65.1 million and $23.4 million, respectively. The Company had no unrecognized tax benefits as of March 31, 2023 and December 31, 2022. The Company’s management does not believe that there are any new items or changes in facts or judgments that would impact the Company’s tax position taken thus far in 2023. On August 16, 2022, the Inflation Reduction Act (“IRA”) was signed into law. Among other provisions, the IRA imposes a 15% corporate alternative minimum tax (“Corporate AMT”) for tax years beginning after December 31, 2022. The Company is evaluating the potential impact of the Corporate AMT on our current income tax expense and income taxes payable; however, we currently do not believe this will materially affect our income taxes paid for the 2023 tax year.

LEASES

LEASES	3 Months Ended
LEASES	Mar. 31, 2023
Leases [Abstract]
LEASES	LEASES The Company’s right-of-use assets and lease liabilities are recognized on the accompanying balance sheets based on the present value of the expected lease payments over the lease term. As of March 31, 2023 and December 31, 2022, the Company did not have any agreements in place that were classified as finance leases. The following table summarizes the asset classes of the Company’s operating leases (in thousands): March 31, 2023 December 31, 2022 Operating Leases Field equipment (1) $ 22,809 $ 15,131 Corporate leases 6,804 8,235 Vehicles 1,976 759 Total right-of-use asset $ 31,589 $ 24,125 Field equipment (1) $ 22,809 $ 15,131 Corporate leases 7,459 8,898 Vehicles 1,976 759 Total lease liability $ 32,244 $ 24,788 ____________________________ (1) Includes compressors, certain natural gas processing equipment, and other field equipment. Future commitments by year for the Company’s leases with a lease term of one year or more as of March 31, 2023 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the accompanying balance sheets as follows (in thousands): Operating Leases Remainder of 2023 $ 14,658 2024 12,485 2025 2,664 2026 1,943 2027 1,786 Thereafter 598 Total lease payments 34,134 Less: imputed interest (1,890) Total lease liability $ 32,244

SUPPLEMENTAL DISCLOSURES OF CAS

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	3 Months Ended
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Supplemental cash flow disclosures are presented below (in thousands): Three Months Ended March 31, 2023 2022 Supplemental cash flow information: Cash (paid) refunded for income taxes $ 2,758 $ (6,300) Cash paid for interest (1,328) (774) Supplemental non-cash investing and financing activities: Changes in working capital related to capital expenditures 14,099 28,015

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Share Repurchases On January 24, 2023, we entered into a privately-negotiated share purchase agreement with CPPIB Crestone Peak Resources Canada Inc. for the purchase of approximately 4.9 million shares of the Company’s common stock at a price of $61.00 per share for a total purchase price of approximately $300.0 million. The purchase closed on January 27, 2023 and was funded from the Company’s cash on hand. The shares repurchased were immediately retired. We record share repurchases at cost, which includes incremental direct transaction costs, as a reduction to stockholder’s equity. As part of the incremental direct transaction costs, we recorded a 1% excise tax, as imposed by the IRA, with the corresponding liability recorded within accounts payable and accrued expenses on the accompanying balance sheets. Any excess of cost over the par value is charged to additional paid-in-capital on a pro-rata basis, with any remaining cost charged to retained earnings. Dividends In May 2021, we announced the initiation of a quarterly base cash dividend on our common stock. In March 2022, the Board approved the initiation of a quarterly variable cash dividend in addition to the aforementioned base dividend, equal to 50% of free cash flow after the base cash dividend for the preceding twelve-month period and pro forma for all acquisition and divestiture activity, assuming pro forma compliance with certain leverage targets. The decision to pay any future dividends is solely within the discretion of, and subject to approval by, the Board. The Board’s determination with respect to any such dividends, including the record date, the payment date, and the actual amount of the dividend, will depend upon our profitability and financial condition, contractual restrictions, restrictions imposed by applicable law, and other factors that the Board deems relevant at the time of such determination. The following table summarizes the dividends paid for the three months ended March 31, 2023 and 2022 (per share): Base Variable Total 2023: First quarter $ 0.50 $ 1.65 $ 2.15 2022: First quarter $ 0.46 $ 0.75 $ 1.21

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, the instructions to Quarterly Report on Form 10-Q, and Regulation S-X. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in audited financial statements have been condensed or omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation of interim financial information, have been included. All significant intercompany balances and transactions have been eliminated in consolidation. The December 31, 2022 unaudited condensed consolidated balance sheet data has been derived from the audited consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2022 (“ 2022 Form 10-K ”), but does not include all disclosures, including notes required by GAAP. As such, this quarterly report should be read in conjunction with the audited consolidated financial statements and related notes included in our 2022 Form 10-K . In connection with the preparation of the unaudited condensed consolidated financial statements, the Company evaluated events subsequent to the balance sheet date of March 31, 2023, through the filing date of this report. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year or any other future period. Significant Accounting Policies The significant accounting policies followed by the Company are set forth in Note 1 - Summary of Significant Accounting Policies in the 2022 Form 10-K and are supplemented by the notes to the unaudited condensed consolidated financial statements included in this report.
Recently Issued and Adopted Accounting Standards	Recently Issued and Adopted Accounting StandardsThere are no accounting standards applicable to the Company that would have a material effect on the Company’s financial statements and disclosures that have been issued but not yet adopted by the Company as of March 31, 2023, and through the filing date of this report.
Revenue Recognition	The Company recognizes revenue from the sale of produced oil, natural gas, and NGL at the point in time when control of produced oil, natural gas, or NGL volumes transfer to the purchaser, which may differ depending on the applicable contractual terms. The Company considers the transfer of control to have occurred when the purchaser has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the oil, natural gas, or NGL production. Transfer of control dictates the presentation of gathering, transportation, and processing expenses within the accompanying statements of operations. Gathering, transportation, and processing expenses incurred by the Company prior to the transfer of control are recorded gross within the gathering, transportation, and processing line item on the accompanying statements of operations. Conversely, gathering, transportation, and processing expenses incurred by the Company subsequent to the transfer of control are recorded net within the oil, natural gas, and NGL sales line item on the accompanying statements of operations. Please refer to Note 1 - Summary of Significant Accounting Policies in the 2022 Form 10-K for more information regarding the types of contracts under which oil, natural gas, and NGL sales revenue is generated.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
REVENUE RECOGNITION (Tables)	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Revenue Stream	Revenue attributable to each identified revenue stream is disaggregated below (in thousands): Three Months Ended March 31, 2023 2022 Operating net revenues: Oil sales $ 460,374 $ 549,502 Natural gas sales 103,555 113,161 Natural gas liquid (“NGL”) sales 92,093 155,147 Oil and natural gas sales $ 656,022 $ 817,810

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses contain the following (in thousands): March 31, 2023 December 31, 2022 Accounts payable trade $ 23,449 $ 31,783 Accrued drilling and completion costs 123,072 137,171 Accrued lease operating expense 14,097 18,109 Accrued gathering, transportation, and processing 55,407 59,398 Accrued general and administrative expense 16,785 20,054 Accrued commodity derivative settlements 1,079 12,514 Accrued interest expense 10,480 5,509 Accrued settlement 4,814 1,497 Other accrued expenses 14,246 9,262 Total accounts payable and accrued expenses $ 263,429 $ 295,297

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
LONG-TERM DEBT (Tables)	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The table below presents the related carrying value as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Principal amount $ 400,000 $ 400,000 Unamortized deferred financing costs 6,307 6,707 Net amount $ 393,693 $ 393,293 The following table presents the outstanding balance, total amount of letters of credit outstanding, and available borrowing capacity under the Credit Facility as of May 3, 2023, March 31, 2023, and December 31, 2022 (in thousands): Revolving credit facility $ — Letters of credit 12,100 Available borrowing capacity 987,900 Total aggregate elected commitments $ 1,000,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Annual Minimum Commitment Payments	The minimum annual payments under these agreements for the next five years as of March 31, 2023 are presented below (in thousands): Firm Transportation Minimum Volume (1) Remainder of 2023 $ 11,000 $ 48,050 2024 14,640 19,726 2025 4,800 18,639 2026 — 17,468 2027 — 17,030 2028 and thereafter — 33,540 Total $ 30,440 $ 154,453 ___________________________ (1) The above calculation is based on the minimum volume commitment schedule (as defined in the relevant agreement) and applicable differential fees.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Share-Based Compensation Expense	The following table outlines the compensation expense recorded by type of award (in thousands): Three Months Ended March 31, 2023 2022 Restricted and deferred stock units $ 4,425 $ 5,265 Performance stock units 2,955 2,825 Total stock-based compensation $ 7,380 $ 8,090
Summary of Unrecognized Compensation Expense	As of March 31, 2023, unrecognized compensation expense related to the awards granted under the LTIP will be amortized through the relevant periods as follows (in thousands): Unrecognized Compensation Expense Final Year of Recognition Restricted and deferred stock units $ 28,642 2026 Performance stock units 32,683 2025 Total unrecognized stock-based compensation $ 61,325
Summary of the Status and Activity of Non-Vested RSUs, DSUs, and Options	A summary of the status and activity of non-vested RSUs and DSUs for the three months ended March 31, 2023 is presented below: RSUs and DSUs Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 675,898 $ 50.27 Granted 230,111 71.72 Vested (96,983) 52.73 Forfeited (3,310) 45.84 Non-vested, end of period 805,716 $ 56.12 A summary of the status and activity of non-vested stock options for the three months ended March 31, 2023 is presented below: Stock Options Weighted- Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, beginning of year 15,170 $ 34.36 Exercised (13,352) 34.36 Outstanding, end of period 1,818 $ 34.36 3.8 $ 62 Options outstanding and exercisable 1,818 $ 34.36 3.8 $ 62
Summary of the Status and Activity of PSUs	A summary of the status and activity of non-vested PSUs for the three months ended March 31, 2023 is presented below: PSUs (1) Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 345,999 $ 77.42 Granted 190,843 106.39 Vested (8,926) 23.36 Expired (242) 18.26 Non-vested, end of period 527,674 $ 88.84 ___________________________ (1) The number of awards assumes that the associated performance condition is met at the target amount (multiplier of one). The final number of shares of the Company’s common stock issued may vary depending on the performance multiplier, which ranges from zero to 225% (or, for PSUs granted prior to fiscal year 2023, 200%), depending on the level of satisfaction of the performance condition.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities at Fair Value on Recurring Basis	The following tables present the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 and their classification within the fair value hierarchy (in thousands): As of March 31, 2023 Level 1 Level 2 Level 3 Derivative assets $ — $ 5,782 $ — Derivative liabilities $ — $ 30,320 $ — As of December 31, 2022 Level 1 Level 2 Level 3 Derivative assets $ — $ 3,284 $ — Derivative liabilities $ — $ 63,533 $ —

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
DERIVATIVES (Tables)	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Commodity Derivatives	As of March 31, 2023, the Company had entered into the following commodity price derivative contracts: Contract Period Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 - Q4 2024 Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) Swaps NYMEX WTI Volumes 1,205 1,053 984 814 1,087 Weighted-Average Contract Price $ 73.49 $ 70.92 $ 70.61 $ 73.27 $ 65.18 Three-Way Collars NYMEX WTI Volumes 1,436 1,302 1,172 573 — Weighted-Average Ceiling Price $ 57.69 $ 57.48 $ 56.49 $ 56.25 $ — Weighted-Average Floor Price $ 48.10 $ 47.91 $ 49.04 $ 45.00 $ — Weighted-Average Sold Put Price $ 37.70 $ 37.41 $ 39.04 $ 35.00 $ — Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) Swaps NYMEX HH Volumes 46,374 46,120 45,947 31,790 21,619 Weighted-Average Contract Price $ 2.64 $ 2.61 $ 2.60 $ 2.69 $ 2.71 Two-Way Collars NYMEX HH Volumes 1,563 1,887 1,756 736 1,131 Weighted-Average Ceiling Price $ 2.78 $ 2.96 $ 2.96 $ 3.16 $ 3.02 Weighted-Average Floor Price $ 2.21 $ 2.34 $ 2.38 $ 2.50 $ 2.35 Three-Way Collars NYMEX HH Volumes 505 — — 1,166 18 Weighted-Average Ceiling Price $ 3.33 $ — $ — $ 3.50 $ 3.42 Weighted-Average Floor Price $ 2.50 $ — $ — $ 2.50 $ 2.50 Weighted-Average Sold Put Price $ 2.00 $ — $ — $ 2.00 $ 2.00 Basis Protection Swaps CIG-NYMEX HH Volumes 48,442 48,007 47,703 33,692 22,199 Weighted-Average Contract Price $ (0.46) $ (0.46) $ (0.46) $ (0.27) $ (0.27)
Summary of all the Company's Derivative Positions	The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as well as a reconciliation between the gross assets and liabilities and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts as of March 31, 2023 and December 31, 2022 (in thousands): March 31, 2023 December 31, 2022 Derivative Assets: Commodity contracts - current $ 3,319 $ 2,490 Commodity contracts - noncurrent 2,463 794 Total derivative assets 5,782 3,284 Amounts not offset in the accompanying balance sheets (3,203) — Total derivative assets, net $ 2,579 $ 3,284 Derivative Liabilities: Commodity contracts - current $ (22,878) $ (46,334) Commodity contracts - long-term (7,442) (17,199) Total derivative liabilities (30,320) (63,533) Amounts not offset in the accompanying balance sheets 3,203 — Total derivative liabilities, net $ (27,117) $ (63,533)
Summary of the Components of the Derivative Gain (Loss)	The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands): Three Months Ended March 31, 2023 2022 Derivative cash settlement loss: Oil contracts $ (3,449) $ (125,162) Natural gas contracts (7,101) (28,784) NGL contracts — (12,632) Total derivative cash settlement loss (10,550) (166,578) Change in fair value gain (loss) 35,710 (128,915) Total derivative gain (loss) $ 25,160 $ (295,493)

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
ASSET RETIREMENT OBLIGATIONS (Tables)	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligation Changes	A roll-forward of the Company’s asset retirement obligation is as follows (in thousands): Amount Balance as of December 31, 2022 $ 291,026 Additional liabilities incurred 828 Accretion expense 3,836 Liabilities settled (6,547) Balance as of March 31, 2023 $ 289,143 Current portion 25,557 Long-term portion $ 263,586

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table sets forth the calculations of basic and diluted net income per common share (in thousands, except per share amounts): Three Months Ended March 31, 2023 2022 Net income $ 202,461 $ 91,639 Basic net income per common share $ 2.48 $ 1.08 Diluted net income per common share $ 2.46 $ 1.07 Weighted-average shares outstanding - basic 81,719 84,840 Add: dilutive effect of stock awards 711 486 Weighted-average shares outstanding - diluted 82,430 85,326

LEASES (Tables)

LEASES (Tables)	3 Months Ended
LEASES (Tables)	Mar. 31, 2023
Leases [Abstract]
Schedule of Balance Sheet Activity, Asset Classes	The following table summarizes the asset classes of the Company’s operating leases (in thousands): March 31, 2023 December 31, 2022 Operating Leases Field equipment (1) $ 22,809 $ 15,131 Corporate leases 6,804 8,235 Vehicles 1,976 759 Total right-of-use asset $ 31,589 $ 24,125 Field equipment (1) $ 22,809 $ 15,131 Corporate leases 7,459 8,898 Vehicles 1,976 759 Total lease liability $ 32,244 $ 24,788 ____________________________ (1) Includes compressors, certain natural gas processing equipment, and other field equipment.
Schedule of Future Minimum Commitments for Operating Leases	Future commitments by year for the Company’s leases with a lease term of one year or more as of March 31, 2023 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the accompanying balance sheets as follows (in thousands): Operating Leases Remainder of 2023 $ 14,658 2024 12,485 2025 2,664 2026 1,943 2027 1,786 Thereafter 598 Total lease payments 34,134 Less: imputed interest (1,890) Total lease liability $ 32,244

SUPPLEMENTAL DISCLOSURES OF C_2

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)	3 Months Ended
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental cash flow disclosures are presented below (in thousands): Three Months Ended March 31, 2023 2022 Supplemental cash flow information: Cash (paid) refunded for income taxes $ 2,758 $ (6,300) Cash paid for interest (1,328) (774) Supplemental non-cash investing and financing activities: Changes in working capital related to capital expenditures 14,099 28,015

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Mar. 31, 2023
Equity [Abstract]
Schedule of Dividends Paid	The following table summarizes the dividends paid for the three months ended March 31, 2023 and 2022 (per share): Base Variable Total 2023: First quarter $ 0.50 $ 1.65 $ 2.15 2022: First quarter $ 0.46 $ 0.75 $ 1.21

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended
	Jul. 05, 2022	Mar. 01, 2022	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Merger transaction costs			$ 482	$ 20,534
Payments to acquire non-operated interests in operated wells	$ 80,700
Bison
Business Acquisition [Line Items]
Merger consideration		$ 280,400
Net assets acquired		294,000
Bargain purchase gain		$ 13,600

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of Revenue by Revenue Stream (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	$ 656,022	$ 817,810
Oil sales
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	460,374	549,502
Natural gas sales
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	103,555	113,161
Natural gas liquid (“NGL”) sales
Disaggregation of Revenue [Line Items]
Oil and natural gas sales	$ 92,093	$ 155,147

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivable from contracts with customers	$ 222,448	$ 343,500

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable trade	$ 23,449	$ 31,783
Accrued drilling and completion costs	123,072	137,171
Accrued lease operating expense	14,097	18,109
Accrued gathering, transportation, and processing	55,407	59,398
Accrued general and administrative expense	16,785	20,054
Accrued commodity derivative settlements	1,079	12,514
Accrued interest expense	10,480	5,509
Accrued settlement	4,814	1,497
Other accrued expenses	14,246	9,262
Total accounts payable and accrued expenses	$ 263,429	$ 295,297

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details)					3 Months Ended
LONG-TERM DEBT - Narrative (Details)	May 01, 2022	Apr. 20, 2022 USD ($)	Nov. 01, 2021 USD ($)	Oct. 13, 2021 USD ($) agency	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Apr. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 27, 2022 USD ($)	Apr. 30, 2021 USD ($)
LONG-TERM DEBT
Interest expense					$ 7,400,000	$ 9,100,000
Capitalized interest					0	$ 0
Revolving credit facility
LONG-TERM DEBT
Minimum current ratio covenant			1
Amended Credit Agreement \| Revolving credit facility
LONG-TERM DEBT
Maximum borrowing capacity			$ 2,000,000,000
Covenant, minimum percentage of mortgage on total value of certain proved oil and gas properties			90%
Maximum net leverage ratio			3
Borrowing base amount		$ 1,700,000,000	$ 1,000,000,000						$ 1,850,000,000
Elected commitments		$ 1,000,000,000	$ 800,000,000
Amended Credit Agreement \| Revolving credit facility \| Subsequent Event
LONG-TERM DEBT
Borrowing base amount							$ 1,850,000,000
Elected commitments							$ 1,000,000,000
Amended Credit Agreement \| Revolving credit facility \| Fed Funds Effective Rate Overnight Index Swap Rate
LONG-TERM DEBT
Basis spread on variable rate		0.50%
Amended Credit Agreement \| Revolving credit facility \| SOFR
LONG-TERM DEBT
Basis spread on variable rate		1%
Basis spread on variable rate, floor		0.50%
Amended Credit Agreement \| Revolving credit facility \| SOFR \| Minimum
LONG-TERM DEBT
Basis spread on variable rate		2%
Amended Credit Agreement \| Revolving credit facility \| SOFR \| Maximum
LONG-TERM DEBT
Basis spread on variable rate		3%
Amended Credit Agreement \| Revolving credit facility \| SOFR, Plus Basis Spread One
LONG-TERM DEBT
Basis spread on variable rate, floor		1.50%
Amended Credit Agreement \| Revolving credit facility \| SOFR, Plus Basis Spread One \| Minimum
LONG-TERM DEBT
Basis spread on variable rate		1%
Amended Credit Agreement \| Revolving credit facility \| SOFR, Plus Basis Spread One \| Maximum
LONG-TERM DEBT
Basis spread on variable rate		2%
Amended Credit Agreement \| HighPoint Merger \| Revolving credit facility
LONG-TERM DEBT
Deferred financing costs, gross					11,900,000
Deferred financing costs, net					4,800,000			$ 5,500,000
Debt issuance costs					$ 3,000,000
Senior Notes \| Senior Notes Due 2026, 5.0%
LONG-TERM DEBT
Interest rate (as a percent)				5%	5%
Aggregate principal amount				$ 400,000,000
Covenant, investment-grade rating, number of ratings agencies (at least) \| agency				2
Debt issuance costs					$ 6,307,000			$ 6,707,000
Senior Notes \| Senior Notes Due 2026, 5.0%, Indenture
LONG-TERM DEBT
Interest rate (as a percent)				5%
Senior Notes \| Senior Notes Due 2026, 7.50% \| HighPoint Merger
LONG-TERM DEBT
Interest rate (as a percent)										7.50%
Aggregate principal amount										$ 100,000,000
Senior Notes \| Debt Instrument, Redemption, Period Two \| Senior Notes Due 2026, 5.0%
LONG-TERM DEBT
Redemption price, percentage				102.50%
Percentage of principal amount not redeemed				65%
Senior Notes \| Debt Instrument, Redemption, Period Two \| Senior Notes Due 2026, 7.50% \| HighPoint Merger
LONG-TERM DEBT
Redemption price, percentage	100%
Senior Notes \| Debt Instrument, Redemption, Period Three \| Senior Notes Due 2026, 5.0%
LONG-TERM DEBT
Redemption price, percentage				101.25%
Senior Notes \| Debt Instrument, Redemption, Period Four \| Senior Notes Due 2026, 5.0%
LONG-TERM DEBT
Redemption price, percentage				100%
Senior Notes \| Debt Instrument, Redemption, Period One \| Senior Notes Due 2026, 5.0%
LONG-TERM DEBT
Percentage of principal amount redeemed (up to)				35%
Redemption period, after date of closing of equity offering				180 days
Senior Notes \| Debt Instrument, Redemption, Period Five \| Senior Notes Due 2026, 5.0%
LONG-TERM DEBT
Redemption price, percentage				105%

LONG-TERM DEBT - Schedule of Ca

LONG-TERM DEBT - Schedule of Carrying Values (Details) - Senior Notes - Senior Notes Due 2026, 5.0% - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
LONG-TERM DEBT
Principal amount	$ 400,000	$ 400,000
Unamortized deferred financing costs	6,307	6,707
Net amount	$ 393,693	$ 393,293

LONG-TERM DEBT - Schedule of De

LONG-TERM DEBT - Schedule of Debt Outstanding and Borrowing Capacity (Details) - Line of Credit - USD ($) $ in Thousands	May 03, 2023	Mar. 31, 2023	Dec. 31, 2022
Revolving credit facility and Letters of credit
LONG-TERM DEBT
Available borrowing capacity		$ 987,900	$ 987,900
Total aggregate elected commitments		1,000,000	1,000,000
Revolving credit facility and Letters of credit \| Subsequent Event
LONG-TERM DEBT
Available borrowing capacity	$ 987,900
Total aggregate elected commitments	1,000,000
Revolving credit facility
LONG-TERM DEBT
Credit facility outstanding		0	0
Revolving credit facility \| Subsequent Event
LONG-TERM DEBT
Credit facility outstanding	0
Letters of credit
LONG-TERM DEBT
Credit facility outstanding		$ 12,100	$ 12,100
Letters of credit \| Subsequent Event
LONG-TERM DEBT
Credit facility outstanding	$ 12,100

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) horizontal_well bbl / d plant bbl MMcf Bcf	Dec. 31, 2022 USD ($)
Firm Transportation
Loss Contingencies [Line Items]
Financial commitment	$ 30,440
Pipeline Transportation Commitment
Loss Contingencies [Line Items]
Minimum volume transportation charges, gross barrels per day requirement thereafter through April 2025 \| bbl / d	12,500
Financial commitment	$ 30,400
Natural Gas And Fresh Water \| Natural Gas and Fresh Water Commitment
Loss Contingencies [Line Items]
Financial commitment	0
NGL Crude Logistics \| Crude Oil \| Crude Oil Commitment
Loss Contingencies [Line Items]
Financial commitment	$ 34,000
Maximum volume requirement \| bbl	20,000
Third-Party Midstream Provider
Loss Contingencies [Line Items]
Horizontal well drilling, number of wells required to be drilled \| horizontal_well	106
Horizontal well drilling, minimum number of wells required to be drilled, period ending December 31, 2026	2 years
Third-Party Midstream Provider \| Natural gas contracts \| Natural Gas Commitment and Take-In-Kind Natural Gas Liquids Commitment
Loss Contingencies [Line Items]
Financial commitment	$ 113,000
Expected shortfall payments	$ 49,300
Remaining term	7 years
Third-Party Midstream Provider \| Natural gas contracts \| Natural Gas Commitment
Loss Contingencies [Line Items]
Annual minimum volume requirement \| Bcf	13
Third-Party Midstream Provider \| Natural gas contracts \| Take-In-Kind Natural Gas Liquids Commitment
Loss Contingencies [Line Items]
Daily sales commitment requirement, through year seven \| bbl	7,500
Monthly roll forward shortfall requirement, percent (up to)	10%
Third-Party Producers And A Third-Party Midstream Provider \| Natural gas contracts \| Natural Gas Commitment
Loss Contingencies [Line Items]
Number of different plants \| plant	2
Daily baseline volume requirement \| MMcf	65
Daily baseline volume requirement, term	7 years
Third-Party Producers And A Third-Party Midstream Provider \| Natural gas contracts \| Natural Gas Commitment \| Minimum
Loss Contingencies [Line Items]
Daily incremental volume requirement \| MMcf	51.5
Third-Party Producers And A Third-Party Midstream Provider \| Natural gas contracts \| Natural Gas Commitment \| Maximum
Loss Contingencies [Line Items]
Daily incremental volume requirement \| MMcf	20.6
Water Suppliers \| Natural Gas And Fresh Water \| Natural Gas and Fresh Water Commitment
Loss Contingencies [Line Items]
Financial commitment	$ 7,500
Sterling Energy Investments LLC Versus HighPoint Operating Corporation Litigation \| Pending Litigation
Loss Contingencies [Line Items]
Accrued litigation liability	$ 800	$ 700

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Purchase Obligations (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Firm Transportation
Long-term Purchase Commitment [Line Items]
Remainder of 2023	$ 11,000
2024	14,640
2025	4,800
2026	0
2027	0
2028 and thereafter	0
Total	30,440
NGL contracts
Long-term Purchase Commitment [Line Items]
Remainder of 2023	48,050
2024	19,726
2025	18,639
2026	17,468
2027	17,030
2028 and thereafter	33,540
Total	$ 154,453

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Nov. 30, 2021	Jun. 30, 2021	Apr. 30, 2017
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value, options exercised	$ 0.5
LTIP \| Restricted Stock Units (RSUs) and Deferred Stock Units (DSUs) \| Non-executive Board Members
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of units granted	$ 16.5
LTIP \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares released upon vesting (in shares)	1
LTIP \| Restricted Stock Units (RSUs) \| Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
LTIP \| Restricted Stock Units (RSUs) \| Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
LTIP \| Restricted Stock Units (RSUs) \| Vesting Period Two, Anniversary One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent of shares	33%
LTIP \| Restricted Stock Units (RSUs) \| Vesting Period Two, Anniversary Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent of shares	33%
LTIP \| Restricted Stock Units (RSUs) \| Vesting Period Two, Anniversary Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent of shares	33%
LTIP \| Deferred Stock Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares released upon vesting (in shares)	1
LTIP \| Deferred Stock Units (DSUs) \| Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
LTIP \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
LTIP \| Performance Stock Units (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio at which award holders get common stock of the company	0
LTIP \| Performance Stock Units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio at which award holders get common stock of the company	2.25
LTIP \| Performance Stock Units (PSUs) \| Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Fair value of units granted	$ 20.3
Number of trading days	30 days
LTIP \| Performance Stock Units (PSUs) \| Officers \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio at which award holders get common stock of the company	0
LTIP \| Performance Stock Units (PSUs) \| Officers \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio at which award holders get common stock of the company	2.25
LTIP \| Performance Stock Units (PSUs), Granted Prior to Fiscal Year 2023 \| Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio at which award holders get common stock of the company	2
2017 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)				2,467,430
2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)			700,000
Extraction Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)		3,305,080

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Expenses (Details) - LTIP - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 7,380	$ 8,090
Restricted and deferred stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	4,425	5,265
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 2,955	$ 2,825

STOCK-BASED COMPENSATION - Unre

STOCK-BASED COMPENSATION - Unrecognized Compensation Expense (Details) - LTIP $ in Thousands	Mar. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation	$ 61,325
Restricted and deferred stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation	28,642
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation	$ 32,683

STOCK-BASED COMPENSATION - Acti

STOCK-BASED COMPENSATION - Activity of Non-Option Awards (Details) - LTIP	3 Months Ended
	Mar. 31, 2023 $ / shares shares
RSUs and DSUs
Stock Units
Non-vested, beginning of year (in shares) \| shares	675,898
Granted (in shares) \| shares	230,111
Vested (in shares) \| shares	(96,983)
Forfeited (in shares) \| shares	(3,310)
Non-vested, end of period (in shares) \| shares	805,716
Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year (in dollars per share) \| $ / shares	$ 50.27
Granted (in dollars per share) \| $ / shares	71.72
Vested (in dollars per share) \| $ / shares	52.73
Forfeited (in dollars per share) \| $ / shares	45.84
Non-vested, end of period (in dollars per share) \| $ / shares	$ 56.12
PSUs
Stock Units
Non-vested, beginning of year (in shares) \| shares	345,999
Granted (in shares) \| shares	190,843
Vested (in shares) \| shares	(8,926)
Expired (in shares) \| shares	(242)
Non-vested, end of period (in shares) \| shares	527,674
Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year (in dollars per share) \| $ / shares	$ 77.42
Granted (in dollars per share) \| $ / shares	106.39
Vested (in dollars per share) \| $ / shares	23.36
Expired (in dollars per share) \| $ / shares	18.26
Non-vested, end of period (in dollars per share) \| $ / shares	$ 88.84
Target amount multiplier	1
PSUs \| Minimum
Weighted-Average Grant-Date Fair Value
Ratio at which award holders get common stock of the company	0
PSUs \| Minimum \| Officers
Weighted-Average Grant-Date Fair Value
Ratio at which award holders get common stock of the company	0
PSUs \| Maximum
Weighted-Average Grant-Date Fair Value
Ratio at which award holders get common stock of the company	2.25
PSUs \| Maximum \| Officers
Weighted-Average Grant-Date Fair Value
Ratio at which award holders get common stock of the company	2.25
PSUs, Granted Prior to Fiscal Year 2023 \| Officers
Weighted-Average Grant-Date Fair Value
Ratio at which award holders get common stock of the company	2

STOCK-BASED COMPENSATION - Ac_2

STOCK-BASED COMPENSATION - Activity of Stock Options (Details) - LTIP $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Stock Options
Outstanding, beginning of year (shares) \| shares	15,170
Exercised (shares) \| shares	(13,352)
Outstanding, end of period (shares) \| shares	1,818
Options outstanding and exercisable (shares) \| shares	1,818
Weighted- Average Exercise Price
Outstanding, beginning of year (in dollars per share) \| $ / shares	$ 34.36
Exercised (in dollars per share) \| $ / shares	34.36
Outstanding, end of period (in dollars per share) \| $ / shares	34.36
Options outstanding and exercisable (in dollars per share) \| $ / shares	$ 34.36
Additional Information
Weighted-Average Remaining Contractual Term (in years)	3 years 9 months 18 days
Options outstanding and exercisable, Weighted-Average Remaining Contractual Term (in years)	3 years 9 months 18 days
Aggregate Intrinsic Value (in thousands) \| $	$ 62
Options outstanding and exercisable, Aggregate Intrinsic Value (in thousands) \| $	$ 62

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Non-financial Assets and Liabilities (Details) - Estimate of Fair Value Measurement - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Level 1
Financial assets and liabilities accounted for at fair value
Derivative assets	$ 0	$ 0
Derivative liabilities	0	0
Level 2
Financial assets and liabilities accounted for at fair value
Derivative assets	5,782	3,284
Derivative liabilities	30,320	63,533
Level 3
Financial assets and liabilities accounted for at fair value
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)		3 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Nov. 01, 2021	Mar. 31, 2023	Mar. 31, 2022	Oct. 13, 2021
Financial assets and liabilities accounted for at fair value
Proved oil and gas property impairments		$ 0	$ 0
Abandonment and impairment of unproved properties		$ 0	$ 17,975,000
Senior Notes Due 2026, 5.0% \| Senior Notes
Financial assets and liabilities accounted for at fair value
Interest rate (as a percent)		5%		5%
Senior Notes Due 2026, 5.0% \| Senior Notes \| Level 1
Financial assets and liabilities accounted for at fair value
Long-term debt, fair value		$ 380,600,000
Extraction Merger \| Tranche A and Tranche B Warrants
Financial assets and liabilities accounted for at fair value
Fair value allocated to consideration transferred	$ 77,500,000

DERIVATIVES - Commodity Derivat

DERIVATIVES - Commodity Derivatives (Details) - Subsequent Event - Scenario, Forecast	3 Months Ended				12 Months Ended
	Mar. 31, 2024 MMBTU $ / bbl $ / MMBTU bbl	Dec. 31, 2023 MMBTU $ / bbl $ / MMBTU bbl	Sep. 30, 2023 MMBTU $ / MMBTU $ / bbl bbl	Jun. 30, 2023 MMBTU $ / MMBTU $ / bbl bbl	Dec. 31, 2024 MMBTU $ / bbl $ / MMBTU bbl
Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) \| Swaps
Derivative [Line Items]
NYMEX WTI Volumes and OPIS Basket Volumes (in unit per day) \| bbl	814	984	1,053	1,205	1,087
Weighted-Average Contract Price (in dollars per unit) \| $ / bbl	73.27	70.61	70.92	73.49	65.18
Oil Derivatives (volumes in Bbl/day and prices in $/Bbl) \| Three-Way Collars
Derivative [Line Items]
NYMEX WTI Volumes and OPIS Basket Volumes (in unit per day) \| bbl	573	1,172	1,302	1,436	0
Weighted-Average Ceiling Price (in dollars per unit) \| $ / bbl	56.25	56.49	57.48	57.69	0
Weighted-Average Floor Price (in dollars per unit) \| $ / bbl	45	49.04	47.91	48.10	0
Weighted-Average Sold Put Price (in dollars per unit) \| $ / bbl	35	39.04	37.41	37.70	0
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) \| Swaps
Derivative [Line Items]
Weighted-Average Contract Price (in dollars per unit)	2.69	2.60	2.61	2.64	2.71
NYMEX HH Volumes and CIG NYMEX HH Volumes (in unit per day) \| MMBTU	31,790	45,947	46,120	46,374	21,619
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) \| Two-Way Collars
Derivative [Line Items]
Weighted-Average Ceiling Price (in dollars per unit)	3.16	2.96	2.96	2.78	3.02
Weighted-Average Floor Price (in dollars per unit)	2.50	2.38	2.34	2.21	2.35
NYMEX HH Volumes and CIG NYMEX HH Volumes (in unit per day) \| MMBTU	736	1,756	1,887	1,563	1,131
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) \| Three-Way Collars
Derivative [Line Items]
Weighted-Average Ceiling Price (in dollars per unit)	3.50			3.33	3.42
Weighted-Average Floor Price (in dollars per unit)	2.50			2.50	2.50
Weighted-Average Sold Put Price (in dollars per unit)	2			2	2
NYMEX HH Volumes and CIG NYMEX HH Volumes (in unit per day) \| MMBTU	1,166			505	18
Natural Gas Derivatives (volumes in MMBtu/day and prices in $/million British thermal units (“MMBtu”)) \| Basis Protection Swaps
Derivative [Line Items]
Weighted-Average Contract Price (in dollars per unit)	(0.27)	(0.46)	(0.46)	(0.46)	(0.27)
Natural Gas (CIG) \| Basis Protection Swaps
Derivative [Line Items]
NYMEX HH Volumes and CIG NYMEX HH Volumes (in unit per day) \| MMBTU	33,692	47,703	48,007	48,442	22,199

DERIVATIVES - Derivative Positi

DERIVATIVES - Derivative Positions (Details) - Commodity - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative Assets:
Total derivative assets	$ 5,782	$ 3,284
Amounts not offset in the accompanying balance sheets	(3,203)	0
Total derivative assets, net	2,579	3,284
Derivative Liabilities:
Total derivative liabilities	(30,320)	(63,533)
Amounts not offset in the accompanying balance sheets	3,203	0
Total derivative liabilities, net	(27,117)	(63,533)
Commodity contracts - current
Derivative Assets:
Total derivative assets	3,319	2,490
Commodity contracts - noncurrent
Derivative Assets:
Total derivative assets	2,463	794
Commodity contracts - current
Derivative Liabilities:
Total derivative liabilities	(22,878)	(46,334)
Commodity contracts - long-term
Derivative Liabilities:
Total derivative liabilities	$ (7,442)	$ (17,199)

DERIVATIVES - Derivative Loss (

DERIVATIVES - Derivative Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Components of the derivative gain (loss)
Total derivative gain (loss)	$ 25,160	$ (295,493)
Commodity derivative
Components of the derivative gain (loss)
Total derivative cash settlement loss	(10,550)	(166,578)
Change in fair value gain (loss)	35,710	(128,915)
Total derivative gain (loss)	25,160	(295,493)
Commodity derivative \| Oil contracts
Components of the derivative gain (loss)
Total derivative cash settlement loss	(3,449)	(125,162)
Commodity derivative \| Natural gas contracts
Components of the derivative gain (loss)
Total derivative cash settlement loss	(7,101)	(28,784)
Commodity derivative \| NGL contracts
Components of the derivative gain (loss)
Total derivative cash settlement loss	$ 0	$ (12,632)

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - Schedule of Roll-Forward Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Change in asset retirement obligations
Balance as of December 31, 2022	$ 291,026
Additional liabilities incurred	828
Accretion expense	3,836
Liabilities settled	(6,547)
Balance as of March 31, 2023	289,143
Current portion	25,557	$ 25,557
Long-term portion	$ 263,586	$ 265,469

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details)	3 Months Ended
EARNINGS PER SHARE - Narrative (Details)	Mar. 31, 2023 shares	Mar. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities excluded from EPS calculation (in shares)	138,049	18,436
LTIP \| Minimum \| Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio at which award holders get common stock of the company	0
LTIP \| Maximum \| Performance Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio at which award holders get common stock of the company	2.25

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income, basic	$ 202,461	$ 91,639
Net income, diluted	$ 202,461	$ 91,639
Basic net income per common share (in dollars per share)	$ 2.48	$ 1.08
Diluted net income per common share (in dollars per share)	$ 2.46	$ 1.07
Weighted-average shares outstanding - basic (in shares)	81,719	84,840
Add: dilutive effect of contingent stock awards (in shares)	711	486
Weighted-average shares outstanding - diluted (in shares)	82,430	85,326

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	3 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance	$ 25,400,000		$ 25,400,000
Net deferred tax liability	365,573,000		319,618,000
Prepaid income taxes	7,711,000		29,604,000
Income tax expense	65,089,000	$ 23,361,000
Unrecognized tax benefits	$ 0		$ 0

LEASES - Assets and Liabilities

LEASES - Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
Total right-of-use asset	$ 31,589	$ 24,125
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right-of-use assets	Right-of-use assets
Total lease liability	$ 32,244	$ 24,788
Field equipment
Operating Leases
Total right-of-use asset	22,809	15,131
Total lease liability	22,809	15,131
Corporate leases
Operating Leases
Total right-of-use asset	6,804	8,235
Total lease liability	7,459	8,898
Vehicles
Operating Leases
Total right-of-use asset	1,976	759
Total lease liability	$ 1,976	$ 759

LEASES - Lease Maturities (Deta

LEASES - Lease Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
Remainder of 2023	$ 14,658
2024	12,485
2025	2,664
2026	1,943
2027	1,786
Thereafter	598
Total lease payments	34,134
Less: imputed interest	(1,890)
Total lease liability	$ 32,244	$ 24,788

SUPPLEMENTAL DISCLOSURES OF C_3

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental cash flow information:
Cash (paid) refunded for income taxes	$ 2,758	$ (6,300)
Cash paid for interest	(1,328)	(774)
Supplemental non-cash investing and financing activities:
Changes in working capital related to capital expenditures	$ 14,099	$ 28,015

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		1 Months Ended	3 Months Ended
	Jan. 27, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Stock repurchased, purchase price			$ 300,107	$ 0
Cash dividends (in dollars per share)			$ 2.15	$ 1.2125
Quarterly Variable Cash Dividend
Equity, Class of Treasury Stock [Line Items]
Common stock, cash dividends, criteria, free cash flow after base cash dividend preceding twelve-month period, percent		50%
Cash dividends (in dollars per share)			$ 1.65	$ 0.75
CPPIB Crestone Peak Resources Canada Inc. \| 2023 Share Repurchase Plan \| Common Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased (in shares)	4.9
Stock repurchased, per share (in dollars per share)	$ 61
Stock repurchased, purchase price	$ 300,000

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Dividends Paid (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Dividends Paid [Line Items]
Total (per share) (in dollars per share)	$ 2.15	$ 1.2125
Base
Dividends Paid [Line Items]
Total (per share) (in dollars per share)	0.50	0.46
Variable
Dividends Paid [Line Items]
Total (per share) (in dollars per share)	$ 1.65	$ 0.75