Derivative Instruments (Tables)
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6 Months Ended |
Jun. 30, 2021 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Commodity Derivative Positions |
The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of June 30, 2021:
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3Q21 |
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4Q21 |
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1Q22 |
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2Q22 |
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3Q22 |
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4Q22 |
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1Q23 |
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2Q23 |
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3Q23 |
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4Q23 |
| NYMEX WTI Crude Swaps |
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| Average Volume Per Day (bbl) |
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815 |
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815 |
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| Weighted Average Swap Price ($/bbl) |
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$ |
45.54 |
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$ |
45.54 |
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| NYMEX WTI Crude Collars |
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| Average Volume Per Day (bbl) |
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14,130 |
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9,783 |
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5,417 |
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4,533 |
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4,484 |
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4,484 |
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2,917 |
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2,885 |
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| Weighted Average Purchased Put Price ($/bbl) |
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$ |
44.27 |
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$ |
42.00 |
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$ |
40.00 |
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$ |
40.00 |
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$ |
40.00 |
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$ |
40.00 |
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$ |
40.00 |
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$40.00 |
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| Weighted Average Sold Call Price ($/bbl) |
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$ |
59.21 |
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$ |
54.92 |
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$ |
53.49 |
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$ |
52.47 |
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$ |
52.47 |
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$ |
52.47 |
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$ |
50.00 |
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$50.00 |
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| NYMEX WTI Crude CMA Roll Basis Swaps |
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| Average Volume Per Day (bbl) |
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17,935 |
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17,935 |
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6,667 |
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6,593 |
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| Weighted Average Swap Price ($/bbl) |
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$ |
0.17 |
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$ |
0.17 |
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$ |
0.63 |
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$ |
0.63 |
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| NYMEX HH Collars |
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| Average Volume Per Day (MMBtu) |
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9,783 |
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9,783 |
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13,187 |
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13,043 |
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13,043 |
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11,538 |
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11,413 |
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11,413 |
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| Weighted Average Purchased Put Price ($/MMBtu) |
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$ |
2.607 |
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$ |
2.607 |
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$ |
2.500 |
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$ |
2.500 |
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$ |
2.500 |
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$2.500 |
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$2.500 |
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$2.500 |
| Weighted Average Sold Call Price($/MMBtu) |
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$ |
3.117 |
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$ |
3.117 |
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$ |
3.220 |
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$ |
3.220 |
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$ |
3.220 |
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$2.682 |
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$2.682 |
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$2.682 |
| NYMEX HH Sold Puts |
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| Average Volume Per Day (MMBtu) |
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6,522 |
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6,522 |
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| Weighted Average Sold Put Price ($/MMBtu) |
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$ |
2.000 |
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$ |
2.000 |
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| OPIS Mt Belv Ethane Swaps |
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| Average Volume per Day (gal) |
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35,870 |
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28,022 |
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27,717 |
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27,717 |
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98,901 |
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| Weighted Average Fixed Price ($/gal) |
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$ |
0.2288 |
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$ |
0.2500 |
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$ |
0.2500 |
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$ |
0.2500 |
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$ |
0.2288 |
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| Impact of Derivative Activities on Condensed Consolidated Statements of Income |
The impact of our derivative activities on income is included within Derivatives on our condensed consolidated statements of operations. Derivative contracts that have expired at the end of a period, but for which cash had not been received or paid as of the balance sheet date, have been recognized as components of Accounts receivable (see Note 4) and Accounts payable and accrued liabilities (see Note 9) on the condensed consolidated balance sheets. The effects of derivative gains and (losses) and cash settlements are reported as adjustments to reconcile net income (loss) to net cash provided by operating activities. These items are recorded within the Derivative contracts section of our condensed consolidated statements of cash flows under Net (gains) losses and Cash settlements and premiums received (paid), net.
The following table summarizes the effects of our derivative activities for the periods presented:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
| Interest Rate Swap gains (losses) recognized in the condensed consolidated statements of operations |
$ |
4 |
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$ |
(876) |
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$ |
36 |
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$ |
(7,559) |
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| Commodity gains (losses) recognized in the condensed consolidated statements of operations |
(54,231) |
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(33,473) |
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(98,631) |
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124,329 |
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$ |
(54,227) |
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$ |
(34,349) |
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$ |
(98,595) |
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$ |
116,770 |
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| Interest rate cash settlements recognized in the condensed consolidated statements of cash flows |
$ |
(956) |
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$ |
(436) |
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$ |
(1,878) |
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$ |
(368) |
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| Commodity cash settlements and premiums received (paid) recognized in the condensed consolidated statements of cash flows |
(15,678) |
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59,582 |
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(21,925) |
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59,245 |
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$ |
(16,634) |
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$ |
59,146 |
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$ |
(23,803) |
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$ |
58,877 |
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| Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets |
The following table summarizes the fair values of our derivative instruments, which we elect to present on a gross basis, as well as the locations of these instruments on our condensed consolidated balance sheets as of the dates presented:
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June 30, 2021 |
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December 31, 2020 |
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Derivative |
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Derivative |
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Derivative |
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Derivative |
| Type |
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Balance Sheet Location |
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Assets |
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Liabilities |
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Assets |
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Liabilities |
| Interest rate contracts |
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Derivative assets/liabilities – current |
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$ |
— |
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$ |
3,386 |
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$ |
— |
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$ |
3,655 |
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| Commodity contracts |
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Derivative assets/liabilities – current |
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6,025 |
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60,960 |
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75,506 |
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81,451 |
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| Interest rate contracts |
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Derivative assets/liabilities – non-current |
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— |
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— |
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— |
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1,645 |
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| Commodity contracts |
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Derivative assets/liabilities – non-current |
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2,693 |
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21,425 |
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25,449 |
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26,789 |
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$ |
8,718 |
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$ |
85,771 |
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$ |
100,955 |
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$ |
113,540 |
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