Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments (Tables)

v3.21.2
Derivative Instruments (Tables)
9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Commodity Derivative Positions
The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of September 30, 2021:
4Q2021 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024
NYMEX WTI Crude Swaps
Average Volume Per Day (bbl) 815  457  457 462 308
Weighted Average Swap Price ($/bbl) $ 45.54  $ 58.75  $58.75 $58.75 $58.75
NYMEX WTI Crude Collars
Average Volume Per Day (bbl) 16,304  13,750  7,830  6,114  4,484  2,917  2,885 
Weighted Average Purchased Put Price ($/bbl) $ 51.40  $ 53.94  $ 47.37  $ 44.00  $ 40.00  $ 40.00  $ 40.00 
Weighted Average Sold Call Price ($/bbl) $ 62.23  $ 66.25  $ 60.87  $ 58.36  $ 52.47  $ 50.00  $ 50.00 
NYMEX WTI Purchased Puts
Average Volume Per Day (bbl) 3,261 
Weighted Average Purchased Put Price ($/bbl) $ 55.00 
NYMEX WTI Crude CMA Roll Basis Swaps
Average Volume Per Day (bbl) 17,935  6,667  6,593 
Weighted Average Swap Price ($/bbl) $ 0.168  $ 0.625  $ 0.625 
NYMEX HH Swaps
Average Volume Per Day (MMBtu) 6,739 
Weighted Average Swap Price ($/MMbtu) $ 3.540 
NYMEX HH Collars
Average Volume Per Day (MMBtu) 9,783  3,333  13,187  13,043  13,043  11,538  11,413  11,413  11,538  11,538 
Weighted Average Purchased Put Price ($/MMBtu) $ 2.607  $ 4.150  $ 2.500  $ 2.500  $ 2.500  $ 2.500  $ 2.500  $ 2.500  $ 2.500  $ 2.328 
Weighted Average Sold Call Price($/MMBtu) $ 3.117  $ 5.750  $ 3.220  $ 3.220  $ 3.220  $ 2.682  $ 2.682  $ 2.682  $ 3.650  $ 3.000 
NYMEX HH Sold Puts
Average Volume Per Day (MMBtu) 6,522 
Weighted Average Sold Put Price ($/MMBtu) $ 2.000 
OPIS Mt Belv Ethane Swaps
Average Volume per Day (gal) 28,022  27,717  27,717  98,901  34,239  34,239  34,615 
Weighted Average Fixed Price ($/gal) $ 0.2500  $ 0.2500  $ 0.2500  $ 0.2288  $ 0.2275  $ 0.2275  $ 0.2275 
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:
Three Months Ended September 30, Nine Months Ended September 30,
  2021 2020 2021 2020
Interest Rate Swap gains (losses) recognized in the condensed consolidated statements of operations $ (84) $ 32  $ (48) $ (7,527)
Commodity gains (losses) recognized in the condensed consolidated statements of operations (21,000) (6,923) (119,631) 117,406 
$ (21,084) $ (6,891) $ (119,679) $ 109,879 
Interest rate cash settlements recognized in the condensed consolidated statements of cash flows $ (973) $ (919) $ (2,851) $ (1,287)
Commodity cash settlements and premiums received (paid) recognized in the condensed consolidated statements of cash flows (21,265) 7,337  (43,190) 66,582 
$ (22,238) $ 6,418  $ (46,041) $ 65,295 
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:
    September 30, 2021 December 31, 2020
    Derivative Derivative Derivative Derivative
Type Balance Sheet Location Assets Liabilities Assets Liabilities
Interest rate contracts Derivative assets/liabilities – current $ —  $ 2,496  $ —  $ 3,655 
Commodity contracts Derivative assets/liabilities – current 4,909  60,593  75,506  81,451 
Interest rate contracts Derivative assets/liabilities – non-current —  —  —  1,645 
Commodity contracts Derivative assets/liabilities – non-current 2,152  21,416  25,449  26,789 
    $ 7,061  $ 84,505  $ 100,955  $ 113,540