Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments (Tables)

v3.22.2.2
Derivative Instruments (Tables)
9 Months Ended
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of 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, 2022:
4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024
NYMEX WTI Crude Swaps
Average Volume Per Day (bbl) 3,000  2,500  2,400  2,807  2,657  462  462 
Weighted Average Swap Price ($/bbl) $ 69.20  $ 54.40  $ 54.26  $ 54.92  $ 54.93  $ 58.75  $ 58.75 
NYMEX WTI Crude Collars
Average Volume Per Day (bbl) 20,245  12,917  11,126  8,152  4,891 
Weighted Average Purchased Put Price ($/bbl) $ 64.56  $ 63.23  $ 61.48  $ 72.00  $ 70.00 
Weighted Average Sold Call Price ($/bbl) $ 88.78  $ 79.67  $ 74.31  $ 89.91  $ 86.04 
NYMEX WTI Crude CMA Roll Basis Swaps
Average Volume Per Day (bbl) 3,804 
Weighted Average Swap Price ($/bbl) $ 1.751 
NYMEX HH Swaps
Average Volume Per Day (MMBtu) 12,500  10,000  7,500 
Weighted Average Swap Price ($/MMBtu) $ 3.793  $ 3.620  $ 3.690 
NYMEX HH Collars
Average Volume Per Day (MMBtu) 14,511  14,617  11,538  11,413  11,413  11,538  11,538 
Weighted Average Purchased Put Price ($/MMBtu) $ 2.854  $ 6.561  $ 2.500  $ 2.500  $ 2.500  $ 2.500  $ 2.328 
Weighted Average Sold Call Price ($/MMBtu) $ 3.791  $ 12.334  $ 2.682  $ 2.682  $ 2.682  $ 3.650  $ 3.000 
OPIS Mt. Belv Ethane Swaps
Average Volume per Day (gal) 27,717  98,901  34,239  34,239  34,615 
Weighted Average Fixed Price ($/gal) $ 0.2500  $ 0.2288  $ 0.2275  $ 0.2275  $ 0.2275 
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1    NYMEX WTI refers to New York Mercantile Exchange West Texas Intermediate that serves as the benchmark for crude oil. NYMEX HH refers to NYMEX Henry Hub that serves as the benchmark for natural gas. OPIS Mt. Belv refers to Oil Price Information Service Mt. Belvieu that serves as the benchmark for ethane which represents a commodity proxy for NGLs.
Schedule of Impact of Derivative Activities on Condensed Consolidated Statements of Income and Cash Flows
The following table summarizes the effects of our derivative activities for the periods presented:
Three Months Ended September 30, Nine Months Ended September 30,
  2022 2021 2022 2021
Interest Rate Swap gains (losses) recognized in the condensed consolidated statements of operations $ —  $ (84) $ 64  $ (48)
Commodity gains (losses) recognized in the condensed consolidated statements of operations 63,756  (21,000) (149,137) (119,631)
$ 63,756  $ (21,084) $ (149,073) $ (119,679)
Interest rate cash settlements recognized in the condensed consolidated statements of cash flows $ —  $ (973) $ (1,415) $ (2,851)
Commodity cash settlements and premiums paid recognized in the condensed consolidated statements of cash flows (55,302) (21,265) (157,809) (43,190)
$ (55,302) $ (22,238) $ (159,224) $ (46,041)
Schedule of 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:
Fair Values
    September 30, 2022 December 31, 2021
    Derivative Derivative Derivative Derivative
Type Balance Sheet Location Assets Liabilities Assets Liabilities
Interest rate contracts Derivative assets/liabilities – current $ —  $ —  $ —  $ 1,480 
Commodity contracts Derivative assets/liabilities – current 30,725  75,327  11,478  48,892 
Interest rate contracts Derivative assets/liabilities – non-current —  —  —  — 
Commodity contracts Derivative assets/liabilities – non-current 6,176  12,748  2,092  23,815 
    $ 36,901  $ 88,075  $ 13,570  $ 74,187