Annual report pursuant to Section 13 and 15(d)

Derivative Instruments (Tables)

v3.22.4
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Commodity Derivative Positions
The following table sets forth our commodity derivative contracts as of December 31, 2022:
Commodity Derivatives 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024
NYMEX WTI Crude Swaps
Average Volume Per Day (bbl) 2,500  2,400  2,807  2,657  462  462 
Weighted Average Swap Price ($/bbl) $ 54.4  $ 54.26  $ 54.92  $ 54.93  $ 58.75  $ 58.75 
NYMEX WTI Crude Collars
Average Volume Per Day (bbl) 20,972  12,775  13,043  8,967 
Weighted Average Purchased Put Price ($/bbl) $ 67.75  $ 63.23  $ 73.13  $ 72.27 
Weighted Average Sold Call Price ($/bbl) $ 83.64  $ 75.69  $ 89.07  $ 87.57 
NYMEX HH Swaps
Average Volume Per Day (MMBtu) 10,000 7,500
Weighted Average Swap Price ($/MMBtu) $ 3.620  $ 3.690 
NYMEX HH Collars
Average Volume Per Day (MMBtu) 14,617  11,538  11,413  11,413  11,538  11,538 
Weighted Average Purchased Put Price ($/MMBtu) $ 6.561  $ 2.500  $ 2.500  $ 2.500  $ 2.500  $ 2.328 
Weighted Average Sold Call Price ($/MMBtu) $ 12.334  $ 2.682  $ 2.682  $ 2.682  $ 3.650  $ 3.000 
HSC Basis Swaps
Average Volume Per Day (MMBtu) 24,617  19,038  11,413  11,413 
HSC Basis Average Fixed Price ($/MMBtu) $ (0.153) $ (0.153) $ (0.153) $ (0.153)
OPIS Mt. Belvieu Ethane Swaps
Average Volume per Day (gal) 98,901  34,239  34,239  34,615 
Weighted Average Fixed Price ($/gal) $ 0.2288  $ 0.2275  $ 0.2275  $ 0.2275 
Impact of Derivative Activities on Condensed Consolidated Statements of Income
The following table summarizes the effects of our derivative activities for the periods presented:
  Year Ended December 31,
  2022 2021 2020
Interest Rate Swap gains (losses) recognized in the consolidated statements of operations $ 64  $ (2) $ (7,510)
Commodity gains (losses) recognized in the consolidated statements of operations (162,736) (136,997) 95,932 
$ (162,672) $ (136,999) $ 88,422 
Interest rate cash settlements recognized in the consolidated statements of cash flows $ (1,415) $ (3,822) $ (2,210)
Commodity cash settlements and premiums received (paid) recognized in the consolidated statements of cash flows (181,963) (77,099) 80,297 
Commodity cash settlements paid for acquired derivatives recognized in the consolidated statements of cash flows —  (49,554) — 
$ (183,378) $ (130,475) $ 78,087 
Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets
The following table summarizes the fair value of our derivative instruments, which we elect to present on a gross basis, as well as the locations of these instruments on our consolidated balance sheets as of the dates presented:
    Fair Values
    December 31, 2022 December 31, 2021
Type Balance Sheet Location Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities
Interest rate contracts Derivative assets/liabilities – current $ —  $ —  $ —  $ 1,480 
Commodity contracts Derivative assets/liabilities – current 29,714  67,933  11,478  48,892 
Commodity contracts Derivative assets/liabilities – non-current 316  3,416  2,092  23,815 
    $ 30,030  $ 71,349  $ 13,570  $ 74,187