Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments (Tables)

v3.23.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023:
2Q2023 3Q2023 4Q2023 1Q2024 2Q2024
NYMEX WTI Crude Swaps
Average Volume Per Day (bbl) 2,400  2,807  2,657  462  462 
Weighted Average Swap Price ($/bbl) $ 54.26  $ 54.92  $ 54.93  $ 58.75  $ 58.75 
NYMEX WTI Crude Collars
Average Volume Per Day (bbl) 23,214  16,304  8,967 
Weighted Average Purchased Put Price ($/bbl) $ 67.81  $ 72.50  $ 72.27 
Weighted Average Sold Call Price ($/bbl) $ 78.89  $ 88.35  $ 87.57 
MEH WTI CMA Crude Differential Swaps
Average Volume Per Day (bbl) 13,187 
Weighted Average Swap Price ($/bbl) $ 2.03 
NYMEX HH Swaps
Average Volume Per Day (MMBtu) 7,500 
Weighted Average Swap Price ($/MMBtu) $ 3.690 
NYMEX HH Collars
Average Volume Per Day (MMBtu) 11,538  11,413  11,413  11,538  11,538 
Weighted Average Purchased Put Price ($/MMBtu) $ 2.500  $ 2.500  $ 2.500  $ 2.500  $ 2.328 
Weighted Average Sold Call Price ($/MMBtu) $ 2.682  $ 2.682  $ 2.682  $ 3.650  $ 3.000 
HSC Basis Swaps
Average Volume Per Day (MMBtu) 19,038  11,413  11,413 
HSC Basis Average Fixed Price ($/MMBtu) $ (0.153) $ (0.153) $ (0.153)
HSC Index Swap
Average Volume Per Day (MMBtu) 6,319 
HSC Index Average Fixed Price ($/MMBtu) $ (0.045)
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 
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1    NYMEX WTI refers to New York Mercantile Exchange West Texas Intermediate and MEH refers to Magellan East Houston that serve as benchmarks for crude oil. NYMEX HH refers to NYMEX Henry Hub that serves as the benchmark for natural gas. HSC refers to Houston Ship Channel that serves as another benchmark for natural gas. OPIS Mt. Belvieu 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 March 31,
  2023 2022
Interest rate swap gains recognized in the condensed consolidated statements of operations $ —  $ 83 
Commodity gains (losses) recognized in the condensed consolidated statements of operations 25,658  (167,970)
$ 25,658  $ (167,887)
Interest rate cash settlements recognized in the condensed consolidated statements of cash flows $ —  $ (938)
Commodity cash settlements and premiums paid recognized in the condensed consolidated statements of cash flows (7,358) (28,470)
$ (7,358) $ (29,408)
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
    March 31, 2023 December 31, 2022
Type Balance Sheet Location Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities
Commodity contracts Derivative assets/liabilities – current $ 23,756  $ 32,286  $ 29,714  $ 67,933 
Commodity contracts Derivative assets/liabilities – non-current 216  1,320  316  3,416 
    $ 23,972  $ 33,606  $ 30,030  $ 71,349