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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________
 FORM 10-Q
________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to              
 Commission file number: 1-13283
  pva-20200630_g1.jpg
PENN VIRGINIA CORPORATION
(Exact name of registrant as specified in its charter)
__________________________________________________________
Virginia 23-1184320
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
16285 PARK TEN PLACE, SUITE 500
HOUSTON, TX 77084
(Address of principal executive offices) (Zip Code)
(713722-6500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValuePVACNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (“Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes    No  
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act subsequent to the distribution of securities under a plan confirmed by a court.    Yes   No  
 As of July 31, 2020, 15,175,667 shares of common stock of the registrant were outstanding.



PENN VIRGINIA CORPORATION
QUARTERLY REPORT ON FORM 10-Q
 For the Quarterly Period Ended June 30, 2020
 Table of Contents
Part I - Financial Information
Item Page
1.Financial Statements - unaudited.
Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Comprehensive Income
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Cash Flows
Notes to Condensed Consolidated Financial Statements:
1. Nature of Operations
 2. Basis of Presentation
3. Acquisitions and Divestitures
4. Accounts Receivable and Revenues from Contracts with Customers
5. Derivative Instruments
 6. Property and Equipment
 7. Long-Term Debt
8. Income Taxes
9. Leases
 10. Supplemental Balance Sheet Detail
 11. Fair Value Measurements
 12. Commitments and Contingencies
 13. Shareholders’ Equity
 14. Share-Based Compensation and Other Benefit Plans
 15. Interest Expense
16. Earnings per Share
Forward-Looking Statements
2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Overview and Executive Summary
Key Developments
Financial Condition
Results of Operations
Off Balance Sheet Arrangements
Critical Accounting Estimates
3.Quantitative and Qualitative Disclosures About Market Risk.
4.Controls and Procedures.
Part II - Other Information
1.Legal Proceedings.
1A.Risk Factors.
5.Other Information
6.Exhibits.
Signatures



Part I. FINANCIAL INFORMATION
Item 1.  Financial Statements.
PENN VIRGINIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS unaudited
(in thousands, except per share data) 
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenues
Crude oil$41,197  $114,031  $127,505  $208,843  
Natural gas liquids1,578  3,502  3,471  9,050  
Natural gas2,020  5,290  4,710  9,567  
Gain on sales of assets, net8  16  14  41  
Other revenues, net679  (72) 1,161  494  
Total revenues45,482  122,767  136,861  227,995  
Operating expenses
Lease operating9,094  10,362  19,626  21,366  
Gathering, processing and transportation5,593  6,408  11,037  10,337  
Production and ad valorem taxes2,630  7,579  8,784  13,271  
General and administrative7,986  6,232  15,216  13,297  
Depreciation, depletion and amortization37,135  44,298  77,853  83,168  
Impairment of oil and gas properties35,509    35,509    
Total operating expenses97,947  74,879  168,025  141,439  
Operating income (loss)(52,465) 47,888  (31,164) 86,556  
Other income (expense)
Interest expense(8,536) (9,056) (16,716) (18,534) 
Derivatives(34,349) 13,603  116,770  (54,414) 
Other, net(55) 8  (63) 114  
Income (loss) before income taxes(95,405) 52,443  68,827  13,722  
Income tax (expense) benefit690  (818) (448) (794) 
Net income (loss)$(94,715) $51,625  $68,379  $12,928  
Net income (loss) per share:
Basic$(6.24) $3.42  $4.51  $0.86  
Diluted$(6.24) $3.40  $4.48  $0.85  
Weighted average shares outstanding – basic15,167  15,106  15,159  15,102  
Weighted average shares outstanding – diluted15,167  15,162  15,268  15,174  
See accompanying notes to condensed consolidated financial statements.

3


PENN VIRGINIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME unaudited
(in thousands) 
 
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Net income (loss)$(94,715) $51,625  $68,379  $12,928  
Other comprehensive loss:
Change in pension and postretirement obligations, net of tax(1) (1) (2) (2) 
 (1) (1) (2) (2) 
Comprehensive income (loss)$(94,716) $51,624  $68,377  $12,926  

See accompanying notes to condensed consolidated financial statements.
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PENN VIRGINIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS unaudited
(in thousands, except share data)
June 30,December 31,
 20202019
Assets  
Current assets  
Cash and cash equivalents$21,945  $7,798  
Accounts receivable, net of allowance for credit losses42,833  70,716  
Derivative assets117,369  4,131  
Income taxes receivable  1,236  
Other current assets4,141  4,458  
Total current assets186,288  88,339  
Property and equipment, net (full cost method)1,099,838  1,120,425  
Derivative assets4,053  2,750  
Other assets5,537  6,724  
Total assets$1,295,716  $1,218,238  
Liabilities and Shareholders’ Equity  
Current liabilities  
Accounts payable and accrued liabilities$55,924  $105,824  
Derivative liabilities74,583  23,450  
Total current liabilities130,507  129,274  
Other liabilities9,578  8,382  
Deferred income taxes2,958  1,424  
Derivative liabilities8,900  3,385  
Long-term debt, net553,234  555,028  
Commitments and contingencies (Note 12)
Shareholders’ equity:  
Preferred stock of $0.01 par value – 5,000,000 shares authorized; none issued    
Common stock of $0.01 par value – 45,000,000 shares authorized; 15,175,667 and 15,135,598 shares issued as of June 30, 2020 and December 31, 2019, respectively152  151  
Paid-in capital202,158  200,666  
Retained earnings388,290  319,987  
Accumulated other comprehensive loss(61) (59) 
Total shareholders’ equity590,539  520,745  
Total liabilities and shareholders’ equity$1,295,716  $1,218,238  
See accompanying notes to condensed consolidated financial statements.
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PENN VIRGINIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS unaudited
(in thousands)
 Six Months Ended June 30,
 20202019
Cash flows from operating activities  
Net income$68,379  $12,928  
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation, depletion and amortization77,853  83,168  
Impairment of oil and gas properties35,509    
Derivative contracts:
Net (gains) losses(116,770) 54,414  
Cash settlements and premiums received (paid), net58,877  (3,907) 
Deferred income tax expense1,534  2,030  
Gain on sales of assets, net(14) (41) 
Non-cash interest expense2,537  1,748  
Share-based compensation 1,807  2,055  
Other, net14  26  
Changes in operating assets and liabilities, net(831) 1,941  
Net cash provided by operating activities128,895  154,362  
Cash flows from investing activities  
Capital expenditures(112,827) (175,941) 
Proceeds from sales of assets, net83  29  
Net cash used in investing activities(112,744) (175,912) 
Cash flows from financing activities  
Proceeds from credit facility borrowings46,000  32,000  
Repayment of credit facility borrowings(49,000) (13,000) 
Debt issuance costs paid(72) (2,518) 
Other, net1,068    
Net cash provided by (used in) financing activities(2,004) 16,482  
Net increase (decrease) in cash and cash equivalents14,147  (5,068) 
Cash and cash equivalents – beginning of period7,798  17,864  
Cash and cash equivalents – end of period$21,945  $12,796  
Supplemental disclosures:  
Cash paid for:  
Interest, net of amounts capitalized$14,316  $16,784  
Income taxes, net of (refunds)$(2,471) $  
Reorganization items, net$  $79  
Non-cash investing and financing activities:
Changes in accrued liabilities related to capital expenditures$(20,294) $17,397  
 

See accompanying notes to condensed consolidated financial statements.
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PENN VIRGINIA CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS unaudited
For the Quarterly Period Ended June 30, 2020
(in thousands, except per share amounts or where otherwise indicated)

1.  Nature of Operations
Penn Virginia Corporation (together with its consolidated subsidiaries, unless the context otherwise requires, “Penn Virginia,” the “Company,” “we,” “us” or “our”) is an independent oil and gas company focused on the onshore exploration, development and production of oil, natural gas liquids (“NGLs”) and natural gas. Our current operations consist of drilling unconventional horizontal development wells and operating our producing wells in the Eagle Ford Shale (the “Eagle Ford”) in Gonzales, Lavaca, Fayette and DeWitt Counties in South Texas. We operate in and report our financial results and disclosures as one segment, which is the exploration, development and production of crude oil, NGLs and natural gas.

2. Basis of Presentation
Our unaudited Condensed Consolidated Financial Statements include the accounts of Penn Virginia and all of our subsidiaries. Intercompany balances and transactions have been eliminated. Our Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Preparation of these statements involves the use of estimates and judgments where appropriate. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation of our Condensed Consolidated Financial Statements, have been included. Our Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes included in our Annual Report on Form 10-K for the year ended December 31, 2019. Operating results for the six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.
Adoption of Recently Issued Accounting Pronouncements
Effective January 1, 2020, we adopted and began applying the relevant guidance provided in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) 2016–13, Measurement of Credit Losses on Financial Instruments (“ASU 2016–13”). We adopted ASU 2016–13 using the optional transition approach with a charge to the beginning balance of retained earnings as of January 1, 2020 (see Note 4 for the impact and disclosures associated with the adoption of ASU 2016–13). Comparative periods and related disclosures have not been restated for the application of ASU 2016–13.
Risks and Uncertainties
As an oil and gas exploration and development company, we are exposed to a number of risks and uncertainties that are inherent to our industry. In addition to such industry-specific risks, the global public health crisis associated with the novel coronavirus (“COVID-19”) has, and is anticipated to continue to have, an adverse effect on global economic activity for the immediate future and has resulted in travel restrictions, business closures and the institution of quarantining and other restrictions on movement in many communities. The slowdown in global economic activity attributable to COVID-19 has resulted in a dramatic decline in the demand for energy, which directly impacts our industry and the Company. In addition, global crude oil prices experienced a collapse starting in early March 2020 as a direct result of disagreements between the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia with respect to production curtailments.
As the breadth of the COVID-19 health crisis expanded and governmental authorities implemented more restrictive measures to limit person-to-person contact, global economic activity continued to decline commensurately. In the second week of April, OPEC, Russia and certain other petroleum producing nations (“OPEC+”), reconvened and agreements were reached to cut production with certain allocations among the OPEC+ participants. Through July 2020, the OPEC+ production curtailment efforts have generally held and there have been modest recoveries of crude oil prices from their historic lows at the height of the COVID-19 health crisis; however, continued progress will be substantially impacted by further OPEC+ considerations in the second half of 2020.
Despite a significant decline in drilling by U.S. producers starting in mid-March 2020, domestic supply and demand imbalances continue to create operational stress with respect to capacity limitations associated with storage, pipeline and refining infrastructure, particularly within the Gulf Coast region. Limited progress in containing the COVID-19 health crisis domestically, including the effects of recent spikes in many regions of the United States, including Texas, has hampered economic recovery. Furthermore, government stimulus and economic relief efforts initiated in the second quarter of 2020 are nearing expiration and will likely have to be extended or supplemented in some form in order to achieve meaningful economic recovery in the second half of 2020. These efforts are further impacted by election year uncertainties and related political conflicts. The combined effect of these aforementioned factors is anticipated to have a continuing adverse impact on the industry in general and our operations specifically.
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During March and April 2020, we initiated several actions to mitigate the anticipated adverse economic conditions for the immediate future and to support our financial position and liquidity. The more significant actions that we took during March and April 2020 included: (i) suspending our drilling and completion program (see Note 12), (ii) curtailing production through selected well shut-ins for a period of several weeks in April and May, (iii) securing crude oil storage capacity (see Note 12) in order to maintain a reasonable level of production to (a) allow for the continued marketing of NGLs and natural gas rather than delaying revenues through additional shut-ins and (b) capitalize on potential increases in commodity prices, (iv) substantially expanding the scope and range of our commodity derivatives portfolio (see Note 5) and (v) utilizing certain liquidity-related provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) and related regulations, the most significant of which was the receipt in June 2020 an accelerated refund of our remaining refundable alternative minimum tax (“AMT”) credit carryforwards in the amount of $2.5 million.
Going Concern Presumption
Our unaudited Condensed Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and other commitments in the normal course of business.
Subsequent Events
Management has evaluated all of our activities through the issuance date of our Condensed Consolidated Financial Statements and has concluded that no subsequent events have occurred that would require recognition in our Condensed Consolidated Financial Statements or disclosure in the Notes thereto.

3. Acquisitions
Eagle Ford Working Interests
In 2019, we acquired working interests in certain properties for which we are the operator from our joint venture partners therein for cash consideration of approximately $6.5 million. Funding for this acquisition was provided by borrowings under our credit agreement (the “Credit Facility”).

4.       Accounts Receivable and Revenues from Contracts with Customers
Accounts Receivable and Major Customers
The following table summarizes our accounts receivable by type as of the dates presented:
June 30,December 31,
 20202019
Customers$40,944  $63,165  
Joint interest partners2,046  6,929  
Other  674  
 42,990  70,768  
Less: Allowance for credit losses(157) (52) 
 $42,833  $70,716  
For the six months ended June 30, 2020, four customers accounted for $99.2 million, or approximately 73%, of our consolidated product revenues. The revenues generated from these customers during the six months ended June 30, 2020, were $34.8 million, $26.3 million, $19.8 million and $18.3 million, or 26%, 19%, 15% and 13% of the consolidated total, respectively. As of June 30, 2020 and December 31, 2019, $29.0 million and $52.7 million, or approximately 71% and 83%, respectively, of our consolidated accounts receivable from customers was related to these customers. For the six months ended June 30, 2019, three customers accounted for $150.0 million, or approximately 66%, of our consolidated product revenues. No significant uncertainties exist related to the collectability of amounts owed to us by any of these customers. As of June 30, 2020 and December 31, 2019, the allowance for credit losses is entirely attributable to receivables from joint interest partners.

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Credit Losses and Allowance for Credit Losses
Adoption of ASU 2016–13
Effective January 1, 2020, we adopted ASU 2016–13 and have applied the guidance therein to our portfolio of accounts receivable including those from our customers and our joint interest partners. We have adopted ASU 2016–13 using the modified retrospective method resulting in an adjustment of less than $0.1 million to the beginning balance of retained earnings and a corresponding increase to the allowance for credit losses as of January 1, 2020.
Accounting Policies for Credit Losses
We monitor and assess our portfolio of accounts receivable, including those from our customers, our joint interest partners and others, when applicable, for credit losses on a monthly basis as we originate the underlying financial assets. Our review process and related internal controls take into appropriate consideration (i) past events and historical experience with the identified portfolio segments, (ii) current economic and related conditions within the broad energy industry as well as those factors with broader applicability and (iii) reasonable supportable forecasts consistent with other estimates that are inherent in our financial statements. In order to facilitate our processes for the review and assessment of credit losses, we have identified the following portfolio segments which are described below: (i) customers for our commodity production and (ii) joint interest partners which are further stratified into the following sub-segments: (a) mutual operators which includes joint interest partners with whom we are a non-operating joint interest partner in properties for which they are the operator, (b) large partners consisting of those legal entities that maintain a working interest of at least 10 percent in properties for which we are the operator and (c) all others which includes legal entities that maintain working interests of less than 10 percent in properties for which we are the operator as well as legal entities with whom we no longer have an active joint interest relationship, but continue to have transactions, including joint venture audit settlements, that from time-to-time give rise to the origination of new accounts receivable.
Customers. We sell our commodity products to approximately 15 customers. A substantial majority of these customers are large, internationally recognized refiners and marketers in the case of our crude oil sales and large domestic processors and interstate pipelines with respect to our NGL and natural gas sales. As noted in our disclosures regarding major customers above, a significant portion of our outstanding customer accounts receivable are concentrated within a group of up to five customers at any given time. Due primarily to the historical market efficiencies and generally timely settlements associated with commodity sale transactions for crude oil, NGLs and natural gas, we have assessed this portfolio segment at zero risk for credit loss upon the adoption of ASU 2016–13 and for each of the six months included in the period ended June 30, 2020. Historically, we have never experienced a credit loss with such customers including the periods during the 2008-2009 financial crisis and the more recent periods of significant commodity price declines. While we believe that the receivables that originated in June 2020 will be fully collected despite the ongoing uncertainty associated with the COVID-19 health crisis and the related global energy market disruptions, future originations of customer receivables will continue to be assessed with a greater emphasis on current economic conditions and reasonable supportable forecasts.
Mutual Operators. As of June 30, 2020, we had mutual joint interest partner relationships with three upstream producers that also operate properties within the Eagle Ford for which we have non-operated working interests. Historically we have had full and timely collection experiences with these entities and we ourselves are timely with respect to our payments to them of joint venture costs. Upon adoption of ASU 2016–13, we had assessed this portfolio segment at zero risk for credit loss; however, in light of the potential for liquidity concerns due to current economic conditions in the near-term, we have assessed receivables originating in 2020 with a five percent risk.
Large Partners. As of June 30, 2020, four legal entities had working interests of 10 percent or greater in properties that we operate. These entities are primarily passive investors. Historically we have had full and timely collection experiences with these entities. Upon adoption of ASU 2016–13, we had assessed this portfolio segment at risk of one percent for credit loss; however, in light of the potential for liquidity concerns due to current economic conditions in the near-term, we have increased the assessed receivables originating in 2020 to a two percent risk.
All Others. As of June 30, 2020, approximately thirty legal entities had working interests of less than 10 percent in properties that we operate. Historically, this is the only portfolio segment with whom we have experienced credit losses. Generally, this group includes passive investors and smaller producers that may not have the wherewithal or alternative sources of liquidity to settle their obligations to us in the event of individual challenges unique to smaller entities as well as adverse economic conditions in general. Upon adoption of ASU 2016–13, we had assessed this portfolio segment at a risk of five percent for credit loss; however, in light of the potential for liquidity concerns due to current economic conditions in the near-term, we have increased the assessed receivables originated in 2020 to a 10 percent risk. As of June 30, 2020, approximately $0.1 million of accounts receivables attributable to this portfolio segment was past due, or over 60 days.

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Supplemental Disclosures
        The following table summarizes the activity in our allowance for credit losses, by portfolio segment, for the six months ended June 30, 2020:
Joint Interest Partners
CustomersMutual OperatorsLarge PartnersAll OthersTotal
Balance at beginning of period$  $  $  $52  $52  
Adjustment upon adoption    60  16  76  
Provision for expected credit losses  5  13  11  29  
Write-offs and recoveries          
Balance at end of period$  $5  $73  $79  $157  

5. Derivative Instruments
We utilize derivative instruments, typically swaps, put options and call options which are placed with financial institutions that we believe are acceptable credit risks, to mitigate our financial exposure to commodity price volatility associated with anticipated sales of our future production and volatility in interest rates attributable to our variable rate debt instruments. Our derivative instruments are not formally designated as hedges in the context of GAAP. While the use of derivative instruments limits the risk of adverse commodity price and interest rate movements, such use may also limit the beneficial impact of future product revenues and interest expense from favorable commodity price and interest rate movements. From time to time, we may enter into incremental derivative contracts in order to increase the notional volume of production we are hedging, restructure existing derivative contracts or enter into other derivative contracts resulting in modification to the terms of existing contracts. In accordance with our internal policies, we do not utilize derivative instruments for speculative purposes.
Commodity Derivatives
The following is a general description of the commodity derivative instruments we have employed:
Swaps. A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates on the basis of a specified notional amount, or the swap price, with the payments calculated by reference to specified commodities or indexes. The counterparty to a swap contract is required to make a payment to us based on the amount of the swap price in excess of the settlement price multiplied by the notional volume if the settlement price for any settlement period is below the swap price for such contract. We are required to make a payment to the counterparty based on the amount of the settlement price in excess of the swap price multiplied by the notional volume if the settlement price for any settlement period is above the swap price for such contract.
Put Options. A put option has a defined strike, or floor price. We have entered into put option contracts in the roles of buyer and seller depending upon our particular hedging objective. The buyer of the put option pays the seller a premium to enter into the contract. When the settlement price is below the floor price, the seller pays the buyer an amount equal to the difference between the settlement price and the strike price multiplied by the notional volume. When the settlement price is above the floor price, the put option expires worthless. Certain of our purchased put options have deferred premiums. For the deferred premium puts, we agree to pay a premium to the counterparty at the time of settlement.
Call Options. A call option has a defined strike, or ceiling price. We have entered into call option contracts in the roles of buyer and seller depending upon our particular hedging objective. The buyer of the call option pays the seller a premium to enter into the call option. When the settlement price is above the ceiling price, the seller pays the buyer an amount equal to the difference between the settlement price and the strike price multiplied by the notional volume. When the settlement price is below the ceiling price, the call option expires worthless.
We typically combine swaps, purchased put options, purchased call options, sold put options and sold call options in order to achieve various hedging objectives. Certain of these objectives result in combinations that operate as collars which include purchased put options and sold call options, three-way collars which include purchased put options, sold put options and sold call options, and enhanced swaps, which include either sold put options or sold call options with the associated premiums rolled into an enhanced fixed price swap, among others.
We determine the fair values of our commodity derivative instruments using industry-standard models that consider various assumptions, including current market value and contractual prices for the underlying instruments, implied volatilities, time value and nonperformance risk. For the current market prices, we use third-party quoted forward prices, as applicable, for NYMEX West Texas Intermediate (“NYMEX WTI”), Magellan East Houston (“MEH”) crude oil and NYMEX Henry Hub (“NYMEX HH”) natural gas closing prices as of the end of the reporting period. Nonperformance risk is incorporated by utilizing discount rates adjusted for the credit risk of our counterparties if the derivative is in an asset position, and our own credit risk if the derivative is in a liability position.
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The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of June 30, 2020:
3Q20204Q20201Q20212Q20213Q20214Q2021
NYMEX WTI Crude Swaps
Average Volume Per Day (barrels)11,457  9,804  6,667  6,593  
Weighted Average Swap Price ($/barrel)$51.17  $55.18  $48.73  $48.73  
NYMEX WTI Purchased Puts/Sold Calls
Average Volume Per Day (barrels)4,043  2,000  3,333  3,297  3,261  3,261  
Weighted Average Purchased Put Price ($/barrel)$52.70  $48.00  $47.50  $47.50  $40.00  $40.00  
Weighted Average Sold Call ($/barrel)$58.26  $57.10  $51.51  $51.51  $50.00  $50.00  
NYMEX WTI Purchased Puts
Average Volume Per Day (barrels)2,174  
Weighted Average Purchased Put ($/barrel)$55.00  
Weighted Average Premium ($/barrel)$0.06  
Average Volume Per Day (barrels)674  
Weighted Average Purchased Put ($/barrel)$48.00  
Weighted Average Premium ($/barrel)$0.06  
Average Volume Per Day (barrels)2,174  
Weighted Average Purchased Put ($/barrel)$37.00  
Weighted Average Deferred Premium ($/barrel)$1.23  
Average Volume Per Day (barrels)2,717  
Weighted Average Purchased Put ($/barrel)$30.00  
Weighted Average Deferred Premium ($/barrel)$3.63  
Average Volume Per Day (barrels)2,500  2,473  
Weighted Average Purchased Put ($/barrel)$36.00  $36.00  
Weighted Average Premium ($/barrel)$4.50  $4.50  
NYMEX WTI Put Spread
Average Volume Per Day (barrels)2,174  
Weighted Average Put Spread Purchased Put ($/barrel)$39.00  
Weighted Average Put Spread Sold Put ($/barrel)$32.00  
Weighted Average Deferred Premium ($/barrel)$3.25  
Average Volume Per Day (barrels)2,174  
Weighted Average Put Spread Purchased Put ($/barrel)$30.00  
Weighted Average Put Spread Sold Put ($/barrel)$20.00  
Weighted Average Deferred Premium ($/barrel)$2.45  
NYMEX WTI Sold Puts
Average Volume Per Day (barrels)5,087  10,833  10,714  3,261  3,261  
Weighted Average Sold Put Price ($/barrel)$43.50  $37.00  $37.00  $35.00  $35.00  
MEH Crude Swaps
Average Volume Per Day (barrels)2,000  2,000  
Weighted Average Swap Price ($/barrel)$61.03  $61.03  
MEH-NYMEX WTI Crude Basis Swaps
Average Volume Per Day (barrels)10,870  
Weighted Average Swap Price ($/barrel)$1.04  
NYMEX WTI Crude CMA Roll Basis Swaps
Average Volume Per Day (barrels)10,870  
Weighted Average Swap Price ($/barrel)$(0.45) 
NYMEX HH Purchased Puts/Sold Calls
Average Volume Per Day (MMBtus)12,804  12,804  3,333  3,297  3,261  3,261  
Weighted Average Purchased Put ($/MMBtu)$2.00  $2.00  $2.50  $2.50  $2.50  $2.50  
Weighted Average Sold Call ($/MMBtu)$