Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments (Tables)

v3.20.1
Derivative Instruments (Tables)
3 Months Ended
Mar. 31, 2020
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 March 31, 2020:


2Q2020

3Q2020

4Q2020

1Q2021

2Q2021
NYMEX WTI Crude Swaps










Average Volume Per Day (barrels)

13,209


8,630


9,804


5,000


4,945

Weighted Average Swap Price ($/barrel)

$
52.06


$
55.20


$
55.18


$
51.60


$
51.60

















NYMEX WTI Purchased Puts/Sold Calls















Average Volume Per Day (barrels)

5,297


6,891


2,000


4,167


4,121

Weighted Average Purchased Put Price ($/barrel)

$
52.36


$
52.97


$
48.00


$
43.60


$
43.60

Weighted Average Sold Call ($/barrel)

$
57.60


$
58.03


$
57.10


$
46.84


$
46.84

















NYMEX WTI Purchased Puts















Average Volume Per Day (barrels)

3,297













Weighted Average Purchased Put ($/barrel)

$
23.00













Weighted Average Purchased Put Deferred Premium ($/barrel)

$
2.11





























NYMEX WTI Purchased Puts















Average Volume Per Day (barrels)

8,242













Weighted Average Purchased Put ($/barrel)

$
30.00













Weighted Average Purchased Put Deferred Premium ($/barrel)

$
3.19





























NYMEX WTI Put Spread















Average Volume Per Day (barrels)




5,435










Weighted Average Put Spread Purchased Put ($/barrel)




$
30.00










Weighted Average Put Spread Sold Put ($/barrel)




$
20.00










Weighted Average Put Spread Deferred Premium ($/barrel)




$
1.84


























NYMEX WTI Cap Offset















Average Volume Per Day (barrels)

3,297













Weighted Average Cap Offset Purchased Call ($/barrel)

$
57.90













Weighted Average Cap Offset Deferred Premium ($/barrel)

$
0.10





























NYMEX WTI Sold Puts















Average Volume Per Day (barrels)

912





5,087


9,167


9,066

Weighted Average Sold Put Price ($/barrel)

$
44.00





$
43.50


$
37.36


$
37.36












MEH Crude Swaps










Average Volume Per Day (barrels)

2,000


2,000


2,000







Weighted Average Swap Price ($/barrel)

$
61.03


$
61.03


$
61.03








 














HH Purchased Puts/Sold Calls
 














Average Volume Per Day (MMBtus)
 
12,901


12,804


12,804







Weighted Average Floor ($/MMBtu)
 
$
2.00


$
2.00


$
2.00







Weighted Average Cap ($/MMBtu)
 
$
2.21


$
2.21


$
2.21








Impact of Derivative Activities on Condensed Consolidated Statements of Income
The impact of our derivative activities on income is included in the “Derivatives” caption on our Condensed Consolidated Statements of Operations. The effects of derivative gains and (losses) and cash settlements are reported as adjustments to reconcile net income to net cash provided by operating activities. These items are recorded in the “Derivative contracts” section of our Condensed Consolidated Statements of Cash Flows under “Net (gains) losses” and “Cash settlements, net.”
The following table summarizes the effects of our derivative activities for the periods presented:
 
 
Three Months Ended March 31,
 
 
2020
 
2019
Interest rate swap gains (losses) recognized in the Consolidated Statements of Operations
 
$
(6,683
)
 
$

Commodity gains (losses) recognized in the Consolidated Statements of Operations
 
157,802

 
(68,017
)
 
 
$
151,119

 
$
(68,017
)
 
 
 
 
 
Interest rate cash settlements recognized in the Consolidated Statements of Cash Flows
 
$
68

 
$

Commodity cash settlements recognized in the Consolidated Statements of Cash Flows
 
(337
)
 
4,394

 
 
$
(269
)
 
$
4,394


Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets
The following table summarizes the fair values of our derivative instruments presented on a gross basis, as well as the locations of these instruments on our Condensed Consolidated Balance Sheets as of the dates presented:
 
 
 
 
March 31, 2020
 
December 31, 2019
 
 
 
 
Derivative
 
Derivative
 
Derivative
 
Derivative
Type
 
Balance Sheet Location
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Interest rate contracts
 
Derivative assets/liabilities - current
 
$
40

 
$
2,890

 
$

 
$

Commodity contracts
 
Derivative assets/liabilities – current
 
233,402

 
100,202

 
4,131

 
23,450

Interest rate contracts
 
Derivative assets/liabilities - noncurrent
 

 
3,900

 

 

Commodity contracts
 
Derivative assets/liabilities – noncurrent
 
10,963

 
6,789

 
2,750

 
3,385

 
 
 
 
$
244,405

 
$
113,781

 
$
6,881

 
$
26,835