Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments (Tables)

v3.20.2
Derivative Instruments (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2020:
3Q2020 4Q2020 1Q2021 2Q2021 3Q2021 4Q2021
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) $ 2.21    $ 2.21    $ 2.85    $ 2.85    $ 2.85    $ 2.85   
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 June 30, Six Months Ended June 30,
  2020 2019 2020 2019
Interest rate swap losses recognized in the Consolidated Statements of Operations $ (876)   $ —    $ (7,559)   $ —   
Commodity gains (losses) recognized in the Consolidated Statements of Operations (33,473)   13,603    124,329    (54,414)  
$ (34,349)   $ 13,603    $ 116,770    $ (54,414)  
Interest rate cash settlements recognized in the Consolidated Statements of Cash Flows $ (436)   $ —    $ (368)   $ —   
Commodity cash settlements and premiums received (paid) recognized in the Consolidated Statements of Cash Flows 59,582    (8,301)   59,245    (3,907)  
$ 59,146    $ (8,301)   $ 58,877    $ (3,907)  
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:
    June 30, 2020 December 31, 2019
    Derivative Derivative Derivative Derivative
Type Balance Sheet Location Assets Liabilities Assets Liabilities
Interest rate contracts Derivative assets/liabilities - current $ —    $ 2,949    $ —    $ —   
Commodity contracts Derivative assets/liabilities – current 117,369    71,634    4,131    23,450   
Interest rate contracts Derivative assets/liabilities - noncurrent —    4,242    —    —   
Commodity contracts Derivative assets/liabilities – noncurrent 4,053    4,658    2,750    3,385   
    $ 121,422    $ 83,483    $ 6,881    $ 26,835