Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments (Tables)

v3.20.2
Derivative Instruments (Tables)
9 Months Ended
Sep. 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 September 30, 2020:
4Q2020 1Q2021 2Q2021 3Q2021 4Q2021
NYMEX WTI Crude Swaps
Average Volume Per Day (barrels) 10,174  3,333  3,297 
Weighted Average Swap Price ($/barrel) $ 57.59  $ 55.89  $ 55.89 
NYMEX WTI Purchased Puts/Sold Calls
Average Volume Per Day (barrels) 2,000  6,667  6,593  4,891  4,891 
Weighted Average Purchased Put Price ($/barrel) $ 48.00  $ 44.50  $ 44.50  $ 40.67  $ 40.67 
Weighted Average Sold Call ($/barrel) $ 57.10  $ 53.53  $ 53.53  $ 53.50  $ 53.50 
NYMEX WTI Sold Puts
Average Volume Per Day (barrels) 3,783  11,667  11,538  4,891  4,891 
Weighted Average Sold Put Price ($/barrel) $ 43.55  $ 36.93  $ 36.93  $ 35.00  $ 35.00 
MEH-WTI Basis Swaps
Average Volume Per Day (barrels) 6,348 
Weighted Average Fixed Basis Price ($/barrel) $ 1.31 
NYMEX WTI Crude CMA Roll Basis Swaps
Average Volume Per Day (barrels) 2,174 
Weighted Average Swap Price ($/barrel) $ (0.42)
NYMEX HH Purchased Puts/Sold Calls
Average Volume Per Day (MMBtus) 12,804  10,000  9,890  9,783  9,783 
Weighted Average Purchased Put ($/MMBtu) $ 2.00  $ 2.61  $ 2.61  $ 2.61  $ 2.61 
Weighted Average Sold Call ($/MMBtu) $ 2.21  $ 3.12  $ 3.12  $ 3.12  $ 3.12 
NYMEX HH Sold Puts
Average Volume Per Day (MMBtus) 6,667  6,593  6,522  6,522 
Weighted Average Sold Put Price ($/MMBtus) $ 2.00  $ 2.00  $ 2.00  $ 2.00 
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 September 30, Nine Months Ended September 30,
  2020 2019 2020 2019
Interest rate swap gains (losses) recognized in the Consolidated Statements of Operations $ 32  $ —  $ (7,527) $ — 
Commodity gains (losses) recognized in the Consolidated Statements of Operations (6,923) 24,248  117,406  (30,166)
$ (6,891) $ 24,248  $ 109,879  $ (30,166)
Interest rate cash settlements recognized in the Consolidated Statements of Cash Flows $ (919) $ —  $ (1,287) $ — 
Commodity cash settlements and premiums received (paid) recognized in the Consolidated Statements of Cash Flows 7,337  (423) 66,582  (4,330)
$ 6,418  $ (423) $ 65,295  $ (4,330)
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:
    September 30, 2020 December 31, 2019
    Derivative Derivative Derivative Derivative
Type Balance Sheet Location Assets Liabilities Assets Liabilities
Interest rate contracts Derivative assets/liabilities - current $ —  $ 3,601  $ —  $ — 
Commodity contracts Derivative assets/liabilities – current 50,414  19,260  4,131  23,450 
Interest rate contracts Derivative assets/liabilities - noncurrent —  2,639  —  — 
Commodity contracts Derivative assets/liabilities – noncurrent 2,619  2,903  2,750  3,385 
    $ 53,033  $ 28,403  $ 6,881  $ 26,835