Annual report pursuant to Section 13 and 15(d)

Derivative Instruments (Tables)

v3.20.4
Derivative Instruments (Tables)
12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Commodity Derivative Positions
The following table sets forth our commodity derivative contracts as of December 31, 2020:

1Q2021 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023
NYMEX WTI Crude Swaps
Average Volume Per Day (barrels) 3,889  3,297  815  815 
Weighted Average Swap Price ($/barrel) $ 54.38  $ 55.89  $ 45.54  45.54 
NYMEX WTI Crude Collars
Average Volume Per Day (barrels) 9,722  10,440  9,239  8,152  2,917  2,885  2,853  2,853  2,917  2,855 
Weighted Average Purchased Put Price ($/barrel) $ 40.00  $ 42.84  $ 40.35  $ 40.40  $ 40.00  $ 40.00  $ 40.00  $ 40.00  $ 40.00  $ 40.00 
Weighted Average Sold Call ($/barrel) $ 45.78  $ 51.70  $ 51.85  $ 52.10  $ 50.00  $ 50.00  $ 50.00  $ 50.00  $ 50.00  $ 50.00 
NYMEX WTI Purchased Puts
Average Volume Per Day (barrels) 1,667
Weighted Average Purchased Put Price ($/barrel) $ 55.00 
NYMEX WTI Sold Puts
Average Volume Per Day (barrels) 556 11,538  5,707 5,707 
Weighted Average Sold Put ($/barrel) $ 26.50  $ 36.93  $ 35.14  35.14 
MEH-NYMEX WTI Crude Basis Swaps
Average Volume Per Day (barrels) 8,889
Weighted Average Swap Price ($/barrel) $ 1.16 
NYMEX WTI Crude CMA Roll Basis Swaps
Average Volume Per Day (barrels) 14,444 13,187  13,043 13,043 
Weighted Average Swap Price ($/barrel) $ (0.18) $ 0.07  $ 0.07  $ 0.07 
NYMEX HH Collars
Average Volume Per Day (MMBtus) 10,000  9,890  9,783  9,783 
Weighted Average Purchased Put Price ($/MMBtu) $ 2.607  $ 2.607  $ 2.607  $ 2.607 
Weighted Average Sold Call ($/MMBtu) $ 3.117  $ 3.117  $ 3.117  $ 3.117 
NYMEX HH Sold Puts
Average Volume Per Day (MMBtus) 6,667  6,593  6,522  6,522 
Weighted Average Sold Put Strike ($/MMBtu) $ 2.000  $ 2.000  $ 2.000  $ 2.000 
As of December 31, 2020, we were unhedged with respect to NGL production.
Impact of Derivative Activities on Condensed Consolidated Statements of Income
The impact of our derivatives activities on income is included in the “Derivatives” caption on our Consolidated Statements of Operations. The effects of derivative gains and (losses) and cash settlements are reported as adjustments to reconcile net income (loss) to net cash provided by operating activities. These items are recorded in the “Derivative contracts” section of our Consolidated Statements of Cash Flows under the “Net (gains) losses” and “Cash settlements and premiums received (paid), net.”
The following table summarizes the effects of our derivative activities for the periods presented:
  Year Ended December 31,
  2020 2019 2018
Interest rate swap losses recognized in the Consolidated Statements of Operations $ (7,510) $ —  $ — 
Commodity gains (losses) recognized in the Consolidated Statements of Operations 95,932  (68,131) 37,427 
$ 88,422  $ (68,131) $ 37,427 
Interest rate cash settlements recognized in the Consolidated Statements of Cash Flows $ (2,210) $ —  $ — 
Commodity cash settlements and premiums received (paid) recognized in the Consolidated Statements of Cash Flows 80,297  (4,136) (48,291)
$ 78,087  $ (4,136) $ (48,291)
Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets
The following table summarizes the fair value of our derivative instruments, as well as the locations of these instruments, on our Consolidated Balance Sheets as of the dates presented:
    Fair Values
    December 31, 2020 December 31, 2019
    Derivative Derivative Derivative Derivative
Type Balance Sheet Location Assets Liabilities Assets Liabilities
Interest rate contracts Derivative assets/liabilities – current $ —  $ 3,655  $ —  $ — 
Commodity contracts Derivative assets/liabilities – current 78,793  81,772  4,131  23,450 
Interest rate contracts Derivative assets/liabilities – noncurrent —  1,645  —  — 
Commodity contracts Derivative assets/liabilities – noncurrent 25,449  26,789  2,750  3,385 
    $ 104,242  $ 113,861  $ 6,881  $ 26,835