Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments (Tables)

v3.21.1
Derivative Instruments (Tables)
3 Months Ended
Mar. 31, 2021
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, 2021:
2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023
NYMEX WTI Crude Swaps
Average Volume Per Day (bbl) 3,297  815  815 
Weighted Average Swap Price ($/bbl) $ 55.89  $ 45.54  $ 45.54 
NYMEX WTI Crude Collars
Average Volume Per Day (bbl) 12,088  10,870  8,152  5,417  4,533  4,484  4,484  2,917 2,855
Weighted Average Purchased Put Price ($/bbl) $ 43.82  $ 41.80  $ 40.40  $ 40.00  $ 40.00  $ 40.00  $ 40.00  40.00 40.00
Weighted Average Sold Call Price ($/bbl) $ 54.67  $ 56.09  $ 52.10  $ 53.49  $ 52.47  $ 52.47  $ 52.47  50.00 50.00
NYMEX WTI Sold Puts
Average Volume Per Day (bbl) 4,945  5,707  5,707
Weighted Average Sold Put Price ($/bbl) $ 29.83  $ 35.14  $ 35.14 
NYMEX WTI Crude CMA Roll Basis Swaps
Average Volume Per Day (bbl) 18,132  17,935  17,935 
Weighted Average Swap Price ($/bbl) $ 0.17  $ 0.17  $ 0.17 
NYMEX HH Collars
Average Volume Per Day (MMBtu) 9,890  9,783  9,783 
Weighted Average Purchased Put Price ($/MMBtu) $ 2.607  $ 2.607  $ 2.607 
Weighted Average Sold Call Price($/MMBtu) $ 3.117  $ 3.117  $ 3.117 
NYMEX HH Sold Puts
Average Volume Per Day (MMBtu) 6,593  6,522  6,522 
Weighted Average Sold Put Price ($/MMBtu) $ 2.000  $ 2.000  $ 2.000 
OPIS Mt Belv Ethane Swaps
Average Volume per Day (gal) 36,264  35,870 
Weighted Average Fixed Price ($/gal) $ 0.2263  $ 0.2288 
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. Derivative contracts that have expired at the end of a period, but for which cash had not been received or paid as of the balance sheet date, have been recognized as components of “Accounts receivable” (see Note 4) and “Accounts payable and accrued liabilities” (see Note 10) on the Condensed Consolidated Balance Sheets. 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 and premiums received (paid), net.”
The following table summarizes the effects of our derivative activities for the periods presented:
Three Months Ended March 31,
  2021 2020
Interest rate swap gains (losses) recognized in the Condensed Consolidated Statements of Operations $ 32  $ (6,683)
Commodity gains (losses) recognized in the Condensed Consolidated Statements of Operations (44,400) 157,802 
$ (44,368) $ 151,119 
Interest rate cash settlements recognized in the Condensed Consolidated Statements of Cash Flows $ (922) $ 68 
Commodity cash settlements and premiums received (paid) recognized in the Condensed Consolidated Statements of Cash Flows (6,247) (337)
$ (7,169) $ (269)
Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets
The following table summarizes the fair values of our derivative instruments, which we elect to present 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, 2021 December 31, 2020
    Derivative Derivative Derivative Derivative
Type Balance Sheet Location Assets Liabilities Assets Liabilities
Interest rate contracts Derivative assets/liabilities - current $ —  $ 3,730  $ —  $ 3,655 
Commodity contracts Derivative assets/liabilities – current 13,093  40,598  75,506  81,451 
Interest rate contracts Derivative assets/liabilities - noncurrent —  615  —  1,645 
Commodity contracts Derivative assets/liabilities – noncurrent 5,269  14,299  25,449  26,789 
    $ 18,362  $ 59,242  $ 100,955  $ 113,540