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Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Notional Volume of Commodity Hedges

At December 31, 2020, the notional volumes of our commodity derivative contracts were:

Commodity	Instrument	Unit	2021			2022			2023			2024			2025
Natural Gas	Swaps	MMBtu/d		169,516			100,856			42,176			-			-
Natural Gas	Basis Swaps	MMBtu/d		520,619			295,390			250,000			90,000			5,000
NGL	Swaps	Bbl/d		31,447			19,683			5,241			-			-
NGL	Futures	Bbl/d		20,959			-			-			-			-
Condensate	Swaps	Bbl/d		5,040			2,625			889			-			-

Fair Values of Derivative Instruments

The following schedules reflect the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis:

				Fair Value as of December 31, 2020								Fair Value as of December 31, 2019
		Balance Sheet		Derivative				Derivative				Derivative				Derivative
		Location		Assets				Liabilities				Assets				Liabilities
Derivatives designated as hedging instruments
Commodity contracts		Current		$	24.2			$	140.2			$	102.1			$	11.6
		Long-term			5.1				43.4				33.7				6.4
Total derivatives designated as hedging instruments				$	29.3			$	183.6			$	135.8			$	18.0
Derivatives not designated as hedging instruments
Commodity contracts		Current		$	61.3			$	2.4			$	1.2			$	92.5
		Long-term			44.2				-				1.8				34.4
Total derivatives not designated as hedging instruments				$	105.5			$	2.4			$	3.0			$	126.9
Total current position				$	85.5			$	142.6			$	103.3			$	104.1
Total long-term position					49.3				43.4				35.5				40.8
Total derivatives				$	134.8			$	186.0			$	138.8			$	144.9

Pro Forma Impact of Derivatives Net in Consolidated Balance Sheet

The pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis is as follows:

			Gross Presentation												Pro Forma Net Presentation
December 31, 2020			Asset				Liability				Collateral				Asset				Liability
Current Position
	Counterparties with offsetting positions or collateral		$	81.1			$	(142.0	)		$	29.8			$	15.7			$	(46.8	)
	Counterparties without offsetting positions - assets			4.4				-				-				4.4				-
	Counterparties without offsetting positions - liabilities			-				(0.6	)			-				-				(0.6	)
				85.5				(142.6	)			29.8				20.1				(47.4	)
Long Term Position
	Counterparties with offsetting positions or collateral			37.8				(42.5	)			-				14.6				(19.3	)
	Counterparties without offsetting positions - assets			11.5				-				-				11.5				-
	Counterparties without offsetting positions - liabilities			-				(0.9	)			-				-				(0.9	)
				49.3				(43.4	)			-				26.1				(20.2	)
Total Derivatives
	Counterparties with offsetting positions or collateral			118.9				(184.5	)			29.8				30.3				(66.1	)
	Counterparties without offsetting positions - assets			15.9				-				-				15.9				-
	Counterparties without offsetting positions - liabilities			-				(1.5	)			-				-				(1.5	)
			$	134.8			$	(186.0	)		$	29.8			$	46.2			$	(67.6	)
			Gross Presentation												Pro Forma Net Presentation
December 31, 2019			Asset				Liability				Collateral				Asset				Liability
Current Position
	Counterparties with offsetting positions or collateral		$	99.8			$	(85.0	)		$	(4.9	)		$	56.0			$	(46.1	)
	Counterparties without offsetting positions - assets			3.5				-				-				3.5				-
	Counterparties without offsetting positions - liabilities			-				(19.1	)			-				-				(19.1	)
				103.3				(104.1	)			(4.9	)			59.5				(65.2	)
Long Term Position
	Counterparties with offsetting positions or collateral			33.3				(40.5	)			-				18.1				(25.3	)
	Counterparties without offsetting positions - assets			2.2				-				-				2.2				-
	Counterparties without offsetting positions - liabilities			-				(0.3	)			-				-				(0.3	)
				35.5				(40.8	)			-				20.3				(25.6	)
Total Derivatives
	Counterparties with offsetting positions or collateral			133.1				(125.5	)			(4.9	)			74.1				(71.4	)
	Counterparties without offsetting positions - assets			5.7				-				-				5.7				-
	Counterparties without offsetting positions - liabilities			-				(19.4	)			-				-				(19.4	)
			$	138.8			$	(144.9	)		$	(4.9	)		$	79.8			$	(90.8	)

Amounts Recorded in Other Comprehensive Income and Amounts Reclassified from OCI to Revenue

The following tables reflect amounts recorded in Other comprehensive income (“OCI”) and amounts reclassified from OCI to revenue for the periods indicated:

Derivatives in Cash Flow		Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Hedging Relationships		2020				2019				2018
Commodity contracts		$	(218.3	)		$	135.6			$	132.5
		Gain (Loss) Reclassified from OCI into Income (Effective Portion)
Location of Gain (Loss)		2020				2019				2018
Revenues		$	90.8			$	138.0			$	(38.4	)

Gain (Loss) Recognized in Income on Derivatives

The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the year ended December 31, 2020, the unrealized mark-to-market gains are primarily attributable to favorable movements in natural gas forward basis prices, as compared to our hedged positions.

Derivatives Not Designated		Location of Gain Recognized in		Gain (Loss) Recognized in Income on Derivatives
as Hedging Instruments		Income on Derivatives		2020				2019				2018
Commodity contracts		Revenue		$	206.1			$	(142.1	)		$	(32.5	)

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