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Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Notional Volume of Commodity Hedges | At September 30, 2024, the notional volumes of our commodity derivative contracts were:
Commodity | Instrument | Unit | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |
Natural Gas | Swaps | MMBtu/d |  | 87,760 |  |  | 79,198 |  |  | 77,317 |  |  | 6,301 |  |  | — |
Natural Gas | Basis Swaps | MMBtu/d |  | 673,152 |  |  | 390,014 |  |  | 242,500 |  |  | 188,329 |  |  | 37,500 |
NGL | Swaps | Bbl/d |  | 39,229 |  |  | 27,964 |  |  | 25,494 |  |  | 1,538 |  |  | — |
NGL | Futures | Bbl/d |  | 48,130 |  |  | 10,953 |  |  | — |  |  | — |  |  | — |
Condensate | Swaps | Bbl/d |  | 7,097 |  |  | 7,437 |  |  | 7,749 |  |  | 482 |  |  | — |
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 September 30, 2024 |  |  | Fair Value as of December 31, 2023 |
|  | Balance Sheet |  | Derivative |  |  | Derivative |  |  | Derivative |  |  | Derivative |
|  | Location |  | Assets |  |  | Liabilities |  |  | Assets |  |  | Liabilities |
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Current |  | $ | 68.3 |  |  | $ | (14.2 | ) |  | $ | 103.5 |  |  | $ | (16.4 | )
|  | Long-term |  |  | 32.3 |  |  |  | (6.2 | ) |  |  | 29.0 |  |  |  | (3.0 | )
Total derivatives designated as hedging instruments |  |  |  | $ | 100.6 |  |  | $ | (20.4 | ) |  | $ | 132.5 |  |  | $ | (19.4 | )
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Current |  | $ | 6.7 |  |  | $ | (58.0 | ) |  | $ | 8.4 |  |  | $ | (37.6 | )
|  | Long-term |  |  | 3.0 |  |  |  | (76.7 | ) |  |  | 4.3 |  |  |  | (13.8 | )
Total derivatives not designated as hedging instruments |  |  |  | $ | 9.7 |  |  | $ | (134.7 | ) |  | $ | 12.7 |  |  | $ | (51.4 | )
Total current position |  |  |  | $ | 75.0 |  |  | $ | (72.2 | ) |  | $ | 111.9 |  |  | $ | (54.0 | )
Total long-term position |  |  |  |  | 35.3 |  |  |  | (82.9 | ) |  |  | 33.3 |  |  |  | (16.8 | )
Total derivatives |  |  |  | $ | 110.3 |  |  | $ | (155.1 | ) |  | $ | 145.2 |  |  | $ | (70.8 | )
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 |
September 30, 2024 |  | Asset |  |  | Liability |  |  | Collateral |  |  | Asset |  |  | Liability |
Current Position |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Counterparties with offsetting positions or collateral |  | $ | 65.6 |  |  | $ | (72.2 | ) |  | $ | 7.5 |  |  | $ | 17.9 |  |  | $ | (17.0 | )
| Counterparties without offsetting positions - assets |  |  | 9.4 |  |  |  | — |  |  |  | — |  |  |  | 9.4 |  |  |  | — |
| Counterparties without offsetting positions - liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  |  | 75.0 |  |  |  | (72.2 | ) |  |  | 7.5 |  |  |  | 27.3 |  |  |  | (17.0 | )
Long-Term Position |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Counterparties with offsetting positions or collateral |  |  | 29.9 |  |  |  | (80.1 | ) |  |  | 10.8 |  |  |  | 7.3 |  |  |  | (46.7 | )
| Counterparties without offsetting positions - assets |  |  | 5.4 |  |  |  | — |  |  |  | — |  |  |  | 5.4 |  |  |  | — |
| Counterparties without offsetting positions - liabilities |  |  | — |  |  |  | (2.8 | ) |  |  | — |  |  |  | — |  |  |  | (2.8 | )
|  |  |  | 35.3 |  |  |  | (82.9 | ) |  |  | 10.8 |  |  |  | 12.7 |  |  |  | (49.5 | )
Total Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Counterparties with offsetting positions or collateral |  |  | 95.5 |  |  |  | (152.3 | ) |  |  | 18.3 |  |  |  | 25.2 |  |  |  | (63.7 | )
| Counterparties without offsetting positions - assets |  |  | 14.8 |  |  |  | — |  |  |  | — |  |  |  | 14.8 |  |  |  | — |
| Counterparties without offsetting positions - liabilities |  |  | — |  |  |  | (2.8 | ) |  |  | — |  |  |  | — |  |  |  | (2.8 | )
|  |  | $ | 110.3 |  |  | $ | (155.1 | ) |  | $ | 18.3 |  |  | $ | 40.0 |  |  | $ | (66.5 | )
|  |  | Gross Presentation |  |  | Pro Forma Net Presentation |
December 31, 2023 |  | Asset |  |  | Liability |  |  | Collateral |  |  | Asset |  |  | Liability |
Current Position |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Counterparties with offsetting positions or collateral |  | $ | 111.7 |  |  | $ | (54.0 | ) |  | $ | 3.6 |  |  | $ | 69.2 |  |  | $ | (7.9 | )
| Counterparties without offsetting positions - assets |  |  | 0.2 |  |  |  | — |  |  |  | — |  |  |  | 0.2 |  |  |  | — |
| Counterparties without offsetting positions - liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  |  | 111.9 |  |  |  | (54.0 | ) |  |  | 3.6 |  |  |  | 69.4 |  |  |  | (7.9 | )
Long-Term Position |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Counterparties with offsetting positions or collateral |  |  | 31.7 |  |  |  | (16.8 | ) |  |  | (0.1 | ) |  |  | 17.0 |  |  |  | (2.2 | )
| Counterparties without offsetting positions - assets |  |  | 1.6 |  |  |  | — |  |  |  | — |  |  |  | 1.6 |  |  |  | — |
| Counterparties without offsetting positions - liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  |  | 33.3 |  |  |  | (16.8 | ) |  |  | (0.1 | ) |  |  | 18.6 |  |  |  | (2.2 | )
Total Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Counterparties with offsetting positions or collateral |  |  | 143.4 |  |  |  | (70.8 | ) |  |  | 3.5 |  |  |  | 86.2 |  |  |  | (10.1 | )
| Counterparties without offsetting positions - assets |  |  | 1.8 |  |  |  | — |  |  |  | — |  |  |  | 1.8 |  |  |  | — |
| Counterparties without offsetting positions - liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  | $ | 145.2 |  |  | $ | (70.8 | ) |  | $ | 3.5 |  |  | $ | 88.0 |  |  | $ | (10.1 | )
Amounts Recorded in Other Comprehensive Income (Loss) ("OCI") and Amounts Reclassified from OCI to Revenue | The following tables reflect amounts recorded in Other comprehensive income (loss) (“OCI”) and amounts reclassified from OCI to revenue for the periods indicated:
|  | Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) |
Derivatives in Cash Flow |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Hedging Relationships |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Commodity contracts |  | $ | 99.9 |  |  | $ | (153.8 | ) |  | $ | 32.7 |  |  | $ | 39.6 |
|  | Gain (Loss) Reclassified from OCI into Income (Effective Portion) |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Location of Gain (Loss) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenues |  | $ | 30.2 |  |  | $ | 22.2 |  |  | $ | 59.3 |  |  | $ | 117.2 |
Gain (Loss) Recognized in Income on Derivatives | The use of mark-to-market accounting for financial assets and liabilities (“financial instruments”) can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the three and nine months ended September 30, 2024, the unrealized mark-to-market losses are primarily attributable to unfavorable movements in natural gas forward basis prices, as compared to our positions.
|  | Location of Gain (Loss) |  | Gain (Loss) Recognized in Income on Derivatives |
Derivatives Not Designated |  | Recognized in Income on |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
as Hedging Instruments |  | Derivatives |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Commodity contracts |  | Revenue |  | $ | (64.3 | ) |  | $ | (7.0 | ) |  | $ | (185.0 | ) |  | $ | 316.2 |

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