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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

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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