XML 45 R29.htm IDEA: XBRL DOCUMENT v3.21.2
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Schedule Of Open Derivative Positions

 

 

Price Swaps

 

 

Price Swaptions

 

 

Price Collars

 

 

Call Options Sold

 

Period

 

Volume

(Bbls/d)

 

 

Weighted

Average

Price ($/Bbl)

 

 

Volume

(Bbls/d)

 

 

Weighted

Average

Price ($/Bbl)

 

 

Volume

(Bbls/d)

 

 

Weighted

Average Floor

Price ($/Bbl)

 

 

Weighted

Average

Ceiling Price

($/Bbl)

 

 

Volume

(Bbls/d)

 

 

Weighted

Average Price

($/Bbl)

 

Q4 2021

 

 

66,460

 

 

$

41.24

 

 

 

—

 

 

$

—

 

 

 

48,250

 

 

$

38.82

 

 

$

48.82

 

 

 

5,000

 

 

$

39.50

 

Q1-Q4 2022

 

 

26,112

 

 

$

43.75

 

 

 

10,000

 

 

$

46.67

 

 

 

20,233

 

 

$

46.41

 

 

$

56.41

 

 

 

—

 

 

$

—

 

 

 

 

 

Oil Basis Swaps

 

Period

 

Index

 

Volume

(Bbls/d)

 

 

Weighted Average

Differential to WTI

($/Bbl)

 

Q4 2021

 

Midland Sweet

 

 

23,000

 

 

$

0.84

 

Q4 2021

 

Guernsey Light Sweet

 

 

4,000

 

 

$

(1.49

)

Q4 2021

 

BRENT

 

 

1,000

 

 

$

(8.00

)

Q4 2021

 

NYMEX Roll

 

 

13,000

 

 

$

0.39

 

Q1-Q4 2022

 

BRENT

 

 

1,000

 

 

$

(7.75

)

Q1-Q4 2022

 

NYMEX Roll

 

 

29,000

 

 

$

0.45

 

 

 

Price Swaps (1)

 

 

Price Swaptions (2)

 

 

Price Collars (2)

 

 

Call Options Sold (2)

 

Period

 

Volume (MMBtu/d)

 

 

Weighted Average Price ($/MMBtu)

 

 

Volume (MMBtu/d)

 

 

Weighted Average Price ($/MMBtu)

 

 

Volume (MMBtu/d)

 

 

Weighted Average Floor Price ($/MMBtu)

 

 

Weighted Average

Ceiling Price ($/MMBtu)

 

 

Volume (MMBtu/d)

 

 

Weighted Average Price ($/MMBtu)

 

Q4 2021

 

 

254,000

 

 

$

2.63

 

 

 

—

 

 

$

—

 

 

 

133,000

 

 

$

2.55

 

 

$

3.05

 

 

 

50,000

 

 

$

2.68

 

Q1-Q4 2022

 

 

3,452

 

 

$

2.85

 

 

 

100,000

 

 

$

2.70

 

 

 

145,507

 

 

$

2.69

 

 

$

3.40

 

 

 

—

 

 

$

—

 

Q1-Q4 2023

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

 

 

10,603

 

 

$

3.11

 

 

$

4.56

 

 

 

—

 

 

$

—

 

 

 

(1)

Related to the 2021 open positions, 14,000 MMBtu/d settle against the Inside FERC first of month Henry Hub index at an average price of $2.85 and 240,000 MMBtu/d settle against the end of month NYMEX index at an average price of $2.62. All 2022 open positions settle against the Inside FERC first of month Henry Hub index.

 

(2)

Price swaptions and call options settle against end of month NYMEX index. Price collars settle against the Inside FERC first of month Henry Hub Index.

 

 

 

Natural Gas Basis Swaps

 

Period

 

Index

 

Volume

(MMBtu/d)

 

 

Weighted Average

Differential to

Henry Hub

($/MMBtu)

 

Q4 2021

 

El Paso Natural Gas

 

 

35,000

 

 

$

(0.92

)

Q4 2021

 

WAHA

 

 

80,000

 

 

$

(0.65

)

Q1-Q4 2022

 

WAHA

 

 

70,000

 

 

$

(0.57

)

Q1-Q4 2023

 

WAHA

 

 

70,000

 

 

$

(0.51

)

Q1-Q4 2024

 

WAHA

 

 

40,000

 

 

$

(0.51

)

 

 

 

 

 

 

 

Price Swaps

 

Period

 

Product

 

Volume (Bbls/d)

 

 

Weighted Average Price ($/Bbl)

 

Q4 2021

 

Natural Gasoline

 

 

1,000

 

 

$

47.57

 

Q4 2021

 

Normal Butane

 

 

1,000

 

 

$

31.40

 

Q4 2021

 

Propane

 

 

1,000

 

 

$

27.88

 

 
Schedule Of Derivative Financial Instruments Included In The Consolidated Balance Sheets

All derivative financial instruments are recognized at their current fair value as either assets or liabilities in the consolidated balance sheets. Amounts related to contracts allowed to be netted upon payment subject to a master netting arrangement with the same counterparty are reported on a net basis in the consolidated balance sheets. The tables below present a summary of these positions as of September 30, 2021 and December 31, 2020.

 

September 30, 2021

 

 

December 31, 2020

 

 

 

 

Gross Fair Value

 

 

Amounts Netted

 

 

Net Fair Value

 

 

Gross Fair Value

 

 

Amounts Netted

 

 

Net Fair Value

 

 

Balance Sheet Classification

Commodity derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term derivative asset

$

3

 

 

$

(1

)

 

$

2

 

 

$

23

 

 

$

(18

)

 

$

5

 

 

Other current assets

Long-term derivative asset

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

 

Other long-term assets

Short-term derivative liability

 

(984

)

 

 

1

 

 

 

(983

)

 

 

(161

)

 

 

18

 

 

 

(143

)

 

Other current liabilities

Long-term derivative liability

 

(103

)

 

 

—

 

 

 

(103

)

 

 

(5

)

 

 

—

 

 

 

(5

)

 

Other long-term liabilities

Total derivative liability

$

(1,084

)

 

$

—

 

 

$

(1,084

)

 

$

(142

)

 

$

—

 

 

$

(142

)