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v3.23.1

Derivative Instruments | 3 Months Ended
--- | ---
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments As of March 31, 2023, the Company had the following outstanding financial commodity derivatives:
|  | 2023 |  |  |  |
Natural Gas |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  |  |  |
Waha gas collars |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  | 8,190,000 |  |  | 8,280,000 |  |  | 8,280,000 |  |  |  |  |
Weighted average floor ($/MMBtu) |  | $ | 3.03 |  |  | $ | 3.03 |  |  | $ | 3.03 |  |  |  |  |
Weighted average ceiling ($/MMBtu) |  | $ | 5.39 |  |  | $ | 5.39 |  |  | $ | 5.39 |  |  |  |  |
NYMEX collars |  |  |  |  |  |  |  |  |  |
Volume (MMBtu) |  | 31,850,000 |  |  | 32,200,000 |  |  | 29,150,000 |  |  |  |  |
Weighted average floor ($/MMBtu) |  | $ | 4.07 |  |  | $ | 4.07 |  |  | $ | 4.03 |  |  |  |  |
Weighted average ceiling ($/MMBtu) |  | $ | 6.78 |  |  | $ | 6.78 |  |  | $ | 6.61 |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |  |
Oil |  | Second Quarter |  |  |  |  |  |  |  |
WTI oil collars |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  | 1,365 |  |  |  |  |  |  |  |  |
Weighted average floor ($/Bbl) |  | $ | 70.00 |  |  |  |  |  |  |  |  |
Weighted average ceiling ($/Bbl) |  | $ | 116.03 |  |  |  |  |  |  |  |  |
WTI Midland oil basis swaps |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  | 1,365 |  |  |  |  |  |  |  |  |
Weighted average differential ($/Bbl) |  | $ | 0.63 |  |  |  |  |  |  |  |  |
In April 2023, the Company entered into the following financial commodity derivatives:
|  | 2023 |  |  |  |
Oil |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  |  |  |
WTI oil collars |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  | 910 |  |  | 920 |  |  | 920 |  |  |  |  |
Weighted average floor ($/Bbl) |  | $ | 65.00 |  |  | $ | 65.00 |  |  | $ | 65.00 |  |  |  |  |
Weighted average ceiling ($/Bbl) |  | $ | 89.66 |  |  | $ | 89.66 |  |  | $ | 89.66 |  |  |  |  |
WTI Midland oil basis swaps |  |  |  |  |  |  |  |  |  |
Volume (MBbl) |  | 910 |  |  | 920 |  |  | 920 |  |  |  |  |
Weighted average differential ($/Bbl) |  | $ | 1.01 |  |  | $ | 1.01 |  |  | $ | 1.01 |  |  |  |  |
Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Fair Values of Derivative Instruments
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In millions) |  | Balance Sheet Location |  | March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022
Commodity contracts |  | Derivative instruments (current) |  | $ | 184 |  |  | $ | 146 |  |  | $ | — |  |  | $ | — |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In millions) |  | March 31, 2023 |  | December 31, 2022
Derivative assets |  |  |  |
Gross amounts of recognized assets |  | $ | 185 |  |  | $ | 147 |
Gross amounts offset in the condensed consolidated balance sheet |  | (1) |  |  | (1) |
Net amounts of assets presented in the condensed consolidated balance sheet |  | 184 |  |  | 146 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | 1 |  |  | 2 |
Net amount |  | $ | 185 |  |  | $ | 148 |
Derivative liabilities |  |  |  |
Gross amounts of recognized liabilities |  | $ | 1 |  |  | $ | 1 |
Gross amounts offset in the condensed consolidated balance sheet |  | (1) |  |  | (1) |
Net amounts of liabilities presented in the condensed consolidated balance sheet |  | — |  |  | — |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | 1 |
Net amount |  | $ | — |  |  | $ | 1 |
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  |  |  | Three Months Ended March 31,
(In millions) |  |  |  |  |  | 2023 |  | 2022
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |  |  |
Gas contracts |  |  |  |  |  | $ | 99 |  |  | $ | (42) |
Oil contracts |  |  |  |  |  | 1 |  |  | (129) |
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |  |  |
Gas contracts |  |  |  |  |  | 42 |  |  | (182) |
Oil contracts |  |  |  |  |  | (4) |  |  | (38) |
|  |  |  |  |  | $ | 138 |  |  | $ | (391) |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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