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v3.22.1

Derivative Activities (Tables) | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Volumes Hedged and Average Hedge Prices | The following table sets forth our commodity-based derivative volumes by year as of March 31, 2022, excluding our basis swaps and divestiture contingent consideration which are discussed separately below:
Period |  | Contract Type |  | Volume Hedged |  | Weighted Average Hedge Price
|  |  |  |  |  | Swap |  | Sold Put |  | Floor |  | Ceiling
Natural Gas (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2022 |  | Swaps |  | 496,655 Mmbtu/day |  | $ | 3.10 |  |  |  |  |  |  |  |
2022 |  | Collars |  | 278,073 Mmbtu/day |  |  |  |  |  |  | $ | 3.31 |  | $ | 3.72
2022 |  | Three-way Collars |  | 217,745 Mmbtu/day |  |  |  | $ | 2.30 |  | $ | 2.84 |  | $ | 3.45
2023 |  | Swaps |  | 260,000 Mmbtu/day |  | $ | 3.41 |  |  |  |  |  |  |  |
2023 |  | Collars |  | 234,932 Mmbtu/day |  |  |  |  |  |  | $ | 3.28 |  | $ | 4.31
2023 |  | Three-way Collars |  | 149,863 Mmbtu/day |  |  |  | $ | 2.28 |  | $ | 3.30 |  | $ | 4.28
2024 |  | Collars |  | 200,000 Mmbtu/day |  |  |  |  |  |  | $ | 3.00 |  | $ | 4.26
Crude Oil |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2022 |  | Swaps |  | 6,833 bbls/day |  | $ | 61.90 |  |  |  |  |  |  |  |
2023 |  | Swaps |  | 5,123 bbls/day |  | $ | 71.39 |  |  |  |  |  |  |  |
NGLs (C2-Ethane) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
April-June 2022 |  | Swaps |  | 2,681 bbls/day |  | $ | 0.41/gallon |  |  |  |  |  |  |  |
NGLs (C3-Propane) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
April-June 2022 |  | Swaps |  | 3,989 bbls/day |  | $ | 1.24/gallon |  |  |  |  |  |  |  |
NGLs (NC4-Butane) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
April-June 2022 |  | Swaps |  | 3,000 bbls/day |  | $ | 1.50/gallon |  |  |  |  |  |  |  |
NGLs (C5-Natural Gasoline) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2022 |  | Swaps |  | 2,331 bbls/day |  | $ | 1.78/gallon |  |  |  |  |  |  |  |
2022 |  | Collars |  | 1,530 bbls/day |  |  |  |  |  |  | $ | 1.77/gallon |  | $ | 1.88/gallon
(1) | We also sold natural gas call swaptions of 100,000 Mmbtu/day for 2023 at a weighted average price of $3.21 Mmbtu/day.
Combined Fair Value of Derivatives, by Consolidated Balance Sheets | The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):
|  |  | March 31, 2022 |
|  |  | Gross Amounts of Recognized Assets |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of Assets Presented in the Balance Sheet |
Derivative assets: |  |  |  |  |  |  |  |  |  |
Natural gas | –basis swaps |  | $ | 27,129 |  |  | $ | (23,113 | ) |  | $ | 4,016 |
Divestiture contingent consideration |  |  | 34,760 |  |  |  | — |  |  |  | 34,760 |
|  |  | $ | 61,889 |  |  | $ | (23,113 | ) |  | $ | 38,776 |
|  |  | March 31, 2022 |
|  |  | Gross Amounts of Recognized (Liabilities) |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of (Liabilities) Presented in the Balance Sheet |
Derivative (liabilities): |  |  |  |  |  |  |  |  |  |
Natural gas | –swaps |  | $ | (447,051 | ) |  | $ | — |  |  | $ | (447,051 | )
| –swaptions |  |  | (45,871 | ) |  |  | — |  |  |  | (45,871 | )
| –collars |  |  | (220,908 | ) |  |  | — |  |  |  | (220,908 | )
| –three-way collars |  |  | (174,458 | ) |  |  | — |  |  |  | (174,458 | )
| –basis swaps |  |  | (4,677 | ) |  |  | 23,113 |  |  |  | 18,436 |
Crude oil | –swaps |  |  | (80,270 | ) |  |  | — |  |  |  | (80,270 | )
NGLs | –C2 ethane swaps |  |  | (202 | ) |  |  | — |  |  |  | (202 | )
| –C3 propane swaps |  |  | (2,048 | ) |  |  | — |  |  |  | (2,048 | )
| –NC4 butane swaps |  |  | (1,640 | ) |  |  | — |  |  |  | (1,640 | )
| –C5 natural gasoline swaps |  |  | (11,849 | ) |  |  | — |  |  |  | (11,849 | )
| –C5 natural gasoline collars |  |  | (5,481 | ) |  |  | — |  |  |  | (5,481 | )
|  |  | $ | (994,455 | ) |  | $ | 23,113 |  |  | $ | (971,342 | )
|  |  | December 31, 2021 |
|  |  | Gross Amounts of Recognized Assets |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of Assets Presented in the Balance Sheet |
Derivative assets: |  |  |  |  |  |  |  |  |  |
Natural gas | –swaps |  | $ | 22,491 |  |  | $ | (18,111 | ) |  | $ | 4,380 |
| –collars |  |  | 12,378 |  |  |  | (8,600 | ) |  |  | 3,778 |
| –three-way collars |  |  | 12,234 |  |  |  | (8,449 | ) |  |  | 3,785 |
| –basis swaps |  |  | 18,092 |  |  |  | (10,487 | ) |  |  | 7,605 |
Crude oil | –swaps |  |  | 368 |  |  |  | (2,153 | ) |  |  | (1,785 | )
NGLs | –C3 propane spread |  |  | 4,153 |  |  |  | (4,153 | ) |  |  | — |
| –C5 natural gasoline swaps |  |  | 266 |  |  |  | (363 | ) |  |  | (97 | )
| –C5 natural gasoline collars |  |  | 221 |  |  |  | (221 | ) |  |  | — |
Freight | –swaps |  |  | 114 |  |  |  | (81 | ) |  |  | 33 |
Divestiture contingent consideration |  |  | 26,640 |  |  |  | — |  |  |  | 26,640 |
|  |  | $ | 96,957 |  |  | $ | (52,618 | ) |  | $ | 44,339 |
|  |  | December 31, 2021 |
|  |  | Gross Amounts of Recognized (Liabilities) |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of (Liabilities) Presented in the Balance Sheet |
Derivative (liabilities): |  |  |  |  |  |  |  |  |  |
Natural gas | –swaps |  | $ | (121,759 | ) |  | $ | 18,111 |  |  | $ | (103,648 | )
| –swaptions |  |  | (11,149 | ) |  |  | — |  |  |  | (11,149 | )
| –collars |  |  | (16,579 | ) |  |  | 8,600 |  |  |  | (7,979 | )
| –three-way collars |  |  | (37,166 | ) |  |  | 8,449 |  |  |  | (28,717 | )
| –calls |  |  | (61 | ) |  |  | — |  |  |  | (61 | )
| –basis swaps |  |  | (2,064 | ) |  |  | 10,487 |  |  |  | 8,423 |
Crude oil | –swaps |  |  | (27,252 | ) |  |  | 2,153 |  |  |  | (25,099 | )
NGLs | –C3 propane spread |  |  | (4,030 | ) |  |  | 4,153 |  |  |  | 123 |
| –C5 natural gasoline swaps |  |  | (2,048 | ) |  |  | 363 |  |  |  | (1,685 | )
| –C5 natural gasoline collars |  |  | (1,493 | ) |  |  | 221 |  |  |  | (1,272 | )
Freight | –swaps |  |  | — |  |  |  | 81 |  |  |  | 81 |
|  |  | $ | (223,601 | ) |  | $ | 52,618 |  |  | $ | (170,983 | )
Effects of Derivatives on Consolidated Statements of Operations | The effects of our derivatives on our consolidated statements of operations are summarized below (in thousands):
|  | Derivative Fair Value (Loss) Income |
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Commodity swaps |  | $ | (521,355 | ) |  | $ | (52,764 | )
Swaptions |  |  | (34,723 | ) |  |  | 2,657 |
Three-way collars |  |  | (179,926 | ) |  |  | 873 |
Collars |  |  | (232,292 | ) |  |  | (13,288 | )
Calls |  |  | (1,363 | ) |  |  | (775 | )
Basis swaps |  |  | 22,515 |  |  |  | 2,155 |
Freight swaps |  |  | (33 | ) |  |  | (667 | )
Divestiture contingent consideration |  |  | 8,120 |  |  |  | 3,930 |
Total |  | $ | (939,057 | ) |  | $ | (57,879 | )

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