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v3.23.1

Derivative Activities (Tables) | 3 Months Ended
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Mar. 31, 2023
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, 2023, 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  | Swaps |  | 354,636 Mmbtu/day |  | $ | 3.48 |  |  |  |  |  |  |  |
2023 |  | Collars |  | 261,091 Mmbtu/day |  |  |  |  |  |  | $ | 3.40 |  | $ | 4.52
2023 |  | Three-way Collars |  | 176,400 Mmbtu/day |  |  |  | $ | 2.59 |  | $ | 3.62 |  | $ | 4.71
2024 |  | Swaps |  | 150,000 Mmbtu/day |  | $ | 4.46 |  |  |  |  |  |  |  |
2024 |  | Collars |  | 429,235 Mmbtu/day |  |  |  |  |  |  | $ | 3.51 |  | $ | 5.65
Crude Oil |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  | Swaps |  | 5,000 bbls/day |  | $ | 71.28 |  |  |  |  |  |  |  |
January-September 2024 |  | Collars |  | 832 bbls/day |  |  |  |  |  |  | $ | 80.00 |  | $ | 90.12
Combined Fair Value of Derivatives, by Consolidated Balance Sheets | The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2023 and December 31, 2022 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):
|  |  | March 31, 2023 |
|  |  | 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 |  | $ | 115,921 |  |  | $ | (7,004 | ) |  | $ | 108,917 |
| –collars |  |  | 121,369 |  |  |  | (6,030 | ) |  |  | 115,339 |
| –three-way collars |  |  | 28,338 |  |  |  | — |  |  |  | 28,338 |
| –basis swaps |  |  | 5,162 |  |  |  | (33,474 | ) |  |  | (28,312 | )
Crude oil | –swaps |  |  | — |  |  |  | (4,525 | ) |  |  | (4,525 | )
| –collars |  |  | 2,464 |  |  |  | — |  |  |  | 2,464 |
Divestiture contingent consideration |  |  | 9,160 |  |  |  | — |  |  |  | 9,160 |
|  |  | $ | 282,414 |  |  | $ | (51,033 | ) |  | $ | 231,381 |
|  |  | March 31, 2023 |
|  |  | 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 |  | $ | (7,004 | ) |  | $ | 7,004 |  |  | $ | — |
| –collars |  |  | (6,950 | ) |  |  | 6,030 |  |  |  | (920 | )
| –basis swaps |  |  | (55,434 | ) |  |  | 33,474 |  |  |  | (21,960 | )
Crude oil | –swaps |  |  | (4,525 | ) |  |  | 4,525 |  |  |  | — |
|  |  | $ | (73,913 | ) |  | $ | 51,033 |  |  | $ | (22,880 | )
|  |  | December 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 |  | –swaps | $ | 19,438 |  |  | $ | (6,236 | ) |  | $ | 13,202 |
|  | –collars |  | 54,222 |  |  |  | (45,452 | ) |  |  | 8,770 |
|  | –three-way collars |  | 12,424 |  |  |  | (12,424 | ) |  |  | — |
|  | –basis swaps |  | 25,493 |  |  |  | (20,437 | ) |  |  | 5,056 |
Crude oil |  | –collars |  | 1,807 |  |  |  | — |  |  |  | 1,807 |
Divestiture contingent consideration |  | 13,080 |  |  |  | — |  |  |  | 13,080 |
|  |  | $ | 126,464 |  |  | $ | (84,549 | ) |  | $ | 41,915 |
|  |  | December 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 |  | $ | (115,374 | ) |  | $ | 6,236 |  |  | $ | (109,138 | )
| –collars |  |  | (72,866 | ) |  |  | 45,452 |  |  |  | (27,414 | )
| –three-way collars |  |  | (24,341 | ) |  |  | 12,424 |  |  |  | (11,917 | )
| –basis swaps |  |  | (24,972 | ) |  |  | 20,437 |  |  |  | (4,535 | )
Crude oil | –swaps |  |  | (13,908 | ) |  |  | — |  |  |  | (13,908 | )
|  |  | $ | (251,461 | ) |  | $ | 84,549 |  |  | $ | (166,912 | )
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 Income (Loss) |
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Commodity swaps |  | $ | 209,092 |  |  | $ | (521,355 | )
Swaptions |  |  | — |  |  |  | (34,723 | )
Three-way collars |  |  | 50,814 |  |  |  | (179,926 | )
Collars |  |  | 160,571 |  |  |  | (232,292 | )
Calls |  |  | — |  |  |  | (1,363 | )
Basis swaps |  |  | (48,590 | ) |  |  | 22,515 |
Freight swaps |  |  | — |  |  |  | (33 | )
Divestiture contingent consideration |  |  | (3,920 | ) |  |  | 8,120 |
Total |  | $ | 367,967 |  |  | $ | (939,057 | )

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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