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SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Natural gas, Oil and NGL Derivative Instruments

Subsequent to December 31, 2022 and as of February 23, 2023, the Company entered into the following derivative contracts:

Period						Type of Derivative Instrument						Index						Daily Volume (MMBtu)						Weighted Average Price
2023						Basis Swaps						TETCO M2						76,219						$(0.85)
2023						Basis Swaps						Rex Zone 3						59,452						$(0.22)
2023						Basis Swaps						NGPL TXOK						42,685						$(0.34)
2024						Swaps						NYMEX Henry Hub						30,000						$3.90
2024						Costless Collars						NYMEX Henry Hub						60,000						$3.17 / $3.96

Additionally, subsequent to year end, the Company restructured a portion of its natural gas sold call position by buying back a portion of its 2023 natural gas sold call position, and selling additional natural gas calls for 2023 and 2025. The following table summarizes these transactions:

Period						Type of Derivative Instrument						Index						Daily Volume (MMBtu)						Weighted Average Price
2023						Purchased Gas Call Options						NYMEX Henry Hub						134,137						$2.90
2023						Sold Gas Call Options						NYMEX Henry Hub						134,137						$3.70
2025						Sold Gas Call Options						NYMEX Henry Hub						160,000						$6.04

Expanded Common Stock Repurchase Program

On February 27, 2023, the Company's Board of Directors approved an increase to the authorized common stock repurchase amounts under its Repurchase Program from $300 million to $400 million. The additional $100 million authorization expires on March 31, 2024.

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- References

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- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 855
-URI https://asc.fasb.org/topic&trid=2122774

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 855
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662

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