XML 34 R23.htm IDEA: XBRL DOCUMENT v3.21.1

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments Not Designated as Hedging Instruments [Abstract]

Schedule of notional amounts of outstanding derivative positions [Table Text Block]

As of March 31, 2021, the Company had commodity derivative contracts outstanding through the fourth quarter of 2023 as summarized in the tables below.

Oil Swaps

Contract Period						NYMEX WTI Volumes						Weighted-Average  Contract Price
						(MBbl)						(per Bbl)
Second quarter 2021						5,508						$	40.88
Third quarter 2021						5,363						$	41.16
Fourth quarter 2021						4,744						$	39.85
2022						7,823						$	44.69
2023						1,190						$	45.20
Total						24,628

Oil Collars

Contract Period						NYMEX WTI Volumes						Weighted-Average Floor Price						Weighted-Average Ceiling Price
						(MBbl)						(per Bbl)						(per Bbl)
2022						1,224						$	50.00					$	54.89

Oil Basis Swaps

Contract Period						WTI Midland-NYMEX WTI Volumes						Weighted-Average Contract Price (1)						NYMEX WTI-ICE Brent Volumes						Weighted-Average Contract Price (2)						WTI Houston MEH-NYMEX WTI Volumes						Weighted-Average Contract Price (3)
						(MBbl)						(per Bbl)						(MBbl)						(per Bbl)						(MBbl)						(per Bbl)
Second quarter 2021						4,172						$	0.81					910						$	(7.86)					493						$	0.60
Third quarter 2021						3,756						$	0.75					920						$	(7.86)					356						$	0.60
Fourth quarter 2021						3,824						$	0.71					920						$	(7.86)					466						$	0.60
2022						9,500						$	1.15					3,650						$	(7.78)					1,329						$	1.25
Total						21,252												6,400												2,644

____________________________________________

(1)    Represents the price differential between WTI Midland (Midland, Texas) and NYMEX WTI (Cushing, Oklahoma).

(2)    Represents the price differential between NYMEX WTI (Cushing, Oklahoma) and ICE Brent (North Sea).

(3)    Represents the price differential between Argus WTI Houston MEH (Houston, Texas) and NYMEX WTI (Cushing, Oklahoma).

Oil Roll Differential Swaps

Contract Period						NYMEX WTI Volumes						Weighted-Average Contract Price
						(MBbl)						(per Bbl)
Second quarter 2021						4,743						$	(0.16)
Third quarter 2021						4,326						$	(0.18)
Fourth quarter 2021						3,831						$	(0.16)
2022						11,278						$	0.11
Total						24,178

Gas Swaps

Contract Period						IF HSC Volumes						Weighted-Average Contract Price						WAHA Volumes						Weighted-Average Contract Price
						(BBtu)						(per MMBtu)						(BBtu)						(per MMBtu)
Second quarter 2021						13,672						$	2.45					7,230						$	1.76
Third quarter 2021						12,575						$	2.40					8,086						$	1.88
Fourth quarter 2021						12,412						$	2.41					7,627						$	1.82
2022						28,932						$	2.52					13,716						$	2.30
Total (1)						67,591												36,659

____________________________________________

(1)    The Company has natural gas swaps in place that settle against Inside FERC Houston Ship Channel (“IF HSC”), Inside FERC West Texas (“IF WAHA”), and Platt’s Gas Daily West Texas (“GD WAHA”). As of March 31, 2021, WAHA volumes were comprised of 65 percent IF WAHA and 35 percent GD WAHA.

NGL Swaps

												OPIS Propane Mont Belvieu Non-TET												OPIS Normal Butane Mont Belvieu Non-TET
Contract Period																		Volumes						Weighted-Average Contract Price						Volumes						Weighted-Average  Contract Price
																		(MBbl)						(per Bbl)						(MBbl)						(per Bbl)
Second quarter 2021																		818						$	22.14					37						$	30.87
Third quarter 2021																		854						$	22.16					37						$	30.87
Fourth quarter 2021																		824						$	22.15					36						$	30.87
2022																		231						$	22.99					—						$	—
Total																		2,727												110

NGL Collars

Contract Period						OPIS Propane Mont Belvieu Non-TET						Weighted-Average Floor Price						Weighted-Average Ceiling Price
						(MBbl)						(per Bbl)						(per Bbl)
2022						234						$	22.05					$	27.30

Schedule of fair value of derivatives in accompanying balance sheets [Table Text Block]

The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:

			As of March 31, 2021						As of December 31, 2020
			(in thousands)
Derivative assets:
Current assets			$	20,859					$	31,203
Noncurrent assets			13,567						23,150
Total derivative assets			$	34,426					$	54,353
Derivative liabilities:
Current liabilities			$	371,802					$	200,189
Noncurrent liabilities			67,595						22,331
Total derivative liabilities			$	439,397					$	222,520

Schedule of the potential effects of master netting arrangements [Table Text Block]

The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts:

			Derivative Assets as of												Derivative Liabilities as of
			March 31, 2021						December 31, 2020						March 31, 2021						December 31, 2020
			(in thousands)
Gross amounts presented in the accompanying balance sheets			$	34,426					$	54,353					$	(439,397)					$	(222,520)
Amounts not offset in the accompanying balance sheets			(34,238)						(53,598)						34,238						53,598
Net amounts			$	188					$	755					$	(405,159)					$	(168,922)

Schedule of the components of the derivative settlement (gain) loss and of the net derivative (gain) loss [Table Text Block]

The following table summarizes the commodity components of the derivative settlement (gain) loss, as well as the components of the net derivative (gain) loss line item presented in the accompanying statements of operations:

									For the Three Months Ended March 31,
															2021						2020
															(in thousands)
Derivative settlement (gain) loss:
Oil contracts															$	56,329					$	(53,582)
Gas contracts															40,448						(14,625)
NGL contracts															11,108						(5,230)
Total net derivative settlement (gain) loss															$	107,885					$	(73,437)
Net derivative (gain) loss:
Oil contracts															$	265,815					$	(542,540)
Gas contracts															48,922						6,728
NGL contracts															29,952						(9,528)
Total net derivative (gain) loss															$	344,689					$	(545,340)

X

- Definition

Tabular disclosure of the gross assets and liabilities per the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the derivative contracts. [Table Text Block]

+ References

No definition available.

+ Details

Name:	sm_ScheduleOfPotentialEffectsOfMasterNettingArrangementsTableTextBlock
Namespace Prefix:	sm_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ 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 http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

+ Details

Name:	us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4CC
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL109998890-113959

+ Details

Name:	us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration