XML 37 R26.htm IDEA: XBRL DOCUMENT
v3.24.3

Derivative Financial Instruments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Derivative Instruments Not Designated as Hedging Instruments [Abstract] |
Schedule of notional amounts of outstanding derivative positions | As of September 30, 2024, the Company had commodity derivative contracts outstanding through the fourth quarter of 2026 as summarized in the table below:
|  |  |  |  |  | Contract Period |  |  |  |  |  |
|  |  |  |  |  | Fourth Quarter 2024 |  | 2025 |  | 2026 |  |  |  |  |  |
Oil Derivatives (volumes in MBbl and prices in $ per Bbl): |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  |  |  |  |  | 1,906 |  |  | 1,973 |  |  | — |  |  |  |  |  |  |
Weighted-Average Contract Price |  |  |  |  |  | $ | 74.25 |  |  | $ | 72.36 |  |  | $ | — |  |  |  |  |  |  |
Collars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  |  |  |  |  | 1,917 |  |  | 4,515 |  |  | — |  |  |  |  |  |  |
Weighted-Average Floor Price |  |  |  |  |  | $ | 69.93 |  |  | $ | 65.69 |  |  | $ | — |  |  |  |  |  |  |
Weighted-Average Ceiling Price |  |  |  |  |  | $ | 82.27 |  |  | $ | 81.65 |  |  | $ | — |  |  |  |  |  |  |
Basis Swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
WTI Midland-NYMEX WTI Volumes |  |  |  |  |  | 1,230 |  |  | 4,556 |  |  | — |  |  |  |  |  |  |
Weighted-Average Contract Price |  |  |  |  |  | $ | 1.21 |  |  | $ | 1.18 |  |  | $ | — |  |  |  |  |  |  |
WTI Houston MEH-NYMEX WTI Volumes |  |  |  |  |  | 309 |  |  | 2,130 |  |  | 1,546 |  |  |  |  |  |  |
Weighted-Average Contract Price |  |  |  |  |  | $ | 1.82 |  |  | $ | 1.86 |  |  | $ | 2.02 |  |  |  |  |  |  |
Roll Differential Swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NYMEX WTI Volumes |  |  |  |  |  | 2,334 |  |  | — |  |  | — |  |  |  |  |  |  |
Weighted-Average Contract Price |  |  |  |  |  | $ | 0.66 |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |
Gas Derivatives (volumes in BBtu and prices in $ per MMBtu): |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  |  |  |  |  | 1,569 |  |  | 7,321 |  |  | 4,645 |  |  |  |  |  |  |
Weighted-Average Contract Price |  |  |  |  |  | $ | 3.03 |  |  | $ | 3.97 |  |  | $ | 3.73 |  |  |  |  |  |  |
IF Waha Volumes |  |  |  |  |  | — |  |  | — |  |  | 1,548 |  |  |  |  |  |  |
Weighted-Average Contract Price |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 3.26 |  |  |  |  |  |  |
Collars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NYMEX HH Volumes |  |  |  |  |  | 7,328 |  |  | 29,920 |  |  | 13,438 |  |  |  |  |  |  |
Weighted-Average Floor Price |  |  |  |  |  | $ | 3.38 |  |  | $ | 3.23 |  |  | $ | 3.25 |  |  |  |  |  |  |
Weighted-Average Ceiling Price |  |  |  |  |  | $ | 4.97 |  |  | $ | 4.70 |  |  | $ | 4.90 |  |  |  |  |  |  |
Basis Swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IF Waha-NYMEX HH Volumes |  |  |  |  |  | 5,240 |  |  | 20,501 |  |  | — |  |  |  |  |  |  |
Weighted-Average Contract Price |  |  |  |  |  | $ | (0.73) |  |  | $ | (0.66) |  |  | $ | — |  |  |  |  |  |  |
IF HSC-NYMEX HH Volumes |  |  |  |  |  | 5,750 |  |  | 946 |  |  | — |  |  |  |  |  |  |
Weighted-Average Contract Price |  |  |  |  |  | $ | (0.38) |  |  | $ | 0.0025 |  |  | $ | — |  |  |  |  |  |  |
NGL Derivatives (volumes in MBbl and prices in $ per Bbl): |  |  |  |
Swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPIS Propane Mont Belvieu Non-TET Volumes |  |  |  |  |  | 434 |  |  | 396 |  |  | — |  |  |  |  |  |  |
Weighted-Average Contract Price |  |  |  |  |  | $ | 31.85 |  |  | $ | 32.86 |  |  | $ | — |  |  |  |  |  |  |
OPIS Normal Butane Mont Belvieu Non-TET Volumes |  |  |  |  |  | 97 |  |  | 45 |  |  | — |  |  |  |  |  |  |
Weighted-Average Contract Price |  |  |  |  |  | $ | 39.84 |  |  | $ | 39.48 |  |  | $ | — |  |  |  |  |  |  |
OPIS Isobutane Mont Belvieu Non-TET Volumes |  |  |  |  |  | 28 |  |  | 25 |  |  | — |  |  |  |  |  |  |
Weighted-Average Contract Price |  |  |  |  |  | $ | 41.58 |  |  | $ | 41.58 |  |  | $ | — |  |  |  |  |  |  |
Schedule of fair value of derivatives in accompanying balance sheets | The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:
| As of September 30, 2024 |  | As of December 31, 2023
| (in thousands)
Derivative assets: |  |  |
Current assets | $ | 72,287 |  |  | $ | 56,442 |
Noncurrent assets | 11,584 |  |  | 8,672 |
Total derivative assets | $ | 83,871 |  |  | $ | 65,114 |
Derivative liabilities: |  |  |
Current liabilities | $ | 2,401 |  |  | $ | 6,789 |
Noncurrent liabilities | 448 |  |  | 1,273 |
Total derivative liabilities | $ | 2,849 |  |  | $ | 8,062 |
Schedule of the potential effects of master netting arrangements | 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
| September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023
| (in thousands)
Gross amounts presented in the accompanying balance sheets | $ | 83,871 |  |  | $ | 65,114 |  |  | $ | (2,849) |  |  | $ | (8,062) |
Amounts not offset in the accompanying balance sheets | (2,849) |  |  | (7,362) |  |  | 2,849 |  |  | 7,362 |
Net amounts | $ | 81,022 |  |  | $ | 57,752 |  |  | $ | — |  |  | $ | (700) |
Schedule of the components of the net derivative settlement (gain) loss and the net derivative (gain) loss | The following table summarizes the commodity components of the net derivative settlement (gain) loss, and the net derivative (gain) loss line items presented within the accompanying unaudited condensed consolidated statements of cash flows (“accompanying statements of cash flows”) and the accompanying statements of operations, respectively:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands)
Net derivative settlement (gain) loss: |  |  |  |  |  |  |
Oil contracts | $ | 487 |  |  | $ | 13,446 |  |  | $ | (877) |  |  | $ | 20,144 |
Gas contracts | (16,735) |  |  | (11,643) |  |  | (46,639) |  |  | (37,495) |
NGL contracts | (243) |  |  | (1,489) |  |  | 1,228 |  |  | (3,047) |
Total net derivative settlement (gain) loss | $ | (16,491) |  |  | $ | 314 |  |  | $ | (46,288) |  |  | $ | (20,398) |
Net derivative (gain) loss: |  |  |  |  |  |  |
Oil contracts | $ | (65,633) |  |  | $ | 77,857 |  |  | $ | (29,805) |  |  | $ | 31,172 |
Gas contracts | (15,291) |  |  | (4,437) |  |  | (41,624) |  |  | (14,655) |
NGL contracts | (5,359) |  |  | 1,935 |  |  | 1,173 |  |  | (4,165) |
Total net derivative (gain) loss | $ | (86,283) |  |  | $ | 75,355 |  |  | $ | (70,256) |  |  | $ | 12,352 |

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: | dtr-types1: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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration