XML 53 R33.htm IDEA: XBRL DOCUMENT v3.22.0.1
DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Commodity Derivatives
As of December 31, 2021, the Company had entered into the following commodity price derivative contracts:
Crude Oil
(NYMEX WTI)		Natural Gas
(NYMEX Henry Hub)		Natural Gas
(CIG)		Natural Gas Liquids
(OPIS)
Bbls/dayWeighted Avg. Price per BblMMBtu/dayWeighted Avg. Price per MMBtuMMBtu/dayWeighted Avg. Price per MMBtuBbls/dayWeighted Avg. Price per Bbl
1Q22
Collar15,700 
$43.83/$59.77
— — 20,000 
$2.15/$2.75
—
— 
Swap15,371 $47.39125,170 $2.9010,000 $2.13
4,000
$20.22
Oil roll swap(1)
2,000 $0.22— — — — — — 
2Q22
Collar8,800 
$38.09/$67.48
60,375 
$2.50/$3.50
20,000 
$2.15/$2.75
—
— 
Swap10,139 $49.8453,300 $2.7710,000 $2.13
4,000
$20.22
Oil roll swap(1)
2,000 $0.22— — — — — — 
3Q22
Collar7,681 
$40.35/$69.99
78,420 
$2.59/$3.68
— — 
—
— 
Swap9,359 $46.8853,300 $2.7710,000 $2.13
4,000
$20.22
Oil roll swap(1)
2,000 $0.22— — — — — — 
4Q22
Collar6,938 
$40.75/$70.99
76,929 
$2.60/$3.69
— — 
—
— 
Swap8,686 $46.7753,300 $2.7710,000 $2.13
4,000
$20.22
Oil roll swap(1)
2,000 $0.22— — — — — — 
2023
Collar260 
$40.00/$72.70
2,184 
$2.00/$3.25
— — — — 
Swap200 $46.0543,600 $2.51— — — — 
2024
Swap— — 22,309 $2.57— — — — 
_______________________________
(1) The weighted average differential represents the amount of reduction to NYMEX WTI prices for the notional volumes covered by the swap contracts.
As of March 1, 2022, the following commodity price derivative contracts were novated from Bison:

Crude Oil
(NYMEX WTI)		Natural Gas
(NYMEX Henry Hub)
Bbls/dayWeighted Avg. Price per BblMMBtu/dayWeighted Avg. Price per MMBtu
2022(1)
Collar(2, 3)
2,756 
$47.85 / $56.71
2,278 
$2.67 / $3.39
Swap873 $47.381,582 $2.52
2023
Collar(2, 3)
1,406 
$48.62 / $57.71
1,828 
$2.36 / $2.98
Swap208 $46.47470 $2.51
2024
Collar(2, 3)
143 
$45.00 / $56.25
1,337 
$2.40 / $3.15
Swap479 $53.96— — 
_______________________________
(1) Represents hedged volumes from the closing date through December 31, 2022.
(2) 79%, 100%, and 100% of the 2022, 2023, and 2024 oil collars presented include sold puts at a weighted average price of $38.72, $38.38, and $35.00 per Bbl, respectively
(3) 5%, 19%, and 23% of the 2022, 2023, and 2024 gas collars presented include sold puts at a weighted average price of $2.00 per MMBtu, respectively.
Summary of all the Company's Derivative Positions The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as well as a reconciliation between the gross assets and liabilities and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts as of December 31, 2021 and 2020 (in thousands):
As of December 31,
20212020
Derivative Assets: 
Commodity contracts - current$3,393 $7,482 
Commodity contracts - noncurrent— — 
Total derivative assets3,393 7,482 
Amounts not offset in the accompanying balance sheets(3,393)(4,758)
Total derivative assets, net$— $2,724 
Derivative Liabilities:  
Commodity contracts - current$(219,804)$(6,402)
Commodity contracts - long-term(19,959)(1,330)
Total derivative liabilities(239,763)(7,732)
Amounts not offset in the accompanying balance sheets3,393 4,758 
Total derivative liabilities, net$(236,370)$(2,974)
Summary of the Components of the Derivative Gain (Loss)
The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands):
 Year Ended December 31,
 202120202019
Derivative cash settlement gain (loss): 
Oil contracts$(215,057)$50,133 $1,185 
Gas contracts(51,806)(727)506 
NGL contracts(9,051)— — 
Total derivative cash settlement gain (loss)(1)
(275,914)49,406 1,691 
Change in fair value gain (loss)215,404 4,056 (38,836)
Total derivative gain (loss)(1)
$(60,510)$53,462 $(37,145)
___________________________
(1)Total derivative gain (loss) and total derivative cash settlement gain (loss) for each of the periods presented above is reported in the derivative (gain) loss line item and derivative cash settlements gain (loss) line item in the accompanying statements of cash flows, within the cash flows from operating activities.