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Risk Management and Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Risk Management and Derivative Instruments

Open Commodity Positions

​

​	​	​	​	​	​	​
​	​	2022			2023
Natural Gas Derivative Contracts:	​	​			​
Fixed price swap contracts:	​	​			​
Average monthly volume (MMBtu)	​	​	695,000		​	—
Weighted-average fixed price	​	$	2.56	​	$	—
​	​	​	​	​	​	​
Collar contracts:	​		​	​		​
Two-way collars	​		​	​		​
Average monthly volume (MMBtu)	​		775,000	​		1,160,000
Weighted-average floor price	​	$	2.56	​	$	3.49
Weighted-average ceiling price	​	$	3.44	​	$	5.92
​	​	​	​	​	​	​
Crude Oil Derivative Contracts:	​		​	​		​
Fixed price swap contracts:	​		​	​		​
Average monthly volume (Bbls)	​		57,000	​		55,000
Weighted-average fixed price	​	$	48.27	​	$	57.30
​	​	​	​	​	​	​
Collar contracts:	​			​
Two-way collars	​	​	​	​	​	​
Average monthly volume (Bbls)	​	​	15,000	​	​	—
Weighted-average floor price	​	$	60.00	​	$	—
Weighted-average ceiling price	​	$	71.00	​	$	—
​	​	​	​	​	​	​
Three-way collars	​		​	​		​
Average monthly volume (Bbls)	​		89,000	​		30,000
Weighted-average ceiling price	​	$	55.55	​	$	67.15
Weighted-average floor price	​	$	42.92	​	$	55.00
Weighted-average sub-floor price	​	$	32.58	​	$	40.00

Interest Rate Swap Open Positions

​

​	​	​	​	​
​		Remaining		​
​	​	2022
Average Monthly Notional (in thousands)	​	$	75,000	​
Weighted-average fixed rate	​		1.281	%
Floating rate	​		1 Month LIBOR	​

Gross Fair Value of Derivative Instruments by Appropriate Balance Sheet

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Asset

Liability

Asset

Liability

​

​

​

​

Derivatives

​

Derivatives

​

Derivatives

​

Derivatives

​

​

​

​

September 30,

​

September 30,

​

December 31,

​

December 31,

Type

Balance Sheet Location

2022

2022

2021

2021

​

​

​

​

(In thousands)

Commodity contracts

Short-term derivative instruments

​

$

5,604

​

$

50,471

​

$

4,804

​

$

57,325

Interest rate swaps

Short-term derivative instruments

​

442

​

—

​

—

​

623

Gross fair value

​

​

6,046

​

50,471

​

4,804

​

57,948

Netting arrangements

​

​

(5,604)

​

(5,604)

​

(4,804)

​

(4,804)

Net recorded fair value

Short-term derivative instruments

​

$

442

​

$

44,867

​

$

—

​

$

53,144

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commodity contracts

Long-term derivative instruments

​

$

2,030

​

$

7,714

​

$

3,163

​

$

12,827

Interest rate swaps

Long-term derivative instruments

​

—

​

—

​

—

​

—

Gross fair value

​

​

2,030

​

7,714

​

3,163

​

12,827

Netting arrangements

​

​

(2,030)

​

(2,030)

​

(3,163)

​

(3,163)

Net recorded fair value

Long-term derivative instruments

​

$

—

​

$

5,684

​

$

—

​

$

9,664

Unrealized and Realized Gains and Losses Related to Derivative Instruments

The following table details the gains and losses related to derivative instruments for the periods indicated (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Three Months Ended

​

For the Nine Months Ended

​

​

​

Statements of

September 30,

September 30,

​

​

Operations Location

​

2022

2021

​

2022

2021

​

Commodity derivative contracts

Loss (gain) on commodity derivatives

​

$

(3,300)

​

$

46,653

​

$

108,675

​

$

145,139

​

(Gain) loss on interest rate derivatives

Interest expense, net

​

(87)

​

47

​

(930)

​

3

​

X

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