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DERIVATIVE AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2022

DERIVATIVE AND HEDGING ACTIVITIES

Summary of location and fair value of derivative contracts

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Derivatives not designated as

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Asset derivative contracts

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Liability derivative contracts

hedging contracts under ASC 815

Balance sheet location

March 31, 2022

December 31, 2021

Balance sheet location

March 31, 2022

December 31, 2021

Commodity contracts

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Current assets - assets from derivative contracts

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$

3,596

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$

1,383

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Current liabilities - liabilities from derivative contracts

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$

(103,232)

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$

(58,322)

Commodity contracts

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Other noncurrent assets - assets from derivative contracts

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5,195

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2,515

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Other noncurrent liabilities - liabilities from derivative contracts

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​

(58,166)

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​

(7,144)

Total derivatives not designated as hedging contracts under ASC 815

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$

8,791

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$

3,898

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​

$

(161,398)

​

$

(65,466)

Summary of the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts

The following table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivative contracts in the Company’s unaudited condensed consolidated statements of operations (in thousands):

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​	​	​	​	​	​	​	​	​
​	​	​	​	Amount of gain or (loss)
​	​	​	​	recognized in income on
​	​	​	​	derivative contracts for the
Derivatives not designated	​	Location of gain or	​	Three Months Ended
as hedging contracts	​	(loss) recognized in income	​	March 31,
under ASC 815		on derivative contracts	​	2022		​	2021
Commodity contracts:	​	​	​	​	​	​	​	​
Unrealized gain (loss) on commodity contracts	​	Other income (expenses) - net gain (loss) on derivative contracts	​	$	(91,038)	​	$	(36,052)
Realized gain (loss) on commodity contracts	​	Other income (expenses) - net gain (loss) on derivative contracts	​	​	(32,820)	​	​	(9,659)
Total net gain (loss) on derivative contracts	​	​	​	$	(123,858)	​	$	(45,711)

Schedule of open derivative contracts

At March 31, 2022, the Company had the following open crude oil and natural gas derivative contracts:

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Instrument

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2022

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2023

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2024

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2025

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2026

Crude oil fixed-price swap:

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Total volumes (Bbls)

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1,871,206

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2,000,965

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1,449,140

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1,028,160

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​

74,810

Weighted average price

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$

51.46

​

$

65.75

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$

60.91

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$

59.69

​

$

56.75

Crude oil basis swap:

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Total volumes (Bbls)

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1,867,906

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1,937,165

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1,388,920

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988,260

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29,810

Weighted average price

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$

0.45

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$

0.25

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$

0.23

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$

0.16

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$

0.10

Crude oil WTI NYMEX roll:

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Total volumes (Bbls)

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1,659,776

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1,937,165

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1,388,920

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988,260

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29,810

Weighted average price

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$

0.06

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$

0.50

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$

0.27

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$

0.10

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$

—

Natural gas fixed-price swap:

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Total volumes (MMBtu)

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2,164,800

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3,841,550

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2,481,650

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2,250,650

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Weighted average price

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$

3.77

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$

3.34

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$

3.05

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$

2.95

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Natural gas producer two-way collar:

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Total volumes (MMBtu)

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2,693,624

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1,516,100

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1,163,100

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360,000

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Weighted average price (call)

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$

2.96

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$

5.15

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$

4.57

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$

3.95

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Weighted average price (put)

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$

2.64

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$

3.44

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$

3.01

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$

3.00

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Natural gas basis swap:

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Total volumes (MMBtu)

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4,567,924

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5,011,700

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3,506,150

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2,565,650

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Weighted average price

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$

(0.37)

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$

(0.58)

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$

(0.59)

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$

(0.50)

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Schedule of potential effects of master netting arrangements on the fair value of derivative contracts

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Derivative Assets

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Derivative Liabilities

Offsetting of Derivative Assets and Liabilities

March 31, 2022

December 31, 2021

March 31, 2022

December 31, 2021

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Gross Amounts Presented in the Consolidated Balance Sheet

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$

8,791

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$

3,898

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$

(161,398)

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$

(65,466)

Amounts Not Offset in the Consolidated Balance Sheet

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​

(8,791)

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(3,898)

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8,791

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3,898

Net Amount

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$

—

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$

—

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$

(152,607)

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$

(61,568)

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and non-derivative instruments not designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and non-derivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of derivative, other financial assets and other financial liabilities that are subject to offsetting, including master netting arrangements.

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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

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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