| Schedule of Non-cash Gains or Losses on Derivative Contracts |
The following table presents settlements on commodity derivative instruments and unsettled gains and losses on open commodity derivative instruments for the periods presented which is recorded in the revenue section of our condensed financial statements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| (In thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
| Cash Received (Paid) on Settled Derivatives |
$ |
(27,855) |
|
|
$ |
77,439 |
|
|
$ |
(35,152) |
|
|
$ |
108,944 |
|
| Non-Cash Mark-to-Market Gain (Loss) on Derivatives |
(173,057) |
|
|
(150,077) |
|
|
(301,695) |
|
|
194,999 |
|
| Gain (Loss) on Commodity Derivatives, Net |
$ |
(200,912) |
|
|
$ |
(72,638) |
|
|
$ |
(336,847) |
|
|
$ |
303,943 |
|
|
| Summary of Open Commodity Derivative Positions |
The following table summarizes open commodity derivative positions as of June 30, 2021, for commodity derivatives that were entered into through June 30, 2021, for the settlement period presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
2022 |
|
2023 |
|
2024 |
| Oil: |
|
|
|
|
|
|
|
| WTI NYMEX - Swaps: |
|
|
|
|
|
|
|
| Volume (Bbl) |
4,397,966 |
|
|
6,359,355 |
|
|
677,250 |
|
|
— |
|
| Weighted-Average Price ($/Bbl) |
$ |
54.45 |
|
|
$ |
54.89 |
|
|
$ |
58.66 |
|
|
$ |
— |
|
WTI NYMEX - Swaptions(1):
|
|
|
|
|
|
|
|
| Volume (Bbl) |
— |
|
|
766,125 |
|
|
3,691,000 |
|
|
— |
|
| Weighted-Average Price ($/Bbl) |
$ |
— |
|
|
$ |
55.15 |
|
|
$ |
50.31 |
|
|
$ |
— |
|
| Bakken Crude UHC to WTI NYMEX - Basis Swaps: |
|
|
|
|
|
|
|
| Volume (Bbl) |
2,631,870 |
|
|
— |
|
|
— |
|
|
— |
|
| Weighted-Average Price ($/Bbl) |
$ |
(2.47) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
WTI NYMEX - Call Options(1):
|
|
|
|
|
|
|
|
| Volume (Bbl) |
— |
|
|
— |
|
|
365,000 |
|
|
3,264,210 |
|
| Weighted-Average Price ($/Bbl) |
$ |
— |
|
|
$ |
— |
|
|
$ |
55.00 |
|
|
$ |
57.22 |
|
|
|
|
|
|
|
|
|
| Natural Gas: |
|
|
|
|
|
|
|
| Henry Hub NYMEX - Swaps: |
|
|
|
|
|
|
|
| Volume (MMBtu) |
14,728,136 |
|
|
13,897,291 |
|
|
— |
|
|
— |
|
| Weighted-Average Price ($/MMBtu) |
$ |
2.82 |
|
|
$ |
2.94 |
|
|
$ |
— |
|
|
$ |
— |
|
| Waha Inside FERC to Henry Hub - Basis Swaps: |
|
|
|
|
|
|
|
| Volume (MMBtu) |
191,000 |
|
|
365,000 |
|
|
— |
|
|
— |
|
| Weighted-Average Differential ($/MMBtu) |
$ |
(0.11) |
|
|
$ |
(0.26) |
|
|
$ |
— |
|
|
$ |
— |
|
| Columbia/TCO-POOL - Basis Swaps: |
|
|
|
|
|
|
|
| Volume (MMBtu) |
1,137,845 |
|
|
1,067,187 |
|
|
— |
|
|
— |
|
| Weighted-Average Differential ($/MMBtu) |
$ |
(0.45) |
|
|
$ |
(0.43) |
|
|
$ |
— |
|
|
$ |
— |
|
| Dominion - App - Basis Swaps: |
|
|
|
|
|
|
|
| Volume (MMBtu) |
379,281 |
|
|
355,729 |
|
|
— |
|
|
— |
|
| Weighted-Average Differential ($/MMBtu) |
$ |
(0.65) |
|
|
$ |
(0.64) |
|
|
$ |
— |
|
|
$ |
— |
|
| NE - TETCO M2 - Basis Swaps: |
|
|
|
|
|
|
|
| Volume (MMBtu) |
4,505,901 |
|
|
5,639,374 |
|
|
1,350,000 |
|
|
— |
|
| Weighted-Average Differential ($/MMBtu) |
$ |
(0.76) |
|
|
$ |
(0.78) |
|
|
$ |
(0.83) |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
| NGL: |
|
|
|
|
|
|
|
| TET-OPIS - Swaps: |
|
|
|
|
|
|
|
| Volume (Bbl) |
61,500 |
|
|
— |
|
|
— |
|
|
— |
|
| Weighted-Average Price ($/Bbl) |
$ |
34.34 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
______________ (1)Swaptions are crude oil derivative contracts that give counterparties the option to extend certain derivative contracts for additional periods. Call Options are crude oil derivative contracts sold by the Company that give counterparties the option to exercise certain derivative contracts. The volumes and prices reflected as Swaptions and Call Options in this table will only be effective if the options are exercised by the applicable counterparties.
|
| Summary of Classification of Outstanding Financial Instruments |
The following table sets forth the amounts, on a gross basis, and classification of the Company’s outstanding derivative financial instruments at June 30, 2021 and December 31, 2020, respectively. Certain amounts may be presented on a net basis on the condensed financial statements when such amounts are with the same counterparty and subject to a master netting arrangement.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Type of Commodity |
|
Balance Sheet Location |
|
June 30, 2021 Estimated Fair Value |
|
December 31, 2020 Estimated Fair Value |
| Derivative Assets: |
|
|
|
(In thousands) |
| Commodity Price Swap Contracts |
|
Current Assets |
|
$ |
24 |
|
|
$ |
52,702 |
|
| Commodity Basis Swap Contracts |
|
Current Assets |
|
1,977 |
|
|
37 |
|
| Commodity Price Swaptions Contracts |
|
Current Assets |
|
1,110 |
|
|
— |
|
| Commodity Price Swap Contracts |
|
Noncurrent Assets |
|
57 |
|
|
3,479 |
|
| Commodity Basis Swap Contracts |
|
Noncurrent Assets |
|
342 |
|
|
— |
|
| Commodity Price Swaptions Contracts |
|
Noncurrent Assets |
|
1,127 |
|
|
— |
|
| Interest Rate Swap Contracts |
|
Noncurrent Assets |
|
5 |
|
|
— |
|
| Total Derivative Assets |
|
|
|
$ |
4,642 |
|
|
$ |
56,218 |
|
|
|
|
|
|
|
|
| Derivative Liabilities: |
|
|
|
|
|
|
| Commodity Price Swap Contracts |
|
Current Liabilities |
|
$ |
(130,278) |
|
|
$ |
(3,434) |
|
| Commodity Basis Swap Contracts |
|
Current Liabilities |
|
(6,174) |
|
|
(519) |
|
| Commodity Price Swaptions Contracts |
|
Current Liabilities |
|
(6,278) |
|
|
— |
|
| Interest Rate Swap Contracts |
|
Current Liabilities |
|
(558) |
|
|
(574) |
|
| Commodity Price Swap Contracts |
|
Noncurrent Liabilities |
|
(32,345) |
|
|
(399) |
|
| Interest Rate Swap Contracts |
|
Noncurrent Liabilities |
|
(105) |
|
|
(445) |
|
| Commodity Basis Swap Contracts |
|
Noncurrent Liabilities |
|
(342) |
|
|
— |
|
| Commodity Price Call Option Contracts |
|
Noncurrent Liabilities |
|
(36,206) |
|
|
— |
|
| Commodity Price Swaptions Contracts |
|
Noncurrent Liabilities |
|
(60,028) |
|
|
(17,184) |
|
| Total Derivative Liabilities |
|
|
|
$ |
(272,312) |
|
|
$ |
(22,554) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Estimated Fair Value at June 30, 2021 |
| (In thousands) |
Gross Amounts of
Recognized Assets (Liabilities) |
|
Gross Amounts Offset
in the Balance Sheet |
|
Net Amounts of Assets (Liabilities) Presented in the Balance Sheet |
| Offsetting of Derivative Assets: |
|
|
| Current Assets |
$ |
3,111 |
|
|
$ |
(2,593) |
|
|
$ |
518 |
|
| Non-Current Assets |
1,531 |
|
|
(1,499) |
|
|
32 |
|
| Total Derivative Assets |
$ |
4,642 |
|
|
$ |
(4,092) |
|
|
$ |
550 |
|
|
|
|
|
|
|
| Offsetting of Derivative Liabilities: |
|
|
| Current Liabilities |
$ |
(143,287) |
|
|
$ |
2,593 |
|
|
$ |
(140,694) |
|
| Non-Current Liabilities |
(129,025) |
|
|
1,499 |
|
|
(127,526) |
|
| Total Derivative Liabilities |
$ |
(272,312) |
|
|
$ |
4,092 |
|
|
$ |
(268,220) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Estimated Fair Value at December 31, 2020 |
| (In thousands) |
Gross Amounts of
Recognized Assets (Liabilities) |
|
Gross Amounts Offset
on the Balance Sheet |
|
Net Amounts of Assets (Liabilities) Presented in the Balance Sheet |
| Offsetting of Derivative Assets: |
|
|
| Current Assets |
$ |
52,739 |
|
|
$ |
(1,449) |
|
|
$ |
51,290 |
|
| Non-Current Assets |
3,479 |
|
|
$ |
(3,369) |
|
|
111 |
|
| Total Derivative Assets |
$ |
56,218 |
|
|
$ |
(4,817) |
|
|
$ |
51,401 |
|
|
|
|
|
|
|
| Offsetting of Derivative Liabilities: |
|
|
| Current Liabilities |
$ |
(4,527) |
|
|
$ |
1,449 |
|
|
$ |
(3,078) |
|
| Non-Current Liabilities |
(18,028) |
|
|
$ |
3,369 |
|
|
(14,659) |
|
| Total Derivative Liabilities |
$ |
(22,554) |
|
|
$ |
4,817 |
|
|
$ |
(17,737) |
|
|