Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Volume of Commodity Hedges

At December 31, 2022, the notional volumes of our commodity derivative contracts were:

Commodity	Instrument	Unit	2023		2024		2025		2026		2027
Natural Gas	Swaps	MMBtu/d		175,687		105,377		28,334		—		—
Natural Gas	Basis Swaps	MMBtu/d		591,610		298,407		244,267		82,500		25,000
NGL	Swaps	Bbl/d		43,115		21,134		4,813		—		—
NGL	Futures	Bbl/d		21,512		383		—		—		—
Condensate	Swaps	Bbl/d		6,427		3,232		853		—		—

Fair Values of Derivative Instruments

The following schedules reflect the fair value of our derivative instruments and their location on our Consolidated Balance Sheets as well as pro forma reporting assuming that we reported derivatives subject to master netting agreements on a net basis:

		Fair Value as of December 31, 2022					Fair Value as of December 31, 2021
	Balance Sheet	Derivative		Derivative			Derivative		Derivative
	Location	Assets		Liabilities			Assets		Liabilities
Derivatives designated as hedging instruments
Commodity contracts	Current	$	158.7	$	(93.8	)	$	25.5	$	(252.6	)
	Long-term		24.2		(30.9	)		6.2		(84.3	)
Total derivatives designated as hedging instruments		$	182.9	$	(124.7	)	$	31.7	$	(336.9	)
Derivatives not designated as hedging instruments
Commodity contracts	Current	$	21.2	$	(226.3	)	$	17.6	$	(5.6	)
	Long-term		0.3		(109.2	)		1.5		(25.0	)
Total derivatives not designated as hedging instruments		$	21.5	$	(335.5	)	$	19.1	$	(30.6	)
Total current position		$	179.9	$	(320.1	)	$	43.1	$	(258.2	)
Total long-term position			24.5		(140.1	)		7.7		(109.3	)
Total derivatives		$	204.4	$	(460.2	)	$	50.8	$	(367.5	)

Pro Forma Impact of Derivatives Net in Consolidated Balance Sheet

The pro forma impact of reporting derivatives on our Consolidated Balance Sheets on a net basis is as follows:

		Gross Presentation							Pro Forma Net Presentation
December 31, 2022		Asset		Liability			Collateral		Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	162.2	$	(316.7	)	$	12.2	$	27.2	$	(169.5	)
	Counterparties without offsetting positions - assets		17.7		—			—		17.7		—
	Counterparties without offsetting positions - liabilities		—		(3.4	)		—		—		(3.4	)
			179.9		(320.1	)		12.2		44.9		(172.9	)
Long-Term Position
	Counterparties with offsetting positions or collateral		24.5		(137.4	)		22.4		7.3		(97.8	)
	Counterparties without offsetting positions - assets		—		—			—		—		—
	Counterparties without offsetting positions - liabilities		—		(2.7	)		—		—		(2.7	)
			24.5		(140.1	)		22.4		7.3		(100.5	)
Total Derivatives
	Counterparties with offsetting positions or collateral		186.7		(454.1	)		34.6		34.5		(267.3	)
	Counterparties without offsetting positions - assets		17.7		—			—		17.7		—
	Counterparties without offsetting positions - liabilities		—		(6.1	)		—		—		(6.1	)
		$	204.4	$	(460.2	)	$	34.6	$	52.2	$	(273.4	)
		Gross Presentation							Pro Forma Net Presentation
December 31, 2021		Asset		Liability			Collateral		Asset		Liability
Current Position
	Counterparties with offsetting positions or collateral	$	39.2	$	(241.9	)	$	5.0	$	0.3	$	(198.0	)
	Counterparties without offsetting positions - assets		3.9		—			—		3.9		—
	Counterparties without offsetting positions - liabilities		—		(16.3	)		—		—		(16.3	)
			43.1		(258.2	)		5.0		4.2		(214.3	)
Long-Term Position
	Counterparties with offsetting positions or collateral		7.4		(95.1	)		3.1		—		(84.6	)
	Counterparties without offsetting positions - assets		0.3		—			—		0.3		—
	Counterparties without offsetting positions - liabilities		—		(14.2	)		—		—		(14.2	)
			7.7		(109.3	)		3.1		0.3		(98.8	)
Total Derivatives
	Counterparties with offsetting positions or collateral		46.6		(337.0	)		8.1		0.3		(282.6	)
	Counterparties without offsetting positions - assets		4.2		—			—		4.2		—
	Counterparties without offsetting positions - liabilities		—		(30.5	)		—		—		(30.5	)
		$	50.8	$	(367.5	)	$	8.1	$	4.5	$	(313.1	)

Amounts Recorded in Other Comprehensive Income and Amounts Reclassified from OCI to Revenue

The following tables reflect amounts recorded in OCI and amounts reclassified from OCI to revenue for the periods indicated:

Derivatives in Cash Flow	Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
Hedging Relationships	2022			2021			2020
Commodity contracts	$	(5.6	)	$	(534.6	)	$	(218.3	)
	Gain (Loss) Reclassified from OCI into Income (Effective Portion)
Location of Gain (Loss)	2022			2021			2020
Revenues	$	(373.0	)	$	(417.3	)	$	90.8

Gain (Loss) Recognized in Income on Derivatives

The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices. For the year ended December 31, 2022, the unrealized mark-to-market losses are primarily attributable to unfavorable movements in natural gas forward basis prices, as compared to our positions.