XML 53 R35.htm IDEA: XBRL DOCUMENT v3.20.2
Derivative Instruments (Tables)
6 Months Ended
Jun. 30, 2020
Schedule of outstanding commodity derivatives

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Natural Gas

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​

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Weighted

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​

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Natural gas

​

Liquids

​

Oil

​

average index

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​

 

MMBtu/day

 

Bbls/day

 

Bbls/day

 

price

   

Six months ending December 31, 2020:

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​

​

​

​

​

​

​

​

​

NYMEX ($/MMBtu)

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2,227,500

​

—

​

—

​

$

2.87

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ARA Propane ($/Gal)

​

—

​

10,315

​

—

​

​

0.65

​

OPIS Ethane Mt Belv ($/Gal)

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—

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24,500

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—

​

​

0.20

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NYMEX-WTI ($/Bbl)

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—

​

—

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26,000

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​

55.63

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Total

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2,227,500

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34,815

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26,000

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​

​

​

Three months ending March 31, 2021

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​

​

​

​

​

​

​

​

​

OPIS Ethane Mt Belv ($/Gal)

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18,791

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​

​

$

0.20

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Year ending December 31, 2021:

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​

​

​

​

​

​

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NYMEX ($/MMBtu)

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2,400,000

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​

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—

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$

2.80

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NYMEX-WTI ($/Bbl)

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—

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​

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3,000

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​

55.16

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Total

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2,400,000

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​

3,000

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Year ending December 31, 2022:

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NYMEX ($/MMBtu)

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1,307,500

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$

2.44

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Year ending December 31, 2023:

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​

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​

​

​

​

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NYMEX ($/MMBtu)

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150,000

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$

2.38

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Schedule of natural gas basis swap positions which settle on pricing index to basis differential of NYMEX to TCO

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Weighted

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Natural gas

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average hedged

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MMBtu/day

 

differential

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Six months ending December 31, 2020:

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NYMEX to TCO ($/MMBtu)

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60,000

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$

0.353

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Year ending December 31, 2021:

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​

​

​

​

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NYMEX to TCO ($/MMBtu)

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40,000

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$

0.414

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Year ending December 31, 2022:

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​

​

​

​

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NYMEX to TCO ($/MMBtu)

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60,000

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$

0.515

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Year ending December 31, 2023:

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​

​

​

​

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NYMEX to TCO ($/MMBtu)

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50,000

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$

0.525

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Year ending December 31, 2024:

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​

​

​

​

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NYMEX to TCO ($/MMBtu)

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50,000

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$

0.530

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Schedule of commodity derivatives basis differential positions which settle on the pricing index to basis differential of Columbia Gas (TCO) to the NYMEX Henry Hub natural gas price.

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Weighted

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Gas

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average

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Liquids

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Payout

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Bbls/day

   

Ratio

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​

Six months ending December 31, 2020:

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​

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Mont Belvieu Natural Gasoline to NYMEX-WTI

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11,800

​

80

%

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Year ending December 31, 2021:

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​

​

​

​

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Mont Belvieu Natural Gasoline to NYMEX-WTI

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18,650

​

78

%

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Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes

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December 31, 2019

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June 30, 2020

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Balance sheet

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Fair value

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Balance sheet

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Fair value

​

​

   

location

   

(In thousands)

   

location

   

(In thousands)

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Asset derivatives not designated as hedges for accounting purposes:

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Commodity derivatives—current

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Derivative instruments

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$

422,849

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Derivative instruments

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$

521,459

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Commodity derivatives—noncurrent

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Derivative instruments

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333,174

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Derivative instruments

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103,514

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Total asset derivatives

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756,023

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624,973

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Liability derivatives not designated as hedges for accounting purposes (1):

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Commodity derivatives—current

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Derivative instruments

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6,721

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Derivative instruments

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3,652

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Commodity derivatives—noncurrent

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Derivative instruments

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​

3,519

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Derivative instruments

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2,558

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Total liability derivatives

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10,240

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6,210

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Net derivatives

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$

745,783

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$

618,763

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(1)Approximately $2 million of commodity derivative liabilities are attributable to our consolidated VIE, Martica.
Schedule of gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts
(1)Approximately $2 million of commodity derivative liabilities are attributable to our consolidated VIE, Martica.
Summary of derivative fair value gains (losses)

The following is a summary of derivative fair value gains and losses and where such values are recorded in the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2019 and 2020 (in thousands):

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Statement of

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operations

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Three months ended June 30,

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Six months ended June 30,

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location

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2019

​

2020

   

2019

   

2020

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Commodity derivative fair value gains (losses)

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Revenue

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$

328,427

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​

(168,015)

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$

251,059

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​

397,818

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VIE, Martica  
Schedule of outstanding commodity derivatives

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​

Natural Gas

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​

​

Weighted

​

​

Natural gas

​

Liquids

​

Oil

​

average index

​

 

MMBtu/day

 

Bbls/day

 

Bbls/day

 

price

Six months ending December 31, 2020:

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NYMEX ($/MMBtu)

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40,217

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—

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—

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$

2.02

OPIS Propane Mt Belv Non-TET

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—

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951

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—

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0.49

OPIS Natural Gasoline Mt Belv Non-TET

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—

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288

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—

​

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0.67

OPIS Ethane Mt Belv ($/Gal)

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—

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617

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—

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​

0.20

NYMEX-WTI ($/Bbl)

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—

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—

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118

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37.15

Total

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40,217

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1,856

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118

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Year ending December 31, 2021:

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NYMEX ($/MMBtu)

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41,096

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—

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—

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$

2.58

OPIS Propane Mt Belv Non-TET

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—

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932

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—

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0.43

OPIS Natural Gasoline Mt Belv Non-TET

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—

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282

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—

​

​

0.71

OPIS Ethane Mt Belv ($/Gal)

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—

​

987

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—

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​

0.17

NYMEX-WTI ($/Bbl)

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—

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—

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94

​

​

38.99

Total

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41,096

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2,201

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94

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​

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Three months ending March 31, 2022

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OPIS Propane Mt Belv Non-TET

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—

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379

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—

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0.43

OPIS Natural Gasoline Mt Belv Non-TET

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—

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115

​

—

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0.72

OPIS Ethane Mt Belv ($/Gal)

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—

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521

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—

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0.16

Total

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—

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1,015

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—

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Year ending December 31, 2022:

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NYMEX ($/MMBtu)

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38,356

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—

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$

2.39

NYMEX-WTI ($/Bbl)

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—

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​

66

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40.92

Total

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38,356

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66

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Year ending December 31, 2023:

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NYMEX ($/MMBtu)

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35,616

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​

​

—

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$

2.35

NYMEX-WTI ($/Bbl)

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—

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​

52

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​

42.45

Total

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35,616

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52

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Year ending December 31, 2024:

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NYMEX ($/MMBtu)

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23,885

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​

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—

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$

2.33

NYMEX-WTI ($/Bbl)

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—

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​

​

43

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44.02

Total

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23,885

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​

​

43

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Three months ending March 31, 2025:

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NYMEX ($/MMBtu)

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18,021

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​

​

—

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$

2.53

NYMEX-WTI ($/Bbl)

​

—

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​

​

39

​

​

45.06

Total

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18,021

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​

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39

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​

​