Subsequent events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent events

Subsequent events

Senior Secured Credit Facility

On April 6, 2022, the Company borrowed an additional $30.0 million and on April 25, 2022, the Company repaid $80.0 million on the Senior Secured Credit Facility. As a result, the outstanding balance under the Senior Secured Credit Facility was $50.0 million as of May 3, 2022. See Note 5 for additional discussion of the Senior Secured Credit Facility.

On April 13, 2022, the Company entered into the Eighth Amendment (the "Eighth Amendment") to the Senior Secured Credit Facility. The Eighth Amendment, among other things, (i) increased the borrowing base from $1.0 billion to $1.25 billion and the aggregate elected commitment from $725.0 million to $1.0 billion, (ii) increased, from closing through December 31, 2022, the $50.0 million bond buyback and distributions baskets to $250.0 million, subject to certain conditions, (iii) added an energy transition and technology commercialization investment basket of $25.0 million, subject to certain conditions, (iv) allowed for the designation of unrestricted subsidiaries and (v) amended certain other provisions relating to certain commercial agreements and the administration of the Company's loans, in each case, subject to the terms of the Eighth Amendment and the Senior Secured Credit Facility.

Commodity derivatives

The following table summarizes the Company's open natural gas derivative positions as of March 31, 2022, updated for derivative transactions entered into from March 31, 2022 through May 3, 2022, for the settlement periods presented:

	Year 2022		Year 2023
Natural gas:
Henry Hub NYMEX - Swaps:
Volume (MMBtu)	2,750,000		—
Weighted-average price ($/MMBtu)	$	2.73	$	—
Henry Hub NYMEX - Collars:
Volume (MMBtu)	22,000,000		14,600,000
Weighted-average floor price ($/MMBtu)	$	3.09	$	3.75
Weighted-average ceiling price ($/MMBtu)	$	3.84	$	7.88
Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
Volume (MMBtu)	21,862,500		14,600,000
Weighted-average differential ($/MMBtu)	$	(0.36)	$	(1.52)

See Note 8 for additional discussion regarding the Company's derivatives. There has been no other derivative activity subsequent to March 31, 2022.