Derivative Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Volumes Hedged and Average Hedge Prices

The following table sets forth our commodity-based derivative volumes by year as of March 31, 2024, excluding our basis swaps which are discussed separately below:

Period	Contract Type	Volume Hedged	Weighted Average Hedge Price
			Swap			Sold Put		Floor		Ceiling
Natural Gas (a)
2024	Swaps	263,818 Mmbtu/day	$	4.20
2024	Collars	438,909 Mmbtu/day						$	3.52	$	5.67
2024	Three-way Collars	78,955 Mmbtu/day			$		2.50	$	3.42	$	4.17
2025	Swaps	400,000 Mmbtu/day	$	4.12
2025	Three-way Collars	30,000 Mmbtu/day			$		2.70	$	4.00	$	5.00
2026	Swaps	60,000 Mmbtu/day	$	4.15
Crude Oil (b)
2024	Swaps	4,607 bbls/day	$	80.61
April - September 2024	Collars	500 bbls/day						$	80.00	$	90.00
NGLs (C3-Propane)
2024	Swaps	6,767 bbls/day	$	33.58

(a)	We also sold natural gas swaptions of 40,000 Mmbtu/day for calendar year 2026 at a weighted average price of $4.11/Mmbtu that expire June 2024.
(b)	We also sold crude oil swaptions of 2,500 bbls/day for calendar year 2025 at a weighted average price of $80.00/bbl that expire through September 2024.

Combined Fair Value of Derivatives, by Consolidated Balance Sheets

The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2024 and December 31, 2023 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):

	March 31, 2024			December 31,  2023
Derivative assets:
Gross amounts of recognized assets	$	406,393		$	452,378
Gross amounts offset in the consolidated balance sheets		(28,313	)		(9,407	)
Net amounts of assets presented in the consolidated balance sheets	$	378,080		$	442,971

	March 31, 2024			December 31,  2023
Derivative (liabilities):
Gross amounts of recognized (liabilities)	$	(39,527	)	$	(9,736	)
Gross amounts offset in the consolidated balance sheets		28,313			9,407
Net amounts of (liabilities) presented in the consolidated balance sheets	$	(11,214	)	$	(329	)

Effects of Derivatives on Consolidated Statements of Income

The effects of our derivatives on our consolidated statements of income are summarized below (in thousands):

	Three Months Ended March 31,
	2024			2023
Derivative Fair Value Income
Commodity swaps	$	32,642		$	209,092
Swaptions		(1,059	)		—
Three-way collars		6,483			50,814
Collars		41,971			160,571
Basis swaps		(33,439	)		(48,590	)
Divestiture contingent consideration		—			(3,920	)
Total derivative fair value income	$	46,598		$	367,967