Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Outstanding Contracts with Respect to Natural Gas

At June 30, 2022 the Company had outstanding derivative contracts as set forth in the tables below. 

Natural gas derivatives
			Weighted Average Hedge Price ($/MMBtu)
Period and Type of Contract	Average Volumes Hedged		Basis Swaps		Swaps		Sold Put		Floor		Ceiling
July 2022 - December 2023
Basis Swaps - NGPL TXOK	75,000	MMBtus/day	$	(0.17)
July 2022 - Sept 2022
Swaps - Henry Hub	500,000	MMBtus/day			$	4.15
Collars - Henry Hub	110,000	MMBtus/day							$	4.50	$	6.00
Swaps - WAHA	45,000	MMBtus/day			$	3.41
October 2022 - December 2022
Swaps - Henry Hub	160,000	MMBtus/day			$	4.48
Collars - Henry Hub	360,000	MMBtus/day							$	3.88	$	5.45
Three-way collars - Henry Hub	50,000	MMBtus/day					$	3.00	$	4.07	$	5.00
Swaps - WAHA	45,000	MMBtus/day			$	3.41
January 2023 - December 2023
Swaps - Henry Hub	308,000	MMBtus/day			$	3.49
Collars - Henry Hub	139,000	MMBtus/day							$	3.62	$	4.95
Three-way collars - Henry Hub	12,500	MMBtus/day					$	3.00	$	4.32	$	5.00
Swaps - WAHA	40,000	MMBtus/day			$	2.69
January 2024 - December 2024
Swaps - Henry Hub	310,500	MMBtus/day			$	3.26
Collars - Henry Hub	50,000	MMBtus/day							$	3.12	$	4.09
January 2025 - December 2025
Swaps - Henry Hub	37,000	MMBtus/day			$	3.39

Crude oil derivatives
Period and Type of Contract	Average Volumes Hedged		Weighted Average Hedge Price Differential ($/Bbl)
July 2022 - December 2022
NYMEX Roll Swaps	55,500	Bbls/day	$	1.77
January 2023 - December 2023
NYMEX Roll Swaps	12,000	Bbls/day	$	1.07

Realized and Unrealized Gains and Losses on Derivative Instruments

	Three months ended June 30,				Six months ended June 30,
In thousands	2022		2021		2022		2021
Cash received (paid) on derivatives:
Crude oil fixed price swaps	$	—	$	(14,429)	$	—	$	(44,463)
Crude oil collars	—		(4,409)		—		(9,365)
Crude oil NYMEX roll swaps	(5,592)		963		(7,072)		1,123
Natural gas basis swaps (NGPL TXOK)	1,563		—		$	1,491	$	—
Natural gas fixed price swaps (HH)	(137,354)		1,741		(141,583)		3,950
Natural gas collars (HH)	(13,917)		50		$	(13,917)	$	3,234
Natural gas 3-way collars (HH)	—		—		$	(16,459)	$	—
Cash received (paid) on derivatives, net	(155,300)		(16,084)		(177,540)		(45,521)
Non-cash gain (loss) on derivatives:
Crude oil fixed price swaps	—		8,205		—		—
Crude oil collars	—		2,304		—		227
Crude oil NYMEX roll swaps	(8,519)		(3,501)		(16,159)		(3,326)
Natural gas basis swaps (NGPL TXOK)	(1,321)		—		4,792		—
Natural gas fixed price swaps (WAHA)	(395)		—		(14,073)		—
Natural gas fixed price swaps (HH)	(40,819)		(40,641)		(368,494)		(34,555)
Natural gas collars (HH)	7,978		(7,641)		(90,258)		(17,690)
Natural gas 3-way collars (HH)	2,632		(4,820)		(9,950)		(4,820)
Non-cash gain (loss) on derivatives, net	(40,444)		(46,094)		(494,142)		(60,164)
Loss on derivative instruments, net	$	(195,744)	$	(62,178)	$	(671,682)	$	(105,685)

Gross Amounts of Recognized Derivative Assets and Liabilities

The following table presents the gross amounts of recognized derivative assets and liabilities, as applicable, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the condensed consolidated balance sheets for the periods presented, all at fair value. 

In thousands	June 30, 2022		December 31, 2021
Commodity derivative assets:
Gross amounts of recognized assets	$	13,139	$	42,903
Gross amounts offset on balance sheet	(8,224)		(7,381)
Net amounts of assets on balance sheet	4,915		35,522
Commodity derivative liabilities:
Gross amounts of recognized liabilities	(472,975)		(8,598)
Gross amounts offset on balance sheet	8,224		7,381
Net amounts of liabilities on balance sheet	$	(464,751)	$	(1,217)

Derivatives Not Designated as Hedging Instruments

The following table reconciles the net amounts disclosed above to the individual financial statement line items in the condensed consolidated balance sheets. 

In thousands	June 30, 2022		December 31, 2021
Derivative assets	$	2,799	$	22,334
Derivative assets, noncurrent	2,116		13,188
Net amounts of assets on balance sheet	4,915		35,522
Derivative liabilities	(237,584)		(899)
Derivative liabilities, noncurrent	(227,167)		(318)
Net amounts of liabilities on balance sheet	(464,751)		(1,217)
Total derivative assets (liabilities), net	$	(459,836)	$	34,305