XML 36 R25.htm IDEA: XBRL DOCUMENT v3.22.2.2
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Summary of Outstanding Contracts with Respect to Natural Gas
At September 30, 2022 the Company had outstanding derivative contracts as set forth in the tables below. 
Natural gas derivatives
Weighted Average Hedge Price ($/MMBtu)
Period and Type of ContractAverage Volumes HedgedBasis SwapsSwapsSold PutFloorCeiling
October 2022 - December 2023
Basis Swaps - NGPL TXOK75,000 MMBtus/day$(0.17)
October 2022 - December 2022
Swaps - Henry Hub160,000 MMBtus/day$4.48 
Collars - Henry Hub360,000 MMBtus/day$3.88 $5.45 
Three-way collars - Henry Hub50,000 MMBtus/day$3.00 $4.07 $5.00 
Swaps - WAHA45,000 MMBtus/day$3.41 
January 2023 - December 2023
Swaps - Henry Hub308,000 MMBtus/day$3.49 
Collars - Henry Hub139,000 MMBtus/day$3.62 $4.95 
Three-way collars - Henry Hub12,500 MMBtus/day$3.00 $4.32 $5.00 
Swaps - WAHA40,000 MMBtus/day$2.69 
January 2024 - December 2024
Swaps - Henry Hub310,500 MMBtus/day$3.26 
Collars - Henry Hub50,000 MMBtus/day$3.12 $4.09 
January 2025 - December 2025
Swaps - Henry Hub37,000 MMBtus/day$3.39 
Crude oil derivatives
Period and Type of ContractAverage Volumes HedgedWeighted Average Hedge Price Differential ($/Bbl)
October 2022 - December 2022
NYMEX Roll Swaps55,500 Bbls/day$1.77 
January 2023 - December 2023
NYMEX Roll Swaps12,000 Bbls/day$1.07 
Realized and Unrealized Gains and Losses on Derivative Instruments
 Three months ended September 30,Nine months ended September 30,
In thousands2022202120222021
Cash received (paid) on derivatives:
Crude oil fixed price swaps$— $— $— $(44,462)
Crude oil collars— — — (9,365)
Crude oil NYMEX roll swaps(5,836)(156)(12,908)966 
Natural gas basis swaps (NGPL TXOK)2,843 — $4,335 $— 
Natural gas fixed price swaps (WAHA)(15,536)— (15,536)— 
Natural gas fixed price swaps (HH)(185,463)(31,361)(327,047)(27,411)
Natural gas collars (HH)(22,106)(10,563)$(36,023)$(7,329)
Natural gas 3-way collars (HH)— — $(16,459)$— 
Cash received (paid) on derivatives, net(226,098)(42,080)(403,638)(87,601)
Non-cash gain (loss) on derivatives:
Crude oil collars— — — 227 
Crude oil NYMEX roll swaps19,789 3,506 3,630 180 
Natural gas basis swaps (NGPL TXOK)6,981 — 11,773 — 
Natural gas fixed price swaps (WAHA)2,159 — (11,914)— 
Natural gas fixed price swaps (HH)(52,118)(33,947)(420,613)(68,503)
Natural gas collars (HH)(78,501)(11,411)(168,758)(29,101)
Natural gas 3-way collars (HH)(9,990)(43,178)(19,940)(47,997)
Non-cash gain (loss) on derivatives, net(111,680)(85,030)(605,822)(145,194)
Loss on derivative instruments, net$(337,778)$(127,110)$(1,009,460)$(232,795)
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 thousandsSeptember 30, 2022December 31, 2021
Commodity derivative assets:
Gross amounts of recognized assets$22,176 $42,903 
Gross amounts offset on balance sheet(5,993)(7,381)
Net amounts of assets on balance sheet16,183 35,522 
Commodity derivative liabilities:
Gross amounts of recognized liabilities(593,693)(8,598)
Gross amounts offset on balance sheet5,993 7,381 
Net amounts of liabilities on balance sheet$(587,700)$(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 thousandsSeptember 30, 2022December 31, 2021
Derivative assets$14,149 $22,334 
Derivative assets, noncurrent2,034 13,188 
Net amounts of assets on balance sheet16,183 35,522 
Derivative liabilities(334,450)(899)
Derivative liabilities, noncurrent(253,250)(318)
Net amounts of liabilities on balance sheet(587,700)(1,217)
Total derivative assets (liabilities), net$(571,517)$34,305