Annual report pursuant to Section 13 and 15(d)

Subsequent Events (Unaudited)

v3.20.4
Subsequent Events (Unaudited)
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events (Unaudited) Subsequent Events (Unaudited)
Hedging
Subsequent to December 31, 2020, the Company entered into the following derivative contracts:
For the Full Year of For the Full Year of
Oil contracts (WTI) 2021 2022
Collar contracts
Total volume (Bbls) 920,000  1,355,000 
Weighted average price per Bbl
Ceiling (short call) $60.18  $60.00 
Floor (long put) $47.50  $45.00 
Short call swaption contracts 1
Total volume (Bbls) —  1,825,000  (2)
Weighted average price per Bbl $—  $52.18 

(1)    In February 2021, the Company terminated a total of 920,000 Bbls of short call swaption contracts for the second half of 2021 and simultaneously executed the full year 2022 short call swaption contracts shown in the table above.
(2)    The short call swaption contracts shown in the table above have exercise expiration dates of December 31, 2021.

For the Full Year of
Natural gas contracts (Henry Hub) 2022
Collar contracts (two-way collars)
Total volume (MMBtu) 1,800,000 
Weighted average price per MMBtu
Ceiling (short call) $3.88 
Floor (long put) $2.78 
Additionally, in January 2021, the Company paid approximately $3.1 million to terminate 184,000 Bbls of crude ICE Brent swaps. In February 2021, the Company executed offsetting crude ICE Brent swaps on 159,300 Bbls, resulting in a locked-in loss of approximately $2.9 million which the Company will pay as the applicable contracts settle.
Exercise of Warrants
In January and February 2021, certain entities that were issued September 2020 Warrants and November 2020 Warrants provided notice and exercised their outstanding warrants. As a result of these exercises, the Company issued a total of 6.4 million shares of its common stock in exchange for 8.4 million outstanding warrants determined on a net share settlement basis. The exercise of the September 2020 Warrants also resulted in settlement of the associated derivative liability which at December 31, 2020 was $79.4 million.