Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments and Hedging Activities (Tables)

v3.23.1
Derivative Instruments and Hedging Activities (Tables)
3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Offsetting Assets The following presents the impact of this presentation to the Company’s recognized assets and liabilities for the periods indicated:
As of March 31, 2023
Presented without   As Presented with
Effects of Netting Effects of Netting Effects of Netting
(In thousands)
Derivative Assets
Fair value of derivatives - current $40,838  ($15,077) $25,761 
Other assets, net $307  ($307) $— 
Derivative Liabilities      
Fair value of derivatives - current ($15,647) $15,077  ($570)
Fair value of derivatives - non-current ($6,901) $307  ($6,594)

As of December 31, 2022
Presented without   As Presented with
Effects of Netting Effects of Netting Effects of Netting
(In thousands)
Derivative Assets
Fair value of derivatives - current $51,984  ($30,652) $21,332 
Other assets, net $1,343  ($889) $454 
Derivative Liabilities      
Fair value of derivatives - current ($46,849) $30,652  ($16,197)
Fair value of derivatives - non-current ($14,304) $889  ($13,415)
Schedule of Offsetting Liabilities The following presents the impact of this presentation to the Company’s recognized assets and liabilities for the periods indicated:
As of March 31, 2023
Presented without   As Presented with
Effects of Netting Effects of Netting Effects of Netting
(In thousands)
Derivative Assets
Fair value of derivatives - current $40,838  ($15,077) $25,761 
Other assets, net $307  ($307) $— 
Derivative Liabilities      
Fair value of derivatives - current ($15,647) $15,077  ($570)
Fair value of derivatives - non-current ($6,901) $307  ($6,594)

As of December 31, 2022
Presented without   As Presented with
Effects of Netting Effects of Netting Effects of Netting
(In thousands)
Derivative Assets
Fair value of derivatives - current $51,984  ($30,652) $21,332 
Other assets, net $1,343  ($889) $454 
Derivative Liabilities      
Fair value of derivatives - current ($46,849) $30,652  ($16,197)
Fair value of derivatives - non-current ($14,304) $889  ($13,415)
Schedule of Gain or Loss on Derivative Contracts
The components of “(Gain) loss on derivative contracts” are as follows for the respective periods:
Three Months Ended March 31,
2023 2022
(In thousands)
(Gain) loss on oil derivatives ($23,344) $325,348 
(Gain) loss on natural gas derivatives (2,301) 28,181 
Loss on NGL derivatives —  4,771 
(Gain) loss on derivative contracts ($25,645) $358,300 
Schedule of Derivative Instruments
The components of “Cash received (paid) for commodity derivative settlements, net” and “Cash received (paid) for settlements of contingent consideration arrangements, net” are as follows for the respective periods:
Three Months Ended March 31,
2023 2022
(In thousands)
Cash flows from operating activities    
Cash paid on oil derivatives ($7,398) ($95,353)
Cash received (paid) on natural gas derivatives 6,619  (4,644)
Cash paid on NGL derivatives —  (1,528)
Cash paid for commodity derivative settlements, net ($779) ($101,525)
Cash received for settlements of contingent consideration arrangements, net (1)
$—  $6,492 
Cash flows from investing activities    
Cash paid for settlement of contingent consideration arrangement (1)
$—  ($19,171)
Cash flows from financing activities
Cash received for settlement of contingent consideration arrangement (1)
$—  $8,512 
(1)    See “Note 8 — Derivative Instruments and Hedging Activities” of the Notes to Consolidated Financial Statements in our 2022 Annual Report for discussion of the Company’s contingent consideration arrangements.
Schedule of Outstanding Oil and Natural Gas Derivative Contracts
Listed in the tables below are the outstanding oil and natural gas derivative contracts as of March 31, 2023:
For the Remainder For the Full Year
Oil Contracts (WTI) 2023 2024
Swap Contracts
Total volume (Bbls) 866,500  — 
Weighted average price per Bbl $80.41  $— 
Collar Contracts (Three-Way Collars)
Total volume (Bbls) 1,375,000  — 
Weighted average price per Bbl
Ceiling (short call) $90.00  $— 
Floor (long put) $70.00  $— 
Floor (short put) $50.00  $— 
Collar Contracts (Two-Way Collars)
Total volume (Bbls) 1,555,000  — 
Weighted average price per Bbl
Ceiling (short call) $86.35  $— 
Floor (long put) $71.70  $— 
Short Call Swaption Contracts (1)
Total volume (Bbls) —  1,830,000 
Weighted average price per Bbl $—  $80.30 
(1)    The 2024 short call swaption contracts have exercise expiration dates of December 29, 2023.
For the Remainder For the Full Year
Natural Gas Contracts (Henry Hub) 2023 2024
Swap Contracts
Total volume (MMBtu) 5,520,000  — 
Weighted average price per MMBtu $3.70  $— 
Collar Contracts
Total volume (MMBtu) 4,900,000  1,820,000 
Weighted average price per MMBtu
Ceiling (short call) $5.62  $6.00 
Floor (long put) $3.56  $3.00 
Natural Gas Contracts (Waha Basis Differential)
Swap Contracts
Total volume (MMBtu) 7,030,000  3,660,000 
Weighted average price per MMBtu ($1.06) ($1.05)
Natural Gas Contracts (HSC Basis Differential)
Swap Contracts
Total volume (MMBtu) 8,250,000  14,640,000 
Weighted average price per MMBtu ($0.29) ($0.42)