(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
(NASDAQ Global Select Market) |
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
DIAMONDBACK ENERGY, INC. | ||||||||||||||
Date: | May 2, 2022 | |||||||||||||
By: | /s/ Teresa L. Dick | |||||||||||||
Name: | Teresa L. Dick | |||||||||||||
Title: | Executive Vice President, Chief Accounting Officer and Assistant Secretary |
Total Activity (Gross Operated): | |||||||||||
Number of Wells Drilled | Number of Wells Completed | ||||||||||
Midland Basin | 47 | 54 | |||||||||
Delaware Basin | 14 | 15 | |||||||||
Total | 61 | 69 |
Total Activity (Net Operated): | |||||||||||
Number of Wells Drilled | Number of Wells Completed | ||||||||||
Midland Basin | 46 | 50 | |||||||||
Delaware Basin | 13 | 13 | |||||||||
Total | 59 | 63 |
2022 Guidance | 2022 Guidance | |||||||
Diamondback Energy, Inc. | Viper Energy Partners LP | |||||||
Total net production – MBOE/d | 369 - 376 | 30.50 - 32.75 | ||||||
Oil production – MBO/d | 218 - 222 | 18.00 - 19.25 | ||||||
Q2 2022 oil production - MBO/d (total - MBOE/d) | 218 - 222 (369 - 376) | |||||||
Unit costs ($/BOE) | ||||||||
Lease operating expenses, including workovers | $4.00 - $4.50 | |||||||
G&A | ||||||||
Cash G&A | $0.65 - $0.80 | $0.60 - $0.80 | ||||||
Non-cash equity-based compensation | $0.40 - $0.50 | $0.10 - $0.20 | ||||||
DD&A | $8.75 - $9.75 | $9.75 - $10.75 | ||||||
Interest expense (net of interest income) | $1.10 - $1.30 | $3.25 - $3.75 | ||||||
Gathering and transportation | $1.60 - $1.80 | |||||||
Production and ad valorem taxes (% of revenue)(a) | 7% - 8% | 7% - 8% | ||||||
Corporate tax rate (% of pre-tax income) | 23% | |||||||
Cash tax rate (% of pre-tax income) | 10% - 15% | 10% - 15% | ||||||
Capital Budget ($ - million) | ||||||||
Drilling, completion, capital workovers, and non-operated properties | $1,560 - $1,670 | |||||||
Midstream (ex. equity method investments) | $80 - $100 | |||||||
Infrastructure and environmental | $110 - $130 | |||||||
2022 Capital expenditures | $1,750 - $1,900 | |||||||
Q2 2022 Capital expenditures | $435 - $475 | |||||||
Gross horizontal wells drilled (net) | 270 - 290 (248 - 267) | |||||||
Gross horizontal wells completed (net) | 260 - 280 (240 - 258) | |||||||
Average lateral length (Ft.) | ~10,200' | |||||||
Midland Basin well costs per lateral foot | $520 - $580 | |||||||
Delaware Basin well costs per lateral foot | $700 - $780 | |||||||
Midland Basin net lateral feet (%) | ~80% | |||||||
Delaware Basin net lateral feet (%) | ~20% |
Diamondback Energy, Inc. | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(unaudited, in millions, except share amounts) | |||||||||||
March 31, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 149 | $ | 654 | |||||||
Restricted cash | 18 | 18 | |||||||||
Accounts receivable: | |||||||||||
Joint interest and other, net | 113 | 72 | |||||||||
Oil and natural gas sales, net | 966 | 598 | |||||||||
Inventories | 62 | 62 | |||||||||
Derivative instruments | 6 | 13 | |||||||||
Income tax receivable | — | 1 | |||||||||
Prepaid expenses and other current assets | 33 | 28 | |||||||||
Total current assets | 1,347 | 1,446 | |||||||||
Property and equipment: | |||||||||||
Oil and natural gas properties, full cost method of accounting ($8,512 million and $8,496 million excluded from amortization at March 31, 2022 and December 31, 2021, respectively) | 33,645 | 32,914 | |||||||||
Midstream assets | 1,118 | 1,076 | |||||||||
Other property, equipment and land | 185 | 174 | |||||||||
Accumulated depletion, depreciation, amortization and impairment | (13,840) | (13,545) | |||||||||
Property and equipment, net | 21,108 | 20,619 | |||||||||
Funds held in escrow | — | 12 | |||||||||
Equity method investments | 643 | 613 | |||||||||
Derivative instruments | 37 | 4 | |||||||||
Deferred income taxes, net | 37 | 40 | |||||||||
Investment in real estate, net | 88 | 88 | |||||||||
Other assets | 71 | 76 | |||||||||
Total assets | $ | 23,331 | $ | 22,898 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable - trade | $ | 49 | $ | 36 | |||||||
Accrued capital expenditures | 301 | 295 | |||||||||
Current maturities of long-term debt | 45 | 45 | |||||||||
Other accrued liabilities | 411 | 419 | |||||||||
Revenues and royalties payable | 578 | 452 | |||||||||
Derivative instruments | 339 | 174 | |||||||||
Deferred income taxes | 149 | 17 | |||||||||
Total current liabilities | 1,872 | 1,438 | |||||||||
Long-term debt | 5,803 | 6,642 | |||||||||
Derivative instruments | 94 | 29 | |||||||||
Asset retirement obligations | 254 | 166 | |||||||||
Deferred income taxes | 1,421 | 1,338 | |||||||||
Other long-term liabilities | 35 | 40 | |||||||||
Total liabilities | 9,479 | 9,653 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.01 par value; 400,000,000 shares authorized; 177,550,589 and 177,551,347 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 2 | 2 | |||||||||
Additional paid-in capital | 14,067 | 14,084 | |||||||||
Retained earnings (accumulated deficit) | (1,326) | (1,998) | |||||||||
Total Diamondback Energy, Inc. stockholders’ equity | 12,743 | 12,088 | |||||||||
Non-controlling interest | 1,109 | 1,157 | |||||||||
Total equity | 13,852 | 13,245 | |||||||||
Total liabilities and equity | $ | 23,331 | $ | 22,898 |
Diamondback Energy, Inc. | |||||||||||
Condensed Consolidated Statements of Operations | |||||||||||
(unaudited, $ in millions except per share data, shares in thousands) | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenues: | |||||||||||
Oil, natural gas and natural gas liquid sales | $ | 2,389 | $ | 1,172 | |||||||
Midstream services | 17 | 11 | |||||||||
Other operating income | 2 | 1 | |||||||||
Total revenues | 2,408 | 1,184 | |||||||||
Costs and expenses: | |||||||||||
Lease operating expenses | 149 | 102 | |||||||||
Production and ad valorem taxes | 161 | 75 | |||||||||
Gathering and transportation | 59 | 31 | |||||||||
Midstream services expense | 22 | 28 | |||||||||
Depreciation, depletion, amortization and accretion | 313 | 273 | |||||||||
General and administrative expenses | 36 | 25 | |||||||||
Merger and integration expense | — | 75 | |||||||||
Other operating expense | 8 | 4 | |||||||||
Total costs and expenses | 748 | 613 | |||||||||
Income (loss) from operations | 1,660 | 571 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | (40) | (56) | |||||||||
Other income (expense), net | 1 | 1 | |||||||||
Gain (loss) on derivative instruments, net | (552) | (164) | |||||||||
Gain (loss) on extinguishment of debt | (54) | (61) | |||||||||
Income (loss) from equity investments | 9 | (3) | |||||||||
Total other income (expense), net | (636) | (283) | |||||||||
Income (loss) before income taxes | 1,024 | 288 | |||||||||
Provision for (benefit from) income taxes | 221 | 65 | |||||||||
Net income (loss) | 803 | 223 | |||||||||
Net income (loss) attributable to non-controlling interest | 24 | 3 | |||||||||
Net income (loss) attributable to Diamondback Energy, Inc. | $ | 779 | $ | 220 | |||||||
Earnings (loss) per common share: | |||||||||||
Basic | $ | 4.39 | $ | 1.34 | |||||||
Diluted | $ | 4.36 | $ | 1.33 | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 177,565 | 164,169 | |||||||||
Diluted | 178,555 | 164,926 | |||||||||
Dividends declared per share | $ | 3.05 | $ | 0.40 |
Diamondback Energy, Inc. | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
(unaudited, in millions) | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 803 | $ | 223 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Provision for (benefit from) deferred income taxes | 89 | 64 | |||||||||
Depreciation, depletion, amortization and accretion | 313 | 273 | |||||||||
(Gain) loss on extinguishment of debt | 54 | 61 | |||||||||
(Gain) loss on derivative instruments, net | 552 | 164 | |||||||||
Cash received (paid) on settlement of derivative instruments | (420) | (178) | |||||||||
Equity-based compensation expense | 15 | 10 | |||||||||
Other | 5 | 10 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (403) | (137) | |||||||||
Income tax receivable | 1 | 100 | |||||||||
Prepaid expenses and other | 2 | 22 | |||||||||
Accounts payable and accrued liabilities | (13) | (26) | |||||||||
Income tax payable | 132 | — | |||||||||
Revenues and royalties payable | 125 | 50 | |||||||||
Other | (3) | (12) | |||||||||
Net cash provided by (used in) operating activities | 1,252 | 624 | |||||||||
Cash flows from investing activities: | |||||||||||
Drilling, completions and infrastructure additions to oil and natural gas properties | (418) | (289) | |||||||||
Additions to midstream assets | (19) | (7) | |||||||||
Property acquisitions | (296) | (346) | |||||||||
Proceeds from sale of assets | 35 | — | |||||||||
Contributions to equity method investments | (29) | (4) | |||||||||
Distributions from equity method investments | — | 9 | |||||||||
Other | 11 | 50 | |||||||||
Net cash provided by (used in) investing activities | (716) | (587) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from borrowings under credit facilities | 79 | 432 | |||||||||
Repayments under credit facilities | (100) | (455) | |||||||||
Proceeds from senior notes | 750 | 2,200 | |||||||||
Repayment of senior notes | (1,500) | (1,916) | |||||||||
Proceeds from (repayments to) joint venture | 5 | (4) | |||||||||
Premium on extinguishment of debt | (47) | (166) | |||||||||
Repurchased shares under buyback program | (7) | — | |||||||||
Repurchased units under buyback program | (42) | (24) | |||||||||
Dividends to stockholders | (107) | (68) | |||||||||
Distributions to non-controlling interest | (47) | (17) | |||||||||
Financing portion of net cash received (paid) for derivative instruments | — | 76 | |||||||||
Other | (25) | (29) | |||||||||
Net cash provided by (used in) financing activities | (1,041) | 29 | |||||||||
Net increase (decrease) in cash and cash equivalents | (505) | 66 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 672 | 108 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 167 | $ | 174 | |||||||
Diamondback Energy, Inc. | |||||||||||||||||
Selected Operating Data | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended December 31, 2021 | Three Months Ended March 31, 2021 | |||||||||||||||
Production Data: | |||||||||||||||||
Oil (MBbls) | 20,055 | 20,819 | 16,578 | ||||||||||||||
Natural gas (MMcf) | 42,645 | 45,220 | 34,109 | ||||||||||||||
Natural gas liquids (MBbls) | 7,161 | 7,254 | 5,405 | ||||||||||||||
Combined volumes (MBOE)(1) | 34,324 | 35,610 | 27,668 | ||||||||||||||
Daily oil volumes (BO/d) | 222,833 | 226,293 | 184,200 | ||||||||||||||
Daily combined volumes (BOE/d) | 381,378 | 387,065 | 307,422 | ||||||||||||||
Average Prices: | |||||||||||||||||
Oil ($ per Bbl) | $ | 97.03 | $ | 74.50 | $ | 56.94 | |||||||||||
Natural gas ($ per Mcf) | $ | 3.61 | $ | 4.56 | $ | 3.05 | |||||||||||
Natural gas liquids ($ per Bbl) | $ | 40.36 | $ | 35.02 | $ | 22.94 | |||||||||||
Combined ($ per BOE) | $ | 69.60 | $ | 56.47 | $ | 42.36 | |||||||||||
Oil, hedged ($ per Bbl)(2) | $ | 83.47 | $ | 58.70 | $ | 46.81 | |||||||||||
Natural gas, hedged ($ per Mcf)(2) | $ | 3.31 | $ | 3.12 | $ | 2.64 | |||||||||||
Natural gas liquids, hedged ($ per Bbl)(2) | $ | 40.36 | $ | 34.46 | $ | 22.76 | |||||||||||
Average price, hedged ($ per BOE)(2) | $ | 61.30 | $ | 45.30 | $ | 35.75 | |||||||||||
Average Costs per BOE: | |||||||||||||||||
Lease operating expenses | $ | 4.34 | $ | 4.21 | $ | 3.69 | |||||||||||
Production and ad valorem taxes | 4.69 | 3.40 | 2.71 | ||||||||||||||
Gathering and transportation expense | 1.72 | 1.63 | 1.12 | ||||||||||||||
General and administrative - cash component | 0.61 | 0.93 | 0.54 | ||||||||||||||
Total operating expense - cash | $ | 11.36 | $ | 10.17 | $ | 8.06 | |||||||||||
General and administrative - non-cash component | $ | 0.44 | $ | 0.39 | $ | 0.36 | |||||||||||
Depletion | $ | 8.33 | $ | 8.51 | $ | 9.29 | |||||||||||
Interest expense, net | $ | 1.17 | $ | 0.81 | $ | 2.02 | |||||||||||
Diamondback Energy, Inc. | |||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA | |||||||||||||||||
(unaudited, in millions) | |||||||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended December 31, 2021 | Three Months Ended March 31, 2021 | |||||||||||||||
Net income (loss) attributable to Diamondback Energy, Inc. | $ | 779 | $ | 1,002 | $ | 220 | |||||||||||
Net income (loss) attributable to non-controlling interest | 24 | 49 | 3 | ||||||||||||||
Net income (loss) | 803 | 1,051 | 223 | ||||||||||||||
Non-cash (gain) loss on derivative instruments, net | 132 | (450) | 62 | ||||||||||||||
Interest expense, net | 40 | 29 | 56 | ||||||||||||||
Depreciation, depletion, amortization and accretion | 313 | 320 | 273 | ||||||||||||||
Depreciation and interest expense related to equity method investments | 14 | 13 | 11 | ||||||||||||||
Impairment and abandonments related to equity method investments | — | — | 3 | ||||||||||||||
(Gain) loss on extinguishment of debt | 54 | 2 | 61 | ||||||||||||||
Non-cash equity-based compensation expense | 19 | 20 | 14 | ||||||||||||||
Capitalized equity-based compensation expense | (4) | (6) | (4) | ||||||||||||||
Merger and integration expense | — | 1 | 75 | ||||||||||||||
Other non-cash transactions | 8 | (3) | 6 | ||||||||||||||
Provision for (benefit from) income taxes | 221 | 279 | 65 | ||||||||||||||
Consolidated Adjusted EBITDA | 1,600 | 1,256 | 845 | ||||||||||||||
Less: Adjustment for non-controlling interest | 49 | 64 | 9 | ||||||||||||||
Adjusted EBITDA attributable to Diamondback Energy, Inc. | $ | 1,551 | $ | 1,192 | $ | 836 | |||||||||||
Diamondback Energy, Inc. | |||||||||||
Adjusted Net Income | |||||||||||
(unaudited, $ in millions except per share data, shares in thousands) | |||||||||||
Three Months Ended March 31, 2022 | |||||||||||
Amounts | Amounts Per Diluted Share | ||||||||||
Net income (loss) attributable to Diamondback Energy, Inc. | $ | 779 | $ | 4.36 | |||||||
Net income (loss) attributable to non-controlling interest | 24 | 0.14 | |||||||||
Net income (loss) | 803 | 4.50 | |||||||||
Non-cash (gain) loss on derivative instruments, net | 132 | 0.74 | |||||||||
(Gain) loss on sale of property, plant and equipment | 7 | 0.04 | |||||||||
(Gain) loss on extinguishment of debt | 54 | 0.30 | |||||||||
Other non-cash transactions | 1 | 0.01 | |||||||||
Adjusted net income excluding above items | 997 | 5.59 | |||||||||
Income tax adjustment for above items | (42) | (0.24) | |||||||||
Adjusted net income | 955 | 5.35 | |||||||||
Less: Adjusted net income attributable to non-controlling interest | 26 | 0.15 | |||||||||
Adjusted net income attributable to Diamondback Energy, Inc. | $ | 929 | $ | 5.20 | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 177,565 | ||||||||||
Diluted | 178,555 |
Diamondback Energy, Inc. | |||||||||||
Operating Cash Flow | |||||||||||
(unaudited, in millions) | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net cash provided by operating activities | $ | 1,252 | $ | 624 | |||||||
Less: Changes in cash due to changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (403) | (137) | |||||||||
Income tax receivable | 1 | 100 | |||||||||
Prepaid expenses and other | 2 | 22 | |||||||||
Accounts payable and accrued liabilities | (13) | (26) | |||||||||
Income tax payable | 132 | — | |||||||||
Revenues and royalties payable | 125 | 50 | |||||||||
Other | (3) | (12) | |||||||||
Total working capital changes | (159) | (3) | |||||||||
Operating cash flow before working capital changes | $ | 1,411 | $ | 627 | |||||||
Diamondback Energy, Inc. | |||||||||||
Free Cash Flow and Adjusted Free Cash Flow | |||||||||||
(unaudited, in millions) | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating cash flow before working capital changes | $ | 1,411 | $ | 627 | |||||||
Drilling, completions and infrastructure additions to oil and natural gas properties | (418) | (289) | |||||||||
Additions to midstream assets | (19) | (7) | |||||||||
Total Cash CAPEX | (437) | (296) | |||||||||
Free Cash Flow | 974 | 331 | |||||||||
Early termination of derivatives | 135 | — | |||||||||
Adjusted Free Cash Flow | $ | 1,109 | $ | 331 | |||||||
Diamondback Energy, Inc. | |||||||||||
Variable Dividend | |||||||||||
(unaudited, $ in millions except per share data, shares in thousands) | |||||||||||
Three Months Ended March 31, 2022 | |||||||||||
Amounts | Amounts Per Share | ||||||||||
Adjusted Free Cash Flow | $ | 1,109 | $ | 6.18 | |||||||
50% Pay out | 50 | % | 50 | % | |||||||
Quarterly return to stockholders | 555 | 3.09 | |||||||||
Stock repurchases | (7) | (0.04) | |||||||||
Quarterly base dividend | (126) | (0.70) | |||||||||
Variable cash dividend | $ | 422 | $ | 2.35 | |||||||
Shares outstanding and shares with dividend equivalent rights | 179,345 |
Diamondback Energy, Inc. | |||||||||||||||||||||||||||||||||||
Net Debt | |||||||||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||||||||
March 31, 2022 | Net Q1 Principal Borrowings/(Repayments) | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Diamondback Energy, Inc.(a) | $ | 4,533 | $ | (744) | $ | 5,277 | $ | 5,938 | $ | 6,373 | $ | 6,623 | |||||||||||||||||||||||
Viper Energy Partners LP(a) | 728 | (56) | 784 | 572 | 542 | 537 | |||||||||||||||||||||||||||||
Rattler Midstream LP(a) | 730 | 35 | 695 | 500 | 505 | 554 | |||||||||||||||||||||||||||||
Total debt | 5,991 | $ | (765) | 6,756 | 7,010 | 7,420 | 7,714 | ||||||||||||||||||||||||||||
Cash and cash equivalents | (149) | (654) | (457) | (344) | (121) | ||||||||||||||||||||||||||||||
Net debt | $ | 5,842 | $ | 6,102 | $ | 6,553 | $ | 7,076 | $ | 7,593 |
Crude Oil (Bbls/day, $/Bbl) | |||||||||||||||||||||||||||||||||||
Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | 2H 2023 | ||||||||||||||||||||||||||||||
Swaps - WTI (Cushing) | 1,000 | — | — | — | — | — | |||||||||||||||||||||||||||||
$45.00 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Swaps - Crude Brent Oil | 13,900 | — | — | — | — | — | |||||||||||||||||||||||||||||
$67.54 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Costless Collars - WTI (Cushing) | 5,000 | 4,000 | 4,000 | — | — | — | |||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $50.00 | $45.00 | $50.00 | — | — | — | |||||||||||||||||||||||||||||
Ceiling Price ($/Bbl) | $80.44 | $92.65 | $128.01 | — | — | — | |||||||||||||||||||||||||||||
Costless Collars - WTI (Magellan East Houston) | 20,000 | 11,000 | 7,000 | — | — | — | |||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $47.50 | $50.00 | $50.00 | — | — | — | |||||||||||||||||||||||||||||
Ceiling Price ($/Bbl) | $75.25 | $89.28 | $95.55 | — | — | — | |||||||||||||||||||||||||||||
Costless Collars - Crude Brent Oil | 24,000 | 19,000 | 15,000 | 6,000 | 6,000 | — | |||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $46.67 | $53.95 | $55.00 | $60.00 | $60.00 | — | |||||||||||||||||||||||||||||
Ceiling Price ($/Bbl) | $77.49 | $98.59 | $103.06 | $114.57 | $114.57 | — | |||||||||||||||||||||||||||||
Long Puts - WTI (Cushing) | 10,000 | 8,000 | 2,000 | — | — | — | |||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $47.50 | $47.50 | $55.00 | — | — | — | |||||||||||||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.49 | $-1.52 | $-1.42 | — | — | — | |||||||||||||||||||||||||||||
Long Puts - WTI (Magellan East Houston) | 8,000 | 12,000 | 10,000 | — | — | — | |||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $50.00 | $50.00 | $50.00 | — | — | — | |||||||||||||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.87 | $-1.89 | $-1.85 | — | — | — | |||||||||||||||||||||||||||||
Long Puts - Crude Brent Oil | 24,000 | 40,000 | 38,000 | 6,000 | 2,000 | — | |||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | — | |||||||||||||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.80 | $-1.81 | $-1.82 | $-1.77 | $-1.91 | — | |||||||||||||||||||||||||||||
Basis Swaps - WTI (Midland) | 17,000 | 10,000 | 10,000 | — | — | — | |||||||||||||||||||||||||||||
$0.66 | $0.84 | $0.84 | — | — | — | ||||||||||||||||||||||||||||||
Basis Spread Puts - WTI (Cushing) / Brent | 50,000 | 50,000 | 50,000 | — | — | — | |||||||||||||||||||||||||||||
Spread Price ($/Bbl) | $-10.40 | $-10.40 | $-10.40 | — | — | — | |||||||||||||||||||||||||||||
Deferred Premium ($/Bbl) | $-0.78 | $-0.78 | $-0.78 | — | — | — | |||||||||||||||||||||||||||||
Roll Swaps - WTI | 55,000 | 55,000 | 55,000 | — | — | — | |||||||||||||||||||||||||||||
$0.89 | $0.89 | $0.89 | — | — | — |
Natural Gas (Mmbtu/day, $/Mmbtu) | |||||||||||||||||||||||||||||||||||
Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | 2H 2023 | ||||||||||||||||||||||||||||||
Costless Collars - Henry Hub | 390,000 | 380,000 | 380,000 | 290,000 | 250,000 | 230,000 | |||||||||||||||||||||||||||||
Long Put Price ($/Mmbtu) | $2.65 | $2.79 | $2.79 | $2.97 | $2.98 | $2.98 | |||||||||||||||||||||||||||||
Ceiling Price ($/Mmbtu) | $5.20 | $6.24 | $6.24 | $7.77 | $7.32 | $7.28 | |||||||||||||||||||||||||||||
Natural Gas Basis Swaps - Waha Hub | 230,000 | 330,000 | 330,000 | 310,000 | 310,000 | 290,000 | |||||||||||||||||||||||||||||
$-0.36 | $-0.68 | $-0.68 | $-1.18 | $-1.18 | $-1.22 |
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