XML 35 R24.htm IDEA: XBRL DOCUMENT v3.23.3
Derivatives (Tables)
9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary Of Derivative Instruments Contracts and Settlements

Derivative Contracts in Place as of September 30, 2023

Calendar Period

 

Contract total volume

 

Index

 

Contract average price

Natural gas costless collars

 

 

 

 

 

 

2023

 

225,000 Mmbtu

 

NYMEX Henry Hub

 

$3.23 floor / $5.47 ceiling

2024

 

1,455,000 Mmbtu

 

NYMEX Henry Hub

 

$3.57 floor / $5.58 ceiling

2025

 

540,000 Mmbtu

 

NYMEX Henry Hub

 

$3.21 floor / $5.15 ceiling

Natural gas fixed price swaps

 

 

 

 

 

 

2023

 

565,000 Mmbtu

 

NYMEX Henry Hub

 

$3.39

2024

 

2,172,500 Mmbtu

 

NYMEX Henry Hub

 

$3.40

2025

 

180,000 Mmbtu

 

NYMEX Henry Hub

 

$4.16

Oil costless collars

 

 

 

 

 

 

2024

 

23,450 Bbls

 

NYMEX WTI

 

$64.11 floor / $76.28 ceiling

Oil fixed price swaps

 

 

 

 

 

 

2023

 

19,750 Bbls

 

NYMEX WTI

 

$74.79

2024

 

16,350 Bbls

 

NYMEX WTI

 

$67.69

2025

 

7,800 Bbls

 

NYMEX WTI

 

$66.03

Derivative Settlements during the Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

Settlement

 

Contract period (1)

 

Production volume

 

Index

 

Contract price

 

(paid) received

 

Natural gas costless collars

 

 

 

 

 

 

 

 

 

July - September 2023

 

20,000 Mmbtu

 

NYMEX Henry Hub

 

$3.00 floor / $4.70 ceiling

 

$

26,980

 

July - September 2023

 

75,000 Mmbtu

 

NYMEX Henry Hub

 

$3.50 floor / $7.00 ceiling

 

$

213,675

 

Natural gas fixed price swaps

 

 

 

 

 

 

 

 

 

July - September 2023

 

100,000 Mmbtu

 

NYMEX Henry Hub

 

$3.37

 

$

245,900

 

July - September 2023

 

20,000 Mmbtu

 

NYMEX Henry Hub

 

$3.57

 

$

61,180

 

July - September 2023

 

20,000 Mmbtu

 

NYMEX Henry Hub

 

$3.58

 

$

61,780

 

July - September 2023

 

50,000 Mmbtu

 

NYMEX Henry Hub

 

$2.52

 

$

(4,550

)

Oil costless collars

 

 

 

 

 

 

 

 

 

June 2023

 

2,500 Bbls

 

NYMEX WTI

 

$75.00 floor / $96.00 ceiling

 

$

11,815

 

Oil fixed price swaps

 

 

 

 

 

 

 

 

 

June -August 2023

 

1,500 Bbls

 

NYMEX WTI

 

$67.55

 

$

(37,470

)

June -August 2023

 

750 Bbls

 

NYMEX WTI

 

$70.05

 

$

(13,110

)

June -August 2023

 

1,500 Bbls

 

NYMEX WTI

 

$80.80

 

$

22,155

 

June -August 2023

 

1,000 Bbls

 

NYMEX WTI

 

$80.74

 

$

14,590

 

 

 

 

 

 

 

Total (paid) received

 

$

602,945

 

(1) Natural gas derivatives settle at first of the month pricing and oil derivatives settle at a monthly daily average.

Summary of Gain or Loss on Derivative Contracts, Net Cash receipts or payments in the following table reflect the gain or loss on derivative contracts which settled during the respective periods, and the non-cash gain or loss reflect the change in fair value of derivative contracts as of the end of the respective periods.

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Cash received (paid) on derivative contracts:

 

 

 

 

 

 

 

 

 

 

 

Natural gas costless collars

$

240,655

 

 

$

(1,072,565

)

 

$

1,431,565

 

 

$

(1,878,250

)

Natural gas fixed price swaps(1)

 

364,310

 

 

 

(3,675,012

)

 

 

1,023,900

 

 

 

(7,712,908

)

Oil costless collars

 

11,815

 

 

 

-

 

 

 

24,330

 

 

 

-

 

Oil fixed price swaps(1)

 

(13,835

)

 

 

(1,190,739

)

 

 

(197,488

)

 

 

(3,228,071

)

Cash received (paid) on derivative contracts, net

$

602,945

 

 

$

(5,938,316

)

 

$

2,282,307

 

 

$

(12,819,229

)

Non-cash gain (loss) on derivative contracts:

 

 

 

 

 

 

 

 

 

 

 

Natural gas costless collars

$

(146,476

)

 

$

(586,104

)

 

$

(51,630

)

 

$

(1,124,929

)

Natural gas fixed price swaps

 

76,754

 

 

 

(599,261

)

 

 

1,729,053

 

 

 

(6,432,653

)

Oil costless collars

 

(225,028

)

 

 

145,067

 

 

 

(173,634

)

 

 

106,157

 

Oil fixed price swaps

 

(645,842

)

 

 

2,680,000

 

 

 

(137,917

)

 

 

601,408

 

Non-cash gain (loss) on derivative contracts, net

$

(940,592

)

 

$

1,639,702

 

 

$

1,365,872

 

 

$

(6,850,017

)

Gains (losses) on derivative contracts, net

$

(337,647

)

 

$

(4,298,614

)

 

$

3,648,179

 

 

$

(19,669,246

)

(1) For the nine months ended September 30, 2023, excludes $373,745 of cash paid to settle off-market derivative contracts that are not reflected on the Condensed Statements of Operations. For the three and nine months ended September 30, 2022, excludes $1,057,198 and $4,834,703, respectively, of cash paid to settle off-market derivative contracts that are not reflected on the Condensed Statements of Operations. Total cash paid related to off-market derivatives was $560,162 and $14,857,682, respectively, for the nine months ended September 30, 2023 and 2022 and is reflected in the Financing Activities section of the Condensed Statements of Cash Flows.

Summary Of Derivative Contracts

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

Fair Value (a)

 

 

Fair Value (a)

 

 

 

Commodity Contracts

 

 

Commodity Contracts

 

 

 

Current Assets

 

 

Current Liabilities

 

 

Non-Current Assets

 

 

Non-Current Liabilities

 

 

Current Assets

 

 

Current Liabilities

 

 

Non-Current Assets

 

 

Non-Current Liabilities

 

Gross amounts recognized

 

$

1,439,519

 

 

$

862,138

 

 

$

391,646

 

 

$

622,099

 

 

$

908,001

 

 

$

2,442,035

 

 

$

627,664

 

 

$

486,319

 

Offsetting adjustments

 

 

(862,138

)

 

 

(862,138

)

 

 

(391,646

)

 

 

(391,646

)

 

 

(908,001

)

 

 

(908,001

)

 

 

(486,319

)

 

 

(486,319

)

Net presentation on condensed balance sheets

 

$

577,381

 

 

$

-

 

 

$

-

 

 

$

230,453

 

 

$

-

 

 

$

1,534,034

 

 

$

141,345

 

 

$

-

 

 

(a) See Note 10: Fair Value Measurements for further disclosures regarding fair value of financial instruments.