Summary Of Derivative Instruments Contracts |
Derivative contracts in place as of December 31, 2023
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Fiscal period |
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Contract total volume |
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Index |
|
Contract average price |
Natural gas costless collars |
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|
|
|
|
2024 |
|
1,455,000 Mmbtu |
|
NYMEX Henry Hub |
|
$3.57floor/$5.58ceiling |
2025 |
|
540,000 Mmbtu |
|
NYMEX Henry Hub |
|
$3.21floor/$5.15ceiling |
Natural gas fixed price swaps |
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|
|
|
|
|
2024 |
|
2,172,500 Mmbtu |
|
NYMEX Henry Hub |
|
$3.40 |
2025 |
|
180,000 Mmbtu |
|
NYMEX Henry Hub |
|
$4.16 |
Oil Costless Collars |
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|
|
|
|
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2024 |
|
23,450 Bbls |
|
NYMEX WTI |
|
$64.11floor/$76.28ceiling |
Oil fixed price swaps |
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|
|
|
|
|
Remaining 2023 |
|
5,500 Bbls |
|
NYMEX WTI |
|
$74.48 |
2024 |
|
16,350 Bbls |
|
NYMEX WTI |
|
$67.69 |
2025 |
|
7,800 Bbls |
|
NYMEX WTI |
|
$66.03 |
Subsequent to December 31, 2023, the Company entered into new derivative contracts as summarized in the table below:
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Production volume |
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Contract period |
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covered per month |
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Index |
|
Contract price |
Natural gas costless collars |
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|
|
|
April - September 2025 |
|
55,000 Mmbtu |
|
NYMEX Henry Hub |
|
$3.00floor/$3.75ceiling |
November 2025 - March 2026 |
|
100,000 Mmbtu |
|
NYMEX Henry Hub |
|
$3.50floor/$4.85ceiling |
Natural gas fixed price swaps |
|
|
|
|
|
|
January - March 2025 |
|
50,000 Mmbtu |
|
NYMEX Henry Hub |
|
$3.51 |
April - October 2025 |
|
100,000 Mmbtu |
|
NYMEX Henry Hub |
|
$3.28 |
Oil costless collars |
|
|
|
|
|
|
June - September 2024 |
|
500 Bbls |
|
NYMEX WTI |
|
$70.00floor/$78.10ceiling |
October - December 2024 |
|
500 Bbls |
|
NYMEX WTI |
|
$67.00floor/$77.00ceiling |
Oil fixed price swaps |
|
|
|
|
|
|
July - October 2024 |
|
1,500 Bbls |
|
NYMEX WTI |
|
$69.50 |
November - December 2024 |
|
2,000 Bbls |
|
NYMEX WTI |
|
$69.50 |
January - March 2025 |
|
500 Bbls |
|
NYMEX WTI |
|
$69.50 |
January - June 2025 |
|
2,000 Bbls |
|
NYMEX WTI |
|
$70.90 |
April - June 2025 |
|
750 Bbls |
|
NYMEX WTI |
|
$69.50 |
July - September 2025 |
|
500 Bbls |
|
NYMEX WTI |
|
$69.50 |
July - December 2025 |
|
1,500 Bbls |
|
NYMEX WTI |
|
$68.90 |
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Summary of Gain or Loss on Derivative Contracts, Net |
Cash receipts 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.
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For the Year Ended |
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Three Months Ended |
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For the Year Ended |
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|
December 31, 2023 |
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|
December 31, 2022 |
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|
September 30, 2022 |
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Cash received (paid) on settled derivative contracts: |
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|
Natural gas costless collars |
$ |
1,516,535 |
|
|
$ |
(455,040 |
) |
|
$ |
(1,878,250 |
) |
Natural gas fixed price swaps(1) |
|
1,344,580 |
|
|
|
(1,896,872 |
) |
|
|
(9,065,100 |
) |
Oil costless collars |
|
24,330 |
|
|
|
- |
|
|
|
- |
|
Oil fixed price swaps(1) |
|
(328,387 |
) |
|
|
(566,127 |
) |
|
|
(3,590,210 |
) |
Cash received (paid) on settled derivative contracts, net |
$ |
2,557,058 |
|
|
$ |
(2,918,039 |
) |
|
$ |
(14,533,560 |
) |
Non-cash gain (loss) on derivative contracts: |
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|
|
|
|
|
|
Natural gas costless collars |
$ |
857,675 |
|
|
$ |
1,779,405 |
|
|
$ |
(1,044,958 |
) |
Natural gas fixed price swaps |
|
3,119,388 |
|
|
|
4,557,865 |
|
|
|
(1,954,719 |
) |
Oil costless collars |
|
(702 |
) |
|
|
(120,032 |
) |
|
|
106,157 |
|
Oil fixed price swaps |
|
326,170 |
|
|
|
47,803 |
|
|
|
594,002 |
|
Non-cash gain (loss) on derivative contracts, net |
$ |
4,302,531 |
|
|
$ |
6,265,041 |
|
|
$ |
(2,299,518 |
) |
Gains (losses) on derivative contracts, net |
$ |
6,859,589 |
|
|
$ |
3,347,002 |
|
|
$ |
(16,833,078 |
) |
(1) For the year ended December 31, 2023, three months ended December 31, 2022, and the year ended September 30, 2022, excludes $373,745, $903,461, and $7,522,794, respectively, of cash paid to settle off-market derivative contracts that are not reflected on the Statements of Income. Total cash paid related to off-market derivatives was $560,162, $3,010,661, and $19,260,104, respectively, for the year ended December 31, 2023, three months ended December 31, 2022, and the year ended September 30, 2022 and is reflected in the Financing Activities section of the Statements of Cash Flows. Cash (paid) or received not related to off-market derivatives is reflected in the Operating Activities section of the Statements of Cash Flows.
|
Summary Of Derivative Contracts |
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12/31/2023 |
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|
9/30/2022 |
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Fair Value |
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Fair Value |
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Commodity Contracts |
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Commodity Contracts |
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Current Assets |
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Current Liabilities |
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Non-Current Assets |
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|
Non-Current Liabilities |
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|
Current Assets |
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|
Current Liabilities |
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Non-Current Assets |
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|
Non-Current Liabilities |
|
Gross amounts recognized |
|
$ |
3,318,046 |
|
|
$ |
197,439 |
|
|
$ |
344,614 |
|
|
$ |
181,634 |
|
|
$ |
924,258 |
|
|
$ |
8,798,237 |
|
|
$ |
124,983 |
|
|
$ |
812,195 |
|
Offsetting adjustments |
|
|
(197,439 |
) |
|
|
(197,439 |
) |
|
|
(181,634 |
) |
|
|
(181,634 |
) |
|
|
(924,258 |
) |
|
|
(924,258 |
) |
|
|
(124,983 |
) |
|
|
(124,983 |
) |
Net presentation on Balance Sheets |
|
$ |
3,120,607 |
|
|
$ |
- |
|
|
$ |
162,980 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
7,873,979 |
|
|
$ |
- |
|
|
$ |
687,212 |
|
|