Derivatives (Tables)
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6 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Summary Of Derivative Instruments Contracts and Settlements |
Derivative Contracts in Place as of June 30, 2024
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Calendar Period |
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Contract total volume |
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Index |
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Contract average price |
Natural gas costless collars |
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2024 |
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430,000 Mmbtu |
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NYMEX Henry Hub |
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$3.19 floor / $4.84 ceiling |
2025 |
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1,365,000 Mmbtu |
|
NYMEX Henry Hub |
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$3.26 floor / $4.66 ceiling |
2026 |
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570,000 Mmbtu |
|
NYMEX Henry Hub |
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$3.50 floor / $4.82 ceiling |
Natural gas fixed price swaps |
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2024 |
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1,262,500 Mmbtu |
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NYMEX Henry Hub |
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$3.41 |
2025 |
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1,030,000 Mmbtu |
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NYMEX Henry Hub |
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$3.47 |
Oil costless collars |
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2024 |
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12,250 Bbls |
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NYMEX WTI |
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$65.79 floor / $76.76 ceiling |
Oil fixed price swaps |
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2024 |
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21,500 Bbls |
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NYMEX WTI |
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$68.66 |
2025 |
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40,800 Bbls |
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NYMEX WTI |
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$69.58 |
2026 |
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4,500 Bbls |
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NYMEX WTI |
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$70.74 |
Derivative Settlements during the Three Months Ended June 30, 2024
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Monthly |
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Settlement |
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Contract period (1) |
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Production volume |
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Index |
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Contract price |
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(paid) received |
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Natural gas costless collars |
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April - June 2024 |
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30,000 Mmbtu |
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NYMEX Henry Hub |
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$3.00 floor / $3.60 ceiling |
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$ |
99,540 |
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April 2024 |
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90,000 Mmbtu |
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NYMEX Henry Hub |
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$3.50 floor / $4.70 ceiling |
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$ |
173,250 |
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May 2024 |
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95,000 Mmbtu |
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NYMEX Henry Hub |
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$3.50 floor / $4.70 ceiling |
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$ |
179,170 |
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June 2024 |
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90,000 Mmbtu |
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NYMEX Henry Hub |
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$3.50 floor / $4.70 ceiling |
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$ |
90,630 |
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Natural gas fixed price swaps |
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April - June 2024 |
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10,000 Mmbtu |
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NYMEX Henry Hub |
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$3.21 |
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$ |
39,480 |
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April - June 2024 |
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50,000 Mmbtu |
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NYMEX Henry Hub |
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$3.17 |
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$ |
191,400 |
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April - June 2024 |
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127,500 Mmbtu |
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NYMEX Henry Hub |
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$3.24 |
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$ |
514,845 |
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Oil costless collars |
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March 2024 |
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1,650 Bbls |
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NYMEX WTI |
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$65.00 floor / $76.50 ceiling |
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$ |
(6,443 |
) |
April - May 2024 |
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500 Bbls |
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NYMEX WTI |
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$65.00 floor / $76.50 ceiling |
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$ |
(5,008 |
) |
March 2024 |
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1,750 Bbls |
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NYMEX WTI |
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$63.00 floor / $76.00 ceiling |
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$ |
(7,708 |
) |
April 2024 |
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1,700 Bbls |
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NYMEX WTI |
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$63.00 floor / $76.00 ceiling |
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$ |
(14,270 |
) |
May 2024 |
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1,750 Bbls |
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NYMEX WTI |
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$63.00 floor / $76.00 ceiling |
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$ |
(4,587 |
) |
Oil fixed price swaps |
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March 2024 |
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750 Bbls |
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NYMEX WTI |
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$71.75 |
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$ |
(6,491 |
) |
April - May 2024 |
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1,000 Bbls |
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NYMEX WTI |
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$66.10 |
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$ |
(30,815 |
) |
April - May 2024 |
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1,300 Bbls |
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NYMEX WTI |
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$70.59 |
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$ |
(28,386 |
) |
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Total (paid) received |
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$ |
1,184,607 |
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(1) Natural gas derivatives settle at first of the month pricing and oil derivatives settle at a monthly daily average. Subsequent to June 30, 2024, 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 |
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Contract price |
Natural gas fixed price swaps |
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November 2024 |
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25,000 Mmbtu |
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NYMEX Henry Hub |
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$2.80 |
April 2025 - May 2025 |
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25,000 Mmbtu |
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NYMEX Henry Hub |
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$3.23 |
April 2025 - August 2025 |
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125,000 Mmbtu |
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NYMEX Henry Hub |
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$3.01 |
June 2025 |
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10,000 Mmbtu |
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NYMEX Henry Hub |
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$3.23 |
July 2025 |
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45,000 Mmbtu |
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NYMEX Henry Hub |
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$3.23 |
August 2025 |
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40,000 Mmbtu |
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NYMEX Henry Hub |
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$3.23 |
September 2025 |
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50,000 Mmbtu |
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NYMEX Henry Hub |
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$3.23 |
September 2025 - October 2025 |
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100,000 Mmbtu |
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NYMEX Henry Hub |
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$3.01 |
October 2025 |
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100,000 Mmbtu |
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NYMEX Henry Hub |
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$3.23 |
Oil fixed price swaps |
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July 2025 - August 2025 |
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1,250 Bbls |
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NYMEX WTI |
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$70.81 |
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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.
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Cash received (paid) on derivative contracts: |
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Natural gas costless collars |
$ |
542,590 |
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$ |
475,320 |
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$ |
1,650,165 |
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$ |
1,190,910 |
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Natural gas fixed price swaps(1) |
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745,725 |
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576,490 |
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1,300,973 |
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|
659,590 |
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Oil costless collars |
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(38,016 |
) |
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|
12,515 |
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(39,235 |
) |
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|
12,515 |
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Oil fixed price swaps(1) |
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(65,692 |
) |
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(15,384 |
) |
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(57,987 |
) |
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(183,653 |
) |
Cash received (paid) on derivative contracts, net |
$ |
1,184,607 |
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|
$ |
1,048,941 |
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|
$ |
2,853,916 |
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$ |
1,679,362 |
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Non-cash gain (loss) on derivative contracts: |
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Natural gas costless collars |
$ |
(633,105 |
) |
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$ |
(488,755 |
) |
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$ |
(1,392,373 |
) |
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$ |
94,846 |
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Natural gas fixed price swaps |
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(1,050,328 |
) |
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(521,078 |
) |
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(852,312 |
) |
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1,652,299 |
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Oil costless collars |
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60,234 |
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29,131 |
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(34,664 |
) |
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|
51,394 |
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Oil fixed price swaps |
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19,595 |
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114,767 |
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(366,072 |
) |
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|
507,925 |
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Non-cash gain (loss) on derivative contracts, net |
$ |
(1,603,604 |
) |
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$ |
(865,935 |
) |
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$ |
(2,645,421 |
) |
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$ |
2,306,464 |
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Gains (losses) on derivative contracts, net |
$ |
(418,997 |
) |
|
$ |
183,006 |
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$ |
208,495 |
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$ |
3,985,826 |
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(1) For the six months ended June 30, 2023, excludes $373,745 of cash paid to settle off-market derivative contracts that are not reflected on the Condensed Statements of Income. Total cash paid related to off-market derivatives was $560,162 for the six months ended June 30, 2023 and is reflected in the Financing Activities section of the Condensed Statements of Cash Flows.
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Summary Of Derivative Contracts |
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June 30, 2024 |
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December 31, 2023 |
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Fair Value (a) |
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Fair Value (a) |
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Commodity Contracts |
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Commodity Contracts |
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Current Assets |
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Current Liabilities |
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Non-Current Assets |
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Non-Current Liabilities |
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Current Assets |
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Current Liabilities |
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Non-Current Assets |
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Non-Current Liabilities |
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Gross amounts recognized |
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$ |
1,554,997 |
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$ |
677,459 |
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$ |
465,630 |
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$ |
705,002 |
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$ |
3,318,046 |
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$ |
197,439 |
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$ |
344,614 |
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$ |
181,634 |
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Offsetting adjustments |
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(677,459 |
) |
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(677,459 |
) |
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(465,630 |
) |
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(465,630 |
) |
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(197,439 |
) |
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(197,439 |
) |
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(181,634 |
) |
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(181,634 |
) |
Net presentation on condensed balance sheets |
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$ |
877,538 |
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$ |
- |
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$ |
- |
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$ |
239,372 |
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$ |
3,120,607 |
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$ |
- |
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$ |
162,980 |
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$ |
- |
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(a) See Note 10: Fair Value Measurements for further disclosures regarding fair value of financial instruments.
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