Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity Derivative Positions

The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of March 31, 2021:

	2Q2021		3Q2021		4Q2021		1Q2022		2Q2022		3Q2022		4Q2022		1Q2023	2Q2023
NYMEX WTI Crude Swaps
Average Volume Per Day (bbl)	3,297		815		815
Weighted Average Swap Price ($/bbl)	$	55.89	$	45.54	$	45.54
NYMEX WTI Crude Collars
Average Volume Per Day (bbl)	12,088		10,870		8,152		5,417		4,533		4,484		4,484		2,917	2,855
Weighted Average Purchased Put Price ($/bbl)	$	43.82	$	41.80	$	40.40	$	40.00	$	40.00	$	40.00	$	40.00	40.00	40.00
Weighted Average Sold Call Price ($/bbl)	$	54.67	$	56.09	$	52.10	$	53.49	$	52.47	$	52.47	$	52.47	50.00	50.00
NYMEX WTI Sold Puts
Average Volume Per Day (bbl)	4,945		5,707		5,707
Weighted Average Sold Put Price ($/bbl)	$	29.83	$	35.14	$	35.14
NYMEX WTI Crude CMA Roll Basis Swaps
Average Volume Per Day (bbl)	18,132		17,935		17,935
Weighted Average Swap Price ($/bbl)	$	0.17	$	0.17	$	0.17
NYMEX HH Collars
Average Volume Per Day (MMBtu)	9,890		9,783		9,783
Weighted Average Purchased Put Price ($/MMBtu)	$	2.607	$	2.607	$	2.607
Weighted Average Sold Call Price($/MMBtu)	$	3.117	$	3.117	$	3.117
NYMEX HH Sold Puts
Average Volume Per Day (MMBtu)	6,593		6,522		6,522
Weighted Average Sold Put Price ($/MMBtu)	$	2.000	$	2.000	$	2.000
OPIS Mt Belv Ethane Swaps
Average Volume per Day (gal)	36,264		35,870
Weighted Average Fixed Price ($/gal)	$	0.2263	$	0.2288

Impact of Derivative Activities on Condensed Consolidated Statements of Income

The impact of our derivative activities on income is included in the “Derivatives” caption on our Condensed Consolidated Statements of Operations. Derivative contracts that have expired at the end of a period, but for which cash had not been received or paid as of the balance sheet date, have been recognized as components of “Accounts receivable” (see Note 4) and “Accounts payable and accrued liabilities” (see Note 10) on the Condensed Consolidated Balance Sheets. The effects of derivative gains and (losses) and cash settlements are reported as adjustments to reconcile net income to net cash provided by operating activities. These items are recorded in the “Derivative contracts” section of our Condensed Consolidated Statements of Cash Flows under “Net (gains) losses” and “Cash settlements and premiums received (paid), net.”

The following table summarizes the effects of our derivative activities for the periods presented:

	Three Months Ended March 31,
	2021		2020
Interest rate swap gains (losses) recognized in the Condensed Consolidated Statements of Operations	$	32	$	(6,683)
Commodity gains (losses) recognized in the Condensed Consolidated Statements of Operations	(44,400)		157,802
	$	(44,368)	$	151,119
Interest rate cash settlements recognized in the Condensed Consolidated Statements of Cash Flows	$	(922)	$	68
Commodity cash settlements and premiums received (paid) recognized in the Condensed Consolidated Statements of Cash Flows	(6,247)		(337)
	$	(7,169)	$	(269)

Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets

The following table summarizes the fair values of our derivative instruments, which we elect to present on a gross basis, as well as the locations of these instruments on our Condensed Consolidated Balance Sheets as of the dates presented:

		March 31, 2021				December 31, 2020
		Derivative		Derivative		Derivative		Derivative
Type	Balance Sheet Location	Assets		Liabilities		Assets		Liabilities
Interest rate contracts	Derivative assets/liabilities - current	$	—	$	3,730	$	—	$	3,655
Commodity contracts	Derivative assets/liabilities – current	13,093		40,598		75,506		81,451
Interest rate contracts	Derivative assets/liabilities - noncurrent	—		615		—		1,645
Commodity contracts	Derivative assets/liabilities – noncurrent	5,269		14,299		25,449		26,789
		$	18,362	$	59,242	$	100,955	$	113,540