Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of 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, 2023:

	2Q2023		3Q2023		4Q2023		1Q2024		2Q2024
NYMEX WTI Crude Swaps
Average Volume Per Day (bbl)	2,400		2,807		2,657		462		462
Weighted Average Swap Price ($/bbl)	$	54.26	$	54.92	$	54.93	$	58.75	$	58.75
NYMEX WTI Crude Collars
Average Volume Per Day (bbl)	23,214		16,304		8,967
Weighted Average Purchased Put Price ($/bbl)	$	67.81	$	72.50	$	72.27
Weighted Average Sold Call Price ($/bbl)	$	78.89	$	88.35	$	87.57
MEH WTI CMA Crude Differential Swaps
Average Volume Per Day (bbl)	13,187
Weighted Average Swap Price ($/bbl)	$	2.03
NYMEX HH Swaps
Average Volume Per Day (MMBtu)	7,500
Weighted Average Swap Price ($/MMBtu)	$	3.690
NYMEX HH Collars
Average Volume Per Day (MMBtu)	11,538		11,413		11,413		11,538		11,538
Weighted Average Purchased Put Price ($/MMBtu)	$	2.500	$	2.500	$	2.500	$	2.500	$	2.328
Weighted Average Sold Call Price ($/MMBtu)	$	2.682	$	2.682	$	2.682	$	3.650	$	3.000
HSC Basis Swaps
Average Volume Per Day (MMBtu)	19,038		11,413		11,413
HSC Basis Average Fixed Price ($/MMBtu)	$	(0.153)	$	(0.153)	$	(0.153)
HSC Index Swap
Average Volume Per Day (MMBtu)	6,319
HSC Index Average Fixed Price ($/MMBtu)	$	(0.045)
OPIS Mt. Belvieu Ethane Swaps
Average Volume per Day (gal)	98,901		34,239		34,239		34,615
Weighted Average Fixed Price ($/gal)	$	0.2288	$	0.2275	$	0.2275	$	0.2275

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1    NYMEX WTI refers to New York Mercantile Exchange West Texas Intermediate and MEH refers to Magellan East Houston that serve as benchmarks for crude oil. NYMEX HH refers to NYMEX Henry Hub that serves as the benchmark for natural gas. HSC refers to Houston Ship Channel that serves as another benchmark for natural gas. OPIS Mt. Belvieu refers to Oil Price Information Service Mt. Belvieu that serves as the benchmark for ethane which represents a commodity proxy for NGLs.

Schedule of Impact of Derivative Activities on Condensed Consolidated Statements of Income and Cash Flows

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

	Three Months Ended March 31,
	2023		2022
Interest rate swap gains recognized in the condensed consolidated statements of operations	$	—	$	83
Commodity gains (losses) recognized in the condensed consolidated statements of operations	25,658		(167,970)
	$	25,658	$	(167,887)
Interest rate cash settlements recognized in the condensed consolidated statements of cash flows	$	—	$	(938)
Commodity cash settlements and premiums paid recognized in the condensed consolidated statements of cash flows	(7,358)		(28,470)
	$	(7,358)	$	(29,408)

Schedule of 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:

		Fair Values
		March 31, 2023				December 31, 2022
Type	Balance Sheet Location	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Commodity contracts	Derivative assets/liabilities – current	$	23,756	$	32,286	$	29,714	$	67,933
Commodity contracts	Derivative assets/liabilities – non-current	216		1,320		316		3,416
		$	23,972	$	33,606	$	30,030	$	71,349