Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

v3.22.2.2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2022
Notes Tables  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The following table reflects the contracted volumes and weighted average prices under the terms of the Company’s open derivative contracts as of September 30, 2022:

Average

Instrument

Daily

Total

Weighted

Weighted

Weighted

Period

    

Type

    

Volumes

    

Volumes

    

Strike Price

    

Put Price

    

Call Price

Crude Oil - WTI (NYMEX)

(Bbls)(1)

(Bbls)(1)

($/Bbls)(1)

($/Bbls)(1)

($/Bbls)(1)

Jul 2022 - Nov 2022

swaps

2,174

132,612

$

58.38

$

$

Jul 2022 - Nov 2022

 

collars

 

2,174

 

132,612

 

$

 

$

46.00

 

$

66.40

Natural Gas - Henry Hub (NYMEX)

(MMbtu)(2)

(MMbtu)(2)

($/MMbtu)(2)

($/MMbtu)(2)

($/MMbtu)(2)

Jul 2022 - Dec 2022

calls

108,647

9,995,479

$

$

$

7.42

Jan 2023 - Dec 2023

calls

70,000

25,550,000

$

$

$

7.50

Jan 2024 - Dec 2024

calls

65,000

23,790,000

$

$

$

6.13

Jan 2025 - Mar 2025

calls

62,000

5,580,000

$

$

$

5.50

Jul 2022 - Dec 2022

collars

40,000

3,680,000

$

$

1.83

$

3.00

Jul 2022 - Nov 2022

swaps

16,838

1,027,099

$

2.60

$

$

Jul 2022 - Dec 2022(3)

swaps

78,261

7,200,000

$

2.63

$

$

Jan 2023 - Dec 2023(3)

swaps

72,329

26,400,000

$

2.48

$

$

Jan 2024 - Dec 2024(3)

swaps

65,574

24,000,000

$

2.46

$

$

Jan 2025 - Mar 2025(3)

swaps

63,333

5,700,000

$

2.72

$

$

Apr 2025 - Dec 2025(3)

puts

62,182

17,100,000

$

$

2.27

$

Jan 2026 - Dec 2026(3)

puts

55,890

20,400,000

$

$

2.35

$

Jan 2027 - Dec 2027(3)

puts

52,603

19,200,000

$

$

2.37

$

Jan 2028 - Apr 2028(3)

puts

49,587

6,000,000

$

$

2.50

$

(1)

Bbls – Barrels

(2)

MMbtu – Million British Thermal Units

(3)

These contracts were entered into by the Company’s wholly owned subsidiary, A-I LLC, in conjunction with the Term Loan (see Note 5 – Subsidiary Borrowers).

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

    

September 30, 2022

    

December 31, 2021

Prepaid expenses and other current assets

$

28,747

$

21,086

Other assets (long-term)

 

35,656

 

34,435

Accrued liabilities

 

116,008

 

81,456

Other liabilities (long-term)

75,079

37,989

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2022

    

2021

    

2022

    

2021

Realized loss(1)

$

132,289

$

30,026

$

96,315

$

53,627

Unrealized (gain) loss

(93,540)

43,111

13,577

125,529

Derivative loss

$

38,749

$

73,137

$

109,892

$

179,156

(1) The nine months ended September 30, 2022 includes the effect of the $138.0 million realized gain related to the monetization of certain natural gas call contracts through restructuring of strike prices which occurred in June 2022.
Schedule of Cash Receipts and Payments on Commodity Derivative Contract Settlements [Table Text Block]

Nine Months Ended September 30, 

    

2022

    

2021

Derivative loss

$

109,892

$

179,156

Derivative cash (payments) receipts, net(1)

(1,022)

(39,554)

Derivative cash premium payments

(46,111)

(32,368)

(1) The nine months ended September 30, 2022 includes $105.3 million of net cash receipts related to the monetization of certain natural gas call contracts through restructuring of strike prices which occurred in June 2022.