FINANCIAL INSTRUMENTS (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Notes Tables |
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| Schedule of Contracted Volumes and Weighted Average Prices of Open Derivative Contracts |
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Average |
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Instrument |
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Daily |
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Total |
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Weighted |
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Weighted |
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Weighted |
Period |
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Type |
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Volumes (1) |
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Volumes (1) |
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Strike Price |
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Put Price |
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Call Price |
Natural Gas - Henry Hub (NYMEX) |
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(Mmbtu) |
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(Mmbtu) |
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($/Mmbtu) |
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($/Mmbtu) |
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($/Mmbtu) |
Apr 2024 - Dec 2024 |
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calls |
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65,000 |
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17,875,000 |
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$ |
— |
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$ |
— |
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$ |
6.13 |
Jan 2025 - Mar 2025 |
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calls |
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62,000 |
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5,580,000 |
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$ |
— |
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$ |
— |
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$ |
5.50 |
Apr 2024 - Dec 2024 (1) |
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swaps |
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65,455 |
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18,000,000 |
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$ |
2.39 |
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$ |
— |
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$ |
— |
Jan 2025 - Mar 2025 (1) |
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swaps |
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63,333 |
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5,700,000 |
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$ |
2.72 |
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$ |
— |
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$ |
— |
Apr 2025 - Dec 2025 (1) |
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puts |
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62,182 |
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17,100,000 |
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$ |
— |
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$ |
2.27 |
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$ |
— |
Jan 2026 - Dec 2026 (1) |
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puts |
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55,890 |
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20,400,000 |
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$ |
— |
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$ |
2.35 |
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$ |
— |
Jan 2027 - Dec 2027 (1) |
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puts |
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52,306 |
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19,200,000 |
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$ |
— |
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$ |
2.37 |
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$ |
— |
Jan 2028 - Apr 2028 (1) |
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puts |
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49,587 |
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6,000,000 |
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$ |
— |
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$ |
2.50 |
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$ |
— |
(1) |
MMbtu – Million British Thermal Units |
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| Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location |
The fair value of the Company’s derivative financial instruments was recorded in the Condensed Consolidated Balance Sheets as follows (in thousands):
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March 31, |
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December 31, |
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2024 |
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2023 |
Prepaid expenses and other current assets |
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$ |
2,801 |
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$ |
1,180 |
Other assets |
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6,747 |
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10,068 |
Accrued liabilities |
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5,046 |
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6,267 |
Other liabilities |
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— |
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2,756 |
The impact of commodity derivative contracts on the Condensed Consolidated Statements of Operations were as follows (in thousands):
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Three Months Ended March 31, |
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2024 |
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2023 |
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Realized (gain) loss |
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$ |
(3,755) |
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$ |
230 |
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Unrealized gain |
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(1,122) |
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(39,470) |
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Derivative gain, net |
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$ |
(4,877) |
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$ |
(39,240) |
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| Schedule of Net Values and Estimated Fair Values of Debt Instruments |
The following table presents the net values and estimated fair values of the Company’s debt (in thousands):
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March 31, 2024 |
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December 31, 2023 |
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Net Value |
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Fair Value |
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Net Value |
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Fair Value |
Term Loan |
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$ |
111,425 |
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$ |
108,294 |
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$ |
111,107 |
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$ |
108,467 |
11.75% Notes |
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270,417 |
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284,818 |
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269,910 |
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283,443 |
TVPX Loan |
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9,386 |
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9,967 |
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9,587 |
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10,156 |
Total |
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$ |
391,228 |
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$ |
403,079 |
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$ |
390,604 |
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$ |
402,066 |
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