FINANCIAL INSTRUMENTS (Tables)
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6 Months Ended |
Jun. 30, 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 |
Production Period |
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Type |
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Volumes |
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Volumes |
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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) (1) |
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(Mmbtu) (1) |
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($/Mmbtu) |
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($/Mmbtu) |
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($/Mmbtu) |
August 2024 - Dec 2024 |
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calls |
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65,000 |
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9,945,000 |
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$ |
— |
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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 |
August 2024 - Dec 2024 |
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swaps |
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65,359 |
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10,000,000 |
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$ |
2.45 |
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$ |
— |
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$ |
— |
Jan 2025 - Mar 2025 |
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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 |
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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 |
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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 |
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puts |
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52,603 |
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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 |
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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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June 30, |
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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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$ |
1,961 |
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$ |
1,180 |
Other assets |
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6,755 |
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10,068 |
Accrued liabilities |
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8,945 |
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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 June 30, |
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Six Months Ended 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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Realized (gain) loss |
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$ |
(364) |
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$ |
300 |
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$ |
(4,119) |
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$ |
530 |
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Unrealized loss (gain) |
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2,738 |
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(1,129) |
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1,616 |
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(40,599) |
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Derivative loss (gain), net |
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$ |
2,374 |
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$ |
(829) |
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$ |
(2,503) |
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$ |
(40,069) |
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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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June 30, 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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$ |
111,660 |
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$ |
108,371 |
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$ |
111,107 |
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$ |
108,467 |
11.75% Notes |
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270,981 |
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282,923 |
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269,910 |
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283,443 |
TVPX Loan |
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9,263 |
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9,776 |
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9,587 |
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10,156 |
Total |
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$ |
391,904 |
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$ |
401,070 |
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$ |
390,604 |
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$ |
402,066 |
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