FINANCIAL INSTRUMENTS (Tables)
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9 Months Ended |
Sep. 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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($/Mmbtu) |
November 2024 - Dec 2024 |
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calls |
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65,000 |
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3,965,000 |
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$ |
— |
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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 |
November 2024 - Dec 2024 |
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swaps |
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65,574 |
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4,000,000 |
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$ |
2.58 |
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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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September 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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$ |
1,564 |
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$ |
1,180 |
Other assets |
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6,259 |
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10,068 |
Accrued liabilities |
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6,061 |
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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 September 30, |
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Nine Months Ended September 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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$ |
(1,370) |
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$ |
1,971 |
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$ |
(5,489) |
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$ |
2,501 |
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Unrealized gain |
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(1,829) |
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(3,462) |
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(213) |
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(44,061) |
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Derivative gain, net |
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$ |
(3,199) |
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$ |
(1,491) |
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$ |
(5,702) |
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$ |
(41,560) |
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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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September 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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$ |
111,896 |
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$ |
110,931 |
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$ |
111,107 |
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$ |
108,467 |
11.75% Notes |
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271,529 |
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280,789 |
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269,910 |
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283,443 |
TVPX Loan |
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9,139 |
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9,586 |
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9,587 |
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10,156 |
Total |
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$ |
392,564 |
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$ |
401,306 |
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$ |
390,604 |
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$ |
402,066 |
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