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The following table provides information as to derivative contracts for WTI that were in place during the years ended December 31, 2020, 2019 and 2018. The Company did not have any natural gas derivative contracts during these years.
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Barrels per |
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Date entered into |
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Period covered |
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day |
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Put price |
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Call price |
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Swap price |
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2018 costless collars |
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09/25/17 |
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Calendar year 2018 |
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1,000 |
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$ |
49.00 |
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$ |
54.60 |
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10/27/17 |
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Calendar year 2018 |
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1,000 |
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51.00 |
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54.80 |
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2019 costless collars |
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8/27/2018 (1) |
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Calendar year 2019 |
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2,000 |
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60.00 |
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70.05 |
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2020 costless collars |
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04/01/19 |
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Calendar year 2020 (2) |
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1,000 |
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50.00 |
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65.83 |
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04/01/19 |
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Calendar year 2020 (2) |
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1,000 |
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50.00 |
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65.40 |
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11/05/19 |
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Calendar year 2020 (2) |
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1,000 |
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50.00 |
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58.40 |
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11/07/19 |
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Calendar year 2020 (2) |
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1,000 |
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50.00 |
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58.25 |
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11/11/19 |
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Calendar year 2020 (2) |
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1,500 |
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50.00 |
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58.65 |
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2020 swaps |
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05/29/20 |
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June 2020 and July 2020 (2) |
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5,500 |
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$ |
33.24 |
| (1) |
On October 10, 2018, the Company terminated the costless collars for calendar year 2019 through the payment of $3,438,300. |
| (2) |
On May 29, 2020, the Company unwound the costless collars for June 2020 and July 2020, resulting in the receipt of a cash payment of $5,435,136. Concurrently, the Company entered into swap contracts at $33.24 for 5,500 barrels per day for June and July 2020, equal to the barrels for which the costless collars were unwound. |
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