Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

v3.22.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Natural Gas, Oil and NGL Derivative Instruments
The Company entered into additional natural gas, oil and NGL derivative contracts subsequent to March 31, 2022, which included restructuring a portion of the Company's 2023 sold call options. The Company entered into the following natural gas, oil and NGL derivative contracts subsequent to March 31, 2022 as of April 29, 2022:
Type of Derivative Instrument Index Daily Volume Weighted
Average Price
Natural Gas (MMBtu/d) ($/MMBtu)
January 2023 - December 2023 Fixed price swap NYMEX Henry Hub 10,000  $5.17
January 2023 - December 2023 Costless collar NYMEX Henry Hub 200,000 
$3.00 / $5.00
January 2023 - December 2023 Call option NYMEX Henry Hub (100,000) $2.90
January 2024 - December 2024 Fixed price swap NYMEX Henry Hub 10,000  $4.16
January 2024 - December 2024 Call option NYMEX Henry Hub 40,000  $4.65
January 2025 - October 2025 Call option NYMEX Henry Hub 40,000  $4.65
Oil (Bbl/d) ($/Bbl)
January 2023 - December 2023 Fixed price swap NYMEX WTI 1,000  $87.62
NGL (Bbl/d) ($/Bbl)
January 2023 - December 2023 Fixed price swap Mont Belvieu C3 1,000  $44.10
Credit Facility Redetermination
On May 2, 2022, the Company entered into the borrowing base redetermination agreement and first amendment to its credit agreement (the “Amendment”) governing the Credit Facility. The Amendment, among other things, (a) increased the borrowing base under the New Credit Agreement from $850 million to $1.0 billion as a result of the spring 2022 scheduled redetermination with aggregate elected lender commitments to remain at $700 million, (b) amended certain covenants related to hedging to ease certain requirements and limitations and (c) amended the covenants governing restricted payments to (i) increase the Net Leverage Ratio allowing unlimited restricted payments from 1.00 to 1.00 to 1.25 to 1.00 and (ii) permit additional restricted payments to redeem preferred equity until December 31, 2022 provided certain leverage, no event of default or borrowing base deficiency and availability tests are met and (d) provide for the transition from a LIBOR to a SOFR benchmark, with a 10 basis point credit spread adjustment for all tenors.
Expanded Common Stock Repurchase Program
In April 2022, the Company's Board of Directors approved an increase to the authorized common stock repurchase amounts under its Repurchase Program from $100 million to $200 million.