|12 Months Ended
Dec. 31, 2017
|Subsequent Events [Abstract]
In January and February 2018, the Company entered into fixed price swaps for 2018 for approximately 1,000 barrels of oil per day at a weighted average price of $62.18 per barrel and for approximately 500 barrels of C3 propane per day at a weighted average price of $35.54 per barrel. For 2019, the Company entered into fixed price swaps for approximately 242,000 MMBtu of natural gas per day at a weighted average price of $2.79 per MMBtu and for approximately 2,000 barrels of oil per day at a weighted average price of $57.75 per barrel. The Company's fixed price swap contracts are tied to the commodity prices on NYMEX for natural gas, NYMEX WTI for oil and Mont Belvieu for propane. The Company will receive the fixed priced amount stated in the contract and pay to its counterparty the current market price as listed on NYMEX for natural gas, NYMEX WTI for oil or Mont Belvieu for propane.
Stock Repurchase Program
In January 2018, the board of directors of the Company approved a stock repurchase program to acquire up to $100.0 million of the Company’s outstanding common stock during 2018. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions, and will be subject to market conditions, applicable legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares. The Company intends to purchase shares under the repurchase program opportunistically with available funds while maintaining sufficient liquidity to fund its 2018 capital development program. This repurchase program is authorized to extend through December 31, 2018 and may be suspended from time to time, modified, extended or discontinued by the board of directors of the Company at any time. The Company did not make any purchases of its common stock during the year ended December 31, 2017 under any stock repurchase program or otherwise, and has not made any such purchases of its common stock as of February 22, 2018.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/presentationRef