Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

v3.23.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Natural Gas, Oil and NGL Derivative Instruments
Subsequent to March 31, 2023 as of April 26, 2023, the Company entered into the following derivative contracts:
Period Type of Derivative Instrument Index Daily Volume (MMBtu) Weighted
Average Price
2023 Basis Swaps TETCO M2 13,382  $(0.88)
2024 Basis Swaps Rex Zone 3 20,000  $(0.15)
2025 Swaps NYMEX Henry Hub 50,000  $4.08
Credit Facility Redetermination
On May 1, 2023, the Company entered into that certain Joinder, Commitment Increase and Borrowing Base Redetermination Agreement, and Third Amendment to Credit Agreement (the “Third Amendment”) which amended the Company’s Existing Credit Facility (as amended, the “Credit Facility”). The Third Amendment, among other things, (a) increased the aggregate elected commitment amounts under the Credit Facility from $700 million to $900 million, (b) increased the borrowing base under the Credit Facility from $1 billion to $1.1 billion, (c) increased the excess cash threshold under the Credit Facility from $45 million to $75 million, and (d) extended the maturity date under the Credit Facility from October 14, 2025 to the earlier of (i) four years from the closing date of the Third Amendment and (ii) the 91st day prior to the maturity date of the 2026 Senior Notes or any other permitted senior notes or any permitted refinancing debt under the Credit Facility having an aggregate outstanding principal amount equal to or exceeding $100 million; provided that such notes have not be refinanced, redeemed or repaid in full on or prior to such 91st day.