Epsilon Energy Ltd
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
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Loss on Derivative Contracts
(Loss) Gain on Derivative Contracts
| · · · · · · | ||||
|---|---|---|---|---|
| · · Three months ended March 31, | ||||
| · 2024 · 2023 | ||||
| (Loss) gain on derivative contracts | | $(100,726) | | $1,068,660 |
For the three months ended March 31, 2024, Epsilon had NYMEX HH Natural Gas futures swaps, Tennessee Gas Pipeline Zone 4 basis swaps, and crude oil NYMEX WTI CMA swaps derivative contracts for the purpose of hedging a portion of its physical natural gas and oil sales revenue. For the three ended March 31, 2023, Epsilon had NYMEX HH Natural Gas Futures swaps and Tennessee Gas Pipeline Zone 4 basis swap derivative contracts for the purpose of hedging a portion of its physical natural gas sales revenue.
During the three months ended March 31, 2024 and 2023, we received net cash settlements of $488,285 and $363,300, respectively.
For the three months ended March 31, 2024, realized losses on derivative contracts increased by $1.2 million. This was primarily due to NYMEX WTI CMA future prices rising during the quarter resulting in a decrease in value of the crude oil swaps.
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