Epsilon Energy Ltd
For the period ended Jun 30, 2024. Filed Aug 13, 2024.
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Jun 30, 2024 · Filed Aug 13, 2024
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Loss on Derivative Contracts
(Loss) Gain on Derivative Contracts
| · · · · · · · · · · · · | ||||||||
|---|---|---|---|---|---|---|---|---|
| · · Three months ended June 30, · · Six months ended June 30, | ||||||||
| · 2024 · 2023 · 2024 · 2023 | ||||||||
| (Loss) gain on derivative contracts | | $(94,891) | | $628,178 | | $(195,617) | | $1,696,838 |
For the three and six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 2024, we received net cash settlements of $272,257 and $760,542, respectively. During the three and six months ended June 30, 2023, we received net cash settlements of $1,272,970 and $1,632,858, respectively.
For the three and six months ended June 30, 2024, net losses on derivative contracts increased by $0.7 million and $1.9 million, respectively. This was primarily due to large gains in 2023 as a result of declining NYMEX Henry Hub prices.
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