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Derivative Instruments | 9 Months Ended
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Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments As of September 30, 2019, the Company had the following outstanding financial commodity derivatives:
|  |  |  |  |  | Swaps |  | Basis Swaps
Type of Contract |  | Volume (Mmbtu) |  | Contract Period |  | Weighted-Average ($/Mmbtu) |  | Weighted-Average ($/Mmbtu)
Natural gas (IFERC TRANSCO Z6 non-NY) |  | 2,760,000 |  |  | Oct. 2019 - Dec. 2019 |  |  |  | $ | 0.41 |
Natural gas (IFERC TRANSCO Z6 non-NY) |  | 4,650,000 |  |  | Oct. 2019 |  | $ | 2.61 |  |  |
Natural gas (IFERC TRANSCO Leidy Line Receipts) |  | 13,800,000 |  |  | Oct. 2019 - Dec. 2019 |  |  |  | $ | (0.53 | )
Natural gas (NYMEX) |  | 10,850,000 |  |  | Oct. 2019 |  | $ | 2.85 |  |  |
Natural gas (NYMEX) |  | 27,600,000 |  |  | Oct. 2019 - Dec. 2019 |  | $ | 2.86 |  |  |
Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In thousands) |  | Balance Sheet Location |  | September 30, 2019 |  | December 31, 2018 |  | September 30, 2019 |  | December 31, 2018
Commodity contracts |  | Derivative instruments (current) |  | $ | 25,700 |  |  | $ | 57,665 |  |  | $ | — |  |  | $ | — |
|  |  |  | $ | 25,700 |  |  | $ | 57,665 |  |  | $ | — |  |  | $ | — |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands) |  | September 30, 2019 |  | December 31, 2018
Derivative assets |  |  |  |  |  |
Gross amounts of recognized assets |  | $ | 25,700 |  |  | $ | 60,105 |
Gross amounts offset in the statement of financial position |  | — |  |  | (2,440 | )
Net amounts of assets presented in the statement of financial position |  | 25,700 |  |  | 57,665 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  |  | — |
Net amount |  | $ | 25,700 |  |  | $ | 57,665 |
Derivative liabilities |  |  |  |  |  |
Gross amounts of recognized liabilities |  | $ | — |  |  | $ | 2,440 |
Gross amounts offset in the statement of financial position |  | — |  |  | (2,440 | )
Net amounts of liabilities presented in the statement of financial position |  | — |  |  | — |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  |  | — |
Net amount |  | $ | — |  |  | $ | — |
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivative instruments |  | $ | 46,555 |  |  | $ | (41 | ) |  | $ | 114,931 |  |  | $ | (20,354 | )
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivative instruments |  | (35,495 | ) |  | (3,496 | ) |  | (31,965 | ) |  | 18,726 |
|  | $ | 11,060 |  |  | $ | (3,537 | ) |  | $ | 82,966 |  |  | $ | (1,628 | )

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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