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Derivative Instruments | 3 Months Ended
--- | ---
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments As of March 31, 2020, the Company had the following outstanding financial commodity derivatives:
|  |  |  |  |  | Collars |  |
|  |  |  |  |  | Floor |  | Ceiling |  | Swaps
Type of Contract |  | Volume (Mmbtu) |  | Contract Period |  | Range ($/Mmbtu) |  | Weighted-Average ($/Mmbtu) |  | Range ($/Mmbtu) |  | Weighted-Average ($/Mmbtu) |  | Weighted-Average ($/Mmbtu)
Natural gas (NYMEX) |  | 21,400,000 |  | Apr. 2020 - Oct. 2020 |  |  |  |  |  |  |  |  |  | $ | 2.27 |
Natural gas (NYMEX) |  | 21,400,000 |  | Apr. 2020 - Oct. 2020 |  | $ | — |  |  | $ | 2.15 |  |  | $2.36 - $2.38 |  | $ | 2.38 |  |  |  |
In April 2020, the Company entered into the following financial commodity derivatives:
|  |  |  |  |  | Collars |  |
|  |  |  |  |  | Floor |  | Ceiling |  | Swaps
Type of Contract |  | Volume (Mmbtu) |  | Contract Period |  | Range ($/Mmbtu) |  | Weighted-Average ($/Mmbtu) |  | Range ($/Mmbtu) |  | Weighted-Average ($/Mmbtu) |  | Weighted-Average ($/Mmbtu)
Natural gas (NYMEX) |  | 73,600,000 |  |  | May 2020 - Oct. 2020 |  | $1.90 - $2.15 |  | $ | 2.02 |  |  | $2.10 - $2.32 |  | $ | 2.20 |  |  |
Natural gas (NYMEX) |  | 18,400,000 |  |  | May 2020 - Oct. 2020 |  |  |  |  |  |  |  |  |  | $ | 2.10 |
Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In thousands) |  | Balance Sheet Location |  | March 31, 2020 |  | December 31, 2019 |  | March 31, 2020 |  | December 31, 2019
Commodity contracts |  | Derivative instruments (current) |  | $ | 16,085 |  |  | $ | 31 |  |  | $ | — |  |  | $ | 9 |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands) |  | March 31, 2020 |  | December 31, 2019
Derivative assets |  |  |  |  |  |
Gross amounts of recognized assets |  | $ | 16,085 |  |  | $ | 47 |
Gross amounts offset in the condensed consolidated balance sheet |  | — |  |  | (16 | )
Net amounts of assets presented in the condensed consolidated balance sheet |  | 16,085 |  |  | 31 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | 16,085 |  |  | $ | 31 |
Derivative liabilities |  |  |  |  |  |
Gross amounts of recognized liabilities |  | $ | — |  |  | $ | 25 |
Gross amounts offset in the condensed consolidated balance sheet |  | — |  |  | (16 | )
Net amounts of liabilities presented in the condensed consolidated balance sheet |  | — |  |  | 9 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | — |  |  | $ | 9 |
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended March 31,
(In thousands) |  | 2020 |  | 2019
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |
Gain (loss) on derivative instruments |  | $ | — |  |  | $ | 52,980 |
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |
Gain (loss) on derivative instruments |  | 16,062 |  |  | (44,723 | )
|  | $ | 16,062 |  |  | $ | 8,257 |

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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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