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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Outstanding commodity derivatives | As of June 30, 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) |  | 36,900,000 |  | Jul. 2020 - Oct. 2020 |  |  |  |  |  |  |  |  |  | $ | 2.25 |
Natural gas (NYMEX) |  | 61,500,000 |  | Jul. 2020 - Oct. 2020 |  | $1.90 - $2.15 |  | $ | 2.05 |  |  | $2.10 - $2.38 |  | $ | 2.24 |  |  |  |
Effect of derivative instruments on the condensed consolidated balance sheet | Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In thousands) |  | Balance Sheet Location |  | June 30, 2020 |  | December 31, 2019 |  | June 30, 2020 |  | December 31, 2019
Commodity contracts |  | Derivative instruments (current) |  | $ | 40,636 |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |
Commodity contracts |  | Accrued liabilities (current) |  | — |  |  | — |  |  | — |  |  | 9 |
|  |  |  | $ | 40,636 |  |  | $ | 31 |  |  | $ | — |  |  | $ | 9 |
Schedule of offsetting of derivative liabilities in the condensed consolidated balance sheet | Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands) |  | June 30, 2020 |  | December 31, 2019
Derivative assets |  |  |  |  |  |
Gross amounts of recognized assets |  | $ | 40,636 |  |  | $ | 47 |
Gross amounts offset in the condensed consolidated balance sheet |  | — |  |  | (16 | )
Net amounts of assets presented in the condensed consolidated balance sheet |  | 40,636 |  |  | 31 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | 40,636 |  |  | $ | 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 |
Schedule of offsetting of derivative assets in the condensed consolidated balance sheet | Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands) |  | June 30, 2020 |  | December 31, 2019
Derivative assets |  |  |  |  |  |
Gross amounts of recognized assets |  | $ | 40,636 |  |  | $ | 47 |
Gross amounts offset in the condensed consolidated balance sheet |  | — |  |  | (16 | )
Net amounts of assets presented in the condensed consolidated balance sheet |  | 40,636 |  |  | 31 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | 40,636 |  |  | $ | 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 derivatives on the condensed consolidated statement of operations | Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivative instruments |  | $ | 19,423 |  |  | $ | 15,397 |  |  | $ | 19,423 |  |  | $ | 68,377 |
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivative instruments |  | 24,551 |  |  | 48,252 |  |  | 40,613 |  |  | 3,529 |
|  | $ | 43,974 |  |  | $ | 63,649 |  |  | $ | 60,036 |  |  | $ | 71,906 |

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