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Derivative Instruments | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments As of September 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) |  | 9,300,000 |  |  | Oct. 2020 |  |  |  |  |  |  |  |  |  | $ | 2.25 |  |  |
Natural gas (NYMEX) |  | 15,500,000 |  |  | Oct. 2020 |  | $1.90 - $2.15 |  | $ | 2.05 |  |  | $2.10 - $2.38 |  | $ | 2.24 |  |  |  |  |
Natural gas (NYMEX) |  | 18,250,000 |  |  | Jan. 2021-Dec. 2021 |  |  |  |  |  |  |  |  |  | $ | 2.74 |  |  |
Natural gas (NYMEX) |  | 127,750,000 |  |  | Jan. 2021-Dec. 2021 |  | $2.50 - $2.80 |  | $ | 2.64 |  |  | $2.83 - $3.50 |  | $ | 3.02 |  |  |  |  |
Natural gas (NYMEX) |  | 10,700,000 |  |  | Apr. 2021-Oct. 2021 |  | $ | — |  |  | $ | 2.50 |  |  | $ | — |  |  | $ | 2.80 |  |  |  |  |
In October 2020, the Company entered into the following financial commodity derivatives:
|  |  |  |  |  | Collars
|  |  |  |  |  | Floor |  | Ceiling
Type of Contract |  | Volume (Mmbtu) |  | Contract Period |  | Range ($/Mmbtu) |  | Weighted-Average ($/Mmbtu) |  | Range ($/Mmbtu) |  | Weighted-Average ($/Mmbtu)
Natural gas (NYMEX) |  | 36,500,000 |  |  | Jan. 2021-Dec. 2021 |  | $2.80 - $2.85 |  | $ | 2.83 |  |  | $3.00 - $3.94 |  | $ | 3.32 |
Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In thousands) |  | Balance Sheet Location |  | September 30, 2020 |  | December 31, 2019 |  | September 30, 2020 |  | December 31, 2019
Commodity contracts |  | Other current assets (current) |  | $ | — |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |
Commodity contracts |  | Derivative instruments (current) |  | — |  |  | — |  |  | 11,628 |  |  | — |
Commodity contracts |  | Accrued liabilities (current) |  | — |  |  | — |  |  | — |  |  | 9 |
Commodity contracts |  | Other liabilities (non-current) |  | — |  |  | — |  |  | 4,095 |  |  | — |
|  |  |  | $ | — |  |  | $ | 31 |  |  | $ | 15,723 |  |  | $ | 9 |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands) |  | September 30, 2020 |  | December 31, 2019
Derivative assets |  |  |  |
Gross amounts of recognized assets |  | $ | 1,682 |  |  | $ | 47 |
Gross amounts offset in the condensed consolidated balance sheet |  | (1,682) |  |  | (16) |
Net amounts of assets presented in the condensed consolidated balance sheet |  | — |  |  | 31 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | — |  |  | $ | 31 |
Derivative liabilities |  |  |  |
Gross amounts of recognized liabilities |  | $ | 17,405 |  |  | $ | 25 |
Gross amounts offset in the condensed consolidated balance sheet |  | (1,682) |  |  | (16) |
Net amounts of liabilities presented in the condensed consolidated balance sheet |  | 15,723 |  |  | 9 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | 15,723 |  |  | $ | 9 |
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |  |  |
(Loss) gain on derivative instruments |  | $ | 14,106 |  |  | $ | 46,555 |  |  | $ | 33,529 |  |  | $ | 114,931 |
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |  |  |
(Loss) gain on derivative instruments |  | (56,359) |  |  | (35,495) |  |  | (15,746) |  |  | (31,965) |
|  | $ | (42,253) |  |  | $ | 11,060 |  |  | $ | 17,783 |  |  | $ | 82,966 |

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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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