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Derivative Instruments | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments As of March 31, 2021, 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) |  | 13,750,000 |  |  | Apr. 2021-Dec. 2021 |  |  |  |  |  |  |  |  |  | $ | 2.74 |  |  |
Natural gas (NYMEX) |  | 123,750,000 |  |  | Apr. 2021-Dec. 2021 |  | $2.50 - $2.85 |  | $ | 2.68 |  |  | $2.83 - $3.80 |  | $ | 3.03 |  |  |  |  |
Natural gas (NYMEX) |  | 10,700,000 |  |  | Apr. 2021-Oct. 2021 |  | $— |  | $ | 2.50 |  |  | $— |  | $ | 2.80 |  |  |  |  |
Natural gas (NYMEX) |  | 21,400,000 |  |  | Apr. 2021-Oct. 2021 |  |  |  |  |  |  |  |  |  | $ | 2.78 |  |  |
Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In thousands) |  | Balance Sheet Location |  | March 31, 2021 |  | December 31, 2020 |  | March 31, 2021 |  | December 31, 2020
Commodity contracts |  | Derivative instruments (current) |  | $ | 9,574 |  |  | $ | 26,209 |  |  | $ | — |  |  | $ | — |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands) |  | March 31, 2021 |  | December 31, 2020
Derivative assets |  |  |  |
Gross amounts of recognized assets |  | $ | 10,575 |  |  | $ | 26,354 |
Gross amounts offset in the condensed consolidated balance sheet |  | (1,001) |  |  | (145) |
Net amounts of assets presented in the condensed consolidated balance sheet |  | 9,574 |  |  | 26,209 |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | 9,574 |  |  | $ | 26,209 |
Derivative liabilities |  |  |  |
Gross amounts of recognized liabilities |  | $ | 1,001 |  |  | $ | 145 |
Gross amounts offset in the condensed consolidated balance sheet |  | (1,001) |  |  | (145) |
Net amounts of liabilities presented in the condensed consolidated balance sheet |  | — |  |  | — |
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet |  | — |  |  | — |
Net amount |  | $ | — |  |  | $ | — |
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  |  |  | Three Months Ended March 31,
(In thousands) |  |  |  |  |  | 2021 |  | 2020
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |  |  |
(Loss) gain on derivative instruments |  |  |  |  |  | $ | 3,397 |  |  | $ | — |
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |  |  |
(Loss) gain on derivative instruments |  |  |  |  |  | (16,635) |  |  | 16,062 |
|  |  |  |  |  | $ | (13,238) |  |  | $ | 16,062 |

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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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