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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table summarizes the approximate volumes and average contract prices of swap contracts the Company had in place as of September 30, 2019:
| Period |  | Volume (Bbls) |  | Volume (Bbls/d) |  | Weighted Average Differential ($/Bbl)(1)
Crude oil basis swaps | October 2019 - December 2019 |  | 920,000 |  |  | 10,000 |  |  | $ | (4.24 | )
(1) | These oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable settlement period.
| Period |  | Volume (MMBtu) |  | Volume (MMBtu/d) |  | Weighted Average Fixed Price ($/MMBtu)(1)
Natural gas swaps - Henry Hub | October 2019 - December 2019 |  | 2,760,000 |  |  | 30,000 |  |  | $ | 2.78 |
Natural gas swaps - West Texas WAHA | October 2019 - December 2019 |  | 1,380,000 |  |  | 15,000 |  |  | 1.61 |
| Period |  | Volume (MMBtu) |  | Volume (MMBtu/d) |  | Weighted Average Differential ($/MMBtu)(2)
Natural gas basis swaps | October 2019 - December 2019 |  | 3,220,000 |  |  | 35,000 |  |  | $ | (1.31 | )
(1) | These natural gas swap contracts are settled based on either i) the NYMEX Henry Hub price or ii) the Inside FERC West Texas WAHA price of natural gas, as applicable, as of the specified settlement date.
(2) These natural gas basis swap contracts are settled based on the difference between the Inside FERC’s West Texas WAHA price and the NYMEX price of natural gas during each applicable settlement period.
Schedule of Gains and Losses from Derivative Instruments | The following table presents the impact of our derivative instruments in our Consolidated Statements of Operations for the periods presented:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
(in thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Net gain (loss) on derivative instruments | $ | 1,522 |  |  | $ | (9,571 | ) |  | $ | (2,221 | ) |  | $ | 14,969 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below summarizes the fair value amounts and the classification in the Consolidated Balance Sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts:
| Balance Sheet Classification |  | Gross Fair Value Asset/Liability Amounts |  | Gross Amounts Offset(1) |  | Net Recognized Fair Value Assets/Liabilities
(in thousands) |  |  | September 30, 2019
Derivative Assets |  |  |  |  |  |  |
Commodity contracts | Current assets - Derivative instruments |  | $ | 1,402 |  |  | $ | (1,402 | ) |  | $ | — |
Derivative Liabilities |  |  |  |  |  |  |
Commodity contracts | Current liabilities - Derivative instruments |  | 5,835 |  |  | (1,402 | ) |  | 4,433 |
|  |  | December 31, 2018
Derivative Assets |  |  |  |  |  |  |
Commodity contracts | Current assets - Derivative instruments |  | $ | 7,708 |  |  | $ | (6,076 | ) |  | $ | 1,632 |
Derivative Liabilities |  |  |  |  |  |  |
Commodity contracts | Current liabilities - Derivative instruments |  | 12,127 |  |  | (6,076 | ) |  | 6,051 |
(1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements or contract termination.

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
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