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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the approximate volumes and average contract prices of derivative contracts the Company had in place as of September 30, 2020:

	Period		Volume (Bbls)			Volume (Bbls/d)			Weighted Average Fixed Price ($/Bbl)(1)
Crude oil swaps
NYMEX WTI	October 2020 - December 2020		1,196,000			13,000			$38.89
	January 2021 - March 2021		225,000			2,500			43.07
	April 2021 - June 2021		91,000			1,000			45.15
	July 2021 - September 2021		92,000			1,000			45.53
	October 2021 - December 2021		92,000			1,000			45.65
ICE Brent	January 2021 - March 2021		270,000			3,000			$46.85
	April 2021 - June 2021		182,000			2,000			48.01
	July 2021 - September 2021		184,000			2,000			48.25
	October 2021 - December 2021		184,000			2,000			48.50
	Period		Volume (Bbls)			Volume (Bbls/d)			Weighted Average Differential ($/Bbl)(2)
Crude oil basis swaps	October 2020 - December 2020		1,196,000			13,000			$0.51
	April 2021 - June 2021		91,000			1,000			0.25
	July 2021 - September 2021		92,000			1,000			0.20
	October 2021 - December 2021		92,000			1,000			0.20

	Period		Volume (Bbls)			Volume (Bbls/d)			Weighted Average Collar Price Ranges ($/Bbl)(3)
Crude oil collars	October 2020 - December 2020		276,000			3,000			$	39.33		-	$	45.02

⁽¹⁾  These crude oil swap transactions are settled based on the NYMEX WTI or ICE Brent oil price on each trading day within the specified monthly settlement period.

⁽²⁾  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.

⁽³⁾  These crude oil collars are settled based on the NYMEX WTI price on each trading day within the specified monthly settlement period and establish floor and ceiling prices for the contracted volumes.

	Period		Volume (MMBtu)			Volume (MMBtu/d)			Weighted Average Fixed Price ($/MMBtu)1)
Natural gas swaps	October 2020 - December 2020		3,370,000			36,630			$2.65
	January 2021 - March 2021		4,500,000			50,000			2.89
	April 2021 - June 2021		910,000			10,000			2.92
	July 2021 - September 2021		920,000			10,000			2.92
	October 2021 - December 2021		920,000			10,000			2.92
	Period		Volume (MMBtu)			Volume (MMBtu/d)			Weighted Average Differential ($/MMBtu)(2)
Natural gas basis swaps	October 2020 - December 2020		930,000			10,109			$(1.62)

	Period		Volume (MMBtu)			Volume (MMBtu/d)			Weighted Average Collar Price Ranges ($/MMBtu)(3)
Natural gas collars	October 2020 - December 2020		1,220,000			13,261			$	2.90		-	$	3.64
	January 2021 - March 2021		1,800,000			20,000			2.90			-	3.64

⁽¹⁾  These natural gas swap contracts are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period.

⁽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 the Company’s derivative instruments in its consolidated statements of operations for the periods presented:

	Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands)	2020				2019				2020				2019
Net gain (loss) on derivative instruments	$	(1,968	)		$	1,522			$	(40,330	)		$	(2,221	)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The tables 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, 2020
Derivative Assets
Commodity contracts	Prepaid and other current assets		$	5,415			$	(4,474	)		$	941
	Other noncurrent assets		752				(46		)		706
Derivative Liabilities
Commodity contracts	Other current liabilities		5,343				(4,474		)		869
	Other noncurrent liabilities		46				(46		)		—
			December 31, 2019
Derivative Liabilities
Commodity contracts	Other current liabilities		$	325			$	—			$	325

⁽¹⁾

The Company has agreements in place with each of its counterparties that allow for the financial right of offset for derivative assets against derivative liabilities at settlement or in the event of a default under the agreements or contract termination.

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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.

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