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Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Gas Derivative Contracts Volume and Prices | The Company had the following outstanding commodity-based derivative financial instruments, excluding basis swaps which are discussed separately below, at December 31, 2020:
| 2021 |  |  | 2022 |  |  | Total
Natural Gas Swap Contracts: |  |  |  |  |  |  |
Volume (MMBtu) | 197,383,140 |  | (1) |  | 10,950,000 |  |  |  | 208,333,140 |
Average Price per MMBtu | $2.54 |  | (1) |  | $2.53 |  |  |  | $2.54 |
Natural Gas Collar Contracts: |  |  |  |  |  |  |
Volume (MMBtu) | 115,050,000 |  |  |  | 5,400,000 |  |  |  | 120,450,000 |
Price per MMBtu: |  |  |  |  |  |  |
Average Ceiling | $2.97 |  |  |  | $3.48 |  |  |  | $2.99 |
Average Floor | $2.46 |  |  |  | $2.53 |  |  |  | $2.46 |
Natural Gas Swaptions Contracts: |  |  |  |  |  |  |
Volume (MMBtu) | 16,500,000 |  | (2) |  | 49,200,000 |  | (3) |  | 65,700,000 |
Average Price per MMBtu | $2.50 |  | (2) |  | $2.51 |  | (3) |  | $2.51 |
Crude Oil Collar Contracts: |  |  |  |  |  |  |
Volume (Bbls) | 182,500 |  |  |  | — |  |  |  | 182,500 |
Price per Barrel: |  |  |  |  |  |  |
Average Ceiling | $45.00 |  |  |  | $— |  |  |  | $45.00 |
Average Floor | $40.00 |  |  |  | $— |  |  |  | $40.00 |
_______________ (1)2021 natural gas price swap contracts include 49,200,000 MMBtu at an average price of $2.51 that are part of certain natural gas price swaption contracts which include a call to extend the price swap by the counterparty as described in (3) below. (2)The counterparties have the right to exercise a call option, which expires in March 2021, to enter into a price swap with the Company on 16,500,000 MMBtu in 2021 at an average price of $2.50. (3)The counterparties have the right to exercise a call option to enter into a price swap with the Company on 49,200,000 MMBtu in 2022 at an average price of $2.51. The call option expires for 5,400,000 MMBtu at an average price of $2.50 in March 2021; for 36,500,000 MMBtu at an average price of $2.52 in October 2021 and 7,300,000 MMBtu at an average price of $2.50 in November 2021.
Schedule of Derivative Instruments | The aggregate fair value of the Company's derivative financial instruments are presented on a gross basis in the accompanying consolidated balance sheets. The classification of derivative financial instruments between assets and liabilities, consists of the following:
|  |  |  | As of December 31,
Type |  | Consolidated Balance Sheet Location |  | 2019 |  | 2020
|  |  |  | (in thousands)
Asset Derivative Financial Instruments: |  |  |  |  |  |
Natural gas price derivatives |  | Derivative Financial Instruments – current |  | $ | 75,123 |  |  | $ | 8,913 |
Oil price derivatives |  | Derivative Financial Instruments – current |  | 181 |  |  | — |
|  |  |  | $ | 75,304 |  |  | $ | 8,913 |
Natural gas price derivatives |  | Derivative Financial Instruments – long-term |  | $ | 13,888 |  |  | $ | 661 |
Liability Derivative Financial Instruments: |  |  |  |  |  |
Natural gas price derivatives |  | Derivative Financial Instruments – current |  | $ | — |  |  | $ | 45,158 |
Oil price derivatives |  | Derivative Financial Instruments – current |  | 222 |  |  | 831 |
Interest rate derivatives |  | Derivative Financial Instruments – current |  | — |  |  | 1,016 |
|  |  |  | $ | 222 |  |  | $ | 47,005 |
Natural gas price derivatives |  | Derivative Financial Instruments – long-term |  | $ | 4,220 |  |  | $ | 1,308 |
Oil price derivatives |  | Derivative Financial Instruments – long-term |  | — |  |  | — |
Interest rate derivatives |  | Derivative Financial Instruments – long-term |  | — |  |  | 1,056 |
|  |  |  | $ | 4,220 |  |  | $ | 2,364 |
Schedule of Gains and Losses from Derivative Financial Instruments | Gains and losses related to the change in the fair value of the Company's derivative contracts recognized in the consolidated statement of operations were as follows:
|  | Predecessor |  |  | Successor
Gain/(Loss) Recognized in Earnings on Derivatives |  | For the Period from January 1, 2018 through August 13, 2018 |  |  | For the Period from August 14, 2018 through December 31, 2018 |  | Year Ended December 31, 2019 |  | Year Ended December 31, 2020
|  | (In thousands)
Natural gas price derivatives |  | $ | 881 |  |  |  | $ | 528 |  |  | $ | 60,694 |  |  | $ | 353 |
Oil price derivatives |  | — |  |  |  | 9,937 |  |  | (8,959) |  |  | 12,059 |
Interest rate derivatives |  | — |  |  |  | — |  |  | — |  |  | (2,461) |
|  | $ | 881 |  |  |  | $ | 10,465 |  |  | $ | 51,735 |  |  | $ | 9,951 |

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