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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 Outstanding Commodity Derivative Instruments | At September 30, 2019, the Company had the following outstanding commodity derivative instruments:
Commodity |  | Settlement Period |  | Derivative Instrument |  | Index |  | Volumes |  |  | Weighted Average Prices |  |  |  |  |  | Fair Value Assets
|  |  |  |  |  |  |  |  |  |  | Fixed Price Swaps | Basis Swaps | Sub-Floor | Floor | Ceiling |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (In thousands)
Crude oil |  | 2019 |  | Fixed price swaps |  | NYMEX WTI |  |  | 2,275,000 |  | Bbl |  | $ | 57.49 |  |  |  |  |  |  | $ | 5,744 |
Crude oil |  | 2019 |  | Basis swaps |  | Houston-NYMEX WTI |  |  | 90,000 |  | Bbl |  |  | $ | 4.55 |  |  |  |  |  |  |  | 142 |
Crude oil |  | 2019 |  | Two-way collar |  | NYMEX WTI |  |  | 1,274,000 |  | Bbl |  |  |  |  |  | $ | 58.07 |  | $ | 74.64 |  |  | 5,002 |
Crude oil |  | 2019 |  | Three-way collar |  | NYMEX WTI |  |  | 1,092,000 |  | Bbl |  |  |  |  | $ | 40.00 |  | $ | 51.57 |  | $ | 65.40 |  |  | 768 |
Crude oil |  | 2020 |  | Fixed price swaps |  | NYMEX WTI |  |  | 3,418,000 |  | Bbl |  | $ | 58.69 |  |  |  |  |  |  |  | 21,461 |
Crude oil |  | 2020 |  | Two-way collar |  | NYMEX WTI |  |  | 2,378,000 |  | Bbl |  |  |  |  | $ | 52.11 |  | $ | 62.98 |  |  | 7,609 |
Crude oil |  | 2020 |  | Three-way collar |  | NYMEX WTI |  |  | 4,574,000 |  | Bbl |  |  |  | $ | 40.00 |  | $ | 53.26 |  | $ | 64.48 |  |  | 15,871 |
Crude oil |  | 2021 |  | Fixed price swaps |  | NYMEX WTI |  |  | 93,000 |  | Bbl |  | $ | 58.85 |  |  |  |  |  |  | 770 |
Crude oil |  | 2021 |  | Two-way collar |  | NYMEX WTI |  |  | 62,000 |  | Bbl |  |  |  |  |  |  | $ | 50.50 |  | $ | 60.70 |  |  | 245 |
Crude oil |  | 2021 |  | Three-way collar |  | NYMEX WTI |  |  | 734,000 |  | Bbl |  |  |  | $ | 40.00 |  | $ | 51.26 |  | $ | 64.05 |  |  | 2,101 |
Natural gas |  | 2019 |  | Fixed price swaps |  | NYMEX HH |  |  | 2,760,000 |  | MMBtu |  | $ | 2.92 |  |  |  |  |  |  |  | 1,366 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 61,079 |
Subsequent to September 30, 2019, the Company entered into additional fixed price swaps and two-way collar options for crude oil with a weighted average floor price of $54.25 per Bbl. The commodity contracts included total notional amounts of 2,005,200 Bbls and 74,400 Bbls, which settle in 2020 and 2021, respectively, based on NYMEX WTI. These derivative instruments do not qualify for or were not designated as hedging instruments for accounting purposes.
Gains and Losses from Commodity Derivative Instruments | The following table summarizes the location and amounts of gains and losses from the Company’s commodity derivative instruments recorded in the Company’s Condensed Consolidated Statements of Operations for the periods presented:
|  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
Statements of Operations Location |  | 2019 |  | 2018 |  | 2019 |  | 2018
|  | (In thousands) |  |  |  |  |  |
Net gain (loss) on derivative instruments |  | $ | 47,922 |  |  | $ | (48,544) |  |  | $ | (34,940) |  |  | $ | (239,945) |
Summary of Gross and Net Information about Commodity Derivative Assets | The following table summarizes the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets:
|  |  |  | September 30, 2019 |  |  |  |
Commodity |  | Balance Sheet Location |  | Gross Recognized Assets/Liabilities |  | Gross Amount Offset |  | Net Recognized Fair Value Assets/ Liabilities
|  |  |  | (In thousands) |  |  |  |  |
Derivatives assets: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current assets |  |  | $ | 63,743 |  |  | $ | (11,563) |  |  | $ | 52,180 |
Commodity contracts |  | Derivative instruments — non-current assets |  |  | 16,263 |  |  | (6,534) |  |  | 9,729 |
Total derivatives assets |  |  |  | $ | 80,006 |  |  | $ | (18,097) |  |  | $ | 61,909 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current liabilities |  |  | $ | 1,428 |  |  | $ | (598) |  |  | $ | 830 |
Commodity contracts |  | Derivative instruments — non-current liabilities |  |  | — |  |  | — |  |  | — |
Total derivatives liabilities |  |  |  | $ | 1,428 |  |  | $ | (598) |  |  | $ | 830 |
|  |  |  | December 31, 2018 |  |  |  |
Commodity |  | Balance Sheet Location |  | Gross Recognized Assets/Liabilities |  | Gross Amount Offset |  | Net Recognized Fair Value Assets/Liabilities
|  |  |  | (In thousands) |  |  |  |  |
Derivatives assets: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current assets |  |  | $ | 110,729 |  |  | $ | (10,799) |  |  | $ | 99,930 |
Commodity contracts |  | Derivative instruments — non-current assets |  |  | 8,251 |  |  | (1,306) |  |  | 6,945 |
Total derivatives assets |  |  |  | $ | 118,980 |  |  | $ | (12,105) |  |  | $ | 106,875 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current liabilities |  |  | $ | 84 |  |  | $ | — |  |  | $ | 84 |
Commodity contracts |  | Derivative instruments — non-current liabilities |  |  | 20 |  |  | — |  |  | 20 |
Total derivatives liabilities |  |  |  | $ | 104 |  |  | $ | — |  |  | $ | 104 |
Summary of Gross and Net Information about Commodity Derivative Liabilities | The following table summarizes the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets:
|  |  |  | September 30, 2019 |  |  |  |
Commodity |  | Balance Sheet Location |  | Gross Recognized Assets/Liabilities |  | Gross Amount Offset |  | Net Recognized Fair Value Assets/ Liabilities
|  |  |  | (In thousands) |  |  |  |  |
Derivatives assets: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current assets |  |  | $ | 63,743 |  |  | $ | (11,563) |  |  | $ | 52,180 |
Commodity contracts |  | Derivative instruments — non-current assets |  |  | 16,263 |  |  | (6,534) |  |  | 9,729 |
Total derivatives assets |  |  |  | $ | 80,006 |  |  | $ | (18,097) |  |  | $ | 61,909 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current liabilities |  |  | $ | 1,428 |  |  | $ | (598) |  |  | $ | 830 |
Commodity contracts |  | Derivative instruments — non-current liabilities |  |  | — |  |  | — |  |  | — |
Total derivatives liabilities |  |  |  | $ | 1,428 |  |  | $ | (598) |  |  | $ | 830 |
|  |  |  | December 31, 2018 |  |  |  |
Commodity |  | Balance Sheet Location |  | Gross Recognized Assets/Liabilities |  | Gross Amount Offset |  | Net Recognized Fair Value Assets/Liabilities
|  |  |  | (In thousands) |  |  |  |  |
Derivatives assets: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current assets |  |  | $ | 110,729 |  |  | $ | (10,799) |  |  | $ | 99,930 |
Commodity contracts |  | Derivative instruments — non-current assets |  |  | 8,251 |  |  | (1,306) |  |  | 6,945 |
Total derivatives assets |  |  |  | $ | 118,980 |  |  | $ | (12,105) |  |  | $ | 106,875 |
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current liabilities |  |  | $ | 84 |  |  | $ | — |  |  | $ | 84 |
Commodity contracts |  | Derivative instruments — non-current liabilities |  |  | 20 |  |  | — |  |  | 20 |
Total derivatives liabilities |  |  |  | $ | 104 |  |  | $ | — |  |  | $ | 104 |

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