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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

At December 31, 2019, the Company had the following outstanding commodity derivative instruments:

Commodity						Settlement Period						Derivative Instrument						Index						Volumes																		Weighted Average Prices																																																Fair Value Assets (Liabilities)
																																																									Fixed Price Swaps												Sub-Floor						Floor						Ceiling
																																																																																				(In thousands)
Crude oil						2020						Fixed price swaps						NYMEX WTI						6,550,000						Bbl						$	57.17																													$	(14,087)
Crude oil						2020						Two-way collar						NYMEX WTI						3,296,000						Bbl																								$	51.76					$	61.76					(4,743)
Crude oil						2020						Three-way collar						NYMEX WTI						5,339,000						Bbl																		$	40.00					$	52.79					$	64.06					(330)
Crude oil						2021						Fixed price swaps						NYMEX WTI						248,000						Bbl						$	56.05																													36
Crude oil						2021						Two-way collar						NYMEX WTI						248,000						Bbl																								$	50.75					$	59.13					(86)
Crude oil						2021						Three-way collar						NYMEX WTI						889,000						Bbl																		$	40.00					$	51.04					$	63.61					569
																																																																		$	(18,641)

Subsequent to December 31, 2019, the Company entered into additional swaps and two-way and three-way costless collars. As of February 26, 2020, the Company had the following outstanding commodity derivative contracts, which includes settlements from January 2020:

Commodity						Settlement Period						Derivative Instrument						Index						Volumes																		Weighted Average Prices
																																																									Fixed Price Swaps												Sub-Floor						Floor						Ceiling
Crude oil						2020						Fixed price swaps						NYMEX WTI						6,948,000						Bbl						$	57.14
Crude oil						2020						Two-way collar						NYMEX WTI						3,296,000						Bbl																								$	51.99					$	61.83
Crude oil						2020						Three-way collar						NYMEX WTI						6,098,000						Bbl																		$	40.74					$	53.28					$	63.88
Crude oil						2021						Fixed price swaps						NYMEX WTI						310,000						Bbl						$	56.01
Crude oil						2021						Two-way collar						NYMEX WTI						248,000						Bbl																								$	51.38					$	59.33
Crude oil						2021						Three-way collar						NYMEX WTI						1,313,000						Bbl																		$	40.00					$	50.79					$	62.46

Realized and Unrealized 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 Consolidated Statements of Operations for the periods presented:

						Year Ended December 31,
Statement of Operations Location						2019						2018						2017
						(In thousands)
Net gain (loss) on derivative instruments						$	(106,314)					$	28,457					$	(71,657)

Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments

The following tables summarize the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Consolidated Balance Sheets:

												December 31, 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						$	633					$	(98)					$	535
Commodity contracts						Derivative instruments — non-current assets						3,295						(2,656)						639
Total derivatives assets												$	3,928					$	(2,754)					$	1,174
Derivatives liabilities:
Commodity contracts						Derivative instruments — current liabilities						$	33,812					$	(14,117)					$	19,695
Commodity contracts						Derivative instruments — non-current liabilities						686						(566)						120
Total derivatives liabilities																		$	34,498					$	(14,683)					$	19,815
												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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