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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

At March 31, 2020, the Company had the following outstanding commodity derivative instruments:

Commodity						Settlement Period						Derivative Instrument												Volumes												Weighted Average Prices																											Fair Value Assets
																																																Fixed Price Swaps						Sub-Floor			Floor			Ceiling
																																																												(In thousands)
Crude oil						2020						Fixed price swaps												4,733,000			Bbl						$	57.02																	$	134,306
Crude oil						2020						Two-way collar												2,322,000			Bbl															$	51.12		$	59.79					50,178
Crude oil						2020						Three-way collar												4,859,000			Bbl												$	40.75		$	53.16		$	63.61					55,604
Crude oil						2021						Fixed price swaps												310,000			Bbl						$	56.01																	6,661
Crude oil						2021						Two-way collar												248,000			Bbl															$	51.38		$	59.33					4,274
Crude oil						2021						Three-way collar												1,313,000			Bbl												$	40.00		$	50.79		$	62.46					10,638
																																																			$	261,661

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 March 31,
Statements of Operations Location						2020						2019
						(In thousands)
Net gain (loss) on derivative instruments						$	285,322					$	(117,611)

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: 

												March 31, 2020
Commodity						Balance Sheet Location						Gross Recognized Assets						Gross Amount Offset						Net Recognized Fair Value Assets
												(In thousands)
Derivatives assets:
Commodity contracts						Derivative instruments — current assets						$	322,529					$	(64,239)					$	258,290
Commodity contracts						Derivative instruments — non-current assets						7,186						(3,815)						3,371
Total derivatives assets																		$	329,715					$	(68,054)					$	261,661

												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

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: 

												March 31, 2020
Commodity						Balance Sheet Location						Gross Recognized Assets						Gross Amount Offset						Net Recognized Fair Value Assets
												(In thousands)
Derivatives assets:
Commodity contracts						Derivative instruments — current assets						$	322,529					$	(64,239)					$	258,290
Commodity contracts						Derivative instruments — non-current assets						7,186						(3,815)						3,371
Total derivatives assets																		$	329,715					$	(68,054)					$	261,661

												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

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