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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

At June 30, 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												2,464,000			Bbl						$	56.66																	$	43,135
Crude oil						2020						Two-way collar												1,494,000			Bbl															$	51.28		$	59.50					18,194
Crude oil						2020						Three-way collar												1,278,000			Bbl												$	40.70		$	53.98		$	63.22					14,393
Crude oil						2021						Fixed price swaps												310,000			Bbl						$	56.01																	5,004
Crude oil						2021						Two-way collar												248,000			Bbl															$	51.38		$	59.33					3,030
Crude oil						2021						Three-way collar												186,000			Bbl												$	40.00		$	53.29		$	62.71					1,669
																																																			$	85,425

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 June 30,																		Six Months Ended June 30,
Statements of Operations Location						2020						2019						2020						2019
						(In thousands)
Net gain (loss) on derivative instruments						$	(37,187)					$	34,749					$	248,135					$	(82,862)

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: 

												June 30, 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						$	91,361					$	(5,936)					$	85,425
Total derivatives assets																		$	91,361					$	(5,936)					$	85,425

												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: 

												June 30, 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						$	91,361					$	(5,936)					$	85,425
Total derivatives assets																		$	91,361					$	(5,936)					$	85,425

												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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