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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

At September 30, 2020, the Company had the following outstanding commodity derivative instruments:

Commodity						Settlement Period						Derivative Instrument												Volumes															Fair Value Assets
																														Weighted Average Prices
																																							(In thousands)
Crude oil						2020						Fixed price swaps												182,000			Bbl						$	41.17																	$	183
Crude oil						2021						Fixed price swaps												62,000			Bbl						$	41.17																	17
																																																			$	200

As of November 4, 2020, the Company had the following outstanding commodity derivative contracts:

Commodity						Settlement Period						Derivative Instrument												Volumes
																																	Weighted Average Prices
Crude oil						2020						Fixed price swaps												182,000						Bbl						$	41.17
Crude oil						2021						Fixed price swaps												9,414,000						Bbl						$	42.07
Crude oil						2022						Fixed price swaps												6,880,000						Bbl						$	42.64
Crude oil						2023						Fixed price swaps												4,566,000						Bbl						$	43.61
Crude oil						2024						Fixed price swaps												372,000						Bbl						$	43.74
Natural gas						2020						Fixed price swaps												1,240,000						MMBtu						$	2.84
Natural gas						2021						Fixed price swaps												14,600,000						MMBtu						$	2.84
Natural gas						2022						Fixed price swaps												5,430,000						MMBtu						$	2.82

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						2020						2019						2020						2019
						(In thousands)
Net gain (loss) on derivative instruments						$	(5,071)					$	47,922					$	243,064					$	(34,940)

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, 2020
						Balance Sheet Location						Gross Recognized Assets						Gross Amount Offset						Net Recognized Fair Value Assets
												(In thousands)
Derivatives assets
Commodity contracts						Derivative instruments — current assets						$	200					$	—					$	200
Total derivatives assets												$	200					$	—					$	200
												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: 

												September 30, 2020
						Balance Sheet Location						Gross Recognized Assets						Gross Amount Offset						Net Recognized Fair Value Assets
												(In thousands)
Derivatives assets
Commodity contracts						Derivative instruments — current assets						$	200					$	—					$	200
Total derivatives assets												$	200					$	—					$	200
												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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