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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of contracts for oil and natural gas | The following is a summary of the Company’s open costless collar contracts for oil at December 31, 2019.
|  |  |  | Notional Quantity (Bbl or MMBtu) |  | Weighted Average Price Floor ($/Bbl or $/MMBtu) |  | Weighted Average Price Ceiling ($/Bbl or $/MMBtu) |  | Fair Value of Asset (Liability) (thousands)
Commodity |  | Calculation Period |  |  |  |
Oil |  | 01/01/2020 - 12/31/2020 |  | 7,200,000 |  |  | $ | 47.69 |  |  | $ | 66.62 |  |  | $ | 630 |
Total open costless collar contracts |  |  |  |  |  |  |  | $ | 630 |
The following is a summary of the Company’s open basis swaps contracts for oil at December 31, 2019.
Commodity |  | Calculation Period |  | Notional Quantity (Bbl or Gal) |  | Fixed Price ($/Bbl or $/Gal) |  | Fair Value of Asset (Liability) (thousands)
Oil Basis Swaps |  | 01/01/2020 - 12/31/2020 |  | 9,774,000 |  |  | $ | 0.61 |  |  | $ | (2,528 | )
Oil Basis Swaps |  | 01/01/2021 - 12/31/2021 |  | 6,480,000 |  |  | $ | 0.82 |  |  | $ | (1,523 | )
Oil Basis Swaps |  | 01/01/2022 - 12/31/2022 |  | 3,600,000 |  |  | 0.90 |  |  | $ | (460 | )
Total open swap contracts |  |  |  |  |  |  |  | $ | (4,511 | )
Summary of offsetting assets | The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the consolidated balance sheets as of December 31, 2019 and December 31, 2018 (in thousands).
Derivative Instruments |  | Gross amounts recognized |  | Gross amounts netted in the consolidated balance sheets |  | Net amounts presented in the consolidated balance sheets
December 31, 2019 |  |  |  |  |  |
Current assets |  | $ | 442,291 |  |  | $ | (442,291 | ) |  | $ | — |
Other assets |  | 280,397 |  |  | (280,397 | ) |  | — |
Current liabilities |  | (444,188 | ) |  | 442,291 |  |  | (1,897 | )
Long-term liabilities |  | (282,381 | ) |  | 280,397 |  |  | (1,984 | )
Total |  | $ | (3,881 | ) |  | $ | — |  |  | $ | (3,881 | )
December 31, 2018 |  |  |  |  |  |
Current assets |  | $ | 53,136 |  |  | $ | (3,207 | ) |  | $ | 49,929 |
Current liabilities |  | (3,207 | ) |  | 3,207 |  |  | — |
Long-term liabilities |  | (83 | ) |  | — |  |  | (83 | )
Total |  | $ | 49,846 |  |  | $ | — |  |  | $ | 49,846 |
Summary of offsetting liabilities | The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the consolidated balance sheets as of December 31, 2019 and December 31, 2018 (in thousands).
Derivative Instruments |  | Gross amounts recognized |  | Gross amounts netted in the consolidated balance sheets |  | Net amounts presented in the consolidated balance sheets
December 31, 2019 |  |  |  |  |  |
Current assets |  | $ | 442,291 |  |  | $ | (442,291 | ) |  | $ | — |
Other assets |  | 280,397 |  |  | (280,397 | ) |  | — |
Current liabilities |  | (444,188 | ) |  | 442,291 |  |  | (1,897 | )
Long-term liabilities |  | (282,381 | ) |  | 280,397 |  |  | (1,984 | )
Total |  | $ | (3,881 | ) |  | $ | — |  |  | $ | (3,881 | )
December 31, 2018 |  |  |  |  |  |
Current assets |  | $ | 53,136 |  |  | $ | (3,207 | ) |  | $ | 49,929 |
Current liabilities |  | (3,207 | ) |  | 3,207 |  |  | — |
Long-term liabilities |  | (83 | ) |  | — |  |  | (83 | )
Total |  | $ | 49,846 |  |  | $ | — |  |  | $ | 49,846 |
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | The following table summarizes the location and aggregate gain (loss) of all derivative financial instruments recorded in the consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments.
|  |  |  | Year Ended December 31,
Type of Instrument | Location in Statements of Operations | 2019 |  | 2018 |  | 2017
Derivative Instrument |  |  |  |  |  |  |  |
Oil |  | Revenues: Realized gain (loss) on derivatives |  | $ | 9,026 |  |  | $ | 3,741 |  |  | $ | (3,657 | )
Natural Gas |  | Revenues: Realized gain (loss) on derivatives |  | 456 |  |  | (1,407 | ) |  | (608 | )
NGLs |  | Revenues: Realized loss on derivatives |  | — |  |  | — |  |  | (56 | )
Realized gain (loss) on derivatives |  |  |  | 9,482 |  |  | 2,334 |  |  | (4,321 | )
Oil |  | Revenues: Unrealized (loss) gain on derivatives |  | (53,443 | ) |  | 65,991 |  |  | 2,638 |
Natural Gas |  | Revenues: Unrealized (loss) gain on derivatives |  | (284 | ) |  | (906 | ) |  | 7,077 |
Unrealized (loss) gain on derivatives |  | (53,727 | ) |  | 65,085 |  |  | 9,715 |
Total |  |  |  | $ | (44,245 | ) |  | $ | 67,419 |  |  | $ | 5,394 |

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