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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2020
Open Option Contracts Written [Line Items] |
Summary of contracts for oil and natural gas | The following is a summary of the Company’s open costless collar contracts for oil and natural gas at April 29, 2020.
Commodity |  | Calculation Period |  | Notional Quantity (Bbl or MMBtu) |  | Weighted Average Price Floor ($/Bbl or $/MMBtu) |  | Weighted Average Price Ceiling ($/Bbl or $/MMBtu)
Oil |  | 04/01/2020 - 12/31/2020 |  | 2,311,500 |  |  | $ | 47.94 |  |  | $ | 66.19 |
Natural Gas |  | 11/01/2020 - 12/31/2020 |  | 3,200,000 |  |  | $ | 2.52 |  |  | $ | 3.71 |
Natural Gas |  | 01/01/2021 - 03/31/2021 |  | 4,800,000 |  |  | $ | 2.52 |  |  | $ | 3.71 |
The following is a summary of the Company’s open swap contracts for oil at April 29, 2020.
Commodity |  | Calculation Period |  | Notional Quantity (Bbl) |  | Fixed Price ($/Bbl)
Oil |  | 04/01/2020 - 12/31/2020 |  | 7,620,000 |  |  | $ | 34.93 |
Oil |  | 01/01/2021 - 12/31/2021 |  | 2,040,000 |  |  | $ | 35.26 |
The following is a summary of the Company’s open put option contracts for oil at April 29, 2020.
Commodity |  | Calculation Period |  | Notional Quantity (Bbl) |  | Fixed Price ($/Bbl)
Oil |  | 04/01/2020 - 06/30/2020 |  | 391,500 |  |  | $ | 48.15 |
The following is a summary of the Company’s open costless collar contracts for oil at March 31, 2020.
Commodity |  | Calculation Period |  | Notional Quantity (Bbl) |  | Weighted Average Price Floor ($/Bbl) |  | Weighted Average Price Ceiling ($/Bbl) |  | Fair Value of Asset (Liability) (thousands)
Oil |  | 04/01/2020 - 12/31/2020 |  | 5,205,000 |  |  | $ | 47.68 |  |  | $ | 66.69 |  |  | $ | 95,553 |
Total open costless collar contracts |  |  |  |  |  |  |  | $ | 95,553 |
The following is a summary of the Company’s open basis swap contracts for oil at March 31, 2020.
Commodity |  | Calculation Period |  | Notional Quantity (Bbl) |  | Fixed Price ($/Bbl) |  | Fair Value of Asset (Liability) (thousands)
Oil Basis |  | 04/01/2020 - 12/31/2020 |  | 7,335,000 |  |  | $ | 0.61 |  |  | $ | 23,318 |
Oil Basis |  | 01/01/2021 - 12/31/2021 |  | 8,400,000 |  |  | $ | 0.87 |  |  | 8,552 |
Oil Basis |  | 01/01/2022 - 12/31/2022 |  | 5,520,000 |  |  | $ | 0.95 |  |  | 5,127 |
Total open basis swap contracts |  |  |  |  |  |  |  | $ | 36,997 |
Summary of gross asset balances of derivative instruments | 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 interim unaudited condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 (in thousands).
Derivative Instruments |  | Gross amounts recognized |  | Gross amounts netted in the condensed consolidated balance sheets |  | Net amounts presented in the condensed consolidated balance sheets
March 31, 2020 |  |  |  |  |  |
Current assets |  | $ | 321,607 |  |  | $ | (200,428 | ) |  | $ | 121,179 |
Other assets |  | 296,261 |  |  | (284,890 | ) |  | 11,371 |
Current liabilities |  | (200,428 | ) |  | 200,428 |  |  | — |
Long-term liabilities |  | (284,890 | ) |  | 284,890 |  |  | — |
Total |  | $ | 132,550 |  |  | $ | — |  |  | $ | 132,550 |
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 | )
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 interim unaudited condensed consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments.
|  |  |  | Three Months Ended March 31,
Type of Instrument |  | Location in Condensed Consolidated Statement of Operations |  | 2020 |  | 2019
Derivative Instrument |  |  |  |  |  |
Oil |  | Revenues: Realized gain on derivatives |  | $ | 10,867 |  |  | $ | 3,366 |
Natural Gas |  | Revenues: Realized loss on derivatives |  | — |  |  | (96 | )
Realized gain on derivatives |  | 10,867 |  |  | 3,270 |
Oil |  | Revenues: Unrealized gain (loss) on derivatives |  | 136,430 |  |  | (45,444 | )
Natural Gas |  | Revenues: Unrealized loss on derivatives |  | — |  |  | (275 | )
Unrealized gain (loss) on derivatives |  | 136,430 |  |  | (45,719 | )
Total |  |  |  | $ | 147,297 |  |  | $ | (42,449 | )

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