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DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of oil hedge positions | we held the following Brent-based crude oil contracts as of December 31, 2020:
| Q1 2021 |  | Q2 2021 |  | Q3 2021 |  | Q4 2021 |  | 2022 |  | January - October 2023 |  |
Sold Calls: |  |  |  |  |  |  |  |  |  |  |  |  |
Barrels per day | 19,028 |  |  | 33,372 |  |  | 35,202 |  |  | 10,645 |  |  | 30,783 |  |  | 17,758 |  |  |
Weighted-average price per barrel | $ | 47.88 |  |  | $ | 48.64 |  |  | $ | 49.83 |  |  | $ | 56.00 |  |  | $ | 59.37 |  |  | $ | 58.01 |  |  |
Purchased Puts |  |  |  |  |  |  |  |  |  |  |  |  |
Barrels per day | 39,148 |  |  | 37,872 |  |  | 36,617 |  |  | 35,483 |  |  | 30,783 |  |  | 17,758 |  |  |
Weighted-average price per barrel | $ | 41.88 |  |  | $ | 40.00 |  |  | $ | 40.00 |  |  | $ | 40.00 |  |  | $ | 40.00 |  |  | $ | 40.00 |  |  |
Sold Puts |  |  |  |  |  |  |  |  |  |  |  |  |
Barrels per day | 15,659 |  |  | 15,149 |  |  | 14,647 |  |  | 14,193 |  |  | 3,042 |  |  | — |  |  |
Weighted-average price per barrel | $ | 35.97 |  |  | $ | 31.41 |  |  | $ | 30.00 |  |  | $ | 32.00 |  |  | $ | 32.00 |  |  | $ | — |  |  |
Swaps |  |  |  |  |  |  |  |  |  |  |  |  |
Barrels per day | 7,830 |  |  | 7,574 |  |  | 7,323 |  |  | 7,097 |  |  | 6,576 |  |  | 5,919 |  |  |
Weighted-average price per barrel | $ | 43.74 |  |  | $ | 44.13 |  |  | $ | 43.82 |  |  | $ | 45.30 |  |  | $ | 46.29 |  |  | $ | 47.57 |  |  |
These noncash derivative gains and losses, along with settlement payments, are reported in net derivative (loss) gain from commodity contracts on our consolidated statements of operations as shown in the table below:
| Successor |  |  | Predecessor
| November 1, 2020 - December 31, 2020 |  |  | January 1, 2020 - October 31, 2020 |  | Year ended December 31, 2019 |  | Year ended December 31, 2018
(in millions) |  |  |  |  |  |  |  |
Non-cash derivative (loss) gain | $ | (140) |  |  |  | $ | (17) |  |  | $ | (170) |  |  | $ | 229 |
Net (payments) proceeds on settled commodity derivatives | (1) |  |  |  | 108 |  |  | 111 |  |  | (228) |
Net derivative (loss) gain from commodity contracts | $ | (141) |  |  |  | $ | 91 |  |  | $ | (59) |  |  | $ | 1 |
Schedule of fair values (at gross and net) of outstanding derivatives | The following tables present the fair values (at gross and net) of our outstanding derivatives:
December 31, 2020 (Successor)
Classification |  | Gross Amounts at Fair Value |  | Netting |  | Net Fair Value
Assets: |  | (in millions)
Other current assets |  | $ | 21 |  |  | $ | (21) |  |  | $ | — |
Other assets |  | 63 |  |  | (63) |  |  | — |
Liabilities: |  |  |  |  |  |
Accrued liabilities |  | (71) |  |  | 21 |  |  | (50) |
Other long-term liabilities |  | (69) |  |  | 63 |  |  | (6) |
|  | $ | (56) |  |  | $ | — |  |  | $ | (56) |
December 31, 2019 (Predecessor)
Classification |  | Gross Amounts at Fair Value |  | Netting |  | Net Fair Value
Assets: |  | (in millions)
Other current assets |  | $ | 49 |  |  | $ | (10) |  |  | $ | 39 |
Other assets |  | 1 |  |  | — |  |  | 1 |
Liabilities: |  |  |  |  |  |
Accrued liabilities |  | (15) |  |  | 10 |  |  | (5) |
Other long-term liabilities |  | — |  |  | — |  |  | — |
|  | $ | 35 |  |  | $ | — |  |  | $ | 35 |

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