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DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2020
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of open fixed price swap positions and natural gas basis swap positions Below is a summary of the Company’s open fixed price swap positions as of June 30, 2020. 
LocationDaily Volume
(MMBtu/day)		Weighted
Average Price
Remaining 2020NYMEX Henry Hub357,000  $2.86  
LocationDaily Volume
(Bbls/day)		Weighted
Average Price
Remaining 2020NYMEX WTI3,000  $35.49  
LocationDaily Volume
(Bbls/day)		Weighted
Average Price
Remaining 2020Mont Belvieu C31,500  $20.27  
The Company sold call options in exchange for a premium, and used the associated premiums to enhance the fixed price for a portion of the fixed price natural gas swaps primarily for 2020 listed above. Each call option has an established ceiling price. When the referenced settlement price is above the price ceiling established by these call options, the Company pays its counterparty an amount equal to the difference between the referenced settlement price and the price ceiling multiplied by the hedged contract volumes.
LocationDaily Volume
(MMBtu/day)		Weighted Average Price
2022NYMEX Henry Hub628,000  $2.90  
2023NYMEX Henry Hub628,000  $2.90  
LocationDaily Volume (MMBtu/day)Weighted Average Floor PriceWeighted Average Ceiling Price
2021NYMEX Henry Hub250,000  $2.46  $2.81  
As of June 30, 2020, the Company had the following natural gas basis swap positions open:
Gulfport PaysGulfport ReceivesDaily Volume
(MMBtu/day)		Weighted Average Fixed Spread
Remaining 2020Transco Zone 4NYMEX Plus Fixed Spread60,000  $(0.05) 
Remaining 2020Fixed SpreadONEOK Minus NYMEX10,000  $(0.54) 
During the three months ended June 30, 2020, we early terminated oil fixed price swaps which represented approximately 6,000 BBls of oil per day for the remainder of 2020. The early termination resulted in a cash settlement of $40.5 million.
Schedule of purchase and sale agreement for sale of the company's non-core assets See below for threshold and potential payment amounts.
Period
Threshold(1)
Payment to be received(2)
July 2020 - June 2021
Greater than or equal to $60.65
$150,000  
Between $52.62 - $60.65
Calculated Value(3)
Less than or equal to $52.62
$—  
(1)Based on the "WTI NYMEX + Argus LLS Differential," as published by Argus Media.
(2)Payment will be assessed monthly from July 2020 through June 2021. If threshold is met, payment shall be received within five business days after the end of each calendar month.
(3)
If average daily price, as defined in (1), is greater than $52.62 but less than $60.65, payment received will be $150,000 multiplied by a fraction, the numerator of which is the amount determined by subtracting $52.62 from such average daily price, and the denominator of which is $8.03.
Schedule of derivative instruments in balance sheet The following table presents the fair value of the Company’s derivative instruments on a gross basis at June 30, 2020 and December 31, 2019:
June 30, 2020December 31, 2019
(In thousands)
Commodity Contracts:
Short-term derivative asset$53,188  $125,383  
Long-term derivative asset4,298  —  
Short-term derivative liability(8,540) (303) 
Long-term derivative liability(45,615) (53,135) 
Total commodity derivative position$3,331  $71,945  
Contingent consideration arrangement:
Short-term derivative asset$—  $818  
Long-term derivative asset—  563  
Total contingent consideration derivative position$—  $1,381  
Total net asset derivative position$3,331  $73,326  
Schedule of net gain (loss) on derivatives The following table presents the gain and loss recognized in net gain on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the three and six months ended June 30, 2020 and 2019.
Net gain (loss) on derivative instruments
Three months ended June 30,Six months ended June 30,
2020201920202019
(In thousands)
Natural gas derivatives$35,689  $152,475  $81,542  $136,044  
Oil derivatives(7,937) 11,871  44,937  11,417  
NGL derivatives(781) 6,794  139  3,634  
Contingent consideration arrangement—  —  (1,381) —  
Total$26,971  $171,140  $125,237  $151,095  
Schedule of recognized derivative assets The following table presents the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value.
As of June 30, 2020
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
(In thousands)
Derivative assets$57,486  $(48,761) $8,725  
Derivative liabilities$(54,155) $48,761  $(5,394) 
As of December 31, 2019
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
(In thousands)
Derivative assets$126,764  $(53,438) $73,326  
Derivative liabilities$(53,438) $53,438  $—  
Schedule of recognized derivative liabilities The following table presents the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value.
As of June 30, 2020
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
(In thousands)
Derivative assets$57,486  $(48,761) $8,725  
Derivative liabilities$(54,155) $48,761  $(5,394) 
As of December 31, 2019
Gross Assets (Liabilities)Gross Amounts
Presented in theSubject to MasterNet
Consolidated Balance SheetsNetting AgreementsAmount
(In thousands)
Derivative assets$126,764  $(53,438) $73,326  
Derivative liabilities$(53,438) $53,438  $—