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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2019
Derivative Instruments Not Designated as Hedging Instruments [Abstract] |
Schedule of commodity derivative contracts outstanding | Oil Swaps
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Contract Price
|  | (MBbl) |  | (per Bbl)
First quarter 2020 |  | 2,486 |  |  | $ | 59.65 |
Second quarter 2020 |  | 2,838 |  |  | $ | 58.81 |
Third quarter 2020 |  | 3,361 |  |  | $ | 56.43 |
Fourth quarter 2020 |  | 3,937 |  |  | $ | 56.94 |
2021 |  | 667 |  |  | $ | 56.00 |
Total |  | 13,289 |  |  |
Oil Collars
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Floor Price |  | Weighted-Average Ceiling Price
|  | (MBbl) |  | (per Bbl) |  | (per Bbl)
First quarter 2020 |  | 2,267 |  |  | $ | 55.00 |  |  | $ | 63.91 |
Second quarter 2020 |  | 1,881 |  |  | $ | 55.00 |  |  | $ | 62.17 |
Third quarter 2020 |  | 1,252 |  |  | $ | 55.00 |  |  | $ | 62.90 |
Fourth quarter 2020 |  | 610 |  |  | $ | 55.00 |  |  | $ | 61.90 |
2021 |  | 329 |  |  | $ | 55.00 |  |  | $ | 56.70 |
Total |  | 6,339 |  |  |  |  |
Oil Basis Swaps
Contract Period |  | WTI Midland-NYMEX WTI Volumes |  | Weighted-Average Contract Price (1) |  | NYMEX WTI-ICE Brent Volumes |  | Weighted-Average Contract Price (2)
|  | (MBbl) |  | (per Bbl) |  | (MBbl) |  | (per Bbl)
First quarter 2020 |  | 4,193 |  |  | $ | (0.68 | ) |  | — |  |  | $ | — |
Second quarter 2020 |  | 3,495 |  |  | $ | (0.68 | ) |  | 910 |  |  | $ | (8.06 | )
Third quarter 2020 |  | 3,325 |  |  | $ | (0.74 | ) |  | 920 |  |  | $ | (8.01 | )
Fourth quarter 2020 |  | 3,261 |  |  | $ | (0.73 | ) |  | 920 |  |  | $ | (8.01 | )
2021 |  | 5,954 |  |  | $ | 0.59 |  |  | 3,650 |  |  | $ | (7.86 | )
2022 |  | — |  |  | $ | — |  |  | 3,650 |  |  | $ | (7.78 | )
Total |  | 20,228 |  |  |  |  | 10,050 |  |  |
____________________________________________
(1) | Represents the price differential between WTI Midland (Midland, Texas) and NYMEX WTI (Cushing, Oklahoma).
(2) | Represents the price differential between NYMEX WTI (Cushing, Oklahoma) and ICE Brent (North Sea).
Gas Swaps
Contract Period |  | IF HSC Volumes |  | Weighted-Average Contract Price |  | WAHA Volumes |  | Weighted-Average Contract Price
|  | (BBtu) |  | (per MMBtu) |  | (BBtu) |  | (per MMBtu)
First quarter 2020 |  | 9,123 |  |  | $ | 2.98 |  |  | 3,099 |  |  | $ | 1.93 |
Second quarter 2020 |  | 4,160 |  |  | $ | 2.20 |  |  | 3,196 |  |  | $ | 0.56 |
Third quarter 2020 |  | 4,493 |  |  | $ | 2.41 |  |  | 3,268 |  |  | $ | 1.03 |
Fourth quarter 2020 |  | 3,722 |  |  | $ | 2.36 |  |  | 3,419 |  |  | $ | 1.17 |
2021 |  | — |  |  | $ | — |  |  | 4,224 |  |  | $ | 1.51 |
Total (1) |  | 21,498 |  |  |  |  | 17,206 |  |  |
____________________________________________
(1) | The Company has natural gas swaps in place that settle against Inside FERC Houston Ship Channel (“IF HSC”), Inside FERC West Texas (“IF WAHA”), and Platt’s Gas Daily West Texas (“GD WAHA”). As of December 31, 2019, WAHA volumes were comprised of 92 percent IF WAHA and eight percent GD WAHA.
NGL Swaps
|  | OPIS Ethane Purity Mont Belvieu |  | OPIS Propane Mont Belvieu Non-TET
Contract Period |  | Volumes |  | Weighted-Average Contract Price |  | Volumes |  | Weighted-Average Contract Price
|  | (MBbl) |  | (per Bbl) |  | (MBbl) |  | (per Bbl)
First quarter 2020 |  | 447 |  |  | $ | 11.53 |  |  | 382 |  |  | $ | 22.64 |
Second quarter 2020 |  | 264 |  |  | $ | 11.13 |  |  | 382 |  |  | $ | 22.34 |
Third quarter 2020 |  | — |  |  | $ | — |  |  | 409 |  |  | $ | 22.33 |
Fourth quarter 2020 |  | — |  |  | $ | — |  |  | 466 |  |  | $ | 22.29 |
Total |  | 711 |  |  |  |  | 1,639 |  |  |
Schedule of fair value of derivatives in accompanying balance sheets | The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:
| As of December 31, 2019 |  | As of December 31, 2018
| (in thousands)
Derivative assets: |  |  |
Current assets | $ | 55,184 |  |  | $ | 175,130 |
Noncurrent assets | 20,624 |  |  | 58,499 |
Total derivative assets | $ | 75,808 |  |  | $ | 233,629 |
Derivative liabilities: |  |  |
Current liabilities | $ | 50,846 |  |  | $ | 62,853 |
Noncurrent liabilities | 3,444 |  |  | 12,496 |
Total derivative liabilities | $ | 54,290 |  |  | $ | 75,349 |
Schedule of the potential effects of master netting arrangements | The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts:
|  | Derivative Assets |  | Derivative Liabilities
|  | As of December 31, |  | As of December 31,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
|  | (in thousands)
Gross amounts presented in the accompanying balance sheets |  | $ | 75,808 |  |  | $ | 233,629 |  |  | $ | (54,290 | ) |  | $ | (75,349 | )
Amounts not offset in the accompanying balance sheets |  | (35,075 | ) |  | (56,041 | ) |  | 35,075 |  |  | 56,041 |
Net amounts |  | $ | 40,733 |  |  | $ | 177,588 |  |  | $ | (19,215 | ) |  | $ | (19,308 | )
Schedule of gains and losses on derivative instruments in the statement of operations | The following table summarizes the commodity components of the net derivative (gain) loss line item presented in the accompanying statements of operations:
| For the Years Ended December 31,
| 2019 |  | 2018 |  | 2017
| (in thousands)
Derivative settlement (gain) loss: |  |  |  |  |
Oil contracts | $ | 19,685 |  |  | $ | 68,860 |  |  | $ | 31,176 |
Gas contracts | (23,008 | ) |  | 13,029 |  |  | (87,857 | )
NGL contracts | (35,899 | ) |  | 53,914 |  |  | 35,447 |
Total derivative settlement (gain) loss | $ | (39,222 | ) |  | $ | 135,803 |  |  | $ | (21,234 | )
Net derivative (gain) loss: |  |  |  |  |
Oil contracts | $ | 172,055 |  |  | $ | (192,002 | ) |  | $ | 71,502 |
Gas contracts | (41,205 | ) |  | 35,411 |  |  | (76,315 | )
NGL contracts | (33,311 | ) |  | (5,241 | ) |  | 31,227 |
Total net derivative (gain) loss | $ | 97,539 |  |  | $ | (161,832 | ) |  | $ | 26,414 |

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