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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments Not Designated as Hedging Instruments [Abstract] |
Schedule of notional amounts of outstanding derivative positions [Table Text Block] | As of September 30, 2020, the Company had commodity derivative contracts outstanding through the fourth quarter of 2022 as summarized in the tables below. Oil Swaps
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Contract Price
|  | (MBbl) |  | (per Bbl)
Fourth quarter 2020 |  | 4,397 |  |  | $ | 57.03 |
2021 |  | 17,115 |  |  | $ | 40.38 |
2022 |  | 3,885 |  |  | $ | 43.58 |
Total |  | 25,397 |  |  |
Oil Collars
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Floor Price |  | Weighted-Average Ceiling Price
|  | (MBbl) |  | (per Bbl) |  | (per Bbl)
Fourth quarter 2020 |  | 610 |  |  | $ | 55.00 |  |  | $ | 61.90 |
2021 |  | 551 |  |  | $ | 48.97 |  |  | $ | 51.96 |
Total |  | 1,161 |  |  |  |  |
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)
Fourth quarter 2020 |  | 4,087 |  |  | $ | (0.38) |  |  | 920 |  |  | $ | (8.01) |
2021 |  | 13,975 |  |  | $ | 0.75 |  |  | 3,650 |  |  | $ | (7.86) |
2022 |  | 9,500 |  |  | $ | 1.15 |  |  | 3,650 |  |  | $ | (7.78) |
Total |  | 27,562 |  |  |  |  | 8,220 |  |  |
____________________________________________ (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). Oil Roll Differential Swaps
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Contract Price
|  | (MBbl) |  | (per Bbl)
Fourth quarter 2020 |  | 2,503 |  |  | $ | (1.18) |
2021 |  | 6,058 |  |  | $ | (0.40) |
Total |  | 8,561 |  |  |
Gas Swaps
Contract Period |  | IF HSC Volumes |  | Weighted-Average Contract Price |  | WAHA Volumes |  | Weighted-Average Contract Price
|  | (BBtu) |  | (per MMBtu) |  | (BBtu) |  | (per MMBtu)
Fourth quarter 2020 |  | 9,327 |  |  | $ | 2.39 |  |  | 4,872 |  |  | $ | 1.21 |
2021 |  | 47,800 |  |  | $ | 2.42 |  |  | 25,155 |  |  | $ | 1.67 |
2022 |  | 6,104 |  |  | $ | 2.23 |  |  | 5,904 |  |  | $ | 2.10 |
Total (1) |  | 63,231 |  |  |  |  | 35,931 |  |  |
____________________________________________ (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 September 30, 2020, WAHA volumes were comprised of 64 percent IF WAHA and 36 percent GD WAHA. NGL Swaps
|  |  |  | OPIS Propane Mont Belvieu Non-TET |  |  |  |  |  |
Contract Period |  |  |  |  |  | Volumes |  | Weighted-Average Contract Price |  |  |  |  |  |  |  |  |
|  |  |  |  |  | (MBbl) |  | (per Bbl) |  |  |  |  |  |  |  |  |
Fourth quarter 2020 |  |  |  |  |  | 466 |  |  | $ | 22.29 |  |  |  |  |  |  |  |  |  |
2021 |  |  |  |  |  | 392 |  |  | $ | 19.74 |  |  |  |  |  |  |  |  |  |
Total |  |  |  |  |  | 858 |  |  |  |  |  |  |  |  |  |  |  |
Schedule of fair value of derivatives in accompanying balance sheets [Table Text Block] | The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:
| As of September 30, 2020 |  | As of December 31, 2019
| (in thousands)
Derivative assets: |  |  |
Current assets | $ | 128,046 |  |  | $ | 55,184 |
Noncurrent assets | 31,509 |  |  | 20,624 |
Total derivative assets | $ | 159,555 |  |  | $ | 75,808 |
Derivative liabilities: |  |  |
Current liabilities | $ | 76,969 |  |  | $ | 50,846 |
Noncurrent liabilities | 33,068 |  |  | 3,444 |
Total derivative liabilities | $ | 110,037 |  |  | $ | 54,290 |
Schedule of the potential effects of master netting arrangements [Table Text Block] | 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 as of |  | Derivative Liabilities as of
| September 30, 2020 |  | December 31, 2019 |  | September 30, 2020 |  | December 31, 2019
| (in thousands)
Gross amounts presented in the accompanying balance sheets | $ | 159,555 |  |  | $ | 75,808 |  |  | $ | (110,037) |  |  | $ | (54,290) |
Amounts not offset in the accompanying balance sheets | (104,037) |  |  | (35,075) |  |  | 104,037 |  |  | 35,075 |
Net amounts | $ | 55,518 |  |  | $ | 40,733 |  |  | $ | (6,000) |  |  | $ | (19,215) |
Schedule of the components of the derivative settlement (gain) loss and of the net derivative (gain) loss [Table Text Block] | The following table summarizes the commodity components of the derivative settlement (gain) loss, as well as the components of the net derivative (gain) loss line item presented in the accompanying statements of operations:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
| (in thousands)
Derivative settlement (gain) loss: |  |  |  |  |  |  |
Oil contracts | $ | (68,907) |  |  | $ | 2,246 |  |  | $ | (261,095) |  |  | $ | 14,304 |
Gas contracts | (896) |  |  | (12,210) |  |  | (16,575) |  |  | (13,744) |
NGL contracts | (502) |  |  | (14,758) |  |  | (8,600) |  |  | (24,403) |
Total net derivative settlement gain | $ | (70,305) |  |  | $ | (24,722) |  |  | $ | (286,270) |  |  | $ | (23,843) |
Net derivative (gain) loss: |  |  |  |  |  |  |
Oil contracts | $ | 30,641 |  |  | $ | (83,984) |  |  | $ | (360,649) |  |  | $ | 67,261 |
Gas contracts | 31,548 |  |  | (4,228) |  |  | 46,537 |  |  | (36,337) |
NGL contracts | 1,682 |  |  | (12,677) |  |  | (157) |  |  | (34,387) |
Total net derivative (gain) loss | $ | 63,871 |  |  | $ | (100,889) |  |  | $ | (314,269) |  |  | $ | (3,463) |

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