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Derivative Financial Instruments (Tables) | 2 Months Ended | 12 Months Ended
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Feb. 17, 2021 | Dec. 31, 2020
Derivative Instruments Not Designated as Hedging Instruments [Abstract] |  |
Schedule of commodity derivative contracts outstanding | Commodity Derivative Contracts Entered Into Subsequent to December 31, 2020 Subsequent to December 31, 2020, the Company entered into the following fixed price commodity derivative contracts:
Oil Swaps |  |  |  |  |  |  |  |
Index |  | Start Date |  | Through Date |  | Volumes (MBbl) |  | Weighted-Average Contract Price (per Bbl)
NYMEX WTI |  | First quarter 2021 |  | Third quarter 2021 |  | 1,048 |  |  | $ | 51.91 |
NYMEX WTI |  | First quarter 2022 |  | Fourth quarter 2022 |  | 1,222 |  |  | $ | 48.50 |
Oil Collars |  |  |  |  |  |  |  |  |  |
Index |  | Start Date |  | Through Date |  | Volumes (MBbl) |  | Weighted-Average Floor Price (per Bbl) |  | Weighted-Average Ceiling Price (per Bbl)
NYMEX WTI |  | First quarter 2022 |  | Fourth quarter 2022 |  | 1,095 |  |  | $ | 50.00 |  |  | $ | 53.28 |
Oil Basis Swaps |  |  |  |  |  |  |  |
Index |  | Start Date |  | Through Date |  | Volumes (MBbl) |  | Weighted-Average Contract Price (per Bbl)
WTI Midland-NYMEX WTI |  | First quarter 2021 |  | Third quarter 2021 |  | 1,095 |  |  | $ | 0.95 |
WTI Houston MEH-NYMEX WTI |  | First quarter 2022 |  | Fourth quarter 2022 |  | 1,329 |  |  | $ | 1.25 |
Oil Roll Differential Swaps |  |  |  |  |  |
Index |  | Start Date |  | Through Date |  | Volumes (MBbl) |  | Weighted-Average Contract Price (per Bbl)
NYMEX WTI |  | First quarter 2021 |  | Fourth quarter 2021 |  | 2,213 |  |  | $ | 0.30 |
NYMEX WTI |  | First quarter 2022 |  | Fourth quarter 2022 |  | 5,276 |  |  | $ | 0.27 |
Gas Swaps |  |  |  |  |  |  |  |
Index |  | Start Date |  | Through Date |  | Volumes (BBtu) |  | Weighted-Average Contract Price (per MMBtu)
IF HSC |  | First quarter 2022 |  | Fourth quarter 2022 |  | 7,813 |  |  | $ | 2.64 |
IF WAHA |  | First quarter 2022 |  | Fourth quarter 2022 |  | 3,650 |  |  | $ | 2.30 |
NGL Swaps |  |  |  |  |  |  |  |
Index |  | Start Date |  | Through Date |  | Volumes (MBbl) |  | Weighted-Average Contract Price (per Bbl)
OPIS Propane Mont Belvieu Non-TET |  | First quarter 2021 |  | Fourth quarter 2021 |  | 440 |  |  | $ | 27.72 |
OPIS Propane Mont Belvieu Non-TET |  | First quarter 2022 |  | First quarter 2022 |  | 115 |  |  | $ | 24.78 |
OPIS Normal Butane Mont Belvieu Non-TET |  | First quarter 2021 |  | Fourth quarter 2021 |  | 143 |  |  | $ | 30.87 |
NGL Collars |  |  |  |  |  |  |  |  |  |
Index |  | Start Date |  | Through Date |  | Volumes (MBbl) |  | Weighted-Average Floor Price (per Bbl) |  | Weighted-Average Ceiling Price (per Bbl)
OPIS Propane Mont Belvieu Non-TET |  | First quarter 2022 |  | Fourth quarter 2022 |  | 234 |  |  | $ | 22.05 |  |  | $ | 27.30 |
| Oil Swaps
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Contract Price
|  | (MBbl) |  | (per Bbl)
First quarter 2021 |  | 3,613 |  |  | $ | 42.91 |
Second quarter 2021 |  | 5,072 |  |  | $ | 39.90 |
Third quarter 2021 |  | 4,862 |  |  | $ | 40.10 |
Fourth quarter 2021 |  | 4,744 |  |  | $ | 39.85 |
2022 |  | 6,601 |  |  | $ | 43.99 |
2023 |  | 1,190 |  |  | $ | 45.20 |
Total |  | 26,082 |  |  |
Oil Collars
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Floor Price |  | Weighted-Average Ceiling Price
|  | (MBbl) |  | (per Bbl) |  | (per Bbl)
First quarter 2021 |  | 551 |  |  | $ | 48.97 |  |  | $ | 51.96 |
Total |  | 551 |  |  |  |  |
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) |  | WTI Houston MEH-NYMEX WTI Volumes |  | Weighted-Average Contract Price (3)
|  | (MBbl) |  | (per Bbl) |  | (MBbl) |  | (per Bbl) |  | (MBbl) |  | (per Bbl)
First quarter 2021 |  | 3,223 |  |  | $ | 0.79 |  |  | 900 |  |  | $ | (7.86) |  |  | 173 |  |  | $ | 0.60 |
Second quarter 2021 |  | 3,385 |  |  | $ | 0.78 |  |  | 910 |  |  | $ | (7.86) |  |  | 493 |  |  | $ | 0.60 |
Third quarter 2021 |  | 3,574 |  |  | $ | 0.74 |  |  | 920 |  |  | $ | (7.86) |  |  | 356 |  |  | $ | 0.60 |
Fourth quarter 2021 |  | 3,824 |  |  | $ | 0.71 |  |  | 920 |  |  | $ | (7.86) |  |  | 466 |  |  | $ | 0.60 |
2022 |  | 9,500 |  |  | $ | 1.15 |  |  | 3,650 |  |  | $ | (7.78) |  |  | — |  |  | $ | — |
Total |  | 23,506 |  |  |  |  | 7,300 |  |  |  |  | 1,488 |  |  |
____________________________________________ (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). (3) Represents the price differential between Argus WTI Houston MEH (Houston, Texas) and NYMEX WTI (Cushing, Oklahoma). Oil Roll Differential Swaps
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Contract Price
|  | (MBbl) |  | (per Bbl)
First quarter 2021 |  | 3,367 |  |  | $ | (0.30) |
Second quarter 2021 |  | 4,065 |  |  | $ | (0.24) |
Third quarter 2021 |  | 3,708 |  |  | $ | (0.25) |
Fourth quarter 2021 |  | 3,283 |  |  | $ | (0.24) |
2022 |  | 6,002 |  |  | $ | (0.04) |
Total |  | 20,425 |  |  |
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 2021 |  | 11,592 |  |  | $ | 2.48 |  |  | 6,544 |  |  | $ | 1.76 |
Second quarter 2021 |  | 13,672 |  |  | $ | 2.45 |  |  | 7,230 |  |  | $ | 1.76 |
Third quarter 2021 |  | 12,575 |  |  | $ | 2.40 |  |  | 8,086 |  |  | $ | 1.88 |
Fourth quarter 2021 |  | 12,412 |  |  | $ | 2.41 |  |  | 7,627 |  |  | $ | 1.82 |
2022 |  | 21,119 |  |  | $ | 2.48 |  |  | 10,066 |  |  | $ | 2.30 |
Total (1) |  | 71,370 |  |  |  |  | 39,553 |  |  |
____________________________________________ (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, 2020, WAHA volumes were comprised of 59 percent IF WAHA and 41 percent GD WAHA. NGL Swaps
|  |  |  | OPIS Propane Mont Belvieu Non-TET |  |  |  |  |  |
Contract Period |  |  |  |  |  | Volumes |  | Weighted-Average Contract Price |  |  |  |  |  |  |  |  |
|  |  |  |  |  | (MBbl) |  | (per Bbl) |  |  |  |  |  |  |  |  |
First quarter 2021 |  |  |  |  |  | 614 |  |  | $ | 21.58 |  |  |  |  |  |  |  |  |  |
Second quarter 2021 |  |  |  |  |  | 707 |  |  | $ | 21.26 |  |  |  |  |  |  |  |  |  |
Third quarter 2021 |  |  |  |  |  | 735 |  |  | $ | 21.26 |  |  |  |  |  |  |  |  |  |
Fourth quarter 2021 |  |  |  |  |  | 714 |  |  | $ | 21.30 |  |  |  |  |  |  |  |  |  |
2022 |  |  |  |  |  | 116 |  |  | $ | 21.21 |  |  |  |  |  |  |  |  |  |
Total |  |  |  |  |  | 2,886 |  |  |  |  |  |  |  |  |  |  |  |
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, 2020 |  | As of December 31, 2019
| (in thousands)
Derivative assets: |  |  |
Current assets | $ | 31,203 |  |  | $ | 55,184 |
Noncurrent assets | 23,150 |  |  | 20,624 |
Total derivative assets | $ | 54,353 |  |  | $ | 75,808 |
Derivative liabilities: |  |  |
Current liabilities | $ | 200,189 |  |  | $ | 50,846 |
Noncurrent liabilities | 22,331 |  |  | 3,444 |
Total derivative liabilities | $ | 222,520 |  |  | $ | 54,290 |
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,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (in thousands)
Gross amounts presented in the accompanying balance sheets |  | $ | 54,353 |  |  | $ | 75,808 |  |  | $ | (222,520) |  |  | $ | (54,290) |
Amounts not offset in the accompanying balance sheets |  | (53,598) |  |  | (35,075) |  |  | 53,598 |  |  | 35,075 |
Net amounts |  | $ | 755 |  |  | $ | 40,733 |  |  | $ | (168,922) |  |  | $ | (19,215) |
Schedule of gains and losses on derivative instruments in the statement of operations |  | 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 Years Ended December 31,
| 2020 |  | 2019 |  | 2018
| (in thousands)
Derivative settlement (gain) loss: |  |  |  |  |
Oil contracts | $ | (331,559) |  |  | $ | 19,685 |  |  | $ | 68,860 |
Gas contracts | (11,898) |  |  | (23,008) |  |  | 13,029 |
NGL contracts | (7,804) |  |  | (35,899) |  |  | 53,914 |
Total derivative settlement (gain) loss: | $ | (351,261) |  |  | $ | (39,222) |  |  | $ | 135,803 |
Net derivative (gain) loss: |  |  |  |  |
Oil contracts | $ | (205,180) |  |  | $ | 172,055 |  |  | $ | (192,002) |
Gas contracts | 30,038 |  |  | (41,205) |  |  | 35,411 |
NGL contracts | 13,566 |  |  | (33,311) |  |  | (5,241) |
Total net derivative (gain) loss: | $ | (161,576) |  |  | $ | 97,539 |  |  | $ | (161,832) |

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