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DERIVATIVES (Tables) | 6 Months Ended
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Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Commodity Derivative Contracts | As of June 30, 2021, the Company had entered into the following commodity derivative contracts:
|  | Crude Oil (NYMEX WTI) |  | Natural Gas (NYMEX Henry Hub) |  | Natural Gas (CIG Basis) |  | Natural Gas (CIG)
|  | Bbls/day |  | Weighted Avg. Price per Bbl |  | MMBtu/day |  | Weighted Avg. Price per MMBtu |  | MMBtu/day |  | Weighted Avg. Basis Differential to CIG Price per MMBtu |  | MMBtu/day |  | Weighted Avg. Price per MMBtu
3Q21 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cashless Collar |  | 3,000 |  |  | $30.00/$50.62 |  | 20,000 |  |  | $2.25/$2.52 |  | — |  |  | — |  | 20,000 |  |  | $2.15/$2.75
Swap |  | 9,500 |  |  | $54.41 |  | — |  |  | — |  | 20,000 |  |  | $0.43 |  | 20,000 |  |  | $2.12
Oil Roll Swap(1) |  | 4,500 |  |  | $0.16 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
4Q21 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cashless Collar |  | 4,000 |  |  | $30.63/$50.34 |  | 20,000 |  |  | $2.25/$2.52 |  | — |  |  | — |  | 20,000 |  |  | $2.15/$2.75
Swap |  | 8,000 |  |  | $54.49 |  | — |  |  | — |  | 20,000 |  |  | $0.43 |  | 13,370 |  |  | $2.13
Oil Roll Swap(1) |  | 4,500 |  |  | $0.16 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
1Q22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cashless Collar |  | 6,500 |  |  | $35.10/$59.44 |  | — |  |  | — |  | — |  |  | — |  | 20,000 |  |  | $2.15/$2.75
Swap |  | 1,000 |  |  | $50.15 |  | — |  |  | — |  | — |  |  | — |  | 10,000 |  |  | $2.13
Oil Roll Swap(1) |  | 2,000 |  |  | $0.22 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
Swaptions |  | 4,000 |  |  | $55.06 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
2Q22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cashless Collar |  | 5,000 |  |  | $36.64/$63.52 |  | — |  |  | — |  | — |  |  | — |  | 20,000 |  |  | $2.15/$2.75
Swap |  | 1,000 |  |  | $50.15 |  | — |  |  | — |  | — |  |  | — |  | 10,000 |  |  | $2.13
Oil Roll Swap(1) |  | 2,000 |  |  | $0.22 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
Swaptions |  | 4,000 |  |  | $55.06 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
3Q22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cashless Collar |  | 3,500 |  |  | $38.76/$66.84 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
Swap |  | 1,000 |  |  | $50.15 |  | — |  |  | — |  | — |  |  | — |  | 10,000 |  |  | $2.13
Oil Roll Swap(1) |  | 2,000 |  |  | $0.22 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
Swaptions |  | 2,000 |  |  | $55.13 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
4Q22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cashless Collar |  | 3,000 |  |  | $39.39/$68.86 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
Swap |  | 1,000 |  |  | $50.15 |  | — |  |  | — |  | — |  |  | — |  | 10,000 |  |  | $2.13
Oil Roll Swap(1) |  | 2,000 |  |  | $0.22 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
Swaptions |  | 2,000 |  |  | $55.13 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
_______________________________ (1) The weighted average differential represents the amount of reduction to NYMEX WTI prices for the notional volumes covered by the swap contracts. As of the filing date of this report, the Company had entered into the following commodity derivative contracts:
|  | Crude Oil (NYMEX WTI) |  | Natural Gas (NYMEX Henry Hub) |  | Natural Gas (CIG Basis) |  | Natural Gas (CIG)
|  | Bbls/day |  | Weighted Avg. Price per Bbl |  | MMBtu/day |  | Weighted Avg. Price per MMBtu |  | MMBtu/day |  | Weighted Avg. Basis Differential to CIG Price per MMBtu |  | MMBtu/day |  | Weighted Avg. Price per MMBtu
3Q21 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cashless Collar |  | 3,000 |  |  | $30.00/$50.62 |  | 20,000 |  |  | $2.25/$2.52 |  | — |  |  | — |  | 20,000 |  |  | $2.15/$2.75
Swap |  | 9,500 |  |  | $54.41 |  | — |  |  | — |  | 20,000 |  |  | $0.43 |  | 20,000 |  |  | $2.12
Oil Roll Swaps(1) |  | 4,500 |  |  | $0.16 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
4Q21 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cashless Collar |  | 10,500 |  |  | $48.81/$67.63 |  | 20,000 |  |  | $2.25/$2.52 |  | — |  |  | — |  | 20,000 |  |  | $2.15/$2.75
Swap |  | 8,000 |  |  | $54.49 |  | — |  |  | — |  | 20,000 |  |  | $0.43 |  | 13,370 |  |  | $2.13
Oil Roll Swaps(1) |  | 4,500 |  |  | $0.16 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
1Q22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cashless Collar |  | 6,500 |  |  | $35.10/$59.44 |  | — |  |  | — |  | — |  |  | — |  | 20,000 |  |  | $2.15/$2.75
Swap |  | 1,000 |  |  | $50.15 |  | — |  |  | — |  | — |  |  | — |  | 10,000 |  |  | $2.13
Oil Roll Swaps(1) |  | 2,000 |  |  | $0.22 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
Swaptions |  | 4,000 |  |  | $55.06 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
2Q22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cashless Collar |  | 5,000 |  |  | $36.64/$63.52 |  | — |  |  | — |  | — |  |  | — |  | 20,000 |  |  | $2.15/$2.75
Swap |  | 1,000 |  |  | $50.15 |  | — |  |  | — |  | — |  |  | — |  | 10,000 |  |  | $2.13
Oil Roll Swaps(1) |  | 2,000 |  |  | $0.22 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
Swaptions |  | 4,000 |  |  | $55.06 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
3Q22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cashless Collar |  | 4,200 |  |  | $40.64/$67.74 |  | 20,000 |  |  | $2.80/$4.20 |  | — |  |  | — |  | — |  |  | —
Swap |  | 1,000 |  |  | $50.15 |  | — |  |  | — |  | — |  |  | — |  | 10,000 |  |  | $2.13
Oil Roll Swaps(1) |  | 2,000 |  |  | $0.22 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
Swaptions |  | 2,000 |  |  | $55.13 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
4Q22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cashless Collar |  | 3,700 |  |  | $41.40/$69.50 |  | 20,000 |  |  | $2.80/$4.20 |  | — |  |  | — |  | — |  |  | —
Swap |  | 1,000 |  |  | $50.15 |  | — |  |  | — |  | — |  |  | — |  | 10,000 |  |  | $2.13
Oil Roll Swaps(1) |  | 2,000 |  |  | $0.22 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
Swaptions |  | 2,000 |  |  | $55.13 |  | — |  |  | — |  | — |  |  | — |  | — |  |  | —
_______________________________ (1) The weighted average differential represents the amount of reduction to NYMEX WTI prices for the notional volumes covered by the swap contracts.
Schedule of Derivatives and Balance Sheet Location | The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as of the dates indicated in the table below (in thousands):
|  | June 30, 2021 |  | December 31, 2020
Derivative Assets: |  |  |  |
Commodity contracts – current |  | $ | — |  |  | $ | 7,482 |
Commodity contracts – noncurrent |  | — |  |  | — |
Derivative Liabilities: |  |  |  |
Commodity contracts – current |  | (80,866) |  |  | (6,402) |
Commodity contracts – noncurrent |  | (11,285) |  |  | (1,330) |
Total derivative assets (liabilities), net |  | $ | (92,151) |  |  | $ | (250) |
Summary of Components of Derivative Gain (Loss) Statements of Operations | The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands):
| Three Months Ended June 30, |  | Six months ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Derivative cash settlement gain (loss): |  |  |  |  |  |  |
Oil contracts | $ | (18,794) |  |  | $ | 22,485 |  |  | $ | (21,616) |  |  | $ | 32,923 |
Gas contracts | (1,405) |  |  | 128 |  |  | (2,374) |  |  | 944 |
Total derivative cash settlement gain (loss)(1) | (20,199) |  |  | 22,613 |  |  | (23,990) |  |  | 33,867 |
Change in fair value gain (loss) | (53,771) |  |  | (47,759) |  |  | (73,399) |  |  | 41,406 |
Total derivative gain (loss)(1) | $ | (73,970) |  |  | $ | (25,146) |  |  | $ | (97,389) |  |  | $ | 75,273 |
_______________________________ (1)Total derivative gain (loss) and total derivative cash settlement gain (loss) for the six months ended June 30, 2021 and 2020 are reported in the derivative (gain) loss line item and derivative cash settlement gain (loss) line item in the accompanying statements of cash flows, within the cash flows from operating activities.

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