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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Financial Instruments [Abstract]

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments (in thousands):

		December 31, 2020								December 31, 2019
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
11.00% Second-Priority Senior Secured Notes – due    April 2022(1)		$	343,579			$	355,935			$	383,871			$	401,128
7.50% Senior Notes – due May 2022		$	6,060			$	5,238			$	6,060			$	5,030
Bank Credit Facility – matures May 2022(1)		$	635,873			$	640,000			$	343,050			$	350,000
Oil and Natural Gas Derivatives		$	(67,814	)		$	(67,814	)		$	(11,594	)		$	(11,594	)

⁽¹⁾ The carrying amounts are net of discount and deferred financing costs.

Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations

The following table presents the impact that derivatives, not qualifying as hedging instruments, had on its Consolidated Statements of Operations (in thousands):

		Year Ended December 31,
		2020				2019				2018
Net cash received (paid) on settled derivative instruments		$	143,905			$	(8,820	)		$	(111,147	)
Unrealized gain (loss)			(56,220	)			(86,517	)			171,582
Price risk management activities income (expense)		$	87,685			$	(95,337	)		$	60,435

Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts

The following table reflects the contracted volumes and weighted average prices the Company will receive under the terms of its derivative contracts as of December 31, 2020:

Production Period		Instrument Type		Average Daily Volumes				Weighted Average Swap Price				Weighted Average Put Price				Weighted Average Call Price
Crude Oil – WTI:				(Bbls)				(per Bbl)				(per Bbl)				(per Bbl)
January 2021 – December 2021		Swaps			22,948			$	43.20			$	—			$	—
January 2021 – December 2021		Collars			1,000			$	—			$	30.00			$	40.00
January 2022 – December 2022		Swaps			10,616			$	44.45			$	—			$	—
Crude Oil – LLS:				(Bbls)				(per Bbl)				(per Bbl)				(per Bbl)
January 2021 – December 2021		Swaps			3,000			$	38.83			$	—			$	—
Natural Gas – NYMEX Henry Hub:				(MMBtu)				(per MMBtu)				(per MMBtu)				(per MMBtu)
January 2021 – December 2021		Swaps			58,907			$	2.56			$	—			$	—
January 2021 – December 2021		Collars			5,000			$	—			$	2.50			$	3.10
January 2022 – December 2022		Swaps			29,649			$	2.60			$	—			$	—
January 2023 – June 2023		Swaps			5,000			$	2.61			$	—			$	—

Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis

The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands):

		December 31, 2020
		Level 1				Level 2				Level 3				Total
Assets:
Oil and natural gas swaps and costless collars		$	—			$	7,821			$	—			$	7,821
Liabilities:
Oil and natural gas swaps and costless collars			—				(75,635	)			—				(75,635	)
Total net liability		$	—			$	(67,814	)		$	—			$	(67,814	)

		December 31, 2019
		Level 1				Level 2				Level 3				Total
Assets:
Oil and natural gas swaps and costless collars		$	—			$	8,393			$	—			$	8,393
Liabilities:
Oil and natural gas swaps and costless collars			—				(19,987	)			—				(19,987	)
Total net liability		$	—			$	(11,594	)		$	—			$	(11,594	)

Schedule of Fair Value of Derivative Financial Instruments

The following table presents the fair value of derivative financial instruments at December 31, 2020 and 2019 (in thousands): 

		December 31, 2020								December 31, 2019
		Assets				Liabilities				Assets				Liabilities
Oil and natural gas derivatives:
Current		$	6,876			$	66,010			$	8,393			$	19,476
Non-current			945				9,625				—				511
Total		$	7,821			$	75,635			$	8,393			$	19,987

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