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Risk management (Tables) | 9 Months Ended
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Sep. 30, 2020
Statement [LineItems] |
Summary of Reconcilation of Change in Fair Value of Financial Instruments Outstanding | The following table reconciles the changes in the fair value of financial instruments outstanding:
Risk management asset (liability) |  | Nine months ended September 30, 2020 |  |  | Year ended December 31, 2019 |
Balance, beginning of period |  | $ | — |  |  | $ | 9 |
Unrealized gain (loss) on financial instruments: |  |  |  |  |  |  |  |
Commodity collars and swaps |  |  | — |  |  |  | (9 | )
Total fair value, end of period |  | $ | — |  |  | $ | — |
Schedule of Financial Instruments Outstanding | Obsidian Energy had the following financial instruments outstanding as at September 30, 2020. Fair values are determined using external counterparty information, which is compared to observable market data. The Company limits our credit risk by executing counterparty risk procedures which include transacting only with institutions
|  | Notional volume |  |  | Remaining term |  |  | Pricing |  |  | Fair value (millions) |
Financial AECO Swaps |  |  |  |  |  |  |  |  |
AECO Swaps |  |  | 23,700 mcf/d |  |  |  | Nov 2020 - Mar 2021 |  |  | $ | 2.94/mcf |  |  | $ | — |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |
Disclosure Details Of Financial Contracts One | Additionally, the Company had the following physical contract outstanding at September 30, 2020.
|  | Notional volume |  |  | Remaining term |  |  | Pricing |
Physical Crude Oil Contracts |  |  |  |  |  |  |  |  |
WTI |  |  | 530 bbl/d |  |  |  | Oct - Dec 2020 |  |  | $ | 56.64/bbl |
Components of Risk Management on Consolidated Statements of Income (Loss) | The components of risk management on the Consolidated Statements of Income (Loss) are as follows:
|  | Three months ended September 30 |  |  | Nine months ended September 30 |
| 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Realized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Settlement of commodity contracts |  | $ | — |  |  | $ | 1 |  |  | $ | 22 |  |  | $ | (8 | )
Total realized gain (loss) |  | $ | — |  |  | $ | 1 |  |  | $ | 22 |  |  | $ | (8 | )
Unrealized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | (5 | )
Total unrealized gain (loss) |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | (5 | )
Risk management gain (loss) |  | $ | — |  |  | $ | 4 |  |  | $ | 22 |  |  | $ | (13 | )

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