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Risk management (Tables)
 9 Months Ended
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)