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Derivatives (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The following table summarizes derivative activity for the three and nine-month periods ended September 30, 2019, and 2018 (in thousands):

			Three Months Ended September 30,																		Nine Months Ended September 30,
			2019						2018						2019						2018
(Gain) loss on commodity derivative contracts			$	(1,756)					$	11,329					$	(1,547)					$	59,763
Cash (received) paid on settlements			$	(622)					$	11,631					$	(5,700)					$	29,025

Offsetting Assets and Liabilities

The following table summarizes (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions, the applicable portion of shared collateral under the credit facility as of September 30, 2019 and December 31, 2018 (in thousands):

September 30, 2019

						Gross Amounts						Gross Amounts Offset						Amounts Net of Offset						Financial Collateral						Net Amount
Assets
Derivative contracts - current						$	1,133					$	—					$	1,133					$	—					$	1,133
Total						$	1,133					$	—					$	1,133					$	—					$	1,133

December 31, 2018

						Gross Amounts						Gross Amounts Offset						Amounts Net of Offset						Financial Collateral						Net Amount
Assets
Derivative contracts - current						$	5,286					$	—					$	5,286					$	—					$	5,286
Total						$	5,286					$	—					$	5,286					$	—					$	5,286

Oil Price Swaps

At September 30, 2019, the Company's open derivative contracts consisted of the following:

Oil Price Swaps

						Notional (MBbls)						Weighted Average Fixed Price
October 2019 - December 2019						184						$	60.04

Fair Value of Derivatives

The following table presents the fair value of the Company’s derivative contracts as of September 30, 2019 and December 31, 2018, on a gross basis without regard to same-counterparty netting (in thousands):

Type of Contract						Balance Sheet Classification						September 30, 2019						December 31, 2018
Derivative assets
Oil price swaps						Derivative contracts-current						$	1,133					$	—
Natural gas price swaps						Derivative contracts-current						—						5,286
Total net derivative contracts																		$	1,133					$	5,286

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
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