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Derivatives (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The following table summarizes derivative activity for the years ended December 31, 2019, 2018 and 2017 (in thousands):

			Year Ended December 31,
			2019						2018						2017
(Gain) loss on commodity derivative contracts			$	(1,094)					$	17,155					$	(24,090)
Cash (received) paid on settlements			$	(6,266)					$	35,325					$	(7,260)

Offsetting Assets and Liabilities

The following tables summarize (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 December 31, 2019 and 2018 (in thousands):

December 31, 2019

						Gross Amounts						Gross Amounts Offset						Amounts Net of Offset						Financial Collateral						Net Amount
Assets
Derivative contracts - current						$	114					$	—					$	114					$	—					$	114
Total						$	114					$	—					$	114					$	—					$	114

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

Open Oil and Natural Gas Commodity Derivative Contracts

At December 31, 2019, the Company’s open commodity derivative contracts consisted of the following:

Oil Price Swaps 

			Notional (Bbl)						Weighted Average Fixed Price
January 2020 - March 2020			273,000						$	61.05

Fair Value of Derivative Contracts

The following table presents the fair value of the Company’s derivative contracts on a gross basis without regard to same-counterparty netting (in thousands):

												December 31,						December 31,
Type of Contract						Balance Sheet Classification						2019						2018
Derivative assets
Oil price swaps						Derivative contracts - current						$	114					$	—
Natural gas price swaps						Derivative contracts - current						$	—					$	5,286
Total net derivative contracts												$	114					$	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.

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

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