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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments, Gain (Loss) | The following table summarizes derivative activity for the three-month periods ended March 31, 2020, and 2019 (in thousands):
| Three Months Ended March 31, |  |  |  |  |  |
| 2020 |  | 2019 |  |  |  |
(Gain) loss on commodity derivative contracts | $ | (10,226) |  |  | $ | 209 |  |  |  |  |
Cash received on settlements | $ | (4,087) |  |  | $ | (5,078) |  |  |  |  |
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 March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020
|  | Gross Amounts |  | Gross Amounts Offset |  | Amounts Net of Offset |  | Financial Collateral |  | Net Amount
Assets |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 6,253 |  |  | $ | — |  |  | $ | 6,253 |  |  | $ | — |  |  | $ | 6,253 |
Total |  | $ | 6,253 |  |  | $ | — |  |  | $ | 6,253 |  |  | $ | — |  |  | $ | 6,253 |
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 |
Oil Price Swaps | At March 31, 2020, the Company's open derivative contracts consisted of the following: Oil Price Swaps
|  | Notional (MBbls) |  | Weighted Average Fixed Price
April 2020 - June 2020 |  | 182 |  |  | $ | 60.00 |
Fair Value of Derivatives | The following table presents the fair value of the Company’s derivative contracts as of March 31, 2020 and December 31, 2019, on a gross basis without regard to same-counterparty netting (in thousands):
Type of Contract |  | Balance Sheet Classification |  | March 31, 2020 |  | December 31, 2019
Derivative assets |  |  |  |  |  |
Oil price swaps |  | Derivative contracts-current |  | $ | 6,253 |  |  | $ | 114 |
Total net derivative contracts |  |  |  | $ | 6,253 |  |  | $ | 114 |

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- Definition 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 + Details
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