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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2020
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, 2020, and 2019 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019 |  |  |  |
(Gain) loss on commodity derivative contracts | $ | 5,299 |  |  | $ | (1,756) |  |  | $ | (7,168) |  |  | $ | (1,547) |  |  |  |  |
Cash received on settlements | $ | 619 |  |  | $ | 622 |  |  | $ | 11,197 |  |  | $ | 5,700 |  |  |  |  |
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, 2020 and December 31, 2019 (in thousands): September 30, 2020
|  | Gross Amounts |  | Gross Amounts Offset |  | Amounts Net of Offset |  | Financial Collateral |  | Net Amount
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 3,915 |  |  | $ | — |  |  | $ | 3,915 |  |  | $ | — |  |  | $ | 3,915 |
Total |  | $ | 3,915 |  |  | $ | — |  |  | $ | 3,915 |  |  | $ | — |  |  | $ | 3,915 |
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 |
Open Derivative Contracts | At September 30, 2020, the Company's open derivative contracts consisted of natural gas commodity derivative contracts under which we will receive a fixed price for the contract and pay a floating market price to the counterparty over a specified period for a contracted volume. These commodity derivative contracts consisted of the following:
|  | Notional (MMBtu) |  | Weighted Average Fixed Price per Unit
Natural Gas Price Swaps: October 2020 |  | 1,240,000 |  |  | $ | 2.14 |
Natural Gas Price Swaps: November 2020 - December 2020 |  | 2,135,000 |  |  | $ | 2.54 |
Natural Gas Price Swaps: January 2021 - December 2021 |  | 10,950,000 |  |  | $ | 2.61 |
Fair Value of Derivatives | The following table presents the fair value of the Company’s derivative contracts as of September 30, 2020 and December 31, 2019, on a gross basis without regard to same counterparty netting (in thousands):
Type of Contract |  | Balance Sheet Classification |  | September 30, 2020 |  | December 31, 2019
Derivative assets |  |  |  |  |  |
Oil price swaps |  | Derivative contracts-current |  | $ | — |  |  | $ | 114 |
Derivative liabilities |  |  |  |  |  |
Natural gas price swaps |  | Derivative contracts-current |  | (3,088) |  |  | — |
Natural gas price swaps |  | Derivative contracts-noncurrent |  | (827) |  |  | — |
Total net derivative contracts |  | $ | (3,915) |  |  | $ | 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=121590274&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=121590274&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=121590274&loc=SL5624171-113959 + Details
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