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Derivatives (Tables)

9 Months Ended

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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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

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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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-Name Accounting Standards Codification
-Topic 815
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