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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2021
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, 2021, and 2020 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
(Gain) loss on commodity derivative contracts | $ | 4,129 |  |  | $ | 5,299 |  |  | $ | 4,129 |  |  | $ | (7,168) |
Cash (paid) received on settlements | $ | — |  |  | $ | 619 |  |  | $ | — |  |  | $ | 11,197 |
Offsetting Assets | 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 as of September 30, 2021 and no open positions as of December 31, 2020 (in thousands): September 30, 2021
|  | Gross Amounts |  | Gross Amounts Offset |  | Amounts Net of Offset |  | Financial Collateral |  | Net Amount
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 4,129 |  |  | $ | — |  |  | $ | 4,129 |  |  | $ | — |  |  | $ | 4,129 |
Total |  | $ | 4,129 |  |  | $ | — |  |  | $ | 4,129 |  |  | $ | — |  |  | $ | 4,129 |
Schedule of Derivative Instruments | These commodity derivative contracts consisted of the following:
|  | Notional |  | Units |  | Weighted Average Fixed Price per Unit
NGL Price Swaps: October 2021 - February 2022 |  | 2,605,000 |  |  | Gallons |  | $ | 1.20 |
Natural Gas Price Swaps: October 2021 - February 2022 |  | 1,800,000 |  |  | MMBtu |  | $ | 4.07 |
Fair Value of Derivatives | The following table summarize the Company’s assets measured at fair value on a recurring basis by the fair value hierarchy (in thousands): September 30, 2021
| Fair Value Measurements |  | Netting(1) |  | Assets/Liabilities at Fair Value
| Level 1 |  | Level 2 |  | Level 3
Liabilities |  |  |  |  |  |  |  |  |
Commodity derivative contracts | $ | — |  |  | $ | 4,129 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,129 |
Total | $ | — |  |  | $ | 4,129 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,129 |
____________________ (1) Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists. The following table presents the fair value of the Company’s derivative contracts as of September 30, 2021 on a gross basis without regard to same counterparty netting (in thousands):
Type of Contract |  | Balance Sheet Classification |  | September 30, 2021 |  |
Derivative liabilities |  |  |  |  |  |
NGL price swaps |  | Derivative Contracts - Current |  | $ | 819 |  |  |
Natural gas price swaps |  | Derivative Contracts - Current |  | 3,310 |  |  |
Total net derivative contracts |  | $ | 4,129 |  |  |
See Note 2 for additional discussion of the fair value measurement of the Company’s derivative contracts.

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: 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=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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