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Derivatives (Tables)

9 Months Ended

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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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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