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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | As of December 31, 2019, we had the following crude oil production and gas purchases hedges.
| Q1 2020 |  | Q2 2020 |  | Q3 2020 |  | Q4 2020 |  | FY 2021
Fixed Price Oil Swaps (Brent): |  |  |  |  |  |  |  |  |
Hedged volume (MBbls) | 1,729 |  |  | 1,456 |  |  | 1,472 |  |  | 1,472 |  |  | 730 |
Weighted-average price ($/Bbl) | $ | 63.92 |  |  | $ | 64.30 |  |  | $ | 64.21 |  |  | $ | 64.21 |  |  | $ | 58.50 |
Fixed Price Oil Swaps (WTI): |  |  |  |  |  |  |  |  |
Hedged volume (MBbls) | 91 |  |  | 30 |  |  | — |  |  | — |  |  | — |
Weighted-average price ($/Bbl) | $ | 61.75 |  |  | $ | 61.75 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Fixed Price Gas Purchase Swaps (Kern, Delivered): |  |  |  |  |  |  |  |  |
Hedged volume (MMBtu) | 5,005,000 |  |  | 5,005,000 |  |  | 5,060,000 |  |  | 2,315,000 |  |  | 900,000 |
Weighted-average price ($/MMBtu) | $ | 2.89 |  |  | $ | 2.89 |  |  | $ | 2.89 |  |  | $ | 2.79 |  |  | $ | 2.50 |
Fixed Price Gas Purchase Swaps (SoCal Citygate): |  |  |  |  |  |  |  |  |
Hedged volume (MMBtu) | 455,000 |  |  | 455,000 |  |  | 460,000 |  |  | 155,000 |  |  | — |
Weighted-average price ($/MMBtu) | $ | 3.80 |  |  | $ | 3.80 |  |  | $ | 3.80 |  |  | $ | 3.80 |  |  | $ | — |
Schedule of Fair Values (Gross and Net) of Outstanding Derivatives | The following tables present the fair values (gross and net) of our outstanding derivatives as of December 31, 2019 and December 31, 2018:
| Berry Corp. (Successor)
| December 31, 2019
| Balance Sheet Classification |  | Gross Amounts Recognized at Fair Value |  | Gross Amounts Offset on Balance Sheet |  | Net Fair Value Presented on Balance Sheet
| (in thousands)
Assets: |  |  |  |  |  |  |
Commodity Contracts | Current assets |  | $ | 17,799 |  |  | $ | (8,633 | ) |  | $ | 9,166 |
Commodity Contracts | Non-current assets |  | 773 |  |  | (248 | ) |  | 525 |
Liabilities: |  |  |  |  |  |  |
Commodity Contracts | Current liabilities |  | (13,450 | ) |  | 8,633 |  |  | (4,817 | )
Commodity Contracts | Non-current liabilities |  | (389 | ) |  | 248 |  |  | (141 | )
Total derivatives |  |  | $ | 4,733 |  |  | $ | — |  |  | $ | 4,733 |
| Berry Corp. (Successor)
| December 31, 2018
| Balance Sheet Classification |  | Gross Amounts Recognized at Fair Value |  | Gross Amounts Offset in the Balance Sheet |  | Net Fair Value Presented in the Balance Sheet
| (in thousands)
Assets: |  |  |  |  |  |  |
Commodity Contracts | Current assets |  | $ | 89,981 |  |  | $ | (1,385 | ) |  | $ | 88,596 |
Commodity Contracts | Non-current assets |  | 3,289 |  |  | — |  |  | 3,289 |
Liabilities: |  |  |  |  |  |  |
Commodity Contracts | Current liabilities |  | (1,385 | ) |  | 1,385 |  |  | — |
Total derivatives |  |  | $ | 91,885 |  |  | $ | — |  |  | $ | 91,885 |
Schedule of Gains and Losses of Derivatives Instruments in Statement of Operations | A summary of losses and gains on the derivatives included on the statements of operations is presented below:
| Berry Corp. (Successor) |  |  | Berry LLC (Predecessor)
| Year Ended December 31, 2019 |  | Year Ended December 31, 2018 |  | Ten Months Ended December 31, 2017 |  |  | Two Months Ended February 28, 2017
| (in thousands)
(Losses) gains on oil derivatives | $ | (37,998 | ) |  | $ | (4,621 | ) |  | $ | (66,900 | ) |  |  | $ | 12,886 |
(Losses) gains on natural gas derivatives | (6,957 | ) |  | 6,357 |  |  | — |  |  |  | — |
Total (losses) gains on oil and natural gas derivatives | $ | (44,955 | ) |  | $ | 1,735 |  |  | $ | (66,900 | ) |  |  | $ | 12,886 |

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