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Derivatives (Tables)
 12 Months Ended
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