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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2019
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2019 and December 31, 2018:
December 31, 2019 |  | Quoted Prices in Active Markets For Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Balance at December 31, 2019 |
(Thousands of dollars) |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts |  | $ | — |  |  | $ | — |  |  | $ | 272 |  |  | $ | 272 |
Total assets |  | $ | — |  |  | $ | — |  |  | $ | 272 |  |  | $ | 272 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts |  | $ | — |  |  | $ | — |  |  | $ | (753 | ) |  | $ | (753 | )
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | (753 | ) |  | $ | (753 | )
December 31, 2018 |  | Quoted Prices in Active Markets For Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Balance at December 31, 2018 |
(Thousands of dollars) |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contracts |  | $ | — |  |  | $ | — |  |  | $ | 2,394 |  |  | $ | 2,394 |
Total assets |  | $ | — |  |  | $ | — |  |  | $ | 2,394 |  |  | $ | 2,394 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivative contract |  | $ | — |  |  | $ | — |  |  | $ | (98 | ) |  | $ | (98 | )
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | (98 | ) |  | $ | (98 | )
Schedule of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3 | The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the year ended December 2019.
(Thousands of dollars) |  |  |
Net Assets – December 31, 2018 |  | $ | 2,296 |
Total realized and unrealized (gains) losses: |  |  |  |
Included in earnings (a) |  |  | (4,148 | )
Purchases, sales, issuances and settlements |  |  | 1,371 |
Net Liabilities — December 31, 2019 |  | $ | (481 | )
(a) | Derivative instruments are reported in revenues as realized gain/loss and on a separately reported line item captioned unrealized gain/loss on derivative instruments.
Effect of Derivative Instruments on Consolidated Balance Sheets | The following table sets forth the effect of derivative instruments on the consolidated balance sheets at December 31, 2019 and 2018:
|  |  |  |  |  | Fair Value |
(Thousands of dollars) |  | Balance Sheet Location |  |  | December 31, 2019 |  |  | December 31, 2018 |
Asset Derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as cash-flow hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Natural gas commodity contracts |  |  | Derivative asset short-term |  |  | $ | 146 |  |  | $ | 63 |
Natural gas liquid contracts |  |  | Derivative asset short-term |  |  |  | — |  |  |  | 138 |
Crude oil commodity contracts |  |  | Derivative asset short-term |  |  |  | 126 |  |  |  | 1,473 |
Natural gas commodity contracts |  |  | Derivative asset long-term and other assets |  |  |  | — |  |  |  | 7 |
Crude oil commodity contracts |  |  | Derivative asset short-term and other assets |  |  |  | — |  |  |  | 713 |
Total |  |  |  |  |  | $ | 272 |  |  | $ | 2,394 |
Liability Derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives not designated as cash-flow hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |
Crude oil commodity contracts |  |  | Derivative liability short-term |  |  | $ | (715 | ) |  | $ | — |
Natural gas commodity contracts |  |  | Derivative liability short-term |  |  |  | (38 | ) |  |  | (75 | )
Natural gas liquid contracts |  |  | Derivative liability short-term |  |  |  | — |  |  |  | (13 | )
Natural gas commodity contracts |  |  | Derivative liability long-term |  |  |  | — |  |  |  | (10 | )
Total |  |  |  |  |  | $ | (753 | ) |  | $ | (98 | )
Total derivative instruments |  |  |  |  |  | $ | (481 | ) |  | $ | 2,296 |
Effect of Derivative Instruments on Consolidated Statements of Operations | The following table sets forth the effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2019 and 2018:
|  | Location of gain/loss recognized in income |  | Amount of gain/loss recognized in income |
(Thousands of dollars) |  | 2019 |  |  | 2018 |
Derivatives not designated as cash-flow hedge instruments: |  |  |  |  |  |  |  |  |  |
Natural gas commodity contracts |  | Unrealized gain (loss) on derivative instruments, net |  |  | 123 |  |  |  | (394 | )
Crude oil commodity contracts |  | Unrealized (loss) gain on derivative instruments, net |  |  | (2,776 | ) |  |  | 5,600 |
Natural gas liquids contracts |  | Unrealized (loss) gain on derivative instruments, net |  |  | (124 | ) |  |  | 124 |
Natural gas commodity contracts |  | Realized gain (loss) on derivative instruments, net |  |  | 90 |  |  |  | (278 | )
Crude oil commodity contracts |  | Realized (loss) on derivative instruments, net |  |  | (1,814 | ) |  |  | (3,642 | )
Natural gas liquids contracts |  | Realized gain (loss) on derivative instruments, net |  |  | 353 |  |  |  | (175 | )
|  |  |  | $ | (4,148 | ) |  | $ | 1,235 |

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- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition 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=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: 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=109980867&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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