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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019:

March 31, 2020		Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance at March 31, 2020
(Thousands of dollars)
Assets
Commodity derivative contracts		$	—			$	—			$	6,088			$	6,088
Total assets			—			$	—			$	6,088			$	6,088
Liabilities
Commodity derivative contracts		$	—			$	—			$	(13	)		$	(13	)
Total liabilities		$	—			$	—			$	(13	)		$	(13	)
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 contract		$	—			$	—			$	(753	)		$	(753	)
Total liabilities		$	—			$	—			$	(753	)		$	(753	)

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 three months ended March 31, 2020.

(Thousands of dollars)
Net Liability – December 31, 2019		$	(481	)
Total realized and unrealized gains (losses):
Included in earnings (a)			7,754
Purchases, sales, issuances and settlements			(1,198	)
Net Asset —March 31, 2020		$	6,075

Effect of Derivative Instruments on Consolidated Balance Sheets

The following table sets forth the effect of derivative instruments on the consolidated balance sheets at March 31, 2020 and December 31, 2019:

						Fair Value
(Thousands of dollars)		Balance Sheet Location				March 31, 2020				December 31, 2019
Asset Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Natural gas commodity contracts			Derivative asset short-term			$	426			$	146
Crude oil commodity contracts			Derivative asset short-term				5,662				126
Total						$	6,088			$	272
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				(13	)			(38	)
Total						$	(13	)		$	(753	)
Total derivative instruments						$	(6,075	)		$	(481	)

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 three-month periods ended March 31, 2020 and 2019:

		Location of gain (loss) recognized in income		Amount of gain /loss recognized in income
(Thousands of dollars)				2020				2019
Derivatives not designated as cash-flow hedge instruments:
Natural gas commodity contracts		Unrealized gain (loss) on derivative instruments, net		$	305			$	(5	)
Crude oil commodity contracts		Unrealized gain (loss) on derivative instruments, net			6,251				(5,738	)
Natural gas liquids contracts		Unrealized (loss) on derivative instruments, net			—				(9	)
Natural gas commodity contracts		Realized gain (loss) on derivative instruments, net			191				(12	)
Crude oil commodity contracts		Realized gain on derivative instruments, net			1,006				88
Natural gas liquids contracts		Realized gain on derivative instruments, net			—				2
				$	7,753			$	(5,674	)

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
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-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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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=121590274&loc=SL5624181-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ 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=121590274&loc=SL5624163-113959

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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

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