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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020 and December 31, 2019:

September 30, 2020		Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance at September 30, 2020
(Thousands of dollars)
Assets
Commodity derivative contracts		$	—			$	—			$	223			$	223
Total assets			—			$	—			$	223			$	223
Liabilities
Commodity derivative contracts		$	—			$	—			$	(766	)		$	(766	)
Total liabilities		$	—			$	—			$	(766	)		$	(766	)

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 period ended September 30, 2020.

(Thousands of dollars)
Net Liability– December 31, 2019		$	(481	)
Total realized and unrealized (gains) losses:
Included in earnings (a)			6,114
Purchases, sales, issuances and settlements			(6,176	)
Net Liability September 30, 2020		$	(543	)

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 September 30, 2020 and December 31, 2019:

				Fair Value
(Thousands of dollars)		Balance Sheet Location		September 30, 2020				December 31, 2019
Asset Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Natural gas commodity contracts		Derivative asset short-term		$	—			$	146
Crude oil commodity contracts		Derivative asset short-term			131				126
Natural gas commodity contracts		Derivative asset long-term			92				—
Total				$	223			$	272
Liability Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts		Derivative liability short-term		$	(206	)		$	(715	)
Natural gas commodity contracts		Derivative liability short-term			(442	)			(38	)
Natural gas commodity contracts		Derivative liability long-term			(118	)			—
Total				$	(766	)		$	(753	)
Total derivative instruments				$	(543	)		$	(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 nine months ended September 30, 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 on derivative instruments, net		$	533			$	82
Crude oil commodity contracts		Unrealized gain (loss) on derivative instruments, net			5,643				(900	)
Natural gas liquids contracts		Unrealized loss on derivative instruments, net			—				(1	)
Natural gas commodity contracts		Realized gain (loss) on derivative instruments, net			(576	)			90
Crude oil commodity contracts		Realized gain (loss) on derivative instruments, net			514				(1,302	)
Natural gas liquids contracts		Realized gain on derivative instruments, net			—				244
				$	6,114			$	(1,787	)

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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

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-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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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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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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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