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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021 and December 31, 2020:

September 30, 2021		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, 2021
(Thousands of dollars)
Liabilities
Commodity derivative contracts		$	—			$	—			$	(7,834	)		$	(7,834	)
Total liabilities		$	—			$	—			$	(7,834	)		$	(7,834	)

December 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 December 31, 2020
(Thousands of dollars)
Assets
Commodity derivative contracts		$	—			$	—			$	97			$	97
Total assets		$	—			$	—			$	97			$	97
Liabilities
Commodity derivative contract		$	—			$	—			$	(768	)		$	(768	)
Total liabilities		$	—			$	—			$	(768	)		$	(768	)

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 quarter ended September 30, 2021.

(Thousands of dollars)
Net Liabilities – December 31, 2020		$	(671	)
Total realized and unrealized (gains) losses:
Included in earnings (a)			(10,058	)
Purchases, sales, issuances and settlements			2,895
Net Liabilities — September 30, 2021		$	(7,834	)

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, 2021 and December 31, 2020:

				Fair Value
(Thousands of dollars)		Balance Sheet Location		September  30, 2021				December 31, 2020
Asset Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Natural gas commodity contracts		Derivative asset long-term and other assets			—			$	97
Total				$	—			$	97
Liability Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts		Derivative liability short-term		$	(3,994	)		$	(428	)
Natural gas commodity contracts		Derivative liability short-term			(2,183	)			(296	)
Crude oil commodity contracts		Derivative liability long-term			(1,178	)			—
Natural gas commodity contracts		Derivative liability long-term			(479	)			(44	)
Total				$	(7,834	)		$	(768	)
Total derivative instruments				$	(7,834	)		$	(671	)

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, 2021 and 2020:

				Amount of gain/loss recognized in income
(Thousands of dollars)		Location of gain/loss recognized in income		2021				2020
Derivatives not designated as cash-flow hedge instruments:
Natural gas commodity contracts		Unrealized gain (loss) on derivative instruments, net			(2,418	)			(576	)
Crude oil commodity contracts		Unrealized (loss) gain on derivative instruments, net			(4,744	)			514
Natural gas commodity contracts		Realized gain (loss) on derivative instruments, net			(1,009	)			533
Crude oil commodity contracts		Realized (loss) on derivative instruments, net			(1,887	)			5,643
				$	(10,058)			$	6,114

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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=123874694&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=125515794&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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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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=123874694&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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