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DERIVATIVE FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

6. DERIVATIVE FINANCIAL INSTRUMENTS

The Company uses derivative financial instruments to manage its exposure to commodity price fluctuations.  Commodity derivative instruments are used to reduce the effect of volatility of price changes on the oil and natural gas the Company produces and sells.  The Company’s derivative financial instruments consist of oil and natural gas swaps.

The Company does not enter into derivative financial instruments for speculative or trading purposes.

The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its consolidated statements of operations as they occur. Unrealized gains and losses related to the swap contracts are recognized and recorded as an asset or liability on the Company’s balance sheet.

The following table summarizes the net realized and unrealized amounts reported in earnings related to the commodity derivative instruments for the nine months ended September 30, 2019 and 2018:

		Three months ended September 30,							Nine months ended September 30,
		2019				2018			2019					2018
Gain on derivatives:
Oil derivatives		$	492,530			$	—			$	917,482			$	—
Natural gas derivatives			332				—				7,749				—
Total		$	492,862			$	—			$	925,231			$	—

The following represents the Company’s net cash receipts from derivatives for the nine months ended September 30, 2019 and 2018:

		Three months ended September 30,							Nine months ended September 30,
		2019				2018			2019					2018
Net cash received from payments on derivatives
Oil derivatives		$	156,820			$	—			$	250,323			$	—
Natural gas derivatives			6,846				—				11,557				—
Total		$	163,666			$	—			$	261,880			$	—

The following table sets forth the Company’s outstanding derivative contracts at September 30, 2019.  All of the Company’s derivatives are expected to settle by August 31, 2021:

		1st Quarter				2nd Quarter				3rd Quarter				4th Quarter
2019
Oil Swaps:
Volume (MBbl)			—				—				—				24.58
Price per Bbl			—				—				—			$	61.37
2020
Oil Swaps:
Volume (MBbl)			23.41				23.17				22.94				20.94
Price per Bbl		$	60.32			$	59.53			$	58.26			$	55.09
2021
Oil Swaps:
Volume (MBbl)			15.51				6.69				4.50				—
Price per Bbl		$	49.29			$	49.25			$	49.11				—

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The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.

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