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Commodity Price Risk Derivatives | 9 Months Ended
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Sep. 30, 2019
Price Risk Derivatives [Abstract] |
Commodity Price Risk Derivatives | 4. COMMODITY PRICE RISK DERIVATIVES Energy One from time to time enters into commodity price derivative contracts (“economic hedges”). The derivative contracts are typically priced based on West Texas Intermediate (“WTI”) quoted prices for crude oil and Henry Hub quoted prices for natural gas. U.S. Energy Corp. guarantees Energy One’s obligations under economic hedges. The objective of utilizing the economic hedges is to reduce the effect of price changes on a portion of the Company’s future oil production, achieve more predictable cash flows in an environment of volatile oil and natural gas prices and to manage the Company’s exposure to commodity price risk. The use of these derivative instruments limits the downside risk of adverse price movements. However, there is a risk that such use may limit the Company’s ability to benefit from favorable price movements. Energy One may, from time to time, add incremental derivatives to hedge additional production, restructure existing derivative contracts or enter into new transactions to modify the terms of current contracts in order to realize the current value of its existing positions. The Company does not engage in speculative derivative activities or derivative trading activities, nor does it use derivatives with leveraged features. As of and during the three and nine-month periods ended September 30, 2019, the Company did not have any commodity price derivatives. The following table presents the Company’s realized and unrealized derivative gains and losses for the three and nine-month periods ended September 30, 2019 and 2018:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
|  | (in thousands) |
Net derivative gain (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Realized gains and (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | - |  |  | $ | (9 | ) |  | $ | - |  |  | $ | (381 | )
Natural gas |  |  | - |  |  |  | 8 |  |  |  | - |  |  |  | 32 |
Total |  | $ | - |  |  | $ | (1 | ) |  | $ | - |  |  | $ | (349 | )
Unrealized gains and (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil |  | $ | - |  |  | $ | (1 | ) |  | $ | - |  |  | $ | 175 |
Natural Gas |  |  | - |  |  |  | (12 | ) |  |  | - |  |  |  | (51 | )
Total |  | $ | - |  |  | $ | (13 | ) |  | $ | - |  |  | $ | 124 |

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