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DERIVATIVE AND HEDGING ACTIVITIES (Tables) | 3 Months Ended
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Mar. 31, 2020
DERIVATIVE AND HEDGING ACTIVITIES |
Summary of location and fair value of derivative contracts | The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 (Successor) (in thousands):
|  |  |  | Successor |  |  |  | Successor
Derivatives not designated as |  |  |  | Asset derivative contracts |  |  |  | Liability derivative contracts
hedging contracts under ASC 815 |  | Balance sheet location |  | March 31, 2020 |  | December 31, 2019 |  | Balance sheet location |  | March 31, 2020 |  | December 31, 2019
Commodity contracts |  | Current assets - assets from derivative contracts |  | $ | 71,353 |  | $ | 4,995 |  | Current liabilities - liabilities from derivative contracts |  | $ | (3,972) |  | $ | (8,069)
Commodity contracts |  | Other noncurrent assets - assets from derivative contracts |  |  | 37,766 |  |  | 224 |  | Other noncurrent liabilities - liabilities from derivative contracts |  |  | (473) |  |  | (4,854)
Total derivatives not designated as hedging contracts under ASC 815 |  |  |  | $ | 109,119 |  | $ | 5,219 |  |  |  | $ | (4,445) |  | $ | (12,923)
Summary of the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts | The following table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivative contracts in the Company’s unaudited condensed consolidated statements of operations (in thousands):
|  |  |  | Amount of gain or (loss) recognized in income on derivative contracts for the
|  |  |  | Successor |  |  | Predecessor
|  |  |  | Three Months |  |  | Three Months
Derivatives not designated as |  | Location of gain or (loss) recognized in |  | Ended |  |  | Ended
hedging contracts under ASC 815 |  | income on derivative contracts |  | March 31, 2020 |  |  | March 31, 2019
Commodity contracts: |  |  |  |  |  |  |  |  |
Unrealized gain (loss) on commodity contracts |  | Other income (expenses) - net gain (loss) on derivative contracts |  | $ | 112,378 |  |  | $ | (68,169)
Realized gain (loss) on commodity contracts |  | Other income (expenses) - net gain (loss) on derivative contracts |  |  | 5,921 |  |  |  | 3,370
Total net gain (loss) on derivative contracts |  |  |  | $ | 118,299 |  |  | $ | (64,799)
Schedule of open derivative contracts | At March 31, 2020 and December 31, 2019 (Successor), the Company had the following open crude oil and natural gas derivative contracts:
|  |  |  |  |  | Successor
|  |  |  |  |  | March 31, 2020
|  |  |  |  |  |  |  | Floors |  | Ceilings |  | Basis Differential
|  |  |  |  |  | Volume in |  |  |  |  | Weighted |  |  |  |  | Weighted |  |  |  |  | Weighted
|  |  |  |  |  | Mmbtu's/ |  | Price / |  | Average |  | Price / |  | Average |  | Price / |  | Average
Period |  | Instrument |  | Commodity |  | Bbl's |  | Price Range |  | Price |  | Price Range |  | Price |  | Price Range |  | Price
April 2020 - June 2020 |  | Fixed-Price Swap |  | Crude Oil |  | 91,000 |  | $ | 55.74 |  | $ | 55.74 |  | $ | — |  | $ | — |  | $ | - |  | $ | -
April 2020 - June 2020 |  | Basis Swap |  | Crude Oil |  | 182,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.75 |  |  | 0.75
April 2020 - June 2020 |  | WTI NYMEX Roll |  | Crude Oil |  | 182,000 |  |  | 0.61 |  |  | 0.61 |  |  |  |  |  |  |  |  |  |  |  |
April 2020 - September 2020 |  | Fixed-Price Swap |  | Natural Gas |  | 640,000 |  |  | 2.61 |  |  | 2.61 |  |  |  |  |  |  |  |  |  |  |  |
April 2020 - December 2020 |  | Fixed-Price Swap |  | Crude Oil |  | 550,000 |  |  | 55.68 - 60.00 |  |  | 57.84 |  |  |  |  |  |  |  |  |  |  |  |
April 2020 - December 2020 |  | Collar |  | Crude Oil |  | 412,500 |  |  | 50.00 |  |  | 50.00 |  |  | 70.00 |  |  | 70.00 |  |  |  |  |  |
April 2020 - December 2020 |  | Call |  | Crude Oil |  | 1,760,000 |  |  |  |  |  |  |  |  | 70.00 |  |  | 70.00 |  |  |  |  |  |
April 2020 - December 2020 |  | Put |  | Crude Oil |  | 687,500 |  |  | 55.00 |  |  | 55.00 |  |  |  |  |  |  |  |  |  |  |  |
April 2020 - December 2020 |  | Basis Swap |  | Crude Oil |  | 1,375,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.67 - 0.85 |  |  | 0.72
April 2020 - December 2020 |  | WTI NYMEX Roll |  | Crude Oil |  | 1,375,000 |  |  | 0.37 - 0.54 |  |  | 0.43 |  |  |  |  |  |  |  |  |  |  |  |
April 2020 - December 2020 |  | Fixed-Price Swap |  | Natural Gas |  | 2,200,000 |  |  | 2.55 - 2.57 |  |  | 2.56 |  |  |  |  |  |  |  |  |  |  |  |
July 2020 - September 2020 |  | Fixed-Price Swap |  | Crude Oil |  | 92,000 |  |  | 58.20 |  |  | 58.20 |  |  |  |  |  |  |  |  |  |  |  |
July 2020 - September 2020 |  | Basis Swap |  | Crude Oil |  | 92,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.90 |  |  | 0.90
July 2020 - September 2020 |  | WTI NYMEX Roll |  | Crude Oil |  | 92,000 |  |  | 0.63 |  |  | 0.63 |  |  |  |  |  |  |  |  |  |  |  |
July 2020 - December 2020 |  | Fixed-Price Swap |  | Crude Oil |  | 184,000 |  |  | 32.60 |  |  | 32.60 |  |  |  |  |  |  |  |  |  |  |  |
July 2020 - December 2020 |  | Basis Swap |  | Crude Oil |  | 368,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2.20) - 0.95 |  |  | (0.63)
July 2020 - December 2020 |  | WTI NYMEX Roll |  | Crude Oil |  | 368,000 |  |  | (1.10) - 0.64 |  |  | (0.23) |  |  |  |  |  |  |  |  |  |  |  |
October 2020 - December 2020 |  | Fixed-Price Swap |  | Crude Oil |  | 92,000 |  |  | 56.80 |  |  | 56.80 |  |  |  |  |  |  |  |  |  |  |  |
October 2020 - December 2020 |  | Basis Swap |  | Crude Oil |  | 92,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.95 |  |  | 0.95
October 2020 - December 2020 |  | WTI NYMEX Roll |  | Crude Oil |  | 92,000 |  |  | 0.51 |  |  | 0.51 |  |  |  |  |  |  |  |  |  |  |  |
January 2021 - March 2021 |  | Fixed-Price Swap |  | Crude Oil |  | 180,000 |  |  | 55.55 - 56.08 |  |  | 55.82 |  |  |  |  |  |  |  |  |  |  |  |
January 2021 - March 2021 |  | Basis Swap |  | Crude Oil |  | 180,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.00 - 1.05 |  |  | 1.03
January 2021 - March 2021 |  | WTI NYMEX Roll |  | Crude Oil |  | 180,000 |  |  | 0.42 - 0.48 |  |  | 0.45 |  |  |  |  |  |  |  |  |  |  |  |
January 2021 - June 2021 |  | Fixed-Price Swap |  | Crude Oil |  | 181,000 |  |  | 32.60 |  |  | 32.60 |  |  |  |  |  |  |  |  |  |  |  |
January 2021 - June 2021 |  | Basis Swap |  | Crude Oil |  | 181,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2.20) |  |  | (2.20)
January 2021 - June 2021 |  | WTI NYMEX Roll |  | Crude Oil |  | 181,000 |  |  | (1.10) |  |  | (1.10) |  |  |  |  |  |  |  |  |  |  |  |
April 2021 - June 2021 |  | Fixed-Price Swap |  | Crude Oil |  | 91,000 |  |  | 54.60 |  |  | 54.60 |  |  |  |  |  |  |  |  |  |  |  |
April 2021 - June 2021 |  | Basis Swap |  | Crude Oil |  | 91,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.05 |  |  | 1.05
April 2021 - June 2021 |  | WTI NYMEX Roll |  | Crude Oil |  | 91,000 |  |  | 0.32 |  |  | 0.32 |  |  |  |  |  |  |  |  |  |  |  |
January 2021 - December 2021 |  | Fixed-Price Swap |  | Crude Oil |  | 1,460,000 |  |  | 50.70 - 52.80 |  |  | 51.91 |  |  |  |  |  |  |  |  |  |  |  |
January 2021 - December 2021 |  | Basis Swap |  | Crude Oil |  | 1,460,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.82 - 0.95 |  |  | 0.85
January 2021 - December 2021 |  | WTI NYMEX Roll |  | Crude Oil |  | 1,460,000 |  |  | 0.13 - 0.14 |  |  | 0.14 |  |  |  |  |  |  |  |  |  |  |  |
January 2021 - December 2021 |  | Fixed-Price Swap |  | Natural Gas |  | 2,190,000 |  |  | 2.47 - 2.48 |  |  | 2.47 |  |  |  |  |  |  |  |  |  |  |  |
January 2022 - December 2022 |  | Fixed-Price Swap |  | Crude Oil |  | 1,460,000 |  |  | 51.50 |  |  | 51.50 |  |  |  |  |  |  |  |  |  |  |  |
January 2022 - December 2022 |  | Basis Swap |  | Crude Oil |  | 1,460,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.85 - 0.95 |  |  | 0.88
January 2022 - December 2022 |  | WTI NYMEX Roll |  | Crude Oil |  | 1,460,000 |  |  | - |  |  | - |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Successor
|  |  |  |  |  | December 31, 2019
|  |  |  |  |  |  |  | Floors |  | Ceilings |  | Basis Differential
|  |  |  |  |  | Volume in |  |  |  |  | Weighted |  |  |  |  | Weighted |  |  |  |  | Weighted
|  |  |  |  |  | Mmbtu's/ |  | Price / |  | Average |  | Price / |  | Average |  | Price / |  | Average
Period |  | Instrument |  | Commodity |  | Bbl's |  | Price Range |  | Price |  | Price Range |  | Price |  | Price Range |  | Price
January 2020 - June 2020 |  | Fixed-Price Swap |  | Crude Oil |  | 182,000 |  | $ | 55.74 |  | $ | 55.74 |  | $ | — |  | $ | — |  | $ | — |  | $ | —
January 2020 - September 2020 |  | Fixed-Price Swap |  | Natural Gas |  | 1,186,000 |  |  | 2.61 |  |  | 2.61 |  |  |  |  |  |  |  |  |  |  |  |
January 2020 - December 2020 |  | Fixed-Price Swap |  | Crude Oil |  | 732,000 |  |  | 55.68 - 60.00 |  |  | 57.84 |  |  |  |  |  |  |  |  |  |  |  |
January 2020 - December 2020 |  | Fixed-Price Swap |  | Natural Gas |  | 2,928,000 |  |  | 2.55 - 2.57 |  |  | 2.56 |  |  |  |  |  |  |  |  |  |  |  |
January 2020 - December 2020 |  | Collar |  | Crude Oil |  | 549,000 |  |  | 50.00 |  |  | 50.00 |  |  | 70.00 |  |  | 70.00 |  |  |  |  |  |
January 2020 - December 2020 |  | Call |  | Crude Oil |  | 2,342,400 |  |  |  |  |  |  |  |  | 70.00 |  |  | 70.00 |  |  |  |  |  |
January 2020 - December 2020 |  | Put |  | Crude Oil |  | 915,000 |  |  | 55.00 |  |  | 55.00 |  |  |  |  |  |  |  |  |  |  |  |
January 2020 - December 2020 |  | Basis Swap |  | Crude Oil |  | 1,464,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.67 - 0.85 |  |  | 0.72
January 2020 - December 2020 |  | WTI NYMEX Roll |  | Crude Oil |  | 366,000 |  |  | 0.37 |  |  | 0.37 |  |  |  |  |  |  |  |  |  |  |  |
February 2020 - December 2020 |  | WTI NYMEX Roll |  | Crude Oil |  | 1,340,000 |  |  | 0.41 - 0.54 |  |  | 0.44 |  |  |  |  |  |  |  |  |  |  |  |
April 2020 - December 2020 |  | Basis Swap |  | Crude Oil |  | 275,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.75 |  |  | 0.75
January 2021 - December 2021 |  | Fixed-Price Swap |  | Crude Oil |  | 1,460,000 |  |  | 50.70 - 52.80 |  |  | 51.91 |  |  |  |  |  |  |  |  |  |  |  |
January 2021 - December 2021 |  | Fixed-Price Swap |  | Natural Gas |  | 2,190,000 |  |  | 2.47 - 2.48 |  |  | 2.47 |  |  |  |  |  |  |  |  |  |  |  |
January 2021 - December 2021 |  | Basis Swap |  | Crude Oil |  | 1,460,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.82 - 0.95 |  |  | 0.85
January 2021 - December 2021 |  | WTI NYMEX Roll |  | Crude Oil |  | 1,460,000 |  |  | 0.13 - 0.14 |  |  | 0.14 |  |  |  |  |  |  |  |  |  |  |  |
January 2022 - December 2022 |  | Fixed-Price Swap |  | Crude Oil |  | 1,460,000 |  |  | 51.50 |  |  | 51.50 |  |  |  |  |  |  |  |  |  |  |  |
January 2022 - December 2022 |  | Basis Swap |  | Crude Oil |  | 1,460,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.85 - 0.95 |  |  | 0.88
January 2022 - December 2022 |  | WTI NYMEX Roll |  | Crude Oil |  | 2,555,000 |  |  | (0.02) - 0.00 |  |  | (0.01) |  |  |  |  |  |  |  |  |  |  |  |
Schedule of potential effects of master netting arrangements on the fair value of derivative contracts | The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts at March 31, 2020 and December 31, 2019 (Successor) (in thousands):
|  | Successor |  | Successor
|  | Derivative Assets |  | Derivative Liabilities
Offsetting of Derivative Assets and Liabilities |  | March 31, 2020 |  | December 31, 2019 |  | March 31, 2020 |  | December 31, 2019
Gross Amounts Presented in the Consolidated Balance Sheet |  | $ | 109,119 |  | $ | 5,219 |  | $ | (4,445) |  | $ | (12,923)
Amounts Not Offset in the Consolidated Balance Sheet |  |  | (4,445) |  |  | (4,557) |  |  | 4,445 |  |  | 4,557
Net Amount |  | $ | 104,674 |  | $ | 662 |  | $ | — |  | $ | (8,366)

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