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DERIVATIVE AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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		June 30, 2020			December 31 2019			Balance sheet location		June 30, 2020			December 31, 2019
Commodity contracts		Current assets - assets from derivative contracts		$	27,229		$	4,995		Current liabilities - liabilities from derivative contracts		$	(8,466)		$	(8,069)
Commodity contracts		Other noncurrent assets - assets from derivative contracts			24,322			224		Other noncurrent liabilities - liabilities from derivative contracts			(5,631)			(4,854)
Total derivatives not designated as hedging contracts under ASC 815				$	51,551		$	5,219				$	(14,097)		$	(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							Amount of gain or (loss) recognized in income on derivative contracts for the
				Successor				Predecessor			Successor				Predecessor
Derivatives not designated		Location of gain  or (loss)		Three Months				Three Months			Six Months				Six Months
as hedging contracts		recognized in income on		Ended				Ended			Ended				Ended
under ASC 815		derivative contracts		June 30, 2020				June 30, 2019			June 30, 2020				June 30, 2019
Commodity contracts:
Unrealized gain (loss) on commodity contracts		Other income (expenses) - net gain (loss) on derivative contracts		$	(67,221)			$	10,764		$	45,157			$	(57,405)
Realized gain (loss) on commodity contracts		Other income (expenses) - net gain (loss) on derivative contracts			32,460				6,246			38,381				9,616
Total net gain (loss) on derivative contracts				$	(34,761)			$	17,010		$	83,538			$	(47,789)

Schedule of open derivative contracts

At June 30, 2020 and December 31, 2019 (Successor), the Company had the following open crude oil and natural gas derivative contracts:

						Successor
						June 30, 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
July 2020 - September 2020		Fixed-Price Swap		Crude Oil		414,000		$	37.70		$	37.70		$	—		$	—		$	—		$	—
July 2020 - September 2020		Fixed-Price Swap		Natural Gas		276,000			2.61			2.61
July 2020 - September 2020		Call		Crude Oil		138,000									70.00			70.00
July 2020 - September 2020		Put		Crude Oil		368,000			37.70			37.70
July 2020 - September 2020		Basis Swap		Crude Oil		92,000															0.90			0.90
July 2020 - December 2020		Fixed-Price Swap		Crude Oil		92,000			32.50			32.50
July 2020 - December 2020		Fixed-Price Swap		Natural Gas		1,472,000			2.55 - 2.57			2.56
July 2020 - December 2020		Call		Crude Oil		1,177,600									70.00			70.00
July 2020 - December 2020		Basis Swap		Crude Oil		1,472,000															(2.20) - 0.95			0.02
August 2020 - September 2020		WTI NYMEX Roll		Crude Oil		61,000			0.63			0.63
August 2020 - December 2020		WTI NYMEX Roll		Crude Oil		1,208,500			(1.56) - 0.64			0.05
October 2020 - December 2020		Fixed-Price Swap		Crude Oil		414,000			31.02 - 60.00			49.02
October 2020 - December 2020		Collar		Crude Oil		138,000			50.00			50.00			70.00			70.00
October 2020 - December 2020		Put		Crude Oil		230,000			55.00			55.00
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		271,500			31.02 - 32.60			32.07
January 2021 - June 2021		Basis Swap		Crude Oil		271,500															(2.20) - (2.15)			(2.18)
January 2021 - June 2021		WTI NYMEX Roll		Crude Oil		271,500			(1.56) - (1.10)			(1.25)
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
April 2021 - December 2021		Fixed-Price Swap		Crude Oil		551,500			32.50			32.50
April 2021 - December 2021		Basis Swap		Crude Oil		551,500															(2.20)			(2.20)
April 2021 - December 2021		WTI NYMEX Roll		Crude Oil		551,500			(1.28)			(1.28)
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		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 June 30, 2020 and December 31, 2019 (Successor) (in thousands):

		Successor						Successor
		Derivative Assets						Derivative Liabilities
Offsetting of Derivative Assets and Liabilities		June 30, 2020			December 31 2019			June 30, 2020			December 31, 2019
Gross Amounts Presented in the Consolidated Balance Sheet		$	51,551		$	5,219		$	(14,097)		$	(12,923)
Amounts Not Offset in the Consolidated Balance Sheet			(9,672)			(4,557)			9,672			4,557
Net Amount		$	41,879		$	662		$	(4,425)		$	(8,366)

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Tabular disclosure of the location and amount of derivative instruments and non-derivative instruments not designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and non-derivative instruments designated and qualified as hedging instruments.

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