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DERIVATIVE AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 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 September 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 |  | September 30, 2020 |  | December 31, 2019 |  | Balance sheet location |  | September 30, 2020 |  | December 31, 2019
Commodity contracts |  | Current assets - assets from derivative contracts |  | $ | 18,996 |  | $ | 4,995 |  | Current liabilities - liabilities from derivative contracts |  | $ | (9,055) |  | $ | (8,069)
Commodity contracts |  | Other noncurrent assets - assets from derivative contracts |  |  | 9,675 |  |  | 224 |  | Other noncurrent liabilities - liabilities from derivative contracts |  |  | (3,292) |  |  | (4,854)
Total derivatives not designated as hedging contracts under ASC 815 |  |  |  | $ | 28,671 |  | $ | 5,219 |  |  |  | $ | (12,347) |  | $ | (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 |  | Three Months |  |  | Three Months |  | Nine Months |  |  | Nine Months
as hedging contracts |  | (loss) recognized in income |  | Ended |  |  | Ended |  | Ended |  |  | Ended
under ASC 815 |  | on derivative contracts |  | September 30, 2020 |  |  | September 30, 2019 |  | September 30, 2020 |  |  | September 30, 2019
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) on commodity contracts |  | Other income (expenses) - net gain (loss) on derivative contracts |  | $ | (21,128) |  |  | $ | 11,571 |  | $ | 24,029 |  |  | $ | (45,834)
Realized gain (loss) on commodity contracts |  | Other income (expenses) - net gain (loss) on derivative contracts |  |  | 5,285 |  |  |  | 1,886 |  |  | 43,666 |  |  |  | 11,502
Total net gain (loss) on derivative contracts |  |  |  | $ | (15,843) |  |  | $ | 13,457 |  | $ | 67,695 |  |  | $ | (34,332)
Schedule of open derivative contracts | At September 30, 2020 (Successor), the Company had the following open crude oil and natural gas derivative contracts:
|  |  |  |  |  | Volume in |  | Weighted
|  |  |  |  |  | Mmbtu's/ |  | Average
Period |  | Instrument |  | Commodity |  | Bbl's |  | Price
2020 |  | Fixed-Price Swap |  | Natural Gas |  | 736,000 |  | $ | 2.56
2020 |  | Call |  | Crude Oil |  | 726,800 |  |  | 70.00
2020 |  | Put |  | Crude Oil |  | 368,000 |  |  | 42.10
2020 |  | Producer Collar (Ceiling) |  | Crude Oil |  | 414,000 |  |  | 49.02
2020 |  | Producer Collar (Floor) |  | Crude Oil |  | 414,000 |  |  | 42.10
2020 |  | Basis Swap |  | Crude Oil |  | 782,000 |  |  | 0.26
2020 |  | WTI NYMEX Roll |  | Crude Oil |  | 518,500 |  |  | 0.17
2021 |  | Fixed-Price Swap |  | Natural Gas |  | 2,190,000 |  |  | 2.47
2021 |  | Fixed-Price Swap |  | Crude Oil |  | 2,554,000 |  |  | 45.98
2021 |  | Basis Swap |  | Crude Oil |  | 2,554,000 |  |  | (0.11)
2021 |  | WTI NYMEX Roll |  | Crude Oil |  | 2,554,000 |  |  | (0.29)
2022 |  | Fixed-Price Swap |  | Crude Oil |  | 724,000 |  |  | 51.50
2022 |  | Basis Swap |  | Crude Oil |  | 724,000 |  |  | 0.88
2022 |  | WTI NYMEX Roll |  | Crude Oil |  | 1,276,000 |  |  | 0.00
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 September 30, 2020 and December 31, 2019 (Successor) (in thousands):
|  | Successor |  | Successor
|  | Derivative Assets |  | Derivative Liabilities
Offsetting of Derivative Assets and Liabilities |  | September 30, 2020 |  | December 31, 2019 |  | September 30, 2020 |  | December 31, 2019
Gross Amounts Presented in the Consolidated Balance Sheet |  | $ | 28,671 |  | $ | 5,219 |  | $ | (12,347) |  | $ | (12,923)
Amounts Not Offset in the Consolidated Balance Sheet |  |  | (6,928) |  |  | (4,557) |  |  | 6,928 |  |  | 4,557
Net Amount |  | $ | 21,743 |  | $ | 662 |  | $ | (5,419) |  | $ | (8,366)

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + 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 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
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