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DERIVATIVE AND HEDGING ACTIVITIES (Tables)

9 Months Ended

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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