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DERIVATIVE AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 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 consolidated balance sheets as of December 31, 2020 and 2019 (Successor) (in thousands):
Derivatives not designated |  |  |  | Asset derivative contracts |  |  |  | Liability derivative contracts
as hedging contracts under |  |  |  | Successor |  |  |  | Successor
ASC 815 |  | Balance sheet location |  | December 31, 2020 |  | December 31, 2019 |  | Balance sheet location |  | December 31, 2020 |  | December 31, 2019
Commodity contracts |  | Current assets - assets from derivative contracts |  | $ | 8,559 |  | $ | 4,995 |  | Current liabilities - liabilities from derivative contracts |  | $ | (22,125) |  | $ | (8,069)
Commodity contracts |  | Other noncurrent assets - assets from derivative contracts |  |  | 4,009 |  |  | 224 |  | Other noncurrent liabilities - liabilities from derivative contracts |  |  | (4,291) |  |  | (4,854)
Total derivatives not designated as hedging contracts under ASC 815 |  | $ | 12,568 |  | $ | 5,219 |  |  |  | $ | (26,416) |  | $ | (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 consolidated statements of operations (in thousands):
|  |  |  | Amount of gain or (loss) recognized in income on derivative contracts for the
|  |  |  | Successor |  |  | Predecessor
|  |  |  |  |  | Period from |  |  | Period from |  |  |
Derivatives not designated |  | Location of gain or (loss) |  |  |  | October 2, 2019 |  |  | January 1, 2019 |  |
as hedging contracts |  | recognized in income |  | Year Ended |  | through |  |  | through |  | Year Ended
under ASC 815 |  | on derivative contracts |  | December 31, 2020 |  | December 31, 2019 |  |  | October 1, 2019 |  | December 31, 2018
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) on commodity contracts |  | Other income (expenses) - net gain (loss) on derivative contracts |  | $ | (6,143) |  | $ | (18,681) |  |  | $ | (45,834) |  | $ | 84,274
Realized gain (loss) on commodity contracts |  | Other income (expenses) - net gain (loss) on derivative contracts |  |  | 44,902 |  |  | 1,989 |  |  |  | 11,502 |  |  | 8,351
Total net gain (loss) on derivative contracts |  | $ | 38,759 |  | $ | (16,692) |  |  | $ | (34,332) |  | $ | 92,625
Schedule of open derivative contracts | At December 31, 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
2021 |  | Fixed-Price Swap |  | Crude Oil |  | 3,076,979 |  | $ | 44.98
2021 |  | Fixed-Price Swap |  | Natural Gas |  | 4,657,871 |  |  | 2.74
2021 |  | Basis Swap |  | Crude Oil |  | 3,235,500 |  |  | (0.07)
2021 |  | Basis Swap |  | Natural Gas |  | 4,657,871 |  |  | (0.24)
2021 |  | WTI NYMEX Roll |  | Crude Oil |  | 2,941,000 |  |  | (0.31)
2022 |  | Fixed-Price Swap |  | Crude Oil |  | 1,659,434 |  |  | 46.58
2022 |  | Fixed-Price Swap |  | Natural Gas |  | 1,297,420 |  |  | 3.01
2022 |  | Producer Collar (Ceiling) |  | Natural Gas |  | 2,388,624 |  |  | 2.65
2022 |  | Producer Collar (Floor) |  | Natural Gas |  | 2,388,624 |  |  | 2.50
2022 |  | Basis Swap |  | Crude Oil |  | 1,659,434 |  |  | 0.44
2022 |  | Basis Swap |  | Natural Gas |  | 3,686,044 |  |  | (0.30)
2022 |  | WTI NYMEX Roll |  | Crude Oil |  | 1,843,434 |  |  | (0.07)
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 December 31, 2020 and 2019 (Successor) (in thousands):
|  | Derivative Assets |  | Derivative Liabilities
|  | Successor |  | Successor
Offsetting of Derivative Assets and Liabilities |  | December 31, 2020 |  | December 31, 2019 |  | December 31, 2020 |  | December 31, 2019
Gross amounts presented in the consolidated balance sheet |  | $ | 12,568 |  | $ | 5,219 |  | $ | (26,416) |  | $ | (12,923)
Amounts not offset in the consolidated balance sheet |  |  | (8,968) |  |  | (4,557) |  |  | 8,968 |  |  | 4,557
Net amount |  | $ | 3,600 |  | $ | 662 |  | $ | (17,448) |  | $ | (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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