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DERIVATIVE AND HEDGING ACTIVITIES (Tables)

12 Months Ended

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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