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DERIVATIVE AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020 (in thousands):

Derivatives not designated as				Asset derivative contracts								Liability derivative contracts
hedging contracts under ASC 815		Balance sheet location		March 31, 2021			December 31, 2020			Balance sheet location		March 31, 2021			December 31, 2020
Commodity contracts		Current assets - assets from derivative contracts		$	672		$	8,559		Current liabilities - liabilities from derivative contracts		$	(42,371)		$	(22,125)
Commodity contracts		Other noncurrent assets - assets from derivative contracts			828			4,009		Other noncurrent liabilities - liabilities from derivative contracts			(9,029)			(4,291)
Total derivatives not designated as hedging contracts under ASC 815				$	1,500		$	12,568				$	(51,400)		$	(26,416)

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
Derivatives not designated		Location of gain or		Three Months Ended
as hedging contracts		(loss) recognized in income		March 31,
under ASC 815		on derivative contracts		2021			2020
Commodity contracts:
Unrealized gain (loss) on commodity contracts		Other income (expenses) - net gain (loss) on derivative contracts		$	(36,052)		$	112,378
Realized gain (loss) on commodity contracts		Other income (expenses) - net gain (loss) on derivative contracts			(9,659)			5,921
Total net gain (loss) on derivative contracts				$	(45,711)		$	118,299

Schedule of open derivative contracts

At March 31, 2021, 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		2,306,000		$	44.29
2021		Fixed-Price Swap		Natural Gas		3,363,030			2.73
2021		Basis Swap		Crude Oil		2,306,000			(0.19)
2021		Basis Swap		Natural Gas		3,363,030			(0.24)
2021		WTI NYMEX Roll		Crude Oil		2,006,000			(0.37)
2022		Fixed-Price Swap		Crude Oil		2,296,800			48.48
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		2,296,800			0.48
2022		Basis Swap		Natural Gas		3,686,044			(0.30)
2022		WTI NYMEX Roll		Crude Oil		2,327,800			(0.04)

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 March 31, 2021 and December 31, 2020 (in thousands):

		Derivative Assets						Derivative Liabilities
Offsetting of Derivative Assets and Liabilities		March 31, 2021			December 31, 2020			March 31, 2021			December 31, 2020
Gross Amounts Presented in the Consolidated Balance Sheet		$	1,500		$	12,568		$	(51,400)		$	(26,416)
Amounts Not Offset in the Consolidated Balance Sheet			(1,500)			(8,968)			1,500			8,968
Net Amount		$	—		$	3,600		$	(49,900)		$	(17,448)

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