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DERIVATIVE AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 30, 2021
DERIVATIVE AND HEDGING ACTIVITIES |
Summary of location and fair value of derivative contracts | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives not designated as | ​ | ​ | ​ | Asset derivative contracts | ​ | ​ | ​ | Liability derivative contracts
hedging contracts under ASC 815 |  | Balance sheet location |  | September 30, 2021 |  | December 31, 2020 |  | Balance sheet location |  | September 30, 2021 |  | December 31, 2020
Commodity contracts | ​ | Current assets - assets from derivative contracts | ​ | $ | 813 | ​ | $ | 8,559 | ​ | Current liabilities - liabilities from derivative contracts | ​ | $ | (74,287) | ​ | $ | (22,125)
Commodity contracts | ​ | Other noncurrent assets - assets from derivative contracts | ​ | ​ | 110 | ​ | ​ | 4,009 | ​ | Other noncurrent liabilities - liabilities from derivative contracts | ​ | ​ | (9,536) | ​ | ​ | (4,291)
Total derivatives not designated as hedging contracts under ASC 815 | ​ | ​ | ​ | $ | 923 | ​ | $ | 12,568 | ​ | ​ | ​ | $ | (83,823) | ​ | $ | (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) | ​ | Amount of gain or (loss)
​ | ​ | ​ | ​ | recognized in income on | ​ | recognized in income on
​ | ​ | ​ | ​ | derivative contracts for the | ​ | derivative contracts for the
Derivatives not designated | ​ | Location of gain or | ​ | Three Months Ended | ​ | Nine Months Ended
as hedging contracts | ​ | (loss) recognized in income | ​ | September 30, | ​ | September 30,
under ASC 815 |  | on derivative contracts | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020
Commodity contracts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized gain (loss) on commodity contracts | ​ | Other income (expenses) - net gain (loss) on derivative contracts | ​ | $ | 1,816 | ​ | $ | (21,128) | ​ | $ | (69,053) | ​ | $ | 24,029
Realized gain (loss) on commodity contracts | ​ | Other income (expenses) - net gain (loss) on derivative contracts | ​ | ​ | (22,387) | ​ | ​ | 5,285 | ​ | ​ | (50,318) | ​ | ​ | 43,666
Total net gain (loss) on derivative contracts | ​ | ​ | ​ | $ | (20,571) | ​ | $ | (15,843) | ​ | $ | (119,371) | ​ | $ | 67,695
Schedule of open derivative contracts | At September 30, 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 | ​ | 721,000 | ​ | $ | 43.96
2021 | ​ | Fixed-Price Swap | ​ | Natural Gas | ​ | 1,048,007 | ​ | ​ | 2.71
2021 | ​ | Basis Swap | ​ | Crude Oil | ​ | 721,000 | ​ | ​ | (0.25)
2021 | ​ | Basis Swap | ​ | Natural Gas | ​ | 1,048,007 | ​ | ​ | (0.24)
2021 | ​ | WTI NYMEX Roll | ​ | Crude Oil | ​ | 488,500 | ​ | ​ | (0.39)
2022 | ​ | Fixed-Price Swap | ​ | Crude Oil | ​ | 2,368,434 | ​ | ​ | 48.81
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 | ​ | 2,368,434 | ​ | ​ | 0.47
2022 | ​ | Basis Swap | ​ | Natural Gas | ​ | 3,686,044 | ​ | ​ | (0.30)
2022 | ​ | WTI NYMEX Roll | ​ | Crude Oil | ​ | 2,399,434 | ​ | ​ | (0.03)
​ ​ Subsequent to September 30, 2021, the Company entered into the following crude oil and natural gas derivative contracts:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Volume in | ​ | Weighted
​ | ​ | ​ | ​ | ​ | ​ | Mmbtu's/ | ​ | Average
Period |  | Instrument |  | Commodity |  | Bbl's |  | Price
2022 | ​ | Fixed-Price Swap | ​ | Natural Gas | ​ | 535,000 | ​ | $ | 3.90
2022 | ​ | Producer Collar (Ceiling) | ​ | Natural Gas | ​ | 152,500 | ​ | ​ | 5.00
2022 | ​ | Producer Collar (Floor) | ​ | Natural Gas | ​ | 152,500 | ​ | ​ | 3.75
2023 | ​ | Fixed-Price Swap | ​ | Crude Oil | ​ | 1,391,000 | ​ | ​ | 66.55
2023 | ​ | Fixed-Price Swap | ​ | Natural Gas | ​ | 2,365,000 | ​ | ​ | 3.30
2023 | ​ | Producer Collar (Ceiling) | ​ | Natural Gas | ​ | 1,132,500 | ​ | ​ | 5.10
2023 | ​ | Producer Collar (Floor) | ​ | Natural Gas | ​ | 1,132,500 | ​ | ​ | 3.45
2023 | ​ | Basis Swap | ​ | Crude Oil | ​ | 1,368,000 | ​ | ​ | 0.25
2023 | ​ | Basis Swap | ​ | Natural Gas | ​ | 912,500 | ​ | ​ | (0.52)
2023 | ​ | WTI NYMEX Roll | ​ | Crude Oil | ​ | 1,368,000 | ​ | ​ | 0.60
2024 | ​ | Fixed-Price Swap | ​ | Crude Oil | ​ | 914,500 | ​ | ​ | 61.35
2024 | ​ | Fixed-Price Swap | ​ | Natural Gas | ​ | 1,757,500 | ​ | ​ | 3.03
2024 | ​ | Producer Collar (Ceiling) | ​ | Natural Gas | ​ | 835,000 | ​ | ​ | 4.63
2024 | ​ | Producer Collar (Floor) | ​ | Natural Gas | ​ | 835,000 | ​ | ​ | 3.00
2024 | ​ | Basis Swap | ​ | Crude Oil | ​ | 914,500 | ​ | ​ | 0.25
2024 | ​ | Basis Swap | ​ | Natural Gas | ​ | 915,000 | ​ | ​ | (0.55)
2024 | ​ | WTI NYMEX Roll | ​ | Crude Oil | ​ | 914,500 | ​ | ​ | 0.36
2025 | ​ | Fixed-Price Swap | ​ | Crude Oil | ​ | 408,750 | ​ | ​ | 60.24
2025 | ​ | Fixed-Price Swap | ​ | Natural Gas | ​ | 760,000 | ​ | ​ | 2.95
2025 | ​ | Producer Collar (Ceiling) | ​ | Natural Gas | ​ | 225,000 | ​ | ​ | 3.85
2025 | ​ | Producer Collar (Floor) | ​ | Natural Gas | ​ | 225,000 | ​ | ​ | 3.00
2025 | ​ | Basis Swap | ​ | Crude Oil | ​ | 135,750 | ​ | ​ | 0.25
2025 | ​ | Basis Swap | ​ | Natural Gas | ​ | 760,000 | ​ | ​ | (0.54)
2025 | ​ | WTI NYMEX Roll | ​ | Crude Oil | ​ | 135,750 | ​ | ​ | 0.22
Schedule of potential effects of master netting arrangements on the fair value of derivative contracts | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Derivative Assets | ​ | Derivative Liabilities
Offsetting of Derivative Assets and Liabilities |  | September 30, 2021 |  | December 31, 2020 |  | September 30, 2021 |  | December 31, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross Amounts Presented in the Consolidated Balance Sheet | ​ | $ | 923 | ​ | $ | 12,568 | ​ | $ | (83,823) | ​ | $ | (26,416)
Amounts Not Offset in the Consolidated Balance Sheet | ​ | ​ | (923) | ​ | ​ | (8,968) | ​ | ​ | 923 | ​ | ​ | 8,968
Net Amount | ​ | $ | — | ​ | $ | 3,600 | ​ | $ | (82,900) | ​ | $ | (17,448)

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