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DERIVATIVE AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2021

DERIVATIVE AND HEDGING ACTIVITIES

Summary of location and fair value of derivative contracts

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Derivatives not designated as

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Asset derivative contracts

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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

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Current assets - assets from derivative contracts

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$

813

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$

8,559

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Current liabilities - liabilities from derivative contracts

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$

(74,287)

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$

(22,125)

Commodity contracts

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Other noncurrent assets - assets from derivative contracts

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​

110

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4,009

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Other noncurrent liabilities - liabilities from derivative contracts

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​

(9,536)

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​

(4,291)

Total derivatives not designated as hedging contracts under ASC 815

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$

923

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$

12,568

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$

(83,823)

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$

(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):

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Amount of gain or (loss)

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Amount of gain or (loss)

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recognized in income on

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recognized in income on

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derivative contracts for the

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derivative contracts for the

Derivatives not designated

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Location of gain or

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Three Months Ended

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Nine Months Ended

as hedging contracts

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(loss) recognized in income

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September 30,

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September 30,

under ASC 815

on derivative contracts

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2021

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2020

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2021

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2020

Commodity contracts:

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Unrealized gain (loss) on commodity contracts

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Other income (expenses) - net gain (loss) on derivative contracts

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$

1,816

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$

(21,128)

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$

(69,053)

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$

24,029

Realized gain (loss) on commodity contracts

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Other income (expenses) - net gain (loss) on derivative contracts

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(22,387)

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5,285

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(50,318)

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43,666

Total net gain (loss) on derivative contracts

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$

(20,571)

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$

(15,843)

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$

(119,371)

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$

67,695

Schedule of open derivative contracts

At September 30, 2021, the Company had the following open crude oil and natural gas derivative contracts:

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​	​	​	​	​	​	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)

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Subsequent to September 30, 2021, the Company entered into the following crude oil and natural gas derivative contracts:

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​	​	​	​	​	​	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

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Derivative Assets

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Derivative Liabilities

Offsetting of Derivative Assets and Liabilities

September 30, 2021

December 31, 2020

September 30, 2021

December 31, 2020

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Gross Amounts Presented in the Consolidated Balance Sheet

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$

923

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$

12,568

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$

(83,823)

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$

(26,416)

Amounts Not Offset in the Consolidated Balance Sheet

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(923)

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(8,968)

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923

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8,968

Net Amount

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$

—

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$

3,600

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$

(82,900)

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$

(17,448)

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and non-derivative instruments not designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and non-derivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of derivative, other financial assets and other financial liabilities that are subject to offsetting, including master netting arrangements.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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