Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of contracts for oil and natural gas

The following is a summary of the Company’s open costless collar contracts for oil at December 31, 2019.

		Notional Quantity (Bbl or MMBtu)	Weighted Average Price Floor ($/Bbl or $/MMBtu)		Weighted Average Price Ceiling ($/Bbl or $/MMBtu)		Fair Value of Asset (Liability) (thousands)
Commodity	Calculation Period
Oil	01/01/2020 - 12/31/2020	7,200,000	$	47.69	$	66.62	$	630
Total open costless collar contracts							$	630

The following is a summary of the Company’s open basis swaps contracts for oil at December 31, 2019.

Commodity	Calculation Period	Notional Quantity (Bbl or Gal)	Fixed Price ($/Bbl or $/Gal)		Fair Value of Asset (Liability) (thousands)
Oil Basis Swaps	01/01/2020 - 12/31/2020	9,774,000	$	0.61	$	(2,528	)
Oil Basis Swaps	01/01/2021 - 12/31/2021	6,480,000	$	0.82	$	(1,523	)
Oil Basis Swaps	01/01/2022 - 12/31/2022	3,600,000	0.90		$	(460	)
Total open swap contracts					$	(4,511	)

Summary of offsetting assets

The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the consolidated balance sheets as of December 31, 2019 and December 31, 2018 (in thousands).

Derivative Instruments	Gross amounts recognized			Gross amounts netted in the consolidated balance sheets			Net amounts presented in the consolidated balance sheets
December 31, 2019
Current assets	$	442,291		$	(442,291	)	$	—
Other assets	280,397			(280,397		)	—
Current liabilities	(444,188		)	442,291			(1,897		)
Long-term liabilities	(282,381		)	280,397			(1,984		)
Total	$	(3,881	)	$	—		$	(3,881	)
December 31, 2018
Current assets	$	53,136		$	(3,207	)	$	49,929
Current liabilities	(3,207		)	3,207			—
Long-term liabilities	(83		)	—			(83		)
Total	$	49,846		$	—		$	49,846

Summary of offsetting liabilities

The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the consolidated balance sheets as of December 31, 2019 and December 31, 2018 (in thousands).

Derivative Instruments	Gross amounts recognized			Gross amounts netted in the consolidated balance sheets			Net amounts presented in the consolidated balance sheets
December 31, 2019
Current assets	$	442,291		$	(442,291	)	$	—
Other assets	280,397			(280,397		)	—
Current liabilities	(444,188		)	442,291			(1,897		)
Long-term liabilities	(282,381		)	280,397			(1,984		)
Total	$	(3,881	)	$	—		$	(3,881	)
December 31, 2018
Current assets	$	53,136		$	(3,207	)	$	49,929
Current liabilities	(3,207		)	3,207			—
Long-term liabilities	(83		)	—			(83		)
Total	$	49,846		$	—		$	49,846

Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations

The following table summarizes the location and aggregate gain (loss) of all derivative financial instruments recorded in the consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments.

		Year Ended December 31,
Type of Instrument	Location in Statements of Operations	2019			2018			2017
Derivative Instrument
Oil	Revenues: Realized gain (loss) on derivatives	$	9,026		$	3,741		$	(3,657	)
Natural Gas	Revenues: Realized gain (loss) on derivatives	456			(1,407		)	(608		)
NGLs	Revenues: Realized loss on derivatives	—			—			(56		)
Realized gain (loss) on derivatives		9,482			2,334			(4,321		)
Oil	Revenues: Unrealized (loss) gain on derivatives	(53,443		)	65,991			2,638
Natural Gas	Revenues: Unrealized (loss) gain on derivatives	(284		)	(906		)	7,077
Unrealized (loss) gain on derivatives		(53,727		)	65,085			9,715
Total		$	(44,245	)	$	67,419		$	5,394