Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Open Option Contracts Written [Line Items]

Summary of contracts for oil and natural gas

The following is a summary of the Company’s open costless collar contracts for oil and natural gas at April 29, 2020.

Commodity	Calculation Period	Notional Quantity (Bbl or MMBtu)	Weighted Average Price Floor ($/Bbl or $/MMBtu)		Weighted Average Price Ceiling ($/Bbl or $/MMBtu)
Oil	04/01/2020 - 12/31/2020	2,311,500	$	47.94	$	66.19
Natural Gas	11/01/2020 - 12/31/2020	3,200,000	$	2.52	$	3.71
Natural Gas	01/01/2021 - 03/31/2021	4,800,000	$	2.52	$	3.71

The following is a summary of the Company’s open swap contracts for oil at April 29, 2020.

Commodity	Calculation Period	Notional Quantity (Bbl)	Fixed Price ($/Bbl)
Oil	04/01/2020 - 12/31/2020	7,620,000	$	34.93
Oil	01/01/2021 - 12/31/2021	2,040,000	$	35.26

The following is a summary of the Company’s open put option contracts for oil at April 29, 2020.

Commodity	Calculation Period	Notional Quantity (Bbl)	Fixed Price ($/Bbl)
Oil	04/01/2020 - 06/30/2020	391,500	$	48.15

The following is a summary of the Company’s open costless collar contracts for oil at March 31, 2020.

Commodity	Calculation Period	Notional Quantity (Bbl)	Weighted Average Price Floor ($/Bbl)		Weighted Average Price Ceiling ($/Bbl)		Fair Value of Asset (Liability) (thousands)
Oil	04/01/2020 - 12/31/2020	5,205,000	$	47.68	$	66.69	$	95,553
Total open costless collar contracts							$	95,553

The following is a summary of the Company’s open basis swap contracts for oil at March 31, 2020.

Commodity	Calculation Period	Notional Quantity (Bbl)	Fixed Price ($/Bbl)		Fair Value of Asset (Liability) (thousands)
Oil Basis	04/01/2020 - 12/31/2020	7,335,000	$	0.61	$	23,318
Oil Basis	01/01/2021 - 12/31/2021	8,400,000	$	0.87	8,552
Oil Basis	01/01/2022 - 12/31/2022	5,520,000	$	0.95	5,127
Total open basis swap contracts					$	36,997

Summary of gross asset balances of derivative instruments

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 interim unaudited condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019 (in thousands).

Derivative Instruments	Gross amounts recognized			Gross amounts netted in the condensed consolidated balance sheets			Net amounts presented in the condensed consolidated balance sheets
March 31, 2020
Current assets	$	321,607		$	(200,428	)	$	121,179
Other assets	296,261			(284,890		)	11,371
Current liabilities	(200,428		)	200,428			—
Long-term liabilities	(284,890		)	284,890			—
Total	$	132,550		$	—		$	132,550
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	)

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 interim unaudited condensed consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments.

		Three Months Ended   March 31,
Type of Instrument	Location in Condensed Consolidated Statement of Operations	2020		2019
Derivative Instrument
Oil	Revenues: Realized gain on derivatives	$	10,867	$	3,366
Natural Gas	Revenues: Realized loss on derivatives	—		(96		)
Realized gain on derivatives		10,867		3,270
Oil	Revenues: Unrealized gain (loss) on derivatives	136,430		(45,444		)
Natural Gas	Revenues: Unrealized loss on derivatives	—		(275		)
Unrealized gain (loss) on derivatives		136,430		(45,719		)
Total		$	147,297	$	(42,449	)