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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
From time to time, the Company uses derivative financial instruments to mitigate its exposure to commodity price risk associated with oil, natural gas and NGL prices. The Company records derivative financial instruments on its consolidated balance sheets as either assets or liabilities measured at fair value. The Company has elected not to apply hedge accounting for its existing derivative financial instruments. As a result, the Company recognizes the change in derivative fair value between reporting periods currently in its consolidated statements of operations as an unrealized gain or loss. The fair value of the Company’s derivative financial instruments is determined using industry-standard models that consider various inputs including: (i) quoted forward prices for commodities, (ii) time value of money and (iii) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. The Company has evaluated and considered the credit standings of its counterparties in determining the fair value of its derivative financial instruments.
At December 31, 2020, the Company had various costless collar and swap contracts open and in place to mitigate its exposure to oil and natural gas price volatility, each with a specific term (calculation period), notional quantity (volume hedged) and price floor and ceiling and fixed price for the swaps. At December 31, 2020, each contract was set to expire at varying times during 2021 and 2022. The Company had no open contracts associated with NGL prices at December 31, 2020.
 The following is a summary of the Company’s open costless collar contracts for oil and natural gas at December 31, 2020.
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 01/01/2021 - 12/31/20215,880,000 $37.19 $48.09 $(18,734)
Natural Gas01/01/2021 - 12/31/202147,000,000 $2.46 $3.68 5,475 
Natural Gas01/01/2022 - 03/31/20223,000,000 $2.60 $4.22 220 
Total open costless collar contracts$(13,039)
The following is a summary of the Company’s open swap contracts for oil at December 31, 2020.
CommodityCalculation PeriodNotional Quantity (Bbl)Fixed Price
($/Bbl)		Fair Value of Asset (Liability) (thousands)
Oil01/01/2021 - 12/31/20212,040,000 $35.26 $(26,451)
Total open swap contracts$(26,451)
The following is a summary of the Company’s open basis swaps contracts for oil at December 31, 2020.
CommodityCalculation PeriodNotional Quantity (Bbl)Fixed Price
($/Bbl)		Fair Value of Asset (Liability) (thousands)
Oil Basis Swaps01/01/2021 - 12/31/20218,400,000 $0.87 $1,229 
Oil Basis Swaps01/01/2022 - 12/31/20225,520,000 $0.95 2,372 
Total open basis swap contracts$3,601 
At December 31, 2020, the Company had an aggregate net liability value for open derivative financial instruments of $35.9 million.
The Company’s derivative financial instruments are subject to master netting arrangements, and the Company’s counterparties allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its consolidated balance sheets.
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, 2020 and December 31, 2019 (in thousands).
Derivative InstrumentsGross amounts recognizedGross amounts netted in the consolidated balance sheetsNet amounts presented in the consolidated balance sheets
December 31, 2020
Current assets$382,328 $(375,601)$6,727 
Other assets150,194 (147,624)2,570 
Current liabilities(420,787)375,601 (45,186)
Long-term liabilities(147,624)147,624 — 
Total$(35,889)$— $(35,889)
December 31, 2019
Current assets$442,291 $(442,291)$— 
Other assets280,397 (280,397)— 
Current liabilities(444,188)442,291 (1,897)
Long-term liabilities(282,381)280,397 (1,984)
Total$(3,881)$— $(3,881)

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).
Year Ended December 31,
Type of InstrumentLocation in Statements of Operations202020192018
Derivative Instrument
OilRevenues: Realized gain on derivatives$38,937 $9,026 $3,741 
Natural GasRevenues: Realized gain (loss) on derivatives— 456 (1,407)
Realized gain on derivatives38,937 9,482 2,334 
OilRevenues: Unrealized (loss) gain on derivatives(37,703)(53,443)65,991 
Natural GasRevenues: Unrealized gain (loss) on derivatives5,695 (284)(906)
Unrealized (loss) gain on derivatives(32,008)(53,727)65,085 
Total$6,929 $(44,245)$67,419