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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
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 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 
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, 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)
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, 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)
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).
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