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SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS

Fourth Quarter 2019 Dividend Declaration
On February 14, 2020, the Board of Directors of the Company declared a cash dividend for the fourth quarter of 2019 of $0.3750 per share of common stock, payable on March 10, 2020 to its stockholders of record at the close of business on March 3, 2020.

Commodity Contracts

Subsequent to December 31, 2019, the Company entered into new fixed price swaps, fixed price basis swaps, three-way collars and put spreads. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on WTI and Crude Oil Brent and gas derivative settlements based on Waha Hub and Brent.

The following tables present the derivative contracts entered into by the Company subsequent to December 31, 2019. When aggregating multiple contracts, the weighted average contract price is disclosed.

 
2020
 
Volume (Bbls/MMBtu)
 
Fixed Price Swap (per Bbl/MMBtu)
Oil Swaps - WTI Cushing
732,000
 
$
60.50

Oil Swaps - BRENT
732,000
 
$
65.00

Natural Gas Swaps - Waha Hub
1,840,000
 
$
0.75

Natural Gas Basis Swaps - Waha Hub
13,750,000
 
$
(1.85
)
Diesel Price Swaps
11,000,000
 
$
1.60

 
2020
Oil Three-Way Collars
Brent
Volume (Bbls)
732,000

Short put price (per Bbl)
$
50.00

Floor price (per Bbl)
$
60.00

Ceiling price (per Bbl)
$
69.25


 
2020
Oil Put Spreads - WTI
 
Volume (Bbls)
829,125
Short put price (per Bbl)
$
50.50

Floor price (per Bbl)
$
60.50

Oil Put Spreads - Brent
 
Volume (Bbls)
1,758,750
Short put price (per Bbl)
$
52.38

Floor price (per Bbl)
$
65.00