DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

As of December 31, 2019, the Company had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed:

	2020				2021
	Volume (Bbls/MMBtu)	Fixed Price Swap (per Bbl/MMBtu)			Volume (Bbls/MMBtu)	Fixed Price Swap (per Bbl/MMBtu)
Oil Swaps - WTI Cushing	4,754,000	$	57.78		0	$	—
Oil Swaps - WTI Magellan East Houston	2,196,000	$	62.80		0	$	—
Oil Swaps - BRENT	4,569,000	$	61.84		0	$	—
Oil Basis Swaps - WTI Cushing	13,860,000	$	(1.20	)	0	$	—
Oil Rolling Hedge - WTI Cushing	6,700,000	$	0.44		0	$	—
Natural Gas Swaps - Henry Hub	10,050,000	$	2.55		0	$	—
Natural Gas Swaps - Waha Hub	16,750,000	$	1.67		0	$	—
Natural Gas Basis Swaps - Waha Hub	23,450,000	$	(1.19	)	54,750,000	$	(0.70	)

	2020
Oil Three-Way Collars	WTI Cushing		Brent		WTI Magellan East Houston
Volume (Bbls)	6,842,200		11,803,500		5,124,000
Short put price (per Bbl)	$	44.20	$	50.00	$	50.00
Floor price (per Bbl)	$	54.20	$	60.00	$	60.00
Ceiling price (per Bbl)	$	65.42	$	70.86	$	68.61

Gas Swap Double-Up - Waha Hub	2020
Volume (Mcf)	10,050,000
Swap price (per Mcf)	$	1.70
Option price	$	1.70

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

Schedule of netting offsets of derivative assets and liabilities

The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties and the resulting net amounts presented in the Company’s consolidated balance sheets as of December 31, 2019 and 2018:

	December 31,
	2019			2018
	(in millions)
Gross amounts of assets presented in the Consolidated Balance Sheet	$	71		$	233
Amounts netted in the Consolidated Balance Sheet	(18		)	(2		)
Net amounts of assets presented in the Consolidated Balance Sheet	$	53		$	231
Gross amounts of liabilities presented in the Consolidated Balance Sheet	$	45		$	15
Amounts netted in the Consolidated Balance Sheet	(18		)	—
Net amounts of liabilities presented in the Consolidated Balance Sheet	$	27		$	15

Schedule of derivative instruments included in the consolidated balance sheet

The net fair value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows:

	December 31,
	2019		2018
	(in millions)
Current assets: derivative instruments	$	46	$	231
Noncurrent assets: derivative instruments	7		—
Total assets	$	53	$	231
Current liabilities: derivative instruments	$	27	$	—
Noncurrent liabilities: derivative instruments	—		15
Total liabilities	$	27	$	15

Summary of derivative contract gains and losses included in the consolidated statements of operations

The following table summarizes the gains and losses on derivative instruments included in the consolidated statements of operations:

	Year Ended December 31,
	2019			2018			2017
	(in thousands)
Change in fair value of open non-hedge derivative instruments:	$	(188	)	$	222		$	(84	)
Gain (loss) on settlement of non-hedge derivative instruments:	80			(121		)	6
Gain (loss) on derivative instruments	$	(108	)	$	101		$	(78	)