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Derivatives (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative contracts
As of June 30, 2020, the Company had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.
20202021
Volume (Bbls/MMBtu/Gallons)Fixed Price Swap (per Bbl/MMBtu/Gallon)Volume (Bbls/MMBtu/Gallons)Fixed Price Swap (per Bbl/MMBtu/Gallon)
Oil Swaps - WTI Cushing1,840,000  $45.07  —  $—  
Oil Swaps - WTI Magellan East Houston736,000  $61.95  1,825,000  $37.78  
Oil Swaps - BRENT4,452,800  $47.62  2,730,000  $41.58  
Oil Swaption - BRENT—  $—  920,000  $41.50  
Oil Basis Swaps - WTI Cushing7,424,000  $(1.21) —  $—  
Oil Basis Swaps - WTL Cushing1,472,000$(1.31) —  $—  
Oil Rolling Hedge - WTI Cushing22,080,000  $(1.05) —  $—  
Natural Gas Swaps - Henry Hub11,040,000  $2.48  43,800,000  $2.57  
Natural Gas Swaps - Waha Hub11,040,000  $1.51  —  $—  
Natural Gas Basis Swaps - Waha Hub22,080,000  $(1.46) 83,950,000  $(0.69) 
Natural Gas Liquid Swaps - Mont Belvieu Ethane1,288,000  $8.43  —  $—  
Natural Gas Liquid Swaps - Mont Belvieu Propane920,000$21.76  —  $—  
Diesel Price Swaps184,000,000  $1.60  —  $—  

Oil Swaption - WTI Magellan East Houston2020
Volume (Bbl)602,600
Swap price (per Bbl)$55.00  
Put price (per Bbl) $40.00  

Oil Options - WTI Cushing2020
Volume (Bbl)864,800
Long put price (per Bbl)$46.51  
Oil Put Spread - WTI Magellan East Houston2020
Volume (Bbl)699,200
Floor price (per Bbl)$50.00  
Short put price (per Bbl)$25.00  

Gas Swap Double-Up - Waha Hub2020
Volume (Mcf)5,520,000
Swap price (per Mcf)$1.70  
Option price (per Mcf)$1.70  

20202021
Oil Costless CollarsWTI CushingBrentWTI Magellan East HoustonBrent
Volume (Bbls)6,330,33611,906,640736,00022,986,000
Floor price (per Bbl)$38.53  $37.59  $39.00  $39.22  
Ceiling price (per Bbl)$45.79  $45.63  $49.00  $48.21  
The following table summarizes the Company’s interest rate swaps and treasury locks as of June 30, 2020:
TypeEffective DateTermination DateNotional Amount (in millions)Interest Rate
Interest Rate SwapDecember 31, 2020December 31, 2030$250  1.551 %
Interest Rate SwapDecember 31, 2020December 31, 2030$250  1.5575 %
Interest Rate SwapDecember 31, 2020December 31, 2030$250  1.297 %
Interest Rate SwapDecember 31, 2020December 31, 2030$250  1.195 %
As of June 30, 2020, Viper had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.
2020
SwapsVolumeFixed Price Swap (per Bbl/MMBtu)
Oil swaps - WTI Cushing (Bbls)184,000  $27.45  
Oil basis swaps - WTI Midland-Cushing (Bbls)736,000  $(2.60) 
Natural gas basis swaps - Waha Hub (MMBtu)4,600,000  $(2.07) 

Collars - WTI Cushing20202021
Volume (Bbls)2,576,0003,650,000
Floor price (per Bbl)$28.86  $30.00  
Ceiling price (per Bbl)$32.33  $43.05  

Deferred premium call options - WTI Cushing2020
Volume (Bbls)736,000
Premium$1.89  
Strike price (per Bbl)$45.00  
The following tables present the derivative contracts entered into by the Company subsequent to June 30, 2020. When aggregating multiple contracts, the weighted average contract price is disclosed.
January 2021 - December 2021
Volume (MMBtu)Fixed Price Swap
(per MMBtu)
Natural Gas Swaps - Henry Hub18,250,000$2.62  

January 2022 - December 2022
Volume (MMBtu)Fixed Price Swap
(per MMBtu)
Natural Gas Basis Swaps - Waha Hub21,900,000$(0.46) 
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 June 30, 2020 and December 31, 2019:
June 30, 2020December 31, 2019
(in millions)
Gross derivative assets$284  $71  
Amounts netted(198) (18) 
Net derivative assets$86  $53  
Gross derivative liabilities$373  $45  
Amounts netted(198) (18) 
Net derivative liabilities$175  $27  
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:
June 30, 2020December 31, 2019
(in millions)
Current assets: derivative instruments$86  $46  
Noncurrent assets: derivative instruments—  7  
Total assets$86  $53  
Current liabilities: derivative instruments$85  $27  
Noncurrent liabilities: derivative instruments90  —  
Total liabilities$175  $27  
Summary of derivative contract gains and losses included in the consolidated statements of operations
The following table summarizes the gains and losses on derivative instruments included in the consolidated statements of operations:
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
(in millions)
(Loss) gain on derivative instruments, net
Commodity contracts$(353) $94  $251  $(174) 
Interest rate swaps(8) —  (70) —  
Total$(361) $94  $181  $(174) 
Net cash received on settlements
Commodity contracts210  5  297  22  
Total$210  $5  $297  $22