Derivatives (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Transactions Resulting in Crude Oil Production and Gas Purchases Hedges

As of September 30, 2021, we had the following crude oil production and gas purchase hedges.

	Q4 2021		FY 2022		FY 2023		FY 2024
Fixed Price Oil Swaps (Brent):
Hedged volume (mbbls)	1,318		3,387		1,596		732
Weighted-average price ($/bbl)	$	48.61	$	66.63	$	65.26	$	61.78
Purchased Oil Put Options (Brent):
Hedged volume (mbbls)	307		1,643		2,555		1,647
Weighted-average price ($/bbl)	$	60.00	$	50.00	$	50.00	$	50.00
Sold Oil Put Options (Brent):
Hedged volume (mbbls)	—		1,643		2,555		1,647
Weighted-average price ($/bbl)	$	—	$	40.00	$	40.00	$	40.00
Sold Oil Calls Options (Brent):
Hedged volume (mbbls)	307		—		—		—
Weighted-average price ($/bbl)	$	75.00	$	—	$	—	$	—
Purchased Gas Call Options (Henry Hub):
Hedged volume (mmbtu)	1,830,000		10,950,000		10,950,000		9,150,000
Weighted-average price ($/mmbtu)	$	4.00	$	4.00	$	4.00	$	4.00
Sold Gas Put Options (Henry Hub):
Hedged volume (mmbtu)	1,830,000		10,950,000		10,950,000		9,150,000
Weighted-average price ($/mmbtu)	$	2.75	$	2.75	$	2.75	$	2.75
Fixed Price Gas Purchase Swaps (Kern, Delivered):
Hedged volume (mmbtu)	2,085,000		—		—		—
Weighted-average price ($/mmbtu)	$	2.95	$	—	$	—	$	—

Fair Values (Gross and Net) of Outstanding Derivatives

The following tables present the fair values (gross and net) of our outstanding derivatives as of September 30, 2021 and December 31, 2020:

	September 30, 2021
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value		Gross Amounts Offset  in the Balance Sheet		Net Fair Value Presented  in the Balance Sheet
	(in thousands)
Assets:
Commodity Contracts	Current assets	$	30,356	$	(29,472)	$	884
Commodity Contracts	Non-current assets	36,287		(34,245)		2,042
Liabilities:
Commodity Contracts	Current liabilities	(68,939)		29,472		(39,467)
Commodity Contracts	Non-current liabilities	(49,848)		34,245		(15,603)
Total derivatives		$	(52,144)	$	—	$	(52,144)

	December 31, 2020
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value		Gross Amounts Offset  in the Balance Sheet		Net Fair Value Presented  in the Balance Sheet
	(in thousands)
Assets:
Commodity Contracts	Current assets	$	15,217	$	(12,710)	$	2,507
Liabilities:
Commodity Contracts	Current liabilities	(36,031)		12,710		(23,321)
Total derivatives		$	(20,814)	$	—	$	(20,814)