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Price-Risk Management Price-Risk Management (Notes)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Price-Risk Management Activities Price-Risk Management Activities
Derivatives are recorded on the balance sheet at fair value with changes in fair value recognized in earnings. The changes in the fair value of our derivatives are recognized in “Gain (loss) on commodity derivatives, net” on the accompanying consolidated statements of operations. We have a price-risk management policy to use derivative instruments to protect against declines in oil and natural gas prices, primarily through the purchase of commodity price swaps and collars as well as basis swaps.

During the years ended December 31, 2020 and 2019, the Company recorded gains of $61.3 million and $24.2 million, respectively, relating to our derivative activities. The Company received net cash payments of $78.4 million and $24.6 million for settled derivative contracts during the years ended December 31, 2020 and 2019, respectively. Included in our collected cash payments during the year ended December 31, 2020 was $38.3 million for monetized derivative contracts received in the first quarter of 2020.

At December 31, 2020 and 2019, we had $0.8 million and $2.9 million, respectively, in receivables for settled derivatives which were included on the accompanying consolidated balance sheet in “Accounts receivable, net” and were subsequently collected in January 2021 and 2020, respectively. At December 31, 2020 and 2019, we also had $0.8 million and $0.2 million, respectively, in payables for settled derivatives which were included on the accompanying consolidated balance sheet in “Accounts payable and accrued liabilities” and were subsequently paid in January 2021 and 2020, respectively.
The fair values of our swap contracts are computed using observable market data whereas our collar contracts are valued using a Black-Scholes pricing model and are periodically verified against quotes from brokers. At December 31, 2020 there was $4.8 million and $0.3 million in current unsettled derivative assets and long-term unsettled derivative assets, respectively, and $8.2 million and $2.9 million in current unsettled derivative liabilities and long-term unsettled derivative liabilities, respectively. At December 31, 2019, the Company had $12.8 million and $3.9 million in current unsettled derivative assets and long-term unsettled derivative assets, respectively, and $6.6 million and $1.6 million in current unsettled derivative liabilities and long-term unsettled derivative liabilities, respectively.

The Company uses an International Swap and Derivatives Association master agreement for our derivative contracts. This is an industry-standardized contract containing the general conditions of our derivative transactions including provisions relating to netting derivative settlement payments under certain circumstances (such as default). For reporting purposes, the Company has elected to not offset the asset and liability fair value amounts of its derivatives on the accompanying balance sheets. Under the right of set-off, there was an $6.0 million net fair value liability at December 31, 2020 and $8.4 million net fair value asset at December 31, 2019. For further discussion related to the fair value of the Company's derivatives, refer to Note 10 of these Notes to Consolidated Financial Statements.

The following tables summarize the weighted average prices as well as future production volumes for our future derivative contracts in place as of December 31, 2020.
Oil Derivative Swaps
(NYMEX WTI Settlements)		Total Volumes (Bbls)Weighted Average PriceWeighted Average Collar Floor PriceWeighted Average Collar Call Price
2021 Contracts
1Q21143,538 $51.89 
2Q21195,646 $51.93 
3Q21179,759 $51.19 
4Q21163,812 $52.39 
2022 Contracts
1Q2288,455 $36.79 
3Q22108,100 $41.58 
Collar Contracts
2021 Contracts
1Q21155,475 $34.15 $39.24 
2Q21116,980 $34.33 $40.30 
3Q2190,620 $34.34 $39.87 
4Q2184,640 $34.70 $41.01 
2022 Contracts
1Q2240,500 $40.00 $45.55 
2Q22115,850 $39.25 $46.20 
Natural Gas Derivative Swaps
(NYMEX Henry Hub Settlements)		Total Volumes (MMBtu)Weighted Average PriceWeighted Average Collar Floor PriceWeighted Average Collar Call Price
2021 Contracts
1Q212,398,078 $2.74 
2Q21832,255 $2.42 
3Q21330,000 $2.62 
4Q21290,000 $2.69 
Collar Contracts
2021 Contracts
1Q217,027,800 $2.53 $3.33 
2Q215,911,000 $2.26 $2.70 
3Q216,045,175 $2.15 $2.70 
4Q215,311,000 $2.35 $2.76 
2022 Contracts
1Q224,415,000 $2.50 $3.35 
2Q224,200,000 $2.23 $2.70 
3Q223,933,000 $2.39 $2.74 

Natural Gas Basis Derivative Swaps
(East Texas Houston Ship Channel vs. NYMEX Settlements)		Total Volumes (MMBtu)Weighted Average Price
2021 Contracts
1Q219,900,000 $(0.022)
2Q2110,010,000 $(0.022)
3Q2110,120,000 $(0.022)
4Q2110,120,000 $(0.022)
2022 Contracts
1Q221,800,000 $(0.080)
2Q221,820,000 $(0.080)
3Q221,840,000 $(0.080)
4Q221,840,000 $(0.080)
Oil Basis Derivative Swaps
(Argus Cushing (WTI) and Magellan East Houston)		Total Volumes (Bbls)Weighted Average Price
2021 Contracts
1Q21373,750 $1.19 
2Q21329,150 $1.22 
3Q21262,200 $1.27 
4Q21241,500 $1.28 
Calendar Monthly Roll Differential Swaps
2021 Contracts
1Q21367,000 $(0.40)
2Q21313,900 $(0.37)
3Q21253,000 $(0.34)
4Q21241,500 $(0.33)
2022 Contracts
1Q2290,000 $(0.12)
2Q2291,000 $(0.12)
3Q2292,000 $(0.12)
4Q2292,000 $(0.12)