Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity Derivative Positions

The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of March 31, 2020:

	2Q2020		3Q2020		4Q2020		1Q2021		2Q2021
NYMEX WTI Crude Swaps
Average Volume Per Day (barrels)	13,209		8,630		9,804		5,000		4,945
Weighted Average Swap Price ($/barrel)	$	52.06	$	55.20	$	55.18	$	51.60	$	51.60
NYMEX WTI Purchased Puts/Sold Calls
Average Volume Per Day (barrels)	5,297		6,891		2,000		4,167		4,121
Weighted Average Purchased Put Price ($/barrel)	$	52.36	$	52.97	$	48.00	$	43.60	$	43.60
Weighted Average Sold Call ($/barrel)	$	57.60	$	58.03	$	57.10	$	46.84	$	46.84
NYMEX WTI Purchased Puts
Average Volume Per Day (barrels)	3,297
Weighted Average Purchased Put ($/barrel)	$	23.00
Weighted Average Purchased Put Deferred Premium ($/barrel)	$	2.11
NYMEX WTI Purchased Puts
Average Volume Per Day (barrels)	8,242
Weighted Average Purchased Put ($/barrel)	$	30.00
Weighted Average Purchased Put Deferred Premium ($/barrel)	$	3.19
NYMEX WTI Put Spread
Average Volume Per Day (barrels)			5,435
Weighted Average Put Spread Purchased Put ($/barrel)			$	30.00
Weighted Average Put Spread Sold Put ($/barrel)			$	20.00
Weighted Average Put Spread Deferred Premium ($/barrel)			$	1.84
NYMEX WTI Cap Offset
Average Volume Per Day (barrels)	3,297
Weighted Average Cap Offset Purchased Call ($/barrel)	$	57.90
Weighted Average Cap Offset Deferred Premium ($/barrel)	$	0.10
NYMEX WTI Sold Puts
Average Volume Per Day (barrels)	912				5,087		9,167		9,066
Weighted Average Sold Put Price ($/barrel)	$	44.00			$	43.50	$	37.36	$	37.36
MEH Crude Swaps
Average Volume Per Day (barrels)	2,000		2,000		2,000
Weighted Average Swap Price ($/barrel)	$	61.03	$	61.03	$	61.03
HH Purchased Puts/Sold Calls
Average Volume Per Day (MMBtus)	12,901		12,804		12,804
Weighted Average Floor ($/MMBtu)	$	2.00	$	2.00	$	2.00
Weighted Average Cap ($/MMBtu)	$	2.21	$	2.21	$	2.21

Impact of Derivative Activities on Condensed Consolidated Statements of Income

The impact of our derivative activities on income is included in the “Derivatives” caption on our Condensed Consolidated Statements of Operations. The effects of derivative gains and (losses) and cash settlements are reported as adjustments to reconcile net income to net cash provided by operating activities. These items are recorded in the “Derivative contracts” section of our Condensed Consolidated Statements of Cash Flows under “Net (gains) losses” and “Cash settlements, net.”

The following table summarizes the effects of our derivative activities for the periods presented:

	Three Months Ended March 31,
	2020			2019
Interest rate swap gains (losses) recognized in the Consolidated Statements of Operations	$	(6,683	)	$	—
Commodity gains (losses) recognized in the Consolidated Statements of Operations	157,802			(68,017		)
	$	151,119		$	(68,017	)
Interest rate cash settlements recognized in the Consolidated Statements of Cash Flows	$	68		$	—
Commodity cash settlements recognized in the Consolidated Statements of Cash Flows	(337		)	4,394
	$	(269	)	$	4,394

Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets

The following table summarizes the fair values of our derivative instruments presented on a gross basis, as well as the locations of these instruments on our Condensed Consolidated Balance Sheets as of the dates presented:

		March 31, 2020				December 31, 2019
		Derivative		Derivative		Derivative		Derivative
Type	Balance Sheet Location	Assets		Liabilities		Assets		Liabilities
Interest rate contracts	Derivative assets/liabilities - current	$	40	$	2,890	$	—	$	—
Commodity contracts	Derivative assets/liabilities – current	233,402		100,202		4,131		23,450
Interest rate contracts	Derivative assets/liabilities - noncurrent	—		3,900		—		—
Commodity contracts	Derivative assets/liabilities – noncurrent	10,963		6,789		2,750		3,385
		$	244,405	$	113,781	$	6,881	$	26,835