Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2020:

	3Q2020		4Q2020		1Q2021		2Q2021		3Q2021		4Q2021
NYMEX WTI Crude Swaps
Average Volume Per Day (barrels)	11,457		9,804		6,667		6,593
Weighted Average Swap Price ($/barrel)	$	51.17	$	55.18	$	48.73	$	48.73
NYMEX WTI Purchased Puts/Sold Calls
Average Volume Per Day (barrels)	4,043		2,000		3,333		3,297		3,261		3,261
Weighted Average Purchased Put Price ($/barrel)	$	52.70	$	48.00	$	47.50	$	47.50	$	40.00	$	40.00
Weighted Average Sold Call ($/barrel)	$	58.26	$	57.10	$	51.51	$	51.51	$	50.00	$	50.00
NYMEX WTI Purchased Puts
Average Volume Per Day (barrels)	2,174
Weighted Average Purchased Put ($/barrel)	$	55.00
Weighted Average Premium ($/barrel)	$	0.06
Average Volume Per Day (barrels)	674
Weighted Average Purchased Put ($/barrel)	$	48.00
Weighted Average Premium ($/barrel)	$	0.06
Average Volume Per Day (barrels)	2,174
Weighted Average Purchased Put ($/barrel)	$	37.00
Weighted Average Deferred Premium ($/barrel)	$	1.23
Average Volume Per Day (barrels)	2,717
Weighted Average Purchased Put ($/barrel)	$	30.00
Weighted Average Deferred Premium ($/barrel)	$	3.63
Average Volume Per Day (barrels)					2,500		2,473
Weighted Average Purchased Put ($/barrel)					$	36.00	$	36.00
Weighted Average Premium ($/barrel)					$	4.50	$	4.50
NYMEX WTI Put Spread
Average Volume Per Day (barrels)	2,174
Weighted Average Put Spread Purchased Put ($/barrel)	$	39.00
Weighted Average Put Spread Sold Put ($/barrel)	$	32.00
Weighted Average Deferred Premium ($/barrel)	$	3.25
Average Volume Per Day (barrels)	2,174
Weighted Average Put Spread Purchased Put ($/barrel)	$	30.00
Weighted Average Put Spread Sold Put ($/barrel)	$	20.00
Weighted Average Deferred Premium ($/barrel)	$	2.45
NYMEX WTI Sold Puts
Average Volume Per Day (barrels)			5,087		10,833		10,714		3,261		3,261
Weighted Average Sold Put Price ($/barrel)			$	43.50	$	37.00	$	37.00	$	35.00	$	35.00
MEH Crude Swaps
Average Volume Per Day (barrels)	2,000		2,000
Weighted Average Swap Price ($/barrel)	$	61.03	$	61.03
MEH-NYMEX WTI Crude Basis Swaps
Average Volume Per Day (barrels)	10,870
Weighted Average Swap Price ($/barrel)	$	1.04
NYMEX WTI Crude CMA Roll Basis Swaps
Average Volume Per Day (barrels)	10,870
Weighted Average Swap Price ($/barrel)	$	(0.45)
NYMEX HH Purchased Puts/Sold Calls
Average Volume Per Day (MMBtus)	12,804		12,804		3,333		3,297		3,261		3,261
Weighted Average Purchased Put ($/MMBtu)	$	2.00	$	2.00	$	2.50	$	2.50	$	2.50	$	2.50
Weighted Average Sold Call ($/MMBtu)	$	2.21	$	2.21	$	2.85	$	2.85	$	2.85	$	2.85

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 June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Interest rate swap losses recognized in the Consolidated Statements of Operations	$	(876)	$	—	$	(7,559)	$	—
Commodity gains (losses) recognized in the Consolidated Statements of Operations	(33,473)		13,603		124,329		(54,414)
	$	(34,349)	$	13,603	$	116,770	$	(54,414)
Interest rate cash settlements recognized in the Consolidated Statements of Cash Flows	$	(436)	$	—	$	(368)	$	—
Commodity cash settlements and premiums received (paid) recognized in the Consolidated Statements of Cash Flows	59,582		(8,301)		59,245		(3,907)
	$	59,146	$	(8,301)	$	58,877	$	(3,907)

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:

		June 30, 2020				December 31, 2019
		Derivative		Derivative		Derivative		Derivative
Type	Balance Sheet Location	Assets		Liabilities		Assets		Liabilities
Interest rate contracts	Derivative assets/liabilities - current	$	—	$	2,949	$	—	$	—
Commodity contracts	Derivative assets/liabilities – current	117,369		71,634		4,131		23,450
Interest rate contracts	Derivative assets/liabilities - noncurrent	—		4,242		—		—
Commodity contracts	Derivative assets/liabilities – noncurrent	4,053		4,658		2,750		3,385
		$	121,422	$	83,483	$	6,881	$	26,835