Derivative Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 2020:

	4Q2020		1Q2021		2Q2021		3Q2021		4Q2021
NYMEX WTI Crude Swaps
Average Volume Per Day (barrels)	10,174		3,333		3,297
Weighted Average Swap Price ($/barrel)	$	57.59	$	55.89	$	55.89
NYMEX WTI Purchased Puts/Sold Calls
Average Volume Per Day (barrels)	2,000		6,667		6,593		4,891		4,891
Weighted Average Purchased Put Price ($/barrel)	$	48.00	$	44.50	$	44.50	$	40.67	$	40.67
Weighted Average Sold Call ($/barrel)	$	57.10	$	53.53	$	53.53	$	53.50	$	53.50
NYMEX WTI Sold Puts
Average Volume Per Day (barrels)	3,783		11,667		11,538		4,891		4,891
Weighted Average Sold Put Price ($/barrel)	$	43.55	$	36.93	$	36.93	$	35.00	$	35.00
MEH-WTI Basis Swaps
Average Volume Per Day (barrels)	6,348
Weighted Average Fixed Basis Price ($/barrel)	$	1.31
NYMEX WTI Crude CMA Roll Basis Swaps
Average Volume Per Day (barrels)	2,174
Weighted Average Swap Price ($/barrel)	$	(0.42)
NYMEX HH Purchased Puts/Sold Calls
Average Volume Per Day (MMBtus)	12,804		10,000		9,890		9,783		9,783
Weighted Average Purchased Put ($/MMBtu)	$	2.00	$	2.61	$	2.61	$	2.61	$	2.61
Weighted Average Sold Call ($/MMBtu)	$	2.21	$	3.12	$	3.12	$	3.12	$	3.12
NYMEX HH Sold Puts
Average Volume Per Day (MMBtus)			6,667		6,593		6,522		6,522
Weighted Average Sold Put Price ($/MMBtus)			$	2.00	$	2.00	$	2.00	$	2.00

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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Interest rate swap gains (losses) recognized in the Consolidated Statements of Operations	$	32	$	—	$	(7,527)	$	—
Commodity gains (losses) recognized in the Consolidated Statements of Operations	(6,923)		24,248		117,406		(30,166)
	$	(6,891)	$	24,248	$	109,879	$	(30,166)
Interest rate cash settlements recognized in the Consolidated Statements of Cash Flows	$	(919)	$	—	$	(1,287)	$	—
Commodity cash settlements and premiums received (paid) recognized in the Consolidated Statements of Cash Flows	7,337		(423)		66,582		(4,330)
	$	6,418	$	(423)	$	65,295	$	(4,330)

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:

		September 30, 2020				December 31, 2019
		Derivative		Derivative		Derivative		Derivative
Type	Balance Sheet Location	Assets		Liabilities		Assets		Liabilities
Interest rate contracts	Derivative assets/liabilities - current	$	—	$	3,601	$	—	$	—
Commodity contracts	Derivative assets/liabilities – current	50,414		19,260		4,131		23,450
Interest rate contracts	Derivative assets/liabilities - noncurrent	—		2,639		—		—
Commodity contracts	Derivative assets/liabilities – noncurrent	2,619		2,903		2,750		3,385
		$	53,033	$	28,403	$	6,881	$	26,835