Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity Derivative Positions

The following table sets forth our commodity derivative contracts as of December 31, 2020:

	1Q2021		2Q2021		3Q2021		4Q2021		1Q2022		2Q2022		3Q2022		4Q2022		1Q2023		2Q2023
NYMEX WTI Crude Swaps
Average Volume Per Day (barrels)	3,889		3,297		815		815
Weighted Average Swap Price ($/barrel)	$	54.38	$	55.89	$	45.54	45.54
NYMEX WTI Crude Collars
Average Volume Per Day (barrels)	9,722		10,440		9,239		8,152		2,917		2,885		2,853		2,853		2,917		2,855
Weighted Average Purchased Put Price ($/barrel)	$	40.00	$	42.84	$	40.35	$	40.40	$	40.00	$	40.00	$	40.00	$	40.00	$	40.00	$	40.00
Weighted Average Sold Call ($/barrel)	$	45.78	$	51.70	$	51.85	$	52.10	$	50.00	$	50.00	$	50.00	$	50.00	$	50.00	$	50.00
NYMEX WTI Purchased Puts
Average Volume Per Day (barrels)	1,667
Weighted Average Purchased Put Price ($/barrel)	$	55.00
NYMEX WTI Sold Puts
Average Volume Per Day (barrels)	556		11,538		5,707		5,707
Weighted Average Sold Put ($/barrel)	$	26.50	$	36.93	$	35.14	35.14
MEH-NYMEX WTI Crude Basis Swaps
Average Volume Per Day (barrels)	8,889
Weighted Average Swap Price ($/barrel)	$	1.16
NYMEX WTI Crude CMA Roll Basis Swaps
Average Volume Per Day (barrels)	14,444		13,187		13,043		13,043
Weighted Average Swap Price ($/barrel)	$	(0.18)	$	0.07	$	0.07	$	0.07

NYMEX HH Collars
Average Volume Per Day (MMBtus)	10,000		9,890		9,783		9,783
Weighted Average Purchased Put Price ($/MMBtu)	$	2.607	$	2.607	$	2.607	$	2.607
Weighted Average Sold Call ($/MMBtu)	$	3.117	$	3.117	$	3.117	$	3.117
NYMEX HH Sold Puts
Average Volume Per Day (MMBtus)	6,667		6,593		6,522		6,522
Weighted Average Sold Put Strike ($/MMBtu)	$	2.000	$	2.000	$	2.000	$	2.000

As of December 31, 2020, we were unhedged with respect to NGL production.

Impact of Derivative Activities on Condensed Consolidated Statements of Income

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

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

	Year Ended December 31,
	2020		2019		2018
Interest rate swap losses recognized in the Consolidated Statements of Operations	$	(7,510)	$	—	$	—
Commodity gains (losses) recognized in the Consolidated Statements of Operations	95,932		(68,131)		37,427
	$	88,422	$	(68,131)	$	37,427
Interest rate cash settlements recognized in the Consolidated Statements of Cash Flows	$	(2,210)	$	—	$	—
Commodity cash settlements and premiums received (paid) recognized in the Consolidated Statements of Cash Flows	80,297		(4,136)		(48,291)
	$	78,087	$	(4,136)	$	(48,291)

Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets

The following table summarizes the fair value of our derivative instruments, as well as the locations of these instruments, on our Consolidated Balance Sheets as of the dates presented:

		Fair Values
		December 31, 2020				December 31, 2019
		Derivative		Derivative		Derivative		Derivative
Type	Balance Sheet Location	Assets		Liabilities		Assets		Liabilities
Interest rate contracts	Derivative assets/liabilities – current	$	—	$	3,655	$	—	$	—
Commodity contracts	Derivative assets/liabilities – current	78,793		81,772		4,131		23,450
Interest rate contracts	Derivative assets/liabilities – noncurrent	—		1,645		—		—
Commodity contracts	Derivative assets/liabilities – noncurrent	25,449		26,789		2,750		3,385
		$	104,242	$	113,861	$	6,881	$	26,835