Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

As of March 31, 2020, we had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted-average contract price is shown.

	Collars					Fixed-Price Swaps
Commodity/ Index/ Maturity Period	Quantity (Crude oil - MBls Natural Gas - BBtu)	Weighted-Average Contract Price				Quantity (Crude Oil - MBbls Gas and Basis- BBtu )	Weighted- Average Contract Price			Fair Value March 31, 2020 (1) (in thousands)
		Floors		Ceilings
Crude Oil
NYMEX
2020	2,700	$	55.00	$	71.68	9,212	$	59.08		$	331,947
2021	—	—		—		7,180	49.80			94,946
2022	—	—		—		1,980	34.88			(6,962		)
Total Crude Oil	2,700					18,372				$	419,931
Natural Gas
NYMEX
2020	15,250	$	2.00	$	2.23	3,000	$	2.30		$	2,353
2021	22,200	2.25		2.58		24,000	2.36			(4,203		)
Total Natural Gas	37,450					27,000				$	(1,850	)
Basis Protection - Natural Gas
CIG
2020	—	$	—	$	—	15,375	$	(0.62	)	$	(2,571	)
2021	—	—		—		46,200	(0.50		)	(2,195		)
Waha
2020	—	—		—		3,000	(1.40		)	(1,516		)
Total Basis Protection - Natural Gas	—					64,575				$	(6,282	)
Commodity Derivatives Fair Value										$	411,799

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(1) Approximately 16.5 percent of the fair value of our commodity derivative assets and 19.3 percent of the fair value of our commodity derivative liabilities were measured using significant unobservable inputs (Level 3).

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table presents the condensed consolidated balance sheet line item and fair value amounts of our derivative instruments as of March 31, 2020 and December 31, 2019:

			Fair Value
Derivative Instruments:		Condensed Consolidated Balance Sheet Line Item	March 31, 2020		December 31, 2019
			(in thousands)
Derivative assets:	Current
	Commodity derivative contracts	Fair value of derivatives	$	379,355	$	27,766
	Basis protection derivative contracts	Fair value of derivatives	—		312
			379,355		28,078
	Non-current
	Commodity derivative contracts	Fair value of derivatives	58,094		3,746
Total derivative assets			$	437,449	$	31,824
Derivative liabilities:	Current
	Commodity derivative contracts	Fair value of derivatives	$	5,910	$	529
	Basis protection derivative contracts	Fair value of derivatives	5,710		2,392
			11,620		2,921
	Non-current
	Commodity derivative contracts	Fair value of derivatives	13,458		692
	Basis protection derivative contracts	Fair value of derivatives	572		—
			14,030		692
Total derivative liabilities			$	25,650	$	3,613

The following table presents the impact of our derivative instruments on our condensed consolidated statements of operations:

	Three Months Ended March 31,
Condensed Consolidated Statement of Operations Line Item	2020		2019
	(in thousands)
Commodity price risk management gain (loss), net
Net settlements	$	45,823	$	(8,452	)
Net change in fair value of unsettled derivatives	388,875		(181,622		)
Total commodity price risk management gain (loss), net	$	434,698	$	(190,074	)

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The following table reflects the impact of netting agreements on gross derivative assets and liabilities:

As of March 31, 2020	Derivative Instruments, Gross		Effect of Master Netting Agreements			Derivative Instruments, Net
	(in thousands)
Asset derivatives:
Derivative instruments, at fair value	$	437,449	$	(24,014	)	$	413,435
Liability derivatives:
Derivative instruments, at fair value	$	25,650	$	(24,014	)	$	1,636

As of December 31, 2019	Derivative Instruments, Gross		Effect of Master Netting Agreements			Derivative Instruments, Net
	(in thousands)
Asset derivatives:
Derivative instruments, at fair value	$	31,824	$	(2,619	)	$	29,205
Liability derivatives:
Derivative instruments, at fair value	$	3,613	$	(2,619	)	$	994