Derivatives (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives outstanding

At September 30, 2019, these derivatives were outstanding:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Oct'19	Natural gas - swap	60,000 MMBtu/day	$2.900	IF - NYMEX (HH)
Nov'19 - Dec'19	Natural gas - swap	40,000 MMBtu/day	$2.900	IF - NYMEX (HH)
Oct'19 - Dec'19	Natural gas - basis swap	20,000 MMBtu/day	$(0.659)	PEPL
Oct'19 - Dec'19	Natural gas - basis swap	10,000 MMBtu/day	$(0.625)	NGPL MIDCON
Oct'19 - Dec'19	Natural gas - basis swap	30,000 MMBtu/day	$(0.265)	NGPL TEXOK
Jan'20 - Dec'20	Natural gas - basis swap	30,000 MMBtu/day	$(0.275)	NGPL TEXOK
Jan'20 - Dec'20	Natural gas - basis swap	20,000 MMBtu/day	$(0.455)	PEPL
Oct'19 - Dec'19	Natural gas - collar	20,000 MMBtu/day	$2.63-$3.03	IF - NYMEX (HH)
Oct'19 - Dec'19	Crude oil - swap	2,000 Bbl/day	$59.80	WTI - NYMEX
Oct'19 - Dec'19	Crude oil - three-way collar	4,000 Bbl/day	$61.25 - $51.25 - $72.93	WTI - NYMEX

Subsequent derivatives outstanding

After September 30, 2019, the following derivatives were entered into:

Term	Commodity	Contracted Volume	Weighted Average Fixed Price	Contracted Market
Jan'20 - Dec'20	Natural gas - three-way collar	30,000 MMBtu/day	$2.50 - $2.20 - $2.80	IF - NYMEX (HH)
Jan'21 - Dec'21	Natural gas - basis swap	30,000 MMBtu/day	$(0.215)	NGPL TEXOK

Fair Value of Derivative Instruments and Locations in Balance Sheets

The following tables present the fair values and locations of the derivative transactions recorded in our Unaudited Condensed Consolidated Balance Sheets:

		Derivative Assets
		Fair Value
	Balance Sheet Location	September 30, 2019		December 31, 2018
		(In thousands)
Commodity derivatives:
Current	Current derivative asset	$	5,959	$	12,870
Long-term	Non-current derivative asset	128		—
Total derivative assets		$	6,087	$	12,870

		Derivative Liabilities
		Fair Value
	Balance Sheet Location	September 30, 2019		December 31, 2018
		(In thousands)
Commodity derivatives:
Current	Current derivative liability	$	—	$	—
Long-term	Non-current derivative liability	107		293
Total derivative liabilities		$	107	$	293

Effect of Derivative Instruments Recognized in Income Statements, Derivative Instruments

Following is the effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations at September 30:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
	(In thousands)
Gain (loss) on derivatives:
Gain (loss) on derivatives, included are amounts settled during the period of $6,515, ($9,112), $11,829, and ($18,040), respectively	$	4,237	$	(4,385)	$	5,232	$	(25,608)
	$	4,237	$	(4,385)	$	5,232	$	(25,608)