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Derivative Instruments
 9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
As of September 30, 2019, the Company had the following outstanding financial commodity derivatives:
 
 
 
 
 
 
Swaps
 
Basis Swaps
Type of Contract
 
Volume (Mmbtu)
 
Contract Period
 
Weighted-Average ($/Mmbtu)
 
Weighted-Average ($/Mmbtu)

Natural gas (IFERC TRANSCO Z6 non-NY)
 
2,760,000

 
Oct. 2019 - Dec. 2019
 
 
 
$
0.41

Natural gas (IFERC TRANSCO Z6 non-NY)
 
4,650,000

 
Oct. 2019
 
$
2.61

 
 
Natural gas (IFERC TRANSCO Leidy Line Receipts)
 
13,800,000

 
Oct. 2019 - Dec. 2019
 
 
 
$
(0.53
)
Natural gas (NYMEX)
 
10,850,000

 
Oct. 2019
 
$
2.85

 
 
Natural gas (NYMEX)
 
27,600,000

 
Oct. 2019 - Dec. 2019
 
$
2.86

 
 

Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
 
 
 
 
Derivative Assets
 
Derivative Liabilities
(In thousands)
 
Balance Sheet Location
 
September 30,
2019
 
December 31,
2018
 
September 30,
2019
 
December 31,
2018
Commodity contracts
 
Derivative instruments (current)
 
$
25,700

 
$
57,665

 
$
—

 
$
—

 
 
 
 
$
25,700

 
$
57,665

 
$
—

 
$
—


Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands)
 
September 30,
2019
 
December 31,
2018
Derivative assets
 
 

 
 

Gross amounts of recognized assets
 
$
25,700

 
$
60,105

Gross amounts offset in the statement of financial position
 
—

 
(2,440
)
Net amounts of assets presented in the statement of financial position
 
25,700

 
57,665

Gross amounts of financial instruments not offset in the statement of financial position
 
—

 
—

Net amount
 
$
25,700

 
$
57,665

 
 
 
 
 
Derivative liabilities
 
 

 
 

Gross amounts of recognized liabilities
 
$
—

 
$
2,440

Gross amounts offset in the statement of financial position
 
—

 
(2,440
)
Net amounts of liabilities presented in the statement of financial position
 
—

 
—

Gross amounts of financial instruments not offset in the statement of financial position
 
—

 
—

Net amount
 
$
—

 
$
—


Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
(In thousands)
 
2019
 
2018
 
2019
 
2018
Cash received (paid) on settlement of derivative instruments
 
 

 
 

 
 

 
 

Gain (loss) on derivative instruments
 
$
46,555

 
$
(41
)
 
$
114,931

 
$
(20,354
)
Non-cash gain (loss) on derivative instruments
 
 

 
 

 
 

 
 

Gain (loss) on derivative instruments
 
(35,495
)
 
(3,496
)
 
(31,965
)
 
18,726

 
 
$
11,060

 
$
(3,537
)
 
$
82,966

 
$
(1,628
)