XML 43 R32.htm IDEA: XBRL DOCUMENT v3.21.1
COMMODITY DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments The fair value of
the crude oil swap agreements is based on the difference between the strike price and the New York Mercantile Exchange futures price for the applicable trading months.
As of March 31, 2021
Contract TypeContract PeriodWeighted Average Strike Price (Barrels)Remaining Volume (Barrels)Fair Value
FuturesMar. 2021- Jun. 2021$74.39 75,000 $342,031 
As of December 31, 2020
Contract TypeContract PeriodWeighted Average Strike Price (Barrels)Remaining Volume (Barrels)Fair Value
FuturesDec. 2020-Mar. 2021$62.33 55,000 $(94,214)
Schedule of fair value of derivative instruments within balance sheet
The carrying values of the Company's derivatives positions and their locations on the consolidated balance sheets as of March 31, 2021 and December 31, 2020 are presented in the table below.
Balance Sheet ClassificationContract Type20212020
Crude oil futures$342,031 $(94,214)
Derivative commodity asset (liability)$342,031 $(94,214)