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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments Not Designated as Hedging Instruments [Abstract]  
Schedule of notional amounts of outstanding derivative positions [Table Text Block]
As of March 31, 2020, the Company had commodity derivative contracts outstanding through the fourth quarter of 2022 as summarized in the tables below.
Oil Swaps

Contract Period
 
NYMEX WTI Volumes
 
Weighted-Average
 Contract Price
 
 
(MBbl)
 
(per Bbl)
Second quarter 2020
 
2,838

 
$
58.81

Third quarter 2020
 
3,361

 
$
56.43

Fourth quarter 2020
 
4,397

 
$
57.03

2021
 
2,085

 
$
45.70

Total
 
12,681

 
 
Oil Collars
Contract Period
 
NYMEX WTI Volumes
 
Weighted-Average Floor Price
 
Weighted-Average Ceiling Price
 
 
(MBbl)
 
(per Bbl)
 
(per Bbl)
Second quarter 2020
 
1,881

 
$
55.00

 
$
62.17

Third quarter 2020
 
1,252

 
$
55.00

 
$
62.90

Fourth quarter 2020
 
610

 
$
55.00

 
$
61.90

2021
 
329

 
$
55.00

 
$
56.70

Total
 
4,072

 
 
 
 
Oil Basis Swaps
Contract Period
 
WTI Midland-NYMEX WTI Volumes
 
Weighted-Average
 Contract Price (1)
 
NYMEX WTI-ICE Brent Volumes
 
Weighted-Average
Contract Price (2)
 
 
(MBbl)
 
(per Bbl)
 
(MBbl)
 
(per Bbl)
Second quarter 2020
 
3,637

 
$
(0.62
)
 
910

 
$
(8.06
)
Third quarter 2020
 
3,607

 
$
(0.62
)
 
920

 
$
(8.01
)
Fourth quarter 2020
 
4,087

 
$
(0.38
)
 
920

 
$
(8.01
)
2021
 
11,527

 
$
0.87

 
3,650

 
$
(7.86
)
2022
 
9,500

 
$
1.15

 
3,650

 
$
(7.78
)
Total
 
32,358

 
 
 
10,050

 
 
____________________________________________
(1) 
Represents the price differential between WTI Midland (Midland, Texas) and NYMEX WTI (Cushing, Oklahoma).
(2) 
Represents the price differential between NYMEX WTI (Cushing, Oklahoma) and ICE Brent (North Sea).
Gas Swaps
Contract Period
 
IF HSC Volumes
 
Weighted-Average
 Contract Price
 
WAHA Volumes
 
Weighted-Average Contract Price
 
 
(BBtu)
 
(per MMBtu)
 
(BBtu)
 
(per MMBtu)
Second quarter 2020
 
4,160

 
$
2.20

 
3,592

 
$
0.63

Third quarter 2020
 
4,493

 
$
2.41

 
4,294

 
$
1.07

Fourth quarter 2020
 
6,994

 
$
2.32

 
4,516

 
$
1.20

2021
 
28,621

 
$
2.29

 
17,533

 
$
1.45

2022
 
6,104

 
$
2.23

 
—

 
$
—

Total (1)
 
50,372

 
 
 
29,935

 
 
____________________________________________
(1) 
The Company has natural gas swaps in place that settle against Inside FERC Houston Ship Channel (“IF HSC”), Inside FERC West Texas (“IF WAHA”), and Platt’s Gas Daily West Texas (“GD WAHA”). As of March 31, 2020, WAHA volumes were comprised of 81 percent IF WAHA and 19 percent GD WAHA.
NGL Swaps
 
 
OPIS Ethane Purity Mont Belvieu
 
OPIS Propane Mont Belvieu Non-TET
Contract Period
 
Volumes
 
Weighted-Average
 Contract Price
 
Volumes
 
Weighted-Average
Contract Price
 
 
(MBbl)
 
(per Bbl)
 
(MBbl)
 
(per Bbl)
Second quarter 2020
 
264

 
$
11.13

 
382

 
$
22.34

Third quarter 2020
 
—

 
$
—

 
409

 
$
22.33

Fourth quarter 2020
 
—

 
$
—

 
466

 
$
22.29

Total
 
264

 
 
 
1,257

 
 
Schedule of fair value of derivatives in accompanying balance sheets [Table Text Block]
The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:
 
As of March 31, 2020
 
As of December 31, 2019
 
(in thousands)
Derivative assets:
 
 
 
Current assets
$
463,992

 
$
55,184

Noncurrent assets
44,909

 
20,624

Total derivative assets
$
508,901

 
$
75,808

Derivative liabilities:
 
 
 
Current liabilities
$
8,277

 
$
50,846

Noncurrent liabilities
7,202

 
3,444

Total derivative liabilities
$
15,479

 
$
54,290
Schedule of the potential effects of master netting arrangements [Table Text Block]
The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts:
 
Derivative Assets as of
 
Derivative Liabilities as of
 
March 31, 2020
 
December 31, 2019
 
March 31, 2020
 
December 31, 2019
 
(in thousands)
Gross amounts presented in the accompanying balance sheets
$
508,901

 
$
75,808

 
$
(15,479
)
 
$
(54,290
)
Amounts not offset in the accompanying balance sheets
(15,479
)
 
(35,075
)
 
15,479

 
35,075

Net amounts
$
493,422

 
$
40,733

 
$
—

 
$
(19,215
)
Schedule of the components of the derivative settlement (gain) loss and of the net derivative (gain) loss [Table Text Block]
The following table summarizes the commodity components of the derivative settlement (gain) loss, as well as the components of the net derivative (gain) loss line item presented in the accompanying statements of operations:
 
For the Three Months Ended March 31,
 
2020
 
2019
 
(in thousands)
Derivative settlement (gain) loss:
 
 
 
Oil contracts
$
(53,582
)
 
$
1,369

Gas contracts
(14,625
)
 
4,134

NGL contracts
(5,230
)
 
(534
)
Total derivative settlement (gain) loss
$
(73,437
)
 
$
4,969

 
 
 
 
Net derivative (gain) loss:
 
 
 
Oil contracts
$
(542,540
)
 
$
185,797

Gas contracts
6,728

 
(6,113
)
NGL contracts
(9,528
)
 
(2,603
)
Total net derivative (gain) loss
$
(545,340
)
 
$
177,081