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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2020
Derivative Instruments Not Designated as Hedging Instruments [Abstract]  
Schedule of notional amounts of outstanding derivative positions [Table Text Block]
As of September 30, 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)
Fourth quarter 20204,397 $57.03 
202117,115 $40.38 
20223,885 $43.58 
Total25,397 
Oil Collars
Contract Period
NYMEX WTI Volumes
Weighted-Average Floor Price
Weighted-Average Ceiling Price
(MBbl)(per Bbl)(per Bbl)
Fourth quarter 2020610 $55.00 $61.90 
2021551 $48.97 $51.96 
Total1,161 
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)
Fourth quarter 20204,087 $(0.38)920 $(8.01)
202113,975 $0.75 3,650 $(7.86)
20229,500 $1.15 3,650 $(7.78)
Total27,562 8,220 
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(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).
Oil Roll Differential Swaps

Contract Period
NYMEX WTI Volumes
Weighted-Average
Contract Price
(MBbl)(per Bbl)
Fourth quarter 20202,503 $(1.18)
20216,058 $(0.40)
Total8,561 
Gas Swaps
Contract Period
IF HSC Volumes
Weighted-Average
Contract Price
WAHA Volumes
Weighted-Average Contract Price
(BBtu)(per MMBtu)(BBtu)(per MMBtu)
Fourth quarter 20209,327 $2.39 4,872 $1.21 
202147,800 $2.42 25,155 $1.67 
20226,104 $2.23 5,904 $2.10 
Total (1)
63,231 35,931 
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(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 September 30, 2020, WAHA volumes were comprised of 64 percent IF WAHA and 36 percent GD WAHA.
NGL Swaps
OPIS Propane Mont Belvieu Non-TET
Contract PeriodVolumesWeighted-Average Contract Price
(MBbl)(per Bbl)
Fourth quarter 2020466 $22.29 
2021392 $19.74 
Total858 
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 September 30, 2020As of December 31, 2019
(in thousands)
Derivative assets:
Current assets$128,046 $55,184 
Noncurrent assets31,509 20,624 
Total derivative assets$159,555 $75,808 
Derivative liabilities:
Current liabilities$76,969 $50,846 
Noncurrent liabilities33,068 3,444 
Total derivative liabilities$110,037 $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 ofDerivative Liabilities as of
September 30, 2020December 31, 2019September 30, 2020December 31, 2019
(in thousands)
Gross amounts presented in the accompanying balance sheets$159,555 $75,808 $(110,037)$(54,290)
Amounts not offset in the accompanying balance sheets(104,037)(35,075)104,037 35,075 
Net amounts$55,518 $40,733 $(6,000)$(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
September 30,		For the Nine Months Ended
September 30,
2020201920202019
(in thousands)
Derivative settlement (gain) loss:
Oil contracts$(68,907)$2,246 $(261,095)$14,304 
Gas contracts(896)(12,210)(16,575)(13,744)
NGL contracts(502)(14,758)(8,600)(24,403)
Total net derivative settlement gain$(70,305)$(24,722)$(286,270)$(23,843)
Net derivative (gain) loss:
Oil contracts$30,641 $(83,984)$(360,649)$67,261 
Gas contracts31,548 (4,228)46,537 (36,337)
NGL contracts1,682 (12,677)(157)(34,387)
Total net derivative (gain) loss$63,871 $(100,889)$(314,269)$(3,463)