Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Derivative Contracts

The following table sets forth the Company’s outstanding derivative contracts at December 31, 2019. When aggregating multiple contracts, the weighted average contract price is disclosed.

Period	Commodity	Volume (Bbls / MMBtu)	Price ($/Bbl / $/MMBtu)
2020	Crude Oil Swap	2,928,000	$60.31
2020	Crude Oil Basis Swap (1)	366,000	$2.55
2020	Crude Oil Basis Swap (2)	2,562,000	$(1.40)
2020	Natural Gas Swap	2,562,000	$2.85
2020	Natural Gas Basis Swap (3)	2,562,000	$(1.07)
2021	Crude Oil Swap	1,095,000	$55.00
2021	Crude Oil Basis Swap (2)	1,095,000	$0.89

(1) The basis differential price is between WTI Houston and the WTI NYMEX.

(2) The basis differential price is between WTI Midland Argus Crude and the WTI NYMEX.

(3) The basis differential price is between W. Texas (WAHA) and the Henry Hub NYMEX.

Schedule of Location and Fair Value Amounts of All Derivative Instruments

The following table summarizes the location and fair value amounts of all derivative instruments in the Consolidated Balance Sheets as well as the gross recognized derivative assets, liabilities, and amounts offset in the Consolidated Balance Sheets (in thousands): 

		December 31, 2019							December 31, 2018
Derivatives not designated as hedging contracts under ASC Topic 815	Balance Sheet Location	Gross Recognized Assets / Liabilities		Gross Amounts Offset			Net Recognized Assets / Liabilities		Gross Recognized Assets / Liabilities		Gross Amounts Offset			Net Recognized Assets / Liabilities
Commodity contracts	Derivative asset - current	$	13,321	$	(4,461	)	$	8,860	$	48,662	$	(4,774	)	$	43,888
Commodity contracts	Derivative liability - current	$	11,350	$	(4,461	)	$	6,889	$	5,302	$	(4,774	)	$	528
Commodity contracts	Derivative asset - noncurrent	$	1,031	$	(261	)	$	770	$	23,605	$	(2,484	)	$	21,121
Commodity contracts	Derivative liability - noncurrent	$	261	$	(261	)	$	—	$	4,375	$	(2,484	)	$	1,891

Summary of Realized and Unrealized Gains and Losses on Derivative Instruments

The follow table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivatives instruments in the Company’s Consolidated Statements of Operations and Consolidated Statements of Cash Flows (in thousands): 

Derivatives not designated as hedging contracts under ASC Topic 815			Years Ended December 31,
	Statement of Cash Flows Location	Statement of Operations Location	2019			2018
Unrealized (loss) gain	Not presented separately	Not presented separately	$	(59,849	)	$	76,037
Realized gain (loss)	Operating portion of net cash paid in settlement of derivative contracts	Not presented separately	15,866			(15,090		)
	Total loss (gain) on derivative contracts, net	(Loss) gain on derivative contracts, net	$	(43,983	)	$	60,947