Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Open Crude Oil and Natural Gas Derivative Contracts

The Company had the following open crude oil and natural gas derivative contracts as of March 31, 2020:    

	Price Swaps
Period	Commodity	Volume (Bbls / MMBtu)	Weighted Average Price ($/Bbl / $/MMBtu)
Q2 - Q4 2020	Crude Oil	2,199,000	$	57.00
Q1 - Q4 2021	Crude Oil	1,460,000	$	55.16
Q2 - Q4 2020	Crude Oil Basis Swap(1)	1,925,000	$	(1.40	)
Q2 - Q4 2020	Crude Oil Basis Swap(2)	275,000	$	2.55
Q1 - Q4 2021	Crude Oil Basis Swap(1)	1,825,000	$	1.05
Q2 - Q4 2020	Natural Gas	1,925,000	$	2.85
Q2 - Q4 2020	Natural Gas Basis Swap(3)	1,925,000	$	(1.07	)

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

(2) The basis differential price is between WTI Houston 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 Condensed Consolidated Balance Sheets as well as the gross recognized derivative assets, liabilities, and amounts offset in the Condensed Consolidated Balance Sheets (in thousands): 

		March 31, 2020							December 31, 2019
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	$	73,846	$	(1,829	)	$	72,017	$	13,321	$	(4,461	)	$	8,860
Commodity contracts	Derivative liability - current	$	1,829	$	(1,829	)	$	—	$	11,350	$	(4,461	)	$	6,889
Commodity contracts	Derivative asset - noncurrent	$	20,769	$	—		$	20,769	$	1,031	$	(261	)	$	770
Commodity contracts	Derivative liability - noncurrent	$	—	$	—		$	—	$	261	$	(261	)	$	—

Summary of Realized and Unrealized Gains and Losses on Derivative Instruments

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

Derivatives not designated as hedging contracts under ASC Topic 815			Three Months Ended March 31,
	Statement of Cash Flows Location	Statement of Operations Location	2020		2019
Unrealized gain (loss)	Not separately presented	Not separately presented	$	90,045	$	(53,256	)
Realized gain	Operating portion of net cash received in settlement of derivative contracts	Not separately presented	9,739		5,362
	Total gain (loss) on derivative contracts, net	Gain (loss) on derivative contracts, net	$	99,784	$	(47,894	)