XML 36 R24.htm IDEA: XBRL DOCUMENT v3.20.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2020:    
 
 
Price Swaps
Period
 
Commodity
 
Volume
(Bbls / MMBtu)
 
Weighted Average Price
($/Bbl / $/MMBtu)
Q3 - Q4 2020
 
Crude Oil
 
1,196,000

 
$
58.35

Q1 - Q4 2021
 
Crude Oil
 
1,460,000

 
$
55.16

Q3 - Q4 2020
 
Crude Oil Basis Swap (1)
 
1,196,000

 
$
(1.50
)
Q3 - Q4 2020
 
Crude Oil Basis Swap (2)
 
184,000

 
$
2.55

Q3 - Q4 2020
 
Crude Oil Roll Swap (3)
 
1,104,000

 
$
(1.79
)
Q1 - Q4 2021
 
Crude Oil Basis Swap (1)
 
1,825,000

 
$
1.05

Q3 - Q4 2020
 
Natural Gas
 
1,288,000

 
$
2.85

Q1 - Q4 2021
 
Natural Gas
 
2,920,000

 
$
2.71

Q3 - Q4 2020
 
Natural Gas Basis Swap (4)
 
1,288,000

 
$
(1.07
)
Q1 - Q4 2021
 
Natural Gas Basis Swap (4)
 
2,920,000

 
$
(0.50
)
(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 swap is between WTI Roll and the WTI NYMEX.
(4)
The basis differential price is between W. Texas (WAHA) and the Henry Hub NYMEX.
Schedule of Interest Rate Swaps
The Company had the following interest rate swaps as of June 30, 2020:
Effective Dates
 
Notional Amount
 
Fixed Rate
May 5, 2020 to May 5, 2022
 
$125,000,000
 
0.286
%
May 5, 2022 to May 5, 2023
 
$100,000,000
 
0.286
%
May 5, 2023 to May 7, 2024
 
$75,000,000
 
0.286
%
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): 
 
 
 
 
June 30, 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
 
$
36,727

 
$
(5,101
)
 
$
31,626

 
$
13,321

 
$
(4,461
)
 
$
8,860

Commodity contracts
 
Derivative liability - current
 
$
5,101

 
$
(5,101
)
 
$
—

 
$
11,350

 
$
(4,461
)
 
$
6,889

Interest rate swaps
 
Derivative liability - current
 
$
169

 
$
—

 
$
169

 
$
—

 
$
—

 
$
—

Commodity contracts
 
Derivative asset - noncurrent
 
$
11,642

 
$
—

 
$
11,642

 
$
1,031

 
$
(261
)
 
$
770

Commodity contracts
 
Derivative liability - noncurrent
 
$
—

 
$
—

 
$
—

 
$
261

 
$
(261
)
 
$
—

Interest rate swaps
 
Derivative liability - noncurrent
 
$
349

 
$
—

 
$
349

 
$
—

 
$
—

 
$
—
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
June 30,
 
Six Months Ended
June 30,
 
 
Statement of Cash Flows Location
 
Statement of Operations Location
 
2020
 
2019
 
2020
 
2019
Unrealized (loss) gain
 
Not separately presented
 
Not separately presented
 
$
(50,036
)
 
$
4,902

 
$
40,009

 
$
(48,354
)
Realized gain
 
Operating portion of net cash received in settlement of derivative contracts
 
Not separately presented
 
29,357

 
4,594

 
39,096

 
9,956

 
 
Total (loss) gain on derivative contracts, net
 
(Loss) gain on derivative contracts, net
 
$
(20,679
)
 
$
9,496

 
$
79,105

 
$
(38,398
)