Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020. When aggregating multiple contracts, the weighted average contract price is disclosed.

Period	Commodity	Volume (Bbls / MMBtu)	Price ($/Bbl / $/MMBtu)
2021	Crude Oil Swap	2,294,000	$51.17
2021	Crude Oil Basis Swap (1)	1,825,000	$1.05
2022	Crude Oil Swap	365,000	$47.70
2021	Natural Gas Swap	4,380,000	$2.76
2021	Natural Gas Basis Swap (2)	4,380,000	$(0.45)

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

(2)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, 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	$	11,071	$	(3,562)	$	7,509	$	13,321	$	(4,461)	$	8,860
Commodity contracts	Derivative liability - current	$	4,492	$	(3,562)	$	930	$	11,350	$	(4,461)	$	6,889
Interest rate swaps	Derivative liability - current	$	205	$	—	$	205	$	—	$	—	$	—
Commodity contracts	Derivative asset - noncurrent	$	396	$	—	$	396	$	1,031	$	(261)	$	770
Commodity contracts	Derivative liability - noncurrent	$	—	$	—	$	—	$	261	$	(261)	$	—
Interest rate swaps	Derivative liability - noncurrent	$	173	$	—	$	173	$	—	$	—	$	—

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	2020		2019
Unrealized gain (loss)	Not presented separately	Not presented separately	$	3,855	$	(59,849)
Realized gain	Operating portion of net cash received in settlement of derivative contracts	Not presented separately	56,044		15,866
	Total (gain) loss on derivative contracts, net	Gain (loss) on derivative contracts, net	$	59,899	$	(43,983)