Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021:    

	Price Swaps
Period	Commodity	Volume (Bbls / MMBtu)	Weighted Average Price ($/Bbl / $/MMBtu)
Q2 - Q4 2021	Crude Oil	2,389,910	$	48.43
Q1 - Q4 2022	Crude Oil	1,458,500	$	52.96
Q2 - Q4 2021	Crude Oil Basis Swap (1)	739,910	$	0.32
Q2 - Q4 2021	Crude Oil Basis Swap (2)	1,375,000	$	1.05
Q2 - Q4 2021	Crude Oil Roll Swap (3)	739,910	$	(0.26)
Q1 - Q4 2022	Crude Oil Basis Swap (1)	1,368,750	$	0.74
Q2 - Q4 2021	Natural Gas	5,500,000	$	2.81
Q1 - Q4 2022	Natural Gas	450,000	$	2.97
Q2 - Q4 2021	Natural Gas Basis Swap (4)	5,500,000	$	(0.37)
Q1 - Q4 2022	Natural Gas Basis Swap (4)	450,000	$	(0.23)

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

(2)The basis differential price is between WTI Midland Crude CMA 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 March 31, 2021:

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): 

		March 31, 2021						December 31, 2020
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	$	990	$	(794)	$	196	$	11,071	$	(3,562)	$	7,509
Commodity contracts	Derivative liability - current	$	25,678	$	(794)	$	24,884	$	4,492	$	(3,562)	$	930
Interest rate swaps	Derivative liability - current	$	179	$	—	$	179	$	205	$	—	$	205
Commodity contracts	Derivative asset - noncurrent	$	1,152	$	(117)	$	1,035	$	396	$	—	$	396
Commodity contracts	Derivative liability - noncurrent	$	2,683	$	(117)	$	2,566	$	—	$	—	$	—
Interest rate swaps	Derivative asset - noncurrent	$	460	—		460		$	—	$	—	$	—
Interest rate swaps	Derivative liability - noncurrent	$	—	$	—	$	—	$	173	$	—	$	173

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	2021		2020
Unrealized (loss) gain	Not separately presented	Not separately presented	$	(22,358)	$	90,045
Realized (loss) gain	Operating portion of net cash (paid) received in settlement of derivative contracts	Not separately presented	(10,905)		9,739
	Total (loss) gain on derivative contracts, net	(Loss) gain on derivative contracts, net	$	(33,263)	$	99,784