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DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of non-cash gains or losses on derivative contracts
The following table presents cash settlements on matured or liquidated derivative instruments and non-cash gains and losses on open derivative instruments for the periods presented.  Cash receipts and payments below reflect proceeds received upon early liquidation of derivative positions and gains or losses on derivative contracts which matured during the period, calculated as the difference between the contract price and the market settlement price of matured contracts.  Non-cash gains and losses below represent the change in fair value of derivative instruments which continue to be held at period-end and the reversal of previously recognized non-cash gains or losses on derivative contracts that matured or were liquidated during the period.

Year Ended
December 31,
(In thousands)201920182017
Cash Received (Paid) on Settled Derivatives (1)
$44,377  $(22,886) $3,776  
Unrealized Gain (Loss) on Derivatives(173,214) 207,892  (18,443) 
Gain (Loss) on Derivative Instruments, Net$(128,837) $185,006  $(14,667) 
_____________
(1)The year ended December 31, 2019, includes approximately $12.4 million of net cash proceeds from crude oil derivative contracts that were restructured in 2019 prior to their contractual maturities.
Schedule of weighted average price of open commodity derivative contracts The following table reflects the weighted average price of open commodity price swap derivative contracts as of December 31, 2019, by year with associated volumes.
Weighted Average Price
of Open Commodity Swap Contracts
YearVolumes (Bbl)Weighted
Average Price ($)
20209,815,844  57.98  
2021(1)
6,151,174  55.78  
2022(2)
1,372,866  52.57  
___________
(1)The Company has entered into crude oil derivative contracts that give counterparties the option to extend certain current derivative contracts for additional periods. Options covering a notional volume of 0.1 million barrels for 2021 are exercisable on or about December 31, 2020. If the counterparties exercise all such options, the notional volume of the Company’s existing crude oil derivative contracts will increase by 0.1 million barrels at a weighted average price of $57.63 per barrel for 2021.
(2)The Company has entered into crude oil derivative contracts that give counterparties the option to extend certain current derivative contracts for additional periods. Options covering a notional volume of 2.4 million barrels for 2022 are exercisable on or about December 31, 2021. If the counterparties exercise all such options, the notional volume of the Company’s existing crude oil derivative contracts will increase by 2.4 million barrels at a weighted average price of $55.05 per barrel for 2022.
Schedule of derivatives The following table sets forth the amounts, on a gross basis, and classification of the Company’s outstanding derivative financial instruments at December 31, 2019 and 2018, respectively.  Certain amounts may be presented on a net basis on the financial statements when such amounts are with the same counterparty and subject to a master netting arrangement:
December 31,
Estimated Fair Value
Type of Crude Oil ContractBalance Sheet Location20192018
Derivative Assets:(In thousands)
Price Swap ContractsCurrent Assets$20,164  $108,514  
Basis Swap ContractsCurrent Assets—  7,356  
Price Swap ContractsNoncurrent Assets16,069  61,843  
Total Derivative Assets$36,233  $177,713  
Derivative Liabilities:
Price Swap ContractsCurrent Liabilities$(25,834) $—  
Price Swap ContractsNoncurrent Liabilities(5,273) —  
Price Swaptions ContractsNoncurrent Liabilities(10,321) —  
Total Derivative Liabilities$(41,428) $—  

The use of derivative transactions involves the risk that the counterparties will be unable to meet the financial terms of such transactions.  When the Company has netting arrangements with its counterparties that provide for offsetting payables against receivables from separate derivative instruments these assets and liabilities are netted on the balance sheet. The tables presented below provide reconciliation between the gross assets and liabilities and the amounts reflected on the balance sheet. The amounts presented exclude derivative settlement receivables and payables as of the balance sheet dates.

 Estimated Fair Value at December 31, 2019
(In thousands)Gross Amounts of Recognized Assets (Liabilities)Gross Amounts Offset in the
Balance Sheet		Net Amounts of Assets (Liabilities) Presented in the Balance Sheet
Offsetting of Derivative Assets:
Current Assets$20,164  $(14,536) $5,628  
Non-Current Assets16,069  (7,515) 8,554  
Total Derivative Assets$36,233  $(22,051) $14,182  
Offsetting of Derivative Liabilities: 
Current Liabilities$(25,834) $14,536  $(11,298) 
Non-Current Liabilities(15,594) 7,515  (8,079) 
Total Derivative Liabilities$(41,428) $22,051  $(19,377) 
 Estimated Fair Value at December 31, 2018
(In thousands)Gross Amounts of Recognized Assets (Liabilities)Gross Amounts Offset in the
Balance Sheet		Net Amounts of Assets (Liabilities) Presented in the Balance Sheet
Offsetting of Derivative Assets:
Current Assets$116,620  $(750) $115,870  
Non-Current Assets61,857  (15) 61,843  
Total Derivative Assets$178,477  $(764) $177,713  
Offsetting of Derivative Liabilities: 
Current Liabilities$(750) $750  $—  
Non-Current Liabilities(15) 15  —  
Total Derivative Liabilities$(764) $764  $—