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DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of non-cash gains or losses on derivative contracts
The following table presents settlements on commodity derivative instruments and unsettled gains and losses on open commodity derivative instruments for the periods presented which is recorded in the revenue section of our condensed financial statements:
 Three Months Ended
March 31,
(In thousands)20202019
Gain (Loss) on Settled Commodity Derivatives$31,506  $12,546  
Gain (Loss) on Unsettled Commodity Derivatives345,075  (152,169) 
Gain (Loss) on Commodity Derivatives, Net$376,581  $(139,623) 
Schedule of weighted average price of open commodity derivative contracts The following table reflects the weighted average price of open commodity price swap derivative contracts as of March 31, 2020, by year with associated volumes.
YearVolumes (Bbl)Weighted
Average Price ($)
20207,441,988  58.05  
2021(1)
6,333,674  55.41  
2022(2)
1,372,866  52.57  
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(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 0.3 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 0.3 million barrels at a weighted average price of $57.84 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 2.6 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 2.6 million barrels at a weighted average price of $54.20 per barrel for 2022. Additionally, counterparties have options covering a notional volume of 0.2 million barrels for 2023 at a weighted average price of $43.00 per barrel.
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 March 31, 2020 and December 31, 2019, respectively.  Certain amounts may be presented on a net basis on the condensed financial statements when such amounts are with the same counterparty and subject to a master netting arrangement.
Type of ContractBalance Sheet LocationMarch 31, 2020 Estimated Fair ValueDecember 31, 2019 Estimated Fair Value
Derivative Assets: (In thousands)
Commodity Price Swap ContractsCurrent Assets$245,552  $20,164  
Interest Rate Swap ContractsCurrent Assets151  —  
Commodity Price Swap ContractsNoncurrent Assets99,800  16,069  
Interest Rate Swap ContractsNoncurrent Assets1  —  
Total Derivative Assets $345,503  $36,233  
Derivative Liabilities:   
Commodity Price Swap ContractsCurrent Liabilities$—  $(25,834) 
Interest Rate Swap ContractsCurrent Liabilities(281) —  
Commodity Price Swap ContractsNoncurrent Liabilities—  (5,273) 
Interest Rate Swap ContractsNoncurrent Liabilities(548) —  
Commodity Price Swaptions ContractsNoncurrent Liabilities(5,471) (10,321) 
Total Derivative Liabilities $(6,299) $(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 March 31, 2020
(In thousands)Gross Amounts of
Recognized Assets (Liabilities)		Gross Amounts Offset
on the Balance Sheet		Net Amounts of Assets (Liabilities) Presented in the Balance Sheet
Offsetting of Derivative Assets: 
Current Assets$245,703  $(151) $245,552  
Noncurrent Assets99,800  (5,471) 94,329  
Total Derivative Assets$345,503  $(5,622) $339,881  
Offsetting of Derivative Liabilities: 
Current Liabilities$(281) $151  $(130) 
Noncurrent Liabilities(6,019) 5,471  (547) 
Total Derivative Liabilities$(6,299) $5,622  $(677) 
 Estimated Fair Value at December 31, 2019
 (In thousands)Gross Amounts of
Recognized Assets (Liabilities)		Gross Amounts Offset
on 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)