DERIVATIVE AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2019

DERIVATIVE AND HEDGING ACTIVITIES

Summary of location and fair value of derivative contracts

The following table summarizes the location and fair value amounts of all derivative contracts in the consolidated balance sheets as of December 31, 2019 (Successor) and 2018 (Predecessor) (in thousands):

Derivatives not designated			Asset derivative contracts					Liability derivative contracts
as hedging contracts under			Successor		Predecessor			Successor		Predecessor
ASC 815	Balance sheet location		December 31, 2019		December 31, 2018	Balance sheet location		December 31, 2019		December 31, 2018
Commodity contracts	Current assets - assets from derivative contracts	$	4,995	$	57,280	Current liabilities - liabilities from derivative contracts	$	(8,069)	$	(3,768)
Commodity contracts	Other noncurrent assets - assets from derivative contracts		224		12,437	Other noncurrent liabilities - liabilities from derivative contracts		(4,854)		(9,139)
Total derivatives not designated as hedging contracts under ASC 815		$	5,219	$	69,717		$	(12,923)	$	(12,907)

Summary of the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts

The following table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivative contracts in the Company’s consolidated statements of operations (in thousands):

			Amount of gain or (loss) recognized in income on derivative contracts for the
			Successor		Predecessor
			Period from		Period from
			October 2, 2019		January 1, 2019
Derivatives not designated as hedging	Location of gain or (loss) recognized in		through		through		Years Ended December 31,
contracts under ASC 815	income on derivative contracts		December 31, 2019		October 1, 2019		2018	2017
Commodity contracts:
Unrealized gain (loss) on commodity contracts	Other income (expenses) - net gain (loss) on derivative contracts	$	(18,681)	$	(45,834)	$	84,274	$	(16,468)
Realized gain (loss) on commodity contracts	Other income (expenses) - net gain (loss) on derivative contracts		1,989		11,502		8,351		17,759
Total net gain (loss) on derivative contracts		$	(16,692)	$	(34,332)	$	92,625	$	1,291

Schedule of open derivative contracts

At December 31, 2019 (Successor) and 2018 (Predecessor), the Company had the following open crude oil and natural gas derivative contracts:

			Successor
			December 31, 2019
				Floors				Ceilings					Basis Differential
			Volume in			Weighted				Weighted				Weighted
			Mmbtu's/	Price /		Average		Price /		Average			Price /	Average
Period	Instrument	Commodity	Bbl's	Price Range		Price		Price Range		Price			Price Range	Price
January 2020 - June 2020	Fixed-Price Swap	Crude Oil	182,000	$	55.74	$	55.74	$	—	$	—	$	—	$	—
January 2020 - September 2020	Fixed-Price Swap	Natural Gas	1,186,000		2.61		2.61
January 2020 - December 2020	Fixed-Price Swap	Crude Oil	732,000		55.68 - 60.00		57.84
January 2020 - December 2020	Fixed-Price Swap	Natural Gas	2,928,000		2.55 - 2.57		2.56
January 2020 - December 2020	Collar	Crude Oil	549,000		50.00		50.00		70.00		70.00
January 2020  - December  2020	Call	Crude Oil	2,342,400						70.00		70.00
January 2020  - December  2020	Put	Crude Oil	915,000		55.00		55.00
January 2020 - December 2020	Basis Swap	Crude Oil	1,464,000										0.67 - 0.85		0.72
January 2020 - December 2020	WTI NYMEX Roll	Crude Oil	366,000		0.37		0.37
February 2020 - December 2020	WTI NYMEX Roll	Crude Oil	1,340,000		0.41 - 0.54		0.44
April 2020 - December 2020	Basis Swap	Crude Oil	275,000										0.75		0.75
January 2021 - December 2021	Fixed-Price Swap	Crude Oil	1,460,000		50.70 - 52.80		51.91
January 2021 - December 2021	Fixed-Price Swap	Natural Gas	2,190,000		2.47 - 2.48		2.47
January 2021 - December 2021	Basis Swap	Crude Oil	1,460,000										0.82 - 0.95		0.85
January 2021 - December 2021	WTI NYMEX Roll	Crude Oil	1,460,000		0.13 - 0.14		0.14
January 2022 - December 2022	Fixed-Price Swap	Crude Oil	1,460,000		51.50		51.50
January 2022 - December 2022	Basis Swap	Crude Oil	1,460,000										0.85 - 0.95		0.88
January 2022 - December 2022	WTI NYMEX Roll	Crude Oil	2,555,000		(0.02) - 0.00		(0.01)

			Predecessor
			December 31, 2018
				Floors				Ceilings				Basis Differential
			Volume in			Weighted				Weighted				Weighted
			Mmbtu's/	Price /		Average		Price /		Average		Price /		Average
Period	Instrument	Commodity	Bbl's	Price Range		Price		Price Range		Price		Price Range		Price
January 2019 - March 2019	Calls	Crude Oil	1,350,000	$	—	$	—	$	62.64	$	62.64	$	—	$	—
January 2019 - March 2019	Calls	Crude Oil	(1,350,000)						58.64		58.64
January 2019 - March 2019	Collars	Crude Oil	90,000		46.75		46.75		51.75		51.75
January 2019 - June 2019	Collars	Crude Oil	181,000		51.00		51.00		56.00		56.00
January 2019 - September 2019	Basis Swap	Crude Oil	546,000										(6.20) - (7.60)		(6.90)
January 2019 - December 2019	Fixed-Price Swap	Natural Gas Liquids	1,460,000		29.08 - 30.15		29.33
January 2019 - December 2019	Collars	Crude Oil	3,650,000		50.00 - 58.00		53.87		55.20 - 63.00		60.07
January 2019 - December 2019	Collars	Natural Gas	8,760,000		2.52 - 2.70		2.60		3.00 - 3.10		3.01
January 2019 - December 2019	Basis Swap	Crude Oil	2,448,000										(0.98) - (6.50)		(2.80)
January 2019 - December 2019	Basis Swap	Natural Gas	9,307,500										(1.05) - (1.40)		(1.18)
January 2019 - December 2019	WTI NYMEX Roll	Crude Oil	1,825,000		0.35		0.35
April 2019 - June 2019	Collars	Crude Oil	91,000		50.00		50.00		55.00		55.00
April 2019 - December 2019	Collars	Crude Oil	275,000		55.00		55.00		62.85		62.85
July 2019 - December 2019	Collars	Crude Oil	552,000		50.00 - 55.00		53.00		55.00 - 69.00		61.00
July 2019 - December 2019	Basis Swap	Crude Oil	460,000										(2.40) - (6.50)		(5.68)
October 2019 - December 2019	Fixed-Price Swap	Natural Gas Liquids	92,000		32.50		32.50
October 2019 - December 2019	Collars	Crude Oil	92,000		51.00		51.00		56.00		56.00
October 2019 - December 2019	Basis Swap	Crude Oil	460,000										3.45 - 4.00		3.72
January 2020 - December 2020	Collars	Crude Oil	549,000		50.00		50.00		70.00		70.00
January 2020 - December 2020	Calls	Crude Oil	2,342,400						70.00		70.00
January 2020 - December 2020	Puts	Crude Oil	915,000		55.00		55.00
January 2020 - December 2020	Basis Swap	Crude Oil	3,294,000										2.00 - 4.00		2.95

Schedule of potential effects of master netting arrangements on the fair value of derivative contracts

The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts at December 31, 2019 (Successor) and 2018 (Predecessor) (in thousands):

	Derivative Assets				Derivative Liabilities
	Successor		Predecessor		Successor		Predecessor
Offsetting of Derivative Assets and Liabilities	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Gross amounts presented in the consolidated balance sheet	$	5,219	$	69,717	$	(12,923)	$	(12,907)
Amounts not offset in the consolidated balance sheet		(4,557)		(10,263)		4,557		10,263
Net amount	$	662	$	59,454	$	(8,366)	$	(2,644)