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Derivative instruments (Tables)
 9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of derivatives outstanding
The following table summarizes our crude oil derivatives outstanding as of September 30, 2019:
 
 
 
 
Weighted average fixed price per Bbl
Period and type of contract
 
Volume
MBbls
 
Swaps
 
Purchased Puts
 
Sold Calls
2019
 
 

 
 

 
 
 
 
Oil swaps
 
688

 
$
55.90

 
$
—

 
$
—

Oil roll swaps
 
120

 
$
0.46

 
$
—

 
$
—

2020
 
 
 
 
 
 
 
 
Oil swaps
 
2,274

 
$
51.01

 
$
—

 
$
—

Oil roll swaps
 
410

 
$
0.38

 
$
—

 
$
—

Oil collars
 
195

 
$
—

 
$
55.00

 
$
66.42

2021
 
 
 
 
 
 
 
 
Oil swaps
 
689

 
$
46.24

 
$
—

 
$
—

Oil roll swaps
 
150

 
$
0.30

 
$
—

 
$
—

The following table summarizes our natural gas derivatives outstanding as of September 30, 2019:
Period and type of contract
 
Volume
BBtu
 
Weighted average fixed price per MMBtu
2019
 
 

 
 

Natural gas swaps
 
3,977

 
$
2.85

Natural gas basis swaps
 
3,977

 
$
(0.51
)
2020
 
 
 
 
Natural gas swaps
 
7,680

 
$
2.70

Natural gas basis swaps
 
7,080

 
$
(0.46
)
The following table summarizes our natural gas liquid derivatives outstanding as of September 30, 2019:
Period and type of contract
 
Volume
Thousands of Gallons
 
Weighted average fixed price per gallon
2019
 
 

 
 

Natural gasoline swaps
 
4,200

 
$
1.13

Propane swaps
 
9,156

 
$
0.61

Butane swaps
 
2,394

 
$
0.71

2020
 
 
 
 
Natural gasoline swaps
 
6,508

 
$
1.15

Propane swaps
 
14,872

 
$
0.57

Butane swaps
 
2,849

 
$
0.68
Derivative instruments recorded on the balance sheet at fair value
The estimated fair values of derivative instruments are provided below. The carrying amounts of these instruments are equal to the estimated fair values.
 
 
As of September 30, 2019
 
As of December 31, 2018
 
 
Assets
 
Liabilities
 
Net value
 
Assets
 
Liabilities
 
Net value
Natural gas derivative contracts
 
$
5,055

 
$
(40
)
 
$
5,015

 
$
833

 
$
(488
)
 
$
345

Crude oil derivative contracts
 
5,174

 
(6,164
)
 
(990
)
 
24,208

 
(4,452
)
 
19,756

NGL derivative contracts
 
5,871

 
(431
)
 
5,440

 
4,581

 
—

 
4,581

Total derivative instruments
 
16,100

 
(6,635
)
 
9,465

 
29,622

 
(4,940
)
 
24,682

Less:
 
 
 
 
 
 
 
 
 
 
 
 
Netting adjustments (1)
 
(3,543
)
 
3,543

 
—

 
(3,398
)
 
3,398

 
—

Derivative instruments - current
 
11,446

 
(70
)
 
11,376

 
24,025

 
—

 
24,025

Derivative instruments - long-term
 
$
1,111

 
$
(3,022
)
 
$
(1,911
)
 
$
2,199

 
$
(1,542
)
 
$
657

________________________________
(1)
Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty. Positive and negative positions with counterparties are netted only to the extent that they relate to the same current versus noncurrent classification on the balance sheet.
Derivative gains (losses) in the consolidated statements of operations
“Derivative gains (losses)” in the consolidated statements of operations consist of the following:
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Change in fair value of commodity price derivatives
 
$
18,718

 
$
(16,804
)
 
$
(15,217
)
 
$
(55,822
)
Settlements received (paid) on commodity price derivatives
 
4,883

 
(6,873
)
 
5,536

 
(16,642
)
Total derivative gains (losses)
 
$
23,601

 
$
(23,677
)
 
$
(9,681
)
 
$
(72,464
)