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Derivative instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of derivatives outstanding
The following table summarizes our crude oil derivatives outstanding as of December 31, 2019:
 
 
Volume
 
Weighted average fixed price per Bbl
Period and type of contract
 
MBbls
 
Swaps
 
Purchase puts
 
Sold calls
2020
 
 

 
 

 
 
 
 
Oil swaps
 
2,274

 
$
51.01

 
$
—

 
$
—

Oil collars

195


$
—


$
55.00


$
66.42

Oil roll swaps
 
410

 
$
0.38

 
$
—

 
$
—

2021
 
 
 
 
 
 
 
 
Oil swaps
 
689

 
$
46.24

 
$
—

 
$
—

Oil roll swaps
 
150

 
$
0.30

 
$
—

 
$
—

    
The following table summarizes our natural gas derivative instruments outstanding as of December 31, 2019:
 
 
 
 
Weighted average fixed price per MMBtu
Period and type of contract
 
Volume BBtu
 
Swaps
2020
 
 

 
 

Natural gas swaps
 
7,680

 
$
2.71

Natural gas basis swaps
 
7,080

 
$
(0.46
)


The following table summarizes our natural gas liquids derivative instruments outstanding as of December 31, 2019:
 
 
Volume
 
Weighted average fixed price per gallon
Period and type of contract
 
Gallons
 
Swaps
2020
 
 

 
 

Butane
 
2,849

 
$
0.68

Natural gasoline swaps
 
6,508

 
$
1.15

Propane swaps
 
14,872

 
$
0.57
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 December 31, 2019
 
As of December 31, 2018
 
 
Assets
 
Liabilities
 
Net value
 
Assets
 
Liabilities
 
Net value
Natural gas derivative contracts
 
$
3,552

 
$
(1
)
 
$
3,551

 
$
833

 
$
(488
)
 
$
345

NGL derivative contracts
 
2,868

 
(699
)
 
2,169

 
4,581

 
—

 
4,581

Crude oil derivative contracts
 
391

 
(22,196
)
 
(21,805
)
 
24,208

 
(4,452
)
 
19,756

Total derivative instruments
 
6,811

 
(22,896
)
 
(16,085
)
 
29,622

 
(4,940
)
 
24,682

Less:
 
 
 
 
 
 
 
 
 
 
 
 
Netting adjustments (1)
 
(5,864
)
 
5,864

 
—

 
(3,398
)
 
3,398

 
—

Derivative instruments - current
 
947

 
(11,957
)
 
(11,010
)
 
24,025

 
—

 
24,025

Derivative instruments - long-term
 
$
—

 
$
(5,075
)
 
$
(5,075
)
 
$
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 related to the same current versus noncurrent classification on the balance sheet.
Non-hedge derivative gains (losses) in the consolidated statements of operations
“Derivative (losses) gains” in the consolidated statements of operations consists of the following:
 
 
Successor
 
 
Predecessor
 
 
 
 
 
 
Period from
 
 
Period from
 
 
 
 
 
 
March 22, 2017
 
 
January 1, 2017
 
 
For the Year Ended December 31,
 
through
 
 
through
 
 
2019
 
2018
 
December 31, 2017
 
 
March 21, 2017
Change in fair value of commodity price derivatives
 
$
(40,765
)
 
$
37,807

 
$
(46,478
)
 
 
$
46,721

Settlement gains (losses) on commodity price derivatives
 
7,567

 
(18,510
)
 
15,676

 
 
1,285

Derivative (losses) gains
 
$
(33,198
)
 
$
19,297

 
$
(30,802
)
 
 
$
48,006