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

 
 

Oil swaps
 
1,770

 
$
51.16

Oil roll swaps
 
290

 
$
0.34

2021
 
 
 
 
Oil swaps
 
689

 
$
46.24

Oil roll swaps
 
150

 
$
0.30

The following table summarizes our natural gas derivatives outstanding as of March 31, 2020:
Period and type of contract
 
Volume
BBtu
 
Weighted average fixed price per MMBtu
2020
 
 

 
 

Natural gas swaps
 
5,340

 
$
2.72

Natural gas basis swaps
 
5,040

 
$
(0.46
)
The following table summarizes our natural gas liquid derivatives outstanding as of March 31, 2020:
Period and type of contract
 
Volume
Thousands of Gallons
 
Weighted average fixed price per gallon
2020
 
 

 
 

Natural gasoline swaps
 
2,476

 
$
1.17

Propane swaps
 
5,884

 
$
0.51

Butane swaps
 
497

 
$
0.53
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 March 31, 2020
 
As of December 31, 2019
 
 
Assets
 
Liabilities
 
Net value
 
Assets
 
Liabilities
 
Net value
Natural gas derivative contracts
 
$
4,255

 
$
—

 
$
4,255

 
$
3,552

 
$
(1
)
 
$
3,551

Crude oil derivative contracts
 
45,436

 
—

 
45,436

 
391

 
(22,196
)
 
(21,805
)
NGL derivative contracts
 
3,430

 
—

 
3,430

 
2,868

 
(699
)
 
2,169

Total derivative instruments
 
53,121

 
—

 
53,121

 
6,811

 
(22,896
)
 
(16,085
)
Less:
 
 
 
 
 
 
 
 
 
 
 
 
Netting adjustments (1)
 
—

 
—

 
—

 
(5,864
)
 
5,864

 
—

Derivative instruments - current
 
48,458

 
—

 
48,458

 
947

 
(11,957
)
 
(11,010
)
Derivative instruments - long-term
 
$
4,663

 
$
—

 
$
4,663

 
$
—

 
$
(5,075
)
 
$
(5,075
)
________________________________
(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 March 31,
 
 
2020
 
2019
Change in fair value of commodity price derivatives
 
$
69,206

 
$
(51,531
)
Net settlements received on commodity price derivatives
 
9,174

 
515

Total derivative gains (losses)
 
$
78,380

 
$
(51,016
)