Derivatives (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The following table summarizes derivative activity for the three-month periods ended March 31, 2020, and 2019 (in thousands):

	Three Months Ended March 31,
	2020		2019
(Gain) loss on commodity derivative contracts	$	(10,226)	$	209
Cash received on settlements	$	(4,087)	$	(5,078)

Offsetting Assets and Liabilities

The following table summarizes (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions, the applicable portion of shared collateral under the credit facility as of March 31, 2020 and December 31, 2019 (in thousands):

March 31, 2020

	Gross Amounts		Gross Amounts Offset		Amounts Net of Offset		Financial Collateral		Net Amount
Assets
Derivative contracts - current	$	6,253	$	—	$	6,253	$	—	$	6,253
Total	$	6,253	$	—	$	6,253	$	—	$	6,253

December 31, 2019

	Gross Amounts		Gross Amounts Offset		Amounts Net of Offset		Financial Collateral		Net Amount
Assets
Derivative contracts - current	$	114	$	—	$	114	$	—	$	114
Total	$	114	$	—	$	114	$	—	$	114

Oil Price Swaps

At March 31, 2020, the Company's open derivative contracts consisted of the following:

Oil Price Swaps

	Notional (MBbls)	Weighted Average Fixed Price
April 2020 - June 2020	182	$	60.00

Fair Value of Derivatives

The following table presents the fair value of the Company’s derivative contracts as of March 31, 2020 and December 31, 2019, on a gross basis without regard to same-counterparty netting (in thousands):

Type of Contract	Balance Sheet Classification	March 31, 2020		December 31, 2019
Derivative assets
Oil price swaps	Derivative contracts-current	$	6,253	$	114
Total net derivative contracts		$	6,253	$	114