Derivatives (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments, Gain (Loss)

The following table summarizes derivative activity for the years ended December 31, 2020 and 2019 (in thousands):

	Year Ended December 31,
	2020		2019
Gain on commodity derivative contracts	$	(5,765)	$	(1,094)
Cash received on settlements	$	(5,879)	$	(6,266)

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 Prior Credit Facility as of December 31, 2019 (in thousands):

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

Fair Value of Derivative Contracts

The following table presents the fair value of the Company’s derivative contracts on a gross basis without regard to same-counterparty netting (in thousands):

		December 31,
Type of Contract	Balance Sheet Classification	2019
Derivative assets
Oil price swaps	Derivative contracts - current	$	114
Natural gas price swaps	Derivative contracts - current	$	—
Total net derivative contracts		$	114