Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of outstanding commodity derivatives

		Natural Gas		Weighted
	Natural gas	Liquids	Oil	average index
	MMBtu/day	Bbls/day	Bbls/day	price
Six months ending December 31, 2020:
NYMEX ($/MMBtu)	2,227,500	—	—	$	2.87
ARA Propane ($/Gal)	—	10,315	—		0.65
OPIS Ethane Mt Belv ($/Gal)	—	24,500	—		0.20
NYMEX-WTI ($/Bbl)	—	—	26,000		55.63
Total	2,227,500	34,815	26,000
Three months ending March 31, 2021
OPIS Ethane Mt Belv ($/Gal)		18,791		$	0.20
Year ending December 31, 2021:
NYMEX ($/MMBtu)	2,400,000		—	$	2.80
NYMEX-WTI ($/Bbl)	—		3,000		55.16
Total	2,400,000		3,000
Year ending December 31, 2022:
NYMEX ($/MMBtu)	1,307,500			$	2.44
Year ending December 31, 2023:
NYMEX ($/MMBtu)	150,000			$	2.38

Schedule of natural gas basis swap positions which settle on pricing index to basis differential of NYMEX to TCO

		Weighted
	Natural gas	average hedged
	MMBtu/day	differential
Six months ending December 31, 2020:
NYMEX to TCO ($/MMBtu)	60,000	$	0.353
Year ending December 31, 2021:
NYMEX to TCO ($/MMBtu)	40,000	$	0.414
Year ending December 31, 2022:
NYMEX to TCO ($/MMBtu)	60,000	$	0.515
Year ending December 31, 2023:
NYMEX to TCO ($/MMBtu)	50,000	$	0.525
Year ending December 31, 2024:
NYMEX to TCO ($/MMBtu)	50,000	$	0.530

Schedule of commodity derivatives basis differential positions which settle on the pricing index to basis differential of Columbia Gas (TCO) to the NYMEX Henry Hub natural gas price.

		Weighted
	Gas	average
	Liquids	Payout
	Bbls/day	Ratio
Six months ending December 31, 2020:
Mont Belvieu Natural Gasoline to NYMEX-WTI	11,800	80	%
Year ending December 31, 2021:
Mont Belvieu Natural Gasoline to NYMEX-WTI	18,650	78	%

Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes

	December 31, 2019			June 30, 2020
	Balance sheet	Fair value		Balance sheet	Fair value
	location	(In thousands)		location	(In thousands)
Asset derivatives not designated as hedges for accounting purposes:
Commodity derivatives—current	Derivative instruments	$	422,849	Derivative instruments	$	521,459
Commodity derivatives—noncurrent	Derivative instruments		333,174	Derivative instruments		103,514
Total asset derivatives			756,023			624,973
Liability derivatives not designated as hedges for accounting purposes (1):
Commodity derivatives—current	Derivative instruments		6,721	Derivative instruments		3,652
Commodity derivatives—noncurrent	Derivative instruments		3,519	Derivative instruments		2,558
Total liability derivatives			10,240			6,210
Net derivatives		$	745,783		$	618,763

(1) Approximately $2 million of commodity derivative liabilities are attributable to our consolidated VIE, Martica.

Schedule of gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts

(1) Approximately $2 million of commodity derivative liabilities are attributable to our consolidated VIE, Martica.

Summary of derivative fair value gains (losses)

The following is a summary of derivative fair value gains and losses and where such values are recorded in the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2019 and 2020 (in thousands):

	Statement of
	operations	Three months ended June 30,				Six months ended June 30,
	location	2019		2020		2019		2020
Commodity derivative fair value gains (losses)	Revenue	$	328,427		(168,015)	$	251,059		397,818

VIE, Martica

Schedule of outstanding commodity derivatives

		Natural Gas		Weighted
	Natural gas	Liquids	Oil	average index
	MMBtu/day	Bbls/day	Bbls/day	price
Six months ending December 31, 2020:
NYMEX ($/MMBtu)	40,217	—	—	$	2.02
OPIS Propane Mt Belv Non-TET	—	951	—		0.49
OPIS Natural Gasoline Mt Belv Non-TET	—	288	—		0.67
OPIS Ethane Mt Belv ($/Gal)	—	617	—		0.20
NYMEX-WTI ($/Bbl)	—	—	118		37.15
Total	40,217	1,856	118
Year ending December 31, 2021:
NYMEX ($/MMBtu)	41,096	—	—	$	2.58
OPIS Propane Mt Belv Non-TET	—	932	—		0.43
OPIS Natural Gasoline Mt Belv Non-TET	—	282	—		0.71
OPIS Ethane Mt Belv ($/Gal)	—	987	—		0.17
NYMEX-WTI ($/Bbl)	—	—	94		38.99
Total	41,096	2,201	94
Three months ending March 31, 2022
OPIS Propane Mt Belv Non-TET	—	379	—		0.43
OPIS Natural Gasoline Mt Belv Non-TET	—	115	—		0.72
OPIS Ethane Mt Belv ($/Gal)	—	521	—		0.16
Total	—	1,015	—
Year ending December 31, 2022:
NYMEX ($/MMBtu)	38,356		—	$	2.39
NYMEX-WTI ($/Bbl)	—		66		40.92
Total	38,356		66
Year ending December 31, 2023:
NYMEX ($/MMBtu)	35,616		—	$	2.35
NYMEX-WTI ($/Bbl)	—		52		42.45
Total	35,616		52
Year ending December 31, 2024:
NYMEX ($/MMBtu)	23,885		—	$	2.33
NYMEX-WTI ($/Bbl)	—		43		44.02
Total	23,885		43
Three months ending March 31, 2025:
NYMEX ($/MMBtu)	18,021		—	$	2.53
NYMEX-WTI ($/Bbl)	—		39		45.06
Total	18,021		39