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Subsequent events
 3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
Subsequent events Subsequent events
a.    Senior Secured Credit Facility
On April 30, 2020, as a result of the semi-annual redetermination, the Company entered into the fourth amendment to the Senior Secured Credit Facility pursuant to which the borrowing base and aggregate elected commitment under the Senior Secured Credit Facility were reduced to $725.0 million each, among other changes.
Additionally, subsequent to March 31, 2020, the Company's outstanding letter of credit was increased to $44.1 million.
b.    Derivatives
Commodity
The following table summarizes open oil and natural gas derivative positions as of March 31, 2020, for oil and natural gas derivatives that were entered into through May 6, 2020, for the settlement periods presented:
 
 
Remaining year 2020
 
Year 2021
 
Year 2022
Oil:
 
 
 
 

 
 
WTI NYMEX - Swaps:
 
 

 
 

 
 
Volume (Bbl)
 
5,390,000

 
—

 
—

Weighted-average price ($/Bbl)
 
$
59.50

 
$
—

 
$
—

Brent ICE:
 
 

 
 

 
 
Puts(1):
 
 

 
 

 
 
Volume (Bbl)
 
—

 
2,463,750

 
—

Weighted-average floor price ($/Bbl)
 
$
—

 
$
55.00

 
$
—

Swaps:
 
 
 
 
 
 
Volume (Bbl)
 
1,787,500

 
2,555,000

 
—

Weighted-average price ($/Bbl)
 
$
63.07

 
$
53.19

 
$
—

Collars:
 
 

 
 

 
 
Volume (Bbl)
 
—

 
584,000

 
—

Weighted-average floor price ($/Bbl)
 
$
—

 
$
45.00

 
$
—

Weighted-average ceiling price ($/Bbl)
 
$
—

 
$
59.50

 
$
—

Total Brent ICE:
 
 
 
 
 
 
Total volume with floor (Bbl)
 
1,787,500

 
5,602,750

 
—

Weighted-average floor price ($/Bbl)
 
$
63.07

 
$
53.13

 
$
—

Total volume with ceiling (Bbl)
 
1,787,500

 
3,139,000

 
—

Weighted-average ceiling price ($/Bbl)
 
$
63.07

 
$
54.37

 
$
—

Total oil volume with floor (Bbl)
 
7,177,500

 
5,602,750

 
—

Total oil volume with ceiling (Bbl)
 
7,177,500

 
3,139,000

 
—

Basis Swaps:
 
 
 
 
 
 
Brent ICE to WTI NYMEX - Basis Swaps
 
 
 
 
 
 
Volume (Bbl)
 
2,695,000

 
—

 
—

Weighted-average differential ($/Bbl)
 
$
5.09

 
$
—

 
$
—

Natural gas:
 
 

 
 

 
 
Henry Hub NYMEX - Swaps:
 
 

 
 

 
 
Volume (MMBtu)
 
17,875,000

 
42,522,500

 
—

Weighted-average price ($/MMBtu)
 
$
2.72

 
$
2.59

 
$
—

Waha Inside FERC to Henry Hub NYMEX - Basis Swaps:
 
 

 
 

 
 
Volume (MMBtu)
 
31,625,000

 
41,610,000

 
7,300,000

Weighted-average differential ($/MMBtu)
 
$
(0.82
)
 
$
(0.55
)
 
$
(0.53
)
_____________________________________________________________________________
(1)
Associated with these open positions were $50.6 million of premiums paid, which were settled at their respective contracts' inception.
See Note 9 for a table that includes a summary of open NGL derivative positions as of March 31, 2020. There has been no NGL trade activity subsequent to March 31, 2020 through May 6, 2020.
Interest rate
Due to the inherent volatility in interest rates, the Company has engaged in an interest rate derivative swap transaction to hedge interest rate risk associated with a portion of the Company's anticipated outstanding debt under the Senior Secured Credit Facility. The Company will pay a fixed rate over the contract term. By removing a portion of the interest rate volatility associated with anticipated outstanding debt, the Company expects to mitigate, but not eliminate, the potential effects of variability in cash flows from operations.
The following table details the interest rate derivative that was entered into:
 
 
Notional amount (in thousands)
 
Fixed rate
 
Contract period
LIBOR - Swap
 
$
100,000

 
0.345
%
 
April 16, 2020 - April 18, 2022

The Company did not designate the interest rate derivative a hedge for accounting purposes, and the Company did not enter into such instrument for speculative trading purposes. Accordingly, the changes in fair value will be recognized in earnings.