Risk Management and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Open Commodity Positions

At March 31, 2020, we had the following open commodity positions:

	Remaining
	2020			2021			2022
Natural Gas Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (MMBtu)		650,000			487,500			300,000
Weighted-average fixed price	$	2.54		$	2.48		$	2.46
Collar contracts:
Two-way collars
Average monthly volume (MMBtu)		420,000			162,500			—
Weighted-average floor price	$	2.60		$	2.58		$	—
Weighted-average ceiling price	$	2.88		$	2.84		$	—
Natural Gas Basis Swaps:
PEPL basis swaps:
Average monthly volume (MMBtu)		600,000			500,000			—
Weighted-average spread	$	(0.46	)	$	(0.40	)	$	—
Crude Oil Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (Bbls)		209,300			116,250			30,000
Weighted-average fixed price	$	57.44		$	56.05		$	55.32
Collar contracts:
Two-way collars
Average monthly volume (Bbls)		14,300			—			—
Weighted-average floor price	$	55.00		$	—		$	—
Weighted-average ceiling price	$	62.10		$	—		$	—
Three-way collars
Average monthly volume (Bbls)		30,500			—			—
Weighted-average ceiling price	$	65.75		$	—		$	—
Weighted-average floor price	$	50.00		$	—		$	—
Weighted-average sub-floor price	$	40.00		$	—		$	—
NGL Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (Bbls)		65,450			22,800			—
Weighted-average fixed price	$	25.27		$	24.25		$	—

Interest Rate Swap Open Positions

At March 31, 2020, we had the following interest rate swap open positions:

	Remaining
	2020			2021			2022
Average Monthly Notional (in thousands)	$	125,000		$	125,000		$	75,000
Weighted-average fixed rate		1.612	%		1.612	%		1.281	%
Floating rate	1 Month LIBOR			1 Month LIBOR			1 Month LIBOR

Gross Fair Value of Derivative Instruments by Appropriate Balance Sheet

The following table summarizes both: (i) the gross fair value of derivative instruments by the appropriate balance sheet classification even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the balance sheet and (ii) the net recorded fair value as reflected on the balance sheet at March 31, 2020 and December 31, 2019. There was no cash collateral received or pledged associated with our derivative instruments since most of the counterparties, or certain of their affiliates, to our derivative contracts are lenders under our credit agreement.

		Asset Derivatives			Liability Derivatives			Asset Derivatives			Liability Derivatives
		March 31,			March 31,			December 31,			December 31,
Type	Balance Sheet Location	2020			2020			2019			2019
		(In thousands)
Commodity contracts	Short-term derivative instruments	$	83,477		$	4,139		$	11,518		$	5,887
Interest rate swaps	Short-term derivative instruments		—			1,621			248			253
Gross fair value			83,477			5,760			11,766			6,140
Netting arrangements			(5,070	)		(5,070	)		(5,887	)		(5,887	)
Net recorded fair value	Short-term derivative instruments	$	78,407		$	690		$	5,879		$	253
Commodity contracts	Long-term derivative instruments	$	28,036		$	513		$	6,990		$	973
Interest rate swaps	Long-term derivative instruments		—			1,981			347			305
Gross fair value			28,036			2,494			7,337			1,278
Netting arrangements			(581	)		(581	)		(973	)		(973	)
Net recorded fair value	Long-term derivative instruments	$	27,455		$	1,913		$	6,364		$	305

Unrealized and Realized Gains and Losses Related to Derivative Instruments

The following table details the gains and losses related to derivative instruments for the periods indicated (in thousands):

		For the Three Months Ended
	Statements of	March 31,
	Operations Location	2020			2019
Commodity derivative contracts	(Gain) loss on commodity derivatives	$	(107,713	)	$	32,487
Interest rate derivatives	Interest expense, net		3,616			(94	)