Risk Management and Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Open Commodity Positions

At June 30, 2020, we had the following open commodity positions:

	Remaining
	2020			2021			2022
Natural Gas Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (MMBtu)		1,450,000			925,000			500,000
Weighted-average fixed price	$	2.26		$	2.49		$	2.45
Collar contracts:
Two-way collars
Average monthly volume (MMBtu)		420,000			925,000			200,000
Weighted-average floor price	$	2.60		$	2.10		$	2.10
Weighted-average ceiling price	$	2.88		$	3.28		$	2.99
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)		199,300			33,750			30,000
Weighted-average fixed price	$	57.41		$	56.57		$	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)		111,450			22,800			—
Weighted-average fixed price	$	21.99		$	24.25		$	—

Interest Rate Swap Open Positions

At June 30, 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 June 30, 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 Revolving Credit Facility.

		Asset Derivatives			Liability Derivatives			Asset Derivatives			Liability Derivatives
		June 30,			June 30,			December 31,			December 31,
Type	Balance Sheet Location	2020			2020			2019			2019
		(In thousands)
Commodity contracts	Short-term derivative instruments	$	38,035		$	4,744		$	11,518		$	5,887
Interest rate swaps	Short-term derivative instruments		—			1,860			248			253
Gross fair value			38,035			6,604			11,766			6,140
Netting arrangements			(5,819	)		(5,819	)		(5,887	)		(5,887	)
Net recorded fair value	Short-term derivative instruments	$	32,216		$	785		$	5,879		$	253
Commodity contracts	Long-term derivative instruments	$	11,267		$	2,133		$	6,990		$	973
Interest rate swaps	Long-term derivative instruments		—			1,833			347			305
Gross fair value			11,267			3,966			7,337			1,278
Netting arrangements			(2,133	)		(2,133	)		(973	)		(973	)
Net recorded fair value	Long-term derivative instruments	$	9,134		$	1,833		$	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					For the Six Months Ended
	Statements of	June 30,					June 30,
	Operations Location	2020		2019			2020			2019
Commodity derivative contracts	(Gain) loss on commodity derivatives	$	19,165	$	(22,993	)	$	(88,548	)	$	9,494
(Gain) loss on interest rate derivatives	Interest expense, net		438		627			4,054			534