Risk Management and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Open Commodity Positions

At March 31, 2021, we had the following open commodity positions:

	Remaining
	2021			2022
Natural Gas Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (MMBtu)		981,667			590,000
Weighted-average fixed price	$	2.49		$	2.48
Collar contracts:
Two-way collars
Average monthly volume (MMBtu)		851,667			595,000
Weighted-average floor price	$	2.06		$	2.37
Weighted-average ceiling price	$	3.29		$	3.09
Natural Gas Basis Swaps:
PEPL basis swaps:
Average monthly volume (MMBtu)		500,000			—
Weighted-average spread	$	(0.40	)	$	—
Crude Oil Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (Bbls)		197,500			85,000
Weighted-average fixed price	$	48.12		$	54.81
Collar contracts:
Two-way collars
Average monthly volume (Bbls)		—			7,500
Weighted-average floor price	$	—		$	55.00
Weighted-average ceiling price	$	—		$	60.25
Three-way collars
Average monthly volume (Bbls)		52,500			76,000
Weighted-average ceiling price	$	50.50		$	53.18
Weighted-average floor price	$	40.00		$	40.00
Weighted-average sub-floor price	$	30.00		$	31.32
NGL Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (Bbls)		20,300			—
Weighted-average fixed price	$	23.74		$	—

Interest Rate Swap Open Positions

At March 31, 2021, we had the following interest rate swap open positions:

	Remaining
	2021			2022
Average Monthly Notional (in thousands)	$	125,000		$	75,000
Weighted-average fixed rate		1.612	%		1.281	%
Floating rate	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, 2021 and December 31, 2020. 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
		March 31,			March 31,			December 31,			December 31,
Type	Balance Sheet Location	2021			2021			2020			2020
		(In thousands)
Commodity contracts	Short-term derivative instruments	$	2,547		$	31,310		$	6,088		$	15,007
Interest rate swaps	Short-term derivative instruments		—			1,628			—			1,905
Gross fair value			2,547			32,938			6,088			16,912
Netting arrangements			(2,547	)		(2,547	)		(6,088	)		(6,088	)
Net recorded fair value	Short-term derivative instruments	$	—		$	30,391		$	—		$	10,824
Commodity contracts	Long-term derivative instruments	$	5,349		$	8,584		$	9,361		$	8,488
Interest rate swaps	Long-term derivative instruments		—			598			—			847
Gross fair value			5,349			9,182			9,361			9,335
Netting arrangements			(3,827	)		(3,827	)		(8,488	)		(8,488	)
Net recorded fair value	Long-term derivative instruments	$	1,522		$	5,355		$	873		$	847

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	2021			2020
Commodity derivative contracts	(Gain) loss on commodity derivatives	$	34,588		$	(107,713	)
(Gain) loss on interest rate derivatives	Interest expense, net		(62	)		3,616