Derivatives (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Assets and Liabilities Related to Commodity Swaps

The fair value of our interest rate swaps included in our consolidated balance sheets were as follows (in millions):

	March 31, 2020		December 31, 2019
Fair value of derivative liabilities—current	$	(16.1)	$	(5.6)
Fair value of derivative liabilities—long-term	(13.4)		(6.8)
Net fair value of interest rate swaps	$	(29.5)	$	(12.4)

Components of Gain (Loss) on Derivative Activity

The components of gain on derivative activity in the consolidated statements of operations related to commodity swaps are (in millions):

	Three Months Ended March 31,
	2020		2019
Change in fair value of derivatives	$	13.0	$	(2.0)
Realized gain on derivatives	6.2		3.8
Gain on derivative activity	$	19.2	$	1.8

Schedule Of Fair Value of Derivative Assets and Liabilities Related To Commodity Swaps

The fair value of derivative assets and liabilities related to commodity swaps are as follows (in millions):

	March 31, 2020		December 31, 2019
Fair value of derivative assets—current	$	75.0	$	12.9
Fair value of derivative assets—long-term	8.2		4.3
Fair value of derivative liabilities—current	(61.8)		(8.8)
Net fair value of commodity swaps	$	21.4	$	8.4

Notional Amount and Fair Value of Derivative Instruments

Set forth below are the summarized notional volumes and fair values of all instruments related to commodity swaps that we held for price risk management purposes and the related physical offsets at March 31, 2020 (in millions). The remaining term of the contracts extend no later than December 2022.

		March 31, 2020
Commodity	Instruments	Unit	Volume	Net Fair Value
NGL (short contracts)	Swaps	Gallons	(155.8)	$	8.9
NGL (long contracts)	Swaps	Gallons	8.1	(0.3)
Natural gas (short contracts)	Swaps	MMBtu	(20.3)	0.5
Natural gas (long contracts)	Swaps	MMBtu	15.0	(0.5)
Crude and condensate (short contracts)	Swaps	MMbbls	(13.2)	(46.0)
Crude and condensate (long contracts)	Swaps	MMbbls	2.1	58.8
Total fair value of commodity swaps				$	21.4