DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

As of March 31, 2020, the Partnership had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.

	2020
Swaps	Volume (Bbls/MMBtu)	Fixed Price Swap (per Bbl/MMBtu)
Oil Swaps - WTI Cushing	275,000	$	27.45
Oil Basis Swaps - WTI (Midland-Cushing)	1,100,000	$	(2.60	)
Natural Gas Basis Swaps - Waha Hub	6,875,000	$	(2.07	)

Collars - WTI (Cushing)	2020		2021
Volume (Bbls)	3,850,000		3,650,000
Floor price (per Bbl)	$	28.86	$	30.00
Ceiling price (per Bbl)	$	32.33	$	43.05

Schedule of netting offsets of derivative assets and liabilities

The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties and the resulting net amounts presented in the Partnership’s consolidated balance sheets as of March 31, 2020 and December 31, 2019.

	March 31, 2020			December 31, 2019
	(in thousands)
Gross amounts of assets presented in the Consolidated Balance Sheet	$	25,105		$	—
Amounts netted in the Consolidated Balance Sheet	(24,267		)	—
Net amounts of assets presented in the Consolidated Balance Sheet	$	838		$	—
Gross amounts of liabilities presented in the Consolidated Balance Sheet	$	32,594		$	—
Amounts netted in the Consolidated Balance Sheet	(24,267		)	—
Net amounts of liabilities presented in the Consolidated Balance Sheet	$	8,327		$	—

Schedule of derivative instruments included in the consolidated balance sheet

The net amounts are classified as current or noncurrent based on their anticipated settlement dates. The net fair value of the Partnership’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows:

	March 31, 2020		December 31, 2019
	(in thousands)
Current assets: derivative instruments	$	776	$	—
Noncurrent assets: derivative instruments	62		—
Total assets	$	838	$	—
Current liabilities: derivative instruments	$	7,362	$	—
Noncurrent liabilities: derivative instruments	965		—
Total liabilities	$	8,327	$	—

Summary of derivative contract gains and losses included in the consolidated statements of operations

None of the Partnership’s derivatives have been designated as hedges. As such, all changes in fair value are immediately recognized in earnings. The following table summarizes the gains and losses on derivative instruments included in the consolidated statements of operations:

	Three Months Ended March 31,
	2020			2019
	(in thousands)
Change in fair value of open non-hedge derivative instruments	$	(7,489	)	$	—
Loss on settlement of non-hedge derivative instruments	(453		)	—
Loss on derivative instruments	$	(7,942	)	$	—