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DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments
As of June 30, 2020, the Partnership had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.
2020
SwapsVolumeFixed Price Swap (per Bbl/MMBtu)
Oil swaps - WTI Cushing (Bbls)184,000  $27.45  
Oil basis swaps - WTI Midland-Cushing (Bbls)736,000  $(2.60) 
Natural gas basis swaps - Waha Hub (MMBtu)4,600,000  $(2.07) 

Collars - WTI Cushing20202021
Volume (Bbls)2,576,0003,650,000
Floor price (per Bbl)$28.86  $30.00  
Ceiling price (per Bbl)$32.33  $43.05  

Deferred premium call options - WTI Cushing2020
Volume (Bbls)736,000
Premium$1.89  
Strike price (per Bbl)$45.00  
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 June 30, 2020.
June 30, 2020
(In thousands)
Gross derivative assets $13,084  
Amounts netted (13,084) 
Net derivative assets $—  
Gross derivative liabilities$52,915  
Amounts netted (13,084) 
Net derivative liabilities $39,831  
Schedule of derivative instruments included in the consolidated balance sheet
The net amounts are classified as current or noncurrent based on their anticipated settlement dates. The net fair value of the Partnership’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows:
June 30, 2020
(In thousands)
Current assets: derivative instruments$—  
Noncurrent assets: derivative instruments—  
Total assets$—  
Current liabilities: derivative instruments$33,956  
Noncurrent liabilities: derivative instruments5,875  
Total liabilities$39,831  
Summary of derivative contract gains and losses included in the consolidated statements of operations
None of the Partnership’s derivatives have been designated as hedges. As such, all changes in fair value are immediately recognized in earnings. The following table summarizes the gains and losses on derivative instruments included in the consolidated statements of operations:
Three Months Ended June 30, 2020Six Months Ended June 30,
2020201920202019
(In thousands)
Loss on derivative instruments$(34,443) $—  $(42,385) $—  
Net cash payments on derivatives$(2,101) $—  $(2,554) $—