DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

As of September 30, 2020, the Partnership had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.

					Swaps		Collars		Calls
Settlement Month	Settlement Year	Type of Contract	Bbls/Mcf Per Day	Index	Weighted Average Differential	Weighted Average Fixed Price	Weighted Average Floor Price	Weighted Average Ceiling Price	Strike Price
OIL
Oct. - Dec.	2020	Swaps	1,000	WTI Cushing	$—	$27.45	$—	$—	$—
Oct. - Dec.	2020	Basis Swaps	4,000	WTI Cushing(2)	$(2.60)	$—	$—	$—	$—
Oct. - Dec.	2020	Collars	14,000	WTI Cushing	$—	$—	$28.86	$32.33	$—
Jan. - Dec.	2021	Collars	10,000	WTI Cushing	$—	$—	$30.00	$43.05	$—
Oct. - Dec.	2020	Calls(1)	8,000	WTI Cushing	$—	$—	$—	$—	$45.00
NATURAL GAS
Oct. - Dec.	2020	Basis Swaps	25,000	Waha Hub(2)	$(2.07)	$—	$—	$—	$—

(1) Includes a deferred premium at a weighted-average price of $1.89/Bbl and a strike price of $45.00/Bbl.

(2) The Partnership has fixed price basis swaps for the spread between the Cushing crude oil price and the Midland crude oil price as well as the spread between the Henry Hub natural gas price and the Waha Hub natural gas price. The weighted average differential represents the amount of reduction to Cushing, Oklahoma, oil price and the Waha Hub natural gas price for the notional volumes covered by the basis swap contracts.

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

The following table summarizes the gains and losses on derivative instruments included in the condensed consolidated statements of operations:

	Three Months Ended September 30, 2020				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands)
Gain (loss) on derivative instruments	$	(5,084)	$	—	$	(47,469)	$	—
Net cash payments on derivatives	$	(16,164)	$	—	$	(18,718)	$	—