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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Transactions Resulting in Crude Oil Production and Gas Purchases Hedges
As of March 31, 2020, we had the following crude oil production and gas purchases hedges.
 
Q2 2020
 
Q3 2020
 
Q4 2020
 
FY 2021
 
 
 
 
 
 
 
 
Fixed Price Oil Swaps (Brent):
 
 
 
 
 
 
 
  Hedged volume (MBbls)
2,184

 
2,208

 
2,208

 
3,282

  Weighted-average price ($/Bbl)
$
59.91

 
$
59.85

 
$
59.85

 
$
47.19

Fixed Price Oil Swaps (WTI):
 
 
 
 
 
 
 
  Hedged volume (MBbls)
30

 
—

 
—

 
—

  Weighted-average price ($/Bbl)
$
61.75

 
$
—

 
$
—

 
$
—

Purchased Oil Calls Options (Brent):
 
 
 
 
 
 
 
Hedged volume (MBbls)
273

 
276

 
276

 
—

Weighted-average price ($/Bbl)
$
65.00

 
$
65.00

 
$
65.00

 
$
—

Fixed Price Gas Purchase Swaps (Kern, Delivered):
 
 
 
 
 
 
 
  Hedged volume (MMBtu)
5,005,000

 
5,060,000

 
3,840,000

 
8,500,000

  Weighted-average price ($/MMBtu)
$
2.89

 
$
2.89

 
$
2.73

 
$
2.62

Fixed Price Gas Purchase Swaps (SoCal Citygate):
 
 
 
 
 
 
 
  Hedged volume (MMBtu)
455,000

 
460,000

 
155,000

 
—

  Weighted-average price ($/MMBtu)
$
3.80

 
$
3.80

 
$
3.80

 
$
—
Fair Values (Gross and Net) of Outstanding Derivatives
The following tables present the fair values (gross and net) of our outstanding derivatives as of March 31, 2020 and December 31, 2019:
 
March 31, 2020
 
Balance Sheet
Classification
 
Gross Amounts
Recognized at Fair Value
 
Gross Amounts Offset
in the Balance Sheet
 
Net Fair Value Presented 
on the Balance Sheet
 
(in thousands)
Assets:
 
 
 
 
 
 
 
  Commodity Contracts
Current assets
 
$
181,696

 
$
(11,837
)
 
$
169,859

  Commodity Contracts
Non-current assets
 
16,033

 
(788
)
 
15,245

Liabilities:
 
 
 
 
 
 
 
  Commodity Contracts
Current liabilities
 
(11,837
)
 
11,837

 
—

  Commodity Contracts
Non-current liabilities
 
(1,071
)
 
788

 
(283
)
Total derivatives
 
 
$
184,821

 
$
—

 
$
184,821


 
December 31, 2019
 
Balance Sheet
Classification
 
Gross Amounts
Recognized at Fair Value
 
Gross Amounts Offset
in the Balance Sheet
 
Net Fair Value Presented 
on the Balance Sheet
 
(in thousands)
Assets:
 
 
 
 
 
 
 
  Commodity Contracts
Current assets
 
$
17,799

 
$
(8,633
)
 
$
9,166

  Commodity Contracts
Non-current assets
 
773

 
(248
)
 
525

Liabilities:
 
 
 
 
 
 
 
  Commodity Contracts
Current liabilities
 
(13,450
)
 
8,633

 
(4,817
)
  Commodity Contracts
Non-current liabilities
 
(389
)
 
248

 
(141
)
Total derivatives
 
 
$
4,733

 
$
—

 
$
4,733