XML 32 R21.htm IDEA: XBRL DOCUMENT v3.20.2
Derivatives (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Transactions Resulting in Crude Oil Production and Gas Purchases Hedges
As of June 30, 2020, we had the following crude oil production and gas purchases hedges.
Q3 2020Q4 2020FY 2021
Fixed Price Oil Swaps (Brent):
  Hedged volume (MBbls)2,208  2,208  4,678  
  Weighted-average price ($/Bbl)$59.85  $59.85  $45.99  
Purchased Oil Calls Options (Brent):
Hedged volume (MBbls)276  276  —  
Weighted-average price ($/Bbl)$65.00  $65.00  $—  
Fixed Price Gas Purchase Swaps (Kern, Delivered):
  Hedged volume (MMBtu)5,060,000  5,060,000  14,580,000  
  Weighted-average price ($/MMBtu)$2.89  $2.76  $2.72  
Fixed Price Gas Purchase Swaps (SoCal Citygate):
  Hedged volume (MMBtu)460,000  155,000  —  
  Weighted-average price ($/MMBtu)$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 June 30, 2020 and December 31, 2019:
June 30, 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 ContractsCurrent assets$92,943  $(8,262) $84,681  
  Commodity ContractsNon-current assets6,341  (1,073) 5,268  
Liabilities:
  Commodity ContractsCurrent liabilities(8,262) 8,262  —  
  Commodity ContractsNon-current liabilities(1,439) 1,073  (366) 
Total derivatives$89,583  $—  $89,583  

 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 ContractsCurrent assets$17,799  $(8,633) $9,166  
  Commodity ContractsNon-current assets773  (248) 525  
Liabilities:
  Commodity ContractsCurrent liabilities(13,450) 8,633  (4,817) 
  Commodity ContractsNon-current liabilities(389) 248  (141) 
Total derivatives$4,733  $—  $4,733