Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Financial Instruments [Abstract]

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The following table presents the carrying amounts, net of discount and deferred financing costs, and estimated fair values of the Company’s financial instruments (in thousands):

	March 31, 2021						December 31, 2020
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
12.00% Second-Priority Senior Secured Notes –   due January 2026	$	581,728		$	636,012		$	—		$	—
11.00% Second-Priority Senior Secured Notes –   due April 2022	$	—		$	—		$	343,579		$	355,935
7.50% Senior Notes – due May 2022	$	6,060		$	3,333		$	6,060		$	5,238
Bank Credit Facility – matures May 2022	$	461,577		$	465,000		$	635,873		$	640,000
Oil and Natural Gas Derivatives	$	(156,941	)	$	(156,941	)	$	(67,814	)	$	(67,814	)

Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations

The following table presents the impact that derivatives, not qualifying as hedging instruments, had on its Condensed Consolidated Statements of Operations (in thousands): 

	Three Months Ended March 31,
	2021			2020
Net cash received (paid) on settled derivative instruments	$	(48,381	)	$	36,460
Unrealized gain (loss)		(89,127	)		206,757
Price risk management activities income (expense)	$	(137,508	)	$	243,217

Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts

The following table reflects the contracted volumes and weighted average prices the Company will receive under the terms of its derivative contracts as of March 31, 2021:

Production Period	Instrument Type	Average Daily Volumes		Weighted Average Swap Price		Weighted Average Put Price		Weighted Average Call Price
Crude Oil – WTI:		(Bbls)		(per Bbl)		(per Bbl)		(per Bbl)
April 2021 – December 2021	Swaps		24,429	$	44.89	$	—	$	—
April 2021 – December 2021	Collars		1,000	$	—	$	30.00	$	40.00
January 2022 – December 2022	Swaps		16,605	$	47.22	$	—	$	—
January 2023 – June 2023	Swaps		2,000	$	53.33	$	—	$	—
Crude Oil – LLS:		(Bbls)		(per Bbl)		(per Bbl)		(per Bbl)
April 2021 – December 2021	Swaps		3,335	$	41.06	$	—	$	—
Natural Gas – NYMEX Henry Hub:		(MMBtu)		(per MMBtu)		(per MMBtu)		(per MMBtu)
April 2021 – December 2021	Swaps		56,385	$	2.52	$	—	$	—
April 2021 – December 2021	Collars		5,000	$	—	$	2.50	$	3.10
January 2022 – December 2022	Swaps		30,882	$	2.62	$	—	$	—
January 2023 – June 2023	Swaps		5,000	$	2.61	$	—	$	—

Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis

The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands):

	March 31, 2021
	Level 1		Level 2			Level 3		Total
Assets:
Oil and natural gas swaps and costless collars	$	—	$	3,843		$	—	$	3,843
Liabilities:
Oil and natural gas swaps and costless collars		—		(160,784	)		—		(160,784	)
Total net liability	$	—	$	(156,941	)	$	—	$	(156,941	)

	December 31, 2020
	Level 1		Level 2			Level 3		Total
Assets:
Oil and natural gas swaps and costless collars	$	—	$	7,821		$	—	$	7,821
Liabilities:
Oil and natural gas swaps and costless collars		—		(75,635	)		—		(75,635	)
Total net liability	$	—	$	(67,814	)	$	—	$	(67,814	)

Schedule of Fair Value of Derivative Financial Instruments

The following table presents the fair value of derivative financial instruments (in thousands): 

	March 31, 2021				December 31, 2020
	Assets		Liabilities		Assets		Liabilities
Oil and natural gas derivatives:
Current	$	1,720	$	133,167	$	6,876	$	66,010
Non-current		2,123		27,617		945		9,625
Total	$	3,843	$	160,784	$	7,821	$	75,635