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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
As of June 30, 2020, we had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted-average contract price is shown.
 
 
Collars
 
Fixed-Price Swaps
 
 
Commodity/ Index/
Maturity Period
 
Quantity
(Crude oil -
MBls
Natural Gas - BBtu)
 
Weighted-Average
Contract Price
 
Quantity (Crude Oil - MBbls
Gas and Basis-
BBtu )
 
Weighted-
Average
Contract
Price
 
Fair Value
June 30,
2020 (1)
(in thousands)
 
 
Floors
 
Ceilings
 
 
 
Crude Oil
 
 
 
 
 
 
 
 
 
 
 
 
NYMEX
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
1,800

 
$
55.00

 
$
71.68

 
6,349

 
$
58.90

 
$
150,963

2021
 
—

 
—

 
—

 
9,180

 
46.90

 
60,169

2022
 
—

 
—

 
—

 
1,980

 
34.88

 
(11,705
)
Total Crude Oil
 
1,800

 
 
 
 
 
17,509

 
 
 
$
199,427

 
 
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
 
 
 
 
 
 
 
 
 
 
 
NYMEX
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
32,442

 
$
2.02

 
$
2.31

 
2,000

 
$
2.30

 
$
4,045

2021
 
30,000

 
2.28

 
2.61

 
31,800

 
2.40

 
(11,248
)
Total Natural Gas
 
62,442

 
 
 
 
 
33,800

 
 
 
$
(7,203
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Basis Protection - Natural Gas
 
 
 
 
 
 
 
 
 
 
 
 
CIG
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
—

 
$
—

 
$
—

 
32,525

 
$
(0.49
)
 
$
(8,341
)
2021
 
—

 
—

 
—

 
65,700

 
(0.49
)
 
(5,727
)
Waha
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
—

 
—

 
—

 
2,000

 
(1.40
)
 
(1,938
)
Total Basis Protection - Natural Gas
 
—

 
 
 
 
 
100,225

 
 
 
$
(16,006
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity Derivatives Fair Value
 
 
 
 
 
 
 
$
176,218

_____________
(1)
Approximately 14.7 percent of the fair value of our commodity derivative assets and 13.0 percent of the fair value of our commodity derivative liabilities were measured using significant unobservable inputs (Level 3).

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]
The following table presents the condensed consolidated balance sheet line item and fair value amounts of our derivative instruments as of June 30, 2020 and December 31, 2019:
 
 
 
 
 
Fair Value
Derivative Instruments:
 
Condensed Consolidated Balance Sheet Line Item
 
June 30, 2020
 
December 31, 2019
 
 
 
 
 
(in thousands)
Derivative assets:
Current
 
 
 
 
 
 
 
Commodity derivative contracts
 
Fair value of derivatives
 
$
222,289

 
$
27,766

 
Basis protection derivative contracts
 
Fair value of derivatives
 
30

 
312

 
 
 
 
 
222,319

 
28,078

 
Non-current
 
 
 
 
 
 
 
Commodity derivative contracts
 
Fair value of derivatives
 
14,719

 
3,746

Total derivative assets
 
 
 
$
237,038

 
$
31,824

 
 
 
 
 
 
 
 
Derivative liabilities:
Current
 
 
 
 
 
 
 
Commodity derivative contracts
 
Fair value of derivatives
 
$
13,092

 
$
529

 
Basis protection derivative contracts
 
Fair value of derivatives
 
12,901

 
2,392

 
 
 
 
 
25,993

 
2,921

 
Non-current
 
 
 
 
 
 
 
Commodity derivative contracts
 
Fair value of derivatives
 
31,692

 
692

 
Basis protection derivative contracts
 
Fair value of derivatives
 
3,135

 
—

 
 
 
 
 
34,827

 
692

Total derivative liabilities
 
 
 
$
60,820

 
$
3,613


    
The following table presents the impact of our derivative instruments on our condensed consolidated statements of operations:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Condensed Consolidated Statement of Operations Line Item
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Commodity price risk management gain (loss), net
 
 
 
 
 
 
 
 
Net settlements
 
$
114,795

 
$
(13,193
)
 
$
160,618

 
$
(21,645
)
Net change in fair value of unsettled derivatives
 
(235,581
)
 
60,542

 
153,294

 
(121,080
)
Total commodity price risk management gain (loss), net
 
$
(120,786
)
 
$
47,349

 
$
313,912

 
$
(142,725
)
 
 
 
 
 
 
 
 
 
Derivatives Not Designated as Hedging Instruments [Table Text Block]
The following table reflects the impact of netting agreements on gross derivative assets and liabilities:
As of June 30, 2020
 
Derivative Instruments, Gross
 
Effect of Master Netting Agreements
 
Derivative Instruments, Net
 
 
(in thousands)
Asset derivatives:
 
 
 
 
 
 
Derivative instruments, at fair value
 
$
237,038

 
$
(46,969
)
 
$
190,069

 
 
 
 
 
 
 
Liability derivatives:
 
 
 
 
 
 
Derivative instruments, at fair value
 
$
60,820

 
$
(46,969
)
 
$
13,851

 
 
 
 
 
 
 

As of December 31, 2019
 
Derivative Instruments, Gross
 
Effect of Master Netting Agreements
 
Derivative Instruments, Net
 
 
(in thousands)
Asset derivatives:
 
 
 
 
 
 
Derivative instruments, at fair value
 
$
31,824

 
$
(2,619
)
 
$
29,205

 
 
 
 
 
 
 
Liability derivatives:
 
 
 
 
 
 
Derivative instruments, at fair value
 
$
3,613

 
$
(2,619
)
 
$
994