Derivatives (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives outstanding

At March 31, 2020, these derivatives were outstanding:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Apr'20 - Dec'20	Natural gas - basis swap	30,000 MMBtu/day	$(0.275)	NGPL TEXOK
Apr'20 - Dec'20	Natural gas - basis swap	20,000 MMBtu/day	$(0.455)	PEPL
Jan'21 - Dec'21	Natural gas - basis swap	30,000 MMBtu/day	$(0.215)	NGPL TEXOK
Apr'20 - Dec'20	Natural gas - three-way collar	30,000 MMBtu/day	$2.50 - $2.20 - $2.80	IF - NYMEX (HH)

Fair Value of Derivative Instruments and Locations in Balance Sheets

The following tables present the fair values and locations of the derivative transactions recorded in our Unaudited Condensed Consolidated Balance Sheets:

		Derivative Assets
		Fair Value
	Balance Sheet Location	March 31, 2020		December 31, 2019
		(In thousands)
Commodity derivatives:
Current	Current derivative asset	$	661	$	633
Long-term	Non-current derivative asset	—		—
Total derivative assets		$	661	$	633

		Derivative Liabilities
		Fair Value
	Balance Sheet Location	March 31, 2020		December 31, 2019
		(In thousands)
Commodity derivatives:
Current	Current derivative liability	$	—	$	—
Long-term	Non-current derivative liability	123		27
Total derivative liabilities		$	123	$	27

Effect of Derivative Instruments Recognized in Income Statements, Derivative Instruments

Following is the effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations for the periods indicated:

	Three Months Ended
	March 31,
	2020		2019
	(In thousands)
Gain (loss) on derivatives:
Gain (loss) on derivatives, included are amounts settled during the period of $551 and $2,656, respectively	$	483	$	(6,932)
	$	483	$	(6,932)

The commencement of the Chapter 11 Cases constituted a termination event with respect of the company's derivative instruments, which permits the counterparties to such derivative instruments to terminated their outstanding hedges. Such terminations are not stayed under the Bankruptcy Code.