Derivatives (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives outstanding

As of September 30, 2020, these derivatives were outstanding:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Oct'20 - Dec'20	Natural gas - basis swap	30,000 MMBtu/day	$(0.275)	NGPL TEXOK
Oct'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
Oct'20 - Dec'20	Natural gas - swap	30,000 MMBtu/day	$2.753	IF - NYMEX (HH)
Jan'21 - Oct'21	Natural gas - swap	50,000 MMBtu/day	$2.818	IF - NYMEX (HH)
Nov'21 - Dec'21	Natural gas - swap	75,000 MMBtu/day	$2.880	IF - NYMEX (HH)
Jan'22 - Dec'22	Natural gas - swap	5,000 MMBtu/day	$2.605	IF - NYMEX (HH)
Jan'23 - Dec'23	Natural gas - swap	22,000 MMBtu/day	$2.456	IF - NYMEX (HH)
Oct'20 - Dec'20	Natural gas - collar	30,000 MMBtu/day	$2.50 - $2.80	IF - NYMEX (HH)
Jan'22 - Dec'22	Natural gas - collar	35,000 MMBtu/day	$2.50 - $2.68	IF - NYMEX (HH)
Oct'20 - Dec'20	Crude oil - swap	4,000 Bbl/day	$43.35	WTI - NYMEX
Jan'21 - Dec'21	Crude oil - swap	3,000 Bbl/day	$44.65	WTI - NYMEX
Jan'22 - Dec'22	Crude oil - swap	2,300 Bbl/day	$42.25	WTI - NYMEX
Jan'23 - Dec'23	Crude oil - swap	1,300 Bbl/day	$43.60	WTI - NYMEX

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
		Successor		Predecessor
	Balance Sheet Location	September 30, 2020		December 31, 2019
		(In thousands)
Commodity derivatives:
Current	Current derivative asset	$	2,367	$	633
Long-term	Non-current derivative asset	—		—
Total derivative assets		$	2,367	$	633

		Derivative Liabilities
		Fair Value
		Successor		Predecessor
	Balance Sheet Location	September 30, 2020		December 31, 2019
		(In thousands)
Commodity derivatives:
Current	Current derivative liability	$	1,114	$	—
Long-term	Non-current derivative liability	1,749		27
Total derivative liabilities		$	2,863	$	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:

	Successor		Predecessor
	One Month Ended		Two Months Ended		Three Months Ended
	September 30, 2020		August 31, 2020		September 30, 2019
	(In thousands)
Gain (loss) on derivatives:
Gain (loss) on derivatives, included are amounts settled during the period of ($1,418), ($3,552), and $6,515, respectively	$	3,939	$	(4,250)	$	4,237
	$	3,939	$	(4,250)	$	4,237

	Successor		Predecessor
	One Month Ended		Eight Months Ended		Nine Months Ended
	September 30, 2020		August 31, 2020		September 30, 2019
	(In thousands)
Gain (loss) on derivatives:
Gain (loss) on derivatives, included are amounts settled during the period of ($1,418), ($4,244), and $11,829, respectively	$	3,939	$	(10,704)	$	5,232
	$	3,939	$	(10,704)	$	5,232