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Derivative Instruments
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
As of March 31, 2020, the Company had the following outstanding financial commodity derivatives:
 
 
 
 
 
 
Collars
 
 
 
 
 
 
 
 
Floor
 
Ceiling
 
Swaps
Type of Contract
 
Volume (Mmbtu)
 
Contract Period
 
Range
($/Mmbtu)
 
Weighted-Average
($/Mmbtu)

 
Range
($/Mmbtu)
 
Weighted-Average
($/Mmbtu)

 
Weighted-Average ($/Mmbtu)
Natural gas (NYMEX)
 
21,400,000
 
Apr. 2020 - Oct. 2020
 
 
 
 
 
 
 
 
 
$
2.27

Natural gas (NYMEX)
 
21,400,000
 
Apr. 2020 - Oct. 2020
 
$
—

 
$
2.15

 
$2.36 - $2.38
 
$
2.38

 



In April 2020, the Company entered into the following financial commodity derivatives:






Collars
 
 
 

 
 

 
Floor

Ceiling
 
Swaps
Type of Contract

Volume (Mmbtu)

Contract Period

Range
($/Mmbtu)

Weighted-Average
($/Mmbtu)

Range
($/Mmbtu)

Weighted-Average
($/Mmbtu)
 
Weighted-Average ($/Mmbtu)
Natural gas (NYMEX)

73,600,000


May 2020 - Oct. 2020

$1.90 - $2.15

$
2.02


$2.10 - $2.32

$
2.20



Natural gas (NYMEX)

18,400,000


May 2020 - Oct. 2020









$
2.10



Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
 
 
 
 
Derivative Assets
 
Derivative Liabilities
(In thousands)
 
Balance Sheet Location
 
March 31,
2020
 
December 31,
2019
 
March 31,
2020
 
December 31,
2019
Commodity contracts
 
Derivative instruments (current)
 
$
16,085

 
$
31

 
$
—

 
$
9


Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands)
 
March 31,
2020
 
December 31,
2019
Derivative assets
 
 

 
 

Gross amounts of recognized assets
 
$
16,085

 
$
47

Gross amounts offset in the condensed consolidated balance sheet
 
—

 
(16
)
Net amounts of assets presented in the condensed consolidated balance sheet
 
16,085

 
31

Gross amounts of financial instruments not offset in the condensed consolidated balance sheet
 
—

 
—

Net amount
 
$
16,085

 
$
31

 
 
 
 
 
Derivative liabilities
 
 

 
 

Gross amounts of recognized liabilities
 
$
—

 
$
25

Gross amounts offset in the condensed consolidated balance sheet
 
—

 
(16
)
Net amounts of liabilities presented in the condensed consolidated balance sheet
 
—

 
9

Gross amounts of financial instruments not offset in the condensed consolidated balance sheet
 
—

 
—

Net amount
 
$
—

 
$
9


Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
 
 
Three Months Ended 
 March 31,
(In thousands)
 
2020
 
2019
Cash received (paid) on settlement of derivative instruments
 
 

 
 

Gain (loss) on derivative instruments
 
$
—

 
$
52,980

Non-cash gain (loss) on derivative instruments
 
 

 
 

Gain (loss) on derivative instruments
 
16,062

 
(44,723
)
 
 
$
16,062

 
$
8,257