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Derivative Instruments
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
As of June 30, 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)
 
36,900,000
 
Jul. 2020 - Oct. 2020
 
 
 
 
 
 
 
 
 
$
2.25

Natural gas (NYMEX)
 
61,500,000
 
Jul. 2020 - Oct. 2020
 
$1.90 - $2.15
 
$
2.05

 
$2.10 - $2.38
 
$
2.24

 



Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
 
 
 
 
Derivative Assets
 
Derivative Liabilities
(In thousands)
 
Balance Sheet Location
 
June 30,
2020
 
December 31,
2019
 
June 30,
2020
 
December 31,
2019
Commodity contracts
 
Derivative instruments (current)
 
$
40,636

 
$
31

 
$
—

 
$
—

Commodity contracts
 
Accrued liabilities (current)
 
—

 
—

 
—

 
9

 
 
 
 
$
40,636

 
$
31

 
$
—

 
$
9


Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands)
 
June 30,
2020
 
December 31,
2019
Derivative assets
 
 

 
 

Gross amounts of recognized assets
 
$
40,636

 
$
47

Gross amounts offset in the condensed consolidated balance sheet
 
—

 
(16
)
Net amounts of assets presented in the condensed consolidated balance sheet
 
40,636

 
31

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

 
—

Net amount
 
$
40,636

 
$
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 
 June 30,
 
Six Months Ended 
 June 30,
(In thousands)
 
2020
 
2019
 
2020
 
2019
Cash received (paid) on settlement of derivative instruments
 
 

 
 

 
 

 
 

Gain (loss) on derivative instruments
 
$
19,423

 
$
15,397

 
$
19,423

 
$
68,377

Non-cash gain (loss) on derivative instruments
 
 

 
 

 
 

 
 

Gain (loss) on derivative instruments
 
24,551

 
48,252

 
40,613

 
3,529

 
 
$
43,974

 
$
63,649

 
$
60,036

 
$
71,906