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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As of March 31, 2021, 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)	13,750,000	Apr. 2021-Dec. 2021							$	2.74
Natural gas (NYMEX)	123,750,000	Apr. 2021-Dec. 2021	$2.50 - $2.85	$	2.68	$2.83 - $3.80	$	3.03
Natural gas (NYMEX)	10,700,000	Apr. 2021-Oct. 2021	$—	$	2.50	$—	$	2.80
Natural gas (NYMEX)	21,400,000	Apr. 2021-Oct. 2021							$	2.78

Effect of derivative instruments on the condensed consolidated balance sheet

Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet


		Derivative Assets				Derivative Liabilities
(In thousands)	Balance Sheet Location	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020

Commodity contracts	Derivative instruments (current)	$	9,574	$	26,209	$	—	$	—

Schedule of offsetting of derivative liabilities in the condensed consolidated balance sheet

Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet


(In thousands)	March 31, 2021		December 31, 2020
Derivative assets
Gross amounts of recognized assets	$	10,575	$	26,354
Gross amounts offset in the condensed consolidated balance sheet	(1,001)		(145)
Net amounts of assets presented in the condensed consolidated balance sheet	9,574		26,209
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet	—		—
Net amount	$	9,574	$	26,209

Derivative liabilities
Gross amounts of recognized liabilities	$	1,001	$	145
Gross amounts offset in the condensed consolidated balance sheet	(1,001)		(145)
Net amounts of liabilities presented in the condensed consolidated balance sheet	—		—
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet	—		—
Net amount	$	—	$	—

Schedule of offsetting of derivative assets in the condensed consolidated balance sheet

Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet


(In thousands)	March 31, 2021		December 31, 2020
Derivative assets
Gross amounts of recognized assets	$	10,575	$	26,354
Gross amounts offset in the condensed consolidated balance sheet	(1,001)		(145)
Net amounts of assets presented in the condensed consolidated balance sheet	9,574		26,209
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet	—		—
Net amount	$	9,574	$	26,209

Derivative liabilities
Gross amounts of recognized liabilities	$	1,001	$	145
Gross amounts offset in the condensed consolidated balance sheet	(1,001)		(145)
Net amounts of liabilities presented in the condensed consolidated balance sheet	—		—
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet	—		—
Net amount	$	—	$	—

Effect of derivatives on the condensed consolidated statement of operations

Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations


	Three Months Ended March 31,
(In thousands)		2021		2020
Cash received (paid) on settlement of derivative instruments
(Loss) gain on derivative instruments		$	3,397	$	—
Non-cash gain (loss) on derivative instruments
(Loss) gain on derivative instruments		(16,635)		16,062
		$	(13,238)	$	16,062

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959

+ Details