Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding commodity derivatives

As of June 30, 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)	9,200,000	Jul. 2021-Dec. 2021									$	2.74
Natural gas (NYMEX)	82,800,000	Jul. 2021-Dec. 2021	$2.50 - $2.85		$	2.68	$2.88 - $3.80		$	3.05
Natural gas (NYMEX)	6,150,000	Jul. 2021-Oct. 2021	$	—	$	2.50	$	—	$	2.80
Natural gas (NYMEX)	12,300,000	Jul. 2021-Oct. 2021									$	2.78

In July 2021, the Company entered into the following financial commodity derivatives:

			Swaps
Type of Contract	Volume (Mmbtu)	Contract Period	Weighted-Average ($/Mmbtu)
Natural gas (NYMEX)	9,200,000	Oct. 2021-Dec. 2021	$	4.01
Natural gas (NYMEX)	9,150,000	Nov. 2021-Dec. 2021	$	4.02

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	June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
Commodity contracts	Derivative instruments (current)	$	—	$	26,209	$	77,199	$	—

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)	June 30, 2021		December 31, 2020
Derivative assets
Gross amounts of recognized assets	$	—	$	26,354
Gross amounts offset in the condensed consolidated balance sheet	—		(145)
Net amounts of assets presented in the condensed consolidated balance sheet	—		26,209
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet	—		—
Net amount	$	—	$	26,209
Derivative liabilities
Gross amounts of recognized liabilities	$	77,199	$	145
Gross amounts offset in the condensed consolidated balance sheet	—		(145)
Net amounts of liabilities presented in the condensed consolidated balance sheet	77,199		—
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet	—		—
Net amount	$	77,199	$	—

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)	June 30, 2021		December 31, 2020
Derivative assets
Gross amounts of recognized assets	$	—	$	26,354
Gross amounts offset in the condensed consolidated balance sheet	—		(145)
Net amounts of assets presented in the condensed consolidated balance sheet	—		26,209
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet	—		—
Net amount	$	—	$	26,209
Derivative liabilities
Gross amounts of recognized liabilities	$	77,199	$	145
Gross amounts offset in the condensed consolidated balance sheet	—		(145)
Net amounts of liabilities presented in the condensed consolidated balance sheet	77,199		—
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet	—		—
Net amount	$	77,199	$	—

Effect of derivatives on the condensed consolidated statement of operations

Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations

	Three Months Ended  June 30,				Six Months Ended  June 30,
(In thousands)	2021		2020		2021		2020
Cash received (paid) on settlement of derivative instruments
(Loss) gain on derivative instruments	$	(347)	$	19,423	$	3,050	$	19,423
Non-cash gain (loss) on derivative instruments
(Loss) gain on derivative instruments	(86,774)		24,551		(103,408)		40,613
	$	(87,121)	$	43,974	$	(100,358)	$	60,036