Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments Not Designated as Hedging Instruments [Abstract]

Schedule of commodity derivative contracts outstanding

Oil Swaps

Contract Period	NYMEX WTI Volumes	Weighted-Average Contract Price
	(MBbl)	(per Bbl)
First quarter 2020	2,486	$	59.65
Second quarter 2020	2,838	$	58.81
Third quarter 2020	3,361	$	56.43
Fourth quarter 2020	3,937	$	56.94
2021	667	$	56.00
Total	13,289

Oil Collars

Contract Period	NYMEX WTI Volumes	Weighted-Average Floor Price		Weighted-Average Ceiling Price
	(MBbl)	(per Bbl)		(per Bbl)
First quarter 2020	2,267	$	55.00	$	63.91
Second quarter 2020	1,881	$	55.00	$	62.17
Third quarter 2020	1,252	$	55.00	$	62.90
Fourth quarter 2020	610	$	55.00	$	61.90
2021	329	$	55.00	$	56.70
Total	6,339

Oil Basis Swaps

Contract Period	WTI Midland-NYMEX WTI Volumes	Weighted-Average  Contract Price (1)			NYMEX WTI-ICE Brent Volumes	Weighted-Average Contract Price (2)
	(MBbl)	(per Bbl)			(MBbl)	(per Bbl)
First quarter 2020	4,193	$	(0.68	)	—	$	—
Second quarter 2020	3,495	$	(0.68	)	910	$	(8.06	)
Third quarter 2020	3,325	$	(0.74	)	920	$	(8.01	)
Fourth quarter 2020	3,261	$	(0.73	)	920	$	(8.01	)
2021	5,954	$	0.59		3,650	$	(7.86	)
2022	—	$	—		3,650	$	(7.78	)
Total	20,228				10,050

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⁽¹⁾  Represents the price differential between WTI Midland (Midland, Texas) and NYMEX WTI (Cushing, Oklahoma).

⁽²⁾  Represents the price differential between NYMEX WTI (Cushing, Oklahoma) and ICE Brent (North Sea).

Gas Swaps

Contract Period	IF HSC Volumes	Weighted-Average Contract Price		WAHA Volumes	Weighted-Average Contract Price
	(BBtu)	(per MMBtu)		(BBtu)	(per MMBtu)
First quarter 2020	9,123	$	2.98	3,099	$	1.93
Second quarter 2020	4,160	$	2.20	3,196	$	0.56
Third quarter 2020	4,493	$	2.41	3,268	$	1.03
Fourth quarter 2020	3,722	$	2.36	3,419	$	1.17
2021	—	$	—	4,224	$	1.51
Total (1)	21,498			17,206

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⁽¹⁾  The Company has natural gas swaps in place that settle against Inside FERC Houston Ship Channel (“IF HSC”), Inside FERC West Texas (“IF WAHA”), and Platt’s Gas Daily West Texas (“GD WAHA”). As of December 31, 2019, WAHA volumes were comprised of 92 percent IF WAHA and eight percent GD WAHA.

NGL Swaps

	OPIS Ethane Purity Mont Belvieu			OPIS Propane Mont Belvieu Non-TET
Contract Period	Volumes	Weighted-Average Contract Price		Volumes	Weighted-Average Contract Price
	(MBbl)	(per Bbl)		(MBbl)	(per Bbl)
First quarter 2020	447	$	11.53	382	$	22.64
Second quarter 2020	264	$	11.13	382	$	22.34
Third quarter 2020	—	$	—	409	$	22.33
Fourth quarter 2020	—	$	—	466	$	22.29
Total	711			1,639

Schedule of fair value of derivatives in accompanying balance sheets

The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:

	As of December 31, 2019		As of December 31, 2018
	(in thousands)
Derivative assets:
Current assets	$	55,184	$	175,130
Noncurrent assets	20,624		58,499
Total derivative assets	$	75,808	$	233,629
Derivative liabilities:
Current liabilities	$	50,846	$	62,853
Noncurrent liabilities	3,444		12,496
Total derivative liabilities	$	54,290	$	75,349

Schedule of the potential effects of master netting arrangements

The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s commodity derivative contracts:

	Derivative Assets						Derivative Liabilities
	As of December 31,						As of December 31,
	2019			2018			2019			2018
	(in thousands)
Gross amounts presented in the accompanying balance sheets	$	75,808		$	233,629		$	(54,290	)	$	(75,349	)
Amounts not offset in the accompanying balance sheets	(35,075		)	(56,041		)	35,075			56,041
Net amounts	$	40,733		$	177,588		$	(19,215	)	$	(19,308	)

Schedule of gains and losses on derivative instruments in the statement of operations

The following table summarizes the commodity components of the net derivative (gain) loss line item presented in the accompanying statements of operations:

	For the Years Ended December 31,
	2019			2018			2017
	(in thousands)
Derivative settlement (gain) loss:
Oil contracts	$	19,685		$	68,860		$	31,176
Gas contracts	(23,008		)	13,029			(87,857		)
NGL contracts	(35,899		)	53,914			35,447
Total derivative settlement (gain) loss	$	(39,222	)	$	135,803		$	(21,234	)
Net derivative (gain) loss:
Oil contracts	$	172,055		$	(192,002	)	$	71,502
Gas contracts	(41,205		)	35,411			(76,315		)
NGL contracts	(33,311		)	(5,241		)	31,227
Total net derivative (gain) loss	$	97,539		$	(161,832	)	$	26,414