Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the approximate volumes and average contract prices of derivative contracts the Company had in place as of December 31, 2020:

PeriodVolume (Bbls)Volume (Bbls/d)
Wtd. Avg. Crude Price
($/Bbl)(1)
Crude oil swaps
NYMEX WTI
January 2021 - March 2021990,00011,000 $41.48
April 2021 - June 20211,183,00013,000 43.18
July 2021 - September 2021736,0008,000 45.87
October 2021 - December 2021644,0007,000 45.59
ICE BrentJanuary 2021 - March 2021270,0003,000 $46.85
April 2021 - June 2021182,0002,000 48.01
July 2021 - September 2021184,0002,000 48.25
October 2021 - December 2021184,0002,000 48.50


PeriodVolume (Bbls)Volume (Bbls/d)
Wtd. Avg. Collar Price Ranges
($/Bbl)(2)
Crude oil collars
January 2021 - March 2021315,0003,500 $40.00 -$48.14 
April 2021 - June 2021136,5001,500 40.00 -48.57 
July 2021 - September 202192,0001,000 42.00 -50.10 
October 2021 - December 202192,0001,000 42.00 -50.10 


PeriodVolume (Bbls)Volume (Bbls/d)
Wtd. Avg. Differential
($/Bbl)(3)
Crude oil basis differential swaps
January 2021 - March 2021990,00011,000 $0.01
April 2021 - June 20211,183,00013,000 0.11
July 2021 - September 2021736,0008,000 0.26
October 2021 - December 2021644,0007,000 0.26

(1)    These crude oil swap transactions are settled based on the NYMEX WTI or ICE Brent oil price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated.
(2)    These crude oil collars are settled based on the NYMEX WTI price on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated.
(3)    These oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable monthly settlement period.

PeriodVolume (MMBtu)Volume (MMBtu/d)
Wtd. Avg. Gas Price
($/MMBtu)(1)
Natural gas swaps
January 2021 - March 20215,400,00060,000 $2.91
April 2021 - June 20213,640,00040,000 2.89
July 2021 - September 20213,680,00040,000 2.89
October 2021 - December 20213,680,00040,000 2.95
January 2022 - March 20221,800,00020,000 3.00


PeriodVolume (MMBtu)Volume (MMBtu/d)
Wtd. Avg. Collar Price Ranges
($/MMBtu)(2)
Natural gas collars
January 2021 - March 20211,800,00020,000 $2.90 -$3.64 


PeriodVolume (MMBtu)Volume (MMBtu/d)
Wtd. Avg. Differential
($/MMBtu)(3)
Natural gas basis differential swaps
January 2021 - March 20211,800,00020,000 $(0.30)
April 2021 - June 20213,640,00040,000 (0.30)
July 2021 - September 20213,680,00040,000 (0.30)
October 2021 - December 20213,680,00040,000 (0.28)
January 2022 - March 20221,800,00020,000 (0.26)

(1)    These natural gas swap contracts are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period versus the contractual swap price for the volumes stipulated.
(2)    These natural gas collars are settled based on the NYMEX Henry Hub price on each trading day within the specified monthly settlement period versus the contractual floor and ceiling prices for the volumes stipulated.
(3)    These natural gas basis swap contracts are settled based on the difference between the Inside FERC’s West Texas WAHA price and the NYMEX price of natural gas, during each applicable monthly settlement period.
Schedule of Impact of Derivative Instruments
The following table presents the impact of the Company’s derivative instruments on its consolidated statements of operations for the periods presented:
Year Ended December 31,
(in thousands)
202020192018
Net gain (loss) on derivative instruments
$(64,535)$(1,561)$15,336 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The tables below summarize the fair value amounts and classification in the consolidated balance sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts:
Balance Sheet ClassificationGross Fair Value Asset/Liability Amounts
Gross Amounts Offset(1)
Net Recognized Fair Value Assets/Liabilities
(in thousands)
December 31, 2020
Derivative Assets
Commodity contracts
Prepaid and other current assets$6,131 $(6,131)$— 
Other noncurrent assets152 (100)52 
Derivative Liabilities
Commodity contracts
Other current liabilities$24,392 $(6,131)$18,261 
Other noncurrent liabilities100 (100)— 
December 31, 2019
Derivative Liabilities
Commodity contracts
Other current liabilities$325 $— $325 

(1)     The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets against derivative liabilities at settlement or in the event of a default under the agreements or contract termination.