| Schedule of Derivative Instruments |
The following table summarizes the approximate volumes and average contract prices of swap contracts the Company had in place as of June 30, 2020: | | | | | | | | | | | | | | Period | | Volume (Bbls) | | Volume
(Bbls/d) | | Weighted Average Fixed Price ($/Bbl)(1) | Crude oil swaps | July 2020 - September 2020 | | 2,300,000 |
| | 25,000 |
| | $ | 26.83 |
| | October 2020 - December 2020 | | 1,196,000 |
| | 13,000 |
| | 38.89 |
| | | | | | | | |
| Period |
| Volume (Bbls) |
| Volume (Bbls/d) |
| Weighted Average Differential ($/Bbl)(2) | Crude oil basis swaps | July 2020 - September 2020 |
| 1,472,000 |
| | 16,000 |
| | $ | 0.52 |
| | October 2020 - December 2020 | | 874,000 |
| | 9,500 |
| | 0.61 |
|
| | (1) | These crude oil swap transactions are settled based on the NYMEX WTI price on each trading day within the specified monthly settlement period. |
| | (2) | 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 settlement period. |
| | | | | | | | | | | | |
| Period |
| Volume (MMBtu) |
| Volume (MMBtu/d) |
| Weighted Average Fixed Price ($/MMBtu)(1) | Natural gas swaps | July 2020 - September 2020 |
| 2,760,000 |
|
| 30,000 |
|
| $ | 2.03 |
| | October 2020 - December 2020 | | 2,150,000 |
| | 23,370 |
| | 2.40 |
| | January 2021 - March 2021 | | 1,800,000 |
| | 20,000 |
| | 2.68 |
| |
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| Period |
| Volume (MMBtu) |
| Volume (MMBtu/d) |
| Weighted Average Differential ($/MMBtu)(2) | Natural gas basis swaps | July 2020 - September 2020 |
| 2,760,000 |
|
| 30,000 |
|
| $ | (1.62 | ) | | October 2020 - December 2020 | | 930,000 |
| | 10,109 |
| | (1.62 | ) |
| | (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. |
(2) 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 settlement period.
|
| Schedule of Gains and Losses from Derivative Instruments |
The following table presents the impact of the Company’s derivative instruments in its Consolidated Statements of Operations for the periods presented: | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | 2020 | | 2019 | | 2020 | | 2019 | Net gain (loss) on derivative instruments | $ | (29,857 | ) | | $ | 2,128 |
| | $ | (38,362 | ) | | $ | (3,743 | ) |
|
| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
The tables below summarizes the fair value amounts and the 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 Classification | | Gross Fair Value Asset/Liability Amounts | | Gross Amounts Offset(1) | | Net Recognized Fair Value Assets/Liabilities | (in thousands) | | | June 30, 2020 | Derivative Assets | | | | | | | | Commodity contracts | Current assets - Derivative instruments | | $ | 2,861 |
| | $ | (2,861 | ) | | $ | — |
| Derivative Liabilities | | | | | | | | Commodity contracts | Current liabilities - Derivative instruments | | 34,601 |
| | (2,861 | ) | | 31,740 |
| | | | | | | | | | | | December 31, 2019 | Derivative Liabilities | | | | | | | | Commodity contracts | Current liabilities - Derivative instruments | | $ | 325 |
| | $ | — |
| | $ | 325 |
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(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.
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