| 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 September 30, 2020: | | | | | | | | | | | | Period | | Volume (Bbls) | | Volume
(Bbls/d) | | Weighted Average Fixed Price ($/Bbl)(1) | Crude oil swaps | | | | | | | | NYMEX WTI | October 2020 - December 2020 | | 1,196,000 |
| | 13,000 |
| | $38.89 | | January 2021 - March 2021 | | 225,000 |
| | 2,500 |
| | 43.07 | | April 2021 - June 2021 | | 91,000 |
| | 1,000 |
| | 45.15 | | July 2021 - September 2021 | | 92,000 |
| | 1,000 |
| | 45.53 | | October 2021 - December 2021 | | 92,000 |
| | 1,000 |
| | 45.65 | | | | | | | | | ICE Brent | January 2021 - March 2021 | | 270,000 |
| | 3,000 |
| | $46.85 | | April 2021 - June 2021 | | 182,000 |
| | 2,000 |
| | 48.01 | | July 2021 - September 2021 | | 184,000 |
| | 2,000 |
| | 48.25 | | October 2021 - December 2021 | | 184,000 |
| | 2,000 |
| | 48.50 | | | | | | | | |
| Period |
| Volume (Bbls) |
| Volume (Bbls/d) |
| Weighted Average Differential ($/Bbl)(2) | Crude oil basis swaps | October 2020 - December 2020 |
| 1,196,000 |
| | 13,000 |
| | $0.51 | | April 2021 - June 2021 | | 91,000 |
| | 1,000 |
| | 0.25 | | July 2021 - September 2021 | | 92,000 |
| | 1,000 |
| | 0.20 | | October 2021 - December 2021 | | 92,000 |
| | 1,000 |
| | 0.20 |
| | | | | | | | | | | | | | | | | | Period | | Volume (Bbls) | | Volume
(Bbls/d) | | Weighted Average Collar Price Ranges ($/Bbl)(3) | Crude oil collars | October 2020 - December 2020 | | 276,000 |
| | 3,000 |
| | $ | 39.33 |
| - | $ | 45.02 |
|
| | (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. |
| | (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. |
| | (3) | These crude oil collars are settled based on the NYMEX WTI price on each trading day within the specified monthly settlement period and establish floor and ceiling prices for the contracted volumes. |
| | | | | | | | | | |
| Period |
| Volume (MMBtu) |
| Volume (MMBtu/d) |
| Weighted Average Fixed Price ($/MMBtu)1) | Natural gas swaps | October 2020 - December 2020 |
| 3,370,000 |
|
| 36,630 |
|
| $2.65 | | January 2021 - March 2021 | | 4,500,000 |
| | 50,000 |
| | 2.89 | | April 2021 - June 2021 | | 910,000 |
| | 10,000 |
| | 2.92 | | July 2021 - September 2021 | | 920,000 |
| | 10,000 |
| | 2.92 | | October 2021 - December 2021 | | 920,000 |
| | 10,000 |
| | 2.92 | |
|
|
|
|
|
|
|
| Period |
| Volume (MMBtu) |
| Volume (MMBtu/d) |
| Weighted Average Differential ($/MMBtu)(2) | Natural gas basis swaps | October 2020 - December 2020 |
| 930,000 |
|
| 10,109 |
|
| $(1.62) |
| | | | | | | | | | | | | | | | | | Period | | Volume (MMBtu) | | Volume (MMBtu/d) | | Weighted Average Collar Price Ranges ($/MMBtu)(3) | Natural gas collars | October 2020 - December 2020 | | 1,220,000 |
| | 13,261 |
| | $ | 2.90 |
| - | $ | 3.64 |
| | January 2021 - March 2021 | | 1,800,000 |
| | 20,000 |
| | 2.90 |
| - | 3.64 |
|
| | (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 September 30, | | Nine Months Ended September 30, | (in thousands) | 2020 | | 2019 | | 2020 | | 2019 | Net gain (loss) on derivative instruments | $ | (1,968 | ) | | $ | 1,522 |
| | $ | (40,330 | ) | | $ | (2,221 | ) |
|
| 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) | | | September 30, 2020 | Derivative Assets | | | | | | | | Commodity contracts | Prepaid and other current assets | | $ | 5,415 |
| | $ | (4,474 | ) | | $ | 941 |
| | Other noncurrent assets | | 752 |
| | (46 | ) | | 706 |
| Derivative Liabilities | | | | | | | | Commodity contracts | Other current liabilities | | 5,343 |
| | (4,474 | ) | | 869 |
| | Other noncurrent liabilities | | 46 |
| | (46 | ) | | — |
| | | | | | | | | | | | December 31, 2019 | Derivative Liabilities | | | | | | | | Commodity contracts | Other current liabilities | | $ | 325 |
| | $ | — |
| | $ | 325 |
|
(1) The Company has agreements in place with each 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.
|