Annual report pursuant to Section 13 and 15(d)

Derivative Instruments (Tables)

v3.19.3.a.u2
Derivative Instruments (Tables)
12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Commodity Derivative Positions
The following table sets forth our commodity derivative contracts as of December 31, 2019:
 
 
1Q2020
 
2Q2020
 
3Q2020
 
4Q2020
 
1Q2021
 
2Q2021
 
3Q2021
 
4Q2021
NYMEX WTI Crude Swaps
 

 

 

 

 

 

 

 

Average Volume Per Day (barrels)
 
15,648

 
12,648

 
10,630

 
10,630

 
3,333

 
3,297

 
1,630

 
1,630

Weighted Average Swap Price ($/barrel)
 
$
55.34

 
$
54.96

 
$
54.77

 
$
54.77

 
$
55.89

 
$
55.89

 
$
55.50

 
$
55.50


 


 


 


 


 


 


 


 


NYMEX WTI Purchased Puts/Sold Calls
 


 


 


 


 


 


 


 


Average Volume Per Day (barrels)
 


 
3,297

 
4,891

 


 
1,667

 
1,648

 


 


Weighted Average Purchased Put Price ($/barrel)
 


 
$
55.00

 
$
55.00

 


 
$
55.00

 
$
55.00

 


 


Weighted Average Sold Call ($/barrel)
 


 
$
57.69

 
$
58.42

 


 
$
58.00

 
$
58.00

 


 



 


 


 


 


 


 


 


 


NYMEX WTI Sold Puts
 


 


 


 


 


 


 


 


Average Volume Per Day (barrels)
 


 


 


 


 
5,000

 
4,945

 
1,630

 
1,630

Weighted Average Sold Put Price ($/barrel)
 


 


 


 


 
$
44.00

 
$
44.00

 
$
44.00

 
$
44.00


 


 


 


 


 


 


 


 


MEH Crude Swaps
 


 


 


 


 


 


 


 


Average Volume Per Day (barrels)
 
2,000

 
2,000

 
2,000

 
2,000

 


 


 


 


Weighted Average Swap Price ($/barrel)
 
$
61.03

 
$
61.03

 
$
61.03

 
$
61.03

 


 


 


 



Impact of Derivative Activities on Condensed Consolidated Statements of Income
The impact of our derivatives activities on income is included in the “Derivatives” caption on our Consolidated Statements of Operations. The effects of derivative gains and (losses) and cash settlements are reported as adjustments to reconcile net income (loss) to net cash provided by operating activities. These items are recorded in the “Derivative contracts” section of our Consolidated Statements of Cash Flows under the “Net (gains) losses” and “Cash settlements, net.”
The following table summarizes the effects of our derivative activities for the periods presented:
 
Year Ended December 31,
 
2019
 
2018
 
2017
Derivative gains (losses) recognized in the Consolidated Statements of Operations
$
(68,131
)
 
$
37,427

 
$
(17,819
)
Cash settlements recognized in the Consolidated Statements of Cash Flows
$
(4,136
)
 
$
(48,291
)
 
$
(3,511
)

Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets
The following table summarizes the fair value of our derivative instruments, as well as the locations of these instruments, on our Consolidated Balance Sheets as of the dates presented:
 
 
 
 
Fair Values
 
 
 
 
December 31, 2019
 
December 31, 2018
 
 
 
 
Derivative
 
Derivative
 
Derivative
 
Derivative
Type
 
Balance Sheet Location
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Commodity contracts
 
Derivative assets/liabilities – current
 
$
4,131

 
$
23,450

 
$
34,932

 
$
991

Commodity contracts
 
Derivative assets/liabilities – noncurrent
 
2,750

 
3,385

 
10,100

 

 
 
 
 
$
6,881

 
$
26,835

 
$
45,032

 
$
991