Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.20.2
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities
The financial instruments measured at fair value on a recurring basis consist of the following:
 
 
March 31,
 
December 31,
 
 
2020
 
2019

 
(In thousands)
Derivative assets
 
 

 
 

Derivative assets - current
 
$
79,907

 
$
10,340

Derivative assets - non-current
 
60,784

 
33,105

Total derivative assets
 
140,691

 
43,445

 
 
 
 
 
Derivative liabilities
 
 
 
 
Derivative liabilities - current
 
(2,122
)
 
(4,016
)
Derivative liabilities - non-current
 
(3,041
)
 
(1,300
)
Total derivative liabilities
 
(5,163
)
 
(5,316
)
 
 
 
 
 
Total derivative assets, net
 
$
135,528

 
$
38,129

The tables below, set forth by level within the fair value hierarchy, represent the net components of the assets and liabilities that were measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019
 
 
March 31, 2020
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
(In thousands)
Derivative assets
 
 
 
 
 
 
 
 
Commodity derivative assets - current
 
$

 
$
79,907

 
$

 
$
79,907

Commodity derivative assets - non-current
 

 
60,784

 

 
60,784

Total derivative assets
 
$

 
$
140,691

 
$

 
$
140,691

 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
Interest rate swaps - current
 

 
(2,122
)
 

 
$
(2,122
)
Interest rate swaps - non-current
 

 
(3,041
)
 

 
(3,041
)
Total derivative liabilities
 
$

 
$
(5,163
)
 
$

 
$
(5,163
)

 
 
December 31, 2019
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
(In thousands)
Derivative assets
 
 
 
 
 
 
 
 
Commodity derivative assets - current
 
$

 
$
10,340

 
$

 
$
10,340

Commodity derivative assets - non-current
 

 
33,105

 

 
33,105

Total derivative assets
 
$

 
$
43,445

 
$

 
$
43,445

 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
Commodity derivative liabilities - current
 

 
(3,842
)
 

 
(3,842
)
Commodity derivative liabilities - non-current
 

 
(392
)
 

 
(392
)
Interest rate swaps - current
 

 
(174
)
 

 
$
(174
)
Interest rate swaps - non-current
 

 
(492
)
 

 
(492
)
Series B Preferred Stock bifurcated derivative - non-current
 
$

 
$

 
$
(416
)
 
$
(416
)
Total derivative liabilities
 
$

 
$
(4,900
)
 
$
(416
)
 
$
(5,316
)
Schedule of Changes in Fair Value of Level 3 Liabilities
The table below sets forth a summary of changes in the fair value of the Company’s level 3 derivatives for the three months ended March 31, 2020.
Balance at December 31, 2019
 
$
416

(Gains) losses reported in earnings
 
(416
)
Balance at March 31, 2020
 
$