During and we entered into commodity contracts for crude oil and natural gas which related to a portion of our expected production for the time frames covered by the contracts.  The crude oil contracts were based on West Texas Intermediate (“WTI”) crude oil prices as quoted off the New York Mercantile Exchange (“NYMEX”).  The natural gas contracts are based on Henry Hub natural gas prices as quoted off the NYMEX.  The open contracts as of are presented in the following tables:

 

Crude Oil: Calls - Bought, Priced off WTI (NYMEX)
Beginning Period	Termination Period		Notional Quantity (Bbls/day) (1)				Notional Quantity (Bbls) (1)				Strike Price
January 2020	May 2020			10,000				1,520,000			$	61.00
June 2020	December 2020			10,000				2,140,000			$	67.50

 

 

Crude Oil: Swap, Priced off WTI (NYMEX)
Beginning Period	Termination Period		Notional Quantity (Bbls/day) (1)				Notional Quantity (Bbls) (1)				Strike Price
January 2020	May 2020			1,500				228,000			$	60.80
January 2020	May 2020			5,000				760,000			$	61.00
January 2020	May 2020			3,500				532,000			$	60.85

 

 

Crude Oil: Collars - Bought, Priced off WTI (NYMEX)
Beginning Period	Termination Period		Notional Quantity (Bbls/day) (1)				Notional Quantity (Bbls) (1)				Put Option Strike Price (Bought)				Call Option Strike Price (Sold)
June 2020	December 2020			9,000				1,926,000			$	45.00			$	63.50
June 2020	December 2020			1,000				214,000			$	45.00			$	63.60

 

 

 

Natural Gas Calls - Bought, Priced off Henry Hub (NYMEX)

Beginning Period

Termination Period

Notional Quantity (MMBtu/day) (2)

Notional Quantity (MMBtu) (2)

Strike Price

January 2020

December 2022

40,000

43,840,000

$

3.00

 

 

The following amounts were recorded in the Consolidated Balance Sheets in the categories presented and include the fair value of open contracts and closed contracts, which had yet settled (in thousands):

 

		December 31,
		2019				2018
Prepaid and other assets – current		$	7,266			$	60,687
Other assets – non-current			2,653				21,275
Accrued liabilities			1,785				—

 

The amounts recorded on the Consolidated Balance Sheets are on a gross basis.  If these were recorded on a net settlement basis, it would have resulted in any differences in reported amounts.

 

 

Changes in the fair value and settlements of our commodity derivative contracts were as follows (in thousands):

 

		Year Ended December 31,
		2019				2018				2017
Derivative loss (gain)		$	59,887			$	(53,798	)		$	(4,199	)

 

Cash receipts (payments), net, on commodity derivative contract settlements, which include derivative premium payments, are included within on the Consolidated Statements of Cash Flows and were as follows (in thousands):

 

		Year Ended December 31,
		2019				2018				2017
Derivative cash receipts (payments), net		$	13,941			$	(28,164	)		$	4,199