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Derivative Instruments and Hedging Activities | 9 Months Ended
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Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities As of September 30, 2017, the Company had the following outstanding commodity derivatives:
|  |  |  |  |  |  | Collars |  |  |  | Basis Swaps
|  |  |  |  |  |  | Floor |  | Ceiling |  | Swaps |
Type of Contract |  | Volume |  | Contract Period |  | Range |  | Weighted-Average |  | Range |  | Weighted-Average |  | Weighted-Average |  | Weighted-Average
Natural gas - NYMEX |  | 8.9 |  | Bcf |  | Oct. 2017 - Dec. 2017 |  |  |  |  |  |  |  |  |  | $ | 3.12 |  |  |
Natural gas - TCO |  | 4.5 |  | Bcf |  | Oct. 2017 - Dec. 2017 |  |  |  |  |  |  |  |  |  | $ | 3.46 |  |  |
Natural gas - NYMEX |  | 8.9 |  | Bcf |  | Oct. 2017 - Dec. 2017 |  | $ | — |  |  | $ | 3.09 |  |  | $3.42-$3.45 |  | $ | 3.43 |  |  |  |  |
Natural gas - Transco |  | 21.3 |  | Bcf |  | Jan. 2018 - Dec. 2019 |  |  |  |  |  |  |  |  |  |  |  | $ | 0.42 |
Crude oil |  | 0.5 |  | Mmbbl |  | Oct. 2017 - Dec. 2017 |  | $ | — |  |  | $ | 50.00 |  |  | $56.25-$56.50 |  | $ | 56.39 |  |  |  |  |
In the table above, natural gas prices are stated per Mcf and crude oil prices are stated per barrel. Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In thousands) |  | Balance Sheet Location |  | September 30, 2017 |  | December 31, 2016 |  | September 30, 2017 |  | December 31, 2016
Commodity contracts |  | Other current assets |  | $ | 2,536 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commodity contracts |  | Other assets (non-current) |  | 3,763 |  |  | 2,991 |  |  | — |  |  | — |
Commodity contracts |  | Derivative instruments (current) |  | — |  |  | — |  |  | 800 |  |  | 40,259 |
|  |  |  | $ | 6,299 |  |  | $ | 2,991 |  |  | $ | 800 |  |  | $ | 40,259 |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands) |  | September 30, 2017 |  | December 31, 2016
Derivative assets |  |  |  |  |  |
Gross amounts of recognized assets |  | $ | 6,605 |  |  | $ | 2,991 |
Gross amounts offset in the statement of financial position |  | (306 | ) |  | — |
Net amounts of assets presented in the statement of financial position |  | 6,299 |  |  | 2,991 |
Gross amounts of financial instruments not offset in the statement of financial position |  | 18 |  |  | — |
Net amount |  | $ | 6,317 |  |  | $ | 2,991 |
Derivative liabilities |  |  |  |  |  |
Gross amounts of recognized liabilities |  | $ | 1,106 |  |  | $ | 40,259 |
Gross amounts offset in the statement of financial position |  | (306 | ) |  | — |
Net amounts of liabilities presented in the statement of financial position |  | 800 |  |  | 40,259 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  |  | 757 |
Net amount |  | $ | 800 |  |  | $ | 41,016 |
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivative instruments |  | $ | 3,906 |  |  | $ | (8,101 | ) |  | $ | 3,587 |  |  | $ | 3,204 |
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivative instruments |  | (4,742 | ) |  | 15,005 |  |  | 42,766 |  |  | (4,490 | )
|  | $ | (836 | ) |  | $ | 6,904 |  |  | $ | 46,353 |  |  | $ | (1,286 | )

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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