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Derivative Instruments and Hedging Activities | 6 Months Ended
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Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities As of June 30, 2018, the Company had the following outstanding financial commodity derivatives:
|  |  |  |  |  |  |  |  | Basis Swaps
|  |  |  |  |  |  | Swaps |
Type of Contract |  | Volume |  | Contract Period |  | Weighted-Average |  | Weighted-Average
Natural gas (Leidy) |  | 17.9 |  | Bcf |  | Jul. 2018 - Dec. 2018 |  |  |  |  | $ | (0.69 | )
Natural gas (Transco) |  | 16.0 |  | Bcf |  | Jul. 2018 - Dec. 2019 |  |  |  |  | $ | 0.42 |
Natural gas (NYMEX) |  | 46.5 |  | Bcf |  | Jul. 2018 - Dec. 2018 |  | $ | 2.93 |  |  |
Natural gas (NYMEX) |  | 6.0 |  | Bcf |  | Jul. 2018 - Oct. 2018 |  | $ | 3.10 |  |  |
As of June 30, 2018, the Company had the following outstanding physical commodity derivatives:
Type of Contract |  | Volume |  | Contract Period |  | Weighted-Average Fixed Price
Natural gas purchase |  | 6.0 |  |  | Bcf |  | Jul. 2018 - Oct. 2018 |  | $ | 3.67 |
In the tables above, natural gas prices are stated per Mcf. Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In thousands) |  | Balance Sheet Location |  | June 30, 2018 |  | December 31, 2017 |  | June 30, 2018 |  | December 31, 2017
Commodity contracts |  | Derivative instruments (current) |  | $ | — |  |  | $ | — |  |  | $ | 9,589 |  |  | $ | 30,637 |
Commodity contracts |  | Derivative instruments (non-current) |  | 3,412 |  |  | 2,239 |  |  | — |  |  | — |
|  |  |  | $ | 3,412 |  |  | $ | 2,239 |  |  | $ | 9,589 |  |  | $ | 30,637 |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands) |  | June 30, 2018 |  | December 31, 2017
Derivative assets |  |  |  |  |  |
Gross amounts of recognized assets |  | $ | 4,474 |  |  | $ | 2,239 |
Gross amounts offset in the statement of financial position |  | (1,062 | ) |  | — |
Net amounts of assets presented in the statement of financial position |  | 3,412 |  |  | 2,239 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  |  | — |
Net amount |  | $ | 3,412 |  |  | $ | 2,239 |
Derivative liabilities |  |  |  |  |  |
Gross amounts of recognized liabilities |  | $ | 10,651 |  |  | $ | 30,637 |
Gross amounts offset in the statement of financial position |  | (1,062 | ) |  | — |
Net amounts of liabilities presented in the statement of financial position |  | 9,589 |  |  | 30,637 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  |  | 241 |
Net amount |  | $ | 9,589 |  |  | $ | 30,878 |
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivative instruments |  | $ | 5,819 |  |  | $ | 1,204 |  |  | $ | (20,312 | ) |  | $ | (319 | )
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivative instruments |  | (9,487 | ) |  | 12,601 |  |  | 22,221 |  |  | 47,509 |
|  | $ | (3,668 | ) |  | $ | 13,805 |  |  | $ | 1,909 |  |  | $ | 47,190 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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