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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Outstanding commodity derivatives | As of December 31, 2018, the Company had the following outstanding financial commodity derivatives:
|  |  |  |  |  | Swaps |  | Basis Swaps
Type of Contract |  | Volume (Mmbtu) |  | Contract Period |  | Weighted- Average ($/Mmbtu) |  | Weighted- Average ($/Mmbtu)
Natural gas (IFERC TRANSCO Z6 non-NY) |  | 10,950,000 |  |  | Jan. 2019 - Dec. 2019 |  |  |  |  | $ | 0.41 |
Natural gas (IFERC TRANSCO Z6 non-NY) |  | 11,700,000 |  |  | Jan. 2019 - Mar. 2019 |  | $ | 7.38 |  |  |
Natural gas (IFERC TRANSCO Leidy Line Receipts) |  | 54,750,000 |  |  | Jan. 2019 - Dec. 2019 |  |  |  |  | $ | (0.53 | )
Natural gas (NYMEX) |  | 4,500,000 |  |  | Jan. 2019 - Mar. 2019 |  | $ | 4.31 |  |  |
Natural gas (NYMEX) |  | 10,700,000 |  |  | Apr. 2019 - Oct. 2019 |  | $ | 2.75 |  |  |
Natural gas (NYMEX) |  | 109,500,000 |  |  | Jan. 2019 - Dec. 2019 |  | $ | 3.13 |  |  |
In early 2019, we entered into the following financial commodity derivative contracts:
|  |  |  |  |  | Swaps
Type of Contract |  | Volume (Mmbtu) |  | Contract Period |  | Weighted- Average ($/Mmbtu)
Natural gas (NYMEX) |  | 42,800,000 |  | Apr. 2019 - Oct. 2019 |  | $ | 2.86 |
Effect of Derivative Instruments on the Consolidated Balance Sheet | Effect of Derivative Instruments on the Consolidated Balance Sheet
|  |  |  | Fair Values of Derivative Instruments
|  |  |  | Derivative Assets |  | Derivative Liabilities
|  |  |  | December 31, |  | December 31,
(In thousands) |  | Balance Sheet Location |  | 2018 |  | 2017 |  | 2018 |  | 2017
Commodity contracts |  | Derivative instruments (current) |  | $ | 57,665 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,637 |
Commodity contracts |  | Derivative instruments (non-current) |  | — |  |  | 2,239 |  |  | — |  |  | — |
|  |  |  | $ | 57,665 |  |  | $ | 2,239 |  |  | $ | — |  |  | $ | 30,637 |
Schedule of offsetting of derivative liabilities in the condensed consolidated balance sheet | Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet
|  | December 31,
(In thousands) |  | 2018 |  | 2017
Derivative assets |  |  |  |  |  |
Gross amounts of recognized assets |  | $ | 60,105 |  |  | $ | 2,239 |
Gross amounts offset in the statement of financial position |  | (2,440 | ) |  | — |
Net amounts of assets presented in the statement of financial position |  | 57,665 |  |  | 2,239 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  |  | — |
Net amount |  | $ | 57,665 |  |  | $ | 2,239 |
Derivative liabilities |  |  |  |
Gross amounts of recognized liabilities |  | $ | 2,440 |  |  | $ | 30,637 |
Gross amounts offset in the statement of financial position |  | (2,440 | ) |  | — |
Net amounts of liabilities presented in the statement of financial position |  | — |  |  | 30,637 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  |  | 241 |
Net amount |  | $ | — |  |  | $ | 30,878 |
Schedule of offsetting of derivative assets in the condensed consolidated balance sheet | Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet
|  | December 31,
(In thousands) |  | 2018 |  | 2017
Derivative assets |  |  |  |  |  |
Gross amounts of recognized assets |  | $ | 60,105 |  |  | $ | 2,239 |
Gross amounts offset in the statement of financial position |  | (2,440 | ) |  | — |
Net amounts of assets presented in the statement of financial position |  | 57,665 |  |  | 2,239 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  |  | — |
Net amount |  | $ | 57,665 |  |  | $ | 2,239 |
Derivative liabilities |  |  |  |
Gross amounts of recognized liabilities |  | $ | 2,440 |  |  | $ | 30,637 |
Gross amounts offset in the statement of financial position |  | (2,440 | ) |  | — |
Net amounts of liabilities presented in the statement of financial position |  | — |  |  | 30,637 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  |  | 241 |
Net amount |  | $ | — |  |  | $ | 30,878 |
Effect of Derivative Instruments on the Consolidated Statement of Operations | Effect of Derivative Instruments on the Consolidated Statement of Operations
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |
Gain (loss) on derivative instruments |  | $ | (41,631 | ) |  | $ | 8,056 |  |  | $ | (1,682 | )
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |
Gain (loss) on derivative instruments |  | 86,063 |  |  | 8,870 |  |  | (37,268 | )
|  | $ | 44,432 |  |  | $ | 16,926 |  |  | $ | (38,950 | )

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