XML 46 R34.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Derivative Activities (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Volumes Hedged and Average Hedge Prices | The following table sets forth our commodity-based derivative volumes by year as of March 31, 2018, excluding our basis and freight swaps which are discussed separately below:
Period |  | Contract Type |  | Volume Hedged |  | Weighted Average Hedge Price
Natural Gas |  |  |  |  |  |  |  |
2018 |  | Swaps |  | 1,001,127 Mmbtu/day |  |  | $ 2.96 |
2019 |  | Swaps |  | 324,658 Mmbtu/day |  |  | $ 2.82 |
October-December 2018 |  | Calls |  | 70,000 Mmbtu/day |  |  | $ 3.10 (1) |
2018 |  | Swaptions |  | 160,000 Mmbtu/day |  |  | $ 3.07 (2) |
2019 |  | Swaptions |  | 170,137 Mmbtu/day |  |  | $ 2.92 (2) |
Crude Oil |  |  |  |  |  |  |  |
2018 |  | Swaps |  | 8,748 bbls/day |  |  | $ 53.25 |
2019 |  | Swaps |  | 5,872 bbls/day |  |  | $ 53.73 |
January-June 2020 |  | Swaps |  | 250 bbls/day |  |  | $ 55.00 |
NGLs (C2-Ethane) |  |  |  |  |  |  |  |
2018 |  | Swaps |  | 250 bbls/day |  |  | $ 0.29/gallon |
NGLs (C3-Propane) |  |  |  |  |  |  |  |
2018 |  | Swaps |  | 7,451 bbls/day |  |  | $ 0.68/gallon |
NGLs (NC4-Normal Butane) |  |  |  |  |  |  |  |
2018 |  | Swaps |  | 4,333 bbls/day |  |  | $ 0.81/gallon |
NGLs (C5-Natural Gasoline) |  |  |  |  |  |  |  |
2018 |  | Swaps |  | 4,904 bbls/day |  |  | $ 1.21/gallon |
January-June 2019 |  | Swaps |  | 1,000 bbls/day |  |  | $ 1.24/gallon |
(1) | Weighted average deferred premium of $0.16.
(2) | Contains a combined derivative instrument consisting of a fixed price swap and a sold option to extend or double the volume. For April through December of 2018, we have swaps in place for 160,000 Mmbtu per day on which the counterparty can elect to extend the contract through December 2019 at a weighted average price of $3.07. We have swaps in place for 2019 for 140,000 Mmbtu/day on which the counterparty can elect to double the volume at a weighted average price of $2.93. We also have swaps in place for 2019 for 40,000 Mmbtu per day on which the counterparty can elect to extend the contract through December 2020 at a weighted average price of $2.85.
Combined Fair Value of Derivatives, by Consolidated Balance Sheets | The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2018 and December 31, 2017 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):
|  |  | March 31, 2018 |
|  |  | Gross Amounts of Recognized Assets |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of Assets Presented in the Balance Sheet |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas | –swaps |  | $ | 43,074 |  |  | $ | (13,076 | ) |  | $ | 29,998 |
| –swaptions |  |  | 20,159 |  |  |  | (13,927 | ) |  |  | 6,232 |
| –basis swaps |  |  | 3,150 |  |  |  | (449 | ) |  |  | 2,701 |
| –calls |  |  | — |  |  |  | (365 | ) |  |  | (365 | )
Crude oil | –swaps |  |  | 31 |  |  |  | (9,497 | ) |  |  | (9,466 | )
NGLs | –C2 ethane swaps |  |  | 24 |  |  |  | — |  |  |  | 24 |
| –C3 propane swaps |  |  | 500 |  |  |  | (3,671 | ) |  |  | (3,171 | )
| –C3 propane spread swaps |  |  | 9,913 |  |  |  | (9,913 | ) |  |  | — |
| –NC4 butane swaps |  |  | 10 |  |  |  | (1,489 | ) |  |  | (1,479 | )
| –C5 natural gasoline swaps |  |  | — |  |  |  | (1,342 | ) |  |  | (1,342 | )
|  |  | $ | 76,861 |  |  | $ | (53,729 | ) |  | $ | 23,132 |
|  |  | March 31, 2018 |
|  |  | Gross Amounts of Recognized (Liabilities) |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of (Liabilities) Presented in the Balance Sheet |
Derivative (liabilities): |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas | –swaps |  | $ | (7,255 | ) |  | $ | 13,076 |  |  | $ | 5,821 |
| –swaptions |  |  | (10,026 | ) |  |  | 13,927 |  |  |  | 3,901 |
| –basis swaps |  |  | (990 | ) |  |  | 449 |  |  |  | (541 | )
| –calls |  |  | (853 | ) |  |  | 365 |  |  |  | (488 | )
Crude oil | –swaps |  |  | (34,097 | ) |  |  | 9,497 |  |  |  | (24,600 | )
NGLs | –C3 propane swaps |  |  | (15,573 | ) |  |  | 3,671 |  |  |  | (11,902 | )
| –C3 propane spread swaps |  |  | (11,286 | ) |  |  | 9,914 |  |  |  | (1,372 | )
| –NC4 butane swaps |  |  | (4,093 | ) |  |  | 1,488 |  |  |  | (2,605 | )
| –C5 natural gasoline swaps |  |  | (11,760 | ) |  |  | 1,342 |  |  |  | (10,418 | )
Freight | –swaps |  |  | (34 | ) |  |  | — |  |  |  | (34 | )
|  |  | $ | (95,967 | ) |  | $ | 53,729 |  |  | $ | (42,238 | )
|  |  | December 31, 2017 |
|  |  | Gross Amounts of Recognized Assets |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of Assets Presented in the Balance Sheet |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas | –swaps |  | $ | 87,794 |  |  | $ | (4,106 | ) |  | $ | 83,688 |
| –swaptions |  |  | 18,817 |  |  |  | (8,103 | ) |  |  | 10,714 |
| –basis swaps |  |  | 1,815 |  |  |  | (6,673 | ) |  |  | (4,858 | )
| –collars |  |  | 3,039 |  |  |  | (500 | ) |  |  | 2,539 |
Crude oil | –swaps |  |  | 2 |  |  |  | (7,928 | ) |  |  | (7,926 | )
NGLs | –C2 ethane swaps |  |  | 57 |  |  |  | — |  |  |  | 57 |
| –C3 propane swaps |  |  | — |  |  |  | (12,556 | ) |  |  | (12,556 | )
| –C3 propane collars |  |  | 85 |  |  |  | (85 | ) |  |  | — |
| –C3 propane spread swaps |  |  | 12,762 |  |  |  | (12,762 | ) |  |  | — |
| –NC4 butane swaps |  |  | — |  |  |  | (6,051 | ) |  |  | (6,051 | )
| –C5 natural gasoline swaps |  |  | — |  |  |  | (6,727 | ) |  |  | (6,727 | )
Freight | –swaps |  |  | 276 |  |  |  | (276 | ) |  |  | — |
|  |  | $ | 124,647 |  |  | $ | (65,767 | ) |  | $ | 58,880 |
|  |  | December 31, 2017 |
|  |  | Gross Amounts of Recognized (Liabilities) |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of (Liabilities) Presented in the Balance Sheet |
Derivative (liabilities): |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas | –swaps |  | $ | (216 | ) |  | $ | 4,106 |  |  | $ | 3,890 |
| –swaptions |  |  | (12,283 | ) |  |  | 8,103 |  |  |  | (4,180 | )
| –basis swaps |  |  | (9,580 | ) |  |  | 6,673 |  |  |  | (2,907 | )
| –collars |  |  | — |  |  |  | 500 |  |  |  | 500 |
Crude oil | –swaps |  |  | (24,726 | ) |  |  | 7,928 |  |  |  | (16,798 | )
NGLs | –C3 propane swaps |  |  | (34,325 | ) |  |  | 12,556 |  |  |  | (21,769 | )
| –C3 propane collars |  |  | — |  |  |  | 85 |  |  |  | 85 |
| –C3 propane spread swaps |  |  | (13,983 | ) |  |  | 12,762 |  |  |  | (1,221 | )
| –NC4 butane swaps |  |  | (11,188 | ) |  |  | 6,051 |  |  |  | (5,137 | )
| –C5 natural gasoline swaps |  |  | (13,488 | ) |  |  | 6,727 |  |  |  | (6,761 | )
Freight | –swaps |  |  | — |  |  |  | 276 |  |  |  | 276 |
|  |  | $ | (119,789 | ) |  | $ | 65,767 |  |  | $ | (54,022 | )
Effects of Derivatives on Consolidated Statements of Operations | The effects of our derivatives on our consolidated statements of operations are summarized below (in thousands):
|  | Derivative Fair Value (Loss) Income |  |
|  | Three Months Ended March 31, |  |
| 2018 |  |  |  | 2017 |  |
Commodity swaps | $ | (16,536 | ) |  | $ | 166,752 |  |
Swaptions |  | 3,599 |  |  |  | — |  |
Collars |  | (77 | ) |  |  | 9,475 |  |
Puts |  | — |  |  |  | 6,707 |  |
Calls |  | 177 |  |  |  | 510 |  |
Basis swaps |  | (864 | ) |  |  | (17,972 | ) |
Freight swaps |  | (308 | ) |  |  | 85 |  |
Total | $ | (14,009 | ) |  | $ | 165,557 |  |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration