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Subsequent Events
3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
The Company has evaluated the period after the balance sheet date, noting no subsequent events or transactions that required recognition or disclosure in the financial statements, other than as noted below.
Derivative instruments. In April 2017, the Company entered into a new swap for crude oil with a weighted average price of $54.12 per barrel. The commodity contract included a total notional amount of 668,000 barrels and 62,000 barrels, which settle based on WTI in 2018 and 2019, respectively. This derivative instrument does not qualify for and was not designated as a hedging instrument for accounting purposes.
Credit facility. On April 10, 2017, the Company entered into an amendment to its Credit Facility in connection with the scheduled redetermination of the Company’s borrowing base. Following the redetermination, the borrowing base was increased to $1,600.0 million from $1,150.0 million; however, the Company did not increase the elected commitments above the current amount of $1,150.0 million. The next redetermination of the Company’s borrowing base is scheduled for October 1, 2017.