XML 44 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Derivative Instruments
At March 31, 2018, the Company had the following outstanding commodity derivative instruments:
Commodity

Settlement
Period

Derivative
Instrument

Volumes

Weighted Average Prices

Fair Value
Asset
(Liability)




Swap

Sub-Floor

Floor

Ceiling

 
 
 
 
 


 




(In thousands)
Crude oil
 
2018
 
Swaps
 
11,029,000

 
Bbl
 
$
51.92

 
 
 
 
 
 
 
$
(125,062
)
Crude oil
 
2018
 
Two-way collar
 
825,000

 
Bbl
 
 
 
 
 
$
48.67

 
$
53.07

 
(8,649
)
Crude oil
 
2019
 
Swaps
 
5,489,000

 
Bbl
 
$
53.05

 
 
 
 
 
 
 
(32,612
)
Crude oil
 
2019
 
Two-way collar
 
93,000

 
Bbl
 
 
 
 
 
$
48.67

 
$
53.07

 
(812
)
Crude oil
 
2019
 
Three-way collar
 
2,004,000

 
Bbl
 
 
 
$
40.00

 
$
50.00

 
$
65.99

 
(2,217
)
Crude oil
 
2020
 
Swaps
 
403,000

 
Bbl
 
$
53.47

 
 
 
 
 
 
 
(1,261
)
Crude oil
 
2020
 
Three-way collar
 
186,000

 
Bbl
 
 
 
$
40.00

 
$
50.00

 
$
65.99

 
(113
)
Natural gas
 
2018
 
Swaps
 
6,325,000

 
MMbtu
 
$
3.05

 
 
 
 
 
 
 
1,369








 





 

 


$
(169,357
)
Gains and Losses from Commodity Derivative Instruments
The following table summarizes the location and amounts of gains and losses from the Company’s commodity derivative instruments recorded in the Company’s Condensed Consolidated Statements of Operations for the periods presented:
 
 
Three Months Ended March 31,
Statement of Operations Location
 
2018
 
2017
 
 
(In thousands)
Net gain (loss) on derivative instruments
 
$
(71,116
)
 
$
56,075
Summary of Gross and Net Information about Commodity Derivative Assets
The following table summarizes the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets: 
 
 
 
 
March 31, 2018
Commodity
 
Balance Sheet Location
 
Gross Recognized Liabilities
 
Gross Amount Offset
 
Net Recognized Fair Value Liabilities
 
 
 
 
(In thousands)
Derivatives liabilities:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current liabilities
 
$
149,657

 
$
—

 
$
149,657

Commodity contracts
 
Derivative instruments — non-current liabilities
 
25,214

 
(5,515
)
 
19,699

Total derivatives liabilities
 
$
174,871

 
$
(5,515
)
 
$
169,356

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
Commodity
 
Balance Sheet Location
 
Gross Recognized Assets/Liabilities
 
Gross Amount Offset
 
Net Recognized Fair Value Assets/Liabilities
 
 
 
 
(In thousands)
Derivatives assets:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current assets
 
$
344

 
$
—

 
$
344

Commodity contracts
 
Derivative instruments — non-current assets
 
9

 
—

 
9

Total derivatives assets
 
$
353

 
$
—

 
$
353

Derivatives liabilities:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current liabilities
 
$
117,629

 
$
(1,913
)
 
$
115,716

Commodity contracts
 
Derivative instruments — non-current liabilities
 
20,035

 
(184
)
 
19,851

Total derivatives liabilities
 
$
137,664

 
$
(2,097
)
 
$
135,567
Summary of Gross and Net Information about Commodity Derivative Liabilities
The following table summarizes the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheets: 
 
 
 
 
March 31, 2018
Commodity
 
Balance Sheet Location
 
Gross Recognized Liabilities
 
Gross Amount Offset
 
Net Recognized Fair Value Liabilities
 
 
 
 
(In thousands)
Derivatives liabilities:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current liabilities
 
$
149,657

 
$
—

 
$
149,657

Commodity contracts
 
Derivative instruments — non-current liabilities
 
25,214

 
(5,515
)
 
19,699

Total derivatives liabilities
 
$
174,871

 
$
(5,515
)
 
$
169,356

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
Commodity
 
Balance Sheet Location
 
Gross Recognized Assets/Liabilities
 
Gross Amount Offset
 
Net Recognized Fair Value Assets/Liabilities
 
 
 
 
(In thousands)
Derivatives assets:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current assets
 
$
344

 
$
—

 
$
344

Commodity contracts
 
Derivative instruments — non-current assets
 
9

 
—

 
9

Total derivatives assets
 
$
353

 
$
—

 
$
353

Derivatives liabilities:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current liabilities
 
$
117,629

 
$
(1,913
)
 
$
115,716

Commodity contracts
 
Derivative instruments — non-current liabilities
 
20,035

 
(184
)
 
19,851

Total derivatives liabilities
 
$
137,664

 
$
(2,097
)
 
$
135,567