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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

At June 30, 2018, the Company had the following outstanding commodity derivative instruments:

Commodity		Settlement Period		Derivative Instrument		Index		Volumes				Weighted Average Prices																Fair Value Asset (Liability)
												Fixed Price Swaps			Basis Swaps			Sub-Floor			Floor			Ceiling
																												(In thousands)
Crude oil		2018		Fixed price swaps		NYMEX WTI		7,745,000		Bbl		$	53.02															$	(133,352	)
Crude oil		2018		Basis swaps		NYMEX WTI-ICE BRENT		153,000		Bbl					$	(10.50	)											471
Crude oil		2018		Two-way collar		NYMEX WTI		549,000		Bbl											$	48.67		$	53.07			(9,479		)
Crude oil		2019		Fixed price swaps		NYMEX WTI		5,613,000		Bbl		$	53.33															(69,121		)
Crude oil		2019		Basis swaps		NYMEX WTI-ICE BRENT		212,000		Bbl					$	(10.50	)											353
Crude oil		2019		Two-way collar		NYMEX WTI		761,000		Bbl											$	52.03		$	69.03			(2,500		)
Crude oil		2019		Three-way collar		NYMEX WTI		3,368,000		Bbl								$	40.54		$	51.03		$	68.68			(12,060		)
Crude oil		2020		Fixed price swaps		NYMEX WTI		403,000		Bbl		$	53.47															(3,557		)
Crude oil		2020		Two-way collar		NYMEX WTI		62,000		Bbl											$	52.50		$	71.25			(30		)
Crude oil		2020		Three-way collar		NYMEX WTI		279,000		Bbl								$	40.00		$	50.56		$	67.80			(876		)
Natural gas		2018		Fixed price swaps		NYMEX HH		6,440,000		MMbtu		$	3.02															403
Natural gas		2019		Fixed price swaps		NYMEX HH		1,353,000		MMbtu		$	2.96															(44		)
																												$	(229,792	)

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 June 30,								Six Months Ended June 30,
Statements of Operations Location		2018				2017				2018				2017
		(In thousands)
Net gain (loss) on derivative instruments		$	(120,285	)		$	50,532			$	(191,401	)		$	106,607

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:

				June 30, 2018
Commodity		Balance Sheet Location		Gross Recognized Asset/Liabilities				Gross Amount Offset				Net Recognized Fair Value Asset/Liabilities
				(In thousands)
Derivatives assets:
Commodity contracts		Derivative instruments — non-current assets		$	25			$	—			$	25
Total derivatives assets				$	25			$	—			$	25
Derivatives liabilities:
Commodity contracts		Derivative instruments — current liabilities		$	198,306			$	(3,496	)		$	194,810
Commodity contracts		Derivative instruments — non-current liabilities		40,661				(5,654		)		35,007
Total derivatives liabilities				$	238,967			$	(9,150	)		$	229,817
				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:

				June 30, 2018
Commodity		Balance Sheet Location		Gross Recognized Asset/Liabilities				Gross Amount Offset				Net Recognized Fair Value Asset/Liabilities
				(In thousands)
Derivatives assets:
Commodity contracts		Derivative instruments — non-current assets		$	25			$	—			$	25
Total derivatives assets				$	25			$	—			$	25
Derivatives liabilities:
Commodity contracts		Derivative instruments — current liabilities		$	198,306			$	(3,496	)		$	194,810
Commodity contracts		Derivative instruments — non-current liabilities		40,661				(5,654		)		35,007
Total derivatives liabilities				$	238,967			$	(9,150	)		$	229,817
				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

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