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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Derivative Instruments
At September 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
 
3,761,000

Bbl
 
$
52.95

 
 
 
 
 
$
(71,621
)
Crude oil
 
2018
 
Basis swaps
 
NYMEX WTI-ICE BRENT
 
152,000

Bbl
 
 
$
(9.84
)
 
 
 
 
81

Crude oil
 
2018
 
Two-way collar
 
NYMEX WTI
 
517,000

Bbl
 
 
 
 
$
58.74

$
63.94

 
(5,171
)
Crude oil
 
2019
 
Fixed price swaps
 
NYMEX WTI
 
5,613,000

Bbl
 
$
53.33

 
 
 
 
 
(99,347
)
Crude oil
 
2019
 
Basis swaps
 
NYMEX WTI-ICE BRENT
 
424,000

Bbl
 
 
$
(9.68
)
 
 
 
 
408

Crude oil
 
2019
 
Two-way collar
 
NYMEX WTI
 
3,223,000

Bbl
 
 
 
 
$
57.99

$
75.46

 
(7,580
)
Crude oil
 
2019
 
Three-way collar
 
NYMEX WTI
 
3,368,000

Bbl
 
 
 
$
40.54

$
51.03

$
68.68

 
(21,771
)
Crude oil
 
2020
 
Fixed price swaps
 
NYMEX WTI
 
403,000

Bbl
 
$
53.47

 
 
 
 
 
(5,911
)
Crude oil
 
2020
 
Two-way collar
 
NYMEX WTI
 
279,000

Bbl
 
 
 
 
$
57.78

$
76.13

 
(273
)
Crude oil
 
2020
 
Three-way collar
 
NYMEX WTI
 
279,000

Bbl
 
 
 
$
40.00

$
50.56

$
67.80

 
(1,778
)
Natural gas
 
2018
 
Fixed price swaps
 
NYMEX HH
 
3,496,000

MMbtu
 
$
3.01

 
 
 
 
 
(104
)
Natural gas
 
2018
 
Basis swaps
 
IF NNG VENTURA-NYMEX HH
 
1,225,000

MMbtu
 
 
$
(0.05
)
 
 
 
 
(64
)
Natural gas
 
2019
 
Fixed price swaps
 
NYMEX HH
 
1,896,000

MMbtu
 
$
2.95

 
 
 
 
 
16

Natural gas
 
2019
 
Basis swaps
 
IF NNG VENTURA-NYMEX HH
 
2,715,000

MMbtu
 
 
$
(0.05
)
 
 
 
 
(31
)






 
 




 




$
(213,146
)
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 September 30,
 
Nine Months Ended September 30,
Statements of Operations Location
 
2018
 
2017
 
2018
 
2017
 
 
(In thousands)
Net gain (loss) on derivative instruments
 
$
(48,544
)
 
$
(54,310
)
 
$
(239,945
)
 
$
52,297
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: 
 
 
 
 
September 30, 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
 
$
184,832

 
$
(4,703
)
 
$
180,129

Commodity contracts
 
Derivative instruments — non-current liabilities
 
37,006

 
(3,989
)
 
33,017

Total derivatives liabilities
 
$
221,838

 
$
(8,692
)
 
$
213,146

 
 
 
 
 
 
 
 
 
 
 
 
 
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: 
 
 
 
 
September 30, 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
 
$
184,832

 
$
(4,703
)
 
$
180,129

Commodity contracts
 
Derivative instruments — non-current liabilities
 
37,006

 
(3,989
)
 
33,017

Total derivatives liabilities
 
$
221,838

 
$
(8,692
)
 
$
213,146

 
 
 
 
 
 
 
 
 
 
 
 
 
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