XML 64 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

At December 31, 2018, the Company had the following outstanding commodity derivative instruments:

Commodity		Settlement Period		Derivative Instrument		Index		Volumes					Weighted Average Prices																				Fair Value Assets (Liability)
													Fixed Price Swaps				Basis Swaps				Sub-Floor				Floor				Ceiling
																																	(In thousands)
Crude oil		2019		Fixed price swaps		NYMEX WTI		5,690,500			Bbl		$	53.63																			$	33,827
Crude oil		2019		Basis swaps		NYMEX WTI-ICE BRENT		424,000			Bbl						$	(9.68	)														673
Crude oil		2019		Basis swaps		Midland-NYMEX WTI		605,000			Bbl						$	(7.19	)														(865		)
Crude oil		2019		Two-way collars		NYMEX WTI		3,937,500			Bbl														$	58.47			$	77.03			48,320
Crude oil		2019		Three-way collars		NYMEX WTI		3,702,000			Bbl										$	40.49			$	50.94			$	67.97			16,528
Crude oil		2020		Fixed price swaps		NYMEX WTI		403,000			Bbl		$	53.47																			1,928
Crude oil		2020		Two-way collars		NYMEX WTI		341,000			Bbl														$	58.18			$	77.65			3,982
Crude oil		2020		Three-way collars		NYMEX WTI		310,000			Bbl										$	40.00			$	50.50			$	67.10			1,035
Natural gas		2019		Fixed price swaps		NYMEX HH		6,446,000			MMBtu		$	3.15																			1,303
Natural gas		2019		Basis swaps		IF NNG VENTURA-NYMEX HH		4,525,000			MMBtu						$	0.02															40
																																	$	106,771

Subsequent to December 31, 2018, the Company entered into additional swaps, basis swaps and two-way and three-way costless collars. As of March 1, 2019, the Company had the following outstanding commodity derivative contracts:

Commodity		Settlement Period		Derivative Instrument		Index		Volumes					Weighted Average Prices
													Fixed Price Swaps				Basis Swaps				Sub-Floor				Floor				Ceiling
Crude oil		2019		Fixed price swaps		NYMEX WTI		5,690,500			Bbl		$	53.63
Crude oil		2019		Basis swaps		NYMEX WTI-ICE BRENT		424,000			Bbl						$	(9.68	)
Crude oil		2019		Basis swaps		Midland-NYMEX WTI		755,000			Bbl						$	(6.83	)
Crude oil		2019		Basis swaps		Houston-NYMEX WTI		549,000			Bbl						$	4.55
Crude oil		2019		Two-way collar		NYMEX WTI		4,454,500			Bbl														$	58.01			$	74.77
Crude oil		2019		Three-way collar		NYMEX WTI		4,008,000			Bbl										$	40.45			$	51.40			$	67.13
Crude oil		2020		Fixed price swaps		NYMEX WTI		403,000			Bbl		$	53.47
Crude oil		2020		Two-way collar		NYMEX WTI		372,000			Bbl														$	58.08			$	76.05
Crude oil		2020		Three-way collar		NYMEX WTI		1,224,000			Bbl										$	40.00			$	55.55			$	60.11
Crude oil		2021		Three-way collar		NYMEX WTI		62,000			Bbl										$	40.00			$	57.37			$	57.37
Natural gas		2019		Fixed price swaps		NYMEX HH		9,196,000			MMBtu		$	3.08
Natural gas		2019		Basis swaps		IF NNG VENTURA-NYMEX HH		4,820,000			MMBtu						$	0.05

Realized and Unrealized 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 Consolidated Statements of Operations for the periods presented:

		Year Ended December 31,
Statement of Operations Location		2018				2017				2016
		(In thousands)
Net gain (loss) on derivative instruments		$	28,457			$	(71,657	)		$	(105,317	)

Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments

The following tables summarize the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Consolidated Balance Sheets:

				December 31, 2018
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		$	110,729			$	(10,799	)		$	99,930
Commodity contracts		Derivative instruments — non-current assets		8,251				(1,306		)		6,945
Total derivatives assets				$	118,980			$	(12,105	)		$	106,875
Derivatives liabilities:
Commodity contracts		Derivative instruments — current liabilities		$	84			$	—			$	84
Commodity contracts		Derivative instruments — non-current liabilities		20				—				20
Total derivatives liabilities				$	104			$	—			$	104
				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

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 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-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

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4CC
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL109998890-113959

+ Details

Name:	us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration