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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

At March 31, 2019, the Company had the following outstanding commodity derivative instruments:

Commodity		Settlement Period		Derivative Instrument		Index		Volumes				Weighted Average Prices																Fair Value Assets (Liabilities)
												Fixed Price Swaps			Basis Swaps			Sub-Floor			Floor			Ceiling
																												(In thousands)
Crude oil		2019		Fixed price swaps		NYMEX WTI		3,881,000		Bbl		$	54.02															$	(23,216	)
Crude oil		2019		Basis swaps		ICE Brent-NYMEX WTI		244,000		Bbl					$	9.68												549
Crude oil		2019		Basis swaps		Midland-NYMEX WTI		488,000		Bbl					$	(6.71	)											(2,971		)
Crude oil		2019		Basis swaps		Houston-NYMEX WTI		549,000		Bbl					$	4.55												(305		)
Crude oil		2019		Two-way collar		NYMEX WTI		3,542,000		Bbl											$	57.65		$	74.72			5,381
Crude oil		2019		Three-way collar		NYMEX WTI		3,300,000		Bbl								$	40.37		$	51.43		$	66.81			(2,375		)
Crude oil		2020		Fixed price swaps		NYMEX WTI		829,000		Bbl		$	56.60															(2,363		)
Crude oil		2020		Two-way collar		NYMEX WTI		372,000		Bbl											$	58.08		$	76.05			1,270
Crude oil		2020		Three-way collar		NYMEX WTI		1,712,000		Bbl								$	40.00		$	55.39		$	61.13			(2,081		)
Crude oil		2021		Three-way collar		NYMEX WTI		124,000		Bbl								$	40.00		$	56.18		$	60.43			(59		)
Natural gas		2019		Fixed price swaps		NYMEX HH		8,796,000		MMBtu		$	2.92															1,148
Natural gas		2019		Basis swaps		IF NNG Ventura-NYMEX HH		2,275,000		MMBtu					$	0.02												736
																												$	(24,286	)

Subsequent to March 31, 2019, the Company entered into additional fixed price swaps, basis swaps and two-way and three-way costless collars. As of May 8, 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		4,952,000			Bbl		$	56.15
Crude oil		2019		Basis swaps		ICE Brent-NYMEX WTI		244,000			Bbl						$	9.68
Crude oil		2019		Basis swaps		Midland-NYMEX WTI		488,000			Bbl						$	(6.71	)
Crude oil		2019		Basis swaps		Houston-NYMEX WTI		549,000			Bbl						$	4.55
Crude oil		2019		Two-way collar		NYMEX WTI		3,848,000			Bbl														$	57.68			$	74.04
Crude oil		2019		Three-way collar		NYMEX WTI		3,300,000			Bbl										$	40.37			$	51.43			$	66.81
Crude oil		2020		Fixed price swaps		NYMEX WTI		2,171,000			Bbl		$	59.09
Crude oil		2020		Two-way collar		NYMEX WTI		434,000			Bbl														$	58.07			$	74.64
Crude oil		2020		Three-way collar		NYMEX WTI		3,110,000			Bbl										$	40.00			$	54.79			$	63.75
Crude oil		2021		Fixed price swaps		NYMEX WTI		93,000			Bbl		$	58.85
Crude oil		2021		Three-way collar		NYMEX WTI		186,000			Bbl										$	40.00			$	54.96			$	62.31
Natural gas		2019		Fixed price swaps		NYMEX HH		8,796,000			MMBtu		$	2.92
Natural gas		2019		Basis swaps		IF NNG Ventura-NYMEX HH		2,275,000			MMBtu						$	0.02

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,
Statements of Operations Location		2019				2018
		(In thousands)
Net loss on derivative instruments		$	(117,611	)		$	(71,116	)

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, 2019
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		$	6,734			$	(2,267	)		$	4,467
Commodity contracts		Derivative instruments — non-current assets		2,504				(2,323		)		181
Total derivatives assets				$	9,238			$	(4,590	)		$	4,648
Derivatives liabilities:
Commodity contracts		Derivative instruments — current liabilities		$	36,599			$	(8,936	)		$	27,663
Commodity contracts		Derivative instruments — non-current liabilities		1,875				(604		)		1,271
Total derivatives liabilities				$	38,474			$	(9,540	)		$	28,934
				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

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, 2019
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		$	6,734			$	(2,267	)		$	4,467
Commodity contracts		Derivative instruments — non-current assets		2,504				(2,323		)		181
Total derivatives assets				$	9,238			$	(4,590	)		$	4,648
Derivatives liabilities:
Commodity contracts		Derivative instruments — current liabilities		$	36,599			$	(8,936	)		$	27,663
Commodity contracts		Derivative instruments — non-current liabilities		1,875				(604		)		1,271
Total derivatives liabilities				$	38,474			$	(9,540	)		$	28,934
				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

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