XML 45 R33.htm IDEA: XBRL DOCUMENT
v3.19.2

Derivative Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | At June 30, 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 |  | 4,000,000 | Bbl |  | $ | 57.04 |  |  |  |  |  | $ | (3,303)
Crude oil |  | 2019 |  | Basis swaps |  | ICE Brent-NYMEX WTI |  | 60,000 | Bbl |  |  | $ | 9.68 |  |  |  |  | 86
Crude oil |  | 2019 |  | Basis swaps |  | Midland-NYMEX WTI |  | 120,000 | Bbl |  |  | $ | (6.71) |  |  |  |  | (740)
Crude oil |  | 2019 |  | Basis swaps |  | Houston-NYMEX WTI |  | 366,000 | Bbl |  |  | $ | 4.55 |  |  |  |  | 90
Crude oil |  | 2019 |  | Two-way collar |  | NYMEX WTI |  | 2,592,000 | Bbl |  |  |  |  | $ | 57.87 | $ | 74.22 |  | 7,308
Crude oil |  | 2019 |  | Three-way collar |  | NYMEX WTI |  | 2,196,000 | Bbl |  |  |  | $ | 40.14 | $ | 51.52 | $ | 65.92 |  | (284)
Crude oil |  | 2020 |  | Fixed price swaps |  | NYMEX WTI |  | 2,597,000 | Bbl |  | $ | 59.30 |  |  |  |  |  | 6,728
Crude oil |  | 2020 |  | Two-way collar |  | NYMEX WTI |  | 434,000 | Bbl |  |  |  |  | $ | 58.07 | $ | 74.64 |  | 1,835
Crude oil |  | 2020 |  | Three-way collar |  | NYMEX WTI |  | 4,268,000 | Bbl |  |  |  | $ | 40.00 | $ | 53.49 | $ | 64.49 |  | 4,790
Crude oil |  | 2021 |  | Fixed price swaps |  | NYMEX WTI |  | 93,000 | Bbl |  | $ | 58.85 |  |  |  |  |  | 357
Crude oil |  | 2021 |  | Three-way collar |  | NYMEX WTI |  | 310,000 | Bbl |  |  |  | $ | 40.00 | $ | 52.97 | $ | 63.76 |  | 376
Natural gas |  | 2019 |  | Fixed price swaps |  | NYMEX HH |  | 5,520,000 | MMBtu |  | $ | 2.92 |  |  |  |  |  | 3,037
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 20,280
Subsequent to June 30, 2019, the Company entered into additional fixed price swaps and two-way and three-way costless collars. As of August 9, 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 |  | 4,122,000 |  | Bbl |  | $ | 57.13 |  |  |  |  |  |  |  |
Crude oil |  | 2019 |  | Basis swaps |  | ICE Brent-NYMEX WTI |  | 60,000 |  | Bbl |  |  |  | $ | 9.68 |  |  |  |  |  |
Crude oil |  | 2019 |  | Basis swaps |  | Midland-NYMEX WTI |  | 120,000 |  | Bbl |  |  |  | $ | (6.71) |  |  |  |  |  |
Crude oil |  | 2019 |  | Basis swaps |  | Houston-NYMEX WTI |  | 366,000 |  | Bbl |  |  |  | $ | 4.55 |  |  |  |  |  |
Crude oil |  | 2019 |  | Two-way collar |  | NYMEX WTI |  | 2,592,000 |  | Bbl |  |  |  |  |  |  |  | $ | 57.87 |  | $ | 74.22
Crude oil |  | 2019 |  | Three-way collar |  | NYMEX WTI |  | 2,196,000 |  | Bbl |  |  |  |  |  | $ | 40.14 |  | $ | 51.52 |  | $ | 65.92
Crude oil |  | 2020 |  | Fixed price swaps |  | NYMEX WTI |  | 2,992,000 |  | Bbl |  | $ | 59.05 |  |  |  |  |  |  |  |
Crude oil |  | 2020 |  | Two-way collar |  | NYMEX WTI |  | 1,650,000 |  | Bbl |  |  |  |  |  |  |  | $ | 53.04 |  | $ | 64.95
Crude oil |  | 2020 |  | Three-way collar |  | NYMEX WTI |  | 4,574,000 |  | Bbl |  |  |  |  |  | $ | 40.00 |  | $ | 53.26 |  | $ | 64.48
Crude oil |  | 2021 |  | Fixed price swaps |  | NYMEX WTI |  | 93,000 |  | Bbl |  | $ | 58.85 |  |  |  |  |  |  |  |
Crude oil |  | 2021 |  | Two-way collar |  | NYMEX WTI |  | 62,000 |  | Bbl |  |  |  |  |  |  |  | $ | 50.50 |  | $ | 60.70
Crude oil |  | 2021 |  | Three-way collar |  | NYMEX WTI |  | 734,000 |  | Bbl |  |  |  |  |  | $ | 40.00 |  | $ | 51.26 |  | $ | 64.05
Natural gas |  | 2019 |  | Fixed price swaps |  | NYMEX HH |  | 5,520,000 |  | MMBtu |  | $ | 2.92 |  |  |  |  |  |  |  |
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 |  | 2019 |  | 2018 |  | 2019 |  | 2018
|  | (In thousands) |  |  |  |  |  |
Net gain (loss) on derivative instruments |  | $ | 34,749 |  | $ | (120,285) |  | $ | (82,862) |  | $ | (191,401)
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, 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 |  | $ | 28,196 |  | $ | (9,107) |  | $ | 19,089
Commodity contracts |  | Derivative instruments — non-current assets |  | 12,237 |  | (6,601) |  | 5,636
Total derivatives assets |  |  |  | $ | 40,433 |  | $ | (15,708) |  | $ | 24,725
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current liabilities |  | $ | 11,265 |  | $ | (6,820) |  | $ | 4,445
Commodity contracts |  | Derivative instruments — non-current liabilities |  | — |  | — |  | —
Total derivatives liabilities |  |  |  | $ | 11,265 |  | $ | (6,820) |  | $ | 4,445
|  |  |  | 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:
|  |  |  | June 30, 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 |  | $ | 28,196 |  | $ | (9,107) |  | $ | 19,089
Commodity contracts |  | Derivative instruments — non-current assets |  | 12,237 |  | (6,601) |  | 5,636
Total derivatives assets |  |  |  | $ | 40,433 |  | $ | (15,708) |  | $ | 24,725
Derivatives liabilities: |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments — current liabilities |  | $ | 11,265 |  | $ | (6,820) |  | $ | 4,445
Commodity contracts |  | Derivative instruments — non-current liabilities |  | — |  | — |  | —
Total derivatives liabilities |  |  |  | $ | 11,265 |  | $ | (6,820) |  | $ | 4,445
|  |  |  | 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

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 derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
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