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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

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