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Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

At September 30, 2019, the Company had the following outstanding commodity derivative instruments:

Commodity						Settlement Period						Derivative Instrument						Index						Volumes												Weighted Average Prices																														Fair Value Assets
																																																			Fixed Price Swaps			Basis Swaps			Sub-Floor			Floor			Ceiling
																																																															(In thousands)
Crude oil						2019						Fixed price swaps						NYMEX WTI						2,275,000			Bbl						$	57.49																	$	5,744
Crude oil						2019						Basis swaps						Houston-NYMEX WTI						90,000			Bbl									$	4.55														142
Crude oil						2019						Two-way collar						NYMEX WTI						1,274,000			Bbl															$	58.07		$	74.64					5,002
Crude oil						2019						Three-way collar						NYMEX WTI						1,092,000			Bbl												$	40.00		$	51.57		$	65.40					768
Crude oil						2020						Fixed price swaps						NYMEX WTI						3,418,000			Bbl						$	58.69																	21,461
Crude oil						2020						Two-way collar						NYMEX WTI						2,378,000			Bbl															$	52.11		$	62.98					7,609
Crude oil						2020						Three-way collar						NYMEX WTI						4,574,000			Bbl												$	40.00		$	53.26		$	64.48					15,871
Crude oil						2021						Fixed price swaps						NYMEX WTI						93,000			Bbl						$	58.85																	770
Crude oil						2021						Two-way collar						NYMEX WTI						62,000			Bbl															$	50.50		$	60.70					245
Crude oil						2021						Three-way collar						NYMEX WTI						734,000			Bbl												$	40.00		$	51.26		$	64.05					2,101
Natural gas						2019						Fixed price swaps						NYMEX HH						2,760,000			MMBtu						$	2.92																	1,366
																																																			$	61,079

Subsequent to September 30, 2019, the Company entered into additional fixed price swaps and two-way collar options for crude oil with a weighted average floor price of $54.25 per Bbl. The commodity contracts included total notional amounts of 2,005,200 Bbls and 74,400 Bbls, which settle in 2020 and 2021, respectively, based on NYMEX WTI. These derivative instruments do not qualify for or were not designated as hedging instruments for accounting purposes.

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						2019						2018						2019						2018
						(In thousands)
Net gain (loss) on derivative instruments						$	47,922					$	(48,544)					$	(34,940)					$	(239,945)

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, 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						$	63,743					$	(11,563)					$	52,180
Commodity contracts						Derivative instruments — non-current assets						16,263						(6,534)						9,729
Total derivatives assets																		$	80,006					$	(18,097)					$	61,909
Derivatives liabilities:
Commodity contracts						Derivative instruments — current liabilities						$	1,428					$	(598)					$	830
Commodity contracts						Derivative instruments — non-current liabilities						—						—						—
Total derivatives liabilities																		$	1,428					$	(598)					$	830
												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: 

												September 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						$	63,743					$	(11,563)					$	52,180
Commodity contracts						Derivative instruments — non-current assets						16,263						(6,534)						9,729
Total derivatives assets																		$	80,006					$	(18,097)					$	61,909
Derivatives liabilities:
Commodity contracts						Derivative instruments — current liabilities						$	1,428					$	(598)					$	830
Commodity contracts						Derivative instruments — non-current liabilities						—						—						—
Total derivatives liabilities																		$	1,428					$	(598)					$	830
												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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