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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | Oil Swaps
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Contract Price
|  | (MBbl) |  | (per Bbl)
First quarter 2018 |  | 1,075 |  |  | $ | 50.16 |
Second quarter 2018 |  | 1,534 |  |  | $ | 49.57 |
Third quarter 2018 |  | 1,769 |  |  | $ | 49.77 |
Fourth quarter 2018 |  | 1,894 |  |  | $ | 49.87 |
2019 |  | 1,940 |  |  | $ | 50.70 |
Total |  | 8,212 |  |  |
Oil Collars
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Floor Price |  | Weighted-Average Ceiling Price
|  | (MBbl) |  | (per Bbl) |  | (per Bbl)
First quarter 2018 |  | 1,445 |  |  | $ | 50.00 |  |  | $ | 59.07 |
Second quarter 2018 |  | 1,459 |  |  | $ | 50.00 |  |  | $ | 59.03 |
Third quarter 2018 |  | 1,948 |  |  | $ | 50.00 |  |  | $ | 58.61 |
Fourth quarter 2018 |  | 2,222 |  |  | $ | 50.00 |  |  | $ | 58.44 |
2019 |  | 5,908 |  |  | $ | 47.65 |  |  | $ | 59.19 |
Total |  | 12,982 |  |  |  |  |
Oil Basis Swaps
Contract Period |  | Midland-Cushing Volumes |  | Weighted-Average Contract Price(1)
|  | (MBbl) |  | (per Bbl)
First quarter 2018 |  | 2,113 |  |  | $ | (1.15 | )
Second quarter 2018 |  | 2,392 |  |  | $ | (1.03 | )
Third quarter 2018 |  | 3,018 |  |  | $ | (1.06 | )
Fourth quarter 2018 |  | 3,327 |  |  | $ | (1.08 | )
2019 |  | 5,788 |  |  | $ | (1.09 | )
Total |  | 16,638 |  |  |
____________________________________________
(1) | Represents the price differential between WTI prices at Midland, Texas and WTI prices at Cushing, Oklahoma.
Gas Swaps
Contract Period |  | Sold Volumes |  | Weighted-Average Contract Price |  | Purchased Volumes |  | Weighted-Average Contract Price |  | Net Volumes
|  | (BBtu) |  | (per MMBtu) |  | (BBtu) |  | (per MMBtu) |  | (BBtu)
First quarter 2018 |  | 28,910 |  |  | $ | 3.55 |  |  | (8,121 | ) |  | $ | 4.34 |  |  | 20,789 |
Second quarter 2018 |  | 23,507 |  |  | $ | 3.31 |  |  | (7,795 | ) |  | $ | 4.24 |  |  | 15,712 |
Third quarter 2018 |  | 24,627 |  |  | $ | 3.29 |  |  | (7,480 | ) |  | $ | 4.23 |  |  | 17,147 |
Fourth quarter 2018 |  | 25,856 |  |  | $ | 3.29 |  |  | (7,210 | ) |  | $ | 4.27 |  |  | 18,646 |
2019 |  | 41,394 |  |  | $ | 3.76 |  |  | (24,415 | ) |  | $ | 4.34 |  |  | 16,979 |
Total (1) |  | 144,294 |  |  |  |  | (55,021 | ) |  |  |  | 89,273 |
____________________________________________
(1) | Total net volumes of gas swaps are comprised of IF HSC (99%) and IF El Paso Permian (1%).
NGL Swaps
|  | OPIS Purity Ethane Mont Belvieu |  | OPIS Propane Mont Belvieu Non-TET |  | OPIS Normal Butane Mont Belvieu Non-TET |  | OPIS Isobutane Mont Belvieu Non-TET |  | OPIS Natural Gasoline Mont Belvieu Non-TET
Contract Period |  | Volumes | Weighted-Average Contract Price |  | Volumes | Weighted-Average Contract Price |  | Volumes | Weighted-Average Contract Price |  | Volumes | Weighted-Average Contract Price |  | Volumes | Weighted-Average Contract Price
|  | (MBbl) | (per Bbl) |  | (MBbl) | (per Bbl) |  | (MBbl) | (per Bbl) |  | (MBbl) | (per Bbl) |  | (MBbl) | (per Bbl)
First quarter 2018 |  | 923 |  | $ | 10.90 |  |  | 629 |  | $ | 25.39 |  |  | 206 |  | $ | 35.83 |  |  | 167 |  | $ | 35.76 |  |  | 188 |  | $ | 49.40 |
Second quarter 2018 |  | 915 |  | $ | 10.87 |  |  | 554 |  | $ | 24.94 |  |  | 84 |  | $ | 35.69 |  |  | 66 |  | $ | 35.07 |  |  | 109 |  | $ | 49.57 |
Third quarter 2018 |  | 1,033 |  | $ | 10.99 |  |  | 610 |  | $ | 24.27 |  |  | 93 |  | $ | 35.70 |  |  | 70 |  | $ | 35.07 |  |  | 118 |  | $ | 49.56 |
Fourth quarter 2018 |  | 1,146 |  | $ | 11.18 |  |  | 671 |  | $ | 24.39 |  |  | 102 |  | $ | 35.70 |  |  | 76 |  | $ | 35.07 |  |  | 129 |  | $ | 49.57 |
2019 |  | 3,533 |  | $ | 12.31 |  |  | 1,503 |  | $ | 27.83 |  |  | 154 |  | $ | 35.64 |  |  | 117 |  | $ | 35.70 |  |  | 197 |  | $ | 50.93 |
2020 |  | 539 |  | $ | 11.13 |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |
Total |  | 8,089 |  |  |  | 3,967 |  |  |  | 639 |  |  |  | 496 |  |  |  | 741 |  |
Schedule of fair value of derivatives in accompanying balance sheets | The following tables detail the fair value of derivatives recorded in the accompanying balance sheets, by category:
| As of December 31, 2017
| Derivative Assets |  | Derivative Liabilities
| Balance Sheet Classification |  | Fair Value |  | Balance Sheet Classification |  | Fair Value
| (in thousands)
Commodity contracts | Current assets |  | $ | 64,266 |  |  | Current liabilities |  | $ | 172,582 |
Commodity contracts | Noncurrent assets |  | 40,362 |  |  | Noncurrent liabilities |  | 71,402 |
Total commodity contracts |  |  | $ | 104,628 |  |  |  |  | $ | 243,984 |
| As of December 31, 2016
| Derivative Assets |  | Derivative Liabilities
| Balance Sheet Classification |  | Fair Value |  | Balance Sheet Classification |  | Fair Value
| (in thousands)
Commodity contracts | Current assets |  | $ | 54,521 |  |  | Current liabilities |  | $ | 115,464 |
Commodity contracts | Noncurrent assets |  | 67,575 |  |  | Noncurrent liabilities |  | 98,340 |
Total commodity contracts |  |  | $ | 122,096 |  |  |  |  | $ | 213,804 |
Schedule of the potential effects of master netting arrangements | The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts:
|  | Derivative Assets |  | Derivative Liabilities
|  | As of December 31, |  | As of December 31,
Offsetting of Derivative Assets and Liabilities |  | 2017 |  | 2016 |  | 2017 |  | 2016
|  | (in thousands)
Gross amounts presented in the accompanying balance sheets |  | $ | 104,628 |  |  | $ | 122,096 |  |  | $ | (243,984 | ) |  | $ | (213,804 | )
Amounts not offset in the accompanying balance sheets |  | (100,035 | ) |  | (118,080 | ) |  | 100,035 |  |  | 118,080 |
Net amounts |  | $ | 4,593 |  |  | $ | 4,016 |  |  | $ | (143,949 | ) |  | $ | (95,724 | )
Schedule of gains and losses on derivative instruments in the statement of operations | The following table summarizes the components of net derivative (gain) loss presented in the accompanying statements of operations:
| For the Years Ended December 31,
| 2017 |  | 2016 |  | 2015
| (in thousands)
Derivative settlement (gain) loss: |  |  |  |  |
Oil contracts | $ | 31,176 |  |  | $ | (243,102 | ) |  | $ | (362,219 | )
Gas contracts (1) | (87,857 | ) |  | (94,936 | ) |  | (123,180 | )
NGL contracts | 35,447 |  |  | 8,560 |  |  | (27,167 | )
Total derivative settlement gain | $ | (21,234 | ) |  | $ | (329,478 | ) |  | $ | (512,566 | )
Net derivative (gain) loss: |  |  |  |  |
Oil contracts | $ | 71,502 |  |  | $ | 85,370 |  |  | $ | (191,165 | )
Gas contracts | (76,315 | ) |  | 81,060 |  |  | (189,734 | )
NGL contracts | 31,227 |  |  | 84,203 |  |  | (27,932 | )
Total net derivative (gain) loss | $ | 26,414 |  |  | $ | 250,633 |  |  | $ | (408,831 | )
____________________________________________
(1) | Gas derivative settlements for the year ended December 31, 2015, include $15.3 million of early settlements of futures contracts as a result of divesting assets in the Company’s Mid-Continent region.

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