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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2018
Derivative Instruments Not Designated as Hedging Instruments [Abstract] |
Schedule of notional amounts of outstanding derivative positions | As of September 30, 2018, the Company had commodity derivative contracts outstanding as summarized in the tables below: Oil Swaps
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Contract Price
|  | (MBbl) |  | (per Bbl)
Fourth quarter 2018 |  | 1,894 |  |  | $ | 49.87 |
2019 |  | 3,733 |  |  | $ | 59.80 |
2020 |  | 2,491 |  |  | $ | 65.68 |
Total |  | 8,118 |  |  |
Oil Collars
Contract Period |  | NYMEX WTI Volumes |  | Weighted- Average Floor Price |  | Weighted- Average Ceiling Price
|  | (MBbl) |  | (per Bbl) |  | (per Bbl)
Fourth quarter 2018 |  | 2,222 |  |  | $ | 50.00 |  |  | $ | 58.44 |
2019 |  | 10,055 |  |  | $ | 50.59 |  |  | $ | 63.62 |
2020 |  | 1,165 |  |  | $ | 55.00 |  |  | $ | 66.47 |
Total |  | 13,442 |  |  |  |  |
Oil Basis Swaps
Contract Period |  | WTI Midland-NYMEX WTI Volumes |  | Weighted-Average Contract Price (1) |  | NYMEX WTI-ICE Brent Volumes |  | Weighted-Average Contract Price (2)
|  | (MBbl) |  | (per Bbl) |  | (MBbl) |  | (per Bbl)
Fourth quarter 2018 |  | 3,327 |  |  | $ | (1.08 | ) |  | — |  |  | $ | — |
2019 |  | 11,217 |  |  | $ | (3.36 | ) |  | — |  |  | $ | — |
2020 |  | 10,960 |  |  | $ | (1.05 | ) |  | 1,840 |  |  | $ | (8.01 | )
2021 |  | — |  |  | $ | — |  |  | 3,650 |  |  | $ | (7.86 | )
2022 |  | — |  |  | $ | — |  |  | 3,650 |  |  | $ | (7.78 | )
Total |  | 25,504 |  |  |  |  | 9,140 |  |  |
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(1) | Represents the price differential between WTI Midland (Midland, Texas) and NYMEX WTI (Cushing, Oklahoma).
(2) | Represents the price differential between NYMEX WTI (Cushing, Oklahoma) and ICE Brent (North Sea).
Gas Swaps
Contract Period |  | Sold IF HSC Volumes |  | Weighted-Average Contract Price |  | Purchased IF HSC Volumes |  | Weighted-Average Contract Price |  | Net IF HSC Volumes |  | Weighted-Average Contract Price
|  | (BBtu) |  | (per MMBtu) |  | (BBtu) |  | (per MMBtu) |  | (BBtu) |  | (per MMBtu)
Fourth quarter 2018 |  | 28,204 |  |  | $ | 3.27 |  |  | (7,210 | ) |  | $ | 4.27 |  |  | 20,994 |  |  | $ | 2.92 |
2019 |  | 50,021 |  |  | $ | 3.58 |  |  | (24,415 | ) |  | $ | 4.34 |  |  | 25,606 |  |  | $ | 2.85 |
2020 |  | 2,942 |  |  | $ | 2.82 |  |  | — |  |  | $ | — |  |  | 2,942 |  |  | $ | 2.82 |
Total |  | 81,167 |  |  |  |  | (31,625 | ) |  |  |  | 49,542 |  |  |
Gas Collars
Contract Period |  | IF HSC Volumes |  | Weighted- Average Floor Price |  | Weighted- Average Ceiling Price
|  | (BBtu) |  | (per MMBtu) |  | (per MMBtu)
2019 |  | 14,242 |  |  | $ | 2.50 |  |  | $ | 2.83 |
NGL Swaps
|  | OPIS Ethane Purity 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)
Fourth quarter 2018 |  | 1,146 |  | $ | 11.18 |  |  | 671 |  | $ | 24.39 |  |  | 102 |  | $ | 35.70 |  |  | 76 |  | $ | 35.07 |  |  | 208 |  | $ | 50.99 |
2019 |  | 3,533 |  | $ | 12.31 |  |  | 1,980 |  | $ | 28.89 |  |  | 154 |  | $ | 35.64 |  |  | 117 |  | $ | 35.70 |  |  | 197 |  | $ | 50.93 |
2020 |  | 539 |  | $ | 11.13 |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |
Total |  | 5,218 |  |  |  | 2,651 |  |  |  | 256 |  |  |  | 193 |  |  |  | 405 |  |
Schedule of fair value of derivatives in accompanying balance sheets | The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:
| As of September 30, 2018 |  | As of December 31, 2017
| (in thousands)
Derivative assets: |  |  |
Current assets | $ | 81,163 |  |  | $ | 64,266 |
Noncurrent assets | 8,853 |  |  | 40,362 |
Total derivative assets | $ | 90,016 |  |  | $ | 104,628 |
Derivative liabilities: |  |  |
Current liabilities | $ | 304,159 |  |  | $ | 172,582 |
Noncurrent liabilities | 72,605 |  |  | 71,402 |
Total derivative liabilities | $ | 376,764 |  |  | $ | 243,984 |
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 commodity derivative contracts:
| Derivative Assets |  | Derivative Liabilities
| As of |  | As of
| September 30, 2018 |  | December 31, 2017 |  | September 30, 2018 |  | December 31, 2017
| (in thousands)
Gross amounts presented in the accompanying balance sheets | $ | 90,016 |  |  | $ | 104,628 |  |  | $ | (376,764 | ) |  | $ | (243,984 | )
Amounts not offset in the accompanying balance sheets | (90,016 | ) |  | (100,035 | ) |  | 90,016 |  |  | 100,035 |
Net amounts | $ | — |  |  | $ | 4,593 |  |  | $ | (286,748 | ) |  | $ | (143,949 | )
Schedule of derivative (gain) loss | The following table summarizes the components of the net derivative (gain) loss line item presented in the accompanying statements of operations:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
| (in thousands)
Derivative settlement (gain) loss: |  |  |  |  |  |  |
Oil contracts | $ | 16,798 |  |  | $ | 2,472 |  |  | $ | 61,976 |  |  | $ | 14,310 |
Gas contracts | 802 |  |  | (24,088 | ) |  | (4,851 | ) |  | (63,345 | )
NGL contracts | 23,118 |  |  | 8,524 |  |  | 44,786 |  |  | 19,633 |
Total derivative settlement (gain) loss | $ | 40,718 |  |  | $ | (13,092 | ) |  | $ | 101,911 |  |  | $ | (29,402 | )
Net derivative (gain) loss: |  |  |  |  |  |  |
Oil contracts | $ | 110,413 |  |  | $ | 45,874 |  |  | $ | 146,781 |  |  | $ | (41,910 | )
Gas contracts | 4,309 |  |  | (6,068 | ) |  | 21,299 |  |  | (56,574 | )
NGL contracts | 63,304 |  |  | 40,793 |  |  | 81,224 |  |  | 9,120 |
Total net derivative (gain) loss | $ | 178,026 |  |  | $ | 80,599 |  |  | $ | 249,304 |  |  | $ | (89,364 | )

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