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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2018
Derivative Instruments Not Designated as Hedging Instruments [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 2019 |  | 826 |  |  | $ | 60.16 |
Second quarter 2019 |  | 575 |  |  | $ | 55.52 |
Third quarter 2019 |  | 1,217 |  |  | $ | 61.41 |
Fourth quarter 2019 |  | 1,115 |  |  | $ | 59.97 |
2020 |  | 2,491 |  |  | $ | 65.68 |
Total |  | 6,224 |  |  |
Oil Collars
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Floor Price |  | Weighted-Average Ceiling Price
|  | (MBbl) |  | (per Bbl) |  | (per Bbl)
First quarter 2019 |  | 2,503 |  |  | $ | 51.66 |  |  | $ | 64.32 |
Second quarter 2019 |  | 2,802 |  |  | $ | 52.18 |  |  | $ | 64.61 |
Third quarter 2019 |  | 2,364 |  |  | $ | 49.07 |  |  | $ | 62.67 |
Fourth quarter 2019 |  | 2,386 |  |  | $ | 49.08 |  |  | $ | 62.65 |
2020 |  | 1,165 |  |  | $ | 55.00 |  |  | $ | 66.47 |
Total |  | 11,220 |  |  |  |  |
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)
First quarter 2019 |  | 2,433 |  |  | $ | (4.44 | ) |  | — |  |  | $ | — |
Second quarter 2019 |  | 2,571 |  |  | $ | (4.49 | ) |  | — |  |  | $ | — |
Third quarter 2019 |  | 3,291 |  |  | $ | (2.86 | ) |  | — |  |  | $ | — |
Fourth quarter 2019 |  | 3,338 |  |  | $ | (2.87 | ) |  | — |  |  | $ | — |
2020 |  | 11,601 |  |  | $ | (1.03 | ) |  | 2,750 |  |  | $ | (8.03 | )
2021 |  | — |  |  | $ | — |  |  | 3,650 |  |  | $ | (7.86 | )
2022 |  | — |  |  | $ | — |  |  | 3,650 |  |  | $ | (7.78 | )
Total |  | 23,234 |  |  |  |  | 10,050 |  |  |
____________________________________________
(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 |  | IF HSC Volumes |  | Weighted-Average Contract Price |  | WAHA Volumes |  | Weighted-Average Contract Price
|  | (BBtu) |  | (per MMBtu) |  | (BBtu) |  | (per MMBtu)
First quarter 2019 |  | 19,805 |  |  | $ | 2.99 |  |  | — |  |  | $ | — |
Second quarter 2019 |  | 10,439 |  |  | $ | 2.82 |  |  | 2,803 |  |  | $ | 0.69 |
Third quarter 2019 |  | 12,531 |  |  | $ | 2.82 |  |  | 2,984 |  |  | $ | 1.28 |
Fourth quarter 2019 |  | 14,433 |  |  | $ | 2.88 |  |  | 2,962 |  |  | $ | 1.75 |
2020 |  | 9,123 |  |  | $ | 2.98 |  |  | 2,060 |  |  | $ | 2.20 |
Total (1) |  | 66,331 |  |  |  |  | 10,809 |  |  |
____________________________________________
(1) | The Company has natural gas swaps in place that settle against Inside FERC Houston Ship Channel (“IF HSC”), Inside FERC West Texas (“IF WAHA”), and Platt’s Gas Daily West Texas (“GD WAHA”). As of December 31, 2018, total volumes for gas swaps are comprised of 86 percent IF HSC, four percent IF Waha, and 10 percent GD Waha.
Gas Collars
Contract Period |  | IF HSC Volumes |  | Weighted- Average Floor Price |  | Weighted- Average Ceiling Price
|  | (BBtu) |  | (per MMBtu) |  | (per MMBtu)
First quarter 2019 |  | — |  |  | $ | — |  |  | $ | — |
Second quarter 2019 |  | 4,358 |  |  | $ | 2.50 |  |  | $ | 2.83 |
Third quarter 2019 |  | 5,066 |  |  | $ | 2.50 |  |  | $ | 2.83 |
Fourth quarter 2019 |  | 4,818 |  |  | $ | 2.50 |  |  | $ | 2.83 |
Total |  | 14,242 |  |  |  |  |
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)
First quarter 2019 |  | 853 |  | $ | 12.25 |  |  | 540 |  | $ | 28.72 |  |  | 38 |  | $ | 35.64 |  |  | 29 |  | $ | 35.70 |  |  | 48 |  | $ | 50.93 |
Second quarter 2019 |  | 877 |  | $ | 12.29 |  |  | 561 |  | $ | 31.32 |  |  | 38 |  | $ | 35.64 |  |  | 29 |  | $ | 35.70 |  |  | 49 |  | $ | 50.93 |
Third quarter 2019 |  | 907 |  | $ | 12.34 |  |  | 637 |  | $ | 31.29 |  |  | 39 |  | $ | 35.64 |  |  | 30 |  | $ | 35.70 |  |  | 50 |  | $ | 50.93 |
Fourth quarter 2019 |  | 896 |  | $ | 12.36 |  |  | 651 |  | $ | 31.64 |  |  | 39 |  | $ | 35.64 |  |  | 29 |  | $ | 35.70 |  |  | 50 |  | $ | 50.93 |
2020 |  | 539 |  | $ | 11.13 |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |
Total |  | 4,072 |  |  |  | 2,389 |  |  |  | 154 |  |  |  | 117 |  |  |  | 197 |  |
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, 2018
| Derivative Assets |  | Derivative Liabilities
| Balance Sheet Classification |  | Fair Value |  | Balance Sheet Classification |  | Fair Value
| (in thousands)
Commodity contracts | Current assets |  | $ | 175,130 |  |  | Current liabilities |  | $ | 62,853 |
Commodity contracts | Noncurrent assets |  | 58,499 |  |  | Noncurrent liabilities |  | 12,496 |
Total commodity contracts |  |  | $ | 233,629 |  |  |  |  | $ | 75,349 |
| 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 |
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 |  | 2018 |  | 2017 |  | 2018 |  | 2017
|  | (in thousands)
Gross amounts presented in the accompanying balance sheets |  | $ | 233,629 |  |  | $ | 104,628 |  |  | $ | (75,349 | ) |  | $ | (243,984 | )
Amounts not offset in the accompanying balance sheets |  | (56,041 | ) |  | (100,035 | ) |  | 56,041 |  |  | 100,035 |
Net amounts |  | $ | 177,588 |  |  | $ | 4,593 |  |  | $ | (19,308 | ) |  | $ | (143,949 | )
Schedule of gains and losses on derivative instruments in the statement of operations | The following table summarizes the components of the net derivative (gain) loss line item presented in the accompanying statements of operations:
| For the Years Ended December 31,
| 2018 |  | 2017 |  | 2016
| (in thousands)
Derivative settlement (gain) loss: |  |  |  |  |
Oil contracts | $ | 68,860 |  |  | $ | 31,176 |  |  | $ | (243,102 | )
Gas contracts | 13,029 |  |  | (87,857 | ) |  | (94,936 | )
NGL contracts | 53,914 |  |  | 35,447 |  |  | 8,560 |
Total derivative settlement (gain) loss | $ | 135,803 |  |  | $ | (21,234 | ) |  | $ | (329,478 | )
Net derivative (gain) loss: |  |  |  |  |
Oil contracts | $ | (192,002 | ) |  | $ | 71,502 |  |  | $ | 85,370 |
Gas contracts | 35,411 |  |  | (76,315 | ) |  | 81,060 |
NGL contracts | (5,241 | ) |  | 31,227 |  |  | 84,203 |
Total net derivative (gain) loss | $ | (161,832 | ) |  | $ | 26,414 |  |  | $ | 250,633 |

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