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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments Not Designated as Hedging Instruments [Abstract]

Schedule of notional amounts of outstanding derivative positions [Table Text Block]

As of September 30, 2019, the Company had commodity derivative contracts outstanding through the fourth quarter of 2022, as summarized in the tables below.

Oil Swaps

Contract Period		NYMEX WTI Volumes			Weighted-Average  Contract Price
		(MBbl)			(per Bbl)
Fourth quarter 2019		1,685			$	61.38
2020		7,441			$	59.64
Total		9,126

Oil Collars

Contract Period		NYMEX WTI Volumes			Weighted-Average Floor Price				Weighted-Average Ceiling Price
		(MBbl)			(per Bbl)				(per Bbl)
Fourth quarter 2019		3,168			$	50.54			$	62.49
2020		6,010			$	55.00			$	62.95
2021		329			$	55.00			$	56.70
Total		9,507

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 2019		3,338			$	(2.87	)		—			$	—
2020		14,090			$	(0.73	)		2,750			$	(8.03	)
2021		3,708			$	0.33			3,650			$	(7.86	)
2022		—			$	—			3,650			$	(7.78	)
Total		21,136							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)
Fourth quarter 2019		14,433			$	2.88			2,962			$	1.75
2020		11,773			$	2.87			4,977			$	1.70
Total (1)		26,206							7,939

____________________________________________

⁽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 September 30, 2019, WAHA volumes were comprised of 56 percent IF WAHA and 44 percent GD WAHA.

Gas Collars

Contract Period		IF HSC Volumes			Weighted-Average Floor Price				Weighted-Average Ceiling Price
		(BBtu)			(per MMBtu)				(per MMBtu)
Fourth quarter 2019		4,818			$	2.50			$	2.83
Total		4,818

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 2019		896		$	12.36			660		$	31.60			39		$	35.64			29		$	35.70			50		$	50.93
2020		711		$	11.38			1,187		$	23.58			—		$	—			—		$	—			—		$	—
Total		1,607						1,847						39						29						50

Schedule of fair value of derivatives in accompanying balance sheets [Table Text Block]

The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets, by category:

	As of September 30, 2019				As of December 31, 2018
	(in thousands)
Derivative assets:
Current assets	$	143,142			$	175,130
Noncurrent assets	38,571				58,499
Total derivative assets	$	181,713			$	233,629
Derivative liabilities:
Current liabilities	$	37,798			$	62,853
Noncurrent liabilities	6,014				12,496
Total derivative liabilities	$	43,812			$	75,349

Schedule of the potential effects of master netting arrangements [Table Text Block]

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, 2019				December 31, 2018				September 30, 2019				December 31, 2018
	(in thousands)
Gross amounts presented in the accompanying balance sheets	$	181,713			$	233,629			$	(43,812	)		$	(75,349	)
Amounts not offset in the accompanying balance sheets	(43,812		)		(56,041		)		43,812				56,041
Net amounts	$	137,901			$	177,588			$	—			$	(19,308	)

Schedule of the components of the derivative settlement (gain) loss and of the net derivative (gain) loss [Table Text Block]

The following table summarizes the commodity components of the derivative settlement (gain) loss, as well as 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,
	2019				2018				2019				2018
	(in thousands)
Derivative settlement (gain) loss:
Oil contracts	$	2,246			$	16,798			$	14,304			$	61,976
Gas contracts	(12,210		)		802				(13,744		)		(4,851		)
NGL contracts	(14,758		)		23,118				(24,403		)		44,786
Total derivative settlement (gain) loss	$	(24,722	)		$	40,718			$	(23,843	)		$	101,911
Net derivative (gain) loss:
Oil contracts	$	(83,984	)		$	110,413			$	67,261			$	146,781
Gas contracts	(4,228		)		4,309				(36,337		)		21,299
NGL contracts	(12,677		)		63,304				(34,387		)		81,224
Total net derivative (gain) loss	$	(100,889	)		$	178,026			$	(3,463	)		$	249,304

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