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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Transactions Resulting in Hedged Gas Contracts Outstanding
As of March 31, 2019, we had hedged crude oil production to protect against oil price decreases, at the following approximate volumes and weighted average prices: 19.0 MBbl/d at $65.99 in the second quarter of 2019, 12.0 MBbl/d at $65.33 in the third quarter of 2019 and 12.0 MBbl/d at $65.33 in the fourth quarter of 2019. We had also hedged gas purchases as noted below.
 
Q2 2019
 
Q3 2019
 
Q4 2019
Oil Calls Options (Brent):
 
 
 
 
 
Hedged volume (MBbls)
180

 
92

 
92

Weighted-average price ($/Bbl)
$
70.00

 
$
81.00

 
$
81.00

Oil Put Options (Brent):
 
 
 
 
 
  Hedged volume (MBbls)
1,092

 
460

 
460

  Weighted-average price ($/Bbl)
$
60.00

 
$
50.00

 
$
50.00

Fixed Price Oil Swaps (Brent):
 
 
 
 
 
  Hedged volume (MBbls)
637

 
644

 
644

  Weighted-average price ($/Bbl)
$
76.27

 
$
76.27

 
$
76.27

Oil basis differential positions (Brent-WTI basis swaps):
 
 
 
 
 
  Hedged volume (MBbls)
46

 
46

 
46

  Weighted-average price ($/Bbl)
$
(1.29
)
 
$
(1.29
)
 
$
(1.29
)
Fixed Price Gas Purchase Swaps (Kern, Delivered):
 
 
 
 
 
  Hedged volume (MMBtu)
2,730,000

 
1,380,000

 
465,000

  Weighted-average price ($/MMBtu)
$
2.70

 
$
2.65

 
$
2.65
Fair Values (Gross and Net) of Outstanding Derivatives
The following tables present the fair values (gross and net) of our outstanding derivatives as of March 31, 2019 and December 31, 2018:
 
March 31, 2019
 
Balance Sheet
Classification
 
Gross Amounts
Recognized at Fair Value
 
Gross Amounts Offset
in the Balance Sheet
 
Net Fair Value Presented 
on the Balance Sheet
 
(in thousands)
Assets:
 
 
 
 
 
 
 
  Commodity Contracts
Current assets
 
$
21,987

 
$
(5,542
)
 
$
16,445

  Commodity Contracts
Non-current assets
 
18

 
—

 
18

Liabilities:
 
 
 
 
 
 
 
  Commodity Contracts
Current liabilities
 
(12,144
)
 
5,542

 
(6,602
)
Total derivatives
 
 
$
9,861

 
$
—

 
$
9,861


 
December 31, 2018
 
Balance Sheet
Classification
 
Gross Amounts
Recognized at Fair Value
 
Gross Amounts Offset
in the Balance Sheet
 
Net Fair Value Presented 
on the Balance Sheet
 
(in thousands)
Assets:
 
 
 
 
 
 
 
  Commodity Contracts
Current assets
 
$
89,981

 
$
(1,385
)
 
$
88,596

  Commodity Contracts
Non-current assets
 
3,289

 
—

 
3,289

Liabilities:
 
 
 
 
 
 
 
  Commodity Contracts
Current liabilities
 
(1,385
)
 
1,385

 
—

Total derivatives
 
 
$
91,885

 
$
—

 
$
91,885