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DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Company uses derivative financial instruments to manage its exposure to commodity price fluctuations.  Commodity derivative instruments are used to reduce the effect of volatility of price changes on the oil and gas the Company produces and sells.  The Company's derivative financial instruments consist of oil and natural gas swaps.

The Company does not enter into derivative financial instruments for speculative or trading purposes.

The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its consolidated statements of operations as they occur. Unrealized gains and losses related to the swap contracts are recognized and recorded as an asset or liability on the Company's balance sheet.

The following table summarizes the net realized and unrealized amounts reported in earnings related to the commodity derivative instruments for the three months ended March 31, 2019 and 2018:

		As of March 31,
		2019				2018
Gain (loss) on derivatives:
Oil derivatives			(67,596	)			—
Natural gas derivatives			(763	)			—
Total			(68,359	)			—

The following represents the Company's net cash receipts from (payments on) derivatives for the three months ended March 31, 2019 and 2018:

		As of March 31,
		2019				2018
Net cash receipts from (payments on) derivatives:
Oil derivatives			19,349				—
Natural gas derivatives			406				—
Total			19,755				—

The following table sets forth the Company's outstanding derivative contracts at March 31, 2019.  All of the Company's derivatives are expected to settle by October 31, 2019:

		Second quarter				Third quarter				Fourth quarter
Oil Swaps:
Volume (Bbl)			1,767				1,767				589
Price per Bbl		$	65.85			$	65.85			$	65.85
Natural Gas Swaps:
Volume (Mcf)			11.37				11.37				—
Price per Mcf		$	2.875			$	2.875				—
Total

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The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.

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