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DERIVATIVE AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2017
DERIVATIVE AND HEDGING ACTIVITIES  
Summary of location and fair value of derivative contracts

        The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited condensed consolidated balance sheets (in thousands):

                                                                                                                                                                                    

 

 

 

 

Asset derivative
contracts

 

 

 

Liability derivative
contracts

 

 

 

 

 

Successor

 

 

 

Successor

 

Derivatives not designated as
hedging contracts under
ASC 815

   

Balance sheet

   

June 30,
2017

   

December 31,
2016

   

Balance sheet

   

June 30,
2017

   

December 31,
2016

 

Commodity contracts

 

Current assets—receivables from derivative contracts

 

$
26,389

 

$
5,923

 

Current liabilities—liabilities from derivative contracts

 

$
(280

)

$
(16,434

)

Commodity contracts

 

Other noncurrent assets—receivables from derivative contracts

 

 
5,477

 

 

—

 

Other noncurrent liabilities—liabilities from derivative contracts

 

 
(363

)

 
(486

)

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Total derivatives not designated as hedging contracts under ASC 815

 

 

 

$
31,866

 

$
5,923

 

 

 

$
(643

)

$
(16,920

)

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Summary of the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts

        The following table summarizes the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts in the Company's unaudited condensed consolidated statements of operations (in thousands):

                                                                                                                                                                                    

 

 

 

 

Amount of gain or (loss)
recognized in income
on derivative contracts for the

 

Amount of gain or (loss)
recognized in income
on derivative contracts for the

 

 

 

 

 

Successor

 

 

 

Predecessor

 

Successor

 

 

 

Predecessor

 

Derivatives not designated as hedging contracts under ASC 815

  

Location of gain or (loss) recognized in
income on derivative contracts

  

Three Months
Ended
June 30, 2017

 

 

 

Three Months
Ended
June 30, 2016

  

Six Months
Ended
June 30, 2017

 

 

 

Six Months
Ended
June 30, 2016

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on commodity contracts

 

Other income (expenses)—net gain (loss) on derivative contracts

 

$
18,005

 

 

 

$
(135,303

)

$
42,219

 

 

 

$
(224,281

)

Realized gain (loss) on commodity contracts

 

Other income (expenses)—net gain (loss) on derivative contracts

 

 
6,151

 

 

 

 
80,780

 

 
8,335

 

 

 

 
188,500

 

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Total net gain (loss) on derivative contracts

 

 

 

$
24,156

 

 

 

$
(54,523

)

$
50,554

 

 

 

$
(35,781

)

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Schedule of open derivative contracts

        At June 30, 2017 (Successor) and December 31, 2016 (Successor), the Company had the following open crude oil and natural gas derivative contracts:

                                                                                                                                                                                    

 

 

 

 

 

 

Successor

 

 

 

 

 

 

 

June 30, 2017

 

 

 

 

 

 

 

 

 

Floors

 

Ceilings

 

Basis Differential

 

Period

  

Instrument

  

Commodity

  

Volume in
Mmbtu's/
Bbl's

  

Price /
Price
Range

  

Weighted
Average
Price

  

Price /
Price
Range

  

Weighted
Average
Price

  

Price /
Price
Range

  

Weighted
Average
Price

 

July 2017 - December 2017

 

Basis Swap

 

Natural Gas

 

 
920,000

 

$—

 

$

—

 

$—

 

$

—

 

$(0.40) - $(0.41)

 

$
(0.40

)

July 2017 - December 2017

 

Collars

 

Natural Gas

 

 
3,680,000

 

3.00 - 3.26

 

 
3.13

 

3.38 - 3.76

 

 
3.53

 

 

 

 

 

 

July 2017 - December 2017

 

Collars

 

Crude Oil

 

 
3,910,000

 

47.00 - 60.00

 

 
51.30

 

52.00 - 76.84

 

 
58.40

 

 

 

 

 

 

January 2018 - December 2018

 

Basis Swap

 

Crude Oil

 

 
2,555,000

 

—

 

 

—

 

—

 

 

—

 

(1.05) - (1.50)

 

 
(1.29

)

January 2018 - December 2018

 

Basis Swap

 

Natural Gas

 

 
1,825,000

 

—

 

 

—

 

—

 

 

—

 

(0.40) - (0.41)

 

 
(0.40

)

January 2018 - December 2018

 

Collars

 

Natural Gas

 

 
3,650,000

 

3.00 - 3.03

 

 
3.01

 

3.22 - 3.39

 

 
3.32

 

 

 

 

 

 

January 2018 - December 2018

 

Collars

 

Crude Oil

 

 
2,190,000

 

45.00 - 53.00

 

 
50.17

 

55.25 - 60.00

 

 
58.54

 

 

 

 

 

 

July 2018 - December 2018

 

Basis Swap

 

Crude Oil

 

 
828,000

 

—

 

 

—

 

—

 

 

—

 

(1.12) - (1.18)

 

 
(1.15

)

January 2019 - December 2019

 

Basis Swap

 

Crude Oil

 

 
2,372,500

 

—

 

 

—

 

—

 

 

—

 

(1.12) - (1.33)

 

 
(1.20

)

 

                                                                                                                                                                                    

 

 

 

 

 

 

Successor

 

 

 

 

 

 

 

December 31, 2016

 

 

 

 

 

 

 

 

 

Floors

 

Ceilings

 

Period

  

Instrument

  

Commodity

  

Volume in
Mmbtu's/
Bbl's

  

Price /
Price
Range

  

Weighted
Average
Price

  

Price /
Price
Range

  

Weighted
Average
Price

 

January 2017 - December 2017

 

Collars

 

Natural Gas

 

 
3,650,000

 

$3.15 - $3.26

 

$
3.20

 

$3.50 - $3.76

 

$
3.63

 

January 2017 - December 2017

 

Collars

 

Crude Oil

 

 
6,843,750

 

47.00 - 60.00

 

 
51.39

 

52.00 - 76.84

 

 
58.75

 

January 2018 - December 2018

 

Collars

 

Crude Oil

 

 
730,000

 

53.00

 

 
53.00

 

58.00

 

 
58.00

 

 

Schedule of potential effects of master netting arrangements on the fair value of derivative contracts

        The following table shows the potential effects of master netting arrangements on the fair value of the Company's derivative contracts (in thousands):

                                                                                                                                                                                    

 

 

Derivative Assets

 

Derivative Liabilities

 

 

 

Successor

 

Successor

 

Offsetting of Derivative Assets and Liabilities

    

June 30,
2017

   

December 31,
2016

    

June 30,
2017

   

December 31,
2016

 

Gross Amounts Presented in the Consolidated Balance Sheet

 

$
31,866

 

$
5,923

 

$
(643

)

$
(16,920

)

Amounts Not Offset in the Consolidated Balance Sheet

 

 
(669

)

 
(5,283

)

 
642

 

 
5,075

 

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Net Amount

 

$
31,197

 

$
640

 

$
(1

)

$
(11,845

)

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