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DERIVATIVE AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
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Jun. 30, 2018
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 |
Derivatives not designated as hedging contracts under ASC 815 |  | Balance sheet location |  | June 30, 2018 |  | December 31, 2017 |  | Balance sheet location |  | June 30, 2018 |  | December 31, 2017 |
Commodity contracts |  | Current assets—receivables from derivative contracts |  | $ | 19,391 |  | $ | 677 |  | Current liabilities—liabilities from derivative contracts |  | $ | (53,513 | ) | $ | (19,248 | )
Commodity contracts |  | Other noncurrent assets—receivables from derivative contracts |  |  | 1,446 |  |  | — |  | Other noncurrent liabilities—liabilities from derivative contracts |  |  | (20,973 | ) |  | (7,751 | )
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Total derivatives not designated as hedging contracts under ASC 815 |  | $ | 20,837 |  | $ | 677 |  |  |  | $ | (74,486 | ) | $ | (26,999 | )
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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 |
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | Location of gain or (loss) recognized in income on derivative contracts |
Derivatives not designated as hedging contracts under ASC 815 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) on commodity contracts |  | Other income (expenses)—net gain (loss) on derivative contracts |  | $ | (37,874 | ) | $ | 18,005 |  | $ | (26,761 | ) | $ | 42,219 |
Realized gain (loss) on commodity contracts |  | Other income (expenses)—net gain (loss) on derivative contracts |  |  | 25,774 |  |  | 6,151 |  |  | 20,564 |  |  | 8,335 |
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Total net gain (loss) on derivative contracts |  | $ | (12,100 | ) | $ | 24,156 |  | $ | (6,197 | ) | $ | 50,554 |
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Schedule of open derivative contracts |
|  |  |  |  |  | June 30, 2018 |
|  |  |  |  |  |  |  | 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 2018 - December 2018 |  | Basis Swap |  | Natural Gas |  |  | 2,760,000 |  | $— |  | $ | — |  | $— |  | $ | — |  | $(1.05) - $(1.19) |  | $ | (1.10 | )
July 2018 - December 2018 |  | Basis Swap |  | Crude Oil |  |  | 1,472,000 |  |  |  |  |  |  |  |  |  |  |  | (10.75) - (12.50) |  |  | (11.69 | )
July 2018 - December 2018 |  | Collars |  | Crude Oil |  |  | 1,840,000 |  | 45.00 - 53.00 |  |  | 48.96 |  | 50.00 - 60.00 |  |  | 55.98 |  |  |  |  |  |
July 2018 - December 2018 |  | Collars |  | Natural Gas |  |  | 1,380,000 |  | 3.00 - 3.03 |  |  | 3.01 |  | 3.22 - 3.38 |  |  | 3.30 |  |  |  |  |  |
October 2018 - December 2018 |  | Collars |  | Crude Oil |  |  | 276,000 |  | 50.65 - 55.80 |  |  | 53.82 |  | 55.65 - 63.00 |  |  | 59.82 |  |  |  |  |  |
January 2019 - March 2019 |  | Collars |  | Crude Oil |  |  | 90,000 |  | 46.75 |  |  | 46.75 |  | 51.75 |  |  | 51.75 |  |  |  |  |  |
January 2019 - June 2019 |  | Basis Swap |  | Crude Oil |  |  | 2,172,000 |  |  |  |  |  |  |  |  |  |  |  | (0.98) - (6.50) |  |  | (3.02 | )
January 2019 - December 2019 |  | Basis Swap |  | Natural Gas |  |  | 9,307,500 |  |  |  |  |  |  |  |  |  |  |  | (1.05) - (1.40) |  |  | (1.18 | )
January 2019 - December 2019 |  | Collars |  | Natural Gas |  |  | 7,300,000 |  | 2.52 - 2.62 |  |  | 2.59 |  | 3.00 - 3.02 |  |  | 3.00 |  |  |  |  |  |
January 2019 - December 2019 |  | Collars |  | Crude Oil |  |  | 5,110,000 |  | 50.00 - 58.00 |  |  | 53.12 |  | 55.00 - 63.00 |  |  | 58.98 |  |  |  |  |  |
January 2019 - December 2019 |  | Swap |  | Natural Gas Liquids |  |  | 912,500 |  | 29.08 - 29.10 |  |  | 29.09 |  |  |  |  |  |  |  |  |  |  |
April 2019 - December 2019 |  | Collars |  | Crude Oil |  |  | 275,000 |  | 55.00 |  |  | 55.00 |  | 62.85 |  |  | 62.85 |  |  |  |  |  |
July 2019 - December 2019 |  | Basis Swap |  | Crude Oil |  |  | 736,000 |  |  |  |  |  |  |  |  |  |  |  | (0.98) - (6.50) |  |  | (3.95 | )
July 2019 - December 2019 |  | Collars |  | Crude Oil |  |  | 184,000 |  | 55.00 |  |  | 55.00 |  | 69.00 |  |  | 69.00 |  |  |  |  |  |
January 2020 - December 2020 |  | Collars |  | Crude Oil |  |  | 549,000 |  | 50.00 |  |  | 50.00 |  | 70.00 |  |  | 70.00 |  |  |  |  |  |
January 2020 - December 2020 |  | Basis Swap |  | Crude Oil |  |  | 2,196,000 |  |  |  |  |  |  |  |  |  |  |  | 2.00 - 3.60 |  |  | 2.56 |
|  |  |  |  |  | December 31, 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 |
January 2018 - December 2018 |  | Basis Swap |  | Crude Oil |  |  | 2,555,000 |  | $— |  | $ | — |  | $— |  | $ | — |  | $(1.05) - $(1.50) |  | $ | (1.29 | )
January 2018 - December 2018 |  | Collars |  | Crude Oil |  |  | 2,920,000 |  | 45.00 - 53.00 |  |  | 49.29 |  | 50.00 - 60.00 |  |  | 56.82 |  |  |  |  |  |
January 2018 - December 2018 |  | Collars |  | Natural Gas |  |  | 2,737,500 |  | 3.00 - 3.03 |  |  | 3.01 |  | 3.22 - 3.38 |  |  | 3.30 |  |  |  |  |  |
April 2018 - December 2018 |  | Basis Swap |  | Crude Oil |  |  | 275,000 |  |  |  |  |  |  |  |  |  |  |  | (1.15) |  |  | (1.15 | )
April 2018 - December 2018 |  | Collars |  | Crude Oil |  |  | 275,000 |  | 46.75 |  |  | 46.75 |  | 51.75 |  |  | 51.75 |  |  |  |  |  |
July 2018 - December 2018 |  | Basis Swap |  | Crude Oil |  |  | 1,012,000 |  |  |  |  |  |  |  |  |  |  |  | (0.98) - (1.18) |  |  | (1.12 | )
July 2018 - December 2018 |  | Collars |  | Crude Oil |  |  | 184,000 |  | 48.50 |  |  | 48.50 |  | 53.50 |  |  | 53.50 |  |  |  |  |  |
October 2018 - December 2018 |  | Collars |  | Crude Oil |  |  | 92,000 |  | 50.65 |  |  | 50.65 |  | 55.65 |  |  | 55.65 |  |  |  |  |  |
January 2019 - March 2019 |  | Collars |  | Crude Oil |  |  | 90,000 |  | 46.75 |  |  | 46.75 |  | 51.75 |  |  | 51.75 |  |  |  |  |  |
January 2019 - December 2019 |  | Basis Swap |  | Crude Oil |  |  | 4,380,000 |  |  |  |  |  |  |  |  |  |  |  | (0.50) - (1.33) |  |  | (1.02 | )
January 2019 - December 2019 |  | Collars |  | Crude Oil |  |  | 1,825,000 |  | 50.00 - 51.00 |  |  | 50.24 |  | 55.00 - 57.30 |  |  | 55.70 |  |  |  |  |  |
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 |
Offsetting of Derivative Assets and Liabilities |  | June 30, 2018 |  | December 31, 2017 |  | June 30, 2018 |  | December 31, 2017 |
Gross Amounts Presented in the Consolidated Balance Sheet |  | $ | 20,837 |  | $ | 677 |  | $ | (74,486 | ) | $ | (26,999 | )
Amounts Not Offset in the Consolidated Balance Sheet |  |  | (14,982 | ) |  | (231 | ) |  | 14,982 |  |  | 231 |
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Net Amount |  | $ | 5,855 |  | $ | 446 |  | $ | (59,504 | ) | $ | (26,768 | )
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- Definition Tabular disclosure of the location and amount of derivative instruments and non-derivative instruments not designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and non-derivative instruments designated and qualified as hedging instruments. + References No definition available. + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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