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DERIVATIVE AND HEDGING ACTIVITIES (Tables)

6 Months Ended

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

)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total derivatives not designated as hedging contracts under ASC 815

$

20,837

$

677

$

(74,486

)

$

(26,999

)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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​

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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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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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X

- 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.

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- Definition

Tabular disclosure of derivative, other financial assets and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: 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

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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
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-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5580258-113959

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-Publisher FASB
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959

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-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

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579240-113959

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