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DERIVATIVE AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 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
				September 30,			December 31,					September 30,			December 31,
Derivatives not designated as hedging contracts under ASC 815		Balance sheet location		2018(1)			2017			Balance sheet location		2018(2)			2017
Commodity contracts		Current assets - receivables from derivative contracts		$	16,553		$	677		Current liabilities - liabilities from derivative contracts		$	(86,176)		$	(19,248)
Commodity contracts		Other noncurrent assets -receivables from derivative contracts			2,794			—		Other noncurrent liabilities - liabilities from derivative contracts			(37,459)			(7,751)
Total derivatives not designated as hedging contracts under ASC 815				$	19,347		$	677				$	(123,635)		$	(26,999)

(1) Amount includes a $0.7 million deferred premium asset classified all as current as of September 30, 2018.

(2) Amount includes a $4.7 million deferred premium obligation of which $0.3 million was classified as current as of September 30, 2018.

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						Amount of gain
				or  (loss)						or (loss)
				recognized in						recognized in
				income on						income on
				derivative						derivative
				contracts for the						contracts for the
				Three Months						Nine Months
				Ended						Ended
		Location of gain or (loss) recognized in		September 30,						September 30,
Derivatives not designated as hedging contracts under ASC 815		income on derivative contracts		2018			2017			2018			2017
Commodity contracts:
Unrealized gain (loss) on commodity contracts		Other income (expenses) - net gain (loss) on derivative contracts		$	(50,763)		$	(31,209)		$	(77,524)		$	11,010
Realized gain (loss) on commodity contracts		Other income (expenses) - net gain (loss) on derivative contracts			(9,643)			8,794			10,921			17,129
Total net gain (loss) on derivative contracts				$	(60,406)		$	(22,415)		$	(66,603)		$	28,139

Schedule of open derivative contracts

						September 30, 2018
								Floors								Ceilings								Basis Differential
						Volume in							Weighted								Weighted									Weighted
						Mmbtu’s/		Price /					Average			Price /					Average			Price /						Average
Period		Instrument		Commodity		Bbl’s		Price Range					Price			Price Range					Price			Price Range						Price
October 2018 - December 2018		Basis Swap		Crude Oil		1,012,000		$	—		—		$	—		$	—		—		$	—		$	(6.90)	-	$	(12.50)		$	(10.64)
October 2018 - December 2018		Basis Swap		Natural Gas		1,380,000																			(1.05)	-		(1.19)			(1.10)
October 2018 - December 2018		Collars		Crude Oil		1,196,000			45.00	-	55.80			50.08			50.00	-	63.00			56.87
October 2018 - December 2018		Collars		Natural Gas		690,000			3.00	-	3.03			3.01			3.22	-	3.38			3.30
October 2018 - December 2018		Calls		Crude Oil		1,196,000											59.00	-	63.00			59.92
October 2018 - December 2018		Calls		Crude Oil		(1,196,000)											50.00	-	63.00			56.87
October 2018 - December 2018		Swap		Natural Gas Liquids		92,000					32.50			32.50
October 2018 - December 2018		WTI NYMEX Roll		Crude Oil		460,000																						0.35			0.35
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		543,000																			(1.15)	-		(1.33)			(1.22)
January 2019 - September 2019		Basis Swap		Crude Oil		546,000																			(6.20)	-		(7.60)			(6.90)
January 2019 - December 2019		Basis Swap		Crude Oil		2,365,000																			(0.98)	-		(6.50)			(3.73)
January 2019 - December 2019		Basis Swap		Natural Gas		9,307,500																			(1.05)	-		(1.40)			(1.18)
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		Collars		Natural Gas		8,395,000			2.52	-	2.65			2.60			3.00	-	3.03			3.01
January 2019 - December 2019		Swap		Natural Gas Liquids		1,460,000			29.08	-	30.15			29.33
January 2019 - December 2019		WTI NYMEX Roll		Crude Oil		1,825,000																						0.35			0.35
April 2019 - December 2019		Collars		Crude Oil		275,000					55.00			55.00					62.85			62.85
July 2019 - December 2019		Collars		Crude Oil		184,000					55.00			55.00					69.00			69.00
October 2019 - December 2019		Basis Swap		Crude Oil		368,000																			3.45	-		3.75			3.65
October 2019 - December 2019		Swap		Natural Gas Liquids		92,000					32.50			32.50
January 2020 - December 2020		Basis Swap		Crude Oil		2,928,000																			2.00	-		3.75			2.82
January 2020 - December 2020		Collars		Crude Oil		549,000					50.00			50.00					70.00			70.00
January 2020 - December 2020		Calls		Crude Oil		1,464,000													70.00			70.00
January 2020 - December 2020		Puts		Crude Oil		915,000					55.00			55.00
January 2020 - December 2020		Swap		Natural Gas Liquids		732,000					31.00			31.00

						December 31, 2017
								Floors									Ceilings									Basis Differential
						Volume in								Weighted									Weighted									Weighted
						Mmbtu’s/		Price /						Average			Price /						Average			Price /						Average
Period		Instrument		Commodity		Bbl’s		Price Range						Price			Price Range						Price			Price Range						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		September 30, 2018			December 31, 2017			September 30, 2018			December 31, 2017
Gross Amounts Presented in the Consolidated Balance Sheet		$	19,347		$	677		$	(123,635)		$	(26,999)
Amounts Not Offset in the Consolidated Balance Sheet			(18,040)			(231)			18,040			231
Net Amount		$	1,307		$	446		$	(105,595)		$	(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.

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+ References

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