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DERIVATIVE AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 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 consolidated balance sheets as of December 31, 2018 and 2017 (in thousands):
Derivatives not designated |  |  |  | Asset derivative contracts |  |  |  | Liability derivative contracts
as hedging contracts under |  |  |  | December 31, |  | December 31, |  |  |  | December 31, |  | December 31,
ASC 815 |  | Balance sheet location |  | 2018 |  | 2017 |  | Balance sheet location |  | 2018 |  | 2017
Commodity contracts |  | Current assets—receivables from derivative contracts |  | $ | 57,280 |  | $ | 677 |  | Current liabilities—liabilities from derivative contracts |  | $ | (3,768) |  | $ | (19,248)
Commodity contracts |  | Other noncurrent assets—receivables from derivative contracts |  |  | 12,437 |  |  | — |  | Other noncurrent liabilities—liabilities from derivative contracts |  |  | (9,139) |  |  | (7,751)
Total derivatives not designated as hedging contracts under ASC 815 |  | $ | 69,717 |  | $ | 677 |  |  |  | $ | (12,907) |  | $ | (26,999)
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 consolidated statements of operations (in thousands):
|  |  |  | Amount of gain or (loss) recognized in income on derivative contracts for the
|  |  |  | Successor |  |  | Predecessor
|  |  |  |  |  |  |  |  |  | Period from |  |  | Period from
|  |  |  |  |  |  |  |  |  | September 10, 2016 |  |  | January 1, 2016
Derivatives not designated as hedging |  | Location of gain or (loss) recognized in |  | Years Ended December 31, |  | through |  |  | through
contracts under ASC 815 |  | income on derivative contracts |  | 2018 |  | 2017 |  | December 31, 2016 |  |  | September 9, 2016
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) on commodity contracts |  | Other income (expenses)—net gain (loss) on derivative contracts |  | $ | 84,274 |  | $ | (16,468) |  | $ | (112,449) |  |  | $ | (263,732)
Realized gain (loss) on commodity contracts |  | Other income (expenses)—net gain (loss) on derivative contracts |  |  | 8,351 |  |  | 17,759 |  |  | 84,709 |  |  |  | 245,734
Total net gain (loss) on derivative contracts |  | $ | 92,625 |  | $ | 1,291 |  | $ | (27,740) |  |  | $ | (17,998)
Schedule of open derivative contracts | At December 31, 2018 and 2017, the Company had the following open crude oil and natural gas derivative contracts:
|  |  |  |  |  | December 31, 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
Janaury 2019—March 2019 |  | Calls |  | Crude Oil |  | 1,350,000 |  | $ | — |  | — |  | $ | — |  | $ | — |  | 62.64 |  | $ | 62.64 |  |  |  |  |  |  |  |
Janaury 2019—March 2019 |  | Calls |  | Crude Oil |  | (1,350,000) |  |  |  |  |  |  |  |  |  |  | — |  | 58.64 |  |  | 58.64 |  |  |  |  |  |  |  |
January 2019—March 2019 |  | Collars |  | Crude Oil |  | 90,000 |  |  | — |  | 46.75 |  |  | 46.75 |  |  | — |  | 51.75 |  |  | 51.75 |  |  |  |  |  |  |  |
January 2019—June 2019 |  | Collars |  | Crude Oil |  | 181,000 |  |  | — |  | 51.00 |  |  | 51.00 |  |  | — |  | 56.00 |  |  | 56.00 |  |  |  |  |  |  |  |
January 2019—September 2019 |  | Basis Swap |  | Crude Oil |  | 546,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6.20) | - | (7.60) |  |  | (6.90)
January 2019—December 2019 |  | Basis Swap |  | Crude Oil |  | 2,448,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (0.98) | - | (6.50) |  |  | (2.80)
January 2019—December 2019 |  | Basis Swap |  | Natural Gas |  | 9,307,500 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1.05) | - | (1.40) |  |  | (1.18)
January 2019—December 2019 |  | Collars |  | Crude Oil |  | 3,650,000 |  |  | 50.00 | - | 58.00 |  |  | 53.87 |  |  | 55.20 | - | 63.00 |  |  | 60.07 |  |  |  |  |  |  |  |
January 2019—December 2019 |  | Collars |  | Natural Gas |  | 8,760,000 |  |  | 2.52 | - | 2.70 |  |  | 2.60 |  |  | 3.00 | - | 3.10 |  |  | 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—June 2019 |  | Collars |  | Crude Oil |  | 91,000 |  |  | — |  | 50.00 |  |  | 50.00 |  |  | — |  | 55.00 |  |  | 55.00 |  |  |  |  |  |  |  |
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 |  | 460,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2.40) | - | (6.50) |  |  | (5.68)
July 2019—December 2019 |  | Collars |  | Crude Oil |  | 552,000 |  |  | 50.00 | - | 55.00 |  |  | 53.00 |  |  | 55.00 | - | 69.00 |  |  | 61.00 |  |  |  |  |  |  |  |
October 2019—December 2019 |  | Basis Swap |  | Crude Oil |  | 460,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3.45 | - | 4.00 |  |  | 3.72
October 2019—December 2019 |  | Collars |  | Crude Oil |  | 92,000 |  |  | — |  | 51.00 |  |  | 51.00 |  |  | — |  | 56.00 |  |  | 56.00 |  |  |  |  |  |  |  |
October 2019—December 2019 |  | Swap |  | Natural Gas Liquids |  | 92,000 |  |  | — |  | 32.50 |  |  | 32.50 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 2020—December 2020 |  | Basis Swap |  | Crude Oil |  | 3,294,000 |  |  | 2.00 | - | 4.00 |  |  | 2.95 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 2020—December 2020 |  | Collars |  | Crude Oil |  | 549,000 |  |  | — |  | 50.00 |  |  | 50.00 |  |  | — |  | 70.00 |  |  | 70.00 |  |  |  |  |  |  |  |
January 2020—December 2020 |  | Calls |  | Crude Oil |  | 2,342,400 |  |  |  |  |  |  |  | — |  |  | — |  | 70.00 |  |  | 70.00 |  |  | — |  | — |  |  | —
January 2020—December 2020 |  | Puts |  | Crude Oil |  | 915,000 |  |  | — |  | 55.00 |  |  | 55.00 |  |  | — |  | — |  |  | — |  |  |  |  |  |  |  |
|  |  |  |  |  | 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 at December 31, 2018 and 2017 (in thousands):
|  | Derivative Assets |  | Derivative Liabilities
|  | December 31, |  | December 31, |  | December 31, |  | December 31,
Offsetting of Derivative Assets and Liabilities |  | 2018 |  | 2017 |  | 2018 |  | 2017
Gross amounts presented in the consolidated balance sheet |  | $ | 69,717 |  | $ | 677 |  | $ | (12,907) |  | $ | (26,999)
Amounts not offset in the consolidated balance sheet |  |  | (10,263) |  |  | (231) |  |  | 10,263 |  |  | 231
Net amount |  | $ | 59,454 |  | $ | 446 |  | $ | (2,644) |  | $ | (26,768)

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