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DERIVATIVE AND HEDGING ACTIVITIES (Tables)

12 Months Ended

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)

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.

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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