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DERIVATIVE AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2019

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 as of March 31, 2019 and December 31, 2018 (in thousands):

				Asset derivative contracts								Liability derivative contracts
Derivatives not designated as hedging contracts under ASC 815		Balance sheet location		March 31, 2019			December 31, 2018			Balance sheet location		March 31, 2019			December 31, 2018
Commodity contracts		Current assets—receivables from derivative contracts		$	11,223		$	57,280		Current liabilities—liabilities from derivative contracts		$	(20,086)		$	(3,768)
Commodity contracts		Other noncurrent assets—receivables from derivative contracts			4,844			12,437		Other noncurrent liabilities—liabilities from derivative contracts			(7,341)			(9,139)
Total derivatives not designated as hedging contracts under ASC 815				$	16,067		$	69,717				$	(27,427)		$	(12,907)

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
		Location of gain or (loss) recognized in		Three Months Ended March 31,
Derivatives not designated as hedging contracts under ASC 815		income on derivative contracts		2019			2018
Commodity contracts:
Unrealized gain (loss) on commodity contracts		Other income (expenses)—net gain (loss) on derivative contracts		$	(68,169)		$	11,113
Realized gain (loss) on commodity contracts		Other income (expenses)—net gain (loss) on derivative contracts			3,370			(5,210)
Total net gain (loss) on derivative contracts				$	(64,799)		$	5,903

Schedule of open derivative contracts

						March 31, 2019
								Floors								Ceilings								Basis Differential
						Volume in		Price /					Weighted			Price /					Weighted			Price /						Weighted
						Mmbtu’s/		Price					Average			Price					Average			Price						Average
Period		Instrument		Commodity		Bbl’s		Range					Price			Range					Price			Range						Price
April 2019 - June 2019		Basis Swap		Crude Oil		182,000		$			—		$	—		$			—		$	—		$	(1.00)	-	$	(1.18)		$	(1.09)
April 2019 - June 2019		Collars		Crude Oil		182,000			50.00	-	51.00			50.50			55.00	-	56.00			55.50
April 2019 - September 2019		Basis Swap		Crude Oil		366,000																			(6.20)	-		(7.60)			(6.90)
April 2019 - December 2019		Basis Swap		Natural Gas		7,012,500																			(1.05)	-		(1.40)			(1.18)
April 2019 - December 2019		Basis Swap		Crude Oil		1,464,000																			(0.98)	-		(6.50)			(3.95)
April 2019 - December 2019		Collars		Crude Oil		2,475,000			50.00	-	58.00			53.76			55.20	-	63.00			60.41
April 2019 - December 2019		Collars		Natural Gas		6,600,000			2.52	-	2.70			2.60			3.00	-	3.10			3.01
April 2019 - December 2019		Swap		Natural Gas Liquid		1,100,000			29.08	-	30.15			29.33
April 2019 - December 2019		WTI NYMEX ROLL		Crude Oil		1,375,000					0.35			0.35
April 2019 - December 2019		Swap		Crude Oil		483,967					56.80			56.80
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
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
January 2020 - December 2020		Swap		Crude Oil		620,549					56.80			56.80
January 2021 - December 2021		Swap		Crude Oil		611,537					56.80			56.80
January 2022 - March 2022		Swap		Crude Oil		152,104					56.80			56.80

						December 31, 2018
								Floors									Ceilings									Basis Differential
						Volume in		Price /						Weighted			Price /						Weighted			Price /						Weighted
						Mmbtu’s/		Price						Average			Price						Average			Price						Average
Period		Instrument		Commodity		Bbl’s		Range						Price			Range						Price			Range						Price
January 2019 - March 2019		Calls		Crude Oil		1,350,000					$	—		$	—					$	62.64		$	62.64					$	—		$	—
January 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

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 March 31, 2019 and December 31, 2018 (in thousands):

		Derivative Assets						Derivative Liabilities
Offsetting of Derivative Assets and Liabilities		March 31, 2019			December 31, 2018			March 31, 2019			December 31, 2018
Gross Amounts Presented in the Consolidated Balance Sheet		$	16,067		$	69,717		$	(27,427)		$	(12,907)
Amounts Not Offset in the Consolidated Balance Sheet			(12,807)			(10,263)			12,807			10,263
Net Amount		$	3,260		$	59,454		$	(14,620)		$	(2,644)

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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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.

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