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DERIVATIVE AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
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Sep. 30, 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 (in thousands):
Derivatives not designated as |  |  |  | Asset derivative contracts |  |  |  | Liability derivative contracts
hedging contracts under ASC 815 |  | Balance sheet location |  | September 30, 2019 |  | December 31, 2018 |  | Balance sheet location |  | September 30, 2019 |  | December 31, 2018
Commodity contracts |  | Current assets—receivables from derivative contracts |  | $ | 15,310 |  | $ | 57,280 |  | Current liabilities—liabilities from derivative contracts |  | $ | (6,829) |  | $ | (3,768)
Commodity contracts |  | Other noncurrent assets—receivables from derivative contracts |  |  | 4,120 |  |  | 12,437 |  | Other noncurrent liabilities—liabilities from derivative contracts |  |  | (1,625) |  |  | (9,139)
Total derivatives not designated as hedging contracts under ASC 815 |  |  |  | $ | 19,430 |  | $ | 69,717 |  |  |  | $ | (8,454) |  | $ | (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 |  | Amount of gain or (loss) recognized in
|  |  |  | income on derivative contracts for the |  | income on derivative contracts for the
Derivatives not designated as hedging |  | Location of gain or (loss) recognized in |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
contracts under ASC 815 |  | income on derivative contracts |  | 2019 |  | 2018 |  | 2019 |  | 2018
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) on commodity contracts |  | Other income (expenses)—net gain (loss) on derivative contracts |  | $ | 11,571 |  | $ | (50,763) |  | $ | (45,834) |  | $ | (77,524)
Realized gain (loss) on commodity contracts |  | Other income (expenses)—net gain (loss) on derivative contracts |  |  | 1,886 |  |  | (9,643) |  |  | 11,502 |  |  | 10,921
Total net gain (loss) on derivative contracts |  |  |  | $ | 13,457 |  | $ | (60,406) |  | $ | (34,332) |  | $ | (66,603)
Schedule of open derivative contracts |
|  |  |  |  |  | September 30, 2019
|  |  |  |  |  |  |  | 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 2019 - December 2019 |  | Basis Swap |  | Crude Oil |  | 828,000 |  | $ |  |  | — |  | $ | — |  | $ |  |  | — |  | $ | — |  | $ | (6.50) | - | $ | 4.00 |  | $ | 0.31
October 2019 - December 2019 |  | Collars |  | Crude Oil |  | 736,000 |  |  | 50.00 | - | 55.85 |  |  | 52.61 |  |  | 55.00 | - | 60.85 |  |  | 57.89 |  |  |  |  |  |  |  |  |
October 2019 - December 2019 |  | Basis Swap |  | Natural Gas |  | 2,346,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1.05) | - |  | (1.40) |  |  | (1.18)
October 2019 - December 2019 |  | Collars |  | Natural Gas |  | 1,978,000 |  |  | 2.52 | - | 2.70 |  |  | 2.60 |  |  | 3.00 | - | 3.10 |  |  | 3.01 |  |  |  |  |  |  |  |  |
October 2019 - December 2019 |  | Swap |  | Natural Gas Liquids |  | 322,000 |  |  | 29.08 | - | 29.50 |  |  | 29.21 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
October 2019 - December 2019 |  | WTI NYMEX ROLL |  | Crude Oil |  | 460,000 |  |  |  |  | 0.35 |  |  | 0.35 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 2020 - December 2020 |  | Swap |  | Crude Oil |  | 366,000 |  |  |  |  | 60.00 |  |  | 60.00 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | December 31, 2018
|  |  |  |  |  |  |  | Floors |  | Ceilings |  | Basis Differential
|  |  |  |  |  | Volume in |  | Price / |  | Weighted |  | Price / |  | Weighted |  |  |  |  |  |  | Weighted
|  |  |  |  |  | Mmbtu’s/ |  | Price |  | Average |  | Price |  | Average |  | Price / |  | Average
Period |  | Instrument |  | Commodity |  | Bbl’s |  | Range |  | Price |  | Range |  | Price |  | 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 September 30, 2019 and December 31, 2018 (in thousands):
|  | Derivative Assets |  | Derivative Liabilities
Offsetting of Derivative Assets and Liabilities |  | September 30, 2019 |  | December 31, 2018 |  | September 30, 2019 |  | December 31, 2018
Gross Amounts Presented in the Consolidated Balance Sheet |  | $ | 19,430 |  | $ | 69,717 |  | $ | (8,454) |  | $ | (12,907)
Amounts Not Offset in the Consolidated Balance Sheet |  |  | (8,454) |  |  | (10,263) |  |  | 8,454 |  |  | 10,263
Net Amount |  | $ | 10,976 |  | $ | 59,454 |  | $ | — |  | $ | (2,644)

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