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DERIVATIVE AND HEDGING ACTIVITIES (Tables)

9 Months Ended

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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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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