v3.10.0.1

Derivative Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Outstanding Commodity Derivatives Volumes and Prices

The following table provides our outstanding commodity derivative positions at June 30, 2018.

Commodity and Period		Contract Type		Volume Transacted		Contract Price
Crude Oil
July 2018 – December 2018		Swap		300 Bbls/day		$50.00/Bbl
July 2018 – September 2018		Swap		1,500 Bbls/day		$60.50/Bbl
CMA Roll
July 2018 – December 2018 (1)		Swap		2,000 Bbls/day		$0.66/Bbl
Natural Gas
July 2018 – December 2018		Swap		200,000 MMBtu/month		$3.085/MMBtu
July 2018 – December 2018		Swap		250,000 MMBtu/month		$3.084/MMBtu
NGLs (C2 - Ethane)
July 2018 – December 2018		Swap		1,000 Bbls/day		$11.424/Bbl
NGLs (C3 - Propane)
July 2018 – December 2018		Swap		600 Bbls/day		$32.991/Bbl
NGLs (IC4 - Isobutane)
July 2018 – December 2018		Swap		50 Bbls/day		$38.262/Bbl
NGLs (NC4 - Butane)
July 2018 – December 2018		Swap		200 Bbls/day		$38.22/Bbl
NGLs (C5 - Pentane)
July 2018 – December 2018		Swap		200 Bbls/day		$56.364/Bbl
(1) Designated as a cash flow hedge

Summary of Fair Value of Open Commodity Derivatives

The following table summarizes the fair value of our open commodity derivatives as of June 30, 2018, and December 31, 2017 (in thousands).

		Balance Sheet Location		Fair Value
				June 30,				December 31,
				2018				2017
Derivatives not designated as hedging instruments
Commodity derivatives		Derivative assets		$	366			$	1,398
Commodity derivatives		Derivative liabilities			(4,448	)			(2,181	)
Total derivatives not designated as hedging instruments					(4,082	)			(783	)
Derivatives designated as cash flow hedges
Commodity derivatives		Derivative liabilities		$	(197	)			—

Summary of Commodity Derivatives (Loss) Gain

The following table summarizes the commodity derivatives (loss) gain (in thousands).

				Three Months Ended								Six Months Ended
	Income Statement Location			June 30,								June 30,
				2018				2017				2018				2017
Derivatives not designated as hedging instruments
Net cash (payment) receipt on derivative settlements				$	(1,982	)		$	3			$	(3,513	)		$	(958	)
Non-cash fair value (loss) gain on derivatives					(2,902	)			1,228				(3,299	)			5,633
	Commodity derivative (loss) gain			$	(4,884	)		$	1,231			$	(6,812	)		$	4,675
Derivatives designated as cash flow hedges
	Oil, NGLs and gas sales			$	62			$	—			$	62			$	—

Summary of Changes in Accumulated Other Comprehensive Income ("AOCI")

The following table summarizes the changes in accumulated other comprehensive income (“AOCI”) for the three months ended June 30, 2018 (in thousands).

		Pre-Tax				Tax Benefit				Net-of Tax
Balance at March 31, 2018		$	—			$	—			$	—
Other comprehensive loss before reclassifications			(135	)			28				(107	)
Amounts reclassified from AOCI			(62	)			13				(49	)
Net other comprehesive loss			(197	)			41				(156	)
Balance at June 30, 2018		$	(197	)		$	41			$	(156	)

The following table summarizes the changes in AOCI for the six months ended June 30, 2018 (in thousands).

		Pre-Tax				Tax Benefit				Net-of Tax
Balance at December 31, 2017		$	—			$	—			$	—
Other comprehensive loss before reclassifications			(135	)			28				(107	)
Amounts reclassified from AOCI			(62	)			13				(49	)
Net other comprehesive loss			(197	)			41				(156	)
Balance at June 30, 2018		$	(197	)		$	41			$	(156	)

Summary of Financial Instruments Not Recorded at Fair Value

The following table sets forth the fair values of financial instruments that are not recorded at fair value on our financial statements (in thousands).

		June 30, 2018
		Carrying Amount				Fair Value
Senior Notes		$	84,335			$	83,889

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