Derivative Instruments and Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 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 September 30, 2018.
|
Commodity and Period |
|
Contract
Type |
|
Volume Transacted |
|
Contract Price |
|
Crude Oil |
|
|
|
|
|
|
|
October 2018 – December 2018 |
|
Swap |
|
300 Bbls/day |
|
$50.00/Bbl |
|
October 2018 – December 2019 |
|
Collar |
|
500 Bbls/day |
|
$65.00/Bbl - $71.00/Bbl |
|
|
|
|
|
|
|
|
|
CMA Roll |
|
|
|
|
|
|
|
October 2018 – December 2018 (1) |
|
Swap |
|
2,000 Bbls/day |
|
$0.66/Bbl |
|
|
|
|
|
|
|
|
|
Natural Gas |
|
|
|
|
|
|
|
October 2018 – December 2018 |
|
Swap |
|
200,000 MMBtu/month |
|
$3.085/MMBtu |
|
October 2018 – December 2018 |
|
Swap |
|
250,000 MMBtu/month |
|
$3.084/MMBtu |
|
|
|
|
|
|
|
|
|
NGLs (C2 - Ethane) |
|
|
|
|
|
|
|
October 2018 – December 2018 |
|
Swap |
|
1,000 Bbls/day |
|
$11.424/Bbl |
|
October 2018 – December 2018 |
|
Swap |
|
400 Bbls/day |
|
$14.70/Bbl |
|
NGLs (C3 - Propane) |
|
|
|
|
|
|
|
October 2018 – December 2018 |
|
Swap |
|
600 Bbls/day |
|
$32.991/Bbl |
|
October 2018 – December 2018 |
|
Swap |
|
400 Bbls/day |
|
$40.74/Bbl |
|
October 2018 – June 2019 |
|
Swap |
|
75 Bbls/day |
|
$42.00/Bbl |
|
NGLs (IC4 - Isobutane) |
|
|
|
|
|
|
|
October 2018 – December 2018 |
|
Swap |
|
50 Bbls/day |
|
$38.262/Bbl |
|
NGLs (NC4 - Butane) |
|
|
|
|
|
|
|
October 2018 – December 2018 |
|
Swap |
|
200 Bbls/day |
|
$38.22/Bbl |
|
NGLs (C5 - Pentane) |
|
|
|
|
|
|
|
October 2018 – December 2018 |
|
Swap |
|
200 Bbls/day |
|
$56.364/Bbl |
|
January 2019 – December 2019 |
|
Swap |
|
100 Bbls/day |
|
$65.10/Bbl |
|
January 2019 – December 2019 |
|
Swap |
|
100 Bbls/day |
|
$65.31/Bbl |
After September 30, 2018, we entered into the following commodity derivative positions:
|
Commodity and Period |
|
Contract
Type |
|
Volume Transacted |
|
Contract Price |
|
NGLs (C2 - Ethane) |
|
|
|
|
|
|
|
January 2019 – March 2019 |
|
Swap |
|
900 Bbls/day |
|
$14.123/Bbl |
|
NGLs (C3 - Propane) |
|
|
|
|
|
|
|
January 2019 – March 2019 |
|
Swap |
|
600 Bbls/day |
|
$35.165/Bbl |
|
NGLs (NC4 - Butane) |
|
|
|
|
|
|
|
January 2019 – March 2019 |
|
Swap |
|
200 Bbls/day |
|
$38.63/Bbl |
|
| Summary of Fair Value of Open Commodity Derivatives |
The following table summarizes the fair value of our open commodity derivatives as of September 30, 2018, and December 31, 2017 (in thousands).
|
|
|
Balance Sheet Location |
|
Fair Value |
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
|
|
|
2018 |
|
|
2017 |
|
|
Derivatives not designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives |
|
Derivative assets |
|
$ |
31 |
|
|
$ |
1,398 |
|
|
Commodity derivatives |
|
Derivative liabilities |
|
|
(4,197 |
) |
|
|
(2,181 |
) |
|
Total derivatives not designated as hedging instruments |
|
|
|
|
(4,166 |
) |
|
|
(783 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives designated as cash flow hedges |
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives |
|
Derivative assets |
|
$ |
59 |
|
|
|
— |
|
|
| Summary of Commodity Derivatives (Loss) Gain |
The following table summarizes the commodity derivatives (loss) gain (in thousands).
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
Income Statement Location |
|
September 30, |
|
|
September 30, |
|
|
|
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
Derivatives not designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash payment on derivative settlements |
|
$ |
(3,172 |
) |
|
$ |
(523 |
) |
|
$ |
(6,685 |
) |
|
$ |
(1,481 |
) |
|
Non-cash fair value (loss) gain on derivatives |
|
|
(84 |
) |
|
|
(3,037 |
) |
|
|
(3,383 |
) |
|
|
2,596 |
|
|
|
Commodity derivative (loss) gain |
$ |
(3,256 |
) |
|
$ |
(3,560 |
) |
|
$ |
(10,068 |
) |
|
$ |
1,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives designated as cash flow hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, NGLs and gas sales |
$ |
(85 |
) |
|
$ |
— |
|
|
$ |
(23 |
) |
|
$ |
— |
|
|
| 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 September 30, 2018 (in thousands).
|
|
|
Pre-Tax |
|
|
Tax Effect |
|
|
Net-of Tax |
|
|
Balance at June 30, 2018 |
|
$ |
(197 |
) |
|
$ |
41 |
|
|
$ |
(156 |
) |
|
Other comprehensive income before reclassifications |
|
|
171 |
|
|
|
(36 |
) |
|
|
135 |
|
|
Amounts reclassified from AOCI |
|
|
85 |
|
|
|
(18 |
) |
|
|
67 |
|
|
Net other comprehensive income |
|
|
256 |
|
|
|
(54 |
) |
|
|
202 |
|
|
Balance at September 30, 2018 |
|
$ |
59 |
|
|
$ |
(13 |
) |
|
$ |
46 |
|
The following table summarizes the changes in AOCI for the nine months ended September 30, 2018 (in thousands).
|
|
|
Pre-Tax |
|
|
Tax Effect |
|
|
Net-of Tax |
|
|
Balance at December 31, 2017 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Other comprehensive income before reclassifications |
|
|
36 |
|
|
|
(8 |
) |
|
|
28 |
|
|
Amounts reclassified from AOCI |
|
|
23 |
|
|
|
(5 |
) |
|
|
18 |
|
|
Net other comprehensive income |
|
|
59 |
|
|
|
(13 |
) |
|
|
46 |
|
|
Balance at September 30, 2018 |
|
$ |
59 |
|
|
$ |
(13 |
) |
|
$ |
46 |
|
|
| 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).
|
|
|
September 30, 2018 |
|
|
|
|
Carrying
Amount |
|
|
Fair Value |
|
|
Senior Notes |
|
$ |
84,411 |
|
|
$ |
82,855 |
|
|