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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of oil derivative contracts volume and weighted average price
The following table sets forth the volumes per day associated with the Company's outstanding oil derivative contracts as of March 31, 2018 and the weighted average oil prices for those contracts:
 
2018
 
Year Ending December 31, 2019
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Collar contracts:
 
 
 
 
 
 
 
Volume (Bbl)
3,000

 
3,000

 
3,000

 
—

Price per Bbl:
 
 
 
 
 
 
 
Ceiling
$
58.05

 
$
58.05

 
$
58.05

 
$
—

Floor
$
45.00

 
$
45.00

 
$
45.00

 
$
—

Collar contracts with short puts:
 
 
 
 
 
 
 
Volume (Bbl)
149,000

 
154,000

 
159,000

 
65,000

Price per Bbl:
 
 
 
 
 
 
 
Ceiling
$
57.79

 
$
57.70

 
$
57.62

 
$
60.74

Floor
$
47.42

 
$
47.34

 
$
47.26

 
$
52.69

Short put
$
37.38

 
$
37.31

 
$
37.23

 
$
42.69
Schedule of NGL derivative volumes and weighted average prices
The following table sets forth the volumes per day associated with the Company's outstanding NGL derivative contracts as of March 31, 2018 and the weighted average NGL prices for those contracts: 
 
2018
 
Year Ending December 31, 2019
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Ethane basis swap contracts (a):
 
 
 
 
 
 
 
Volume (MMBtu)
6,920

 
6,920

 
6,920

 
6,920

Price differential ($/MMBtu)
$
1.60

 
$
1.60

 
$
1.60

 
$
1.60

____________________
(a)
The ethane basis swap contracts reduce the price volatility of ethane forecasted for sale by the Company at Mont Belvieu, Texas-posted prices. The ethane basis swap contracts fix the basis differential on a NYMEX Henry Hub ("HH") MMBtu equivalent basis. The Company will receive the HH price plus the price differential on 6,920 MMBtu per day, which is equivalent to 2,500 Bbls per day of ethane.
Schedule of gas derivative volume and weighted average prices
The following table sets forth the volumes per day associated with the Company's outstanding gas derivative contracts as of March 31, 2018 and the weighted average gas prices for those contracts: 
 
2018
 
Year Ending December 31, 2019
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Swap contracts:
 
 
 
 
 
 
 
Volume (MMBtu)
100,000

 
100,000

 
100,000

 
—

Price per MMBtu
$
3.00

 
$
3.00

 
$
3.00

 
$
—

Collar contracts with short puts:
 
 
 
 
 
 
 
Volume (MMBtu)
50,000

 
50,000

 
50,000

 
—

Price per MMBtu:
 
 
 
 
 
 
 
Ceiling
$
3.40

 
$
3.40

 
$
3.40

 
$
—

Floor
$
2.75

 
$
2.75

 
$
2.75

 
$
—

Short put
$
2.25

 
$
2.25

 
$
2.25

 
$
—

Basis swap contracts (a):
 
 
 
 
 
 
 
Southern California index swap volume (MMBtu) (b)
40,000

 
80,000

 
66,522

 
84,932

Price differential ($/MMBtu)
$
0.30

 
$
0.30

 
$
0.50

 
$
0.33

____________________
(a)
Subsequent to March 31, 2018, the Company entered into additional basis swap contracts that fix the basis differentials between the index price at which the Company sells its Permian Basin gas and the HH index price used in swap contracts and collar contracts with short puts for (i) 20,000 MMBtu per day of July 2018 through September 2019 production with a price differential of $1.54 per MMBtu and (ii) 30,000 MMBtu per day of January through September 2019 production with a price differential of $1.47 per MMBtu.
(b)
The referenced basis swap contracts fix the basis differentials between Permian Basin index prices and southern California index prices for Permian Basin gas forecasted for sale in southern California.
Schedule of Marketing Derivative Contracts Volume and Price
The following table sets forth the volumes per day associated with the Company's outstanding marketing derivative contracts as of March 31, 2018 and the weighted average prices for those contracts:
 
2018
 
Second Quarter
 
Third Quarter
Average Daily Oil Transportation Commitments Associated with Derivatives (Bbl):
 
 
 
Basis swap contracts:
 
 
 
Louisiana Light Sweet index swap volume (a) (b)
10,000

 
6,739

Price differential ($/Bbl)
$
3.18

 
$
3.18

Magellan East Houston index swap volume (a)
8,659

 
2,022

Price differential ($/Bbl)
$
3.29

 
$
3.30
Offsetting asset and liability
The aggregate fair value of the Company's derivative instruments reported in the accompanying consolidated balance sheets by type and counterparty, including the classification between current and noncurrent assets and liabilities, consists of the following:
Fair Value of Derivative Instruments as of March 31, 2018
Type
 
Consolidated
Balance Sheet
Location
 
Fair
Value
 
Gross Amounts
Offset in the
Consolidated
Balance Sheet
 
Net Fair Value
Presented in the
Consolidated
Balance Sheet
 
 
 
 
(in millions)
Derivatives not designated as hedging instruments
 
 
 
 
 
 
Asset Derivatives:
 
 
 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
14

 
$
(7
)
 
$
7

Commodity price derivatives
 
Derivatives - noncurrent
 
$
8

 
$
(8
)
 
—

 
 
 
 
 
 
 
 
$
7

Liability Derivatives:
 

 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
340

 
$
(7
)
 
$
333

Commodity price derivatives
 
Derivatives - noncurrent
 
$
62

 
$
(8
)
 
54

 
 
 
 
 
 
 
 
$
387


Fair Value of Derivative Instruments as of December 31, 2017
Type
 
Consolidated
Balance Sheet
Location
 
Fair
Value
 
Gross Amounts
Offset in the
Consolidated
Balance Sheet
 
Net Fair Value
Presented in the
Consolidated
Balance Sheet
 
 
 
 
(in millions)
Derivatives not designated as hedging instruments
 
 
 
 
 
 
Asset Derivatives:
 
 
 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
13

 
$
(2
)
 
$
11

Commodity price derivatives
 
Derivatives - noncurrent
 
$
3

 
$
(3
)
 
—

 
 
 
 
 
 
 
 
$
11

Liability Derivatives:
 
 
 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
234

 
$
(2
)
 
$
232

Commodity price derivatives
 
Derivatives - noncurrent
 
$
26

 
$
(3
)
 
23

 
 
 
 
 
 
 
 
$
255
Schedule of derivative gains and losses recognized on statement of operations
The following table details the location of gains and losses recognized on the Company's derivative contracts in the accompanying consolidated statements of operations:
Derivatives Not Designated as Hedging Instruments
 
Location of Gain/(Loss) Recognized in Earnings on Derivatives
 
Three Months Ended
March 31,
 
 
2018
 
2017
 
 
 
 
(in millions)
Commodity price derivatives
 
Derivative gains (losses), net
 
$
(208
)
 
$
151