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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of contracts for oil and natural gas
The following is a summary of the Company’s open costless collar contracts for oil and natural gas at December 31, 2017.
 
 
 
 
Notional Quantity (Bbl or MMBtu)
 
Weighted Average Price Floor ($/Bbl or
$/MMBtu)
 
Weighted Average Price Ceiling ($/Bbl or
$/MMBtu)
 
Fair Value of Asset (Liability)
(thousands)
 
 
 
 
 
 
 
Commodity  
 
     Calculation Period     
 
 
 
 
Oil - WTI (1)
 
01/01/2018 - 12/31/2018
 
2,880,000

 
$
44.27

 
$
60.29

 
(8,414
)
Oil - LLS (2)
 
01/01/2018 - 12/31/2018
 
720,000

 
$
45.00

 
$
63.05

 
(2,451
)
Natural Gas
 
01/01/2018 - 12/31/2018
 
16,800,000

 
$
2.58

 
$
3.67

 
1,190

Total open costless collar contracts
 
 
 
 
 
 
 
$
(9,675
)
_____________________
(1)
NYMEX West Texas Intermediate crude oil.
(2)
Argus Louisiana Light Sweet crude oil.

The following is a summary of the Company’s open basis swaps contracts for oil at December 31, 2017.
Commodity
Calculation Period
 
Notional Quantity (Bbl or Gal)
 
Fixed Price
($/Bbl or $/Gal)
 
Fair Value of Asset (Liability)
(thousands)
Oil Basis Swaps
01/01/2018 - 12/31/2018
 
5,220,000

 
$
(1.02
)
 
$
(5,564
)
Total open swap contracts
 
 
 
 
 
 
$
(5,564
)
Total open derivative financial instruments
 
 
 
 
 
$
(15,239
)
Summary of offsetting assets
The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the consolidated balance sheets as of December 31, 2017 and December 31, 2016 (in thousands).
Derivative Instruments
Gross amounts recognized
 
Gross amounts netted in the consolidated balance sheets
 
Net amounts presented in the consolidated balance sheets
December 31, 2017

 

 

Current assets
$
131,092

 
$
(129,902
)
 
$
1,190

Current liabilities
(146,331
)
 
129,902

 
(16,429
)
   Total
$
(15,239
)
 
$
—

 
$
(15,239
)
December 31, 2016

 

 

Current liabilities
$
(24,203
)
 
$
—

 
$
(24,203
)
Other liabilities
(751
)
 
—

 
(751
)
   Total
$
(24,954
)
 
$
—

 
$
(24,954
)
Summary of offsetting liabilities
The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the consolidated balance sheets as of December 31, 2017 and December 31, 2016 (in thousands).
Derivative Instruments
Gross amounts recognized
 
Gross amounts netted in the consolidated balance sheets
 
Net amounts presented in the consolidated balance sheets
December 31, 2017

 

 

Current assets
$
131,092

 
$
(129,902
)
 
$
1,190

Current liabilities
(146,331
)
 
129,902

 
(16,429
)
   Total
$
(15,239
)
 
$
—

 
$
(15,239
)
December 31, 2016

 

 

Current liabilities
$
(24,203
)
 
$
—

 
$
(24,203
)
Other liabilities
(751
)
 
—

 
(751
)
   Total
$
(24,954
)
 
$
—

 
$
(24,954
)
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
The following table summarizes the location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments.
 
 
 
 
Year Ended December 31,
Type of Instrument
Location in Statement of Operations
2017
 
2016
 
2015
Derivative Instrument
 
 
 
 
 
 
 
 
Oil
 
Revenues: Realized (loss) gain on derivatives
 
$
(3,657
)
 
$
5,851

 
$
62,259

Natural Gas
 
Revenues: Realized (loss) gain on derivatives
 
(608
)
 
3,435

 
12,653

Natural Gas Liquids (NGL)
 
Revenues: Realized (loss) gain on derivatives
 
(56
)
 
—

 
2,182

Realized (loss) gain on derivatives
 
 
 
(4,321
)
 
9,286

 
77,094

Oil
 
Revenues: Unrealized gain (loss) on derivatives
 
2,638

 
(18,969
)
 
(31,897
)
Natural Gas
 
Revenues: Unrealized gain (loss) on derivatives
 
7,077

 
(22,269
)
 
(5,440
)
Natural Gas Liquids (NGL)
 
Revenues: Unrealized loss on derivatives
 
—

 
—

 
(1,928
)
Unrealized gain (loss) on derivatives
 
 
 
9,715

 
(41,238
)
 
(39,265
)
Total
 
 
 
$
5,394

 
$
(31,952
)
 
$
37,829