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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2018
Open Option Contracts Written [Line Items]  
Summary of gross asset balances of derivative instruments
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 interim unaudited condensed consolidated balance sheets as of June 30, 2018 and December 31, 2017 (in thousands).
Derivative Instruments
Gross
amounts
recognized
 
Gross amounts
netted in the condensed
consolidated
balance sheets
 
Net amounts presented in the condensed
consolidated
balance sheets
June 30, 2018
 
 
 
 
 
   Current assets
$
101,679

 
$
(95,804
)
 
$
5,875

   Other assets
2,749

 
(2,749
)
 
—

   Current liabilities
(99,820
)
 
95,804

 
(4,016
)
   Other liabilities
(8,002
)
 
2,749

 
(5,253
)
      Total
$
(3,394
)
 
$
—

 
$
(3,394
)
December 31, 2017
 
 
 
 
 
   Current assets
$
131,092

 
$
(129,902
)
 
$
1,190

   Current liabilities
(146,331
)
 
129,902

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

 
$
(15,239
)
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 interim unaudited condensed consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments.
 
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
Type of Instrument
Location in Condensed Consolidated Statement of Operations
 
2018
 
2017
 
2018
 
2017
Derivative Instrument
 
 
 
 
 
 
 
 
 
Oil
Revenues: Realized (loss) gain on derivatives
 
$
(2,488
)
 
$
581

 
$
(6,797
)
 
$
(1,053
)
Natural Gas
Revenues: Realized (loss) gain on derivatives
 
—

 
(23
)
 
51

 
(608
)
Realized (loss) gain on derivatives
 
(2,488
)
 
558

 
(6,746
)
 
(1,661
)
Oil
Revenues: Unrealized gain on derivatives
 
1,829

 
10,643

 
12,956

 
28,422

Natural Gas
Revenues: Unrealized (loss) gain on derivatives
 
(400
)
 
2,547

 
(1,111
)
 
5,399

Unrealized gain on derivatives
 
1,429

 
13,190

 
11,845

 
33,821

Total
 
 
$
(1,059
)
 
$
13,748

 
$
5,099

 
$
32,160
Open costless collar contracts  
Open Option Contracts Written [Line Items]  
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 June 30, 2018.
Commodity
Calculation Period
 
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)
Oil - WTI(1)
07/01/2018 - 12/31/2018
 
1,440,000

 
$
44.27

 
$
60.29

 
$
(15,986
)
Oil - WTI(1)
01/01/2019 - 12/31/2019
 
2,400,000

 
$
50.00

 
$
64.75

 
(12,208
)
Oil - LLS(2)
07/01/2018 - 12/31/2018
 
360,000

 
$
45.00

 
$
63.05

 
(4,381
)
Natural Gas
07/01/2018 - 12/31/2018
 
8,400,000

 
$
2.58

 
$
3.67

 
79

Total open costless collar contracts
 
 
 
 
 
 
 
$
(32,496
)
_____________________
(1) NYMEX West Texas Intermediate crude oil.
(2) Argus Louisiana Light Sweet crude oil.
The following is a summary of the Company’s open three-way costless collar contracts for oil at June 30, 2018. Open three-way costless collars consist of a long put (the floor), a short call (the ceiling) and a long call that limits losses on the upside.
Commodity
Calculation Period
 
Notional Quantity (Bbl)
 
Weighted Average Price Floor ($/Bbl)
 
Weighted Average Price, Short Call ($/Bbl)
 
Weighted Average Price, Long Call ($/Bbl)
 
Fair Value of Asset (Liability) (thousands)
Oil - WTI(1)
07/01/2018 - 12/31/2018
 
960,000

 
$
50.08

 
$
63.50

 
$
66.68

 
$
(2,249
)
Total open three-way costless collar contracts
 
 
 
 
 
 
 
$
(2,249
)
_____________________
(1) NYMEX West Texas Intermediate crude oil.
The following is a summary of the Company’s open basis swap contracts for oil at June 30, 2018.
Commodity
Calculation Period
 
Notional Quantity (Bbl)
 
Fixed Price
($/Bbl)
 
Fair Value of
Asset
(Liability)
(thousands)
Oil Basis Swaps
07/01/2018 - 12/31/2018
 
2,610,000

 
$
(1.02
)
 
$
31,351

Total open swap contracts
 
 
 
 
 
 
$
31,351

 
 
 
 
 
 
 
 
Total open derivative financial instruments
 
 
 
 
 
$
(3,394
)

The Company’s derivative financial instruments are subject to master netting arrangements, and all but one counterparty allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its interim unaudited condensed consolidated balance sheets.