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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
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, 2018.
 
 
 
 
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
 
01/01/2019 - 12/31/2019
 
3,720,000

 
$
53.55

 
$
72.22

 
$
31,531

Natural Gas
 
01/01/2019 - 12/31/2019
 
2,400,000

 
$
2.50

 
$
3.80

 
164

Total open costless collar contracts
 
 
 
 
 
 
 
$
31,695

The following is a summary of the Company’s open three-way costless collar contracts for oil at December 31, 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
 
01/01/2019 - 12/31/2019
 
1,320,000

 
$
60.00

 
$
75.00

 
$
78.85

 
$
18,114

Natural Gas
 
01/01/2019 - 12/31/2019
2.50

4,800,000

 
$
2.50

 
$
3.00

 
3.24

120

120

Total open three-way costless collar contracts
 
 
 
 
 
 
 
$
18,234

The following is a summary of the Company’s open basis swaps contracts for oil at December 31, 2018.
Commodity
 
Calculation Period
 
Notional Quantity (Bbl or Gal)
 
Fixed Price
($/Bbl or $/Gal)
 
Fair Value of Asset (Liability)
(thousands)
Oil Basis Swaps
 
01/01/2020 - 12/31/2020
 
1,200,000

 
$
(0.15
)
 
$
(83
)
Total open swap contracts
 
 
 
 
 
 
 
$
(83
)
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, 2018 and December 31, 2017 (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, 2018
 

 

 

Current assets
 
$
53,136

 
$
(3,207
)
 
$
49,929

Long-term liabilities
 
(83
)
 
—

 
(83
)
   Total
 
$
53,053

 
$
(3,207
)
 
$
49,846

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 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, 2018 and December 31, 2017 (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, 2018
 

 

 

Current assets
 
$
53,136

 
$
(3,207
)
 
$
49,929

Long-term liabilities
 
(83
)
 
—

 
(83
)
   Total
 
$
53,053

 
$
(3,207
)
 
$
49,846

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 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
2018
 
2017
 
2016
Derivative Instrument
 
 
 
 
 
 
 
 
Oil
 
Revenues: Realized gain (loss) on derivatives
 
$
3,741

 
$
(3,657
)
 
$
5,851

Natural Gas
 
Revenues: Realized (loss) gain on derivatives
 
(1,407
)
 
(608
)
 
3,435

NGLs
 
Revenues: Realized loss on derivatives
 
—

 
(56
)
 
—

Realized gain (loss) on derivatives
 
 
 
2,334

 
(4,321
)
 
9,286

Oil
 
Revenues: Unrealized gain (loss) on derivatives
 
65,991

 
2,638

 
(18,969
)
Natural Gas
 
Revenues: Unrealized (loss) gain on derivatives
 
(906
)
 
7,077

 
(22,269
)
Unrealized gain (loss) on derivatives
 
65,085

 
9,715

 
(41,238
)
Total
 
 
 
$
67,419

 
$
5,394

 
$
(31,952
)