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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 (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
March 31, 2019
 
 
 
 
 
 
Current assets
 
$
9,368

 
$
(4,573
)
 
$
4,795

Current liabilities
 
(4,734
)
 
4,573

 
(161
)
Long-term liabilities
 
(507
)
 
—

 
(507
)
Total
 
$
4,127

 
$
—

 
$
4,127

December 31, 2018
 
 
 
 
 
 
Current assets
 
$
53,136

 
$
(3,207
)
 
$
49,929

Current liabilities
 
(3,207
)
 
3,207

 
—

Long-term liabilities
 
(83
)
 
—

 
(83
)
Total
 
$
49,846

 
$
—

 
$
49,846
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 
 March 31,
Type of Instrument
 
Location in Condensed Consolidated Statement of Operations
 
2019
 
2018
Derivative Instrument
 
 
 
 
 
 
Oil
 
Revenues: Realized gain (loss) on derivatives
 
$
3,366

 
$
(4,309
)
Natural Gas
 
Revenues: Realized (loss) gain on derivatives
 
(96
)
 
51

Realized gain (loss) on derivatives
 
3,270

 
(4,258
)
Oil
 
Revenues: Unrealized (loss) gain on derivatives
 
(45,444
)
 
11,127

Natural Gas
 
Revenues: Unrealized loss on derivatives
 
(275
)
 
(711
)
Unrealized (loss) gain on derivatives
 
(45,719
)
 
10,416

Total
 
 
 
$
(42,449
)
 
$
6,158
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 March 31, 2019.
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
 
04/01/2019 - 12/31/2019
 
4,860,000

 
$
51.16

 
$
71.67

 
$
1,446

Natural Gas
 
04/01/2019 - 12/31/2019
 
1,800,000

 
$
2.50

 
$
3.80

 
36

Total open costless collar contracts
 
 
 
 
 
 
 
$
1,482


The following is a summary of the Company’s open three-way costless collar contracts for oil and natural gas at March 31, 2019. 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 or MMBtu)
 
Weighted Average Price Floor ($/Bbl or $/MMBtu)
 
Weighted Average Price, Short Call ($/Bbl or $/MMBtu)
 
Weighted Average Price, Long Call ($/Bbl or $/MMBtu)
 
Fair Value of Asset (Liability) (thousands)
Oil
 
04/01/2019 - 12/31/2019
 
990,000

 
$
60.00

 
$
75.00

 
$
78.85

 
$
3,298

Natural Gas
 
04/01/2019 - 12/31/2019
 
3,600,000

 
$
2.50

 
$
3.00

 
$
3.24

 
(28
)
Total open three-way costless collar contracts
 
 
 
 
 
 
 
$
3,270

The following is a summary of the Company’s open basis swap contracts for oil at March 31, 2019.
Commodity
 
Calculation Period
 
Notional Quantity (Bbl)
 
Fixed Price
($/Bbl)
 
Fair Value of
Asset
(Liability)
(thousands)
Oil Basis Swaps
 
01/01/2020 - 12/31/2020
 
1,200,000

 
$
(0.15
)
 
$
(625
)
Total open swap contracts
 
 
 
 
 
 
 
$
(625
)

At March 31, 2019, the Company had an aggregate asset value for open derivative financial instruments of $4.1 million.
The Company’s derivative financial instruments are subject to master netting arrangements, and the Company’s counterparties 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.