Schedule of Derivative Instruments |
During the three months ended March 31, 2017, the following derivatives were entered into: | | | | | | | | | | | | | | | | | Aggregate volumes (Bbl) | | Floor price ($/Bbl) | | Ceiling price ($/Bbl) | | Contract period | Oil:(1) | | |
| | | | | | | Put | | 730,000 |
| | $ | 50.00 |
| | $ | — |
| | January 2018 - December 2018 | Collar | | 584,000 |
| | $ | 50.00 |
| | $ | 60.00 |
| | January 2018 - December 2018 |
_____________________________________________________________________________ | | (1) | There are $6.3 million in deferred premiums associated with these contracts. |
Subsequent to March 31, 2017, the following new derivatives were entered into: | | | | | | | | | | | | | | | | | Aggregate volumes (MMBtu) | | Floor price ($/MMBtu) | | Ceiling price ($/MMBtu) | | Contract period | Natural gas collars(1) | | 10,950,000 |
| | $ | 2.50 |
| | $ | 3.25 |
| | January 2018 - December 2018 |
_____________________________________________________________ | | (1) | There are $0.9 million in deferred premiums associated with these contracts. See Note 7.a for information regarding the Company's derivative settlement indices. |
|
Schedule of gains and losses on derivative instruments |
The following represents cash settlements received for derivatives, net for the periods presented: | | | | | | | | | | | | Three months ended March 31, | (in thousands) | | 2017 | | 2016 | Cash settlements received for matured derivatives, net(1) | | $ | 7,451 |
| | $ | 65,937 |
| Cash settlements received for early terminations of derivatives, net(2) | | — |
| | 80,000 |
| Cash settlements received for derivatives, net | | $ | 7,451 |
| | $ | 145,937 |
|
_____________________________________________________________________________ | | (1) | The settlement amounts do not include premiums paid attributable to contracts that matured during the respective period. |
| | (2) | The settlement amount for the three months ended March 31, 2016 includes $4.0 million in deferred premiums that were settled net with the early terminated contracts from which they originated. |
|
Summary of open positions and derivatives in place |
The following table summarizes open positions as of March 31, 2017, and represents, as of such date, derivatives in place through December 2018 on annual production volumes: | | | | | | | | | | | | Remaining year 2017 | | Year 2018 | Oil positions: | | | | |
| Puts: | | |
| | |
| Hedged volume (Bbl) | | 790,625 |
| | 1,779,375 |
| Weighted-average price ($/Bbl) | | $ | 60.00 |
| | $ | 55.90 |
| Swaps: | | |
| | |
| Hedged volume (Bbl) | | 1,512,500 |
| | 1,095,000 |
| Weighted-average price ($/Bbl) | | $ | 51.54 |
| | $ | 52.12 |
| Collars: | | |
| | |
| Hedged volume (Bbl) | | 2,860,000 |
| | 584,000 |
| Weighted-average floor price ($/Bbl) | | $ | 56.92 |
| | $ | 50.00 |
| Weighted-average ceiling price ($/Bbl) | | $ | 86.00 |
| | $ | 60.00 |
| Totals: | | | | | Total volume hedged with floor price (Bbl) | | 5,163,125 |
| | 3,458,375 |
| Weighted-average floor price ($/Bbl) | | $ | 55.82 |
| | $ | 53.71 |
| Total volume hedged with ceiling price (Bbl) | | 4,372,500 |
| | 1,679,000 |
| Weighted-average ceiling price ($/Bbl) | | $ | 74.08 |
| | $ | 54.86 |
| NGL positions: | | | | | Swaps - Ethane: | | | | | Hedged volume (Bbl) | | 333,000 |
| | — |
| Weighted-average price ($/Bbl) | | $ | 11.24 |
| | $ | — |
| Swaps - Propane: | | | | | Hedged volume (Bbl) | | 281,250 |
| | — |
| Weighted-average price ($/Bbl) | | $ | 22.26 |
| | $ | — |
| Totals: | | | | | Total volume hedged with floor price (Bbl) | | 614,250 |
| | — |
| Total volume hedged with ceiling price (Bbl) | | 614,250 |
| | — |
| Natural gas positions: | | |
| | |
| Puts: | | | | | Hedged volume (MMBtu) | | 6,030,000 |
| | 8,220,000 |
| Weighted-average price ($/MMBtu) | | $ | 2.50 |
| | $ | 2.50 |
| Collars: | | |
| | |
| Hedged volume (MMBtu) | | 14,327,500 |
| | 4,635,500 |
| Weighted-average floor price ($/MMBtu) | | $ | 2.86 |
| | $ | 2.50 |
| Weighted-average ceiling price ($/MMBtu) | | $ | 3.54 |
| | $ | 3.60 |
| Totals: | | | | | Total volume hedged with floor price (MMBtu) | | 20,357,500 |
| | 12,855,500 |
| Weighted-average floor price ($/MMBtu) | | $ | 2.75 |
| | $ | 2.50 |
| Total volume hedged with ceiling price (MMBtu) | | 14,327,500 |
| | 4,635,500 |
| Weighted-average ceiling price ($/MMBtu) | | $ | 3.54 |
| | $ | 3.60 |
|
|