XML 57 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events (Tables)
 12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
Schedule of subsequent derivatives entered into
During the year ended December 31, 2017, the following derivatives were entered into:
 
 
Aggregate volumes(1)
 
Floor price(2)
 
Ceiling price(2)
 
Short call price(2)
 
Long call price(2)
 
Differential price(2)
 
Contract period
Oil(3):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Call spread(4)
 
1,140,800

 
$
—

 
$
—

 
$
60.00

 
$
100.00

 
$
—

 
     July 2017 - December 2017
Call spread(5)
 
184,000

 
$
—

 
$
—

 
$
60.00

 
$
80.00

 
$
—

 
     July 2017 - December 2017
Put(6)
 
4,378,000

 
$
50.00

 
$
—

 
$
—

 
$
—

 
$
—

 
January 2018 - December 2018
Collar(7)
 
3,504,000

 
$
40.00

 
$
60.00

 
$
—

 
$
—

 
$
—

 
January 2018 - December 2018
Collar
 
584,000

 
$
50.00

 
$
60.00

 
$
—

 
$
—

 
$
—

 
January 2018 - December 2018
Basis swap
 
1,825,000

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(0.59
)
 
January 2018 - December 2018
Basis swap
 
730,000

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(0.52
)
 
January 2018 - December 2018
Basis swap
 
730,000

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(0.49
)
 
January 2018 - December 2018
Basis swap
 
365,000

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(0.58
)
 
January 2018 - December 2018
Put(8)
 
3,285,000

 
$
45.00

 
$
—

 
$
—

 
$
—

 
$
—

 
January 2019 - December 2019
Put
 
1,387,000

 
$
50.00

 
$
—

 
$
—

 
$
—

 
$
—

 
January 2019 - December 2019
Swap
 
365,000

 
$
53.45

 
$
53.45

 
$
—

 
$
—

 
$
—

 
January 2019 - December 2019
Swap
 
292,000

 
$
53.46

 
$
53.46

 
$
—

 
$
—

 
$
—

 
January 2019 - December 2019
Put(9)
 
366,000

 
$
45.00

 
$
—

 
$
—

 
$
—

 
$
—

 
January 2020 - December 2020
Swap
 
695,400

 
$
52.18

 
$
52.18

 
$
—

 
$
—

 
$
—

 
January 2020 - December 2020
Natural gas:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Collar(10)
 
10,950,000

 
$
2.50

 
$
3.25

 
$
—

 
$
—

 
$
—

 
January 2018 - December 2018
Basis swap
 
9,125,000

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(0.62
)
 
January 2018 - December 2018
Basis swap
 
9,125,000

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(0.70
)
 
January 2019 - December 2019
_____________________________________________________________________________
(1)
Oil is in Bbl and natural gas is in MMBtu.
(2)
Oil is in $/Bbl and natural gas is in $/MMBtu.
(3)
There are $25.7 million in deferred premiums associated with these contracts.
(4)
A premium of $0.5 million was settled in full at inception and the proceeds were applied to pay the premiums on a put entered into simultaneously.
(5)
A premium of $0.1 million was settled in full at inception and the proceeds were applied to pay the premiums on a put entered into simultaneously.
(6)
Premiums of $4.9 million were paid at inception, of which $0.6 million were settled in full at inception by applying the proceeds of the call spreads entered into simultaneously.
(7)
A premium of $4.2 million was settled in full at inception as part of the Company's 2017 hedge restructuring by applying the proceeds of the terminated swap.
(8)
Premiums of $9.3 million were paid at inception.
(9)
A premium of $1.6 million was paid at inception.
(10)
There are $0.9 million in deferred premiums associated with these contracts.
The following table presents new derivatives that were entered into subsequent to December 31, 2017:
 
 
Aggregate volumes (Bbl)
 
Floor price ($/Bbl)
 
Ceiling price ($/Bbl)
 
Contract period
Oil(1):
 
 
 
 
 
 
 
 
Put(2)
 
1,277,500

 
$
55.00

 
$
—

 
January 2019 - December 2019
NGL:
 
 
 
 
 
 
 
 
Swap - Purity Ethane(1)
 
567,800

 
$
11.66

 
$
11.66

 
February 2018 - December 2018
Swap - Propane (Non-TET)(3)
 
467,600

 
$
33.92

 
$
33.92

 
February 2018 - December 2018
Swap - Normal Butane (Non-TET)(3)
 
167,000

 
$
38.22

 
$
38.22

 
February 2018 - December 2018
Swap - Isobutane (Non-TET)(3)
 
66,800

 
$
38.33

 
$
38.33

 
February 2018 - December 2018
Swap - Natural Gasoline (Non-TET)(3)
 
167,000

 
$
57.02

 
$
57.02

 
February 2018 - December 2018
____________________________________________________________
(1)
See Note 9.a for information regarding the Company's derivative settlement indices for oil and purity ethane.
(2)
There are $5.6 million in deferred premiums associated with these contracts.
(3)
These NGL derivatives are settled based on the month's average daily OPIS index price for each Mont Belvieu Non-TET Propane, Non-TET N. Butane, Non-TET Isobutane and Non-TET N. Gasoline.