Derivatives (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

As of June 30, 2018, the Company had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.

	2018				2019
	Volume (Bbls/MMBtu)	Fixed Price Swap (per Bbl/MMBtu)			Volume (Bbls/MMBtu)	Fixed Price Swap (per Bbl/MMBtu)
Oil Swaps - WTI Cushing	4,876,000	$	51.27		1,638,000	$	52.78
Oil Swaps - WTI Magellan East Houston	460,000	$	69.64		450,000	$	68.17
Oil Swaps - BRENT	1,472,000	$	59.69		725,000	$	72.63
Oil Basis Swaps	2,760,000	$	(0.88	)	0	$	—
Natural Gas Swaps	3,680,000	$	3.04		0	$	—

	October 2018 - December 2018		January 2019 - June 2019
Oil Three-Way Collars	WTI Magellan East Houston		WTI Cushing		Brent		WTI Magellan East Houston
Volume (Bbls)	276,000		1,810,000		2,000,000		270,000
Short put price (per Bbl)	$	55.00	$	45.00	$	55.00	$	55.00
Floor price (per Bbl)	$	65.00	$	55.00	$	65.00	$	65.00
Ceiling price (per Bbl)	$	78.78	$	70.23	$	82.47	$	76.83

The following tables present the derivative contracts entered into by the Company subsequent to June 30, 2018. When aggregating multiple contracts, the weighted average contract price is disclosed.

	Volume (Bbls/MMBtu)	Fixed Price Swap (per Bbl/MMBtu)
January 2019 - March 2019
Oil Basis Swaps - WTI Cushing	180,000	$	(10.13	)

	WTI - Magellan East Houston
Oil Three-Way Collars	October 2018 - December 2018		January 2019 - June 2019
Volume (Bbls)	184,000		362,000
Short put price (per Bbl)	$	55.00	$	55.00
Floor price (per Bbl)	$	65.00	$	65.00
Ceiling price (per Bbl)	$	77.40	$	76.33

Schedule of netting offsets of derivative assets and liabilities

The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties and the resulting net amounts presented in the Company’s consolidated balance sheets as of June 30, 2018 and December 31, 2017.

	June 30, 2018		December 31, 2017
	(in thousands)
Gross amounts of assets presented in the Consolidated Balance Sheet	$	—	$	531
Net amounts of assets presented in the Consolidated Balance Sheet	—		531
Gross amounts of liabilities presented in the Consolidated Balance Sheet	119,844		106,670
Net amounts of liabilities presented in the Consolidated Balance Sheet	$	119,844	$	106,670

Schedule of derivative instruments included in the consolidated balance sheet

The net fair value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows:

	June 30, 2018		December 31, 2017
	(in thousands)
Current assets: derivative instruments	$	—	$	531
Noncurrent assets: derivative instruments	—		—
Total assets	$	—	$	531
Current liabilities: derivative instruments	$	111,330	$	100,367
Noncurrent liabilities: derivative instruments	8,514		6,303
Total liabilities	$	119,844	$	106,670

Summary of derivative contract gains and losses included in the consolidated statements of operations

The following table summarizes the gains and losses on derivative instruments included in the consolidated statements of operations:

	Three Months Ended June 30,					Six Months Ended June 30,
	2018			2017		2018			2017
	(in thousands)
Change in fair value of open non-hedge derivative instruments	$	(13,667	)	$	28,635	$	(13,705	)	$	68,010
Gain (loss) on settlement of non-hedge derivative instruments	(44,920		)	4,685		(77,227		)	3,011
Gain (loss) on derivative instruments	$	(58,587	)	$	33,320	$	(90,932	)	$	71,021