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Accounting for Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table summarizes the net notional volume buy/(sell) of the Company’s open derivative financial instruments accounted for at fair value, broken out by commodity, as of (in thousands):
Non-trading 
Commodity
Notional

June 30, 2018

December 31, 2017
Natural Gas
MMBtu

5,644


9,191

Natural Gas Basis
MMBtu

143


—

Electricity
MWh

7,008


8,091

Trading
Commodity
Notional

June 30, 2018

December 31, 2017
Natural Gas
MMBtu

117


26

Natural Gas Basis
MMBtu

—


(225
)
Gains (Losses) on Derivative Instruments
Gains (losses) on derivative instruments, net and current period settlements on derivative instruments were as follows for the periods indicated (in thousands):

Three Months Ended June 30,
  
2018

2017
Gain (loss) on non-trading derivatives, net
$
16,601


$
(10,202
)
Gain on trading derivatives, net
453


525

Gain (loss) on derivatives, net
17,054


(9,677
)
Current period settlements on non-trading derivatives  (1) (2) (3) (4)
8,793


4,020

Current period settlements on trading derivatives
(1
)

(24
)
Total current period settlements on derivatives
$
8,792


$
3,996

(1) Excludes settlements of $0.1 million and $1.3 million, respectively, for the three months ended June 30, 2018 and 2017 related to non-trading derivative liabilities assumed in the acquisitions of the Provider Companies and Major Energy Companies.
(2) Excludes settlements of less than $0.1 million and $0.4 million, respectively, for the three months ended June 30, 2018 and 2017 related to non-trading derivative liabilities assumed in the acquisitions of Perigee and other customers.
(3) Excludes settlements of $0.2 million for the three months ended June 30, 2018 related to non-trading derivative liabilities assumed in the acquisition of the Verde Companies.
(4) Excludes settlements of $0.1 million for the three months ended June 30, 2018 related to non-trading derivative liabilities assumed in the acquisition of the HIKO Companies.

Six Months Ended June 30,
  
2018

2017
Loss on non-trading derivatives, net
$
(20,111
)

$
(31,578
)
Gain on trading derivatives, net
623


105

Loss on derivatives, net
(19,488
)

(31,473
)
Current period settlements on non-trading derivatives  (1) (2) (3) (4) (5)
(6,089
)

11,535

Current period settlements on trading derivatives
(656
)

(184
)
Total current period settlements on derivatives
$
(6,745
)

$
11,351


(1) Excludes settlements of zero and less than $0.1 million, respectively, for the six months ended June 30, 2018 and 2017 related to non-trading derivative liabilities assumed in the acquisitions of CenStar and Oasis.
(2) Excludes settlements of $(0.7) million and less than $0.1 million, respectively, for the six months ended June 30, 2018 and 2017 related to non-trading derivative liabilities assumed in the acquisitions of the Provider Companies and Major Energy Companies.
(3) Excludes settlements of $(0.1) million and $0.4 million, respectively, for the six months ended June 30, 2018 and 2017 related to non-trading derivative liabilities assumed in the acquisitions of Perigee and other customers.
(4) Excludes settlements of $0.2 million for the six months ended June 30, 2018 related to non-trading derivative liabilities assumed in the acquisition of the Verde Companies.
(5) Excludes settlements of $0.2 million for the six months ended June 30, 2018 related to non-trading derivative liabilities assumed in the acquisition of the HIKO Companies.

Three Months Ended June 30,

(1)
Financial information has been recast to include results attributable to the acquisition of Perigee Energy, LLC by an affiliate on February 3, 2017. See Notes 2 and 4, "Basis of Presentation and Summary of Significant Accounting Policies" and "Acquisitions," respectively, for further discussion.
(2)
Excludes settlements of zero and less than $0.1 million, respectively, for the three months ended June 30, 2018 and 2017 related to non-trading derivative liabilities assumed in the acquisitions of CenStar and Oasis.
(3)
Excludes settlements of $(0.8) million and $(1.3) million, respectively, for the three months ended June 30, 2018 and 2017 related to non-trading derivative liabilities assumed in the acquisitions of the Provider Companies and Major Energy Companies.
(4) Excludes settlements of $(0.1) million and zero for the three months ended June 30, 2018 and 2017 related to non-trading derivative liabilities assumed in the acquisitions of Perigee and other customers.
(5) Excludes settlements of less than $0.1 million for the three months ended June 30, 2018 related to non-trading derivative liabilities assumed in the acquisition of the Verde Companies.
(6) Excludes settlements of $0.1 million for the three months ended June 30, 2018 related to non-trading derivative liabilities assumed in the acquisition of the HIKO Companies.
Offsetting Assets
The following tables summarize the fair value and offsetting amounts of the Company’s derivative instruments by counterparty and collateral received or paid as of (in thousands):
  
June 30, 2018
Description
Gross Assets

Gross
Amounts
Offset

Net Assets

Cash
Collateral
Offset

Net Amount
Presented
Non-trading commodity derivatives
$
33,897


$
(22,396
)

$
11,501


$
—


$
11,501

Trading commodity derivatives
91


(66
)

25


—


25

Total Current Derivative Assets
33,988


(22,462
)

11,526


—


11,526

Non-trading commodity derivatives
1,035


(440
)

595


—


595

Trading commodity derivatives
—


—


—


—


—

Total Non-current Derivative Assets
1,035


(440
)

595


—


595

Total Derivative Assets
$
35,023


$
(22,902
)

$
12,121


$
—


$
12,121

  
December 31, 2017
Description
Gross Assets

Gross
Amounts
Offset

Net Assets

Cash
Collateral
Offset

Net Amount
Presented
Non-trading commodity derivatives
$
60,167


$
(29,432
)

$
30,735


$
—


$
30,735

Trading commodity derivatives
918


(462
)

456


—


456

Total Current Derivative Assets
61,085


(29,894
)

31,191


—


31,191

Non-trading commodity derivatives
16,055


(12,746
)

3,309


—


3,309

Trading commodity derivatives
—


—


—


—


—

Total Non-current Derivative Assets
16,055


(12,746
)

3,309


—


3,309

Total Derivative Assets
$
77,140


$
(42,640
)

$
34,500


$
—


$
34,500

  
December 31, 2017
Description
Gross Assets

Gross
Amounts
Offset

Net Assets

Cash
Collateral
Offset

Net Amount
Presented
The following tables summarize the fair value and offsetting amounts of the Company’s derivative instruments by counterparty and collateral received or paid as of (in thousands):
  
June 30, 2018
Description
Gross Assets

Gross
Amounts
Offset

Net Assets

Cash
Collateral
Offset

Net Amount
Presented
Offsetting Liabilities

June 30, 2018
Description
Gross 
Liabilities

Gross
Amounts
Offset

Net
Liabilities

Cash
Collateral
Offset

Net Amount
Presented
Non-trading commodity derivatives
$
(8,369
)

$
6,088


$
(2,281
)

$
218


$
(2,063
)
Trading commodity derivatives
(17
)

1


(16
)

—


(16
)
Total Current Derivative Liabilities
(8,386
)

6,089


(2,297
)

218


(2,079
)
Non-trading commodity derivatives
(13,725
)

9,723


(4,002
)

—


(4,002
)
Trading commodity derivatives
(425
)

47


(378
)

—


(378
)
Total Non-current Derivative Liabilities
(14,150
)

9,770


(4,380
)

—


(4,380
)
Total Derivative Liabilities
$
(22,536
)

$
15,859


$
(6,677
)

$
218


$
(6,459
)

December 31, 2017
Description
Gross 
Liabilities

Gross
Amounts
Offset

Net
Liabilities

Cash
Collateral
Offset

Net Amount
Presented
Non-trading commodity derivatives
$
(4,517
)

$
3,059


$
(1,458
)

$
65


$
(1,393
)
Trading commodity derivatives
(517
)

273


(244
)

—


(244
)
Total Current Derivative Liabilities
(5,034
)

3,332


(1,702
)

65


(1,637
)
Non-trading commodity derivatives
(676
)

732


56


—


56

Trading commodity derivatives
(566
)

18


(548
)

—


(548
)
Total Non-current Derivative Liabilities
(1,242
)

750


(492
)

—


(492
)
Total Derivative Liabilities
$
(6,276
)

$
4,082


$
(2,194
)

$
65


$
(2,129
)

December 31, 2017
Description
Gross 
Liabilities

Gross
Amounts
Offset

Net
Liabilities

Cash
Collateral
Offset

Net Amount
Presented

June 30, 2018
Description
Gross 
Liabilities

Gross
Amounts
Offset

Net
Liabilities

Cash
Collateral
Offset

Net Amount
Presented