Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Derivative [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

As of March 31, 2019, we had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.

	Collars					Fixed-Price Swaps
Commodity/ Index/ Maturity Period	Quantity (Crude oil - MBls Natural Gas - BBtu)	Weighted-Average Contract Price				Quantity (Crude Oil - MBbls Gas and Basis- BBtu )	Weighted- Average Contract Price			Fair Value March 31, 2019 (1) (in thousands)
		Floors		Ceilings
Crude Oil
NYMEX
2019	2,050	$	56.22	$	67.77	6,150	$	54.25		$	(35,191	)
2020	3,600	55.00		71.68		5,600	61.55			27,831
2021	—	—		—		600	57.23			350
Total Crude Oil	5,650					12,350				$	(7,010	)
Natural Gas
NYMEX
2019	—	$	—	$	—	22,746	$	2.91		$	2,641
Dominion South
2019	—	—		—		113	2.56			6
2020	—	—		—		14	2.54			—
Total Natural Gas	—					22,873				$	2,647
Basis Protection - Natural Gas
CIG
2019	—	$	—	$	—	22,683	$	(0.76	)	$	(3,796	)
Total Basis Protection - Natural Gas	—					22,683				$	(3,796	)
Commodity Derivatives Fair Value										$	(8,159	)

_____________

(1) Approximately 43.6 percent of the fair value of our commodity derivative assets and 7.4 percent of the fair value of our commodity derivative liabilities were measured using significant unobservable inputs (Level 3).

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following table presents the balance sheet location and fair value amounts of our derivative instruments on the condensed consolidated balance sheets:

			Fair Value
Derivative Instruments:		Condensed Consolidated Balance Sheet Line Item	March 31, 2019		December 31, 2018
			(in thousands)
Derivative assets:	Current
	Commodity derivative contracts	Fair value of derivatives	$	13,330	$	84,492
	Non-current
	Commodity derivative contracts	Fair value of derivatives	24,225		93,722
Total derivative assets			$	37,555	$	178,214
Derivative liabilities:	Current
	Commodity derivative contracts	Fair value of derivatives	$	40,103	$	748
	Basis protection derivative contracts	Fair value of derivatives	3,796		2,616
			43,899		3,364
	Non-current
	Commodity derivative contracts	Fair value of derivatives	1,815		1,364
Total derivative liabilities			$	45,714	$	4,728

The following table presents the impact of our derivative instruments on our condensed consolidated statements of operations:

	Three Months Ended March 31,
Condensed Consolidated Statement of Operations Line Item	2019			2018
	(in thousands)
Commodity price risk management loss, net
Net settlements	$	(8,452	)	$	(26,038	)
Net change in fair value of unsettled derivatives	(181,622		)	(21,202		)
Total commodity price risk management loss, net	$	(190,074	)	$	(47,240	)

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The following table reflects the impact of netting agreements on gross derivative assets and liabilities:

As of March 31, 2019	Derivative Instruments, Gross		Effect of Master Netting Agreements			Derivative Instruments, Net
	(in thousands)
Asset derivatives:
Derivative instruments, at fair value	$	37,555	$	(27,793	)	$	9,762
Liability derivatives:
Derivative instruments, at fair value	$	45,714	$	(27,793	)	$	17,921

As of December 31, 2018	Derivative Instruments, Gross		Effect of Master Netting Agreements			Derivative Instruments, Net
	(in thousands)
Asset derivatives:
Derivative instruments, at fair value	$	178,214	$	(3,985	)	$	174,229
Liability derivatives:
Derivative instruments, at fair value	$	4,728	$	(3,985	)	$	743