Derivatives (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives outstanding

At March 31, 2019, these derivatives were outstanding:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Apr'19 – Oct'19	Natural gas – swap	60,000 MMBtu/day	$2.900	IF – NYMEX (HH)
Nov'19 – Dec'19	Natural gas – swap	40,000 MMBtu/day	$2.900	IF – NYMEX (HH)
Apr'19 – Dec'19	Natural gas – basis swap	20,000 MMBtu/day	$(0.659)	PEPL
Apr'19 – Dec'19	Natural gas – basis swap	10,000 MMBtu/day	$(0.625)	NGL MIDCON
Apr'19 – Dec'19	Natural gas – basis swap	30,000 MMBtu/day	$(0.265)	NGPL TEXOK
Jan'20 – Dec'20	Natural gas – basis swap	30,000 MMBtu/day	$(0.275)	NGPL TEXOK
Apr'19 – Dec'19	Natural gas – collar	20,000 MMBtu/day	$2.63 - $3.03	IF – NYMEX (HH)
Apr'19 – Dec'19	Crude oil – three-way collar	4,000 Bbl/day	$61.25 - $51.25 - $72.93	WTI – NYMEX

Fair Value of Derivative Instruments and Locations in Balance Sheets

The following tables present the fair values and locations of the derivative transactions recorded in our Unaudited Condensed Consolidated Balance Sheets:

		Derivative Assets
		Fair Value
	Balance Sheet Location	March 31, 2019		December 31, 2018
		(In thousands)
Commodity derivatives:
Current	Current derivative asset	$	3,464	$	12,870
Long-term	Non-current derivative asset	—		—
Total derivative assets		$	3,464	$	12,870

		Derivative Liabilities
		Fair Value
	Balance Sheet Location	March 31, 2019		December 31, 2018
		(In thousands)
Commodity derivatives:
Current	Current derivative liability	$	—	$	—
Long-term	Non-current derivative liability	475		293
Total derivative liabilities		$	475	$	293

Effect of Derivative Instruments Recognized in Income Statements, Derivative Instruments

Following is the effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31:

Derivatives Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain  (Loss) Recognized in Income on Derivative
		2019		2018
		(In thousands)
Commodity derivatives	Loss on derivatives (1)	$	(6,932)	$	(6,762)
Total		$	(6,932)	$	(6,762)

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1.Amounts settled during the 2019 and 2018 periods include net proceeds of $2.7 million and net payments of  $2.1 million, respectively.