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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of Open Fixed Price Swap Positions
Below is a summary of the Company's open fixed price swap positions as of December 31, 2017.
 
Location
Daily Volume (MMBtu/day)
 
Weighted
Average Price
2018
NYMEX Henry Hub
908,000

 
$
3.06

2019
NYMEX Henry Hub
269,000

 
$
2.93

 
Location
Daily Volume (Bbls/day)
 
Weighted
Average Price
2018
ARGUS LLS
1,500

 
$
56.22

2018
NYMEX WTI
4,000

 
$
52.20

 
Location
Daily Volume (Bbls/day)
 
Weighted
Average Price
2018
Mont Belvieu C3
3,500

 
$
28.03

2018
Mont Belvieu C5
500

 
$
46.62


The Company sold call options and used the associated premiums to enhance the fixed price for a portion of the fixed price natural gas swaps listed above. Each short call option has an established ceiling price. When the referenced settlement price is above the price ceiling established by these short call options, the Company pays its counterparty an amount equal to the difference between the referenced settlement price and the price ceiling multiplied by the hedged contract volumes.
 
Location
Daily Volume (MMBtu/day)
 
Weighted
Average Price
January 2018 - March 2018
NYMEX Henry Hub
20,000

 
$
2.91

April 2018 - March 2019
NYMEX Henry Hub
50,000

 
$
3.13

April 2019 - December 2019
NYMEX Henry Hub
30,000

 
$
3.10
Schedule of Natural Gas Basis Swap Positions
As of December 31, 2017, the Company had the following natural gas basis swap positions for NPGL Mid-Continent.
 
Location
Daily Volume (MMBtu/day)
 
Hedged Differential
2018
NPGL Mid-Continent
12,000

 
$
(0.26
)
Schedule of Derivative Instruments in Statement of Financial Position
The following table presents the fair value of the Company's derivative instruments on a gross basis at December 31, 2017 and 2016:
 
December 31,
 
2017
 
2016
 
(In thousands)
Short-term derivative instruments - asset
$
78,847

 
$
3,488

Long-term derivative instruments - asset
$
8,685

 
$
5,696

Short-term derivative instruments - liability
$
32,534

 
$
119,219

Long-term derivative instruments - liability
$
2,989

 
$
26,759
Schedule of Net Gain (Loss) on Derivatives
The following table presents the gain and loss recognized in net gain (loss) on natural gas, oil and NGL derivatives in the accompanying consolidated statements of operations for the years ended December 31, 2017, 2016, and 2015.
 
Gain (loss) on derivative instruments
 
For the Year Ended December 31,
 
2017
 
2016
 
2015
 
(In thousands)
Natural gas derivatives
$
232,143

 
$
(165,933
)
 
$
182,993

Oil derivatives
(3,350
)
 
(5,387
)
 
19,201

Natural gas liquids derivatives
(15,114
)
 
(3,186
)
 
1,319

Total
$
213,679

 
$
(174,506
)
 
$
203,513
Recognized Derivative Assets
The following table presents the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value.
 
As of December 31, 2017
 
Derivative instruments, gross
 
Netting adjustments
 
Derivative instruments, net
 
(In thousands)
Derivative assets
$
87,532

 
$
(22,199
)
 
$
65,333

Derivative liabilities
$
(35,523
)
 
$
22,199

 
$
(13,324
)
 
As of December 31, 2016
 
Derivative instruments, gross
 
Netting adjustments
 
Derivative instruments, net
 
(In thousands)
Derivative assets
$
9,184

 
$
(9,184
)
 
$
—

Derivative liabilities
$
(145,978
)
 
$
9,184

 
$
(136,794
)
Recognized Derivative Liabilities
The following table presents the gross amounts of recognized derivative assets and liabilities in the consolidated balance sheets and the amounts that are subject to offsetting under master netting arrangements with counterparties, all at fair value.
 
As of December 31, 2017
 
Derivative instruments, gross
 
Netting adjustments
 
Derivative instruments, net
 
(In thousands)
Derivative assets
$
87,532

 
$
(22,199
)
 
$
65,333

Derivative liabilities
$
(35,523
)
 
$
22,199

 
$
(13,324
)
 
As of December 31, 2016
 
Derivative instruments, gross
 
Netting adjustments
 
Derivative instruments, net
 
(In thousands)
Derivative assets
$
9,184

 
$
(9,184
)
 
$
—

Derivative liabilities
$
(145,978
)
 
$
9,184

 
$
(136,794
)