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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Positions
The following tables illustrate our derivative positions for calendar years 2018 and 2019 as of March 9, 2018:
 
 
Put Contracts (NYMEX)
 
 
Oil
 
 
Daily Volume
 
Price
 
 
(Bbls/d)
 
($ per Bbl)
2018
January - December
1,000

 
$
54.00

2018
January - December
1,000

 
45.00

 
 
Fixed-Price Swaps (NYMEX)
 
 
Oil
 
 
Daily Volume
 
Swap Price
 
 
(Bbls/d)
 
($ per Bbl)
2018
January - December
1,000

 
$
52.50

2018
January - December
1,000

 
51.98

2018
January - December
1,000

 
53.67

2019
January - December
1,000

 
51.00

2019
January - December
1,000

 
51.57

2019
January - December
2,000

 
56.13


 
 
Collar Contracts (NYMEX)
 
 
Natural Gas
 
Oil
 
 
Daily Volume
(MMBtus/d)
 
Floor Price
($ per MMBtu)
 
Ceiling Price
($ per MMBtu)
 
Daily Volume
(Bbls/d)
 
Floor Price
($ per Bbl)
 
Ceiling Price
($ per Bbl)
2018
January - December
6,000

 
$
2.75

 
$
3.24

 
1,000

 
$
45.00

 
$
55.35
Gains or Losses Related to Changes in Fair Value and Cash Settlements on Derivatives Not Qualifying as Hedging Instruments
We had no outstanding hedging instruments at December 31, 2016 (Predecessor). 
Fair Value of Derivatives Not Designated or Not Qualifying as Hedging Instruments at
December 31, 2017
(Successor)
 
Asset Derivatives
 
Liability Derivatives
Description
Balance Sheet Location
 
Fair
Value
 
Balance Sheet Location
 
Fair
Value
Commodity contracts
Current assets: Fair value of
derivative contracts
 
$
879

 
Current liabilities: Fair value of derivative contracts
 
$
8,969

 
Long-term assets: Fair value
of derivative contracts
 
—

 
Long-term liabilities: Fair
value of derivative contracts
 
3,085

 
 
 
$
879

 
 
 
$
12,054

The following table discloses the before tax effect of our derivatives not designated or not qualifying as hedging instruments on the statement of operations for the indicated periods (in thousands):
Gain (Loss) Recognized in Derivative Income (Expense)
 
 
Successor
 
 
Predecessor
 
 
Period from
March 1, 2017
through
December 31, 2017
 
 
Period from
January 1, 2017
through
February 28, 2017
 
Year Ended
Description
 
 
 
 
December 31, 2016
 
December 31, 2015
Commodity contracts:
 
 
 
 
 
 
 
 
 
Cash settlements
 
$
2,161

 
 
$
—

 
$
—

 
$
17,385

Change in fair value
 
(15,549
)
 
 
(1,778
)
 
—

 
(12,146
)
Total gains (losses) on derivatives not designated or not qualifying as hedging instruments
 
$
(13,388
)
 
 
$
(1,778
)
 
$
—

 
$
5,239
Before Tax Effect of Derivative Instruments in Statement of Operations
The following table discloses the before tax effect of derivatives qualifying as hedging instruments, as reported in the statement of operations, for the years ended December 31, 2016 and 2015 (Predecessor) (in thousands):
Effect of Derivatives Qualifying as Hedging Instruments on the Statement of Operations
for the Years Ended December 31, 2016 and 2015
(Predecessor)
Derivatives in Cash
Flow Hedging
Relationships
 
Amount of Gain
(Loss) Recognized
in Other
Comprehensive
Income on
Derivatives
 
Gain (Loss) Reclassified from
Accumulated Other Comprehensive Income
into Income
(Effective Portion) (a)
 
Gain (Loss) Recognized in Income
on Derivatives
(Ineffective Portion)
 
 
 
 
Location
 
 
 
Location
 
 
 
 
2016
 
 
 
2016
 
 
 
2016
Commodity contracts
 
$
(1,648
)
 
Operating revenue -
oil/natural gas production
 
$
35,457

 
Derivative income (expense), net
 
$
(810
)
Total
 
$
(1,648
)
 
 
 
$
35,457

 
 
 
$
(810
)
 
 
 
 
 
 
 
 
 
 
 
 
 
2015
 
 
 
2015
 
 
 
2015
Commodity contracts
 
$
52,630

 
Operating revenue -
oil/natural gas production
 
$
149,955

 
Derivative income (expense), net
 
$
2,713

Total
 
$
52,630

 
 
 
$
149,955

 
 
 
$
2,713

(a)
For the year ended December 31, 2016, effective hedging contracts increased oil revenue by $23,747 and increased natural gas revenue by $11,710. For the year ended December 31, 2015, effective hedging contracts increased oil revenue by $135,617 and increased natural gas revenue by $14,338.
Offsetting Assets
The following table presents the potential impact of the offset rights associated with our recognized assets and liabilities at December 31, 2017 (Successor) (in thousands):
 
 
As Presented Without Netting
 
Effects of Netting
 
With Effects of Netting
Current assets: Fair value of derivative contracts
 
$
879

 
$
(879
)
 
$
—

Long-term assets: Fair value of derivative contracts
 
—

 
—

 
—

Current liabilities: Fair value of derivative contracts
 
(8,969
)
 
879

 
(8,090
)
Long-term liabilities: Fair value of derivative contracts
 
(3,085
)
 
—

 
(3,085
)
Offsetting Liabilities
The following table presents the potential impact of the offset rights associated with our recognized assets and liabilities at December 31, 2017 (Successor) (in thousands):
 
 
As Presented Without Netting
 
Effects of Netting
 
With Effects of Netting
Current assets: Fair value of derivative contracts
 
$
879

 
$
(879
)
 
$
—

Long-term assets: Fair value of derivative contracts
 
—

 
—

 
—

Current liabilities: Fair value of derivative contracts
 
(8,969
)
 
879

 
(8,090
)
Long-term liabilities: Fair value of derivative contracts
 
(3,085
)
 
—

 
(3,085
)