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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2018
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 May 7, 2018:
 
 
Put Contracts (NYMEX)
 
 
Oil
 
 
Daily Volume
(Bbls/d)
 
Price
($ per Bbl)
2018
January - December
1,000

 
$
54.00

2018
January - December
1,000

 
45.00


 
 
Fixed-Price Swaps (NYMEX)
 
 
Oil
 
 
Daily Volume
(Bbls/d)
 
Swap Price
($ 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
The following tables disclose the location and fair value amounts of derivatives not designated or not qualifying as hedging instruments, as reported in our balance sheet, at March 31, 2018 (Successor) and December 31, 2017 (Successor) (in thousands).
Fair Value of Derivatives Not Designated or Not Qualifying as Hedging Instruments at
March 31, 2018
(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
 
$
417

 
Current liabilities: Fair value of derivative contracts
 
$
13,147

 
Long-term assets: Fair value
of derivative contracts
 
—

 
Long-term liabilities: Fair
value of derivative contracts
 
4,564

 
 
 
$
417

 
 
 
$
17,711

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 
 
 
 
 
 
 
 
Before Tax Effect of Derivative Instruments in Statement of Operations
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 three months ended March 31, 2018 (Successor), the period from January 1, 2017 through February 28, 2017 (Predecessor) and the period from March 1, 2017 through March 31, 2017 (Successor) (in thousands).

Gain (Loss) Recognized in Derivative Income (Expense)
 
Successor
 
 
Predecessor
 
Three Months Ended
March 31, 2018
 
Period from
March 1, 2017
through
March 31, 2017
 
 
Period from
January 1, 2017
through
February 28, 2017
Description
 
 
 
 
 
 
Commodity contracts:
 
 
 
 
 
 
Cash settlements
$
(3,429
)
 
$
161

 
 
$
—

Change in fair value
(6,119
)
 
2,485

 
 
(1,778
)
Total gains (losses) on derivatives not designated or not qualifying as hedging instruments
$
(9,548
)
 
$
2,646

 
 
$
(1,778
)
Summary of Offsetting Liabilities
The following tables present the potential impact of the offset rights associated with our recognized assets and liabilities at March 31, 2018 (Successor) and December 31, 2017 (Successor) (in thousands):
 
 
March 31, 2018 (Successor)
 
 
As Presented Without Netting
 
Effects of Netting
 
With Effects of Netting
Current assets: Fair value of derivative contracts
 
$
417

 
$
(417
)
 
$
—

Long-term assets: Fair value of derivative contracts
 
—

 
—

 
—

Current liabilities: Fair value of derivative contracts
 
(13,147
)
 
417

 
(12,730
)
Long-term liabilities: Fair value of derivative contracts
 
(4,564
)
 
—

 
(4,564
)

 
 
December 31, 2017 (Successor)
 
 
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
)
Summary of Offsetting Assets
The following tables present the potential impact of the offset rights associated with our recognized assets and liabilities at March 31, 2018 (Successor) and December 31, 2017 (Successor) (in thousands):
 
 
March 31, 2018 (Successor)
 
 
As Presented Without Netting
 
Effects of Netting
 
With Effects of Netting
Current assets: Fair value of derivative contracts
 
$
417

 
$
(417
)
 
$
—

Long-term assets: Fair value of derivative contracts
 
—

 
—

 
—

Current liabilities: Fair value of derivative contracts
 
(13,147
)
 
417

 
(12,730
)
Long-term liabilities: Fair value of derivative contracts
 
(4,564
)
 
—

 
(4,564
)

 
 
December 31, 2017 (Successor)
 
 
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
)