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Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Open Crude Oil and Natural Gas Derivative Contracts
The Company had the following open crude oil and natural gas derivative contracts as of September 30, 2018:    
 
 
Price Swaps
Period
 
Commodity
 
Volume
(Bbls / MMBtu)
 
Weighted Average Price
($/Bbl / $/MMBtu)
Q4 2018
 
Crude Oil
 
413,700

 
$
54.05

Q1 - Q4 2019
 
Crude Oil
 
1,624,100

 
$
58.95

Q1 - Q4 2020
 
Crude Oil
 
732,000

 
$
63.08

Q4 2018
 
Crude Oil (Basis Swap)(1)
 
243,800

 
$
(1.90
)
Q4 2018
 
Crude Oil (Basis Swap)(2)
 
92,000

 
$
6.35

Q1 - Q4 2019
 
Crude Oil Basis Swap(1)
 
1,277,500

 
$
(6.39
)
Q1 - Q4 2019
 
Crude Oil (Basis Swap)(2)
 
365,000

 
$
4.50

Q1 - Q4 2020
 
Crude Oil Basis Swap(1)
 
732,000

 
$
(5.38
)
Q4 2018
 
Natural Gas
 
610,000

 
$
2.95

(1)
The basis differential price is between WTI Midland Argus Crude and the WTI NYMEX.
(2)
The basis differential price is between LLS Argus Crude and the WTI NYMEX.
Subsequent to September 30, 2018, the Company entered into the following crude oil and natural gas derivative contracts:
 
 
Price Swaps
Period
 
Commodity
 
Volume
(Bbls / MMBtu)
 
Weighted Average Price
($/Bbl / $/MMBtu)
Q1 - Q4 2019
 
Crude Oil
 
730,000

 
$
73.05

Q1 - Q4 2020
 
Crude Oil
 
732,000

 
$
68.67

Q1 - Q4 2019
 
Crude Oil Basis Swap(1)
 
730,000

 
$
(5.50
)
Q1 - Q4 2020
 
Crude Oil Basis Swap(1)
 
732,000

 
$
(0.10
)
Q1 - Q4 2019
 
Natural Gas
 
1,277,550

 
$
2.87

Q1 - Q4 2019
 
Natural Gas (Basis Swap)(2)
 
1,277,550

 
$
(1.28
)
(1)
The basis differential price is between WTI Midland Argus Crude and the WTI NYMEX.
(2)
The basis differential price is between W. Texas (WAHA) and the Henry Hub NYMEX.
Schedule of Location and Fair Value Amounts of All Derivative Instruments
The following table summarizes the location and fair value amounts of all derivative instruments in the Condensed Consolidated Balance Sheets as well as the gross recognized derivative assets, liabilities, and amounts offset in the Condensed Consolidated Balance Sheets (in thousands): 
 
 
 
 
September 30, 2018
 
December 31, 2017
Derivatives not
designated as hedging
contracts under ASC
Topic 815
 
Balance Sheet Location
 
Gross
Recognized
Assets /
Liabilities
 
Gross
Amounts
Offset
 
Net
Recognized
Assets /
Liabilities
 
Gross
Recognized
Assets /
Liabilities
 
Gross
Amounts
Offset
 
Net
Recognized
Assets /
Liabilities
Commodity contracts
 
Derivative asset - current
 
$
—

 
$
—

 
$
—

 
$
184

 
$
—

 
$
184

Commodity contracts
 
Derivative liability - current
 
$
25,200

 
$
(1,809
)
 
$
23,391

 
$
11,805

 
$
—

 
$
11,805

Commodity contracts
 
Derivative liability - noncurrent
 
$
10,025

 
$
(6
)
 
$
10,019

 
$
1,826

 
$
—

 
$
1,826
Summary of Realized and Unrealized Gains and Losses on Derivative Instruments
The following table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivatives instruments in the Condensed Consolidated Statements of Operations (in thousands): 
 
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
Derivatives not designated as hedging contracts under ASC Topic 815
 
Statement of Operations Location
 
2018
 
2017
 
2018
 
2017
Total (loss) gain on commodity contracts
 
(Loss) gain on derivative contracts, net
 
$
(13,105
)
 
$
(4,159
)
 
$
(19,963
)
 
$
3,908

Cash (paid) received in settlements on commodity contracts
 
(Loss) gain on derivative contracts, net
 
(4,376
)
 
496

 
(13,643
)
 
229

(Loss) gain on commodity contracts, net
 
 
 
$
(17,481
)
 
$
(3,663
)
 
$
(33,606
)
 
$
4,137