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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2019
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 June 30, 2019:    
 
 
Price Swaps
Period
 
Commodity
 
Volume
(Bbls / MMBtu)
 
Weighted Average Price
($/Bbl / $/MMBtu)
Q3 - Q4 2019
 
Crude Oil
 
1,177,600

 
$
65.64

Q1 - Q4 2020
 
Crude Oil
 
1,830,000

 
$
63.80

Q1 - Q4 2021
 
Crude Oil
 
365,000

 
$
55.53

Q3 - Q4 2019
 
Crude Oil Basis Swap(1)
 
1,012,000

 
$
(5.29
)
Q3 - Q4 2019
 
Crude Oil Basis Swap(2)
 
184,000

 
$
4.50

Q1 - Q4 2020
 
Crude Oil Basis Swap(1)
 
1,830,000

 
$
(2.14
)
Q3 - Q4 2019
 
Natural Gas
 
1,564,000

 
$
2.85

Q1 - Q4 2020
 
Natural Gas
 
2,562,000

 
$
2.85

Q3 - Q4 2019
 
Natural Gas Basis Swap(3)
 
1,564,000

 
$
(1.16
)
Q1 - Q4 2020
 
Natural Gas Basis Swap(3)
 
2,562,000

 
$
(1.07
)
(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.
(3)
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): 
 
 
 
 
June 30, 2019
 
December 31, 2018
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
 
$
17,346

 
$
(8,768
)
 
$
8,578

 
$
48,662

 
$
(4,774
)
 
$
43,888

Commodity contracts
 
Derivative liability - current
 
$
8,944

 
$
(8,768
)
 
$
176

 
$
5,302

 
$
(4,774
)
 
$
528

Commodity contracts
 
Derivative asset - noncurrent
 
$
8,583

 
$
(1,649
)
 
$
6,934

 
$
23,605

 
$
(2,484
)
 
$
21,121

Commodity contracts
 
Derivative liability - noncurrent
 
$
2,748

 
$
(1,649
)
 
$
1,099

 
$
4,375

 
$
(2,484
)
 
$
1,891
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): 
Derivatives not designated as hedging contracts under ASC Topic 815
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
Statement of Cash Flows Location
 
Statement of Operations Location
 
2019
 
2018
 
2019
 
2018
Unrealized gain (loss)
 
Not separately presented
 
Not separately presented
 
$
4,902

 
$
(5,858
)
 
$
(48,354
)
 
$
(6,858
)
Realized gain (loss)
 
Operating portion of net cash paid in settlement of derivative contracts
 
Not separately presented
 
4,594

 
(4,992
)
 
9,956

 
(9,267
)
 
 
Total gain (loss) on derivative contracts, net
 
Gain (loss) on derivative contracts, net
 
$
9,496

 
$
(10,850
)
 
$
(38,398
)
 
$
(16,125
)