Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2018:    

	Price Swaps
Period	Commodity	Volume (Bbls / MMBtu)	Weighted Average Price ($/Bbl / $/MMBtu)
Q2 - Q4 2018	Crude Oil	1,076,750	$	51.10
Q1 - Q4 2019	Crude Oil	1,076,600	$	55.37
Q2 - Q4 2018	Crude Oil Basis Swap(1)	453,750	(0.15		)
Q2 - Q4 2018	Natural Gas	1,825,000	$	2.95

(1) The basis differential price is between Midland - WTI and the NYMEX - WTI.

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): 

		March 31, 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	$	213	$	—		$	213	$	184	$	—	$	184
Commodity contracts	Derivative asset - noncurrent	$	103	$	—		$	103	$	—	$	—	$	—
Commodity contracts	Derivative liability - current	$	14,241	$	(1,758	)	$	12,483	$	11,805	$	—	$	11,805
Commodity contracts	Derivative liability - noncurrent	$	2,280	$	—		$	2,280	$	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 March 31,
Derivatives not designated as hedging contracts under ASC Topic 815	Statement of Operations Location	2018			2017
Total (loss) gain on commodity contracts	(Loss) gain on derivative contracts, net	$	(1,000	)	$	5,046
Cash paid in settlements on commodity contracts	(Loss) gain on derivative contracts, net	(4,275		)	(586		)
(Loss) gain on commodity contracts, net		$	(5,275	)	$	4,460