DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedges, Assets [Abstract]

Schedule of Outstanding Hedging Contracts Relative to Future Production

The following tables summarize our outstanding derivative contracts as of June 30, 2018 (subsequent to June 30, 2018 through August 6, 2018, we have not entered into any additional derivative contracts):

Oil Collars	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2018:
WTI (1)
Volume (Bbls)	—		—		3,220,000		2,668,000		5,888,000
Weighted Avg Price - Floor	$	—	$	—	$	49.80	$	51.03	$	50.36
Weighted Avg Price - Ceiling	$	—	$	—	$	60.49	$	61.74	$	61.06
2019:
WTI (1)
Volume (Bbls)	2,070,000		2,093,000		1,472,000		736,000		6,371,000
Weighted Avg Price - Floor	$	51.83	$	51.83	$	53.50	$	57.00	$	52.81
Weighted Avg Price - Ceiling	$	63.77	$	63.77	$	67.13	$	68.04	$	65.04

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(1) The index price for these collars is West Texas Intermediate (“WTI”) as quoted on the New York Mercantile Exchange (“NYMEX”).

Gas Collars	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2018:
PEPL (1)
Volume (MMBtu)	—		—		11,960,000		9,200,000		21,160,000
Weighted Avg Price - Floor	$	—	$	—	$	2.19	$	2.12	$	2.16
Weighted Avg Price - Ceiling	$	—	$	—	$	2.48	$	2.42	$	2.45
Perm EP (2)
Volume (MMBtu)	—		—		9,200,000		7,360,000		16,560,000
Weighted Avg Price - Floor	$	—	$	—	$	1.92	$	1.81	$	1.87
Weighted Avg Price - Ceiling	$	—	$	—	$	2.14	$	2.03	$	2.09
Waha (3)
Volume (MMBtu)	—		—		920,000		920,000		1,840,000
Weighted Avg Price - Floor	$	—	$	—	$	1.35	$	1.35	$	1.35
Weighted Avg Price - Ceiling	$	—	$	—	$	1.56	$	1.56	$	1.56
2019:
PEPL (1)
Volume (MMBtu)	8,100,000		8,190,000		5,520,000		2,760,000		24,570,000
Weighted Avg Price - Floor	$	2.08	$	2.08	$	1.92	$	1.90	$	2.02
Weighted Avg Price - Ceiling	$	2.39	$	2.39	$	2.26	$	2.33	$	2.36
Perm EP (2)
Volume (MMBtu)	6,300,000		6,370,000		4,600,000		1,840,000		19,110,000
Weighted Avg Price - Floor	$	1.73	$	1.73	$	1.50	$	1.35	$	1.64
Weighted Avg Price - Ceiling	$	1.95	$	1.95	$	1.74	$	1.55	$	1.86
Waha (3)
Volume (MMBtu)	900,000		910,000		920,000		920,000		3,650,000
Weighted Avg Price - Floor	$	1.35	$	1.35	$	1.35	$	1.35	$	1.35
Weighted Avg Price - Ceiling	$	1.56	$	1.56	$	1.56	$	1.56	$	1.56

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(1) The index price for these collars is Panhandle Eastern Pipe Line, Tex/OK Mid-Continent Index (“PEPL”) as quoted in Platt’s Inside FERC.

(2) The index price for these collars is El Paso Natural Gas Company, Permian Basin Index (“Perm EP”) as quoted in Platt’s Inside FERC.

(3) The index price for these collars is Waha West Texas Natural Gas Index (“Waha”) as quoted in Platt’s Inside FERC.

Oil Basis Swaps	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
2018:
WTI Midland (1)
Volume (Bbls)	—			—			2,484,000			2,024,000			4,508,000
Weighted Avg Differential (2)	$	—		$	—		$	(3.89	)	$	(4.56	)	$	(4.19	)
2019:
WTI Midland (1)
Volume (Bbls)	1,710,000			1,729,000			1,288,000			552,000			5,279,000
Weighted Avg Differential (2)	$	(5.17	)	$	(5.17	)	$	(6.84	)	$	(10.73	)	$	(6.16	)

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(1) The index price we pay under these basis swaps is WTI Midland as quoted by Argus Americas Crude.

(2) The index price we receive under these basis swaps is WTI as quoted on the NYMEX less the weighted average differential shown in the table.

Schedule of Net (Gains) Losses from Settlements and Changes of Derivative Contracts

The following table presents the components of Loss (gain) on derivative instruments, net for the periods indicated.

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2018			2017			2018			2017
Change in fair value of derivative instruments, net:
Gas contracts	$	14,566		$	(5,748	)	$	2,777		$	(27,939	)
Oil contracts	(397		)	(16,418		)	(5,156		)	(44,148		)
	14,169			(22,166		)	(2,379		)	(72,087		)
Cash (receipts) payments on derivative instruments, net:
Gas contracts	(9,918		)	(1,308		)	(15,037		)	1,136
Oil contracts	17,448			965			34,956			4,581
	7,530			(343		)	19,919			5,717
Loss (gain) on derivative instruments, net	$	21,699		$	(22,509	)	$	17,540		$	(66,370	)

Schedule of Derivative Assets and Liabilities

The following tables present the amounts and classifications of our derivative assets and liabilities as of June 30, 2018 and December 31, 2017, as well as the potential effect of netting arrangements on our recognized derivative asset and liability amounts.

		June 30, 2018
(in thousands)	Balance Sheet Location	Asset			Liability
Oil contracts	Current assets — Derivative instruments	$	57,768		$	—
Gas contracts	Current assets — Derivative instruments	15,175			—
Oil contracts	Non-current assets — Derivative instruments	1,106			—
Gas contracts	Non-current assets — Derivative instruments	1,224			—
Oil contracts	Current liabilities — Derivative instruments	—			88,814
Gas contracts	Current liabilities — Derivative instruments	—			1,666
Oil contracts	Non-current liabilities — Derivative instruments	—			11,237
Gas contracts	Non-current liabilities — Derivative instruments	—			274
Total gross amounts presented in the balance sheet		75,273			101,991
Less: gross amounts not offset in the balance sheet		(68,377		)	(68,377		)
Net amount		$	6,896		$	33,614
		December 31, 2017
(in thousands)	Balance Sheet Location	Asset			Liability
Gas contracts	Current assets — Derivative instruments	$	15,151		$	—
Gas contracts	Non-current assets — Derivative instruments	2,086			—
Oil contracts	Current liabilities — Derivative instruments	—			42,066
Oil contracts	Non-current liabilities — Derivative instruments	—			4,268
Total gross amounts presented in the balance sheet		17,237			46,334
Less: gross amounts not offset in the balance sheet		(17,237		)	(17,237		)
Net amount		$	—		$	29,097