Risk Management and Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Open Commodity Positions

At June 30, 2019, we had the following open commodity positions:

	Remaining
	2019		2020		2021		2022
Natural Gas Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (MMBtu)		1,490,000		150,000		187,500		—
Weighted-average fixed price	$	2.85	$	2.65	$	2.56	$	—
Collar contracts:
Average monthly volume (MMBtu)		—		520,000		162,500		—
Weighted-average floor price		—	$	2.64	$	2.58		—
Weighted-average ceiling price	$	—	$	2.96	$	2.84	$	—
Crude Oil Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (Bbls)		135,000		153,050		116,250		30,000
Weighted-average fixed price	$	53.49	$	57.54	$	56.05	$	55.32
Collar contracts:
Average monthly volume (Bbls)		76,000		14,300		—		—
Weighted-average floor price	$	55.00	$	55.00	$	—	$	—
Weighted-average ceiling price	$	63.85	$	62.10	$	—	$	—
NGL Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (Bbls)		72,000		65,425		22,800		—
Weighted-average fixed price	$	29.96	$	28.84	$	27.48	$	—

Interest Rate Swap Open Positions

At June 30, 2019, we had the following interest rate swap open positions:

	Remaining
	2019			2020			2021
Average Monthly Notional (in thousands)	$	50,000		$	50,000		$	50,000
Weighted-average fixed rate		2.109	%		2.109	%		2.109	%
Floating rate	1 Month LIBOR			1 Month LIBOR			1 Month LIBOR

Gross Fair Value of Derivative Instruments by Appropriate Balance Sheet

The following table summarizes both: (i) the gross fair value of derivative instruments by the appropriate balance sheet classification even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the balance sheet and (ii) the net recorded fair value as reflected on the balance sheet at June 30, 2019 and December 31, 2018. There was no cash collateral received or pledged associated with our derivative instruments since most of the counterparties, or certain of their affiliates, to our derivative contracts are lenders under our credit agreement.

		Asset Derivatives			Liability Derivatives			Asset Derivatives			Liability Derivatives
		June 30,			June 30,			December 31,			December 31,
Type	Balance Sheet Location	2019			2019			2018			2018
		(In thousands)
Commodity contracts	Short-term derivative instruments	$	12,317		$	6,415		$	21,217		$	2,543
Interest rate swaps	Short-term derivative instruments		13			147			—			—
Gross fair value			12,330			6,562			21,217			2,543
Netting arrangements			(6,411	)		(6,411	)		(2,404	)		(2,404	)
Net recorded fair value	Short-term derivative instruments	$	5,919		$	151		$	18,813		$	139
Commodity contracts	Long-term derivative instruments	$	8,728		$	1,073		$	4,298		$	1,829
Interest rate swaps	Long-term derivative instruments		—			445			—			—
Gross fair value			8,728			1,518			4,298			1,829
Netting arrangements			(1,243	)		(1,243	)		(1,829	)		(1,829	)
Net recorded fair value	Long-term derivative instruments	$	7,485		$	275		$	2,469		$	—

Unrealized and Realized Gains and Losses Related to Derivative Instruments

The following table details the gains and losses related to derivative instruments for the periods indicated (in thousands):

		For the Three Months Ended					For the Six Months Ended
	Statements of	June 30,					June 30,
	Operations Location	2019			2018		2019		2018
Commodity derivative contracts	(Gain) loss on commodity derivatives	$	(22,993	)	$	35,652	$	9,494	$	46,108
Interest rate derivatives	Interest expense, net		627			—		534		—