Risk Management and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Risk Management and Derivative Instruments

Schedule of commodity derivative contracts

	NYMEX WTI
	Fixed Swaps			Three-Way Collars
		Weighted			Weighted				Weighted
	Hedge	Avg		Hedge	Avg		Weighted		Avg
	Position	Strike		Position	Ceiling		AvgFloor		Sub-Floor
	(Bbls)	Price		(Bbls)	Price		Price		Price
Quarter Ended:
March 31, 2019	74,800	$	66.48	180,000	$	63.14	$	53.75	$	43.75
June 30, 2019(1)	57,650	$	64.69	182,000	$	63.14	$	53.75	$	43.75
September 30, 2019(1)	46,000	$	62.96	184,000	$	63.14	$	53.75	$	43.75
December 31, 2019(1)	46,000	$	61.43	184,000	$	63.14	$	53.75	$	43.75
March 31, 2020(1)	—	$	—	91,000	$	65.75	$	50.00	$	40.00
June 30, 2020(1)	—	$	—	91,000	$	65.75	$	50.00	$	40.00
September 30, 2020(1)	—	$	—	92,000	$	65.75	$	50.00	$	40.00
December 31, 2020(1)	—	$	—	92,000	$	65.75	$	50.00	$	40.00

(1) Positions shown represent open commodity derivative contract positions as of  March 31, 2019.

	NYMEX HENRY HUB
	Fixed Swaps			Three-Way Collars
					Weighted		Weighted		Weighted
	Hedge	Weighted		Hedge	Avg		Avg		Avg
	Position	AvgStrike		Position	Ceiling		Floor		Sub-Floor
	(MMBtu)	Price		(MMBtu)	Price		Price		Price
Quarter Ended:
March 31, 2019	1,980,000	$	3.01	1,350,000	$	3.40	$	3.00	$	2.50
June 30, 2019(1)	1,365,000	$	2.75	—	$	—	$	—	$	—
September 30, 2019(1)	1,380,000	$	2.75	—	$	—	$	—	$	—
December 31, 2019(1)	465,000	$	2.75	610,000	$	3.45	$	2.65	$	2.15
March 31, 2020(1)	—	$	—	900,000	$	3.45	$	2.65	$	2.15

(1)Positions shown represent open commodity derivative contract positions as of March 31, 2019.

Summary of net fair values of commodity derivative instruments by the appropriate balance sheet classification in the Company's unaudited interim condensed consolidated balance sheets

The following table summarizes the net fair values of commodity derivative instruments by the appropriate balance sheet classification in the Company’s unaudited interim condensed consolidated balance sheets for the periods presented (in thousands):

Type	Balance Sheet Location (1)	March 31, 2019		December 31, 2018
Oil swaps	Derivative financial instruments — current assets	$	422	$	3,806
Gas swaps	Derivative financial instruments — current assets		—		(207)
Oil collars	Derivative financial instruments — current assets		(113)		3,316
Gas collars	Derivative financial instruments — current assets		—		25
Total derivative financial instruments —  current assets		$	309	$	6,940
Oil collars	Derivative financial instruments — noncurrent assets	$	—	$	791
Total derivative financial instruments — noncurrent assets		$	—	$	791
Oil swaps	Derivative financial instruments — current liabilities	$	—	$	—
Gas swaps	Derivative financial instruments — current liabilities		(6)		—
Oil collars	Derivative financial instruments — current liabilities		(823)		—
Gas collars	Derivative financial instruments — current liabilities		(79)		—
Total derivative financial instruments — current liabilities		$	(908)	$	—
Oil collars	Derivative financial instruments — noncurrent liabilities	$	(251)	$	—
Gas collars	Derivative financial instruments — noncurrent liabilities		—		(80)
Total derivative financial instruments — noncurrent liabilities		$	(251)	$	(80)
Total derivative fair value at period end		$	(850)	$	7,651

(1) The fair values of commodity derivative instruments reported in the Company’s unaudited interim condensed consolidated balance sheets are subject to netting arrangements and qualify for net presentation.

Summary of location and fair values amounts of all commodity derivative instruments as well as the gross recognized derivative assets, liabilities and amounts offset in the condensed consolidated balance sheet

The following table summarizes the location and fair value amounts of all commodity derivative instruments in the unaudited interim condensed consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the unaudited interim condensed consolidated balance sheets for the periods presented (in thousands):

		March 31, 2019
							Net Recognized
Not Designated as		Gross Recognized		Gross Amounts			Fair Value
ASC 815 Hedges	Balance Sheet Location Classification	Assets/Liabilities		Offset			Assets/Liabilities
Derivative Assets:
Commodity contracts	Derivative financial instruments — current	$	1,738	$	(1,429)	$	309
Commodity contracts	Derivative financial instruments — noncurrent		905		(905)		—
		$	2,643	$	(2,334)	$	309
Derivative Liabilities:
Commodity contracts	Derivative financial instruments — current	$	(2,337)	$	1,429	$	(908)
Commodity contracts	Derivative financial instruments — noncurrent		(1,156)		905		(251)
		$	(3,493)	$	2,334	$	(1,159)

		December 31, 2018
						Net Recognized
Not Designated as		Gross Recognized		Gross Amounts		Fair Value
ASC 815 Hedges	Balance Sheet Location Classification	Assets/Liabilities		Offset		Assets/Liabilities
Derivative Assets:
Commodity contracts	Derivative financial instruments - current	$	11,066	$	(4,126)	$	6,940
Commodity contracts	Derivative financial instruments - noncurrent		2,859		(2,068)		791
		$	13,925	$	(6,194)	$	7,731
Derivative Liabilities:
Commodity contracts	Derivative financial instruments - current	$	(4,126)	$	4,126	$	—
Commodity contracts	Derivative financial instruments - noncurrent		(2,148)		2,068		(80)
		$	(6,274)	$	6,194	$	(80)

Schedule of net cash received for commodity derivative contracts and unrealized net gains or unrealized net losses related to the change in fair value of derivative instruments in gains (losses) on commodity derivative contracts - net for the periods

The following table presents net cash received for commodity derivative contracts and unrealized net gains recorded by the Company related to the change in fair value of the derivative instruments in gains (losses) on commodity derivative contracts—net for the periods presented (in thousands):

	For the Three Months
	Ended March 31,
	2019		2018
Net cash received (paid) for commodity derivative contracts	$	769	$	(160)
Unrealized net gains (losses)		(8,501)		(3,779)
Losses on commodity derivative contracts—net	$	(7,732)	$	(3,939)