Risk Management and Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Open Commodity Positions

At September 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)		1,643,333		150,000			187,500			—
Weighted-average fixed price	$	2.84	$	2.65		$	2.56		$	—
Collar contracts:
Two-way collars
Average monthly volume (MMBtu)		—		520,000			162,500			—
Weighted-average floor price	$	—	$	2.64		$	2.58		$	—
Weighted-average ceiling price	$	—	$	2.96		$	2.84		$	—
Three-way collars
Average monthly volume (MMBtu)		202,667		76,000			—			—
Weighted-average ceiling price	$	3.45	$	3.45		$	—		$	—
Weighted-average floor price	$	2.65	$	2.65		$	—		$	—
Weighted-average sub-floor price	$	2.15	$	2.15		$	—		$	—
Natural Gas Basis Swaps:
PEPL basis swaps:
Average monthly volume (Bbls)		—		600,000			500,000			—
Weighted-average fixed price	$	—	$	(0.46	)	$	(0.40	)	$	—
Crude Oil Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (Bbls)		180,333		153,050			116,250			30,000
Weighted-average fixed price	$	55.25	$	57.54		$	56.05		$	55.32
Collar contracts:
Two-way collars
Average monthly volume (Bbls)		76,000		14,300			—			—
Weighted-average floor price	$	55.00	$	55.00		$	—		$	—
Weighted-average ceiling price	$	63.85	$	62.10		$	—		$	—
Three-way collars
Average monthly volume (MMBtu)		61,200		30,500			—			—
Weighted-average ceiling price	$	63.14	$	65.75		$	—		$	—
Weighted-average floor price	$	53.75	$	50.00		$	—		$	—
Weighted-average sub-floor price	$	43.75	$	40.00		$	—		$	—
NGL Derivative Contracts:
Fixed price swap contracts:
Average monthly volume (Bbls)		72,000		65,425			22,800			—
Weighted-average fixed price	$	29.96	$	25.20		$	24.25		$	—

Interest Rate Swap Open Positions

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

	Remaining
	2019			2020			2021			2022
Average Monthly Notional (in thousands)	$	125,000		$	125,000		$	125,000		$	75,000
Weighted-average fixed rate		1.612	%		1.612	%		1.612	%		1.281	%
Floating rate	1 Month LIBOR			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 September 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
		September 30,			September 30,			December 31,			December 31,
Type	Balance Sheet Location	2019			2019			2018			2018
		(In thousands)
Commodity contracts	Short-term derivative instruments	$	23,043		$	2,584		$	21,217		$	2,543
Interest rate swaps	Short-term derivative instruments		275			234			—			—
Gross fair value			23,318			2,818			21,217			2,543
Netting arrangements			(2,609	)		(2,609	)		(2,404	)		(2,404	)
Net recorded fair value	Short-term derivative instruments	$	20,709		$	209		$	18,813		$	139
Commodity contracts	Long-term derivative instruments	$	18,715		$	1,000		$	4,298		$	1,829
Interest rate swaps	Long-term derivative instruments		32			521			—			—
Gross fair value			18,747			1,521			4,298			1,829
Netting arrangements			(1,032	)		(1,032	)		(1,829	)		(1,829	)
Net recorded fair value	Long-term derivative instruments	$	17,715		$	489		$	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 Nine Months Ended
	Statements of	September 30,					September 30,
	Operations Location	2019			2018		2019			2018
Commodity derivative contracts	(Gain) loss on commodity derivatives	$	(28,725	)	$	21,110	$	(19,231	)	$	67,218
Interest rate derivatives	Interest expense, net		(199	)		—		334			—