Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the approximate volumes and average contract prices of swap contracts the Company had in place as of June 30, 2017:

	Period	Volume (Bbl)	Weighted Average Fixed Price ($/Bbl)
Crude oil swaps	July 2017 - December 2017	340,400	$	50.41
	January 2018 - December 2018	36,500	$	55.95
Crude oil basis swaps	July 2017 - November 2017	51,742	$	(0.20	)
	Period	Volume (MMBtu)	Weighted Average Fixed Price ($/MMBtu)
Natural gas swaps	July 2017 - December 2017	736,000	$	2.94

Derivative Instruments, Gain (Loss)

The following table presents gains and losses for derivative instruments not designated as hedges for accounting purposes for the periods presented:

	Successor		Predecessor			Successor		Predecessor
(in thousands)	For the Three Months Ended June 30, 2017		For the Three Months Ended June 30, 2016			For the Six Months Ended June 30, 2017		For the Six Months Ended June 30, 2016
Net gain (loss) on derivative instruments	$	2,529	$	(7,843	)	$	6,288	$	(5,925	)

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables summarize the location and fair value amounts of all the Company’s derivative instruments in the consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the condensed consolidated balance sheets:

	June 30, 2017
(in thousands)	Balance Sheet Classification	Gross Asset/Liability Amounts		Gross Amounts Offset (1)			Net Recognized Fair Value Assets/Liabilities
Derivative Assets
Derivative instruments	Current assets	$	1,675	$	(159	)	$	1,516
Derivative instruments	Noncurrent assets	131		—			131
Total derivative assets		$	1,806	$	(159	)	$	1,647
Derivative Liabilities
Derivative instruments	Current liabilities	$	344	$	(159	)	$	185
Total derivative liabilities		$	344	$	(159	)	$	185

(1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements or contract termination.

	December 31, 2016
(in thousands)	Balance Sheet Classification	Gross Asset/Liability Amounts		Gross Amounts Offset (1)			Net Recognized Fair Value Assets/Liabilities
Derivative Assets
Derivative instruments	Current assets	$	739	$	(308	)	$	431
Total derivative assets		$	739	$	(308	)	$	431
Derivative Liabilities
Derivative instruments	Current liabilities	$	5,669	$	(308	)	$	5,361
Derivative instruments	Noncurrent Liabilities	20		—			20
Total derivative liabilities		$	5,689	$	(308	)	$	5,381

(1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements or contract termination.