Derivatives (Tables)

12 Months Ended

Dec. 31, 2018

Derivative [Line Items]

Fair value of derivative contracts

The following summarizes the fair value and classification of our derivatives:

	December 31, 2018 (Successor)
Balance sheet location	Gross fair value of assets		Gross liabilities offset against assets in the Balance Sheet			Net fair value of assets presented in the Balance Sheet
	(in thousands)
Derivatives, current assets	$	22,512	$	(6,089	)	$	16,423
Derivatives, long-term assets	7,910		(4,963		)	2,947
Total	$	30,422	$	(11,052	)	$	19,370

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Balance sheet location	Gross fair value of liabilities		Gross assets offset against liabilities in the Balance Sheet			Net fair value of liabilities presented in the Balance Sheet
	(in thousands)
Derivatives, current liabilities	$	7,799	$	(6,089	)	$	1,710
Derivatives, long-term liabilities	5,143		(4,963		)	180
Total	$	12,942	$	(11,052	)	$	1,890

໿

	December 31, 2017 (Predecessor)
Balance sheet location	Gross fair value of assets		Gross liabilities offset against assets in the Balance Sheet			Net fair value of assets presented in the Balance Sheet
	(in thousands)
Derivatives, current assets	$	1,406	$	(1,190	)	$	216
Derivatives, long-term assets	3,010		(3,002		)	8
Total	$	4,416	$	(4,192	)	$	224

Balance sheet location	Gross fair value of liabilities		Gross assets offset against liabilities in the Balance Sheet			Net fair value of liabilities presented in the Balance Sheet
	(in thousands)
Derivatives, current liabilities	$	20,493	$	(1,190	)	$	19,303
Derivatives, long-term liabilities	4,116		(3,002		)	1,114
Total	$	24,609	$	(4,192	)	$	20,417

Effect of derivative instruments in the Consolidated Statements of Operations

The following table summarizes the effect of our derivatives in the statements of operations (in thousands):

	Successor			Predecessor
	February 9, 2018			January 1, 2018
Derivatives not	Through			Through		Year Ended			Year Ended
designated as hedges	December 31, 2018			February 8, 2018		December 31, 2017			December 31, 2016
Gain (loss) on derivatives -
Oil commodity contracts	$	(3,559	)	$	4,796	$	1,450		$	(36,572	)
Natural gas commodity contracts	(6,688		)	1,867		7,288			(2,410		)
Natural gas liquids commodity contracts	—			—		(451		)	(1,478		)
Total gain (loss) on derivatives	$	(10,247	)	$	6,663	$	8,287		$	(40,460	)

Oil Derivative Contracts

Derivative [Line Items]

Open derivative contracts

We had the following call and put derivatives at December 31, 2018:

OIL

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	Volume	Weighted		Range
Settlement Period and Type of Contract	in bbls	Average		High		Low
2019
Price Swap Contracts	182,500	$	63.03	$	63.03	$	63.03
Collar Contracts
Short Call Options	2,701,000	66.31		75.20		56.50
Long Put Options	2,883,500	53.80		62.00		50.00
Short Put Options	2,883,500	42.72		52.00		37.50
2020
Collar Contracts
Short Call Options	585,600	64.32		73.80		59.55
Long Put Options	1,537,200	55.54		62.50		50.00
Short Put Options	1,537,200	44.64		50.00		37.50

Natural Gas Derivative Contract

Derivative [Line Items]

Open derivative contracts

NATURAL GAS

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	Volume in	Weighted		Range
Settlement Period and Type of Contract	MMBtu	Average		High		Low
2019
Price Swap Contracts	10,905,000	$	2.69	$	3.09	$	2.64
Collar Contracts
Short Call Options	4,000,000	3.31		3.75		3.17
Long Put Options	3,550,000	2.81		2.90		2.70
Short Put Options	2,425,000	2.27		2.40		2.20
2020
Collar Contracts
Short Call Options	2,275,000	3.19		3.20		3.17
Long Put Options	9,150,000	2.57		2.70		2.50
Short Put Options	9,150,000	2.07		2.20		2.00
2021
Collar Contracts
Long Put Options	2,250,000	2.65		2.65		2.65
Short Put Options	2,250,000	2.15		2.15		2.15

Natural Gas Basis Swap Derivative Contracts

Derivative [Line Items]

Natural Gas Basis Swap Contracts

We had the following basis swaps at December 31, 2018:

Total Gas Volumes in MMBtuover Remaining Term(1)	Reference Price 1 (1)	Reference Price 2 (1)	Period			Weighted Average Spread ($ per MMBtu)
460,000	OneOK	NYMEX Henry Hub	Jul '19	—	Dec '19	$	(0.93	)
17,950,000	Tex/OKL Panhandle Eastern Pipeline	NYMEX Henry Hub	Jan '19	—	Dec '19	(0.68		)
910,000	Tex/OKL Panhandle Eastern Pipeline	NYMEX Henry Hub	Jan '20	—	Mar '20	(0.49		)
2,365,000	San Juan	NYMEX Henry Hub	Jan '19	—	Oct '19	(0.78		)

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(1) Represents short swaps that fix the basis differentials between OneOK, Tex/OKL Panhandle Eastern Pipeline (“PEPL”), San Juan and NYMEX Henry Hub.