Derivatives (Tables)

6 Months Ended

Jun. 30, 2019

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

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

	June 30, 2019
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	$	13,855	$	(9,128	)	$	4,727
Derivatives, long-term assets	11,977		(9,469		)	2,508
Total	$	25,832	$	(18,597	)	$	7,235

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	$	9,968	$	(9,128	)	$	840
Derivatives, long-term liabilities	9,658		(9,469		)	189
Total	$	19,626	$	(18,597	)	$	1,029

	December 31, 2018
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

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

Effect Of Derivative Instruments In The Consolidated Statements Of Operations

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

	Successor											Predecessor
Derivatives not designated as hedges	Three Months Ended June 30, 2019		Three Months Ended June 30, 2018			Six Months Ended June 30, 2019			February 9, 2018 Through June 30, 2018			January 1, 2018 Through February 8, 2018
Gain (loss) on derivatives -
Oil	$	5,134	$	(28,712	)	$	(16,535	)	$	(50,656	)	$	4,796
Natural gas	7,278		(507		)	5,170			(574		)	1,867
Total gain (loss) on derivatives	$	12,412	$	(29,219	)	$	(11,365	)	$	(51,230	)	$	6,663

Oil Derivative Contracts

Derivative [Line Items]

Open Derivative Contracts

	Volume	Weighted		Range
Settlement Period and Type of Contract	in bbls	Average		High		Low
2019
Price Swap Contracts	92,000	$	63.03	$	63.03	$	63.03
Collar Contracts
Short Call Options	1,361,600	66.31		75.20		56.50
Long Put Options	1,453,600	53.80		62.00		50.00
Short Put Options	1,453,600	42.72		52.00		37.50
2020
Collar Contracts
Short Call Options	1,017,600	63.95		73.80		59.55
Long Put Options	1,566,600	56.81		62.50		50.00
Short Put Options	1,566,600	42.81		50.00		37.50
2021
Collar Contracts
Short Call Options	279,750	63.51		63.75		63.35
Long Put Options	659,850	46.94		55.00		41.00
Short Put Options	279,750	43.00		43.00		43.00

Natural Gas Derivative Contract

Derivative [Line Items]

Open Derivative Contracts

	Volume	Weighted			Range
Settlement Period and Type of Contract	in MMBtu	Average			High			Low
2019
Price Swap Contracts	7,980,000	$	2.67		$	2.72		$	2.64
Basis Swap Contracts	9,680,000	(0.72		)	(0.49		)	(0.93		)
Collar Contracts
Short Call Options	1,525,000	3.19			3.20			3.17
Long Put Options	1,525,000	2.70			2.70			2.70
Short Put Options	1,525,000	2.20			2.20			2.20
2020
Price Swap Contracts	1,284,000	2.54			2.54			2.54
Basis Swap Contracts	910,000	(0.49		)	(0.49		)	(0.50		)
Collar Contracts
Short Call Options	3,874,500	3.19			3.69			2.77
Long Put Options	10,749,500	2.59			3.00			2.50
Short Put Options	9,696,000	2.10			2.50			2.00
2021
Collar Contracts
Short Call Options	540,000	3.25			3.25			3.25
Long Put Options	2,790,000	2.62			2.65			2.50
Short Put Options	2,250,000	2.15			2.15			2.15

Basis Swap Derivative Contract

Derivative [Line Items]

Natural Gas Basis Swap Contracts

We had the following basis swaps at June 30, 2019:

Total Gas Volumes in MMBtu(1) over Remaining Term	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	)
7,990,000	Tex/OKL Panhandle Eastern Pipeline	NYMEX Henry Hub	Jul '19	—	Dec '19	(0.70		)
910,000	Tex/OKL Panhandle Eastern Pipeline	NYMEX Henry Hub	Jan '20	—	Mar '20	(0.49		)
1,230,000	San Juan	NYMEX Henry Hub	Jul '19	—	Oct '19	(0.81		)

________________

(1)

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