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Derivatives (Tables)
 9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments
As part of our hedging program, we entered into a number of derivative transactions that resulted in the following WTI-based crude oil contracts as of December 31, 2017:
 
Q1 2018
 
Q2 2018
 
Q3 2018
 
Q4 2018
 
FY 2019
 
FY 2020
Sold Oil Calls:
 
 
 
 
 
 
 
 
 
 
 
Hedged volume (MBbls)
225

 
225

 
225

 
225

 
840

 
390

Weighted average price ($/Bbl)
$
55.00

 
$
55.00

 
$
55.00

 
$
55.00

 

$57.32

 
$
60.00

Oil positions:
 
 
 
 
 
 
 
 
 
 
 
Fixed Price Swaps (NYMEX WTI):
 
 
 
 
 
 
 
 
 
 
 
Hedged volume (MBbls)
1,458

 
1,474

 
1,214

 
1,214

 
4,197

 
—

Weighted average price ($/Bbl)
$
53.43

 
$
53.43

 
$
52.04

 
$
52.04

 

$52.05

 
$
—

Oil basis differential positions:
 
 
 
 
 
 
 
 
 
 
 
ICE Brent-NYMEX WTI basic swaps:
 
 
 
 
 
 
 
 
 
 
 
Hedged volume (MBbls)
360

 
364

 
368

 
368

 
1,095

 
—

Weighted average price ($/Bbl)
$
1.21

 
$
1.21

 
$
1.21

 
$
1.21

 

$1.17

 
$
—

As of September 30, 2018, we have hedged crude oil production at the following approximate volumes and prices: 12.8 MBbl/d at $75 in the fourth quarter of 2018, 16.5 MBbl/d at $70 in 2019, and 1.2 MBbl/d at $65 in 2020, as outlined along with our natural gas derivative contracts in the following table:
 
Q4 2018
FY 2019
FY 2020
Sold Oil Calls (ICE Brent):
 
 
 
  Hedged volume (MBbls)
124

—

—

  Weighted-average price ($/Bbl)
$
80.00

$
—

$
—

Purchased Oil Put Options (ICE Brent):
 
 
 
  Hedged volume (MBbls)
—

3,385

455

  Weighted-average price ($/Bbl)
$
—

$
65.00

$
65.00

Fixed Price Oil Swaps (ICE Brent):
 
 
 
  Hedged volume (MBbls)
1,058

2,640

—

  Weighted-average price ($/Bbl)
$
74.82

$
75.40

$
—

Oil basis differential positions:
 
 
 
ICE Brent-NYMEX WTI basis swaps
 
 
 
  Hedged volume (MBbls)
92

182.5

—

  Weighted-average price ($/Bbl)
$
1.29

$
1.29

$
—

Fixed Price Gas Swaps (Kern, Delivered):
 
 
 
  Hedged volume (MMBtu)
1,380,000

4,560,000

—

  Weighted-average price ($/MMBtu)
$
2.65

$
2.65

$
—
Schedule of derivative instruments in statement of financial position
The following tables present the fair values (at gross and net) of our outstanding derivatives as of December 31, 2017 and December 31, 2016:
 
Berry Corp. (Successor)
 
December 31, 2017
 
Balance Sheet Classification
 
Gross Amounts Recognized at Fair Value
 
Gross Amounts Offset in the Balance Sheet
 
Net Fair Value Presented in the Balance Sheet
 
(in thousands)
Assets
 
 
 
 
 
 
 
Commodity Contracts
Current assets
 
$
—

 
$
—

 
$
—

Commodity Contracts
Non-current assets
 
—

 
—

 
—

Liabilities
 
 
 
 
 
 
 
Commodity Contracts
Current liabilities
 
(49,949
)
 
—

 
(49,949
)
Commodity Contracts
Non-current liabilities
 
(25,332
)
 
—

 
(25,332
)
Total derivatives
 
 
$
(75,281
)
 
$
—

 
$
(75,281
)
 
Berry LLC (Predecessor)
 
December 31, 2016
 
Balance Sheet Classification
 
Gross Amounts Recognized at Fair Value
 
Gross Amounts Offset in the Balance Sheet
 
Net Fair Value Presented in the Balance Sheet
 
(in thousands)
Assets
 
 
 
 
 
 
 
Commodity Contracts
Current assets
 
$
119

 
$
(119
)
 
$
—

Commodity Contracts
Non-current assets
 
—

 
—

 
—

Liabilities
 
 
 
 
 
 
 
Commodity Contracts
Current liabilities
 
(9,015
)
 
119

 
(8,896
)
Commodity Contracts
Non-current liabilities
 
(10,221
)
 
—

 
(10,221
)
Total derivatives
 
 
$
(19,117
)
 
$
—

 
$
(19,117
)
The following tables present the fair values (gross and net) of our outstanding derivatives as of September 30, 2018 and December 31, 2017:
 
Berry Corp. (Successor)
 
September 30, 2018
 
Balance Sheet
Classification
 
Gross Amounts
Recognized at
Fair Value
 
Gross Amounts
Offset in the
Balance Sheet
 
Net Fair Value
Presented in the
Balance Sheet
 
(in thousands)
Liabilities
 
 
 
 
 
 
 
  Commodity Contracts
Current liabilities
 
$
(26,409
)
 
$
—

 
$
(26,409
)
  Commodity Contracts
Non-current liabilities
 
(4,664
)
 
—

 
(4,664
)
Total derivatives
 
 
$
(31,073
)
 
$
—

 
$
(31,073
)
 
Berry Corp. (Successor)
 
December 31, 2017
 
Balance Sheet
Classification
 
Gross Amounts
Recognized at
Fair Value
 
Gross Amounts
Offset in the
Balance Sheet
 
Net Fair Value
Presented in the
Balance Sheet
 
(in thousands)
Liabilities
 
 
 
 
 
 
 
  Commodity Contracts
Current liabilities
 
$
(49,949
)
 
$
—

 
$
(49,949
)
  Commodity Contracts
Non-current liabilities
 
(25,332
)
 
—

 
(25,332
)
Total derivatives
 
 
$
(75,281
)
 
$
—

 
$
(75,281
)
Schedule of gains and losses of derivatives instruments in statement of operations
A summary of gains and losses on the derivatives included on the statements of operations is presented below:
 
Berry Corp. (Successor)
 
 
Berry LLC (Predecessor)
 
Ten Months Ended December 31, 2017
 
 
Two Months Ended February 28, 2017
 
Year Ended December 31, 2016
 
 
 
 
(in thousands)
Gains (losses) on oil and natural gas derivatives
$
(66,900
)
 
 
$
12,886

 
$
(15,781
)
Lease operating expenses(1)
—

 
 
—

 
(4,605)

Total gains (losses) on oil and natural gas derivatives
$
(66,900
)
 
 
$
12,886

 
$
(20,386
)
__________
(1)
Consists of gains and (losses) on derivatives that were entered into in March 2015 to hedge exposure to differentials in consuming areas.