Derivative Commodity Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following tables detail the offsetting of derivative assets and liabilities as well as the fair values of derivatives on the consolidated balance sheets:



(in thousands)	June 30, 2018
										Gross Amounts Not Offset in the Balance Sheets
	Gross Amounts Recognized at Fair Value			Gross Amounts Offset in the Balance Sheets			Net Amounts Presented in the Balance Sheets			Financial Instruments		Cash Collateral Received		Net Fair Value Presented in the Balance Sheets
Derivatives not designated as hedging instruments
Assets
Derivative instruments	$	116,181		$	(80,804	)	$	35,377		$	—	$	—	$	35,377
Noncurrent derivative instruments	19,407			(19,149		)	258			—		—		258
Total derivative assets	135,588			(99,953		)	35,635			—		—		35,635
Liabilities
Derivative instruments	161,800			(80,804		)	80,996			—		—		80,996
Noncurrent derivative instruments	50,184			(19,149		)	31,035			—		—		31,035
Total derivative liabilities	211,984			(99,953		)	112,031			—		—		112,031
Total derivatives	$	(76,396	)	$	—		$	(76,396	)	$	—	$	—	$	(76,396	)



(in thousands)	December 31, 2017
										Gross Amounts Not Offset in the Balance Sheets
	Gross Amounts Recognized at Fair Value			Gross Amounts Offset in the Balance Sheets			Net Amounts Presented in the Balance Sheets			Financial Instruments		Cash Collateral Received		Net Fair Value Presented in the Balance Sheets
Derivatives not designated as hedging instruments
Assets
Derivative instruments	$	1,758		$	(1,758	)	$	—		$	—	$	—	$	—
Noncurrent derivative instruments	42			(42		)	—			—		—		—
Total derivative assets	1,800			(1,800		)	—			—		—		—
Liabilities
Derivative instruments	73,137			(1,758		)	71,379			—		—		71,379
Noncurrent derivative instruments	8,928			(42		)	8,886			—		—		8,886
Total derivative liabilities	82,065			(1,800		)	80,265			—		—		80,265
Total derivatives	$	(80,265	)	$	—		$	(80,265	)	$	—	$	—	$	(80,265	)

Schedule of Offsetting Assets

The following tables detail the offsetting of derivative assets and liabilities as well as the fair values of derivatives on the consolidated balance sheets:



(in thousands)	June 30, 2018
										Gross Amounts Not Offset in the Balance Sheets
	Gross Amounts Recognized at Fair Value			Gross Amounts Offset in the Balance Sheets			Net Amounts Presented in the Balance Sheets			Financial Instruments		Cash Collateral Received		Net Fair Value Presented in the Balance Sheets
Derivatives not designated as hedging instruments
Assets
Derivative instruments	$	116,181		$	(80,804	)	$	35,377		$	—	$	—	$	35,377
Noncurrent derivative instruments	19,407			(19,149		)	258			—		—		258
Total derivative assets	135,588			(99,953		)	35,635			—		—		35,635
Liabilities
Derivative instruments	161,800			(80,804		)	80,996			—		—		80,996
Noncurrent derivative instruments	50,184			(19,149		)	31,035			—		—		31,035
Total derivative liabilities	211,984			(99,953		)	112,031			—		—		112,031
Total derivatives	$	(76,396	)	$	—		$	(76,396	)	$	—	$	—	$	(76,396	)



(in thousands)	December 31, 2017
										Gross Amounts Not Offset in the Balance Sheets
	Gross Amounts Recognized at Fair Value			Gross Amounts Offset in the Balance Sheets			Net Amounts Presented in the Balance Sheets			Financial Instruments		Cash Collateral Received		Net Fair Value Presented in the Balance Sheets
Derivatives not designated as hedging instruments
Assets
Derivative instruments	$	1,758		$	(1,758	)	$	—		$	—	$	—	$	—
Noncurrent derivative instruments	42			(42		)	—			—		—		—
Total derivative assets	1,800			(1,800		)	—			—		—		—
Liabilities
Derivative instruments	73,137			(1,758		)	71,379			—		—		71,379
Noncurrent derivative instruments	8,928			(42		)	8,886			—		—		8,886
Total derivative liabilities	82,065			(1,800		)	80,265			—		—		80,265
Total derivatives	$	(80,265	)	$	—		$	(80,265	)	$	—	$	—	$	(80,265	)

Effects of Open and Closed Derivative Commodity Instruments Not Designated as Hedging Instruments

The following table details the effect of open and closed derivative commodity instruments not designated as hedging instruments on the consolidated statements of operations:



	Location on Statement of Operations	Three months ended
		June 30,
(in thousands)		2018			2017
Gain (loss) recognized in income on derivatives	Gain (loss) on derivative instruments, net	$	(31,919	)	$	38,101

Schedule of Hedging Transactions

As of June 30, 2018, Energen had entered into the following derivative transactions for the remainder of 2018 and subsequent years:



Production Period	Description	Total Hedged Volumes		Weighted Average Contract Price
Oil
2018	NYMEX Swaps	1,020	MBbl	$60.26 Bbl
	NYMEX Three-Way Collars	6,750	MBbl
	Ceiling sold price (call)			$60.04 Bbl
	Floor purchased price (put)			$45.47 Bbl
	Floor sold price (put)			$35.47 Bbl
2019	NYMEX Swaps	6,840	MBbl	$60.79 Bbl
	NYMEX Three-Way Collars	5,760	MBbl
	Ceiling sold price (call)			$61.65 Bbl
	Floor purchased price (put)			$45.94 Bbl
	Floor sold price (put)			$35.94 Bbl
Oil Basis Differential
2018	WTI/WTI Basis Swaps	6,300	MBbl	$(1.46) Bbl
2019	WTI/WTI Basis Swaps	15,840	MBbl	$(5.41) Bbl
2020	WTI/WTI Basis Swaps	15,120	MBbl	$(1.20) Bbl
Natural Gas Liquids
2018	Liquids Swaps	68.0	MMGal	$0.61 Gal
2019	Liquids Swaps	115.9	MMGal	$0.65 Gal
Natural Gas
2018	Basin Specific Swaps - West Texas/Waha	3.6	Bcf	$1.70 Mcf
2018	Basin Specific Swaps - Permian	1.8	Bcf	$2.56 Mcf
WTI - West Texas Intermediate/Midland, WTI - West Texas Intermediate/Cushing

Location on Statement of Operations

Six months ended

(in thousands)

Gain (loss) recognized in income on derivatives

Gain (loss) on derivative instruments, net