XML 47 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding commodity derivatives
As of December 31, 2017, the Company had the following outstanding physical commodity derivatives:
Type of Contract
 
Volume
 
Contract Period
 
Weighted-Average Fixed Price
Physical contracts
 
 
 
 
 
 
 
 
Natural gas purchase
 
81.2

 
Bcf
 
Jan. 2018 - Oct. 2018
 
$3.70
Natural gas sales
 
11.7

 
Bcf
 
Jan. 2018 - Feb. 2018
 
$4.71
As of December 31, 2017, the Company had the following outstanding financial commodity derivatives:
 
 
 
 
 
 
 
Collars
 
 
 
 
 
 
 
 
 
Floor
 
Ceiling
 
Basis Swaps
Type of Contract
 
Volume
 
Contract Period
 
Range
 
Weighted-Average
 
Range
 
Weighted- Average
 
Weighted- Average
Financial contracts
 



 

 
 
 
 
 
 
 
 
 
 
Natural gas (Leidy)
 
17.7

Bcf
 
Jan. 2018 - Dec. 2018
 

 


 

 


 
$
(0.71
)
Natural gas (Transco)
 
21.3

Bcf
 
Jan. 2018 - Dec. 2019
 

 


 

 


 
$
0.42

Crude oil (WTI/LLS)
 
2.9

Mmbbl
 
Jan. 2018 - Dec. 2018
 
$—
 
$
55.00

 
$63.35-$63.80
 
$
63.62

 
 

In January 2018, we entered into the following financial commodity derivatives:
 
 
 
 
 
 
 
Swaps
 
Basis Swaps
Type of Contract
Volume
 
Contract Period
 
Weighted- Average
 
Weighted- Average
Financial contracts
 
 
 
 
 
 
 
 
 
Natural gas (NYMEX)
84.4

 
Bcf
 
Feb. 2018 - Dec. 2018
 
$2.93
 
 
Natural gas (NYMEX)
13.3

 
Bcf
 
Feb. 2018 - Oct. 2018
 
$3.10
 
 
Natural gas (Leidy)
16.2

 
Bcf
 
Feb. 2018 - Dec. 2018
 
 
 
$(0.68)
Effect of Derivative Instruments on the Consolidated Balance Sheet
Effect of Derivative Instruments on the Consolidated Balance Sheet
 
 
 
 
Fair Values of Derivative Instruments
 
 
 
 
Derivative Assets
 
Derivative Liabilities
 
 
 
 
December 31,
 
December 31,
(In thousands)
 
Balance Sheet Location
 
2017
 
2016
 
2017
 
2016
Commodity contracts
 
Other assets (non-current)
 
$
2,239

 
$
2,991

 
$
—

 
$
—

Commodity contracts
 
Derivative instruments (current)
 
—

 
—

 
30,637

 
40,259

 
 
 
 
$
2,239

 
$
2,991

 
$
30,637

 
$
40,259
Schedule of offsetting of derivative liabilities in the condensed consolidated balance sheet
Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet
 
 
December 31,
(In thousands)
 
2017
 
2016
Derivative assets
 
 

 
 

Gross amounts of recognized assets
 
$
2,239

 
$
2,991

Gross amounts offset in the statement of financial position
 
—

 
—

Net amounts of assets presented in the statement of financial position
 
2,239

 
2,991

Gross amounts of financial instruments not offset in the statement of financial position
 
—

 
—

Net amount
 
$
2,239

 
$
2,991

 
 
 
 
 
Derivative liabilities
 
 
 
 
Gross amounts of recognized liabilities
 
$
30,637

 
$
40,259

Gross amounts offset in the statement of financial position
 
—

 
—

Net amounts of liabilities presented in the statement of financial position
 
30,637

 
40,259

Gross amounts of financial instruments not offset in the statement of financial position
 
241

 
757

Net amount
 
$
30,878

 
$
41,016
Schedule of offsetting of derivative assets in the condensed consolidated balance sheet
Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet
 
 
December 31,
(In thousands)
 
2017
 
2016
Derivative assets
 
 

 
 

Gross amounts of recognized assets
 
$
2,239

 
$
2,991

Gross amounts offset in the statement of financial position
 
—

 
—

Net amounts of assets presented in the statement of financial position
 
2,239

 
2,991

Gross amounts of financial instruments not offset in the statement of financial position
 
—

 
—

Net amount
 
$
2,239

 
$
2,991

 
 
 
 
 
Derivative liabilities
 
 
 
 
Gross amounts of recognized liabilities
 
$
30,637

 
$
40,259

Gross amounts offset in the statement of financial position
 
—

 
—

Net amounts of liabilities presented in the statement of financial position
 
30,637

 
40,259

Gross amounts of financial instruments not offset in the statement of financial position
 
241

 
757

Net amount
 
$
30,878

 
$
41,016
Effect of Derivative Instruments on the Consolidated Statement of Operations
Effect of Derivative Instruments on the Consolidated Statement of Operations
 
 
Year Ended December 31,
(In thousands)
 
2017
 
2016
 
2015
Cash received (paid) on settlement of derivative instruments
 
 
 
 
 
 
Gain (loss) on derivative instruments
 
$
8,056

 
$
(1,682
)
 
$
194,289

Non-cash gain (loss) on derivative instruments
 
 
 
 
 
 
Gain (loss) on derivative instruments
 
8,870

 
(37,268
)
 
(137,603
)
 
 
$
16,926

 
$
(38,950
)
 
$
56,686