Derivative Instruments and Hedging Activities

As of March 31, 2018, the Company had the following outstanding financial commodity derivatives:

Basis Swaps

Swaps

Type of Contract

Volume

Contract Period

Weighted-Average

Financial contracts

Natural gas (Leidy)

26.7

Bcf

Apr. 2018 - Dec. 2018

(0.69

)

Natural gas (Transco)

18.7

Bcf

Apr. 2018 - Dec. 2019

0.42

Natural gas (NYMEX)

69.5

Bcf

Apr. 2018 - Dec. 2018

2.93

Natural gas (NYMEX)

10.4

Bcf

Apr. 2018 - Oct. 2018

3.10

As of March 31, 2018, the Company had the following outstanding physical commodity derivatives:



Type of Contract	Volume		Contract Period	Weighted-Average Fixed Price
Physical contracts
Natural gas purchase	10.4	Bcf	Apr. 2018 - Oct. 2018	$	3.67

In the tables above, natural gas prices are stated per Mcf.

Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet



		Derivative Assets				Derivative Liabilities
(In thousands)	Balance Sheet Location	March 31, 2018		December 31, 2017		March 31, 2018		December 31, 2017
Commodity contracts	Derivative instruments (current)	$	5,551	$	—	$	8,002	$	30,637
Commodity contracts	Derivative instruments (non-current)	5,762		2,239		—		—
		$	11,313	$	2,239	$	8,002	$	30,637

Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet



(In thousands)	March 31, 2018			December 31, 2017
Derivative assets
Gross amounts of recognized assets	$	11,950		$	2,239
Gross amounts offset in the statement of financial position	(637		)	—
Net amounts of assets presented in the statement of financial position	11,313			2,239
Gross amounts of financial instruments not offset in the statement of financial position	4,728			—
Net amount	$	16,041		$	2,239

Derivative liabilities
Gross amounts of recognized liabilities	$	8,639		$	30,637
Gross amounts offset in the statement of financial position	(637		)	—
Net amounts of liabilities presented in the statement of financial position	8,002			30,637
Gross amounts of financial instruments not offset in the statement of financial position	5,534			241
Net amount	$	13,536		$	30,878

Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations



	Three Months Ended March 31,
(In thousands)	2018			2017
Cash received (paid) on settlement of derivative instruments
Gain (loss) on derivative instruments	$	(26,131	)	$	(1,524	)
Non-cash gain (loss) on derivative instruments
Gain (loss) on derivative instruments	31,708			34,908
	$	5,577		$	33,384