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Derivative Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
As of September 30, 2018, the Company had the following outstanding financial commodity derivatives:
 
 
 
 
 
 
 
 
 
Basis Swaps
 
 
 
 
 
 
 
Swaps
 
Type of Contract
 
Volume
 
Contract Period
 
Weighted-Average
 
Weighted-Average
Natural gas (Leidy)
 
8.9

Bcf
 
Oct. 2018 - Dec. 2018
 


 
$
(0.69
)
Natural gas (Leidy)
 
53.2

Bcf
 
Jan. 2019 - Dec. 2019
 
 
 
$
(0.55
)
Natural gas (Transco)
 
13.3

Bcf
 
Oct. 2018 - Dec. 2019
 


 
$
0.42

Natural gas (NYMEX)
 
23.2

Bcf
 
Oct. 2018 - Dec. 2018
 
$
2.93

 
 
Natural gas (NYMEX)
 
1.5

Bcf
 
Oct. 2018
 
$
3.10

 


In the table 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
 
September 30,
2018
 
December 31,
2017
 
September 30,
2018
 
December 31,
2017
Commodity contracts
 
Derivative instruments (current)
 
$
—

 
$
—

 
$
10,921

 
$
30,637

Commodity contracts
 
Derivative instruments (non-current)
 
1,248

 
2,239

 
—

 
—

 
 
 
 
$
1,248

 
$
2,239

 
$
10,921

 
$
30,637


Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands)
 
September 30,
2018
 
December 31,
2017
Derivative assets
 
 

 
 

Gross amounts of recognized assets
 
$
1,273

 
$
2,239

Gross amounts offset in the statement of financial position
 
(25
)
 
—

Net amounts of assets presented in the statement of financial position
 
1,248

 
2,239

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

 
—

Net amount
 
$
1,248

 
$
2,239

 
 
 
 
 
Derivative liabilities
 
 

 
 

Gross amounts of recognized liabilities
 
$
10,946

 
$
30,637

Gross amounts offset in the statement of financial position
 
(25
)
 
—

Net amounts of liabilities presented in the statement of financial position
 
10,921

 
30,637

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

 
241

Net amount
 
$
10,921

 
$
30,878


Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
(In thousands)
 
2018
 
2017
 
2018
 
2017
Cash received (paid) on settlement of derivative instruments
 
 

 
 

 
 

 
 

Gain (loss) on derivative instruments
 
$
(41
)
 
$
3,906

 
$
(20,354
)
 
$
3,587

Non-cash gain (loss) on derivative instruments
 
 

 
 

 
 

 
 

Gain (loss) on derivative instruments
 
(3,496
)
 
(4,742
)
 
18,726

 
42,766

 
 
$
(3,537
)
 
$
(836
)
 
$
(1,628
)
 
$
46,353