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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
Oil Swaps
Contract Period
 
NYMEX WTI Volumes
 
Weighted-Average
Contract Price
 
 
(MBbl)
 
(per Bbl)
First quarter 2018
 
1,075

 
$
50.16

Second quarter 2018
 
1,534

 
$
49.57

Third quarter 2018
 
1,769

 
$
49.77

Fourth quarter 2018
 
1,894

 
$
49.87

2019
 
1,940

 
$
50.70

Total
 
8,212

 
 
Oil Collars
Contract Period
 
NYMEX WTI Volumes
 
Weighted-Average
Floor Price
 
Weighted-Average
Ceiling Price
 
 
(MBbl)
 
(per Bbl)
 
(per Bbl)
First quarter 2018
 
1,445

 
$
50.00

 
$
59.07

Second quarter 2018
 
1,459

 
$
50.00

 
$
59.03

Third quarter 2018
 
1,948

 
$
50.00

 
$
58.61

Fourth quarter 2018
 
2,222

 
$
50.00

 
$
58.44

2019
 
5,908

 
$
47.65

 
$
59.19

Total
 
12,982

 
 
 
 
Oil Basis Swaps


Contract Period
 
Midland-Cushing Volumes
 
Weighted-Average
 Contract Price(1)
 
 
(MBbl)
 
(per Bbl)
First quarter 2018
 
2,113

 
$
(1.15
)
Second quarter 2018
 
2,392

 
$
(1.03
)
Third quarter 2018
 
3,018

 
$
(1.06
)
Fourth quarter 2018
 
3,327

 
$
(1.08
)
2019
 
5,788

 
$
(1.09
)
Total
 
16,638

 
 
____________________________________________
(1)  
Represents the price differential between WTI prices at Midland, Texas and WTI prices at Cushing, Oklahoma.
Gas Swaps
Contract Period
 
Sold Volumes
 
Weighted-Average
Contract Price
 
Purchased Volumes
 
Weighted-Average
Contract Price
 
Net Volumes
 
 
(BBtu)
 
(per MMBtu)
 
(BBtu)
 
(per MMBtu)
 
(BBtu)
First quarter 2018
 
28,910

 
$
3.55

 
(8,121
)
 
$
4.34

 
20,789

Second quarter 2018
 
23,507

 
$
3.31

 
(7,795
)
 
$
4.24

 
15,712

Third quarter 2018
 
24,627

 
$
3.29

 
(7,480
)
 
$
4.23

 
17,147

Fourth quarter 2018
 
25,856

 
$
3.29

 
(7,210
)
 
$
4.27

 
18,646

2019
 
41,394

 
$
3.76

 
(24,415
)
 
$
4.34

 
16,979

Total (1)
 
144,294

 
 
 
(55,021
)
 
 
 
89,273

____________________________________________
(1) 
Total net volumes of gas swaps are comprised of IF HSC (99%) and IF El Paso Permian (1%).
NGL Swaps
 
 
OPIS Purity Ethane Mont Belvieu
 
OPIS Propane Mont Belvieu Non-TET
 
OPIS Normal Butane Mont Belvieu Non-TET
 
OPIS Isobutane Mont Belvieu
Non-TET
 
OPIS Natural Gasoline Mont Belvieu Non-TET
Contract Period
 
Volumes
Weighted-Average
 Contract Price
 
Volumes
Weighted-Average
Contract Price
 
Volumes
Weighted-Average
Contract Price
 
Volumes
Weighted-Average
Contract Price
 
Volumes
Weighted-Average
Contract Price
 
 
(MBbl)
(per Bbl)
 
(MBbl)
(per Bbl)
 
(MBbl)
(per Bbl)
 
(MBbl)
(per Bbl)
 
(MBbl)
(per Bbl)
First quarter 2018
 
923

$
10.90

 
629

$
25.39

 
206

$
35.83

 
167

$
35.76

 
188

$
49.40

Second quarter 2018
 
915

$
10.87

 
554

$
24.94

 
84

$
35.69

 
66

$
35.07

 
109

$
49.57

Third quarter 2018
 
1,033

$
10.99

 
610

$
24.27

 
93

$
35.70

 
70

$
35.07

 
118

$
49.56

Fourth quarter 2018
 
1,146

$
11.18

 
671

$
24.39

 
102

$
35.70

 
76

$
35.07

 
129

$
49.57

2019
 
3,533

$
12.31

 
1,503

$
27.83

 
154

$
35.64

 
117

$
35.70

 
197

$
50.93

2020
 
539

$
11.13

 
—

$
—

 
—

$
—

 
—

$
—

 
—

$
—

Total
 
8,089

 
 
3,967

 
 
639

 
 
496

 
 
741

 
Schedule of fair value of derivatives in accompanying balance sheets
The following tables detail the fair value of derivatives recorded in the accompanying balance sheets, by category:
 
As of December 31, 2017
 
Derivative Assets
 
Derivative Liabilities
 
Balance Sheet
 Classification
 
Fair Value
 
Balance Sheet
 Classification
 
Fair Value
 
(in thousands)
Commodity contracts
Current assets
 
$
64,266

 
Current liabilities
 
$
172,582

Commodity contracts
Noncurrent assets
 
40,362

 
Noncurrent liabilities
 
71,402

Total commodity contracts
 
 
$
104,628

 
 
 
$
243,984

 
As of December 31, 2016
 
Derivative Assets
 
Derivative Liabilities
 
Balance Sheet
 Classification
 
Fair Value
 
Balance Sheet
 Classification
 
Fair Value
 
(in thousands)
Commodity contracts
Current assets
 
$
54,521

 
Current liabilities
 
$
115,464

Commodity contracts
Noncurrent assets
 
67,575

 
Noncurrent liabilities
 
98,340

Total commodity contracts
 
 
$
122,096

 
 
 
$
213,804
Schedule of the potential effects of master netting arrangements
The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts:
 
 
Derivative Assets
 
Derivative Liabilities
 
 
As of December 31,
 
As of December 31,
Offsetting of Derivative Assets and Liabilities
 
2017
 
2016
 
2017
 
2016
 
 
(in thousands)
Gross amounts presented in the accompanying balance sheets
 
$
104,628

 
$
122,096

 
$
(243,984
)
 
$
(213,804
)
Amounts not offset in the accompanying balance sheets
 
(100,035
)
 
(118,080
)
 
100,035

 
118,080

Net amounts
 
$
4,593

 
$
4,016

 
$
(143,949
)
 
$
(95,724
)
Schedule of gains and losses on derivative instruments in the statement of operations
The following table summarizes the components of net derivative (gain) loss presented in the accompanying statements of operations:
 
For the Years Ended December 31,
 
2017
 
2016
 
2015
 
(in thousands)
Derivative settlement (gain) loss:
 
 
 
 
 
Oil contracts
$
31,176

 
$
(243,102
)
 
$
(362,219
)
Gas contracts (1)
(87,857
)
 
(94,936
)
 
(123,180
)
NGL contracts
35,447

 
8,560

 
(27,167
)
Total derivative settlement gain
$
(21,234
)
 
$
(329,478
)
 
$
(512,566
)
 
 
 
 
 
 
Net derivative (gain) loss:
 
 
 
 
 
Oil contracts
$
71,502

 
$
85,370

 
$
(191,165
)
Gas contracts
(76,315
)
 
81,060

 
(189,734
)
NGL contracts
31,227

 
84,203

 
(27,932
)
Total net derivative (gain) loss
$
26,414

 
$
250,633

 
$
(408,831
)

____________________________________________
(1) 
Gas derivative settlements for the year ended December 31, 2015, include $15.3 million of early settlements of futures contracts as a result of divesting assets in the Company’s Mid-Continent region.