Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the approximate volumes and average contract prices of swap contracts the Company had in place as of December 31, 2018:

Period
 
Volume (Bbl)
 
Volume (Bbls/d)
 
Weighted Average Differential ($/Bbl) (1)
Crude oil basis swaps
January 2019 - March 2019
 
540,000
 
6,000

 
$
(5.34
)

April 2019 - June 2019
 
91,000
 
1,000

 
(10.00
)
 
July 2019 - September 2019
 
1,380,000
 
15,000

 
(9.03
)
 
October 2019 - December 2019
 
920,000
 
10,000

 
(4.24
)
 

(1) 
The oil basis swap transactions are settled based on the difference between the arithmetic average of the ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during the relevant calculation period.
 
Period
 
Volume (MMBtu)
 
Volume (MMBtu/d)
 
Weighted Average Fixed Price ($/MMBtu) (1)
Natural Gas Swaps - Henry Hub
January 2019 - December 2019
 
10,950,000
 
30,000
 
$
2.78

Natural Gas Swaps - West Texas WAHA
January 2019 - December 2019
 
5,475,000
 
15,000
 
1.61

 
 
 
 
 
 
 
 
 
Period
 
Volume (MMBtu)
 
Volume (MMBtu/d)
 
Weighted Average Differential ($/MMBtu) (2)
Natural gas basis swaps
January 2019 - December 2019
 
12,775,000
 
35,000
 
$
(1.31
)
 
(1) 
The natural gas swap contracts are settled based on either i) the NYMEX Henry Hub price or ii) the Inside FERC West Texas WAHA price of natural gas as of the specified settlement date, as applicable.
(2) 
The natural gas basis swap contracts are settled based on the difference between the Inside FERC’s West Texas WAHA price and the NYMEX price of natural gas during the relevant calculation period.
Schedule of Impact of Derivative Instruments
The following table presents the impact of our derivative instruments on our Consolidated Statements of Operations for the periods presented:
 
Successor
 
 
Predecessor
 
Year Ended December 31,
 
October 11, 2016
through
December 31, 2016
 
 
January 1, 2016
through
October 10, 2016
(in thousands)
2018
 
2017
 
 
 
Net gain (loss) on derivative instruments
$
15,336

 
$
5,138

 
$
(1,548
)
 
 
$
(6,838
)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The tables below summarize the fair value amounts and classification in the Consolidated Balance Sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts:
 
December 31, 2018
 
Balance Sheet Classification
 
Gross Fair Value Asset/Liability Amounts
 
Gross Amounts Offset (1)
 
Net Recognized Fair Value Assets/Liabilities
Derivative Assets
 
 
 
 
 
 
 
Commodity contracts
Current assets - Derivative instruments
 
$
7,708

 
$
(6,076
)
 
$
1,632

Derivative Liabilities
 
 
 
 
 
 
 
Commodity contracts
Current liabilities - Derivative instruments
 
$
12,127

 
$
(6,076
)
 
$
6,051

 
(1)
The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements or contract termination.
 
December 31, 2017
 
Balance Sheet Classification
 
Gross Fair Value Asset/Liability Amounts
 
Gross Amounts Offset (1)
 
Net Recognized Fair Value Assets/Liabilities
Derivative Assets
 
 
 
 
 
 
 
Commodity contracts
Current assets - Derivative instruments
 
$
720

 
$
(287
)
 
$
433

Commodity contracts
Noncurrent assets - Derivative instruments
 
662

 
—

 
662

 
 
 
$
1,382

 
$
(287
)
 
$
1,095

Derivative Liabilities
 
 
 
 
 
 
 
Commodity contracts
Current liabilities - Derivative instruments
 
$
527

 
$
(287
)
 
$
240


 
(1)
The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements or contract termination.