Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2017
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 September 30, 2017:
 
Period
 
Volume (Bbl)
 
Weighted Average Fixed Price/Differential ($/Bbl) (1)
Crude oil swaps
October 2017 - December 2017
 
170,200

 
$
50.41

 
January 2018 - December 2018
 
36,500

 
$
55.95

Crude oil basis swaps
October 2017 - November 2017
 
21,350

 
$
(0.20
)

 
(1) 
The oil swap contracts are settled based on the month’s average daily NYMEX price of West Texas Intermediate Light Sweet Crude. The oil basis swap contracts are settled based on the difference between the arithmetic average of WTI MIDLAND ARGUS and WTI ARGUS during the relevant calculation period.
 
Period
 
Volume (MMBtu)
 
Weighted Average Fixed Price/Differential ($/MMBtu) (1)
Natural gas swaps
October 2017 - December 2017
 
368,000

 
$
2.94

Natural gas basis swaps
January 2018 - December 2018
 
1,825,000

 
$
(0.43
)
 
January 2019 - December 2019
 
1,825,000

 
$
(0.43
)
 
(1) 
The natural gas swap contracts are settled based on the month’s average daily NYMEX price of Henry Hub Natural Gas. The natural gas basis swap contracts are settled based on the difference between Inside FERC’s West Texas WAHA price of natural gas and the NYMEX price of Natural Gas during the relevant calculation period.
Derivative Instruments, Gain (Loss)
The following table presents gains and losses for derivative instruments not designated as hedges for accounting purposes for the periods presented:
 
Successor
 
 
Predecessor
 
 
Successor
 
 
Predecessor
(in thousands)
For the Three Months Ended September 30, 2017
 
 
For the Three Months Ended September 30, 2016
 
 
For the Nine Months Ended September 30, 2017
 
 
For the Nine Months Ended September 30, 2016
Net gain (loss) on derivative instruments
$
(896
)
 
 
$
1,741

 
 
$
5,392

 
 
$
(4,184
)
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following tables summarize the location and fair value amounts of all the Company’s derivative instruments in the consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the condensed consolidated balance sheets:
 
September 30, 2017
(in thousands)
Balance Sheet Classification
 
Gross Asset/Liability Amounts
 
Gross Amounts Offset (1)
 
Net Recognized Fair Value Assets/Liabilities
Derivative Assets
 
 
 
 
 
 
 
Derivative instruments
Current assets
 
$
562

 
$
(179
)
 
$
383

Derivative instruments
Noncurrent assets
 
246

 
(4
)
 
242

Total derivative assets
 
 
$
808

 
$
(183
)
 
$
625

Derivative Liabilities
 
 
 
 
 
 
 
Derivative instruments
Current liabilities
 
$
629

 
$
(179
)
 
$
450

Derivative instruments
Noncurrent Liabilities
 
$
4

 
$
(4
)
 
$
—

Total derivative liabilities
 
 
$
633

 
$
(183
)
 
$
450

 
(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, 2016
(in thousands)
Balance Sheet Classification
 
Gross Asset/Liability Amounts
 
Gross Amounts Offset (1)
 
Net Recognized Fair Value Assets/Liabilities
Derivative Assets
 
 
 
 
 
 
 
Derivative instruments
Current assets
 
$
739

 
$
(308
)
 
$
431

Total derivative assets
 
 
$
739

 
$
(308
)
 
$
431

Derivative Liabilities
 
 
 
 
 
 
 
Derivative instruments
Current liabilities
 
$
5,669

 
$
(308
)
 
$
5,361

Derivative instruments
Noncurrent Liabilities
 
20

 
—

 
20

Total derivative liabilities
 
 
$
5,689

 
$
(308
)
 
$
5,381

 
(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.