| 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 June 30, 2018: | | | | | | | | | | | | |
| Period |
| Volume (Bbl) |
| Volume (Bbls/d) |
| Weighted Average Differential ($/Bbl) (1) | Crude oil basis swaps | July 2018 - September 2018 |
| 828,000 |
|
| 9,000 |
|
| $ | (2.38 | ) |
| October 2018 - December 2018 |
| 828,000 |
|
| 9,000 |
|
| (2.38 | ) |
| 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 |
| 552,000 |
|
| 6,000 |
|
| (4.23 | ) |
| | (1) | The crude oil basis swap contracts are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING settlements 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 | July 2018 - December 2018 |
| 920,000 |
|
| 5,000 |
|
| $ | (0.43 | ) |
| January 2019 - December 2019 |
| 12,775,000 |
|
| 35,000 |
|
| (1.31 | ) |
| | (1) | The natural gas swap contracts are settled based on the month’s average daily NYMEX price of Henry Hub Natural Gas or Inside FERC’s West Texas WAHA price of natural gas. |
| | (2) | 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 Henry Hub Natural Gas during the relevant calculation period. |
|
| Schedule of Gains and Losses from Derivative Instruments |
The following table presents gains and losses for derivative instruments not designated as hedges for accounting purposes for the periods presented: | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | (in thousands) | 2018 | | 2017 | | 2018 | | 2017 | Net gain (loss) on derivative instruments | $ | 16,697 |
| | $ | 2,529 |
| | $ | 24,540 |
| | $ | 6,288 |
|
|
| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
The table below summarizes the fair value amounts and the classification in the Consolidated Balance Sheets of the Company’s derivative contracts outstanding at the respective balance sheet dates. Refer to Note 8—Fair Value Measurements for details of the gross and net derivative assets, liabilities and offset amounts as presented in the Consolidated Balance Sheets. | | | | | | | | | | | | | | Gross Asset/Liability Amounts | (in thousands) | Balance Sheet Classification | | June 30, 2018 | | December 31, 2017 | Derivative Assets | | | | | | Derivative instruments | Current assets | | $ | 23,991 |
| | $ | 720 |
| Derivative instruments | Noncurrent assets | | 1,622 |
| | 662 |
| Total derivative assets | | | $ | 25,613 |
| | $ | 1,382 |
| Derivative Liabilities | | | | | | Derivative instruments | Current liabilities | | $ | 1,264 |
| | $ | 527 |
| Derivative instruments | Noncurrent liabilities | | 4,479 |
| | — |
| Total derivative liabilities | | | $ | 5,743 |
| | $ | 527 |
|
|