Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2019
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 March 31, 2019:

Period

Volume (Bbls)

Volume (Bbls/d)

Weighted Average Differential ($/Bbl)(1)
Crude oil basis swaps
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) 
These oil basis swap transactions are settled based on the difference between the arithmetic average of ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable settlement period.

Period

Volume (MMBtu)

Volume (MMBtu/d)

Weighted Average Fixed Price ($/MMBtu)(1)
Natural Gas Swaps - Henry Hub
April 2019 - December 2019

8,250,000


30,000


$
2.78

Natural Gas Swaps - West Texas WAHA
April 2019 - December 2019

4,125,000


15,000


1.61










Period

Volume (MMBtu)

Volume (MMBtu/d)

Weighted Average Differential ($/MMBtu)(2)
Natural gas basis swaps
April 2019 - December 2019

9,625,000


35,000


$
(1.31
)
 
(1) 
These 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 applicable, as of the specified settlement date.
(2) 
These 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 each applicable settlement period.
Schedule of Gains and Losses from Derivative Instruments
The following table presents the impact of our derivative instruments in our Consolidated Statements of Operations for the periods presented:
 
For the Three Months Ended March 31,
(in thousands)
2019
 
2018
Net gain (loss) on derivative instruments
$
(5,871
)
 
$
7,843
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 dates, as well as the gross recognized derivative assets, liabilities and offset amounts:
(in thousands)
Balance Sheet Classification
 
Gross Fair Value Asset/Liability Amounts
 
Gross Amounts Offset(1)
 
Net Recognized Fair Value Assets/Liabilities
 
 
 
March 31, 2019
Derivative Assets
 
 
 
 
 
 
 
Commodity contracts
Current assets - Derivative instruments
 
$
8,662

 
$
(7,726
)
 
$
936

Derivative Liabilities
 
 
 
 
 
 
 
Commodity contracts
Current liabilities - Derivative instruments
 
18,575

 
(7,726
)
 
10,849

 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
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.