Derivative Instruments (Tables) - Centennial Resource Production, LLC (Centennial OpCo)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Derivative Financial Instruments |
|
| Schedule of open crude oil derivative positions |
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2017
|
|
Crude Oil Swaps:
|
|
|
|
|
|
|
|
Notional volume (Bbl)
|
|
|
193,200
|
|
|
675,250
|
|
Weighted average floor price ($/Bbl)
|
|
$
|
55.21
|
|
$
|
50.41
|
|
Crude Oil Basis Swaps:
|
|
|
|
|
|
|
|
Notional volume (Bbl)
|
|
|
320,300
|
|
|
127,750
|
|
Weighted average floor price ($/Bbl)
|
|
$
|
(0.45)
|
|
$
|
(0.20)
|
|
Natural Gas Swaps:
|
|
|
|
|
|
|
|
Notional volume (MMBtu)
|
|
|
—
|
|
|
1,460,000
|
|
Weighted average floor price ($/MMBtu)
|
|
$
|
—
|
|
$
|
2.94
|
|
| Summary of gross fair value of derivative assets and liabilities and effect of netting on consolidated and combined balance sheets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
Net Amounts
|
|
|
|
|
|
|
|
|
|
|
|
Presented on the
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
|
|
|
|
Balance Sheet
|
|
Gross
|
|
Netting
|
|
Consolidated
|
|
|
|
Classification
|
|
Amounts
|
|
Adjustments
|
|
Balance Sheets
|
|
|
|
(in thousands)
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments
|
|
Current assets
|
|
$
|
2,642
|
|
$
|
(1,024)
|
|
$
|
1,618
|
|
Derivative instruments
|
|
Noncurrent assets
|
|
|
277
|
|
|
(32)
|
|
|
245
|
|
Total assets
|
|
|
|
$
|
2,919
|
|
$
|
(1,056)
|
|
$
|
1,863
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments
|
|
Current liabilities
|
|
$
|
1,011
|
|
$
|
(11)
|
|
$
|
1,000
|
|
Derivative instruments
|
|
Noncurrent Liabilities
|
|
|
659
|
|
|
(102)
|
|
|
557
|
|
Total liabilities
|
|
|
|
$
|
1,670
|
|
$
|
(113)
|
|
$
|
1,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
Net Amounts
|
|
|
|
|
|
|
|
|
|
|
|
Presented on the
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
|
|
|
|
Balance Sheet
|
|
Gross
|
|
Netting
|
|
Consolidated
|
|
|
|
Classification
|
|
Amounts
|
|
Adjustments
|
|
Balance Sheets
|
|
|
|
(in thousands)
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments
|
|
Current assets
|
|
$
|
19,469
|
|
$
|
(426)
|
|
$
|
19,043
|
|
Derivative instruments
|
|
Noncurrent assets
|
|
|
2,071
|
|
|
(1)
|
|
|
2,070
|
|
Total assets
|
|
|
|
$
|
21,540
|
|
$
|
(427)
|
|
$
|
21,113
|
|
| Schedule of gains and losses for derivative instruments not designated as hedges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
|
|
For the Nine Months
|
|
|
|
|
Ended September 30,
|
|
Ended September 30,
|
|
|
|
|
(in thousands)
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
Loss (gain) on derivative instruments
|
|
$
|
(1,741)
|
|
$
|
(13,344)
|
|
$
|
4,184
|
|
$
|
(12,320)
|
|
|