Derivative instruments (Tables)
|
3 Months Ended |
12 Months Ended |
Mar. 31, 2017 |
Dec. 31, 2016 |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
|
| Summary of derivatives outstanding |
The following table summarizes our crude oil derivatives
outstanding as of March 31, 2017:
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Weighted average fixed price per Bbl |
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Period and type of contract
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|
Volume
MBbls |
|
|
Swaps |
|
|
Purchased
puts |
|
|
Sold
calls |
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
|
2,704 |
|
|
$ |
54.97 |
|
|
$ |
— |
|
|
$ |
— |
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
|
2,116 |
|
|
$ |
54.92 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Collars
|
|
|
183 |
|
|
$ |
— |
|
|
$ |
50.00 |
|
|
$ |
60.50 |
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
|
1,312 |
|
|
$ |
54.26 |
|
|
$ |
— |
|
|
$ |
— |
|
The following table summarizes our natural gas derivatives
outstanding as of March 31, 2017:
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|
|
|
|
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Period and type of contract
|
|
Volume
BBtu |
|
|
Weighted
average
fixed price
per MMBtu |
|
|
2017
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
|
7,091 |
|
|
$ |
3.34 |
|
|
2018
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
|
5,861 |
|
|
$ |
3.03 |
|
|
2019
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
|
3,322 |
|
|
$ |
2.86 |
|
|
The following table summarizes our crude oil derivatives
outstanding as of December 31, 2016:
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|
|
|
|
|
|
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|
|
| |
|
|
|
|
Weighted average fixed price per Bbl |
|
|
Period and type of contract
|
|
Volume
MBbls |
|
|
Swaps |
|
|
Purchased
puts |
|
|
Sold
calls |
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
|
3,631 |
|
|
$ |
54.97 |
|
|
$ |
— |
|
|
$ |
— |
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
|
2,116 |
|
|
$ |
54.92 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Collars
|
|
|
183 |
|
|
$ |
— |
|
|
$ |
50.00 |
|
|
$ |
60.50 |
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
|
1,204 |
|
|
$ |
54.25 |
|
|
$ |
— |
|
|
$ |
— |
|
The following table summarizes our natural gas derivative
instruments outstanding as of December 31, 2016:
|
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|
|
|
|
|
|
|
|
Period and type of contract
|
|
Volume
BBtu |
|
|
Weighted
average
fixed price
per MMBtu |
|
|
2017
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
|
9,575 |
|
|
$ |
3.34 |
|
|
2018
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
|
5,861 |
|
|
$ |
3.03 |
|
|
2019
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
|
3,322 |
|
|
$ |
2.86 |
|
The following table summarizes the additional contracts:
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|
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Period and type of contract
|
|
Volume
BBtu |
|
|
Volume
MBbls |
|
|
Fixed price
per MMBtu |
|
|
Fixed price
per Bbl |
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas swap
|
|
|
154 |
|
|
|
— |
|
|
$ |
3.40 |
|
|
$ |
— |
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil swap
|
|
|
— |
|
|
|
108 |
|
|
$ |
— |
|
|
$ |
54.40 |
|
|
| Derivative instruments recorded on the balance sheet at fair value |
The estimated fair values of derivative instruments are provided
below. The carrying amounts of these instruments are equal to the
estimated fair values.
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| |
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Successor |
|
|
Predecessor |
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| |
|
March 31, 2017 |
|
|
December 31, 2016 |
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| |
|
Assets |
|
|
Liabilities |
|
|
Net value |
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|
Assets |
|
|
Liabilities |
|
|
Net value |
|
|
Natural gas derivative contracts
|
|
$ |
634 |
|
|
$ |
(363 |
) |
|
$ |
271 |
|
|
$ |
184 |
|
|
$ |
(3,658 |
) |
|
$ |
(3,474 |
) |
|
Crude oil derivative contracts
|
|
|
19,274 |
|
|
|
— |
|
|
|
19,274 |
|
|
|
— |
|
|
|
(9,895 |
) |
|
|
(9,895 |
) |
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|
|
|
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|
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|
Total derivative instruments
|
|
|
19,908 |
|
|
|
(363 |
) |
|
|
19,545 |
|
|
|
184 |
|
|
|
(13,553 |
) |
|
|
(13,369 |
) |
|
Less:
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|
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|
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|
Netting adjustments (1)
|
|
|
363 |
|
|
|
(363 |
) |
|
|
— |
|
|
|
184 |
|
|
|
(184 |
) |
|
|
— |
|
|
Derivative instruments—current
|
|
|
10,001 |
|
|
|
— |
|
|
|
10,001 |
|
|
|
— |
|
|
|
(7,525 |
) |
|
|
(7,525 |
) |
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Derivative instruments—long-term
|
|
$ |
9,544 |
|
|
$ |
— |
|
|
$ |
9,544 |
|
|
$ |
— |
|
|
$ |
(5,844 |
) |
|
$ |
(5,844 |
) |
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|
|
|
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|
| (1) |
Amounts represent the impact of
master netting agreements that allow us to net settle positive and
negative positions with the same counterparty. Positive and
negative positions with counterparties are netted only to the
extent that they relate to the same current versus noncurrent
classification on the balance sheet. |
|
The estimated fair values of derivative instruments are provided
below. The carrying amounts of these instruments are equal to the
estimated fair values.
|
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|
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|
|
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|
As of December 31, 2016 |
|
|
As of December 31,
2015 |
|
| |
|
Assets |
|
|
Liabilities |
|
|
Net value |
|
|
Assets |
|
|
Liabilities |
|
|
Net value |
|
|
Natural gas derivative contracts
|
|
$ |
184 |
|
|
$ |
(3,658 |
) |
|
$ |
(3,474 |
) |
|
$ |
41,328 |
|
|
$ |
(1,158 |
) |
|
$ |
40,170 |
|
|
Crude oil derivative contracts
|
|
|
— |
|
|
|
(9,895 |
) |
|
|
(9,895 |
) |
|
|
123,068 |
|
|
|
— |
|
|
|
123,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total derivative instruments
|
|
|
184 |
|
|
|
(13,553 |
) |
|
|
(13,369 |
) |
|
|
164,396 |
|
|
|
(1,158 |
) |
|
|
163,238 |
|
|
Less:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Netting adjustments (1)
|
|
|
184 |
|
|
|
(184 |
) |
|
|
— |
|
|
|
1,158 |
|
|
|
(1,158 |
) |
|
|
— |
|
|
Derivative instruments - current
|
|
|
— |
|
|
|
(7,525 |
) |
|
|
(7,525 |
) |
|
|
143,737 |
|
|
|
— |
|
|
|
143,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments - long-term
|
|
$ |
— |
|
|
$ |
(5,844 |
) |
|
$ |
(5,844 |
) |
|
$ |
19,501 |
|
|
$ |
— |
|
|
$ |
19,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Amounts represent the impact of
master netting agreements that allow us to net settle positive and
negative positions with the same counterparty. Positive and
negative positions with a counterparty are netted only to the
extent that they related to the same current versus noncurrent
classification on the balance sheet. |
|
| Derivative (losses) gains in the consolidated statements of operations |
Derivative (losses) gains” in the consolidated statements of
operations are comprised of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Successor |
|
|
Predecessor |
|
| |
|
Period from
March 22,
2017
through
March 31,
2017 |
|
|
Period from
January 1,
2017
through
March 21,
2017 |
|
|
Three months
ended
March 31,
2016 |
|
|
Change in fair value of commodity price derivatives
|
|
$ |
(13,807 |
) |
|
$ |
46,721 |
|
|
$ |
(35,554 |
) |
|
Settlement gains on commodity price derivatives
|
|
|
1,692 |
|
|
|
1,285 |
|
|
|
47,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total derivative (losses) gains
|
|
$ |
(12,115 |
) |
|
$ |
48,006 |
|
|
$ |
11,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
“Non-hedge derivative (losses) gains” in the
consolidated statements of operations is comprised of the
following:
|
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|
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Change in fair value of commodity price derivatives
|
|
$ |
(176,607 |
) |
|
$ |
(88,317 |
) |
|
$ |
228,903 |
|
|
Settlement gains on commodity price derivatives
|
|
|
62,626 |
|
|
|
218,210 |
|
|
|
2,417 |
|
|
Settlement gains on early terminations of commodity price
derivatives
|
|
|
91,144 |
|
|
|
15,395 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-hedge derivative (losses) gains
|
|
$ |
(22,837 |
) |
|
$ |
145,288 |
|
|
$ |
231,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|