Annual report pursuant to Section 13 and 15(d)

Derivative Financial Instruments (Tables)

v3.10.0.1
Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Summary of Open Commodity Derivative Contracts The open contracts as of December 31, 2018 are presented in the following tables:

Crude Oil:  Swap, Priced off WTI (NYMEX)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Termination Period

 

Notional (1) Quantity (Bbls/day)

 

 

Notional (1) Quantity (Bbls)

 

 

Strike Price

 

May 2020

 

 

1,500

 

 

 

775,500

 

 

$

60.80

 

May 2020

 

 

5,000

 

 

 

2,585,000

 

 

 

61.00

 

May 2020

 

 

3,500

 

 

 

1,809,500

 

 

 

60.85

 

 

(1)

Bbls = Barrels

Crude Oil:  Calls - Bought, Priced off WTI (NYMEX)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Termination Period

 

Notional (1) Quantity (Bbls/day)

 

 

Notional (1) Quantity (Bbls)

 

 

Strike Price

 

May 2020

 

 

10,000

 

 

 

5,170,000

 

 

$

61.00

 

 

(1)

Bbls = Barrels

 

Natural Gas:  Two-way collars, Priced off Henry Hub (NYMEX)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Termination Period

 

Notional (2) Quantity (MMBtu/day)

 

 

Notional (2) Quantity (MMBtu)

 

 

Put Option Strike Price (Bought)

 

 

Call Option Strike Price (Sold)

 

June 2019

 

 

50,000

 

 

 

7,500,000

 

 

$

2.49

 

 

$

3.975

 

 

(2)

MMBtu = Million British Thermal Units

Summary of Open Contracts and Closed Contracts (Not Yet Settled) Commodity Derivative Contracts

The following amounts were recorded in the Consolidated Balance Sheets in the categories presented and include the fair value of open contracts and closed contracts, which had not yet settled (in thousands):

 

December 31,

 

 

2018

 

 

2017

 

Prepaid and other assets – current

$

60,687

 

 

$

 

Other assets – non-current

 

21,275

 

 

 

 

Changes in Fair Value and Settlements of Commodity Derivative Contracts

Changes in the fair value and settlements of our commodity derivative contracts were as follows (in thousands):

 

Year Ended December 31,

 

 

2018

 

 

2017

 

 

2016

 

Derivative (gain) loss

$

(53,798

)

 

$

(4,199

)

 

$

2,926

 

Cash Receipts (Payments) on Derivative Settlements Included Within Net Cash Provided By Operating Activities

Cash (payments) receipts, net, on commodity derivative contract settlements, which include derivative premium payments, are included within Net cash provided by operating activities on the Consolidated Statements of Cash Flows and were as follows (in thousands):

 

Year Ended December 31,

 

 

2018

 

 

2017

 

 

2016

 

Derivative cash (payments) receipts, net

$

(28,164

)

 

$

4,199

 

 

$

4,746