Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v3.19.1
Derivative Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Summary of Open Commodity Derivative Contracts The open contracts as of March 31, 2019 are presented in the following tables:

 

Crude Oil:  Swap, Priced off WTI (NYMEX)

 

Termination Period

 

Notional Quantity (Bbls/day) (1)

 

 

Notional Quantity

(Bbls) (1)

 

 

Strike Price

 

May 2020

 

 

1,500

 

 

 

640,500

 

 

$

60.80

 

May 2020

 

 

5,000

 

 

 

2,135,000

 

 

 

61.00

 

May 2020

 

 

3,500

 

 

 

1,494,500

 

 

 

60.85

 

 

(1)

Bbls = Barrels

 

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

 

Termination Period

 

Notional Quantity (Bbls/day) (1)

 

 

Notional Quantity

(Bbls) (1)

 

 

Strike Price

 

May 2020

 

 

10,000

 

 

 

4,270,000

 

 

$

61.00

 

 

(1)

Bbls = Barrels

 

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

 

Termination Period

 

Notional Quantity (MMBtu/day) (1)

 

 

Notional Quantity (MMBtu) (1)

 

 

Put Option

Strike Price

(Bought)

 

 

Call Option

Strike Price

(Sold)

 

June 2019

 

 

50,000

 

 

 

3,050,000

 

 

$

2.49

 

 

$

3.975

 

 

(1)

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 Condensed 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):  

 

March 31,

 

 

December 31,

 

 

2019

 

 

2018

 

Prepaid expenses and other assets

$

16,959

 

 

$

60,687

 

Other assets (non-current)

 

4,169

 

 

 

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):

 

Three Months Ended

 

 

March 31,

 

 

2019

 

 

2018

 

Derivative loss

$

48,886

 

 

$

 

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

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

 

Three Months Ended

 

 

March 31,

 

 

2019

 

 

2018

 

Cash receipts on derivative settlements, net

$

11,948

 

 

$