Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v3.10.0.1
Derivative Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Summary of Open Commodity Derivative Contracts

As of September 30, 2018, our open crude oil derivative contracts were as follows:  

Crude Oil:  Swap, Priced off WTI (NYMEX)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional

 

 

Notional

 

 

 

 

 

 

 

 

 

 

 

 

Quantity

 

 

Quantity

 

 

Strike

 

 

 

 

 

Termination Period

 

(Bbls/day) (1)

 

 

(Bbls) (1)

 

 

Price

 

 

 

 

 

2018

December

 

 

2,000

 

 

 

184,000

 

 

$

63.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crude Oil:  Puts,  Priced off WTI (NYMEX)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional

 

 

Notional

 

 

 

 

 

 

 

 

 

 

 

 

Quantity

 

 

Quantity

 

 

Put

 

 

 

 

 

Termination Period

 

(Bbls/day) (1)

 

 

(Bbls) (1)

 

 

Price

 

 

 

 

 

2018

December

 

 

5,000

 

 

 

460,000

 

 

$

60.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crude Oil:  Two-way collars, Priced off WTI (NYMEX)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional

 

 

Notional

 

 

Contract Prices

 

 

 

 

Quantity

 

 

Quantity

 

 

Put Option

 

 

Call Option

 

Termination Period

 

(Bbls/day) (1)

 

 

(Bbls) (1)

 

 

(Bought)

 

 

(Sold)

 

2018

December

 

 

2,000

 

 

 

184,000

 

 

$

60.00

 

 

$

69.50

 

2018

December

 

 

2,000

 

 

 

184,000

 

 

$

55.00

 

 

$

72.75

 

 

 

(1)

bbls = barrels

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

Our open and closed (not settled) commodity derivative contracts were recorded within the line Accrued liabilities on the Condensed Consolidated Balance Sheet summarized in the following table (in thousands):

 

September 30,

 

 

December 31,

 

 

2018

 

 

2017

 

Open contracts

$

2,840

 

 

$

 

Closed contracts - not settled

 

412

 

 

 

84

 

Total contracts

$

3,252

 

 

$

84

 

 

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

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Derivative (gain) loss

$

(288

)

 

$

2,879

 

 

$

5,931

 

 

$

(4,765

)

 

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

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

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

Cash receipts (payments) on derivative settlements, net

$

(3,091

)

 

$

3,924