Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments (Tables)

v3.19.3
Derivative Instruments (Tables)
9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Commodity Derivative Positions
The following table sets forth our commodity derivative positions, presented on a net basis by period of maturity, as of September 30, 2019:
 
 
 
Average
 
Weighted
 
 
 
 
 
 
 
Volume Per
 
Average
 
Fair Value
 
Instrument
 
Day
 
Price
 
Asset
 
Liability
Crude Oil:
 
 
(barrels)
 
($/barrel)
 
 
 
 
Fourth quarter 2019
Swaps-WTI
 
11,398

 
$
55.97

 
$
2,804

 
$

Fourth quarter 2019
Swaps-LLS
 
5,000

 
$
59.17

 
995

 

Fourth quarter 2019
Swaps-MEH
 
1,000

 
$
64.00

 
131

 

First quarter 2020
Swaps-WTI
 
9,000

 
$
55.19

 
2,942

 

First quarter 2020
Swaps-MEH
 
2,000

 
$
61.03

 
114

 

Second quarter 2020
Swaps-WTI
 
7,000

 
$
54.94

 
3,220

 

Second quarter 2020
Swaps-MEH
 
2,000

 
$
61.03

 
90

 

Third quarter 2020
Swaps-WTI
 
7,000

 
$
54.94

 
3,878

 

Third quarter 2020
Swaps-MEH
 
2,000

 
$
61.03

 
100

 

Fourth quarter 2020
Swaps-WTI
 
7,000

 
$
54.94

 
4,203

 

Fourth quarter 2020
Swaps-MEH
 
2,000

 
$
61.03

 
96

 

Settlements to be paid in subsequent period
 
 
 
 

 


 
368


Impact of Derivative Activities on Condensed Consolidated Statements of Income
The impact of our derivative activities on income is included in “Derivatives” in our Condensed Consolidated Statements of Operations. The following table summarizes the effects of our derivative activities for the periods presented:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Derivative gains (losses)
$
24,248

 
$
(40,689
)
 
$
(30,166
)
 
$
(111,725
)

Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets
The following table summarizes the fair values of our derivative instruments presented on a gross basis, as well as the locations of these instruments on our Condensed Consolidated Balance Sheets as of the dates presented:
 
 
 
 
September 30, 2019
 
December 31, 2018
 
 
 
 
Derivative
 
Derivative
 
Derivative
 
Derivative
Type
 
Balance Sheet Location
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Commodity contracts
 
Derivative assets/liabilities – current
 
$
18,214

 
$
4,308

 
$
34,932

 
$
991

Commodity contracts
 
Derivative assets/liabilities – noncurrent
 
4,311

 
12

 
10,100

 

 
 
 
 
$
22,525

 
$
4,320

 
$
45,032

 
$
991