Commodity Price Sensitivity The following table provides information about our oil derivative financial instruments that were sensitive to changes in oil prices as of December 31, 2017: Weighted Average Dated Brent Price per Bbl Net Asset (Liability) Deferred Fair Value at Premium December 31, Term Type of Contract MBbl Payable Swap Sold Put Floor Ceiling Call 2017(2) 2018 January—December . . . Swap with puts 2,000 $ — $54.32 $40.00 $ — $ — $ — $(20,544) July—December . . . . . . Swap with puts 2,000 — 57.96 45.00 — — — (12,068) January—June . . . . . . . Swaps 1,000 — 57.25 — — — — (8,390) January—December . . . Three-way collars 2,913 0.74 — 41.57 56.57 65.90 — (10,270) January—December . . . Four-way collars 3,000 1.06 — 40.00 50.00 61.33 70.00 (14,554) January—December . . . Sold calls(1) 2,000 — — — — 65.00 — (6,739) 2019 January—December . . . Three-way collars 6,500 $0.18 $ — $41.54 $51.54 $63.80 $ — $(19,750) January—December . . . Two-way collars 2,000 1.62 — — 55.00 65.00 — (4,088) January—December . . . Sold calls(1) 913 — — — — 80.00 — (633) (1) Represents call option contracts sold to counterparties to enhance other derivative positions. (2) Fair values are based on the average forward Dated Brent oil prices on December 31, 2017 which by year are: 2018—$64.96 and 2019—$61.00. These fair values are subject to changes in the underlying commodity price. The average forward Dated Brent oil prices based on February 21, 2018 market quotes by year are: 2018—$63.86 and 2019—$60.37. In January 2018, we entered into three-way costless collar contracts for 1.0 MMBbl from January 2019 through December 2019 with a sold put price of $45.00, a floor price of $55.00 per barrel and a ceiling price of $72.90 per barrel. The contracts are indexed to Dated Brent prices. In February 2018, we sold 2.0 MMBbl of put contracts from January 2019 through December 2019 with a strike of $47.50 per barrel. We used part of the proceeds to increase our upside by purchasing 1.0 MMBbl of calls in the second half of 2018 with a strike price of $70.00 per barrel. These contracts are indexed to Dated Brent prices and have a net deferred premium receivable of $3.1 million. At December 31, 2017, our open commodity derivative instruments were in a net liability position of $97.0 million. As of December 31, 2017, a hypothetical 10% price increase in the commodity futures price curves would decrease future pre-tax earnings by approximately $95.5 million. Similarly, a hypothetical 10% price decrease would increase future pre-tax earnings by approximately $89.5 million. Interest Rate Derivative Instruments See ‘‘Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Contractual Obligations’’ for specific information regarding the terms of our interest rate derivative instruments that are sensitive to changes in interest rates. Interest Rate Sensitivity At December 31, 2017, we had indebtedness outstanding under the Facility of $800.0 million, of which $600.0 million bore interest at floating rates after consideration of our fixed rate interest rate hedges. The interest rate on this indebtedness as of December 31, 2017 was approximately 4.6%. If LIBOR increased 10% at this level of floating rate debt, we would pay an additional $0.8 million in interest expense per year on the Facility. We pay commitment fees on the $500.8 million of undrawn availability and $199.2 million of unavailable commitments under the Facility and on the $400.0 million 102