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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of oil derivative contracts volume and weighted average price
The following table sets forth the volumes per day associated with the Company's outstanding oil derivative contracts as of March 31, 2014 and the weighted average oil prices for those contracts: 
 
 
Nine Months Ending December 31,
 
Year Ending December 31,
 
 
2014
 
2015
 
2016
Collar contracts with short puts:
 
 
 
 
 
 
Volume (BBL) (a)
 
69,000

 
86,500

 
25,000

Price per BBL:
 
 
 
 
 
 
Ceiling
 
$
114.05

 
$
99.01

 
$
93.30

Floor
 
$
93.70

 
$
88.09

 
$
85.00

Short put
 
$
77.61

 
$
73.18

 
$
70.00

Swap contracts:
 
 
 
 
 
 
Volume (BBL)
 
10,000

 
—

 
—

Price per BBL
 
$
93.87

 
$
—

 
$
—

Rollfactor swap contracts:
 
 
 
 
 
 
Volume (BBL)
 
9,455

 
5,000

 
—

NYMEX roll price (b)
 
$
1.08

 
$
0.60

 
$
—

 ____________________
(a)
Counterparties have the option to extend for an additional year 1,500 BBLs per day of 2015 collar contracts with short puts with a ceiling price of $100.25 per BBL, a floor price of $90.00 per BBL and a short put price of $80.00 per BBL. The option to extend is exercisable on December 31, 2015. During the period from April 1, 2014 to May 5, 2014, the Company entered into additional collar contracts with short puts for 3,500 BBLs per day of the Company's 2015 production with a ceiling price of $100.00 per BBL, a floor price of $90.00 per BBL and a short put price of $80.00 per BBL. These contracts give the counterparties the option to extend the contracts under the same terms for an additional year if the option to extend is exercised by the counterparties on December 31, 2015.
(b)
Represents swaps that fix the difference between (i) each day's price per BBL of WTI for the first nearby month less (ii) the price per BBL of WTI for the second nearby NYMEX month, multiplied by .6667; plus (iii) each day's price per BBL of WTI for the first nearby month less (iv) the price per BBL of WTI for the third nearby NYMEX month, multiplied by .3333.
Schedule of NGL derivative volumes and weighted average prices
The following table sets forth the volumes per day associated with the Company's outstanding NGL derivative contracts as of March 31, 2014 and the weighted average NGL prices for those contracts: 
 
 
Nine Months Ending December 31,
 
 
2014
Collar contracts with short puts (a):
 
 
Volume (BBL)
 
1,000

Price per BBL:
 
 
Ceiling
 
$
109.50

Floor
 
$
95.00

Short put
 
$
80.00

Collar contracts (b):
 
 
Volume (BBL)
 
3,000

Price per BBL:
 
 
Ceiling
 
$
13.72

Floor
 
$
10.78

Swap contracts (c):
 
 
Volume (BBL)
 
2,556

Average price per BBL
 
$
48.15


____________________
(a)
Represent collar contracts with short puts that reduce the price volatility of natural gasoline forecasted for sale by the Company at Mont Belvieu, Texas-posted prices. During the period from April 1, 2014 to May 5, 2014, the Company entered into additional natural gasoline collar contracts with short puts for (i) 1,000 BBLs per day of May through December 2014 production with a ceiling price of $93.24 per BBL, a floor price of $88.20 per BBL and a short put price of $81.90 per BBL and (ii) 1,500 BBLs per day of June through December 2014 production with a ceiling price of $93.35 per BBL, a floor price of $88.20 per BBL and a short put price of $81.90 per BBL.
(b)
Represent collar contracts that reduce the price volatility of ethane forecasted for sale by the Company at Mont Belvieu, Texas-posted prices.
(c)
Represent swap contracts that reduce the price volatility of propane forecasted for sale by the Company at Mont Belvieu, Texas-posted prices.
Schedule of gas derivative volume and weighted average prices
The following table sets forth the volumes per day associated with the Company's outstanding gas derivative contracts as of March 31, 2014 and the weighted average gas prices for those contracts: 
 
 
Nine Months Ending December 31,
 
Year Ending December 31,
 
 
2014
 
2015
 
2016
Collar contracts with short puts:
 
 
 
 
 
 
Volume (MMBTU)
 
115,000

 
285,000

 
20,000

Price per MMBTU:
 
 
 
 
 
 
Ceiling
 
$
4.70

 
$
5.07

 
$
5.36

Floor
 
$
4.00

 
$
4.00

 
$
4.00

Short put
 
$
3.00

 
$
3.00

 
$
3.00

Swap contracts:
 
 
 
 
 
 
Volume (MMBTU)
 
195,000

 
20,000

 
—

Price per MMBTU
 
$
4.04

 
$
4.31

 
$
—

Basis swap contracts:
 
 
 
 
 
 
Volume (MMBTU) (a)
 
123,382

 
30,000

 
—

Price per MMBTU
 
$
(0.22
)
 
$
(0.18
)
 
$
—

____________________
(a)
During the period from April 1, 2014 to May 5, 2014, the Company entered into additional basis swap contracts for 20,000 MMBTU per day of the Company's 2015 production with a negative price differential of $0.25 per MMBTU between the relevant index price and the NYMEX price.
Offsetting Asset and Liability
The aggregate fair value of the Company's derivative instruments reported in the consolidated balance sheets by type and counterparty, including the classification between current and noncurrent assets and liabilities, consists of the following:
 
Fair Value of Derivative Instruments as of March 31, 2014
Type
 
Consolidated Balance Sheet
Location
 
Fair
Value
 
Gross Amounts Offset in the Consolidated Balance Sheet
 
Net Fair Value Presented in the Consolidated Balance Sheet
 
 
 
 
(in millions)
Derivatives not designated as hedging instruments
 
 
 
 
 
 
Asset Derivatives:
 
 
 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
46

 
$
(13
)
 
$
33

Interest rate derivatives
 
Derivatives - current
 
$
10

 
$
—

 
10

Commodity price derivatives
 
Derivatives - noncurrent
 
$
67

 
$
(5
)
 
62

Interest rate derivatives
 
Derivatives - noncurrent
 
$
12

 
$
(12
)
 
—

 
 
 
 
 
 
 
 
$
105

Liability Derivatives:
 

 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
54

 
$
(13
)
 
$
41

Commodity price derivatives
 
Derivatives - noncurrent
 
$
6

 
$
(5
)
 
1

Interest rate derivatives
 
Derivatives - noncurrent
 
$
16

 
$
(12
)
 
4

 
 
 
 
 
 
 
 
$
46


Fair Value of Derivative Instruments as of December 31, 2013
Type
 
Consolidated Balance Sheet
Location
 
Fair
Value
 
Gross Amounts Offset in the Consolidated Balance Sheet
 
Net Fair Value Presented in the Consolidated Balance Sheet
 
 
 
 
(in millions)
Derivatives not designated as hedging instruments
 
 
 
 
 
 
Asset Derivatives:
 
 
 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
73

 
$
(7
)
 
$
66

Interest rate derivatives
 
Derivatives - current
 
$
10

 
$
—

 
10

Commodity price derivatives
 
Derivatives - noncurrent
 
$
95

 
$
(4
)
 
91

Interest rate derivatives
 
Derivatives - noncurrent
 
$
15

 
$
(15
)
 
—

 
 
 
 
 
 
 
 
$
167

Liability Derivatives:
 
 
 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
19

 
$
(7
)
 
$
12

Commodity price derivatives
 
Derivatives - noncurrent
 
$
4

 
$
(4
)
 
—

Interest rate derivatives
 
Derivatives - noncurrent
 
$
25

 
$
(15
)
 
10

 
 
 
 
 
 
 
 
$
22
Schedule of derivative gains and losses recognized on statement of operations
The following table details the location of gains and losses recognized on the Company's derivative contracts in the accompanying consolidated statements of operations:
 
 
 
 
 
 
 
Derivatives Not Designated as Hedging
 
Location of Gain / (Loss) Recognized in
 
Three Months Ended
March 31,
Instruments
 
Earnings on Derivatives
 
2014
 
2013
 
 
 
(in millions)
Commodity price derivatives
 
Derivative losses, net
 
$
(114
)
 
$
(46
)
Interest rate derivatives
 
Derivative losses, net
 
10

 
4

Total
 
 
 
$
(104
)
 
$
(42
)