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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2015
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, 2015 and the weighted average oil prices for those contracts: 
 
 
Nine Months Ending December 31,
 
Year Ending December 31,
 
 
2015
 
2016
Swap contracts:
 
 
 
 
Volume (Bbl)
 
82,000

 
—

Price per Bbl
 
$
71.18

 
$
—

Collar contracts with short puts:
 
 
 
 
Volume (Bbl) (a)(b)
 
15,000

 
73,000

Price per Bbl:
 
 
 
 
Ceiling
 
$
97.69

 
$
79.48

Floor
 
$
82.97

 
$
69.53

Short put
 
$
69.67

 
$
47.36

Rollfactor swap contracts:
 
 
 
 
Volume (Bbl)
 
37,000

 
—

NYMEX roll price (c)
 
$
0.06

 
$
—

 ____________________
(a)
Counterparties have the option to extend for an additional year 5,000 Bbls per day of 2015 collar contracts with short puts with a ceiling price of $100.08 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. 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)
During the period from April 1, 2015 through May 5, 2015, the Company entered into additional oil collar contracts with short puts for 10,000 Bbl per day of 2016 production with a ceiling price of $71.10 per Bbl, a floor price of $60.00 per Bbl and a short put price of $47.50 per Bbl.
(c)
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, 2015 and the weighted average NGL prices for those contracts: 
 
 
Nine Months Ending December 31,
 
Year Ending December 31,
 
 
2015
 
2016
Ethane swap contracts:
 
 
 
 
Volume (Bbl)
 
6,000

 
4,000

Average price per Bbl
 
$
7.80

 
$
12.29

Propane swap contracts:
 
 
 
 
Volume (Bbl)
 
11,000

 
2,000

Average price per Bbl
 
$
21.62

 
$
21.63
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, 2015 and the weighted average gas prices for those contracts: 
 
 
Nine Months Ending December 31,
 
Year Ending December 31,
 
 
2015
 
2016
 
2017
Swap contracts:
 
 
 
 
 
 
Volume (MMBtu)
 
20,000

 
70,000

 
—

Price per MMBtu
 
$
4.31

 
$
4.06

 
$
—

Collar contracts with short puts:
 
 
 
 
 
 
Volume (MMBtu)
 
285,000

 
20,000

 
—

Price per MMBtu:
 
 
 
 
 
 
Ceiling
 
$
5.07

 
$
5.36

 
$
—

Floor
 
$
4.00

 
$
4.00

 
$
—

Short put
 
$
3.00

 
$
3.00

 
$
—

Basis swap contracts (a):
 
 
 
 
 
 
Gulf Coast index swap volume
 
20,000

 
—

 
—

Price differential ($/MMBtu)
 
$
—

 
$
—

 
$
—

Mid-Continent index swap volume (b)
 
95,000

 
15,000

 
30,000

Price differential ($/MMBtu)
 
$
(0.24
)
 
$
(0.32
)
 
$
(0.34
)
Permian Basin index swap volume
 
10,000

 
—

 
—

Price differential ($/MMBtu)
 
$
(0.13
)
 
$
—

 
$
—

____________________
(a)
Represent swaps that fix the basis differentials between the index prices at which the Company sells its Gulf Coast, Mid-Continent and Permian Basin gas, respectively, and the NYMEX Henry Hub index price used in gas swap and collar contracts.
(b)
During the period from April 1, 2015 through May 5, 2015, the Company entered into additional basis swap contracts for 15,000 MMBtu per day of the Company's 2017 production with a negative price differential of $0.27 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, 2015
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
 
$
627

 
$
(3
)
 
$
624

Commodity price derivatives
 
Derivatives - noncurrent
 
$
183

 
$
(2
)
 
181

 
 
 
 
 
 
 
 
$
805

Liability Derivatives:
 

 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
6

 
$
(3
)
 
$
3

Interest rate derivatives
 
Derivatives - current
 
$
13

 
$
—

 
13

Commodity price derivatives
 
Derivatives - noncurrent
 
$
2

 
$
(2
)
 
—

 
 
 
 
 
 
 
 
$
16


Fair Value of Derivative Instruments as of December 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
 
$
579

 
$
(1
)
 
$
578

Commodity price derivatives
 
Derivatives - noncurrent
 
$
182

 
$
(1
)
 
181

 
 
 
 
 
 
 
 
$
759

Liability Derivatives:
 
 
 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
1

 
$
(1
)
 
$
—

Interest rate derivatives
 
Derivatives - current
 
$
3

 
$
—

 
3

Commodity price derivatives
 
Derivatives - noncurrent
 
$
3

 
$
(1
)
 
2

 
 
 
 
 
 
 
 
$
5
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
 
2015
 
2014
 
 
 
(in millions)
Commodity price derivatives
 
Derivative gains (losses), net
 
$
251

 
$
(114
)
Interest rate derivatives
 
Derivative gains (losses), net
 
(10
)
 
10

Total
 
$
241

 
$
(104
)