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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2015 and the weighted average oil prices for those contracts: 
 
 
Six Months Ending December 31,
 
Year Ending December 31,
 
 
2015
 
2016
 
2017
Swap contracts:
 
 
 
 
 
 
Volume (Bbl)
 
82,000

 
—

 
—

Price per Bbl
 
$
71.18

 
$
—

 
$
—

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

 
100,514

 
15,000

Price per Bbl:
 
 
 
 
 
 
Ceiling
 
$
97.69

 
$
77.21

 
$
73.01

Floor
 
$
82.97

 
$
66.92

 
$
65.00

Short put
 
$
69.67

 
$
47.58

 
$
55.00

Rollfactor swap contracts:
 
 
 
 
 
 
Volume (Bbl)
 
37,000

 
—

 
—

NYMEX roll price (b)
 
$
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)
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 June 30, 2015 and the weighted average NGL prices for those contracts: 
 
 
Six Months Ending December 31,
 
Year Ending December 31,
 
 
2015
 
2016
Ethane swap contracts:
 
 
 
 
Volume (Bbl) (a)
 
6,000

 
4,000

Price per Bbl
 
$
7.80

 
$
12.29

Propane swap contracts:
 
 
 
 
Volume (Bbl) (a)
 
11,000

 
4,500

Price per Bbl
 
$
21.62

 
$
22.12
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 June 30, 2015 and the weighted average gas prices for those contracts: 
 
 
Six 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) (a)
 
285,000

 
140,000

 
—

Price per MMBtu:
 
 
 
 
 
 
Ceiling
 
$
5.07

 
$
4.09

 
$
—

Floor
 
$
4.00

 
$
3.27

 
$
—

Short put
 
$
3.00

 
$
2.79

 
$
—

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

 
10,000

 
—

Price differential ($/MMBtu)
 
$
—

 
$
—

 
$
—

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

 
15,000

 
45,000

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

 
—

 
—

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

 
$
—

Permian Basin index swap volume (c)(d)
 
35,055

 
—

 
—

Price differential ($/MMBtu)
 
$
0.20

 
$
—

 
$
—

____________________
(a)
Subsequent to June 30, 2015, the Company entered into an additional 40,000 MMBtu per day of 2016 collar contracts with short puts with a ceiling price of $3.71 per MMBtu, a floor price of $3.15 per MMBtu and a short put price of $2.75 per MMBtu.
(b)
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.
(c)
Represent swaps that fix the basis differentials between Permian Basin index prices and southern California index prices for Permian Basin gas forecasted for sale in southern California.
(d) Subsequent to June 30, 2015, the Company entered into gas index swap contracts for an additional 30,000 MMBtu per day of August 2015 gas with a price differential of $0.21 per MMBtu between Permian Basin index prices and southern California index prices.
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 June 30, 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
 
$
357

 
$
(3
)
 
$
354

Commodity price derivatives
 
Derivatives - noncurrent
 
$
95

 
$
(6
)
 
89

 
 
 
 
 
 
 
 
$
443

Liability Derivatives:
 

 
 
 
 
Commodity price derivatives
 
Derivatives - current
 
$
3

 
$
(3
)
 
$
—

Commodity price derivatives
 
Derivatives - noncurrent
 
$
7

 
$
(6
)
 
1

 
 
 
 
 
 
 
 
$
1


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
June 30,
 
Six Months Ended
June 30,
Instruments
 
Earnings on Derivatives
 
2015
 
2014
 
2015
 
2014
 
 
 
 
(in millions)
Commodity price derivatives
 
Derivative gains (losses), net
 
$
(212
)
 
$
(226
)
 
$
39

 
$
(340
)
Interest rate derivatives
 
Derivative gains (losses), net
 
15

 
8

 
5

 
18

Total
 
$
(197
)
 
$
(218
)
 
$
44

 
$
(322
)