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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2017
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, 2017 and the weighted average oil prices for those contracts:
 
2017
 
Year Ending December 31, 2018
 
Third Quarter
 
Fourth Quarter
 
Collar contracts:
 
 
 
 
 
Volume (Bbl)
6,000

 
6,000

 
—

Price per Bbl:
 
 
 
 
 
Ceiling
$
70.40

 
$
70.40

 
$
—

Floor
$
50.00

 
$
50.00

 
$
—

Collar contracts with short puts (a):
 
 
 
 
 
Volume (Bbl)
147,000

 
155,000

 
71,000

Price per Bbl:
 
 
 
 
 
Ceiling
$
62.03

 
$
62.12

 
$
60.38

Floor
$
49.81

 
$
49.82

 
$
50.07

Short put
$
41.07

 
$
41.02

 
$
40.00


 ____________________
(a)
Subsequent to June 30, 2017, the Company entered into additional oil collar contracts with short puts for 26,000 Bbl per day of 2018 production with a ceiling price of $55.01 per Bbl, a floor price of $45.00 per Bbl and a short put price of $35.00 per Bbl.
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, 2017 and the weighted average NGL prices for those contracts: 
 
2017
 
Year Ending December 31,
 
Third Quarter
 
Fourth Quarter
 
2018
 
2019
Butane collar contracts with short puts (a):
 
 
 
 
 
 
 
Volume (Bbl)
2,000

 
—

 
—

 
—

Price per Bbl:
 
 
 
 
 
 
 
Ceiling
$
36.12

 
$
—

 
$
—

 
$
—

Floor
$
29.25

 
$
—

 
$
—

 
$
—

Short put
$
23.40

 
$
—

 
$
—

 
$
—

Ethane collar contracts (b):
 
 
 
 
 
 
 
Volume (Bbl)
3,000

 
3,000

 
—

 
—

Price per Bbl:
 
 
 
 
 
 
 
Ceiling
$
11.83

 
$
11.83

 
$
—

 
$
—

Floor
$
8.68

 
$
8.68

 
$
—

 
$
—

Ethane basis swap contracts (c):
 
 
 
 
 
 
 
Volume (MMBtu)
6,920

 
6,920

 
6,920

 
6,920

Price differential ($/MMBtu)
$
1.60

 
$
1.60

 
$
1.60

 
$
1.60

 ____________________
(a)
Represent collar contracts with short puts that reduce the price volatility of butane forecasted for sale by the Company at Mont Belvieu, Texas-posted prices.
(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 basis swap contracts that reduce the price volatility of ethane forecasted for sale by the Company at Mont Belvieu, Texas-posted prices. The basis swap contracts fix the basis differential on a NYMEX Henry Hub ("HH") MMBtu equivalent basis. The Company will receive the HH price plus the price differential on 6,920 MMBtu per day, which is equivalent to 2,500 Bbls per day of ethane.
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, 2017 and the weighted average gas prices for those contracts: 
 
2017
 
Year Ending December 31, 2018
 
Third Quarter
 
Fourth Quarter
 
Collar contracts with short puts:
 
 
 
 
 
Volume (MMBtu)
290,000

 
300,000

 
62,329

Price per MMBtu:
 
 
 
 
 
Ceiling
$
3.57

 
$
3.60

 
$
3.56

Floor
$
2.95

 
$
2.96

 
$
2.91

Short put
$
2.47

 
$
2.47

 
$
2.37

Basis swap contracts:
 
 
 
 
 
Mid-Continent index swap volume (MMBtu) (a)
45,000

 
45,000

 
—

Price differential ($/MMBtu)
$
(0.32
)
 
$
(0.32
)
 
$
—

Permian Basin index swap volume (MMBtu) (b)
—

 
26,522

 
39,945

Price differential ($/MMBtu)
$
—

 
$
0.30

 
$
0.30

____________________
(a)
Represent swap contracts that fix the basis differentials between the index price at which the Company sells its Mid-Continent gas and the HH index price used in collar contracts with short puts.
(b)
Represent swap contracts 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.
Offsetting Asset and Liability
The aggregate fair value of the Company's derivative instruments reported in the accompanying 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, 2017
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
 
$
153

 
$
(2
)
 
$
151

Interest rate derivatives
 
Derivatives - current
 
$
5

 
$
—

 
5

Commodity price derivatives
 
Derivatives - noncurrent
 
$
30

 
$
(1
)
 
29

 
 
 
 
 
 
 
 
$
185

Liability Derivatives:
 

 
 
 
 
Commodity and diesel price derivatives
 
Derivatives - current
 
$
5

 
$
(2
)
 
$
3

Commodity price derivatives
 
Derivatives - noncurrent
 
$
2

 
$
(1
)
 
1

 
 
 
 
 
 
 
 
$
4
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
 
Location of Gain / (Loss) Recognized in
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 Hedging Instruments
 
Earnings on Derivatives
 
2017
 
2016
 
2017
 
2016
 
 
 
 
(in millions)
Commodity price derivatives
 
Derivative gains (losses), net
 
$
136

 
$
(222
)
 
$
287

 
$
(177
)
Interest rate derivatives
 
Derivative gains (losses), net
 
(1
)
 
(7
)
 
(1
)
 
(9
)
Total
 
$
135

 
$
(229
)
 
$
286

 
$
(186
)