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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of contracts for oil and natural gas
The following is a summary of the Company’s open costless collar contracts for oil and natural gas and open swap contracts for NGL at December 31, 2013.
 
 
 
 
Notional Quantity (Bbl/month)
 
Price Floor ($/Bbl)
 
Price Ceiling ($/Bbl)
 
Fair Value of Asset (Liability) (thousands)
 
 
 
 
 
 
 
  Commodity  
 
     Calculation Period     
 
 
 
 
Oil
 
01/01/2014 - 06/30/2014
 
8,000

 
$
90.00

 
$
114.00

 
$
44

Oil
 
01/01/2014 - 06/30/2014
 
12,000

 
90.00

 
115.50

 
67

Oil
 
01/01/2014 - 12/31/2014
 
15,000

 
85.00

 
97.50

 
(309
)
Oil
 
01/01/2014 - 12/31/2014
 
30,000

 
85.00

 
98.00

 
(560
)
Oil
 
01/01/2014 - 12/31/2014
 
12,000

 
85.00

 
100.00

 
(90
)
Oil
 
01/01/2014 - 12/31/2014
 
12,200

 
85.00

 
100.40

 
(70
)
Oil
 
01/01/2014 - 12/31/2014
 
10,000

 
85.00

 
100.55

 
(52
)
Oil
 
01/01/2014 - 12/31/2014
 
15,000

 
87.00

 
97.00

 
(294
)
Oil
 
01/01/2014 - 12/31/2014
 
20,000

 
88.00

 
95.60

 
(536
)
Oil
 
01/01/2014 - 12/31/2014
 
20,000

 
90.00

 
97.00

 
(253
)
Oil
 
01/01/2014 - 12/31/2014
 
12,000

 
90.00

 
97.90

 
(80
)
Oil
 
01/01/2014 - 12/31/2014
 
15,000

 
90.00

 
97.90

 
(98
)
Oil
 
01/01/2014 - 12/31/2014
 
15,000

 
90.00

 
98.00

 
(101
)
Oil
 
01/01/2014 - 12/31/2014
 
15,000

 
90.00

 
101.15

 
132

Total open oil costless collar contracts
 
 
 
 
 
 
 
(2,200
)
 
 
 
 
Notional Quantity (MMBtu/month)
 
Price Floor ($/MMBtu)
 
Price Ceiling ($/MMBtu)
 
Fair Value of Asset (Liability) (thousands)
 
 
 
 
 
 
 
  Commodity  
 
     Calculation Period     
 
 
 
 
Natural Gas
 
01/01/2014 - 12/31/2014
 
100,000

 
3.00

 
5.15

 
(60
)
Natural Gas
 
01/01/2014 - 12/31/2014
 
100,000

 
3.25

 
5.21

 
(34
)
Natural Gas
 
01/01/2014 - 12/31/2014
 
100,000

 
3.25

 
5.22

 
(34
)
Natural Gas
 
01/01/2014 - 12/31/2014
 
100,000

 
3.25

 
5.37

 
(22
)
Natural Gas
 
01/01/2014 - 12/31/2014
 
100,000

 
3.25

 
5.42

 
(18
)
Natural Gas
 
01/01/2014 - 12/31/2014
 
100,000

 
3.50

 
4.90

 
(37
)
Natural Gas
 
01/01/2014 - 12/31/2014
 
100,000

 
3.75

 
4.77

 
3

Natural Gas
 
01/01/2014 - 12/31/2015
 
100,000

 
3.75

 
4.36

 
(237
)
Natural Gas
 
01/01/2014 - 12/31/2015
 
100,000

 
3.75

 
4.45

 
(158
)
Natural Gas
 
01/01/2014 - 12/31/2015
 
100,000

 
3.75

 
4.60

 
(24
)
Natural Gas
 
04/01/2014 - 12/31/2014
 
100,000

 
3.75

 
4.75

 
6

Natural Gas
 
01/01/2015 - 03/31/2015
 
200,000

 
4.00

 
4.84

 
(3
)
Natural Gas
 
01/01/2015 - 12/31/2015
 
100,000

 
3.75

 
4.65

 
(9
)
Natural Gas
 
01/01/2015 - 12/31/2015
 
200,000

 
3.75

 
5.04

 
182

Total open natural gas costless collar contracts
 
 
 
 
 
 
 
(445
)
 
 
 
 
Notional Quantity (Gal/month)
 
Fixed Price ($/Gal)
 
Fair Value of Asset (Liability) (thousands)
 
 
 
 
 
 
  Commodity  
 
Calculation Period     
 
 
 
Propane
 
01/01/2014 - 12/31/2014
 
116,000

 
0.950

 
(247
)
Propane
 
01/01/2014 - 12/31/2014
 
84,000

 
1.143

 
32

Propane
 
01/01/2014 - 12/31/2014
 
68,000

 
1.150

 
32

Propane
 
01/01/2014 - 12/31/2014
 
116,000

 
1.003

 
(150
)
Propane
 
01/01/2014 - 12/31/2014
 
60,000

 
1.015

 
(69
)
Propane
 
01/01/2015 - 12/31/2015
 
150,000

 
1.000

 
(58
)
Propane
 
01/01/2015 - 12/31/2015
 
68,000

 
1.073

 
33

Normal Butane
 
01/01/2014 - 12/31/2014
 
17,500

 
1.540

 
47

Normal Butane
 
01/01/2014 - 12/31/2014
 
45,500

 
1.550

 
122

Isobutane
 
01/01/2014 - 12/31/2014
 
22,000

 
1.640

 
78

Isobutane
 
01/01/2014 - 12/31/2014
 
37,000

 
1.640

 
140

Natural Gasoline
 
01/01/2014 - 12/31/2014
 
30,000

 
1.970

 
(35
)
Natural Gasoline
 
01/01/2014 - 12/31/2014
 
41,000

 
2.000

 
(33
)
   Total open NGL swap contracts
 
 
 
 
 
 
 
(108
)
Total open derivative financial instruments
 
 
 
 
 
 
 
$
(2,753
)
Summary of offsetting assets
The following table presents the gross asset balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its consolidated balance sheet as of December 31, 2012 (in thousands).
Derivative Instruments
Gross
amounts of
recognized
assets
 
Gross amounts
netted in the
consolidated
balance sheet
 
Net amounts of
assets
presented in the
consolidated
balance sheet
 
Amounts subject to master netting arrangements presented on a gross basis
Counterparty A
 
 
 
 
 
 
 
   Current assets
$
6,445

 
$
(2,373
)
 
$
4,072

 
$
—

   Other assets
1,096

 
(370
)
 
726

 
—

Counterparty B
 
 
 
 
 
 
 
   Current assets
530

 
(224
)
 
306

 
82

   Other assets
384

 
(339
)
 
45

 
—

      Total
$
8,455

 
$
(3,306
)
 
$
5,149

 
$
82

The following table presents the gross asset balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its consolidated balance sheet as of December 31, 2013 (in thousands).
Derivative Instruments
Gross
amounts of
recognized
assets
 
Gross amounts
netted in the
consolidated
balance sheet
 
Net amounts of
assets
presented in the
consolidated
balance sheet
 
Amounts subject to master netting arrangements presented on a gross basis
Counterparty A
 
 
 
 
 
 
 
   Current assets
$
1,746

 
$
(1,746
)
 
$
—

 
$
—

   Other assets
—

 
—

 
—

 
—

Counterparty B
 
 
 
 
 
 
 
   Current assets
1,371

 
(1,371
)
 
—

 
—

   Other assets
841

 
(668
)
 
173

 
—

Counterparty C

 

 
 
 
 
   Current assets
2,886

 
(2,873
)
 
13

 
—

   Other assets
1,046

 
(1,046
)
 
—

 
—

Counterparty D
 
 
 
 
 
 
 
   Current assets
6

 
—

 
6

 
—

   Other assets
—

 
—

 
—

 
—

      Total
$
7,896

 
$
(7,704
)
 
$
192

 
$
—
Summary of offsetting liabilities
The following table presents the gross liability balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its consolidated balance sheet as of December 31, 2013 (in thousands). 
Derivative Instruments
Gross
amounts of
recognized
liabilities
 
Gross amounts
netted in the
consolidated
balance sheet
 
Net amounts of
liabilities
presented in the
consolidated
balance sheet
 
Amounts subject to master netting arrangements presented on a gross basis
Counterparty A
 
 
 
 
 
 
 
   Current liabilities
$
2,550

 
$
(1,746
)
 
$
804

 
$
—

   Long-term liabilities
—

 
—

 
—

 
—

Counterparty B
 
 
 
 
 
 
 
   Current liabilities
2,136

 
(1,371
)
 
765

 
—

   Long-term liabilities
668

 
(668
)
 
—

 
—

Counterparty C
 
 
 
 
 
 
 
   Current liabilities
3,996

 
(2,873
)
 
1,123

 
—

   Long-term liabilities
1,299

 
(1,046
)
 
253

 
—

Counterparty D
 
 
 
 
 
 
 
   Current liabilities
—

 
—

 
—

 
—

   Long-term liabilities
—

 
—

 
—

 
—

      Total
$
10,649

 
$
(7,704
)
 
$
2,945

 
$
—

The following table presents the gross liability balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its consolidated balance sheet as of December 31, 2012 (in thousands).
Derivative Instruments
Gross
amounts of
recognized
liabilities
 
Gross amounts
netted in the
consolidated
balance sheet
 
Net amounts of
liabilities
presented in the
consolidated
balance sheet
 
Amounts subject to master netting arrangements presented on a gross basis
Counterparty A
 
 
 
 
 
 
 
   Current liabilities
$
2,373

 
$
(2,373
)
 
$
—

 
$
—

   Long-term liabilities
370

 
(370
)
 
—

 
—

Counterparty B
 
 
 
 
 
 
 
   Current liabilities
894

 
(224
)
 
670

 
82

   Long-term liabilities
339

 
(339
)
 
—

 
—

      Total
$
3,976

 
$
(3,306
)
 
$
670

 
$
82
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
The following table summarizes the location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments.
 
 
Location in
 
Year Ended December 31,
Type of Instrument
Statement of Operations
2013
 
2012
 
2011
Derivative Instrument
 
 
 
 
 
 
 
 
Oil
 
Revenues: Realized (loss) gain on derivatives
 
$
(2,408
)
 
$
2,047

 
$
—

Natural Gas
 
Revenues: Realized gain on derivatives
 
831

 
11,892

 
7,106

NGL
 
Revenues: Realized gain on derivatives
 
668

 
21

 
—

Realized (loss) gain on derivatives
 
 
 
(909
)
 
13,960

 
7,106

Oil
 
Revenues: Unrealized (loss) gain on derivatives
 
(5,319
)
 
3,673

 
(554
)
Natural Gas
 
Revenues: Unrealized (loss) gain on derivatives
 
(1,580
)
 
(8,700
)
 
5,692

NGL
 
Revenues: Unrealized (loss) gain on derivatives
 
(333
)
 
225

 
—

Unrealized (loss) gain on derivatives
 
 
 
(7,232
)
 
(4,802
)
 
5,138

Total
 
 
 
$
(8,141
)
 
$
9,158

 
$
12,244