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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2014
Open Option Contracts Written [Line Items]  
Summary of gross asset balances of derivative instruments
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 unaudited condensed consolidated balance sheet as of December 31, 2013 (in thousands).
Derivative Instruments
Gross
amounts of
recognized
assets
 
Gross amounts
netted in the
condensed
consolidated
balance sheet
 
Net amounts of
assets
presented in the condensed
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

 
$
—

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 unaudited condensed consolidated balance sheet as of March 31, 2014 (in thousands).
Derivative Instruments
Gross
amounts of
recognized
assets
 
Gross amounts
netted in the condensed
consolidated
balance sheet
 
Net amounts of
assets
presented in the condensed
consolidated
balance sheet
 
Amounts subject to master netting arrangements presented on a gross basis
Counterparty A
 
 
 
 
 
 
 
   Current assets
$
766

 
$
(766
)
 
$
—

 
$
—

   Other assets
—

 
—

 
—

 
—

Counterparty B

 

 

 
 
   Current assets
805

 
(805
)
 
—

 
—

   Other assets
604

 
(353
)
 
251

 
—

Counterparty C

 

 

 
 
   Current assets
1,789

 
(1,690
)
 
99

 
99

   Other assets
653

 
(637
)
 
16

 
11

Counterparty D
 
 
 
 
 
 
 
   Current assets
43

 
(43
)
 
—

 
—

   Other assets
—

 
—

 
—

 
—

Total
$
4,660

 
$
(4,294
)
 
$
366

 
$
110
Summary of gross liability balances of derivative instruments
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 unaudited condensed consolidated balance sheet as of March 31, 2014 (in thousands). 
Derivative Instruments
Gross
amounts of
recognized
liabilities
 
Gross amounts
netted in the condensed
consolidated
balance sheet
 
Net amounts of
liabilities
presented in the condensed
consolidated
balance sheet
 
Amounts subject to master netting arrangements presented on a gross basis
Counterparty A
 
 
 
 
 
 
 
   Current liabilities
$
2,331

 
$
(766
)
 
$
1,565

 
$
—

   Other liabilities
—

 
—

 
—

 
—

Counterparty B

 

 

 

   Current liabilities
2,282

 
(805
)
 
1,477

 
—

   Other liabilities
353

 
(353
)
 
—

 
—

Counterparty C

 

 

 

   Current liabilities
4,765

 
(1,690
)
 
3,075

 
99

   Other liabilities
637

 
(637
)
 
—

 
11

Counterparty D
 
 
 
 
 
 
 
   Current liabilities
153

 
(43
)
 
110

 
—

   Other liabilities
—

 
—

 
—

 
—

Total
$
10,521

 
$
(4,294
)
 
$
6,227

 
$
110

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 unaudited condensed consolidated balance sheet as of December 31, 2013 (in thousands).
 
Derivative Instruments
Gross
amounts of
recognized
liabilities
 
Gross amounts
netted in the
condensed
consolidated
balance sheet
 
Net amounts of
liabilities
presented in the
condensed
consolidated
balance sheet
 
Amounts subject to master netting arrangements presented on a gross basis
Counterparty A
 
 
 
 
 
 
 
   Current liabilities
$
2,550

 
$
(1,746
)
 
$
804

 
$
—

   Other liabilities
—

 
—

 
—

 
—

Counterparty B

 

 

 
 
   Current liabilities
2,136

 
(1,371
)
 
765

 
—

   Other liabilities
668

 
(668
)
 
—

 
—

Counterparty C
 
 
 
 
 
 
 
   Current liabilities
3,996

 
(2,873
)
 
1,123

 
—

   Other liabilities
1,299

 
(1,046
)
 
253

 
—

Counterparty D
 
 
 
 
 
 
 
   Current liabilities
—

 
—

 
—

 
—

   Other liabilities
—

 
—

 
—

 
—

Total
$
10,649

 
$
(7,704
)
 
$
2,945

 
$
—
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 unaudited condensed consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments.
 
 
 
 
Three Months Ended 
 March 31,
Type of Instrument
Location in Condensed Consolidated Statement of Operations
 
2014
 
2013
Derivative Instrument
 
 
 
 
 
Oil
Revenues: Realized loss on derivatives
 
$
(942
)
 
$
(237
)
Natural Gas
Revenues: Realized (loss) gain on derivatives
 
(589
)
 
524

NGL
Revenues: Realized (loss) gain on derivatives
 
(312
)
 
105

Realized (loss) gain on derivatives
 
(1,843
)
 
392

Oil
Revenues: Unrealized loss on derivatives
 
(2,050
)
 
(2,728
)
Natural Gas
Revenues: Unrealized loss on derivatives
 
(1,267
)
 
(2,511
)
NGL
Revenues: Unrealized gain on derivatives
 
209

 
414

Unrealized loss on derivatives
 
(3,108
)
 
(4,825
)
Total
 
 
$
(4,951
)
 
$
(4,433
)
Open costless collar contracts [Member]
  
Open Option Contracts Written [Line Items]  
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 March 31, 2014.
Commodity
Calculation Period
 
Notional
Quantity
(Bbl/month)
 
Price
Floor
($/Bbl)
 
Price
Ceiling
($/Bbl)
 
Fair Value of
Asset
(Liability)
(thousands)
Oil
04/01/2014 - 06/30/2014
 
8,000

 
90.00

 
114.00

 
$
4

Oil
04/01/2014 - 06/30/2014
 
12,000

 
90.00

 
115.50

 
6

Oil
04/01/2014 - 12/31/2014
 
10,000

 
85.00

 
100.55
 
(141
)
Oil
04/01/2014 - 12/31/2014
 
12,200

 
85.00

 
100.40

 
(180
)
Oil
04/01/2014 - 12/31/2014
 
15,000

 
85.00

 
97.50

 
(423
)
Oil
04/01/2014 - 12/31/2014
 
30,000

 
85.00

 
98.00

 
(786
)
Oil
04/01/2014 - 12/31/2014
 
12,000

 
85.00

 
100.00

 
(196
)
Oil
04/01/2014 - 12/31/2014
 
15,000

 
87.00

 
97.00

 
(429
)
Oil
04/01/2014 - 12/31/2014
 
20,000

 
88.00

 
95.60

 
(711
)
Oil
04/01/2014 - 12/31/2014
 
20,000

 
90.00

 
97.00

 
(495
)
Oil
04/01/2014 - 12/31/2014
 
12,000

 
90.00

 
97.90

 
(233
)
Oil
04/01/2014 - 12/31/2014
 
15,000

 
90.00

 
97.90

 
(295
)
Oil
04/01/2014 - 12/31/2014
 
15,000

 
90.00

 
98.00

 
(293
)
Oil
04/01/2014 - 12/31/2014
 
15,000

 
90.00

 
101.15

 
(77
)
Total open oil costless collar contracts
 
 
 
 
 
 
 
(4,249
)
Commodity
Calculation Period
 
Notional
Quantity
(MMBtu/month)
 
Price
Floor
($/MMBtu)
 
Price
Ceiling
($/MMBtu)
 
Fair Value of
Asset
(Liability)
(thousands)
Natural Gas
04/01/2014 - 12/31/2014
 
100,000

 
3.00

 
5.15

 
(87
)
Natural Gas
04/01/2014 - 12/31/2014
 
100,000

 
3.25

 
5.21

 
(74
)
Natural Gas
04/01/2014 - 12/31/2014
 
100,000

 
3.25

 
5.22

 
(74
)
Natural Gas
04/01/2014 - 12/31/2014
 
100,000

 
3.25

 
5.37

 
(58
)
Natural Gas
04/01/2014 - 12/31/2014
 
100,000

 
3.25

 
5.42

 
(54
)
Natural Gas
04/01/2014 - 12/31/2014
 
100,000

 
3.50

 
4.90

 
(103
)
Natural Gas
04/01/2014 - 12/31/2014
 
100,000

 
3.75

 
4.75

 
(110
)
Natural Gas
04/01/2014 - 12/31/2014
 
100,000

 
3.75

 
4.77

 
(103
)
Natural Gas
04/01/2014 - 12/31/2014
 
100,000

 
4.00

 
4.60

 
(100
)
Natural Gas
04/01/2014 - 12/31/2015
 
100,000

 
3.75

 
4.36

 
(420
)
Natural Gas
04/01/2014 - 12/31/2015
 
100,000

 
3.75

 
4.45

 
(334
)
Natural Gas
01/01/2015 - 12/31/2015
 
100,000

 
3.75

 
4.60

 
(78
)
Natural Gas
01/01/2015 - 03/31/2015
 
200,000

 
4.00

 
4.84

 
(122
)
Natural Gas
01/01/2015 - 12/31/2015
 
100,000

 
3.75

 
4.65

 
(65
)
Natural Gas
01/01/2015 - 12/31/2015
 
200,000

 
3.75

 
5.04

 
67

Total open natural gas costless collar contracts
 
 
 
 
 
 
 
(1,715
)
Open Swap Contracts [Member]
  
Open Option Contracts Written [Line Items]  
Summary of contracts for oil and natural gas
Commodity
Calculation Period
 
Notional Quantity
(Gal/month)
 
Fixed Price
($/Gal)
 
Fair Value of Asset (Liability)
(thousands)
Propane
04/01/2014 - 12/31/2014
 
116,000

 
0.950

 
(130
)
Propane
04/01/2014 - 12/31/2014
 
84,000

 
1.143

 
51

Propane
04/01/2014 - 12/31/2014
 
68,000

 
1.150

 
48

Propane
04/01/2014 - 12/31/2014
 
116,000

 
1.003

 
(76
)
Propane
04/01/2014 - 12/31/2014
 
60,000

 
1.015

 
(32
)
Propane
01/01/2015 - 12/31/2015
 
150,000

 
1.000

 
(59
)
Propane
01/01/2015 - 12/31/2015
 
68,000

 
1.073

 
32

Normal Butane
04/01/2014 - 12/31/2014
 
17,500

 
1.540

 
41

Normal Butane
04/01/2014 - 12/31/2014
 
45,500

 
1.550

 
112

Isobutane
04/01/2014 - 12/31/2014
 
22,000

 
1.640

 
69

Isobutane
04/01/2014 - 12/31/2014
 
37,000

 
1.640

 
116

Natural Gasoline
04/01/2014 - 12/31/2014
 
30,000

 
1.970

 
(36
)
Natural Gasoline
04/01/2014 - 12/31/2014
 
41,000

 
2.000

 
(33
)
   Total open NGL swap contracts
 
 
 
 
 
 
103

Total open derivative financial instruments
 
 
 
 
 
 
$
(5,861
)