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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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
$
200

 
$
(200
)
 
$
—

 
$
—

   Other assets
306

 
(306
)
 
—

 
—

Counterparty B

 

 

 
 
   Current assets
482

 
(482
)
 
—

 
—

   Other assets
551

 
(468
)
 
83

 
83

Counterparty C

 

 

 
 
   Current assets
946

 
(946
)
 
—

 
—

   Other assets
889

 
(889
)
 
—

 
—

Counterparty D
 
 
 
 
 
 
 
   Current assets
15

 
(15
)
 
—

 
—

   Other assets
—

 
—

 
—

 
—

Counterparty E
 
 
 
 
 
 
 
   Current assets
254

 
(232
)
 
22

 
—

   Other assets
416

 
(328
)
 
88

 
—

Total
$
4,059

 
$
(3,866
)
 
$
193

 
$
83
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 June 30, 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
$
3,078

 
$
(200
)
 
$
2,878

 
$
—

   Other liabilities
473

 
(306
)
 
167

 
—

Counterparty B

 

 

 

   Current liabilities
2,761

 
(482
)
 
2,279

 
83

   Other liabilities
692

 
(468
)
 
224

 
—

Counterparty C

 

 

 

   Current liabilities
5,738

 
(946
)
 
4,792

 
—

   Other liabilities
1,523

 
(889
)
 
634

 
—

Counterparty D
 
 
 
 
 
 
 
   Current liabilities
68

 
(15
)
 
53

 
—

   Other liabilities
—

 
—

 
—

 
—

Counterparty E
 
 
 
 
 
 
 
   Current liabilities
494

 
(232
)
 
262

 
—

   Other liabilities
328

 
(328
)
 
—

 
—

Total
$
15,155

 
$
(3,866
)
 
$
11,289

 
$
83

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 
 June 30,
 
Six Months Ended 
 June 30,
Type of Instrument
Location in Condensed Consolidated Statement of Operations
 
2014
 
2013
 
2014
 
2013
Derivative Instrument
 
 
 
 
 
 
 
 
 
Oil
Revenues: Realized loss on derivatives
 
$
(2,764
)
 
$
(228
)
 
$
(3,706
)
 
$
(465
)
Natural Gas
Revenues: Realized (loss) gain on derivatives
 
(187
)
 
105

 
(776
)
 
629

NGL
Revenues: Realized gain (loss) on derivatives
 
38

 
377

 
(274
)
 
482

Realized (loss) gain on derivatives
 
(2,913
)
 
254

 
(4,756
)
 
646

Oil
Revenues: Unrealized (loss) gain on derivatives
 
(5,701
)
 
4,042

 
(7,751
)
 
1,314

Natural Gas
Revenues: Unrealized gain (loss) on derivatives
 
698

 
2,323

 
(569
)
 
(189
)
NGL
Revenues: Unrealized (loss) gain on derivatives
 
(231
)
 
1,161

 
(22
)
 
1,576

Unrealized (loss) gain on derivatives
 
(5,234
)
 
7,526

 
(8,342
)
 
2,701

Total
 
 
$
(8,147
)
 
$
7,780

 
$
(13,098
)
 
$
3,347
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 June 30, 2014.
Commodity
Calculation Period
 
Notional
Quantity
(Bbl/month)
 
Price
Floor
($/Bbl)
 
Price
Ceiling
($/Bbl)
 
Fair Value of
Asset
(Liability)
(thousands)
Oil
07/01/2014 - 12/31/2014
 
10,000

 
85.00

 
100.55

 
$
(260
)
Oil
07/01/2014 - 12/31/2014
 
12,200

 
85.00

 
100.40

 
(326
)
Oil
07/01/2014 - 12/31/2014
 
15,000

 
85.00

 
97.50

 
(598
)
Oil
07/01/2014 - 12/31/2014
 
30,000

 
85.00

 
98.00

 
(1,122
)
Oil
07/01/2014 - 12/31/2014
 
12,000

 
85.00

 
100.00

 
(340
)
Oil
07/01/2014 - 12/31/2014
 
15,000

 
87.00

 
97.00

 
(630
)
Oil
07/01/2014 - 12/31/2014
 
20,000

 
88.00

 
95.60

 
(979
)
Oil
07/01/2014 - 12/31/2014
 
20,000

 
90.00

 
97.00

 
(825
)
Oil
07/01/2014 - 12/31/2014
 
12,000

 
90.00

 
97.90

 
(443
)
Oil
07/01/2014 - 12/31/2014
 
15,000

 
90.00

 
97.90

 
(553
)
Oil
07/01/2014 - 12/31/2014
 
15,000

 
90.00

 
98.00

 
(546
)
Oil
07/01/2014 - 12/31/2014
 
15,000

 
90.00

 
101.15

 
(337
)
Oil
07/01/2014 - 12/31/2014
 
10,000

 
90.00

 
103.75

 
(133
)
Oil
07/01/2014 - 12/31/2014
 
10,000

 
90.00

 
103.88

 
(130
)
Oil
07/01/2014 - 12/31/2014
 
10,000

 
90.00

 
104.15

 
(122
)
Oil
01/01/2015 - 12/31/2015
 
20,000

 
80.00

 
100.00

 
(714
)
Oil
01/01/2015 - 12/31/2015
 
20,000

 
80.00

 
101.00

 
(610
)
Oil
01/01/2015 - 12/31/2015
 
20,000

 
85.00

 
99.00

 
(624
)
Oil
01/01/2015 - 12/31/2015
 
20,000

 
85.00

 
100.00

 
(550
)
Oil
01/01/2015 - 12/31/2015
 
20,000

 
85.00

 
105.10

 
(105
)
Total open oil costless collar contracts
 
 
 
 
 
 
 
(9,947
)
Commodity
Calculation Period
 
Notional
Quantity
(MMBtu/month)
 
Price
Floor
($/MMBtu)
 
Price
Ceiling
($/MMBtu)
 
Fair Value of
Asset
(Liability)
(thousands)
Natural Gas
07/01/2014 - 12/31/2014
 
100,000

 
3.00

 
5.15

 
(36
)
Natural Gas
07/01/2014 - 12/31/2014
 
100,000

 
3.25

 
5.21

 
(32
)
Natural Gas
07/01/2014 - 12/31/2014
 
100,000

 
3.25

 
5.22

 
(32
)
Natural Gas
07/01/2014 - 12/31/2014
 
100,000

 
3.25

 
5.37

 
(23
)
Natural Gas
07/01/2014 - 12/31/2014
 
100,000

 
3.25

 
5.42

 
(21
)
Natural Gas
07/01/2014 - 12/31/2014
 
100,000

 
3.50

 
4.90

 
(49
)
Natural Gas
07/01/2014 - 12/31/2014
 
100,000

 
3.75

 
4.75

 
(53
)
Natural Gas
07/01/2014 - 12/31/2014
 
100,000

 
3.75

 
4.77

 
(53
)
Natural Gas
07/01/2014 - 12/31/2014
 
100,000

 
4.00

 
4.60

 
(58
)
Natural Gas
07/01/2014 - 12/31/2015
 
100,000

 
3.75

 
4.36

 
(310
)
Natural Gas
07/01/2014 - 12/31/2015
 
100,000

 
3.75

 
4.45

 
(241
)
Natural Gas
01/01/2015 - 03/31/2015
 
200,000

 
4.00

 
4.84

 
(81
)
Natural Gas
01/01/2015 - 12/31/2015
 
100,000

 
3.75

 
4.60

 
(79
)
Natural Gas
01/01/2015 - 12/31/2015
 
100,000

 
3.75

 
4.65

 
(70
)
Natural Gas
01/01/2015 - 12/31/2015
 
200,000

 
3.75

 
5.04

 
47

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

 
3.75

 
5.34

 
75

Total open natural gas costless collar contracts
 
 
 
 
 
 
 
(1,016
)
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
07/01/2014 - 12/31/2014
 
116,000

 
0.950

 
(81
)
Propane
07/01/2014 - 12/31/2014
 
116,000

 
1.003

 
(48
)
Propane
07/01/2014 - 12/31/2014
 
60,000

 
1.015

 
(20
)
Propane
07/01/2014 - 12/31/2014
 
84,000

 
1.143

 
36

Propane
07/01/2014 - 12/31/2014
 
68,000

 
1.150

 
32

Propane
01/01/2015 - 12/31/2015
 
150,000

 
1.000

 
(121
)
Propane
01/01/2015 - 12/31/2015
 
100,000

 
1.030

 
(45
)
Propane
01/01/2015 - 12/31/2015
 
68,000

 
1.073

 
3

Normal Butane
07/01/2014 - 12/31/2014
 
17,500

 
1.540

 
24

Normal Butane
07/01/2014 - 12/31/2014
 
45,500

 
1.550

 
66

Isobutane
07/01/2014 - 12/31/2014
 
22,000

 
1.640

 
38

Isobutane
07/01/2014 - 12/31/2014
 
37,000

 
1.640

 
66

Natural Gasoline
07/01/2014 - 12/31/2014
 
30,000

 
1.970

 
(37
)
Natural Gasoline
07/01/2014 - 12/31/2014
 
41,000

 
2.000

 
(46
)
   Total open NGL swap contracts
 
 
 
 
 
 
(133
)
Total open derivative financial instruments
 
 
 
 
 
 
$
(11,096
)