Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 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 September 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	$	1,425	$	(534	)	$	891	$	—
Other assets	568		(243		)	325		—
Counterparty B
Current assets	1,369		(556		)	813		—
Other assets	461		(233		)	228		—
Counterparty C
Current assets	2,991		(1,568		)	1,423		—
Other assets	1,060		(620		)	440		—
Counterparty D
Current assets	9		(8		)	1		—
Other assets	—		—			—		—
Counterparty E
Current assets	966		(165		)	801		—
Other assets	367		(82		)	285		—
Total	$	9,216	$	(4,009	)	$	5,207	$	—

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 September 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	$	534	$	(534	)	$	—	$	—
Other liabilities	243		(243		)	—		—
Counterparty B
Current liabilities	556		(556		)	—		—
Other liabilities	233		(233		)	—		—
Counterparty C
Current liabilities	1,568		(1,568		)	—		—
Other liabilities	629		(620		)	9		—
Counterparty D
Current liabilities	8		(8		)	—		—
Other liabilities	—		—			—		—
Counterparty E
Current liabilities	165		(165		)	—		—
Other liabilities	82		(82		)	—		—
Total	$	4,018	$	(4,009	)	$	9	$	—

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   September 30,						Nine Months Ended   September 30,
Type of Instrument	Location in Condensed Consolidated Statement of Operations	2014			2013			2014			2013
Derivative Instrument
Oil	Revenues: Realized loss on derivatives	$	(816	)	$	(1,519	)	$	(4,523	)	$	(1,984	)
Natural Gas	Revenues: Realized gain (loss) on derivatives	19			161			(757		)	790
NGL	Revenues: Realized gain (loss) on derivatives	96			193			(178		)	675
Realized loss on derivatives		(701		)	(1,165		)	(5,458		)	(519		)
Oil	Revenues: Unrealized gain (loss) on derivatives	14,106			(8,132		)	6,359			(6,818		)
Natural Gas	Revenues: Unrealized gain (loss) on derivatives	1,933			57			1,362			(132		)
NGL	Revenues: Unrealized gain (loss) on derivatives	254			(1,252		)	229			324
Unrealized gain (loss) on derivatives		16,293			(9,327		)	7,950			(6,626		)
Total		$	15,592		$	(10,492	)	$	2,492		$	(7,145	)

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 September 30, 2014.

Commodity	Calculation Period	Notional Quantity (Bbl/month)	Price Floor ($/Bbl)	Price Ceiling ($/Bbl)	Fair Value of Asset (Liability) (thousands)
Oil	10/01/2014 - 12/31/2014	10,000	85.00	100.55	18
Oil	10/01/2014 - 12/31/2014	12,200	85.00	100.40	22
Oil	10/01/2014 - 12/31/2014	15,000	85.00	97.50	19
Oil	10/01/2014 - 12/31/2014	30,000	85.00	98.00	40
Oil	10/01/2014 - 12/31/2014	12,000	85.00	100.00	21
Oil	10/01/2014 - 12/31/2014	15,000	87.00	97.00	35
Oil	10/01/2014 - 12/31/2014	20,000	88.00	95.60	53
Oil	10/01/2014 - 12/31/2014	20,000	90.00	97.00	106
Oil	10/01/2014 - 12/31/2014	12,000	90.00	97.90	66
Oil	10/01/2014 - 12/31/2014	15,000	90.00	97.90	83
Oil	10/01/2014 - 12/31/2014	15,000	90.00	98.00	83
Oil	10/01/2014 - 12/31/2014	15,000	90.00	101.15	90
Oil	10/01/2014 - 12/31/2014	10,000	90.00	103.75	61
Oil	10/01/2014 - 12/31/2014	10,000	90.00	103.88	62
Oil	10/01/2014 - 12/31/2014	10,000	90.00	104.15	62
Oil	01/01/2015 - 12/31/2015	20,000	80.00	100.00	290
Oil	01/01/2015 - 12/31/2015	20,000	80.00	101.00	323
Oil	01/01/2015 - 12/31/2015	20,000	83.00	96.12	315
Oil	01/01/2015 - 12/31/2015	20,000	83.00	97.00	343
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	645
Oil	01/01/2015 - 12/31/2015	20,000	85.00	105.10	798
Total open oil costless collar contracts					4,159

Commodity	Calculation Period	Notional Quantity (MMBtu/month)	Price Floor ($/MMBtu)	Price Ceiling ($/MMBtu)	Fair Value of Asset (Liability) (thousands)
Natural Gas	10/01/2014 - 12/31/2014	100,000	3.00	5.15	(3	)
Natural Gas	10/01/2014 - 12/31/2014	100,000	3.25	5.21	(1	)
Natural Gas	10/01/2014 - 12/31/2014	100,000	3.25	5.22	(1	)
Natural Gas	10/01/2014 - 12/31/2014	100,000	3.25	5.37	—
Natural Gas	10/01/2014 - 12/31/2014	100,000	3.25	5.42	—
Natural Gas	10/01/2014 - 12/31/2014	100,000	3.50	4.90	(2	)
Natural Gas	10/01/2014 - 12/31/2014	100,000	3.75	4.75	2
Natural Gas	10/01/2014 - 12/31/2014	100,000	3.75	4.77	2
Natural Gas	10/01/2014 - 12/31/2014	100,000	4.00	4.60	12
Natural Gas	10/01/2014 - 12/31/2015	100,000	3.75	4.36	6
Natural Gas	10/01/2014 - 12/31/2015	100,000	3.75	4.45	43
Natural Gas	01/01/2015 - 03/31/2015	200,000	4.00	4.84	45
Natural Gas	01/01/2015 - 12/31/2015	100,000	3.75	4.60	96
Natural Gas	01/01/2015 - 12/31/2015	100,000	3.75	4.65	116
Natural Gas	01/01/2015 - 12/31/2015	200,000	3.75	5.04	378
Natural Gas	01/01/2015 - 12/31/2015	100,000	3.75	5.34	225
Total open natural gas costless collar contracts					918

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	10/01/2014 - 12/31/2014	116,000	0.950	(45		)
Propane	10/01/2014 - 12/31/2014	116,000	1.003	(16		)
Propane	10/01/2014 - 12/31/2014	60,000	1.015	(6		)
Propane	10/01/2014 - 12/31/2014	84,000	1.143	24
Propane	10/01/2014 - 12/31/2014	68,000	1.150	21
Propane	01/01/2015 - 12/31/2015	150,000	1.000	(48		)
Propane	01/01/2015 - 12/31/2015	100,000	1.030	4
Propane	01/01/2015 - 12/31/2015	68,000	1.073	37
Normal Butane	10/01/2014 - 12/31/2014	17,500	1.540	21
Normal Butane	10/01/2014 - 12/31/2014	45,500	1.550	45
Isobutane	10/01/2014 - 12/31/2014	22,000	1.640	27
Isobutane	10/01/2014 - 12/31/2014	37,000	1.640	56
Natural Gasoline	10/01/2014 - 12/31/2014	30,000	1.970	(5		)
Natural Gasoline	10/01/2014 - 12/31/2014	41,000	2.000	6
Total open NGL swap contracts				121
Total open derivative financial instruments				$	5,198