Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014.

		Notional Quantity (Bbl/month)	Price Floor ($/Bbl)		Price Ceiling ($/Bbl)		Fair Value of Asset (thousands)
Commodity	Calculation Period
Oil	01/01/2015 - 12/31/2015	20,000	$	80.00	$	100.00	$	5,757
Oil	01/01/2015 - 12/31/2015	20,000	80.00		101.00		5,770
Oil	01/01/2015 - 12/31/2015	20,000	83.00		96.12		6,408
Oil	01/01/2015 - 12/31/2015	20,000	83.00		97.00		6,407
Oil	01/01/2015 - 12/31/2015	20,000	85.00		99.00		6,874
Oil	01/01/2015 - 12/31/2015	20,000	85.00		100.00		6,873
Oil	01/01/2015 - 12/31/2015	20,000	85.00		105.10		6,890
Total open oil costless collar contracts							44,979

		Notional Quantity (MMBtu/month)	Price Floor ($/MMBtu)	Price Ceiling ($/MMBtu)	Fair Value of Asset (thousands)
Commodity	Calculation Period
Natural Gas	01/01/2015 - 03/31/2015	200,000	4.00	4.84	613
Natural Gas	01/01/2015 - 03/31/2015	300,000	4.00	4.93	920
Natural Gas	01/01/2015 - 03/31/2015	150,000	4.00	5.25	457
Natural Gas	01/01/2015 - 12/31/2015	100,000	3.75	4.36	932
Natural Gas	01/01/2015 - 12/31/2015	100,000	3.75	4.45	938
Natural Gas	01/01/2015 - 12/31/2015	100,000	3.75	4.60	945
Natural Gas	01/01/2015 - 12/31/2015	100,000	3.75	4.65	963
Natural Gas	01/01/2015 - 12/31/2015	200,000	3.75	5.04	1,911
Natural Gas	01/01/2015 - 12/31/2015	100,000	3.75	5.34	963
Total open natural gas costless collar contracts					8,642

		Notional Quantity (Gal/month)	Fixed Price ($/Gal)	Fair Value of Asset (thousands)
Commodity	Calculation Period
Propane	01/01/2015 - 12/31/2015	150,000	1.000	865
Propane	01/01/2015 - 12/31/2015	100,000	1.030	612
Propane	01/01/2015 - 12/31/2015	68,000	1.073	451
Total open NGL swap contracts				1,928
Total open derivative financial instruments				$	55,549

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, 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	$	—

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, 2014 (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	$	13,437	$	(157	)	$	13,280	$	—
Other assets	—		—			—		—
Counterparty B
Current assets	8,759		(116		)	8,643		—
Other assets	—		—			—		—
Counterparty C
Current assets	25,685		(368		)	25,317		—
Other assets	—		—			—		—
Counterparty D
Current assets	8,374		(65		)	8,309		—
Other assets	—		—			—		—
Total	$	56,255	$	(706	)	$	55,549	$	—

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, 2014 (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	$	157	$	(157	)	$	—	$	—
Long-term liabilities	—		—			—		—
Counterparty B
Current liabilities	116		(116		)	—		—
Long-term liabilities	—		—			—		—
Counterparty C
Current liabilities	368		(368		)	—		—
Long-term liabilities	—		—			—		—
Counterparty D
Current liabilities	65		(65		)	—		—
Long-term liabilities	—		—			—		—
Total	$	706	$	(706	)	$	—	$	—

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	$	—

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	2014			2013			2012
Derivative Instrument
Oil	Revenues: Realized gain (loss) on derivatives	$	5,221		$	(2,408	)	$	2,047
Natural Gas	Revenues: Realized (loss) gain on derivatives	(718		)	831			11,892
NGL	Revenues: Realized gain on derivatives	519			668			21
Realized gain (loss) on derivatives		5,022			(909		)	13,960
Oil	Revenues: Unrealized gain (loss) on derivatives	47,178			(5,319		)	3,673
Natural Gas	Revenues: Unrealized gain (loss) on derivatives	9,087			(1,580		)	(8,700		)
NGL	Revenues: Unrealized gain (loss) on derivatives	2,037			(333		)	225
Unrealized gain (loss) on derivatives		58,302			(7,232		)	(4,802		)
Total		$	63,324		$	(8,141	)	$	9,158