Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

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, 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	$	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	$	—

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, 2015 (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	$	11,372	$	(17	)	$	11,355	$	—
Other assets	—		—			—		—
Counterparty B
Current assets	7,683		(19		)	7,664		—
Other assets	—		—			—		—
Counterparty C
Current assets	22,186		(950		)	21,236		—
Other assets	359		(359		)	—		—
Counterparty D
Current assets	6,764		(8		)	6,756		—
Other assets	—		—			—		—
Total	$	48,364	$	(1,353	)	$	47,011	$	—

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, 2015 (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	$	17	$	(17	)	$	—	$	—
Other liabilities	—		—			—		—
Counterparty B
Current liabilities	19		(19		)	—		—
Other liabilities	—		—			—		—
Counterparty C
Current liabilities	950		(950		)	—		—
Other liabilities	378		(359		)	19		—
Counterparty D
Current liabilities	8		(8		)	—		—
Other liabilities	—		—			—		—
Total	$	1,372	$	(1,353	)	$	19	$	—

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, 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	$	157	$	(157	)	$	—	$	—
Other liabilities	—		—			—		—
Counterparty B
Current liabilities	116		(116		)	—		—
Other liabilities	—		—			—		—
Counterparty C
Current liabilities	368		(368		)	—		—
Other liabilities	—		—			—		—
Counterparty D
Current liabilities	65		(65		)	—		—
Other liabilities	—		—			—		—
Total	$	706	$	(706	)	$	—	$	—

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	2015			2014
Derivative Instrument
Oil	Revenues: Realized gain (loss) on derivatives	$	14,433		$	(942	)
Natural Gas	Revenues: Realized gain (loss) on derivatives	3,600			(589		)
NGL	Revenues: Realized gain (loss) on derivatives	471			(312		)
Realized gain (loss) on derivatives		18,504			(1,843		)
Oil	Revenues: Unrealized loss on derivatives	(6,464		)	(2,050		)
Natural Gas	Revenues: Unrealized loss on derivatives	(1,563		)	(1,267		)
NGL	Revenues: Unrealized (loss) gain on derivatives	(530		)	209
Unrealized loss on derivatives		(8,557		)	(3,108		)
Total		$	9,947		$	(4,951	)

Open costless collar contracts

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, 2015.

Commodity	Calculation Period	Notional Quantity (Bbl/month)	Price Floor ($/Bbl)	Price Ceiling ($/Bbl)	Fair Value of Asset (Liability) (thousands)
Oil	04/01/2015 - 12/31/2015	20,000	80.00	100.00	$	4,974
Oil	04/01/2015 - 12/31/2015	20,000	80.00	101.00	4,978
Oil	04/01/2015 - 12/31/2015	20,000	83.00	96.12	5,499
Oil	04/01/2015 - 12/31/2015	20,000	83.00	97.00	5,499
Oil	04/01/2015 - 12/31/2015	20,000	85.00	99.00	5,855
Oil	04/01/2015 - 12/31/2015	20,000	85.00	100.00	5,855
Oil	04/01/2015 - 12/31/2015	20,000	85.00	105.10	5,855
Total open oil costless collar contracts					38,515

Commodity	Calculation Period	Notional Quantity (MMBtu/month)	Price Floor ($/MMBtu)	Price Ceiling ($/MMBtu)	Fair Value of Asset (Liability) (thousands)
Natural Gas	04/01/2015 - 10/31/2015	150,000	2.75	3.19	154
Natural Gas	04/01/2015 - 12/31/2015	100,000	2.75	3.05	66
Natural Gas	04/01/2015 - 12/31/2015	100,000	2.75	3.15	89
Natural Gas	04/01/2015 - 12/31/2015	100,000	2.75	3.11	80
Natural Gas	04/01/2014 - 12/31/2015	300,000	2.88	3.18	490
Natural Gas	04/01/2015 - 12/31/2015	100,000	3.75	4.36	891
Natural Gas	04/01/2015 - 12/31/2015	100,000	3.75	4.45	892
Natural Gas	04/01/2015 - 12/31/2015	100,000	3.75	4.60	895
Natural Gas	04/01/2015 - 12/31/2015	100,000	3.75	4.65	888
Natural Gas	04/01/2015 - 12/31/2015	200,000	3.75	5.04	1,799
Natural Gas	04/01/2015 - 12/31/2015	100,000	3.75	5.34	900
Natural Gas	01/01/2016 - 12/31/2016	200,000	2.75	3.50	(65	)
Total open natural gas costless collar contracts					7,079

Open Swap Contracts

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	04/01/2015 - 12/31/2015	150,000	1.000	626
Propane	04/01/2015 - 12/31/2015	100,000	1.030	444
Propane	04/01/2015 - 12/31/2015	68,000	1.073	328
Total open NGL swap contracts				1,398
Total open derivative financial instruments				$	46,992