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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2015
Open Option Contracts Written [Line Items]  
Summary of gross asset balances of derivative instruments
The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the unaudited condensed consolidated balance sheet as of June 30, 2015 and December 31, 2014 (in thousands).
Derivative Instruments
Gross
amounts
recognized
 
Gross amounts
netted in the condensed
consolidated
balance sheets
 
Net amounts presented in the condensed
consolidated
balance sheets
June 30, 2015
 
 
 
 
 
   Current assets
$
27,731

 
$
(3,885
)
 
$
23,846

   Other assets
2,872

 
(2,871
)
 
1

   Current liabilities
(3,885
)
 
3,885

 
—

   Other liabilities
(3,258
)
 
2,871

 
(387
)
      Total
$
23,460

 
$
—

 
$
23,460

December 31, 2014
 
 
 
 
 
   Current assets
$
56,255

 
$
(706
)
 
$
55,549

   Current liabilities
(706
)
 
706

 
—

      Total
$
55,549

 
$
—

 
$
55,549
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
 
2015
 
2014
 
2015
 
2014
Derivative Instrument
 
 
 
 
 
 
 
 
 
Oil
Revenues: Realized gain (loss) on derivatives
 
$
10,524

 
$
(2,764
)
 
$
24,957

 
$
(3,706
)
Natural Gas
Revenues: Realized gain (loss) on derivatives
 
2,716

 
(187
)
 
6,315

 
(776
)
NGL
Revenues: Realized gain (loss) on derivatives
 
540

 
38

 
1,013

 
(274
)
Realized gain (loss) on derivatives
 
13,780

 
(2,913
)
 
32,285

 
(4,756
)
Oil
Revenues: Unrealized loss on derivatives
 
(19,880
)
 
(5,701
)
 
(26,345
)
 
(7,751
)
Natural Gas
Revenues: Unrealized (loss) gain on derivatives
 
(3,281
)
 
698

 
(4,843
)
 
(569
)
NGL
Revenues: Unrealized loss on derivatives
 
(371
)
 
(231
)
 
(902
)
 
(22
)
Unrealized loss on derivatives
 
(23,532
)
 
(5,234
)
 
(32,090
)
 
(8,342
)
Total
 
 
$
(9,752
)
 
$
(8,147
)
 
$
195

 
$
(13,098
)
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 June 30, 2015.
Commodity
Calculation Period
 
Notional
Quantity
(Bbl/month)
 
Price
Floor
($/Bbl)
 
Price
Ceiling
($/Bbl)
 
Fair Value of
Asset
(Liability)
(thousands)
Oil
07/01/2015 - 12/31/2015
 
40,000

 
45.00

 
68.75
 
$
(161
)
Oil
07/01/2015 - 12/31/2015
 
50,000

 
50.00

 
67.85
 
(110
)
Oil
07/01/2015 - 12/31/2015
 
20,000

 
80.00

 
100.00
 
2,376

Oil
07/01/2015 - 12/31/2015
 
20,000

 
80.00

 
101.00
 
2,377

Oil
07/01/2015 - 12/31/2015
 
20,000

 
83.00

 
96.12
 
2,726

Oil
07/01/2015 - 12/31/2015
 
20,000

 
83.00

 
97.00
 
2,725

Oil
07/01/2015 - 12/31/2015
 
20,000

 
85.00

 
99.00
 
2,963

Oil
07/01/2015 - 12/31/2015
 
20,000

 
85.00

 
100.00
 
2,963

Oil
07/01/2015 - 12/31/2015
 
20,000

 
85.00

 
105.10
 
2,964

Oil
07/01/2015 - 12/31/2016
 
40,000

 
55.00

 
68.35
 
156

Oil
01/01/2016 - 12/31/2016
 
40,000

 
43.00

 
77.05
 
(266
)
Oil
07/01/2016 - 12/31/2016
 
50,000

 
45.00

 
77.75
 
(77
)
Total open oil costless collar contracts
 
 
 
 
 
 
 
18,636

Commodity
Calculation Period
 
Notional
Quantity
(MMBtu/month)
 
Price
Floor
($/MMBtu)
 
Price
Ceiling
($/MMBtu)
 
Fair Value of
Asset
(Liability)
(thousands)
Natural Gas
07/01/2015 - 10/31/2015
 
150,000

 
2.75

 
3.19

 
29

Natural Gas
07/01/2015 - 12/31/2015
 
100,000

 
2.75

 
3.05

 
(19
)
Natural Gas
07/01/2015 - 12/31/2015
 
100,000

 
2.75

 
3.15

 
(2
)
Natural Gas
07/01/2015 - 12/31/2015
 
100,000

 
2.75

 
3.11

 
(8
)
Natural Gas
07/01/2015 - 12/31/2015
 
300,000

 
2.88

 
3.18

 
128

Natural Gas
07/01/2015 - 12/31/2015
 
100,000

 
3.75

 
4.36

 
523

Natural Gas
07/01/2015 - 12/31/2015
 
100,000

 
3.75

 
4.45

 
524

Natural Gas
07/01/2015 - 12/31/2015
 
100,000

 
3.75

 
4.60

 
526

Natural Gas
07/01/2015 - 12/31/2015
 
100,000

 
3.75

 
4.65

 
518

Natural Gas
07/01/2015 - 12/31/2015
 
200,000

 
3.75

 
5.04

 
1,057

Natural Gas
07/01/2015 - 12/31/2015
 
100,000

 
3.75

 
5.34

 
529

Natural Gas
01/01/2016 - 12/31/2016
 
200,000

 
2.75

 
3.50

 
(164
)
Natural Gas
01/01/2016 - 12/31/2016
 
200,000

 
2.75

 
3.86

 
38

Natural Gas
01/01/2016 - 12/31/2016
 
300,000

 
2.75

 
3.95

 
118

Total open natural gas costless collar contracts
 
 
 
 
 
 
 
3,797
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
07/01/2015 - 12/31/2015
 
150,000

 
1.000

 
462

Propane
07/01/2015 - 12/31/2015
 
100,000

 
1.030

 
326

Propane
07/01/2015 - 12/31/2015
 
68,000

 
1.073

 
239

   Total open NGL swap contracts
 
 
 
 
 
 
1,027

Total open derivative financial instruments
 
 
 
 
 
 
$
23,460