Derivative Financial Instruments (Tables)
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9 Months Ended |
Sep. 30, 2015 |
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| 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 September 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 | September 30, 2015 | | | | | | Current assets | $ | 29,131 |
| | $ | (966 | ) | | $ | 28,165 |
| Other assets | 2,685 |
| | (657 | ) | | 2,028 |
| Current liabilities | (979 | ) | | 979 |
| | — |
| Other liabilities | (644 | ) | | 644 |
| | — |
| Total | $ | 30,193 |
| | $ | — |
| | $ | 30,193 |
| December 31, 2014 | | | | | | Current assets | $ | 56,255 |
| | $ | (706 | ) | | $ | 55,549 |
| Current liabilities | (706 | ) | | 706 |
| | — |
| Total | $ | 55,549 |
| | $ | — |
| | $ | 55,549 |
|
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| 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 | | 2015 | | 2014 | | 2015 | | 2014 | Derivative Instrument | | | | | | | | | | Oil | Revenues: Realized gain (loss) on derivatives | | $ | 17,056 |
| | $ | (816 | ) | | $ | 42,013 |
| | $ | (4,523 | ) | Natural Gas | Revenues: Realized gain (loss) on derivatives | | 2,215 |
| | 19 |
| | 8,531 |
| | (757 | ) | NGL | Revenues: Realized gain (loss) on derivatives | | 591 |
| | 96 |
| | 1,602 |
| | (178 | ) | Realized gain (loss) on derivatives | | 19,862 |
| | (701 | ) | | 52,146 |
| | (5,458 | ) | Oil | Revenues: Unrealized gain (loss) on derivatives | | 6,421 |
| | 14,106 |
| | (19,923 | ) | | 6,359 |
| Natural Gas | Revenues: Unrealized gain (loss) on derivatives | | 808 |
| | 1,933 |
| | (4,035 | ) | | 1,362 |
| NGL | Revenues: Unrealized (loss) gain on derivatives | | (496 | ) | | 254 |
| | (1,398 | ) | | 229 |
| Unrealized gain (loss) on derivatives | | 6,733 |
| | 16,293 |
| | (25,356 | ) | | 7,950 |
| Total | | | $ | 26,595 |
| | $ | 15,592 |
| | $ | 26,790 |
| | $ | 2,492 |
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| Open costless collar contracts |
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| Open Option Contracts Written [Line Items] |
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| 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, 2015. | | | | | | | | | | | | | | | Commodity | Calculation Period | | Notional Quantity (Bbl/month) | | Price Floor ($/Bbl) | | Price Ceiling ($/Bbl) | | Fair Value of Asset (Liability) (thousands) | Oil | 10/01/2015 - 12/31/2015 | | 40,000 |
| | 45.00 |
| | 68.75 | | $ | 246 |
| Oil | 10/01/2015 - 12/31/2015 | | 50,000 |
| | 50.00 |
| | 67.85 | | 782 |
| Oil | 10/01/2015 - 12/31/2015 | | 20,000 |
| | 80.00 |
| | 100.00 | | 2,053 |
| Oil | 10/01/2015 - 12/31/2015 | | 20,000 |
| | 80.00 |
| | 101.00 | | 2,052 |
| Oil | 10/01/2015 - 12/31/2015 | | 20,000 |
| | 83.00 |
| | 96.12 | | 2,232 |
| Oil | 10/01/2015 - 12/31/2015 | | 20,000 |
| | 83.00 |
| | 97.00 | | 2,233 |
| Oil | 10/01/2015 - 12/31/2015 | | 20,000 |
| | 85.00 |
| | 99.00 | | 2,352 |
| Oil | 10/01/2015 - 12/31/2015 | | 20,000 |
| | 85.00 |
| | 100.00 | | 2,353 |
| Oil | 10/01/2015 - 12/31/2015 | | 20,000 |
| | 85.00 |
| | 105.10 | | 2,352 |
| Oil | 10/01/2015 - 12/31/2016 | | 40,000 |
| | 55.00 |
| | 68.35 | | 5,097 |
| Oil | 01/01/2016 - 12/31/2016 | | 40,000 |
| | 43.00 |
| | 77.05 | | 1,267 |
| Oil | 01/01/2016 - 12/31/2016 | | 50,000 |
| | 45.00 |
| | 77.75 | | 2,038 |
| Total open oil costless collar contracts | | | | | | | | 25,057 |
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| | | | | | | | | | | | | | | Commodity | Calculation Period | | Notional Quantity (MMBtu/month) | | Price Floor ($/MMBtu) | | Price Ceiling ($/MMBtu) | | Fair Value of Asset (Liability) (thousands) | Natural Gas | 10/01/2015 - 10/31/2015 | | 150,000 |
| | 2.75 |
| | 3.19 |
| | 28 |
| Natural Gas | 10/01/2015 - 12/31/2015 | | 100,000 |
| | 2.75 |
| | 3.05 |
| | 58 |
| Natural Gas | 10/01/2015 - 12/31/2015 | | 100,000 |
| | 2.75 |
| | 3.15 |
| | 60 |
| Natural Gas | 10/01/2015 - 12/31/2015 | | 100,000 |
| | 2.75 |
| | 3.11 |
| | 59 |
| Natural Gas | 10/01/2015 - 12/31/2015 | | 300,000 |
| | 2.88 |
| | 3.18 |
| | 279 |
| Natural Gas | 10/01/2015 - 12/31/2015 | | 100,000 |
| | 3.75 |
| | 4.36 |
| | 347 |
| Natural Gas | 10/01/2015 - 12/31/2015 | | 100,000 |
| | 3.75 |
| | 4.45 |
| | 347 |
| Natural Gas | 10/01/2015 - 12/31/2015 | | 100,000 |
| | 3.75 |
| | 4.60 |
| | 347 |
| Natural Gas | 10/01/2015 - 12/31/2015 | | 100,000 |
| | 3.75 |
| | 4.65 |
| | 347 |
| Natural Gas | 10/01/2015 - 12/31/2015 | | 200,000 |
| | 3.75 |
| | 5.04 |
| | 694 |
| Natural Gas | 10/01/2015 - 12/31/2015 | | 100,000 |
| | 3.75 |
| | 5.34 |
| | 346 |
| Natural Gas | 01/01/2016 - 12/31/2016 | | 200,000 |
| | 2.75 |
| | 3.50 |
| | 409 |
| Natural Gas | 01/01/2016 - 12/31/2016 | | 200,000 |
| | 2.75 |
| | 3.86 |
| | 501 |
| Natural Gas | 01/01/2016 - 12/31/2016 | | 300,000 |
| | 2.75 |
| | 3.95 |
| | 784 |
| Total open natural gas costless collar contracts | | | | | | | | 4,606 |
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| Open Swap Contracts |
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| Open Option Contracts Written [Line Items] |
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| 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 | 10/01/2015 - 12/31/2015 | | 150,000 |
| | 1.000 |
| | 239 |
| Propane | 10/01/2015 - 12/31/2015 | | 100,000 |
| | 1.030 |
| | 168 |
| Propane | 10/01/2015 - 12/31/2015 | | 68,000 |
| | 1.073 |
| | 123 |
| Total open NGL swap contracts | | | | | | | 530 |
| Total open derivative financial instruments | | | | | | | $ | 30,193 |
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