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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2015
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 at December 31, 2015.
 
 
 
 
Notional Quantity (Bbl or MMBtu)
 
Weighted Average Price Floor ($/Bbl or
$/MMBtu)
 
Weighted Average Price Ceiling ($/Bbl or
$/MMBtu)
 
Fair Value of Asset (thousands)
 
 
 
 
 
 
 
Commodity  
 
     Calculation Period     
 
 
 
 
Oil
 
01/01/2016 - 12/31/2016
 
1,560,000

 
$
47.46

 
$
74.64

 
$
13,083

Natural Gas
 
01/01/2016 - 12/31/2016
 
8,400,000

 
$
2.75

 
$
3.80

 
3,201

Total open derivative financial instruments
 
 
 
 
 
 
 
$
16,284
Summary of offsetting assets
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 consolidated balance sheets as of December 31, 2015 and December 31, 2014 (in thousands).
Derivative Instruments
Gross amounts recognized
 
Gross amounts netted in the consolidated balance sheets
 
Net amounts presented in the consolidated balance sheets
December 31, 2015

 

 

Current assets
$
16,767

 
$
(483
)
 
$
16,284

Other assets
—

 
—

 
—

Current liabilities
(483
)
 
483

 
—

Other liabilities
—

 
—

 
—

   Total
$
16,284

 
$
—

 
$
16,284

December 31, 2014

 

 

Current assets
$
56,255

 
$
(706
)
 
$
55,549

Other assets
—

 
—

 
—

Current liabilities
(706
)
 
706

 
—

Other liabilities
—

 
—

 
—

   Total
$
55,549

 
$
—

 
$
55,549
Summary of offsetting liabilities
Derivative Instruments
Gross amounts recognized
 
Gross amounts netted in the consolidated balance sheets
 
Net amounts presented in the consolidated balance sheets
December 31, 2015

 

 

Current assets
$
16,767

 
$
(483
)
 
$
16,284

Other assets
—

 
—

 
—

Current liabilities
(483
)
 
483

 
—

Other liabilities
—

 
—

 
—

   Total
$
16,284

 
$
—

 
$
16,284

December 31, 2014

 

 

Current assets
$
56,255

 
$
(706
)
 
$
55,549

Other assets
—

 
—

 
—

Current liabilities
(706
)
 
706

 
—

Other liabilities
—

 
—

 
—

   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 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
2015
 
2014
 
2013
Derivative Instrument
 
 
 
 
 
 
 
 
Oil
 
Revenues: Realized gain (loss) on derivatives
 
$
62,259

 
$
5,221

 
$
(2,408
)
Natural Gas
 
Revenues: Realized gain (loss) on derivatives
 
12,653

 
(718
)
 
831

Natural Gas Liquids (NGL)
 
Revenues: Realized gain on derivatives
 
2,182

 
519

 
668

Realized gain (loss) on derivatives
 
 
 
77,094

 
5,022

 
(909
)
Oil
 
Revenues: Unrealized (loss) gain on derivatives
 
(31,897
)
 
47,178

 
(5,319
)
Natural Gas
 
Revenues: Unrealized (loss) gain on derivatives
 
(5,440
)
 
9,087

 
(1,580
)
Natural Gas Liquids (NGL)
 
Revenues: Unrealized (loss) gain on derivatives
 
(1,928
)
 
2,037

 
(333
)
Unrealized (loss) gain on derivatives
 
 
 
(39,265
)
 
58,302

 
(7,232
)
Total
 
 
 
$
37,829

 
$
63,324

 
$
(8,141
)