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Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS
At March 31, 2016, the Company had various costless collar contracts open and in place to mitigate its exposure to oil and natural gas price volatility, each with a specific term (calculation period), notional quantity (volume hedged) and price floor and ceiling. Each contract is set to expire at varying times during 2016 and 2017.
The following is a summary of the Company’s open costless collar contracts for oil and natural gas at March 31, 2016.
Commodity
Calculation Period
 
Notional Quantity (Bbl or MMBtu)
 
Weighted Average Price Floor ($/Bbl or
$/MMBtu)
 
Weighted Average Price Ceiling ($/Bbl or
$/MMBtu)
 
Fair Value of Asset (Liability) (thousands)
Oil
04/01/2016 - 12/31/2016
 
2,070,000

 
$
42.48

 
$
61.16

 
$
7,998

Oil
01/01/2017 - 12/31/2017
 
1,560,000

 
$
38.62

 
$
47.62

 
(2,571
)
Natural Gas
04/01/2016 - 12/31/2016
 
9,000,000

 
$
2.60

 
$
3.53

 
4,130

Natural Gas
01/01/2017 - 12/31/2017
 
9,000,000

 
$
2.27

 
$
3.50

 
(112
)
Total open derivative financial instruments
 
 
 
 
 
 
 
$
9,445


These derivative financial instruments are subject to master netting arrangements; all but one counterparty allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its interim unaudited condensed consolidated balance sheets.
 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 interim unaudited condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015 (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
March 31, 2016
 
 
 
 
 
   Current assets
$
16,196

 
$
(4,230
)
 
$
11,966

   Other assets
5,442

 
(5,382
)
 
60

   Current liabilities
(4,529
)
 
4,230

 
(299
)
   Other liabilities
(7,664
)
 
5,382

 
(2,282
)
      Total
$
9,445

 
$
—

 
$
9,445

December 31, 2015
 
 
 
 
 
   Current assets
$
16,767

 
$
(483
)
 
$
16,284

   Current liabilities
(483
)
 
483

 
—

      Total
$
16,284

 
$
—

 
$
16,284


The following table summarizes the location and aggregate fair value of all derivative financial instruments recorded in the interim 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
 
2016
 
2015
Derivative Instrument
 
 
 
 
 
Oil
Revenues: Realized gain on derivatives
 
$
5,464

 
$
14,433

Natural Gas
Revenues: Realized gain on derivatives
 
1,599

 
3,600

Natural Gas Liquids
Revenues: Realized gain on derivatives
 
—

 
471

Realized gain on derivatives
 
7,063

 
18,504

Oil
Revenues: Unrealized loss on derivatives
 
(7,654
)
 
(6,464
)
Natural Gas
Revenues: Unrealized gain (loss) on derivatives
 
815

 
(1,563
)
Natural Gas Liquids
Revenues: Unrealized loss on derivatives
 
—

 
(530
)
Unrealized loss on derivatives
 
(6,839
)
 
(8,557
)
Total
 
 
$
224

 
$
9,947