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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2016
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, 2016.
 
 
 
 
Notional Quantity (Bbl or MMBtu)
 
Weighted Average Price Floor ($/Bbl or
$/MMBtu)
 
Weighted Average Price Ceiling ($/Bbl or
$/MMBtu)
 
Fair Value of Liabilities (thousands)
 
 
 
 
 
 
 
Commodity  
 
     Calculation Period     
 
 
 
 
Oil
 
01/01/2017 - 12/31/2017
 
2,760,000

 
$
41.39

 
$
51.88

 
$
(18,316
)
Oil
 
01/01/2018 - 12/31/2018
 
720,000

 
$
43.75

 
$
63.90

 
(751
)
Natural Gas
 
01/01/2017 - 12/31/2017
 
16,860,000

 
$
2.40

 
$
3.59

 
(5,887
)
Total open derivative financial instruments
 
 
 
 
 
 
 
$
(24,954
)
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, 2016 and December 31, 2015 (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, 2016

 

 

Current liabilities
$
(24,203
)
 
$
—

 
$
(24,203
)
Other liabilities
(751
)
 
—

 
(751
)
   Total
$
(24,954
)
 
$
—

 
$
(24,954
)
December 31, 2015

 

 

Current assets
$
16,767

 
$
(483
)
 
$
16,284

Current liabilities
(483
)
 
483

 
—

   Total
$
16,284

 
$
—

 
$
16,284
Summary of offsetting liabilities
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, 2016 and December 31, 2015 (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, 2016

 

 

Current liabilities
$
(24,203
)
 
$
—

 
$
(24,203
)
Other liabilities
(751
)
 
—

 
(751
)
   Total
$
(24,954
)
 
$
—

 
$
(24,954
)
December 31, 2015

 

 

Current assets
$
16,767

 
$
(483
)
 
$
16,284

Current liabilities
(483
)
 
483

 
—

   Total
$
16,284

 
$
—

 
$
16,284
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.
 
 
 
 
Year Ended December 31,
Type of Instrument
Location in Statement of Operations
2016
 
2015
 
2014
Derivative Instrument
 
 
 
 
 
 
 
 
Oil
 
Revenues: Realized gain on derivatives
 
$
5,851

 
$
62,259

 
$
5,221

Natural Gas
 
Revenues: Realized gain (loss) on derivatives
 
3,435

 
12,653

 
(718
)
Natural Gas Liquids (NGL)
 
Revenues: Realized gain on derivatives
 
—

 
2,182

 
519

Realized gain on derivatives
 
 
 
9,286

 
77,094

 
5,022

Oil
 
Revenues: Unrealized (loss) gain on derivatives
 
(18,969
)
 
(31,897
)
 
47,178

Natural Gas
 
Revenues: Unrealized (loss) gain on derivatives
 
(22,269
)
 
(5,440
)
 
9,087

Natural Gas Liquids (NGL)
 
Revenues: Unrealized (loss) gain on derivatives
 
—

 
(1,928
)
 
2,037

Unrealized (loss) gain on derivatives
 
 
 
(41,238
)
 
(39,265
)
 
58,302

Total
 
 
 
$
(31,952
)
 
$
37,829

 
$
63,324