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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2017
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 interim unaudited condensed consolidated balance sheets as of June 30, 2017 and December 31, 2016 (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, 2017
 
 
 
 
 
   Current assets
$
10,835

 
$
(3,768
)
 
$
7,067

   Other assets
5,066

 
(2,074
)
 
2,992

   Current liabilities
(4,915
)
 
3,723

 
(1,192
)
   Other liabilities
(2,074
)
 
2,074

 
—

      Total
$
8,912

 
$
(45
)
 
$
8,867

December 31, 2016
 
 
 
 
 
   Current liabilities
$
(24,203
)
 
$
—

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

 
(751
)
      Total
$
(24,954
)
 
$
—

 
$
(24,954
)
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 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 
 June 30,
 
Six Months Ended 
 June 30,
Type of Instrument
Location in Condensed Consolidated Statement of Operations
 
2017
 
2016
 
2017
 
2016
Derivative Instrument
 
 
 
 
 
 
 
 
 
Oil
Revenues: Realized gain (loss) on derivatives
 
$
581

 
$
561

 
$
(1,053
)
 
$
6,024

Natural Gas
Revenues: Realized (loss) gain on derivatives
 
(23
)
 
1,904

 
(608
)
 
3,504

Realized gain (loss) on derivatives
 
558

 
2,465

 
(1,661
)
 
9,528

Oil
Revenues: Unrealized gain (loss) on derivatives
 
10,643

 
(19,319
)
 
28,422

 
(26,974
)
Natural Gas
Revenues: Unrealized gain (loss) on derivatives
 
2,547

 
(7,306
)
 
5,399

 
(6,490
)
Unrealized gain (loss) on derivatives
 
13,190

 
(26,625
)
 
33,821

 
(33,464
)
Total
 
 
$
13,748

 
$
(24,160
)
 
$
32,160

 
$
(23,936
)
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 at June 30, 2017.
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
07/01/2017 - 12/31/2017
 
2,460,000

 
$
45.17

 
$
55.75

 
$
4,365

Oil
01/01/2018 - 12/31/2018
 
1,920,000

 
$
43.91

 
$
63.44

 
4,990

Natural Gas
07/01/2017 - 12/31/2017
 
12,540,000

 
$
2.51

 
$
3.60

 
(500
)
Natural Gas
01/01/2018 - 12/31/2018
 
16,800,000

 
$
2.58

 
$
3.67

 
12

Total open derivative financial instruments
 
 
 
 
 
 
 
$
8,867