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Derivatives (Tables)
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6 Months Ended |
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Jun. 30, 2014
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Derivative Instrument Activity |
The following table summarizes information about these additional commodity derivative contracts: | | | | | | | | | | | | | | | | | | | | | Aggregate volumes | | Swap price | | Floor price | | Ceiling price | | Contract period | Oil (volumes in Bbl): | | | | | | | | | | | Swap | | 288,000 |
| | $ | 103.56 |
| | $ | — |
| | $ | — |
| | July 2014 - December 2014 | Swap | | 672,000 |
| | $ | 96.56 |
| | $ | — |
| | $ | — |
| | January 2015 - December 2015 | Price collar | | 696,000 |
| | $ | — |
| | $ | 80.00 |
| | $ | 100.20 |
| | January 2016 - December 2016 | Swap | | 640,500 |
| | $ | 84.85 |
| | $ | — |
| | $ | — |
| | January 2016 - December 2016 | Swap | | 933,300 |
| | $ | 84.80 |
| | $ | — |
| | $ | — |
| | January 2016 - December 2016 | Natural gas (volumes in MMBtu): | | | | | | | | | Swap(1) | | 5,508,000 |
| | $ | 4.32 |
| | $ | — |
| | $ | — |
| | March 2014 - December 2014 | Price collar(1) | | 3,797,500 |
| | $ | — |
| | $ | 4.00 |
| | $ | 5.50 |
| | May 2014 - December 2014 | Price collar(1) | | 20,440,000 |
| | $ | — |
| | $ | 3.00 |
| | $ | 5.95 |
| | January 2015 - December 2015 | Price collar(1) | | 18,666,000 |
| | $ | — |
| | $ | 3.00 |
| | $ | 5.60 |
| | January 2016 - December 2016 |
______________________________________________________________________________ (1) These natural gas derivatives are settled based on the Inside FERC West Texas Waha index price for the calculation period. |
| Summary of open positions and derivatives in place |
The following table summarizes open positions as of June 30, 2014, and represents, as of such date, derivatives in place through December 2016, on annual production volumes: | | | | | | | | | | | | | | | | Remaining Year 2014 | | Year 2015 | | Year 2016 | Oil positions: | | |
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| Puts: | | |
| | |
| | |
| Hedged volume (Bbl) | | 270,000 |
| | 456,000 |
| | — |
| Weighted-average price ($/Bbl) | | $ | 75.00 |
| | $ | 75.00 |
| | $ | — |
| Swaps: | | |
| | |
| | |
| Hedged volume (Bbl) | | 1,371,998 |
| | 672,000 |
| | 1,573,800 |
| Weighted-average price ($/Bbl) | | $ | 96.35 |
| | $ | 96.56 |
| | $ | 84.82 |
| Collars: | | |
| | |
| | |
| Hedged volume (Bbl) | | 1,473,000 |
| | 6,557,020 |
| | 2,556,000 |
| Weighted-average floor price ($/Bbl) | | $ | 86.42 |
| | $ | 79.81 |
| | $ | 80.00 |
| Weighted-average ceiling price ($/Bbl) | | $ | 104.89 |
| | $ | 95.40 |
| | $ | 93.77 |
| Basis swaps: | | | | | | | Hedged volume(1) (Bbl) | | 1,104,000 |
| | — |
| | — |
| Weighted-average price(1) ($/Bbl) | | $ | (1.00 | ) | | $ | — |
| | $ | — |
| Natural gas positions: | | |
| | |
| | |
| Swaps: | | |
| | |
| | |
| Hedged volume (MMBtu) | | 3,312,000 |
| | — |
| | — |
| Weighted-average price ($/MMBtu) | | $ | 4.32 |
| | $ | — |
| | $ | — |
| Collars: | | |
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| | |
| Hedged volume (MMBtu) | | 7,652,000 |
| | 28,600,000 |
| | 18,666,000 |
| Weighted-average floor price ($/MMBtu) | | $ | 3.37 |
| | $ | 3.00 |
| | $ | 3.00 |
| Weighted-average ceiling price ($/MMBtu) | | $ | 5.50 |
| | $ | 5.96 |
| | $ | 5.60 |
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_______________________________________________________________________________ | | (1) | The associated oil basis swap derivative is settled based on the differential between the WTI Argus index oil price and the Midland Argus oil futures. |
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| Schedule of gains and losses on derivative instruments |
The following represents cash settlements (paid) received for matured derivatives for the periods presented: | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | (in thousands) | | 2014 | | 2013 | | 2014 | | 2013 | Commodity derivatives (paid) received | | $ | (4,420 | ) | | $ | 1,086 |
| | $ | (5,851 | ) | | $ | 4,863 |
| Interest rate derivatives paid | | — |
| | (105 | ) | | — |
| | (206 | ) | Cash settlements (paid) received for matured derivatives, net | | $ | (4,420 | ) | | $ | 981 |
| | $ | (5,851 | ) | | $ | 4,657 |
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| Summary of derivatives outstanding on a gross basis |
The following summarizes the fair value of derivatives outstanding on a gross basis as of June 30, 2014 and December 31, 2013, respectively: | | | | | | | | | | (in thousands) | | June 30, 2014 | | December 31, 2013 | Assets: | | |
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| Commodity derivatives: | | |
| | |
| Oil derivatives | | $ | 20,484 |
| | $ | 140,496 |
| Natural gas derivatives | | 2,125 |
| | 657 |
| Total assets | | $ | 22,609 |
| | $ | 141,153 |
| | | | | | Liabilities: | | | | | Commodity derivatives: | | | | | Oil derivatives(1) | | $ | 96,749 |
| | $ | 56,818 |
| Natural gas derivatives(2) | | 5,191 |
| | 2,278 |
| Total liabilities | | $ | 101,940 |
| | $ | 59,096 |
| | | | | | Net derivative position | | $ | (79,331 | ) | | $ | 82,057 |
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| | (1) | The oil derivatives fair value includes a deferred premium liability of $7.9 million and $11.1 million as of June 30, 2014 and December 31, 2013, respectively. |
| | (2) | The natural gas derivatives fair value includes a deferred premium liability of $1.1 million and $1.6 million as of June 30, 2014 and December 31, 2013, respectively. |
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