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Derivatives (Tables)
3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
During the three months ended March 31, 2017, the following derivatives were entered into:
 
 
Aggregate volumes (Bbl)
 
Floor price ($/Bbl)
 
Ceiling price ($/Bbl)
 
Contract period
Oil:(1)
 
 

 
 
 
 
 
 
Put
 
730,000

 
$
50.00

 
$

 
January 2018 - December 2018
Collar
 
584,000

 
$
50.00

 
$
60.00

 
January 2018 - December 2018
_____________________________________________________________________________
(1)
There are $6.3 million in deferred premiums associated with these contracts.
Subsequent to March 31, 2017, the following new derivatives were entered into:
 
 
Aggregate volumes (MMBtu)
 
Floor price ($/MMBtu)
 
Ceiling price ($/MMBtu)
 
Contract period
Natural gas collars(1)
 
10,950,000

 
$
2.50

 
$
3.25

 
January 2018 - December 2018

_____________________________________________________________
(1)
There are $0.9 million in deferred premiums associated with these contracts. See Note 7.a for information regarding the Company's derivative settlement indices.
Schedule of gains and losses on derivative instruments
The following represents cash settlements received for derivatives, net for the periods presented:
 
 
Three months ended March 31,
(in thousands)
 
2017
 
2016
Cash settlements received for matured derivatives, net(1)
 
$
7,451

 
$
65,937

Cash settlements received for early terminations of derivatives, net(2)
 

 
80,000

Cash settlements received for derivatives, net
 
$
7,451

 
$
145,937

_____________________________________________________________________________
(1)
The settlement amounts do not include premiums paid attributable to contracts that matured during the respective period.
(2)
The settlement amount for the three months ended March 31, 2016 includes $4.0 million in deferred premiums that were settled net with the early terminated contracts from which they originated.
Summary of open positions and derivatives in place
The following table summarizes open positions as of March 31, 2017, and represents, as of such date, derivatives in place through December 2018 on annual production volumes:
 
 
Remaining year
2017
 
Year
2018
Oil positions:
 
 
 
 

Puts:
 
 

 
 

Hedged volume (Bbl)
 
790,625

 
1,779,375

Weighted-average price ($/Bbl)
 
$
60.00

 
$
55.90

Swaps:
 
 

 
 

Hedged volume (Bbl)
 
1,512,500

 
1,095,000

Weighted-average price ($/Bbl)
 
$
51.54

 
$
52.12

Collars:
 
 

 
 

Hedged volume (Bbl)
 
2,860,000

 
584,000

Weighted-average floor price ($/Bbl)
 
$
56.92

 
$
50.00

Weighted-average ceiling price ($/Bbl)
 
$
86.00

 
$
60.00

Totals:
 
 
 
 
Total volume hedged with floor price (Bbl)
 
5,163,125

 
3,458,375

Weighted-average floor price ($/Bbl)
 
$
55.82

 
$
53.71

Total volume hedged with ceiling price (Bbl)
 
4,372,500

 
1,679,000

Weighted-average ceiling price ($/Bbl)
 
$
74.08

 
$
54.86

NGL positions:
 
 
 
 
Swaps - Ethane:
 
 
 
 
Hedged volume (Bbl)
 
333,000

 

Weighted-average price ($/Bbl)
 
$
11.24

 
$

Swaps - Propane:
 
 
 
 
Hedged volume (Bbl)
 
281,250

 

Weighted-average price ($/Bbl)
 
$
22.26

 
$

Totals:
 
 
 
 
Total volume hedged with floor price (Bbl)
 
614,250

 

Total volume hedged with ceiling price (Bbl)
 
614,250

 

Natural gas positions:
 
 

 
 

Puts:
 
 
 
 
Hedged volume (MMBtu)
 
6,030,000

 
8,220,000

Weighted-average price ($/MMBtu)
 
$
2.50

 
$
2.50

Collars:
 
 

 
 

Hedged volume (MMBtu)
 
14,327,500

 
4,635,500

Weighted-average floor price ($/MMBtu)
 
$
2.86

 
$
2.50

Weighted-average ceiling price ($/MMBtu)
 
$
3.54

 
$
3.60

Totals:
 
 
 
 
Total volume hedged with floor price (MMBtu)
 
20,357,500

 
12,855,500

Weighted-average floor price ($/MMBtu)
 
$
2.75

 
$
2.50

Total volume hedged with ceiling price (MMBtu)
 
14,327,500

 
4,635,500

Weighted-average ceiling price ($/MMBtu)
 
$
3.54

 
$
3.60