| Schedule of the entity's open commodity derivative contract positions |
As of March 31, 2014, the Company had the following open commodity derivative contract positions:
|
|
|
Hedged |
|
Weighted-Average |
|
|
|
|
Volume |
|
Fixed Price |
|
|
Oil (Bbls): |
|
|
|
|
|
|
WTI Swaps — 2014 |
|
3,274,950 |
|
$ |
88.85 |
|
|
WTI Swaps — 2015 |
|
1,820,000 |
|
$ |
86.55 |
|
|
|
|
|
|
|
|
|
WTI Collars — 2014 |
|
123,000 |
|
$ |
88.27 |
- |
$ |
97.91 |
|
|
|
|
|
|
|
|
|
WTI to LLS Basis Differential Swaps — 2014 (1) |
|
366,000 |
|
$ |
5.35 |
|
|
|
|
|
|
|
|
|
NGL (Bbls): |
|
|
|
|
|
|
NGL Swaps — 2014 |
|
81,000 |
|
$ |
61.86 |
|
|
|
|
|
|
|
|
|
Natural Gas (MMBtu): |
|
|
|
|
|
|
Swaps — 2014 (2) |
|
13,475,000 |
|
$ |
4.17 |
|
|
Swaps — 2015 |
|
18,250,000 |
|
$ |
4.13 |
|
|
|
|
|
|
|
|
|
Collars — 2014 (3) |
|
1,188,003 |
|
$ |
3.96 |
- |
$ |
5.06 |
|
(1) The Company enters into swap arrangements intended to fix the differential between the Louisiana Light Sweet (“LLS”) pricing and the West Texas Intermediate (“NYMEX WTI”) pricing.
(2) Includes 1,470,000 MMBtus in natural gas swaps that priced during the period, but had not cash settled as of March 31, 2014.
(3) Includes 64,667 MMBtus that priced during the period, but had not cash settled as of March 31, 2014.
|
| Summary of location and fair values amounts of all derivative instruments as well as the gross recognized derivative assets, liabilities and amounts offset in the unaudited condensed consolidated balance sheets |
The following table summarizes the gross fair values of derivative instruments by the appropriate balance sheet classification, even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s unaudited condensed consolidated balance sheets at March 31, 2014 and December 31, 2013, respectively (in thousands):
|
Type |
|
Balance Sheet Location (1) |
|
March 31, 2014 |
|
December 31, 2013 |
|
|
Oil Swaps |
|
Derivative financial instruments — Current Liabilities |
|
$ |
(32,667 |
) |
$ |
(28,871 |
) |
|
Oil Swaps |
|
Derivative financial instruments — Non-Current Liabilities |
|
(2,355 |
) |
(3,338 |
) |
|
NGL Swaps |
|
Derivative financial instruments — Current Assets |
|
391 |
|
469 |
|
|
NGL Swaps |
|
Derivative financial instruments — Current Liabilities |
|
(75 |
) |
(74 |
) |
|
Gas Swaps |
|
Derivative financial instruments — Current Assets |
|
— |
|
469 |
|
|
Gas Swaps |
|
Derivative financial instruments — Non-Current Assets |
|
827 |
|
19 |
|
|
Gas Swaps |
|
Derivative financial instruments — Current Liabilities |
|
(5,391 |
) |
(496 |
) |
|
Gas Swaps |
|
Derivative financial instruments — Non-Current Liabilities |
|
— |
|
(313 |
) |
|
Oil Collars |
|
Derivative financial instruments — Current Assets |
|
4 |
|
64 |
|
|
Oil Collars |
|
Derivative financial instruments — Current Liabilities |
|
(352 |
) |
(272 |
) |
|
Gas Collars |
|
Derivative financial instruments — Current Assets |
|
261 |
|
751 |
|
|
Gas Collars |
|
Derivative financial instruments — Current Liabilities |
|
(64 |
) |
(26 |
) |
|
Basis Differential Swaps |
|
Derivative financial instruments — Current Assets |
|
746 |
|
806 |
|
|
Total derivative fair value at period end |
|
|
|
$ |
(38,675 |
) |
$ |
(30,812 |
) |
(1) The fair values of commodity derivative instruments reported in the Company’s condensed consolidated balance sheets are subject to netting arrangements and qualify for net presentation. The following table summarizes the location and fair value amounts of all derivative instruments in the unaudited condensed consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the unaudited condensed consolidated balance sheets at March 31, 2014 and December 31, 2013, respectively (in thousands):
|
|
|
|
|
March 31, 2014 |
|
|
Not Designated as ASC
815 Hedges: |
|
Balance Sheet Classification |
|
Gross Recognized
Assets/
Liabilities |
|
Gross Amounts
Offset |
|
Net Recognized Fair
Value Assets/
Liabilities |
|
|
Derivative assets: |
|
|
|
|
|
|
|
|
|
|
Commodity contracts |
|
Derivative financial instruments - current |
|
$ |
1,402 |
|
$ |
1,402 |
|
$ |
— |
|
|
Commodity contracts |
|
Derivative financial instruments - noncurrent |
|
827 |
|
— |
|
827 |
|
|
|
|
|
|
$ |
2,229 |
|
$ |
1,402 |
|
$ |
827 |
|
|
Derivative liabilities: |
|
|
|
|
|
|
|
|
|
|
Commodity contracts |
|
Derivative financial instruments - current |
|
$ |
38,549 |
|
$ |
1,402 |
|
$ |
37,147 |
|
|
Commodity contracts |
|
Derivative financial instruments - noncurrent |
|
2,355 |
|
— |
|
2,355 |
|
|
|
|
|
|
$ |
40,904 |
|
$ |
1,402 |
|
$ |
39,502 |
|
|
|
|
|
|
December 31, 2013 |
|
|
Not Designated as ASC
815 Hedges: |
|
Balance Sheet Classification |
|
Gross Recognized
Assets/
Liabilities |
|
Gross Amounts
Offset |
|
Net Recognized Fair
Value Assets/
Liabilities |
|
|
Derivative assets: |
|
|
|
|
|
|
|
|
|
|
Commodity contracts |
|
Derivative financial instruments - current |
|
$ |
2,559 |
|
$ |
1,859 |
|
$ |
700 |
|
|
Commodity contracts |
|
Derivative financial instruments - noncurrent |
|
19 |
|
— |
|
19 |
|
|
|
|
|
|
$ |
2,578 |
|
$ |
1,859 |
|
$ |
719 |
|
|
Derivative liabilities: |
|
|
|
|
|
|
|
|
|
|
Commodity contracts |
|
Derivative financial instruments - current |
|
$ |
29,739 |
|
$ |
1,859 |
|
$ |
27,880 |
|
|
Commodity contracts |
|
Derivative financial instruments - noncurrent |
|
3,651 |
|
— |
|
3,651 |
|
|
|
|
|
|
$ |
33,390 |
|
$ |
1,859 |
|
$ |
31,531 |
|
|