Derivatives (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

	2017			2018
	Volume (Bbls/MMBtu)	Fixed Price Swap (per Bbl/MMBtu)		Volume (Bbls/MMBtu)	Fixed Price Swap (per Bbl/MMBtu)
Oil Swaps	2,920,000	51.79		0	—
Oil Basis Swaps	8,760,000	(0.72	)	5,475,000	(0.88	)
Natural Gas Swaps	7,300,000	3.19		0	—

	Floor			Ceiling
	Volume (Bbls)	Fixed Price (per Bbl)		Volume (Bbls)	Fixed Price (per Bbl)
January 2017 - December 2017
Costless Collars	4,374,000	$	46.30	2,187,000	$	55.42

The following tables present the derivative contracts entered into by the Company subsequent to December 31, 2016. When aggregating multiple contracts, the weighted average contract price is disclosed.

	Volume (Bbls/MMBtu)	Fixed Price Swap (per Bbl/MMBtu)
July 2017 - December 2017
Oil Swaps	552,000	$	55.83
January 2018 - March 2018
Oil Swaps	270,000	$	55.82
Natural Gas Swaps	1,350,000	$	3.60

	Floor			Ceiling
	Volume (Bbls)	Fixed Price (per Bbl)		Volume (Bbls)	Fixed Price (per Bbl)
July 2017 - December 2017
Costless Collars	1,104,000	$	47.00	552,000	$	57.32
January 2018 - March 2018
Costless Collars	540,000	$	47.00	270,000	$	56.34

Schedule of netting offsets of derivative assets and liabilities

The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties and the resulting net amounts presented in the Company’s consolidated balance sheets as of December 31, 2016 and 2015.

	December 31,
	2016		2015
	(in thousands)
Gross amounts of assets presented in the Consolidated Balance Sheet	$	709	$	4,623
Net amounts of assets presented in the Consolidated Balance Sheet	709		4,623
Gross amounts of liabilities presented in the Consolidated Balance Sheet	22,608		—
Net amounts of liabilities presented in the Consolidated Balance Sheet	$	22,608	$	—

Schedule of derivative instruments included in the consolidated balance sheet

The net fair value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows:

	December 31,
	2016		2015
	(in thousands)
Current Assets: Derivative instruments	$	—	$	4,623
Noncurrent Assets: Derivative instruments	709		—
Total Assets	$	709	$	4,623
Current Liabilities: Derivative instruments	$	22,608	$	—
Noncurrent Liabilities: Derivative instruments	—		—
Total Liabilities	$	22,608	$	—

Summary of derivative contract gains and losses included in the consolidated statements of operations

The following table summarizes the gains and losses on derivative instruments included in the consolidated statements of operations:

	Year Ended December 31,
	2016			2015			2014
	(in thousands)
Change in fair value of open non-hedge derivative instruments	$	(26,522	)	$	(112,918	)	$	117,109
Gain on settlement of non-hedge derivative instruments	1,177			144,869			10,430
Gain (loss) on derivative instruments	$	(25,345	)	$	31,951		$	127,539