Derivative Activities (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Volumes Hedged and Average Hedge Prices

The following table sets forth our commodity-based derivative volumes by year as of June 30, 2015, excluding our basis swaps which are discussed separately below:

Period	Contract Type	Volume Hedged	Weighted Average Hedge Price
Natural Gas
2015	Collars	145,000 Mmbtu/day	$ 4.07–$ 4.56
2015	Swaps	737,500 Mmbtu/day	$ 3.63
2016	Swaps	630,000 Mmbtu/day	$ 3.42
2017	Swaps	20,000 Mmbtu/day	$ 3.49
Crude Oil
2015	Swaps	11,250 bbls day	$ 85.87
2016	Swaps	3,000 bbls/day	$ 70.54
NGLs (C3-Propane)
2015	Swaps	13,000 bbls/day	$ 0.58/gallon
2016	Swaps	5,500 bbls/day	$ 0.60/gallon
NGLs (NC4-Normal Butane)
2015	Swaps	3,500 bbls/day	$ 0.72/gallon
2016	Swaps	2,500 bbls/day	$ 0.72/gallon
NGLs (C5-Natural Gasoline)
2015	Swaps	4,000 bbls/day	$ 1.16/gallon
2016	Swaps	2,500 bbls/day	$ 1.23/gallon

Combined Fair Value of Derivatives, by Consolidated Balance Sheets

The combined fair value of derivatives included in the accompanying consolidated balance sheets as of June 30, 2015 and December 31, 2014 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):

		June 30, 2015
		Gross  Amounts of Recognized  Assets		Gross Amounts Offset in the Balance Sheet			Net Amounts of Assets  Presented in the Balance Sheet
Derivative assets
Natural gas	–swaps	$	157,138	$	(1,119	)	$	156,019
	–collars		31,149		—			31,149
	–basis swaps		7,240		(1,380	)		5,860
Crude oil	–swaps		64,690		(2,731	)		61,959
NGLs	–C3 swaps		13,966		—			13,966
	–NC4 swaps		2,774		(5	)		2,769
	–C5 swaps		402		(3,303	)		(2,901	)
		$	277,359	$	(8,538	)	$	268,821

		June 30, 2015
		Gross Amounts of Recognized  (Liabilities)			Gross  Amounts Offset in the Balance Sheet		Net Amounts of (Liabilities)  Presented in the Balance Sheet
Derivative (liabilities):
Natural gas	–swaps	$	(1,244	)	$	1,119	$	(125	)
	–basis swaps		(1,380	)		1,380		—
Crude oil	–swaps		(2,731	)		2,731		—
NGLs	–NC4 swaps		(5	)		5		—
	–C5 swaps		(3,303	)		3,303		—
		$	(8,663	)	$	8,538	$	(125	)

		December 31, 2014
		Gross Amounts of Recognized  Assets		Gross  Amounts Offset in the Balance Sheet			Net Amounts of Assets  Presented in the Balance Sheet
Derivative assets:
Natural gas	–swaps	$	198,740	$	—		$	198,740
	–collars		57,460		—			57,460
	–basis swaps		2,442		(755	)		1,687
Crude oil	–swaps		128,578		—			128,578
NGLs	–C3 swaps		14,727		—			14,727
	–C5 swaps		2,171		—			2,171
		$	404,118	$	(755	)	$	403,363

		December 31, 2014
		Gross Amounts of Recognized  (Liabilities)			Gross  Amounts Offset in the Balance Sheet		Net Amounts of (Liabilities)  Presented in the Balance Sheet
Derivative (liabilities):
Natural gas	–basis swaps	$	(755	)	$	755	$	—
		$	(755	)	$	755	$	—

Schedule of Realized Gains from Cash Flow Hedges and Other Hedges Reclassified from Accumulated Other Comprehensive Income

For the three and six months ended June 30, 2014, the realized gains from our cash flow hedges (for those derivatives that previously qualified for hedge accounting which were reclassified from AOCI into revenue) is summarized below (in thousands):

		Three Months Ended June 30,			Six Months Ended June 30,
		2014			2014
Swaps	$	1,052		$	1,888
Collars		3,860			5,188
Income taxes		(1,866	)		(2,790	)
	$	3,046		$	4,286

Effects of Non-Hedge Derivatives on Consolidated Statements of Operations

The effects of our non-hedge derivatives (those derivatives that do not qualify for hedge accounting) on our consolidated statements of operations are summarized below (in thousands):

	Three Months Ended June 30,
	Derivative Fair Value Income (Loss)
	2015			2014
Swaps	$	(42,100	)	$	(38,521	)
Collars		(1,650	)		1,032
Basis swaps		8,959			13,380
Total	$	(34,791	)	$	(24,109	)

	Six Months Ended June 30,
	Derivative Fair Value Income (Loss)
		2015			2014
Swaps	$	83,676		$	(82,593	)
Collars		6,765			(38,116	)
Basis swaps		(2,393	)		(50,250	)
Total	$	88,048		$	(170,959	)