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Derivative Instruments (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Commodity Derivative Positions |
The following table sets forth our commodity derivative positions as of September 30, 2014: | | | | | | | | | | | | | | | | | | | | | | | Average | | | | | | | | | | Volume Per | | Weighted Average Price | | Fair Value | | Instrument | | Day | | Floor/Swap | | Ceiling | | Asset | | Liability | Crude Oil: | | | (barrels) | | ($/barrel) | | | | | Fourth quarter 2014 | Collars | | 2,000 |
| | $ | 90.00 |
| | 94.33 | | $ | 264 |
| | $ | — |
| First quarter 2015 | Collars | | 4,000 |
| | $ | 87.50 |
| | 94.66 | | 649 |
| | — |
| Second quarter 2015 | Collars | | 4,000 |
| | $ | 87.50 |
| | 94.66 | | 947 |
| | — |
| Third quarter 2015 | Collars | | 3,000 |
| | $ | 86.67 |
| | 94.73 | | 770 |
| | — |
| Fourth quarter 2015 | Collars | | 3,000 |
| | $ | 86.67 |
| | 94.73 | | 838 |
| | — |
| Fourth quarter 2014 | Swaps | | 11,000 |
| | $ | 93.45 |
| | | | 3,301 |
| | 40 |
| First quarter 2015 | Swaps | | 9,000 |
| | $ | 91.81 |
| | | | 2,197 |
| | — |
| Second quarter 2015 | Swaps | | 9,000 |
| | $ | 91.81 |
| | | | 2,835 |
| | — |
| Third quarter 2015 | Swaps | | 8,000 |
| | $ | 91.06 |
| | | | 2,352 |
| | — |
| Fourth quarter 2015 | Swaps | | 8,000 |
| | $ | 91.06 |
| | | | 2,432 |
| | — |
| First quarter 2016 | Swaps | | 3,000 |
| | $ | 90.84 |
| | | | 1,176 |
| | — |
| Second quarter 2016 | Swaps | | 3,000 |
| | $ | 90.84 |
| | | | 1,284 |
| | — |
| Third quarter 2016 | Swaps | | 3,000 |
| | $ | 90.84 |
| | | | 1,395 |
| | — |
| Fourth quarter 2016 | Swaps | | 3,000 |
| | $ | 90.84 |
| | | | 1,447 |
| | — |
| First quarter 2015 | Swaptions | | 1,000 |
| | $ | 88.00 |
| | | | — |
| | 252 |
| Second quarter 2015 | Swaptions | | 1,000 |
| | $ | 88.00 |
| | | | — |
| | 251 |
| Third quarter 2015 | Swaptions | | 1,000 |
| | $ | 88.00 |
| | | | — |
| | 251 |
| Fourth quarter 2015 | Swaptions | | 1,000 |
| | $ | 88.00 |
| | | | — |
| | 251 |
| | | | | | | | | | | | | Natural Gas: | | | (in MMBtu) |
| | ($/MMBtu) | | |
| | | Fourth quarter 2014 | Swaps | | 5,000 |
| | $ | 4.50 |
| | | | 185 |
| | — |
| First quarter 2015 | Swaps | | 5,000 |
| | $ | 4.50 |
| | | | 129 |
| | — |
| Settlements to be received in subsequent period | | | |
| | |
| | | | 52 |
| | — |
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| Impact of Derivative Activities on Condensed Consolidated Statements of Income |
The impact of our derivatives activities on income is included in the Derivatives caption on our Condensed Consolidated Statements of Operations. The following table summarizes the effects of our derivative activities for the periods presented: | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, | | September 30, | | 2014 | | 2013 | | 2014 | | 2013 | Impact by contract type: | | | | | | | | Commodity contracts | $ | 66,457 |
| | $ | (24,035 | ) | | $ | 8,130 |
| | $ | (23,208 | ) | Interest rate contracts | — |
| | — |
| | — |
| | — |
| | $ | 66,457 |
| | $ | (24,035 | ) | | $ | 8,130 |
| | $ | (23,208 | ) | Cash settlements and gains (losses): | | | | | | | | Cash (paid) received for: | | | | | | | | Commodity contract settlements | $ | (7,557 | ) | | $ | (4,165 | ) | | $ | (17,836 | ) | | $ | 1,625 |
| Interest rate contract settlements | — |
| | — |
| | — |
| | — |
| | (7,557 | ) | | (4,165 | ) | | (17,836 | ) | | 1,625 |
| Gains (losses) attributable to: | | | | | | | | Commodity contracts | 74,014 |
| | (19,870 | ) | | 25,966 |
| | (24,833 | ) | Interest rate contracts | — |
| | — |
| | — |
| | — |
| | 74,014 |
| | (19,870 | ) | | 25,966 |
| | (24,833 | ) | | $ | 66,457 |
| | $ | (24,035 | ) | | $ | 8,130 |
| | $ | (23,208 | ) |
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| Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets |
The following table summarizes the fair values of our derivative instruments, as well as the locations of these instruments on our Condensed Consolidated Balance Sheets as of the dates presented: | | | | | | | | | | | | | | | | | | | | | | Fair Values as of | | | | September 30, 2014 | | December 31, 2013 | | | | Derivative | | Derivative | | Derivative | | Derivative | Type | | Balance Sheet Location | Assets | | Liabilities | | Assets | | Liabilities | Commodity contracts | | Derivative assets/liabilities – current | $ | 13,680 |
| | $ | 1,045 |
| | $ | 3,830 |
| | $ | 10,141 |
| Interest rate contracts | | Derivative assets/liabilities – current | — |
| | — |
| | — |
| | — |
| | | | 13,680 |
| | 1,045 |
| | 3,830 |
| | 10,141 |
| | | | | | | | | | | Commodity contracts | | Derivative assets/liabilities – noncurrent | 8,572 |
| | — |
| | 1,552 |
| | — |
| Interest rate contracts | | Derivative assets/liabilities – noncurrent | — |
| | — |
| | — |
| | — |
| | | | 8,572 |
| | — |
| | 1,552 |
| | — |
| | | | $ | 22,252 |
| | $ | 1,045 |
| | $ | 5,382 |
| | $ | 10,141 |
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