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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Commodity Derivative Positions
The following table sets forth our commodity derivative positions as of December 31, 2014:
 
 
 
Average
 
 
 
 
 
 
 
 
 
Volume Per
 
Weighted Average Price
 
Fair Value
 
Instrument
 
Day
 
Floor/Swap
 
Ceiling
 
Asset
 
Liability
Crude Oil:
 
 
(barrels)
 
($/barrel)
 
 
 
 
First quarter 2015 1
Collars
 
4,000

 
$
87.50

 
$
94.66

 
$
9,152

 
$
—

Second quarter 2015 1
Collars
 
4,000

 
$
87.50

 
94.66

 
8,726

 
—

Third quarter 2015 1
Collars
 
3,000

 
$
86.67

 
94.73

 
5,283

 
—

Fourth quarter 2015 1
Collars
 
3,000

 
$
86.67

 
94.73

 
4,892

 
—

First quarter 2015 1
Swaps
 
9,000

 
$
91.81

 
 
 
24,800

 
—

Second quarter 2015 1
Swaps
 
9,000

 
$
91.81

 
 
 
23,765

 
—

Third quarter 2015 1
Swaps
 
8,000

 
$
91.06

 
 
 
20,302

 
—

Fourth quarter 2015 1
Swaps
 
8,000

 
$
91.06

 
 
 
18,983

 
—

First quarter 2016
Swaps
 
4,000

 
$
88.12

 
 
 
9,719

 
—

Second quarter 2016
Swaps
 
4,000

 
$
88.12

 
 
 
9,150

 
—

Third quarter 2016
Swaps
 
4,000

 
$
88.12

 
 
 
8,736

 
—

Fourth quarter 2016
Swaps
 
4,000

 
$
88.12

 
 
 
8,292

 
—

Natural Gas:
 
 
(in MMBtu)

 
($/MMBtu)
 
 

 
 
First quarter 2015
Swaps
 
5,000

 
$
4.50

 
 
 
677

 
—

Settlements to be received in subsequent period
 
 
 

 
 

 
 

 
12,401

 
—


____________________
1 Certain crude oil derivative transactions include put options we sold. All of the put options carry a $70.00 strike price. If the price of WTI Crude Oil settles below $70.00 per barrel for any given measurement period, the cash received by us on the derivative settlement will be limited to the difference between the Floor/Swap price and the $70.00 put option strike price. The sum of the notional volumes attached to the short puts is 6,000 barrels per day for the first and second quarters of 2015, and 5,000 barrels per day for the third and fourth quarters of 2015.
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 Consolidated Statements of Operations. The following table summarizes the effects of our derivative activities for the periods presented:
 
Year Ended December 31,
 
2014
 
2013
 
2012
Impact by contract type:
 

 
 

 
 

Commodity contracts
$
162,212

 
$
(20,852
)
 
$
34,781

Interest rate contracts
—

 
—

 
1,406

 
$
162,212

 
$
(20,852
)
 
$
36,187

Cash settlements and gains (losses):
 

 
 

 
 

Cash received (paid) for:
 

 
 

 
 

Commodity contract settlements
$
(7,424
)
 
$
(1,042
)
 
$
28,317

Interest rate contract settlements
—

 
—

 
1,406

 
(7,424
)
 
(1,042
)
 
29,723

Gains (losses) attributable to:
 

 
 

 
 

Commodity contracts
169,636

 
(19,810
)
 
6,464

Interest rate contracts
—

 
—

 
—

 
169,636

 
(19,810
)
 
6,464

 
$
162,212

 
$
(20,852
)
 
$
36,187
Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets
The following table summarizes the fair value of our derivative instruments, as well as the locations of these instruments, on our Consolidated Balance Sheets as of the dates presented:
 
 
 
 
Fair Values as of
 
 
 
 
December 31, 2014
 
December 31, 2013
 
 
 
 
Derivative
 
Derivative
 
Derivative
 
Derivative
Type
 
Balance Sheet Location
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Commodity contracts
 
Derivative assets/liabilities – current
 
$
128,981

 
$
—

 
$
3,830

 
$
10,141

Interest rate contracts
 
Derivative assets/liabilities – current
 
—

 
—

 
—

 
—

 
 
 
 
128,981

 
—

 
3,830

 
10,141

 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative assets/liabilities – noncurrent
 
35,897

 
—

 
1,552

 
—

Interest rate contracts
 
Derivative assets/liabilities – noncurrent
 
—

 
—

 
—

 
—

 
 
 
 
35,897

 
—

 
1,552

 
—

 
 
 
 
$
164,878

 
$
—

 
$
5,382

 
$
10,141