Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of derivative instruments

The following table summarizes derivative positions for the period indicated as of December 31, 2014:

	2015
Oil positions:
Three-way collars (NYMEX WTI):
Hedged volume (MBbls)	1,095
Short put ($/Bbl)	$	70.00
Long put ($/Bbl)	$	90.00
Short call ($/Bbl)	$	101.62

Schedule of derivative assets and liabilities

The Company’s commodity derivatives are presented on a net basis in “derivative instruments” on the balance sheets. The following summarizes the fair value of derivatives outstanding on a gross basis:

	December 31,
	2014		2013
	(in thousands)
Assets:
Commodity derivatives	$	60,843	$	28,291
Liabilities:
Commodity derivatives	$	17,149	$	45,226