Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of derivative instruments

The following table presents derivative positions for the period indicated as of December 31, 2015:

	2016
Natural gas basis differential positions: (1)
NWPL Rockies basis swaps: (2)
Hedged volume (MMMBtu)	11,712
Hedged differential ($/MMBtu)	$	(0.34	)
SoCal basis swaps: (3)
Hedged volume (MMMBtu)	32,940
Hedged differential ($/MMBtu)	$	(0.03	)

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 table summarizes the fair value of derivatives outstanding on a gross basis:

	December 31,
	2015		2014
	(in thousands)
Assets:
Commodity derivatives	$	13,807	$	60,843
Liabilities:
Commodity derivatives	$	2,830	$	17,149

Derivative Instruments, Gain (Loss)

A summary of gains and losses on the derivatives included on the statements of operations is presented below:

	Successor							Predecessor
	Year Ended December 31, 2015		Year Ended December 31, 2014		December 17, 2013 through December 31, 2013			January 1, 2013 through December 16, 2013
(in thousands)
Gains (losses) on oil and natural gas derivatives	$	29,175	$	78,784	$	(5,049	)	$	(34,711	)
Lease operating expenses (1)	6,893		—		—			—
Total gains (losses) on oil and natural gas derivatives	$	36,068	$	78,784	$	(5,049	)	$	(34,711	)

⁽¹⁾  Consists of gains and (losses) on derivatives used to hedge exposure to differentials in consuming areas, which were entered into in March 2015.