Derivatives (Tables)

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Non-designated hedges outstanding

At March 31, 2015, the following non-designated hedges were outstanding:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Apr’15 – Dec’15	Crude oil – swap	1,000 Bbl/day	$95.00	WTI – NYMEX
Apr’15 – Dec’15	Natural gas – swap	40,000 MMBtu/day	$3.98	NYMEX (HH)
Apr’15 – Jun’15	Natural gas – swap	30,000 MMBtu/day	$3.10	NYMEX (HH)
Apr'15 – Jun'15	Natural gas – collar	30,000 MMBtu/day	$2.92-$3.26	NYMEX (HH)
Jul'15 – Sep'15	Natural gas – collar	30,000 MMBtu/day	$2.58-$3.04	NYMEX (HH)

After March 31, 2015, the following non-designated hedge was entered into:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
May’15 – Dec’15	Crude oil – collar	2,000 Bbl/day	$58.00-$64.40	WTI – NYMEX

Subsequent non-designated hedges outstanding

After March 31, 2015, the following non-designated hedge was entered into:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
May’15 – Dec’15	Crude oil – collar	2,000 Bbl/day	$58.00-$64.40	WTI – NYMEX

Fair Value Of Derivative Instruments And Locations In Balance Sheets

The following tables present the fair values and locations of the derivative transactions recorded in our Unaudited Condensed Consolidated Balance Sheets:

		Derivative Assets
		Fair Value
	Balance Sheet Location	March 31, 2015		December 31, 2014
		(In thousands)
Commodity derivatives:
Current	Current derivative asset	$	26,713	$	31,139
Total derivative assets		$	26,713	$	31,139

Effect Of Derivative Instruments Recognized In Statements Of Operations, Not Designated As Hedging Instruments

Effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations (derivatives not designated as hedging instruments) for the three months ended March 31:

Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
		2015		2014
		(In thousands)
Commodity derivatives	Gain (loss) on derivatives not designated as hedges (1)	$	6,586	$	(18,366	)
Total		$	6,586	$	(18,366	)

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(1) Amounts settled during the 2015 and 2014 periods include a gain of $11.0 million and a loss of $8.9 million, respectively.