| Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
The following tables summarize the approximate volumes and average contract prices of contracts the Company had in place as of March 31, 2015:
Oil Contracts
Oil Swaps | | | | | | | | |
Contract Period | | NYMEX WTI Volumes | | Weighted-Average Contract Price | | | (Bbls) | | (per Bbl) | Second quarter 2015 | | 1,639,000 |
| | $ | 91.26 |
| Third quarter 2015 | | 1,254,000 |
| | $ | 90.78 |
| Fourth quarter 2015 | | 1,137,000 |
| | $ | 90.15 |
| 2016 | | 5,570,000 |
| | $ | 88.01 |
| All oil swaps | | 9,600,000 |
| | |
Oil Collars | | | | | | | | | | | | | Contract Period | | NYMEX WTI Volumes | | Weighted- Average Floor Price | | Weighted- Average Ceiling Price | | | (Bbls) | | (per Bbl) | | (per Bbl) | Second quarter 2015 | | 709,000 |
| | $ | 85.00 |
| | $ | 94.06 |
| Third quarter 2015 | | 906,000 |
| | $ | 85.00 |
| | $ | 91.25 |
| Fourth quarter 2015 | | 869,000 |
| | $ | 85.00 |
| | $ | 92.19 |
| All oil collars | | 2,484,000 |
| | | | |
Gas Contracts
Gas Swaps | | | | | | | | | Contract Period | | Volumes | | Weighted-Average Contract Price | | | (MMBtu) | | (per MMBtu) | Second quarter 2015 | | 15,985,000 |
| | $ | 3.90 |
| Third quarter 2015 | | 14,950,000 |
| | $ | 4.03 |
| Fourth quarter 2015 | | 13,570,000 |
| | $ | 4.02 |
| 2016 | | 48,896,000 |
| | $ | 4.12 |
| 2017 | | 37,414,000 |
| | $ | 4.16 |
| 2018 | | 35,241,000 |
| | $ | 4.21 |
| 2019 | | 28,159,000 |
| | $ | 4.28 |
| All gas swaps* | | 194,215,000 |
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*Gas swaps are comprised of IF El Paso Permian (2%), IF HSC (83%), IF NGPL TXOK (1%), IF NNG Ventura (3%), and IF Enable East (11%).
Gas Collars | | | | | | | | | | | | | Contract Period | | Volumes | | Weighted- Average Floor Price | | Weighted- Average Ceiling Price | | | (MMBtu) | | (per MMBtu) | | (per MMBtu) | Second quarter 2015 | | 2,297,000 |
| | $ | 4.00 |
| | $ | 4.30 |
| Third quarter 2015 | | 2,005,000 |
| | $ | 4.00 |
| | $ | 4.30 |
| Fourth quarter 2015 | | 6,176,000 |
| | $ | 3.97 |
| | $ | 4.30 |
| All gas collars* | | 10,478,000 |
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*Gas collars are comprised of IF El Paso Permian (4%), IF HSC (79%), IF NNG Ventura (7%), and IF Enable East (10%).
NGL Contracts
NGL Swaps | | | | | | | | | Contract Period | | OPIS Purity Ethane Mt Belv. Volumes | | Weighted-Average Contract Price | | | (Bbls) | | (per Bbl) | 2016 | | 710,000 |
| | $ | 9.12 |
| 2017 | | 542,000 |
| | $ | 10.13 |
| 2018 | | 210,000 |
| | $ | 10.74 |
| All NGL swaps | | 1,462,000 |
| | |
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| Schedule of fair value of derivatives in accompanying balance sheets |
The following tables detail the fair value of derivatives recorded in the accompanying balance sheets, by category:
| | | | | | | | | | | | | | As of March 31, 2015 | | Derivative Assets | | Derivative Liabilities | | Balance Sheet Classification | | Fair Value | | Balance Sheet Classification | | Fair Value | | (in thousands) | Commodity contracts | Current assets | | $ | 380,633 |
| | Current liabilities | | $ | — |
| Commodity contracts | Noncurrent assets | | 204,841 |
| | Noncurrent liabilities | | 398 |
| Derivatives not designated as hedging instruments | | | $ | 585,474 |
| | | | $ | 398 |
|
| | | | | | | | | | | | | | As of December 31, 2014 | | Derivative Assets | | Derivative Liabilities | | Balance Sheet Classification | | Fair Value | | Balance Sheet Classification | | Fair Value | | (in thousands) | Commodity contracts | Current assets | | $ | 402,668 |
| | Current liabilities | | $ | — |
| Commodity contracts | Noncurrent assets | | 189,540 |
| | Noncurrent liabilities | | 70 |
| Derivatives not designated as hedging instruments | | | $ | 592,208 |
| | | | $ | 70 |
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| Schedule of the potential effects of master netting arrangements [Table Text Block] |
The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts: | | | | | | | | | | | | | | | | | | | | Derivative Assets | | Derivative Liabilities | | | As of | | As of | Offsetting of Derivative Assets and Liabilities | | March 31, 2015 | | December 31, 2014 | | March 31, 2015 | | December 31, 2014 | | | (in thousands) | Gross amounts presented in the accompanying balance sheets | | $ | 585,474 |
| | $ | 592,208 |
| | $ | (398 | ) | | $ | (70 | ) | Amounts not offset in the accompanying balance sheets | | (398 | ) | | (70 | ) | | 398 |
| | 70 |
| Net amounts | | $ | 585,076 |
| | $ | 592,138 |
| | $ | — |
| | $ | — |
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| Schedule of derivative (gain) loss |
The following table summarizes the components of the derivative (gain) loss presented in the accompanying statements of operations: | | | | | | | | | | For the Three Months Ended March 31, | | 2015 | | 2014 | | (in thousands) | Derivative settlement (gain) loss: | | | | Oil contracts | $ | (106,214 | ) | | $ | 6,758 |
| Gas contracts | (34,232 | ) | | 13,404 |
| NGL contracts | (20,783 | ) | | 8,778 |
| Total derivative settlement (gain) loss (1) | $ | (161,229 | ) |
| $ | 28,940 |
| | | | | Total derivative (gain) loss: | | | | Oil contracts | $ | (73,860 | ) | | $ | 31,950 |
| Gas contracts | (82,339 | ) | | 59,461 |
| NGL contracts | 2,032 |
| | 6,251 |
| Total derivative (gain) loss (2) | $ | (154,167 | ) |
| $ | 97,662 |
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____________________________________________ | | (1) | Total derivative settlement (gain) loss is reported net of the change in accrued settlements between periods in the derivative cash settlements line item on the condensed consolidated statements of cash flows within net cash provided by operating activities. |
| | (2) | Total derivative (gain) loss is reported in the derivative (gain) loss line item on the condensed consolidated statements of cash flows within net cash provided by operating activities. |
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