XML 17 R25.htm IDEA: XBRL DOCUMENT v2.4.1.9
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
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

 
 

*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

 
 
 
 

*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

 
 
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
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

 
$
—

 
$
—
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

____________________________________________
(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.