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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2017
Derivative Instruments Not Designated as Hedging Instruments [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
As of June 30, 2017, the Company had commodity derivative contracts outstanding as summarized in the tables below:

Oil Swaps


Contract Period
 
NYMEX WTI Volumes
 
Weighted-Average
 Contract Price
 
 
(MBbls)
 
(per Bbl)
Third quarter 2017
 
1,340

 
$
46.66

Fourth quarter 2017
 
1,254

 
$
46.35

2018
 
1,493

 
$
46.82

Total
 
4,087

 
 

Subsequent to June 30, 2017, the Company entered into derivative fixed price swap contracts for 2018 for a total of 2.0 million Bbls of oil production at a weighted-average contract price of $50.37 per Bbl.

Oil Collars
Contract Period
 
NYMEX WTI
 Volumes
 
Weighted-
Average Floor
 Price
 
Weighted-
Average Ceiling
 Price
 
 
(MBbls)
 
(per Bbl)
 
(per Bbl)
Third quarter 2017
 
583

 
$
45.00

 
$
54.05

Fourth quarter 2017
 
1,086

 
$
47.51

 
$
56.05

2018
 
5,030

 
$
50.00

 
$
58.07

2019
 
3,128

 
$
50.00

 
$
58.84

Total
 
9,827

 
 
 
 

Oil Basis Swaps


Contract Period
 
Midland-Cushing Volumes
 
Weighted-Average
 Contract Price (1)
 
 
(MBbls)
 
(per Bbl)
Third quarter 2017
 
566

 
$
(1.62
)
Fourth quarter 2017
 
1,798

 
$
(1.52
)
2018
 
6,868

 
$
(1.39
)
2019
 
3,963

 
$
(1.45
)
Total
 
13,195

 
 
____________________________________________
(1)  
Represents the price differential between WTI prices at Midland, Texas and WTI prices at Cushing, Oklahoma.

Natural Gas Swaps
Contract Period
 
Sold
Volumes
 
Weighted-Average
 Contract Price
 
Purchased Volumes (1)
 
Weighted- Average Contract Price
 
Net
Volumes
 
 
(BBtu)
 
(per MMBtu)
 
(BBtu)
 
(per MMBtu)
 
(BBtu)
Third quarter 2017
 
23,657

 
$
4.01

 
—

 
$
—

 
23,657

Fourth quarter 2017
 
22,001

 
$
3.98

 
—

 
$
—

 
22,001

2018
 
93,014

 
$
3.41

 
(30,606
)
 
$
4.27

 
62,408

2019
 
41,394

 
$
3.76

 
(24,415
)
 
$
4.34

 
16,979

Total (2)
 
180,066

 
 
 
(55,021
)
 
 
 
125,045

____________________________________________
(1) 
During 2016, the Company restructured certain of its natural gas derivative contracts by buying fixed price volumes to offset existing 2018 and 2019 fixed price swap contracts totaling 55.0 million MMBtu. The Company then entered into new 2017 fixed price swap contracts totaling 38.6 million MMBtu with a contract price of $4.43 per MMBtu. No other cash or other consideration was included as part of the restructuring.
(2) 
Total net volumes of natural gas swaps are comprised of IF El Paso Permian (1%), IF HSC (97%), and IF NNG Ventura (2%).

NGL Swaps
 
 
OPIS Purity Ethane Mont Belvieu
 
OPIS Propane Mont Belvieu Non-TET
 
OPIS Normal Butane Mont Belvieu Non-TET
 
OPIS Isobutane Mont Belvieu Non-TET
 
OPIS Natural Gasoline Mont Belvieu Non-TET
Contract Period
 
Volumes
Weighted-Average
 Contract Price
 
Volumes
Weighted-Average
Contract Price
 
Volumes
Weighted-Average
Contract Price
 
Volumes
Weighted-Average
Contract Price
 
Volumes
Weighted-Average
Contract Price
 
 
(MBbls)
(per Bbl)
 
(MBbls)
(per Bbl)
 
(MBbls)
(per Bbl)
 
(MBbls)
(per Bbl)
 
(MBbls)
(per Bbl)
Third quarter 2017
 
906

$
9.48

 
588

$
21.91

 
163

$
32.42

 
140

$
33.28

 
222

$
48.43

Fourth quarter 2017
 
966

$
9.65

 
550

$
21.91

 
149

$
32.34

 
128

$
33.23

 
203

$
48.41

2018
 
4,017

$
11.00

 
2,021

$
23.38

 
225

$
33.99

 
188

$
33.56

 
305

$
48.62

2019
 
3,112

$
12.27

 
214

$
22.66

 
—

$
—

 
—

$
—

 
—

$
—

2020
 
539

$
11.13

 
—

$
—

 
—

$
—

 
—

$
—

 
—

$
—

Total
 
9,540

 
 
3,373

 
 
537

 
 
456

 
 
730

 
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 June 30, 2017
 
Derivative Assets
 
Derivative Liabilities
 
Balance Sheet
 Classification
 
Fair Value
 
Balance Sheet
 Classification
 
Fair Value
 
(in thousands)
Commodity contracts
Current assets
 
$
85,962

 
Current liabilities
 
$
36,296

Commodity contracts
Noncurrent assets
 
82,194

 
Noncurrent liabilities
 
69,915

Derivatives not designated as hedging instruments
 
 
$
168,156

 
 
 
$
106,211


 
As of December 31, 2016
 
Derivative Assets
 
Derivative Liabilities
 
Balance Sheet
 Classification
 
Fair Value
 
Balance Sheet
 Classification
 
Fair Value
 
(in thousands)
Commodity contracts
Current assets
 
$
54,521

 
Current liabilities
 
$
115,464

Commodity contracts
Noncurrent assets
 
67,575

 
Noncurrent liabilities
 
98,340

Derivatives not designated as hedging instruments
 
 
$
122,096

 
 
 
$
213,804
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
 
June 30, 
 2017
 
December 31, 2016
 
June 30, 
 2017
 
December 31, 2016
 
 
(in thousands)
Gross amounts presented in the accompanying balance sheets
 
$
168,156

 
$
122,096

 
$
(106,211
)
 
$
(213,804
)
Amounts not offset in the accompanying balance sheets
 
(64,628
)
 
(118,080
)
 
64,628

 
118,080

Net amounts
 
$
103,528

 
$
4,016

 
$
(41,583
)
 
$
(95,724
)
Schedule of derivative (gain) loss
The following table summarizes the components of the net derivative (gain) loss presented in the accompanying statements of operations:
 
For the Three Months Ended 
 June 30,
 
For the Six Months Ended 
 June 30,
 
2017
 
2016
 
2017
 
2016
 
(in thousands)
Derivative settlement (gain) loss:
 
 
 
 
 
 
 
Oil contracts
$
2,754

 
$
(72,164
)
 
$
11,838

 
$
(172,156
)
Gas contracts
(21,751
)
 
(31,439
)
 
(39,257
)
 
(72,492
)
NGL contracts
2,694

 
1,893

 
11,109

 
(4,090
)
Total derivative settlement gain
$
(16,303
)
 
$
(101,710
)
 
$
(16,310
)
 
$
(248,738
)
 
 
 
 
 
 
 
 
Total net derivative (gain) loss:
 
 
 
 
 
 
 
Oil contracts
$
(38,194
)
 
$
60,773

 
$
(87,784
)
 
$
50,341

Gas contracts
(6,038
)
 
62,489

 
(50,506
)
 
38,466

NGL contracts
(10,957
)
 
40,089

 
(31,673
)
 
60,316

Total net derivative (gain) loss
$
(55,189
)
 
$
163,351

 
$
(169,963
)
 
$
149,123