Commodity Derivative Contracts (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity derivative contracts not classified as hedging instruments

The following table summarizes our commodity derivative contracts, none of which are classified as hedging instruments in accordance with the FASC Derivatives and Hedging topic:

Months	Index Price	Volume (2)	Contract Prices (1)
			Range (3)				Weighted Average Price
							Swap		Sold Put		Floor		Ceiling
Oil Contracts:
2015 Enhanced Swaps(4)
Jan – Mar	NYMEX	14,000	$	90.00	–	90.30	$	90.06	$	65.21	$	—	$	—
Jan – Mar	LLS	16,000		93.20	–	94.00	93.63		68.00		—		—
Apr – June	NYMEX	8,000		90.00	–	90.00	90.00		65.75		—		—
Apr – June	LLS	16,000		93.20	–	94.00	93.65		68.00		—		—
July – Sept	NYMEX	10,000		90.00	–	90.10	90.02		65.30		—		—
July – Sept	LLS	16,000		93.20	–	94.00	93.65		68.00		—		—
Oct – Dec	NYMEX	12,000		91.15	–	94.00	92.42		68.00		—		—
Oct – Dec	LLS	8,000		93.80	–	96.50	94.94		68.00		—		—
2015 Collars
Jan – Mar	NYMEX	24,000	$	80.00	–	100.90	$	—	$	—	$	80.00	$	96.75
Jan – Mar	LLS	4,000		85.00	–	102.20	—		—		85.00		102.10
Apr – June	NYMEX	30,000		80.00	–	95.25	—		—		80.00		94.72
Apr – June	LLS	4,000		85.00	–	102.50	—		—		85.00		101.75
July – Sept	NYMEX	28,000		80.00	–	95.25	—		—		80.00		95.05
July – Sept	LLS	4,000		85.00	–	100.00	—		—		85.00		99.50
2015 Three-Way Collars(5)
Oct – Dec	NYMEX	10,000	$	85.00	–	102.00	$	—	$	68.00	$	85.00	$	99.00
Oct – Dec	LLS	8,000		88.00	–	104.25	—		68.00		88.00		100.99
2016 Enhanced Swaps(4)
Jan – Mar	NYMEX	12,000	$	90.65	–	93.35	$	92.43	$	68.00	$	—	$	—
Jan – Mar	LLS	8,000		93.70	–	95.45	94.81		68.50		—		—
Apr – June	NYMEX	2,000		90.35	–	90.35	90.35		68.00		—		—
Apr – June	LLS	6,000		93.30	–	93.50	93.38		70.00		—		—
2016 Three-Way Collars(5)
Jan – Mar	NYMEX	10,000	$	85.00	–	101.25	$	—	$	68.00	$	85.00	$	99.85
Jan – Mar	LLS	6,000		88.00	–	103.15	—		68.00		88.00		102.10
Apr – June	NYMEX	2,000		85.00	–	95.50	—		68.00		85.00		95.50
Apr – June	LLS	2,000		88.00	–	98.25	—		70.00		88.00		98.25
Natural Gas Contracts:
2015 Collars
Jan – Dec	NYMEX	8,000	$	4.00	–	4.53	$	—	$	—	$	4.00	$	4.51

(1) Contract prices are stated in $/Bbl and $/MMBtu for oil and natural gas contracts, respectively.

(2) Contract volumes are stated in Bbls/d and MMBtus/d for oil and natural gas contracts, respectively.

(3) Ranges presented for enhanced swaps represent the lowest and highest fixed prices of all open contracts for the period presented. For collars and three-way collars, ranges represent the lowest floor price and highest ceiling price for all open contracts for the period presented.

(4) An enhanced swap is a fixed-price swap contract combined with a sold put feature (at a lower price) with the same counterparty. The value associated with the sold put is used to increase or enhance the fixed price of the swap. At the contract settlement date, (1) if the index price is higher than the swap price, we pay the counterparty the difference between the index price and swap price for the contracted volumes, (2) if the index price is lower than the swap price but at or above the sold put price, the counterparty pays us the difference between the index price and the swap price for the contracted volumes, and (3) if the index price is lower than the sold put price, the counterparty pays us the difference between the swap price and the sold put price for the contracted volumes.

(5) A three-way collar is a costless collar contract combined with a sold put feature (at a lower price) with the same counterparty. The value received for the sold put is used to enhance the contracted floor and ceiling price of the related collar. At the contract settlement date, (1) if the index price is higher than the ceiling price, we pay the counterparty the difference between the index price and ceiling price for the contracted volumes, (2) if the index price is between the floor and ceiling price, no settlements occur, (3) if the index price is lower than the floor price but at or above the sold put price, the counterparty pays us the difference between the index price and the floor price for the contracted volumes, and (4) if the index price is lower than the sold put price, the counterparty pays us the difference between the floor price and the sold put price for the contracted volumes.