Commodity Derivative Contracts (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity derivative contracts not classified as hedging instruments

The following table summarizes our commodity derivative contracts as of March 31, 2017, none of which are classified as hedging instruments in accordance with the FASC Derivatives and Hedging topic:

Months	Index Price	Volume (Barrels per day)	Contract Prices ($/Bbl)
			Range (1)				Weighted Average Price
							Swap		Sold Put		Floor		Ceiling
Oil Contracts:
2017 Fixed-Price Swaps
Apr – June	NYMEX	22,000	$	41.20	–	46.50	$	43.99	$	—	$	—	$	—
Apr – June	LLS	7,000		42.65	–	46.65	45.35		—		—		—
2017 Collars
Oct – Dec	NYMEX	1,000	$	40.00	–	70.00	$	—	$	—	$	40.00	$	70.00
2017 Three-Way Collars(2)
July – Sept	NYMEX	14,500	$	40.00	–	70.25	$	—	$	30.00	$	40.00	$	69.09
July – Sept	LLS	2,000		41.00	–	69.25	—		31.00		41.00		69.25
Oct – Dec	NYMEX	11,000		40.00	–	70.20	—		30.00		40.00		69.67
Oct – Dec	LLS	1,000		41.00	–	70.25	—		31.00		41.00		70.25

(1) Ranges presented for fixed-price 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.

(2) 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.