Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments and Hedging Activities (Tables)

v2.4.1.9
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Presentation

 

Asset Fair Value

 

Liability Fair Value

 

Net Derivative Fair Value

Commodity

 

Classification

 

Line Description

 

03/31/15

 

12/31/2014

 

03/31/2015

 

12/31/2014

 

03/31/2015

 

12/31/2014

Natural gas

 

Current

 

Fair value of derivatives

 

$
1,131 

 

$
1,262 

 

$
(1)

 

$
(7)

 

$
1,130 

 

$
1,255 

Oil

 

Current

 

Fair value of derivatives

 

 
18,029 

 

 
26,588 

 

 
(472)

 

 
(1,242)

 

 
17,557 

 

 
25,346 

 

 

Totals

 

 

 

$
19,160 

 

$
27,850 

 

$
(473)

 

$
(1,249)

 

$
18,687 

 

$
26,601 

 

As previously discussed, the Company’s derivative contracts are subject to master netting arrangements. The Company’s policy is to present the fair value of derivative contracts on a net basis in the consolidated balance sheet. The following presents the impact of this presentation to the Company’s recognized assets and liabilities for the periods indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2015

 

 

Presented without

 

 

 

As Presented with

 

 

Effects of Netting

 

Effects of Netting

 

Effects of Netting

Current assets: Fair value of derivatives

 

$
20,506 

 

$
(1,346)

 

$
19,160 

Current liabilities: Fair value of derivatives

 

$
(1,819)

 

$
1,346 

 

$
(473)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

Presented without

 

 

 

As Presented with

 

 

Effects of Netting

 

Effects of Netting

 

Effects of Netting

Current assets: Fair value of derivatives

 

$
27,850 

 

$

—

 

$
27,850 

Current liabilities: Fair value of derivatives

 

$
(1,249)

 

$

—

 

$
(1,249)

 

Schedule of Gain or Loss on Derivative Contracts

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

2015

 

 

2014

Natural gas derivatives

 

 

 

 

 

 

Net gain (loss) on settlements

 

$
391 

 

$
(102)

Net gain (loss) on fair value adjustments

 

 
(125)

 

 
(190)

  Total gain (loss)

 

$
266 

 

$
(292)

 

 

 

 

 

 

 

Oil derivatives

 

 

 

 

 

 

Net gain (loss) on settlements

 

$
9,952 

 

$
(773)

Net gain (loss) on fair value adjustments

 

 
(7,789)

 

 
(1,448)

  Total gain (loss)

 

$
2,163 

 

$
(2,221)

 

 

 

 

 

 

 

Total gain (loss) on derivative contracts

 

$
2,429 

 

$
(2,513)

 

Schedule of Outstanding Oil and Natural Gas Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

 

June 30,

 

September 30,

 

December 31,

Oil contracts

 

2015

 

2015

 

2015

Swap contracts (NYMEX):

 

 

 

 

 

 

 

 

 

  Total volume (MBbls)

 

 
409 

 

 
382 

 

 
327 

  Weighted average price per Bbl

 

$
70.79 

 

$
70.76 

 

$
67.12 

Swap contracts (Midland basis differential):

 

 

 

 

 

 

 

 

 

  Volume (MBbls)

 

 
400 

 

 
382 

 

 
327 

  Weighted average price per Bbl

 

$
(2.40)

 

$
(2.39)

 

$
(2.38)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

 

June 30,

 

September 30,

 

December 31,

Natural gas contracts

 

2015

 

2015

 

2015

Collar contracts combined with short

 

 

 

 

 

 

 

 

 

puts (three-way collar):

 

 

 

 

 

 

 

 

 

  Volume (BBtu)

 

 
227 

 

 
207 

 

 
161 

   Weighted average price per MMBtu

 

 

 

 

 

 

 

 

 

     Ceiling (short call)

 

$
4.32 

 

$
4.32 

 

$
4.32 

     Floor (long put)

 

$
3.85 

 

$
3.85 

 

$
3.85 

     Short put

 

$
3.25 

 

$
3.25 

 

$
3.25 

Swap contracts:

 

 

 

 

 

 

 

 

 

  Total volume (BBtu)

 

 
237 

 

 
219 

 

 
228 

  Weighted average price per MMBtu

 

$
3.98 

 

$
3.98 

 

$
3.96 

Short call contracts:

 

 

 

 

 

 

 

 

 

  Short call volume (BBtu)

 

 
109 

 

 
110 

 

 
111 

  Short call price per MMBtu

 

$
5.00 

 

$
5.00 

 

$
5.00 

 

 

Subsequent Event

 

The following derivative contracts were executed subsequent to March 31, 2015:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

 

September 30,

 

December 31,

 

March 31,

 

June 30,

 

September 30,

 

December 31,

Oil contracts

 

2015

 

2015

 

2016

 

2016

 

2016

 

2016

Swap contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Total volume (MBbls)

 

 
138 

 

 
115 

 

 
91 

 

 
91 

 

 
92 

 

 
92 

  Weighted average price per Bbl

 

$
57.42 

 

$
58.70 

 

$
63.50 

 

$
63.50 

 

$
63.50 

 

$
63.50 

Collar contracts combined with

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

short puts (three-way collar):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Volume (MBbls)

 

 

—

 

 

—

 

 
91 

 

 
91 

 

 
92 

 

 
92 

   Weighted average price per Bbl

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Ceiling (short call)

 

$

—

 

$

—

 

$
70.00 

 

$
70.00 

 

$
70.00 

 

$
70.00 

     Floor (long put)

 

$

—

 

$

—

 

$
60.00 

 

$
60.00 

 

$
60.00 

 

$
60.00 

     Short put

 

$

—

 

$

—

 

$
45.00 

 

$
45.00 

 

$
45.00 

 

$
45.00