Derivative Instruments and Hedging Activities (Tables)
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6 Months Ended |
Jun. 30, 2015 |
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| Derivative Instruments and Hedging Activities [Abstract] |
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
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Balance Sheet Presentation
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Asset Fair Value
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Liability Fair Value
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Net Derivative Fair Value
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Commodity
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Classification
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Line Description
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06/30/2015
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12/31/2014
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06/30/2015
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12/31/2014
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06/30/2015
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12/31/2014
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Natural gas
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Current
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Fair value of derivatives
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$
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671
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$
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1,262
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$
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(1)
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$
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(7)
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$
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670
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$
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1,255
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Oil
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Current
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Fair value of derivatives
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6,218
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26,588
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(1,621)
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(1,242)
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4,597
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25,346
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Oil
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Non-current
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Other assets, net
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205
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—
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—
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—
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205
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—
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Totals
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$
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7,094
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$
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27,850
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$
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(1,622)
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$
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(1,249)
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$
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5,472
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$
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26,601
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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:
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June 30, 2015
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Presented without
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As Presented with
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Effects of Netting
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Effects of Netting
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Effects of Netting
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Current assets: Fair value of derivatives
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$
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8,370
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$
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(1,481)
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$
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6,889
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Long-term assets: Other assets, net
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205
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—
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205
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Current liabilities: Fair value of derivatives
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$
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(3,103)
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$
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1,481
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$
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(1,622)
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December 31, 2014
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Presented without
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As Presented with
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Effects of Netting
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Effects of Netting
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Effects of Netting
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Current assets: Fair value of derivatives
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$
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27,850
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$
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—
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$
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27,850
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Current liabilities: Fair value of derivatives
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$
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(1,249)
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$
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—
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$
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(1,249)
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| Schedule of Gain or Loss on Derivative Contracts |
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Three Months Ended June 30,
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Six Months Ended June 30,
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2015
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2014
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2015
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2014
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Oil derivatives
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Net gain (loss) on settlements
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$
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4,511
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$
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(1,569)
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$
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14,464
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$
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(2,341)
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Net loss on fair value adjustments
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(12,755)
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(3,097)
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(20,544)
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(4,546)
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Total loss
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$
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(8,244)
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$
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(4,666)
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$
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(6,080)
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$
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(6,887)
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Natural gas derivatives
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Net gain (loss) on settlements
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$
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454
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$
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(77)
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$
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845
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$
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(179)
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Net gain (loss) on fair value adjustments
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(459)
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58
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(585)
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(132)
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Total gain (loss)
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$
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(5)
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$
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(19)
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$
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260
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$
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(311)
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Total loss on derivative contracts
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$
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(8,249)
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$
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(4,685)
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$
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(5,820)
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$
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(7,198)
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| Schedule of Outstanding Oil and Natural Gas Derivative Contracts |
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For the Three Months Ended
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September 30,
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December 31,
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March 31,
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June 30,
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September 30,
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December 31,
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Oil contracts
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2015
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2015
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2016
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2016
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2016
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2016
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Swap contracts (NYMEX):
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Total volume (MBbls)
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520
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442
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91
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91
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92
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92
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Weighted average price per Bbl
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$
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67.22
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$
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64.93
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$
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63.50
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$
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63.50
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$
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63.50
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$
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63.50
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Swap contracts (Midland basis
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differential):
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Volume (MBbls)
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382
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327
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—
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—
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—
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—
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Weighted average price per Bbl
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$
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(2.39)
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$
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(2.38)
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$
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—
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$
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—
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$
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—
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$
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—
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Collar contracts combined with
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short puts (three-way collar):
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Volume (MBbls)
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—
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—
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91
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91
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92
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92
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Weighted average price per Bbl
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Ceiling (short call)
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$
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—
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$
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—
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$
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70.00
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$
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70.00
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$
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70.00
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$
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70.00
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Floor (long put)
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$
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—
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$
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—
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$
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60.00
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$
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60.00
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$
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60.00
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$
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60.00
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Short put
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$
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—
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$
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—
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$
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45.00
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$
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45.00
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$
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45.00
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$
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45.00
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For the Three Months Ended
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September 30,
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December 31,
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March 31,
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June 30,
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September 30,
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December 31,
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Natural gas contracts
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2015
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2015
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2016
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2016
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2016
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2016
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Collar contracts combined with
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short puts (three-way collar):
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Volume (BBtu)
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207
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161
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—
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—
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—
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—
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Weighted average price per
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MMBtu
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Ceiling (short call)
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$
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4.32
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$
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4.32
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$
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—
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$
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—
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$
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—
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$
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—
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Floor (long put)
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$
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3.85
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$
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3.85
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$
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—
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$
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—
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$
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—
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$
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—
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Short put
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$
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3.25
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$
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3.25
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$
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—
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$
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—
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$
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—
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$
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—
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Swap contracts:
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Total volume (BBtu)
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219
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228
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—
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—
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—
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—
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Weighted average price per
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MMBtu
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$
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3.98
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$
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3.96
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$
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—
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$
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—
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$
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—
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$
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—
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Short call contracts:
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Short call volume (BBtu)
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110
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111
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—
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—
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—
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—
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Short call price per MMBtu
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$
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5.00
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$
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5.00
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$
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—
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$
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—
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$
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—
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$
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—
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