Derivative Instruments and Hedging Activities (Tables)
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6 Months Ended |
Jun. 30, 2016 |
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| Derivative Instruments and Hedging Activities [Abstract] |
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| Fair Value of Derivative Instruments |
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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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06/30/2016
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12/31/2015
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06/30/2016
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12/31/2015
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06/30/2016
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12/31/2015
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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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—
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$
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—
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$
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(545)
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$
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—
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$
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(545)
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$
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—
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Oil
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Current
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Fair value of derivatives
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5,537
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19,943
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(6,946)
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—
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(1,409)
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19,943
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Oil
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Non-current
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Fair value of derivatives
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60
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—
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(6,313)
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—
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(6,253)
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—
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Totals
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$
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5,597
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$
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19,943
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$
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(13,804)
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$
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—
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$
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(8,207)
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$
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19,943
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
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June 30, 2016
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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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5,655
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$
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(118)
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$
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5,537
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Long-term assets: Fair value of derivatives
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60
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—
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60
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Current liabilities: Fair value of derivatives
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(7,609)
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118
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(7,491)
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Long-term liabilities: Fair value of derivatives
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$
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(6,313)
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$
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—
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$
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(6,313)
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December 31, 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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19,943
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$
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—
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$
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19,943
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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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2016
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2015
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2016
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2015
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Oil derivatives
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Net gain on settlements
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$
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3,707
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$
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4,511
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$
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11,214
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$
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14,464
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Net loss on fair value adjustments
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(18,466)
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(12,755)
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(27,604)
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(20,544)
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Total loss
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$
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(14,759)
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$
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(8,244)
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$
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(16,390)
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$
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(6,080)
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Natural gas derivatives
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Net gain on settlements
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$
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310
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$
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454
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$
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519
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$
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845
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Net loss on fair value adjustments
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(1,035)
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(459)
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(545)
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(585)
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Total gain (loss)
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$
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(725)
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$
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(5)
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$
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(26)
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$
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260
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Total loss on derivative contracts
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$
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(15,484)
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$
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(8,249)
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$
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(16,416)
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$
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(5,820)
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| Schedule of Outstanding Oil and Natural Gas Derivative Contracts |
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For the Remainder of
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For the Full Year of
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Oil contracts
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2016
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2017
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Swap contracts (WTI)
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Total volume (MBbls)
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460
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—
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Weighted average price per Bbl
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$
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58.10
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$
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—
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Swap contracts combined with short puts (WTI, enhanced swaps)
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Total volume (MBbls)
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730
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Weighted average price per Bbl
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Swap
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$
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—
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$
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44.50
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Short put option
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$
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—
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$
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30.00
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Collar contracts combined with short puts (WTI, three-way collars)
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Volume (MBbls)
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276
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—
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Weighted average price per Bbl
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Ceiling (short call option)
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$
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63.33
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$
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—
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Floor (long put option)
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$
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53.33
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$
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—
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Short put option
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$
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38.77
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$
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—
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Collar contracts (WTI, two-way collars)
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Total volume (MBbls)
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368
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438
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Weighted average price per Bbl
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Ceiling (short call)
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$
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46.50
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$
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59.05
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Floor (long put)
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$
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37.50
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$
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47.50
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Call option contracts (short position)
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Total volume (MBbls)
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—
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670
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Weighted average price per Bbl
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Call strike price
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$
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—
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$
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50.00
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Swap contracts (Midland basis differentials)
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Volume (MBbls)
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736
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—
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Weighted average price per Bbl
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$
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0.17
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$
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—
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Natural gas contracts
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Swap contracts (Henry Hub)
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Total volume (BBtu)
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1,104
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—
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Weighted average price per MMBtu
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$
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2.52
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$
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—
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Subsequent event
The following derivative contract was executed subsequent to June 30, 2016:
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For the Remainder of
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For the Remainder of
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Natural gas contracts
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2016
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2017
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Collar contracts combined with short puts (Henry Hub, three-way collars)
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Total volume (BBtu)
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—
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1,460
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Weighted average price per MMBtu
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Ceiling (short call option)
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$
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—
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$
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3.71
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Floor (long put option)
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$
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—
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$
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3.00
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Short put option
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$
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—
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$
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2.50
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