Derivative Instruments and Hedging Activities (Tables)
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9 Months Ended |
Sep. 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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09/30/2015
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12/31/2014
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09/30/2015
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12/31/2014
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09/30/2015
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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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407
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$
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1,262
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$
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—
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$
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(7)
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$
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407
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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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16,356
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26,588
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—
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(1,242)
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16,356
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25,346
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Oil
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Non-current
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Fair value of derivatives
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2,203
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—
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—
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—
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2,203
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—
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Totals
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$
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18,966
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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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(1,249)
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$
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18,966
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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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September 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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17,539
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$
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(776)
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$
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16,763
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Long-term assets: Fair value of derivatives
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2,203
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—
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2,203
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Current liabilities: Fair value of derivatives
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$
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(776)
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$
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776
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$
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—
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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 September 30,
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Nine Months Ended September 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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9,399
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$
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(497)
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$
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23,863
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$
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(2,838)
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Net gain (loss) on fair value adjustments
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13,758
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10,351
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(6,787)
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5,805
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Total gain (loss)
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$
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23,157
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$
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9,854
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$
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17,076
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$
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2,967
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Natural gas derivatives
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Net gain (loss) on settlements
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$
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390
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$
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35
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$
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1,235
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$
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(144)
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Net gain (loss) on fair value adjustments
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(264)
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55
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(848)
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(77)
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Total gain (loss)
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$
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126
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$
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90
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$
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387
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$
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(221)
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Total gain on derivative contracts
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$
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23,283
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$
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9,944
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$
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17,463
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$
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2,746
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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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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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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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442
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182
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182
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184
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184
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Weighted average price per Bbl
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$
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64.93
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$
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58.23
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$
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58.23
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$
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58.23
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$
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58.23
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Swap contracts (Midland basis
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differentials):
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Volume (MBbls)
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327
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364
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364
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368
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368
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Weighted average price per Bbl
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$
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(2.38)
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$
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0.17
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$
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0.17
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$
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0.17
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$
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0.17
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Collar contracts combined with
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short puts (WTI, three-way collar):
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Volume (MBbls)
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—
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182
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182
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184
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184
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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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65.00
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$
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65.00
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$
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65.00
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$
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65.00
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Floor (long put)
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$
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—
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$
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55.00
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$
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55.00
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$
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55.00
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$
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55.00
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Short put
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$
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—
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$
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40.33
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$
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40.33
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$
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40.33
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$
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40.33
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For the Three Months Ended
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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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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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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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—
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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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—
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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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—
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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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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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3.96
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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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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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—
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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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