Derivative Instruments and Hedging Activities (Tables)
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12 Months Ended |
Dec. 31, 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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12/31/2015
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12/31/2014
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12/31/2015
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12/31/2014
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12/31/2015
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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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—
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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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—
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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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19,943
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26,588
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—
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(1,242)
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19,943
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25,346
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Total
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$
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19,943
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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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19,943
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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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For the Year Ended 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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For the Year Ended 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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(1,249)
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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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For the Year Ended December 31,
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2015
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2014
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2013
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Natural gas derivatives
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Net gain (loss) on settlements
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$
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1,717
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$
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(84)
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$
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(148)
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Net gain (loss) on fair value adjustments
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(1,255)
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1,267
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230
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Total gain (loss)
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$
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462
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$
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1,183
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$
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82
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Oil derivatives
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Net gain (loss) on settlements
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$
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33,299
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$
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4,170
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$
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1,518
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Net gain (loss) on fair value adjustments
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(5,403)
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26,383
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(2,960)
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Total gain (loss)
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$
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27,896
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$
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30,553
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$
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(1,442)
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Total gain (loss) on derivative contracts
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$
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28,358
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$
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31,736
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$
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(1,360)
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| Schedule of Outstanding Oil and Natural Gas Derivative Contracts |
As of December 31, 2015, the Company had no outstanding natural gas derivative contracts. Listed in the table below are the outstanding oil derivative contracts as of December 31, 2015:
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For the Three Months Ended
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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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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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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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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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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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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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Total volume (MBbls)
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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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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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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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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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The following derivative contracts for oil and natural gas were executed subsequent to December 31, 2015:
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For the Three Months Ended
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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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2016
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2016
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2016
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2016
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Collar contracts
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Total volume (MBbls)
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120
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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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46.50
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$
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46.50
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$
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46.50
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$
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46.50
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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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37.50
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$
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37.50
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$
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37.50
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Natural gas contracts
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Swap contracts
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Total volume (BBtu)
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360
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546
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552
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552
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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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2.52
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$
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2.52
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$
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2.52
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For the Three Months Ended
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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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2017
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2017
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2017
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2017
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Call contracts (short)
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Total volume (MBbls)
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165
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167
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169
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169
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Weighted average price per Bbl
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Call strike price
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$
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50.00
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$
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50.00
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$
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50.00
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$
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50.00
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