Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments and Hedging Activities (Tables)

v3.4.0.3
Derivative Instruments and Hedging Activities (Tables)
3 Months Ended
Mar. 31, 2016
Derivative Instruments and Hedging Activities [Abstract]  
Fair Value of Derivative Instruments



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Balance Sheet Presentation

 

Asset Fair Value

 

Liability Fair Value

 

Net Derivative Fair Value

Commodity

 

Classification

 

Line Description

 

03/31/2016

 

12/31/2015

 

03/31/2016

 

12/31/2015

 

03/31/2016

 

12/31/2015

Natural gas

 

Current

 

Fair value of derivatives

 

$

489 

 

$

 

$

 

$

 

$

489 

 

$

Oil

 

Current

 

Fair value of derivatives

 

 

15,096 

 

 

19,943 

 

 

(688)

 

 

 

 

14,408 

 

 

19,943 

Oil

 

Non-current

 

Fair value of derivatives

 

 

 

 

 

 

(3,602)

 

 

 

 

(3,602)

 

 

 

 

Totals

 

 

 

$

15,585 

 

$

19,943 

 

$

(4,290)

 

$

 

$

11,295 

 

$

19,943 



Schedule of Derivative Instruments in Statement of Financial Position, Fair Value



 

 

March 31, 2016



 

Presented without

 

 

 

As Presented with



 

Effects of Netting

 

Effects of Netting

 

Effects of Netting

Current assets: Fair value of derivatives

 

$

15,749 

 

$

(164)

 

$

15,585 

Current liabilities: Fair value of derivatives

 

 

(852)

 

 

164 

 

 

(688)



 

 

 

 

 

 

 

 

 

Long-term liabilities: Fair value of derivatives

 

$

(3,602)

 

$

 

$

(3,602)







 

 

 

 

 

 

 

 

 



 

 

December 31, 2015



 

Presented without

 

 

 

As Presented with



 

Effects of Netting

 

Effects of Netting

 

Effects of Netting

Current assets: Fair value of derivatives

 

$

19,943 

 

$

 

$

19,943 



Schedule of Gain or Loss on Derivative Contracts



 

 

 

 

 

 



 

Three Months Ended March 31,



 

 

2016

 

 

2015

Oil derivatives

 

 

 

 

 

 

Net gain on settlements

 

$

7,507 

 

$

9,952 

Net loss on fair value adjustments

 

 

(9,137)

 

 

(7,789)

   Total gain (loss)

 

$

(1,630)

 

$

2,163 



 

 

 

 

 

 

Natural gas derivatives

 

 

 

 

 

 

Net gain on settlements

 

$

209 

 

$

391 

Net gain (loss) on fair value adjustments

 

 

489 

 

 

(125)

   Total gain

 

$

698 

 

$

266 



 

 

 

 

 

 

Total gain (loss) on derivative contracts

 

$

(932)

 

$

2,429 



Schedule of Outstanding Oil and Natural Gas Derivative Contracts



 

 

 

 

 

 



 

For the Remainder of

 

For the Full Year of

Oil contracts

 

2016

 

2017

Swap contracts (NYMEX)

 

 

 

 

 

 

   Total volume (MBbls)

 

 

550 

 

 

730 

   Weighted average price per Bbl

 

$

58.23 

 

$

44.50 

Swap contracts (Midland basis differentials)

 

 

 

 

 

 

   Volume (MBbls)

 

 

1,100 

 

 

   Weighted average price per Bbl

 

$

0.17 

 

$

Collar contracts combined with short puts (WTI, three-way collar)

 

 

 

 

 

 

   Volume (MBbls)

 

 

550 

 

 

    Weighted average price per Bbl

 

 

 

 

 

 

      Ceiling (short call)

 

$

65.00 

 

$

      Floor (long put)

 

$

55.00 

 

$

      Short put

 

$

40.33 

 

$

Collar contracts

 

 

 

 

 

 

   Total volume (MBbls)

 

 

550 

 

 

   Weighted average price per Bbl

 

 

 

 

 

 

      Ceiling (short call)

 

$

46.50 

 

$

      Floor (long put)

 

$

37.50 

 

$

Put option contracts (short position)

 

 

 

 

 

 

   Volume (MBbls)

 

 

 

 

730 

   Put strike price

 

$

 

$

30.00 

Call option contracts (short position)

 

 

 

 

 

 

   Total volume (MBbls)

 

 

 

 

670 

   Weighted average price per Bbl

 

 

 

 

 

 

      Call strike price

 

$

 

$

50.00 



 

 

 

 

 

 

Natural gas contracts

 

 

 

 

 

 

Swap contracts

 

 

 

 

 

 

   Total volume (BBtu)

 

 

1,650 

 

 

   Weighted average price per MMBtu

 

$

2.52 

 

$



Subsequent event



Subsequent to March 31, 2016, the Company monetized a portion (covering the period of May 2016 through September 2016) of its 2016 WTI, three-way collar contract, in the amount of 153 MBbls. The proceeds from this transaction were used to finance the uplift in the oil swap contract listed in the table below.



The following derivative contract was executed subsequent to March 31, 2016:





 

 

 



 

For the Period of May

Oil contracts

 

through September 2016

Swap contracts

 

 

 

   Total volume (MBbls)

 

 

153 

   Weighted average price per Bbl

 

$

57.61