Derivative Instruments and Hedging Activities (Tables)
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9 Months Ended |
Sep. 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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09/30/2016
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12/31/2015
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09/30/2016
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12/31/2015
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09/30/2016
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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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29
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$
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—
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$
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(233)
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$
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—
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$
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(204)
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$
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—
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Natural gas
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Non-current
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Fair value of derivatives
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3
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—
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—
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—
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3
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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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3,473
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19,943
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(7,553)
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—
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(4,080)
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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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54
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—
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(2,936)
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—
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(2,882)
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—
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Totals
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$
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3,559
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$
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19,943
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$
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(10,722)
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$
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—
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$
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(7,163)
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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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September 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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3,591
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$
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(89)
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$
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3,502
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Long-term assets: Fair value of derivatives
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57
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—
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57
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Current liabilities: Fair value of derivatives
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(7,875)
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89
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(7,786)
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Long-term liabilities: Fair value of derivatives
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$
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(2,936)
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$
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—
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$
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(2,936)
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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 September 30,
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Nine Months Ended September 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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4,252
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$
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9,399
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$
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15,467
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$
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23,863
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Net gain (loss) on fair value adjustments
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699
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13,758
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(26,904)
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(6,787)
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Total gain (loss)
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$
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4,951
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$
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23,157
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$
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(11,437)
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$
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17,076
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Natural gas derivatives
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Net gain (loss) on settlements
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$
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(161)
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$
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390
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$
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357
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$
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1,235
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Net gain (loss) on fair value adjustments
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345
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(264)
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(201)
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(848)
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Total gain
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$
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184
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$
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126
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$
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156
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$
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387
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Total gain (loss) on derivative contracts
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$
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5,135
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$
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23,283
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$
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(11,281)
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$
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17,463
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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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184
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—
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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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—
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Swap contracts combined with short puts (WTI, enhanced swaps)
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Total volume (MBbls)
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—
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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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184
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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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65.00
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$
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—
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Floor (long put option)
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$
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55.00
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$
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—
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Short put option
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$
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40.33
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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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184
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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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368
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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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552
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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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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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Subsequent event
The following derivative contract was executed subsequent to September 30, 2016:
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For the Remainder of
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For the Remainder of
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Oil contracts
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2016
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2017
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Collar contracts (WTI, two-way collars)
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Total volume (MBbls)
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—
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1,095
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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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—
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$
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57.79
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Floor (long put option)
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$
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—
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$
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47.50
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