Derivative Instruments and Hedging Activities (Tables)
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12 Months Ended |
Dec. 31, 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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12/31/2016
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12/31/2015
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12/31/2016
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12/31/2015
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12/31/2016
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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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(593)
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$
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—
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$
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(593)
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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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103
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19,943
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(17,675)
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—
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(17,572)
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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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—
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—
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(28)
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—
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(28)
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—
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Total
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$
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103
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$
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19,943
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$
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(18,296)
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$
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—
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$
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(18,193)
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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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For the Year Ended December 31, 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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1,836
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$
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(1,733)
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$
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103
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Current liabilities: Fair value of derivatives
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(20,001)
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1,733
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(18,268)
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Long-term liabilities: Fair value of derivatives
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$
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(28)
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$
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—
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$
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(28)
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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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| Schedule of Gain or Loss on Derivative Contracts |
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For the Year Ended December 31,
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2016
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2015
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2014
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Natural gas derivatives
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Net gain (loss) on settlements
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$
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102
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$
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1,717
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$
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(84)
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Net gain (loss) on fair value adjustments
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(593)
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(1,255)
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1,267
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Total gain (loss)
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$
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(491)
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$
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462
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$
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1,183
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Oil derivatives
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Net gain on settlements
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$
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17,801
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$
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33,299
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$
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4,170
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Net gain (loss) on fair value adjustments
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(37,543)
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(5,403)
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26,383
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Total gain (loss)
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$
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(19,742)
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$
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27,896
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$
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30,553
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Total gain (loss) on derivative contracts
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$
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(20,233)
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$
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28,358
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$
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31,736
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| Schedule of Outstanding Oil and Natural Gas Derivative Contracts |
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For the Full Year of
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For the Full Year of
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Oil contracts
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2017
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2018
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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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—
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Weighted average price per Bbl
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Swap
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$
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44.50
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$
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—
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Short put option
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$
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30.00
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$
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—
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Deferred premium put option
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Total volume (MBbls)
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498
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—
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Premium per Bbl
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$
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2.05
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$
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—
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Weighted average price per Bbl
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Long put option
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$
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50.00
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$
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—
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Deferred premium put spread option
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Total volume (MBbls)
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506
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—
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Premium per Bbl
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$
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2.45
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$
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—
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Weighted average price per Bbl
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Long put option
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$
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50.00
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$
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—
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Short put option
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$
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40.00
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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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1,351
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—
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Weighted average price per Bbl
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Ceiling (short call)
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$
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58.19
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$
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—
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Floor (long put)
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$
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47.50
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$
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—
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Call option contracts (short position)
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Total volume (MBbls)
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670
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—
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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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—
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Swap contracts (Midland basis differential)
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Volume (MBbls)
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2,004
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1,825
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Weighted average price per Bbl
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$
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(0.52)
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$
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(1.02)
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Natural gas contracts
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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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1,460
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—
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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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3.71
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$
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—
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Floor (long put option)
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$
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3.00
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$
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—
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Short put option
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$
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2.50
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$
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—
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Collar contracts (Henry Hub, two-way collars)
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Total volume (BBtu)
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1,460
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—
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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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3.68
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$
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—
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Floor (long put option)
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$
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3.00
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$
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—
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