Derivative Instruments and Hedging Activities (Tables)
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3 Months Ended |
Mar. 31, 2017 |
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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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03/31/2017
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12/31/2016
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03/31/2017
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12/31/2016
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03/31/2017
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12/31/2016
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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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(64)
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$
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(593)
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$
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(64)
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$
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(593)
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Oil
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Current
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Fair value of derivatives
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3,093
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103
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(6,366)
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(17,675)
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(3,273)
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(17,572)
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Oil
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Non-current
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Fair value of derivatives
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2,939
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—
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—
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(28)
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2,939
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(28)
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Totals
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$
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6,032
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$
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103
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$
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(6,430)
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$
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(18,296)
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$
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(398)
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$
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(18,193)
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
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March 31, 2017
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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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5,055
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$
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(1,962)
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$
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3,093
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Long-term assets: Fair value of derivatives
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2,939
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—
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2,939
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Current liabilities: Fair value of derivatives
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$
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(8,392)
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$
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1,962
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$
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(6,430)
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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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$
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(20,001)
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$
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1,733
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$
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(18,268)
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Long-term liabilities: Fair value of derivatives
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(28)
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—
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(28)
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| Schedule of Gain or Loss on Derivative Contracts |
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Three Months Ended March 31,
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2017
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2016
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Oil derivatives
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Net gain (loss) on settlements
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$
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(2,524)
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$
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7,507
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Net gain (loss) on fair value adjustments
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17,266
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(9,137)
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Total gain (loss) on oil derivatives
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$
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14,742
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$
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(1,630)
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Natural gas derivatives
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Net gain on settlements
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$
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33
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$
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209
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Net gain on fair value adjustments
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528
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489
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Total gain on natural gas derivatives
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$
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561
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$
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698
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Total gain (loss) on oil & natural gas derivatives
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$
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15,303
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$
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(932)
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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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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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550
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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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250
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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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1,018
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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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505
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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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1,650
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2,008
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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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Collar contracts combined with short puts (WTI, three-way collars)
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Total volume (MBbls)
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—
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2,738
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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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62.84
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Floor (long put option)
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$
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—
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$
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50.00
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Short put option
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$
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—
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$
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40.00
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For the Remainder of
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For the Full Year of
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Natural gas contracts
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2017
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2018
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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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1,100
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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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1,100
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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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Subsequent event
The following derivative contracts were executed subsequent to March 31, 2017:
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For the Remainder of
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For the Full Year of
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Gas contracts
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2017
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2018
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Collar contracts (Henry Hub, two-way collars)
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Total volume (BBtu)
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488
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720
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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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3.84
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$
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3.84
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Floor (long put option)
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$
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3.40
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$
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3.40
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Swap contracts
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Total volume (BBtu)
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736
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—
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Weighted average price per MMBtu
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$
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3.39
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$
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—
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