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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Outstanding commodity derivatives | As of June 30, 2015, the Company had the following outstanding commodity derivatives:
|  |  |  |  |  |  | Collars |  | Swaps
|  |  |  |  |  |  | Floor |  | Ceiling |  |
Type of Contract |  | Volume |  | Contract Period |  | Range |  | Weighted-Average |  | Range |  | Weighted- Average |  | Weighted- Average
Natural gas |  | 35.7 |  | Bcf |  | Jul. 2015 - Dec. 2015 |  | $3.86 - $3.91 |  | $ | 3.87 |  |  | $4.27 - $4.43 |  | $ | 4.35 |  |  |  |
Natural gas |  | 35.7 |  | Bcf |  | Jul. 2015 - Dec. 2015 |  |  |  |  |  |  |  |  |  |  |  | $ | 3.92 |
Natural gas |  | 17.9 |  | Bcf |  | Jul. 2015 - Oct. 2015 |  |  |  |  |  |  |  |  |  | $ | 3.36 |
Effect of derivative instruments on the condensed consolidated balance sheet | Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Fair Values of Derivative Instruments
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In thousands) |  | Balance Sheet Location |  | June 30, 2015 |  | December 31, 2014 |  | June 30, 2015 |  | December 31, 2014
Commodity contracts |  | Derivative instruments (current assets) |  | $ | 76,178 |  |  | $ | 137,603 |  |  | $ | — |  |  | $ | — |
Schedule of offsetting of derivative assets and liabilities in the condensed consolidated balance sheet | Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands) |  | June 30, 2015 |  | December 31, 2014
Derivative Assets |  |  |  |  |  |
Gross amounts of recognized assets |  | $ | 76,178 |  |  | $ | 137,603 |
Gross amounts offset in the statement of financial position |  | — |  |  | — |
Net amounts of assets presented in the statement of financial position |  | 76,178 |  |  | 137,603 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  |  | 2,338 |
Net amount |  | $ | 76,178 |  |  | $ | 139,941 |
Amount of gain (loss) recognized in accumulated other comprehensive income (loss) on derivatives | The amount of gain (loss) recognized in accumulated other comprehensive income (loss) on derivatives (effective portion) is as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Commodity contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (133,310 | )
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) | The amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (effective portion) is as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Natural gas revenues |  | $ | — |  |  | $ | (22,320 | ) |  | $ | — |  |  | $ | (92,877 | )
Crude oil and condensate revenues |  | — |  |  | (636 | ) |  | — |  |  | (854 | )
|  | $ | — |  |  | $ | (22,956 | ) |  | $ | — |  |  | $ | (93,731 | )
Effect of derivatives on the condensed consolidated statement of operations | Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Derivatives Designated as Hedges |  |  |  |  |  |  |  |  |  |  |  |
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (70,557 | )
Crude oil and condensate |  | — |  |  | — |  |  | — |  |  | (218 | )
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (70,775 | )
Derivatives Not Designated as Hedges |  |  |  |  |  |  |  |  |  |  |  |
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  | $ | — |  |  | $ | (22,320 | ) |  | $ | — |  |  | $ | (22,320 | )
Crude oil and condensate |  | — |  |  | (636 | ) |  | — |  |  | (636 | )
Gain (loss) on derivative instruments |  | 51,045 |  |  | (15,262 | ) |  | 88,730 |  |  | (15,262 | )
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivative instruments |  | (57,864 | ) |  | 12,933 |  |  | (61,426 | ) |  | 12,933 |
|  | $ | (6,819 | ) |  | $ | (25,285 | ) |  | $ | 27,304 |  |  | $ | (25,285 | )
|  | $ | (6,819 | ) |  | $ | (25,285 | ) |  | $ | 27,304 |  |  | $ | (96,060 | )

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