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Derivative Instruments and Hedging Activities | 9 Months Ended
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Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Through March 31, 2014, the Company elected to designate its commodity derivatives as cash flow hedges for accounting purposes. Effective April 1, 2014, the Company elected to discontinue hedge accounting for its commodity derivatives on a prospective basis. As a result of discontinuing hedge accounting, the unrealized loss included in accumulated other comprehensive income (loss) as of April 1, 2014 of $73.4 million ($44.2 million net of tax) was frozen and reclassified into natural gas and crude oil and condensate revenues in the Condensed Consolidated Statement of Operations throughout the remainder of 2014 as the underlying hedged transactions occurred. As of September 30, 2015 and December 31, 2014, there were no gains or losses deferred in accumulated other comprehensive income (loss) associated with the Company's commodity derivatives. As of September 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 |  | 17.9 |  | Bcf |  | Oct. 2015 - Dec. 2015 |  | $3.86 - $3.91 |  | $ | 3.87 |  |  | $4.27 - $4.43 |  | $ | 4.35 |  |  |  |
Natural gas |  | 17.9 |  | Bcf |  | Oct. 2015 - Dec. 2015 |  |  |  |  |  |  |  |  |  |  |  | $ | 3.92 |
Natural gas |  | 4.5 |  | Bcf |  | Oct. 2015 |  |  |  |  |  |  |  |  |  | $ | 3.36 |
In the table above, natural gas prices are stated per Mcf. Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Fair Values of Derivative Instruments
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In thousands) |  | Balance Sheet Location |  | September 30, 2015 |  | December 31, 2014 |  | September 30, 2015 |  | December 31, 2014
Commodity contracts |  | Derivative instruments (current assets) |  | $ | 48,445 |  |  | $ | 137,603 |  |  | $ | — |  |  | $ | — |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands) |  | September 30, 2015 |  | December 31, 2014
Derivative assets |  |  |  |  |  |
Gross amounts of recognized assets |  | $ | 48,445 |  |  | $ | 137,603 |
Gross amounts offset in the statement of financial position |  | — |  |  | — |
Net amounts of assets presented in the statement of financial position |  | 48,445 |  |  | 137,603 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  |  | 2,338 |
Net amount |  | $ | 48,445 |  |  | $ | 139,941 |
Effect of Derivative Instruments on Accumulated Other Comprehensive Income (Loss) The effective portion of gain (loss) recognized in accumulated other comprehensive income (loss) on derivatives is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Commodity contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (133,310 | )
The effective portion of gain (loss) reclassified from accumulated other comprehensive income (loss) into income is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Natural gas revenues |  | $ | — |  |  | $ | (21,427 | ) |  | $ | — |  |  | $ | (114,304 | )
Crude oil and condensate revenues |  | — |  |  | (130 | ) |  | — |  |  | (984 | )
|  | $ | — |  |  | $ | (21,557 | ) |  | $ | — |  |  | $ | (115,288 | )
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended September 30, |  | Nine Months Ended September 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 |  | $ | — |  |  | $ | (21,427 | ) |  | $ | — |  |  | $ | (43,747 | )
Crude oil and condensate |  | — |  |  | (130 | ) |  | — |  |  | (766 | )
Gain (loss) on derivative instruments |  | 45,097 |  |  | 40,073 |  |  | 133,827 |  |  | 24,811 |
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivative instruments |  | (27,733 | ) |  | 31,833 |  |  | (89,159 | ) |  | 44,766 |
|  | $ | 17,364 |  |  | $ | 50,349 |  |  | $ | 44,668 |  |  | $ | 25,064 |
|  | $ | 17,364 |  |  | $ | 50,349 |  |  | $ | 44,668 |  |  | $ | (45,711 | )
For the three and nine months ended September 30, 2014, there was no ineffectiveness recorded in the Condensed Consolidated Statement of Operations related to derivative instruments designated as cash flow hedges.

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