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Derivative Instruments and Hedging Activities | 6 Months Ended
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Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities As of June 30, 2016, the Company had the following outstanding commodity derivatives:
|  |  |  |  |  |  | Collars |  |  |  | Basis Swaps
|  |  |  |  |  |  | Floor |  | Ceiling |  | Swaps |
Type of Contract |  | Volume |  | Contract Period |  | Range |  | Weighted-Average |  | Range |  | Weighted- Average |  | Weighted- Average |  | Weighted- Average
Natural gas |  | 29.9 |  | Bcf |  | Jul. 2016 - Oct. 2016 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2.51 |  |  |
Natural gas |  | 14.2 |  | Bcf |  | Jan. 2018 - Dec. 2019 |  |  |  |  |  |  |  |  |  |  |  | $ | 0.42 |
Crude oil |  | 0.9 |  | Mmbbl |  | Jul. 2016 - Dec. 2016 |  | $ | — |  |  | $ | 38.00 |  |  | $47.10-$47.50 |  | $ | 47.28 |  |  |  |  |
In the table above, natural gas prices are stated per Mcf and crude oil prices are stated per barrel. Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Derivative Liabilities
(In thousands) |  | Balance Sheet Location |  | June 30, 2016 |  | December 31, 2015
Commodity contracts |  | Derivative instruments (current) |  | $ | 18,501 |  |  | $ | — |
Commodity contracts |  | Other liabilities (non-current) |  | 994 |  |  | — |
|  |  |  | $ | 19,495 |  |  | $ | — |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands) |  | June 30, 2016 |  | December 31, 2015
Derivative liabilities |  |  |  |  |  |
Gross amounts of recognized liabilities |  | $ | 19,495 |  |  | $ | — |
Gross amounts offset in the statement of financial position |  | — |  |  | — |
Net amounts of liabilities presented in the statement of financial position |  | 19,495 |  |  | — |
Gross amounts of financial instruments not offset in the statement of financial position |  | 236 |  |  | — |
Net amount |  | $ | 19,731 |  |  | $ | — |
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivative instruments |  | $ | 11,305 |  |  | $ | 51,045 |  |  | $ | 11,305 |  |  | $ | 88,730 |
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on derivative instruments |  | (38,489 | ) |  | (57,864 | ) |  | (19,495 | ) |  | (61,426 | )
|  | $ | (27,184 | ) |  | $ | (6,819 | ) |  | $ | (8,190 | ) |  | $ | 27,304 |

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