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Derivative Instruments and Hedging Activities | 3 Months Ended
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Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities As of March 31, 2017, 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 |  | 26.7 |  | Bcf |  | Apr. 2017 - Dec. 2017 |  |  |  |  |  |  |  |  |  | $ | 3.12 |  |  |
Natural gas |  | 13.4 |  | Bcf |  | Apr. 2017 - Dec. 2017 |  |  |  |  |  |  |  |  |  | $ | 3.46 |  |  |
Natural gas |  | 26.7 |  | Bcf |  | Apr. 2017 - Dec. 2017 |  | $ | — |  |  | $ | 3.09 |  |  | $3.42-$3.45 |  | $ | 3.43 |  |  |  |  |
Natural gas |  | 21.3 |  | Bcf |  | Jan. 2018 - Dec. 2019 |  |  |  |  |  |  |  |  |  |  |  | $ | 0.42 |
Crude oil |  | 1.4 |  | Mmbbl |  | Apr. 2017 - Dec. 2017 |  | $ | — |  |  | $ | 50.00 |  |  | $56.25-$56.50 |  | $ | 56.39 |  |  |  |  |
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 Assets |  | Derivative Liabilities
(In thousands) |  | Balance Sheet Location |  | March 31, 2017 |  | December 31, 2016 |  | March 31, 2017 |  | December 31, 2016
Commodity contracts |  | Other current assets |  | $ | 2,826 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commodity contracts |  | Other assets (non-current) |  | 7,506 |  |  | 2,991 |  |  | — |  |  | — |
Commodity contracts |  | Derivative instruments (current) |  | — |  |  | — |  |  | 12,692 |  |  | 40,259 |
|  |  |  | $ | 10,332 |  |  | $ | 2,991 |  |  | $ | 12,692 |  |  | $ | 40,259 |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands) |  | March 31, 2017 |  | December 31, 2016
Derivative assets |  |  |  |  |  |
Gross amounts of recognized assets |  | $ | 12,354 |  |  | $ | 2,991 |
Gross amounts offset in the statement of financial position |  | (2,022 | ) |  | — |
Net amounts of assets presented in the statement of financial position |  | 10,332 |  |  | 2,991 |
Gross amounts of financial instruments not offset in the statement of financial position |  | 51 |  |  | — |
Net amount |  | $ | 10,383 |  |  | $ | 2,991 |
Derivative liabilities |  |  |  |  |  |
Gross amounts of recognized liabilities |  | $ | 14,714 |  |  | $ | 40,259 |
Gross amounts offset in the statement of financial position |  | (2,022 | ) |  | — |
Net amounts of liabilities presented in the statement of financial position |  | 12,692 |  |  | 40,259 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  |  | 757 |
Net amount |  | $ | 12,692 |  |  | $ | 41,016 |
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended March 31,
(In thousands) |  | 2017 |  | 2016
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |
Gain (loss) on derivative instruments |  | $ | (1,524 | ) |  | $ | — |
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |
Gain (loss) on derivative instruments |  | 34,908 |  |  | 18,994 |
|  | $ | 33,384 |  |  | $ | 18,994 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624177-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624258-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708775-113959 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708773-113959 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624181-113959 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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