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Derivative Financial Instruments (Tables) - Centennial Resource Production, LLC (Centennial OpCo) and Celero Energy Company, L.P. | 12 Months Ended
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Dec. 31, 2015
Derivative Financial Instruments |
Schedule of open crude oil derivative positions |
|  | 2016 |  | 2017
Crude Oil Swaps: |  |  |  |  |  |
Notional volume (Bbl) |  |  | 729,000 |  |  | 127,750
Weighted average floor price ($/Bbl) |  | $ | 67.82 |  | $ | 61.36
Crude Oil Basis Swaps: |  |  |  |  |  |
Notional volume (Bbl) |  |  | 622,200 |  |  | 91,250
Weighted average floor price ($/Bbl) |  | $ | (0.71) |  | $ | (0.20)
Summary of gross fair value of derivative assets and liabilities and effect of netting on consolidated and combined balance sheets | The following table below summarizes the gross fair value of derivative assets and liabilities and the effect of netting on the consolidated and combined balance sheets (in thousands):
|  |  |  |  |  |  |  |  |  | Net Amounts
|  | Balance Sheet |  | Gross |  | Netting |  | Presented on the
|  | Classification |  | Amounts |  | Adjustments |  | Balance Sheet
December 31, 2015: |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | Current assets |  | $ | 19,469 |  | $ | (426) |  | $ | 19,043
Derivative instruments |  | Noncurrent assets |  |  | 2,071 |  |  | (1) |  |  | 2,070
Total assets |  |  |  | $ | 21,540 |  | $ | (427) |  | $ | 21,113
December 31, 2014: |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | Current assets |  | $ | 30,444 |  | $ | (22) |  | $ | 30,422
Derivative instruments |  | Noncurrent assets |  |  | 6,365 |  |  | — |  |  | 6,365
Total assets |  |  |  | $ | 36,809 |  | $ | (22) |  | $ | 36,787
Schedule of gains and losses for derivative instruments not designated as hedges | The following table presents gains and losses for derivative instruments not designated as hedges for accounting purposes for the periods presented (in thousands):
|  | For the Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
Gain (loss) on derivative instruments |  | $ | 20,756 |  | $ | 41,943 |  | $ | (4,410)

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: 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 + Details
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