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Derivative Activities (Tables) | 12 Months Ended
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Dec. 31, 2014
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Volumes Hedged and Average Hedge Prices | The following table sets forth the derivative volumes by year as of December 31, 2014:
Period |  | Contract Type |  | Volume Hedged |  | Weighted Average Hedge Price
Natural Gas |  |  |  |  |  |
2015 |  | Collars |  | 145,000 Mmbtu/day |  | $4.07–$4.56
2015 |  | Swaps |  | 412,390 Mmbtu/day |  | $4.15
2016 |  | Swaps |  | 120,000 Mmbtu/day |  | $4.15
Crude Oil |  |  |  |  |  |
2015 |  | Swaps |  | 9,626 bbls/day |  | $90.57
2016 |  | Swaps |  | 1,000 bbls/day |  | $91.43
NGLs (C3 - Propane) |  |  |  |  |  |
2015 |  | Swaps |  | 2,245 bbls/day |  | $0.95/gallon
NGLs (C5 - Natural Gasoline) |  |  |  |  |  |
2015-First Quarter |  | Swaps |  | 500 bbls/day |  | $2.14/gallon
Combined Fair Value of Derivatives, by Consolidated Balance Sheets | The combined fair value of derivatives included in the accompanying consolidated balance sheets as of December 31, 2014 and 2013 is summarized below. As of December 31, 2014, we are conducting derivative activities with fifteen financial institutions, of which all but one are secured lenders in our bank credit facility. We believe all of these institutions are acceptable credit risks. At times, such risks may be concentrated with certain counterparties. The credit worthiness of our counterparties is subject to periodic review. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements (in thousands).
|  | December 31, 2014 |
|  | Gross Amounts of Recognized Assets |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of Assets Presented in the Balance Sheet |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |
Natural gas | –swaps | $ | 198,740 |  |  | $ | ¾ |  |  | $ | 198,740 |
| –collars |  | 57,460 |  |  |  | ¾ |  |  |  | 57,460 |
| –basis swaps |  | 2,442 |  |  |  | (755 | ) |  |  | 1,687 |
Crude oil | –swaps |  | 128,578 |  |  |  | ¾ |  |  |  | 128,578 |
NGLs | –C3 swaps |  | 14,727 |  |  |  | ¾ |  |  |  | 14,727 |
| –C5 swaps |  | 2,171 |  |  |  | ¾ |  |  |  | 2,171 |
|  | $ | 404,118 |  |  | $ | (755 | ) |  | $ | 403,363 |
|  | December 31, 2014 |
|  | Gross Amounts of Recognized (Liabilities) |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of (Liabilities) Presented in the Balance Sheet |
Derivative (liabilities): |  |  |  |  |  |  |  |  |  |  |
Natural gas | –basis swaps | $ | (755 | ) |  | $ | 755 |  |  | $ | − |
|  | $ | (755 | ) |  | $ | 755 |  |  | $ | − |
|  | December 31, 2013 |
|  | Gross Amounts of Recognized Assets |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of Assets Presented in the Balance Sheet |
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |
Natural gas | –swaps | $ | 4,240 |  |  | $ | (1,218 | ) |  | $ | 3,022 |
| –collars |  | 16,057 |  |  |  | (7,671 | ) |  |  | 8,386 |
| –basis swaps |  | 7,686 |  |  |  | (7,686 | ) |  |  | ¾ |
Crude oil | –swaps |  | 3,567 |  |  |  | (1,321 | ) |  |  | 2,246 |
NGLs | –C3 swaps |  | 826 |  |  |  | (826 | ) |  |  | ¾ |
| –C4 swaps |  | 863 |  |  |  | (863 | ) |  |  | ¾ |
| –C5 swaps |  | 121 |  |  |  | (121 | ) |  |  | ¾ |
|  | $ | 33,360 |  |  | $ | (19,706 | ) |  | $ | 13,654 |
|  | December 31, 2013 |
|  | Gross Amounts of Recognized (Liabilities) |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of (Liabilities) Presented in the Balance Sheet |
Derivative (liabilities): |  |  |  |  |  |  |  |  |  |  |
Natural gas | –swaps | $ | (4,790 | ) |  | $ | 1,218 |  |  | $ | (3,572 | )
| –collars |  | (13,345 | ) |  |  | 7,671 |  |  |  | (5,674 | )
| –basis swaps |  | (3,756 | ) |  |  | 7,686 |  |  |  | 3,930 |
Crude oil | –swaps |  | (4,711 | ) |  |  | 1,321 |  |  |  | (3,390 | )
| –collars |  | (398 | ) |  |  | ¾ |  |  |  | (398 | )
NGLs | –C3 swaps |  | (18,172 | ) |  |  | 826 |  |  |  | (17,346 | )
| –C4 swaps |  | (757 | ) |  |  | 863 |  |  |  | 106 |
| –C5 swaps |  | ¾ |  |  |  | 121 |  |  |  | 121 |
|  | $ | (45,929 | ) |  | $ | 19,706 |  |  | $ | (26,223 | )
Effects of Cash Flow Hedges and Other Hedges on Accumulated Other Comprehensive Income | The effects of our cash flow hedges (or those derivatives that qualified for hedge accounting) on AOCI in the accompanying consolidated balance sheets is summarized below (in thousands):
| Year Ended December 31, |
| Change in Hedge Derivative Fair Value |  |  | Realized Gain Reclassified from OCI Into Revenue (a) |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Swaps | $ | ¾ |  |  | $ | 125 |  |  | $ | 4,544 |  |  | $ | 15,171 |
Collars |  | ¾ |  |  |  | (7,015 | ) |  |  | 5,678 |  |  |  | 105,272 |
Income taxes |  | ¾ |  |  |  | 2,687 |  |  |  | (3,986 | ) |  |  | (46,973 | )
| $ | ¾ |  |  | $ | (4,203 | ) |  | $ | 6,236 |  |  | $ | 73,470 |
(a) | For gains upon contract settlement, the reduction in AOCI is offset by an increase in natural gas, NGLs and oil sales. For losses upon contract settlement, the increase in AOCI is offset by a decrease in natural gas, NGLs and oil sales.
Effects of Non-Hedge Derivatives on Consolidated Statements of Operations | The effects of our non-hedge derivatives (or those derivatives that do not qualify or are not designated for hedge accounting) and the ineffective portion of our hedge derivatives on our consolidated statements of income are summarized below (in thousands):
| Year Ended December 31, |
| Gain (Loss) Recognized in Income (Non-hedge Derivatives) |  |  | Gain (Loss) Recognized in Income (Ineffective Portion) |  |  | Derivative Fair Value Income (Loss) |
| 2014 |  |  | 2013 |  |  | 2012 |  |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Swaps | $ | 367,484 |  |  | $ | (48,492 | ) |  | $ | 11,601 |  |  | $ | ¾ |  |  | $ | (2,034 | ) |  | $ | (657 | ) |  | $ | 367,484 |  |  | $ | (50,526 | ) |  | $ | 10,944 |
Re-purchased swaps |  | ¾ |  |  |  | 1,323 |  |  |  | 9,313 |  |  |  | ¾ |  |  |  | ¾ |  |  |  | ¾ |  |  |  | ¾ |  |  |  | 1,323 |  |  |  | 9,313 |
Collars |  | 42,836 |  |  |  | (15,166 | ) |  |  | 5,126 |  |  |  | ¾ |  |  |  | (896 | ) |  |  | 1,782 |  |  |  | 42,836 |  |  |  | (16,062 | ) |  |  | 6,908 |
Call options |  | ¾ |  |  |  | ¾ |  |  |  | 13,178 |  |  |  | ¾ |  |  |  | ¾ |  |  |  | — |  |  |  | ¾ |  |  |  | ¾ |  |  |  | 13,178 |
Put options |  | ¾ |  |  |  | ¾ |  |  |  | (30 | ) |  |  | ¾ |  |  |  | ¾ |  |  |  | — |  |  |  | ¾ |  |  |  | ¾ |  |  |  | (30 | )
Basis swaps |  | (26,800 | ) |  |  | 3,440 |  |  |  | 1,124 |  |  |  | ¾ |  |  |  | ¾ |  |  |  | — |  |  |  | (26,800 | ) |  |  | 3,440 |  |  |  | 1,124 |
Total | $ | 383,520 |  |  | $ | (58,895 | ) |  | $ | 40,312 |  |  | $ | ¾ |  |  | $ | (2,930 | ) |  | $ | 1,125 |  |  | $ | 383,520 |  |  | $ | (61,825 | ) |  | $ | 41,437 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959 Reference 2: 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 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=35706170&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 1A -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959 Reference 5: 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=35706170&loc=SL5580258-113959 Reference 6: 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=35706170&loc=SL5579240-113959 Reference 7: 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=35706170&loc=d3e41641-113959 Reference 8: 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=35706170&loc=d3e41638-113959 Reference 9: 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=35706170&loc=SL5624171-113959 Reference 10: 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=35706170&loc=SL5624163-113959 Reference 11: 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)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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