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Derivative Activities (Tables) | 12 Months Ended
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Dec. 31, 2015
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, 2015:
Period |  | Contract Type |  | Volume Hedged |  | Weighted Average Hedge Price
Natural Gas |  |  |  |  |  |
2016 |  | Swaps |  | 745,874 Mmbtu/day |  | $3.24
2017 |  | Swaps |  | 20,000 Mmbtu/day |  | $3.49
Crude Oil |  |  |  |  |  |
2016 |  | Swaps |  | 4,247 bbls/day |  | $65.27
2017 |  | Swaps |  | 500 bbls/day |  | $55.00
NGLs (C3 - Propane) |  |  |  |  |  |
2016 |  | Swaps |  | 5,500 bbls/day |  | $0.60/gallon
NGLs (NC4 – Normal Butane) |  |  |  |  |  |
2016 |  | Swaps |  | 2,500 bbls/day |  | $0.72/gallon
NGLs (C5 - Natural Gasoline) |  |  |  |  |  |
2016 |  | Swaps |  | 2,749 bbls/day |  | $1.20/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, 2015 and 2014 is summarized below (in thousands). As of December 31, 2015, we are conducting derivative activities with seventeen counterparties, of which all but four are secured lenders in our bank credit facility. We believe all of these counterparties 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.
|  | December 31, 2015 |
|  | 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 | $ | 219,357 |  |  | $ | (10,245 | ) |  | $ | 209,112 |
| –natural gas basis swaps |  | 8,251 |  |  |  | (2,765 | ) |  |  | 5,486 |
Crude oil | –swaps |  | 38,699 |  |  |  | ¾ |  |  |  | 38,699 |
NGLs | –C3 swaps |  | 15,884 |  |  |  | ¾ |  |  |  | 15,884 |
| –C3 basis |  | 2,497 |  |  |  | (2,497 | ) |  |  | ¾ |
| –C4 swaps |  | 6,968 |  |  |  | ¾ |  |  |  | 6,968 |
| –C5 swaps |  | 12,694 |  |  |  | (81 | ) |  |  | 12,613 |
|  | $ | 304,350 |  |  | $ | (15,588 | ) |  | $ | 288,762 |
|  | December 31, 2015 |
|  | 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 | $ | (10,245 | ) |  | $ | 10,245 |  |  | $ | ¾ |
| –natural gas basis swaps |  | (2,786 | ) |  |  | 2,765 |  |  |  | (21 | )
NGLs | –C3 basis |  | (3,633 | ) |  |  | 2,497 |  |  |  | (1,136 | )
| –C5 swaps |  | (81 | ) |  |  | 81 |  |  |  | ¾ |
|  | $ | (16,745 | ) |  | $ | 15,588 |  |  | $ | (1,157 | )
|  | 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 |  |  | $ | − |
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) on our consolidated statements of operations for the last three years are summarized below (in thousands). Derivative fair value for the year ended December 31, 2014 includes no ineffective gains or losses compared to ineffective loss of $2.9 million in the year ended December 31, 2013.
|  | Year Ended December 31, |
|  | Derivative Fair Value Income (Loss) |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Swaps |  | $ | 398,020 |  |  | $ | 367,484 |  |  | $ | (50,526 | )
Re-purchased swaps |  |  | 851 |  |  |  | ¾ |  |  |  | 1,323 |
Collars |  |  | 16,539 |  |  |  | 42,836 |  |  |  | (16,062 | )
Basis swaps |  |  | 954 |  |  |  | (26,800 | ) |  |  | 3,440 |
Total |  | $ | 416,364 |  |  | $ | 383,520 |  |  | $ | (61,825 | )

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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 5 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959 Reference 2: 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=56946850&loc=SL5624163-113959 Reference 3: 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=56946850&loc=d3e41678-113959 Reference 4: 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=56946850&loc=d3e41638-113959 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=56946850&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 1A -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959 Reference 7: 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=56946850&loc=SL5624171-113959 Reference 8: 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 9: 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=56946850&loc=SL5579240-113959 Reference 10: 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=56946850&loc=d3e41620-113959 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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