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Derivative Activities (Tables) | 9 Months Ended
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Sep. 30, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivative Volumes Hedged and Average Hedge Prices | The following table sets forth our commodity-based derivative volumes by year as of September 30, 2016, excluding our basis and freight swaps which are discussed separately below:
Period |  | Contract Type |  | Volume Hedged |  | Weighted Average Hedge Price
Natural Gas |  |  |  |  |  |
2016 |  | Swaps (1) |  | 901,739 Mmbtu/day |  | $ 3.32
2017 |  | Swaps (1) |  | 478,192 Mmbtu/day |  | $ 3.14
2018 |  | Swaps |  | 70,000 Mmbtu/day |  | $ 2.92
2016 |  | Collar (1) |  | 32,609 Mmbtu/day |  | $ 4.00-$ 4.71
2017 |  | Collar (1) |  | 34,521 Mmbtu/day |  | $ 4.00-$ 5.06
2016 |  | Purchased Put (1) |  | 218,478 Mmbtu/day |  | $ 3.54 (2)
2017 |  | Purchased Put (1) |  | 175,890 Mmbtu/day |  | $ 3.48 (3)
Crude Oil |  |  |  |  |  |
2016 |  | Swaps (1) |  | 8,640 bbls/day |  | $ 69.49
2017 |  | Swaps (1) |  | 5,416 bbls/day |  | $ 57.18
2018 |  | Swaps |  | 500 bbls/day |  | $ 54.25
2016 |  | Collar (1) |  | 848 bbls/day |  | $ 80.00-$ 99.70
NGLs (C2-Ethane) |  |  |  |  |  |
2016 |  | Swaps (1) |  | 5,839 bbls/day |  | $ 0.46/gallon
2017 |  | Swaps |  | 3,000 bbls/day |  | $ 0.27/gallon
NGLs (C3-Propane) |  |  |  |  |  |
2016 |  | Swaps (1) |  | 11,142 bbls/day |  | $ 0.75/gallon
2017 |  | Swaps |  | 6,966 bbls/day |  | $ 0.52/gallon
NGLs (iC4-isobutane) |  |  |  |  |  |
2016 |  | Swaps (1) |  | 1,969 bbls/day |  | $ 1.21/gallon
NGLs (NC4-Normal Butane) |  |  |  |  |  |
2016 |  | Swaps (1) |  | 6,071 bbls/day |  | $ 0.72/gallon
2017 |  | Swaps |  | 1,500 bbls/day |  | $ 0.65/gallon
NGLs (C5-Natural Gasoline) |  |  |  |  |  |
2016 |  | Swaps (1) |  | 8,142 bbls/day |  | $ 1.36/gallon
2017 |  | Swaps |  | 2,000 bbls/day |  | $ 0.98/gallon
(1) Includes derivative instruments assumed in connection with the Memorial Merger. (2) Weighted average deferred premium is ($0.34). (3) Weighted average deferred premium is ($0.32).
Combined Fair Value of Derivatives, by Consolidated Balance Sheets | The combined fair value of derivatives included in the accompanying consolidated balance sheets as of September 30, 2016 and December 31, 2015 is summarized below. 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. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):
|  |  | September 30, 2016 |
|  |  | 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 |  | $ | 68,069 |  |  | $ | (24,934 | ) |  | $ | 43,135 |
| –basis swaps |  |  | 15,066 |  |  |  | (1,191 | ) |  |  | 13,875 |
| –collars |  |  | 15,086 |  |  |  | ¾ |  |  |  | 15,086 |
| –puts |  |  | 50,792 |  |  |  | (145 | ) |  |  | 50,647 |
Crude oil | –swaps |  |  | 29,696 |  |  |  | (1,292 | ) |  |  | 28,404 |
| –collars |  |  | 2,416 |  |  |  | ¾ |  |  |  | 2,416 |
NGLs | –C2 ethane swaps |  |  | 6,332 |  |  |  | (185 | ) |  |  | 6,147 |
| –C3 propane swaps |  |  | 8,535 |  |  |  | (3,719 | ) |  |  | 4,816 |
| –C3 propane spread swaps |  |  | 12,585 |  |  |  | (8,506 | ) |  |  | 4,079 |
| –NC4 butane swaps |  |  | 1,282 |  |  |  | (371 | ) |  |  | 911 |
| –iC4 isobutane swaps |  |  | 3,557 |  |  |  | ¾ |  |  |  | 3,557 |
| –C5 natural gasoline swaps |  |  | 9,722 |  |  |  | (2,820 | ) |  |  | 6,902 |
Freight | –swaps |  |  | 2 |  |  |  | (157 | ) |  |  | (155 | )
|  |  | $ | 223,140 |  |  | $ | (43,320 | ) |  | $ | 179,820 |
|  |  | September 30, 2016 |
|  |  | 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 |  | $ | (31,557 | ) |  | $ | 24,934 |  |  | $ | (6,623 | )
| –basis swaps |  |  | (1,278 | ) |  |  | 1,191 |  |  |  | (87 | )
| –puts |  |  | ¾ |  |  |  | 145 |  |  |  | 145 |
Crude oil | –swaps |  |  | (2,456 | ) |  |  | 1,292 |  |  |  | (1,164 | )
NGLs | –C2 ethane swaps |  |  | (185 | ) |  |  | 185 |  |  |  | ¾ |
| –C3 propane swaps |  |  | (3,538 | ) |  |  | 3,719 |  |  |  | 181 |
| –C3 propane spread swaps |  |  | (8,506 | ) |  |  | 8,506 |  |  |  | ¾ |
| –NC4 butane swaps |  |  | (2,407 | ) |  |  | 371 |  |  |  | (2,036 | )
| –C5 natural gasoline swaps |  |  | (4,447 | ) |  |  | 2,820 |  |  |  | (1,627 | )
Freight | –swaps |  |  | (157 | ) |  |  | 157 |  |  |  | ¾ |
|  |  | $ | (54,531 | ) |  | $ | 43,320 |  |  | $ | (11,211 | )
|  | 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
| –basis swaps |  | 8,251 |  |  |  | (2,765 | ) |  |  | 5,486
Crude oil | –swaps |  | 38,699 |  |  |  | ¾ |  |  |  | 38,699
NGLs | –C3 propane swaps |  | 15,884 |  |  |  | ¾ |  |  |  | 15,884
| –C3 propane spread swaps |  | 2,497 |  |  |  | (2,497 | ) |  |  | ¾
| –NC4 butane swaps |  | 6,968 |  |  |  | ¾ |  |  |  | 6,968
| –C5 natural gasoline 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 |
| –basis swaps |  | (2,786 | ) |  |  | 2,765 |  |  |  | (21 | )
NGLs | –C3 propane spread swap |  | (3,633 | ) |  |  | 2,497 |  |  |  | (1,136 | )
| –C5 natural gasoline swaps |  | (81 | ) |  |  | 81 |  |  |  | ¾ |
|  | $ | (16,745 | ) |  | $ | 15,588 |  |  | $ | (1,157 | )
Effects of Derivatives on Consolidated Statements of Operations | The effects of our derivatives on our consolidated statements of operations are summarized below (in thousands):
|  | Three Months Ended September 30, |  |
|  | Derivative Fair Value Income (Loss) |  |
| 2016 |  |  |  | 2015 |  |
Commodity swaps | $ | 38,662 |  |  | $ | 198,245 |  |
Re-purchased swaps |  | ¾ |  |  |  | 1,683 |  |
Collars |  | 1,3 2 0 |  |  |  | 5,626 |  |
Puts |  | 2,842 |  |  |  | ¾ |  |
Basis swaps |  | 21,853 |  |  |  | (3,550 | ) |
Freight swaps |  | (121 | ) |  |  | ¾ |  |
Total | $ | 64,556 |  |  | $ | 202,004 |  |
\
|  | Nine Months Ended September 30, |  |
|  | Derivative Fair Value Income (Loss) |  |
| 2016 |  |  |  | 2015 |  |
Commodity swaps | $ | (40,270 | ) |  | $ | 281,921 |  |
Re-purchased swaps |  | ¾ |  |  |  | 1,683 |  |
Collars |  | 1,3 2 0 |  |  |  | 12,391 |  |
Puts |  | 2,842 |  |  |  | ¾ |  |
Basis swaps |  | 24,929 |  |  |  | (5,943 | ) |
Freight swaps |  | (155 | ) |  |  | ¾ |  |
Total | $ | (11,334 | ) |  | $ | 290,052 |  |

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