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Derivative Activities (Tables) | 12 Months Ended
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Dec. 31, 2016
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, 2016, excluding our basis and freight swaps which are discussed separately below:
Period |  | Contract Type |  | Volume Hedged |  | Weighted Average Hedge Price
Natural Gas |  |  |  |  |  |
2017 |  | Swaps (1) |  | 840,692 Mmbtu/day |  | $ 3.19
2018 |  | Swaps |  | 276,712 Mmbtu/day |  | $ 3.12
2017 |  | Collar (1) |  | 42,750 Mmbtu/day |  | $ 3.48-$ 4.15
2017 |  | Purchased Put (1) |  | 175,890 Mmbtu/day |  | $ 3.48 (2)
2017 |  | Sold Call |  | 9,041 Mmbtu/day |  | $ 3.75 (3)
Crude Oil |  |  |  |  |  |
2017 |  | Swaps (1) |  | 8,542 bbls/day |  | $ 55.77
2018 |  | Swaps |  | 2,750 bbls/day |  | $ 54.24
NGLs (C2-Ethane) |  |  |  |  |  |
2017 |  | Swaps |  | 3,000 bbls/day |  | $ 0.27/gallon
NGLs (C3-Propane) |  |  |  |  |  |
2017 |  | Swaps |  | 11,610 bbls/day |  | $ 0.55/gallon
2018 |  | Swaps |  | 5,699 bbls/day |  | $ 0.65/gallon
NGLs (NC4-Normal Butane) |  |  |  |  |  |
2017 |  | Swaps |  | 7,000 bbls/day |  | $ 0.73/gallon
2018 |  | Swaps |  | 2,000 bbls/day |  | $ 0.78/gallon
NGLs (C5-Natural Gasoline) |  |  |  |  |  |
2017 |  | Swaps |  | 5,250 bbls/day |  | $ 1.06/gallon
2018 |  | Swaps |  | 1,000 bbls/day |  | $ 1.18/gallon
(1) Includes derivative instruments assumed in connection with the MRD Merger. (2) Weighted average deferred premium is ($0.32). (3) Weighted average deferred premium is $0.31.
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, 2016 and 2015 is summarized below (in thousands). As of December 31, 2016, we are conducting derivative activities with twenty-two counterparties, of which all but five 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, 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 |  | $ | 13,213 |  |  | $ | (11,425 | ) |  | $ | 1,788 |
| –basis swaps |  |  | 12,535 |  |  |  | (9,437 | ) |  |  | 3,098 |
| –collars |  |  | 6,298 |  |  |  | (6,298 | ) |  |  | — |
| –puts |  |  | 18,159 |  |  |  | (15,429 | ) |  |  | 2,730 |
Crude oil | –swaps |  |  | 9,356 |  |  |  | (3,489 | ) |  |  | 5,867 |
NGLs | –C2 ethane swaps |  |  | 53 |  |  |  | (53 | ) |  |  | — |
| –C3 propane spread swaps |  |  | 17,396 |  |  |  | (17,396 | ) |  |  | — |
| –NC4 butane swaps |  |  | 4 |  |  |  | (4 | ) |  |  | — |
Freight | –swaps |  |  | 65 |  |  |  | (65 | ) |  |  | — |
|  |  | $ | 77,079 |  |  | $ | (63,596 | ) |  | $ | 13,483 |
|  |  | December 31, 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 |  | $ | (158,359 | ) |  | $ | 11,425 |  |  | $ | (146,934 | )
| –basis swaps |  |  | (687 | ) |  |  | 9,437 |  |  |  | 8,750 |
| –collars |  |  | (2,625 | ) |  |  | 6,298 |  |  |  | 3,673 |
| –puts |  |  | — |  |  |  | 15,429 |  |  |  | 15,429 |
| –calls |  |  | (1,041 | ) |  |  | — |  |  |  | (1,041 | )
Crude oil | –swaps |  |  | (13,206 | ) |  |  | 3,489 |  |  |  | (9,717 | )
NGLs | –C2 ethane swaps |  |  | (1,008 | ) |  |  | 53 |  |  |  | (955 | )
| –C3 propane swaps |  |  | (32,437 | ) |  |  | — |  |  |  | (32,437 | )
| –C3 propane spread swaps |  |  | (18,138 | ) |  |  | 17,396 |  |  |  | (742 | )
| –NC4 butane swaps |  |  | (13,419 | ) |  |  | 4 |  |  |  | (13,415 | )
| –C5 natural gasoline swaps |  |  | (12,176 | ) |  |  | — |  |  |  | (12,176 | )
Freight | –swaps |  |  | — |  |  |  | 65 |  |  |  | 65 |
|  |  | $ | (253,096 | ) |  | $ | 63,596 |  |  | $ | (189,500 | )
|  | 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 |  |  |  | — |  |  |  | 38,699 |
NGLs | –C3 swaps |  | 15,884 |  |  |  | — |  |  |  | 15,884 |
| –C3 propane spread swaps |  | 2,497 |  |  |  | (2,497 | ) |  |  | — |
| –C4 swaps |  | 6,968 |  |  |  | — |  |  |  | 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 |  |  | $ | — |
| –natural gas basis swaps |  | (2,786 | ) |  |  | 2,765 |  |  |  | (21 | )
NGLs | –C3 propane spread swaps |  | (3,633 | ) |  |  | 2,497 |  |  |  | (1,136 | )
| –C5 swaps |  | (81 | ) |  |  | 81 |  |  |  | — |
|  | $ | (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 for the last three years are summarized below (in thousands).
|  | Year Ended December 31, |
|  | Derivative Fair Value Income (Loss) |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Commodity Swaps |  | $ | (265,466 | ) |  | $ | 398,020 |  |  | $ | 367,484 |
Re-purchased swaps |  |  | — |  |  |  | 851 |  |  |  | — |
Collars |  |  | (6,926 | ) |  |  | 16,539 |  |  |  | 42,836 |
Basis swaps |  |  | 29,154 |  |  |  | 954 |  |  |  | (26,800 | )
Puts |  |  | (18,201 | ) |  |  | — |  |  |  | — |
Calls |  |  | (18 | ) |  |  | — |  |  |  | — |
Freight swaps |  |  | 66 |  |  |  | — |  |  |  | — |
Total |  | $ | (261,391 | ) |  | $ | 416,364 |  |  | $ | 383,520 |

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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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&loc=SL5624171-113959 Reference 8: 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 9: 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 10: 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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