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Derivative Activities (Tables) | 3 Months Ended
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Mar. 31, 2017
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 March 31, 2017, 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) |  | 844,245 Mmbtu/day |  | $ 3.19
2018 |  | Swaps |  | 417,260 Mmbtu/day |  | $ 3.25
2017 |  | Collars (1) |  | 123,818 Mmbtu/day |  | $ 3.46–$ 4.12
2018 |  | Collars |  | 7,397 Mmbtu/day |  | $ 3.40–$ 3.75
2017 |  | Purchased Puts (1) |  | 178,909 Mmbtu/day |  | $ 3.49 (2)
2017 |  | Sold Calls |  | 9,041 Mmbtu/day |  | $ 3.75 (3)
Crude Oil |  |  |  |  |  |
2017 |  | Swaps (1) |  | 8,782 bbls/day |  | $ 56.00
2018 |  | Swaps |  | 3,500 bbls/day |  | $ 53.81
2019 |  | Swaps |  | 250 bbls/day |  | $ 51.00
NGLs (C2-Ethane) |  |  |  |  |  |
2017 |  | Swaps |  | 3,000 bbls/day |  | $ 0.27/gallon
2018 |  | Swaps |  | 124 bbls/day |  | $ 0.29/gallon
NGLs (C3-Propane) |  |  |  |  |  |
2017 |  | Swaps |  | 13,895 bbls/day |  | $ 0.57/gallon
2018 |  | Swaps |  | 7,199 bbls/day |  | $0.65/gallon
NGLs (NC4-Normal Butane) |  |  |  |  |  |
2017 |  | Swaps |  | 7,750 bbls/day |  | $ 0.74/gallon
2018 |  | Swaps |  | 4,250 bbls/day |  | $ 0.81/gallon
NGLs (C5-Natural Gasoline) |  |  |  |  |  |
2017 |  | Swaps |  | 5,250 bbls/day |  | $ 1.06/gallon
2018 |  | Swaps |  | 1,500 bbls/day |  | $ 1.19/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 March 31, 2017 and December 31, 2016 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):
|  |  | March 31, 2017 |
|  |  | 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 |  | $ | 28,756 |  |  | $ | (19,019 | ) |  | $ | 9,737 |
| –basis swaps |  |  | 905 |  |  |  | (3,330 | ) |  |  | (2,425 | )
| –collars |  |  | 9,650 |  |  |  | (1,435 | ) |  |  | 8,215 |
| –puts |  |  | 19,563 |  |  |  | (4,609 | ) |  |  | 14,954 |
| –calls |  |  | — |  |  |  | (531 | ) |  |  | (531 | )
Crude oil | –swaps |  |  | 14,026 |  |  |  | (1,532 | ) |  |  | 12,494 |
NGLs | –C2 ethane swaps |  |  | 507 |  |  |  | (251 | ) |  |  | 256 |
| –C3 propane swaps |  |  | 4,531 |  |  |  | (4,892 | ) |  |  | (361 | )
| –C3 propane spread swaps |  |  | 11,812 |  |  |  | (11,812 | ) |  |  | — |
| –NC4 butane swaps |  |  | 6,970 |  |  |  | (3,258 | ) |  |  | 3,712 |
| –C5 natural gasoline swaps |  |  | 2,405 |  |  |  | (2,211 | ) |  |  | 194 |
Freight | –swaps |  |  | 116 |  |  |  | (116 | ) |  |  | — |
|  |  | $ | 99,241 |  |  | $ | (52,996 | ) |  | $ | 46,245 |
|  |  | March 31, 2017 |
|  |  | 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 |  | $ | (55,204 | ) |  | $ | 19,019 |  |  | $ | (36,185 | )
| –basis swaps |  |  | (21,287 | ) |  |  | 3,330 |  |  |  | (17,957 | )
| –collars |  |  | — |  |  |  | 1,435 |  |  |  | 1,435 |
| –puts |  |  | — |  |  |  | 4,609 |  |  |  | 4,609 |
| –calls |  |  | (531 | ) |  |  | 531 |  |  |  | — |
Crude oil | –swaps |  |  | (1,308 | ) |  |  | 1,532 |  |  |  | 224 |
NGLs | –C2 ethane swaps |  |  | (137 | ) |  |  | 251 |  |  |  | 114 |
| –C3 propane swaps |  |  | (12,164 | ) |  |  | 4,892 |  |  |  | (7,272 | )
| –C3 propane spread swaps |  |  | (11,321 | ) |  |  | 11,812 |  |  |  | 491 |
| –NC4 butane swaps |  |  | (3,395 | ) |  |  | 3,258 |  |  |  | (137 | )
| –C5 natural gasoline swaps |  |  | (4,877 | ) |  |  | 2,211 |  |  |  | (2,666 | )
Freight | –swaps |  |  | — |  |  |  | 116 |  |  |  | 116 |
|  |  | $ | (110,224 | ) |  | $ | 52,996 |  |  | $ | (57,228 | )
|  |  | 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 | )
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 March 31, |  |
|  | Derivative Fair Value Income (Loss) |  |
| 2017 |  |  |  | 2016 |  |
Commodity swaps | $ | 166,752 |  |  | $ | 79,644 |  |
Collars |  | 9,475 |  |  |  | — |  |
Puts |  | 6,707 |  |  |  | — |  |
Calls |  | 510 |  |  |  | — |  |
Basis swaps |  | (17,972 | ) |  |  | 7,275 |  |
Freight swaps |  | 85 |  |  |  | (11 | ) |
Total | $ | 165,557 |  |  | $ | 86,908 |  |

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