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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2012
Schedule of Outstanding Commodity Derivative Instruments | As of September 30, 2012, the Company had the following outstanding commodity derivative instruments, all of which settle monthly based on the average West Texas Intermediate crude oil index price:
Settlement Period |  | Derivative Instrument |  | Total Notional Amount of Oil (Barrels) |  |  | Average Swap Price |  |  | Average Sub-Floor Price |  |  | Average Floor Price |  |  | Average Ceiling Price |  |  | Fair Value Asset (Liability) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (In thousands) |
2012 |  | Two-Way Collars |  |  | 819,000 |  |  |  |  |  |  |  |  |  |  | $ | 88.61 |  |  | $ | 105.59 |  |  | $ | 975 |
2012 |  | Three-Way Collars |  |  | 910,000 |  |  |  |  |  |  | $ | 66.25 |  |  | $ | 90.25 |  |  | $ | 110.04 |  |  |  | 841 |
2012 |  | Swaps |  |  | 91,000 |  |  | $ | 94.61 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 130 |
2013 |  | Two-Way Collars |  |  | 1,782,000 |  |  |  |  |  |  |  |  |  |  | $ | 86.50 |  |  | $ | 98.93 |  |  |  | (1,164 | )
2013 |  | Three-Way Collars |  |  | 2,023,420 |  |  |  |  |  |  | $ | 65.30 |  |  | $ | 92.51 |  |  | $ | 112.63 |  |  |  | 8,561 |
2013 |  | Put Spreads |  |  | 1,717,080 |  |  |  |  |  |  | $ | 70.71 |  |  | $ | 91.24 |  |  |  |  |  |  |  | 9,931 |
2013 |  | Swaps |  |  | 699,000 |  |  | $ | 96.41 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,850 |
2014 |  | Two-Way Collars |  |  | 139,500 |  |  |  |  |  |  |  |  |  |  | $ | 86.11 |  |  | $ | 97.69 |  |  |  | (84 | )
2014 |  | Three-Way Collars |  |  | 1,495,030 |  |  |  |  |  |  | $ | 70.60 |  |  | $ | 91.43 |  |  | $ | 110.30 |  |  |  | 3,229 |
2014 |  | Put Spreads |  |  | 150,970 |  |  |  |  |  |  | $ | 71.03 |  |  | $ | 91.03 |  |  |  |  |  |  |  | 1,019 |
2014 |  | Swaps |  |  | 62,000 |  |  | $ | 96.49 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 215 |
2015 |  | Three-Way Collars |  |  | 124,000 |  |  |  |  |  |  | $ | 71.25 |  |  | $ | 91.25 |  |  | $ | 109.96 |  |  |  | 231 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25,734 |
Schedule of Location and Fair Value of Outstanding Commodity Derivative Instruments | The following table summarizes the location and fair value of all outstanding commodity derivative instruments recorded in the balance sheet for the periods presented:
Fair Value of Derivative Instrument Assets (Liabilities) |
|  |  |  | Fair Value |
Commodity |  | Balance Sheet Location |  | September 30, 2012 |  |  | December 31, 2011 |
|  |  |  | (In thousands) |
Crude oil |  | Derivative instruments — current assets |  | $ | 17,320 |  |  | $ | — |
Crude oil |  | Derivative instruments — non-current assets |  |  | 10,047 |  |  |  | 4,362 |
Crude oil |  | Derivative instruments — current liabilities |  |  | (1,273 | ) |  |  | (5,907 | )
Crude oil |  | Derivative instruments — non-current liabilities |  |  | (360 | ) |  |  | (3,505 | )
Total derivative instruments |  |  |  | $ | 25,734 |  |  | $ | (5,050 | )
Realized and Unrealized Gains and Losses From Commodity Derivative Instruments | The following table summarizes the location and amounts of realized and unrealized gains and losses from the Company’s commodity derivative instruments for the periods presented:
|  |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | Income Statement Location |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
|  |  |  | (In thousands) |  |  | (In thousands) |
Change in unrealized gain (loss) on derivative instruments |  | Net gain (loss) on derivative instruments |  | $ | (27,690 | ) |  | $ | 71,403 |  |  | $ | 30,784 |  |  | $ | 71,936 |
Realized gain (loss) on derivative instruments |  | Net gain (loss) on derivative instruments |  |  | 5,249 |  |  |  | (179 | ) |  |  | 2,784 |  |  |  | (4,831 | )
Total net gain (loss) on derivative instruments |  |  |  | $ | (22,441 | ) |  | $ | 71,224 |  |  | $ | 33,568 |  |  | $ | 67,105 |

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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 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 2: 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=7476318&loc=d3e41678-113959 Reference 3: 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=7476318&loc=SL5580258-113959 Reference 4: 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=6881521&loc=d3e23780-122690 Reference 5: 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=7476318&loc=SL5579245-113959 Reference 6: 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 7: 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=7476318&loc=d3e41620-113959 Reference 8: 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=7476318&loc=SL5624163-113959 Reference 9: 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=7476318&loc=d3e41641-113959 Reference 10: 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=7476318&loc=SL5579240-113959 Reference 11: 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=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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