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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2013
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | As of March 31, 2013, the Company had the following outstanding commodity derivative instruments, all of which settle monthly based on the average NYMEX West Texas Intermediate (“WTI”) crude oil index price:
Settlement Period |  | Derivative Instrument |  | Total Notional Amount of Oil |  |  | Average Swap Price |  |  | Average Sub-Floor Price |  |  | Average Floor Price |  |  | Average Ceiling Price |  |  | Fair Value Asset (Liability) |
|  |  |  | (Barrels) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (In thousands) |
2013 |  | Two-Way Collars |  |  | 1,512,500 |  |  |  |  |  |  |  |  |  |  | $ | 86.82 |  |  | $ | 97.75 |  |  | $ | (2,930 | )
2013 |  | Three-Way Collars |  |  | 1,685,750 |  |  |  |  |  |  | $ | 65.92 |  |  | $ | 92.45 |  |  | $ | 111.45 |  |  |  | 2,588 |
2013 |  | Put Spreads |  |  | 1,400,250 |  |  |  |  |  |  | $ | 70.76 |  |  | $ | 91.20 |  |  |  |  |  |  |  | 2,242 |
2013 |  | Swaps |  |  | 1,100,000 |  |  | $ | 94.55 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,366 | )
2014 |  | Two-Way Collars |  |  | 170,500 |  |  |  |  |  |  |  |  |  |  | $ | 86.82 |  |  | $ | 97.75 |  |  |  | (268 | )
2014 |  | Three-Way Collars |  |  | 2,695,030 |  |  |  |  |  |  | $ | 70.33 |  |  | $ | 90.79 |  |  | $ | 106.21 |  |  |  | 6,056 |
2014 |  | Put Spreads |  |  | 150,970 |  |  |  |  |  |  | $ | 71.03 |  |  | $ | 91.03 |  |  |  |  |  |  |  | 569 |
2014 |  | Swaps |  |  | 458,000 |  |  | $ | 92.80 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (311 | )
2015 |  | Three-Way Collars |  |  | 232,500 |  |  |  |  |  |  | $ | 70.67 |  |  | $ | 90.67 |  |  | $ | 105.81 |  |  |  | 660 |
2015 |  | Swaps |  |  | 31,000 |  |  | $ | 92.15 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,271 |
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 |  | March 31, 2013 |  |  | December 31, 2012 |
|  |  |  | (In thousands) |
Crude oil |  | Derivative instruments — current assets |  | $ | 5,647 |  |  | $ | 19,016 |
Crude oil |  | Derivative instruments — non-current assets |  |  | 5,284 |  |  |  | 4,981 |
Crude oil |  | Derivative instruments — current liabilities |  |  | (4,660 | ) |  |  | (1,048 | )
Crude oil |  | Derivative instruments — non-current liabilities |  |  | — |  |  |  | (380 | )
Total derivative instruments |  |  |  | $ | 6,271 |  |  | $ | 22,569 |
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 March 31, |
|  | Income Statement Location |  | 2013 |  |  | 2012 |
|  |  |  | (In thousands) |
Change in unrealized gain (loss) on derivative instruments |  | Net loss on derivative instruments |  | $ | (16,298 | ) |  | $ | (17,295 | )
Realized gain (loss) on derivative instruments |  | Net loss on derivative instruments |  |  | 1,686 |  |  |  | (1,291 | )
Total net loss on derivative instruments |  |  |  | $ | (14,612 | ) |  | $ | (18,586 | )
Summary of Gross and Net Information about Commodity Derivative Instruments | The following tables summarize gross and net information about the Company’s commodity derivative instruments for the periods presented:
Offsetting of Derivative Assets |  |  |  |  |  |  |  |  |
Derivative Instruments |  | Gross Amounts of Recognized Assets |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of Assets Presented in the Balance Sheet |
As of March 31, 2013 |  | $ | 32,140 |  |  | $ | (21,209 | ) |  | $ | 10,931 |
As of December 31, 2012 |  |  | 68,970 |  |  |  | (44,973 | ) |  |  | 23,997 |
Offsetting of Derivative Liabilities |  |  |  |  |  |  |  |  |
Derivative Instruments |  | Gross Amounts of Recognized Liabilities |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of Liabilities Presented in the Balance Sheet |
As of March 31, 2013 |  | $ | 25,869 |  |  | $ | (21,209 | ) |  | $ | 4,660 |
As of December 31, 2012 |  |  | 46,401 |  |  |  | (44,973 | ) |  |  | 1,428 |

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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=7476318&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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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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