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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Derivative Instruments
As of September 30, 2013, the Company had the following outstanding commodity derivative instruments, all of which settle monthly based on the average WTI crude oil index price:
 
Settlement
Period
 
Derivative
Instrument
 
Total Notional
Amount of Oil
 
Weighted Average Prices
 
Fair Value
Asset
(Liability)
 
 
 
Swap
 
Sub-Floor
 
Floor
 
Ceiling
 
 
 
 
 
(Barrels)
 
($/Barrel)
 
(In thousands)
2013
 
Two-way collars
 
836,000

 
 
 
 
 
$
92.11

 
$
103.45

 
$
(2,636
)
2013
 
Three-way collars
 
832,330

 
 
 
$
67.63

 
92.01

 
110.97

 
(118
)
2013
 
Put spreads
 
168,670

 
 
 
70.89

 
90.89

 
 
 
4

2013
 
Swaps
 
880,500

 
$
97.29

 
 
 
 
 
 
 
(5,118
)
2014
 
Two-way collars
 
1,510,000

 
 
 
 
 
90.77

 
102.06

 
(159
)
2014
 
Three-way collars
 
3,530,530

 
 
 
70.30

 
90.65

 
105.64

 
2,497

2014
 
Put spreads
 
11,470

 
 
 
70.00

 
90.00

 
 
 
10

2014
 
Swaps
 
2,218,500

 
95.87

 
 
 
 
 
 
 
(2,486
)
2014
 
Swaps with sub-floors
 
2,004,000

 
92.60

 
70.00

 


 


 
(7,202
)
2015
 
Two-way collars
 
108,500

 


 
 
 
90.00

 
99.86

 
284

2015
 
Three-way collars
 
263,500

 
 
 
70.59

 
90.59

 
105.25

 
723

2015
 
Swaps
 
108,500

 
93.07

 
 
 
 
 
 
 
148

2015
 
Swaps with sub-floors
 
186,000

 
92.60

 
70.00

 
 
 
 
 
(80
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
(14,133
)
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,
2013
 
December 31, 2012
 
 
 
(In thousands)
Crude oil
Derivative instruments — current assets
 
$
374

 
$
19,016

Crude oil
Derivative instruments — non-current assets
 
3,405

 
4,981

Crude oil
Derivative instruments — current liabilities
 
(17,060
)
 
(1,048
)
Crude oil
Derivative instruments — non-current liabilities
 
(852
)
 
(380
)
Total derivative instruments
 
 
$
(14,133
)
 
$
22,569
Realized and Unrealized Gains and Losses from Commodity Derivative Instruments
The following table summarizes the location and amounts of 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
 
2013
 
2012
 
2013
 
2012
 
 
 
(In thousands)
Change in fair value of derivative instruments
Net gain (loss) on derivative instruments
 
$
(31,750
)
 
$
(27,690
)
 
$
(36,703
)
 
$
30,784

Derivative settlements
Net gain (loss) on derivative instruments
 
(8,067
)
 
5,249

 
(5,135
)
 
2,784

Total net gain (loss) on derivative instruments
 
 
$
(39,817
)
 
$
(22,441
)
 
$
(41,838
)
 
$
33,568
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
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset
in the Balance Sheet
 
Net Amounts of Assets Presented
in the Balance Sheet
 
 
(In thousands)
As of September 30, 2013
 
$
32,895

 
$
(29,116
)
 
$
3,779

As of December 31, 2012
 
68,970

 
(44,973
)
 
23,997

 
 
 
 
 
 
 
Offsetting of Derivative Liabilities
 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset
in the Balance Sheet
 
Net Amounts of Liabilities Presented
in the Balance Sheet
 
 
(In thousands)
As of September 30, 2013
 
$
47,028

 
$
(29,116
)
 
$
17,912

As of December 31, 2012
 
46,401

 
(44,973
)
 
1,428