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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Derivative Instruments
As of March 31, 2014, 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)
2014
 
Two-way collars
 
993,500

 
 
 
 
 
$
90.00

 
$
100.91

 
$
(1,433
)
2014
 
Three-way collars
 
2,581,500

 
 
 
$
70.53

 
$
90.53

 
$
105.13

 
(339
)
2014
 
Swaps
 
3,094,500

 
$
96.45

 
 
 
 
 
 
 
(7,101
)
2014
 
Swaps with sub-floors
 
1,650,000

 
$
92.60

 
$
70.00

 
 
 
 
 
(9,636
)
2015
 
Two-way collars
 
108,500

 
 
 
 
 
$
90.00

 
$
99.86

 
71

2015
 
Three-way collars
 
263,500

 
 
 
$
70.59

 
$
90.59

 
$
105.25

 
458

2015
 
Swaps
 
3,384,500

 
$
90.27

 
 
 
 
 
 
 
(2,164
)
2015
 
Swaps with sub-floors
 
186,000

 
$
92.60

 
$
70.00

 
 
 
 
 
(349
)
2016
 
Swaps
 
186,000

 
$
89.39

 
 
 
 
 
 
 
399

 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
(20,094
)
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, 2014
 
December 31, 2013
 
 
 
 
(In thousands)
Crude oil
 
Derivative instruments — current assets
 
$
778

 
$
2,264

Crude oil
 
Derivative instruments — non-current assets
 
470

 
1,333

Crude oil
 
Derivative instruments — current liabilities
 
(20,663
)
 
(8,188
)
Crude oil
 
Derivative instruments — non-current liabilities
 
(679
)
 
(139
)
Total derivative instruments
 
 
 
$
(20,094
)
 
$
(4,730
)
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 
 March 31,
 
Statement of Operations Location
 
2014
 
2013
 
 
 
(In thousands)
Change in fair value of derivative instruments
Net loss on derivative instruments
 
$
(15,364
)
 
$
(16,298
)
Derivative settlements
Net loss on derivative instruments
 
(2,239
)
 
1,686

Total net loss on derivative instruments
 
 
$
(17,603
)
 
$
(14,612
)
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 March 31, 2014
 
$
23,775

 
$
(22,527
)
 
$
1,248

As of December 31, 2013
 
22,743

 
(19,146
)
 
3,597

 
 
 
 
 
 
 
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 March 31, 2014
 
$
43,869

 
$
(22,527
)
 
$
21,342

As of December 31, 2013
 
27,473

 
(19,146
)
 
8,327