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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | As of June 30, 2014, the Company had the following outstanding commodity derivative instruments, all of which settle monthly based on the average WTI crude oil index price:
|  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted Average Deferred Premium |  |
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 |  | 1,855,500 |  |  |  |  |  |  | $ | 94.92 |  |  | $ | 106.16 |  |  |  |  | $ | (3,019 | )
2014 |  | Three-way collars |  | 1,615,500 |  |  |  |  | $ | 70.57 |  |  | $ | 90.57 |  |  | $ | 105.20 |  |  |  |  | (3,774 | )
2014 |  | Swaps |  | 1,858,500 |  |  | $ | 96.13 |  |  |  |  |  |  |  |  |  |  | (14,339 | )
2014 |  | Swaps with sub-floors |  | 1,098,000 |  |  | $ | 92.60 |  |  | $ | 70.00 |  |  |  |  |  |  |  |  | (12,194 | )
2015 |  | Two-way collars |  | 2,388,500 |  |  |  |  |  |  | $ | 87.98 |  |  | $ | 103.21 |  |  |  |  | (2,738 | )
2015 |  | Three-way collars |  | 263,500 |  |  |  |  | $ | 70.59 |  |  | $ | 90.59 |  |  | $ | 105.25 |  |  |  |  | (489 | )
2015 |  | Swaps |  | 5,263,500 |  |  | $ | 90.81 |  |  |  |  |  |  |  |  |  |  | (34,657 | )
2015 |  | Swaps with sub-floors |  | 186,000 |  |  | $ | 92.60 |  |  | $ | 70.00 |  |  |  |  |  |  |  |  | (1,544 | )
2015 |  | Deferred premium puts |  | 1,086,000 |  |  |  |  |  |  | $ | 90.00 |  |  |  |  | $ | 2.55 |  |  | (549 | )
2016 |  | Two-way collars |  | 155,000 |  |  |  |  |  |  | $ | 86.00 |  |  | $ | 103.42 |  |  |  |  | 92 |
2016 |  | Swaps |  | 310,000 |  |  | $ | 90.15 |  |  |  |  |  |  |  |  |  |  | (1,048 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (74,259 | )
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 Company’s Condensed Consolidated Balance Sheet for the periods presented:
Fair Value of Derivative Instrument Assets (Liabilities)
|  |  |  | Fair Value
Commodity |  | Balance Sheet Location |  | June 30, 2014 |  | December 31, 2013
|  |  |  | (In thousands)
Crude oil |  | Derivative instruments — current assets |  | $ | — |  |  | $ | 2,264 |
Crude oil |  | Derivative instruments — non-current assets |  | — |  |  | 1,333 |
Crude oil |  | Derivative instruments — current liabilities |  | (62,415 | ) |  | (8,188 | )
Crude oil |  | Derivative instruments — non-current liabilities |  | (11,844 | ) |  | (139 | )
Total derivative instruments |  |  |  | $ | (74,259 | ) |  | $ | (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 June 30, |  | Six Months Ended June 30,
| Statement of Operations Location |  | 2014 |  | 2013 |  | 2014 |  | 2013
|  |  | (In thousands)
Non-cash change in fair value of derivative instruments | Net gain (loss) on derivative instruments |  | $ | (54,165 | ) |  | $ | 11,345 |  |  | $ | (69,529 | ) |  | $ | (4,953 | )
Derivative settlements | Net gain (loss) on derivative instruments |  | (11,405 | ) |  | 1,246 |  |  | (13,644 | ) |  | 2,932 |
Total net gain (loss) on derivative instruments |  | $ | (65,570 | ) |  | $ | 12,591 |  |  | $ | (83,173 | ) |  | $ | (2,021 | )
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 June 30, 2014 |  | $ | 22,988 |  |  | $ | (22,988 | ) |  | $ | — |
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 June 30, 2014 |  | $ | 97,247 |  |  | $ | (22,988 | ) |  | $ | 74,259 |
As of December 31, 2013 |  | 27,473 |  |  | (19,146 | ) |  | 8,327 |

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