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Derivative Instruments (Tables)
 6 Months Ended
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