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Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | As of September 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 |  | 1,088,000 |  |  |  |  |  |  | $ | 95.07 |  |  | $ | 106.42 |  |  |  |  | $ | 4,893 |
2014 |  | Three-way collars |  | 842,000 |  |  |  |  | $ | 70.55 |  |  | $ | 90.55 |  |  | $ | 105.16 |  |  |  |  | 1,066 |
2014 |  | Swaps |  | 994,000 |  |  | $ | 96.32 |  |  |  |  |  |  |  |  |  |  | 3,942 |
2014 |  | Swaps with sub-floors |  | 552,000 |  |  | $ | 92.60 |  |  | $ | 70.00 |  |  |  |  |  |  |  |  | 690 |
2015 |  | Two-way collars |  | 2,388,500 |  |  |  |  |  |  | $ | 87.98 |  |  | $ | 103.21 |  |  |  |  | 9,574 |
2015 |  | Three-way collars |  | 263,500 |  |  |  |  | $ | 70.59 |  |  | $ | 90.59 |  |  | $ | 105.25 |  |  |  |  | 869 |
2015 |  | Swaps |  | 5,263,500 |  |  | $ | 90.81 |  |  |  |  |  |  |  |  |  |  | 14,093 |
2015 |  | Swaps with sub-floors |  | 186,000 |  |  | $ | 92.60 |  |  | $ | 70.00 |  |  |  |  |  |  |  |  | 538 |
2015 |  | Deferred premium puts |  | 1,086,000 |  |  |  |  |  |  | $ | 90.00 |  |  |  |  | $ | 2.55 |  |  | 2,919 |
2016 |  | Two-way collars |  | 155,000 |  |  |  |  |  |  | $ | 86.00 |  |  | $ | 103.42 |  |  |  |  | 692 |
2016 |  | Swaps |  | 310,000 |  |  | $ | 90.15 |  |  |  |  |  |  |  |  |  |  | 1,020 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 40,296 |
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 |  | September 30, 2014 |  | December 31, 2013
|  |  |  | (In thousands)
Crude oil |  | Derivative instruments — current assets |  | $ | 33,874 |  |  | $ | 2,264 |
Crude oil |  | Derivative instruments — non-current assets |  | 6,422 |  |  | 1,333 |
Crude oil |  | Derivative instruments — current liabilities |  | — |  |  | (8,188 | )
Crude oil |  | Derivative instruments — non-current liabilities |  | — |  |  | (139 | )
Total derivative instruments |  | $ | 40,296 |  |  | $ | (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 September 30, |  | Nine Months Ended September 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 |  | $ | 114,555 |  |  | $ | (31,750 | ) |  | $ | 45,026 |  |  | $ | (36,703 | )
Derivative settlements | Net gain (loss) on derivative instruments |  | (11,129 | ) |  | (8,067 | ) |  | (24,773 | ) |  | (5,135 | )
Total net gain (loss) on derivative instruments |  | $ | 103,426 |  |  | $ | (39,817 | ) |  | $ | 20,253 |  |  | $ | (41,838 | )
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, 2014 |  | $ | 56,752 |  |  | $ | (16,456 | ) |  | $ | 40,296 |
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 September 30, 2014 |  | $ | 16,456 |  |  | $ | (16,456 | ) |  | $ | — |
As of December 31, 2013 |  | 27,473 |  |  | (19,146 | ) |  | 8,327 |

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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 8 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959 Reference 2: 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 3: 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=35706170&loc=d3e41620-113959 Reference 4: 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=35706170&loc=SL5579245-113959 Reference 5: 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=35706170&loc=SL5580258-113959 Reference 6: 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=35706170&loc=SL5579240-113959 Reference 7: 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=35706170&loc=d3e41641-113959 Reference 8: 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=35706170&loc=d3e41638-113959 Reference 9: 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=35706170&loc=SL5624171-113959 Reference 10: 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=35706170&loc=SL5624163-113959 Reference 11: 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=26873400&loc=d3e23780-122690 + Details
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