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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Derivative Instruments
As of December 31, 2014, the Company had the following outstanding commodity derivative instruments, all of which settle monthly based on the WTI crude oil index price:
 
Settlement
Period
 
Derivative
Instrument
 
Total Notional
Amount of Oil
 
Weighted Average Prices
 
Weighted Average Deferred Premium
 
Fair Value
Asset
(Liability)
 
 
 
Swap
 
Sub-Floor
 
Floor
 
Ceiling
 
 
 
 
 
 
(Barrels)
 
($/Barrel)
 
 
 
(In thousands)
2015
 
Two-way collars
 
2,388,500

 

 


 
$
87.98

 
$
103.21

 
 
 
$
75,271

2015
 
Three-way collars
 
263,500

 

 
$
70.59

 
$
90.59

 
$
105.25

 
 
 
5,270

2015
 
Swaps
 
5,263,500

 
$
90.81

 


 


 


 
 
 
181,980

2015
 
Swaps with sub-floors
 
186,000

 
$
92.60

 
$
70.00

 


 


 
 
 
4,204

2015
 
Deferred premium puts
 
1,086,000

 
 
 
 
 
$
90.00

 
 
 
$
2.55

 
35,434

2016
 
Two-way collars
 
155,000

 
 
 
 
 
$
86.00

 
$
103.42

 
 
 
4,138

2016
 
Swaps
 
310,000

 
$
90.15

 
 
 
 
 
 
 
 
 
9,210

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
315,507
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 Consolidated Balance Sheet for the periods presented:

Fair Value of Derivative Instrument Assets (Liabilities)
 
 
 
 
Fair Value as of December 31,
Commodity
 
Balance Sheet Location
 
2014
 
2013
 
 
 
 
(In thousands)
Crude oil
 
Derivative instruments — current assets
 
$
302,159

 
$
2,264

Crude oil
 
Derivative instruments — non-current assets
 
13,348

 
1,333

Crude oil
 
Derivative instruments — current liabilities
 
—

 
(8,188
)
Crude oil
 
Derivative instruments — non-current liabilities
 
—

 
(139
)
Total derivative instruments
 
 
 
$
315,507

 
$
(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:
 
 
 
Year Ended December 31,
Statement of Operations Location
 
2014
 
2013
 
2012
 
 
(In thousands)
Net gain (loss) on derivative instruments
 
$
327,011

 
$
(35,432
)
 
$
34,164
Offsetting assets and liabilities
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 December 31, 2014
 
$
331,121

 
$
(15,614
)
 
$
315,507

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 December 31, 2014
 
$
15,614

 
$
(15,614
)
 
$
—

As of December 31, 2013
 
$
27,473

 
$
(19,146
)
 
$
8,327