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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Derivative Instruments
As of June 30, 2015, the Company had the following outstanding commodity derivative instruments, all of which settle monthly based on the average WTI:
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Deferred Premium
 
 
Settlement
Period
 
Derivative
Instrument
 
Total Notional
Amount of Oil
 
Weighted Average Prices
 
 
Fair Value
Asset
 
 
 
Swap
 
Floor
 
Ceiling
 
 
 
 
 
 
(Barrels)
 
($/Barrel)
 
 
 
(In thousands)
2015
 
Two-way collars
 
975,000

 
 
 
$
86.25

 
$
103.15

 
 
 
$
25,462

2015
 
Swaps
 
4,089,000

 
$
75.76

 
 
 
 
 
 
 
63,667

2015
 
Deferred premium puts
 
180,000

 
 
 
$
90.00

 
 
 
$
2.55

 
5,201

2016
 
Two-way collars
 
155,000

 
 
 
$
86.00

 
$
103.42

 
 
 
3,874

2016
 
Swaps
 
2,628,000

 
$
66.08

 
 
 
 
 
 
 
11,510

2017
 
Swaps
 
93,000

 
$
63.94

 
 
 
 
 
 
 
105

 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
109,819
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 Asset
Commodity
 
Balance Sheet Location
 
June 30, 2015
 
December 31, 2014
 
 
 
 
(In thousands)
Crude oil
 
Derivative instruments — current assets
 
$
108,742

 
$
302,159

Crude oil
 
Derivative instruments — non-current assets
 
1,077

 
13,348

Total derivative instruments
 
$
109,819

 
$
315,507
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 recorded in the Company’s Condensed Consolidated Statement of Operations for the periods presented:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Statement of Operations Location
 
2015
 
2014
 
2015
 
2014
 
 
(In thousands)
Net gain (loss) on derivative instruments
 
$
(39,424
)
 
$
(65,570
)
 
$
7,648

 
$
(83,173
)
Summary of Gross and Net Information about Commodity Derivative Assets
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, 2015
 
$
127,254

 
$
(17,435
)
 
$
109,819

As of December 31, 2014
 
331,121

 
(15,614
)
 
315,507
Summary of Gross and Net Information about Commodity Derivative Liabilities
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, 2015
 
$
17,435

 
$
(17,435
)
 
$
—

As of December 31, 2014
 
15,614

 
(15,614
)
 
—