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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Derivative Instruments
As of December 31, 2015, the Company had the following outstanding commodity derivative instruments, all of which settle monthly based on the NYMEX West Texas Intermediate crude oil index price (“WTI”):

Settlement
Period
 
Derivative
Instrument
 
Total Notional
Amount of Oil
 
Weighted Average Prices
 
Fair Value
Asset
(Liability)
 
 
 
Swap
 
Floor
 
Ceiling
 
 
 
 
 
(Barrels)
 
($/Barrel)
 
(In thousands)
2016
 
Two-way collars
 
155,000

 
 
 
$
86.00

 
$
103.42

 
7,464

2016
 
Swaps
 
9,452,000

 
$
54.89

 
 
 
 
 
132,233

2017
 
Swaps
 
2,049,000

 
$
53.17

 
 
 
 
 
15,109

2018
 
Swaps
 
124,000

 
$
53.62

 
 
 
 
 
667

 
 
 
 
 
 
 
 
 
 
 
 
$
155,473
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 as of December 31,
Commodity
 
Balance Sheet Location
 
2015
 
2014
 
 
 
 
(In thousands)
Crude oil
 
Derivative instruments — current assets
 
$
139,697

 
$
302,159

Crude oil
 
Derivative instruments — non-current assets
 
15,776

 
13,348

Total derivative instruments
 
 
 
$
155,473

 
$
315,507
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 recorded in the Company’s Consolidated Statement of Operations for the periods presented:
 
 
 
Year Ended December 31,
Statement of Operations Location
 
2015
 
2014
 
2013
 
 
(In thousands)
Net gain (loss) on derivative instruments
 
$
210,376

 
$
327,011

 
$
(35,432
)
Offsetting Derivative 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, 2015
 
$
155,473

 
$
—

 
$
155,473

As of December 31, 2014
 
$
331,121

 
$
(15,614
)
 
$
315,507

 
 
 
 
 
 
 
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, 2015
 
$
—

 
$
—

 
$
—

As of December 31, 2014
 
$
15,614

 
$
(15,614
)
 
$
—