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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Included below is a discussion of various future commitments of the Company as of March 31, 2016. The commitments under these arrangements are not recorded in the accompanying Condensed Consolidated Balance Sheet. The amounts disclosed represent undiscounted cash flows on a gross basis, and no inflation elements have been applied. Lease obligations. The Company’s total rental commitments under leases for office space and other property and equipment as of March 31, 2016 were $24.6 million. Drilling contracts. As of March 31, 2016, the Company had certain drilling rig contracts with initial terms of one year or greater. In the event of early termination under these contracts, the Company would be obligated to pay approximately $1.8 million as of March 31, 2016 through the end of the primary terms of the contracts. Volume commitment agreements. As of March 31, 2016, the Company had certain agreements with an aggregate requirement to deliver or transport a minimum quantity of approximately 32.5 MMBbl of crude oil, 23.0 MMBbl of natural gas liquids and 221.8 Bcf of natural gas, prior to any applicable volume credits, within specified timeframes, all of which are ten years or less. The estimable future commitments under these agreements were approximately $446.2 million as of March 31, 2016. The future commitments under certain agreements cannot be estimated as they are based on fixed differentials relative to WTI under the agreements as compared to the differential relative to WTI for the Williston Basin for the production month. Purchase agreements. As of March 31, 2016, the Company had certain agreements for the purchase of fresh water with an aggregate future commitment of approximately $42.4 million. Litigation. The Company is party to various legal and/or regulatory proceedings from time to time arising in the ordinary course of business. While the ultimate outcome and impact to the Company cannot be predicted with certainty, the Company believes that all such matters are without merit and involve amounts which, if resolved unfavorably, either individually or in the aggregate, will not have a material adverse effect on its financial condition, results of operations or cash flows. When the Company determines that a loss is probable of occurring and is reasonably estimable, the Company accrues an undiscounted liability for such contingencies based on its best estimate using information available at the time. The Company discloses contingencies where an adverse outcome may be material, or in the judgment of management, the matter should otherwise be disclosed.

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