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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Outstanding Commodity Derivative Instruments | As of March 31, 2016, the Company had the following outstanding commodity derivative instruments, all of which settle monthly based on the average NYMEX West Texas Intermediate crude oil index price (“WTI”):
Settlement Period |  | Derivative Instrument |  | Total Notional Amount of Oil |  | Weighted Average Prices |  | Fair Value
|  |  | Swap |  | Floor |  | Ceiling |
|  |  |  | (Barrels) |  | ($/Barrel) |  | (In thousands)
2016 |  | Swaps |  | 8,707,000 |  |  | $ | 50.60 |  |  |  |  |  |  | $ | 82,960 |
2017 |  | Swaps |  | 3,967,000 |  |  | $ | 48.01 |  |  |  |  |  |  | 13,906 |
2017 |  | Two-way collars |  | 668,000 |  |  |  |  | $ | 40.00 |  |  | $ | 47.58 |  |  | (638 | )
2018 |  | Swaps |  | 279,000 |  |  | $ | 47.61 |  |  |  |  |  |  | 433 |
2018 |  | Two-way collars |  | 62,000 |  |  |  |  | $ | 40.00 |  |  | $ | 47.58 |  |  | (126 | )
|  |  |  |  |  |  |  |  |  |  |  | $ | 96,535 |
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 (Liability)
Commodity |  | Balance Sheet Location |  | March 31, 2016 |  | December 31, 2015
|  |  |  | (In thousands)
Crude oil |  | Derivative instruments — current assets |  | $ | 91,590 |  |  | $ | 139,697 |
Crude oil |  | Derivative instruments — non-current assets |  | 7,521 |  |  | 15,776 |
Crude oil |  | Derivative instruments — current liabilities |  | (1,018 | ) |  | — |
Crude oil |  | Derivative instruments — non-current liabilities |  | (1,558 | ) |  | — |
Total derivative instruments |  | $ | 96,535 |  |  | $ | 155,473 |
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 March 31,
Statement of Operations Location |  | 2016 |  | 2015
|  | (In thousands)
Net gain on derivative instruments |  | $ | 14,375 |  |  | $ | 47,072 |
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 March 31, 2016 |  | $ | 108,205 |  |  | $ | (9,094 | ) |  | $ | 99,111 |
As of December 31, 2015 |  | 155,473 |  |  | — |  |  | 155,473 |
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 March 31, 2016 |  | $ | 11,670 |  |  | $ | (9,094 | ) |  | $ | 2,576 |
As of December 31, 2015 |  | — |  |  | — |  |  | — |

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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 5 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959 Reference 2: 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=64837297&loc=SL5624163-113959 Reference 3: 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=64837297&loc=d3e41678-113959 Reference 4: 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=64837297&loc=d3e41638-113959 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=64837297&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 1A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959 Reference 7: 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=64837297&loc=SL5624171-113959 Reference 8: 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=64837297&loc=SL5579240-113959 Reference 9: 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=64837297&loc=d3e41620-113959 Reference 10: 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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