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Derivative Instruments (Tables)
 3 Months Ended
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
 
—

 
—

 
—