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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Derivative Instruments
At June 30, 2016, the Company had the following outstanding commodity derivative instruments, all of which settle monthly based on the average WTI:
Settlement
Period
 
Derivative
Instrument
 
Total Notional
Amount of Oil
 
Weighted Average Prices
 
Fair Value
Asset (Liability)
 
 
 
Swap
 
Sub-Floor
 
Floor
 
Ceiling
 
 
 
 
 
(Barrels)
 
($/Barrel)
 
(In thousands)
2016
 
Swaps
 
5,886,000

 
$
49.64

 
 
 
 
 
 
 
$
1,157

2017
 
Swaps
 
4,694,000

 
$
47.79

 
 
 
 
 
 
 
(18,429
)
2017
 
Two-way collars
 
668,000

 
 
 
 
 
$
40.00

 
$
47.58

 
(4,427
)
2017
 
Three-way collars
 
1,336,000

 

 
$
30.00

 
$
45.00

 
$
59.39

 
(923
)
2018
 
Swaps
 
310,000

 
$
47.68

 
 
 

 

 
(1,519
)
2018
 
Two-way collars
 
62,000

 
 
 
 
 
$
40.00

 
$
47.58

 
(453
)
2018
 
Three-way collars
 
124,000

 
 
 
$
30.00

 
$
45.00

 
$
59.39

 
(194
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
(24,788
)
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: 
 
 
 
 
Fair Value Asset (Liability)
Commodity
 
Balance Sheet Location
 
June 30, 2016
 
December 31, 2015
 
 
 
 
(In thousands)
Crude oil
 
Derivative instruments — current assets
 
$
10,330

 
$
139,697

Crude oil
 
Derivative instruments — non-current assets
 
64

 
15,776

Crude oil
 
Derivative instruments — current liabilities
 
(20,891
)
 
—

Crude oil
 
Derivative instruments — non-current liabilities
 
(14,291
)
 
—

Total derivative instruments
 
$
(24,788
)
 
$
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 June 30,
 
Six Months Ended June 30,
Statement of Operations Location
 
2016
 
2015
 
2016
 
2015
 
 
(In thousands)
Net gain (loss) on derivative instruments
 
$
(90,846
)
 
$
(39,424
)
 
$
(76,471
)
 
$
7,648
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:
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)
At June 30, 2016
 
$
24,900

 
$
(14,506
)
 
$
10,394

At 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)
At June 30, 2016
 
$
49,688

 
$
(14,506
)
 
$
35,182

At December 31, 2015
 
—

 
—

 
—