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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Derivative Instruments
At September 30, 2016, the Company had the following outstanding commodity derivative instruments:
Commodity

Settlement
Period

Derivative
Instrument

Volumes

Weighted Average Prices

Fair Value
Asset (Liability)




Swap

Sub-Floor

Floor

Ceiling



 

 






(In thousands)
Crude oil

2016

Swaps

2,973,000

Bbl

$
49.18











$
4,765

Crude oil

2017

Swaps

5,059,000

Bbl

$
48.04










(14,742
)
Crude oil

2017

Two-way collar

1,002,000

Bbl






$
41.67


$
50.58


(4,092
)
Crude oil

2017

Three-way collar

1,670,000

Bbl



$
30.00


$
45.00


$
60.11


241

Crude oil

2018

Swaps

522,000

Bbl

$
50.07








(1,349
)
Crude oil

2018

Two-way collar

93,000

Bbl





$
41.67


$
50.58


(471
)
Crude oil

2018

Three-way collar

155,000

Bbl



$
30.00


$
45.00


$
60.11


(122
)
Natural gas

2017

Swaps

1,336,000

MMbtu

$
3.12








52

Natural gas

2018

Swaps

124,000

MMbtu

$
3.12








(9
)

















$
(15,727
)
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)
Type
 
Balance Sheet Location
 
September 30, 2016
 
December 31, 2015
 
 
 
 
(In thousands)
Commodity contracts
 
Derivative instruments — current assets
 
$
9,142

 
$
139,697

Commodity contracts
 
Derivative instruments — non-current assets
 
194

 
15,776

Commodity contracts
 
Derivative instruments — current liabilities
 
(17,308
)
 
—

Commodity contracts
 
Derivative instruments — non-current liabilities
 
(7,755
)
 
—

Total derivative instruments
 
$
(15,727
)
 
$
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 September 30,
 
Nine Months Ended September 30,
Statement of Operations Location
 
2016
 
2015
 
2016
 
2015
 
 
(In thousands)
Net gain (loss) on derivative instruments
 
$
20,847

 
$
103,637

 
$
(55,624
)
 
$
111,285
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 September 30, 2016
 
$
23,713

 
$
(14,377
)
 
$
9,336

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 September 30, 2016
 
$
39,440

 
$
(14,377
)
 
$
25,063

At December 31, 2015
 
—

 
—

 
—