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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Derivative Instruments
At March 31, 2017, 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

2017

Swaps

5,225,000

Bbl

$
49.60

 
 
 
 
 
 

$
(9,309
)
Crude oil

2017

Two-way collar

2,200,000

Bbl

 
 
 
 
$
46.25

 
$
54.37


(1,707
)
Crude oil

2017

Three-way collar

1,650,000

Bbl

 
 
$
31.67

 
$
45.83

 
$
59.94


562

Crude oil

2018

Swaps

2,440,000

Bbl

$
52.93

 
 
 
 
 
 

2,375

Crude oil

2018

Two-way collar

582,000

Bbl

 
 
 
 
$
48.40

 
$
55.13


28

Crude oil

2018

Three-way collar

186,000

Bbl

 
 
$
31.67

 
$
45.83

 
$
59.94


58

Crude oil

2019

Swaps

155,000

Bbl

$
53.88

 
 
 
 
 
 

351

Crude oil

2019

Two-way collar

31,000

Bbl

 
 
 
 
$
50.00

 
$
55.70


32

Natural gas
 
2017
 
Swaps
 
4,675,000

MMBtu
 
$
3.30

 
 
 
 
 
 
 
(55
)
Natural gas
 
2018
 
Swaps
 
3,650,000

MMBtu
 
$
3.00

 
 
 
 
 
 
 
(121
)












 

 


$
(7,786
)
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
 
2017
 
2016
 
 
(In thousands)
Net gain on derivative instruments
 
$
56,075

 
$
14,375
Summary of Gross and Net Information about Commodity Derivative Assets
The following table summarizes the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheet: 
 
 
 
 
March 31, 2017
Commodity
 
Balance Sheet Location
 
Gross Recognized Asset/Liabilities
 
Gross Amount Offset
 
Net Recognized Fair Value Asset/Liability
 
 
 
 
(In thousands)
Derivatives assets:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current assets
 
$
5,178

 
$
(2,152
)
 
$
3,026

Commodity contracts
 
Derivative instruments — non-current assets
 
5,148

 
(1,333
)
 
3,815

Total derivatives assets
 
 
 
$
10,326

 
$
(3,485
)
 
$
6,841

Derivatives liabilities:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current liabilities
 
$
21,480

 
$
(6,853
)
 
$
14,627

Total derivatives liabilities
 
$
21,480

 
$
(6,853
)
 
$
14,627

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
Commodity
 
Balance Sheet Location
 
Gross Recognized Asset/Liabilities
 
Gross Amount Offset
 
Net Recognized Fair Value Asset/Liability
 
 
 
 
(In thousands)
Derivatives assets:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current assets
 
$
482

 
$
(120
)
 
$
362

Total derivatives assets
 
 
 
$
482

 
$
(120
)
 
$
362

Derivatives liabilities:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current liabilities
 
$
66,838

 
$
(6,369
)
 
$
60,469

Commodity contracts
 
Derivative instruments — non-current liabilities
 
14,164

 
(2,450
)
 
11,714

Total derivatives liabilities
 
$
81,002

 
$
(8,819
)
 
$
72,183
Summary of Gross and Net Information about Commodity Derivative Liabilities
The following table summarizes the location and fair value of all outstanding commodity derivative instruments recorded in the Company’s Condensed Consolidated Balance Sheet: 
 
 
 
 
March 31, 2017
Commodity
 
Balance Sheet Location
 
Gross Recognized Asset/Liabilities
 
Gross Amount Offset
 
Net Recognized Fair Value Asset/Liability
 
 
 
 
(In thousands)
Derivatives assets:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current assets
 
$
5,178

 
$
(2,152
)
 
$
3,026

Commodity contracts
 
Derivative instruments — non-current assets
 
5,148

 
(1,333
)
 
3,815

Total derivatives assets
 
 
 
$
10,326

 
$
(3,485
)
 
$
6,841

Derivatives liabilities:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current liabilities
 
$
21,480

 
$
(6,853
)
 
$
14,627

Total derivatives liabilities
 
$
21,480

 
$
(6,853
)
 
$
14,627

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
Commodity
 
Balance Sheet Location
 
Gross Recognized Asset/Liabilities
 
Gross Amount Offset
 
Net Recognized Fair Value Asset/Liability
 
 
 
 
(In thousands)
Derivatives assets:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current assets
 
$
482

 
$
(120
)
 
$
362

Total derivatives assets
 
 
 
$
482

 
$
(120
)
 
$
362

Derivatives liabilities:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current liabilities
 
$
66,838

 
$
(6,369
)
 
$
60,469

Commodity contracts
 
Derivative instruments — non-current liabilities
 
14,164

 
(2,450
)
 
11,714

Total derivatives liabilities
 
$
81,002

 
$
(8,819
)
 
$
72,183