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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Commodity Derivative Instruments
At September 30, 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

2,428,000

 Bbl

$
49.98

 
 
 
 
 
 

$
(3,220
)
Crude oil

2017

Two-way collar

728,000

 Bbl

 
 
 
 
$
46.25

 
$
54.37


(576
)
Crude oil

2017

Three-way collar

546,000

 Bbl

 
 
$
31.67

 
$
45.83

 
$
59.94


42

Crude oil

2018

Swaps

12,951,000

 Bbl

$
50.81

 
 
 
 
 
 

(13,746
)
Crude oil

2018

Two-way collar

1,250,000

 Bbl

 
 
 
 
$
48.19

 
$
53.33


(927
)
Crude oil

2018

Three-way collar

186,000

 Bbl

 
 
$
31.67

 
$
45.83

 
$
59.94


51

Crude oil

2019

Swaps

3,423,000

 Bbl

$
50.83

 
 
 
 
 
 

(846
)
Crude oil

2019

Two-way collar

93,000

 Bbl

 
 
 
 
$
48.67

 
$
53.07


(25
)
Crude oil
 
2020
 
Swaps
 
217,000

 Bbl
 
$
50.82

 
 
 
 
 
 
 
28

Natural gas
 
2017
 
Swaps
 
2,024,000

 Mmbtu
 
$
3.30

 
 
 
 
 
 
 
502

Natural gas
 
2018
 
Swaps
 
6,205,000

 Mmbtu
 
$
3.05

 
 
 
 
 
 
 
(3
)












 

 


$
(18,720
)
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 Statements of Operations for the periods presented:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Statement of Operations Location
 
2017
 
2016
 
2017
 
2016
 
 
(In thousands)
Net gain (loss) on derivative instruments
 
$
(54,310
)
 
$
20,847

 
$
52,297

 
$
(55,624
)
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 Sheets: 
 
 
 
 
September 30, 2017
Commodity
 
Balance Sheet Location
 
Gross Recognized Assets/Liabilities
 
Gross Amount Offset
 
Net Recognized Fair Value Assets/Liabilities
 
 
 
 
(In thousands)
Derivatives assets:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current assets
 
$
971

 
$
(279
)
 
$
692

Commodity contracts
 
Derivative instruments — non-current assets
 
2,197

 
(1,494
)
 
703

Total derivatives assets
 
$
3,168

 
$
(1,773
)
 
$
1,395

Derivatives liabilities:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current liabilities
 
$
24,590

 
$
(8,178
)
 
$
16,412

Commodity contracts
 
Derivative instruments — non-current liabilities
 
5,284

 
(1,581
)
 
3,703

Total derivatives liabilities
 
$
29,874

 
$
(9,759
)
 
$
20,115

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
Commodity
 
Balance Sheet Location
 
Gross Recognized Asset/Liabilities
 
Gross Amount Offset
 
Net Recognized Fair Value Asset/Liabilities
 
 
 
 
(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 Sheets: 
 
 
 
 
September 30, 2017
Commodity
 
Balance Sheet Location
 
Gross Recognized Assets/Liabilities
 
Gross Amount Offset
 
Net Recognized Fair Value Assets/Liabilities
 
 
 
 
(In thousands)
Derivatives assets:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current assets
 
$
971

 
$
(279
)
 
$
692

Commodity contracts
 
Derivative instruments — non-current assets
 
2,197

 
(1,494
)
 
703

Total derivatives assets
 
$
3,168

 
$
(1,773
)
 
$
1,395

Derivatives liabilities:
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative instruments — current liabilities
 
$
24,590

 
$
(8,178
)
 
$
16,412

Commodity contracts
 
Derivative instruments — non-current liabilities
 
5,284

 
(1,581
)
 
3,703

Total derivatives liabilities
 
$
29,874

 
$
(9,759
)
 
$
20,115

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
Commodity
 
Balance Sheet Location
 
Gross Recognized Asset/Liabilities
 
Gross Amount Offset
 
Net Recognized Fair Value Asset/Liabilities
 
 
 
 
(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