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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of contracts for oil and natural gas | The following is a summary of the Company’s open costless collar contracts for oil and natural gas at December 31, 2016.
|  |  |  | Notional Quantity (Bbl or MMBtu) |  | Weighted Average Price Floor ($/Bbl or $/MMBtu) |  | Weighted Average Price Ceiling ($/Bbl or $/MMBtu) |  | Fair Value of Liabilities (thousands)
Commodity |  | Calculation Period |  |  |  |
Oil |  | 01/01/2017 - 12/31/2017 |  | 2,760,000 |  |  | $ | 41.39 |  |  | $ | 51.88 |  |  | $ | (18,316 | )
Oil |  | 01/01/2018 - 12/31/2018 |  | 720,000 |  |  | $ | 43.75 |  |  | $ | 63.90 |  |  | (751 | )
Natural Gas |  | 01/01/2017 - 12/31/2017 |  | 16,860,000 |  |  | $ | 2.40 |  |  | $ | 3.59 |  |  | (5,887 | )
Total open derivative financial instruments |  |  |  |  |  |  |  | $ | (24,954 | )
Summary of offsetting assets | The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the consolidated balance sheets as of December 31, 2016 and December 31, 2015 (in thousands).
Derivative Instruments | Gross amounts recognized |  | Gross amounts netted in the consolidated balance sheets |  | Net amounts presented in the consolidated balance sheets
December 31, 2016 |  |  |  |  |
Current liabilities | $ | (24,203 | ) |  | $ | — |  |  | $ | (24,203 | )
Other liabilities | (751 | ) |  | — |  |  | (751 | )
Total | $ | (24,954 | ) |  | $ | — |  |  | $ | (24,954 | )
December 31, 2015 |  |  |  |  |
Current assets | $ | 16,767 |  |  | $ | (483 | ) |  | $ | 16,284 |
Current liabilities | (483 | ) |  | 483 |  |  | — |
Total | $ | 16,284 |  |  | $ | — |  |  | $ | 16,284 |
Summary of offsetting liabilities | The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the consolidated balance sheets as of December 31, 2016 and December 31, 2015 (in thousands).
Derivative Instruments | Gross amounts recognized |  | Gross amounts netted in the consolidated balance sheets |  | Net amounts presented in the consolidated balance sheets
December 31, 2016 |  |  |  |  |
Current liabilities | $ | (24,203 | ) |  | $ | — |  |  | $ | (24,203 | )
Other liabilities | (751 | ) |  | — |  |  | (751 | )
Total | $ | (24,954 | ) |  | $ | — |  |  | $ | (24,954 | )
December 31, 2015 |  |  |  |  |
Current assets | $ | 16,767 |  |  | $ | (483 | ) |  | $ | 16,284 |
Current liabilities | (483 | ) |  | 483 |  |  | — |
Total | $ | 16,284 |  |  | $ | — |  |  | $ | 16,284 |
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | The following table summarizes the location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments.
|  |  |  | Year Ended December 31,
Type of Instrument | Location in Statement of Operations | 2016 |  | 2015 |  | 2014
Derivative Instrument |  |  |  |  |  |  |  |
Oil |  | Revenues: Realized gain on derivatives |  | $ | 5,851 |  |  | $ | 62,259 |  |  | $ | 5,221 |
Natural Gas |  | Revenues: Realized gain (loss) on derivatives |  | 3,435 |  |  | 12,653 |  |  | (718 | )
Natural Gas Liquids (NGL) |  | Revenues: Realized gain on derivatives |  | — |  |  | 2,182 |  |  | 519 |
Realized gain on derivatives |  |  |  | 9,286 |  |  | 77,094 |  |  | 5,022 |
Oil |  | Revenues: Unrealized (loss) gain on derivatives |  | (18,969 | ) |  | (31,897 | ) |  | 47,178 |
Natural Gas |  | Revenues: Unrealized (loss) gain on derivatives |  | (22,269 | ) |  | (5,440 | ) |  | 9,087 |
Natural Gas Liquids (NGL) |  | Revenues: Unrealized (loss) gain on derivatives |  | — |  |  | (1,928 | ) |  | 2,037 |
Unrealized (loss) gain on derivatives |  |  |  | (41,238 | ) |  | (39,265 | ) |  | 58,302 |
Total |  |  |  | $ | (31,952 | ) |  | $ | 37,829 |  |  | $ | 63,324 |

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