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Subsequent Events | 12 Months Ended
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Dec. 31, 2015
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Derivatives In January of 2016, the Company entered into fixed price swaps for the period of February 2016 through March 2016, for 45,000 MMBtu of natural gas per day at a weighted average price of $2.64 per MMBtu. For the period from April 2016 through December 2017, the Company entered into fixed price swaps for 65,000 MMBtu of natural gas per day at a weighted average price of $2.64 per MMBtu. Additionally, the Company restructured several existing natural gas swaps and call options. All of the Company’s sold call options for 2016 were terminated or moved to 2017. No cash consideration was exchanged as a result of the restructuring transactions. The Company's fixed price swap contracts are tied to the commodity prices on NYMEX. The Company will receive the fixed price amount stated in the contract and pay to its counterparty the current market price as listed on NYMEX for natural gas. Amendment to Master Services Agreement On February 18, 2016, to be effective as of January 1, 2016, the Company amended its Master Services Agreement with Stingray Pressure, dated December 3, 2012. The amendment adjusts the amount of service fees payable for the period from January 1, 2016 through September 30, 2016. Joint Venture Agreement In February 2016, the Company entered into a joint venture with Rice Midstream Holdings LLC (“Rice”), a subsidiary of Rice Energy Inc., to develop natural gas gathering assets in eastern Belmont County and Monroe County, Ohio (the “dedicated areas”). The Company owns a 25% interest in the joint venture and Rice acts as operator and owns the remaining 75% interest in the joint venture. Construction of the gathering assets, which is underway, is expected to provide connectivity of the Company’s dry gas gathering systems and interchangeability of natural gas across its firm portfolio. The joint venture has completed the first phase of the projects: a lateral that connects two existing dry gas gathering systems on which the Company currently flows the majority of its dry gas volumes. The lateral has been commissioned and first flow commenced on February 1, 2016. In addition, the Company and Rice have agreed to negotiate in good faith to expand the joint venture to provide water services to the Company within the dedicated areas. The Company currently anticipates that it will make $30.0 million to $35.0 million in cash contributions to the joint venture in 2016. Revolving Credit Facility The Company chose to complete its spring borrowing base redetermination under the Company’s revolving credit facility ahead of schedule and the bank syndicate affirmed and maintained the existing $700.0 million borrowing base.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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