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Derivative Instruments (Tables) | 6 Months Ended
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Jun. 30, 2016
General Discussion of Derivative Instruments and Hedging Activities [Abstract] |
Schedule Of Derivative Instruments | Below is a summary of the Company's open fixed price swap positions as of June 30, 2016.
| Location | Daily Volume (Bbls/day) |  | Weighted Average Price
July 2016 - June 2017 | ARGUS LLS | 2,000 |  |  | $ | 51.10 |
| Location | Daily Volume (MMBtu/day) |  | Weighted Average Price
July 2016 | NYMEX Henry Hub | 550,000 |  |  | $ | 3.06 |
August 2016 - September 2016 | NYMEX Henry Hub | 560,000 |  |  | $ | 3.04 |
October 2016 | NYMEX Henry Hub | 570,000 |  |  | $ | 3.05 |
November 2016 - December 2016 | NYMEX Henry Hub | 525,000 |  |  | $ | 3.18 |
January 2017 - February 2017 | NYMEX Henry Hub | 442,500 |  |  | $ | 3.14 |
March 2017 | NYMEX Henry Hub | 422,500 |  |  | $ | 3.13 |
April 2017 - June 2017 | NYMEX Henry Hub | 367,500 |  |  | $ | 3.15 |
July 2017 - October 2017 | NYMEX Henry Hub | 305,000 |  |  | $ | 2.99 |
November 2017 - December 2017 | NYMEX Henry Hub | 385,000 |  |  | $ | 3.03 |
January 2018 - March 2018 | NYMEX Henry Hub | 240,000 |  |  | $ | 3.07 |
April 2018 - December 2018 | NYMEX Henry Hub | 160,000 |  |  | $ | 3.01 |
January 2019 - March 2019 | NYMEX Henry Hub | 20,000 |  |  | $ | 3.37 |
| Location | Daily Volume (Bbls/day) |  | Weighted Average Price
July 2016 - December 2016 | Mont Belvieu | 1,500 |  |  | $ | 19.95 |
The Company sold call options and used the associated premiums to enhance the fixed price for a portion of the fixed price natural gas swaps listed above. Each short call option has an established ceiling price. When the referenced settlement price is above the price ceiling established by these short call options, the Company pays its counterparty an amount equal to the difference between the referenced settlement price and the price ceiling multiplied by the hedged contract volume.
| Location | Daily Volume (MMBtu/day) |  | Weighted Average Price
January 2017 - March 2017 | NYMEX Henry Hub | 105,000 |  |  | $ | 3.27 |
April 2017 - December 2017 | NYMEX Henry Hub | 125,000 |  |  | $ | 3.21 |
January 2018 - March 2018 | NYMEX Henry Hub | 20,000 |  |  | $ | 2.91 |
For a portion of the combined natural gas derivative instruments containing fixed price swaps and sold call options, the counterparty has an option to extend the original terms an additional twelve months for the period January 2017 through December 2017. The option to extend the terms expires in December 2016. If executed, the Company would have additional fixed price swaps for 30,000 MMBtu per day at a weighted average price of $3.33 per MMBtu and additional short call options for 30,000 MMBtu per day at a weighted average ceiling price of $3.33 per MMBtu. In addition, the Company has entered into natural gas basis swap positions, which settle on the pricing index to basis differential of MichCon or Tetco M2 to the NYMEX Henry Hub natural gas price. As of June 30, 2016, the Company had the following natural gas basis swap positions for MichCon and Tetco M2, respectively.
| Location | Daily Volume (MMBtu/day) |  | Hedged Differential
July 2016 - December 2016 | MichCon | 40,000 |  |  | $ | 0.02 |
November 2016 - March 2017 | Tetco M2 | 50,000 |  |  | $ | (0.59 | )
Schedule Of Derivative Instruments In Statement Of Financial Position | The following table presents the fair value of the Company's derivative instruments on a gross basis at June 30, 2016:
| (In thousands)
Short-term derivative instruments - asset | $ | 44,672 |
Long-term derivative instruments - asset | $ | 14,644 |
Short-term derivative instruments - liability | $ | 49,906 |
Long-term derivative instruments - liability | $ | 29,269 |
Derivative Instruments, Gain (Loss) | The following table presents the net gain and loss recognized in gas sales, oil and condensate sales and natural gas liquids sales in the accompanying consolidated statements of operations for the three and six months ended June 30, 2016 and 2015.
| Net (loss) gain on derivative instruments
| Three months ended June 30, |  | Six months ended June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
| (In thousands)
Gas sales | $ | (133,621 | ) |  | $ | (8,087 | ) |  | $ | (76,621 | ) |  | $ | 38,453 |
Oil and condensate sales | (2,628 | ) |  | (1,995 | ) |  | (1,346 | ) |  | 1,569 |
Natural gas liquids sales | (1,143 | ) |  | — |  |  | (1,690 | ) |  | — |
Total net (loss) gain | $ | (137,392 | ) |  | $ | (10,082 | ) |  | $ | (79,657 | ) |  | $ | 40,022 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579240-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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