XML 58 R26.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Derivative Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following tables summarize the approximate volumes and average contract prices of contracts the Company had in place as of June 30, 2015: Oil Contracts Oil Swaps
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Contract Price
|  | (Bbls) |  | (per Bbl)
Third quarter 2015 |  | 1,254,000 |  |  | $ | 90.78 |
Fourth quarter 2015 |  | 1,137,000 |  |  | $ | 90.15 |
2016 |  | 5,570,000 |  |  | $ | 88.01 |
All oil swaps |  | 7,961,000 |  |  |
Oil Collars
Contract Period |  | NYMEX WTI Volumes |  | Weighted- Average Floor Price |  | Weighted- Average Ceiling Price
|  | (Bbls) |  | (per Bbl) |  | (per Bbl)
Third quarter 2015 |  | 906,000 |  |  | $ | 85.00 |  |  | $ | 91.25 |
Fourth quarter 2015 |  | 869,000 |  |  | $ | 85.00 |  |  | $ | 92.19 |
All oil collars |  | 1,775,000 |  |  |  |  |
Gas Contracts Gas Swaps
Contract Period |  | Volumes |  | Weighted-Average Contract Price
|  | (MMBtu) |  | (per MMBtu)
Third quarter 2015 |  | 12,835,000 |  |  | $ | 4.03 |
Fourth quarter 2015 |  | 12,499,000 |  |  | $ | 4.01 |
2016 |  | 45,172,000 |  |  | $ | 4.13 |
2017 |  | 34,335,000 |  |  | $ | 4.19 |
2018 |  | 30,606,000 |  |  | $ | 4.27 |
2019 |  | 24,415,000 |  |  | $ | 4.34 |
All gas swaps* |  | 159,862,000 |  |  |
*Gas swaps are comprised of IF El Paso Permian (3%), IF HSC (93%), IF NGPL TXOK (1%), and IF NNG Ventura (3%). Gas Collars
Contract Period |  | Volumes |  | Weighted- Average Floor Price |  | Weighted- Average Ceiling Price
|  | (MMBtu) |  | (per MMBtu) |  | (per MMBtu)
Third quarter 2015 |  | 2,005,000 |  |  | $ | 4.00 |  |  | $ | 4.30 |
Fourth quarter 2015 |  | 5,157,000 |  |  | $ | 3.99 |  |  | $ | 4.29 |
All gas collars* |  | 7,162,000 |  |  |  |  |
*Gas collars are comprised of IF El Paso Permian (5%), IF HSC (88%), and IF NNG Ventura (7%). NGL Contracts NGL Swaps
Contract Period |  | Volumes |  | Weighted-Average Contract Price
|  | (Bbls) |  | (per Bbl)
Third quarter 2015 |  | 1,739,000 |  |  | $ | 21.61 |
Fourth quarter 2015 |  | 1,539,000 |  |  | $ | 21.73 |
2016 |  | 2,017,000 |  |  | $ | 17.70 |
2017 |  | 792,000 |  |  | $ | 9.98 |
2018 |  | 1,671,000 |  |  | $ | 10.65 |
2019 |  | 1,200,000 |  |  | $ | 10.92 |
2020 |  | 539,000 |  |  | $ | 11.13 |
All NGL swaps* |  | 9,497,000 |  |  |
*NGL swaps are comprised of Oil Price Information System (“OPIS”) Ethane Purity Mont Belvieu (52%), OPIS Propane Mont Belvieu Non-TET (29%), OPIS Normal Butane Mont Belvieu Non-TET (10%), and OPIS Isobutane Mont Belvieu Non-TET (9%).
Schedule of fair value of derivatives in accompanying balance sheets | The following tables detail the fair value of derivatives recorded in the accompanying balance sheets, by category:
| As of June 30, 2015
| Derivative Assets |  | Derivative Liabilities
| Balance Sheet Classification |  | Fair Value |  | Balance Sheet Classification |  | Fair Value
| (in thousands)
Commodity contracts | Current assets |  | $ | 269,022 |  |  | Current liabilities |  | $ | 8,107 |
Commodity contracts | Noncurrent assets |  | 131,464 |  |  | Noncurrent liabilities |  | 1,026 |
Derivatives not designated as hedging instruments |  |  | $ | 400,486 |  |  |  |  | $ | 9,133 |
| As of December 31, 2014
| Derivative Assets |  | Derivative Liabilities
| Balance Sheet Classification |  | Fair Value |  | Balance Sheet Classification |  | Fair Value
| (in thousands)
Commodity contracts | Current assets |  | $ | 402,668 |  |  | Current liabilities |  | $ | — |
Commodity contracts | Noncurrent assets |  | 189,540 |  |  | Noncurrent liabilities |  | 70 |
Derivatives not designated as hedging instruments |  |  | $ | 592,208 |  |  |  |  | $ | 70 |
Schedule of the potential effects of master netting arrangements [Table Text Block] | The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts:
|  | Derivative Assets |  | Derivative Liabilities
|  | As of |  | As of
Offsetting of Derivative Assets and Liabilities |  | June 30, 2015 |  | December 31, 2014 |  | June 30, 2015 |  | December 31, 2014
|  | (in thousands)
Gross amounts presented in the accompanying balance sheets |  | $ | 400,486 |  |  | $ | 592,208 |  |  | $ | (9,133 | ) |  | $ | (70 | )
Amounts not offset in the accompanying balance sheets |  | (9,133 | ) |  | (70 | ) |  | 9,133 |  |  | 70 |
Net amounts |  | $ | 391,353 |  |  | $ | 592,138 |  |  | $ | — |  |  | $ | — |
Schedule of derivative (gain) loss | The following table summarizes the components of the derivative (gain) loss presented in the accompanying statements of operations:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
| (in thousands)
Derivative settlement (gain) loss: |  |  |  |  |  |  |
Oil contracts | $ | (73,915 | ) |  | $ | 20,160 |  |  | $ | (180,129 | ) |  | $ | 26,918 |
Gas contracts (1) | (38,880 | ) |  | 13,472 |  |  | (73,112 | ) |  | 26,876 |
NGL contracts | — |  |  | 48 |  |  | (20,783 | ) |  | 8,826 |
Total derivative settlement (gain) loss (2) | $ | (112,795 | ) |  | $ | 33,680 |  |  | $ | (274,024 | ) |  | $ | 62,620 |
Total derivative (gain) loss: |  |  |  |  |  |  |
Oil contracts | $ | 66,749 |  |  | $ | 93,595 |  |  | $ | (7,111 | ) |  | $ | 125,545 |
Gas contracts | 6,070 |  |  | 28,154 |  |  | (76,269 | ) |  | 87,615 |
NGL contracts | 8,110 |  |  | 4,720 |  |  | 10,142 |  |  | 10,971 |
Total derivative (gain) loss (3) | $ | 80,929 |  |  | $ | 126,469 |  |  | $ | (73,238 | ) |  | $ | 224,131 |
____________________________________________
(1) | Natural gas derivative settlements for the three and six months ended June 30, 2015 include a $15.3 million gain on the early settlement of future contracts as a result of divesting of the Company’s Mid-Continent assets during the second quarter of 2015.
(2) | Total derivative settlement (gain) loss is reported net of the change in accrued settlements between periods in the derivative cash settlements line item on the condensed consolidated statements of cash flows within net cash provided by operating activities.
(3) | Total derivative (gain) loss is reported in the derivative (gain) loss line item on the condensed consolidated statements of cash flows within net cash provided by operating activities.

X
- Definition Schedule of the potential effects of master netting arrangements [Table Text Block] + References No definition available. + Details
Name: | sm_ScheduleOfPotentialEffectsOfMasterNettingArrangementsTableTextBlock
Namespace Prefix: | sm_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: 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 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration