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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] |
Schedule of Notional Amounts of Outstanding Derivative Positions | Oil Swaps
Contract Period |  | NYMEX WTI Volumes |  | Weighted- Average Contract Price
|  | (MBbls) |  | (per Bbl)
First quarter 2017 |  | 1,574 |  |  | $ | 46.41 |
Second quarter 2017 |  | 1,444 |  |  | $ | 46.44 |
Third quarter 2017 |  | 1,340 |  |  | $ | 46.66 |
Fourth quarter 2017 |  | 1,254 |  |  | $ | 46.35 |
Total |  | 5,612 |  |  |
Oil Collars
Contract Period |  | NYMEX WTI Volumes |  | Weighted- Average Floor Price |  | Weighted- Average Ceiling Price
|  | (MBbls) |  | (per Bbl) |  | (per Bbl)
First quarter 2017 |  | 704 |  |  | $ | 45.00 |  |  | $ | 54.17 |
Second quarter 2017 |  | 636 |  |  | $ | 45.00 |  |  | $ | 54.10 |
Third quarter 2017 |  | 583 |  |  | $ | 45.00 |  |  | $ | 54.05 |
Fourth quarter 2017 |  | 540 |  |  | $ | 45.00 |  |  | $ | 54.01 |
2018 |  | 2,312 |  |  | $ | 50.00 |  |  | $ | 59.24 |
2019 |  | 943 |  |  | $ | 50.00 |  |  | $ | 61.15 |
Total |  | 5,718 |  |  |  |  |
Natural Gas Swaps
Contract Period |  | Sold Volumes |  | Weighted- Average Contract Price |  | Purchased Volumes (1) |  | Weighted- Average Contract Price |  | Net Volumes
|  | (BBtu) |  | (per MMBtu) |  | (BBtu) |  | (per MMBtu) |  | (BBtu)
First quarter 2017 |  | 29,420 |  |  | $ | 3.76 |  |  | — |  |  | $ | — |  |  | 29,420 |
Second quarter 2017 |  | 26,205 |  |  | $ | 3.98 |  |  | — |  |  | $ | — |  |  | 26,205 |
Third quarter 2017 |  | 23,657 |  |  | $ | 4.01 |  |  | — |  |  | $ | — |  |  | 23,657 |
Fourth quarter 2017 |  | 22,001 |  |  | $ | 3.98 |  |  | — |  |  | $ | — |  |  | 22,001 |
2018 |  | 63,166 |  |  | $ | 3.68 |  |  | (30,606 | ) |  | $ | 4.27 |  |  | 32,560 |
2019 |  | 27,743 |  |  | $ | 4.20 |  |  | (24,415 | ) |  | $ | 4.34 |  |  | 3,328 |
Total (2) |  | 192,192 |  |  |  |  | (55,021 | ) |  |  |  | 137,171 |
____________________________________________
(1) | During 2016, the Company restructured certain of its gas derivative contracts by buying fixed price volumes to offset existing 2018 and 2019 fixed price swap contracts totaling 55.0 million MMBtu. The Company then entered into new 2017 fixed price swap contracts totaling 38.6 million MMBtu with a contract price of $4.43 per MMBtu. No cash or other consideration was included as part of the restructuring.
(2) | Total net volumes of natural gas swaps are comprised of IF El Paso Permian (3%), IF HSC (94%), and IF NNG Ventura (3%).
NGL Swaps
|  | OPIS Purity Ethane Mont Belvieu |  | OPIS Propane Mont Belvieu Non-TET |  | OPIS Normal Butane Mont Belvieu Non-TET |  | OPIS Isobutane Mont Belvieu Non-TET |  | OPIS Natural Gasoline Mont Belvieu Non-TET
Contract Period |  | Volumes | Weighted-Average Contract Price |  | Volumes | Weighted-Average Contract Price |  | Volumes | Weighted-Average Contract Price |  | Volumes | Weighted-Average Contract Price |  | Volumes | Weighted-Average Contract Price
|  | (MBbls) | (per Bbl) |  | (MBbls) | (per Bbl) |  | (MBbls) | (per Bbl) |  | (MBbls) | (per Bbl) |  | (MBbls) | (per Bbl)
First quarter 2017 |  | 847 |  | $ | 8.63 |  |  | 692 |  | $ | 21.90 |  |  | 122 |  | $ | 30.69 |  |  | 94 |  | $ | 31.12 |  |  | 156 |  | $ | 47.54 |
Second quarter 2017 |  | 787 |  | $ | 8.86 |  |  | 634 |  | $ | 21.90 |  |  | 112 |  | $ | 30.69 |  |  | 86 |  | $ | 31.12 |  |  | 143 |  | $ | 47.56 |
Third quarter 2017 |  | 736 |  | $ | 9.14 |  |  | 588 |  | $ | 21.91 |  |  | 104 |  | $ | 30.70 |  |  | 80 |  | $ | 31.12 |  |  | 133 |  | $ | 47.59 |
Fourth quarter 2017 |  | 692 |  | $ | 9.10 |  |  | 550 |  | $ | 21.91 |  |  | 98 |  | $ | 30.70 |  |  | 74 |  | $ | 31.12 |  |  | 124 |  | $ | 47.61 |
2018 |  | 2,434 |  | $ | 10.18 |  |  | 1,442 |  | $ | 22.86 |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |
2019 |  | 2,176 |  | $ | 11.95 |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |
2020 |  | 539 |  | $ | 11.13 |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |
Total |  | 8,211 |  |  |  | 3,906 |  |  |  | 436 |  |  |  | 334 |  |  |  | 556 |  |
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 December 31, 2016
| Derivative Assets |  | Derivative Liabilities
| Balance Sheet Classification |  | Fair Value |  | Balance Sheet Classification |  | Fair Value
| (in thousands)
Commodity contracts | Current assets |  | $ | 54,521 |  |  | Current liabilities |  | $ | 115,464 |
Commodity contracts | Noncurrent assets |  | 67,575 |  |  | Noncurrent liabilities |  | 98,340 |
Derivatives not designated as hedging instruments |  |  | $ | 122,096 |  |  |  |  | $ | 213,804 |
| As of December 31, 2015
| Derivative Assets |  | Derivative Liabilities
| Balance Sheet Classification |  | Fair Value |  | Balance Sheet Classification |  | Fair Value
| (in thousands)
Commodity contracts | Current assets |  | $ | 367,710 |  |  | Current liabilities |  | $ | 8 |
Commodity contracts | Noncurrent assets |  | 120,701 |  |  | Noncurrent liabilities |  | — |
Derivatives not designated as hedging instruments |  |  | $ | 488,411 |  |  |  |  | $ | 8 |
Schedule of the potential effects of master netting arrangements | 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 December 31, |  | As of December 31,
Offsetting of Derivative Assets and Liabilities |  | 2016 |  | 2015 |  | 2016 |  | 2015
|  | (in thousands)
Gross amounts presented in the accompanying balance sheets |  | $ | 122,096 |  |  | $ | 488,411 |  |  | $ | (213,804 | ) |  | $ | (8 | )
Amounts not offset in the accompanying balance sheets |  | (118,080 | ) |  | (8 | ) |  | 118,080 |  |  | 8 |
Net amounts |  | $ | 4,016 |  |  | $ | 488,403 |  |  | $ | (95,724 | ) |  | $ | — |
Schedule of gains and losses on derivative instruments in the statement of operations | The following table summarizes the components of net derivative (gain) loss presented in the accompanying statements of operations:
| For the Years Ended December 31,
| 2016 |  | 2015 |  | 2014
| (in thousands)
Derivative settlement (gain) loss: |  |  |  |  |
Oil contracts | $ | (243,102 | ) |  | $ | (362,219 | ) |  | $ | (28,410 | )
Gas contracts (1) | (94,936 | ) |  | (123,180 | ) |  | 26,706 |
NGL contracts | 8,560 |  |  | (27,167 | ) |  | (10,911 | )
Total derivative settlement gain | $ | (329,478 | ) |  | $ | (512,566 | ) |  | $ | (12,615 | )
Total derivative (gain) loss: |  |  |  |  |
Oil contracts | $ | 85,370 |  |  | $ | (191,165 | ) |  | $ | (457,082 | )
Gas contracts | 81,060 |  |  | (189,734 | ) |  | (93,267 | )
NGL contracts | 84,203 |  |  | (27,932 | ) |  | (32,915 | )
Total net derivative (gain) loss | $ | 250,633 |  |  | $ | (408,831 | ) |  | $ | (583,264 | )
____________________________________________
(1) | Natural gas derivative settlements for the years ended December 31, 2015, and 2014, include $15.3 million and $5.6 million, respectively, of early settlements of futures contracts as a result of divesting assets in the Company’s Mid-Continent region.

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