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Derivative Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2017
Derivative Instruments Not Designated as Hedging Instruments [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | As of June 30, 2017, the Company had commodity derivative contracts outstanding as summarized in the tables below: Oil Swaps
Contract Period |  | NYMEX WTI Volumes |  | Weighted-Average Contract Price
|  | (MBbls) |  | (per Bbl)
Third quarter 2017 |  | 1,340 |  |  | $ | 46.66 |
Fourth quarter 2017 |  | 1,254 |  |  | $ | 46.35 |
2018 |  | 1,493 |  |  | $ | 46.82 |
Total |  | 4,087 |  |  |
Subsequent to June 30, 2017, the Company entered into derivative fixed price swap contracts for 2018 for a total of 2.0 million Bbls of oil production at a weighted-average contract price of $50.37 per Bbl. Oil Collars
Contract Period |  | NYMEX WTI Volumes |  | Weighted- Average Floor Price |  | Weighted- Average Ceiling Price
|  | (MBbls) |  | (per Bbl) |  | (per Bbl)
Third quarter 2017 |  | 583 |  |  | $ | 45.00 |  |  | $ | 54.05 |
Fourth quarter 2017 |  | 1,086 |  |  | $ | 47.51 |  |  | $ | 56.05 |
2018 |  | 5,030 |  |  | $ | 50.00 |  |  | $ | 58.07 |
2019 |  | 3,128 |  |  | $ | 50.00 |  |  | $ | 58.84 |
Total |  | 9,827 |  |  |  |  |
Oil Basis Swaps
Contract Period |  | Midland-Cushing Volumes |  | Weighted-Average Contract Price (1)
|  | (MBbls) |  | (per Bbl)
Third quarter 2017 |  | 566 |  |  | $ | (1.62 | )
Fourth quarter 2017 |  | 1,798 |  |  | $ | (1.52 | )
2018 |  | 6,868 |  |  | $ | (1.39 | )
2019 |  | 3,963 |  |  | $ | (1.45 | )
Total |  | 13,195 |  |  |
____________________________________________
(1) | Represents the price differential between WTI prices at Midland, Texas and WTI prices at Cushing, Oklahoma.
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)
Third quarter 2017 |  | 23,657 |  |  | $ | 4.01 |  |  | — |  |  | $ | — |  |  | 23,657 |
Fourth quarter 2017 |  | 22,001 |  |  | $ | 3.98 |  |  | — |  |  | $ | — |  |  | 22,001 |
2018 |  | 93,014 |  |  | $ | 3.41 |  |  | (30,606 | ) |  | $ | 4.27 |  |  | 62,408 |
2019 |  | 41,394 |  |  | $ | 3.76 |  |  | (24,415 | ) |  | $ | 4.34 |  |  | 16,979 |
Total (2) |  | 180,066 |  |  |  |  | (55,021 | ) |  |  |  | 125,045 |
____________________________________________
(1) | During 2016, the Company restructured certain of its natural 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 other 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 (1%), IF HSC (97%), and IF NNG Ventura (2%).
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)
Third quarter 2017 |  | 906 |  | $ | 9.48 |  |  | 588 |  | $ | 21.91 |  |  | 163 |  | $ | 32.42 |  |  | 140 |  | $ | 33.28 |  |  | 222 |  | $ | 48.43 |
Fourth quarter 2017 |  | 966 |  | $ | 9.65 |  |  | 550 |  | $ | 21.91 |  |  | 149 |  | $ | 32.34 |  |  | 128 |  | $ | 33.23 |  |  | 203 |  | $ | 48.41 |
2018 |  | 4,017 |  | $ | 11.00 |  |  | 2,021 |  | $ | 23.38 |  |  | 225 |  | $ | 33.99 |  |  | 188 |  | $ | 33.56 |  |  | 305 |  | $ | 48.62 |
2019 |  | 3,112 |  | $ | 12.27 |  |  | 214 |  | $ | 22.66 |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |
2020 |  | 539 |  | $ | 11.13 |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |  |  | — |  | $ | — |
Total |  | 9,540 |  |  |  | 3,373 |  |  |  | 537 |  |  |  | 456 |  |  |  | 730 |  |
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, 2017
| Derivative Assets |  | Derivative Liabilities
| Balance Sheet Classification |  | Fair Value |  | Balance Sheet Classification |  | Fair Value
| (in thousands)
Commodity contracts | Current assets |  | $ | 85,962 |  |  | Current liabilities |  | $ | 36,296 |
Commodity contracts | Noncurrent assets |  | 82,194 |  |  | Noncurrent liabilities |  | 69,915 |
Derivatives not designated as hedging instruments |  |  | $ | 168,156 |  |  |  |  | $ | 106,211 |
| 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 |
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, 2017 |  | December 31, 2016 |  | June 30, 2017 |  | December 31, 2016
|  | (in thousands)
Gross amounts presented in the accompanying balance sheets |  | $ | 168,156 |  |  | $ | 122,096 |  |  | $ | (106,211 | ) |  | $ | (213,804 | )
Amounts not offset in the accompanying balance sheets |  | (64,628 | ) |  | (118,080 | ) |  | 64,628 |  |  | 118,080 |
Net amounts |  | $ | 103,528 |  |  | $ | 4,016 |  |  | $ | (41,583 | ) |  | $ | (95,724 | )
Schedule of derivative (gain) loss | The following table summarizes the components of the net derivative (gain) loss presented in the accompanying statements of operations:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
| (in thousands)
Derivative settlement (gain) loss: |  |  |  |  |  |  |
Oil contracts | $ | 2,754 |  |  | $ | (72,164 | ) |  | $ | 11,838 |  |  | $ | (172,156 | )
Gas contracts | (21,751 | ) |  | (31,439 | ) |  | (39,257 | ) |  | (72,492 | )
NGL contracts | 2,694 |  |  | 1,893 |  |  | 11,109 |  |  | (4,090 | )
Total derivative settlement gain | $ | (16,303 | ) |  | $ | (101,710 | ) |  | $ | (16,310 | ) |  | $ | (248,738 | )
Total net derivative (gain) loss: |  |  |  |  |  |  |
Oil contracts | $ | (38,194 | ) |  | $ | 60,773 |  |  | $ | (87,784 | ) |  | $ | 50,341 |
Gas contracts | (6,038 | ) |  | 62,489 |  |  | (50,506 | ) |  | 38,466 |
NGL contracts | (10,957 | ) |  | 40,089 |  |  | (31,673 | ) |  | 60,316 |
Total net derivative (gain) loss | $ | (55,189 | ) |  | $ | 163,351 |  |  | $ | (169,963 | ) |  | $ | 149,123 |

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- 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=64837297&loc=SL5624163-113959 + Details
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