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Derivatives (Tables)
 9 Months Ended
Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value of Derivatives
The following table presents the fair value of the Company’s derivative contracts as of September 30, 2015 and December 31, 2014 on a gross basis without regard to same-counterparty netting (in thousands):
Type of Contract
 
Balance Sheet Classification
 
September 30,
2015
 
December 31,
2014
Derivative assets
 
 
 
 
 
 
Oil price swaps
 
Derivative contracts-current
 
$
69,890

 
$
204,072

Natural gas price swaps
 
Derivative contracts-current
 
2,938

 
29,648

Natural gas basis swaps
 
Derivative contracts-current
 
—

 
350

Oil collars - three way
 
Derivative contracts-current
 
32,873

 
56,289

Natural gas collars
 
Derivative contracts-current
 
357

 
1,055

Oil price swaps
 
Derivative contracts-noncurrent
 
13,689

 
36,288

Oil collars - three way
 
Derivative contracts-noncurrent
 
2,560

 
10,715

Derivative liabilities
 
 
 
 
 
 
Natural gas basis swaps
 
Derivative contracts-current
 
(3,110
)
 
—

Long-term debt holder conversion feature
 
Long-term debt
 
(5,474
)
 
—

Natural gas basis swaps
 
Derivative contracts-noncurrent
 
(326
)
 
—

Total net derivative contracts
 
$
113,397

 
$
338,417
Offsetting Assets and Liabilities
The following tables summarize (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions, the applicable portion of shared collateral under the senior credit facility (in thousands):

September 30, 2015
 
 
Gross Amounts
 
Gross Amounts Offset
 
Amounts Net of Offset
 
Financial Collateral
 
Net Amount
Assets
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
106,058

 
$
(2,741
)
 
$
103,317

 
$
—

 
$
103,317

Derivative contracts - noncurrent
 
16,249

 
—

 
16,249

 
—

 
16,249

Total
 
$
122,307

 
$
(2,741
)
 
$
119,566

 
$
—

 
$
119,566

Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
3,110

 
$
(2,741
)
 
$
369

 
$
(369
)
 
$
—

Derivative contracts - noncurrent
 
326

 
—

 
326

 
(326
)
 
—

Total
 
$
3,436

 
$
(2,741
)
 
$
695

 
$
(695
)
 
$
—


December 31, 2014
 
 
Gross Amounts
 
Gross Amounts Offset
 
Amounts Net of Offset
 
Financial Collateral
 
Net Amount
Assets
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
291,414

 
$
—

 
$
291,414

 
$
—

 
$
291,414

Derivative contracts - noncurrent
 
47,003

 
—

 
47,003

 
—

 
47,003

Total
 
$
338,417

 
$
—

 
$
338,417

 
$
—

 
$
338,417

Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Derivative contracts - noncurrent
 
—

 
—

 
—

 
—

 
—

Total
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—
Open Oil and Natural Gas Commodity Derivative Contracts
At September 30, 2015, the Company’s open commodity derivative contracts consisted of the following:

Oil Price Swaps 
 
Notional (MBbls)
 
Weighted Average
Fixed Price
October 2015 - December 2015
555

 
$
94.11

January 2016 - December 2016
1,464

 
$
88.36


Natural Gas Price Swaps 
 
Notional (MMcf)
 
Weighted Average
Fixed Price
October 2015 - December 2015
1,840

 
$
4.20


Natural Gas Basis Swaps
 
Notional (MMcf)
 
Weighted Average
Fixed Price
October 2015 - December 2015
15,640

 
$
(0.30
)
January 2016 - December 2016
10,980

 
$
(0.38
)

Oil Collars - Three-way
 
Notional (MBbls)
 
Sold Put
Purchased Put
Sold Call
October 2015 - December 2015
1,564

 
$78.15
$90.03
$103.65
January 2016 - December 2016
2,556

 
$83.14
$90.00
$100.85

Natural Gas Collars
 
Notional (MMcf)
 
Collar Range
October 2015 - December 2015
255

 
$4.00
—
$8.55