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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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): December 31, 2015
|  | Gross Amounts |  | Gross Amounts Offset |  | Amounts Net of Offset |  | Financial Collateral |  | Net Amount
Assets |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 85,524 |  |  | $ | (1,175 | ) |  | $ | 84,349 |  |  | $ | — |  |  | $ | 84,349 |
Derivative contracts - noncurrent |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 85,524 |  |  | $ | (1,175 | ) |  | $ | 84,349 |  |  | $ | — |  |  | $ | 84,349 |
Liabilities |  |  |  |  |  |  |  |  |  |
Derivative contracts - current |  | $ | 1,748 |  |  | $ | (1,175 | ) |  | $ | 573 |  |  | $ | (573 | ) |  | $ | — |
Derivative contracts - noncurrent |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 1,748 |  |  | $ | (1,175 | ) |  | $ | 573 |  |  | $ | (573 | ) |  | $ | — |
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 December 31, 2015, the Company’s open commodity derivative contracts consisted of the following: Oil Price Swaps
| Notional (MBbls) |  | Weighted Average Fixed Price
January 2016 - December 2016 | 1,464 |  |  | $ | 88.36 |
Natural Gas Basis Swaps
| Notional (MMcf) |  | Weighted Average Fixed Price
January 2016 - December 2016 | 10,980 |  |  | $ | (0.38 | )
Oil Collars - Three-way
| Notional (MBbls) |  | Sold Put |  | Purchased Put |  | Sold Call
January 2016 - December 2016 | 2,556 |  |  | $ | 83.14 |  |  | $ | 90.00 |  |  | $ | 100.85 |
Fair Value of Derivative Contracts | The following table presents the fair value of the Company’s derivative contracts as of December 31, 2015 and 2014 on a gross basis without regard to same-counterparty netting (in thousands):
|  |  |  | December 31,
Type of Contract |  | Balance Sheet Classification |  | 2015 |  | 2014
Derivative assets |  |  |  |  |  |
Oil price swaps |  | Derivative contracts—current |  | $ | 68,224 |  |  | $ | 204,072 |
Natural gas price swaps |  | Derivative contracts—current |  | — |  |  | 29,648 |
Natural gas basis swaps |  | Derivative contracts—current |  | — |  |  | 350 |
Oil collars—three way |  | Derivative contracts—current |  | 17,300 |  |  | 56,289 |
Natural gas collars |  | Derivative contracts—current |  | — |  |  | 1,055 |
Oil price swaps |  | Derivative contracts—noncurrent |  | — |  |  | 36,288 |
Oil collars—three way |  | Derivative contracts—noncurrent |  | — |  |  | 10,715 |
Derivative liabilities |  |  |  |  |  |
Natural gas basis swaps |  | Derivative contracts—current |  | (1,748 | ) |  | — |
Long-term debt holder conversion feature |  | Long-term debt |  | (29,355 | ) |  | — |
Mandatory prepayment feature - PGC Senior Secured Notes |  | Long-term debt |  | (2,941 | ) |  | — |
Total net derivative contracts |  | $ | 51,480 |  |  | $ | 338,417 |

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