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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2016
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):
March 31, 2016
 
 
Gross Amounts
 
Gross Amounts Offset
 
Amounts Net of Offset
 
Financial Collateral
 
Net Amount
Assets
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
62,210

 
$
(807
)
 
$
61,403

 
$
—

 
$
61,403

Derivative contracts - noncurrent
 
—

 
—

 
—

 
—

 
—

Total
 
$
62,210

 
$
(807
)
 
$
61,403

 
$
—

 
$
61,403

Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
1,162

 
$
(807
)
 
$
355

 
$
(355
)
 
$
—

Derivative contracts - noncurrent
 
—

 
—

 
—

 
—

 
—

Total
 
$
1,162

 
$
(807
)
 
$
355

 
$
(355
)
 
$
—


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
)
 
$
—
Open Oil and Natural Gas Commodity Derivative Contracts
At March 31, 2016, the Company’s open commodity derivative contracts consisted of the following:

Oil Price Swaps 
 
Notional (MBbls)
 
Weighted Average
Fixed Price
April 2016 - December 2016
1,100

 
$
88.36


Natural Gas Basis Swaps
 
Notional (MMcf)
 
Weighted Average
Fixed Price
April 2016 - December 2016
8,250

 
$
(0.38
)

Oil Collars - Three-way
 
Notional (MBbls)
 
Sold Put
 
Purchased Put
 
Sold Call
April 2016 - December 2016
1,646

 
$
82.99

 
$
90.00

 
$
100.58
Fair Value of Derivatives
The following table presents the fair value of the Company’s derivative contracts as of March 31, 2016 and December 31, 2015 on a gross basis without regard to same-counterparty netting (in thousands):
Type of Contract
 
Balance Sheet Classification
 
March 31,
2016
 
December 31,
2015
Derivative assets
 
 
 
 
 
 
Oil price swaps
 
Derivative contracts-current
 
$
50,793

 
$
68,224

Oil collars - three way
 
Derivative contracts-current
 
11,417

 
17,300

Derivative liabilities
 
 
 
 
 
 
Natural gas basis swaps
 
Derivative contracts-current
 
(1,162
)
 
(1,748
)
Debt holder conversion feature
 
Current maturities of long-term debt
 
(7,281
)
 
(29,355
)
Mandatory prepayment feature - PGC Senior Secured Notes
 
Current maturities of long-term debt
 
(2,496
)
 
(2,941
)
Total net derivative contracts
 
$
51,271

 
$
51,480