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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2017
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 Credit Facility as of March 31, 2017 and the First Lien Exit Facility as of December 31, 2016 (in thousands):

March 31, 2017
 
 
Gross Amounts
 
Gross Amounts Offset
 
Amounts Net of Offset
 
Financial Collateral
 
Net Amount
Assets
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
4,392

 
$
(3,180
)
 
$
1,212

 
$
—

 
$
1,212

Derivative contracts - noncurrent
 
5,441

 
—

 
5,441

 
—

 
5,441

Total
 
$
9,833

 
$
(3,180
)
 
$
6,653

 
$
—

 
$
6,653

Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
4,725

 
$
(3,180
)
 
$
1,545

 
$
(1,545
)
 
$
—

Total
 
$
4,725

 
$
(3,180
)
 
$
1,545

 
$
(1,545
)
 
$
—


December 31, 2016
 
 
Gross Amounts
 
Gross Amounts Offset
 
Amounts Net of Offset
 
Financial Collateral
 
Net Amount
Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
27,538

 
$
—

 
$
27,538

 
$
(27,538
)
 
$
—

Derivative contracts - noncurrent
 
2,176

 
—

 
2,176

 
(2,176
)
 
—

Total
 
$
29,714

 
$
—

 
$
29,714

 
$
(29,714
)
 
$
—
Open Oil and Natural Gas Commodity Derivative Contracts
At March 31, 2017, the Company’s open commodity derivative contracts consisted of the following:

Oil Price Swaps 
 
Notional (MBbls)
 
Weighted Average
Fixed Price
April 2017 - December 2017
2,475

 
$
52.24

January 2018 - December 2018
1,825

 
$
55.34


Natural Gas Price Swaps
 
Notional (MMcf)
 
Weighted Average
Fixed Price
April 2017 - December 2017
24,750

 
$
3.20

January 2018 - December 2018
5,450

 
$
3.24
Fair Value of Derivatives
The following table presents the fair value of the Company’s derivative contracts as of March 31, 2017 and December 31, 2016 on a gross basis without regard to same-counterparty netting (in thousands):
Type of Contract
 
Balance Sheet Classification
 
March 31,
2017
 
December 31,
2016
Derivative assets
 
 
 
 
 
 
Oil price swaps
 
Derivative contracts-current
 
$
4,392

 
$
—

Oil price swaps
 
Derivative contracts-noncurrent
 
4,792

 
—

Natural gas price swaps
 
Derivative contracts-noncurrent
 
649

 
—

Derivative liabilities
 
 
 
 
 
 
Oil price swaps
 
Derivative contracts-current
 
(1,613
)
 
(13,395
)
Natural gas price swaps
 
Derivative contracts-current
 
(3,112
)
 
(14,143
)
Oil price swaps
 
Derivative contracts-noncurrent
 
—

 
(2,105
)
Natural gas price swaps
 
Derivative contracts-noncurrent
 
—

 
(71
)
Total net derivative contracts
 
$
5,108

 
$
(29,714
)