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Accounting for Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Volumetric Underlying Derivative Transactions
The following table summarizes the net notional volume buy/(sell) of the Company’s open derivative financial instruments accounted for at fair value, broken out by commodity, as of:
Non-trading 
Commodity
Notional

September 30, 2015

December 31, 2014
Natural Gas
MMBtu

10,131


9,690

Natural Gas Basis
MMBtu

993


2,710

Electricity
MWh

1,368


607

Trading
Commodity
Notional

September 30, 2015

December 31, 2014
Natural Gas
MMBtu

(160
)

(155
)
Natural Gas Basis
MMBtu

(760
)

(56
)
Gains (Losses) on Derivative Instruments
Gains (losses) on derivative instruments, net and current period settlements on derivative instruments were as follows for the periods indicated (in thousands):


Three Months Ended September 30,
  
2015

2014
Loss on non-trading derivatives, net (including loss on non-trading derivatives—affiliates, net of $0 and $0 for the three months ended September 30, 2015 and 2014, respectively)
$
132


$
(1,163
)
Gain (loss) on trading derivatives, net (including loss on trading derivatives—affiliates, net of $0 and $0 for the three months ended September 30, 2015 and 2014, respectively)
(71
)

(15
)
Loss on derivatives, net
61


(1,178
)
Current period settlements on non-trading derivatives (1)
4,035


3,039

Current period settlements on trading derivatives (including current period settlements on trading derivatives—affiliates, net of $0 and $0 for the three months ended September 30, 2015 and 2014, respectively)
128


(35
)
Total current period settlements on derivatives
$
4,163


$
3,004

(1)     Excludes settlements of $2.0 million for the three months ended September 30, 2015 related to non-trading derivative liabilities
assumed in the acquisitions of CenStar and Oasis.

Nine Months Ended September 30,
  
2015

2014
Gain (loss) on non-trading derivatives, net
$
(5,876
)

$
5,847

Loss on trading derivatives, net (including loss on trading derivatives—affiliates, net of $0 and $1,792 for the nine months ended September 30, 2015 and 2014, respectively)
(242
)

(5,585
)
Gain (loss) on derivatives, net
(6,118
)

262

Current period settlements on non-trading derivatives (1)
12,643


(9,959
)
Current period settlements on trading derivatives (including current period settlements on trading derivatives—affiliates, net of $0 and $1,693 for the nine months ended September 30, 2015 and 2014, respectively)
244


2,707

Total current period settlements on derivatives
$
12,887


$
(7,252
)

(1)     Excludes settlements of $2.2 million for the nine months ended September 30, 2015 related to non-trading derivative liabilities
assumed in the acquisitions of CenStar and Oasis.
Offsetting Assets
  
December 31, 2014
Description
Gross Assets

Gross
Amounts
Offset

Net Assets

Cash
Collateral
Offset

Net Amount
Presented
Non-trading commodity derivatives
$
3,642


$
(3,562
)

$
80


$
—


$
80

Trading commodity derivatives
234


(98
)

136


—


136

Total Current Derivative Assets
3,876


(3,660
)

216


—


216

Non-trading commodity derivatives
313


(313
)

—


—


—

Total Non-current Derivative Assets
313


(313
)

—


—


—

Total Derivative Assets
$
4,189


$
(3,973
)

$
216


$
—


$
216

The following tables summarize the fair value and offsetting amounts of the Company’s derivative instruments by counterparty and collateral received or paid as of (in thousands):
  
September 30, 2015
Description
Gross Assets

Gross
Amounts
Offset

Net Assets

Cash
Collateral
Offset

Net Amount
Presented
Non-trading commodity derivatives
$
292


$
(168
)

$
124


$
—


$
124

Trading commodity derivatives
8


(3
)

5


—


5

Total Current Derivative Assets
300


(171
)

129


—


129

Non-trading commodity derivatives
—


—


—


—


—

Total Non-current Derivative Assets
—


—


—


—


—

Total Derivative Assets
$
300


$
(171
)

$
129


$
—


$
129
Offsetting Liabilities

September 30, 2015
Description
Gross 
Liabilities

Gross
Amounts
Offset

Net
Liabilities

Cash
Collateral
Offset

Net Amount
Presented
Non-trading commodity derivatives
$
(12,239
)

$
5,845


$
(6,393
)

$
—


$
(6,393
)
Trading commodity derivatives
(76
)

32


(44
)

—


(44
)
Total Current Derivative Liabilities
(12,315
)

5,877


(6,437
)

—


(6,437
)
Non-trading commodity derivatives
(1,346
)

474


(873
)

—


(873
)
Total Non-current Derivative Liabilities
(1,346
)
v
474


(873
)

—


(873
)
Total Derivative Liabilities
$
(13,661
)

$
6,351


$
(7,310
)

$
—


$
(7,310
)

December 31, 2014
Description
Gross 
Liabilities

Gross
Amounts
Offset

Net
Liabilities

Cash
Collateral
Offset

Net Amount
Presented
Non-trading commodity derivatives
$
(14,911
)

$
3,562


$
(11,349
)

$
—


$
(11,349
)
Trading commodity derivatives
(275
)

98


(177
)

—


(177
)
Total Current Derivative Liabilities
(15,186
)

3,660


(11,526
)

—


(11,526
)
Non-trading commodity derivatives
(791
)

313


(478
)

—


(478
)
Total Non-current Derivative Liabilities
(791
)

313


(478
)

—


(478
)
Total Derivative Liabilities
$
(15,977
)

$
3,973


$
(12,004
)

$
—


$
(12,004
)