Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position

The combined derivative instrument fair value assets and liabilities recorded in the Company’s consolidated balance sheets as of March 31, 2017 and December 31, 2016 are summarized below:

	March 31, 2017
	Gross Amounts Recognized			Gross Amounts Offset in the Consolidated Balance Sheets			Net Amounts Presented in the Consolidated Balance Sheets
	(In thousands)
Derivative assets
Derivative assets-current		$2,417			($1,381	)		$1,036
Derivative assets-non current	106			(106		)	—
Derivative liabilities
Derivative liabilities-current	(8,837		)	1,381			(7,456		)
Derivative liabilities-non current	(18,781		)	106			(18,675		)
Total		($25,095	)		$—			($25,095	)

	December 31, 2016
	Gross Amounts Recognized			Gross Amounts Offset in the Consolidated Balance Sheets			Net Amounts Presented in the Consolidated Balance Sheets
	(In thousands)
Derivative assets
Derivative assets-current		$6,507			($5,270	)		$1,237
Derivative assets-non current	1,313			(1,313		)	—
Derivative liabilities
Derivative liabilities-current	(27,871		)	5,270			(22,601		)
Derivative liabilities-non current	(28,841		)	1,313			(27,528		)
Total		($48,892	)		$—			($48,892	)

Schedule of (Gain) Loss on Derivative Instruments

The effect of derivative instruments on the Company’s consolidated statements of operations for the three months ended March 31,2017 and 2016 by commodity is summarized below:

	Three Months Ended March 31,
	2017			2016
	(In thousands)
(Gain) Loss on Derivatives, Net
Crude oil		($18,480	)		($21,891	)
Natural gas	(6,836		)	11,338
Total (Gain) Loss on Derivatives, Net		($25,316	)		($10,553	)

Crude Oil [Member]

Derivative [Line Items]

Schedule of Derivative Instruments

The following sets forth a summary of the Company’s crude oil derivative positions at average NYMEX prices as of March 31, 2017:

Period	Type of Contract	Crude Oil Volumes (in Bbls/d)	Weighted Average Floor Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q2 2017	Fixed Price Swaps	12,000		$50.13
Q3 2017	Fixed Price Swaps	6,000		$54.15
Q4 2017	Fixed Price Swaps	3,000		$55.01
FY 2018	Sold Call Options	2,488				$60.00
FY 2018	Net Sold Call Options	900				$75.00
FY 2019	Sold Call Options	2,975				$62.50
FY 2019	Net Sold Call Options	900				$77.50
FY 2020	Sold Call Options	3,675			$65.00
FY 2020	Net Sold Call Options	900			$80.00

In April 2017, the Company entered into the following crude oil derivative positions:

Period	Type of Contract	Crude Oil Volumes (in Bbls/d)	Weighted Average Sub-Floor Price ($/Bbl)		Weighted Average Floor Price ($/Bbl)		Weighted Average Ceiling Price ($/Bbl)
Q3 2017	Fixed Price Swaps	6,000				$53.28
Q4 2017	Fixed Price Swaps	6,000				$53.28
FY 2018	Three-Way Collars	6,000		$40.00		$50.00		$65.00

Natural Gas Derivative Positions [Member]

Derivative [Line Items]

Schedule of Derivative Instruments

The following sets forth a summary of the Company’s natural gas derivative positions at average NYMEX prices as of March 31, 2017:

Period	Type of Contract	Natural Gas Volumes (in MMBtu/d)	Weighted Average Floor Price ($/MMBtu)		Weighted Average Ceiling Price ($/MMBtu)
Q2 - Q4 2017	Fixed Price Swaps	20,000		$3.30
Q2 - Q4 2017	Sold Call Options	33,000				$3.00
FY 2018	Sold Call Options	33,000				$3.25
FY 2019	Sold Call Options	33,000				$3.25
FY 2020	Sold Call Options	33,000				$3.50