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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of reconciliation of the changes in fair value of Legacy's commodity derivatives
The following table sets forth a reconciliation of the changes in fair value of Legacy's commodity derivatives for the three and six months ended June 30, 2015 and 2014:
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2015
 
2014
 
2015
 
2014
 
 
(In thousands)
Beginning fair value of commodity derivatives
 
$
133,242

 
$
5,397

 
$
153,099

 
$
17,673

Total gain (loss) - oil derivatives
 
(12,649
)
 
(33,770
)
 
945

 
(46,030
)
Total gain (loss) - natural gas derivatives
 
(848
)
 
2,337

 
6,038

 
(1,289
)
Crude oil derivative cash settlements paid (received)
 
(27,364
)
 
6,244

 
(59,564
)
 
8,800

Natural gas derivative cash settlements paid (received)
 
(9,825
)
 
(234
)
 
(17,962
)
 
820

Ending fair value of commodity derivatives
 
$
82,556

 
$
(20,026
)
 
$
82,556

 
$
(20,026
)
Schedule of gross fair values of our derivative instruments, presenting the impact of offsetting the derivative assets and liabilities
The following table summarizes the gross fair values of our derivative instruments, presenting the impact of offsetting the derivative assets and liabilities on our Consolidated Balance Sheets as of the dates indicated below (in thousands):

 
 
June 30, 2015
 
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts Presented in the Consolidated Balance Sheets
Offsetting Derivative Assets:
 
 
 
(In thousands)
 
 
Commodity derivatives
 
$
136,664

 
$
(54,108
)
 
$
82,556

Total derivative assets
 
$
136,664

 
$
(54,108
)
 
$
82,556

 
 
 
 
 
 
 
Offsetting Derivative Liabilities:
 
 
 
 
 
 
Commodity derivatives
 
$
(54,108
)
 
$
54,108

 
$
—

Interest rate derivatives
 
(985
)
 
—

 
(985
)
Total derivative liabilities
 
$
(55,093
)
 
$
54,108

 
$
(985
)
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts Presented in the Consolidated Balance Sheets
Offsetting Derivative Assets:
 
 
 
(In thousands)
 
 
Commodity derivatives
 
$
223,778

 
$
(70,679
)
 
$
153,099

Total derivative assets
 
$
223,778

 
$
(70,679
)
 
$
153,099

 
 
 
 
 
 
 
Offsetting Derivative Liabilities:
 
 
 
 
 
 
Commodity derivatives
 
$
(70,679
)
 
$
70,679

 
$
—

Interest rate derivatives
 
(2,080
)
 
—

 
(2,080
)
Total derivative liabilities
 
$
(72,759
)
 
$
70,679

 
$
(2,080
)
Schedule of notional amounts of outstanding derivative positions
As of June 30, 2015, Legacy had the following NYMEX West Texas Intermediate ("WTI") crude oil swaps paying floating prices and receiving fixed prices for a portion of its future oil production as indicated below:
 
 
 
 
Average
 
 
Time Period
 
Volumes (Bbls)
 
Price per Bbl
 
Price Range per Bbl
July-December 2015
 
282,522
 
$79.51
 
$52.00
-
$99.85
2016
 
228,600
 
$87.94
 
$86.30
-
$99.85
2017
 
182,500
 
$84.75
 
$84.75


As of June 30, 2015, Legacy had the following Midland-to-Cushing crude oil differential swaps paying a floating differential and receiving a fixed differential for a portion of its future oil production as indicated below:
 
 
 
 
Average
 
 
Time Period
 
Volumes (Bbls)
 
Price per Bbl
 
Price Range per Bbl
July-December 2015
 
1,656,000
 
$(1.78)
 
$(1.75)
-
$(1.90)
2016
 
2,928,000
 
$(1.60)
 
$(1.50)
-
$(1.75)

As of June 30, 2015, Legacy had the following NYMEX WTI crude oil derivative three-way collar contracts that combine a long put, a short put and a short call as indicated below:
 
 
 
 
Average Short
 
Average Long
 
Average Short
Time Period
 
Volumes (Bbls)
 
Put Price per Bbl
 
Put Price per Bbl
 
Call Price per Bbl
July-December 2015
 
673,440
 
$64.78
 
$89.78
 
$110.57
2016
 
621,300
 
$63.37
 
$88.37
 
$106.40
2017
 
72,400
 
$60.00
 
$85.00
 
$104.20
 
As of June 30, 2015, Legacy had the following NYMEX WTI crude oil enhanced swap contracts that combine a short put, a long put and a fixed-price swap as indicated below:
 
 
 
 
Average Long
 
Average Short
 
Average
Time Period
 
Volumes (Bbls)
 
Put Price per Bbl
 
Put Price per Bbl
 
Swap Price per Bbl
2016
 
183,000
 
$57.00
 
$82.00
 
$91.70
2017
 
182,500
 
$57.00
 
$82.00
 
$90.85
2018
 
127,750
 
$57.00
 
$82.00
 
$90.50

As of June 30, 2015, Legacy had the following NYMEX WTI crude oil enhanced swap contracts that combine a short put and a fixed-price swap as indicated below:
 
 
 
 
Average Short Put
 
Average Swap
Time Period
 
Volumes (Bbls)
 
Price per Bbl
 
Price per Bbl
July-December 2015
 
506,000
 
$77.73
 
$93.98

As of June 30, 2015, Legacy had the following NYMEX Henry Hub, West Texas Waha, ANR-OK and CIG-Rockies natural gas swaps paying floating natural gas prices and receiving fixed prices for a portion of its future natural gas production as indicated below:
 
 
 
 
Average
 
Price
Time Period
 
Volumes (MMBtu)
 
Price per MMBtu
 
Range per MMBtu
July-December 2015
 
11,706,400
 
$4.13
 
$3.11
-
$5.82
2016
 
23,019,200
 
$3.43
 
$3.32
-
$5.30
2017
 
21,600,000
 
$3.37
 
$3.32
-
$3.39
2018
 
21,600,000
 
$3.37
 
$3.32
-
$3.39
2019
 
19,800,000
 
$3.38
 
$3.38
-
$3.39

 
As of June 30, 2015, Legacy had the following NYMEX Henry Hub natural gas derivative three-way collar contracts that combine a long put, a short put and a short call as indicated below:
 
 
 
 
Average Short Put
 
Average Long Put
 
Average Short Call
Time Period
 
Volumes (MMBtu)
 
Price per MMBtu
 
Price per MMBtu
 
Price per MMBtu
July-December 2015
 
4,020,000
 
$3.66
 
$4.21
 
$5.01
2016
 
5,580,000
 
$3.75
 
$4.25
 
$5.08
2017
 
5,040,000
 
$3.75
 
$4.25
 
$5.53

As of June 30, 2015, Legacy had the following Henry Hub NYMEX to Northwest Pipeline, NGPL Midcon, California SoCal NGI, San Juan Basin and West Texas WAHA natural gas differential swaps paying a floating differential and receiving a fixed differential for a portion of its future natural gas production as indicated below:
 
 
July-December 2015
 
 
 
 
Average
 
 
Volumes (MMBtu)
 
Price per MMBtu
NWPL
 
6,000,000
 
$(0.13)
NGPL
 
240,000
 
$(0.15)
SoCal
 
120,000
 
$0.19
San Juan
 
240,000
 
$(0.12)
WAHA
 
3,000,000
 
$(0.10)
Schedule of total impact on interest expense from the mark-to-market and settlements
The total impact on interest expense from the mark-to-market and settlements was as follows:

 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2015
 
2014
 
2015
 
2014
 
 
(In thousands)
Beginning fair value of interest rate swaps
 
$
(1,540
)
 
$
(4,047
)
 
$
(2,080
)
 
$
(4,759
)
Total loss on interest rate swaps
 
(143
)
 
(109
)
 
(291
)
 
(283
)
Cash settlements paid
 
698

 
824

 
1,386

 
1,710

Ending fair value of interest rate swaps
 
$
(985
)
 
$
(3,332
)
 
$
(985
)
 
$
(3,332
)
Schedule of interest rate swap liabilities
The table below summarizes the interest rate swap position as of June 30, 2015:
 
 
 
 
 
 
 
 
Estimated Fair Market Value at
Notional Amount
 
Fixed Rate
 
Effective Date
 
Maturity Date
 
June 30, 2015
(Dollars in thousands)
$
29,000

 
3.070
%
 
10/16/2007
 
10/16/2015
 
$
(277
)
$
13,000

 
3.112
%
 
11/16/2007
 
11/16/2015
 
(160
)
$
12,000

 
3.131
%
 
11/28/2007
 
11/28/2015
 
(149
)
$
50,000

 
2.500
%
 
10/10/2008
 
10/10/2015
 
(399
)
Total fair market value of interest rate derivatives
 
$
(985
)