Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of outstanding commodity derivatives

	Natural gas MMbtu/day	Oil Bbls/day	Natural Gas Liquids Bbls/day	Weighted average index price
Three months ending March 31, 2017:
NYMEX ($/MMBtu)	1,370,000	—	—	$	3.52
CGTLA ($/MMBtu)	420,000	—	—	$	4.39
CCG ($/MMBtu)	70,000	—	—	$	4.76
NYMEX-WTI ($/Bbl)	—	3,000	—	$	54.75
Mont Belvieu-Ethane ($/Gallon)	—	—	20,000	$	0.25
Mont Belvieu-Propane ($/Gallon)	—	—	27,500	$	0.40
Total	1,860,000	3,000	47,500
Three months ending June 30, 2017:
NYMEX ($/MMBtu)	1,370,000	—	—	$	3.26
CGTLA ($/MMBtu)	420,000	—	—	$	4.13
CCG ($/MMBtu)	70,000	—	—	$	4.38
NYMEX-WTI ($/Bbl)	—	3,000	—	$	54.75
Mont Belvieu-Ethane ($/Gallon)	—	—	20,000	$	0.25
Mont Belvieu-Propane ($/Gallon)	—	—	27,500	$	0.38
Total	1,860,000	3,000	47,500
Three months ending September 30, 2017:
NYMEX ($/MMBtu)	1,370,000	—	—	$	3.33
CGTLA ($/MMBtu)	420,000	—	—	$	4.20
CCG ($/MMBtu)	70,000	—	—	$	4.45
NYMEX-WTI ($/Bbl)	—	3,000	—	$	54.75
Mont Belvieu-Ethane ($/Gallon)	—	—	20,000	$	0.25
Mont Belvieu-Propane ($/Gallon)	—	—	27,500	$	0.39
Total	1,860,000	3,000	47,500
Three months ending December 31, 2017:
NYMEX ($/MMBtu)	1,370,000	—	—	$	3.46
CGTLA ($/MMBtu)	420,000	—	—	$	4.37
CCG ($/MMBtu)	70,000	—	—	$	4.68
NYMEX-WTI ($/Bbl)	—	3,000	—	$	54.75
Mont Belvieu-Ethane ($/Gallon)	—	—	20,000	$	0.25
Mont Belvieu-Propane ($/Gallon)	—	—	27,500	$	0.40
Total	1,860,000	3,000	47,500
Year ending December 31, 2018:
NYMEX ($/MMBtu)	2,002,500		—	$	3.91
Mont Belvieu-Propane ($/Gallon)	—		2,000	$	0.65
Total	2,002,500		2,000
Year ending December 31, 2019:
NYMEX ($/MMBtu)	2,330,000			$	3.70
Year ending December 31, 2020:
NYMEX ($/MMBtu)	1,367,500			$	3.66
Year ending December 31, 2021:
NYMEX ($/MMBtu)	660,000			$	3.35
Year ending December 31, 2022:
NYMEX ($/MMBtu)	760,000			$	3.20

Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes

	December 31, 2015			December 31, 2016
	Balance sheet location	Fair value		Balance sheet location	Fair value
		(In thousands)			(In thousands)
Asset derivatives not designated as hedges for accounting purposes:
Commodity contracts	Current assets	$	1,009,030	Current assets		73,022
Commodity contracts	Long-term assets		2,108,450	Long-term assets		1,731,063
Total asset derivatives			3,117,480			1,804,085
Liability derivatives not designated as hedges for accounting purposes:
Commodity contracts	Current liabilities		—	Current liabilities		203,635
Commodity contracts	Long-term liabilities		—	Long-term liabilities		234
Total liability derivatives			—			203,869
Net derivatives		$	3,117,480			1,600,216

Schedule of gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts

The following table presents the gross amounts of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties, and the resulting net amounts presented in the consolidated balance sheets as of the dates presented, all at fair value (in thousands):

	December 31, 2015						December 31, 2016
	Gross amounts on balance sheet		Gross amounts offset on balance sheet		Net amounts of assets on balance sheet		Gross amounts on balance sheet		Gross amounts offset on balance sheet		Net amounts of assets (liabilities) on balance sheet
Commodity derivative assets	$	3,163,639		(46,159)		3,117,480	$	1,914,245		(110,160)		1,804,085
Commodity derivative liabilities	$	—		—		—	$	(324,667)		120,798		(203,869)

Summary of derivative fair value gains (losses)

The following is a summary of derivative fair value gains (losses) and where such values are recorded in the consolidated statements of operations for the years ended December 31, 2014,  2015, and 2016 (in thousands):

	Statement of operations	Year ended December 31,
	location	2014		2015		2016
Commodity derivative fair value gains (losses)	Revenue	$	868,201		2,381,501		(514,181)

TCOminusNYMEX

Tabular disclosure of commodity derivatives basis differential positions which settle on the pricing index to basis differential of Columbia Gas (TCO) to the NYMEX Henry Hub natural gas price.

	Natural gas MMbtu/day	Hedged Differential
Year ending December 31, 2017:	125,000	$	(0.49)

NYMEXminusTCO

Tabular disclosure of pertinent information about commodity derivatives basis differential positions which settle on the pricing index to basis differential of Columbia Gas (TCO) to the NYMEX Henry Hub natural gas price

	Natural gas MMbtu/day	Hedged Differential
Year ending December 31, 2017:	125,000	$	0.30