Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities

Schedule of oil derivative contracts

The following table sets forth the volumes in barrels underlying the Company’s outstanding oil derivative contracts and the weighted average Dated Brent prices per Bbl for those contracts as of December 31, 2015.

			Weighted Average Dated Brent Price per Bbl
			Net Deferred
			Premium
Term	Type of Contract	MBbl	Payable		Swap		Put		Floor		Ceiling		Call
2016 :
January — December	Purchased puts	2,000	$	3.41	$	—	$	—	$	85.00	$	—	$	—
January — December	Three-way collars	2,000		—		—		—		85.00		110.00		135.00
January — December	Swaps with puts	2,000		—		75.00		60.00		—		—		—
2017 :
January — December	Swap with puts/calls	2,000	$	2.13	$	72.50	$	55.00	$	—	$	—	$	90.00
January — December	Swap with puts	2,000		—		64.95		50.00		—		—		—
January — December	Sold calls(1)	2,000		—		—		—		—		85.00		—
2018 :
January — December	Three-way collars	913	$	2.37	$	—	$	45.00	$	60.00	$	75.00	$	—
2019 :
January — December	Sold calls(1)	913	$	—	$	—	$	—	$	—	$	80.00	$	—

(1) Represents call option contracts sold to counterparties to enhance other derivative positions.

Schedule of interest rate derivative contracts

The following table summarizes our open interest rate swaps, whereby we pay a fixed rate of interest and the counterparty pays a variable LIBOR‑based rate, and our capped interest rate swaps whereby we pay a fixed rate of interest if LIBOR is below the cap, and pay the market rate less the spread between the cap (sold call) and the fixed rate of interest if LIBOR is above the cap as of December 31, 2015:

			Weighted Average
Term	Type of Contract	Floating Rate	Notional		Swap		Sold Call
			(In thousands)
January 2016 — June 2016	Swap	6-month LIBOR	$	12,500	2.27	%	—
January 2016 — December 2018	Capped swap	1-month LIBOR		200,000	1.23	%	3.00	%

Schedule of derivative instruments by balance sheet location

		Estimated Fair Value
		Asset (Liability)
		December 31,
Type of Contract	Balance Sheet Location	2015		2014
		(In thousands)
Derivatives not designated as hedging instruments:
Derivative assets:
Commodity(1)	Derivatives assets—current	$	182,640	$	163,275
Commodity(2)	Derivatives assets—long-term		59,197		89,210
Interest rate	Derivatives assets—long-term		659		—
Derivative liabilities:
Interest rate	Derivatives liabilities—current		(1,155)		(721)
Commodity	Derivatives liabilities—long-term		(4,196)		—
Interest rate	Derivatives liabilities—long-term		—		(68)
Total derivatives not designated as hedging instruments		$	237,145	$	251,696

(1) Includes net deferred premiums payable of $6.2 million and $1.8 million related to commodity derivative contracts as of December 31, 2015 and 2014, respectively.

(2) Includes net deferred premiums payable of $6.9 million related to commodity derivative contracts as of December 31, 2015 and 2014.

Schedule of derivative instruments by location of gain/(loss)

		Amount of Gain/(Loss)
		Years Ended December 31,
Type of Contract	Location of Gain/(Loss)	2015		2014		2013
		(In thousands)
Derivatives in cash flow hedging relationships:
Interest rate(1)	Interest expense	$	767	$	1,391	$	1,527
Total derivatives in cash flow hedging relationships		$	767	$	1,391	$	1,527
Derivatives not designated as hedging instruments:
Commodity(2)	Oil and gas revenue	$	3	$	(11,661)	$	(7,156)
Commodity	Derivatives, net		210,649		281,853		(17,027)
Interest rate	Interest expense		(462)		(285)		(437)
Total derivatives not designated as hedging instruments		$	210,190	$	269,907	$	(24,620)

(1)

(1) Amounts were reclassified from AOCI into earnings upon settlement.

(2) Amounts represent the change in fair value of our provisional oil sales contracts.