Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities


			Weighted Average Dated Brent Price per Bbl
			Net Deferred
			Premium
Term	Type of Contract	MBbl	Payable		Swap		Put		Floor		Ceiling		Call
2016:
April — December	Purchased puts	1,501	$	3.41	$	—	$	—	$	85.00	$	—	$	—
April — December	Three-way collars	1,504		—		—		—		85.00		110.00		135.00
April — December	Swaps with puts	1,500		—		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		—
January — December	Three-way collars	2,000		1.68		—		30.00		45.00		60.00		—
2018:
January — December	Three-way collars	913	$	2.37	$	—	$	45.00	$	60.00	$	75.00	$	—
January — December	Sold calls(1)	2,000		—		—		—		—		65.00		—
2019:
January — December	Sold calls(1)	913	$	—	$	—	$	—	$	—	$	80.00	$	—

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

Schedule of interest rate derivative contracts


			Weighted Average
Term	Type of Contract	Floating Rate	Notional		Swap		Sold Call
			(In thousands)
April 2016 — June 2016	Swap	6-month LIBOR	$	12,500	2.27	%	—
April 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)
		March 31,		December 31,
Type of Contract	Balance Sheet Location	2016		2015
		(In thousands)
Derivatives not designated as hedging instruments:
Derivative assets:
Commodity(1)	Derivatives assets—current	$	155,796	$	182,640
Commodity(2)	Derivatives assets—long-term		40,675		59,197
Interest rate	Derivatives assets—long-term		—		659
Derivative liabilities:
Commodity	Derivatives liabilities—current		(60)		—
Interest rate	Derivatives liabilities—current		(1,413)		(1,155)
Commodity	Derivatives liabilities—long-term		(11,055)		(4,196)
Interest rate	Derivatives liabilities—long-term		(1,322)		—
Total derivatives not designated as hedging instruments		$	182,621	$	237,145

(1)

Includes net deferred premiums payable of $6.3 million and $6.2 million related to commodity derivative contracts as of March 31, 2016 and December 31, 2015, respectively.

(2)

Includes net deferred premiums payable of $8.5 million and $6.9 million related to commodity derivative contracts as of March 31, 2016 and December 31, 2015, respectively.

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


		Amount of Gain/(Loss)
		Three Months Ended
		March 31,
Type of Contract	Location of Gain/(Loss)	2016		2015
		(In thousands)
Derivatives in cash flow hedging relationships:
Interest rate(1)	Interest expense	$	—	$	194
Total derivatives in cash flow hedging relationships		$	—	$	194
Derivatives not designated as hedging instruments:
Commodity(2)	Oil and gas revenue	$	610	$	2,633
Commodity	Derivatives, net		4,345		32,327
Interest rate	Interest expense		(2,578)		(174)
Total derivatives not designated as hedging instruments		$	2,377	$	34,786

(1)

Amounts were reclassified from accumulated other comprehensive income or loss (“AOCI”) into earnings upon settlement during 2015.

(2)

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