Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities


			Weighted Average Dated Brent Price per Bbl
			Net Deferred
			Premium
Term	Type of Contract	MBbl	Payable, Net		Swap		Sold Put		Floor		Ceiling		Call
2017:
April — December	Swap with puts/calls	1,505	$	2.13	$	72.50	$	55.00	$	—	$	—	$	90.00
April — December	Swap with puts	1,505		—		64.95		50.00		—		—		—
April — December	Three-way collars	2,012		2.57		—		30.00		45.00		57.50		—
April — December	Sold calls(1)	1,500		—		—		—		—		85.00		—
2018:
January — December	Three-way collars	2,913	$	0.74	$	—	$	41.57	$	56.57	$	65.90	$	—
January — December	Four-way collars	2,000		0.93		—		40.00		50.00		61.00		70.00
January — December	Sold calls(1)	2,000		—		—		—		—		65.00		—
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

Weighted Average

Term

Type of Contract

Floating Rate

Notional

Swap

Sold Call

(In thousands)

April 2017 — 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	2017		2016
		(In thousands)
Derivatives not designated as hedging instruments:
Derivative assets:
Commodity(1)	Derivatives assets—current	$	34,899	$	31,698
Commodity(2)	Derivatives assets—long-term		7,390		3,226
Interest rate	Derivatives assets—long-term		641		582
Derivative liabilities:
Commodity(3)	Derivatives liabilities—current		(8,883)		(19,163)
Interest rate	Derivatives liabilities—current		(33)		(529)
Commodity(4)	Derivatives liabilities—long-term		(5,299)		(14,123)
Total derivatives not designated as hedging instruments		$	28,715	$	1,691

(1)

Includes net deferred premiums payable of $3.5 million and $3.9 million related to commodity derivative contracts as of March 31, 2017 and December 31, 2016, respectively.

(2)

Includes net deferred premiums payable of $3.7 million and $2.5 million related to commodity derivative contracts as of March 31, 2017 and December 31, 2016, respectively.

(3)

Includes zero and $30.9 thousand as of March 31, 2017 and December 31, 2016, respectively, which represents our provisional oil sales contract. Also includes net deferred premiums payable of $5.5 million and $6.2 million related to commodity derivative contracts as of March 31, 2017 and December 31, 2016, respectively.

(4)

Includes net deferred premiums receivable of $0.4 million and net deferred premiums payable of $0.6 million related to commodity derivative contracts as of March 31, 2017 and December 31, 2016, 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)	2017		2016
		(In thousands)
Derivatives not designated as hedging instruments:
Commodity(1)	Oil and gas revenue	$	(8)	$	610
Commodity	Derivatives, net		37,857		4,345
Interest rate	Interest expense		328		(2,578)
Total derivatives not designated as hedging instruments		$	38,177	$	2,377

(1)

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