Risk Management and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Risk Management and Derivative Instruments

Schedule of the entity's open commodity derivative contract positions

	Hedged Volume	Weighted-Average Fixed Price
Oil (Bbls):
WTI Swaps — 2015	2,196,000	$	88.04
Natural Gas (MMBtu):
Swaps — 2015 (1)	13,750,000	$	4.13

(1) Includes 1,500,000 MMBtus in natural gas swaps that priced during the period, but had not cash settled as of March 31, 2015.

Summary of location and fair values amounts of all derivative instruments as well as the gross recognized derivative assets, liabilities and amounts offset in the unaudited condensed consolidated balance sheets

Type	Balance Sheet Location (1)	March 31, 2015		December 31, 2014
Oil Swaps	Derivative financial instruments — Current Assets	$	79,344	$	106,450
Gas Swaps	Derivative financial instruments — Current Assets	16,129		20,259
Total derivative fair value at period end		$	95,473	$	126,709

(1) The fair values of commodity derivative instruments reported in the Company’s consolidated balance sheets are subject to netting arrangements and qualify for net presentation. The following table summarizes the location and fair value amounts of all derivative instruments in the consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the consolidated balance sheets at March 31, 2015 and December 31, 2014, respectively (in thousands):

		March 31, 2015
Not Designated as ASC 815 Hedges:	Balance Sheet Classification	Gross Recognized Assets/ Liabilities		Gross Amounts Offset		Net Recognized Fair Value Assets/ Liabilities
Derivative assets:
Commodity contracts	Derivative financial instruments - current	$	95,473	$	—	$	95,473
Commodity contracts	Derivative financial instruments - noncurrent	—		—		—
		$	95,473	$	—	$	95,473
Derivative liabilities:
Commodity contracts	Derivative financial instruments - current	$	—	$	—	$	—
Commodity contracts	Derivative financial instruments - noncurrent	—		—		—
		$	—	$	—	$	—

		December 31, 2014
Not Designated as ASC 815 Hedges:	Balance Sheet Classification	Gross Recognized Assets/ Liabilities		Gross Amounts Offset		Net Recognized Fair Value Assets/ Liabilities
Derivative assets:
Commodity contracts	Derivative financial instruments - current	$	126,709	$	—	$	126,709
Commodity contracts	Derivative financial instruments - noncurrent	—		—		—
		$	126,709	$	—	$	126,709
Derivative liabilities:
Commodity contracts	Derivative financial instruments - current	$	—	$	—	$	—
Commodity contracts	Derivative financial instruments - noncurrent	—		—		—
		$	—	$	—	$	—

Schedule of "Gains (losses) on commodity derivative contracts - net" for the periods

	For the Three Months Ended March 31,
	2015			2014
	(in thousands)
Net cash received (paid) for commodity derivative contracts	$	52,608		$	(14,810	)
Unrealized net losses	(31,236		)	(7,863		)
Gains (losses) on commodity derivative contracts - net	$	21,372		$	(22,673	)