Risk Management and Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Risk Management and Derivative Instruments

Schedule of the entity's open commodity derivative contract positions

As of June 30, 2015, the Company had the following open commodity derivative contract positions:

	Hedged	Weighted-Average
	Volume	Fixed Price
Oil (Bbls):
WTI Swaps — 2015	2,208,000	$	71.56
Natural Gas (MMBtu):
Swaps — 2015(1)	9,200,000	$	4.13

(1) Includes 1,550,000 MMBtus in natural gas swaps that priced during the period, but had not cash settled as of June 30, 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

The following table summarizes the gross fair values of derivative instruments by the appropriate balance sheet classification; however, the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s unaudited condensed consolidated balance sheets at June 30, 2015 and December 31, 2014, respectively (in thousands):

Type	Balance Sheet Location (1)	June 30, 2015			December 31, 2014
Oil Swaps	Derivative financial instruments — Current Assets	$	27,708		$	106,450
Oil Swaps	Derivative financial instruments — Current Liabilities	(2,869		)	—
Gas Swaps	Derivative financial instruments — Current Assets	9,152			20,259
Total derivative fair value at period end		$	33,991		$	126,709

(1) The fair values of commodity derivative instruments reported in the Company’s condensed 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 unaudited condensed consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the unaudited condensed consolidated balance sheets at June 30, 2015 and December 31, 2014, respectively (in thousands):

		June 30, 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	$	36,860	$	1,002	$	35,858
Commodity contracts	Derivative financial instruments - noncurrent	—		—		—
		$	36,860	$	1,002	$	35,858
Derivative liabilities:
Commodity contracts	Derivative financial instruments - current	$	2,869	$	1,002	$	1,867
Commodity contracts	Derivative financial instruments - noncurrent	—		—		—
		$	2,869	$	1,002	$	1,867

		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 June 30,						For the Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)						(in thousands)
Net cash received (paid) for commodity derivative contracts	$	42,189		$	(17,138	)	$	94,797		$	(31,948	)
Unrealized net gains (losses)	(61,482		)	(14,329		)	(92,718		)	(22,192		)
Gains (losses) on commodity derivative contracts - net	$	(19,293	)	$	(31,467	)	$	2,079		$	(54,140	)