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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Components of Gain (Loss) on Derivative Activity
The components of gain (loss) on derivative activity in the consolidated statements of operations related to commodity swaps are (in millions):
 
Three Months Ended March 31,
 
2017
 
2016
Change in fair value of derivatives
$
5.3

 
$
(6.0
)
Realized gain (loss) on derivatives
(2.5
)
 
5.6

Gain (loss) on derivative activity
$
2.8

 
$
(0.4
)
Fair Value of Derivative Assets and Liabilities Related to Commodity Swaps
The fair value of derivative assets and liabilities related to commodity swaps are as follows (in millions):
 
March 31, 2017
 
December 31, 2016
Fair value of derivative assets — current
$
2.1

 
$
1.3

Fair value of derivative assets — long-term
0.1

 
—

Fair value of derivative liabilities — current
(2.9
)
 
(7.6
)
Fair value of derivative liabilities — long-term
(0.3
)
 
—

Net fair value of derivatives
$
(1.0
)
 
$
(6.3
)
Notional Amount and Fair Value of Derivative Instruments
Set forth below is the summarized notional volumes and fair values of all instruments held for price risk management purposes and related physical offsets at March 31, 2017 (in millions). The remaining term of the contracts extend no later than October 2018.
 
 
 
 
March 31, 2017
Commodity
 
Instruments
 
Unit
 
Volume
 
Fair Value
NGL (short contracts)
 
Swaps
 
Gallons
 
(32.9
)
 
$
(0.3
)
NGL (long contracts)
 
Swaps
 
Gallons
 
12.8

 
(0.2
)
Natural Gas (short contracts)
 
Swaps
 
MMBtu
 
(15.4
)
 
(0.3
)
Natural Gas (long contracts)
 
Swaps
 
MMBtu
 
15.1

 
(0.4
)
Condensate (short contracts)
 
Swaps
 
MMbbls
 
—

 
0.1

Condensate (long contracts)
 
Swaps
 
MMbbls
 
—

 
0.1

Total fair value of derivatives
 
 
 
 
 
 
 
$
(1.0
)