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Derivative Commodity Instruments (Tables)
3 Months Ended
Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Liabilities at Fair Value
The following tables detail the offsetting of derivative assets and liabilities as well as the fair values of derivatives on the balance sheets:

(in thousands)
March 31, 2016

 
Gross Amounts Not Offset in the Balance Sheets
 
 
Gross Amounts Recognized at Fair Value
Gross Amounts Offset in the Balance Sheets
Net Amount Presented in the Balance Sheets
Financial Instruments
Cash Collateral Received
Net Fair Value Presented in the Balance Sheets
Derivatives not designated as hedging instruments
 
 
 
 
Assets
 
 
 
 
 
 
Derivative instruments
$
23,182

$
(4,372
)
$
18,810

$

$

$
18,810

Noncurrent derivative instruments
115

33

148



148

Total derivative assets
23,297

(4,339
)
18,958



18,958

Liabilities
 
 
 
 
 
 
Derivative instruments
9,840

(4,372
)
5,468



5,468

Noncurrent derivative instruments
240

33

273



273

Total derivative liabilities
10,080

(4,339
)
5,741



5,741

Total derivatives
$
13,217

$

$
13,217

$

$

$
13,217


(in thousands)
December 31, 2015
 
 
Gross Amounts Not Offset in the Balance Sheets
 

Gross Amounts Recognized at Fair Value
Gross Amounts Offset in the Balance Sheets
Net Amount Presented in the Balance Sheets
Financial Instruments
Cash Collateral Received
Net Fair Value Presented in the Balance Sheets
Derivatives not designated as hedging instruments
 
 
 
 
Assets
 
 
 
 
 
 
Derivative instruments
$
72,563

$
(15,600
)
$
56,963

$

$

$
56,963

Liabilities
 
 
 
 
 
 
Derivative instruments
16,059

(15,600
)
459



459

Total derivatives
$
56,504

$

$
56,504

$

$

$
56,504

*All derivative instruments were current at December 31, 2015.
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table details the effect of open and closed derivative commodity instruments not designated as hedging instruments on the income statement:

(in thousands)
Location on Statements of Income
Three months
ended
March 31, 2016
Three months
ended
March 31, 2015
Gain recognized in income on derivatives
Gain (loss) on derivative instruments, net
$
5,455

$
34,036


Schedule of Hedging Transactions
As of March 31, 2016, Energen had entered into the following transactions for the remainder of 2016 and subsequent years:

Production Period
Total Hedged Volumes
Average Contract
Price

Description
Oil
 
 
 
2016
5,495 MBbl
$44.78 Bbl
NYMEX Swaps
2017
1,080 MBbl
$45.05 Bbl
NYMEX Swaps
Oil Basis Differential
 
 
 
2016
5,643
 MBbl
$(1.92) Bbl
WTI/WTI Basis Swaps
2016
1,572
 MBbl
$(1.64) Bbl
WTS/WTI Basis Swaps
Natural Gas
 
 
 
2016
5.4
 Bcf
$2.30 Mcf
Basin Specific Swaps - Permian
WTI - West Texas Intermediate/Midland, WTI - West Texas Intermediate/Cushing
 
WTS - West Texas Sour/Midland, WTI - West Texas Intermediate/Cushing