Derivative Commodity Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Offsetting of Derivative Assets and 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)	June 30, 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	$	50		$	3,185	$	3,235		$	—	$	—	$	3,235
Total derivative assets	50			3,185		3,235			—		—		3,235
Liabilities
Derivative instruments	43,267			3,185		46,452			—		—		46,452
Noncurrent derivative instruments	12,875			—		12,875			—		—		12,875
Total derivative liabilities	56,142			3,185		59,327			—		—		59,327
Total derivatives	$	(56,092	)	$	—	$	(56,092	)	$	—	$	—	$	(56,092	)

(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.

Effects of Open and Closed Derivative Commodity Instruments Not Designated as Hedging Instruments

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 June 30, 2016			Three months ended June 30, 2015
Loss recognized in income on derivatives	Loss on derivative instruments, net	$	(65,872	)	$	(50,964	)

(in thousands)	Location on Statements of Income	Six months ended June 30, 2016			Six months ended June 30, 2015
Loss recognized in income on derivatives	Loss on derivative instruments, net	$	(60,417	)	(16,928	)

Schedule of Hedging Transactions

As of June 30, 2016, Energen had entered into the following transactions for the remainder of 2016 and subsequent years:

Production Period	Description	Total Hedged Volumes		Average Contract Price
Oil
2016	NYMEX Swaps	4,384 MBbl		$44.72 Bbl
2017	NYMEX Swaps	4,080 MBbl		$47.97 Bbl
	NYMEX Three-Way Collars	4,080 MBbl
	Ceiling sold price (call)			$62.25 Bbl
	Floor purchased price (put)			$45.00 Bbl
	Floor sold price (put)			$35.00 Bbl
Oil Basis Differential
2016	WTI/WTI Basis Swaps	3,762	MBbl	$(1.92) Bbl
2016	WTS/WTI Basis Swaps	1,039	MBbl	$(1.64) Bbl
Natural Gas
2016	Basin Specific Swaps - Permian	3.6	Bcf	$2.30 Mcf
2017	Basin Specific Swaps - Permian	13.2	Bcf	$2.85 Mcf
WTI - West Texas Intermediate/Midland, WTI - West Texas Intermediate/Cushing
WTS - West Texas Sour/Midland, WTI - West Texas Intermediate/Cushing