Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Financial Instruments

Schedule of swaps and options outstanding with associated notional volumes and contracted prices

The following swaps and options were outstanding with associated notional volumes and contracted swap, floor, and ceiling prices that represent hedge weighted average prices for the index specified as of December 31, 2014:

Natural Gas
			Weighted Average Prices
Settlement Period	Derivative Instrument	Notional Amount	Swap		Sub Floor		Floor		Ceiling
		(MMbtu)	($/MMbtu)		($/MMbtu)		($/MMbtu)		($/MMbtu)
2015	Collar	5,450,000	$	—	$	—	$	4.23	$	4.63
2015	Swap	38,325,000	$	4.15	$	—	$	—	$	—
2015	Swap with sub floor	37,595,000	$	4.20	$	3.54	$	—	$	—
2016	Sold call	21,960,000	$	—	$	—	$	—	$	5.00

Oil
			Weighted Average Prices
Settlement Period	Derivative Instrument	Notional Amount	Swap		Sub Floor		Floor		Ceiling
		(Bbl)	($/Bbl)
2015	Swap	2,206,350	$	90.02	$	—	$	—	$	—
2015	Swap with sub floor	339,450	$	89.50	$	73.47	$	—	$	—
2016	Swaption	366,000	$	98.00	$	—	$	—	$	—

The following swaps and options were outstanding with associated notional volumes and contracted swap, floor, and ceiling prices that represent hedge weighted average prices for the index specified as of December 31, 2013:

Natural Gas
			Weighted Average Prices
Settlement Period	Derivative Instrument	Notional Amount	Swap		Sub Floor		Floor		Ceiling
		(MMbtu)	($/MMbtu)		($/MMbtu)		($/MMbtu)		($/MMbtu)
2014	Swap	19,722,000	$	4.06	$	—	$	—	$	—
2014	Swap with sub floor	3,128,000	$	3.99	$	3.25	$	—	$	—
2014	Three-way collar	4,554,000	$	—	$	3.50	$	4.50	$	5.25
2014	Three-way collar	3,096,000	$	—	$	3.50	$	4.50	$	4.50
2014	Three-way collar	18,775,000	$	—	$	3.25	$	4.50	$	4.50
2015	Swap	18,250,000	$	4.09	$	—	$	—	$	—
2015	Sold call	21,900,000	$	—	$	—	$	—	$	5.25
2016	Sold call	21,960,000	$	—	$	—	$	—	$	5.00

Oil
			Weighted Average Prices
Settlement Period	Derivative Instrument	Notional Amount	Swap		Sub Floor		Floor		Ceiling
		(Bbl)	($/Bbl)
2014	Swap	1,264,725	$	92.25	$	—	$	—	$	—
2014	Swap with sub floor	122,275	$	89.13	$	70.00	$	—	$	—
2014	Sold call	73,000	$	—	$	—	$	—	$	100.00
2015	Swap	365,000	$	89.50	$	—	$	—	$	—
2015	Sold call	200,750	$	—	$	—	$	—	$	106.36

Schedule of gain (loss) on commodity derivative instruments

	For the Year Ended December 31,
	2014		2013		2012
	(in thousands)
Gain on commodity derivative instruments	$	121,669	$	814	$	29,267

Schedule of derivative assets and liabilities

	Derivative Assets
		December 31,		December 31,
		2014		2013
		(in thousands)
		Fair Value
Current assets	DerivativeInstruments	$	191,765	$	15,859
Current liabilities (1)	DerivativeInstruments		—		2,826
Total current asset fair value		$	191,765		18,685
Other assets	DerivativeInstruments		—		6,488
Long-term liabilities (1)	DerivativeInstruments		—		223
Total long-term asset fair value			—		6,711
Less:  Counterparty set-off			(31,548)		(13,258)
Total derivative asset net fair value		$	160,217	$	12,138

	Derivative Liabilities
		December 31,		December 31,
		2014		2013
		(in thousands)
		Fair Value
Current liabilities	DerivativeInstruments	$	(4,645)	$	(14,451)
Current assets (1)	DerivativeInstruments		(31,548)		(8,052)
Total current liability fair value			(36,193)		(22,503)
Long-term liabilities	DerivativeInstruments		(2,269)		(11,496)
Other assets (1)	DerivativeInstruments		—		(2,156)
Total long-term liability fair value			(2,269)		(13,652)
Less:  Counterparty set-off			31,548		13,258
Total derivative liability net fair value		$	(6,914)	$	(22,897)

(1) Impact of counterparty right of set-off for derivative instruments subject to certain master netting agreements.