Derivatives (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Non-designated hedges outstanding

At September 30, 2015, the following non-designated hedges were outstanding:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Oct’15 – Dec’15	Crude oil – swap	1,000 Bbl/day	$95.00	WTI – NYMEX
Oct’15 – Dec’15	Crude oil – collar	2,000 Bbl/day	$58.00 - $64.40	WTI – NYMEX
Oct’15 – Dec’15	Natural gas – swap	40,000 MMBtu/day	$3.98	NYMEX (HH)
Jan'16 - Dec'16	Natural gas – swap	10,000 MMBtu/day	$3.25	NYMEX (HH)
Nov'15 - Dec'16	Natural gas – three-way collar	13,500 MMBtu/day	$2.70 - $2.20 - $3.26	NYMEX (HH)

Schedule of subsequent non-designated hedges outstanding

After September 30, 2015, the following non-designated hedges were entered into:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Jan'16 - Jun'16	Crude oil – collar	700 Bbl/day	$44.00 - $54.00	WTI – NYMEX
Jan'16 - Dec'16	Crude oil – three-way collar	700 Bbl/day	$46.50 - $35.00 - $57.00	WTI – NYMEX
Jul'16 - Dec'16	Crude oil – three-way collar(1)	700 Bbl/day	$47.50 - $35.00 - $63.50	WTI – NYMEX
Jan'16 - Dec'16	Natural gas – collar	27,000 MMBtu/day	$2.50 - $3.11	NYMEX (HH)

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(1) We pay our counterparty a premium, which can be and is being deferred until settlement.

Fair Value Of Derivative Instruments And Locations In Balance Sheets

The following table presents the fair values and locations of the derivative transactions recorded in our Unaudited Condensed Consolidated Balance Sheets:

		Derivative Assets
		Fair Value
	Balance Sheet Location	September 30, 2015		December 31, 2014
		(In thousands)
Commodity derivatives:
Current	Current derivative asset	$	11,461	$	31,139
Long-term	Non-current derivative asset	439		—
Total derivative assets		$	11,900	$	31,139

Effect Of Derivative Instruments Recognized In Statements Of Operations, Not Designated As Hedging Instruments

Effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations (derivatives not designated as hedging instruments) for the three months ended September 30:

Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
		2015		2014
		(In thousands)
Commodity derivatives	Gain on derivatives not designated as     hedges(1)	$	8,250	$	19,841
Total		$	8,250	$	19,841

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(1) Amounts settled during the 2015 and 2014 periods include a gain of $11.1 million and a loss of $1.0 million, respectively.

Effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations (derivatives not designated as hedging instruments) for the nine months ended September 30:

Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
		2015		2014
		(In thousands)
Commodity derivatives	Gain (loss) on derivatives not designated as hedges (1)	$	12,917	$	(9,234	)
Total		$	12,917	$	(9,234	)

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(1) Amounts settled during the 2015 and 2014 periods include a gain of $32.2 million and a loss of $19.0 million, respectively.