Derivatives (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives outstanding

At June 30, 2016, we had the following derivatives outstanding:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Jul’16 – Dec’16	Natural gas – swap	45,000 MMBtu/day	$2.596	IF – NYMEX (HH)
Jan’17 – Dec'17	Natural gas – swap	60,000 MMBtu/day	$2.960	IF – NYMEX (HH)
Jan’18 – Dec'18	Natural gas – swap	10,000 MMBtu/day	$3.025	IF – NYMEX (HH)
Jan’17 – Dec'17	Natural gas – basis swap	20,000 MMBtu/day	$(0.215)	IF – NYMEX (HH)
Jan’18 – Dec'18	Natural gas – basis swap	10,000 MMBtu/day	$(0.208)	IF – NYMEX (HH)
Jul’16 – Dec'16	Natural gas – collar	42,000 MMBtu/day	$2.40 - $2.88	IF – NYMEX (HH)
Jan’17 – Oct'17	Natural gas – collar	10,000 MMBtu/day	$2.75 - $2.95	IF – NYMEX (HH)
Jul’16 – Dec'16	Natural gas – three-way collar	13,500 MMBtu/day	$2.70 - $2.20 - $3.26	IF – NYMEX (HH)
Jan’17 – Dec'17	Natural gas – three-way collar	15,000 MMBtu/day	$2.50 - $2.00 - $3.32	IF – NYMEX (HH)
Jul’16 – Sep'16	Crude oil – swap	1,000 Bbl/day	$48.45	WTI – NYMEX
Jul’16 – Sep'16	Crude oil – collar	2,450 Bbl/day	$44.44 - $52.46	WTI – NYMEX
Oct’16 – Dec'16	Crude oil – collar	1,450 Bbl/day	$47.50 - $56.40	WTI – NYMEX
Jul’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’17 – Dec'17	Crude oil – three-way collar	750 Bbl/day	$50.00 - $37.50 - $63.90	WTI – NYMEX

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

Subsequent derivatives outstanding

After June 30, 2016, we entered into the following derivatives:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Jan’17 – Oct'17	Natural gas – collar	10,000 MMBtu/day	$3.00 - $3.24	IF – NYMEX (HH)

Fair Value Of Derivative Instruments And Locations In Balance Sheets

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

		Derivative Assets
		Fair Value
	Balance Sheet Location	June 30, 2016		December 31, 2015
		(In thousands)
Commodity derivatives:
Current	Current derivative asset	$	—	$	10,186
Long-term	Non-current derivative asset	—		968
Total derivative assets		$	—	$	11,154

		Derivative Liabilities
		Fair Value
	Balance Sheet Location	June 30, 2016		December 31, 2015
		(In thousands)
Commodity derivatives:
Current	Current derivative liability	$	9,646	$	—
Long-term	Non-current derivative liability	3,420		285
Total derivative liabilities		$	13,066	$	285

Effect Of Derivative Instruments Recognized In Statements Of Operations, Derivative Instruments

Effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations for the three months ended June 30:

Derivatives Instruments	Location of Loss Recognized in Income on Derivative	Amount of Loss Recognized in Income on Derivative
		2016			2015
		(In thousands)
Commodity derivatives	Gain (loss) on derivatives (1)	$	(22,672	)	$	(1,919	)
Total		$	(22,672	)	$	(1,919	)

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(1) Amounts settled during the 2016 and 2015 periods include gains of $5.1 million and $10.1 million, respectively.

Effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations for the six months ended June 30:

Derivatives Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain (Loss) Recognized in Income on Derivative
		2016			2015
		(In thousands)
Commodity derivatives	Gain (loss) on derivatives (1)	$	(11,743	)	$	4,667
Total		$	(11,743	)	$	4,667

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(1) Amounts settled during the 2016 and 2015 periods include gains of $12.2 million and $21.1 million, respectively.