Derivatives (Tables)

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives outstanding

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

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Oct’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)
Oct’16 – Dec'16	Natural gas – collar	42,000 MMBtu/day	$2.40 - $2.88	IF – NYMEX (HH)
Jan’17 – Oct'17	Natural gas – collar	20,000 MMBtu/day	$2.88 - $3.10	IF – NYMEX (HH)
Oct’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)
Oct’16 – Dec'16	Crude oil – collar	1,450 Bbl/day	$47.50 - $56.40	WTI – NYMEX
Oct’16 – Dec'16	Crude oil – three-way collar	700 Bbl/day	$46.50 - $35.00 - $57.00	WTI – NYMEX
Oct'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	1,750 Bbl/day	$50.00 - $39.10 - $61.67	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 September 30, 2016, we entered into the following derivative transactions:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Oct’16 – Dec'16	Crude oil – collar	2,000 Bbl/day	$48.00 - $53.15	WTI – NYMEX
Jan’17 – Dec'17	Crude oil – three-way collar	2,000 Bbl/day	$49.60 - $40.00 - $60.38	WTI – NYMEX
Jan’17 – Mar'17	Natural gas – swap	10,000 MMBtu/day	$3.550	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	September 30, 2016		December 31, 2015
		(In thousands)
Commodity derivatives:
Current	Current derivative asset	$	—	$	10,186
Long-term	Non-current derivative asset	177		968
Total derivative assets		$	177	$	11,154

		Derivative Liabilities
		Fair Value
	Balance Sheet Location	September 30, 2016		December 31, 2015
		(In thousands)
Commodity derivatives:
Current	Current derivative liability	$	5,552	$	—
Long-term	Non-current derivative liability	265		285
Total derivative liabilities		$	5,817	$	285

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

Following is the effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations for the three months ended September 30:

Derivatives Instruments	Location of Gain Recognized in Income on Derivative	Amount of Gain Recognized in Income on Derivative
		2016		2015
		(In thousands)
Commodity derivatives	Gain (loss) on derivatives (1)	$	6,969	$	8,250
Total		$	6,969	$	8,250

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(1) Amounts settled during the 2016 and 2015 periods include a loss of $0.5 million and a gain of $11.1 million, respectively.

Following is the effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations for the nine months ended September 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)	$	(4,774	)	$	12,917
Total		$	(4,774	)	$	12,917

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(1) Amounts settled during the 2016 and 2015 periods include gains of $11.7 million and $32.2 million, respectively.