Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding commodity derivatives

As of March 31, 2016, the Company had the following outstanding commodity derivatives:

Collars

Swaps

Floor

Ceiling

Type of Contract

Volume

Contract Period

Range

Weighted-Average

Range

Weighted- Average

Weighted- Average

Natural gas

52.0

Bcf

Apr. 2016 - Oct. 2016

$

2.51

Crude oil

1.4

Mmbbl

Apr. 2016 - Dec. 2016

$

38.00

$

38.00

$47.10-$47.50

$

47.28

Effect of derivative instruments on the condensed consolidated balance sheet

Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet

		Fair Values of Derivative Instruments
		Derivative Assets				Derivative Liabilities
(In thousands)	Balance Sheet Location	March 31, 2016		December 31, 2015		March 31, 2016		December 31, 2015
Commodity contracts	Derivative instruments (current assets)	$	18,994	$	—	$	—	$	—

Schedule of offsetting of derivative liabilities in the condensed consolidated balance sheet

Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet

(In thousands)	March 31, 2016		December 31, 2015
Derivative assets
Gross amounts of recognized assets	$	18,994	$	—
Gross amounts offset in the statement of financial position	—		—
Net amounts of assets presented in the statement of financial position	18,994		—
Gross amounts of financial instruments not offset in the statement of financial position	—		—
Net amount	$	18,994	$	—

Schedule of offsetting of derivative assets in the condensed consolidated balance sheet

Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet

(In thousands)	March 31, 2016		December 31, 2015
Derivative assets
Gross amounts of recognized assets	$	18,994	$	—
Gross amounts offset in the statement of financial position	—		—
Net amounts of assets presented in the statement of financial position	18,994		—
Gross amounts of financial instruments not offset in the statement of financial position	—		—
Net amount	$	18,994	$	—

Effect of derivatives on the condensed consolidated statement of operations

Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations

	Three Months Ended   March 31,
(In thousands)	2016		2015
Cash received (paid) on settlement of derivative instruments
Gain (loss) on derivative instruments	$	—	$	37,685
Non-cash gain (loss) on derivative instruments
Gain (loss) on derivative instruments	18,994		(3,562		)
	$	18,994	$	34,123