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Derivative Instruments and Hedging Activities
 6 Months Ended
Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
As of June 30, 2016, the Company had the following outstanding commodity derivatives:
 
 
 
 
 
 
 
Collars
 
 
 
Basis Swaps
 
 
 
 
 
 
 
Floor
 
Ceiling
 
Swaps
 
Type of Contract
 
Volume
 
Contract Period
 
Range
 
Weighted-Average
 
Range
 
Weighted- Average
 
Weighted- Average
 
Weighted- Average
Natural gas
 
29.9

Bcf
 
Jul. 2016 - Oct. 2016
 


 


 

 


 
$
2.51

 
 
Natural gas
 
14.2

Bcf
 
Jan. 2018 - Dec. 2019
 
 
 
 
 
 
 
 
 
 
 
$
0.42

Crude oil
 
0.9

Mmbbl
 
Jul. 2016 - Dec. 2016
 
$
—

 
$
38.00

 
$47.10-$47.50
 
$
47.28

 
 
 
 

In the table above, natural gas prices are stated per Mcf and crude oil prices are stated per barrel.
Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
 
 
 
 
Derivative Liabilities
(In thousands)
 
Balance Sheet Location
 
June 30,
2016
 
December 31,
2015
Commodity contracts
 
Derivative instruments (current)
 
$
18,501

 
$
—

Commodity contracts
 
Other liabilities (non-current)
 
994

 
—

 
 
 
 
$
19,495

 
$
—


Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands)
 
June 30,
2016
 
December 31,
2015
Derivative liabilities
 
 

 
 

Gross amounts of recognized liabilities
 
$
19,495

 
$
—

Gross amounts offset in the statement of financial position
 
—

 
—

Net amounts of liabilities presented in the statement of financial position
 
19,495

 
—

Gross amounts of financial instruments not offset in the statement of financial position
 
236

 
—

Net amount
 
$
19,731

 
$
—


Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
(In thousands)
 
2016
 
2015
 
2016
 
2015
Cash received (paid) on settlement of derivative instruments
 
 

 
 

 
 

 
 

Gain (loss) on derivative instruments
 
$
11,305

 
$
51,045

 
$
11,305

 
$
88,730

Non-cash gain (loss) on derivative instruments
 
 

 
 

 
 

 
 

Gain (loss) on derivative instruments
 
(38,489
)
 
(57,864
)
 
(19,495
)
 
(61,426
)
 
 
$
(27,184
)
 
$
(6,819
)
 
$
(8,190
)
 
$
27,304