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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Commodity Derivatives Instruments
As of December 31, 2014, the Company had the following outstanding commodity derivatives instruments:
 
 
 

 
 
 
 
Collars
 
Swaps
 
 
 

 
 
 
 
Floor
 
Ceiling
 
 
Type of Contract
 
Volume
 
Contract Period
 
Range
 
Weighted-
Average
 
Range
 
Weighted-
Average
 
Weighted-
Average
Natural gas
 
70.9

Bcf
 
Jan. 2015 - Dec. 2015
 
$3.86 - $3.91
 
$
3.87

 
$4.27 - $4.43
 
$
4.35

 
 

Natural gas
 
70.9

Bcf
 
Jan. 2015 - Dec. 2015
 
 
 
 

 
 
 
 

 
$
3.92

Natural gas
 
5.2

Bcf
 
Jan. 2015 - Mar. 2015
 
 
 
 
 
 
 
 
 
$
4.62

Natural gas
 
10.4

Bcf
 
Apr. 2015 - Oct. 2015
 
 
 
 
 
 
 
 
 
$
3.86


In the above table, natural gas prices are stated per Mcf.
Effect of Derivative Instruments on the Consolidated Balance Sheet
 
 
 
Fair Values of Derivative Instruments
 
 
 
Derivative Assets
 
Derivative Liabilities
 
 
 
December 31,
 
December 31,
(In thousands)
Balance Sheet Location
 
2014
 
2013
 
2014
 
2013
Derivatives Designated as Hedges
 
 
 
 
 
 
 
 
Commodity contracts
Derivative instruments (current assets)
 
$
—

 
$
3,019

 
$
—

 
$
—

Commodity contracts
Derivative instruments (current liabilities)
 
—

 
—

 
—

 
13,912

Derivatives Not Designated as Hedges
 
 
 
 
 
 
 
 
Commodity contracts
Derivative instruments (current assets)
 
137,603

 
—

 
—

 
—

 
 
 
$
137,603

 
$
3,019

 
$
—

 
$
13,912
Schedule of Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet
 
December 31,
(In thousands)
2014
 
2013
Derivative Assets
 

 
 

Gross amounts of recognized assets
$
137,603

 
$
13,792

Gross amounts offset in the statement of financial position
—

 
(10,773
)
Net amounts of assets presented in the statement of financial position
137,603

 
3,019

Gross amounts of financial instruments not offset in the statement of financial position
2,338

 
373

Net amount
$
139,941

 
$
3,392

 
 
 
 
Derivative Liabilities
 
 
 
Gross amounts of recognized liabilities
$
—

 
$
24,685

Gross amounts offset in the statement of financial position
—

 
(10,773
)
Net amounts of liabilities presented in the statement of financial position
—

 
13,912

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

 
—

Net amount
$
—

 
$
13,912
Effect of Derivative Instruments on Accumulated Other Comprehensive Income (Loss)
The amount of gain (loss) recognized in accumulated other comprehensive income (loss) on derivatives (effective portion) is as follows:
 
Year Ended December 31,
(In thousands)
2014
 
2013
 
2012
Commodity contracts
$
(133,310
)
 
$
(4,523
)
 
$
88,705
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)
The amount of gain (loss) recognized in accumulated other comprehensive income (loss) on derivatives (effective portion) is as follows:
 
Year Ended December 31,
(In thousands)
2014
 
2013
 
2012
Commodity contracts
$
(133,310
)
 
$
(4,523
)
 
$
88,705


The amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (effective portion) is as follows:
 
Year Ended December 31,
(In thousands)
2014(1)
 
2013
 
2012
Natural gas revenues
$
(143,577
)
 
$
52,733

 
$
225,108

Crude oil and condensate revenues
(626
)
 
4,269

 
11,218

 
$
(144,203
)
 
$
57,002

 
$
236,326

 
(1) The Company ceased hedge accounting effective April 1, 2014. As a result, a loss of approximately $73.4 million related to amounts previously frozen in accumulated other comprehensive income (loss) were reclassified into income during 2014.
Effect of Derivative Instruments on the Consolidated Statement of Operations
The amount of gain (loss) recognized in the Consolidated Statement of Operations on derivative instruments is as follows:
 
 
Year Ended December 31,
(In thousands)
 
2014
 
2013
 
2012
Derivatives Designated as Hedges
 
 
 
 
 
 
Realized
 
 
 
 
 
 
Natural gas
 
$
(70,557
)
 
$
52,733

 
$
225,108

Crude oil and condensate
 
(218
)
 
4,269

 
11,218

 
 
$
(70,775
)
 
$
57,002

 
$
236,326

Derivatives Not Designated as Hedges
 
 
 
 
 
 
Realized
 
 
 
 
 
 
Natural gas(1)
 
$
(73,020
)
 
$
—

 
$
—

Crude oil and condensate(1)
 
(408
)
 
—

 
—

Gain (loss) on derivative instruments
 
81,716

 
—

 
—

Unrealized
 
 
 
 
 
 
Gain (loss) on derivative instruments
 
137,603

 
—

 
(494
)
 
 
$
145,891

 
$
—

 
$
(494
)
 
 
$
75,116

 
$
57,002

 
$
235,832