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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
Oil Swaps
Contract Period
 
NYMEX WTI Volumes
 
Weighted-
Average
Contract
Price
 
 
(MBbls)
 
(per Bbl)
First quarter 2017
 
1,574

 
$
46.41

Second quarter 2017
 
1,444

 
$
46.44

Third quarter 2017
 
1,340

 
$
46.66

Fourth quarter 2017
 
1,254

 
$
46.35

Total
 
5,612

 
 
Oil Collars
Contract Period
 
NYMEX WTI Volumes
 
Weighted-
Average Floor
Price
 
Weighted-
Average Ceiling
Price
 
 
(MBbls)
 
(per Bbl)
 
(per Bbl)
First quarter 2017
 
704

 
$
45.00

 
$
54.17

Second quarter 2017
 
636

 
$
45.00

 
$
54.10

Third quarter 2017
 
583

 
$
45.00

 
$
54.05

Fourth quarter 2017
 
540

 
$
45.00

 
$
54.01

2018
 
2,312

 
$
50.00

 
$
59.24

2019
 
943

 
$
50.00

 
$
61.15

Total
 
5,718

 
 
 
 

Natural Gas Swaps
Contract Period
 
Sold Volumes
 
Weighted-
Average
Contract
Price
 
Purchased Volumes (1)
 
Weighted-
Average
Contract
Price
 
Net Volumes
 
 
(BBtu)
 
(per MMBtu)
 
(BBtu)
 
(per MMBtu)
 
(BBtu)
First quarter 2017
 
29,420

 
$
3.76

 
—

 
$
—

 
29,420

Second quarter 2017
 
26,205

 
$
3.98

 
—

 
$
—

 
26,205

Third quarter 2017
 
23,657

 
$
4.01

 
—

 
$
—

 
23,657

Fourth quarter 2017
 
22,001

 
$
3.98

 
—

 
$
—

 
22,001

2018
 
63,166

 
$
3.68

 
(30,606
)
 
$
4.27

 
32,560

2019
 
27,743

 
$
4.20

 
(24,415
)
 
$
4.34

 
3,328

Total (2)
 
192,192

 
 
 
(55,021
)
 
 
 
137,171

____________________________________________
(1) 
During 2016, the Company restructured certain of its gas derivative contracts by buying fixed price volumes to offset existing 2018 and 2019 fixed price swap contracts totaling 55.0 million MMBtu. The Company then entered into new 2017 fixed price swap contracts totaling 38.6 million MMBtu with a contract price of $4.43 per MMBtu. No cash or other consideration was included as part of the restructuring.
(2) 
Total net volumes of natural gas swaps are comprised of IF El Paso Permian (3%), IF HSC (94%), and IF NNG Ventura (3%).

NGL Swaps
 
 
OPIS Purity Ethane Mont Belvieu
 
OPIS Propane Mont Belvieu Non-TET
 
OPIS Normal Butane Mont Belvieu Non-TET
 
OPIS Isobutane Mont Belvieu Non-TET
 
OPIS Natural Gasoline Mont Belvieu Non-TET
Contract Period
 
Volumes
Weighted-Average
 Contract Price
 
Volumes
Weighted-Average
Contract Price
 
Volumes
Weighted-Average
Contract Price
 
Volumes
Weighted-Average
Contract Price
 
Volumes
Weighted-Average
Contract Price
 
 
(MBbls)
(per Bbl)
 
(MBbls)
(per Bbl)
 
(MBbls)
(per Bbl)
 
(MBbls)
(per Bbl)
 
(MBbls)
(per Bbl)
First quarter 2017
 
847

$
8.63

 
692

$
21.90

 
122

$
30.69

 
94

$
31.12

 
156

$
47.54

Second quarter 2017
 
787

$
8.86

 
634

$
21.90

 
112

$
30.69

 
86

$
31.12

 
143

$
47.56

Third quarter 2017
 
736

$
9.14

 
588

$
21.91

 
104

$
30.70

 
80

$
31.12

 
133

$
47.59

Fourth quarter 2017
 
692

$
9.10

 
550

$
21.91

 
98

$
30.70

 
74

$
31.12

 
124

$
47.61

2018
 
2,434

$
10.18

 
1,442

$
22.86

 
—

$
—

 
—

$
—

 
—

$
—

2019
 
2,176

$
11.95

 
—

$
—

 
—

$
—

 
—

$
—

 
—

$
—

2020
 
539

$
11.13

 
—

$
—

 
—

$
—

 
—

$
—

 
—

$
—

Total
 
8,211

 
 
3,906

 
 
436

 
 
334

 
 
556

 
Schedule of fair value of derivatives in accompanying balance sheets
The following tables detail the fair value of derivatives recorded in the accompanying balance sheets, by category:
 
As of December 31, 2016
 
Derivative Assets
 
Derivative Liabilities
 
Balance Sheet
 Classification
 
Fair Value
 
Balance Sheet
 Classification
 
Fair Value
 
(in thousands)
Commodity contracts
Current assets
 
$
54,521

 
Current liabilities
 
$
115,464

Commodity contracts
Noncurrent assets
 
67,575

 
Noncurrent liabilities
 
98,340

Derivatives not designated as hedging instruments
 
 
$
122,096

 
 
 
$
213,804


 
As of December 31, 2015
 
Derivative Assets
 
Derivative Liabilities
 
Balance Sheet
 Classification
 
Fair Value
 
Balance Sheet
 Classification
 
Fair Value
 
(in thousands)
Commodity contracts
Current assets
 
$
367,710

 
Current liabilities
 
$
8

Commodity contracts
Noncurrent assets
 
120,701

 
Noncurrent liabilities
 
—

Derivatives not designated as hedging instruments
 
 
$
488,411

 
 
 
$
8
Schedule of the potential effects of master netting arrangements
The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts:
 
 
Derivative Assets
 
Derivative Liabilities
 
 
As of December 31,
 
As of December 31,
Offsetting of Derivative Assets and Liabilities
 
2016
 
2015
 
2016
 
2015
 
 
(in thousands)
Gross amounts presented in the accompanying balance sheets
 
$
122,096

 
$
488,411

 
$
(213,804
)
 
$
(8
)
Amounts not offset in the accompanying balance sheets
 
(118,080
)
 
(8
)
 
118,080

 
8

Net amounts
 
$
4,016

 
$
488,403

 
$
(95,724
)
 
$
—
Schedule of gains and losses on derivative instruments in the statement of operations
The following table summarizes the components of net derivative (gain) loss presented in the accompanying statements of operations:
 
For the Years Ended December 31,
 
2016
 
2015
 
2014
 
(in thousands)
Derivative settlement (gain) loss:
 
 
 
 
 
Oil contracts
$
(243,102
)
 
$
(362,219
)
 
$
(28,410
)
Gas contracts (1)
(94,936
)
 
(123,180
)
 
26,706

NGL contracts
8,560

 
(27,167
)
 
(10,911
)
Total derivative settlement gain
$
(329,478
)
 
$
(512,566
)
 
$
(12,615
)
 
 
 
 
 
 
Total derivative (gain) loss:
 
 
 
 
 
Oil contracts
$
85,370

 
$
(191,165
)
 
$
(457,082
)
Gas contracts
81,060

 
(189,734
)
 
(93,267
)
NGL contracts
84,203

 
(27,932
)
 
(32,915
)
Total net derivative (gain) loss
$
250,633

 
$
(408,831
)
 
$
(583,264
)

____________________________________________
(1) 
Natural gas derivative settlements for the years ended December 31, 2015, and 2014, include $15.3 million and $5.6 million, respectively, of early settlements of futures contracts as a result of divesting assets in the Company’s Mid-Continent region.