Derivative Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified |
2014 | Oil derivative instruments | Swap | ' | | ' |
Derivative | ' | | ' |
Hedged volume (MBbls) | 2,484 | | ' |
Average price ($/Bbl) | 91.26 | | ' |
2014 | Oil derivative instruments | Crude Oil Sales - Collars | ' | | ' |
Derivative | ' | | ' |
Hedged volume (MBbls) | 368 | | ' |
Derivative, floor price ($/Bbl) | 90 | | ' |
Derivative, cap price ($/Bbl) | 102.87 | | ' |
2014 | Oil derivative instruments | Crude Oil Sales - Three-way collars - Derivative 1 | ' | | ' |
Derivative | ' | | ' |
Hedged volume (MBbls) | 1,564 | | ' |
2014 | Oil derivative instruments | Crude Oil Sales - Three-way collars - Derivative 2 | ' | | ' |
Derivative | ' | | ' |
Hedged volume (MBbls) | 184 | | ' |
2014 | Oil derivative instruments | Short | Crude Oil Sales - Three-way collars - Derivative 1 | ' | | ' |
Derivative | ' | | ' |
Derivative, floor price ($/Bbl) | 72.11 | | ' |
Derivative, cap price ($/Bbl) | 109.79 | | ' |
2014 | Oil derivative instruments | Short | Crude Oil Sales - Three-way collars - Derivative 2 | ' | | ' |
Derivative | ' | | ' |
Derivative, floor price ($/Bbl) | 80 | | ' |
Derivative, cap price ($/Bbl) | 114.05 | | ' |
2014 | Oil derivative instruments | Long | Crude Oil Sales - Three-way collars - Derivative 1 | ' | | ' |
Derivative | ' | | ' |
Derivative, floor price ($/Bbl) | 93.76 | | ' |
2014 | Oil derivative instruments | Long | Crude Oil Sales - Three-way collars - Derivative 2 | ' | | ' |
Derivative | ' | | ' |
Derivative, floor price ($/Bbl) | 100 | | ' |
2014 | Oil basis differential commodity contract | ICE Brent - NYMEX WTI basis swaps | ' | | ' |
Derivative | ' | | ' |
Hedged volume (MBbls) | 1,840 | | ' |
Hedged differential ($/Bbl) | 11.6 | | ' |
2014 | Oil timing differential positions | Trade month roll swaps | ' | | ' |
Derivative | ' | | ' |
Hedged volume (MBbls) | 920 | [1] | ' |
Hedged differential ($/Bbl) | 0.32 | [1] | ' |
2015 | Oil derivative instruments | Swap | ' | | ' |
Derivative | ' | | ' |
Hedged volume (MBbls) | 0 | | ' |
Average price ($/Bbl) | 0 | | ' |
2015 | Oil derivative instruments | Crude Oil Sales - Collars | ' | | ' |
Derivative | ' | | ' |
Hedged volume (MBbls) | 0 | | ' |
Derivative, floor price ($/Bbl) | 0 | | ' |
Derivative, cap price ($/Bbl) | 0 | | ' |
2015 | Oil derivative instruments | Crude Oil Sales - Three-way collars - Derivative 1 | ' | | ' |
Derivative | ' | | ' |
Hedged volume (MBbls) | 1,095 | | ' |
2015 | Oil derivative instruments | Crude Oil Sales - Three-way collars - Derivative 2 | ' | | ' |
Derivative | ' | | ' |
Hedged volume (MBbls) | 0 | | ' |
2015 | Oil derivative instruments | Short | Crude Oil Sales - Three-way collars - Derivative 1 | ' | | ' |
Derivative | ' | | ' |
Derivative, floor price ($/Bbl) | 70 | | ' |
Derivative, cap price ($/Bbl) | 101.62 | | ' |
2015 | Oil derivative instruments | Short | Crude Oil Sales - Three-way collars - Derivative 2 | ' | | ' |
Derivative | ' | | ' |
Derivative, floor price ($/Bbl) | 0 | | ' |
Derivative, cap price ($/Bbl) | 0 | | ' |
2015 | Oil derivative instruments | Long | Crude Oil Sales - Three-way collars - Derivative 1 | ' | | ' |
Derivative | ' | | ' |
Derivative, floor price ($/Bbl) | 90 | | ' |
2015 | Oil derivative instruments | Long | Crude Oil Sales - Three-way collars - Derivative 2 | ' | | ' |
Derivative | ' | | ' |
Derivative, floor price ($/Bbl) | 0 | | ' |
2015 | Oil basis differential commodity contract | ICE Brent - NYMEX WTI basis swaps | ' | | ' |
Derivative | ' | | ' |
Hedged volume (MBbls) | 2,920 | | ' |
Hedged differential ($/Bbl) | 11.6 | | ' |
2015 | Oil timing differential positions | Trade month roll swaps | ' | | ' |
Derivative | ' | | ' |
Hedged volume (MBbls) | 0 | [1] | ' |
Hedged differential ($/Bbl) | 0 | [1] | ' |
Fair Value, Inputs, Level 2 | ' | | ' |
Derivative | ' | | ' |
Commodity derivatives | $17,004 | | $28,291 |
Commodity derivatives | $45,299 | | $45,226 |
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[1] | (1) The Company hedges the timing risk associated with the sales price of oil in the Permian Basin. In this operating area, the Company generally sells oil for the delivery month at a sales price based on the average NYMEX WTI price during that month, plus an adjustment calculated as a spread between the weighted average prices of the delivery month, the next month and the following month during the period when the delivery month is prompt (the “trade month rollâ€). |