| Open Commodity Derivatives |
As of June 30, 2015, our open commodity derivative contracts were as follows:
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Crude Oil: Three-way collars, Priced off WTI (NYMEX)
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Notional
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Notional
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Weighted Average Contract Price
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Quantity
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Quantity
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Put Option
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Call Option
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Call Option
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Termination Period
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(Bbls/day)
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(Bbls)
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(Bought)
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(Sold)
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(Bought)
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2015:
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3rd Quarter
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6,000
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552,000
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$
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50.00
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$
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60.00
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$
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62.30
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4th Quarter
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6,000
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552,000
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50.00
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60.00
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62.30
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1,104,000
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50.00
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60.00
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62.30
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Crude Oil: Two-way collars, Priced off WTI (NYMEX)
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Notional
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Notional
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Weighted Average Contract Price
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Quantity
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Quantity
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Put Option
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Call Option
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Termination Period
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(Bbls/day)
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(Bbls)
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(Bought)
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(Sold)
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2016:
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1st Quarter
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5,000
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455,000
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$
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40.00
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$
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81.47
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2nd Quarter
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5,000
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455,000
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40.00
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81.47
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3rd Quarter
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5,000
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460,000
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40.00
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81.47
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4th Quarter
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5,000
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460,000
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40.00
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81.47
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1,830,000
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40.00
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81.47
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Natural Gas: Three-way collars, Priced off Henry Hub (NYMEX) (1)
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Notional
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Notional
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Weighted Average Contract Price
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Quantity
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Quantity
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Put Option
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Call Option
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Call Option
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Termination Period
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(MMBTUs/day)
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(MMBTUs)
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(Bought)
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(Sold)
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(Bought)
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2015:
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3rd Quarter
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30,000
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1,830,000
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$
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2.25
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$
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3.25
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$
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3.51
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4th Quarter
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30,000
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2,760,000
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2.25
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3.25
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3.51
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2016:
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1st Quarter
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40,000
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3,640,000
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2.25
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3.50
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3.77
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2nd Quarter
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40,000
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3,640,000
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2.25
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3.50
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3.77
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3rd Quarter
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40,000
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3,680,000
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2.25
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3.50
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3.77
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4th Quarter
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40,000
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3,680,000
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2.25
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3.50
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3.77
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19,230,000
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2.25
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3.44
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3.70
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(1)
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The natural gas derivative contracts are priced and closed in the last week prior to the related production month. Natural gas derivative contracts related to July 2015 production were priced and closed in June 2015 and are not included in the above table as these were not open derivative contracts as of June 30, 2015.
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| Changes in Fair Value of Commodity Derivative Contracts |
Changes in the fair value of our commodity derivative contracts were as follows (in thousands):
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2015
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2014
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2015
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2014
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Derivative loss
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$
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1,078
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$
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13,079
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$
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1,078
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$
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20,571
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| Cash Payments on Derivative Settlements, Net Included within Net Cash Provided by Operating Activities |
Cash payments on commodity derivative contract settlements, net, are included within Net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows and were as follows (in thousands):
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Six Months Ended
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June 30,
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2015
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2014
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Cash payments on derivative settlements, net
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$
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—
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$
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14,310
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Cash payments on commodity derivative contract settlements, net, are included within Net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows and were as follows (in thousands):
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