| Open Commodity Derivatives |
As of September 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) (1)
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(Bbls) (1)
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(Bought)
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(Sold)
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(Bought)
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2015:
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4th 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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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) (1)
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(Bbls) (1)
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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) (1)
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(MMBTUs) (1)
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(Bought)
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(Sold)
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(Bought)
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2015:
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4th Quarter (2)
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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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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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16,470,000
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2.25
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3.47
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3.74
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(1)
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Volume Measurements: Bbls – barrelsMMBTUs – million British Thermal Units.
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(2)
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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 October 2015 production were priced and closed in September 2015 and are not included in the above table as these were not open derivative contracts as of September 30, 2015.
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| Changes in Fair Value and Settlements of Commodity Derivative Contracts |
Changes in the fair value and settlements of our commodity derivative contracts were as follows (in thousands):
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Three Months Ended
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Nine Months Ended
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September 30,
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September 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 (gain) loss
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$
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(10,231
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)
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$
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(13,781
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)
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$
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(9,153
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)
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$
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6,790
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| Cash Payments on Derivative Settlements, Net Included within Net Cash Provided by Operating Activities |
Cash receipts (payments), net, on commodity derivative contract settlements 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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Nine Months Ended
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September 30,
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2015
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2014
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Cash receipts (payments) on derivative settlements, net
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$
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2,139
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$
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(18,543)
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