| Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table presents the derivative assets and liabilities that are measured at fair value on a recurring basis at December 31, 2014 and December 31, 2013 for each of the fair value hierarchy levels:
|
|
Fair Value Measurements at December 31, 2014 Using |
|
|
|
Quoted Prices in |
|
|
Significant Other |
|
|
Significant |
|
|
|
|
|
|
|
Active Market |
|
|
Observable Inputs |
|
|
Unobservable Inputs |
|
|
|
|
|
|
|
(Level 1) |
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|
(Level 2) |
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|
(Level 3) |
|
|
Fair Value |
|
|
|
(In thousands) |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives |
$ |
— |
|
|
$ |
564,913 |
|
|
$ |
— |
|
|
$ |
564,913 |
|
|
Interest rate derivatives |
|
— |
|
|
|
1,305 |
|
|
|
— |
|
|
|
1,305 |
|
|
Total assets |
$ |
— |
|
|
$ |
566,218 |
|
|
$ |
— |
|
|
$ |
566,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives |
$ |
— |
|
|
$ |
45,831 |
|
|
$ |
— |
|
|
$ |
45,831 |
|
|
Interest rate derivatives |
|
— |
|
|
|
3,289 |
|
|
|
— |
|
|
|
3,289 |
|
|
Total liabilities |
$ |
— |
|
|
$ |
49,120 |
|
|
$ |
— |
|
|
$ |
49,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2013 Using |
|
|
|
Quoted Prices in |
|
|
Significant Other |
|
|
Significant |
|
|
|
|
|
|
|
Active Market |
|
|
Observable Inputs |
|
|
Unobservable Inputs |
|
|
|
|
|
|
|
(Level 1) |
|
|
(Level 2) |
|
|
(Level 3) |
|
|
Fair Value |
|
|
|
(In thousands) |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives |
$ |
— |
|
|
$ |
95,926 |
|
|
$ |
— |
|
|
$ |
95,926 |
|
|
Interest rate derivatives |
|
— |
|
|
|
872 |
|
|
|
— |
|
|
|
872 |
|
|
Total assets |
|
— |
|
|
|
96,798 |
|
|
|
— |
|
|
|
96,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity derivatives |
$ |
— |
|
|
$ |
55,576 |
|
|
$ |
— |
|
|
$ |
55,576 |
|
|
Interest rate derivatives |
|
— |
|
|
|
4,836 |
|
|
|
— |
|
|
|
4,836 |
|
|
Total liabilities |
$ |
— |
|
|
$ |
60,412 |
|
|
$ |
— |
|
|
$ |
60,412 |
|
|