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Derivative Instruments (Tables) | 3 Months Ended
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Mar. 31, 2012
Derivative Instruments |
Derivatives designated and not designated as hedging instruments |
|  | Three Months Ended |
|  | March 31, |
|  | 2012 |  | 2011 |
|  | (Thousands) |
Commodity derivatives designated as cash flow hedges |  |  |  |  |
Amount of gain recognized in other comprehensive income (OCI) (effective portion), net of tax |  | $ | 107,488 |  | $ | 4,199 |
Amount of gain reclassified from accumulated OCI into operating revenues (effective portion), net of tax |  | $ | 47,986 |  | $ | 16,905 |
Amount of loss recognized in operating revenues (ineffective portion) (a) |  | $ | (31 | ) | $ | (625 | )
Interest rate derivatives designated as cash flow hedges |  |  |  |  |
Amount of gain recognized in OCI (effective portion), net of tax |  | $ | 2,373 |  | $ | — |
Amount of loss reclassified from accumulated OCI into interest expense (effective portion), net of tax |  | $ | (65 | ) | $ | (30 | )
Commodity derivatives designated as fair value hedges (b) |  |  |  |  |
Amount of gain (loss) recognized in operating revenues for fair value commodity contracts |  | $ | 7,072 |  | $ | (1,896 | )
Fair value gain (loss) recognized in operating revenues for inventory designated as hedged item |  | $ | (9,931 | ) | $ | 1,633 |
Derivatives not designated as hedging instruments |  |  |  |  |
Amount of gain (loss) recognized in operating revenues |  | $ | 2,463 |  | $ | (1,679 | )
(a) No amounts have been excluded from effectiveness testing of cash flow hedges. (b) For the quarter ended March 31, 2012, the net impact on operating revenues consisted of a $3.3 million loss due to the exclusion of the spot/forward differential from the assessment of effectiveness and a $0.4 million gain due to changes in basis. For the quarter ended March 31, 2011, the net impact on operating revenues related to the exclusion of the spot/forward differential from the assessment of effectiveness.
Asset and liability derivatives |
|  | March 31, |  | December 31, |
|  | 2012 |  | 2011 |
|  | (Thousands) |
Asset derivatives |  |  |  |  |
Commodity derivatives designated as hedging instruments |  | $ | 508,680 |  | $ | 412,626 |
Commodity derivatives not designated as hedging instruments |  | 99,967 |  | 99,535 |
Total asset derivatives |  | $ | 608,647 |  | $ | 512,161 |
Liability derivatives |  |  |  |  |
Commodity derivatives designated as hedging instruments |  | $ | 4,432 |  | $ | 3,681 |
Interest rate derivatives designated as hedging instruments |  | 6,713 |  | 10,861 |
Commodity derivatives not designated as hedging instruments |  | 108,899 |  | 108,764 |
Total liability derivatives |  | $ | 120,044 |  | $ | 123,306

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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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