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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended
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Mar. 31, 2013
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
Outstanding Commodity Derivatives | As of March 31, 2013, the Company had the following outstanding commodity derivatives:
Commodity and Derivative Type |  | Weighted-Average Contract Price |  | Volume |  | Contract Period |
Derivatives Designated as Hedging Instruments |  |  |  |  |  |  |
Natural gas collars |  | $3.09 Floor / $4.12 Ceiling per Mcf |  | 26.7 Bcf |  | Apr. 2013 - Dec. 2013 |
Natural gas collars |  | $3.35 Floor / $4.01 Ceiling per Mcf |  | 26.7 Bcf |  | Apr. 2013 - Dec. 2013 |
Natural gas collars |  | $3.40 Floor / $4.12 Ceiling per Mcf |  | 13.4 Bcf |  | Apr. 2013 - Dec. 2013 |
Natural gas collars |  | $3.60 Floor / $3.99 Ceiling per Mcf |  | 13.4 Bcf |  | Apr. 2013 - Dec. 2013 |
Natural gas collars |  | $3.60 Floor / $4.17 Ceiling per Mcf |  | 13.4 Bcf |  | Apr. 2013 - Dec. 2013 |
Natural gas collars |  | $3.76 Floor / $4.16 Ceiling per Mcf |  | 13.4 Bcf |  | Apr. 2013 - Dec. 2013 |
Natural gas collars |  | $3.86 Floor / $4.34 Ceiling per Mcf |  | 13.4 Bcf |  | Apr. 2013 - Dec. 2013 |
Natural gas collars |  | $3.96 Floor / $4.41 Ceiling per Mcf |  | 13.4 Bcf |  | Apr. 2013 - Dec. 2013 |
Natural gas collars |  | $5.15 Floor / $6.20 Ceiling per Mcf |  | 13.4 Bcf |  | Apr. 2013 - Dec. 2013 |
Natural gas collars |  | $3.60 Floor / $4.58 Ceiling per Mcf |  | 31.1 Bcf |  | Apr. 2013 - Dec. 2014 |
Natural gas collars |  | $3.96 Floor / $4.56 Ceiling per Mcf |  | 31.1 Bcf |  | Apr. 2013 - Dec. 2014 |
Natural gas collars |  | $3.86 Floor / $4.66 Ceiling per Mcf |  | 17.7 Bcf |  | Jan. 2014 - Dec. 2014 |
Natural gas collars |  | $4.12 Floor / $4.64 Ceiling per Mcf |  | 35.5 Bcf |  | Jan. 2014 - Dec. 2014 |
Crude oil swaps |  | $101.90 per Bbl |  | 825 Mbbl |  | Apr. 2013 - Dec. 2013 |
Effect of Derivatives Instruments on the Consolidated Balance Sheet |
|  |  |  | Fair Values of Derivative Instruments |
|  |  |  | Derivative Assets |  | Derivative Liabilities |
(In thousands) |  |  |  | March 31, 2013 |  | December 31, 2012 |  | March 31, 2013 |  | December 31, 2012 |
Derivatives Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments (current assets) |  | $ | 4,215 |  | $ | 50,824 |  | $ | — |  | $ | — |
Commodity contracts |  | Derivative instruments (current liabilities) |  | — |  | — |  | 26,100 |  | 192 |
Commodity contracts |  | Derivative instruments (non-current liabilities) |  | — |  | — |  | 3,799 |  | — |
|  |  |  | $ | 4,215 |  | $ | 50,824 |  | $ | 29,899 |  | $ | 192 |
Schedule of offsetting of derivative assets and liabilities in the condensed consolidated balance sheet |
(In thousands) |  | March 31, 2013 |  | December 31, 2012 |
Derivative Assets |  |  |  |  |
Gross amounts of recognized assets |  | $ | 18,353 |  | $ | 54,454 |
Gross amounts offset in the statement of financial position |  | (14,138 | ) | (3,630 | )
Net amounts of assets presented in the statement of financial position |  | 4,215 |  | 50,824 |
Gross amounts of financial instruments not offset in the statement of financial position |  | 832 |  | 1,892 |
Net amount |  | $ | 5,047 |  | $ | 52,716 |
Derivative Liabilities |  |  |  |  |
Gross amounts of recognized liabilities |  | $ | 44,037 |  | $ | 3,822 |
Gross amounts offset in the statement of financial position |  | (14,138 | ) | (3,630 | )
Net amounts of liabilities presented in the statement of financial position |  | 29,899 |  | 192 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  | — |
Net amount |  | $ | 29,899 |  | $ | 192 |
Effect of Derivatives Designated as Hedging Instruments on the Consolidated Statement of Operations |
Derivatives Designated |  | Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) |  | Location of Gain (Loss) Reclassified from Accumulated OCI into |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) |
as Hedging Instruments |  | Three Months Ended March 31, |  | Income |  | Three Months Ended March 31, |
(In thousands) |  | 2013 |  | 2012 |  | (In thousands) |  | 2013 |  | 2012 |
Commodity Contracts |  | $ | (60,946 | ) | $ | 70,728 |  | Natural gas revenues |  | $ | 13,328 |  | $ | 56,996 |
|  |  |  |  |  | Crude oil and condensate revenues |  | 2,042 |  | (1,326 | )
|  |  |  |  |  |  |  | $ | 15,370 |  | $ | 55,670 |
Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statement of Operations |
Derivatives Not Designated as |  | Location of Gain (Loss) |  | Three Months Ended |
Hedging Instruments |  | Recognized in Income on |  | March 31, |
(In thousands) |  | Derivatives |  | 2013 |  | 2012 |
Commodity Contracts |  | Natural gas revenues |  | $ | — |  | $ | 42 |

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