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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
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Jun. 30, 2013
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
Outstanding Commodity Derivatives | As of June 30, 2013, the Company had the following outstanding commodity derivatives:
|  |  |  |  |  |  |  | Collars |  |  |
|  |  |  |  |  |  |  | Floor |  | Ceiling |  | Swaps |
Type of Contract |  | Volume |  | Contract Period |  | Range (1) |  | Weighted Average (1) |  | Range (1) |  | Weighted Average (1) |  | (Weighted Average) (1) |
Natural gas collars |  | 8.9 |  | Bcf |  | Jul. 2013 - Dec. 2013 |  | $ | — |  | $ | 5.15 |  | $ | 6.18-$6.23 |  | $ | 6.20 |  |  |
Natural gas collars |  | 109.0 |  | Bcf |  | Jul. 2013 - Dec. 2013 |  | $ | 3.09-$4.37 |  | $ | 3.63 |  | $ | 3.98-$5.02 |  | $ | 4.27 |  |  |
Natural gas collars |  | 53.3 |  | Bcf |  | Jul. 2013 - Dec. 2014 |  | $ | 3.60-$3.96 |  | $ | 3.78 |  | $ | 4.55-$4.59 |  | $ | 4.57 |  |  |
Natural gas collars |  | 124.1 |  | Bcf |  | Jan. 2014 - Dec. 2014 |  | $ | 3.86-$4.37 |  | $ | 4.19 |  | $ | 4.63-$4.80 |  | $ | 4.70 |  |  |
Crude oil swaps |  | 552 |  | Mbbl |  | Jul. 2013 - Dec. 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 101.90 |
(1) Natural gas prices are stated per Mcf and crude oil prices are stated per barrel.
Effect of Derivatives Instruments on the Consolidated Balance Sheet |
|  |  |  | Fair Values of Derivative Instruments |
|  |  |  | Derivative Assets |  | Derivative Liabilities |
(In thousands) |  | Balance Sheet Location |  | June 30, 2013 |  | December 31, 2012 |  | June 30, 2013 |  | December 31, 2012 |
Derivatives Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Derivative instruments (current assets) |  | $ | 69,644 |  | $ | 50,824 |  | $ | — |  | $ | — |
Commodity contracts |  | Derivative instruments (non-current assets) |  | 17,963 |  | — |  | — |  | — |
Commodity contracts |  | Accrued liabilities |  | — |  | — |  | — |  | 192 |
Commodity contracts |  | Derivative instruments (non-current liabilities) |  | — |  | — |  | — |  | — |
|  |  |  | $ | 87,607 |  | $ | 50,824 |  | $ | — |  | $ | 192 |
Schedule of offsetting of derivative assets and liabilities in the condensed consolidated balance sheet |
(In thousands) |  | June 30, 2013 |  | December 31, 2012 |
Derivative Assets |  |  |  |  |
Gross amounts of recognized assets |  | $ | 89,840 |  | $ | 54,454 |
Gross amounts offset in the statement of financial position |  | (2,233 | ) | (3,630 | )
Net amounts of assets presented in the statement of financial position |  | 87,607 |  | 50,824 |
Gross amounts of financial instruments not offset in the statement of financial position |  | 549 |  | 1,892 |
Net amount |  | $ | 88,156 |  | $ | 52,716 |
Derivative Liabilities |  |  |  |  |
Gross amounts of recognized liabilities |  | $ | 2,233 |  | $ | 3,822 |
Gross amounts offset in the statement of financial position |  | (2,233 | ) | (3,630 | )
Net amounts of liabilities presented in the statement of financial position |  | — |  | 192 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  | — |
Net amount |  | $ | — |  | $ | 192 |
Effect of Derivatives Designated as Hedging Instruments on the Consolidated Statement of Operations |
|  | Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
(In thousands) |  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Commodity Contracts |  | $ | 115,113 |  | $ | 18,376 |  | $ | 54,167 |  | $ | 89,104 |
Location of Gain (Loss) |  | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) |
Reclassified from Accumulated OCI into |  | Three Months Ended June 30, |  | Six Months Ended June 30, |
Income (In thousands) |  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Natural gas revenues |  | $ | (272 | ) | $ | 69,732 |  | $ | 13,056 |  | $ | 126,728 |
Crude oil and condensate revenues |  | 2,094 |  | 3,110 |  | 4,136 |  | 1,784 |
|  | $ | 1,822 |  | $ | 72,842 |  | $ | 17,192 |  | $ | 128,512 |
Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statement of Operations |
|  | Location of Gain (Loss) Recognized in Income on |  | Three Months Ended June 30, |  | Six Months Ended June 30, |
(In thousands) |  | Derivatives |  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Commodity Contracts |  | Natural gas revenues |  | $ | — |  | $ | (342 | ) | $ | — |  | $ | (300 | )

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