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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2014
Derivative Instruments and Hedging Activities  
Outstanding commodity derivatives

As of March 31, 2014, the Company had the following outstanding commodity derivatives:

 

 

 

 

 

 

 

Collars

 

Swaps

 

 

 

 

 

 

 

Floor

 

Ceiling

 

 

 

Type of Contract

 

Volume

 

Contract Period

 

Range

 

Weighted-
Average

 

Range

 

Weighted-
Average

 

Weighted-
Average

 

Natural gas

 

253.8

 

Bcf

 

Apr. 2014 - Dec. 2014

 

$3.60-$4.37

 

$

4.13

 

$4.22-$4.80

 

$

4.51

 

 

 

Natural gas

 

80.1

 

Bcf

 

Apr. 2014 - Dec. 2014

 

 

 

 

 

 

 

 

 

$

4.05

 

Crude oil

 

550.0

 

Mbbl

 

Apr. 2014 - Dec. 2014

 

 

 

 

 

 

 

 

 

$

97.00

 
Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet

 

 

 

 

Fair Values of Derivative Instruments

 

 

 

 

 

Derivative Assets

 

Derivative Liabilities

 

 

 

 

 

March 31,

 

December 31,

 

March 31,

 

December 31,

 

(In thousands)

 

Balance Sheet Location

 

2014

 

2013

 

2014

 

2013

 

Commodity contracts

 

Other current assets

 

$

—

 

$

3,019

 

$

—

 

$

—

 

Commodity contracts

 

Derivative instruments (current liabilites)

 

—

 

—

 

73,428

 

13,912

 

 

 

 

 

$

—

 

$

3,019

 

$

73,428

 

$

13,912

 
Schedule of offsetting of derivative assets and liabilities in the condensed consolidated balance sheet

 

 

March 31,

 

December 31,

 

(In thousands)

 

2014

 

2013

 

Derivative Assets

 

 

 

 

 

Gross amounts of recognized assets

 

$

4,041

 

$

13,792

 

Gross amounts offset in the statement of financial position

 

(4,041

)

(10,773

)

Net amounts of assets presented in the statement of financial position

 

—

 

3,019

 

Gross amounts of financial instruments not offset in the statement of financial position

 

—

 

373

 

Net amount

 

$

—

 

$

3,392

 

 

 

 

 

 

 

Derivative Liabilities

 

 

 

 

 

Gross amounts of recognized liabilities

 

$

77,469

 

$

24,685

 

Gross amounts offset in the statement of financial position

 

(4,041

)

(10,773

)

Net amounts of liabilities presented in the statement of financial position

 

73,428

 

13,912

 

Gross amounts of financial instruments not offset in the statement of financial position

 

218

 

—

 

Net amount

 

$

73,646

 

$

13,912

 
Amount of gain (loss) recognized in other comprehensive income / (loss) on dervatives

 

 

 

Three Months Ended
March 31,

 

(In thousands)

 

2014

 

2013

 

Commodity contracts

 

$

(133,310

)

$

(60,946

)
Amount of gain (loss) reclassified from accumulated other comprehensive income / (loss)

(In thousands)

 

Three Months Ended
March 31,

 

 

 

2014

 

2013

 

Natural gas revenues

 

$

(70,557

)

$

13,328

 

Crude oil and condensate revenues

 

(218

)

2,042

 

 

 

$

(70,775

)

$

15,370