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Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2014
Derivative Instruments and Hedging Activities |
Outstanding commodity derivatives |
|  |  |  |  |  |  |  | Collars |  | Swaps |
|  |  |  |  |  |  |  | Floor |  | Ceiling |  |  |
Type of Contract |  | Volume |  | Contract Period |  | Range |  | Weighted-Average |  | Range |  | Weighted-Average |  | Weighted- Average |
Natural gas |  | 169.8 |  | Bcf |  | Jul. 2014 - Dec. 2014 |  | $3.60-$4.37 |  | $ | 4.13 |  | $4.22-$4.80 |  | $ | 4.51 |  |  |
Natural gas |  | 53.6 |  | Bcf |  | Jul. 2014 - Dec. 2014 |  |  |  |  |  |  |  |  |  | $ | 4.05 |
Crude oil |  | 368.0 |  | Mbbl |  | Jul. 2014 - Dec. 2014 |  |  |  |  |  |  |  |  |  | $ | 97.00 |
Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet |
|  |  |  | Fair Values of Derivative Instruments |
|  |  |  | Derivative Assets |  | Derivative Liabilities |
|  |  |  | June 30, |  | December 31, |  | June 30, |  | December 31, |
(In thousands) |  | Balance Sheet Location |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Derivatives Designated as Hedges |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | $ | — |  | $ | 3,019 |  | $ | — |  | $ | — |
Commodity contracts |  | Derivative instruments (current liabilites) |  | — |  | — |  | — |  | 13,912 |
Derivatives Not Designated as Hedges |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | 954 |  | — |  | — |  | — |
Commodity contracts |  | Derivative instruments (current liabilites) |  | — |  | — |  | 38,493 |  | — |
|  |  |  | $ | 954 |  | $ | 3,019 |  | $ | 38,493 |  | $ | 13,912 |
Schedule of offsetting of derivative assets and liabilities in the condensed consolidated balance sheet |
|  | June 30, |  | December 31, |
(In thousands) |  | 2014 |  | 2013 |
Derivative Assets |  |  |  |  |
Gross amounts of recognized assets |  | $ | 13,312 |  | $ | 13,792 |
Gross amounts offset in the statement of financial position |  | (12,358 | ) | (10,773 | )
Net amounts of assets presented in the statement of financial position |  | 954 |  | 3,019 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  | 373 |
Net amount |  | $ | 954 |  | $ | 3,392 |
Derivative Liabilities |  |  |  |  |
Gross amounts of recognized liabilities |  | $ | 50,851 |  | $ | 24,685 |
Gross amounts offset in the statement of financial position |  | (12,358 | ) | (10,773 | )
Net amounts of liabilities presented in the statement of financial position |  | 38,493 |  | 13,912 |
Gross amounts of financial instruments not offset in the statement of financial position |  | 490 |  | — |
Net amount |  | $ | 38,983 |  | $ | 13,912 |
Amount of gain (loss) recognized in accumulated other comprehensive income (loss) on derivatives |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
(In thousands) |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Commodity contracts |  | $ | — |  | $ | 115,113 |  | $ | (133,310 | ) | $ | 54,167 |
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
(In thousands) |  | 2014 (1) |  | 2013 |  | 2014 (1) |  | 2013 |
Natural gas revenues |  | $ | (22,320 | ) | $ | (272 | ) | $ | (92,877 | ) | $ | 13,056 |
Crude oil and condensate revenues |  | (636 | ) | 2,094 |  | (854 | ) | 4,136 |
|  | $ | (22,956 | ) | $ | 1,822 |  | $ | (93,731 | ) | $ | 17,192 |
(1) The Company ceased hedge accounting effective April 1, 2014. For the three and six months ended June 30, 2014, approximately $23.0 million related to amounts previously frozen in accumulated other comprehensive income (loss) were reclassified into income.
Effect of Derivatives Not Designated as Hedging Instruments on the Condensed Consolidated Statement of Operations |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
(In thousands) |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Derivatives Designated as Hedges |  |  |  |  |  |  |  |  |
Realized |  |  |  |  |  |  |  |  |
Natural gas |  | $ | — |  | $ | (272 | ) | $ | (70,557 | ) | $ | 13,056 |
Crude oil and condensate |  | — |  | 2,094 |  | (218 | ) | 4,136 |
|  | $ | — |  | $ | 1,822 |  | $ | (70,775 | ) | $ | 17,192 |
Derivatives Not Designated as Hedges |  |  |  |  |  |  |  |  |
Realized |  |  |  |  |  |  |  |  |
Natural gas |  | $ | (22,320 | ) | $ | — |  | $ | (22,320 | ) | $ | — |
Crude oil and condensate |  | (636 | ) | — |  | (636 | ) | — |
Gain (loss) on derivative instruments |  | (15,262 | ) | — |  | (15,262 | ) | — |
Unrealized |  |  |  |  |  |  |  |  |
Gain (loss) on derivative instruments |  | 12,933 |  | — |  | 12,933 |  | — |
|  | $ | (25,285 | ) | $ | — |  | $ | (25,285 | ) | $ | — |
|  | $ | (25,285 | ) | $ | 1,822 |  | $ | (96,060 | ) | $ | 17,192 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 9: 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=7476318&loc=SL5624171-113959 Reference 10: 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=7476318&loc=SL5624163-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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