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Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
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