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Derivative Activities(Tables) | 6 Months Ended
--- | ---
Jun. 30, 2013
Derivative Volumes Hedged and Average Hedge Prices |
Period |  | Contract Type |  | Volume Hedged |  | Weighted Average Hedge Price
--- | --- | --- | --- | --- | --- | ---
Natural Gas |  |  |  |  |  |
2013 |  | Collars |  | 280,000 Mmbtu/day |  | $ 4.59–$ 5.05
2014 |  | Collars |  | 447,500 Mmbtu/day |  | $ 3.84–$ 4.4 8
2015 |  | Collars |  | 14 5,000 Mmbtu/day |  | $ 4.07–$ 4.56
2013 |  | Swaps |  | 296,685 Mmbtu/day |  | $ | 3.7 9
2014 |  | Swaps |  | 3 0,000 Mmbtu/day |  | $ | 4.17
Crude Oil |  |  |  |  |  |
2013 |  | Collars |  | 3,000 bbls/day |  | $ 90.60–$ 100.00
2014 |  | Collars |  | 2,000 bbls/day |  | $ 85.55–$ 100.00
2013 |  | Swaps |  | 6,325 bbls/day |  | $ | 96.7 7
2014 |  | Swaps |  | 7,000 bbls/day |  | $ | 94.14
2015 |  | Swaps |  | 2,000 bbls day |  | $ | 90.20
NGLs (Natural Gasoline) |  |  |  |  |  |
2013 |  | Sold Swaps |  | 8,000 bbls/day |  | $ | 89.64
2013 |  | Re-purchased Swaps |  | 1,500 bbls/day |  | $ | 76.30
NGLs (Propane) |  |  |  |  |  |
2013 |  | Swaps |  | 8,000 bbls/day |  | $ | 36.79
2014 |  | Swaps |  | 1,000 bbls/day |  | $ | 40.32
Derivative Fair Value Income | The following table presents information about the components of derivative fair value income for the three months and the six months ended June 30, 2013 and 2012 (in thousands):
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
--- | --- | --- | --- | --- | ---
| 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Change in f air value of derivatives that did not qualify or were not designated for hedge accounting (a) | $ |  |  | 159,371 |  |  | $ |  |  |  | 135,777 |  |  | $ |  |  |  | 62,569 |  |  | $ |  |  |  | 83,721 |
Realized loss on settlement–natural gas (a) (b) |  | (24,543 | ) |  |  | — |  |  |  | (23,728 | ) |  |  | — |
Realized gain (loss) on settlement–oil (a) (b) |  | (111 | ) |  |  | 768 |  |  |  | (213 | ) |  |  | (3,854 | )
Realized gain on settlement–NGLs (a) (b) |  | 3,043 |  |  |  | 10,152 |  |  |  | 2,148 |  |  |  | 5,760 |
Hedge ineffectiveness |  | –realized |  | (155 | ) |  |  |  | 1,278 |  |  |  |  | 409 |  |  |  |  | 2,463 |
|  | –unrealized |  |  | 155 |  |  |  |  | 594 |  |  |  | (3,300 | ) |  |  | (354 | )
Derivative fair value income | $ |  |  | 137,760 |  |  | $ |  |  |  | 148,569 |  |  | $ |  |  |  | 37,885 |  |  | $ |  |  |  | 87,736 |
(a) Derivatives that did not qualify or we re not designated for hedge accounting. Change in fair value of derivatives line also i ncludes gains of $103.8 million in second quarter 2013 and gains of $22.4 million in the first six months 2013 related to discontinuance of hedge accounting. (b) These amounts represent the realized gains and loss es on settled derivatives that did not qualify or wer e not designated for hedge accounting, which before settlement are included in the category in this same table referred to as change in f air value of derivatives that did not qualify or we re not designated for hedge accounting.
Schedule of Derivative Off setting Assets and Liabilities Table Text Block |
|  |  | June 30, 2013 |
--- | --- | --- | --- | ---
|  |  | Gross Amounts of Recognized Assets |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of Assets Presented in the Balance Sheet |
Derivative assets: |  |  |  |  |  |  |  |
Natural gas |  | –swaps | $ |  | 14,255 |  |  | $ |  | (3,638 | ) |  | $ |  | 10,617 |
|  | –collars |  | 88,087 |  |  |  | (3,703 | ) |  |  | 84,384 |
Crude oil |  | –swaps |  | 15,980 |  |  |  | — |  |  |  | 15,980 |
|  | –collars |  | 1,979 |  |  |  | — |  |  |  | 1,979 |
NGLs |  | –C5 swaps |  | 11,743 |  |  |  | — |  |  |  | 11,743 |
|  | –C3 swaps |  | 3,589 |  |  |  | (773 | ) |  |  | 2,816 |
|  |  | $ |  | 135,633 |  |  | $ |  | (8,114 | ) |  | $ |  | 127,519 |
|  |  | June 30, 2013 |
--- | --- | --- | --- | ---
|  |  | Gross Amounts of Recognized (Liabilities) |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of (Liabilities) Presented in the Balance Sheet |
Derivative (liabilities): |  |  |  |  |  |  |  |
Natural gas |  | –swaps | $ |  | (3,638 | ) |  | $ |  | 3,638 |  |  | $ |  | — |
|  | –collars |  | (3,703 | ) |  |  | 3,703 |  |  |  | — |
NGLs |  | –C3 swaps |  | (773 | ) |  |  | 773 |  |  |  | — |
|  |  | $ |  | (8,114 | ) |  | $ |  | 8,114 |  |  | $ |  | — |
|  |  | December 31, 2012 |
--- | --- | --- | --- | ---
|  |  | Gross Amounts of Recognized Assets |  |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of Assets Presented in the Balance Sheet |
Derivative assets: |  |  |  |  |  |  |  |
Natural gas |  | –swaps | $ |  | 10,746 |  |  | $ |  | (3,242 | ) |  | $ |  | 7,504 |
|  | –collars |  | 1 28,410 |  |  |  | (6,155 | ) |  |  | 122,255 |
|  | –basis swaps |  | 993 |  |  |  | — |  |  |  | 993 |
Crude oil |  | –swaps |  | 9,650 |  |  |  | — |  |  |  | 9,650 |
|  | –collars |  | 2,222 |  |  |  | — |  |  |  | 2,222 |
NGLs |  | –C5 swaps |  | 1 3,055 |  |  |  | (2,412 | ) |  |  | 10,643 |
|  |  | $ |  | 16 5,076 |  |  | $ |  | (11,80 9 | ) |  | $ |  | 153,267 |
|  |  | December 31, 2012 |
--- | --- | --- | --- | ---
|  |  | Gross Amounts of Recognized (Liabilities) |  | Gross Amounts Offset in the Balance Sheet |  |  | Net Amounts of (Liabilities) Presented in the Balance Sheet |
Derivative (liabilities): |  |  |  |  |  |  |  |  |  |  |
Natural gas |  | –swaps | $ |  | (3,242 | ) |  | $ |  | (221 | ) |  | $ |  | (3,463 | )
|  | –collars |  | (9,618 | ) |  |  | 9,618 |  |  |  | — |
NGLs |  | –C5 swaps |  | (1 37 | ) |  |  | 2,412 |  |  |  | 2,275 |
|  | –C3 swaps |  | (6,746 | ) |  |  | — |  |  |  | (6,746 | )
|  |  | $ |  | (1 9,743 | ) |  | $ |  | 11,809 |  |  | $ |  | (7,934 | )
Fair Value of Derivative Contracts by Consolidated Balance Sheets | The table below provides data about the fair value of our derivative contracts. Derivative assets and liabilities shown below are presented as gross assets and liabilities, without regard to master netting arrangements, which are considered in the presentation of derivative assets and liabilities in the accompanying consolidated balance sheets (in thousands):
| June 30, 2013 |  |  | December 31, 2012 |
--- | --- | --- | --- | --- | ---
| Assets |  |  | (Liabilities) |  |  |  |  |  | Assets |  |  | (Liabilities) |  |  |  |
| Carrying Value |  |  | Carrying Value |  |  | Net Carrying Value |  |  | Carrying Value |  |  | Carrying Value |  |  | Net Carrying Value |
Derivatives that qualified for cash flow hedge accounting (before discontinuance of hedge accounting): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swaps (a) | $ |  | 11,028 |  |  | $ |  | (5,952 | ) |  | $ |  | 5,076 |  |  | $ |  | 22,236 |  |  | $ |  | (3,242 | ) |  | $ |  | 18,994 |
Collars (a) |  | 64,047 |  |  |  | (10,356 | ) |  |  | 53,691 |  |  |  | 129,878 |  |  |  | (9,721 | ) |  |  | 120,157 |
| $ |  | 75,075 |  |  | $ |  | (16,308 | ) |  | $ |  | 58,767 |  |  | $ |  | 152,114 |  |  | $ |  | (12,963 | ) |  | $ |  | 139,151 |
Derivatives that did not qualify or were not designated for hedge accounting: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sold swaps (a) | $ |  | 36,505 |  |  | $ |  | (2,233 | ) |  | $ |  | 34,272 |  |  | $ |  | 7,316 |  |  | $ |  | (8,904 | ) |  | $ |  | (1,588 | )
Re-purchased swaps (a) |  | 1,808 |  |  |  | — |  |  |  | 1,808 |  |  |  | 5,920 |  |  |  | — |  |  |  | 5,920 |
Collars (a) |  | 33,112 |  |  |  | (440 | ) |  |  | 32,672 |  |  |  | 857 |  |  |  | — |  |  |  | 857 |
Basis swaps (a) |  | — |  |  |  | — |  |  |  | — |  |  |  | 993 |  |  |  | — |  |  |  | 993 |
| $ |  | 71,425 |  |  | $ |  | (2,673 | ) |  | $ |  | 68,752 |  |  | $ |  | 15,086 |  |  | $ |  | (8,904 | ) |  | $ |  | 6,182 |
(a) Included in un realized derivatives in the accompanying consolidated balance sheets. See additional discussion above regarding the discontinuance of hedge accounting.
Effects of Cash Flow Hedges and Other Hedges on Accumulated Other Comprehensive Income | The effects of our cash flow hedges (o r those derivatives that previously qualified for hedge accounting) on accumulated other comprehensive income in the accompanying consolidated balance sheets is summarized below (in thousands):
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
--- | --- | --- | --- | --- | ---
| Change in Hedge Derivative Fair Value |  |  | Realized Gain (Loss) Reclassified from OCI into Revenue (a) |  |  | Change in Hedge Derivative Fair Value |  |  | Realized Gain (Loss) Reclassified from OCI into Revenue (a) |
| 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Swaps | $ |  | — |  |  | $ |  | 19,665 |  |  | $ |  |  | 3,875 |  |  | $ |  |  | 32,33 5 |  |  | $ |  |  | 125 |  |  | $ |  |  | 55,836 |  |  | $ |  |  | 11,922 |  |  | $ |  |  | 51,647 |
Put options |  | — |  |  |  | 648 |  |  |  | — |  |  |  | (315 | ) |  |  | — |  |  |  | (914 | ) |  |  | — |  |  |  | (315 | )
Collars |  | — |  |  |  | (12,423 | ) |  |  | 27,540 |  |  |  | 46,561 |  |  |  | (7,015 | ) |  |  | 84,048 |  |  |  | 58,272 |  |  |  | 84,878 |
Income taxes |  | — |  |  |  | (3,077 | ) |  |  | (12,252 | ) |  |  | (30,64 7 | ) |  |  | 2,687 |  |  |  | (55,183 | ) |  |  | (27,376 | ) |  |  | (52,834 | )
| $ |  | — |  |  | $ |  | 4,813 |  |  | $ |  |  | 19,163 |  |  | $ |  |  | 47,934 |  |  | $ |  |  | (4,203 | ) |  | $ |  |  | 83,787 |  |  | $ |  |  | 42,818 |  |  | $ |  |  | 83,376 |
(a) For realized gains upon derivative contract settlement, the reduction in AOCI is offs et by an increase in revenues, NGLs and oil sales. For realized losses upon derivative contract settlement, the increase in AOCI is offset by a d ecrease in revenues. See a dditional discussion above regarding the discontinuance of hedge accounting.
Effects of Non-Hedge Derivatives on Consolidated Statements of Operations | The effects of our non-hedge derivatives (or those derivatives that do not qualify for hedge accounting) and the ineffective portion of our hedge derivatives on our consolidated statements of operations is summarized below (in thousands):
| Three Months Ended June 30, |
--- | --- | ---
| Gain (Loss) Recognized in Income (Non‑hedge Derivatives) |  |  | Gain (Loss) Recognized in Income (Ineffective Portion) |  |  | Derivative Fair Value Income (Loss) |
| 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Swaps | $ |  | 65,003 |  |  | $ |  | 129,313 |  |  | $ |  | — |  |  | $ |  | 562 |  |  | $ |  | 65,003 |  |  | $ |  | 129,875 |
Re-purchased swaps |  | (1,663 | ) |  |  | (8,744 | ) |  |  | — |  |  |  | — |  |  |  | (1,663 | ) |  |  | (8,744 | )
Collars |  | 74,420 |  |  |  | 7,597 |  |  |  | — |  |  |  | 1,310 |  |  |  | 74,420 |  |  |  | 8,907 |
Call options |  | — |  |  |  | 18,531 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 8,531 |
Total | $ |  | 137,760 |  |  | $ |  | 146,697 |  |  | $ |  | — |  |  | $ |  | 1,872 |  |  | $ |  | 137,760 |  |  | $ |  | 148,569 |
| Six Months Ended June 30, |
--- | --- | ---
| Gain (Loss) Recognized in Income (Non‑hedge Derivatives) |  |  | Gain (Loss) Recognized in Income (Ineffective Portion) |  |  | Derivative Fair Value Income (Loss) |
| 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Swaps | $ |  | 21,927 |  |  | $ |  | 76,328 |  |  | $ |  | (1,995 | ) |  | $ |  | 666 |  |  | $ |  | 19,932 |  |  | $ |  | 76,994 |
Re-purchased swaps |  | (478 | ) |  |  | (8,744 | ) |  |  | — |  |  |  | — |  |  |  | (478 | ) |  |  | (8,744 | )
Collars |  | 19,417 |  |  |  | 5,095 |  |  |  | (896 | ) |  |  | 1,443 |  |  |  | 18,521 |  |  |  | 6,538 |
Call options |  | (90 | ) |  |  | 12,948 |  |  |  | — |  |  |  | — |  |  |  | (90 | ) |  |  | 12,948 |
Total | $ |  | 40,776 |  |  | $ |  | 85,627 |  |  | $ |  | (2,891 | ) |  | $ |  | 2,109 |  |  | $ |  | 37,885 |  |  | $ |  | 87,736 |

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- Definition Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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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 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 2: 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 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 1B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959 Reference 5: 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 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 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 Reference 9: 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 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 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 + Details
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