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Derivative Activities(Tables) | 3 Months Ended
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Mar. 31, 2014
Derivative Volumes Hedged and Average Hedge Prices | The following table sets forth our derivative volumes by year as of March 31, 2014:
Period |  | Contract Type |  | Volume Hedged |  | Weighted Average Hedge Price
Natural Gas |  |  |  |  |  |
2014 |  | Collars |  | 447,500 Mmbtu/day |  | $ 3.84–$ 4.48
2015 |  | Collars |  | 145,000 Mmbtu/day |  | $ 4.07–$ 4.56
2014 |  | Swaps |  | 240,145 Mmbtu/day |  | $ 4.18
2015 |  | Swaps |  | 234,966 Mmbtu/day |  | $ 4.19
2016 |  | Swaps |  | 60,000 Mmbtu/day |  | $ 4.18
Crude Oil |  |  |  |  |  |
2014 |  | Collars |  | 2,000 bbls/day |  | $ 85.55–$ 100.00
2014 |  | Swaps |  | 9,169 bbls/day |  | $ 94.40
2015 |  | Swaps |  | 6,000 bbls day |  | $ 89.48
NGLs (C3-Propane) |  |  |  |  |  |
2014 |  | Swaps |  | 12,000 bbls/day |  | $ 1.02/gallon
NGLs (NC4-Normal butane) |  |  |  |  |  |
2014 |  | Swaps |  | 4,000 bbls/day |  | $ 1.34/gallon
NGLs (C5-Natural Gasoline) |  |  |  |  |  |
2014 |  | Swaps |  | 1,000 bbls/day |  | $ 2.11/gallon
Combined Fair Value of Derivatives, by Consolidated Balance Sheets | The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2014 and December 31, 2013 is summarized below. The assets and liabilities are netted where derivatives with both gain and loss positions are held by a single counterparty and we have master netting arrangements. The tables below provide additional information relating to our master netting arrangements with our derivative counterparties (in thousands):
|  |  | March 31, 2014 |
|  |  | 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 |  | $ | 8,347 |  |  | $ | — |  |  | $ | 8,347 |
| –collars |  |  | 7,328 |  |  |  | (584 | ) |  |  | 6,744 |
| –basis swaps |  |  | 3,123 |  |  |  | (3,123 | ) |  |  | — |
Crude oil | –swaps |  |  | 1,179 |  |  |  | (273 | ) |  |  | 906 |
NGLs | –C3 swaps |  |  | 1,877 |  |  |  | (1,877 | ) |  |  | — |
| –C4 swaps |  |  | 3,159 |  |  |  | (3,159 | ) |  |  | — |
|  |  | $ | 25,013 |  |  | $ | (9,016 | ) |  | $ | 15,997 |
|  |  | March 31, 2014 |
|  |  | 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 |  | $ | (27,720 | ) |  | $ | — |  |  | $ | (27,720 | )
| –collars |  |  | (26,738 | ) |  |  | 584 |  |  |  | (26,154 | )
| –basis swaps |  |  | (6,762 | ) |  |  | 3,123 |  |  |  | (3,639 | )
Crude oil | –swaps |  |  | (10,027 | ) |  |  | 273 |  |  |  | (9,754 | )
| –collars |  |  | (972 | ) |  |  | — |  |  |  | (972 | )
NGLs | –C3 swaps |  |  | (9,692 | ) |  |  | 1,877 |  |  |  | (7,815 | )
| –C4 swaps |  |  | — |  |  |  | 3,159 |  |  |  | 3,159 |
| –C5 swaps |  |  | (101 | ) |  |  | — |  |  |  | (101 | )
|  |  | $ | (82,012 | ) |  | $ | 9,016 |  |  | $ | (72,996 | )
|  |  | December 31, 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 |  | $ | 4,240 |  |  | $ | (1,218 | ) |  | $ | 3,022 |
| –collars |  |  | 16,057 |  |  |  | (7,671 | ) |  |  | 8,386 |
| –basis swaps |  |  | 7,686 |  |  |  | (7,686 | ) |  |  | — |
Crude oil | –swaps |  |  | 3,567 |  |  |  | (1,321 | ) |  |  | 2,246 |
NGLs | –C3 swaps |  |  | 826 |  |  |  | (826 | ) |  |  | — |
| –C4 swaps |  |  | 863 |  |  |  | (863 | ) |  |  | — |
| –C5 swaps |  |  | 121 |  |  |  | (121 | ) |  |  | — |
|  |  | $ | 33,360 |  |  | $ | (19,706 | ) |  | $ | 13,654 |
|  |  | December 31, 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 |  | $ | (4,790 | ) |  | $ | 1,218 |  |  | $ | (3,572 | )
| –collars |  |  | (13,345 | ) |  |  | 7,671 |  |  |  | (5,674 | )
| –basis swaps |  |  | (3,756 | ) |  |  | 7,686 |  |  |  | 3,930 |
Crude oil | –swaps |  |  | (4,711 | ) |  |  | 1,321 |  |  |  | (3,390 | )
| –collars |  |  | (398 | ) |  |  | — |  |  |  | (398 | )
NGLs | –C3 swaps |  |  | (18,172 | ) |  |  | 826 |  |  |  | (17,346 | )
| –C4 swaps |  |  | (757 | ) |  |  | 863 |  |  |  | 106 |
| –C5 swaps |  |  | — |  |  |  | 121 |  |  |  | 121 |
|  |  | $ | (45,929 | ) |  | $ | 19,706 |  |  | $ | (26,223 | )
Effects of Cash Flow Hedges and Other Hedges on Accumulated Other Comprehensive Income | The effects of our cash flow hedges (or those derivatives that previously qualified for hedge accounting) on AOCI in the accompanying consolidated balance sheets is summarized below (in thousands):
|  | Three Months Ended March 31, |
|  | Change in Hedge Derivative Fair Value |  |  | Realized Gain (Loss) Reclassified from OCI into Revenue (a) |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Swaps |  | $ | — |  |  | $ | 125 |  |  | $ | 836 |  |  | $ | 8,047 |
Collars |  |  | — |  |  |  | (7,015 | ) |  |  | 1,328 |  |  |  | 30,732 |
Income taxes |  |  | — |  |  |  | 2,687 |  |  |  | (924 | ) |  |  | (15,124 | )
|  | $ | — |  |  | $ | (4,203 | ) |  | $ | 1,240 |  |  | $ | 23,655 |
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 March 31, |
|  | Gain (Loss) Recognized in Income (Non-hedge Derivatives) |  |  | Gain (Loss) Recognized in Income (Ineffective Portion) |  |  | Derivative Fair Value Income (Loss) |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Swaps |  | $ | (44,073 | ) |  | $ | (43,076 | ) |  | $ | — |  |  | $ | (1,995 | ) |  | $ | (44,073 | ) |  | $ | (45,071 | )
Re-purchased swaps |  |  | — |  |  |  | 1,185 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,185 |
Collars |  |  | (39,148 | ) |  |  | (55,003 | ) |  |  | — |  |  |  | (896 | ) |  |  | (39,148 | ) |  |  | (55,899 | )
Call options |  |  | (63,629 | ) |  |  | (90 | ) |  |  | — |  |  |  | — |  |  |  | (63,629 | ) |  |  | (90 | )
Total |  | $ | (146,850 | ) |  | $ | (96,984 | ) |  | $ | — |  |  | $ | (2,891 | ) |  | $ | (146,850 | ) |  | $ | (99,875 | )

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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 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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