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Derivative Activities (Tables) | 6 Months Ended
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Jun. 30, 2014
Derivative Volumes Hedged and Average Hedge Prices | The following table sets forth our commodity-based derivative volumes by year as of June 30, 2014, excluding our basis swaps which are discussed separately below:
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 |  | 260,000 Mmbtu/day |  | $ 4.18
2015 |  | Swaps |  | 287,432 Mmbtu/day |  | $ 4.22
2016 |  | Swaps |  | 90,000 Mmbtu/day |  | $ 4.21
Crude Oil |  |  |  |  |  |
2014 |  | Collars |  | 2,000 bbls/day |  | $ 85.55–$ 100.00
2014 |  | Swaps |  | 9,500 bbls/day |  | $ 94.35
2015 |  | Swaps |  | 9,626 bbls day |  | $ 90.57
2016 |  | Swaps |  | 501 bbls/day |  | $ 91.10
NGLs (C3-Propane) |  |  |  |  |  |
2014 |  | Swaps |  | 12,000 bbls/day |  | $ 1.02/gallon
2015 |  | Swaps |  | 1,000 bbls/day |  | $ 1.10/gallon
NGLs (NC4-Normal butane) |  |  |  |  |  |
2014 |  | Swaps |  | 4,000 bbls/day |  | $ 1.34/gallon
NGLs (C5-Natural Gasoline) |  |  |  |  |  |
2014 |  | Swaps |  | 3,500 bbls/day |  | $ 2.17/gallon
2015 |  | Swaps |  | 500 bbls/day |  | $ 2.14/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 June 30, 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):
|  |  | June 30, 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 |  | $ | 4,967 |  |  | $ | (1,606 | ) |  | $ | 3,361 |
| –collars |  |  | 3,594 |  |  |  | (3,826 | ) |  |  | (232 | )
| –basis swaps |  |  | 19,606 |  |  |  | (9,559 | ) |  |  | 10,047 |
Crude oil | –swaps |  |  | 84 |  |  |  | (2,305 | ) |  |  | (2,221 | )
NGLs | –C3 swaps |  |  | 1,538 |  |  |  | (2,160 | ) |  |  | (622 | )
| –NC4 swap |  |  | 1,227 |  |  |  | (1,227 | ) |  |  | — |
| –C5 swaps |  |  | 86 |  |  |  | (196 | ) |  |  | (110 | )
|  |  | $ | 31,102 |  |  | $ | (20,879 | ) |  | $ | 10,223 |
|  |  | June 30, 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 |  | $ | (19,095 | ) |  | $ | 1,606 |  |  | $ | (17,489 | )
| –collars |  |  | (15,750 | ) |  |  | 3,826 |  |  |  | (11,924 | )
| –basis swaps |  |  | (10,934 | ) |  |  | 9,559 |  |  |  | (1,375 | )
Crude oil | –swaps |  |  | (36,628 | ) |  |  | 2,305 |  |  |  | (34,323 | )
| –collars |  |  | (1,693 | ) |  |  | — |  |  |  | (1,693 | )
NGLs | –C3 swaps |  |  | (6,246 | ) |  |  | 2,160 |  |  |  | (4,086 | )
| –NC4 swaps |  |  | (120 | ) |  |  | 1,227 |  |  |  | 1,107 |
| –C5 swaps |  |  | (479 | ) |  |  | 196 |  |  |  | (283 | )
|  |  | $ | (90,945 | ) |  | $ | 20,879 |  |  | $ | (70,066 | )
|  |  | 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 | ) |  |  | — |
| –NC4 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 | )
| –NC4 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 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) |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Swaps | $ | — |  |  | $ | ¾ |  |  | $ | 1,052 |  |  | $ | 3,875 |  |  | $ | ¾ |  |  | $ | 125 |  |  | $ | 1,889 |  |  | $ | 11,922 |
Collars |  | — |  |  |  | ¾ |  |  |  | 3,860 |  |  |  | 27,540 |  |  |  | ¾ |  |  |  | (7,015 | ) |  |  | 5,188 |  |  |  | 58,272 |
Income taxes |  | — |  |  |  | ¾ |  |  |  | (1,866 | ) |  |  | (12,252 | ) |  |  | ¾ |  |  |  | 2,687 |  |  |  | (2,791 | ) |  |  | (27,376 | )
| $ | — |  |  | $ | ¾ |  |  | $ | 3,046 |  |  | $ | 19,163 |  |  | $ | ¾ |  |  | $ | (4,203 | ) |  | $ | 4,286 |  |  | $ | 42,818 |
(a) | For realized gains upon derivative contract settlement, the reduction in AOCI is offset by an increase in revenues, NGLs and oil sales. For realized losses upon derivative contract settlement, the increase in AOCI is offset by a decrease in revenues. See additional 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) |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Swaps |  | $ | (38,521 | ) |  | $ | 65,003 |  |  | $ | — |  |  | $ | — |  |  | $ | (38,521 | ) |  | $ | 65,003 |
Re-purchased swaps |  |  | — |  |  |  | (1,663 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,663 | )
Collars |  |  | 1,032 |  |  |  | 74,420 |  |  |  | — |  |  |  | — |  |  |  | 1,032 |  |  |  | 74,420 |
Basis swaps |  |  | 13,380 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,380 |  |  |  | — |
Total |  | $ | (24,109 | ) |  | $ | 137,760 |  |  | $ | — |  |  | $ | ¾ |  |  | $ | (24,109 | ) |  | $ | 137,760 |
|  | 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) |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Swaps |  | $ | (82,593 | ) |  | $ | 21,927 |  |  | $ | — |  |  | $ | (1,995 | ) |  | $ | (82,593 | ) |  | $ | 19,932 |
Re-purchased swaps |  |  | — |  |  |  | (478 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (478 | )
Collars |  |  | (38,116 | ) |  |  | 19,417 |  |  |  | — |  |  |  | (896 | ) |  |  | (38,116 | ) |  |  | 18,521 |
Basis swaps |  |  | (50,250 | ) |  |  | (90 | ) |  |  | — |  |  |  | — |  |  |  | (50,250 | ) |  |  | (90 | )
Total |  | $ | (170,959 | ) |  | $ | 40,776 |  |  | $ | — |  |  | $ | (2,891 | ) |  | $ | (170,959 | ) |  | $ | 37,885 |

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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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