| Schedule of fair value of derivatives in accompanying balance sheets |
The following table details the fair value of derivatives recorded in the accompanying balance sheets, by category:
| | | | | | | | | | | | | | As of June 30, 2012 | | Derivative Assets | | Derivative Liabilities | | Balance Sheet Classification | | Fair Value | | Balance Sheet Classification | | Fair Value | | (in thousands) | Commodity Contracts | Current Assets | | $ | 69,207 |
| | Current Liabilities | | $ | 9,150 |
| Commodity Contracts | Noncurrent Assets | | 44,270 |
| | Noncurrent Liabilities | | 956 |
| Derivatives not designated as hedging instruments | | | $ | 113,477 |
| | | | $ | 10,106 |
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| | | | | | | | | | | | | | As of December 31, 2011 | | Derivative Assets | | Derivative Liabilities | | Balance Sheet Classification | | Fair Value | | Balance Sheet Classification | | Fair Value | | (in thousands) | Commodity Contracts | Current Assets | | $ | 55,813 |
| | Current Liabilities | | $ | 42,806 |
| Commodity Contracts | Noncurrent Assets | | 31,062 |
| | Noncurrent Liabilities | | 12,875 |
| Derivatives not designated as hedging instruments | | | $ | 86,875 |
| | | | $ | 55,681 |
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| Schedule of unrealized and realized gains and losses on derivative instruments in the statement of operations |
The following table summarizes the components of unrealized and realized derivative (gain) loss presented in the accompanying statements of operations:
| | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | 2012 | | 2011 | | 2012 | | 2011 | | (in thousands) | Cash settlement (gain) loss: | | | | | | | | Oil contracts | $ | 2,371 |
| | $ | 10,633 |
| | $ | 10,670 |
| | $ | 17,363 |
| Gas contracts | (16,252 | ) | | (590 | ) | | (31,464 | ) | | (2,317 | ) | NGL contracts | (2,565 | ) | | 3,933 |
| | (1,088 | ) | | 5,347 |
| Total cash settlement (gain) loss | $ | (16,446 | ) | | $ | 13,976 |
| | $ | (21,882 | ) | | $ | 20,393 |
| | | | | | | | | Unrealized (gain) loss on change in fair value: | | | | | | | | Oil contracts | $ | (92,774 | ) | | $ | (51,216 | ) | | $ | (63,283 | ) | | $ | 16,151 |
| Gas contracts | 29,867 |
| | (6,681 | ) | | 12,233 |
| | (2,421 | ) | NGL contracts | (18,759 | ) | | 45 |
| | (22,964 | ) | | 10,430 |
| Total net unrealized (gain) loss on change in fair value | $ | (81,666 | ) |
| $ | (57,852 | ) |
| $ | (74,014 | ) |
| $ | 24,160 |
| Total unrealized and realized derivative (gain) loss | $ | (98,112 | ) | | $ | (43,876 | ) | | $ | (95,896 | ) | | $ | 44,553 |
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| Detail of the effect of derivative instruments reclassified from AOCI to the statement of operations (net of income tax) |
The following table summarizes the effect of derivative instruments on AOCIL and the accompanying statements of operations (net of income tax):
| | | | | | | | | | | | | | | | | | | | | | | | Location in Consolidated Statements of Operations | | For the Three Months Ended June 30, | | For the Six Months Ended June 30, | | Derivatives | | | 2012 | | 2011 | | 2012 | | 2011 | | | | | | (in thousands) | Amount reclassified from AOCIL | Commodity Contracts | | Realized hedge gain (loss) | | $ | (116 | ) | | $ | 3,951 |
| | $ | (1,150 | ) | | $ | 4,878 |
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