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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Financial Instruments [Abstract]

Assets and liabilities measured at fair value on a recurring basis

September 30, 2012 (Thousands of dollars)		Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance as of September 30, 2012
Assets
Commodity derivative contracts		$	—			$	—			$	244			$	244
Total assets		$	—			$	—			$	244			$	244
Liabilities
Commodity derivative contracts		$	—			$	—			$	(1,302	)		$	(1,302	)
Interest rate derivative contracts			—				—				(78	)			(78	)
Total liabilities		$	—			$	—			$	(1,380	)		$	(1,380	)

December 31, 2011 (Thousands of dollars)		Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Balance as of December 31, 2011
Assets
Commodity derivative contracts		$	—			$	—			$	—			$	—
Total assets		$	—			$	—			$	—			$	—
Liabilities
Commodity derivative contracts		$	—			$	—			$	(3,507	)		$	(3,507	)
Total liabilities		$	—			$	—			$	(3,507	)		$	(3,507	)

Changes in the fair value of financial assets and liabilities classified as Level 3

(Thousands of dollars)
Net liabilities – December 31, 2011		$	(3,507	)
Total realized and unrealized gains or losses:
Unrealized gains included in earnings, net (a)			2,828
Included in other comprehensive loss			(78	)
Realized gains from purchases, sales, issuances and settlements, net			(379	)
Net liabilities – September 30, 2012		$	(1,136	)

(a) Derivative instruments are reported in revenues as realized gain/loss and on a separately reported line item captioned unrealized gain/loss on derivative instruments.

Effect of derivative instruments on the condensed consolidated balance sheets

				Fair Value
(Thousands of dollars)		Balance Sheet Location		September 30, 2012				December 31, 2011
Asset Derivatives:
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts		Other assets		$	244			$	—
Total				$	244			$	—
Liability Derivatives:
Derivatives designated as cash-flow hedging instruments:
Interest rate swap contracts		Derivative liability long-term		$	(78	)		$	—
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts		Derivative liability short-term		$	(837	)		$	(2,046	)
Crude oil commodity contracts		Derivative liability long-term			(465	)			(1,461	)
Total				$	(1,380	)		$	(3,507	)
Total derivative instruments				$	(1,136	)		$	(3,507	)

Effect of derivative instruments on the condensed consolidated statement of operations

		Location of gain/loss recognized in income		Amount of gain/loss recognized in income
(Thousands of dollars)				2012				2011
Derivatives not designated as cash-flow hedge instruments
Natural gas commodity contracts		Unrealized gain on derivative instruments, net		$	—			$	106
Crude oil commodity contracts		Unrealized gain on derivative instruments, net			2,449				8,909
Natural gas commodity contracts		Realized gain on derivative instruments, net			—				2,969
Crude oil commodity contracts (a)		Realized gain on derivative instruments, net			379				1,462
				$	2,828			$	13,446

(a) In August 2011, the Company unwound and monetized crude oil swaps and collars with original settlement dates from September 2011 through December 2014 for net proceeds of $3.4 million. The $3.4 million gain associated with these early settlement transactions is included in realized gain on derivative instruments for the three and nine months ended September 30, 2011.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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-Publisher FASB

-Name Accounting Standards Codification

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-Section 50

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Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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-Name Accounting Standards Codification

-Topic 815

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-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.



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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.

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-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.



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-Number 133

-Paragraph 44C

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-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.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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