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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012:

September 30, 2013		Quoted Prices in Active Markets For Identical				Significant Other Observable				Significant Unobservable				Balance as of September 30,
(Thousands of dollars)		Assets (Level 1)				Inputs (Level 2)				Inputs (Level 3)				2013
Assets
Commodity derivative contracts		$	—			$	—			$	1,251			$	1,251
Interest rate derivative contracts			—				—				135				135
Total assets		$	—			$	—			$	1,386			$	1,386
Liabilities
Commodity derivative contracts		$	—			$	—			$	(2,747	)		$	(2,747	)
Interest rate derivative contracts			—				—				(222	)			(222	)
Total liabilities		$	—			$	—			$	(2,969	)		$	(2,969	)

December 31, 2012		Quoted Prices in Active Markets For Identical				Significant Other Observable				Significant Unobservable				Balance as of December 31,
(Thousands of dollars)		Assets (Level 1)				Inputs (Level 2)				Inputs (Level 3)				2012
Assets
Commodity derivative contracts		$	—			$	—			$	1,347			$	1,347
Total assets		$	—			$	—			$	1,347			$	1,347
Liabilities
Commodity derivative contracts		$	—			$	—			$	(1,371	)		$	(1,371	)
Interest rate derivative contracts			—				—				(54	)			(54	)
Total liabilities		$	—			$	—			$	(1,425	)		$	(1,425	)

Schedule of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3

The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the nine months ended September 30, 2013.

(Thousands of dollars)
Net liabilities – December 31, 2012		$	(78	)
Total realized and unrealized gains / losses:
Included in earnings (a)			(2,599	)
Included in other comprehensive gain			(33	)
Purchases, sales, issuances and settlements			1,127
Net liabilities – September 30, 2013		$	(1,583	)

(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, and interest rate swap instruments are reported as a reduction to interest expense.

Effect of Derivative Instruments on Condensed Consolidated Balance Sheets

The following table sets forth the effect of derivative instruments on the condensed consolidated balance sheets at September 30, 2013 and December 31, 2012:

				Fair Value
(Thousands of dollars)		Balance Sheet Location		September 30, 2013				December 31, 2012
Asset Derivatives:
Derivatives designated as cash-flow hedging instruments:
Interest rate swap contracts		Other assets		$	135			$	—
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts		Other current assets			—				189
Natural gas commodity contracts		Other current assets			523				1,040
Crude oil commodity contracts		Other assets			703				118
Natural gas commodity contracts		Other assets			25				—
Total				$	1,386			$	1,347
Liability Derivatives:
Derivatives designated as cash-flow hedging instruments:
Interest rate swap contracts		Derivative liability short-term		$	(158	)		$	—
Interest rate swap contracts		Derivative liability long-term			(64	)			(54	)
Derivatives not designated as cash-flow hedging instruments:
Crude oil commodity contracts		Derivative liability short-term			(2,598	)			(994	)
Natural gas commodity contracts		Derivative liability short-term			(4	)			—
Crude oil commodity contracts		Derivative liability long-term			(145	)			(377	)
Total				$	(2,969	)		$	(1,425	)
Total derivative instruments				$	(1,583	)		$	(78	)

Schedule of Offsetting Asset and Liability Derivatives in the Condensed Consolidated Balance Sheets

The following table sets forth the offsetting of asset and liability derivatives in the condensed consolidated balance sheets at September 30, 2013 and December 31, 2012:

(Thousands of dollars)		September 30, 2013				December 31, 2012
Asset Derivatives:
Gross amount of recognized assets		$	2,342			$	4,209
Gross amounts offset in the balance sheet			(956	)			(2,862	)
Net amount		$	1,386			$	1,347
Liability Derivatives:
Gross amount of recognized liabilities		$	(3,925	)		$	(4,287	)
Gross amounts offset in the balance sheet			956				2,862
Net amount		$	(2,969	)		$	(1,425	)
Total derivative instruments		$	(1,583	)		$	(78	)

Effect of Derivative Instruments on Condensed Consolidated Statements of Operations

The following table sets forth the effect of derivative instruments on the condensed consolidated statements of operations for the nine months ended September 30, 2013 and 2012:

		Location of gain/loss recognized in income		Amount of gain/loss recognized in income
(Thousands of dollars)				2013				2012
Derivatives not designated as cash-flow hedge instruments
Natural gas commodity contracts		Unrealized loss on derivative instruments, net		$	(495	)		$	—
Crude oil commodity contracts		Unrealized gain (loss) on derivative instruments, net			(977	)			2,449
Natural gas commodity contracts		Realized gain on derivative instruments, net			571				—
Crude oil commodity contracts (a)		Realized gain (loss) on derivative instruments, net			(1,698	)			379
				$	(2,599	)		$	2,828

(a) During the nine months ended September 30, 2012, the Company unwound and monetized crude oil swaps with original settlement dates from January 2012 through December 2013 for net proceeds of $1,030,000. The $1,030,000 gain associated with these early settlement transactions is included in realized gain on derivative instruments for the nine months ended September 30, 2012.

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Schedule of offsetting asset and liability derivatives.

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258



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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

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-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959



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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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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).

+ References

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