Accounting for Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Volumetric Underlying Derivative Transactions

The following table summarizes the net notional volume buy/(sell) of the Company’s open derivative financial instruments accounted for at fair value, broken out by commodity, as of:

Non-trading



Commodity	Notional	June 30, 2015	December 31, 2014
Natural Gas	MMBtu	6,677	9,690
Natural Gas Basis	MMBtu	1,303	2,710
Electricity	MWh	789	607

Trading



Commodity	Notional	June 30, 2015		December 31, 2014
Natural Gas	MMBtu	627		(155	)
Natural Gas Basis	MMBtu	(78	)	(56	)

Gains (Losses) on Derivative Instruments

Gains (losses) on derivative instruments, net and current period settlements on derivative instruments were as follows for the periods indicated (in thousands):



	Three Months Ended June 30,
	2015			2014
Loss on non-trading derivatives, net (including loss on non-trading derivatives—affiliates, net of $0 and $157 for the three months ended June 30, 2015 and 2014, respectively)	$	(4,041	)	$	(4,438	)
Gain (loss) on trading derivatives, net (including loss on trading derivatives—affiliates, net of $0 and $866 for the three months ended June 30, 2015 and 2014, respectively)	(14		)	419
Loss on derivatives, net	(4,055		)	(4,019		)
Current period settlements on non-trading derivatives	4,328			(97		)
Current period settlements on trading derivatives (including current period settlements on trading derivatives—affiliates, net of $0 and $866 for the three months ended June 30, 2015 and 2014, respectively)	29			38
Total current period settlements on derivatives	$	4,357		$	(59	)



	Six Months Ended June 30,
	2015			2014
Gain (loss) on non-trading derivatives, net	$	(5,241	)	$	7,010
Loss on trading derivatives, net (including loss on trading derivatives—affiliates, net of $0 and $1,792 for the six months ended June 30, 2015 and 2014, respectively)	(119		)	(5,570		)
Gain (loss) on derivatives, net	(5,360		)	1,440
Current period settlements on non-trading derivatives	8,442			(12,998		)
Current period settlements on trading derivatives (including current period settlements on trading derivatives—affiliates, net of $0 and $1,693 for the six months ended June 30, 2015 and 2014, respectively)	105			2,742
Total current period settlements on derivatives	$	8,547		$	(10,256	)

Offsetting Assets

The following tables summarize the fair value and offsetting amounts of the Company’s derivative instruments by counterparty and collateral received or paid as of (in thousands):



	June 30, 2015
Description	Gross Assets		Gross Amounts Offset			Net Assets		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	2,370	$	(1,478	)	$	892	$	—	$	892
Trading commodity derivatives	106		(74		)	32		—		32
Total Current Derivative Assets	2,476		(1,552		)	924		—		924
Non-trading commodity derivatives	400		(400		)	—		—		—
Total Non-current Derivative Assets	400		(400		)	—		—		—
Total Derivative Assets	$	2,876	$	(1,952	)	$	924	$	—	$	924



	December 31, 2014
Description	Gross Assets		Gross Amounts Offset			Net Assets		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	3,642	$	(3,562	)	$	80	$	—	$	80
Trading commodity derivatives	234		(98		)	136		—		136
Total Current Derivative Assets	3,876		(3,660		)	216		—		216
Non-trading commodity derivatives	313		(313		)	—		—		—
Total Non-current Derivative Assets	313		(313		)	—		—		—
Total Derivative Assets	$	4,189	$	(3,973	)	$	216	$	—	$	216

Offsetting Liabilities



	December 31, 2014
Description	Gross Liabilities			Gross Amounts Offset		Net Liabilities			Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	(14,911	)	$	3,562	$	(11,349	)	$	—	$	(11,349	)
Trading commodity derivatives	(275		)	98		(177		)	—		(177		)
Total Current Derivative Liabilities	(15,186		)	3,660		(11,526		)	—		(11,526		)
Non-trading commodity derivatives	(791		)	313		(478		)	—		(478		)
Total Non-current Derivative Liabilities	(791		)	313		(478		)	—		(478		)
Total Derivative Liabilities	$	(15,977	)	$	3,973	$	(12,004	)	$	—	$	(12,004	)



	June 30, 2015
Description	Gross Liabilities			Gross Amounts Offset		Net Liabilities			Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	(10,385	)	$	1,478	$	(8,907	)	$	210	$	(8,697	)
Trading commodity derivatives	(202		)	74		(128		)	—		(128		)
Total Current Derivative Liabilities	(10,587		)	1,552		(9,035		)	210		(8,825		)
Non-trading commodity derivatives	(931		)	400		(531		)	—		(531		)
Total Non-current Derivative Liabilities	(931		)	400		(531		)	—		(531		)
Total Derivative Liabilities	$	(11,518	)	$	1,952	$	(9,566	)	$	210	$	(9,356	)