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Accounting for Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

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 (in thousands):

Non-trading



Commodity	Notional	March 31, 2017	December 31, 2016
Natural Gas	MMBtu	9,136	8,016
Natural Gas Basis	MMBtu	—	—
Electricity	MWh	4,276	3,958

Trading



Commodity	Notional	March 31, 2017	December 31, 2016
Natural Gas	MMBtu	108	(953	)
Natural Gas Basis	MMBtu	—	(380	)

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 March 31,
	2017		2016
Gain (loss) on non-trading derivatives, net	$	2,519	$	(5,876	)
Gain (loss) on trading derivatives, net	368		(242		)
Loss on derivatives, net	2,887		(6,118		)
Current period settlements on non-trading derivatives^{(1) (2)}	3,341		12,643
Current period settlements on trading derivatives	86		244
Total current period settlements on derivatives	$	3,427	$	12,887


(1)	Excludes settlements of $0.6 million and $2.2 million, respectively, for the three months ended March 31, 2017 and 2016 related to non-trading derivative liabilities assumed in the acquisitions of CenStar and Oasis.


(2)	Excludes settlements of $14.7 million for the three months ended March 31, 2017 related to non-trading derivative liabilities assumed in the acquisitions of the Provider Companies and Major Energy Companies.



	Three Months Ended March 31,
	2017			2016
Loss on non-trading derivatives, net	(21,037		)	$	(9,620	)
Loss on trading derivatives, net	(419		)	(129		)
Loss on derivatives, net	(21,456		)	(9,749		)
Current period settlements on non-trading derivatives^{(1) (2)}	7,574			11,277
Current period settlements on trading derivatives	(160		)	(5		)
Total current period settlements on derivatives	$	7,414		$	11,272


(1)	Excludes settlements of less than $0.1 million and $(0.8) million, respectively, for the three months ended March 31, 2017 and 2016 related to non-trading derivative liabilities assumed in the acquisitions of CenStar and Oasis.


(2)	Excludes settlements of $(1.3) million for the three months ended March 31, 2017 related to non-trading derivative liabilities assumed in the acquisitions of the Provider Companies and Major Energy Companies.

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):



	March 31, 2017
Description	Gross Assets			Gross Amounts Offset			Net Assets		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	4,436		$	(2,056	)	$	2,380	$	—	$	2,380
Trading commodity derivatives	(23		)	31			8		—		8
Total Current Derivative Assets	4,413			(2,025		)	2,388		—		2,388
Non-trading commodity derivatives	60			(60		)	—		—		—
Total Non-current Derivative Assets	60			(60		)	—		—		—
Total Derivative Assets	$	4,473		$	(2,085	)	$	2,388	$	—	$	2,388



	December 31, 2016
Description	Gross Assets		Gross Amounts Offset			Net Assets		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	19,657	$	(11,844	)	$	7,813	$	—	$	7,813
Trading commodity derivatives	614		(83		)	531		—		531
Total Current Derivative Assets	20,271		(11,927		)	8,344		—		8,344
Non-trading commodity derivatives	7,874		(4,791		)	3,083		—		3,083
Total Non-current Derivative Assets	7,874		(4,791		)	3,083		—		3,083
Total Derivative Assets	$	28,145	$	(16,718	)	$	11,427	$	—	$	11,427



	December 31, 2016
Description	Gross Assets		Gross Amounts Offset			Net Assets		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	19,657	$	(11,844	)	$	7,813	$	—	$	7,813
Trading commodity derivatives	614		(83		)	531		—		531
Total Current Derivative Assets	20,271		(11,927		)	8,344		—		8,344
Non-trading commodity derivatives	7,874		(4,791		)	3,083		—		3,083
Total Non-current Derivative Assets	7,874		(4,791		)	3,083		—		3,083
Total Derivative Assets	$	28,145	$	(16,718	)	$	11,427	$	—	$	11,427

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):



	March 31, 2017
Description	Gross Assets			Gross Amounts Offset			Net Assets		Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	4,436		$	(2,056	)	$	2,380	$	—	$	2,380
Trading commodity derivatives	(23		)	31			8		—		8
Total Current Derivative Assets	$	4,413		$	(2,025	)	$	2,388	$	—	$	2,388
Non-trading commodity derivatives	$	60		$	(60	)	$	—	$	—	$	—
Total Non-current Derivative Assets	$	60		$	(60	)	$	—	$	—	$	—
Total Derivative Assets	$	4,473		$	(2,085	)	$	2,388	$	—	$	2,388

Offsetting Liabilities



	March 31, 2017
Description	Gross Liabilities			Gross Amounts Offset		Net Liabilities			Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	(11,015	)	$	9,012	$	(2,003	)	$	300	$	(1,703	)
Trading commodity derivatives	(20		)	—		(20		)	—		(20		)
Total Current Derivative Liabilities	(11,035		)	9,012		(2,023		)	300		(1,723		)
Non-trading commodity derivatives	(7,605		)	2,765		(4,840		)	—		(4,840		)
Total Non-current Derivative Liabilities	(7,845		)	2,881		(4,964		)	—		(4,964		)
Total Derivative Liabilities	$	(18,880	)	$	11,893	$	(6,987	)	$	300	$	(6,687	)



	December 31, 2016
Description	Gross Liabilities			Gross Amounts Offset		Net Liabilities			Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	(662	)	$	69	$	(593	)	$	—	$	(593	)
Trading commodity derivatives	(92		)	5		(87		)	—		(87		)
Total Current Derivative Liabilities	(754		)	74		(680		)	—		(680		)
Non-trading commodity derivatives	(305		)	237		(68		)	—		(68		)
Total Non-current Derivative Liabilities	(305		)	237		(68		)	—		(68		)
Total Derivative Liabilities	$	(1,059	)	$	311	$	(748	)	$	—	$	(748	)



	December 31, 2016
Description	Gross Liabilities			Gross Amounts Offset		Net Liabilities			Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	(662	)	$	69	$	(593	)	$	—	$	(593	)
Trading commodity derivatives	(92		)	5		(87		)	—		(87		)
Total Current Derivative Liabilities	(754		)	74		(680		)	—		(680		)
Non-trading commodity derivatives	(305		)	237		(68		)	—		(68		)
Total Non-current Derivative Liabilities	(305		)	237		(68		)	—		(68		)
Total Derivative Liabilities	$	(1,059	)	$	311	$	(748	)	$	—	$	(748	)



	March 31, 2017
Description	Gross Liabilities			Gross Amounts Offset		Net Liabilities			Cash Collateral Offset		Net Amount Presented
Non-trading commodity derivatives	$	(11,015	)	$	9,012	$	(2,003	)	$	300	$	(1,703	)
Trading commodity derivatives	(20		)	—		(20		)	—		(20		)
Total Current Derivative Liabilities	$	(11,035	)	$	9,012	$	(2,023	)	$	300	$	(1,723	)
Non-trading commodity derivatives	$	(7,605	)	$	2,765	$	(4,840	)	$	—	$	(4,840	)
Trading commodity derivatives	$	(240	)	$	116	$	(124	)	$	—	$	(124	)
Total Non-current Derivative Liabilities	$	(7,845	)	$	2,881	$	(4,964	)	$	—	$	(4,964	)
Total Derivative Liabilities	$	(18,880	)	$	11,893	$	(6,987	)	$	300	$	(6,687	)