Derivatives (Tables)

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity Swap

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2012		2011		2012		2011
Change in fair value of derivatives that do not qualify for hedge
	accounting	$	(7,095)	$	(825)	$	(5,913)	$	730
Realized losses on derivatives			2,213		2,368		3,238		4,128
Ineffective portion of derivatives qualifying for hedge accounting			(23)		(101)		(61)		(82)
Net (gains) losses related to commodity swaps		$	(4,905)	$	1,442	$	(2,736)	$	4,776
Put option premium mark to market			-		94		-		181
(Gains) losses on derivatives		$	(4,905)	$	1,536	$	(2,736)	$	4,957

Fair Value of Derivative Assets and Liabilities relating to commodity swaps

The fair value of derivative assets and liabilities relating to commodity swaps are as follows (in thousands):
	June 30,		December 31,
	2012		2011
Fair value of derivative assets — current, designated	$	1,568	$	151
Fair value of derivative assets — current, non-designated		5,112		2,716
Fair value of derivative assets — long term, designated		125		-
Fair value of derivative assets — long term, non-designated		1,479		-
Fair value of derivative liabilities — current, designated		-		(702)
Fair value of derivative liabilities — current, non-designated		(2,839)		(4,885)
Fair value of derivative liabilities — long term, non-designated		(7)		-
Net fair value of derivatives	$	5,438	$	(2,720)

Notional Amount and Fair Value of Derivative Instruments

		June 30, 2012
Transaction Type		Volume	Fair Value
		(In thousands)
Cash Flow Hedges:*
	Liquids swaps (short contracts)	(5,705)	$	1,693
	Total swaps designated as cash flow hedges		$	1,693
Mark to Market Derivatives:*
	Swing swaps (long contracts)	419	$	3
	Physical offsets to swing swap transactions (short contracts)	(419)		-
	Swing swaps (short contracts)	(4,588)		(35)
	Physical offsets to swing swap transactions (long contracts)	4,588		-
	Basis swaps (long contracts)	2,501		(30)
	Physical offsets to basis swap transactions (short contracts)	(2,501)		5,189
	Basis swaps (short contracts)	(2,501)		15
	Physical offsets to basis swap transactions (long contracts)	2,501		(6,624)
	Third-party on-system swaps (long contracts)	155		-
	Physical offsets to third-party on-system swap transactions (short contracts)	(155)		(22)
	Processing margin hedges — liquids (short contracts)	(9,064)		4,210
	Processing margin hedges — gas (long contracts)	1,188		(1,035)
	Processing margin hedges — gas (short contracts)	(187)		240
	Liquids swaps - non-designated (short contracts)	(4,393)		1,471
	Storage swap transactions — gas (long contracts)	210		116
	Storage swap transactions — gas (short contracts)	(290)		62
	Storage swap transactions — liquids inventory (long contracts)	1,470		(25)
	Storage swap transactions — liquids inventory (short contracts)	(4,830)		210
	Total mark to market derivatives		$	3,745

Impact of Cash Flow Hedges

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Increase (Decrease) in Midstream Revenue	2012		2011		2012		2011
Liquids realized loss included in Midstream revenue	$	407	$	(1,048)	$	395	$	(1,708)
Realized loss included in Midstream revenue	$	407	$	(1,048)	$	395	$	(1,708)

Derivatives Other than Cash Flow Hedges

	Maturity Periods
	Less than one year		One to two years		More than two years		Total fair value
June 30, 2012.	$	2,272	$	1,473	$	-	$	3,745