Derivatives (Tables)

3 Months Ended

Mar. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

		Three Months Ended
		March 31,
		2013		2012

Change in fair value of derivatives that do not qualify for hedge
	accounting	$	(631)	$	1,181
Realized losses on derivatives			1,115		1,026

Ineffective portion of derivatives qualifying for hedge accounting			(12)		(38)
Net (gains) losses related to commodity swaps		$	472	$	2,169

Loss on derivatives		$	472	$	2,169

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):

	March 31,		December 31,
	2013		2012

Fair value of derivative assets — current, designated	$	551	$	724
Fair value of derivative assets — current, non-designated		2,147		2,510
Fair value of derivative assets — long term, designated		9		-
Fair value of derivative liabilities — current, designated		(43)		(105)
Fair value of derivative liabilities — current, non-designated		(212)		(1,205)
Fair value of derivative liabilities — long term, designated		(12)		-
Net fair value of derivatives	$	2,440	$	1,924

Notional Amount and Fair Value of Derivative Instruments

		March 31, 2013
Transaction Type		Volume	Fair Value

		(In thousands)

Cash Flow Hedges:*
	Liquids swaps (short contracts)	(7,076)	$	505
	Total swaps designated as cash flow hedges		$	505

Mark to Market Derivatives:*
	Swing swaps (short contracts)	(1,014)		-
	Physical offsets to swing swap transactions (long contracts)	1,014		-

	Basis swaps (long contracts)	450		-
	Physical offsets to basis swap transactions (short contracts)	(450)		1,585
	Basis swaps (short contracts)	(450)		8
	Physical offsets to basis swap transactions (long contracts)	450		(1,745)


	Processing margin hedges — liquids (short contracts)	(4,483)		1,059
	Processing margin hedges — gas (long contracts)	523		272

	Liquids swaps - non-designated (short contracts)	(3,407)		792

	Storage swap transactions — gas (short contracts)	(100)		(35)
	Storage swap transactions — liquids inventory (short contracts)	(840)		(1)

	Total mark to market derivatives		$	1,935

Impact of Cash Flow Hedges

	Three Months Ended
	March 31,
Increase (Decrease) in Midstream Revenue	2013		2012
Liquids realized gain (loss) included in Midstream revenue	$	280	$	(12)
Realized gains included in income from discontinued

Realized gain (loss) included in Midstream revenue	$	280	$	(12)

Derivatives Other than Cash Flow Hedges

	Maturity Periods
	Less than one year		One to two years		More than two years		Total fair value
March 31, 2013	$	1,935	$	-	$	-	$	1,935

- Definition

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.

+ References+ Details

- Definition

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.

+ References+ Details