XML 54 R31.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Commodity Swap
The components of loss on derivatives in the consolidated statements of operations relating to commodity swaps are (in thousands):
 
 
Years Ended December 31,
 
 
2013
 
2012
 
2011
Change in fair value of derivatives that are not designated for hedge accounting
 
$
1,674

 
$
(3,473
)
 
$
726

Realized losses on derivatives
 
633

 
4,514

 
7,015

Ineffective portion of derivatives designated for hedge accounting
 
(3
)
 
(35
)
 
(158
)
Net losses related to commodity swaps
 
$
2,304

 
$
1,006

 
$
7,583

Put option premium mark to market
 
—

 
—

 
193

Losses on derivatives
 
$
2,304

 
$
1,006

 
$
7,776
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):
 
 
December 31,
 
 
2013
 
2012
Fair value of derivative assets—current, designated
 
$
9

 
$
724

Fair value of derivative assets—current, non-designated
 
293

 
2,510

Fair value of derivative assets-long term, non-designated
 
556

 
—

Fair value of derivative liabilities—current, designated
 
(705
)
 
(105
)
Fair value of derivative liabilities—current, non-designated
 
(463
)
 
(1,205
)
Fair value of derivative liabilities—long term, non-designated
 
(755
)
 
—

Net fair value of derivatives
 
$
(1,065
)
 
$
1,924
Impact of Cash Flow Hedges
The impact of realized gains or losses from derivatives designated as cash flow hedge contracts in the consolidated statements of operations is summarized below (in thousands):
 
 
Years Ended December 31,
Increase (decrease) in Midstream revenue
 
2013
 
2012
 
2011
Liquids
 
$
768

 
$
1,381

 
$
(2,772
)
Derivatives Other than Cash Flow Hedges
The estimated fair value of derivative contracts by maturity date was as follows (in thousands):
 
 
Maturity Periods
 
 
Less than
one year
 
One to
two years
 
More than
two years
 
Total
fair value
December 31, 2013
 
$
(170
)
 
$
61

 
$
(260
)
 
$
(369
)
Schedule Of Notional Amount And Fair Value Of Derivative Instruments [Table Text Block] [Text Block]
 
 
December 31, 2013
Transaction Type
 
Volume
 
Fair Value
 
 
(In thousands)
Cash Flow Hedges:*
 
 
 
 
Liquids swaps (short contracts)
 
(8,567
)
 
$
(696
)
Total swaps designated as cash flow hedges
 
 

 
$
(696
)
Mark to Market Derivatives:*
 
 
 
 
Swing swaps (long contracts)
 
1,457

 
$
(14
)
Physical offsets to swing swap transactions (short contracts)
 
(1,147
)
 
—

Swing swaps (short contracts)
 
(78
)
 
2

Physical offsets to swing swap transactions (long contracts)
 
78

 
—

Processing margin hedges—liquids (short contracts)
 
(2,662
)
 
(270
)
Processing margin hedges—gas (long contracts)
 
291

 
40

Liquids swaps—non-designated (long contracts)
 
50,400

 
(537
)
Liquids swaps—non-designated (short contracts)
 
(50,400
)
 
428

Storage swap transactions (short contracts)
 
(100
)
 
(18
)
Total mark to market derivatives
 
 

 
$
(369
)
_______________________________________________________________________________
*
All are gas contracts except for liquids swaps (designated or non-designated), processing margin hedges-liquids and storage swap transactions-condensate inventory.