XML 56 R31.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 2013
Fair Value Disclosures [Abstract]  
Fair value hierarchy for financial assets and liabilities
The fair value hierarchy for our financial assets and liabilities is shown by the following table: 
 
As of December 31, 2013
 
As of December 31, 2012
 
Derivative
assets
 
Derivative
liabilities
 
Net assets
(liabilities)
 
Derivative
assets
 
Derivative
liabilities
 
Net assets
(liabilities)
Significant other observable inputs (Level 2)
$
3,275

 
$
(6,576
)
 
$
(3,301
)
 
$
18,599

 
$
(4,425
)
 
$
14,174

Significant unobservable inputs (Level 3)
9,838

 
(6,216
)
 
3,622

 
27,411

 
(1,180
)
 
26,231

Netting adjustments (1)
(4,558
)
 
4,558

 
—

 
(2,977
)
 
2,977

 
—

 
$
8,555

 
$
(8,234
)
 
$
321

 
$
43,033

 
$
(2,628
)
 
$
40,405

___________
(1)
Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty.
Changes in the fair value of net commodity derivatives Classified as Level 3
Changes in the fair value of net commodity derivatives classified as Level 3 in the fair value hierarchy at December 31 were: 
Net derivative assets
 
2013
 
2012
Beginning balance
 
$
26,231

 
$
5,049

Realized and unrealized (losses) gains included in non-hedge derivative (losses) gains
 
(8,725
)
 
31,411

Purchases
 
664

 
—

Settlements received
 
(14,548
)
 
(10,229
)
Ending balance
 
$
3,622

 
$
26,231

Gains relating to instruments still held at the reporting date included in non-hedge derivative gains for the period
 
$
3,177

 
$
21,534
Fair value of other financial instruments
The carrying value and estimated fair value of our long-term debt at December 31, 2013 and 2012 were as follows:
 
 
December 31, 2013
 
December 31, 2012
Level 2
 
Carrying
value
 
Estimated
fair value
 
Carrying
value
 
Estimated
fair value
9.875% Senior Notes due 2020
 
$
294,556

 
$
340,140

 
$
294,031

 
$
341,250

8.25% Senior Notes due 2021
 
400,000

 
437,000

 
400,000

 
434,000

7.625% Senior Notes due 2022
 
555,719

 
583,275

 
556,631

 
574,750

Senior secured revolving credit facility
 
272,000

 
272,000

 
25,000

 
25,000

Other secured long-term debt
 
16,437

 
16,437

 
17,740

 
17,740

 
 
$
1,538,712

 
$
1,648,852

 
$
1,293,402

 
$
1,392,740
Offsetting Assets and Liabilities
The following table summarizes our derivative assets and liabilities which are offset in the consolidated balance sheets under our master netting agreements. It also reflects the amounts outstanding under our senior secured revolving credit facility that are available to offset our net derivative assets due from counterparties that are lenders under our senior secured revolving credit facility.
 
 
Offset in the consolidated balance sheets
 
Gross amounts not offset in the consolidated balance sheets
 
 
Gross assets (liabilities)
 
Offsetting assets (liabilities)
 
Net assets (liabilities)
 
Amounts outstanding under senior secured revolving credit facility
 
Net amount
As of December 31, 2013
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
13,113

 
$
(8,042
)
 
$
5,071

 
$
(4,211
)
 
$
860

Derivative liabilities
 
(12,792
)
 
8,042

 
(4,750
)
 
—

 
(4,750
)
 
 
$
321

 
$
—

 
$
321

 
$
(4,211
)
 
$
(3,890
)
As of December 31, 2012
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
$
46,010

 
$
(4,721
)
 
$
41,289

 
$
(9,180
)
 
$
32,109

Derivative liabilities
 
(5,605
)
 
4,721

 
(884
)
 
—

 
(884
)
 
 
$
40,405

 
$
—

 
$
40,405

 
$
(9,180
)
 
$
31,225