XML 41 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivative instruments (Tables)
 9 Months Ended
Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding derivative instruments
The following table summarizes our crude oil derivatives outstanding as of September 30, 2014: 
 
 
 
 
Weighted average fixed price per Bbl
Period and type of contract
 
Volume
MBbls
 
Swaps
 
Sold puts
 
Purchased puts
 
Sold calls
2014
 
 
 
 
 
 
 
 
 
 
Swaps
 
187

 
$
93.13

 
$
—

 
$
—

 
$
—

Three-way collars
 
600

 
$
—

 
$
75.50

 
$
93.25

 
$
101.94

Enhanced swaps
 
210

 
$
97.58

 
$
80.00

 
$
—

 
$
—

Put spread enhanced swaps
 
745

 
$
93.87

 
$
80.00

 
$
60.00

 
$
—

Purchased puts (1)
 
210

 
$
—

 
$
—

 
$
60.00

 
$
—

2015
 
 
 
 
 
 
 
 
 
 
Swaps
 
600

 
$
96.02

 
$
—

 
$
—

 
$
—

Enhanced swaps
 
6,058

 
$
92.92

 
$
80.00

 
$
—

 
$
—

Purchased puts (1)
 
5,548

 
$
—

 
$
—

 
$
60.00

 
$
—

2016
 
 
 
 
 
 
 
 
 
 
Three-way collars
 
240

 
$
—

 
$
84.00

 
$
92.00

 
$
101.01

Enhanced swaps
 
3,720

 
$
92.94

 
$
80.52

 
$
—

 
$
—

___________
(1)
Puts covering 840 Mbbls in 2014 were purchased during the second quarter of 2013 for $664. The 2015 puts were purchased during the second quarter of 2014 for $1,220.

The following tables summarize our natural gas derivative instruments outstanding as of September 30, 2014:
Period and type of contract
 
Volume
BBtu
 
Weighted
average
fixed price
per MMBtu
2014
 
 
 
 
Natural gas swaps
 
5,090

 
$
4.11

Natural gas basis protection swaps
 
5,200

 
$
0.24

2015
 
 
 
 
Natural gas swaps
 
22,170

 
$
4.20

Natural gas basis protection swaps
 
2,400

 
$
0.18

2016
 
 
 
 
Natural gas swaps
 
7,800

 
$
4.33
Derivative instruments recorded on the balance sheet at fair value
The estimated fair values of derivative instruments are provided below. The carrying amounts of these instruments are equal to the estimated fair values.
 
As of September 30, 2014
 
As of December 31, 2013
 
Assets
 
Liabilities
 
Net value
 
Assets
 
Liabilities
 
Net value
Natural gas swaps
$
6,595

 
$
(216
)
 
$
6,379

 
$
1,457

 
$
(3,706
)
 
$
(2,249
)
Oil swaps
5,472

 
—

 
5,472

 
112

 
(2,807
)
 
(2,695
)
Oil collars
2,877

 
—

 
2,877

 
2,776

 
(4
)
 
2,772

Oil enhanced swaps
28,745

 
(179
)
 
28,566

 
6,988

 
(6,212
)
 
776

Oil purchased puts
1,026

 
—

 
1,026

 
74

 
—

 
74

Natural gas basis differential swaps
—

 
(522
)
 
(522
)
 
1,706

 
(63
)
 
1,643

Total derivative instruments
44,715

 
(917
)
 
43,798

 
13,113

 
(12,792
)
 
321

Less:
 
 
 
 
 
 
 
 
 
 
 
Netting adjustments (1)
644

 
(644
)
 
—

 
4,558

 
(4,558
)
 
—

Current portion asset (liability)
27,797

 
(246
)
 
27,551

 
2,152

 
(8,234
)
 
(6,082
)
 
$
16,274

 
$
(27
)
 
$
16,247

 
$
6,403

 
$
—

 
$
6,403

___________
(1)
Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty. Positive and negative positions with a counterparty are netted only to the extent that they relate to the same current versus noncurrent classification on the balance sheet.
Derivative settlements outstanding
Derivative settlements outstanding at September 30, 2014 and December 31, 2013 were as follows: 
 
September 30,
2014
 
December 31,
2013
Derivative settlements receivable included in accounts receivable
$
1,041

 
$
4,616

Derivative settlements payable included in accounts payable and accrued liabilities
$
75

 
$
377
Non-hedge derivative gains (losses) in the consolidated statements of operations
Non-hedge derivative gains (losses) in the consolidated statements of operations are comprised of the following: 
 
 
Three months ended
 
Nine months ended
 
 
September 30,
 
September 30,
 
 
2014
 
2013
 
2014
 
2013
Change in fair value of commodity price swaps
 
$
20,039

 
$
(7,795
)
 
$
16,794

 
$
(12,115
)
Change in fair value of collars
 
6,870

 
(16,057
)
 
106

 
(22,795
)
Change in fair value of enhanced swaps and put options
 
80,717

 
(17,499
)
 
28,019

 
(6,703
)
Change in fair value of natural gas basis differential contracts
 
9

 
342

 
(2,165
)
 
2,032

Amortization of put premium
 
(166
)
 
—

 
(498
)
 
—

(Payments on) receipts from settlement of commodity price swaps
 
(1,030
)
 
(2,510
)
 
(12,653
)
 
2,327

(Payments on) receipts from settlement of collars
 
(77
)
 
(256
)
 
(1,338
)
 
11,300

Payments on settlement enhanced swaps
 
(1,664
)
 
—

 
(10,657
)
 
—

Payments on settlement of natural gas basis differential contracts
 
(285
)
 
(55
)
 
(390
)
 
(530
)
 
 
$
104,413

 
$
(43,830
)
 
$
17,218

 
$
(26,484
)