DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2013

Derivative Instruments

Schedule of aggregate notional amount and estimated net fair value of the derivative instruments

The table below summarizes the aggregate notional amount and estimated net fair value of the derivative instruments as of March 31, 2013 and December 31, 2012 (amounts in thousands):

	As of March 31, 2013						As of December 31, 2012
	Notional			Estimated Fair Value			Notional			Estimated Fair Value
Cash Flow Hedges:
Interest rate swaps	$	497,833		$	(79,445	)	$	503,833		$	(90,618	)
Free-Standing Derivatives:
Commodity swaps	—			946			—			7,056
Credit default swaps—protection sold	—			—			—			19
Credit default swaps—protection purchased	(118,247		)	(802		)	(47,321		)	(1,140		)
Foreign exchange forward contracts	(259,266		)	(8,001		)	(338,313		)	(20,975		)
Foreign exchange options	130,207			5,350			130,207			8,277
Common stock warrants	—			3,470			—			3,318
Total				$	(78,482	)				$	(94,063	)

Schedule of net gains recognized in accumulated other comprehensive loss related to derivatives in cash flow hedging relationships

The following table presents the net gains recognized in accumulated other comprehensive loss related to derivatives in cash flow hedging relationships for the three months ended March 31, 2013 and 2012 (amounts in thousands):

	Three months ended March 31, 2013		Three months endedMarch 31, 2012
Net gains recognized in accumulated other comprehensive loss on cash flow hedges	$	11,158	$	14,592

Schedule of open positions of derivative contracts on expected annual production volumes

	2013		2014		2015		2016
Natural gas positions:
Fixed price swaps:
Hedged volume (MMMBtu)	5,188		5,821		4,277		1,805
Average price ($/MMBtu)	$	3.83	$	4.34	$	4.73	$	4.44
Natural gas liquid positions:
Fixed price swaps:
Hedged volume (MBbls)	149		129		—		—
Average price ($/Bbl)	$	35.56	$	20.90	$	—	$	—
Oil positions:
Fixed price swaps:
Hedged volume (MBbls)	111		159		4		—
Average price ($/Bbl)	$	91.77	$	89.97	$	95.55	$	—

Schedule of effect on income from free-standing derivatives by derivative instrument type

The amounts recorded in net realized and unrealized (loss) gain on derivatives and foreign exchange on the condensed consolidated financial statements for the three months ended March 31, 2013 and 2012 are as follows (amounts in thousands):

	Three months ended March 31, 2013									Three months ended March 31, 2012
	Realized gains (losses)(1)			Unrealized gains (losses)			Total			Realized gains (losses)(1)			Unrealized gains (losses)		Total
Commodity swaps	$	1,109		$	(6,109	)	$	(5,000	)	$	938		$	3,796	$	4,734
Credit default swaps	(2,643		)	1,470			(1,173		)	(5,669		)	7,720		2,051
Foreign exchange forward contracts and options	(911		)	(1,920		)	(2,831		)	(105		)	1,592		1,487
Net realized and realized (losses) gains	$	(2,445	)	$	(6,559	)	$	(9,004	)	$	(4,836	)	$	13,108	$	8,272

(1)   Includes related income and expense on the derivatives.