XML 33 R31.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivative Activities (Tables)
 9 Months Ended
Sep. 30, 2013
Derivative Activities [Abstract]  
Notional Volumes Of Commodity Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

Index

 

 

Oct 1 - Dec 31, 2013

 

 

2014

 

 

2015

 

 

2016

 

 

2017

Oil positions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedged Volume (Bbls/d)

 

 

WTI

 

 
8,282 

 

 
7,815 

 

 
7,356 

 

 
6,293 

 

 
5,547 

Average price ($/Bbls)

 

 

 

 

$
98.34 

 

$
95.65 

 

$
93.74 

 

$
90.03 

 

$
86.23 

Hedged Volume (Bbls/d)

 

 

LLS

 

 
1,400 

 

 
1,900 

 

 

 

 

 

 

 

 

 

Average price ($/Bbls)

 

 

 

 

$
99.51 

 

$
98.77 

 

 

 

 

 

 

 

 

 

Basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedged Volume (Bbls/d)

 

 

WTS/WTI

 

 
2,400 

 

 
2,400 

 

 

 

 

 

 

 

 

 

Average price ($/Bbls)

 

 

 

 

$
(1.90)

 

$
(2.10)

 

 

 

 

 

 

 

 

 

Collars

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedged Volume (Bbls/d)

 

 

WTI

 

 

 

 

 
425 

 

 
1,025 

 

 
1,500 

 

 

 

Average floor price ($/Bbls)

 

 

 

 

 

 

 

$
90.00 

 

$
90.00 

 

$
80.00 

 

 

 

Average ceiling price ($/Bbls)

 

 

 

 

 

 

 

$
106.50 

 

$
110.00 

 

$
102.00 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas positions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedged Volume (MMBtu/d)

 

 

Henry Hub

 

 
30,337 

 

 
26,622 

 

 
7,191 

 

 
11,350 

 

 
10,445 

Average price ($/MMBtu)

 

 

 

 

$
6.05 

 

$
6.18 

 

$
5.34 

 

$
4.27 

 

$
4.47 

Basis Swaps (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedged Volume (MMBtu/d)

 

 

Henry Hub

 

 
18,446 

 

 
17,066 

 

 
14,400 

 

 

 

 

 

 

Average price ($/MMBtu)

 

 

 

 

$
(0.17)

 

$
(0.19)

 

$
(0.19)

 

 

 

 

 

 

Collars

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedged Volume (MMBtu/d)

 

 

Henry Hub

 

 
2,446 

 

 
4,966 

 

 
18,000 

 

 
630 

 

 
595 

Average floor price ($/MMBtu)

 

 

 

 

$
6.50 

 

$
5.74 

 

$
5.00 

 

$
4.00 

 

$
4.00 

Average ceiling price ($/MMBtu)

 

 

 

 

$
8.65 

 

$
7.51 

 

$
7.48 

 

$
5.55 

 

$
6.15 

Puts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedged Volume (MMBtu/d)

 

 

Henry Hub

 

 

 

 

 

 

 

 
420 

 

 
11,350 

 

 
10,445 

Average price ($/MMBtu)

 

 

 

 

 

 

 

 

 

 

$
4.00 

 

$
4.00 

 

$
4.00 

 

(1)

Our natural gas basis swaps are used to hedge the differential between Henry Hub and various price points.
Fair Value Of Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2013

 

December 31, 2012

 

 

 

Asset

 

 

Liability

 

 

Asset

 

 

Liability

 

 

 

Derivatives

 

 

Derivatives

 

 

Derivatives

 

 

Derivatives

Commodity contracts

 

$
93,469 

 

$
13,328 

 

$
122,143 

 

$
13,484 

Interest rate contracts

 

 

 -

 

 
11,225 

 

 

 -

 

 
12,236 

 

 

$
93,469 

 

$
24,553 

 

$
122,143 

 

$
25,720 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

$
30,399 

 

$
9,982 

 

$
45,522 

 

$
4,130 

Noncurrent

 

 
63,070 

 

 
3,346 

 

 
76,621 

 

 
9,354 

 

 

$
93,469 

 

$
13,328 

 

$
122,143 

 

$
13,484 

Interest

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

$

 -

 

$
5,324 

 

$

 -

 

$
4,597 

Noncurrent

 

 

 -

 

 
5,901 

 

 

 -

 

 
7,639 

 

 

$

 -

 

$
11,225 

 

$

 -

 

$
12,236 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

$
30,399 

 

$
15,306 

 

$
45,522 

 

$
8,727 

Noncurrent

 

 
63,070 

 

 
9,247 

 

 
76,621 

 

 
16,993 

 

 

$
93,469 

 

$
24,553 

 

$
122,143 

 

$
25,720 

 

Netting Of Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2013

 

December 31, 2012

 

 

 

Asset

 

 

Liability

 

 

Asset

 

 

Liability

 

 

 

Derivatives

 

 

Derivatives

 

 

Derivatives

 

 

Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross derivatives

 

$
93,469 

 

$
24,553 

 

$
122,143 

 

$
25,720 

Netting

 

 
(4,742)

 

 
(4,742)

 

 
(11,594)

 

 
(11,594)

Net derivatives

 

$
88,727 

 

$
19,811 

 

$
110,549 

 

$
14,126 

 

Gains (Losses) Of Derivative Contacts By Statement Of Operations Location

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 2013

 

 

September 30, 2012

 

 

September 30, 2013

 

 

September 30, 2012

Total gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts (1)

 

$
(45,377)

 

$
(49,461)

 

$
(11,860)

 

$
52,001 

Interest rate swaps (2)

 

 
(3,242)

 

 
(3,172)

 

 
(2,554)

 

 
(10,092)

Total

 

$
(48,619)

 

$
(52,633)

 

$
(14,414)

 

$
41,909 

 

(1)

Gain (loss) on commodity derivative contracts is located in other income (expense) in the consolidated statements of operations.

(2)

Gain (loss) on interest rate derivatives contracts is recorded as part of interest expense and is located in other income (expense) in the consolidated statements of operations.