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Derivative Activities (Tables)
 9 Months Ended
Sep. 30, 2014
Derivative Activities [Abstract]  
Notional Volumes Of Commodity Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

Index

 

 

Oct 1 - Dec 31, 2014

 

 

2015

 

 

2016

 

 

2017

Oil positions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedged Volume (Bbls/d)

 

 

WTI

 

 
6,709 

 

 
7,356 

 

 
6,293 

 

 
5,547 

Average price ($/Bbls)

 

 

 

 

$
95.30 

 

$
93.74 

 

$
90.03 

 

$
86.23 

Hedged Volume (Bbls/d)

 

 

LLS

 

 
3,000 

 

 

 -

 

 

 -

 

 

 -

Average price ($/Bbls)

 

 

 

 

$
99.62 

 

 

 -

 

 

 -

 

 

 -

Basis (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedged Volume (Bbls/d)

 

 

WTS/WTI

 

 
2,400 

 

 

 -

 

 

 -

 

 

 -

Average price ($/Bbls)

 

 

 

 

$
(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

 

 
25,300 

 

 
7,191 

 

 
11,350 

 

 
10,445 

Average price ($/MMBtu)

 

 

 

 

$
6.13 

 

$
5.34 

 

$
4.27 

 

$
4.47 

Basis Swaps (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedged Volume (MMBtu/d)

 

 

Henry Hub

 

 
17,046 

 

 
14,400 

 

 

 -

 

 

 -

Average price ($/MMBtu)

 

 

 

 

$
(0.19)

 

$
(0.19)

 

 

 -

 

 

 -

Collars

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedged Volume (MMBtu/d)

 

 

Henry Hub

 

 
4,946 

 

 
18,000 

 

 
630 

 

 
595 

Average floor price ($/MMBtu)

 

 

 

 

$
5.74 

 

$
5.00 

 

$
4.00 

 

$
4.00 

Average ceiling price ($/MMBtu)

 

 

 

 

$
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 oil basis swaps are used to hedge the downward differential between West Texas Intermediate and West Texas Sour.

(2)

Our natural gas basis swaps are used to hedge the downward differential between Henry Hub and various price points.

 

Fair Value Of Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2014

 

December 31, 2013

 

 

 

Asset

 

 

Liability

 

 

Asset

 

 

Liability

 

 

 

Derivatives

 

 

Derivatives

 

 

Derivatives

 

 

Derivatives

Commodity contracts

 

$
63,109 

 

$
4,928 

 

$
89,616 

 

$
7,093 

Interest rate contracts

 

 
316 

 

 
7,733 

 

 

 -

 

 
10,391 

 

 

$
63,425 

 

$
12,661 

 

$
89,616 

 

$
17,484 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

$
33,744 

 

$
1,911 

 

$
27,485 

 

$
5,651 

Noncurrent

 

 
29,365 

 

 
3,017 

 

 
62,131 

 

 
1,442 

 

 

$
63,109 

 

$
4,928 

 

$
89,616 

 

$
7,093 

Interest

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

$

 -

 

$
5,467 

 

$

 -

 

$
5,582 

Noncurrent

 

 
316 

 

 
2,266 

 

 

 -

 

 
4,809 

 

 

$
316 

 

$
7,733 

 

$

 -

 

$
10,391 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

$
33,744 

 

$
7,378 

 

$
27,485 

 

$
11,233 

Noncurrent

 

 
29,681 

 

 
5,283 

 

 
62,131 

 

 
6,251 

 

 

$
63,425 

 

$
12,661 

 

$
89,616 

 

$
17,484 

 

Netting Of Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2014

 

December 31, 2013

 

 

 

Asset

 

 

Liability

 

 

Asset

 

 

Liability

 

 

 

Derivatives

 

 

Derivatives

 

 

Derivatives

 

 

Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross derivatives

 

$
63,425 

 

$
12,661 

 

$
89,616 

 

$
17,484 

Netting

 

 
(2,206)

 

 
(2,206)

 

 
(2,960)

 

 
(2,960)

Net derivatives

 

$
61,219 

 

$
10,455 

 

$
86,656 

 

$
14,524 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 2014

 

 

September 30, 2013

 

 

September 30, 2014

 

 

September 30, 2013

Total gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts (1)

 

$
70,231 

 

$
(45,377)

 

$
(18,691)

 

$
(11,860)

Interest rate swaps (2)

 

 
793 

 

 
(3,242)

 

 
(1,500)

 

 
(2,554)

Total

 

$
71,024 

 

$
(48,619)

 

$
(20,191)

 

$
(14,414)

 

(1)

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

(2)

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