NEW ACCOUNTING STANDARDS

3 Months Ended

Mar. 31, 2013

NEW ACCOUNTING STANDARDS

(3) NEW ACCOUNTING STANDARDS

In December 2011, the FASB issued ASU No.2011-11, “Disclosures about Offsetting Assets and Liabilities” requiring additional disclosures about offsetting and related arrangements. ASU 2011-11 is effective retrospectively for annual reporting periods beginning on or after January1, 2013. Also, in January 2013, the FASB issued ASU No. 2013-01, “Balance Sheet (Topic 210). Clarifying the Scope of Disclosures about offsetting Assets and Liabilities.” ASU 2013-01 limited the disclosures required by ASU No. 2011-11. We adopted these new requirements in first quarter 2013 and they did not have a material effect on our consolidated financial statements.

In February 2013, the FASB issued ASU No. 2013-02, “Comprehensive Income (Topic 220):  Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income.”  ASU 2013-02 requires information to be disclosed about the amounts reclassified out ofAOCI by component.  We adopted this new requirement in first quarter 2013 and it did not have a material effect on our consolidated financial statements.

The following table details the components of AOCI and related tax effects for the three months ended March 31, 2013 and March 31, 2012 (in thousands).

	2013				2012
	Gross	Tax Effect	Net of Tax	Gross		Tax Effect	Net of Tax
AOCI at beginning of period	$  137,555	$  (53,646)	$  83,909	$  254,678		$  (98,051)	$ 156,627
Derivative contract settlements reclassified to natural gas, NGLs and oil sales	(24,328)	9,488	(14,840)	(57,629)		22,187	(35,442)
Amortization related to de-designated hedges	(12,172)	4,747	(7,425)	—		—	—
Change in unrealized deferred hedging gains	(9,169)	3,576	(5,593)	131,081		(52,107)	78,974
AOCI at March 31	$91,886	$  (35,835)	$56,051	$  328,130		$ (127,971)	$ 200,159