FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value

The following tables present the fair value hierarchy table for assets and liabilities measured at fair value, on a recurring basis (in thousands):

	Fair Value Measurements at September 30, 2012 using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total Carrying Value as of September 30, 2012
Trading securities held in the deferred compensation plans	$	67,429	$	—		$	—	$	67,429
Derivatives – swaps		—		33,282			—		33,282
– collars		—		109,629			—		109,629
– call options		—		(3,732	)		—		(3,732	)
– put options		—		77			—		77

	Fair Value Measurements at December 31, 2011 using:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total Carrying Value as of December 31, 2011
Trading securities held in the deferred compensation plans	$	50,237	$	—		$	—	$	50,237
Derivatives – swaps		—		69,054			—		69,054
– collars		—		211,621			—		211,621
– call options		—		(29,348	)		—		(29,348	)

Value of Assets Measured at Fair Value on Non Recurring Basis

The following table presents the value of these assets measured at fair value on a nonrecurring basis (in thousands). All such fair value measurements represent Level 3 measurements.

	Three Months Ended September 30,								Nine Months Ended September 30,
	2012				2011				2012				2011
	Fair Value		Impairment		Fair Value		Impairment		Fair Value		Impairment		Fair Value		Impairment
Surface property	$	6,269	$	1,281	$	—	$	—	$	6,269	$	1,281	$	—	$	—
Natural gas and oil properties	$	—	$	—	$	24,388	$	38,681	$	—	$	—	$	24,388	$	38,681

Carrying Amounts and Fair Values of Financial Instruments

The following table presents the carrying amounts and the fair values of our financial instruments as of September 30, 2012 and December 31, 2011 (in thousands):

	September 30, 2012						December 31, 2011
	Carrying Value			Fair Value			Carrying Value			Fair Value
Assets:
Commodity swaps, collars, call and put options	$	152,489		$	152,489		$	251,500		$	251,500
Marketable securities(a)		67,429			67,429			50,237			50,237
Liabilities:
Commodity swaps, collars, call and put options		(13,233	)		(13,233	)		(173	)		(173	)
Bank credit facility(b)		(461,000	)		(461,000	)		(187,000	)		(187,000	)
7.50% senior subordinated notes due 2017(b)		(250,000	)		(260,000	)		(250,000	)		(265,625	)
7.25% senior subordinated notes due 2018(b)		(250,000	)		(264,375	)		(250,000	)		(267,500	)
8.00% senior subordinated notes due 2019(b)		(288,869	)		(333,000	)		(287,967	)		(334,500	)
6.75% senior subordinated notes due 2020(b)		(500,000	)		(550,000	)		(500,000	)		(555,000	)
5.75% senior subordinated notes due 2021(b)		(500,000	)		(537,500	)		(500,000	)		(541,250	)
5.00% senior subordinated notes due 2022(b)		(600,000	)		(633,000	)		—			—

^(a) Marketable securities, which are held in our deferred compensation plans, and are actively traded on major exchanges.

^(b) The book value of our bank debt approximates fair value because of its floating rate structure. The fair value of our senior subordinated notes is based on end of period market quotes which are Level 2 market values.