Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Carrying Amount and Estimated Fair Values of Financial Instruments


	March 31, 2012		December 31, 2011
	Carrying	Fair	Carrying	Fair
	Amount	Value	Amount	Value
	(in thousands)

Cash and cash equivalents	$ 206,167	$ 206,167	$ 15,627	$ 15,627
Unsecured revolving credit facility	$ 0	$ 0	$ 671,500	$ 671,500
Senior notes	$ 1,670,580	$ 1,802,255	$ 671,800	$ 773,578
Derivative instruments	$ 819,615	$ 819,615	$ 704,830	$ 704,830

Summary Assets and Liabilities Measured at Fair Value on Recurring Basis


	March 31, 2012

	Fair Value Measurements Using:
	Quoted Prices	Significant
	in Active	Other	Significant
	Markets	Observable Inputs	Unobservable Inputs	Assets (Liabilities)
	(Level 1)	(Level 2)	(Level 3)	at Fair Value
Derivative assets	$ 0	$ 649,413	$ 184,916	$ 834,329
Derivative liabilities	0	(14,341)	(373)	(14,714)
Total	$ 0	$ 635,072	$ 184,543	$ 819,615

	December 31, 2011

	Fair Value Measurements Using:
	Quoted Prices	Significant
	in Active	Other	Significant
	Markets	Observable Inputs	Unobservable Inputs	Assets (Liabilities)
	(Level 1)	(Level 2)	(Level 3)	at Fair Value
Derivative assets	$ 0	$ 534,560	$ 182,783	$ 717,343
Derivative liabilities	0	(11,849)	(664)	(12,513)
Total	$ 0	$ 522,711	$ 182,119	$ 704,830

Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3), Reconciliation


	For the three months ended
	March 31,
	2012	2011
	(in thousands)

Balance at beginning of period	$ 182,119	$ 97,677
Total gains or losses (realized/unrealized):
Included in earnings	58,462	15,910
Included in other comprehensive income	290	(15,306)
Purchases, issuances, and settlements:
Purchases	0	0
Issuances	0	0
Settlements	(56,328)	(12,843)
Transfers into/out of Level 3	0	142
Balance at end of period	$ 184,543	$ 85,580
Change in unrealized gains (losses) included in earnings relating to derivatives still held as of March 31	$ 2,134	$ 3,067

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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