Derivatives and Risk Management (Tables)

6 Months Ended

Jun. 30, 2013

Derivatives And Risk Management [Abstract]

Balance Sheet Classification of Derivative Financial Instruments

	Derivative Assets
	June 30, 2013			December 31, 2012
	Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
	(in thousands)
Derivatives designated as hedging instruments:
Fixed price swaps	Hedging asset	$	189,541	Hedging asset		$	279,443
Fixed price swaps	Other assets		12,214	Other assets			8,550
Total derivatives designated as hedging instruments		$	201,755			$	287,993
Derivatives not designated as hedging instruments:
Basis swaps	Hedging asset	$	8,402	Hedging asset		$	3,250
Fixed price swaps	Hedging asset		48,512	Hedging asset			–
Basis swaps	Other assets		2,565	Other assets			901
Fixed price swaps	Other assets		39,276	Other assets			–
Interest rate swaps	Other assets		6,218	Other assets			–
Total derivatives not designated as hedging instruments		$	104,973			$	4,151
Total derivative assets		$	306,728			$	292,144
	Derivative Liabilities
	June 30, 2013			December 31, 2012
	Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
	(in thousands)
Derivatives not designated as hedging instruments:
Basis swaps	Other current liabilities	$	69	Other current liabilities		$	138
Fixed price call options	Other long-term liabilities		38,856	Other long-term liabilities			4,128
Interest rate swaps	Other current liabilities		308	Other current liabilities			–
Interest rate swaps	Other long-term liabilities		3,294	Other long-term liabilities			–
Total derivatives not designated as hedging instruments		$	42,527			$	4,266
Total derivative liabilities		$	42,527			$	4,266

Cash Flow Hedges, Volumes of Natural Gas Production (in Bcf)

Year	Fixed price swaps
2013	168.8
2014	51.1

Before Tax Effect of Cash Flow Hedges on Consolidated Financial Statements

		Gain (Loss) Recognized in Other Comprehensive Income
		(Effective Portion)
		For the three months ended				For the six months ended
		June 30,				June 30,
Derivative Instrument		2013		2012		2013		2012
		(in thousands)
Fixed price swaps		$	112,621	$	(47,829)	$	38,719	$	171,128
Costless-collars		$	–	$	(12,370)	$	–	$	44,141
	Classification of Gain	Gain Reclassified from Accumulated Other
	Reclassified from	Comprehensive Income into Earnings
	Accumulated Other	(Effective Portion)
	Comprehensive Income	For the three months ended				For the six months ended
	into Earnings	June 30,				June 30,
Derivative Instrument	(Effective Portion)	2013		2012		2013		2012
		(in thousands)
Fixed price swaps	Gas Sales	$	46,335	$	128,894	$	124,956	$	235,205
Costless-collars	Gas Sales	$	–	$	65,732	$	–	$	121,042
		Gain (Loss) Recognized in Earnings
		(Ineffective Portion)
	Classification of Gain (Loss)	For the three months ended				For the six months ended
	Recognized in Earnings	June 30,				June 30,
Derivative Instrument	(Ineffective Portion)	2013		2012		2013		2012
		(in thousands)
Fixed price swaps	Gas Sales	$	(2,032)	$	(2,303)	$	(731)	$	1,996
Costless-collars	Gas Sales	$	–	$	(371)	$	–	$	540

Before Tax Effect of Basis Swaps Not Qualifying for Hedge Accounting

		Unrealized Gain (Loss)
		Recognized in Earnings
	Income Statement	For the three months ended				For the six months ended
	Classification	June 30,				June 30,
Derivative Instrument	of Unrealized Gain (Loss)	2013		2012		2013		2012
		(in thousands)
Basis swaps	Gain (Loss) on Derivatives	$	9,835	$	(218)	$	6,885	$	1,005
Fixed price call options	Gain (Loss) on Derivatives	$	22,354	$	–	$	(34,728)	$	–
Fixed price swaps	Gain (Loss) on Derivatives	$	58,556	$	–	$	87,787	$	–
Interest Rate Swaps	Gain (Loss) on Derivatives	$	2,616	$	–	$	2,616	$	–
		Realized Gain
		Recognized in Earnings
	Income Statement	For the three months ended				For the six months ended
	Classification	June 30,				June 30,
Derivative Instrument	of Realized Gain	2013		2012		2013		2012
		(in thousands)
Basis swaps	Gain (Loss) on Derivatives	$	88	$	131	$	1,095	$	1,149