Derivatives and Risk Management (Tables)

9 Months Ended

Sep. 30, 2013

Derivatives And Risk Management [Abstract]

Balance Sheet Classification of Derivative Financial Instruments

	Derivative Assets
	September 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	$	115,039	Hedging asset	$	279,443
Fixed price swaps	Other long-term assets		5,951	Other long-term assets		8,550
Total derivatives designated as hedging instruments		$	120,990		$	287,993
Derivatives not designated as hedging instruments:
Basis swaps	Hedging asset	$	5,104	Hedging asset	$	3,250
Fixed price swaps	Hedging asset		77,504	Hedging asset		–
Basis swaps	Other long-term assets		679	Other long-term assets		901
Fixed price swaps	Other long-term assets		19,103	Other long-term assets		–
Interest rate swaps	Other long-term assets		5,797	Other long-term assets		–
Total derivatives not designated as hedging instruments		$	108,187		$	4,151
Total derivative assets		$	229,177		$	292,144
	Derivative Liabilities
	September 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	$	164	Other current liabilities	$	138
Fixed price call options	Other long-term liabilities		30,980	Other long-term liabilities		4,128
Interest rate swaps	Other current liabilities		912	Other current liabilities		–
Interest rate swaps	Other long-term liabilities		3,582	Other long-term liabilities		–
Total derivatives not designated as hedging instruments		$	35,638		$	4,266
Total derivative liabilities		$	35,638		$	4,266

Fixed Price Swaps, Volumes of Natural Gas Production (in Bcf)

Year	Fixed price swaps	Fixed price swaps not designated for hedge accounting	Total
2013	84.4	-	84.4
2014	51.1	181.6	232.7

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 nine months ended
		September 30,				September 30,
Derivative Instrument		2013		2012		2013		2012
		(in thousands)
Fixed price swaps		$	12,515	$	(55,039)	$	51,234	$	116,089
Costless-collars		$	–	$	(3,497)	$	–	$	40,644
	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 nine months ended
	into Earnings	September 30,				September 30,
Derivative Instrument	(Effective Portion)	2013		2012		2013		2012
		(in thousands)
Fixed price swaps	Gas sales	$	93,280	$	102,789	$	218,236	$	337,994
Costless-collars	Gas sales	$	–	$	54,489	$	–	$	175,531
		Gain (Loss) Recognized in Earnings
		(Ineffective Portion)
	Classification of Gain (Loss)	For the three months ended				For the nine months ended
	Recognized in Earnings	September 30,				September 30,
Derivative Instrument	(Ineffective Portion)	2013		2012		2013		2012
		(in thousands)
Fixed price swaps	Gas sales	$	(1,452)	$	(165)	$	(2,183)	$	1,831
Costless-collars	Gas sales	$	–	$	(373)	$	–	$	167

Before Tax Effect of Basis Swaps Not Qualifying for Hedge Accounting

		Mark to Market Gain (Loss)
		on Derivatives
		Recognized in Earnings
	Income Statement	For the three months ended				For the nine months ended
	Classification of Mark to Market Gain (Loss)	September 30,				September 30,
Derivative Instrument	on Derivatives	2013		2012		2013		2012
		(in thousands)
Basis swaps	Gain (Loss) on Derivatives	$	(5,279)	$	(1,275)	$	1,606	$	(270)
Fixed price call options	Gain (Loss) on Derivatives	$	7,876	$	–	$	(26,852)	$	–
Fixed price swaps	Gain (Loss) on Derivatives	$	8,819	$	–	$	96,606	$	–
Interest rate swaps	Gain (Loss) on Derivatives	$	(1,312)	$	–	$	1,304	$	–
Fair value swaps	Gain (Loss) on Derivatives	$	–	$	136	$	–	$	1,162
		Mark to Market Gain (Loss)
		on Derivatives, Settled (1)
		Recognized in Earnings
	Income Statement	For the three months ended				For the nine months ended
	Classification of Mark to Market Gain (Loss)	September 30,				September 30,
Derivative Instrument	on Derivatives, Settled (1)	2013		2012		2013		2012
		(in thousands)
Basis swaps	Gain (Loss) on Derivatives	$	2,020	$	624	$	3,115	$	1,773
Fair value swaps	Gain (Loss) on Derivatives	$	–	$	(5,364)	$	–	$	(13,258)