Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Carrying Amount and Estimated Fair Values of Financial Instruments


	December 31, 2013				December 31, 2012
	Carrying		Fair		Carrying				Fair
	Amount		Value		Amount				Value
	(in thousands)

Cash and cash equivalents	$	22,938	$	22,938		$	53,583	$		53,583
Restricted cash	$	–	$	–		$	8,542	$		8,542
Credit facility	$	282,900	$	282,900		$	–	$		–
Senior notes	$	1,668,396	$	1,795,935		$	1,669,473	$		1,917,005
Derivative instruments, net	$	38,013	$	38,013		$	287,878	$		287,878

Summary Assets and Liabilities Measured at Fair Value on Recurring Basis


	December 31, 2013

	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	$	–	$	65,538	$	12,965	$	78,503
Derivative liabilities		–		(8,601)		(31,889)		(40,490)
Total	$	–	$	56,937	$	(18,924)	$	38,013

	December 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	$	–	$	287,993	$	4,151	$	292,144
Derivative liabilities		–		–		(4,266)		(4,266)
Total	$	–	$	287,993	$	(115)	$	287,878

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


	For the years ended
	December 31,
	2013		2012
	(in thousands)

Balance at beginning of period	$	(115)	$	182,119
Total gains or losses (realized/unrealized):
Included in earnings		(14,037)		216,857
Included in other comprehensive income		–		(178,847)
Purchases, issuances, and settlements:
Purchases		–		–
Issuances		–		–
Settlements		(4,772)		(220,244)
Transfers into/out of Level 3		–		–
Balance at end of period	$	(18,924)	$	(115)
Change in unrealized gains included in earnings relating to derivatives still held as of December 31	$	(18,809)	$	(3,362)

- 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 (loss), 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, issues, 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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