TRANSACTIONS WITH AFFILIATES AND OTHER RELATED PARTIES

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

TRANSACTIONS WITH AFFILIATES

PDCM and Affiliated Partnerships. Our Gas Marketing segment markets the natural gas produced by PDCM and our affiliated partnerships in the Appalachia-Marcellus Shale. Our cost of natural gas marketing includes $18.1 million, $10.9 million and $9.5 million in 2013, 2012 and 2011, respectively, related to the marketing of natural gas on behalf of PDCM and $1.3 million, $0.5 million and $1.3 million, respectively, related to the marketing of natural gas on behalf of our affiliated partnerships.

Amounts due from/to the affiliated partnerships have historically been primarily related to derivative positions and, to a lesser extent, unbilled well lease operating expenses, and costs resulting from audit and tax preparation services. Previously, we have entered into derivative instruments on behalf of our affiliated partnerships for their estimated production. In June 2013, all remaining derivative positions designated to our affiliated partnerships were liquidated prior to settlement. As a result, there were no amounts due from/to our affiliated partnerships related to derivative positions as of December 31, 2013.

We provide certain well operating and administrative services for PDCM. Amounts billed to PDCM for these services were $14.5 million, $12.1 million and $10.4 million in 2013, 2012 and 2011, respectively. Our consolidated statements of operations include only our proportionate share of these billings. The following table presents the consolidated statement of operations line item in which our proportionate share is recorded and the amount for each of the periods presented.

	Year Ended December 31,
Consolidated statement of operations line item	2013		2012		2011
	(in thousands)
Production costs	$	4,097	$	3,945	$	3,441
Exploration expense	502		492		430
General and administrative expense	2,649		1,630		1,543

Former Executive Officer. In June 2011, Richard W. McCullough resigned from his positions as our Chief Executive Officer and the Chairman of the Board, effective immediately. In connection with his resignation, in July 2011, Mr. McCullough and the Company executed a separation agreement, whereby Mr. McCullough received those benefits to which he was entitled pursuant to his employment agreement, including without limitation, separation compensation in the amount of $4.1 million, less required withholdings, his annual non-qualified deferred supplemental retirement benefit equal to $30,000 for each of the years 2012 through 2021 (not accelerated), less required withholdings, continued coverage under the Company’s group health plans at the Company’s cost for a period equal to the lesser of 18 months or such period ending as of the date Mr. McCullough is eligible to participate in another employer’s group health plan, immediate vesting of any unvested Company stock options, SARs and restricted stock and issuance of shares representing the vested portion of his 2009 performance share awards. Related to this separation agreement, the consolidated statement of operations for 2011 reflects a charge to general and administrative expense of $6.7 million.