Derivatives (Tables)

12 Months Ended

Dec. 31, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

At December 31, 2012, the following designated cash flow hedges were outstanding:



Term	Commodity	Hedged Volume	Weighted Average Fixed Price for Swaps	Hedged Market
Jan’13 – Dec’13	Natural gas – swap	60,000 MMBtu/day	$3.56	IF – NYMEX (HH)
Jan’13 – Dec’13	Crude oil – swap	5,500 Bbl/day	$99.71	WTI – NYMEX
Jan’13 – Dec’13	Natural gas – collar	20,000 MMBtu/day	$3.25-3.72	IF – NYMEX (HH)

Non-designated hedges outstanding

At December 31, 2012, the following non-designated hedges were outstanding:



Term	Commodity	Hedged Volume	Weighted Average Fixed Price for Swaps	Hedged Market
Jan’13 – Dec’13	Natural gas – swap	20,000 MMBtu/day	$3.94	IF – NYMEX (HH)
Jan’13 – Dec’13	Crude oil – swap	1,000 Bbl/day	$90.63	WTI – NYMEX
Jan’14 – Dec’14	Crude oil – swap	1,000 Bbl/day	$90.60	WTI – NYMEX

Schedule Of Non-designated Hedges

Subsequent to December 31, 2012, the following non-designated hedges were entered into:



Term	Commodity	Hedged Volume	Weighted Average Fixed Price for Swaps	Hedged Market
Feb'13 – Dec’13	Crude oil – swap	2,000 Bbl/day	$96.58	WTI – NYMEX
Jan’14 – Dec’14	Crude oil – swap	1,000 Bbl/day	$92.20	WTI – NYMEX
Jan’14 – Dec’14	Crude oil – collar	2,000 Bbl/day	$90.00-95.00	WTI – NYMEX

Fair Value Of Derivative Instruments And Locations In Balance Sheets

The following tables present the fair values of our derivative transactions and the location within our balance sheets where those values are recorded:



		Derivative Assets Fair Value
	Balance Sheet Location	December 31, 2012		December 31, 2011
		(In thousands)
Derivatives designated as hedging instruments
Commodity derivatives:
Current	Current derivative assets	$	13,674	$	31,938
Long-term	Non-current derivative assets	—		4,514
Total derivatives designated as hedging instruments		13,674		36,452
Derivatives not designated as hedging instruments
Commodity derivatives:
Current	Current derivative assets	2,878		—
Long-term	Non-current derivative assets	—		—
Total derivatives not designated as hedging instruments		2,878		—
Total derivative assets		$	16,552	$	36,452



		Derivative Liabilities Fair Value
	Balance Sheet Location	December 31, 2012		December 31, 2011
		(In thousands)
Derivatives designated as hedging instruments
Commodity derivatives:
Current	Current derivative liabilities	$	1,005	$	2,657
Long-term	Non-current derivative liabilities	—		—
Total derivatives designated as hedging instruments		1,005		2,657
Derivatives not designated as hedging instruments
Commodity derivatives:
Current	Current derivative liabilities	943		—
Long-term	Non-current derivative liabilities	562		—
Total derivatives not designated as hedging instruments		1,505		—
Total derivative liabilities		$	2,510	$	2,657

Amount Of Gain Or (Loss) Recognized In Accumulated OCI On Derivative

Effect of Derivative Instruments on the Consolidated Balance Sheets (cash flow hedges) for the year ended December 31:



Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) ⁽¹⁾
	2012		2011
	(In thousands)
Commodity derivatives	$	7,587	$	19,026

_________________________


(1)	Net of taxes.

Gain Or Loss Of Reclassified Accumulated Other Comprehensive Income And Recognized Income

Effect of derivative instruments on the Consolidated Statements of Income (cash flow hedges) for the year ended December 31:



Derivative Instrument	Location of Gain or (Loss) Reclassified from Accumulated OCI into Income & Location of Gain or (Loss) Recognized in Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income ⁽¹⁾					Amount of Gain or (Loss) Recognized in Income ⁽²⁾
		2012		2011			2012			2011
		(In thousands)
Commodity derivatives	Oil and natural gas revenue ⁽¹⁾	51,853		4,699			—			—
Commodity derivatives	Gain (loss) on derivatives not designated as hedges and hedge ineffectiveness, net⁽²⁾	—		—			(2,616		)	2,749
Interest rate swaps	Interest, net	—		(1,734		)	—			—
	Total	$	51,853	$	2,965		$	(2,616	)	$	2,749

_________________________


(1)	Effective portion of gain (loss).


(2)	Ineffective portion of gain (loss).

Effect Of Derivative Instruments Recognized In Statement Of Operations, Not Designated As Hedging Instruments

Effect of Derivative Instruments on the Consolidated Statements of Income (derivatives not designated as hedging instruments) for the year ended December 31:



	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
Derivatives Not Designated as Hedging Instruments		2012		2011
		(In thousands)
Commodity derivatives	Gain (loss) on derivatives not designated as hedges and hedge ineffectiveness, net	$	1,373	$	(1,047	)
Total		$	1,373	$	(1,047	)