Derivatives (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Non-designated Hedges Outstanding

At December 31, 2013, the following non-designated hedges were outstanding:



Term	Commodity	Hedged Volume	Weighted Average Fixed Price for Swaps	Hedged Market
Jan’14 – Dec’14	Natural gas – swap	80,000 MMBtu/day	$4.24	IF – NYMEX (HH)
Jan’14 – Dec’14	Natural gas – collar	10,000 MMBtu/day	$3.75-4.37	IF – NYMEX (HH)
Jan’14 – Jun’14	Crude oil – swap	500 Bbl/day	$100.03	WTI – NYMEX
Jan’14 – Dec’14	Crude oil – swap	3,000 Bbl/day	$91.77	WTI – NYMEX
Jan’14 – Dec’14	Crude oil – collar	4,000 Bbl/day	$90.00-96.08	WTI – NYMEX

Schedule Of Subsequent Non-designated Hedges

Subsequent to December 31, 2013, the following non-designated hedges were entered into:



Term	Commodity	Hedged Volume	Weighted Average Fixed Price for Swaps	Hedged Market
Mar'14	Natural gas – basis swap	30,000 MMBtu/day	$(0.095)	NGPL-TXOK
Mar'14	Natural gas – basis swap	60,000 MMBtu/day	$(0.027)	NGPL-Midcon

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 at December 31:



		Derivative Assets Fair Value
	Balance Sheet Location	2013		2012
		(In thousands)
Derivatives designated as hedging instruments
Commodity derivatives:
Current	Current derivative assets	$	—	$	13,674
Long-term	Non-current derivative assets	—		—
Total derivatives designated as hedging instruments		—		13,674
Derivatives not designated as hedging instruments
Commodity derivatives:
Current	Current derivative assets	515		2,878
Long-term	Non-current derivative assets	—		—
Total derivatives not designated as hedging instruments		515		2,878
Total derivative assets		$	515	$	16,552



		Derivative Liabilities Fair Value
	Balance Sheet Location	2013		2012
		(In thousands)
Derivatives designated as hedging instruments
Commodity derivatives:
Current	Current derivative liabilities	$	—	$	1,005
Long-term	Non-current derivative liabilities	—		—
Total derivatives designated as hedging instruments		—		1,005
Derivatives not designated as hedging instruments
Commodity derivatives:
Current	Current derivative liabilities	5,561		943
Long-term	Non-current derivative liabilities	—		562
Total derivatives not designated as hedging instruments		5,561		1,505
Total derivative liabilities		$	5,561	$	2,510

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⁾
	2013		2012
	(In thousands)
Commodity derivatives	$	—	$	7,587

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(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⁾
		2013		2012		2013			2012
		(In thousands)
Commodity derivatives	Oil and natural gas revenue ⁽¹⁾	$	603	$	51,853	$	—		$	—
Commodity derivatives	Gain (loss) on derivatives not designated as hedges and hedge ineffectiveness, net⁽²⁾	—		—		(190		)	(2,616		)
	Total	$	603	$	51,853	$	(190	)	$	(2,616	)

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(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		2013			2012
		(In thousands)
Commodity derivatives	Gain (loss) on derivatives not designated as hedges and hedge ineffectiveness, net ⁽¹⁾	$	(8,184	)	$	1,373
Total		$	(8,184	)	$	1,373

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(1)	Amount settled during the period is a loss of $(1,764) and $0, respectively.