Derivatives (Tables)

3 Months Ended

Mar. 31, 2012

Derivatives [Abstract]

Cash Flow Hedges Outstanding

Term	Commodity	Hedged Volume	Weighted Average Fixed Price for Swaps	Hedged Market
Apr'12– Dec'12	Crude oil – swap	6,250 Bbl/day	$97.72	WTI – NYMEX
Jan'13– Dec'13	Crude oil – swap	4,000Bbl/day	$102.68	WTI – NYMEX
Apr'12 – Dec'12	Natural gas – swap	30,000 MMBtu/day	$5.05	IF – NYMEX (HH)
Apr'12 – Dec'12	Natural gas – swap	15,000 MMBtu/day	$5.62	IF – PEPL
Jul'12– Sep'12	Natural gas – swap	20,000 MMBtu/day	$2.98	IF – NYMEX (HH)
Apr'12 – Dec'12	Liquids – swap (1)	180,006 Gal/mo	$2.11	OPIS – Conway
Apr'12 – Jun'12	Liquids – swap (2)	1,000,028 Gal/mo	$0.78	OPIS – Mont Belvieu
Jul'12 – Dec'12	Liquids – swap (3)	310,000 Gal/mo	$0.69	OPIS – Mont Belvieu

(1) Types of liquids involved are natural gasoline.

(2) Types of liquids involved are natural gasoline and ethane.

(3) Types of liquids involved are ethane.

Schedule Of Cash Flow Hedges Entered

Term	Commodity	Hedged Volume	Price	Hedged Market
Jan'13 – Dec'13	Natural gas – collar	20,000 MMBtu/day	$3.25 -$3.72	IF – NYMEX (HH)
Jan'13 – Dec'13	Natural gas – swap	10,000 MMBtu/day	$3.21	IF – NYMEX (HH)

Fair Value Of Derivative Instruments And Locations In Balance Sheets

	Derivative Assets
		Fair Value
	Balance Sheet Location	March 31, 2012		December 31, 2011
		(In thousands)
Derivatives designated as hedging instruments
Commodity derivatives:
Current	Current derivative asset	$	26,592	$	31,938
Long-term	Non-current derivative asset		384		4,514
Total derivatives designated as hedging instruments			26,976		36,452
Total derivative assets		$	26,976	$	36,452

		Derivative Liabilities
		Fair Value
	Balance Sheet Location	March 31, 2012		December 31, 2011
		(In thousands)
Derivatives designated as hedging instruments
Commodity derivatives:
Current	Current portion of derivative liabilities	$	2,775	$	2,657
Long-term	Non-current derivative liabilities		1,359		0
Total derivatives designated as hedging instruments			4,134		2,657
Total derivative liabilities		$	4,134	$	2,657

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

Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in Accumulated OCI on  Derivative (Effective Portion) (1)
	2012			2011
	(In thousands)
Interest rate swaps	$	0		$	(840	)
Commodity derivatives		(13,503	)		(19,864	)
Total	$	(13,503	)	$	(20,704	)

(1) Net of taxes.

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

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	$	8,176	$	635		$	(1,993	)	$	(1,909	)
Interest rate swaps	Interest, net		0		(303	)		0			0
Total		$	8,176	$	332		$	(1,993	)	$	(1,909	)

(1) Effective portion of gain (loss).

(2) Ineffective portion of gain (loss).

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

	0000		0000		0000
Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
		2012		2011
		(In thousands)
Commodity derivatives (basis swaps)	Oil and natural gas revenue	$	0	$	(601	)
Total		$	0	$	(601	)