Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012


	March 31, 2012
	Level 2			Level 3			Total
	(In thousands)
Financial assets (liabilities):
Commodity derivatives:
Assets	$	23,341		$	14,330		$	37,671
Liabilities		(14,411	)		(418	)		(14,829	)

	$	8,930		$	13,912		$	22,842


	December 31, 2011
	Level 2			Level 3			Total
	(In thousands)
Financial assets (liabilities):
Commodity derivatives:
Assets	$	9,698		$	34,321		$	44,019
Liabilities		(9,518	)		(706	)		(10,224	)

	$	180		$	33,615		$	33,795

Reconciliations Of Level 3 Fair Value Measurements


	Net Derivatives
	For the Three Months Ended March 31, 2012					For the Three Months Ended March 31, 2011
	Interest Rate Swaps		Commodity Swaps			Interest Rate Swaps			Commodity Swaps
	(In thousands)
Beginning of period	$	0	$	33,615		$	(1,614	)	$	10,868
Total gains or losses (realized and unrealized):
Included in earnings ⁽¹⁾		0		11,417			(303	)		4,305
Included in other comprehensive income (loss)		0		2,111			253			(1,765	)
Settlements		0		(11,307	)		303			(4,040	)
Transfers out of Level 3 into Level 2		0		(21,924	)		0			0

End of period	$	0	$	13,912		$	(1,361	)	$	9,368


Total gains for the period included in earnings attributable to the change in unrealized gain relating to assets still held at end of period	$	0	$	110		$	0		$	265

(1)	Interest rate swaps and commodity swaps are reported in the unaudited condensed consolidated statements of income in interest, net and revenues, respectively.

Schedule Of Quantitative Information About Unobservable Inputs

Fair Value

Valuation Technique

Unobservable Input

Range

(In thousands)

Commodity contracts ⁽¹⁾

13,912

Discounted cash flow

Forward commodity price curve

1.95-$3.02

(1)	The commodity contracts detailed in this category include non-exchange-traded natural gas swaps that are valued based on regional pricing other than NYMEX. The forward pricing range represents the low and high price expected to be received within the settlement period.

- 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, 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, issuances, 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.

+ References+ Details