XML 46 R31.htm IDEA: XBRL DOCUMENT v3.3.1.900
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Effect of Derivative Instruments on the Consolidated Balance Sheet
Effect of Derivative Instruments on the Consolidated Balance Sheet
 
 
 
Fair Values of Derivative Instruments
 
 
 
Derivative Assets
 
Derivative Liabilities
 
 
 
December 31,
 
December 31,
(In thousands)
Balance Sheet Location
 
2015
 
2014
 
2015
 
2014
Derivatives Not Designated as Hedges
 
 
 
 
 
 
 
 
Commodity contracts
Derivative instruments (current assets)
 
—

 
137,603

 
—

 
—

 
 
 
$
—

 
$
137,603

 
$
—

 
$
—
Schedule of Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet
Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet
 
December 31,
(In thousands)
2015
 
2014
Derivative assets
 

 
 

Gross amounts of recognized assets
$
—

 
$
137,603

Gross amounts offset in the statement of financial position
—

 
—

Net amounts of assets presented in the statement of financial position
—

 
137,603

Gross amounts of financial instruments not offset in the statement of financial position
—

 
2,338

Net amount
$
—

 
$
139,941
Effect of Derivative Instruments on Accumulated Other Comprehensive Income (Loss)
The effective portion of gain (loss) recognized in accumulated other comprehensive income (loss) on derivatives is as follows:
 
Year Ended December 31,
(In thousands)
2015
 
2014
 
2013
Commodity contracts
$
—

 
$
(133,310
)
 
$
(4,523
)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)
The effective portion of gain (loss) reclassified from accumulated other comprehensive income (loss) into income is as follows:
 
Year Ended December 31,
(In thousands)
2015
 
2014(1)
 
2013
Natural gas revenues
$
—

 
$
(143,577
)
 
$
52,733

Crude oil and condensate revenues
—

 
(626
)
 
4,269

 
$
—

 
$
(144,203
)
 
$
57,002

 
(1) The Company ceased hedge accounting effective April 1, 2014. As a result, a loss of approximately $73.4 million related to amounts previously frozen in accumulated other comprehensive income (loss) was reclassified into income during 2014.
Effect of Derivative Instruments on the Consolidated Statement of Operations
Effect of Derivative Instruments on the Consolidated Statement of Operations
 
 
Year Ended December 31,
(In thousands)
 
2015
 
2014
 
2013
Derivatives Designated as Hedges
 
 
 
 
 
 
Cash received (paid) on settlement of derivative instruments
 
 
 
 
 
 
Natural gas
 
$
—

 
$
(70,557
)
 
$
52,733

Crude oil and condensate
 
—

 
(218
)
 
4,269

 
 
$
—

 
$
(70,775
)
 
$
57,002

Derivatives Not Designated as Hedges
 
 
 
 
 
 
Cash received (paid) on settlement of derivative instruments
 
 
 
 
 
 
Natural gas(1)
 
$
—

 
$
(73,020
)
 
$
—

Crude oil and condensate(1)
 
—

 
(408
)
 
—

Gain (loss) on derivative instruments
 
194,289

 
81,716

 
—

Non-cash gain (loss) on derivative instruments
 
 
 
 
 
 
Gain (loss) on derivative instruments
 
(137,603
)
 
137,603

 
—

 
 
$
56,686

 
$
145,891

 
$
—

 
 
$
56,686

 
$
75,116

 
$
57,002


 
(1) Relates entirely to the reclassification from accumulated other comprehensive income (loss) of previously frozen losses associated with derivatives that were de-designated as cash flow hedges on April 1, 2014.