XML 25 R33.htm IDEA: XBRL DOCUMENT v3.2.0.727
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2015
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
           
  June 30,
2015		   December 31,
2014
     (in millions)
Other current assets   $ 126.8     $ 185.5  
Other assets, net     54.0       93.3  
Accounts payable and other(1)     (305.1 )      (315.4 ) 
Other long-term liabilities     (112.2 )      (124.6 ) 
Due from general partner and affiliates     —       0.3  
     $ (236.5 )    $ (160.9 ) 
(1)
Includes $11.5 million and $28.4 million held of cash collateral at June 30, 2015 and December 31, 2014, respectively.
Schedule of Derivative Balances by Counter Party Credit Quality
           
  June 30, 2015   December 31, 2014
     (in millions)
Counterparty Credit Quality(1)
                  
AAA   $ 0.1     $ 0.1  
AA(2)     (68.5 )      (49.8 ) 
A     (84.5 )      (129.1 ) 
Lower than A     (83.6 )      17.9  
     $ (236.5 )    $ (160.9 ) 
(1)
As determined by nationally-recognized statistical ratings organizations.
(2)
Includes $11.5 million and $28.4 million held of cash collateral at June 30, 2015 and December 31, 2014, respectively.
Schedule of Credit Concentrations in Industry Sectors
           
  June 30,
2015		   December 31,
2014
     (in millions)
United States financial institutions and investment banking entities(1)   $ (186.9 )    $ (147.1 ) 
Non-United States financial institutions     (77.3 )      (54.2 ) 
Other     27.7       40.4  
     $ (236.5 )    $ (160.9 ) 
(1)
Includes $11.5 million and $28.4 million held of cash collateral at June 30, 2015 and December 31, 2014, respectively.
Effect of Derivative Instruments on the Consolidated Statements of Financial Position
Asset Derivatives Liability Derivatives  
Fair Value at Fair Value at  
Financial Position June 30, December 31,     June 30,     December 31,  
Location 2015 2014     2015     2014  
        (in millions)  
Derivatives designated as hedging instruments:(1)                                    
Interest rate contracts   Other current assets   $ —     $ —     $ —     $ —  
Interest rate contracts   Other assets     4.3       —       —       —  
Interest rate contracts   Accounts payable and other     —       —       (261.2 )     (241.0 )
Interest rate contracts   Other long-term liabilities     —       —       (95.8 )     (102.0 )
Commodity contracts   Other current assets     12.9       26.1       —       —  
Commodity contracts   Other assets     —       2.1       —       —  
          17.2       28.2       (357.0 )     (343.0 )
Derivatives not designated as hedging instruments:                                    
Commodity contracts   Other current assets     113.9       159.4       —       —  
Commodity contracts   Other assets     49.7       91.2       —       —  
Commodity contracts   Accounts payable and other(2)     —       —       (32.4 )     (46.0 )
Commodity contracts   Other long-term liabilities     —       —       (16.4 )     (22.6 )
Commodity contracts   Due from general partner and affiliates     —       0.3       —       —  
          163.6       250.9       (48.8 )     (68.6 )
Total derivative instruments       $ 180.8     $ 279.1     $ (405.8 )   $ (411.6 )

 

 
(1)
Includes items currently designated as hedging instruments. Excludes the portion of de-designated hedges which may have a component remaining in AOCI.
(2)
Liability derivatives exclude $11.5 million and $28.4 million held of cash collateral at June 30, 2015 and December 31, 2014, respectively.
Effect of Derivative Instruments on the Consolidated Statements of Income and Accumulated Other Comprehensive Income
Amount of Gain  
(Loss) Recognized in  
Location of Gain Earnings on  
(Loss) Recognized in Derivative  
                    Earnings on  Derivative   (Ineffective Portion  
    Amount of Gain     Location of Gain (Loss)   Amount of Gain (Loss)     (Ineffective Portion   and Amount  
Derivatives in Cash   (Loss) Recognized in     Reclassified from   Reclassified from     and Amount   Excluded from  
Flow Hedging   AOCI on Derivative     AOCI to Earnings   AOCI to Earnings     Excluded from   Effectiveness  
Relationships   (Effective Portion)     (Effective Portion)   (Effective Portion)     Effectiveness Testing)(1)   Testing)(1)  
(in millions)
For the three months ended June 30, 2015                    
Interest rate contracts   $ 103.2     Interest expense   $ (2.9 )   Interest expense   $ 3.7  
Commodity contracts     (7.7 )   Commodity Costs     7.1     Commodity Costs     —  
Total   $ 95.5         $ 4.2         $ 3.7  
For the three months ended June 30, 2014                    
Interest rate contracts   $ (65.4 )   Interest expense   $ (3.4 )   Interest expense   $ (5.3 )
Commodity contracts     (3.2 )   Commodity Costs     (3.8 )   Commodity Costs     (1.1 )
Total   $ (68.6 )       $ (7.2 )       $ (6.4 )
For the six months ended June 30, 2015                    
Interest rate contracts   $ (42.0 )   Interest expense   $ (8.3 )   Interest expense   $ 32.4  
Commodity contracts     (11.3 )   Commodity Costs     15.5     Commodity Costs     (4.0 )
Total   $ (53.3 )       $ 7.2         $ 28.4  
For the six months ended June 30, 2014                    
Interest rate contracts   $ (137.1 )   Interest expense   $ (8.1 )   Interest expense   $ (11.0 )
Commodity contracts     (3.3 )   Commodity Costs     (10.3 )   Commodity Costs     0.6  
Total   $ (140.4 )       $ (18.4 )       $ (10.4 )

 


 
(1)
Includes only the ineffective portion of derivatives that are designated as hedging instruments and does not include net gains or losses associated with derivatives that do not qualify for hedge accounting treatment.
Components of Accumulated Other Comprehensive Income/(Loss)
Cash Flow Hedges
2015   2014  
(in millions)
Balance at January 1, $ (211.4 )   $ (76.6 )
Other Comprehensive Income before reclassifications (1)     (44.1 )     (152.4 )
Amounts reclassified from AOCI (2) (3)     (3.5 )     16.6  
Net other comprehensive loss   $ (47.6 )   $ (135.8 )
Balance at June 30,   $ (259.0 )   $ (212.4 )

 


 
(1)
Excludes NCI gain of $1.1 million and NCI loss of $2.1 million reclassified from AOCI at June 30, 2015 and 2014, respectively.
(2)
Excludes NCI loss of $3.7 million and NCI gain of $1.8 million reclassified from AOCI at June 30, 2015 and 2014, respectively.
(3)
For additional details on the amounts reclassified from AOCI, reference the Reclassifications from Accumulated Other Comprehensive Income table below.
Reclassifications from Accumulated Other Comprehensive Income
For the three months ended
June 30,		 For the six months ended
June 30,		  
2015 2014     2015     2014  
(in millions)
Losses (gains) on cash flow hedges:                        
Interest Rate Contracts (1)   $ 2.9     $ 3.4     $ 8.3     $ 8.1  
Commodity Contracts (2)(3)(4)     (5.4 )     3.2       (11.8 )     8.5  
Total Reclassifications from AOCI   $ (2.5 )   $ 6.6     $ (3.5 )   $ 16.6  

 


 
(1)
Loss reported within "Interest expense, net" in the consolidated statements of income.
(2)
Loss (gain) reported within "Commodity costs" in the consolidated statements of income.
(3)
Excludes NCI loss of $1.7 million and gain of $0.6 million reclassified from AOCI for the three months ending June 30, 2015 and 2014, respectively.
(4)
Excludes NCI loss of $3.7 million and gain of $1.8 million reclassified from AOCI for the six months ending June 30, 2015 and 2014, respectively.
Effect of Derivative Instruments on Consolidated Statements of Income
For the three months For the six months  
ended June 30, ended June 30,  
2015 2014     2015     2014  
Derivatives Not Designated Location of Gain or (Loss) Amount of Gain or (Loss) Amount of Gain or (Loss)  
as Hedging Instruments   Recognized in Earnings   Recognized in Earnings(1)(2)     Recognized in Earnings(1)(2)  
        (in millions)  
Commodity contracts   Transportation and other services(3)   $ (2.7 )   $ (5.5 )   $ —     $ (7.6 )
Commodity contracts   Commodity sales     2.1       3.1       (15.2 )     3.1  
Commodity contracts   Commodity sales - affiliate     (0.1 )     0.1       (0.3 )     0.5  
Commodity contracts   Commodity costs(4)     (8.6 )     (13.4 )     3.5       (19.4 )
Commodity contracts   Power     —       0.2       —       0.5  
Total       $ (9.3 )   $ (15.5 )   $ (12.0 )   $ (22.9 )

 


 
(1)
Does not include settlements associated with derivative instruments that settle through physical delivery.
(2)
Includes only net gains or losses associated with those derivatives that do not qualify for hedge accounting treatment and does not include the ineffective portion of derivatives that are designated as hedging instruments.
(3)
Includes settlement gains (losses) of $5.6 million and $(0.1) million for the three months ended June 30, 2015 and 2014, respectively, and settlement gains of $12.2 million and $0.3 million for the six months ended June 30, 2015 and 2014, respectively.
(4)
Includes settlement gains (losses) of $18.0 million and $(0.3) million for the three months ended June 30, 2015 and 2014, respectively, and settlement gains (losses) of $43.7 million and $(8.8) million for the six months ended June 30, 2015 and 2014, respectively.
Offsetting of Financial Assets and Derivative Assets

Offsetting of Financial Assets and Derivative Assets

                             
  As of June 30, 2015
     Gross
Amount of
Recognized
Assets		   Gross
Amount
Offset in the
Statement of
Financial
Position		   Net Amount
of Assets
Presented in
the Statement
of Financial
Position		   Gross
Amount Not
Offset in the
Statement of
Financial
Position(1)		   Net Amount
     (in millions)
Description:
                                             
Derivatives   $ 180.8     $ —     $ 180.8     $ (56.1 )    $ 124.7  
                             
  As of December 31, 2014
     Gross
Amount of
Recognized
Assets		   Gross
Amount
Offset in the
Statement of
Financial
Position		   Net Amount
of Assets
Presented in
the Statement
of Financial
Position		   Gross
Amount Not
Offset in the
Statement of
Financial
Position(1)		   Net
Amount
     (in millions)
Description:
                                             
Derivatives   $ 279.1     $ —     $ 279.1     $ (91.8 )    $ 187.3  
(1)
Includes $11.5 million and $28.4 million of cash collateral held at June 30, 2015 and December 31, 2014, respectively.
Offsetting of Financial Liabilities and Derivative Liabilities

Offsetting of Financial Liabilities and Derivative Liabilities

                             
  As of June 30, 2015
     Gross
Amount of
Recognized
Liabilities(1)		   Gross
Amount
Offset in the
Statement of
Financial
Position		   Net Amount
of Liabilities
Presented in
the Statement
of Financial
Position		   Gross
Amount Not
Offset in the
Statement of
Financial
Position(1)		   Net
Amount
     (in millions)
Description:
                                             
Derivatives   $ (417.3 )    $ —     $ (417.3 )    $ 56.1     $ (361.2 ) 
                             
  As of December 31, 2014
     Gross
Amount of
Recognized
Liabilities(1)		   Gross
Amount
Offset in the
Statement of
Financial
Position		   Net Amount
of Liabilities
Presented in
the Statement
of Financial
Position		   Gross
Amount Not
Offset in the
Statement of
Financial
Position(1)		   Net Amount
     (in millions)
Description:
                                             
Derivatives   $ (440.0 )    $ —     $ (440.0 )    $ 91.8     $ (348.2 ) 
(1)
Includes $11.5 million and $28.4 million of cash collateral at June 30, 2015 and December 31, 2014, respectively.
Table Setting Forth By Level Within The Fair Value Hierarchy Financial Assets And Liabilities
June 30, 2015   December 31, 2014  
Level 1   Level 2     Level 3     Total     Level 1     Level 2     Level 3     Total  
(in millions)
Interest rate contracts $ —     $ (352.6 )   $ —     $ (352.6 )   $ —     $ (343.0 )   $ —     $ (343.0 )
Commodity contracts:                                                                  
Financial     —       19.2       20.1       39.3       —       41.6       42.7       84.3  
Physical     —       —       12.3       12.3       —       —       19.5       19.5  
Commodity options     —       —       76.0       76.0       —       —       106.7       106.7  
      —       (333.4 )     108.4       (225.0 )     —       (301.4 )     168.9       (132.5 )
Cash collateral                             (11.5 )                             (28.4 )
Total                           $ (236.5 )                           $ (160.9 )
Schedule of Quantitative Information on Level 3 Fair Value Measurements
Fair Value at       Range (1)      
June 30, Valuation   Unobservable               Weighted      
Contract Type 2015 (2) Technique   Input   Lowest     Highest     Average     Units
(in millions)                          
Commodity Contracts - Financial                                    
Natural Gas   $ 0.7     Market Approach   Forward Gas Price     2.54       3.59       2.96     MMBtu
NGLs   $ 19.4     Market Approach   Forward NGL Price     0.20       1.25       0.60     Gal
Commodity Contracts - Physical                                            
Natural Gas   $ 2.0     Market Approach   Forward Gas Price     2.52       4.29       2.91     MMBtu
Crude Oil   $ (0.2 )   Market Approach   Forward Crude Price     47.45       63.00       59.84     Bbl
NGLs   $ 10.5     Market Approach   Forward NGL Price     0.20       1.31       0.49     Gal
Commodity Options                                            
Natural Gas, Crude and NGLs   $ 76.0     Option Model   Option Volatility     10 %     62 %     35 %    
Total Fair Value   $ 108.4                                      

 

 
 (1)
Prices are in dollars per Millions of British Thermal Units, or MMBtu, for Natural Gas; dollars per Gallon, or Gal, for NGLs; and dollars per barrel, or Bbl, for Crude Oil.
 (2)
Fair values include credit valuation adjustment losses of approximately $0.3 million.

 

Quantitative Information About Level 3 Fair Value Measurements

 

Fair Value at       Range(1)      
December 31, Valuation   Unobservable               Weighted      
Contract Type 2014(2) Technique   Input   Lowest     Highest     Average     Units
(in millions)                          
Commodity Contracts - Financial                                            
Natural Gas   $ 0.6     Market Approach   Forward Gas Price     2.55       3.72       3.04     MMBtu
NGLs   $ 42.1     Market Approach   Forward NGL Price     0.48       1.14       0.64     Gal
Commodity Contracts - Physical                                            
Natural Gas   $ 1.5     Market Approach   Forward Gas Price     1.55       4.08       3.08     MMBtu
Crude Oil   $ (0.9 )   Market Approach   Forward Crude Price     49.57       55.60       53.51     Bbl
NGLs   $ 18.9     Market Approach   Forward NGL Price     0.06       1.21       0.54     Gal
Commodity Options                                            
Natural Gas, Crude and NGLs   $ 106.7     Option Model   Option Volatility     19 %     94 %     36 %    
Total Fair Value   $ 168.9                                      

 

 
 (1)
Prices are in dollars per MMBtu for Natural Gas, Gal for NGLs and Bbl for Crude Oil.
 (2)
Fair values include credit valuation adjustment losses of approximately $1.0 million.
Schedule of Reconciliation of Changes in Fair Value of Level 3 Financial Assets and Liabilities
Commodity Commodity                                       
Financial Physical     Commodity        
Contracts Contracts     Options     Total  
(in millions)
Beginning balance as of January 1, 2015   $ 42.7     $ 19.5     $ 106.7     $ 168.9  
Transfer in (out) of Level 3 (1)     —       —       —       —  
Gains or losses included in earnings:                                
Reported in Commodity sales     —       3.8       —       3.8  
Reported in Commodity costs     (2.2 )     13.2       (3.9 )     7.1  
Gains or losses included in other comprehensive income:                                
Reported in Other comprehensive income (loss), net of tax     (0.4 )     —       —       (0.4 )
Purchases, issuances, sales and settlements:                                
Purchases     —       —       —       —  
Sales     —       —       2.0       2.0  
Settlements (2)     (20.0 )     (24.2 )     (28.8 )     (73.0 )
Ending balance as June 30, 2015   $ 20.1     $ 12.3     $ 76.0     $ 108.4  
Amounts reported in Commodity sales   $ —     $ (15.5 )   $ —     $ (15.5 )
Amount of changes in net assets attributable to the change in derivative gains or losses related to assets and liabilities still held at the reporting date:                                
Reported in Commodity sales   $ —     $ 5.6     $ —     $ 5.6  
Reported in Commodity costs   $ (2.0 )   $ 5.8     $ (0.9 )     2.9  

 

 
 (1)
Our policy is to recognize transfers as of the last day of the reporting period.
 (2)
Settlements represent the realized portion of forward contracts.
Schedule of Fair Values of Expected Cash Flows of Outstanding Commodity Based Swaps and Physical Contracts
At June 30, 2015     At December 31, 2014  
          Wtd. Average Price (2)     Fair Value (3)     Fair Value (3)  
    Commodity     Notional (1)     Receive       Pay     Asset     Liability     Asset       Liability  
                              (in millions)  
Portion of contracts maturing in 2015                  
Swaps                                                                
Receive variable/pay fixed     Natural Gas       1,558,292     $ 2.77     $ 2.83     $ 0.1     $ (0.2 )   $ —     $ (0.7 )
      NGL       901,000     $ 32.48     $ 36.64     $ 0.1     $ (3.8 )   $ —     $ (6.8 )
      Crude Oil       504,000     $ 60.30     $ 84.19     $ —     $ (12.0 )   $ —     $ (27.4 )
Receive fixed/pay variable     Natural Gas       2,550,938     $ 3.00     $ 2.83     $ 0.5     $ —     $ 3.7     $ —  
      NGL       1,720,600     $ 38.80     $ 28.84     $ 17.4     $ (0.3 )   $ 39.2     $ —  
      Crude Oil       961,064     $ 91.18     $ 60.31     $ 29.5     $ —     $ 65.0     $ —  
Receive variable/pay variable     Natural Gas       47,491,500     $ 2.73     $ 2.72     $ 1.5     $ (1.2 )   $ 1.5     $ (1.7 )
Physical Contracts                                                                       
Receive variable/pay fixed     Natural Gas       106,700     $ 2.66     $ 2.70     $ —     $ —     $ —     $ —  
      NGL       767,000     $ 11.59     $ 11.40     $ 0.2     $ (0.1 )   $ —     $ (3.6 )
      Crude Oil       33,400     $ 59.60     $ 59.45     $ —     $ —     $ —     $ —  
Receive fixed/pay variable     Natural Gas       209,936     $ 2.81     $ 2.73     $ —     $ —     $ —     $ —  
      NGL       3,396,447     $ 21.07     $ 19.97     $ 4.9     $ (1.2 )   $ 19.8     $ —  
      Crude Oil       107,000     $ 59.58     $ 59.69     $ —     $ (0.1 )   $ 0.5     $ —  
Receive variable/pay variable     Natural Gas       136,481,498     $ 2.80     $ 2.79     $ 1.1     $ (0.2 )   $ 2.2     $ (1.0 )
      NGL       8,585,747     $ 23.33     $ 22.75     $ 5.6     $ (0.6 )   $ 3.7     $ (1.0 )
      Crude Oil       911,227     $ 58.61     $ 58.91     $ 1.1     $ (1.4 )   $ 0.3     $ (1.7 )
Portion of contracts maturing in 2016                                                           
Swaps                                                                       
Receive variable/pay fixed     Natural Gas       363,514     $ 2.83     $ 3.41     $ —     $ (0.2 )   $ —     $ (0.1 )
      NGL       823,500     $ 28.45     $ 30.70     $ —     $ (1.8 )   $ —     $ —  
      Crude Oil       415,950     $ 62.01     $ 82.69     $ —     $ (8.6 )   $ —     $ (8.1 )
Receive fixed/pay variable     Natural Gas       1,898,100     $ 3.21     $ 3.24     $ 0.1     $ (0.1 )   $ —     $ —  
      NGL       883,500     $ 38.48     $ 28.05     $ 9.2     $ —     $ 9.3     $ —  
      Crude Oil       769,270     $ 74.36     $ 62.04     $ 9.5     $ (0.1 )   $ 9.1     $ —  
Receive variable/pay variable     Natural Gas       50,739,000     $ 3.01     $ 2.99     $ 1.6     $ (1.0 )   $ 0.5     $ (0.3 )
Physical Contracts                                                                
Receive variable/pay fixed     NGL       —     $ —     $ —     $ —     $ —     $ —     $ —  
Receive fixed/pay variable     Natural Gas       63,850     $ 3.11     $ 3.06     $ —     $ —     $ —     $ —  
      NGL       38,963     $ 32.99     $ 31.84     $ 0.1     $ —
  $ —     $ —  
Receive variable/pay variable     Natural Gas       99,005,643     $ 3.13     $ 3.12     $ 0.8     $ —     $ 0.7     $ (0.4 )
      NGL       9,676,152     $ 21.94     $ 21.76     $ 1.8     $ —
  $ —     $ —  
      Crude Oil       30,400     $ 61.65     $ 59.30     $ 0.1     $ —     $ —     $ —  
Portion of contracts maturing in 2017                                                           
Swaps                                                                       
Receive variable/pay fixed     Natural Gas       24,030     $ 3.27     $ 3.48     $ —     $ —     $ —     $ —  
      NGL       547,500     $ 23.14     $ 25.86     $ —     $ (1.5 )   $ —     $ —  
      Crude Oil       547,500     $ 63.62     $ 66.72     $ —     $ (1.7 )   $ —     $ —  
Receive fixed/pay variable     NGL       547,500     $ 23.59     $ 23.14     $ 0.6     $ (0.3 )   $ 0.7     $ —  
      Crude Oil       547,500     $ 66.78     $ 63.62     $ 2.1     $ (0.4 )   $ 0.8     $ —  
Receive variable/pay variable     Natural Gas       5,910,000     $ 3.24     $ 3.20     $ 0.2     $ —     $ —     $ —  
Physical Contracts                                                                       
Receive variable/pay variable     Natural Gas       28,097,550     $ 3.39     $ 3.38     $ 0.2     $ —     $ 0.2     $ (0.1 )
Portion of contracts maturing in 2018                                                           
Physical Contracts                                                                       
Receive variable/pay variable     Natural Gas       5,787,810     $ 3.57     $ 3.56     $ 0.1     $ —     $ —     $ —  
Portion of contracts maturing in 2019                                                           
Physical Contracts                                                                       
Receive variable/pay variable     Natural Gas       2,187,810     $ 3.54     $ 3.51     $ —     $ —     $ —     $ —  
Portion of contracts maturing in 2020                                                           
Physical Contracts                                                                       
Receive variable/pay variable     Natural Gas       359,640     $ 3.86     $ 3.83     $ —     $ —     $ —     $ —  


 
(1)
Volumes of natural gas are measured in MMBtu, whereas volumes of NGL and crude oil are measured in Bbl.
(2)
Weighted average prices received and paid are in $/MMBtu for natural gas and $/Bbl for NGL and crude oil.
(3)
The fair value is determined based on quoted market prices at June 30, 2015 and December 31, 2014, respectively, discounted using the swap rate for the respective periods to consider the time value of money. Fair values exclude credit valuation adjustment losses of approximately $0.0 million and $0.5 million at June 30, 2015 and December 31, 2014, respectively, as well as cash collateral received.
Schedule of Fair Values of Expected Cash Flows of Outstanding Commodity Options
At June 30, 2015 At December 31, 2014  
    Strike     Market     Fair Value (3)     Fair Value (3)  
Commodity Notional (1)     Price (2)     Price (2)     Asset     Liability     Asset     Liability  
      (in millions)  
Portion of option contracts maturing in 2015                  
Puts (purchased)     Natural Gas       2,024,000     $ 3.90     $ 2.90     $ 2.1     $ —     $ 3.8     $ —  
      NGL       1,159,200     $ 43.32     $ 25.70     $ 20.6     $ —     $ 40.2     $ —  
      Crude Oil       368,000     $ 81.56     $ 60.38     $ 7.9     $ —     $ 18.8     $ —  
Calls (written)     Natural Gas       644,000     $ 5.05     $ 2.90     $ —     $ —     $ —     $ —  
      NGL       745,200     $ 45.80     $ 24.93     $ —     $ (0.1 )   $ —     $ (0.6 )
      Crude Oil       368,000     $ 88.39     $ 60.38     $ —     $ —     $ —     $ (0.4 )
Puts (written)     Natural Gas       2,024,000     $ 3.90     $ 2.91     $ —     $ (2.1 )   $ —     $ (3.8 )
      NGL       46,000     $ 77.28     $ 51.86     $ —     $ (1.2 )   $ —     $ —  
Calls (purchased)     Natural Gas       644,000     $ 5.05     $ 2.90     $ —     $ —     $ —     $ —  
Portion of option contracts maturing in 2016                                                              
Puts (purchased)     Natural Gas       1,647,000     $ 3.75     $ 3.17     $ 1.2     $ —     $ 1.0     $ —  
      NGL       2,836,500     $ 39.24     $ 27.06     $ 38.9     $ —     $ 39.3     $ —  
      Crude Oil       805,200     $ 75.91     $ 62.08     $ 12.9     $ —     $ 14.7     $ —  
Calls (written)     Natural Gas       1,647,000     $ 4.98     $ 3.17     $ —     $ (0.1 )   $ —     $ (0.1 )
      NGL       2,836,500     $ 45.14     $ 27.06     $ —     $ (2.8 )   $ —     $ (3.2 )
      Crude Oil       805,200     $ 86.68     $ 62.08     $ —     $ (0.8 )   $ —     $ (2.7 )
Puts (written)     Natural Gas       1,647,000     $ 3.75     $ 3.17     $ —     $ (1.2 )   $ —     $ (1.0 )
      NGL       91,500     $ 39.06     $ 29.66     $ —     $ (1.1 )   $ —     $ —  
Calls (purchased)     Natural Gas       1,647,000     $ 4.98     $ 3.17     $ 0.1     $ —     $ 0.1     $ —  
      NGL       91,500     $ 46.41     $ 29.66     $ 0.1     $ —     $ —     $ —  
Portion of option contracts maturing in 2017                                                              
Puts (purchased)     NGL       547,500     $ 21.70     $ 23.14     $ 0.8     $ —     $ 1.2     $ —  
      Crude Oil       547,500     $ 63.00     $ 63.62     $ 4.3     $ —     $ 4.1     $ —  
Calls (written)     NGL       547,500     $ 25.34     $ 23.14     $ —     $ (0.6 )   $ —     $ (0.7 )
      Crude Oil       547,500     $ 71.45     $ 63.62     $ —     $ (2.7 )   $ —     $ (3.3 )

 

 
 (1)
Volumes of natural gas are measured in MMBtu, whereas volumes of NGL and crude oil are measured in Bbl.
 (2)
Strike and market prices are in $/MMBtu for natural gas and in $/Bbl for NGL and crude oil.
 (3)
The fair value is determined based on quoted market prices at June 30, 2015 and December 31, 2014, respectively, discounted using the swap rate for the respective periods to consider the time value of money. Fair values exclude credit valuation adjustment losses of approximately $0.2 million and $0.7 million at June 30, 2015 and December 31, 2014, respectively, as well as cash collateral received.
Schedule of Current Interest Rate Derivatives
      Average     Fair Value (2)  at  
Date of Maturity & Contract Type Accounting Treatment Notional     Fixed Rate (1)     June 30, 2015     December 31, 2014  
      (dollars in millions)  
Contracts maturing in 2015          
Interest Rate Swaps – Pay Fixed     Cash Flow Hedge     $ 510       1.53 %   $ —     $ (0.2 )
Contracts maturing in 2016                                        
Interest Rate Swaps – Pay Fixed     Cash Flow Hedge     $ 90       0.55 %   $ (0.1 )   $ (0.1 )
Contracts maturing in 2017                                        
Interest Rate Swaps – Pay Fixed     Cash Flow Hedge     $ 500       2.21 %   $ (11.5 )   $ (12.9 )
Contracts maturing in 2018                                        
Interest Rate Swaps – Pay Fixed     Cash Flow Hedge     $ 810       2.24 %   $ (5.1 )   $ (1.3 )
Contracts maturing in 2019                                        
Interest Rate Swaps – Pay Fixed     Cash Flow Hedge     $ 620       2.96 %   $ (4.0 )   $ (3.3 )
Contracts settling prior to maturity                                        
2015 – Pre-issuance Hedges     Cash Flow Hedge     $ 1,000       5.48 %   $ (254.6 )   $ (258.3 )
2016 – Pre-issuance Hedges     Cash Flow Hedge     $ 500       4.21 %   $ (57.1 )   $ (63.4 )
2017 – Pre-issuance Hedges     Cash Flow Hedge     $ 500       3.69 %   $ (25.6 )   $ (36.0 )
2018 – Pre-issuance Hedges     Cash Flow Hedge     $ 350       3.08 %   $ 3.7     $ (4.9 )

 



 (1)
Interest rate derivative contracts are based on the one-month or three-month London Interbank Offered Rate, or LIBOR.
 (2)
The fair value is determined from quoted market prices at June 30, 2015 and December 31, 2014, respectively, discounted using the swap rate for the respective periods to consider the time value of money. Fair values exclude credit valuation adjustment gains of approximately $1.7 million and $37.4 million at June 30, 2015 and December 31, 2014, respectively.