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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2011

Derivative Financial Instruments

Schedule of fair value of derivatives in accompanying balance sheets

		As of June 30, 2011
		Derivative Assets					Derivative Liabilities
		Balance Sheet Classification		Fair Value			Balance Sheet Classification		Fair Value
		(in thousands)
Commodity Contracts		Current Assets		$	28,985		Current Liabilities		$	(70,100	)
Commodity Contracts		Noncurrent Assets		10,624			Noncurrent Liabilities		(38,233		)
Derivatives not designated as hedging instruments				$	39,609				$	(108,333	)

		As of December 31, 2010
		Derivative Assets					Derivative Liabilities
		Balance Sheet Classification		Fair Value			Balance Sheet Classification		Fair Value
		(in thousands)
Commodity Contracts		Current Assets		$	43,491		Current Liabilities		$	(82,044	)
Commodity Contracts		Noncurrent Assets		18,841			Noncurrent Liabilities		(32,557		)
Derivatives designated as hedging instruments				$	62,332				$	(114,601	)

Schedule of unrealized and realized gains and losses on derivative instruments in the statement of operations

		For the Three			For the Six
		Months Ended			Months Ended
		June 30, 2011			June 30, 2011
		(in thousands)
Cash settlement (gain) and loss:
Oil contracts		$	10,633		$	17,363
Natural gas contracts		(590		)	(2,317		)
NGL contracts		3,933			5,347
Total cash settlement loss		$	13,976		$	20,393

Unrealized (gain) loss on changes in fair value:
Oil contracts		$	(51,216	)	$	16,151
Natural gas contracts		(6,681		)	(2,421		)
NGL contracts		45			10,430
Total net unrealized (gain) loss on change in fair value		$	(57,852	)	$	24,160
Total unrealized and realized derivative (gain) loss		$	(43,876	)	$	44,553

Detail of the effect of derivative instruments reclassified from AOCI to the statement of operations (net of income tax)

				Location on Consolidated Statement of		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		Derivatives		Operations		2011			2010			2011			2010
						(in thousands)
Amount of (gain) loss reclassified from AOCIL to realized hedge gain (loss)		Commodity Contracts		Realized hedge gain (loss)		$	3,951		$	1,163		$	4,878		$	(782	)

Detail of the effect of derivative instruments on AOCIL and the accompanying balance sheets (net of income taxes)

		Derivatives		Location on Consolidated Balance Sheets		For the Six Months Ended June 30, 2010			For the Year Ended December 31, 2010
						(in thousands)
Amount of gain on derivatives recognized in AOCIL during the period (effective portion)		Commodity Contracts		AOCIL		$	53,765		$	16,811

Detail of the effect of derivative instruments on other comprehensive income (loss) and the accompanying statements of operations (net of income taxes)

		Location on Consolidated		Gain Recognized in Earnings (Ineffective Portion)
Derivatives Qualifying as Cash Flow Hedges		Statements of Operations		For the Three Months Ended June 30, 2010			For the Six Months Ended June 30, 2010
				(in thousands)
Commodity contracts		Unrealized and realized derivative (gain) loss		$	(2,087	)	$	(9,822	)

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details