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Derivative Financial Instruments (Tables)
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3 Months Ended |
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Mar. 31, 2013
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of oil derivative contracts volume and weighted average price |
The following table sets forth the volumes per day in barrels ("BBLs") associated with the Company's outstanding oil derivative contracts as of March 31, 2013 and the weighted average oil prices per BBL for those contracts: | | | | | | | | | | | | | | | | Nine Months Ending December 31, | | Year Ending December 31, | | | 2013 | | 2014 | | 2015 | Collar contracts with short puts: | | | | | | | Volume (BBL) | | 72,430 |
| | 69,000 |
| | 26,000 |
| Average price per BBL: | | | | | | | Ceiling | | $ | 119.89 |
| | $ | 114.05 |
| | $ | 104.45 |
| Floor | | $ | 92.26 |
| | $ | 93.70 |
| | $ | 95.00 |
| Short put | | $ | 74.36 |
| | $ | 77.61 |
| | $ | 80.00 |
| Swap contracts: | | | | | | | Volume (BBL) | | 3,000 |
| | — |
| | — |
| Average price per BBL | | $ | 81.02 |
| | $ | — |
| | $ | — |
| Rollfactor swap contracts: | | | | | | | Volume (BBL) | | 6,000 |
| | 15,000 |
| | — |
| NYMEX roll price (a) | | $ | 0.43 |
| | $ | 0.38 |
| | $ | — |
| Basis swap contracts: | | | | | | | Midland-Cushing index swap volume (BBL) | | 1,655 |
| | — |
| | — |
| Average price per BBL (b) | | $ | (5.75 | ) | | $ | — |
| | $ | — |
| Cushing-LLS index swap volume (BBL) | | 669 |
| | — |
| | — |
| Average price per BBL (c) | | $ | (9.30 | ) | | $ | — |
| | $ | — |
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____________________ | | (a) | Represents swaps that fix the difference between (i) each day's price per BBL of WTI for the first nearby month less (ii) the price per BBL of WTI for the second nearby NYMEX month, multiplied by .6667; plus (iii) each day's price per BBL of WTI for the first nearby month less (iv) the price per BBL of WTI for the third nearby NYMEX month, multiplied by .3333. |
| | (b) | Basis differential price between Midland WTI and Cushing WTI. |
| | (c) | Basis differential price between Cushing WTI and Louisiana Light Sweet crude "LLS". |
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| Schedule of NGL derivative volumes and weighted average prices |
The following table sets forth the volumes per day in BBLs associated with the Company's outstanding NGL derivative contracts as of March 31, 2013 and the weighted average NGL prices per BBL for those contracts: | | | | | | | | | | | | Nine Months Ending December 31, | | Year Ending December 31, | | | 2013 | | 2014 | Collar contracts with short puts: | | | | | Volume (BBL) | | 1,064 |
| | 1,000 |
| Average price per BBL: | | | | | Ceiling | | $ | 105.28 |
| | $ | 109.50 |
| Floor | | $ | 89.30 |
| | $ | 95.00 |
| Short put | | $ | 75.20 |
| | $ | 80.00 |
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| Schedule of gas derivative volume and weighted average prices |
The following table sets forth the volumes per day in millions of British thermal units ("MMBTU") associated with the Company's outstanding gas derivative contracts as of March 31, 2013 and the weighted average gas prices per MMBTU for those contracts: | | | | | | | | | | | | | | | | | | | | Nine Months Ending December 31, | | Year Ending December 31, | | | 2013 | | 2014 | | 2015 | | 2016 | Collar contracts with short puts: | | | | | | | | | Volume (MMBTU) (a) | | — |
| | 65,000 |
| | 235,000 |
| | 20,000 |
| Price per MMBTU: | | | | | | | | | Ceiling | | $ | — |
| | $ | 4.70 |
| | $ | 5.09 |
| | $ | 5.36 |
| Floor | | $ | — |
| | $ | 4.00 |
| | $ | 4.00 |
| | $ | 4.00 |
| Short put | | $ | — |
| | $ | 3.00 |
| | $ | 3.00 |
| | $ | 3.00 |
| Collar contracts: | | | | | | | | | Volume (MMBTU) (a) | | 150,000 |
| | — |
| | — |
| | — |
| Price per MMBTU: | | | | | | | | | Ceiling | | $ | 6.25 |
| | $ | — |
| | $ | — |
| | $ | — |
| Floor | | $ | 5.00 |
| | $ | — |
| | $ | — |
| | $ | — |
| Swap contracts: | | | | | | | | | Volume (MMBTU) | | 170,282 |
| | 175,000 |
| | 20,000 |
| | — |
| Price per MMBTU | | $ | 5.07 |
| | $ | 4.02 |
| | $ | 4.31 |
| | $ | — |
| Basis swap contracts: | | | | | | | | | Volume (MMBTU) (a) | | 162,500 |
| | 10,000 |
| | — |
| | — |
| Price per MMBTU | | $ | (0.22 | ) | | $ | (0.19 | ) | | $ | — |
| | $ | — |
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____________________ | | (a) | Subsequent to March 31, 2013, the Company entered into additional (i) collar contracts for 2,500 MMBTUs per day of the Company's June through December 2013 production with a ceiling price of $4.50 per MMBTU and a floor price of $4.00 per MMBTU, (ii) collar contracts with short puts for 50,000 MMBTUs per day of the Company's 2014 production with a ceiling price of $4.70 per MMBTU, a floor price of $4.00 per MMBTU and a short put price of $3.00 per MMBTU, (iii) collar contracts with short puts for 50,000 MMBTUs per day of the Company's 2015 production with a ceiling price of $5.03 per MMBTU, a floor price of $4.00 per MMBTU and a short put price of $3.00 per MMBTU, (iv) basis swap contracts for 22,500 MMBTU per day of the Company's 2014 production with a negative price differential of $0.18 per MMBTU between the relevant index price and the NYMEX price and (v) basis swap contracts for 7,500 MMBTU per day of the Company's 2015 production with a negative price differential of $0.13 per MMBTU between the relevant index price and the NYMEX price. |
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| Schedule of marketing and basis transfer derivative contracts |
The following table sets forth the contract volumes associated with the Company's outstanding marketing derivative contracts as of March 31, 2013 and the weighted average prices for those contracts: | | | | | | Nine Months Ending December 31, | | 2013 | Average Daily Gas Production Associated with Marketing Derivatives: | | Basis swap contracts: | | Index swap volume (MMBTU) | 4,364 |
| Price differential ($/MMBTU) | $ | 0.34 |
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| Offsetting Asset and Liability [Table Text Block] |
The aggregate fair value of the Company's derivative instruments reported in the consolidated balance sheets by commodity and counterparty, including the classification between current and noncurrent assets and liabilities, consists of the following: | | | | | | | | | | | | | | | | Fair Value of Derivative Instruments as of March 31, 2013 | Type | | Consolidated Balance Sheet Location | | Fair Value | | Gross Amounts Offset in the Consolidated Balance Sheet | | Net Fair Value Presented in the Consolidated Balance Sheet | | | | | (in thousands) | Derivatives not designated as hedging instruments | | | | | | | Asset Derivatives: | | | | | | | Commodity price derivatives | | Derivatives - current | | $ | 160,149 |
| | $ | (8,718 | ) | | $ | 151,431 |
| Commodity price derivatives | | Derivatives - noncurrent | | $ | 100,090 |
| | $ | (4,969 | ) | | 95,121 |
| | | | | | | | | $ | 246,552 |
| Liability Derivatives: | |
| | | | | Commodity price derivatives | | Derivatives - current | | $ | 29,131 |
| | $ | (8,718 | ) | | $ | 20,413 |
| Commodity price derivatives | | Derivatives - noncurrent | | $ | 12,557 |
| | $ | (4,969 | ) | | 7,588 |
| Interest rate derivatives | | Derivatives - noncurrent | | $ | 5,784 |
| | $ | — |
| | 5,784 |
| | | | | | | | | $ | 33,785 |
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| | | | | | | | | | | | | | | | Fair Value of Derivative Instruments as of December 31, 2012 | Type | | Consolidated Balance Sheet Location | | Fair Value | | Gross Amounts Offset in the Consolidated Balance Sheet | | Net Fair Value Presented in the Consolidated Balance Sheet | | | | | (in thousands) | Derivatives not designated as hedging instruments | | | | | | | Asset Derivatives: | | | | | | | Commodity price derivatives | | Derivatives - current | | $ | 286,805 |
| | $ | (7,686 | ) | | $ | 279,119 |
| Commodity price derivatives | | Derivatives - noncurrent | | $ | 61,618 |
| | $ | (6,361 | ) | | 55,257 |
| | | | | | | | | $ | 334,376 |
| Liability Derivatives: | | | | | | | Commodity price derivatives | | Derivatives - current | | $ | 21,102 |
| | $ | (7,686 | ) | | $ | 13,416 |
| Commodity price derivatives | | Derivatives - noncurrent | | $ | 8,944 |
| | $ | (6,361 | ) | | 2,583 |
| Interest rate derivatives | | Derivatives - noncurrent | | $ | 9,724 |
| | $ | — |
| | 9,724 |
| | | | | | | | | $ | 25,723 |
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| Schedule of derivative obligations under terminated hedge arrangements |
| | | | | | | | | | | | Derivatives in Cash Flow Hedging | | Location of (Gain)/Loss Reclassified from | | | | | Three Months Ended
March 31, | Relationships | | AOCI into Earnings | | 2013 | | 2012 | | | | | (a) | | | Commodity price derivatives | | Oil and gas revenue | | $ | — |
| | $ | 809 |
| Interest rate derivatives | | Interest expense | | — |
| | 1,699 |
| Total | | | | $ | — |
| | $ | 2,508 |
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____________________ | | (a) | During 2012, all remaining Accumulated Other Comprehensive Income ("AOCI") related to hedging was transferred to earnings. |
| | | | | | | | | | | | | | | | | | | Derivatives Not Designated as Hedging | | Location of (Gain) Loss Recognized in | | Three Months Ended
March 31, | Instruments | | Earnings on Derivatives | | 2013 | | 2012 | | | | | | | | Commodity price derivatives | | Derivative (gains) losses, net | | $ | 46,183 |
| | $ | (88,130 | ) | Interest rate derivatives | | Derivative (gains) losses, net | | (3,940 | ) | | (3,620 | ) | Total | | | | $ | 42,243 |
| | $ | (91,750 | ) |
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