Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2011

Derivative Financial Instruments

Oil Derivative Contracts Volume And Weighted Average Price

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Outstanding Average
Average daily oil production associated with derivatives (Bbls):
2011 – Swap contracts
Volume						750		750		750
NYMEX price					$	77.25	$	77.25	$	77.25
2011 – Collar contracts
Volume						2,000		2,000		2,000
NYMEX price:
Ceiling					$	170.00	$	170.00	$	170.00
Floor					$	115.00	$	115.00	$	115.00
2011 – Collar contracts with short puts
Volume						32,000		32,000		32,000
NYMEX price:
Ceiling					$	99.33	$	99.33	$	99.33
Floor					$	73.75	$	73.75	$	73.75
Short put					$	59.31	$	59.31	$	59.31
2012 – Swap contracts
Volume		3,000		3,000		3,000		3,000		3,000
NYMEX price	$	79.32	$	79.32	$	79.32	$	79.32	$	79.32
2012 – Collar contracts
Volume		2,000		2,000		2,000		2,000		2,000
NYMEX price:
Ceiling	$	127.00	$	127.00	$	127.00	$	127.00	$	127.00
Floor	$	90.00	$	90.00	$	90.00	$	90.00	$	90.00
2012 – Collar contracts with short puts
Volume		36,000		36,000		36,000		36,000		36,000
NYMEX price:
Ceiling	$	117.99	$	117.99	$	117.99	$	117.99	$	117.99
Floor	$	80.42	$	80.42	$	80.42	$	80.42	$	80.42
Short put	$	65.00	$	65.00	$	65.00	$	65.00	$	65.00
2013 – Swap contracts
Volume		3,000		3,000		3,000		3,000		3,000
NYMEX price	$	81.02	$	81.02	$	81.02	$	81.02	$	81.02
2013 – Collar contracts with short puts (a)
Volume		21,250		21,250		21,250		21,250		21,250
NYMEX price:
Ceiling	$	117.38	$	117.38	$	117.38	$	117.38	$	117.38
Floor	$	80.18	$	80.18	$	80.18	$	80.18	$	80.18
Short put	$	65.18	$	65.18	$	65.18	$	65.18	$	65.18
2014 – Collar contracts with short puts (a)
Volume		12,000		12,000		12,000		12,000		12,000
NYMEX price:
Ceiling	$	128.16	$	128.16	$	128.16	$	128.16	$	128.16
Floor	$	87.92	$	87.92	$	87.92	$	87.92	$	87.92
Short put	$	72.92	$	72.92	$	72.92	$	72.92	$	72.92

Natural Gas Liquids Volume And Weighted Average Price

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Outstanding Average
Average daily NGL production associated with derivatives (Bbls):
2011 – Swap contracts
Volume						1,150		1,150		1,150
Blended index price					$	51.50	$	51.50	$	51.50
2011 – Collar contracts
Volume						2,650		2,650		2,650
Index price:
Ceiling					$	64.23	$	64.23	$	64.23
Floor					$	53.29	$	53.29	$	53.29
2012 – Swap contracts
Volume		750		750		750		750		750
Index price	$	35.03	$	35.03	$	35.03	$	35.03	$	35.03

Gas Volume And Weighted Average Price

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Outstanding Average
Average daily gas production associated with derivatives (MMBtus):
2011 – Swap contracts
Volume								117,500			117,500			117,500
NYMEX price							$	6.13		$	6.13		$	6.13
2011 – Collar contracts with short puts
Volume								200,000			200,000			200,000
NYMEX price:
Ceiling							$	8.55		$	8.55		$	8.55
Floor							$	6.32		$	6.32		$	6.32
Short put							$	4.88		$	4.88		$	4.88
2011 – Basis swap contracts
Volume								143,500			143,500			143,500
Price differential							$	(0.56	)	$	(0.56	)	$	(0.56	)
2012 – Swap contracts
Volume		105,000			105,000			105,000			105,000			105,000
NYMEX price	$	5.82		$	5.82		$	5.82		$	5.82		$	5.82
2012 – Collar contracts
Volume		65,000			65,000			65,000			65,000			65,000
NYMEX price:
Ceiling	$	6.60		$	6.60		$	6.60		$	6.60		$	6.60
Floor	$	5.00		$	5.00		$	5.00		$	5.00		$	5.00
2012 – Collar contracts with short puts
Volume		190,000			190,000			190,000			190,000			190,000
NYMEX price:
Ceiling	$	7.96		$	7.96		$	7.96		$	7.96		$	7.96
Floor	$	6.12		$	6.12		$	6.12		$	6.12		$	6.12
Short put	$	4.55		$	4.55		$	4.55		$	4.55		$	4.55
2012 – Basis swap contracts
Volume		126,000			126,000			126,000			126,000			126,000
Price differential	$	(0.35	)	$	(0.35	)	$	(0.35	)	$	(0.35	)	$	(0.35	)
2013 – Swap contracts
Volume		67,500			67,500			67,500			67,500			67,500
NYMEX price	$	6.11		$	6.11		$	6.11		$	6.11		$	6.11
2013 – Collar contracts
Volume		150,000			150,000			150,000			150,000			150,000
NYMEX price:
Ceiling	$	6.25		$	6.25		$	6.25		$	6.25		$	6.25
Floor	$	5.00		$	5.00		$	5.00		$	5.00		$	5.00
2013 – Collar contracts with short puts
Volume		45,000			45,000			45,000			45,000			45,000
NYMEX price:
Ceiling	$	7.49		$	7.49		$	7.49		$	7.49		$	7.49
Floor	$	6.00		$	6.00		$	6.00		$	6.00		$	6.00
Short put	$	4.50		$	4.50		$	4.50		$	4.50		$	4.50
2013 – Basis swap contracts
Volume		52,500			52,500			52,500			52,500			52,500
Price differential	$	(0.25	)	$	(0.25	)	$	(0.25	)	$	(0.25	)	$	(0.25	)
2014 – Swap contracts
Volume		50,000			50,000			50,000			50,000			50,000
NYMEX price	$	6.05		$	6.05		$	6.05		$	6.05		$	6.05
2014 – Collar contracts
Volume		140,000			140,000			140,000			140,000			140,000
NYMEX price:
Ceiling	$	6.44		$	6.44		$	6.44		$	6.44		$	6.44
Floor	$	5.00		$	5.00		$	5.00		$	5.00		$	5.00
2014 – Collar contracts with short puts
Volume		50,000			50,000			50,000			50,000			50,000
NYMEX price:
Ceiling	$	8.08		$	8.08		$	8.08		$	8.08		$	8.08
Floor	$	6.00		$	6.00		$	6.00		$	6.00		$	6.00
Short put	$	4.50		$	4.50		$	4.50		$	4.50		$	4.50
2014 – Basis swap contracts
Volume		20,000			20,000			20,000			20,000			20,000
Price differential	$	(0.14	)	$	(0.14	)	$	(0.14	)	$	(0.14	)	$	(0.14	)
2015 – Collar contracts
Volume		50,000			50,000			50,000			50,000			50,000
NYMEX price:
Ceiling	$	7.92		$	7.92		$	7.92		$	7.92		$	7.92
Floor	$	5.00		$	5.00		$	5.00		$	5.00		$	5.00

Fixed-For-Variable Interest Rates

Type	Notional Amount		Weighted Average Fixed Interest Rate		Termination Date
	(in thousands)
Fixed-for-variable	$	400,000		2.87 percent		July 2016
Fixed-for-variable	$	70,000		3.23 percent		March 2017

Derivative Instruments

Fair Value of Derivative Instruments as of June 30, 2011
	Asset Derivatives (a)			Liability Derivatives (a)
Type	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
		(in thousands)			(in thousands)
Derivatives not designated as hedging instruments
Commodity price derivatives	Derivatives - current	$	153,812	Derivatives - current	$	87,944
Interest rate derivatives	Derivatives - current		12,253	Derivatives - current		—
Commodity price derivatives	Derivatives - noncurrent		135,927	Derivatives - noncurrent		114,334
Interest rate derivatives	Derivatives - noncurrent		17,870	Derivatives - noncurrent		5,177
		$	319,862		$	207,455
Fair Value of Derivative Instruments as of December 31, 2010
	Asset Derivatives (a)			Liability Derivatives (a)
Type	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
		(in thousands)			(in thousands)
Derivatives not designated as hedging instruments
Commodity price derivatives	Derivatives - current	$	167,406	Derivatives - current	$	87,741
Interest rate derivatives	Derivatives - current		11,903	Derivatives - current		886
Commodity price derivatives	Derivatives - noncurrent		152,731	Derivatives - noncurrent		64,829
Interest rate derivatives	Derivatives - noncurrent		15,762	Derivatives - noncurrent		9,227
Total derivatives		$	347,802		$	162,683

(a) Derivative assets and liabilities shown in the tables above are presented as gross assets and liabilities, without regard to master netting arrangements which are considered in the presentations of derivative assets and liabilities in the accompanying consolidated balance sheets.

Derivative Obligations Under Terminated Hedge Arrangements

Derivatives in Cash Flow Hedging Relationships	Location of Gain/(Loss) Reclassified from AOCI into Earnings	Amount of Gain/(Loss) Reclassified from AOCI into Earnings
		Three Months Ended June 30,						Six Months Ended June 30,
		2011			2010			2011			2010
		in thousands
Interest rate derivatives	Interest expense	$	(69	)	$	(312	)	$	(137	)	$	(1,370	)
Interest rate derivatives	Derivative gains (losses), net		—			(1,523	)		—			(2,665	)
Commodity price derivatives	Oil and gas revenue		8,208			22,532			16,332			45,658
Total		$	8,139		$	20,697		$	16,195		$	41,623
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Earnings on Derivatives	Amount of Gain (Loss) Recognized in Earnings on Derivatives
		Three Months Ended June 30,						Six Months Ended June 30,
		2011			2010			2011			2010
		(in thousands)
Interest rate derivatives	Derivative gains (losses), net	$	14,575		$	26,517		$	12,423		$	37,916
Commodity price derivatives	Derivative gains (losses), net		214,903			152,534			(27,377	)		407,753
Total		$	229,478		$	179,051		$	(14,954	)	$	445,669