Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2012

Derivative Financial Instruments [Abstract]

Schedule Of Oil Derivative Contracts Volume And Weighted Average Prices

	2012			2013		2014
Collar contracts with short puts:
Volume (Bbl) (a)		48,301			67,290		30,000
Average price per Bbl:
Ceiling	$	118.51		$	120.61	$	123.39
Floor	$	83.72		$	88.88	$	90.33
Short put	$	67.97		$	71.72	$	73.17
Collar contracts:
Volume (Bbl)		2,000			—		—
Average price per Bbl:
Ceiling	$	127.00		$	—	$	—
Floor	$	90.00		$	—	$	—
Swap contracts:
Volume (Bbl)		3,000			3,000		—
Average price per Bbl	$	79.32		$	81.02	$	—
Rollfactor swap contracts:
Volume (Bbl)		665			6,000		—
NYMEX roll price (b)	$	0.28		$	0.43	$	—
Basis swap contracts:
Index swap volume (Bbl)		13,382			—		—
Average price per Bbl (c)	$	(1.15	)	$	—	$	—

(a) Subsequent to March 31, 2012, the Company entered into additional collar contracts with short puts for 10,000 Bbls per day of the Company's 2014 production with a ceiling price of $120.93 per Bbl, a floor price of $95.00 per Bbl and a short put price of $80.00 per Bbl.

(b) Weighted average spread between the NYMEX price for that delivery month and (i) the next month and (ii) the following month during the period when the delivery month is prompt.

(c) Basis differential between Midland WTI and Cushing WTI.  

Schedule Of Gas Volume And Weighted Average Prices

	2012			2013			2014			2015
Collar contracts with short puts:
Volume (MMBtu)		—			—			60,000			30,000
Price per MMBtu:
Ceiling	$	—		$	—		$	7.80		$	7.11
Floor	$	—		$	—		$	5.83		$	5.00
Short put	$	—		$	—		$	4.42		$	4.00
Collar contracts:
Volume (MMBtu)		65,000			150,000			140,000			50,000
Price per MMBtu:
Ceiling	$	6.60		$	6.25		$	6.44		$	7.92
Floor	$	5.00		$	5.00		$	5.00		$	5.00
Swap contracts:
Volume (MMBtu)		275,000			112,500			50,000			—
Price per MMBtu	$	4.97		$	5.62		$	6.05		$	—
Basis swap contracts:
Volume (MMBtu)		136,000			142,500			115,000			—
Price per MMBtu	$	(0.34	)	$	(0.22	)	$	(0.23	)	$	—

Schedule Of Marketing And Basis Transfer Derivative Contracts

	Three months ended June 30,
	2012
Average Daily Gas Production Associated with Marketing Derivatives (MMBtu):
Basis swap contracts:
Index swap volume (a)		13,297
Price differential ($/MMBtu)	$	0.15
Average Daily Gas Production Associated with Basis Transfer Derivatives (MMBtu):
Basis swap contracts:
Short index swap volume (b)		1,648
NGI-So Cal Border Monthly price differential to NYMEX HH ($/MMBtu)	$	0.13
Long index swap volume (b)		(1,648	)
IF-HSC price differential to NYMEX HH ($/MMBtu)	$	(0.06	)

(a) Subsequent to March 31, 2012, the Company entered into additional marketing basis swap contracts for 30,000 MMBtus per day for May 2012 with a price of $0.28 and for 40,000 MMBtus per day for the period June through October 2012 with a price of $0.25 per MMBtu.

(b) Subsequent to March 31, 2012, the Company entered into (i) additional basis transfer short index swap contracts for 5,000 MMBtus per day for the period May through October 2012 with a price differential of $0.12 per MMBtu between NGI-So Cal Border Monthly and NYMEX HH and (ii) additional basis transfer long index swap contracts for 5,000 MMBtus per day for the period May through October 2012 with a price differential of $0.05 between IF-HSC and NYMEX HH.

Schedule Of Derivative Instruments

Fair Value of Derivative Instruments as of March 31, 2012
	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	$	290,366	Derivatives - current	$	82,365
Interest rate derivatives	Derivatives - current		—	Derivatives - current		12,034
Commodity price derivatives	Derivatives - noncurrent		273,843	Derivatives - noncurrent		67,657
		$	564,209		$	162,056

Fair Value of Derivative Instruments as of December 31, 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	$	248,809	Derivatives - current	$	68,735
Interest rate derivatives	Derivatives - current		—	Derivatives - current		15,654
Commodity price derivatives	Derivatives - noncurrent		257,368	Derivatives - noncurrent		47,689
		$	506,177		$	132,078

(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.

Schedule Of Derivative Obligations Under Terminated Hedge Arrangements

Derivatives in Cash Flow Hedging	Location of Gain/(Loss) Reclassified from	Amount of Gain/(Loss) Reclassified from AOCI into Earnings
		Three Months  Ended March 31,
Relationships	AOCI into Earnings	2012			2011
		(in thousands)
Commodity price derivatives	Oil and gas revenue	$	(810	)	$	8,124
Interest rate derivatives	Interest expense		(1,698	)		(68	)
Total		$	(2,508	)	$	8,056

		Amount of Gain (Loss) Recognized in Earnings on Derivatives
Derivatives Not Designated as Hedging	Location of Gain (Loss) Recognized in	Three Months Ended March 31,
Instruments	Earnings on Derivatives	2012		2011
		(in thousands)
Commodity price derivatives	Derivative gains, net	$	88,130	$	(242,280	)
Interest rate derivatives	Derivative gains, net		3,620		(2,152	)
Total		$	91,750	$	(244,432	)