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Accounting for Derivative Instruments (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Volumetric Underlying Derivative Transactions |
The following table summarizes the net notional volume buy/(sell) of the Company’s open derivative financial instruments accounted for at fair value, broken out by commodity, as of: Non-trading | | | | | | | | | Commodity | Notional |
| September 30, 2014 |
| December 31, 2013 | Natural Gas | MMBtu |
| 10,948 |
|
| 3,513 |
| Natural Gas Basis | MMBtu |
| 4,015 |
|
| 373 |
| Electricity | MWh |
| 602 |
|
| 465 |
|
Trading | | | | | | | | | Commodity | Notional |
| September 30, 2014 |
| December 31, 2013 | Natural Gas | MMBtu |
| 562 |
|
| 2,259 |
| Natural Gas Basis | MMBtu |
| — |
|
| 1,443 |
|
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| Gains (Losses) on Derivative Instruments |
Gains (losses) on derivative instruments, net and current period settlements on derivative instruments were as follows for the periods indicated (in thousands): | | | | | | | | |
| Three Months Ended September 30, | | 2014 |
| 2013 | Loss on non-trading derivatives—cash flow hedges, net | — |
|
| (892 | ) | Gain (loss) on non-trading derivatives, net (including loss on non-trading derivatives—affiliates, net of $0 and $66 for the three months ended September 30, 2014 and 2013, respectively) | (1,163 | ) |
| 2,679 |
| Gain (loss) on trading derivatives, net (including loss on trading derivatives—affiliates, net of $0 and $2,191 for the three months ended September 30, 2014 and 2013, respectively) | (15 | ) |
| 895 |
| Gain (loss) on derivatives, net | $ | (1,178 | ) |
| $ | 2,682 |
| Current period settlements on non-trading derivatives—cash flow hedges, net | — |
|
| 1,180 |
| Current period settlements on non-trading derivatives | 3,039 |
|
| (1,719 | ) | Current period settlements on trading derivatives (including current period settlements on trading derivatives—affiliates, net of $0 and $1,651 for the three months ended September 30, 2014 and 2013, respectively) | (35 | ) |
| (527 | ) | Total current period settlements on derivatives | $ | 3,004 |
|
| $ | (1,066 | ) |
| | | | | | | | |
| Nine Months Ended September 30, | | 2014 |
| 2013 | Loss on non-trading derivatives—cash flow hedges, net (including ineffectiveness loss of $288 for the nine months ended September 30, 2013) | $ | — |
|
| $ | (1,096 | ) | Gain on non-trading derivatives, net (including gain on non-trading derivatives—affiliates, net of $10 for the nine months ended September 30, 2013) | 5,847 |
|
| 695 |
| Gain (loss) on trading derivatives, net (including gain (loss) on trading derivatives—affiliates, net of $1,792 and ($2,462) for the nine months ended September 30, 2014 and 2013, respectively) | (5,585 | ) |
| 2,441 |
| Gain on derivatives, net | $ | 262 |
|
| $ | 2,040 |
| Current period settlements on non-trading derivatives—cash flow hedges | $ | — |
|
| $ | — |
| Current period settlements on non-trading derivatives | (9,959 | ) |
| (1,843 | ) | Current period settlements on trading derivatives (including current period settlements on trading derivatives—affiliates, net of $1,693 and $2,191 for the nine months ended September 30, 2014 and 2013, respectively) | 2,707 |
|
| (33 | ) | Total current period settlements on derivatives | $ | (7,252 | ) |
| $ | (1,876 | ) |
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| Offsetting Assets |
The following tables summarize the fair value and offsetting amounts of the Company’s derivative instruments by counterparty and collateral received or paid as of (in thousands): | | | | | | | | | | | | | | | | | | | | | | September 30, 2014 | Description | Gross Assets |
| Gross
Amounts
Offset |
| Net Assets |
| Cash
Collateral
Offset |
| Net Amount
Presented | Non-trading commodity derivatives | $ | 4,168 |
|
| $ | (3,461 | ) |
| $ | 707 |
|
| $ | — |
|
| $ | 707 |
| Trading commodity derivatives | 527 |
|
| (334 | ) |
| 193 |
|
| — |
|
| 193 |
| Total Current Derivative Assets | 4,695 |
|
| (3,795 | ) |
| 900 |
|
| — |
|
| 900 |
| Non-trading commodity derivatives | 123 |
|
| (112 | ) |
| 11 |
|
| — |
|
| 11 |
| Total Non-current Derivative Assets | 123 |
|
| (112 | ) |
| 11 |
|
| — |
|
| 11 |
| Total Derivative Assets | $ | 4,818 |
|
| $ | (3,907 | ) |
| $ | 911 |
|
| $ | — |
|
| $ | 911 |
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| | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | Description | Gross Assets |
| Gross
Amounts
Offset |
| Net Assets |
| Cash
Collateral
Offset |
| Net Amount
Presented | Non-trading commodity derivatives | $ | 11,564 |
|
| $ | (6,898 | ) |
| $ | 4,666 |
|
| $ | — |
|
| $ | 4,666 |
| Trading commodity derivatives | 3,949 |
|
| (544 | ) |
| 3,405 |
|
| — |
|
| 3,405 |
| Total Current Derivative Assets | 15,513 |
|
| (7,442 | ) |
| 8,071 |
|
| — |
|
| 8,071 |
| Non-trading commodity derivatives | 100 |
|
| (94 | ) |
| 6 |
|
| — |
|
| 6 |
| Trading commodity derivatives | 14 |
|
| (14 | ) |
| — |
|
| — |
|
| — |
| Total Non-current Derivative Assets | 114 |
|
| (108 | ) |
| 6 |
|
| — |
|
| 6 |
| Total Derivative Assets | $ | 15,627 |
|
| $ | (7,550 | ) |
| $ | 8,077 |
|
| $ | — |
|
| $ | 8,077 |
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| Offsetting Liabilities |
| | | | | | | | | | | | | | | | | | | | |
| September 30, 2014 | Description | Gross
Liabilities |
| Gross
Amounts
Offset |
| Net
Liabilities |
| Cash
Collateral
Offset |
| Net Amount
Presented | Non-trading commodity derivatives | $ | (5,102 | ) |
| $ | 3,461 |
|
| $ | (1,641 | ) |
| $ | 139 |
|
| $ | (1,502 | ) | Trading commodity derivatives | (433 | ) |
| 334 |
|
| (99 | ) |
| — |
|
| (99 | ) | Total Current Derivative Liabilities | (5,535 | ) |
| 3,795 |
|
| (1,740 | ) |
| 139 |
|
| (1,601 | ) | Non-trading commodity derivatives | (186 | ) |
| 112 |
|
| (74 | ) |
| — |
|
| (74 | ) | Total Non-current Derivative Liabilities | (186 | ) |
| 112 |
|
| (74 | ) |
| — |
|
| (74 | ) | Total Derivative Liabilities | $ | (5,721 | ) |
| $ | 3,907 |
|
| $ | (1,814 | ) |
| $ | 139 |
|
| $ | (1,675 | ) |
| | | | | | | | | | | | | | | | | | | | |
| December 31, 2013 | Description | Gross Liabilities |
| Gross
Amounts
Offset |
| Net
Liabilities |
| Cash
Collateral
Offset |
| Net Amount
Presented | Non-trading commodity derivatives | $ | (8,289 | ) |
| $ | 6,898 |
|
| $ | (1,391 | ) |
| $ | — |
|
| $ | (1,391 | ) | Trading commodity derivatives | (986 | ) |
| 544 |
|
| (442 | ) |
| — |
|
| (442 | ) | Total Current Derivative Assets | (9,275 | ) |
| 7,442 |
|
| (1,833 | ) |
| — |
|
| (1,833 | ) | Non-trading commodity derivatives | (120 | ) |
| 94 |
|
| (26 | ) |
| — |
|
| (26 | ) | Trading commodity derivatives | (6 | ) |
| 14 |
|
| 8 |
|
| — |
|
| 8 |
| Total Non-current Derivative Assets | (126 | ) |
| 108 |
|
| (18 | ) |
| — |
|
| (18 | ) | Total Derivative Liabilities | $ | (9,401 | ) |
| $ | 7,550 |
|
| $ | (1,851 | ) |
| $ | — |
|
| $ | (1,851 | ) |
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| Schedule of Accumulated Other Comprehensive Income (Loss) |
The following table summarizes the effects on the Company’s accumulated OCI balance attributable to cash flow hedge derivative instruments for the periods indicated (in thousands): | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2014 | | 2013 | | 2014 | | 2013 | Accumulated OCI balance, beginning of period | $ | — |
| | $ | — |
| | $ | — |
| | $ | (2,536 | ) | Deferred gain (loss) on cash flow hedge derivative instruments | — |
| | — |
| | — |
| | 2,620 |
| Reclassification of accumulated OCI net to income | — |
| | — |
| | — |
| | (84 | ) | Accumulated OCI balance, end of period | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
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