Accounting for Derivative Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2017 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Schedule of Notional Amounts of Outstanding Derivative Positions |
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 (in thousands): Non-trading | | | | | | | | | Commodity | Notional |
| June 30, 2017 |
| December 31, 2016 | Natural Gas | MMBtu |
| 9,054 |
|
| 8,016 |
| Natural Gas Basis | MMBtu |
| — |
|
| — |
| Electricity | MWh |
| 5,001 |
|
| 3,958 |
|
Trading | | | | | | | | | Commodity | Notional |
| June 30, 2017 |
| December 31, 2016 | Natural Gas | MMBtu |
| 683 |
|
| (953 | ) | Natural Gas Basis | MMBtu |
| 78 |
|
| (380 | ) |
|
| 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 June 30, | | 2017 |
| 2016 | (Loss) gain on non-trading derivatives, net | $ | (10,202 | ) |
| $ | 13,322 |
| Gain (loss) on trading derivatives, net | 525 |
|
| (77 | ) | (Loss) gain on derivatives, net | (9,677 | ) |
| 13,245 |
| Current period settlements on non-trading derivatives (1) (2) (3) | 4,020 |
|
| 953 |
| Current period settlements on trading derivatives | (24 | ) |
| 71 |
| Total current period settlements on derivatives | $ | 3,996 |
|
| $ | 1,024 |
|
(1) Excludes settlements of $0.9 million for the three months ended June 30, 2016 related to non-trading derivative liabilities assumed in the acquisitions of CenStar and Oasis and $3.4 million for the three months ended June 30, 2016 related to Major Energy Companies. (2) Excludes settlements of $1.3 million for the three months ended June 30, 2017 related to non-trading derivative liabilities assumed in the acquisitions of the Provider Companies and Major Energy Companies. (3) Excludes settlements of $0.4 million for the three months ended June 30, 2017 related to non-trading derivative liabilities assumed in the acquisitions of Perigee and other customers.
| | | | | | | | |
| Six Months Ended June 30, | | 2017 |
| 2016 | (Loss) gain on non-trading derivatives, net | $ | (31,578 | ) |
| $ | 3,702 |
| Gain (loss) on trading derivatives, net | 105 |
|
| (206 | ) | (Loss) gain on derivatives, net | (31,473 | ) |
| 3,496 |
| Current period settlements on non-trading derivatives (1) (2) (3) | 11,535 |
|
| 12,230 |
| Current period settlements on trading derivatives | (184 | ) |
| 66 |
| Total current period settlements on derivatives | $ | 11,351 |
|
| $ | 12,296 |
|
(1) Excludes settlements of less than $0.1 million and $0.1 million, respectively, for the six months ended June 30, 2017 and 2016 related to non-trading derivative liabilities assumed in the acquisitions of CenStar and Oasis. (2) Excludes settlements of less than $0.1 million for the six months ended June 30, 2017 related to non-trading derivative liabilities assumed in the acquisitions of the Provider Companies and Major Energy Companies and $3.4 million for the six months ended June 30, 2016 related to Major Energy Companies. (3) Excludes settlements of $0.4 million for the six months ended June 30, 2017 related to non-trading derivative liabilities assumed in the acquisitions of Perigee and other customers. | | | | | | | | |
| Three Months Ended June 30, | | 2017 | | 2016 | (Loss) gain on non-trading derivatives, net | (10,202 | ) | | $ | 13,322 |
| Gain (loss) on trading derivatives, net | 525 |
| | (77 | ) | (Loss) gain on derivatives, net | (9,677 | ) | | 13,245 |
| Current period settlements on non-trading derivatives (1) (2) (3) | 4,020 |
| | 953 |
| Current period settlements on trading derivatives | (24 | ) | | 71 |
| Total current period settlements on derivatives | $ | 3,996 |
| | $ | 1,024 |
|
| | (1) | Excludes settlements of less than $0.1 million and $(0.8) million, respectively, for the three months ended June 30, 2017 and 2016 related to non-trading derivative liabilities assumed in the acquisitions of CenStar and Oasis. |
| | (2) | Excludes settlements of $(1.3) million for the three months ended June 30, 2017 related to non-trading derivative liabilities assumed in the acquisitions of the Provider Companies and Major Energy Companies. |
|
| Offsetting Assets |
| | | | | | | | | | | | | | | | | | | | | | December 31, 2016 | Description | Gross Assets |
| Gross
Amounts
Offset |
| Net Assets |
| Cash
Collateral
Offset |
| Net Amount
Presented | Non-trading commodity derivatives | $ | 19,657 |
|
| $ | (11,844 | ) |
| $ | 7,813 |
|
| $ | — |
|
| $ | 7,813 |
| Trading commodity derivatives | 614 |
|
| (83 | ) |
| 531 |
|
| — |
|
| 531 |
| Total Current Derivative Assets | 20,271 |
|
| (11,927 | ) |
| 8,344 |
|
| — |
|
| 8,344 |
| Non-trading commodity derivatives | 7,874 |
|
| (4,791 | ) |
| 3,083 |
|
| — |
|
| 3,083 |
| Total Non-current Derivative Assets | 7,874 |
|
| (4,791 | ) |
| 3,083 |
|
| — |
|
| 3,083 |
| Total Derivative Assets | $ | 28,145 |
|
| $ | (16,718 | ) |
| $ | 11,427 |
|
| $ | — |
|
| $ | 11,427 |
|
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): | | | | | | | | | | | | | | | | | | | | | | June 30, 2017 | Description | Gross Assets |
| Gross
Amounts
Offset |
| Net Assets |
| Cash
Collateral
Offset |
| Net Amount
Presented | Non-trading commodity derivatives | $ | 2,160 |
|
| $ | (1,557 | ) |
| $ | 603 |
|
| $ | — |
|
| $ | 603 |
| Trading commodity derivatives | 264 |
|
| (32 | ) |
| 232 |
|
| — |
|
| 232 |
| Total Current Derivative Assets | 2,424 |
|
| (1,589 | ) |
| 835 |
|
| — |
|
| 835 |
| Non-trading commodity derivatives | 1,029 |
|
| (1,145 | ) |
| (116 | ) |
| — |
|
| (116 | ) | Trading commodity derivatives | 306 |
|
| (68 | ) |
| 238 |
|
| — |
|
| 238 |
| Total Non-current Derivative Assets | 1,335 |
|
| (1,213 | ) |
| 122 |
|
| — |
|
| 122 |
| Total Derivative Assets | $ | 3,759 |
|
| $ | (2,802 | ) |
| $ | 957 |
|
| $ | — |
|
| $ | 957 |
|
| | | | | | | | | | | | | | | | | | | | | | December 31, 2016 | Description | Gross Assets |
| Gross
Amounts
Offset |
| Net Assets |
| Cash
Collateral
Offset |
| Net Amount
Presented | Non-trading commodity derivatives | $ | 19,657 |
|
| $ | (11,844 | ) |
| $ | 7,813 |
|
| $ | — |
|
| $ | 7,813 |
| Trading commodity derivatives | 614 |
|
| (83 | ) |
| 531 |
|
| — |
|
| 531 |
| Total Current Derivative Assets | 20,271 |
|
| (11,927 | ) |
| 8,344 |
|
| — |
|
| 8,344 |
| Non-trading commodity derivatives | 7,874 |
|
| (4,791 | ) |
| 3,083 |
|
| — |
|
| 3,083 |
| Total Non-current Derivative Assets | 7,874 |
|
| (4,791 | ) |
| 3,083 |
|
| — |
|
| 3,083 |
| Total Derivative Assets | $ | 28,145 |
|
| $ | (16,718 | ) |
| $ | 11,427 |
|
| $ | — |
|
| $ | 11,427 |
|
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): | | | | | | | | | | | | | | | | | | | | | | June 30, 2017 | Description | Gross Assets |
| Gross
Amounts
Offset |
| Net Assets |
| Cash
Collateral
Offset |
| Net Amount
Presented | Non-trading commodity derivatives | $ | 2,160 |
|
| $ | (1,557 | ) |
| $ | 603 |
|
| $ | — |
|
| $ | 603 |
| Trading commodity derivatives | 264 |
|
| (32 | ) |
| 232 |
|
| — |
|
| 232 |
| Total Current Derivative Assets | $ | 2,424 |
|
| $ | (1,589 | ) |
| $ | 835 |
|
| $ | — |
|
| $ | 835 |
| Non-trading commodity derivatives | $ | 1,029 |
|
| $ | (1,145 | ) |
| $ | (116 | ) |
| $ | — |
|
| $ | (116 | ) | Total Non-current Derivative Assets | $ | 1,335 |
|
| $ | (1,213 | ) |
| $ | 122 |
|
| $ | — |
|
| $ | 122 |
| Total Derivative Assets | $ | 3,759 |
|
| $ | (2,802 | ) |
| $ | 957 |
|
| $ | — |
|
| $ | 957 |
|
|
| Offsetting Liabilities |
| | | | | | | | | | | | | | | | | | | | |
| December 31, 2016 | Description | Gross
Liabilities |
| Gross
Amounts
Offset |
| Net
Liabilities |
| Cash
Collateral
Offset |
| Net Amount
Presented | Non-trading commodity derivatives | $ | (662 | ) |
| $ | 69 |
|
| $ | (593 | ) |
| $ | — |
|
| $ | (593 | ) | Trading commodity derivatives | (92 | ) |
| 5 |
|
| (87 | ) |
| — |
|
| (87 | ) | Total Current Derivative Liabilities | (754 | ) |
| 74 |
|
| (680 | ) |
| — |
|
| (680 | ) | Non-trading commodity derivatives | (305 | ) |
| 237 |
|
| (68 | ) |
| — |
|
| (68 | ) | Total Non-current Derivative Liabilities | (305 | ) |
| 237 |
|
| (68 | ) |
| — |
|
| (68 | ) | Total Derivative Liabilities | $ | (1,059 | ) |
| $ | 311 |
|
| $ | (748 | ) |
| $ | — |
|
| $ | (748 | ) |
| | | | | | | | | | | | | | | | | | | | |
| June 30, 2017 | Description | Gross
Liabilities |
| Gross
Amounts
Offset |
| Net
Liabilities |
| Cash
Collateral
Offset |
| Net Amount
Presented | Non-trading commodity derivatives | $ | (22,183 | ) |
| $ | 15,040 |
|
| $ | (7,143 | ) |
| $ | 300 |
|
| $ | (6,843 | ) | Trading commodity derivatives | (128 | ) |
| 24 |
|
| (104 | ) |
| — |
|
| (104 | ) | Total Current Derivative Liabilities | (22,311 | ) |
| 15,064 |
|
| (7,247 | ) |
| 300 |
|
| (6,947 | ) | Non-trading commodity derivatives | (8,399 | ) |
| 4,688 |
|
| (3,711 | ) |
| — |
|
| (3,711 | ) | Trading commodity derivatives | — |
|
| — |
|
| — |
|
| — |
|
| — |
| Total Non-current Derivative Liabilities | (8,399 | ) |
| 4,688 |
|
| (3,711 | ) |
| — |
|
| (3,711 | ) | Total Derivative Liabilities | $ | (30,710 | ) |
| $ | 19,752 |
|
| $ | (10,958 | ) |
| $ | 300 |
|
| $ | (10,658 | ) |
| | | | | | | | | | | | | | | | | | | | |
| June 30, 2017 | Description | Gross
Liabilities |
| Gross
Amounts
Offset |
| Net
Liabilities |
| Cash
Collateral
Offset |
| Net Amount
Presented | Non-trading commodity derivatives | $ | (22,183 | ) |
| $ | 15,040 |
|
| $ | (7,143 | ) |
| $ | 300 |
|
| $ | (6,843 | ) | Trading commodity derivatives | (128 | ) |
| 24 |
|
| (104 | ) |
| — |
|
| (104 | ) | Total Current Derivative Liabilities | $ | (22,311 | ) |
| $ | 15,064 |
|
| $ | (7,247 | ) |
| $ | 300 |
|
| $ | (6,947 | ) | Non-trading commodity derivatives | $ | (8,399 | ) |
| $ | 4,688 |
|
| $ | (3,711 | ) |
| $ | — |
|
| $ | (3,711 | ) | Trading commodity derivatives | $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | — |
|
| $ | — |
| Total Non-current Derivative Liabilities | $ | (8,399 | ) |
| $ | 4,688 |
|
| $ | (3,711 | ) |
| $ | — |
|
| $ | (3,711 | ) | Total Derivative Liabilities | $ | (30,710 | ) |
| $ | 19,752 |
|
| $ | (10,958 | ) |
| $ | 300 |
|
| $ | (10,658 | ) |
| | | | | | | | | | | | | | | | | | | | |
| December 31, 2016 | Description | Gross
Liabilities |
| Gross
Amounts
Offset |
| Net
Liabilities |
| Cash
Collateral
Offset |
| Net Amount
Presented | Non-trading commodity derivatives | $ | (662 | ) |
| $ | 69 |
|
| $ | (593 | ) |
| $ | — |
|
| $ | (593 | ) | Trading commodity derivatives | (92 | ) |
| 5 |
|
| (87 | ) |
| — |
|
| (87 | ) | Total Current Derivative Liabilities | (754 | ) |
| 74 |
|
| (680 | ) |
| — |
|
| (680 | ) | Non-trading commodity derivatives | (305 | ) |
| 237 |
|
| (68 | ) |
| — |
|
| (68 | ) | Total Non-current Derivative Liabilities | (305 | ) |
| 237 |
|
| (68 | ) |
| — |
|
| (68 | ) | Total Derivative Liabilities | $ | (1,059 | ) |
| $ | 311 |
|
| $ | (748 | ) |
| $ | — |
|
| $ | (748 | ) |
|