| Schedule of Derivative Liabilities at Fair Value |
The following tables detail the offsetting of derivative assets and liabilities as well as the fair values of derivatives on the balance sheets:
| | | | | | | | | | | | | | | | | | | | (in thousands) | June 30, 2014 |
| | Gross Amounts Not Offset in the Balance Sheets | | | Gross Amounts Recognized at Fair Value | Gross Amounts Offset in the Balance Sheets | Net Amount Presented in the Balance Sheets | Financial Instruments | Cash Collateral Received | Net Fair Value Presented in the Balance Sheets | Derivatives not designated as hedging instruments | | | | | Assets | | | | | | | Derivative instruments | $ | 14,540 |
| $ | (14,016 | ) | $ | 524 |
| $ | — |
| $ | — |
| $ | 524 |
| Noncurrent derivative instruments | 2,076 |
| (1,453 | ) | 623 |
| — |
| — |
| 623 |
| Total derivative assets | 16,616 |
| (15,469 | ) | 1,147 |
| — |
| — |
| 1,147 |
| Liabilities | | | | | | | Derivative instruments | 110,229 |
| (14,016 | ) | 96,213 |
| — |
| — |
| 96,213 |
| Noncurrent derivative instruments | 23,158 |
| (1,453 | ) | 21,705 |
| — |
| — |
| 21,705 |
| Total derivative liabilities | 133,387 |
| (15,469 | ) | 117,918 |
| — |
| — |
| 117,918 |
| Total derivatives | $ | (116,771 | ) | $ | — |
| $ | (116,771 | ) | $ | — |
| $ | — |
| $ | (116,771 | ) |
he following tables detail the offsetting of derivative assets and liabilities as well as the fair values of derivatives on the balance sheets:
| | | | | | | | | | | | | | | | | | | | (in thousands) | June 30, 2014 |
| | Gross Amounts Not Offset in the Balance Sheets | | | Gross Amounts Recognized at Fair Value | Gross Amounts Offset in the Balance Sheets | Net Amount Presented in the Balance Sheets | Financial Instruments | Cash Collateral Received | Net Fair Value Presented in the Balance Sheets | Derivatives not designated as hedging instruments | | | | | Assets | | | | | | | Derivative instruments | $ | 14,540 |
| $ | (14,016 | ) | $ | 524 |
| $ | — |
| $ | — |
| $ | 524 |
| Noncurrent derivative instruments | 2,076 |
| (1,453 | ) | 623 |
| — |
| — |
| 623 |
| Total derivative assets | 16,616 |
| (15,469 | ) | 1,147 |
| — |
| — |
| 1,147 |
| Liabilities | | | | | | | Derivative instruments | 110,229 |
| (14,016 | ) | 96,213 |
| — |
| — |
| 96,213 |
| Noncurrent derivative instruments | 23,158 |
| (1,453 | ) | 21,705 |
| — |
| — |
| 21,705 |
| Total derivative liabilities | 133,387 |
| (15,469 | ) | 117,918 |
| — |
| — |
| 117,918 |
| Total derivatives | $ | (116,771 | ) | $ | — |
| $ | (116,771 | ) | $ | — |
| $ | — |
| $ | (116,771 | ) |
| | | | | | | | | | | | | | | | | | | | (in thousands) | December 31, 2013 | | | Gross Amounts Not Offset in the Balance Sheets | |
| Gross Amounts Recognized at Fair Value | Gross Amounts Offset in the Balance Sheets | Net Amount Presented in the Balance Sheets | Financial Instruments | Cash Collateral Received | Net Fair Value Presented in the Balance Sheets | Derivatives not designated as hedging instruments | | | | | Assets | | | | | | | Derivative instruments | $ | 36,223 |
| $ | (18,760 | ) | $ | 17,463 |
| $ | — |
| $ | — |
| $ | 17,463 |
| Noncurrent derivative instruments | 7,992 |
| (2,553 | ) | 5,439 |
| — |
| — |
| 5,439 |
| Total derivative assets | 44,215 |
| (21,313 | ) | 22,902 |
| — |
| — |
| 22,902 |
| Liabilities | | | | | | | Derivative instruments | 49,062 |
| (18,760 | ) | 30,302 |
| — |
| — |
| 30,302 |
| Noncurrent derivative instruments | 2,553 |
| (2,553 | ) | — |
| — |
| — |
| — |
| Total derivative liabilities | 51,615 |
| (21,313 | ) | 30,302 |
| — |
| — |
| 30,302 |
| Total derivatives | $ | (7,400 | ) | $ | — |
| $ | (7,400 | ) | $ | — |
| $ | — |
| $ | (7,400 | ) |
|
| Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
The following table details the effect of derivative commodity instruments in cash flow hedging relationships on the financial statements:
| | | | | | | | | (in thousands) | Location on Statements of Income | Three months
ended
June 30, 2014 | Three months
ended
June 30, 2013 | Net gain recognized in other comprehensive income on derivatives (effective portion), net of tax of $6 and $9,713 | — | $ | 9 |
| $ | 15,847 |
| Gain reclassified from accumulated other comprehensive income into income (effective portion) | Gain (loss) on derivative instruments, net | $ | 5,735 |
| $ | 3,112 |
| Gain recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | Gain (loss) on derivative instruments, net | $ | — |
| $ | 1,392 |
|
| | | | | | | | | (in thousands) | Location on Statements of Income | Six months
ended
June 30, 2014 | Six months
ended
June 30, 2013 | Net gain (loss) recognized in other comprehensive income on derivatives (effective portion), net of tax of $7 and ($6,712) | — | $ | 11 |
| $ | (10,951 | ) | Gain reclassified from accumulated other comprehensive income into income (effective portion) | Gain (loss) on derivative instruments, net | $ | 9,789 |
| $ | 20,935 |
| Gain recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | Gain (loss) on derivative instruments, net | $ | — |
| $ | 858 |
|
|
| Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
The following table details the effect of open and closed derivative commodity instruments not designated as hedging instruments on the income statement:
| | | | | | | | | (in thousands) | Location on Statements of Income | Three months
ended
June 30, 2014 | Three months
ended
June 30, 2013 | Gain (loss) recognized in income on derivatives | Gain (loss) on derivative instruments, net | $ | (90,581 | ) | $ | 53,078 |
|
| | | | | | | | | (in thousands) | Location on Statements of Income | Six months
ended
June 30, 2014 | Six months
ended
June 30, 2013 | Gain (loss) recognized in income on derivatives | Gain (loss) on derivative instruments, net | $ | (148,026 | ) | $ | 21,577 |
|
|