Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2012

Derivative Instruments and Hedging Activities [Abstract]

Unsettled Derivative Instruments

Unsettled Derivative Instruments   As of March 31, 2012, we had entered into the following crude oil derivative instruments:

					Swaps		Collars
Settlement Period	Type of Contract	Index	Bbls Per Day		Weighted Average Fixed Price		Weighted Average  Short Put  Price		Weighted Average Floor Price		Weighted Average  Ceiling Price
Instruments Entered Into as of March 31, 2012
2012	Swaps	NYMEX WTI  (1)		5,000	$	91.84	$	-	$	-	$	-
2012	Swaps	Dated Brent		8,000		89.06		-		-		-
2012	Three-Way Collars	NYMEX WTI		23,000		-		61.09		83.04		101.66
2012	Three-Way Collars	Dated Brent		3,000		-		70.00		95.83		105.00
2013	Swaps	Dated Brent		3,000		98.03		-		-		-
2013	Two-Way Collars	NYMEX WTI		5,000		-		-		95.00		115.00
2013	Three-Way Collars	NYMEX WTI		5,000		-		65.00		85.00		113.63
2013	Three-Way Collars	Dated Brent		26,000		-		82.88		100.86		127.32
2014	Swaps	Dated Brent		3,000		107.15		-		-		-
2014	Three-Way Collars	Dated Brent		10,000		-		85.00		98.50		129.24

(1) West Texas Intermediate

As of March 31, 2012, we had entered into the following natural gas derivative instruments:

					Swaps		Collars
Settlement Period	Type of Contract	Index	MMBtu Per Day		Weighted Average Fixed Price		Weighted Average Short Put  Price		Weighted Average Floor Price		Weighted Average Ceiling Price
Instruments Entered Into as of March 31, 2012
2012	Swaps	NYMEX HH (1)		30,000	$	5.10	$	-	$	-	$	-
2012	Two-Way Collars	NYMEX HH		40,000		-		-		3.25		5.14
2012	Three-Way Collars	NYMEX HH		110,000		-		4.44		5.25		6.66
2013	Swaps	NYMEX HH		30,000		5.25		-		-		-
2013	Two-Way Collars	NYMEX HH		40,000		-		-		3.25		5.14
2013	Three-Way Collars	NYMEX HH		100,000		-		3.88		4.75		5.63

(1) Henry Hub

As of March 31, 2012, we had entered into the following natural gas basis swaps:

Settlement Period	Index	Index Less Differential	MMBtu Per Day		Weighted Average Differential
2012	IFERC CIG (1)	NYMEX HH		150,000	$	(0.52	)

(1) Colorado Interstate Gas – Northern System

Fair Value of Derivative Instruments

Fair Value Amounts and Gains and Losses on Derivative Instruments   The fair values of derivative instruments in our consolidated balance sheets were as follows:

Fair Value of Derivative Instruments
	Asset Derivative Instruments						Liability Derivative Instruments
	March 31,			December 31,			March 31,			December 31,
	2012			2011			2012			2011
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair  Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
(millions)
Commodity Derivative Instruments	Current Assets	$	17	Current Assets	$	10	Current Liabilities	$	119	Current Liabilities	$	76
	Noncurrent Assets		22	Noncurrent Assets		37	Noncurrent Liabilities		29	Noncurrent Liabilities		7
Total		$	39		$	47		$	148		$	83

Effect of derivative instruments on consolidated statement of operations

The effect of derivative instruments on our consolidated statements of operations was as follows:

	Three Months Ended March 31,
	2012		2011
(millions)
Realized Mark-to-Market (Gain) Loss	$	23	$	(17	)
Unrealized Mark-to-Market Loss		73		303
Total Loss on Commodity Derivative Instruments	$	96	$	286