XML 77 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Commodity Derivative Positions
The following table sets forth our commodity derivative positions as of September 30, 2014:
 
 
 
Average
 
 
 
 
 
 
 
 
 
Volume Per
 
Weighted Average Price
 
Fair Value
 
Instrument
 
Day
 
Floor/Swap
 
Ceiling
 
Asset
 
Liability
Crude Oil:
 
 
(barrels)
 
($/barrel)
 
 
 
 
Fourth quarter 2014
Collars
 
2,000

 
$
90.00

 
94.33
 
$
264

 
$
—

First quarter 2015
Collars
 
4,000

 
$
87.50

 
94.66
 
649

 
—

Second quarter 2015
Collars
 
4,000

 
$
87.50

 
94.66
 
947

 
—

Third quarter 2015
Collars
 
3,000

 
$
86.67

 
94.73
 
770

 
—

Fourth quarter 2015
Collars
 
3,000

 
$
86.67

 
94.73
 
838

 
—

Fourth quarter 2014
Swaps
 
11,000

 
$
93.45

 
 
 
3,301

 
40

First quarter 2015
Swaps
 
9,000

 
$
91.81

 
 
 
2,197

 
—

Second quarter 2015
Swaps
 
9,000

 
$
91.81

 
 
 
2,835

 
—

Third quarter 2015
Swaps
 
8,000

 
$
91.06

 
 
 
2,352

 
—

Fourth quarter 2015
Swaps
 
8,000

 
$
91.06

 
 
 
2,432

 
—

First quarter 2016
Swaps
 
3,000

 
$
90.84

 
 
 
1,176

 
—

Second quarter 2016
Swaps
 
3,000

 
$
90.84

 
 
 
1,284

 
—

Third quarter 2016
Swaps
 
3,000

 
$
90.84

 
 
 
1,395

 
—

Fourth quarter 2016
Swaps
 
3,000

 
$
90.84

 
 
 
1,447

 
—

First quarter 2015
Swaptions
 
1,000

 
$
88.00

 
 
 
—

 
252

Second quarter 2015
Swaptions
 
1,000

 
$
88.00

 
 
 
—

 
251

Third quarter 2015
Swaptions
 
1,000

 
$
88.00

 
 
 
—

 
251

Fourth quarter 2015
Swaptions
 
1,000

 
$
88.00

 
 
 
—

 
251

 
 
 
 
 
 
 
 
 
 
 
 
Natural Gas:
 
 
(in MMBtu)

 
($/MMBtu)
 
 

 
 
Fourth quarter 2014
Swaps
 
5,000

 
$
4.50

 
 
 
185

 
—

First quarter 2015
Swaps
 
5,000

 
$
4.50

 
 
 
129

 
—

Settlements to be received in subsequent period
 
 
 

 
 

 
 
 
52

 
—
Impact of Derivative Activities on Condensed Consolidated Statements of Income
The impact of our derivatives activities on income is included in the Derivatives caption on our Condensed Consolidated Statements of Operations. The following table summarizes the effects of our derivative activities for the periods presented:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2014
 
2013
 
2014
 
2013
Impact by contract type:
 
 
 
 
 
 
 
Commodity contracts
$
66,457

 
$
(24,035
)
 
$
8,130

 
$
(23,208
)
Interest rate contracts
—

 
—

 
—

 
—

 
$
66,457

 
$
(24,035
)
 
$
8,130

 
$
(23,208
)
Cash settlements and gains (losses):
 
 
 
 
 
 
 
Cash (paid) received for:
 
 
 
 
 
 
 
Commodity contract settlements
$
(7,557
)
 
$
(4,165
)
 
$
(17,836
)
 
$
1,625

Interest rate contract settlements
—

 
—

 
—

 
—

 
(7,557
)
 
(4,165
)
 
(17,836
)
 
1,625

Gains (losses) attributable to:
 
 
 
 
 
 
 
Commodity contracts
74,014

 
(19,870
)
 
25,966

 
(24,833
)
Interest rate contracts
—

 
—

 
—

 
—

 
74,014

 
(19,870
)
 
25,966

 
(24,833
)
 
$
66,457

 
$
(24,035
)
 
$
8,130

 
$
(23,208
)
Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets
The following table summarizes the fair values of our derivative instruments, as well as the locations of these instruments on our Condensed Consolidated Balance Sheets as of the dates presented:
 
 
 
Fair Values as of
 
 
 
September 30, 2014
 
December 31, 2013
 
 
 
Derivative
 
Derivative
 
Derivative
 
Derivative
Type
 
Balance Sheet Location
Assets
 
Liabilities
 
Assets
 
Liabilities
Commodity contracts
 
Derivative assets/liabilities – current
$
13,680

 
$
1,045

 
$
3,830

 
$
10,141

Interest rate contracts
 
Derivative assets/liabilities – current
—

 
—

 
—

 
—

 
 
 
13,680

 
1,045

 
3,830

 
10,141

 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
Derivative assets/liabilities – noncurrent
8,572

 
—

 
1,552

 
—

Interest rate contracts
 
Derivative assets/liabilities – noncurrent
—

 
—

 
—

 
—

 
 
 
8,572

 
—

 
1,552

 
—

 
 
 
$
22,252

 
$
1,045

 
$
5,382

 
$
10,141