Fair Value Measurements on a Recurring Basis (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Measurements on a Recurring Basis

The following presents the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis:



	June 30, 2014
	Level 2		Netting ⁽¹⁾			Total
	(in thousands)
Assets:
Commodity derivatives	$	17,004	$	(13,724	)	$	3,280
Liabilities:
Commodity derivatives	$	45,299	$	(13,724	)	$	31,575



	December 31, 2013
	Level 2		Netting ⁽¹⁾			Total
	(in thousands)
Assets:
Commodity derivatives	$	28,291	$	(20,184	)	$	8,107
Liabilities:
Commodity derivatives	$	45,226	$	(20,184	)	$	25,042


⁽¹⁾	Represents counterparty netting under agreements governing such derivatives.

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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