Derivatives (Tables)

12 Months Ended

Dec. 31, 2011

Derivatives [Abstract]

Cash Flow Hedges Outstanding

Term	Commodity	Hedged Volume	Weighted Average Fixed Price for Swaps	Hedged Market
Jan'12 – Dec'12	Crude oil – swap	5,250 Bbl/day	$96.54	WTI – NYMEX
Jan'13– Dec'13	Crude oil – swap	2,000 Bbl/day	$102.05	WTI – NYMEX
Jan'12– Dec'12	Natural gas – swap	30,000 MMBtu/day	$5.05	IF – NYMEX (HH)
Jan'12– Dec'12	Natural gas – swap	15,000 MMBtu/day	$5.62	IF – PEPL
Jan'12 – Mar'12	Liquids – swap(1)	1,350,014 Gal/mo	$1.10	OPIS – Conway
Jan'12 – Mar'12	Liquids – swap(1)	1,155,018 Gal/mo	$0.91	OPIS – Mont Belvieu
Apr'12 – Dec'12	Liquids – swap(2)	180,006 Gal/mo	$2.11	OPIS – Conway
Apr'12 – Jun'12	Liquids – swap(3)	1,000,028 Gal/mo	$0.78	OPIS – Mont Belvieu
Jul'12 – Dec'12	Liquids – swap(4)	310,000 Gal/mo	$0.69	OPIS – Mont Belvieu

(1) Types of liquids involved are natural gasoline, ethane, propane, isobutane and normal butane.

(2) Types of liquids involved are natural gasoline.

(3) Types of liquids involved are natural gasoline and ethane.

(4) Types of liquids involved are ethane.

Schedule Of Subsequent Cash Flow Hedges

Term	Commodity	Hedged Volume	Weighted Average Fixed Price for Swaps	Hedged Market
Mar'12 – Dec'12	Crude oil – swap	1,000 Bbl/day	$103.90	WTI – NYMEX
Jan'13– Dec'13	Crude oil – swap	1,000 Bbl/day	$101.63	WTI – NYMEX
Jul'12– Sep'12	Natural gas – swap	20,000 MMBtu/day	$2.98	IF – NYMEX (HH)

Fair Value Of Derivative Instruments And Locations In Balance Sheets

	Balance Sheet Location	Derivative Assets Fair Value
		December  31, 2011		December  31, 2010
		(In thousands)
Derivatives designated as hedging instruments
Commodity derivatives:
Current	Current derivative assets	$	31,938	$	5,091
Long-term	Non-current derivative assets		4,514		2,537
Total derivatives designated as hedging instruments			36,452		7,628
Derivatives not designated as hedging instruments
Commodity derivatives:
Current	Current derivative assets		0		477
Total derivatives not designated as hedging instruments			0		477
Total derivative assets		$	36,452	$	8,105

	Balance Sheet Location	Derivative Liabilities Fair Value
		December  31, 2011		December  31, 2010
		(In thousands)
Derivatives designated as hedging instruments
Interest rate swaps:
Current	Current portion of derivative liabilities	$	0	$	1,139
Long-term	Non-current derivative liabilities		0		475
Commodity derivatives:
Current	Current portion of derivative liabilities		2,657		13,166
Long-term	Non-current derivative liabilities		0		3,884
Total derivatives designated as hedging instruments			2,657		18,664
Derivatives not designated as hedging instruments
Commodity derivatives (basis swaps):
Current	Current portion of derivative liabilities		0		141
Total derivatives not designated as hedging instruments			0		141
Total derivative liabilities		$	2,657	$	18,805

Amount Of Gain Or (Loss) Recognized In Accumulated OCI On Derivative

Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) (1)
	2011		2010
	(In thousands)
Interest rate swaps	$	0	$	(996	)
Commodity derivatives		19,026		(5,855	)
Total	$	19,026	$	(6,851	)

(1) Net of taxes.

Gain Or Loss Of Reclassified Accumulated Other Comprehensive Income And Recognized Income

Derivative Instrument	Location of Gain or (Loss) Reclassified from Accumulated OCI into Income & Location of Gain or (Loss) Recognized in Income	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (1)						Amount of Gain or (Loss) Recognized in Income (2)
		2011			2010			2011		2010
		(In thousands)
Commodity derivatives	Oil and natural gas revenue	$	4,699		$	53,473		$	2,749	$	700
Interest rate swaps	Interest, net		(1,734	)		(1,218	)		0		0
	Total	$	2,965		$	52,255		$	2,749	$	700

(1) Effective portion of gain (loss).

(2) Ineffective portion of gain (loss).

Effect Of Derivative Instruments Recognized In Statement Of Operations, Not Designated As Hedging Instruments

Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
		2011			2010
		(In thousands)
Commodity derivatives (basis swaps)	Oil and natural gas revenue	$	(1,047	)	$	336
Total		$	(1,047	)	$	336