1. | We note from your response to comment 1 in our letter dated August 29, 2013 that realized gains on commodity derivative contracts are equal to the net cash receipts from/payments for commodity derivative contracts settled during the period. Please revise the reconciliations of the non-GAAP measures presented to replace the reference to realized gains / losses with reference to net cash receipts from / payments for commodity derivative contracts settled during the period. |
2. | We note that you have elected not to designate any of your financial commodity derivative contracts as accounting hedges. We also note that you have disclosed realized gains / losses on derivative contracts not designated as accounting hedges. Please identify the specific provisions of the relevant authoritative literature that support the separate disclosure of realized gains / losses on derivative contracts not designated as accounting hedges. |
3. | Separately, in view of our question regarding the support under GAAP for your separate presentation of realized gains / losses, explain to us your basis for concluding the following presentations are appropriate: |
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The line item "Realized gains" in your consolidated statements of cash flows;
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Separate presentation of realized gains / losses in the notes to your consolidated financial statements; and
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Separate presentation and discussion of realized gains / losses on commodity derivatives in your MD&A.
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the Company is responsible for the adequacy and accuracy of the disclosure in the Company's filings;
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Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the Company's filings; and
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the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
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