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Derivative Instruments And Hedging Activities (Tables)
3 Months Ended
Mar. 31, 2012
Derivative Instruments And Hedging Activities [Abstract]  
Volumes Under Derivative Contracts Related To Oil And Gas Producing Activities

Production Period

 

 

Instrument Type

 

 

Average

Monthly Volumes

 

Weighted Average

Price a

Crude Oil:

 

 

 

 

 

(per barrel)

April 2012 — December 2012................

 

Collar

 

     75.0 MBbl

 

$  96.67 — $118.57b

April 2012 — December 2012................

 

Collar

 

   118.6 MBbl

 

$  99.52 — $118.06

April 2012 — December 2012................

 

Swap

 

     11.4 MBbl

 

$103.20

January 2013 — December 2013...........

 

Swap

 

     41.7 MBbl

 

$99.15

January 2013 — December 2013...........

 

Collar

 

     50.0 MBbl

 

$  95.83 — $105.50

 

 

 

 

 

 

 

Natural Gas:

 

 

 

 

 

(per Mcf)

April 2012 — December 2012................

 

Swap

 

    771.1 Mmcf

 

$4.32

April 2012 — December 2012................

 

Collar

 

    162.2 Mmcf

 

$4.75  $5.09

January 2013 — December 2013...........

 

Swap

 

    500.0 Mmcf

 

$4.09

 

a.     The prices quoted in the table above are NYMEX Henry Hub for natural gas.  Most of our current contracts are indexed to the Brent crude oil price.

b.    This contract is priced using NYMEX West Texas Intermediate for crude oil.  

Derivatives Designated As Hedging Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2012

 

 

 

As of December 31, 2011

 

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Natural gas contracts...........................

 

 

Other current assets

 

 

$

16,744

 

 

 

Other current assets

 

 

$

12,957

 

   Oil contracts...........................................

 

 

Other current assets

 

 

 

931

 

 

 

Other current assets

 

 

 

8,567

 

   Natural gas contracts...........................

 

 

Other assets

 

 

 

2,564

 

 

 

Other assets

 

 

 

857

 

   Interest rate swaps...............................

 

 

Other assets

 

 

 

83

 

 

 

Other assets

 

 

 

327

 

 

 

 

 

 

 

$

20,322

 

 

 

 

 

 

$

22,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2012

 

 

 

As of December 31, 2011

 

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Oil contracts...........................................

 

 

Accrued liabilities

 

 

$

14,816

 

 

 

Accrued liabilities

 

 

$

886

 

   Interest rate swaps...............................

 

 

Accrued liabilities

 

 

 

338

 

 

 

Accrued liabilities

 

 

 

202

 

   Oil contracts...........................................  

 

 

Other long-term liabilities

 

 

 

8,831

 

 

 

Other long-term liabilities

 

 

 

1,711

 

 

 

 

 

 

 

$

23,985

 

 

 

 

 

 

$

2,799

 

Derivatives Not Designated As Hedging Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2012

 

 

 

As of December 31, 2011

 

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Foreign exchange forwards.........

 

 

Other current assets

 

 

$

110

 

 

 

Other current assets

 

 

$

55

 

 

 

 

 

 

 

$

110

 

 

 

 

 

 

$

55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2012

 

 

 

As of December 31, 2011

 

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Foreign exchange forwards.........

 

 

Accrued liabilities

 

 

$

13

 

 

 

Accrued liabilities

 

 

$

159

 

 

 

 

 

 

 

$

13

 

 

 

 

 

 

$

159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact Of Derivative Instruments On Accumulated Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) Recognized in Accumulated OCI

on Derivatives

 

 

 

 

 

2012

 

 

 

2011

 

 

 

 

 

(in thousands)

 

 

Oil and natural gas commodity contracts........

 

$

(13,555

)

 

$

(10,778

)

 

Interest rate swaps.........................................

 

 

(247

)

 

 

211

 

 

 

 

$

(13,802

)

 

$

(10,567

)

 

Gain (Loss) Reclassified From Accumulated OCI Into Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Location of Gain (Loss) Reclassified from Accumulated OCI into Income

 

 

 

Gain (Loss) Recognized from Accumulated OCI into Income

 

 

 

 

 

 

 

 

2012

 

 

 

2011

 

 

 

 

 

 

 

 

(in thousands)

 

Oil and natural gas commodity contracts..................................................

 

 

 

Oil and gas revenue

 

 

 

$

109

 

 

 

$

 

(6,325

)

Interest rate swaps.................................

 

 

Net interest expense

 

 

 

(193

)

 

 

(480

)

 

 

 

 

 

 

$

(84

)

 

$

(6,805

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact Of Non Designated Derivative Instruments On Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Location of Gain (Loss) Recognized in Income on Derivatives

 

 

 

Gain (Loss) Recognized in Income on Derivatives

 

 

 

 

 

 

 

 

2012

 

 

 

2011

 

 

 

 

 

 

 

 

(in thousands)

 

Foreign exchange forwards.........

 

 

Other expense

 

 

 

233

 

 

 

608

 

 

 

 

 

 

 

$

233

 

 

$

608