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Derivative Instruments And Hedging Activities (Tables)
6 Months Ended
Jun. 30, 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 (1)

Crude Oil:

 

 

 

 

 

(per barrel)

July 2012 — December 2012..............

 

Collar

 

     75.0 MBbl

 

$  96.67 — $118.57 (2)

July 2012 — December 2012..............

 

Collar

 

     99.1 MBbl

 

$  99.67 — $118.42

July 2012 — December 2012..............

 

Swap

 

     96.6 MBbl

 

$92.52

January 2013 — December 2013........

 

Swap

 

     88.9 MBbl

 

$95.28

January 2013 — December 2013........

 

Collar

 

   133.3 MBbl

 

$  98.44 — $115.85

 

 

 

 

 

 

 

Natural Gas:

 

 

 

 

 

(per Mcf)

July 2012 — December 2012..............

 

Swap

 

    777.5 Mmcf

 

$4.29

July 2012 — December 2012..............

 

Collar

 

    156.7 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 oil 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 June 30, 2012

 

 

 

As of December 31, 2011

 

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

Asset Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Other current assets

 

 

$

9,663

 

 

 

Other current assets

 

 

$

12,957

 

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

 

 

Other current assets

 

 

 

16,033

 

 

 

Other current assets

 

 

 

8,567

 

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

 

 

Other assets

 

 

 

5,737

 

 

 

Other assets

 

 

 

 

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

 

 

Other assets

 

 

 

1,239

 

 

 

Other assets

 

 

 

857

 

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

 

 

Other assets

 

 

 

 

 

 

Other assets

 

 

 

327

 

 

 

 

 

 

 

$

32,672

 

 

 

 

 

 

$

22,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2012

 

 

 

As of December 31, 2011

 

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

Liability Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Accrued liabilities

 

 

$

5,324

 

 

 

Accrued liabilities

 

 

$

886

 

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

 

 

Accrued liabilities

 

 

 

317

 

 

 

Accrued liabilities

 

 

 

202

 

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

 

 

Other long-term liabilities

 

 

 

1,059

 

 

 

Other long-term liabilities

 

 

 

1,711

 

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

 

 

Other long-term liabilities

 

 

 

59

 

 

 

Other long-term liabilities

 

 

 

 

 

 

 

 

 

 

$

6,759

 

 

 

 

 

 

$

2,799

 

Derivatives Not Designated As Hedging Instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2012

 

 

 

As of December 31, 2011

 

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

Asset Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Other current assets

 

 

$

 

 

 

Other current assets

 

 

$

55

 

 

 

 

 

 

 

$

 

 

 

 

 

 

$

55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2012

 

 

 

As of December 31, 2011

 

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

 

 

Balance Sheet Location

 

 

 

Fair Value

 

Liability Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Accrued liabilities

 

 

$

44

 

 

 

Accrued liabilities

 

 

$

159

 

 

 

 

 

 

 

$

44

 

 

 

 

 

 

$

159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact Of Derivative Instruments On Accumulated Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) Recognized in OCI on Derivatives

(Effective Portion)

 

 

 

 

Three Months Ended

June 30,

 

 

 

Six Months Ended

June 30,

 

 

 

 

2012

 

 

 

2011

 

 

 

2012

 

 

 

2011

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil and natural gas commodity contracts...

 

$

12,759

 

 

$

20,720

 

 

$

(796

)

 

$

9,942

 

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

 

 

(79

)

 

 

250

 

 

(326

)

 

 

461

 

 

$

12,680

 

 

$

20,970

 

 

$

(1,122

)

 

$

10,403

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) Reclassified From Accumulated OCI Into Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) Reclassified from Accumulated OCI

 

 

 

 

 

 

 

 

into Income

 

 

 

 

Location of Gain (Loss)

 

 

 

(Effective Portion)

 

 

 

 

Reclassified from

 

 

 

Three Months Ended

 

 

 

Six Months Ended

 

 

 

 

Accumulated OCI into Income

 

 

 

June 30,

 

 

 

June 30,

 

 

 

 

(Effective Portion)

 

 

 

2012

 

 

 

2011

 

 

 

2012

 

 

 

2011

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Oil and gas revenue

 

 

$

8,023

 

 

 

$

 

(11,860

)

 

 

$

8,132

 

 

 

 

$

 

(18,185

)

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

 

 

Net interest expense

 

 

 

(120

)

 

 

(591

)

 

 

(313

)

 

 

(1,071

)

 

 

 

 

 

 

$

7,903

 

$

(12,451

)

 

$

7,819

 

$

(19,256

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impact Of Non Designated Derivative Instruments On Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) Recognized in Income on Derivatives

 

 

 

 

Location of Gain (Loss)

 

 

 

Three Months Ended

 

 

 

Six Months Ended

 

 

 

 

Recognized in Income on

 

 

 

June 30,

 

 

 

June 30,

 

 

 

 

Derivatives

 

 

 

2012

 

 

 

2011

 

 

 

2012

 

 

 

2011

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange forwards

 

 

Other expense

 

 

$

(69

)

 

$

6

 

$

164

 

$

614

 

 

 

 

 

 

$

(69

)

 

$

6

 

 

$

164

 

$

614