DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Location and Fair Value Amounts of Derivative Instruments Reported in Balance Sheet

The following tables disclose the location and fair value amounts of derivative instruments reported in our balance sheet at December 31, 2013 and December 31, 2012.

Fair Value of Derivative Instruments at December 31, 2013
	Asset Derivatives			Liability Derivatives
Description	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Current assets: Fair value of hedging contracts	$	4,549	Current liabilities: Fair value of hedging contracts	$	7,753
	Long-term assets: Fair value of hedging contracts		1,378	Long-term liabilities: Fair value of hedging contracts		470
		$	5,927		$	8,223

Fair Value of Derivative Instruments at December 31, 2012
	Asset Derivatives			Liability Derivatives
Description	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Current assets: Fair value of hedging contracts	$	39,655	Current liabilities: Fair value of hedging contracts	$	149
	Long-term assets: Fair value of hedging contracts		9,199	Long-term liabilities: Fair value of hedging contracts		1,530
		$	48,854		$	1,679

Before Tax Effect of Derivative Instruments in Statement of Income

The following table discloses the before tax effect of derivative instruments in the statement of income for the years ended December 31, 2013, 2012 and 2011.

Effect of Derivative Instruments on the Statement of Income for the Years Ended December 31, 2013, 2012 and 2011
Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives			Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) (a)				Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion)
				Location				Location
	2013				2013				2013
Commodity contracts		($26,945	)	Operating revenue—oil/gas production	$	20,289		Derivative expense, net		($2,090	)
Total		($26,945	)		$	20,289				($2,090	)
	2012				2012				2012
Commodity contracts	$	41,209		Operating revenue—oil/gas production	$	30,326		Derivative income, net	$	3,428
Total	$	41,209			$	30,326			$	3,428
	2011				2011				2011
Commodity contracts	$	43,089		Operating revenue—oil/gas production		($13,274	)	Derivative income, net	$	1,418
Total	$	43,089				($13,274	)		$	1,418

(a) For the year ended December 31, 2013, effective hedging contracts increased oil revenue by $3,520 and increased gas revenue by $16,769. For the year ended December 31, 2012, effective hedging contracts increased oil revenue by $8,546 and increased gas revenue by $21,780. For the year ended December 31, 2011, effective hedging contracts decreased oil revenue by $32,706 and increased gas revenue by $19,432.

Impact of Rights of Offset Associated with Recognized Assets and Liabilities

The following presents the potential impact of the rights of offset associated with our recognized assets and liabilities at December 31, 2013:

	As Presented Without Netting			Effects of Netting			With Effects of Netting
Current assets: Fair value of hedging contracts	$	4,549		($	4,043	)	$	506
Long-term assets: Fair value of hedging contracts		1,378			(274	)		1,104
Current liabilities: Fair value of hedging contracts		(7,753	)		4,043			(3,710	)
Long-term liabilities: Fair value of hedging contracts		(470	)		274			(196	)

Hedging Positions

The following table illustrates our hedging positions for calendar years 2014, 2015 and 2016 as of February 25, 2014:

	Fixed-Price Swaps NYMEX (except where noted)
	Natural Gas					Oil
	Daily Volume (MMBtus/d)			Swap Price ($)		Daily Volume (Bbls/d)			Swap Price ($)
2014		10,000			4.000		1,000			90.06
2014		10,000			4.040		1,000			92.25
2014		10,000			4.105		1,000			93.55
2014		10,000			4.190		1,000			94.00
2014		10,000	(a)		4.250		1,000			98.00
2014		10,000			4.250		1,000			98.30
2014		10,000			4.350		2,000	(b)		98.85
2014							1,000			99.65
2014							1,000	(c)		103.30
2015		10,000			4.005		1,000			90.00
2015		10,000			4.120
2015		10,000			4.150
2015		10,000			4.165
2015		10,000			4.220
2015		10,000			4.255
2016		10,000			4.110
2016		10,000			4.120

(a) February through December

(b) January through June

(c) Brent crude oil contract