Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2011

Table Text Block Supplement [Abstract]

Commodity derivative income (expense), included in our Consolidated Statements of Operations

The following is a summary of “Derivativesexpense (income)” included in our Consolidated Statements of Operations:

			Year Ended December 31,
In thousands			2011		2010		2009
Oil
	Payment (receipt) on settlements of derivative contracts		$	25,128	$	93,417	$	(146,734)
	Fair value adjustments to derivative contracts – expense (income)			(58,980)		(44,441)		375,750
		Total derivative expense (income) – oil		(33,852)		48,976		229,016
Natural gas
	Payment (receipt) on settlements of derivative contracts			(27,505)		(61,805)		-
	Fair value adjustments to derivative contracts – expense (income)			8,860		(8,585)		7,210
		Total derivative expense (income) – natural gas		(18,645)		(70,390)		7,210
Ineffectiveness on interest rate swaps				-		(2,419)		-
		Derivative expense (income)	$	(52,497)	$	(23,833)	$	236,226

Commodity derivative contracts not classified as hedging instruments

Commodity Derivative Contracts Not Classified as Hedging Instruments
					Contract Prices(1)
			Type of				Weighted Average Price(2)
Year		Months	Contract	Volume(1)		Range		Swap	Floor		Ceiling
Oil Contracts:
2012		Jan – Mar	Swap	625	$	80.28 – 81.75	$	81.04	$	-	$	-
			Collar	52,000		70.00 – 139.60		-		70.00		106.86
			Put	625		65.00 – 65.00		-		65.00		-
		Total Jan – Mar 2012		53,250
		Apr – June	Swap	625	$	80.28 – 81.75	$	81.04	$	-	$	-
			Collar	53,000		70.00 – 137.50		-		70.00		119.44
			Put	625		65.00 – 65.00		-		65.00		-
		Total Apr – June 2012		54,250
		July – Sept	Swap	625	$	80.28 – 81.75	$	81.04	$	-	$	-
			Collar	53,000		80.00 – 140.65		-		80.00		128.57
			Put	625		65.00 – 65.00		-		65.00		-
		Total July – Sept 2012		54,250
		Oct – Dec	Swap	625	$	80.28 – 81.75	$	81.04	$	-	$	-
			Collar	53,000		80.00 – 140.65		-		80.00		128.57
			Put	625		65.00 – 65.00		-		65.00		-
		Total Oct – Dec 2012		54,250
2013		Jan – Mar	Swap	-	$	-	$	-	$	-	$	-
			Collar	55,000		70.00 – 117.00		-		70.00		110.32
			Put	-		-		-		-		-
		Total Jan – Mar 2013		55,000
		Apr – June	Swap	-	$	-	$	-	$	-	$	-
			Collar	42,000		75.00 – 118.00		-		75.00		115.91
			Put	-		-		-		-		-
		Total Apr – June 2013		42,000
Natural Gas Contracts:
2012		Jan – Dec	Swap	20,000	$	6.30 – 6.85	$	6.53	$	-	$	-
			Collar	-		-		-		-		-
			Put	-		-		-		-		-
		Total Jan – Dec 2012		20,000
(1)	Contract volumes are stated in BBl/d and MMBtu/d for oil and natural gas contracts, respectively.
(2)	Contract prices are stated in $/BBl and $/MMBtu for oil and natural gas contracts, respectively.

Derivative financial instruments in Balance Sheet

At December 31, 2011 and 2010, we had derivative financial instruments recorded in our Consolidated Balance Sheets as follows:

					Estimated Fair Value
					Asset (Liability)
					December 31,
Type of Contract				Balance Sheet Location	2011		2010
					In thousands
Derivatives not designated as hedging instruments:
	Derivative Assets
		Crude oil contracts		Derivative assets – current	$	23,452	$	3,050
		Natural gas contracts		Derivative assets – current		23,950		21,192
		Crude oil contracts		Derivative assets – long-term		29		1,301
		Natural gas contracts		Derivative assets – long-term		-		11,618
	Derivative Liabilities
		Crude oil contracts		Derivative liabilities – current		(22,610)		(55,256)
		Natural gas contracts		Derivative liabilities – current		-		-
		Deferred premiums(1)		Derivative liabilities – current		(3,913)		(22,928)
		Crude oil contracts		Derivative liabilities – long-term		(18,702)		(25,906)
		Natural gas contracts		Derivative liabilities – long-term		-		-
		Deferred premiums(1)		Derivative liabilities – long-term		(170)		(3,781)
			Total derivatives not designated as hedging instruments		$	2,036	$	(70,710)
(1)		Deferred premiums payable relate to various oil and natural gas floor contracts and are payable on a monthly basis through December 2012.