Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following is a summary of “Derivatives expense (income)” included in our Unaudited Condensed Consolidated Statements of Operations for the periods indicated:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
In thousands	2013		2012			2013		2012
Oil
Cash payment on settlements of derivative contracts	$	662	$	641		$	662	$	9,580
Noncash fair value adjustments to derivative contracts – expense (income)	79,784		60,726			46,212		(37,752		)
Total derivatives expense (income) – oil	80,446		61,367			46,874		(28,172		)
Natural Gas
Cash receipt on settlements of derivative contracts	—		(6,910		)	—		(21,941		)
Noncash fair value adjustments to derivative contracts – expense	—		7,174			—		17,910
Total derivatives expense (income) – natural gas	—		264			—		(4,031		)
Derivatives expense (income)	$	80,446	$	61,631		$	46,874	$	(32,203	)

Commodity derivative contracts not classified as hedging instruments

The following table presents outstanding oil derivative contracts with respect to future production as of September 30, 2013:

					Contract Prices per Barrel of Oil
		Type of	Pricing	Volume					Weighted Average Price
Year	Months	Contract	Index	(Barrels per day)	Range				Floor		Ceiling
2013	Oct – Dec	Collar	NYMEX	54,000	$	80.00	–	127.50	$	80.00	$	117.53
2014	Jan – Mar	Collar	NYMEX	58,000	$	80.00	–	104.50	$	80.00	$	102.11
	Apr – June	Collar	NYMEX	58,000		80.00	–	104.50	80.00		102.11
	July – Sept	Collar	NYMEX	58,000		80.00	–	100.00	80.00		97.73
	Oct – Dec	Collar	NYMEX	58,000		80.00	–	100.00	80.00		97.73
2015	Jan – Mar	Collar	NYMEX	38,000	$	80.00	–	100.90	$	80.00	$	96.96
	Jan – Mar	Collar	LLS	20,000		85.00	–	104.00	85.00		101.45
	Apr – June	Collar	NYMEX	38,000		80.00	–	95.25	80.00		94.62
	Apr – June	Collar	LLS	20,000		85.00	–	103.00	85.00		102.01
	July – Sept	Collar	NYMEX	30,000		80.00	–	95.25	80.00		95.06
	July – Sept	Collar	LLS	16,000		85.00	–	102.60	85.00		101.11

Derivative financial instruments included in our Unaudited Condensed Consolidated Balance Sheet

At September 30, 2013 and December 31, 2012, we had derivative financial instruments recorded in our Unaudited Condensed Consolidated Balance Sheets as follows:

		Estimated Fair Value Asset (Liability)
		September 30,			December 31,
Type of Contract	Balance Sheet Location	2013			2012
		In thousands
Derivative assets
Crude oil contracts	Derivative assets – current	$	167		$	19,477
Crude oil contracts	Derivative assets – long-term	2,970			36
Derivative liabilities
Crude oil contracts	Derivative liabilities – current	(40,261		)	(2,659		)
Deferred premiums	Derivative liabilities – current	—			(183		)
Crude oil contracts	Derivative liabilities – long-term	(16,013		)	(23,781		)
Total derivatives not designated as hedging instruments		$	(53,137	)	$	(7,110	)