Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v2.4.0.8
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2013
Open Commodity Derivatives

As of June 30, 2013, our open commodity derivatives contracts were as follows: 

 

 

Swaps – Oil

 

 

Priced off Brent (ICE)

 

Priced off WTI (NYMEX)

Termination Period

 

Notional
Quantity  (Bbls)

 

Weighted
Average
Contract Price

 

Notional
Quantity  (Bbls)

 

Weighted
Average

Contract Price

2013:

3rd quarter

 

  405,800

 

$

  103.85

 

  185,000

 

$

  97.13

 

4th quarter

  

  294,400

  

 

  101.98

  

  520,000

  

 

  97.38

2014:

1st quarter

    

  180,000

    

 

  97.38

     

  59,000

    

 

  97.02

 

2nd quarter

 

  172,900

 

 

  97.38

 

—

 

 

—

 

3rd quarter

 

  165,600

 

 

  97.38

 

—

 

 

—

 

4th quarter

 

  156,400

 

 

  97.37

 

—

 

 

—

 

 

 

  1,375,100

 

$

  100.27

 

  764,000

 

$

  97.29

 

 

 

 

 

 

 

 

 

 

 

 

 
Estimated Fair Value of Derivative Contracts

The following balance sheet line items included amounts related to the estimated fair value of our open derivative contracts as indicated in the following table (in thousands):

 

June 30,
2013

 

December 31,
2012

Prepaid and other assets

$

  2,635

 

$

—

Other Assets (noncurrent)

 

  221

 

 

—

Accrued liabilities

 

  475

 

 

  6,355

Other liabilities (noncurrent)

 

—

 

 

  3,046

 
Changes in Fair Value of Commodity Derivative Contracts Recognized in Earnings

Changes in the fair value of our commodity derivative contracts are recognized currently in earnings and were as follows (in thousands):

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2013

 

 

2012

 

 

2013

 

 

2012

 

Derivative (gain) loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        Realized

$

(1,961

)

 

$

  285

 

 

$

  2,310

 

 

$

  6,084

 

        Unrealized

 

(10,879

)

 

 

(50,157

)

 

 

(11,783

)

 

 

(16,322

)

        Total

$

(12,840

)

 

$

(49,872

)

 

$

(9,473

)

 

$

(10,238

)

 
Reconciliation of Gross Assets and Liabilities and Netting Agreements on Fair Value of Open Derivative Contracts

The following table presents disclosures required by ASU 2011-11 and ASU 2013-01 and provides a reconciliation of the gross assets and liabilities reflected in the balance sheet and the potential effects of master netting agreements on the fair value of open derivative contracts as of June 30, 2013.

 

 

Derivative

Assets

 

Derivative

Liabilities

 

Gross amounts presented in the balance sheet

$

  2,856

 

$

  475

 

Amounts not offset in the balance sheet

 

(348

)

 

(348

)

Net amounts

$

  2,508

 

$

  127