Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v2.4.0.8
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2014
Open Commodity Derivatives

As of March 31, 2014, our open commodity derivative contracts were as follows:

 

 

 

 

Swaps – Oil

 

 

 

 

Priced off Brent

 

 

Priced off WTI

 

 

Priced off LLS

 

 

 

 

(ICE)

 

 

(NYMEX)

 

 

(ARGUS)

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Weighted-

 

 

 

 

Notional

 

 

Average

 

 

Notional

 

 

Average

 

 

Notional

 

 

Average

 

 

 

 

Quantity

 

 

Contract

 

 

Quantity

 

 

Contract

 

 

Quantity

 

 

Contract

 

Termination Period

 

(Bbls)

 

 

Price

 

 

(Bbls)

 

 

Price

 

 

(Bbls)

 

 

Price

 

2014:

2nd Quarter

 

 

172,900

 

 

$

97.38

 

 

 

353,000

 

 

$

97.04

 

 

 

637,000

 

 

$

97.83

 

 

3rd Quarter

 

 

165,600

 

 

 

97.38

 

 

 

62,000

 

 

 

97.01

 

 

 

828,000

 

 

 

97.69

 

 

4th Quarter

 

 

156,400

 

 

 

97.37

 

 

 

—

 

 

 

—

 

 

 

460,000

 

 

 

98.12

 

 

 

 

 

494,900

 

 

$

97.38

 

 

 

415,000

 

 

$

97.04

 

 

 

1,925,000

 

 

$

97.84

 

 
Estimated Fair Value of Derivative Contracts

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

 

 

March 31,

 

 

December 31,

 

 

2014

 

 

2013

 

Prepaid and other assets

$

—

 

 

$

141

 

Accrued liabilities

 

12,104

 

 

 

9,423

 

 
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

 

 

March 31,

 

 

2014

 

 

2013

 

Derivative (gain) loss:

 

 

 

 

 

 

 

Realized

$

4,670

 

 

$

4,271

 

Unrealized

 

2,822

 

 

 

(903

)

Total

$

7,492

 

 

$

3,368

 

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

The following table 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 (in thousands):

 

 

March 31, 2014

 

 

December 31, 2013

 

 

Derivative

 

 

Derivative

 

 

Derivative

 

 

Derivative

 

 

Assets

 

 

Liabilities

 

 

Assets

 

 

Liabilities

 

Gross amounts presented in the balance sheet

$

—

 

 

$

12,104

 

 

$

141

 

 

$

9,423

 

Amounts not offset in the balance sheet

 

—

 

 

 

—

 

 

 

(141

)

 

 

(141

)

Net Amounts

$

—

 

 

$

12,104

 

 

$

—

 

 

$

9,282