Derivative Instruments (Tables)
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9 Months Ended |
Sep. 30, 2014
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Derivative Instruments |
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Schedule of outstanding commodity derivatives |
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Weighted
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Natural gas
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Oil
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average index
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MMbtu/day
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Bbls/day
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price
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Three Months ending December 31, 2014
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TCO
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210,000
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$
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5.24
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Dominion South
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160,000
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$
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5.27
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NYMEX
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340,000
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$
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4.18
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CGTLA
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10,000
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$
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3.98
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NYMEX-WTI
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—
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3,000
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$
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93.18
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Total
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720,000
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3,000
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Year ending December 31, 2015:
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TCO
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120,000
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$
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5.01
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Dominion South
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230,000
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$
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5.60
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NYMEX
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260,000
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$
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4.13
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CGTLA
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40,000
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$
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4.00
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2015 Total
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650,000
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Year ending December 31, 2016:
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TCO
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60,000
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$
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4.91
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Dominion South
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272,500
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$
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5.35
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NYMEX
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140,000
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$
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4.17
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CGTLA
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170,000
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$
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4.09
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2016 Total
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642,500
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Year ending December 31, 2017:
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NYMEX
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290,000
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$
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4.38
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CGTLA
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420,000
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$
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4.27
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CCG
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70,000
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$
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4.57
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2017 Total
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780,000
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Year ending December 31, 2018:
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NYMEX
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1,062,500
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$
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4.50
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Year ending December 31, 2019:
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NYMEX
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807,500
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$
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4.41
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Tabular disclosure of commodity derivatives basis differential positions which settle on the pricing index to basis differential of Columbia Gas (TCO) to the NYMEX Henry Hub natural gas price. |
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Natural gas MMbtu/day
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Hedged Differential
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Year ending December 31, 2015:
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390,000
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$
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(0.35)
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Year ending December 31, 2016:
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190,000
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$
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(0.42)
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Year ending December 31, 2017:
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97,500
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$
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(0.50)
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Summary of the fair values of derivative instruments, which are not designated as hedges for accounting purposes |
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December 31, 2013
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September 30, 2014
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Balance sheet location
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Fair value
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Balance sheet location
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Fair value
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(In thousands)
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(In thousands)
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Asset derivatives not designated as hedges for accounting purposes:
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Commodity contracts
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Current assets
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$
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183,000
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Current assets
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$
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280,959
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Commodity contracts
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Long-term assets
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677,780
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Long-term assets
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458,209
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Total asset derivatives
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860,780
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739,168
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Liability derivatives not designated as hedges for accounting purposes:
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Commodity contracts
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Current liabilities
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646
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Current liabilities
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—
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Commodity contracts
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Long-term liabilities
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—
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Long-term liabilities
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86
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Total liability derivatives
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646
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86
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Net derivatives
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$
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860,134
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$
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739,082
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Schedule of gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts |
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December 31, 2013
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September 30, 2014
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Gross amounts on balance sheet
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Gross amounts offset on balance sheet
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Net amounts of assets (liabilities) on balance sheet
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Gross amounts on balance sheet
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Gross amounts offset on balance sheet
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Net amounts of assets (liabilities) on balance sheet
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Commodity derivative assets
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$
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887,034
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(26,254)
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860,780
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$
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792,075
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(52,907)
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739,168
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Commodity derivative liabilities
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$
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(646)
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—
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(646)
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$
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(2,677)
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2,591
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(86)
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Summary of derivative fair value losses |
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Statement of operations
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Three Months Ended September 30,
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Nine Months Ended September 30,
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location
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2013
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2014
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2013
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2014
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Commodity derivative fair value gains (losses)
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Revenue
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$
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161,968
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308,975
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285,510
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(63,720)
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