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