Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments (Tables)

v2.4.0.8
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)