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套期保值活动
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3个月结束 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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3月. 31, 2014
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| General Discussion of Derivative Instruments 和 套期保值活动 [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 套期保值活动 |
套期保值活动
油价套期保值活动
The Company seeks to reduce its exposure to unfavorable changes in oil 和 natural gas prices, 哪些会受到显著且经常波动的影响, 通过签订固定价格互换协议. These contracts allow the Company to predict 与 greater certainty the effective oil 和 natural gas prices to be received for hedged production 和 benefit operating cash flows 和 earnings when market prices are less than the fixed prices provided in the contracts. 然而, the Company will not benefit from market prices that are higher than the fixed prices in the contracts for hedged production.
The Company accounts for its oil 和 natural gas derivative instruments as cash flow hedges for accounting purposes under FASB ASC 815 和 related pronouncements. All derivative contracts are marked to market each quarter end 和 are included in the accompanying consolidated balance sheets as derivative 资产 和 负债.
During 2013 和 2014, the Company entered into fixed price swap 和 swaption contracts for 2013 通过 2016 与 四个 金融机构. The Company’s fixed price swap contracts are tied to the commodity prices on the International Petroleum Exchange (“IPE”) 和 NYMEX. The Company will receive the fixed price amount stated in the contract 和 pay to its counterparty the current market price as listed on the IPE for Brent Crude for oil 和 on the NYMEX Henry Hub for natural gas. At 2014年3月31日，公司有以下固定价格掉期：
At 2014年3月31日 the fair value of derivative 资产 和 负债 related to the fixed price swaps 和 swaptions was as follows:
All fixed price swaps 和 swaptions have been executed in connection 与 the Company’s oil 和 natural gas price hedging program. For fixed price swaps qualifying as cash flow hedges pursuant to FASB ASC 815, the realized contract price is included in oil 和 gas sales in the period for which the underlying production was hedged.
For derivatives designated as cash flow hedges 和 meeting the effectiveness guidelines of FASB ASC 815, changes in fair value are recognized in accumulated other comprehensive income (loss) until the hedged item is recognized in earnings. The Company had no cash flow hedges in place for the three months ending 2014年3月31日, as all fixed price swaps 和 swaptions were deemed ineffective at their inception. Amounts reclassified out of accumulated other comprehensive income (loss) into earnings as a component of oil 和 condensate sales for the three months ended 2014年3月31日 和 2013 如下所示.
At 2014年3月31日, no amounts related to fixed price swaps remain in accumulated other comprehensive income (loss).
Hedge effectiveness is measured at least quarterly based on the relative changes in fair value between the derivative contract 和 the hedged item over time. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. 公司确认了一笔损失 $8.700万年 与截至三个月的套期保值无效有关 2014年3月31日, which is included in oil 和 condensate 和 gas sales in the consolidated statements of operations. 公司确认了一笔损失 $0.200万年 与截至三个月的套期保值无效有关 2013年3月31日, which is included in oil 和 condensate sales in the consolidated statements of operations.
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