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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, 2013
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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 prices, which are subject to significant 和 often volatile fluctuation, 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 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 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 assets 和 负债.
在 2012，本公司订立了固定价格掉期合约 2013 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 for oil as listed on the IPE for Brent Crude 和 the NYMEX WTI. At 2013年3月31日，公司有以下固定价格掉期：
At 2013年3月31日 the fair value of derivative assets related to the fixed price swaps was as follows:
All fixed price swaps have been executed in connection 与 the Company’s oil 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 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. Amounts reclassified out of accumulated other comprehensive income (loss) into earnings as a component of oil 和 condensate sales for the 截至3月31日的三个月， 2013 和 2012 如下所示.
公司希望重新分类 $9.100万年 out of accumulated other comprehensive income (loss) into earnings as a component of oil 和 condensate sales during the remainder of the year ended 2013年12月31日 与固定价格掉期有关.
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 $0.200万年 和 $0.300万年 与套期保值无效有关的 截至3月31日的三个月， 2013 和 2012, 分别, which is included in oil 和 condensate sales in the consolidated statements of operations.
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