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套期保值活动
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6个月结束 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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小君. 30, 2012
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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
The Company seeks to reduce its exposure to unfavorable changes in oil prices, which are subject to significant 和 often volatile fluctuation, by entering into fixed price swaps 和 forward sales contracts. These contracts allow the Company to predict with 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.
During the third quarter of 2011 和 the first quarter of 2012, the Company entered into fixed price swap contracts for 2012 和 2013 with the purchaser of the Company’s WCBB oil 和 two financial institutions. The Company’s fixed price swap contracts are tied to the commodity prices on the International Petroleum Exchange (“IPE”). 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. At 2012年6月30日, the Company had the following fixed price swaps in place:
At 2012年6月30日 the fair value of derivative assets related to the fixed price swaps was as follows:
All fixed price swaps 和 forward sales contracts have been executed in connection with 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 until the hedged item is recognized in earnings. Amounts reclassified out of accumulated other comprehensive income into earnings as a component of oil 和 condensate sales for the 六个 个月结束 2012年6月30日 和 2011 如下所示.
公司希望重新分类 $6,921,000 out of accumulated other comprehensive income into earnings as a component of oil 和 condensate sales during the remainder of the year 结束了 2012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. 公司确认了收益 $345,000 和 $79,000 与套期保值无效有关的 三个月和六个月 结束了 2012年6月30日, 分别, which is included in oil 和 condensate sales in the consolidated statements of operations. The Company did not recognize into earnings any amount 与套期保值无效有关的 六个 个月结束 2011年6月30日.
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