6 5 - RR DONNELLEY FINANCIAL - External Home Login

Weighted Average Price Cash Flow Fair
Volume Fixed Put Call Differential Hedge Value
(mbbl) (per bbl) ($ in millions)
Oil:
Swaps:
Q1 2011 ............. 180$ 91.35 $ — $ — $ — Yes $ —
Q2 2011 ............. 182 91.35 — — — Yes —
Q3 2011 ............. 184 91.35 — — — Yes (1)
Q4 2011 .............
Other Swaps
184 91.35 — — — Yes (1)
(a) :
2012 ................ 1,830 100.00 — — — No (13)
2013 ................
Call Options
1,825 100.00 — — — No (16)
(b) :
Q1 2011 ............. 2,250 — — 72.81 — No (28)
Q2 2011 ............. 2,275 — — 72.81 — No (33)
Q3 2011 ............. 2,300 — — 72.81 — No (37)
Q4 2011 ............. 2,300 — — 72.81 — No (40)
2012 ................ 15,644 — — 79.82 — No (258)
2013 ................ 12,739 — — 85.37 — No (226)
2014 ................ 8,707 — — 87.72 — No (151)
2015 ................ 7,411 — — 85.31 — No (140)
2016 – 2017 .........
Knock-Out Swaps:
10,600 — — 84.25 — No (216)
Q1 2011 ............. 270 104.75 60.00 — — No 3
Q2 2011 ............. 273 104.75 60.00 — — No 3
Q3 2011 ............. 276 104.75 60.00 — — No 3
Q4 2011 ............. 276 104.75 60.00 — — No 2
2012 ................ 732 109.50 60.00 — — No 8
Total Oil .............................................. (1,141)
Total Natural Gas and Oil .........................................................$ (649)
(a) Other swaps are swaps not qualifying for designation as cash flow hedges. Other oil swaps include options
to extend existing swaps for an additional 12 months. The volume of such extendables in 2012 – 2013 is
3,655 mbbl at a weighted average price of $100.00/bbl.
(b) Included in oil call options are natural gas liquid call options in the amount of 5,000 bbls per day at
$39.06/bbl for 2011 and $38.01/bbl for 2012.
In addition to the open derivative positions disclosed above, at December 31, 2010, we had $160 million of
net hedging gains related to settled trades for future production periods that will be recorded within natural gas
and oil sales as realized gains (losses) as they are transferred from either accumulated other comprehensive
income or unrealized gains (losses) in the month of related production based on the terms specified in the
original contract as noted below:
December 31,
2010
($ in millions)
Q1 2011 ..................................................................... $ 68
Q2 2011 ..................................................................... 82
Q3 2011 ..................................................................... 79
Q4 2011 ..................................................................... 68
2012 ........................................................................ 42
2013 ........................................................................ 18
2014 ........................................................................ (237)
2015 ........................................................................ 51
2016 – 2022 .................................................................. (11)
Total .................................................................... $ 160
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