Coterra Energy (CTRA) 10-Q 30 Jul 09 2009 Q2 Quarterly report Financial data

Document and Company Informatio

Document and Company Information (USD $)
In Millions, except Share data	6 Months Ended Jun. 30, 2009	Jul. 24, 2009	Jun. 30, 2008
Document And Company Information [Abstract]
Entity Registrant Name	CABOT OIL& GAS CORPORATION
Entity Central Index Key	0000858470
Document Type	10-Q
Document Period End Date	2009-06-30
Amendment Flag	false
Amendment Description	N/A
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$6,999
Entity Common Stock, Shares Outstanding (actual number)		103,644,436

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations (Unaudited) (USD $)
In Thousands, except Per Share data	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
OPERATING REVENUES
Natural Gas Production	$176,213	$202,689	$360,735	$369,248
Brokered Natural Gas	11,704	27,188	45,085	62,808
Crude Oil and Condensate	16,210	18,600	30,452	35,087
Other	697	377	2,491	1,362
Total Operating Revenues	204,824	248,854	438,763	468,505
OPERATING EXPENSES
Brokered Natural Gas Cost	10,684	24,140	40,433	54,430
Direct Operations-Field and Pipeline	23,073	22,636	48,552	40,127
Exploration Expense	10,397	7,290	16,863	12,351
Depreciation, Depletion and Amortization	55,108	42,482	110,893	83,998
Impairment of Unproved Properties	6,730	5,919	16,037	10,670
General and Administrative	17,117	33,477	34,182	61,050
Taxes Other Than Income	10,914	19,225	23,812	36,122
Operating Expenses	134,023	155,169	290,772	298,748
Gain / (Loss) on Sale of Assets	(16,562)	401	(3,855)	401
INCOME FROM OPERATIONS	54,239	94,086	144,136	170,158
Interest Expense and Other	15,046	6,207	29,272	12,198
Income Before Income Taxes	39,193	87,879	114,864	157,960
Income Tax Expense	13,691	33,254	41,782	57,360
NET INCOME	$25,502	$54,625	$73,082	$100,600
Basic Earnings Per Share	0.25	0.55	0.71	1.03
Diluted Earnings Per Share	0.24	0.55	0.7	1.02
Weighted-Average Common Shares Outstanding	103,640	98,467	103,581	98,092
Diluted Common Shares	104,815	99,481	104,312	98,964

Condensed Consolidated Balance

Condensed Consolidated Balance Sheet (Unaudited) (USD $)
In Thousands	Jun. 30, 2009	Dec. 31, 2008
Current Assets
Cash and Cash Equivalents	$29,848	$28,101
Accounts Receivable, Net	54,521	109,613
Inventories	29,514	45,677
Current Derivative Contracts	244,374	264,660
Other Current Assets	12,565	12,500
Total Current Assets	370,822	460,551
Properties and Equipment, Net (Successful Efforts Method)	3,154,753	3,135,828
Long-Term Derivative Contracts	53,014	90,542
Investment in Equity Securites	20,636	0
Other Assets	24,459	14,743
Total Assets	3,623,684	3,701,664
Current Liabilities
Accounts Payable	127,392	222,985
Current Portion of Long-Term Debt	20,000	35,857
Deferred Income Taxes	56,416	63,985
Income Taxes Payable	8,976	5,535
Accrued Liabilities	52,343	50,551
Total Current Liabilities	265,127	378,913
Long-Term Liability for Pension and Postretirement Benefits	48,077	54,714
Long-Term Debt	795,000	831,143
Deferred Income Taxes	628,234	599,106
Other Liabilities	50,774	47,226
Total Liabilities	1,787,212	1,911,102
Stockholders' Equity
Common Stock: Authorized-240,000,000 Shares of $0.10 Par Value in 2009 and 120,000,000 Shares of $0.10 Par Value in 2008 Issued-103,846,636 Shares and 103,561,268 Shares in 2009 and 2008, respectively	10,385	10,356
Additional Paid-in Capital	682,733	675,568
Retained Earnings	988,430	921,561
Accumulated Other Comprehensive Income	158,273	186,426
Less Treasury Stock, at Cost: 202,200 Shares in 2009 and 2008, respectively	(3,349)	(3,349)
Total Stockholders' Equity	1,836,472	1,790,562
Total Liabilities and Stockholders' Equity	$3,623,684	$3,701,664

1_Condensed Consolidated Balanc

Condensed Consolidated Balance Sheet (Parenthetical) (Unaudited) (USD $)
	Jun. 30, 2009	Dec. 31, 2008
Common shares, par value	0.1	0.1
Common Stock, Shares Authorized (actual number)	240,000,000	120,000,000
Common Stock, Shares Issued (actual number)	103,846,636	103,561,268
Treasury Stock, Shares (actual number)	202,200	202,200

2_Condensed Consolidated Statem

Condensed Consolidated Statement of Cash Flows (Unaudited) (USD $)
In Thousands	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$25,502	$54,625	$73,082	$100,600
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization	55,108	42,482	110,893	83,998
Impairment of Unproved Properties	6,730	5,919	16,037	10,670
Deferred Income Tax Expense			38,252	55,515
(Gain) / Loss on Sale of Assets	16,562	(401)	3,855	(401)
Exploration Expense	10,397	7,290	16,863	12,351
Unrealized (Gain) / Loss on Derivatives			(815)	2,909
Stock-Based Compensation Expense and Other			13,513	19,830
Changes in Assets and Liabilities:
Accounts Receivable, Net			55,092	(54,319)
Inventories			16,163	7,651
Other Current Assets			(65)	10,689
Other Assets			5	5,697
Accounts Payable and Accrued Liabilities			(41,894)	20,373
Income Taxes Payable			3,441	(888)
Other Liabilities			(4,037)	1,736
Net Cash Provided by Operating Activities			300,385	276,411
CASH FLOWS FROM INVESTING ACTIVITIES
Capital Expenditures			(292,741)	(312,445)
Acquisitions			(229)	(60,166)
Proceeds from Sale of Assets			79,667	1,150
Exploration Expense			(16,863)	(12,351)
Net Cash Used in Investing Activities			(230,166)	(383,812)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from Debt			70,000	180,000
Repayments of Debt			(122,000)	(265,000)
Net Proceeds from Sale of Common Stock			150	316,107
Dividends Paid			(6,213)	(5,873)
Capitalized Debt Issuance Costs			(10,409)	0
Net Cash (Used in) / Provided by Financing Activities			(68,472)	225,234
Net Increase in Cash and Cash Equivalents			1,747	117,833
Cash and Cash Equivalents, Beginning of Period			28,101	18,498
Cash and Cash Equivalents, End of Period	$29,848	$136,331	$29,848	$136,331

Financial Statement Presentatio

Financial Statement Presentation
	6 Months Ended Jun. 30, 2009 USD / shares
Financial Statement Presentation [Abstract]
FINANCIAL STATEMENT PRESENTATION	1. FINANCIAL STATEMENT PRESENTATION During interim periods, Cabot Oil Gas Corporation (the Company) follows the same accounting policies used in its 2008 Annual Report to Stockholders and its Annual Report on Form 10-K for the year ended December31, 2008 (Form 10-K) filed with the Securities and Exchange Commission (SEC). The interim financial statements should be read in conjunction with the notes to the financial statements and information presented in the Form 10-K. In managements opinion, the accompanying interim condensed consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments, necessary for a fair statement. The results for any interim period are not necessarily indicative of the expected results for the entire year. Subsequent events have been evaluated through July30, 2009, which is also the date that the financial statements were issued. With respect to the unaudited financial information of the Company for the three and six month periods ended June30, 2009 and 2008, PricewaterhouseCoopers LLP reported that they have applied limited procedures in accordance with professional standards for a review of such information. However, their separate report dated July30, 2009 appearing herein states that they did not audit and they do not express an opinion on that unaudited financial information. Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied. PricewaterhouseCoopers LLP is not subject to the liability provisions of Section11 of the Securities Act of 1933 for their report on the unaudited financial information because that report is not a report or a part of the registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections7 and 11 of the Act. Recently Adopted Accounting Standards In February2008, the Financial Accounting Standards Board (FASB)issued FASB Staff Position (FSP) No.FAS 157-2, Effective Date of FASB Statement No.157, which granted a one year deferral (to fiscal years beginning after November15, 2008, and interim periods within those fiscal years) for certain non-financial assets and liabilities measured on a nonrecurring basis to comply with SFAS No.157. Effective January1, 2009, the Company applied the provisions of Statement of Financial Accounting Standards (SFAS)No.157 covered under FSP No.FAS 157-2 which did not have a material impact on the Companys financial statements. For further information, please refer to Note 7 of the Notes to the Condensed Consolidated Financial Statements. Effective January1, 2009, the Company adopted FSP No.Emerging Issues Task Force (EITF)03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities which did not have a material impact on the Companys financial statements. For further information, please refer to Note 5 of the Notes to the Condensed Consolidated Financial Statements. In March2008, the FASB issued SFAS No.161, Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB S

Properties and Equipment, Net

Properties and Equipment, Net
	6 Months Ended Jun. 30, 2009 USD / shares
Properties and Equipment, Net [Abstract]
PROPERTIES AND EQUIPMENT, NET	2. PROPERTIES AND EQUIPMENT, NET Properties and equipment, net are comprised of the following: June 30, December 31, (In thousands) 2009 2008 Unproved Oil and Gas Properties $ 298,714 $ 315,782 Proved Oil and Gas Properties 3,936,345 3,813,014 Gathering and Pipeline Systems 269,868 274,192 Land, Building and Other Equipment 70,212 68,606 4,575,139 4,471,594 Accumulated Depreciation, Depletion and Amortization (1,420,386 ) (1,335,766 ) $ 3,154,753 $ 3,135,828 At June30, 2009, the Company did not have any projects that had exploratory well costs that were capitalized for a period of greater than one year after drilling. In April2009, the Company sold its Canadian properties to a private Canadian company. Total consideration received from the sale was $84.4million, consisting of $64.3million in cash and $20.1million in common stock of the Canadian company (included on the Condensed Consolidated Balance Sheet as Investment in Equity Securities at June30, 2009). The common stock investment is being accounted for using the cost method. The total net book value of the Canadian properties sold was $95.0million. At December31, 2008, the Company recorded 40.4 Bcfe of proved reserves (two percent of total proved reserves) related to these properties. The Company recognized a $3.9million aggregate loss on sale of assets in the first half of 2009. During the quarter ended June30, 2009, the Company recorded a $10.5million (net of taxes of $6.1 million) loss on sale of assets, primarily due to the sale of the Canadian properties described above. During the first quarter of 2009, the Company recognized a $12.7million gain on sale of assets primarily related to the sale of Thornwood properties in the East region. Cash proceeds of $11.4million were received from the sale of the Thornwood properties.

Additional Balance Sheet Inform

Additional Balance Sheet Information
	6 Months Ended Jun. 30, 2009 USD / shares
Additional Balance Sheet Information [Abstract]
ADDITIONAL BALANCE SHEET INFORMATION	3. ADDITIONAL BALANCE SHEET INFORMATION Certain balance sheet amounts are comprised of the following: June 30, December 31, (In thousands) 2009 2008 ACCOUNTS RECEIVABLE, NET Trade Accounts $ 47,957 $ 94,164 Joint Interest Accounts 8,598 16,454 Current Income Tax Receivable 526 Other Accounts 1,779 1,987 58,334 113,131 Allowance for Doubtful Accounts (3,813 ) (3,518 ) $ 54,521 $ 109,613 INVENTORIES Natural Gas in Storage $ 10,865 $ 27,478 Tubular Goods and Well Equipment 18,200 16,439 Pipeline Imbalances 449 1,760 $ 29,514 $ 45,677 OTHER CURRENT ASSETS Drilling Advances $ 2,774 $ 4,869 Prepaid Balances 9,651 7,631 Other 140 $ 12,565 $ 12,500 OTHER ASSETS Rabbi Trust Deferred Compensation Plan $ 9,440 $ 8,651 Deferred Charges for Credit Agreements 13,779 4,847 Other Accounts 1,240 1,245 $ 24,459 $ 14,743 ACCOUNTS PAYABLE Trade Accounts $ 10,744 $ 44,088 Natural Gas Purchases 6,233 5,346 Royalty and Other Owners 31,900 42,349 Capital Costs 63,123 117,029 Taxes Other Than Income 3,150 5,617 Drilling Advances 1,098 1,289 Wellhead Gas Imbalances 4,090 3,354 Other Accounts 7,054 3,913 $ 127,392 $ 222,985 ACCRUED LIABILITIES Employee Benefits $ 5,849 $ 10,807 Current Liability for Pension Benefits 245 245 Current Liability for Postretirement Benefits 642 642 Taxes Other Than Income 23,581 16,582 Interest Payable 19,863 20,684 Other Accounts 2,163 1,591 $ 52,343 $ 50,551 OTHER LIABILITIES Rabbi Trust Deferred Compensation Plan $ 16,510 $ 14,531 Accrued Plugging and Abandonment Liability 28,807 27,978 Other Accounts 5,457 4,717 $ 50,774 $ 47,226

Long Term Debt

Long Term Debt
	6 Months Ended Jun. 30, 2009 USD / shares
Long-Term Debt Disclosure [Abstract]
LONG-TERM DEBT	4. LONG-TERM DEBT The Companys debt consisted of the following: June 30, December 31, (In thousands) 2009 2008 Long-Term Debt 7.19% Notes $ 20,000 $ 20,000 7.33% Weighted-Average Fixed Rate Notes 170,000 170,000 6.51% Weighted-Average Fixed Rate Notes 425,000 425,000 9.78% Notes 67,000 67,000 Credit Facility 133,000 185,000 Current Maturities 7.19% Notes (20,000 ) (20,000 ) Credit Facility (15,857 ) Total Current Maturities (20,000 ) (35,857 ) Long-Term Debt, excluding Current Maturities $ 795,000 $ 831,143 In April2009, the Company entered into a new revolving credit facility and terminated its prior credit facility. The credit facility provides for an available credit line of $500million and contains an accordion feature allowing the Company to increase the available credit line to $600 million, if any one or more of the existing banks or new banks agree to provide such increased commitment amount. The term of the facility expires in April2012. In conjunction with entering into the new credit facility, the Company incurred $10.4million of debt issuance costs which were capitalized and will be amortized over term of the facility. The credit facility is unsecured. The available credit line is subject to adjustment from time to time on the basis of (1)the projected present value (as determined by the banks based on the Companys reserve reports and engineering reports) of estimated future net cash flows from certain proved oil and gas reserves and certain other assets of the Company (the Borrowing Base) and (2) the outstanding principal balance of the Companys senior notes. Under the credit facility, the Borrowing Base is initially set at $1.35billion, to be periodically redetermined as described above. While the Company does not expect a reduction in the available credit line, in the event that it is adjusted below the outstanding level of borrowings in connection with scheduled redetermination or due to a termination of hedge positions, the Company has a period of six months to reduce its outstanding debt in equal monthly installments to the adjusted credit line available. Interest rates under the credit facility are based on Euro-Dollars (LIBOR)or Base Rate (Prime) indications, plus a margin. These associated margins increase if the total indebtedness under the credit facility and the Companys senior notes is greater than 25%, greater than 50%, greater than 75% or greater than 90% of the Borrowing Base, as shown below: Debt Percentage 25% 25% 50% 50% 75% 75% 90% 90% Eurodollar Margin 2.000 % 2.250 % 2.500 % 2.750 % 3.000 % Base Rate Margin 1.125 % 1.375 % 1.625 % 1.875 % 2.125 % The credit facility provides for a commitment fee on the unused available balance at annual rates of 0.50%. The credit facility contains various customary restrictions, which incl

Earnings Per Common Share

Earnings Per Common Share
	6 Months Ended Jun. 30, 2009 USD / shares
Earnings Per Common Share [Abstract]
EARNINGS PER COMMON SHARE	5. EARNINGS PER COMMON SHARE Effective January1, 2009, the Company adopted FSP No.EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities. Under this FSP, unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether they are paid or unpaid, are considered participating securities and should be included in the computation of earnings per share pursuant to the two-class method. FSP No.EITF 03-6-1 became effective for financial statements issued for fiscal years beginning after December15, 2008, and interim periods within those years. In addition, all prior period earnings per share data presented are required to be retrospectively adjusted. Upon adoption of FSP No. EITF 03-6-1, basic earnings per share (EPS)is required to be computed using the two-class method prescribed in SFAS No.128, Earnings per Share. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that would otherwise have been available to common shareholders. SFAS No.128 defines participating securities as securities that may participate in dividends with common stocks according to a predetermined formula. FSP No.EITF 03-6-1 provides that its provisions need not be applied to immaterial items. The Company has concluded that there are no material items to consider for purposes of its shares outstanding and EPS calculations, and the treasury stock method will continue to be used, as described below. Basic EPS is computed by dividing net income (the numerator) by the weighted-average number of common shares outstanding for the period (the denominator). Diluted EPS is similarly calculated except that the denominator is increased using the treasury stock method to reflect the potential dilution that could occur if stock options and stock awards outstanding at the end of the applicable period were exercised for common stock. The following is a calculation of basic and diluted weighted-average shares outstanding for the three and six months ended June30, 2009 and 2008: Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 Weighted-Average Shares Basic 103,639,938 98,467,311 103,580,755 98,091,641 Dilution Effect of Stock Options and Awards at End of Period 1,174,872 1,014,070 731,091 872,358 Weighted-Average Shares Diluted 104,814,810 99,481,381 104,311,846 98,963,999 Weighted-Average Stock Awards and Shares Excluded from Diluted Earnings per Share due to the Anti-Dilutive Effect 220,489 752,204 274,854

Commitments and Contingencies

Commitments and Contingencies
	6 Months Ended Jun. 30, 2009 USD / shares
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	6. COMMITMENTS AND CONTINGENCIES Contingencies The Company is a defendant in various legal proceedings arising in the normal course of its business. All known liabilities are accrued based on managements best estimate of the potential loss. While the outcome and impact of such legal proceedings on the Company cannot be predicted with certainty, management believes that the resolution of these proceedings through settlement or adverse judgment will not have a material adverse effect on the Companys condensed consolidated financial position or cash flow. Operating results, however, could be significantly impacted in the reporting periods in which such matters are resolved. Commitment and Contingency Reserves When deemed necessary, the Company establishes reserves for certain legal proceedings. The establishment of a reserve involves an estimation process that includes the advice of legal counsel and subjective judgment of management. While management believes these reserves to be adequate, it is reasonably possible that the Company could incur approximately $0.9million of additional loss with respect to those matters in which reserves have been established. Future changes in the facts and circumstances could result in the actual liability exceeding the estimated ranges of loss and amounts accrued. While the outcome and impact on the Company cannot be predicted with certainty, management believes that the resolution of these proceedings through settlement or adverse judgment will not have a material adverse effect on the condensed consolidated financial position or cash flow of the Company. Operating results, however, could be significantly impacted in the reporting periods in which such matters are resolved. Firm Gas Transportation Agreements The Company has incurred, and will incur over the next several years, demand charges on firm gas transportation agreements. These agreements provide firm transportation capacity rights on pipeline systems in the West and East regions. The remaining terms on these agreements range from less than one year to approximately 20years and require the Company to pay transportation demand charges regardless of the amount of pipeline capacity utilized by the Company. If the Company does not utilize the capacity, it can release it to others, thus reducing its potential liability. The agreements that the Company previously had in place on pipeline systems in Canada were transferred in April2009 to the buyer in connection with the sale of our Canadian properties (discussed in Note 2). As previously disclosed in the Form 10-K, obligations under firm gas transportation agreements in effect at December31, 2008 were $94.7million. As of June30, 2009, obligations under firm gas transportation agreements were $90.7million. For further information on these future obligations, please refer to Note 7 of the Notes to the Consolidated Financial Statements in the Form 10-K. Drilling Rig Commitments In the Form 10-K, the Company disclosed that it had total commitments of $44.3million on eight drilling rigs in the Gulf Coast that are under contracts with initial terms of greater than one year. Th

Financial Instruments

Financial Instruments
	6 Months Ended Jun. 30, 2009 USD / shares
Financial Instruments [Abstract]
FINANCIAL INSTRUMENTS	7. FINANCIAL INSTRUMENTS Fair Value Measurements In February2008, the FASB issued FSP No.FAS 157-2, Effective Date of FASB Statement No.157, which granted a one year deferral (to fiscal years beginning after November15, 2008, and interim periods within those fiscal years) for certain non-financial assets and liabilities measured on a nonrecurring basis to comply with SFAS No.157. Effective January1, 2009, the Company applied the provisions of FAS No.157 covered under FSP No.157-2 which did not have a material impact on the Companys financial statements. In the future, areas that could cause an impact would primarily be limited to asset impairments including long-lived assets, asset retirement obligations and assets acquired and liabilities assumed in a business combination, if any. SFAS No.157, Fair Value Measurements, established a formal framework for measuring fair values of assets and liabilities in financial statements that are already required by United States generally accepted accounting principles to be measured at fair value. As defined in SFAS No. 157, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The transaction is based on a hypothetical transaction in the principal or most advantageous market considered from the perspective of the market participant that holds the asset or owes the liability. The Company utilizes market data or assumptions that market participants who are independent, knowledgeable and willing and able to transact would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. The Company attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The Company is able to classify fair value balances based on the observability of those inputs. SFAS No.157 establishes a formal fair value hierarchy based on the inputs used to measure fair value. The hierarchy gives the highest priority to level 1 measurements and the lowest priority to level 3 measurements, and accordingly, level 1 measurements should be used whenever possible. For further information regarding the fair value hierarchy and SFAS No.157, refer to Note 11 of the Notes to the Consolidated Financial Statements in the Form 10-K. In accordance with SFAS No.157, the Company has classified its assets and liabilities into these levels depending upon the data relied on to determine the fair values. The fair values of the Companys natural gas and crude oil price collars and swaps are designated as Level 3. The following fair value hierarchy table presents information about the Companys assets and liabilities measured at fair value on a recurring basis as of June30, 2009: Quoted Prices in Significant Active Markets for Other Significant Identical Assets Observable Unobservable Balance as of (In thousands)

Comprehensive Income

Comprehensive Income (Loss)
	6 Months Ended Jun. 30, 2009 USD / shares
Comprehensive Income / (Loss) [Abstract]
COMPREHENSIVE INCOME / (LOSS)	8. COMPREHENSIVE INCOME / (LOSS) Comprehensive Income / (Loss) includes Net Income and certain items recorded directly to Stockholders Equity and classified as Accumulated Other Comprehensive Income / (Loss). The following tables illustrate the calculation of Comprehensive Income / (Loss) for the three and six month periods ended June30, 2009 and 2008: Three Months Ended June 30, (In thousands) 2009 2008 Accumulated Other Comprehensive Income / (Loss) Beginning of Period $ 216,684 $ (60,872 ) Net Income $ 25,502 $ 54,625 Other Comprehensive Income / (Loss), net of taxes: Reclassification Adjustment for Settled Contracts, net of taxes of $40,182 and $(9,404), respectively (66,746 ) 16,014 Changes in Fair Value of Hedge Positions, net of taxes of $277 and $81,249, respectively (467 ) (138,645 ) Defined Benefit Pension and Postretirement Plans: Amortization of Net Obligation at Transition, net of taxes of $(59) and $(58), respectively $ 99 $ 100 Amortization of Prior Service Cost, net of taxes of $(67) and $(93), respectively 112 157 Amortization of Net Loss, net of taxes of $(358) and $(172), respectively 606 817 294 551 Foreign Currency Translation Adjustment, net of taxes of $(4,751) and $(189), respectively 7,985 350 Total Other Comprehensive Loss (58,411 ) (58,411 ) (121,730 ) (121,730 ) Comprehensive Loss $ (32,909 ) $ (67,105 ) Accumulated Other Comprehensive Income / (Loss) End of Period $ 158,273 $ (182,602 ) Six Months Ended June 30, (In thousands) 2009 2008 Accumulated Other Comprehensive Income / (Loss) Beginning of Period $ 186,426 $ (894 ) Net Income $ 73,082 $ 100,600 Other Comprehensive Income / (Loss), net of taxes: Reclassification Adjustment for Settled Contracts, net of taxes of $73,413 and $(9,783), respectively (122,609 ) 16,657 Changes in Fair Value of Hedge Positions, net of taxes of $(51,604) and $116,027, respectively 85,789 (197,548 ) Defined Benefit Pension and Postretirement Plans: Amortization of

Pension and Other Postretiremen

Pension and Other Postretirement Benefits
	6 Months Ended Jun. 30, 2009 USD / shares
Pension and Other Postretirement Benefits [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFITS	9. PENSION AND OTHER POSTRETIREMENT BENEFITS The components of net periodic benefit costs for the three and six months ended June30, 2009 and 2008 were as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2009 2008 2009 2008 Qualified and Non-Qualified Pension Plans Current Period Service Cost $ 861 $ 828 $ 1,722 $ 1,657 Interest Cost 928 818 1,856 1,636 Expected Return on Plan Assets (671 ) (884 ) (1,342 ) (1,767 ) Amortization of Prior Service Cost 13 13 26 25 Amortization of Net Loss 794 294 1,588 587 Net Periodic Pension Cost $ 1,925 $ 1,069 $ 3,850 $ 2,138 Postretirement Benefits Other than Pension Plans Current Period Service Cost $ 320 $ 307 $ 640 $ 541 Interest Cost 398 382 797 690 Amortization of Prior Service Cost 167 238 333 476 Amortization of Net Loss 169 171 338 224 Amortization of Net Obligation at Transition 158 158 316 316 Total Postretirement Benefit Cost $ 1,212 $ 1,256 $ 2,424 $ 2,247 Employer Contributions The funding levels of the pension and postretirement plans are in compliance with standards set by applicable law or regulation. The Company does not have any required minimum funding obligations for its qualified pension plan in 2009. The Company previously disclosed in its financial statements for the year ended December31, 2008 that it expected to contribute $0.3million to its non-qualified pension plan and $0.8million to the postretirement benefit plan during 2009. It is anticipated that these contributions will be made prior to December31, 2009. In May2009, the Company made a contribution of $10million to its qualified pension plan.

Stock Based Compensation

Stock Based Compensation
	6 Months Ended Jun. 30, 2009 USD / shares
Stock-Based Compensation [Abstract]
STOCK-BASED COMPENSATION	10. STOCK-BASED COMPENSATION Compensation expense charged against income for stock-based awards (including the supplemental employee incentive plans) during the first half of 2009 and 2008 was $11.3million and $39.3 million, respectively, and is included in General and Administrative Expense in the Condensed Consolidated Statement of Operations. Stock-based compensation expense in the second quarter of 2009 and 2008 was $6.2million and $21.7million, respectively. As disclosed in the Form 10-K, the Company realized a $10.7million tax benefit during the year ended December31, 2008 related to the 2007 federal tax deduction in excess of book compensation cost for employee stock-based compensation. In accordance with SFAS No.123(R), the Company is able to recognize this tax benefit only to the extent it reduces the Companys income taxes payable. Such income tax benefit related to the stock-based compensation was recorded in 2008 as the Company carried back net operating losses concurrent with the 2007 tax return filing. For regular tax purposes, the Company was in a net operating loss position in 2008 and estimates that it will be in a net operating loss position in 2009; thus, the entire tax benefits related to 2009 and 2008 employee stock-based compensation will be recorded only when the tax net operating loss is utilized to reduce income taxes payable or claim a refund of taxes paid in prior years. For further information regarding Stock-Based Compensation or the Companys Incentive Plans, please refer to Note 10 of the Notes to the Consolidated Financial Statements in the Form 10-K. Restricted Stock Awards During the first half of 2009, the Compensation Committee granted 10,800 restricted stock awards with a weighted-average grant date per share value of $29.33. The fair value of restricted stock grants is based on the average of the high and low stock price on the grant date. During the first half of 2009, 31,240 restricted stock awards vested with a weighted-average grant date per share value of $23.80. Compensation expense recorded for all unvested restricted stock awards for the first six months of 2009 and 2008 was $0.4million and $1.0million, respectively. Compensation expense recorded for all unvested restricted stock awards for the second quarter of 2009 and 2008 was $0.2million and $0.3million, respectively. The Company used an annual forfeiture rate ranging from 0% to 7.1% based on approximately ten years of the Companys history for this type of award to various employee groups. Restricted Stock Units During the six months ended June30, 2009, 33,150 restricted stock units were granted to non-employee directors of the Company with a grant date per share value of $22.63. The fair value of these units is measured at the average of the high and low stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are paid out when the director ceases to be a director of the Company. The compensation cost, which reflects the total fair value of these units, recorded in the first half of 2009 and 2008 was $0.8million in each period. There was no expense recorded

Increase in Authorized Shares

Increase in Authorized Shares
	6 Months Ended Jun. 30, 2009 USD / shares
Increase in Authorized Shares [Abstract]
INCREASE IN AUTHORIZED SHARES	11. INCREASE IN AUTHORIZED SHARES In April2009, the stockholders of the Company approved an increase in the authorized number of shares of common stock from 120million to 240million shares. The Company also decreased the number of shares of SeriesA Junior Participating Preferred Stock reserved for issuance from 1,200,000 to 800,000. The shares of SeriesA Junior Participating Preferred Stock are issuable pursuant to the Companys Preferred Stock Purchase Rights Plan.