Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 22, 2013 | Jun. 30, 2012 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'Ultra Petroleum Corp. | ' | ' |
Entity Central Index Key | '0001022646 | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
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 | ' | ' | $3,528,103,567 |
Entity Common Stock, Shares Outstanding | ' | 152,977,633 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues [Abstract] | ' | ' | ' | ' |
Natural gas sales | $191,453 | $169,594 | $628,438 | $501,470 |
Oil sales | 29,752 | 26,781 | 79,769 | 91,319 |
Oil and Gas Revenue | 221,205 | 196,375 | 708,207 | 592,789 |
Operating Expenses [Abstract] | ' | ' | ' | ' |
Lease operating expenses | 16,213 | 16,741 | 52,544 | 45,982 |
LGS operating lease expense | 5,000 | 0 | 15,000 | 0 |
Production taxes | 18,078 | 15,047 | 54,640 | 46,634 |
Gathering fees | 12,682 | 10,274 | 38,400 | 46,591 |
Transportation charges | 20,955 | 21,055 | 61,913 | 63,477 |
Depletion, depreciation and amoritzation | 59,401 | 86,645 | 180,993 | 314,115 |
Ceiling test and other impairments | 0 | 606,827 | 0 | 2,475,963 |
General and administrative | 4,060 | 6,741 | 15,897 | 19,308 |
Costs and Expenses | 136,389 | 763,330 | 419,387 | 3,012,070 |
Operating Income (Loss) | 84,816 | -566,955 | 288,820 | -2,419,281 |
Other Nonoperating Income (Expense) [Abstract] | ' | ' | ' | ' |
Interest Expense, Debt | -25,174 | -25,369 | -76,176 | -62,414 |
Gain (loss) on commodity derivatives | 2,074 | -9,896 | -20,551 | 77,100 |
Deferred gain on sale of liquids gathering system | 2,638 | 0 | 7,914 | 0 |
Contract Cancellation Fees | 0 | 291 | 0 | -9,220 |
Other income (expense) net | -63 | -42 | -50 | -27 |
Other Nonoperating Income (Expense) | -20,525 | -35,016 | -88,863 | 5,439 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Cumulative Effects of Changes in Accounting Principles, Noncontrolling Interest | 64,291 | -601,971 | 199,957 | -2,413,842 |
Income Tax Expense (Benefit) | 381 | 175 | 3,240 | -708,977 |
Net Income (Loss) | $63,910 | ($602,146) | $196,717 | ($1,704,865) |
Earnings Per Share, Basic [Abstract] | ' | ' | ' | ' |
Earnings Per Share, Basic | $0.42 | ($3.94) | $1.29 | ($11.16) |
Fully Diluted Earnings per Share: | ' | ' | ' | ' |
Earnings Per Share, Diluted | $0.41 | ($3.94) | $1.27 | ($11.16) |
Weighted Average Number of Shares Outstanding, Basic | 152,976 | 152,929 | 152,957 | 152,817 |
Weighted Average Number of Shares Outstanding, Diluted | 154,512 | 152,929 | 154,366 | 152,817 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets, Current [Abstract] | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $4,532 | $12,921 |
Restricted cash | 119 | 121 |
Oil and gas revenue receivable | 74,104 | 81,143 |
Oil and Gas Joint Interest Billing Receivables, Current | 12,067 | 26,712 |
Derivative Assets, Current | 1,239 | 0 |
Prepaid drilling costs and other current assets | 3,999 | 4,951 |
Assets, Current | 96,060 | 125,848 |
Oil And Gas Properties Net Using Full Cost Method Of Accounting [Abstract] | ' | ' |
Proven | 1,750,694 | 1,657,500 |
Property, Plant and Equipment, Net | 212,185 | 212,372 |
Other Assets, Noncurrent | 10,017 | 11,625 |
Assets | 2,068,956 | 2,007,345 |
Liabilities, Current [Abstract] | ' | ' |
Accounts payable | 44,198 | 67,489 |
Accrued liabilities | 77,669 | 121,124 |
Production taxes payable | 38,224 | 47,745 |
Interest Payable | 8,568 | 30,093 |
Derivative Liabilities, Current | 716 | 0 |
Capital cost accrual | 170,539 | 247,641 |
Liabilities, Current | 339,914 | 514,092 |
Long-term Debt, Excluding Current Maturities | 1,860,000 | 1,837,000 |
Deferred gain on sale of liquids gathering system | 150,039 | 158,082 |
Other Liabilities, Noncurrent | 95,843 | 76,038 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' |
Common Stock, Value, Issued | 482,949 | 474,016 |
Treasury Stock, Value | -2,205 | -13 |
Retained Earnings (Accumulated Deficit) | -857,584 | -1,051,870 |
Stockholders' Equity Attributable to Parent | -376,840 | -577,867 |
Liabilities and Stockholders' Equity | $2,068,956 | $2,007,345 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common Stock, No Par Value | ' | ' |
Common stock, shares authorized | 'unlimited | 'unlimited |
Common Stock, Shares, Issued | 152,977,633 | 152,929,907 |
Common Stock, Shares, Outstanding | 152,977,633 | 152,929,907 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Net Income (Loss) | $196,717 | ($1,704,865) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' |
Depletion, depreciation and amoritzation | 180,993 | 314,115 |
Ceiling test and other impairments | 0 | 2,475,963 |
Deferred gain on sale of liquids gathering system | -7,914 | 0 |
Deferred Income Tax Provision (Benefit) | 0 | -712,363 |
Unrealized Gain (Loss) on Derivatives | -523 | 183,139 |
Reduction in tax benefits from stock based compensation | 0 | 4,215 |
Share-based Compensation | 6,625 | 7,830 |
Other | 1,678 | 1,663 |
Increase (Decrease) in Operating Capital [Abstract] | ' | ' |
Increase (Decrease) in Restricted Cash for Operating Activities | 2 | 0 |
Increase (Decrease) in Accounts Receivable | 22,314 | 86,560 |
Increase (Decrease) in Prepaid, Deferred Expense and Other Assets | 510 | 1,418 |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | -45,902 | -151,016 |
Other long-term obligations | 12,745 | -1,747 |
Increase (Decrease) in Accrued Income Taxes Payable | -9,128 | -993 |
Increase (Decrease in Production Taxes Payable | -9,521 | -2,033 |
Increase (Decrease in Interest Payable | -21,525 | -21,811 |
Net Cash Provided by (Used in) Operating Activities | 327,071 | 480,075 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' |
Oil and gas property expenditures | -283,621 | -588,808 |
Gathering system expenditures | -5,137 | -115,972 |
Change in capital cost accrual | -64,451 | 30,368 |
Proceeds from Sale of Productive Assets | -129 | 0 |
Inventory | 617 | -1,035 |
Purchase of Capital Assets | -415 | -4,133 |
Net Cash Provided by (Used in) Investing Activities | -353,136 | -679,580 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ' | ' |
Proceeds from Issuance of Long-term Debt | 653,000 | 749,000 |
Repayments of Long-term Debt | -630,000 | -492,000 |
Payments for Repurchase of Equity | -5,324 | -6,550 |
Reduction in tax benefits from stock based compensation | 0 | -4,215 |
Proceeds from Stock Options Exercised | 0 | 1,157 |
Net Cash Provided by (Used in) Financing Activities | 17,676 | 247,392 |
Cash and Cash Equivalents, Period Increase (Decrease) | -8,389 | 47,887 |
Cash and Cash Equivalents, at Carrying Value | 12,921 | 11,307 |
Cash and Cash Equivalents, at Carrying Value | 4,532 | 59,194 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Non-cash investing activities - oil and gas properties | $12,651 | $0 |
Description_of_the_Business
Description of the Business | 9 Months Ended |
Sep. 30, 2013 | |
Description Of Business [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
DESCRIPTION OF THE BUSINESS: | |
Ultra Petroleum Corp. (the “Company”) is an independent oil and gas company engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. The Company is incorporated under the laws of the Yukon Territory, Canada. The Company's principal business activities are conducted in the Green River Basin of Southwest Wyoming and in the north-central Pennsylvania area of the Appalachian Basin. | |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Significant Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||
1. SIGNIFICANT ACCOUNTING POLICIES: | |||||||||
The accompanying financial statements, other than the balance sheet data as of December 31, 2012, are unaudited and were prepared from the Company's records, but do not include all disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”). Balance sheet data as of December 31, 2012 was derived from the Company's audited financial statements. The Company's management believes that these financial statements include all adjustments necessary for a fair presentation of the Company's financial position and results of operations. All adjustments are of a normal and recurring nature unless specifically noted. The Company prepared these statements on a basis consistent with the Company's annual audited statements and Regulation S-X. Regulation S-X allows the Company to omit some of the footnote and policy disclosures required by generally accepted accounting principles and normally included in annual reports on Form 10-K. You should read these interim financial statements together with the financial statements, summary of significant accounting policies and notes to the Company's most recent annual report on Form 10-K. | |||||||||
Basis of presentation and principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company presents its financial statements in accordance with U.S. GAAP. All inter-company transactions and balances have been eliminated upon consolidation. | |||||||||
(a) Cash and Cash Equivalents: The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. | |||||||||
(b) Restricted Cash: Restricted cash represents cash received by the Company from production sold where the final division of ownership of the production is unknown or in dispute. | |||||||||
(c) Property, Plant and Equipment: Capital assets are recorded at cost and depreciated using the declining-balance method based on their respective useful life. Gathering system expenditures are recorded at cost and depreciated using the straight-line method based on a 30-year useful life. The gathering system assets, which are downstream of the Company's well pads, are depreciated separately from proven oil and gas properties because they are expected to be used to transport oil and gas not currently included in the Company's proved reserves, including production expected from probable and possible reserves, as well as from third parties. | |||||||||
(d) Oil and Natural Gas Properties: The Company uses the full cost method of accounting for exploration and development activities as defined by the Securities and Exchange Commission (“SEC”) Release No. 33-8995, Modernization of Oil and Gas Reporting Requirements (“SEC Release No. 33-8995”) and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 932, Extractive Activities – Oil and Gas (“FASB ASC 932”). Under this method of accounting, the costs of unsuccessful, as well as successful, exploration and development activities are capitalized as oil and gas properties. This includes any internal costs that are directly related to exploration and development activities but does not include any costs related to production, general corporate overhead or similar activities. The carrying amount of oil and natural gas properties also includes estimated asset retirement costs recorded based on the fair value of the asset retirement obligation when incurred. Gain or loss on the sale or other disposition of oil and natural gas properties is not recognized, unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves of oil and natural gas attributable to a country. | |||||||||
The sum of net capitalized costs and estimated future development costs of oil and natural gas properties are amortized using the units-of-production method based on the Company's proved reserves. Oil and natural gas reserves and production are converted into equivalent units based on relative energy content. Asset retirement obligations are included in the base costs for calculating depletion. | |||||||||
Under the full cost method, costs of unevaluated properties and major development projects expected to require significant future costs may be excluded from capitalized costs being amortized. The Company excludes significant costs until proved reserves are found or until it is determined that the costs are impaired. Excluded costs, if any, are reviewed quarterly to determine if impairment has occurred. The amount of any impairment is transferred to the capitalized costs being amortized. | |||||||||
Companies that use the full cost method of accounting for oil and natural gas exploration and development activities are required to perform a ceiling test calculation each quarter. The full cost ceiling test is an impairment test prescribed by SEC Regulation S-X Rule 4-10. The ceiling test is performed quarterly, on a country-by-country basis, utilizing the average of prices in effect on the first day of the month for the preceding twelve month period in accordance with SEC Release No. 33-8995. The ceiling limits such pooled costs to the aggregate of the present value of future net revenues attributable to proved crude oil and natural gas reserves discounted at 10%, plus the lower of cost or market value of unproved properties, less any associated tax effects. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to earnings. Any such write-down will reduce earnings in the period of occurrence and results in a lower depletion, depreciation and amortization (“DD&A”) rate in future periods. A write-down may not be reversed in future periods even though higher oil and natural gas prices may subsequently increase the ceiling. The Company did not incur a ceiling test write-down for the nine months ended September 30, 2013. The Company recorded a $2.9 billion non-cash write-down of the carrying value of its proved oil and natural gas properties during the year ended December 31, 2012 as a result of ceiling test limitations. | |||||||||
(e) Derivative Instruments and Hedging Activities: The Company follows FASB ASC Topic 815, Derivatives and Hedging (“FASB ASC 815”). The Company records the fair value of its commodity derivatives as an asset or liability in the Consolidated Balance Sheets, and records the changes in the fair value of its commodity derivatives in the Consolidated Statements of Operations as an unrealized gain or loss on commodity derivatives. The Company does not offset the value of its derivative arrangements with the same counterparty. (See Note 6). | |||||||||
(f) Income Taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria described in FASB ASC Topic 740, Income Taxes. In addition, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. | |||||||||
(g) Earnings Per Share: Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed by adjusting the average number of common shares outstanding for the dilutive effect, if any, of common stock equivalents. The Company uses the treasury stock method to determine the dilutive effect. | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | September 30, | September 30, | ||||||
2013 | 2012 | 2013 | 2012 | ||||||
(Share amounts in 000's) | |||||||||
Net income (loss) | $ | 63,910 | $ | -602,146 | $ | 196,717 | $ | -1,704,865 | |
Weighted average common shares outstanding - basic | 152,976 | 152,929 | 152,957 | 152,817 | |||||
Effect of dilutive instruments | 1,536 | - | 1,409 | - | |||||
Weighted average common shares outstanding - fully diluted | 154,512 | 152,929 | 154,366 | 152,817 | |||||
Net income (loss) per common share - basic | $ | 0.42 | $ | -3.94 | $ | 1.29 | $ | -11.16 | |
Net income (loss) per common share - fully diluted | $ | 0.41 | $ | -3.94 | $ | 1.27 | $ | -11.16 | |
Number of shares not included in dilutive earnings per share that would have been anti-dilutive because the exercise price was greater than the average market price of the common | |||||||||
shares | 1,340 | 1,373 | 1,353 | 1,893 | |||||
(h) Use of Estimates: Preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
(i) Accounting for Share-Based Compensation: The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including employee stock options, based on estimated fair values in accordance with FASB ASC Topic 718, Compensation – Stock Compensation. | |||||||||
(j) Fair Value Accounting: The Company follows FASB ASC Topic 820, Fair Value Measurements and Disclosures (“FASB ASC 820”), which defines fair value, establishes a framework for measuring fair value under GAAP, and expands disclosures about fair value measurements. This statement applies under other accounting topics that require or permit fair value measurements. See Note 7 for additional information. | |||||||||
(k) Asset Retirement Obligation: The initial estimated retirement obligation of properties is recognized as a liability with an associated increase in oil and gas properties for the asset retirement cost. Accretion expense is recognized over the estimated productive life of the related assets. If the fair value of the estimated asset retirement obligation changes, an adjustment is recorded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from revisions of estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling asset retirement obligations. As a full cost company, settlements for asset retirement obligations for abandonment are adjusted to the full cost pool. The asset retirement obligation is included within other long-term obligations in the accompanying Consolidated Balance Sheets. | |||||||||
(l) Revenue Recognition: The Company generally sells natural gas and condensate under both long-term and short-term agreements at prevailing market prices and under multi-year contracts that provide for a fixed price of oil and natural gas. The Company recognizes revenues when the oil and natural gas is delivered, which occurs when the customer has taken title and has assumed the risks and rewards of ownership, prices are fixed or determinable and collectability is reasonably assured. The Company accounts for oil and natural gas sales using the “entitlements method.” Under the entitlements method, revenue is recorded based upon the Company's ownership share of volumes sold, regardless of whether it has taken its ownership share of such volumes. The Company records a receivable or a liability to the extent it receives less or more than its share of the volumes and related revenue. Any amount received in excess of the Company's share is treated as a liability. If the Company receives less than its entitled share, the underproduction is recorded as a receivable. | |||||||||
Make-up provisions and ultimate settlements of volume imbalances are generally governed by agreements between the Company and its partners with respect to specific properties or, in the absence of such agreements, through negotiation. The value of volumes over- or under-produced can change based on changes in commodity prices. The Company prefers the entitlements method of accounting for oil and natural gas sales because it allows for recognition of revenue based on its actual share of jointly owned production, results in better matching of revenue with related operating expenses, and provides balance sheet recognition of the estimated value of product imbalances. | |||||||||
(m) Capitalized Interest: Interest is capitalized on the cost of unevaluated gas and oil properties that are excluded from amortization and actively being evaluated, if any, as well as on work in process relating to gathering systems. | |||||||||
(n) Capital Cost Accrual: The Company accrues for exploration and development costs and construction of gathering systems in the period incurred, while payment may occur in a subsequent period. | |||||||||
(o) Recent Accounting Pronouncements: In January 2013, the FASB issued Accounting Standards Update No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (“Update 2013-01”), which finalizes Proposed ASU No. 2012-250 and clarifies the scope of transactions that are subject to disclosures concerning offsetting. Update 2013-01 addresses implementation issues regarding the scope of ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, issued in December 2011. Update 2013-01 clarifies that the scope of the disclosures under U.S. GAAP is limited to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are offset either in accordance with FASB ASC Section 210-20-45, Balance Sheet—Offsetting—Other Presentation Matters, or FASB ASC Section 815-10-45, Derivatives and Hedging—Overall—Other Presentation Matters, or are subject to a master netting arrangement or similar agreement. Update 2013-01 requires an entity (1) to apply the amendments for annual reporting periods beginning on or after January 1, 2013 and (2) to provide the required disclosures retrospectively for all comparative periods presented. The implementation of the disclosure requirement did not have a material impact on the Company's consolidated results of operations, financial position or cash flows. |
Oil_and_Gas_Properties_and_Equ
Oil and Gas Properties and Equipment | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Oil And Gas Properties And Equipment [Abstract] | ' | ||||
Oil and Gas Exploration and Production Industries Disclosures [Text Block] | ' | ||||
2. OIL AND GAS PROPERTIES AND EQUIPMENT: | |||||
September 30, | December 31, | ||||
2013 | 2012 | ||||
Proven Properties: | |||||
Acquisition, equipment, exploration, drilling and environmental costs | $ | 7,500,559 | $ | 7,235,765 | |
Less: Accumulated depletion, depreciation and amortization(1)(2) | -5,749,865 | -5,578,265 | |||
Net capitalized costs - oil and gas properties | 1,750,694 | 1,657,500 | |||
Property, Plant and Equipment: | |||||
Gathering Systems(1) | $ | 288,015 | $ | 282,879 | |
Less: Accumulated depreciation(3) | -103,725 | -99,312 | |||
184,290 | 183,567 | ||||
Other Property and Equipment | 14,903 | 14,772 | |||
Less: Accumulated depreciation | -9,367 | -8,326 | |||
5,536 | 6,446 | ||||
Land | 22,359 | 22,359 | |||
Net capitalized costs - property, plant and equipment | $ | 212,185 | $ | 212,372 | |
(1)For the nine months ended September 30, 2013 and 2012, total interest on outstanding debt was $76.7 million and $77.2 million, respectively, of which, $0.5 million and $14.8 million, respectively, was capitalized on the cost of unevaluated oil and natural gas properties and on work in process relating to gathering systems. | |||||
(2)The Company recorded a $2.9 billion non-cash write-down of the carrying value of its proved oil and natural gas properties for the year ended December 31, 2012 as a result of ceiling test limitations. | |||||
(3)The Company recognized impairments of $92.5 million during the year ended December 31, 2012 related to the decline in fair value as defined in FASB ASC 820 as a result of a decrease in forecast throughput volumes on its gathering facilities in Pennsylvania due to the decline in commodity prices. These assets are included in Property, Plant and Equipment in the Consolidated Balance Sheets. (See Note 7 for additional information on fair value). |
Long_Term_Liabilities
Long Term Liabilities | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Long Term Liabilities [Abstract] | ' | |||||
Long-term Debt [Text Block] | ' | |||||
3. LONG-TERM LIABILITIES: | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Bank indebtedness | $ | 300,000 | $ | 277,000 | ||
Senior Notes | 1,560,000 | 1,560,000 | ||||
Other long-term obligations | 95,843 | 76,038 | ||||
$ | 1,955,843 | $ | 1,913,038 | |||
Bank indebtedness: The Company (through its subsidiary, Ultra Resources, Inc.) is a party to a senior revolving credit facility with a syndicate of banks led by JP Morgan Chase Bank, N.A. (the “Credit Agreement”). The Credit Agreement provides an initial loan commitment of $1.0 billion, which may be increased up to $1.25 billion at the request of the borrower and with the lenders' consent, provides for the issuance of letters of credit of up to $250.0 million in aggregate, and matures in October 2016 (which term may be extended for up to two successive one-year periods at the Borrower's request and with the lenders' consent). At September 30, 2013, the Company had $300.0 million in outstanding borrowings and $700.0 million of unused debt capacity under the Credit Agreement. | ||||||
Loans under the Credit Agreement are unsecured and bear interest, at the Borrower's option, based on (A) a rate per annum equal to the prime rate or the weighted average fed funds rate on overnight transactions during the preceding business day plus 125 basis points, or (B) a base Eurodollar rate, substantially equal to the LIBOR rate, plus a margin based on a grid of the Borrower's consolidated leverage ratio (225 basis points per annum as of September 30, 2013). The Company also pays commitment fees on the unused commitment under the facility based on a grid of its consolidated leverage ratio. | ||||||
The Credit Agreement contains typical and customary representations, warranties, covenants and events of default. The Credit Agreement includes restrictive covenants requiring the Borrower to maintain a consolidated leverage ratio of no greater than three and one half times to one and, as long as the Company's debt rating is below investment grade, the maintenance of an annual ratio of the net present value of the Company's oil and gas properties to total funded debt of no less than one and one half times to one. At September 30, 2013, the Company was in compliance with all of its debt covenants under the Credit Agreement. | ||||||
Senior Notes: The Senior Notes rank pari passu with the Company's Credit Agreement with the first maturity date occurring in March 2015 (See Note 7). Payment of the Senior Notes is guaranteed by Ultra Petroleum Corp. and UP Energy Corporation. The Senior Notes are pre-payable in whole or in part at any time, subject to payment of a make-whole provision, and are subject to representations, warranties, covenants and events of default customary for a senior note financing. At September 30, 2013, the Company was in compliance with all of its debt covenants under the Master Note Purchase Agreement for Senior Notes. | ||||||
Other long-term obligations: These costs primarily relate to the long-term portion of production taxes payable and asset retirement obligations. |
Share_Based_Compensation
Share Based Compensation | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Stock Based Compensation [Abstract] | ' | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||
4. SHARE BASED COMPENSATION: | ||||||||||||||
Valuation and Expense Information | ||||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Total cost of share-based payment plans | $ | 601 | $ | 4,497 | $ | 9,458 | $ | 11,513 | ||||||
Amounts capitalized in oil and gas properties | ||||||||||||||
and equipment | $ | 37 | $ | 1,448 | $ | 2,833 | $ | 3,683 | ||||||
Amounts charged against income, before | ||||||||||||||
income tax benefit | $ | 564 | $ | 3,049 | $ | 6,625 | $ | 7,830 | ||||||
Amount of related income tax benefit recognized | ||||||||||||||
in income before valuation allowance | $ | 232 | $ | 1,255 | $ | 2,728 | $ | 3,224 | ||||||
Changes in Stock Options and Stock Options Outstanding | ||||||||||||||
The following table summarizes the changes in stock options for the nine months ended September 30, 2013 and the year ended December 31, 2012: | ||||||||||||||
Weighted | ||||||||||||||
Number of | Average | |||||||||||||
Options | Exercise Price | |||||||||||||
(000's) | (US$) | |||||||||||||
Balance, December 31, 2011 | 1,459 | $ | 16.97 | to | $ | 98.87 | ||||||||
Forfeited | -68 | $ | 25.08 | to | $ | 75.18 | ||||||||
Exercised | -34 | $ | 16.97 | to | $ | 19.18 | ||||||||
Balance, December 31, 2012 | 1,357 | $ | 16.97 | to | $ | 98.87 | ||||||||
Forfeited | -69 | $ | 25.68 | to | $ | 75.18 | ||||||||
Exercised | - | $ | 0 | to | $ | 0 | ||||||||
Balance, September 30, 2013 | 1,288 | $ | 16.97 | to | $ | 98.87 | ||||||||
Performance Share Plans: | ||||||||||||||
Long Term Incentive Plans. The Company offers a Long Term Incentive Plan (“LTIP”) in order to further align the interests of key employees with shareholders and to give key employees the opportunity to share in the long-term performance of the Company when specific corporate financial and operational goals are achieved. Each LTIP covers a performance period of three years. In 2011, 2012 and 2013, the Compensation Committee (the “Committee”) approved an award consisting of performance-based restricted stock units to be awarded to each participant. | ||||||||||||||
For each LTIP award, the Committee establishes performance measures at the beginning of each performance period. Under each LTIP, the Committee also establishes a percentage of base salary for each participant which is multiplied by the participant's base salary and individual performance level to derive a Long Term Incentive Value as a “target” value. This “target” value corresponds to the number of shares of the Company's common stock the participant is eligible to receive if the participant is employed by the Company through the date the award vests and if the target level for all performance measures is met. In addition, each participant is assigned threshold and maximum award levels in the event the Company's actual performance is below or above the target levels. For the LTIP awards in 2011 and 2012, the Committee established the following performance measures: return on equity, reserve replacement ratio, and production growth. For the LTIP awards in 2013, the Committee established the following performance measures: return on capital employed, debt level, reserve replacement ratio, and total shareholder return (officers only). | ||||||||||||||
For the nine months ended September 30, 2013, the Company recognized $4.5 million in pre-tax compensation expense related to the 2011, 2012 and 2013 LTIP awards of restricted stock units as compared to $5.6 million during the nine months ended September 30, 2012 related to the 2010, 2011 and 2012 LTIP awards of restricted stock units. The amounts recognized during the nine months ended September 30, 2013 assume that target performance objectives are attained for the 2011 LTIP and maximum performance objectives are attained under the 2012 LTIP and 2013 LTIP plans. If the Company ultimately attains these performance objectives, the associated total compensation, estimated at September 30, 2013, for each of the three year performance periods is expected to be approximately $8.2 million, $12.4 million, and $15.2 million related to the 2011, 2012 and 2013 LTIP awards of restricted stock units, respectively. The 2010 LTIP award of restricted stock units was paid in shares of the Company's stock to employees during the first quarter of 2013 and totaled $11.7 million (153,511 net shares). |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
5. INCOME TAXES: | |
The Company's overall effective tax rate on pre-tax income was different than the statutory rate of 35% due primarily to valuation allowances, state income taxes and other permanent differences. | |
As a result of the ceiling test and other impairments recorded during the year ended December 31, 2012, the Company's previously recorded net deferred tax liability fully reversed into a net deferred tax asset. The Company has recorded a full valuation allowance against its net deferred tax asset balance of $380.3 million as of September 30, 2013. This valuation allowance may be reversed in future periods against future taxable income. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Derivative Financial Instruments [Abstract] | ' | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||||
6. DERIVATIVE FINANCIAL INSTRUMENTS: | ||||||||||||
Objectives and Strategy: The Company's major market risk exposure is in the pricing applicable to its natural gas and oil production. Realized pricing is currently driven primarily by the prevailing price for the Company's natural gas production. Historically, prices received for natural gas production have been volatile and unpredictable. Pricing volatility is expected to continue. As a result of its hedging activities, the Company may realize prices that are less than or greater than the spot prices that it would have received otherwise. | ||||||||||||
The Company relies on various types of derivative instruments to manage its exposure to commodity price risk and to provide a level of certainty in the Company's forward cash flows supporting the Company's capital investment program. | ||||||||||||
The Company's hedging policy limits the amounts of resources hedged to not more than 50% of its forecast production without Board approval. | ||||||||||||
Fair Value of Commodity Derivatives: FASB ASC 815 requires that all derivatives be recognized on the balance sheet as either an asset or liability and be measured at fair value. Changes in the derivative's fair value are recognized currently in earnings unless specific hedge accounting criteria are met. The Company does not apply hedge accounting to any of its derivative instruments. | ||||||||||||
Derivative contracts that do not qualify for hedge accounting treatment are recorded as derivative assets and liabilities at fair value on the balance sheet and the associated unrealized gains and losses are recorded as current income or expense in the Consolidated Statements of Operations. Unrealized gains or losses on commodity derivatives represent the non-cash change in the fair value of these derivative instruments and do not impact operating cash flows on the cash flow statement. See Note 7 for the detail of the fair value of the following derivatives. | ||||||||||||
Commodity Derivative Contracts: At September 30, 2013, the Company had the following open commodity derivative contracts to manage price risk on a portion of its natural gas production whereby the Company receives the fixed price and pays the variable price. The natural gas reference prices of these commodity derivative contracts are typically referenced to natural gas index prices as published by independent third parties. | ||||||||||||
Type | Commodity Reference Price | Remaining Contract Period | Volume - MMBTU/Day | Average Price/MMBTU | Fair Value - September 30, 2013 | |||||||
Asset | ||||||||||||
Swap | NYMEX | 13-Oct | 390,000 | $3.54 | $ | 523 | ||||||
The following table summarizes the pre-tax realized and unrealized gains and (losses) the Company recognized related to its natural gas derivative instruments in the Consolidated Statements of Operations for the periods ended September 30, 2013 and 2012: | ||||||||||||
For the Three Months | For the Nine Months | |||||||||||
Ended September 30, | Ended September 30, | |||||||||||
Natural Gas Commodity Derivatives: | 2013 | 2012 | 2013 | 2012 | ||||||||
Realized (loss) gain on commodity derivatives (1) | $ | -1,310 | $ | 83,433 | $ | -21,074 | $ | 260,239 | ||||
Unrealized gain (loss) on commodity derivatives (1) | 3,384 | -93,329 | 523 | -183,139 | ||||||||
Total gain (loss) on commodity derivatives | $ | 2,074 | $ | -9,896 | $ | -20,551 | $ | 77,100 | ||||
(1) Included in gain (loss) on commodity derivatives in the Consolidated Statements of Operations. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Fair Value Disclosure [Abstract] | ' | |||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||
7. FAIR VALUE MEASUREMENTS: | ||||||||||
As required by FASB ASC 820, the Company defines fair value as 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 and establishes a three level hierarchy for measuring fair value. Fair value measurements are classified and disclosed in one of the following categories: | ||||||||||
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date. | ||||||||||
Level 2: Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 include non-exchange traded derivatives such as over-the-counter forwards and swaps. | ||||||||||
Level 3: Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. | ||||||||||
The valuation assumptions utilized to measure the fair value of the Company's commodity derivatives were observable inputs based on market data obtained from independent sources and are considered Level 2 inputs (quoted prices for similar assets, liabilities (adjusted) and market-corroborated inputs). | ||||||||||
The following table presents for each hierarchy level the Company's assets and liabilities, including both current and non-current portions, measured at fair value on a recurring basis, as of September 30, 2013. The Company has no derivative instruments which qualify for cash flow hedge accounting. | ||||||||||
Assets: | Level 1 | Level 2 | Level 3 | Total | ||||||
Current derivative asset | $ | - | $ | 1,239 | $ | - | $ | 1,239 | ||
Liabilities: | ||||||||||
Current derivative liability | $ | - | $ | 716 | $ | - | $ | 716 | ||
In consideration of counterparty credit risk, the Company assessed the possibility of whether each counterparty to the derivative would default by failing to make any contractually required payments as scheduled in the derivative instrument in determining the fair value. Additionally, the Company considers that it is of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions. | ||||||||||
Fair Value of Financial Instruments | ||||||||||
The estimated fair value of financial instruments is the estimated amount at which the instrument could be exchanged currently between willing parties. The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the immediate or short-term maturity of these financial instruments. The Company uses available market data and valuation methodologies to estimate the fair value of its debt. The valuation assumptions utilized to measure the fair value of the Company's debt are considered Level 2 inputs. This disclosure is presented in accordance with FASB ASC Topic 825, Financial Instruments, and does not impact the Company's financial position, results of operations or cash flows. | ||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||
Carrying | Estimated | Carrying | Estimated | |||||||
Amount | Fair Value | Amount | Fair Value | |||||||
Long-Term Debt: | ||||||||||
5.45% Notes due 2015, issued 2008 | $ | 100,000 | $ | 105,421 | $ | 100,000 | $ | 107,801 | ||
7.31% Notes due 2016, issued 2009 | 62,000 | 69,765 | 62,000 | 72,046 | ||||||
4.98% Notes due 2017, issued 2010 | 116,000 | 125,335 | 116,000 | 127,109 | ||||||
5.92% Notes due 2018, issued 2008 | 200,000 | 224,213 | 200,000 | 230,062 | ||||||
7.77% Notes due 2019, issued 2009 | 173,000 | 209,877 | 173,000 | 219,045 | ||||||
5.50% Notes due 2020, issued 2010 | 207,000 | 225,420 | 207,000 | 234,552 | ||||||
4.51% Notes due 2020, issued 2010 | 315,000 | 316,920 | 315,000 | 331,329 | ||||||
5.60% Notes due 2022, issued 2010 | 87,000 | 92,500 | 87,000 | 98,526 | ||||||
4.66% Notes due 2022, issued 2010 | 35,000 | 33,955 | 35,000 | 36,361 | ||||||
5.85% Notes due 2025, issued 2010 | 90,000 | 93,841 | 90,000 | 102,096 | ||||||
4.91% Notes due 2025, issued 2010 | 175,000 | 165,595 | 175,000 | 179,677 | ||||||
Credit Facility | 300,000 | 300,000 | 277,000 | 277,000 | ||||||
$ | 1,860,000 | $ | 1,962,842 | $ | 1,837,000 | $ | 2,015,604 |
Legal_Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Legal Proceedings [Abstract] | ' |
Legal Proceedings [Text Block] | ' |
8. LEGAL PROCEEDINGS: | |
The Company is currently involved in various routine disputes and allegations incidental to its business operations. While it is not possible to determine the ultimate disposition of these matters, the Company believes that the resolution of all such pending or threatened litigation is not likely to have a material adverse effect on the Company's financial position or results of operations. | |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Schedule of Subsequent Events [Text Block] | ' |
9. SUBSEQUENT EVENTS: | |
The Company has evaluated the period subsequent to September 30, 2013 for events that did not exist at the balance sheet date but arose after that date and determined that no subsequent events other than those discussed below arose that should be disclosed in order to keep the financial statements from being misleading. | |
On October 18, 2013, a wholly owned subsidiary of Ultra Petroleum Corp. entered into a purchase and sale agreement with a private seller (the “PSA”) to acquire oil-producing properties and undeveloped acreage in Utah for an initial purchase price of $650.0 million, effective as of October 1, 2013. The PSA provides for ordinary and customary adjustments for due diligence items, including title and environmental matters, and other matters. In the PSA, both the Company and the seller make customary representations and warranties. The Company expects to close the transaction in December 2013. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Statement Significant Accounting Policies [Abstract] | ' | ||||||||
Cash and Cash Equivalents, Policy [Text Block] | ' | ||||||||
(a) Cash and Cash Equivalents: The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. | |||||||||
Restricted Cash Policy [Text Block] | ' | ||||||||
(b) Restricted Cash: Restricted cash represents cash received by the Company from production sold where the final division of ownership of the production is unknown or in dispute. | |||||||||
Property, Plant and Equipment, Policy [Text Block] | ' | ||||||||
(c) Property, Plant and Equipment: Capital assets are recorded at cost and depreciated using the declining-balance method based on their respective useful life. Gathering system expenditures are recorded at cost and depreciated using the straight-line method based on a 30-year useful life. The gathering system assets, which are downstream of the Company's well pads, are depreciated separately from proven oil and gas properties because they are expected to be used to transport oil and gas not currently included in the Company's proved reserves, including production expected from probable and possible reserves, as well as from third parties. | |||||||||
Oil And Natural Gas Properties Policy [Text Block] | ' | ||||||||
(d) Oil and Natural Gas Properties: The Company uses the full cost method of accounting for exploration and development activities as defined by the Securities and Exchange Commission (“SEC”) Release No. 33-8995, Modernization of Oil and Gas Reporting Requirements (“SEC Release No. 33-8995”) and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 932, Extractive Activities – Oil and Gas (“FASB ASC 932”). Under this method of accounting, the costs of unsuccessful, as well as successful, exploration and development activities are capitalized as oil and gas properties. This includes any internal costs that are directly related to exploration and development activities but does not include any costs related to production, general corporate overhead or similar activities. The carrying amount of oil and natural gas properties also includes estimated asset retirement costs recorded based on the fair value of the asset retirement obligation when incurred. Gain or loss on the sale or other disposition of oil and natural gas properties is not recognized, unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves of oil and natural gas attributable to a country. | |||||||||
The sum of net capitalized costs and estimated future development costs of oil and natural gas properties are amortized using the units-of-production method based on the Company's proved reserves. Oil and natural gas reserves and production are converted into equivalent units based on relative energy content. Asset retirement obligations are included in the base costs for calculating depletion. | |||||||||
Under the full cost method, costs of unevaluated properties and major development projects expected to require significant future costs may be excluded from capitalized costs being amortized. The Company excludes significant costs until proved reserves are found or until it is determined that the costs are impaired. Excluded costs, if any, are reviewed quarterly to determine if impairment has occurred. The amount of any impairment is transferred to the capitalized costs being amortized. | |||||||||
Companies that use the full cost method of accounting for oil and natural gas exploration and development activities are required to perform a ceiling test calculation each quarter. The full cost ceiling test is an impairment test prescribed by SEC Regulation S-X Rule 4-10. The ceiling test is performed quarterly, on a country-by-country basis, utilizing the average of prices in effect on the first day of the month for the preceding twelve month period in accordance with SEC Release No. 33-8995. The ceiling limits such pooled costs to the aggregate of the present value of future net revenues attributable to proved crude oil and natural gas reserves discounted at 10%, plus the lower of cost or market value of unproved properties, less any associated tax effects. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to earnings. Any such write-down will reduce earnings in the period of occurrence and results in a lower depletion, depreciation and amortization (“DD&A”) rate in future periods. A write-down may not be reversed in future periods even though higher oil and natural gas prices may subsequently increase the ceiling. The Company did not incur a ceiling test write-down for the nine months ended September 30, 2013. The Company recorded a $2.9 billion non-cash write-down of the carrying value of its proved oil and natural gas properties during the year ended December 31, 2012 as a result of ceiling test limitations. | |||||||||
Derivatives, Policy [Text Block] | ' | ||||||||
(e) Derivative Instruments and Hedging Activities: The Company follows FASB ASC Topic 815, Derivatives and Hedging (“FASB ASC 815”). The Company records the fair value of its commodity derivatives as an asset or liability in the Consolidated Balance Sheets, and records the changes in the fair value of its commodity derivatives in the Consolidated Statements of Operations as an unrealized gain or loss on commodity derivatives. The Company does not offset the value of its derivative arrangements with the same counterparty. (See Note 6). | |||||||||
Income Tax, Policy [Text Block] | ' | ||||||||
(f) Income Taxes: Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria described in FASB ASC Topic 740, Income Taxes. In addition, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. | |||||||||
Earnings Per Share, Policy [Text Block] | ' | ||||||||
(g) Earnings Per Share: Basic earnings per share is computed by dividing net earnings attributable to common stockholders by the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed by adjusting the average number of common shares outstanding for the dilutive effect, if any, of common stock equivalents. The Company uses the treasury stock method to determine the dilutive effect. | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | September 30, | September 30, | ||||||
2013 | 2012 | 2013 | 2012 | ||||||
(Share amounts in 000's) | |||||||||
Net income (loss) | $ | 63,910 | $ | -602,146 | $ | 196,717 | $ | -1,704,865 | |
Weighted average common shares outstanding - basic | 152,976 | 152,929 | 152,957 | 152,817 | |||||
Effect of dilutive instruments | 1,536 | - | 1,409 | - | |||||
Weighted average common shares outstanding - fully diluted | 154,512 | 152,929 | 154,366 | 152,817 | |||||
Net income (loss) per common share - basic | $ | 0.42 | $ | -3.94 | $ | 1.29 | $ | -11.16 | |
Net income (loss) per common share - fully diluted | $ | 0.41 | $ | -3.94 | $ | 1.27 | $ | -11.16 | |
Number of shares not included in dilutive earnings per share that would have been anti-dilutive because the exercise price was greater than the average market price of the common | |||||||||
shares | 1,340 | 1,373 | 1,353 | 1,893 | |||||
Use Of Estimates [Text Block] | ' | ||||||||
(h) Use of Estimates: Preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Compensation Related Costs, Policy [Text Block] | ' | ||||||||
(i) Accounting for Share-Based Compensation: The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors, including employee stock options, based on estimated fair values in accordance with FASB ASC Topic 718, Compensation – Stock Compensation. | |||||||||
Fair Value Measurement Policy [Text Block] | ' | ||||||||
(j) Fair Value Accounting: The Company follows FASB ASC Topic 820, Fair Value Measurements and Disclosures (“FASB ASC 820”), which defines fair value, establishes a framework for measuring fair value under GAAP, and expands disclosures about fair value measurements. This statement applies under other accounting topics that require or permit fair value measurements. See Note 7 for additional information. | |||||||||
Asset Retirement Obligations and Environmental Cost, Policy [Text Block] | ' | ||||||||
(k) Asset Retirement Obligation: The initial estimated retirement obligation of properties is recognized as a liability with an associated increase in oil and gas properties for the asset retirement cost. Accretion expense is recognized over the estimated productive life of the related assets. If the fair value of the estimated asset retirement obligation changes, an adjustment is recorded to both the asset retirement obligation and the asset retirement cost. Revisions in estimated liabilities can result from revisions of estimated inflation rates, changes in service and equipment costs and changes in the estimated timing of settling asset retirement obligations. As a full cost company, settlements for asset retirement obligations for abandonment are adjusted to the full cost pool. The asset retirement obligation is included within other long-term obligations in the accompanying Consolidated Balance Sheets. | |||||||||
Revenue Recognition, Policy [Text Block] | ' | ||||||||
(l) Revenue Recognition: The Company generally sells natural gas and condensate under both long-term and short-term agreements at prevailing market prices and under multi-year contracts that provide for a fixed price of oil and natural gas. The Company recognizes revenues when the oil and natural gas is delivered, which occurs when the customer has taken title and has assumed the risks and rewards of ownership, prices are fixed or determinable and collectability is reasonably assured. The Company accounts for oil and natural gas sales using the “entitlements method.” Under the entitlements method, revenue is recorded based upon the Company's ownership share of volumes sold, regardless of whether it has taken its ownership share of such volumes. The Company records a receivable or a liability to the extent it receives less or more than its share of the volumes and related revenue. Any amount received in excess of the Company's share is treated as a liability. If the Company receives less than its entitled share, the underproduction is recorded as a receivable. | |||||||||
Make-up provisions and ultimate settlements of volume imbalances are generally governed by agreements between the Company and its partners with respect to specific properties or, in the absence of such agreements, through negotiation. The value of volumes over- or under-produced can change based on changes in commodity prices. The Company prefers the entitlements method of accounting for oil and natural gas sales because it allows for recognition of revenue based on its actual share of jointly owned production, results in better matching of revenue with related operating expenses, and provides balance sheet recognition of the estimated value of product imbalances. | |||||||||
Interest Expense, Policy [Text Block] | ' | ||||||||
(m) Capitalized Interest: Interest is capitalized on the cost of unevaluated gas and oil properties that are excluded from amortization and actively being evaluated, if any, as well as on work in process relating to gathering systems. | |||||||||
Capital Cost Accrual Policy [Text Block] | ' | ||||||||
(n) Capital Cost Accrual: The Company accrues for exploration and development costs and construction of gathering systems in the period incurred, while payment may occur in a subsequent period. | |||||||||
Recent Accounting Pronouncements [Policy Text Block] | ' | ||||||||
(o) Recent Accounting Pronouncements: In January 2013, the FASB issued Accounting Standards Update No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (“Update 2013-01”), which finalizes Proposed ASU No. 2012-250 and clarifies the scope of transactions that are subject to disclosures concerning offsetting. Update 2013-01 addresses implementation issues regarding the scope of ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, issued in December 2011. Update 2013-01 clarifies that the scope of the disclosures under U.S. GAAP is limited to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are offset either in accordance with FASB ASC Section 210-20-45, Balance Sheet—Offsetting—Other Presentation Matters, or FASB ASC Section 815-10-45, Derivatives and Hedging—Overall—Other Presentation Matters, or are subject to a master netting arrangement or similar agreement. Update 2013-01 requires an entity (1) to apply the amendments for annual reporting periods beginning on or after January 1, 2013 and (2) to provide the required disclosures retrospectively for all comparative periods presented. The implementation of the disclosure requirement did not have a material impact on the Company's consolidated results of operations, financial position or cash flows. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Significant Accounting Policies Tables [Abstract] | ' | ||||||||
Schedule Of Earnings Per Share | ' | ||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | September 30, | September 30, | ||||||
2013 | 2012 | 2013 | 2012 | ||||||
(Share amounts in 000's) | |||||||||
Net income (loss) | $ | 63,910 | $ | -602,146 | $ | 196,717 | $ | -1,704,865 | |
Weighted average common shares outstanding - basic | 152,976 | 152,929 | 152,957 | 152,817 | |||||
Effect of dilutive instruments | 1,536 | - | 1,409 | - | |||||
Weighted average common shares outstanding - fully diluted | 154,512 | 152,929 | 154,366 | 152,817 | |||||
Net income (loss) per common share - basic | $ | 0.42 | $ | -3.94 | $ | 1.29 | $ | -11.16 | |
Net income (loss) per common share - fully diluted | $ | 0.41 | $ | -3.94 | $ | 1.27 | $ | -11.16 | |
Number of shares not included in dilutive earnings per share that would have been anti-dilutive because the exercise price was greater than the average market price of the common | |||||||||
shares | 1,340 | 1,373 | 1,353 | 1,893 |
Oil_and_Gas_Properties_and_Equ1
Oil and Gas Properties and Equipment (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Oil And Gas Properties And Equipment Tables [Abstract] | ' | ||||
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Text Block] | ' | ||||
2. OIL AND GAS PROPERTIES AND EQUIPMENT: | |||||
September 30, | December 31, | ||||
2013 | 2012 | ||||
Proven Properties: | |||||
Acquisition, equipment, exploration, drilling and environmental costs | $ | 7,500,559 | $ | 7,235,765 | |
Less: Accumulated depletion, depreciation and amortization(1)(2) | -5,749,865 | -5,578,265 | |||
Net capitalized costs - oil and gas properties | 1,750,694 | 1,657,500 | |||
Property, Plant and Equipment: | |||||
Gathering Systems(1) | $ | 288,015 | $ | 282,879 | |
Less: Accumulated depreciation(3) | -103,725 | -99,312 | |||
184,290 | 183,567 | ||||
Other Property and Equipment | 14,903 | 14,772 | |||
Less: Accumulated depreciation | -9,367 | -8,326 | |||
5,536 | 6,446 | ||||
Land | 22,359 | 22,359 | |||
Net capitalized costs - property, plant and equipment | $ | 212,185 | $ | 212,372 | |
(1)For the nine months ended September 30, 2013 and 2012, total interest on outstanding debt was $76.7 million and $77.2 million, respectively, of which, $0.5 million and $14.8 million, respectively, was capitalized on the cost of unevaluated oil and natural gas properties and on work in process relating to gathering systems. | |||||
(2)The Company recorded a $2.9 billion non-cash write-down of the carrying value of its proved oil and natural gas properties for the year ended December 31, 2012 as a result of ceiling test limitations. | |||||
(3)The Company recognized impairments of $92.5 million during the year ended December 31, 2012 related to the decline in fair value as defined in FASB ASC 820 as a result of a decrease in forecast throughput volumes on its gathering facilities in Pennsylvania due to the decline in commodity prices. These assets are included in Property, Plant and Equipment in the Consolidated Balance Sheets. (See Note 7 for additional information on fair value). | |||||
Long_Term_Liabilities_Tables
Long Term Liabilities (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Long Term Liabilities Tables [Abstract] | ' | |||||
Long Term Liabilities | ' | |||||
3. LONG-TERM LIABILITIES: | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Bank indebtedness | $ | 300,000 | $ | 277,000 | ||
Senior Notes | 1,560,000 | 1,560,000 | ||||
Other long-term obligations | 95,843 | 76,038 | ||||
$ | 1,955,843 | $ | 1,913,038 |
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Share Based Compensation Tables [Abstract] | ' | |||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Text Block] | ' | |||||||||||||
4. SHARE BASED COMPENSATION: | ||||||||||||||
Valuation and Expense Information | ||||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Total cost of share-based payment plans | $ | 601 | $ | 4,497 | $ | 9,458 | $ | 11,513 | ||||||
Amounts capitalized in oil and gas properties | ||||||||||||||
and equipment | $ | 37 | $ | 1,448 | $ | 2,833 | $ | 3,683 | ||||||
Amounts charged against income, before | ||||||||||||||
income tax benefit | $ | 564 | $ | 3,049 | $ | 6,625 | $ | 7,830 | ||||||
Amount of related income tax benefit recognized | ||||||||||||||
in income before valuation allowance | $ | 232 | $ | 1,255 | $ | 2,728 | $ | 3,224 | ||||||
Stock Option Activity TextBlock | ' | |||||||||||||
Weighted | ||||||||||||||
Number of | Average | |||||||||||||
Options | Exercise Price | |||||||||||||
(000's) | (US$) | |||||||||||||
Balance, December 31, 2011 | 1,459 | $ | 16.97 | to | $ | 98.87 | ||||||||
Forfeited | -68 | $ | 25.08 | to | $ | 75.18 | ||||||||
Exercised | -34 | $ | 16.97 | to | $ | 19.18 | ||||||||
Balance, December 31, 2012 | 1,357 | $ | 16.97 | to | $ | 98.87 | ||||||||
Forfeited | -69 | $ | 25.68 | to | $ | 75.18 | ||||||||
Exercised | - | $ | 0 | to | $ | 0 | ||||||||
Balance, September 30, 2013 | 1,288 | $ | 16.97 | to | $ | 98.87 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Derivative Financial Instruments Tables [Abstract] | ' | |||||||||||
Schedule of Derivative Instruments [Text Block] | ' | |||||||||||
Type | Commodity Reference Price | Remaining Contract Period | Volume - MMBTU/Day | Average Price/MMBTU | Fair Value - September 30, 2013 | |||||||
Asset | ||||||||||||
Swap | NYMEX | 13-Oct | 390,000 | $3.54 | $ | 523 | ||||||
Gain or loss on derivative instruments | ' | |||||||||||
For the Three Months | For the Nine Months | |||||||||||
Ended September 30, | Ended September 30, | |||||||||||
Natural Gas Commodity Derivatives: | 2013 | 2012 | 2013 | 2012 | ||||||||
Realized (loss) gain on commodity derivatives (1) | $ | -1,310 | $ | 83,433 | $ | -21,074 | $ | 260,239 | ||||
Unrealized gain (loss) on commodity derivatives (1) | 3,384 | -93,329 | 523 | -183,139 | ||||||||
Total gain (loss) on commodity derivatives | $ | 2,074 | $ | -9,896 | $ | -20,551 | $ | 77,100 | ||||
(1) Included in gain (loss) on commodity derivatives in the Consolidated Statements of Operations. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Fair Value Measurements Tables [Abstract] | ' | |||||||||
Fair Value By Balance Sheet Grouping [Text Block] | ' | |||||||||
Assets: | Level 1 | Level 2 | Level 3 | Total | ||||||
Current derivative asset | $ | - | $ | 1,239 | $ | - | $ | 1,239 | ||
Liabilities: | ||||||||||
Current derivative liability | $ | - | $ | 716 | $ | - | $ | 716 | ||
Schedule of Fair Value of Financial Instruments | ' | |||||||||
30-Sep-13 | 31-Dec-12 | |||||||||
Carrying | Estimated | Carrying | Estimated | |||||||
Amount | Fair Value | Amount | Fair Value | |||||||
Long-Term Debt: | ||||||||||
5.45% Notes due 2015, issued 2008 | $ | 100,000 | $ | 105,421 | $ | 100,000 | $ | 107,801 | ||
7.31% Notes due 2016, issued 2009 | 62,000 | 69,765 | 62,000 | 72,046 | ||||||
4.98% Notes due 2017, issued 2010 | 116,000 | 125,335 | 116,000 | 127,109 | ||||||
5.92% Notes due 2018, issued 2008 | 200,000 | 224,213 | 200,000 | 230,062 | ||||||
7.77% Notes due 2019, issued 2009 | 173,000 | 209,877 | 173,000 | 219,045 | ||||||
5.50% Notes due 2020, issued 2010 | 207,000 | 225,420 | 207,000 | 234,552 | ||||||
4.51% Notes due 2020, issued 2010 | 315,000 | 316,920 | 315,000 | 331,329 | ||||||
5.60% Notes due 2022, issued 2010 | 87,000 | 92,500 | 87,000 | 98,526 | ||||||
4.66% Notes due 2022, issued 2010 | 35,000 | 33,955 | 35,000 | 36,361 | ||||||
5.85% Notes due 2025, issued 2010 | 90,000 | 93,841 | 90,000 | 102,096 | ||||||
4.91% Notes due 2025, issued 2010 | 175,000 | 165,595 | 175,000 | 179,677 | ||||||
Credit Facility | 300,000 | 300,000 | 277,000 | 277,000 | ||||||
$ | 1,860,000 | $ | 1,962,842 | $ | 1,837,000 | $ | 2,015,604 |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Significant Accounting Policies Details [Abstract] | ' | ' | ' | ' | ' |
Discount Rate Future Net Revenues | ' | ' | 10.00% | ' | ' |
Earnings Per Share Reconciliation [Abstract] | ' | ' | ' | ' | ' |
Net Income (Loss) | $63,910,000 | ($602,146,000) | $196,717,000 | ($1,704,865,000) | ' |
Weighted Average Number of Shares Outstanding, Basic | 152,976 | 152,929 | 152,957 | 152,817 | ' |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 1,536 | 0 | 1,409 | 0 | ' |
Weighted Average Number of Shares Outstanding, Diluted | 154,512 | 152,929 | 154,366 | 152,817 | ' |
Earnings Per Share, Basic | $0.42 | ($3.94) | $1.29 | ($11.16) | ' |
Earnings Per Share, Diluted | $0.41 | ($3.94) | $1.27 | ($11.16) | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,340 | 1,373 | 1,353 | 1,893 | ' |
Ceiling Test Limitation Pretax Oil and Gas Properties | ' | ' | ' | ' | $2,900,000,000 |
Oil_and_Gas_Properties_and_Equ2
Oil and Gas Properties and Equipment (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Proven Properties [Abstract] | ' | ' | ' |
Acquisition, equipment, exploration, drilling and environmental costs | $7,500,559,000 | ' | $7,235,765,000 |
Capitalized Costs, Accumulated Depreciation, Depletion, Amortization and Valuation Allowance for Relating to Oil and Gas Producing Activities | 5,749,865,000 | ' | 5,578,265,000 |
Proved | 1,750,694,000 | ' | 1,657,500,000 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Gathering Systems | 288,015,000 | ' | 282,879,000 |
Accumulated Depreciation Gathering Systems | -103,725,000 | ' | -99,312,000 |
Net Gathering Systems | 184,290,000 | ' | 183,567,000 |
Other Property And Equipment | 14,903,000 | ' | 14,772,000 |
Accumulated Depreciation Other Property And Equipment | -9,367,000 | ' | -8,326,000 |
Net Other Property And Equipment | 5,536,000 | ' | 6,446,000 |
Land | 22,359,000 | ' | 22,359,000 |
Net Capitalized Costs Property Plant And Equipment | 212,185,000 | ' | 212,372,000 |
Interest Expense, Borrowings | 76,700,000 | 77,200,000 | ' |
Interest Costs, Capitalized During Period | 500,000 | 14,800,000 | ' |
Ceiling Test Limitation Pretax Oil and Gas Properties | ' | ' | 2,900,000,000 |
Other Asset Impairment Charges | ' | ' | $92,500,000 |
Long_Term_Liabilities_Details
Long Term Liabilities (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Long Term Obligations [Abstract] | ' | ' |
Notes Payable to Bank | $300,000,000 | $277,000,000 |
Other Notes Payable | 1,560,000,000 | 1,560,000,000 |
Other Liabilities, Noncurrent | 95,843,000 | 76,038,000 |
Total Long Term Liabilities | 1,955,843,000 | 1,913,038,000 |
Senior Credit Facility Details [Abstract] | ' | ' |
Revolving Bank Loan Comitment Value | 1,000,000,000 | ' |
Max Revolving Bank Loan Comitment Value | 1,250,000,000 | ' |
Letters Of Credit Available Credit Facility | 250,000,000 | ' |
Debt Instrument Interest Rate Terms Prime | 1.25% | ' |
Debt Instrument Interest Rate Terms Libor | 2.25% | ' |
Notes Payable to Bank | 300,000,000 | 277,000,000 |
Debt Instrument, Unused Borrowing Capacity, Amount | $700,000,000 | ' |
Share_Based_Compensation_Detai
Share Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Number Of Options [Member] | Number Of Options [Member] | Weighted Average Exercise Price [Member] | Weighted Average Exercise Price [Member] | Weighted Average Exercise Price [Member] | |||||
Valuation And Expense Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cost of share based payment plans | $601 | $4,497 | $9,458 | $11,513 | ' | ' | ' | ' | ' |
Amounts capitalized in oil and gas properties and equipment | 37 | 1,448 | 2,833 | 3,683 | ' | ' | ' | ' | ' |
Share-based Compensation | 564 | 3,049 | 6,625 | 7,830 | ' | ' | ' | ' | ' |
Amount of related income tax benefit recognized in income before valuation allowance | $232 | $1,255 | $2,728 | $3,224 | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | ' | ' | ' | ' | 1,357 | 1,459 | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | ' | ' | ' | ' | $16.97 | $16.97 | $16.97 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | ' | ' | ' | ' | ' | ' | $98.87 | $98.87 | $98.87 |
Forfeited | ' | ' | ' | ' | -69 | -68 | ' | ' | ' |
Exercise Price, Lower Range Limit Forfeited | ' | ' | ' | ' | ' | ' | $25.68 | $25.08 | ' |
Exercise Price, Upper Range Limit Forfeited | ' | ' | ' | ' | ' | ' | $75.18 | $75.18 | ' |
Exercised | ' | ' | ' | ' | 0 | -34 | ' | ' | ' |
Exercise Price, Lower Range Limit Exercised | ' | ' | ' | ' | ' | ' | $0 | $16.97 | ' |
Exercise Price, Upper Range Limit Exercised | ' | ' | ' | ' | ' | ' | $0 | $19.18 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | ' | ' | ' | ' | 1,288 | 1,357 | ' | ' | ' |
Share_Based_Compensation_Textu
Share Based Compensation - Textuals (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share Based Compensation Details [Abstract] | ' | ' |
Long Term Incentive Program Period | $4.50 | $5.60 |
Long Term Incentive Program Total 2011 Program | 8.2 | ' |
Long Term Incentive Program Total 2012 Program | 12.4 | ' |
Long Term Incentive Program Total 2013 Program | 15.2 | ' |
Long Term Incentive Program Total 2010 Program | $11.70 | ' |
Long Term Incentive Program Total 2010 Program Shares | 153,511 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Statement Income Taxes Details [Abstract] | ' |
Statutory tax rate | 35.00% |
Deferred Tax Assets, Valuation Allowance | $380.30 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Natural Gas Commodity Derivatives [Abstract] | ' | ' | ' | ' |
Realized (loss) gain on commodity derivatives | ($1,310) | $83,433 | ($21,074) | $260,239 |
Unrealized Gain (Loss) on Derivatives | 3,384 | -93,329 | 523 | -183,139 |
Gain loss on commodity derivatives | 2,074 | -9,896 | -20,551 | 77,100 |
Swap [Member] | Nymex Henry Hub [Member] | Summer 2013 [Member] | ' | ' | ' | ' |
Schedule Of Derivative Instruments [Line Items] | ' | ' | ' | ' |
Derivative, Underlying Basis | ' | ' | ' 390,000 | ' |
Derivative, Swap Type, Average Fixed Price | 3.54 | ' | 3.54 | ' |
Derivative Asset, Fair Value | $523 | ' | $523 | ' |
Fair_Value_Measurments_Details
Fair Value Measurments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Assets [Abstract] | ' | ' |
Derivative Assets, Current | $1,239 | $0 |
Derivative Liabilities [Abstract] | ' | ' |
Derivative Liabilities, Current | 716 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivative Liabilities [Abstract] | ' | ' |
Derivative Liabilities, Current | $716 | ' |
Fair_Value_Measurments_Debt_In
Fair Value Measurments - Debt Instruments (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | $1,860,000 | $1,837,000 |
Notes Due 2015 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 100,000 | 100,000 |
Notes Payable, Fair Value Disclosure | 105,421 | 107,801 |
Private Debt Placement Instruments Interest Rates | 5.45% | ' |
Notes Due 2018 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 200,000 | 200,000 |
Notes Payable, Fair Value Disclosure | 224,213 | 230,062 |
Private Debt Placement Instruments Interest Rates | 5.92% | ' |
Notes Due 2016 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 62,000 | 62,000 |
Notes Payable, Fair Value Disclosure | 69,765 | 72,046 |
Private Debt Placement Instruments Interest Rates | 7.31% | ' |
Notes Due 2019 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 173,000 | 173,000 |
Notes Payable, Fair Value Disclosure | 209,877 | 219,045 |
Private Debt Placement Instruments Interest Rates | 7.77% | ' |
Notes Due 2017 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 116,000 | 116,000 |
Notes Payable, Fair Value Disclosure | 125,335 | 127,109 |
Private Debt Placement Instruments Interest Rates | 4.98% | ' |
Notes Due January 2020 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 207,000 | 207,000 |
Notes Payable, Fair Value Disclosure | 225,420 | 234,552 |
Private Debt Placement Instruments Interest Rates | 5.50% | ' |
Notes Due January 2022 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 87,000 | 87,000 |
Notes Payable, Fair Value Disclosure | 92,500 | 98,526 |
Private Debt Placement Instruments Interest Rates | 5.60% | ' |
Notes Due January 2025 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 90,000 | 90,000 |
Notes Payable, Fair Value Disclosure | 93,841 | 102,096 |
Private Debt Placement Instruments Interest Rates | 5.85% | ' |
Notes Due October 2020 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 315,000 | 315,000 |
Notes Payable, Fair Value Disclosure | 316,920 | 331,329 |
Private Debt Placement Instruments Interest Rates | 4.51% | ' |
Notes Due October 2022 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 35,000 | 35,000 |
Notes Payable, Fair Value Disclosure | 33,955 | 36,361 |
Private Debt Placement Instruments Interest Rates | 4.66% | ' |
Notes Due October 2025 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 175,000 | 175,000 |
Notes Payable, Fair Value Disclosure | 165,595 | 179,677 |
Private Debt Placement Instruments Interest Rates | 4.91% | ' |
Credit Facility | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Excluding Current Maturities | 300,000 | 277,000 |
Notes Payable, Fair Value Disclosure | $300,000 | $277,000 |
Subsequent_Events_Narrative_De
Subsequent Events - Narrative (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Subsequent Events [Abstract] | ' |
SubsequentEventAmount | $650 |