Document and Entity Information
Document and Entity Information - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Jul. 22, 2015 | Jun. 30, 2014 | |
Document and Entity Information | |||
Entity Registrant Name | Ultra Petroleum Corp. | ||
Entity Central Index Key | 1,022,646 | ||
Document Type | 10-Q | ||
Document Period End Date | Jun. 30, 2015 | ||
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 | $ 4,548,975,499 | ||
Entity Common Stock, Shares Outstanding | 153,247,603 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | Q2 | ||
Trading Symbol | UPL |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues [Abstract] | ||||
Natural gas sales | $ 164,226 | $ 228,573 | $ 348,020 | $ 500,111 |
Oil sales | 43,772 | 67,490 | 79,286 | 122,250 |
Oil and Gas Revenue | 207,998 | 296,063 | 427,306 | 622,361 |
Operating Expenses [Abstract] | ||||
Lease operating expenses | 27,785 | 22,959 | 53,896 | 43,972 |
LGS operating lease expense | 5,162 | 5,076 | 10,323 | 10,153 |
Production taxes | 17,184 | 24,594 | 37,079 | 50,525 |
Gathering fees | 22,488 | 13,449 | 42,245 | 26,157 |
Transportation charges | 21,076 | 17,273 | 41,267 | 37,848 |
Depletion, depreciation and amoritzation | 92,366 | 65,341 | 186,956 | 128,522 |
General and administrative | 2,422 | 2,158 | 6,062 | 8,503 |
Costs and Expenses | 188,483 | 150,850 | 377,828 | 305,680 |
Operating Income (Loss) | 19,515 | 145,213 | 49,478 | 316,681 |
Other Nonoperating Income (Expense) [Abstract] | ||||
Interest Expense, Debt | (42,619) | (27,294) | (85,287) | (54,362) |
Gain (loss) on commodity derivatives | (3,646) | (15,102) | 33,219 | (60,375) |
Deferred gain on sale of liquids gathering system | 2,638 | 2,638 | 5,276 | 5,276 |
Litigation expense | (736) | 0 | (4,401) | 0 |
Other income (expense) net | (75) | 50 | (39) | 2 |
Other Nonoperating Income (Expense) | (44,438) | (39,708) | (51,232) | (109,459) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Cumulative Effects of Changes in Accounting Principles, Noncontrolling Interest | (24,923) | 105,505 | (1,754) | 207,222 |
Income Tax Expense (Benefit) | (250) | (544) | (2,272) | (541) |
Net Income (Loss) | $ (24,673) | $ 106,049 | $ 518 | $ 207,763 |
Earnings Per Share, Basic [Abstract] | ||||
Earnings Per Share, Basic | $ (0.16) | $ 0.69 | $ 0 | $ 1.36 |
Fully Diluted Earnings per Share: | ||||
Earnings Per Share, Diluted | $ (0.16) | $ 0.68 | $ 0 | $ 1.34 |
Weighted Average Number of Shares Outstanding, Basic | 153,218 | 153,179 | 153,130 | 153,110 |
Weighted Average Number of Shares Outstanding, Diluted | 153,218 | 155,007 | 154,737 | 154,915 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 5,381 | $ 8,919 |
Restricted cash | 115 | 117 |
Oil and gas revenue receivable | 75,485 | 111,915 |
Joint interest billing and other receivables | 21,613 | 32,502 |
Derivative assets | 55,425 | 104,190 |
Other current assets | 11,691 | 19,495 |
Assets, Current | 169,710 | 277,138 |
Oil And Gas Properties Net Using Full Cost Method Of Accounting [Abstract] | ||
Proven | 3,731,375 | 3,636,643 |
Unproven properties not being amortized | 240,598 | 242,294 |
Property, plant and equipment, net | 9,762 | 12,186 |
Deferred tax assets | 15,756 | 30,640 |
Deferred financing costs and other | 27,224 | 26,789 |
Assets | 4,194,425 | 4,225,690 |
Liabilities, Current [Abstract] | ||
Accounts payable | 61,762 | 77,580 |
Accrued liabilities | 52,821 | 89,865 |
Current portion of long term debt | 62,000 | 100,000 |
Production taxes payable | 58,824 | 55,585 |
Interest payable | 42,659 | 46,098 |
Taxes Payable, Current | 15,754 | 30,638 |
Derivative Liabilities, Current | 0 | 0 |
Capital cost accrual | 30,336 | 45,952 |
Liabilities, Current | 324,156 | 445,718 |
Long-term debt | 3,368,000 | 3,278,000 |
Deferred gain on sale of liquids gathering system | 131,572 | 136,848 |
Deferred tax liabilities | 465 | 992 |
Other long-term obligations | $ 155,906 | $ 152,472 |
Commitments and contingencies | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common Stock, Value, Issued | $ 500,547 | $ 495,913 |
Treasury Stock, Value | (337) | (6,213) |
Retained loss | (285,884) | (278,040) |
Total shareholders' deficit | 214,326 | 211,660 |
Liabilities and Stockholders' Equity | $ 4,194,425 | $ 4,225,690 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares None in scaling factor is -9223372036854775296 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Statement of Financial Position [Abstract] | ||
Common Stock, No Par Value | ||
Common stock, shares authorized | unlimited | unlimited |
Common Stock, Shares, Issued | 153,247,603 | 152,896,315 |
Common Stock, Shares, Outstanding | 153,247,603 | 152,896,315 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net Income (Loss) | $ 518 | $ 207,763 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | ||
Depletion, depreciation and amoritzation | 186,956 | 128,522 |
Deferred gain on sale of liquids gathering system | (5,276) | (5,276) |
Deferred Income Tax Provision (Benefit) | (527) | 0 |
Unrealized Gain (Loss) on Derivatives | 48,765 | 14,130 |
Stock compensation | 2,829 | 1,029 |
Other | 4,973 | 2,123 |
Increase (Decrease) in Operating Capital [Abstract] | ||
Restricted cash | 2 | 2 |
Accounts receivable | 42,763 | (22,975) |
Other current assets | (28) | (396) |
Accounts payable | (16,293) | 4,674 |
Accrued liabilities | (19,911) | 7,806 |
Production taxes payable | 3,239 | 6,247 |
Interest payable | (3,439) | (438) |
Other long-term obligations | (4,496) | 5,228 |
Income taxes payable receivable | 3,249 | (1,788) |
Net Cash Provided by (Used in) Operating Activities | 243,324 | 346,651 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Acquisition Costs | 3,964 | (290) |
Oil and gas property expenditures | (267,522) | (271,520) |
Gathering system expenditures | 0 | (4,658) |
Change in capital cost accrual | (15,616) | (38,836) |
Proceeds from Sale of Productive Assets | 0 | 0 |
Inventory | 345 | 322 |
Purchase of Capital Assets | (504) | (2,188) |
Net Cash Provided by (Used in) Investing Activities | (279,333) | (317,170) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Borrowings on long-term debt | 714,000 | 458,000 |
Payments on long-term debt | (662,000) | (491,000) |
Deferred financing costs | 6 | (164) |
Repurchased shares - net share settlements | (2,486) | (2,557) |
Payment of contingent consideration | (17,049) | 0 |
Proceeds from exercise of options | 0 | 668 |
Net Cash Provided by (Used in) Financing Activities | 32,471 | (35,053) |
Cash and Cash Equivalents, Period Increase (Decrease) | (3,538) | (5,572) |
Cash and Cash Equivalents, at Carrying Value | 8,919 | 10,664 |
Cash and Cash Equivalents, at Carrying Value | $ 5,381 | $ 5,092 |
Description of the Business
Description of the Business | 6 Months Ended |
Jun. 30, 2015 | |
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 Yukon, Canada. The Company’s principal business activities are developing its long-life natural gas reserves in the Green River Basin of Wyoming – the Pinedale and Jonah fields, its oil reserves in the Uinta Basin in Utah and its natural gas reserves in the Appalachian Basin of Pennsylvania. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
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, 2014 , 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 she et data as of December 31, 2014 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 an d 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 wholl y 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) Accounts Receivable: Accounts receivable are stated at the historical carrying amount net of write-offs and an allowance for uncollectible accounts. The carrying amount of the Company’s accounts receivable approximates fair value because of the short-term nature of the instruments. The Company routinely assesses the collectability of all material trade and other receivables. (d) Property, Plant and Equipment: Capital assets are recorded at cost and depreciated using the declining-balance method based on their respective useful life. Previously, gathering system expenditures were recorded at cost and depreciated separately from proven oil and gas properties using the straight-line method due to the expectation that they would be used to t ransport production from probable and possible reserves, as well as from third parties. However, subsequent to the acquisition of oil and natural gas properties including certain gas gathering systems in the Pinedale field in Wyoming (the “SWEPI Transacti on”) in September 2014, the Company’s remaining gathering systems are expected to only be used to transport the Company’s proved volumes and as a result, $91.8 million was transferred to proven oil and gas properties at September 30, 2014. ( e ) Oil and N at ural G as P roperties: 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 succe ssful, 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 in curred. 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 costs 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. The Company reviews its unproved leaseho ld costs quarterly or when management determines that events or circumstances indicate that the recorded carrying value of the unevaluated properties may not be recoverable. The fair values of unproved properties are evaluated utilizing a discounted net ca sh flows model based on management’s assumptions of future oil and gas production, commodity prices, operating and development costs; as well as appropriate discount rates. The estimated prices used in the cash flow analysis are determined by management ba sed on forward price curves for the related commodities, adjusted for average historical location and quality differentials. Estimates of cash flows related to probable and possible reserves are reduced by additional risk-weighting factors. The amount of a ny 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. Th e 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 twe lve 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 co st 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 ea rnings 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 t he ceiling. The Company did not incur a ceiling test write-down for the six months ended June 30, 2015 or 2014 . (f) Derivative Instruments and Hedging Activities: The Company follows FA SB ASC Topic 815, Derivatives and Hedging (“FASB ASC 815”). The Company records the fair val ue 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. The Company does not offset the value of its derivative arrangements with the same counterparty. (See Note 6). (g) Income Taxes: Income taxes are accounted for under the asset and liability method. Defer red 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 c arryforwards. 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 liab ilities 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 T axes. 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. (h) Earnings Per Share: Basic earning s 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 out standing 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 Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 (Share amounts in 000's) Net (loss) income $ (24,673) $ 106,049 $ 518 $ 207,763 Weighted average common shares outstanding - basic 153,218 153,179 153,130 153,110 Effect of dilutive instruments - (1) 1,828 1,607 1,805 Weighted average common shares outstanding - diluted 153,218 155,007 154,737 154,915 Net (loss) income per common share - basic $ (0.16) $ 0.69 $ - $ 1.36 Net (loss) income per common share - diluted $ (0.16) $ 0.68 $ - $ 1.34 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 - 1,196 1,594 1,707 (1) Due to the net loss for the quarter ended June 30, 2015, 1.6 million shares for options and restricted stock units were anti-dilutive and excluded from the computation of loss per share. ( i ) 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. (j) Accounting for Share-Based Compensation: The Company measures and r ecognizes 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. (k) Fair Value Ac counting: 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. (l) Asset Retirement Obligation: The initial estimated retirement obligation of properties is recognized as a liabi lity 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 a djustment 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 timi ng 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 acc ompanying Consolidated Balance Sheets. (m) Revenue Recognition: The Company generally sells oil and natural gas under both long-term and short-term agreements at prevailing market prices . 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 reason ably 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. 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 vo lume 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 chang es 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 r elated operating expenses, and provides balance sheet recognition of the estimated value of product imbalances. (n) 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 . (o) 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 . (p) Recent Accounting Pronouncements: In April 2015, the FASB issued an amendment to U.S. GAAP to simplify the balance sheet presentation o f the costs for issuing debt. The changes were adopted in Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU No. 2015-3”) . Public companies will have to apply the amendments for reporting periods that start after December 15, 2015. The amendment requires adoption by revising the balance sheets for periods prior to the effective date, which makes it easier for investors to evaluate a company’s financial performance. The amendment to FASB ASC 835-30-45, Interest—Imputation of Interest, formerly Accounting Principles Board (APB) Opinion No. 21, means that the costs for issuing debt will appear on the balance sheet as a direct deduction of debt. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In June 2015, the FASB issued a delay by one year of the revenue recognition standard adopted in June 2014. In June 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”), which amends the FASB ASC by adding new FASB ASC Topic 606, Revenue from Contracts with Customers , and superseding the revenue recognition requirements in FASB ASC 605, Revenu e Recognition , and in most industry-specific topics. ASU No. 2014-09 provides new guidance concerning recognition and measurement of revenue and requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising fro m contracts with customers. The new proposal related to ASU No. 2014-09 delays the application of the standard to reporting periods beginning after December 15, 2017 instead of December 15, 2016. The Company is still evaluating the impact of ASU No. 2014- 09 on its financial position and results of operations . In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”) that will require management to evaluate whet her there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the financial statements are issued on both an interim and annual basis. Management will be required to provid e certain footnote disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. ASU No. 2014-15 becomes effective for annual periods beginning in 2016 a nd for interim reporting periods starting in the first quarter of 2017. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements . |
Oil and Gas Properties and Equi
Oil and Gas Properties and Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Oil And Gas Properties And Equipment [Abstract] | |
Oil and Gas Exploration and Production Industries Disclosures [Text Block] | 2. OIL AND GAS PROPERTIES AND EQUIPMENT: June 30, December 31, 2015 2014 Proven Properties: Acquisition, equipment, exploration, drilling and environmental costs $ 10,006,940 $ 9,731,407 Less: Accumulated depletion, depreciation and amortization(1) (6,275,565) (6,094,764) 3,731,375 3,636,643 Unproven Properties: Acquisition and exploration costs not being amortized (1) 240,598 242,294 Net capitalized costs - oil and gas properties $ 3,971,973 $ 3,878,937 (1) For the six months ended June 30, 2015 and 2014 , total interest on outstanding debt was $91.7 million and $65.3 million, respectively, of which, $6.4 million and $10.9 million, respectively, was capitalized on the cost of unproven oil and natural gas properties and on w ork i n p rocess relating to g athering systems . |
Long Term Liabilities
Long Term Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Long Term Liabilities [Abstract] | |
Long-term Debt [Text Block] | 3. DEBT AND OTHER LONG-TERM OBLIGATIONS: June 30, December 31, 2015 2014 Short-term debt: Senior Notes due March 2016 $ 62,000 $ 100,000 Long-term debt and other obligations: Bank indebtedness 670,000 518,000 Senior Notes 2,698,000 2,760,000 Other long-term obligations 155,906 152,472 $ 3,585,906 $ 3,530,472 Ultra Resources, Inc. Bank Indebtedness – 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 consent of lenders who are willing to increase their loan commitments, provides for the issuance of letters of credit of up to $250.0 million in aggregate, and matures in October 2016. With majori ty (over 50 %) lender consent, the term of the consenting lenders’ commitments may be extended for up to two successive one-year periods at the Borrower’s request. At June 30, 2015 , the Company had $670.0 million in outstanding borrowings and $330.0 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 r ate 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 June 30, 2015 ). 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 representatio ns, 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 rat ing 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 June 30, 2015 , the Company was in compliance wi th all of its debt covenants under the Credit Agreement. Ultra Resources, Inc. Senior Notes – Ultra Resources also has outstanding $1.46 billion in notes collectively referred to as “Senior Notes”. During March 2015, $100 million of notes matured and were paid in full. Ultra Resources’ Senior Notes rank pari passu with the Company’s Credit Agreement. 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 following the payment of a make-whole premium and are subject to representations, warranties, covenants and events of default similar to those in the Credit Facility. At June 30, 2015 , the Company was in compliance with all of its debt covenants under the Senior Notes. Ultra Petroleum Corp. Senior Notes – Senior Notes due 2024 : On September 18, 2014, the Company issued $850.0 million of 6.125% Senior Notes due 2024 (“2024 Notes”). The 2024 Notes are general, unsecured senior obligations of the Company and mature on October 1, 2024. The 2024 Notes rank equally in right of paym ent to all existing and future senior indebtedness of the Company and effectively rank junior to all future secured indebtedness of the Company (to the extent of the value of the collateral securing such indebtedness). The 2024 Notes are not guaranteed by the Company’s subsidiaries and so are structurally subordinated to the indebtedness and other obligations of the Company’s subsidiaries. On and after October 1, 2019, the Company may redeem all or, from time to time, a part of the 2024 Notes at the follow ing prices expressed as a percentage of principal amount of the 2024 Notes: (2019 – 103.063%; 2020 – 102.042%; 2021 – 101.021%; and 2022 and thereafter – 100.000%). The 2024 Notes are subject to covenants that restrict the Company’s ability to incur inde btedness, make distributions and other restricted payments, grant liens, use the proceeds of asset sales, make investments and engage in affiliate transactions. In addition, the 2024 Notes contain events of default customary for a senior note financing. At June 30, 2015 , the Company was in compliance with all of its debt covenants under the 2024 Notes. Senior Notes due 2018 : On December 12, 2013, the Company issued $450.0 million of 5.75% Senior Notes due 2018 (“2018 Notes”). The 2018 Notes are g eneral, unsecured senior obligations of the Company and mature on December 15, 2018. The 2018 Notes rank equally in right of payment to all existing and future senior indebtedness of the Company and effectively rank junior to all future secured indebtedne ss of the Company (to the extent of the value of the collateral securing such indebtedness). The 2018 Notes are not guaranteed by the Company’s subsidiaries and so are structurally subordinated to the indebtedness and other obligations of the Company’s su bsidiaries. On and after December 15, 2015, the Company may redeem all or, from time to time, a part of the 2018 Notes at the following prices expressed as a percentage of principal amount of the 2018 Notes: (2015 – 102.875%; 2016 – 101.438%; and 2017 and thereafter – 100.000%) . The 2018 Notes are subject to covenants that restrict the Company’s ability to incur indebtedness, make distributions and other restricted payments, grant liens, use the proceeds of asset sales, make investments and engage in affi liate transactions. In addition, the 2018 Notes contain events of default customary for a senior note financing. At June 30, 2015 , the Company was in compliance with all of its debt covenants under the 2018 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 | 6 Months Ended |
Jun. 30, 2015 | |
Stock Based Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 4. SHARE BASED COMPENSATION: Valuation and Expense Information Three Months Six Months Ended June 30, Ended June 30, 2015 2014 2015 2014 Total cost of share-based payment plans $ 1,314 $ (1,041) $ 4,284 $ 1,739 Amounts capitalized in oil and gas properties and equipment $ 478 $ 435 $ 1,455 $ 710 Amounts charged against income, before income tax benefit (provision) $ 836 $ (1,476) $ 2,829 $ 1,029 Amount of related income tax (expense) benefit recognized in income before valuation allowance $ 349 $ (617) $ 1,183 $ 430 Changes in Stock Options and Stock Options Outstanding The following table summarizes the changes in stock options for the six months ended June 30, 2015 and the year ended December 31, 2014 : Weighted Number of Average Options Exercise Price (000's) (US Dollars) Balance, December 31, 2013 1,246 $ 16.97 to $ 98.87 Forfeited (513) $ 33.57 to $ 75.18 Exercised (43) $ 16.97 to $ 25.68 Balance, December 31, 2014 690 $ 25.68 to $ 98.87 Expired or forfeited (65) $ 25.68 to $ 75.18 Exercised - $ 0.00 to $ 0.00 Balance, June 30, 2015 625 $ 33.80 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. Under each LTIP, the Compensation Committee establishes a percentage of base salary for each participant that is multiplied by the participant’s base salary at the beginning of th e performance period 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 are met. In addition, each participant is assigned threshold and maximum award levels in the event the Company’s actual performance is below o r above the target levels. Time-Based Measure and Performance-Based Measures : For each LTIP award, the Committee establishes time-based and performance-based measures at the beginning of each three-year performance period. For the LTIP awards in 2015 , 2014 and 2013 , the Committee established the following performance -based measures: return on capital employed, debt level, and reserve replacement ratio. The fair value of the time-based and performance-based component of the LTIP award is based on the average high and low market price of the Company’s common stock on the date of award. Market-Based Measure : LTIP awards granted to officers during 2015 , 2014 and 2013 , include a n additional performance metric, Total Shareholder Ret urn. The grant-date fair value related to the market-based condition was calculated using a Monte Carlo simulation. Stock-Based Compensation Cost : For the six months ended June 30, 2015 , the Company recognized $2.3 million in p re-tax compensation expense related to the 2013 , 2014 and 2015 LTIP awards of restricted stock units as compared to $2.5 million during the six months ended June 30, 2014 related to the 2012 , 2013 and 2014 LT IP awards of restricted stock units. The amounts recognized during the six months ended June 30, 2015 assume that performance objectives between target and maximum are attained for the 2013 LTIP and maximum performance objectives are attained under the 2014 and 2015 LTIP plans. If the Company ultimately attains these performance objectives, the associated total compensation, estimated at June 30, 2015 , for each of the three year performance periods is expected to be approximately $9.5 million, $13.1 million, and $14.0 million related to the 2013 , 2014 and 2015 LTIP awards of restricted stock units, respectively. The 2012 LTIP award of restricted stock units was paid in shares of the Company’ s stock to employees during the first quarter of 2015 and totaled $9.2 million ( 232,636 net shares). Valuation Assumptions The Company estimates the fair value of the market condition related to the LTIP awards on the date of grant using a Monte Carlo simulation with the following assumptions: 2015 LTIP 2014 LTIP 2013 LTIP Volatility of common stock 40.1% 39.0% 39.2% Average volatility of peer companies 46.5% n/a n/a Average correlation coefficient of peer companies 0.454 n/a n/a Risk-free interest rate 1.02% 0.66% 0.40% |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
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, the ability to carryback current period losses, state income taxes and other permanent differences. The Company has recorded a valuation allowance against certain deferred tax assets as of June 30, 2015 . Some or all of this valuation allowance may be reversed in future periods against future income. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
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 cas h 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 re quires that all derivatives be recognized on the Consolidated Balance Sheets 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 criteri a 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 Consolidated Balan ce Sheets 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 deriva tive 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 June 30, 2015 , the Company had the following open c ommodity derivative contracts to manage price risk on a portion of its production whereby the Company receives the fixed price for the contract and pays the variable price to the counterparty . The reference prices of these commodity derivative contracts ar e typically referenced to index price s as published by independent third parties. Natural Gas: Type Commodity Reference Price Remaining Contract Period Volume - MMBTU/Day Average Price /MMBTU Fair Value - June 30, 2015 Asset Fixed price swap NYMEX-Henry Hub July - Oct 2015 672,500 $3.50 $ 55,425 The following table summarizes the pre-tax realized and unrealized gain (loss) the Company recognized related to its derivative instruments in the Consolidated Statements of Operations for the periods ended June 30, 2015 and 2014 : For the Three Months For the Six Months Ended June 30, Ended June 30, Commodity Derivatives : 2015 2014 2015 2014 Realized gain (loss) on commodity derivatives-natural gas (1) $ 52,625 $ (33,729) $ 81,984 $ (40,843) Realized (loss) on commodity derivatives-crude oil (1) - (3,562) - (5,402) Unrealized (loss) gain on commodity derivatives (1) (56,271) 22,189 (48,765) (14,130) Total (loss) gain on commodity derivatives $ (3,646) $ (15,102) $ 33,219 $ (60,375) (1) Included in (loss) gain on commodity derivatives in the Consolidated Statements of Operations. The realized gain or loss on commodity derivatives relates to actual amounts received or paid or to be received or paid under the Company’s derivative contracts and t he unrealized gain or loss on commodity derivatives represents the change in the fair value of these derivative instruments over the remaining term of the contract. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
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 meas urements 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 liabilit ies 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 d erivatives 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 , measured at fair value on a recurring basis, as of June 30, 2015 . The Company has no derivative instruments whic h qualify for cash flow hedge accounting. Level 1 Level 2 Level 3 Total Assets: Current derivative asset $ - $ 55,425 $ - $ 55,425 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 equivale nts, restricted cash, 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. June 30, 2015 December 31, 2014 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value 5.45% Notes due March 2015, issued 2008 $ - $ - $ 100,000 $ 101,931 7.31% Notes due March 2016, issued 2009 62,000 64,670 62,000 65,027 4.98% Notes due January 2017, issued 2010 116,000 117,959 116,000 116,240 5.92% Notes due March 2018, issued 2008 200,000 207,952 200,000 203,738 5.75% Notes due December 2018, issued 2013 450,000 434,162 450,000 414,505 7.77% Notes due March 2019, issued 2009 173,000 190,743 173,000 187,105 5.50% Notes due January 2020, issued 2010 207,000 208,259 207,000 201,371 4.51% Notes due October 2020, issued 2010 315,000 294,866 315,000 283,335 5.60% Notes due January 2022, issued 2010 87,000 85,564 87,000 82,581 4.66% Notes due October 2022, issued 2010 35,000 31,686 35,000 30,476 6.125% Notes due October 2024, issued 2014 850,000 768,994 850,000 754,485 5.85% Notes due January 2025, issued 2010 90,000 87,211 90,000 83,876 4.91% Notes due October 2025, issued 2010 175,000 153,504 175,000 147,649 Credit Facility due October 2016 670,000 670,000 518,000 518,000 $ 3,430,000 $ 3,315,570 $ 3,378,000 $ 3,190,319 |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Legal Proceedings [Abstract] | |
Legal Proceedings [Text Block] | 8. COMMITMENTS AND CONTINGENCIES : 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 | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events [Text Block] | 9. SUBSEQUENT EVENTS: The Company has evaluated the period subsequent to June 30, 2015 for events that did not exist at the balance sheet date but arose after that date and determined that no subsequent events arose that should be disclosed in order to keep the financial statements from being misleading. |
Significant Accounting Polici16
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
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. |
Accounts Receivable [Policy Text Block] | (c) Accounts Receivable: Accounts receivable are stated at the historical carrying amount net of write-offs and an allowance for uncollectible accounts. The carrying amount of the Company’s accounts receivable approximates fair value because of the short-term nature of the instruments. The Company routinely assesses the collectability of all material trade and other receivables. |
Property, Plant and Equipment [Policy Text Block] | (d) Property, Plant and Equipment: Capital assets are recorded at cost and depreciated using the declining-balance method based on their respective useful life. Previously, gathering system expenditures were recorded at cost and depreciated separately from proven oil and gas properties using the straight-line method due to the expectation that they would be used to t ransport production from probable and possible reserves, as well as from third parties. However, subsequent to the acquisition of oil and natural gas properties including certain gas gathering systems in the Pinedale field in Wyoming (the “SWEPI Transacti on”) in September 2014, the Company’s remaining gathering systems are expected to only be used to transport the Company’s proved volumes and as a result, $91.8 million was transferred to proven oil and gas properties at September 30, 2014. |
Oil And Natural Gas Properties [Policy Text Block] | ( e ) Oil and N at ural G as P roperties: 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 succe ssful, 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 in curred. 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 costs 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. The Company reviews its unproved leaseho ld costs quarterly or when management determines that events or circumstances indicate that the recorded carrying value of the unevaluated properties may not be recoverable. The fair values of unproved properties are evaluated utilizing a discounted net ca sh flows model based on management’s assumptions of future oil and gas production, commodity prices, operating and development costs; as well as appropriate discount rates. The estimated prices used in the cash flow analysis are determined by management ba sed on forward price curves for the related commodities, adjusted for average historical location and quality differentials. Estimates of cash flows related to probable and possible reserves are reduced by additional risk-weighting factors. The amount of a ny 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. Th e 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 twe lve 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 co st 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 ea rnings 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 t he ceiling. The Company did not incur a ceiling test write-down for the six months ended June 30, 2015 or 2014 . |
Derivatives [Policy Text Block] | (f) Derivative Instruments and Hedging Activities: The Company follows FA SB ASC Topic 815, Derivatives and Hedging (“FASB ASC 815”). The Company records the fair val ue 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. The Company does not offset the value of its derivative arrangements with the same counterparty. (See Note 6). |
Income Tax [Policy Text Block] | (g) Income Taxes: Income taxes are accounted for under the asset and liability method. Defer red 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 c arryforwards. 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 liab ilities 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 T axes. 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] | (h) Earnings Per Share: Basic earning s 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 out standing 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 Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 (Share amounts in 000's) Net (loss) income $ (24,673) $ 106,049 $ 518 $ 207,763 Weighted average common shares outstanding - basic 153,218 153,179 153,130 153,110 Effect of dilutive instruments - (1) 1,828 1,607 1,805 Weighted average common shares outstanding - diluted 153,218 155,007 154,737 154,915 Net (loss) income per common share - basic $ (0.16) $ 0.69 $ - $ 1.36 Net (loss) income per common share - diluted $ (0.16) $ 0.68 $ - $ 1.34 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 - 1,196 1,594 1,707 (1) Due to the net loss for the quarter ended June 30, 2015, 1.6 million shares for options and restricted stock units were anti-dilutive and excluded from the computation of loss per share. |
Use Of Estimates [Policy Text Block] | ( i ) 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] | (j) Accounting for Share-Based Compensation: The Company measures and r ecognizes 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] | (k) Fair Value Ac counting: 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] | (l) Asset Retirement Obligation: The initial estimated retirement obligation of properties is recognized as a liabi lity 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 a djustment 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 timi ng 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 acc ompanying Consolidated Balance Sheets. |
Revenue Recognition [Policy Text Block] | (m) Revenue Recognition: The Company generally sells oil and natural gas under both long-term and short-term agreements at prevailing market prices . 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 reason ably 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. 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 vo lume 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 chang es 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 r elated operating expenses, and provides balance sheet recognition of the estimated value of product imbalances. |
Interest Expense [Policy Text Block] | (n) 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 . |
Capital Cost Accrual [Policy Text Block] | (o) 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] | (p) Recent Accounting Pronouncements: In April 2015, the FASB issued an amendment to U.S. GAAP to simplify the balance sheet presentation o f the costs for issuing debt. The changes were adopted in Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU No. 2015-3”) . Public companies will have to apply the amendments for reporting periods that start after December 15, 2015. The amendment requires adoption by revising the balance sheets for periods prior to the effective date, which makes it easier for investors to evaluate a company’s financial performance. The amendment to FASB ASC 835-30-45, Interest—Imputation of Interest, formerly Accounting Principles Board (APB) Opinion No. 21, means that the costs for issuing debt will appear on the balance sheet as a direct deduction of debt. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In June 2015, the FASB issued a delay by one year of the revenue recognition standard adopted in June 2014. In June 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”), which amends the FASB ASC by adding new FASB ASC Topic 606, Revenue from Contracts with Customers , and superseding the revenue recognition requirements in FASB ASC 605, Revenu e Recognition , and in most industry-specific topics. ASU No. 2014-09 provides new guidance concerning recognition and measurement of revenue and requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising fro m contracts with customers. The new proposal related to ASU No. 2014-09 delays the application of the standard to reporting periods beginning after December 15, 2017 instead of December 15, 2016. The Company is still evaluating the impact of ASU No. 2014- 09 on its financial position and results of operations . In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU No. 2014-15”) that will require management to evaluate whet her there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the financial statements are issued on both an interim and annual basis. Management will be required to provid e certain footnote disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. ASU No. 2014-15 becomes effective for annual periods beginning in 2016 a nd for interim reporting periods starting in the first quarter of 2017. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements . |
Significant Accounting Polici17
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policies Tables [Abstract] | |
Schedule Of Earnings Per Share | Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2015 2014 2015 2014 (Share amounts in 000's) Net (loss) income $ (24,673) $ 106,049 $ 518 $ 207,763 Weighted average common shares outstanding - basic 153,218 153,179 153,130 153,110 Effect of dilutive instruments - (1) 1,828 1,607 1,805 Weighted average common shares outstanding - diluted 153,218 155,007 154,737 154,915 Net (loss) income per common share - basic $ (0.16) $ 0.69 $ - $ 1.36 Net (loss) income per common share - diluted $ (0.16) $ 0.68 $ - $ 1.34 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 - 1,196 1,594 1,707 (1) Due to the net loss for the quarter ended June 30, 2015, 1.6 million shares for options and restricted stock units were anti-dilutive and excluded from the computation of loss per share. |
Oil and Gas Properties and Eq18
Oil and Gas Properties and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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: June 30, December 31, 2015 2014 Proven Properties: Acquisition, equipment, exploration, drilling and environmental costs $ 10,006,940 $ 9,731,407 Less: Accumulated depletion, depreciation and amortization(1) (6,275,565) (6,094,764) 3,731,375 3,636,643 Unproven Properties: Acquisition and exploration costs not being amortized (1) 240,598 242,294 Net capitalized costs - oil and gas properties $ 3,971,973 $ 3,878,937 |
Outstanding Debt and Other Long
Outstanding Debt and Other Long Term Obligations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Outstanding Debt And Other Long Term Obligations Tables [Abstract] | |
Outstanding Debt And Other Long Term Obligations | 3. DEBT AND OTHER LONG-TERM OBLIGATIONS: June 30, December 31, 2015 2014 Short-term debt: Senior Notes due March 2016 $ 62,000 $ 100,000 Long-term debt and other obligations: Bank indebtedness 670,000 518,000 Senior Notes 2,698,000 2,760,000 Other long-term obligations 155,906 152,472 $ 3,585,906 $ 3,530,472 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 Six Months Ended June 30, Ended June 30, 2015 2014 2015 2014 Total cost of share-based payment plans $ 1,314 $ (1,041) $ 4,284 $ 1,739 Amounts capitalized in oil and gas properties and equipment $ 478 $ 435 $ 1,455 $ 710 Amounts charged against income, before income tax benefit (provision) $ 836 $ (1,476) $ 2,829 $ 1,029 Amount of related income tax (expense) benefit recognized in income before valuation allowance $ 349 $ (617) $ 1,183 $ 430 |
Stock Option Activity TextBlock | Weighted Number of Average Options Exercise Price (000's) (US Dollars) Balance, December 31, 2013 1,246 $ 16.97 to $ 98.87 Forfeited (513) $ 33.57 to $ 75.18 Exercised (43) $ 16.97 to $ 25.68 Balance, December 31, 2014 690 $ 25.68 to $ 98.87 Expired or forfeited (65) $ 25.68 to $ 75.18 Exercised - $ 0.00 to $ 0.00 Balance, June 30, 2015 625 $ 33.80 to $ 98.87 |
Valuation Assumptions | Valuation Assumptions The Company estimates the fair value of the market condition related to the LTIP awards on the date of grant using a Monte Carlo simulation with the following assumptions: 2015 LTIP 2014 LTIP 2013 LTIP Volatility of common stock 40.1% 39.0% 39.2% Average volatility of peer companies 46.5% n/a n/a Average correlation coefficient of peer companies 0.454 n/a n/a Risk-free interest rate 1.02% 0.66% 0.40% |
Derivative Financial Instrume21
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Financial Instruments Tables [Abstract] | |
Schedule of Derivative Instruments [Text Block] | Natural Gas: Type Commodity Reference Price Remaining Contract Period Volume - MMBTU/Day Average Price /MMBTU Fair Value - June 30, 2015 Asset Fixed price swap NYMEX-Henry Hub July - Oct 2015 672,500 $3.50 $ 55,425 |
Gain or loss on derivative instruments | For the Three Months For the Six Months Ended June 30, Ended June 30, Commodity Derivatives : 2015 2014 2015 2014 Realized gain (loss) on commodity derivatives-natural gas (1) $ 52,625 $ (33,729) $ 81,984 $ (40,843) Realized (loss) on commodity derivatives-crude oil (1) - (3,562) - (5,402) Unrealized (loss) gain on commodity derivatives (1) (56,271) 22,189 (48,765) (14,130) Total (loss) gain on commodity derivatives $ (3,646) $ (15,102) $ 33,219 $ (60,375) (1) Included in (loss) gain on commodity derivatives in the Consolidated Statements of Operations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements Tables [Abstract] | |
Fair Value By Balance Sheet Grouping [Text Block] | Level 1 Level 2 Level 3 Total Assets: Current derivative asset $ - $ 55,425 $ - $ 55,425 |
Schedule of Fair Value of Financial Instruments | June 30, 2015 December 31, 2014 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value 5.45% Notes due March 2015, issued 2008 $ - $ - $ 100,000 $ 101,931 7.31% Notes due March 2016, issued 2009 62,000 64,670 62,000 65,027 4.98% Notes due January 2017, issued 2010 116,000 117,959 116,000 116,240 5.92% Notes due March 2018, issued 2008 200,000 207,952 200,000 203,738 5.75% Notes due December 2018, issued 2013 450,000 434,162 450,000 414,505 7.77% Notes due March 2019, issued 2009 173,000 190,743 173,000 187,105 5.50% Notes due January 2020, issued 2010 207,000 208,259 207,000 201,371 4.51% Notes due October 2020, issued 2010 315,000 294,866 315,000 283,335 5.60% Notes due January 2022, issued 2010 87,000 85,564 87,000 82,581 4.66% Notes due October 2022, issued 2010 35,000 31,686 35,000 30,476 6.125% Notes due October 2024, issued 2014 850,000 768,994 850,000 754,485 5.85% Notes due January 2025, issued 2010 90,000 87,211 90,000 83,876 4.91% Notes due October 2025, issued 2010 175,000 153,504 175,000 147,649 Credit Facility due October 2016 670,000 670,000 518,000 518,000 $ 3,430,000 $ 3,315,570 $ 3,378,000 $ 3,190,319 |
Significant Accounting Polici23
Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Significant Accounting Policies Details [Abstract] | ||||
Gathering SystemTransferred To Proven Properties | $ 91,800 | $ 91,800 | ||
Discount Rate Future Net Revenues | 10.00% | |||
Earnings Per Share Reconciliation [Abstract] | ||||
Net Income (Loss) | $ (24,673) | $ 106,049 | $ 518 | $ 207,763 |
Weighted Average Number of Shares Outstanding, Basic | 153,218 | 153,179 | 153,130 | 153,110 |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 0 | 1,828 | 1,607 | 1,805 |
Weighted Average Number of Shares Outstanding, Diluted | 153,218 | 155,007 | 154,737 | 154,915 |
Earnings Per Share, Basic | $ (0.16) | $ 0.69 | $ 0 | $ 1.36 |
Earnings Per Share, Diluted | $ (0.16) | $ 0.68 | $ 0 | $ 1.34 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 1,196 | 1,594 | 1,707 |
Oil and Gas Properties and Eq24
Oil and Gas Properties and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Proven Properties [Abstract] | |||
Acquisition, equipment, exploration, drilling and environmental costs | $ 10,006,940 | $ 9,731,407 | |
Capitalized Costs, Accumulated Depreciation, Depletion, Amortization and Valuation Allowance for Relating to Oil and Gas Producing Activities | (6,275,565) | (6,094,764) | |
Proved | 3,731,375 | 3,636,643 | |
Capitalized Costs of Unproved Properties Excluded from Amortization [Abstract] | |||
Oil Gas Properties Using Full Cost Method Accounting Unproved | 240,598 | 242,294 | |
Capitalized Costs, Oil and Gas Producing Activities, Net | 3,971,973 | $ 3,878,937 | |
Interest Expense, Borrowings | 91,700 | $ 65,300 | |
Interest Costs, Capitalized During Period | $ 6,400 | $ 10,900 |
Outstanding Debt And Other Lo25
Outstanding Debt And Other Long Term Obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Short-term Debt [Abstract] | ||
Current portion of long term debt | $ 62,000 | $ 100,000 |
Long Term Obligations [Abstract] | ||
Notes Payable to Bank | 670,000 | 518,000 |
Other Notes Payable | 2,698,000 | 2,760,000 |
Other Liabilities, Noncurrent | 155,906 | 152,472 |
Total outstanding debt and other long term obligations | 3,585,906 | 3,530,472 |
Senior Credit Facility Details [Abstract] | ||
Revolving Bank Loan Comitment Value | 1,000,000 | |
Max Revolving Bank Loan Comitment Value | 1,250,000 | |
Letters Of Credit Available Credit Facility | $ 250,000 | |
Credit Facility Lender Consent Requirement | 50.00% | |
Notes Payable to Bank | $ 670,000 | $ 518,000 |
Debt Instrument, Unused Borrowing Capacity, Amount | $ 330,000 | |
Debt Instrument Interest Rate Terms Prime | 1.25% | |
Debt Instrument Interest Rate Terms Libor | 2.25% | |
Ultra Resources Inc Senior Notes | ||
Senior Notes Ultra Resources Inc | $ 1,460,000 | |
Ultra Resources, Inc. Private Placement Debt Repayment Amount | $ 100,000 | |
Ultra Petroleum Corp Senior Notes | ||
Senior Notes Ultra Petroleum Corp Due 2018 Interest Rate | 5.75% | |
Senior Notes Ultra Petroleum Corp Due 2018 | $ 450,000 | |
Debt Instrument Call Feature | On and after December 15, 2015, the Company may redeem all or, from time to time, a part of the 2018 Notes at the following prices expressed as a percentage of principal amount of the 2018 Notes: (2015 – 102.875%; 2016 – 101.438%; and 2017 and thereafter – 100.000%) | |
Senior Notes UltraPetroleum Corp Due 2024 | $ 850,000 | |
Senior Notes Ultra Petroleum Corp Due 2024 Interest Rate | 6.125% | |
Debt Instrument Call Feature Ultra Petroleum Corp Senior Notes Due 2024 | On and after October 1, 2019, the Company may redeem all or, from time to time, a part of the 2024 Notes at the following prices expressed as a percentage of principal amount of the 2024 Notes: (2019 – 103.063%; 2020 – 102.042%; 2021 – 101.021%; and 2022 and thereafter – 100.000%). |
Share Based Compensation (Detai
Share Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation And Expense Information [Abstract] | ||||||
Total cost of share based payment plans | $ 1,314 | $ (1,041) | $ 4,284 | $ 1,739 | ||
Amounts capitalized in oil and gas properties and equipment | 478 | 435 | 1,455 | 710 | ||
Stock compensation | 836 | (1,476) | 2,829 | 1,029 | ||
Amount of related income tax benefit recognized in income before valuation allowance | $ 349 | $ (617) | $ 1,183 | $ 430 | ||
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, Lower Range Limit | $ 33.8 | $ 25.68 | $ 16.97 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 98.87 | $ 98.87 | $ 98.87 | |||
Expired or forfeited | (65) | (513) | ||||
Exercise Price, Lower Range Limit Expired or Forfeited | $ 25.68 | $ 33.57 | ||||
Exercise Price, Upper Range Limit Expired or Forfeited | $ 75.18 | $ 75.18 | ||||
Exercised | 0 | (43) | ||||
Exercise Price, Lower Range Limit Exercised | $ 0 | $ 16.97 | ||||
Exercise Price, Upper Range Limit Exercised | $ 0 | $ 25.68 | ||||
Number Of Options [Member] | ||||||
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 | 690 | 1,246 | 1,246 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 625 | 625 | 690 | 1,246 |
TSR Share Based Compensation (D
TSR Share Based Compensation (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Long Term Incentive 2015 Plan [Member] | |
Total Shareholder Return Assumptions [Line Items] | |
Volatility of common stock | 40.10% |
Average volatility of peer companies | 46.50% |
Average correlation coefficient of peer companies | 0.454 |
Risk-free interest rate | 1.02% |
Long Term Incentive 2014 Plan [Member] | |
Total Shareholder Return Assumptions [Line Items] | |
Volatility of common stock | 39.00% |
Risk-free interest rate | 0.66% |
Long Term Incentive 2013 Plan [Member] | |
Total Shareholder Return Assumptions [Line Items] | |
Volatility of common stock | 39.20% |
Risk-free interest rate | 0.40% |
Share Based Compensation - Text
Share Based Compensation - Textuals (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share Based Compensation Details [Abstract] | ||
Long Term Incentive Program Period | $ 2.3 | $ 2.5 |
Long Term Incentive Program Total 2013 Program | 9.5 | |
Long Term Incentive Program Total 2014 Program | 13.1 | |
Long Term Incentive Program Total 2015 Program | 14 | |
Long Term Incentive Program Total 2012 Program | $ 9.2 | |
Long Term Incentive Program Total 2012 Program Shares | 232,636 |
Income Taxes (Details)
Income Taxes (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Statement Income Taxes Details [Abstract] | |
Statutory tax rate | 35.00% |
Derivative Financial Instrume30
Derivative Financial Instruments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)MMBTU$ / MMBTU | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)MMBTU$ / MMBTU | Jun. 30, 2014USD ($) | |
Commodity Derivatives [Abstract] | ||||
Realized (loss) gain on commodity derivatives - natural gas | $ 52,625 | $ (33,729) | $ 81,984 | $ (40,843) |
Realized (loss) gain on commodity derivatives - crude oil | 0 | (3,562) | 0 | (5,402) |
Unrealized Gain (Loss) on Derivatives | (56,271) | 22,189 | (48,765) | (14,130) |
Gain loss on commodity derivatives | $ (3,646) | $ (15,102) | $ 33,219 | $ (60,375) |
Swap [Member] | Nymex Henry Hub [Member] | Summer 2015 [Member] | ||||
Schedule Of Derivative Instruments [Line Items] | ||||
Volume per day | MMBTU | 672,500 | 672,500 | ||
Average Price | $ / MMBTU | 3.5 | 3.5 | ||
Fair Value | $ 55,425 | $ 55,425 |
Derivative Financial Instrumens
Derivative Financial Instrumens (Textuals) | 6 Months Ended |
Jun. 30, 2015 | |
Commodity Derivatives Authorization [Abstract] | |
Commodity Derivatives Board Authorization | 50.00% |
Fair Value Measurments (Details
Fair Value Measurments (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative Assets [Abstract] | ||
Derivative assets | $ 55,425 | $ 104,190 |
Derivative Liabilities [Abstract] | ||
Derivative liabilities | 0 | $ 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative Assets [Abstract] | ||
Derivative assets | $ 55,425 |
Fair Value Measurments - Debt I
Fair Value Measurments - Debt Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | $ 3,430,000 | $ 3,378,000 |
Notes Payable, Fair Value Disclosure | 3,315,570 | 3,190,319 |
Notes Due 2015 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | 0 | 100,000 |
Notes Payable, Fair Value Disclosure | $ 0 | 101,931 |
Debt Instruments Interest Rates | 5.45% | |
Notes Due 2018 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | $ 200,000 | 200,000 |
Notes Payable, Fair Value Disclosure | $ 207,952 | 203,738 |
Debt Instruments Interest Rates | 5.92% | |
Notes Due December 2018 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | $ 450,000 | 450,000 |
Notes Payable, Fair Value Disclosure | $ 434,162 | 414,505 |
Debt Instruments Interest Rates | 5.75% | |
Notes Due 2016 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | $ 62,000 | 62,000 |
Notes Payable, Fair Value Disclosure | $ 64,670 | 65,027 |
Debt Instruments Interest Rates | 7.31% | |
Notes Due 2019 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | $ 173,000 | 173,000 |
Notes Payable, Fair Value Disclosure | $ 190,743 | 187,105 |
Debt Instruments Interest Rates | 7.77% | |
Notes Due 2017 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | $ 116,000 | 116,000 |
Notes Payable, Fair Value Disclosure | $ 117,959 | 116,240 |
Debt Instruments Interest Rates | 4.98% | |
Notes Due January 2020 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | $ 207,000 | 207,000 |
Notes Payable, Fair Value Disclosure | $ 208,259 | 201,371 |
Debt Instruments Interest Rates | 5.50% | |
Notes Due January 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | $ 87,000 | 87,000 |
Notes Payable, Fair Value Disclosure | $ 85,564 | 82,581 |
Debt Instruments Interest Rates | 5.60% | |
Notes Due January 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | $ 90,000 | 90,000 |
Notes Payable, Fair Value Disclosure | $ 87,211 | 83,876 |
Debt Instruments Interest Rates | 5.85% | |
Notes Due October 2020 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | $ 315,000 | 315,000 |
Notes Payable, Fair Value Disclosure | $ 294,866 | 283,335 |
Debt Instruments Interest Rates | 4.51% | |
Notes Due October 2022 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | $ 35,000 | 35,000 |
Notes Payable, Fair Value Disclosure | $ 31,686 | 30,476 |
Debt Instruments Interest Rates | 4.66% | |
Notes Due October 2024 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | $ 850,000 | 850,000 |
Notes Payable, Fair Value Disclosure | $ 768,994 | 754,485 |
Debt Instruments Interest Rates | 6.125% | |
Notes Due October 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | $ 175,000 | 175,000 |
Notes Payable, Fair Value Disclosure | $ 153,504 | 147,649 |
Debt Instruments Interest Rates | 4.91% | |
Credit Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total outstanding debt | $ 670,000 | 518,000 |
Notes Payable, Fair Value Disclosure | $ 670,000 | $ 518,000 |