Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 25, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'CARRIZO OIL & GAS INC | ' | ' |
Entity Central Index Key | '0001040593 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 45,473,352 | ' |
Entity Public Float | ' | ' | $1.10 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $157,439 | $52,095 |
Accounts receivable, net | 104,553 | 112,821 |
Accounts receivable - related party | 6,642 | 9,815 |
Current assets held for sale | 0 | 1,882 |
Fair value of derivative instruments | 0 | 23,981 |
Deferred income taxes | 4,201 | 0 |
Prepaids and other current assets | 6,926 | 8,111 |
Total current assets | 279,761 | 208,705 |
Oil and gas properties using the full cost method of accounting | ' | ' |
Proved oil and gas properties, net | 1,408,484 | 1,152,548 |
Unproved properties, not being amortized | 377,437 | 323,688 |
Other property and equipment, net | 8,294 | 11,438 |
TOTAL PROPERTY AND EQUIPMENT, NET | 1,794,215 | 1,487,674 |
LONG-TERM ASSETS HELD FOR SALE | 0 | 132,626 |
DEFERRED FINANCING COSTS, NET | 22,899 | 23,914 |
FAIR VALUE OF DERIVATIVE INSTRUMENTS | 9,284 | 5,180 |
DEFERRED INCOME TAXES | 0 | 21,272 |
OTHER ASSETS | 4,601 | 4,625 |
TOTAL ASSETS | 2,110,760 | 1,883,996 |
CURRENT LIABILITIES | ' | ' |
Accounts payable, trade | 54,371 | 44,775 |
Accounts payable - related party | 2,775 | 0 |
Revenue and royalties payable | 80,198 | 82,300 |
Accrued drilling costs | 85,452 | 60,729 |
Accrued interest | 17,430 | 18,012 |
Other accrued liabilities | 41,759 | 28,445 |
Advances for joint operations | 19,967 | 8,069 |
Fair value of derivative instruments | 9,947 | 0 |
Deferred income taxes | 0 | 7,925 |
Current liabilities associated with assets held for sale | 0 | 48,663 |
Current liabilities of discontinued operations | 10,936 | 0 |
Total current liabilities | 322,835 | 298,918 |
LONG-TERM DEBT, NET OF DEBT DISCOUNT | 900,247 | 967,808 |
LONG-TERM LIABILITIES ASSOCIATED WITH ASSETS HELD FOR SALE | 0 | 23,547 |
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS | 17,336 | 0 |
ASSET RETIREMENT OBLIGATIONS | 6,576 | 4,489 |
DEFERRED INCOME TAXES | 16,856 | 0 |
OTHER LIABILITIES | 5,306 | 4,218 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
SHAREHOLDERS’ EQUITY | ' | ' |
Common stock, $0.01 par value (90,000 shares authorized, 45,469 and 40,165 shares issued and outstanding at December 31, 2013 and 2012, respectively) | 455 | 402 |
Additional paid-in capital | 879,948 | 667,096 |
Accumulated deficit | -38,799 | -82,482 |
Total shareholders’ equity | 841,604 | 585,016 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $2,110,760 | $1,883,996 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock, shares issued (in shares) | 45,469,000 | 40,165,000 |
Common stock, shares outstanding (in shares) | 45,469,000 | 40,165,000 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
OIL AND GAS REVENUES | $520,182 | $368,180 | $202,167 |
COSTS AND EXPENSES | ' | ' | ' |
Lease operating | 46,828 | 31,471 | 28,314 |
Production tax | 19,811 | 13,542 | 5,697 |
Ad valorem tax | 8,701 | 9,813 | 3,625 |
Depreciation, depletion and amortization | 213,820 | 165,621 | 84,606 |
General and administrative (inclusive of stock-based compensation expense of $29,373, $11,689 and $11,864 for the years ended December 31, 2013, 2012 and 2011, respectively) | 77,492 | 48,708 | 41,539 |
Accretion related to asset retirement obligations | 471 | 372 | 235 |
Loss on sale of oil and gas properties | 45,377 | 0 | 0 |
TOTAL COSTS AND EXPENSES | 412,500 | 269,527 | 164,016 |
OPERATING INCOME | 107,682 | 98,653 | 38,151 |
OTHER INCOME AND EXPENSES | ' | ' | ' |
Gain (loss) on derivative instruments, net | -18,417 | 31,371 | 48,423 |
Interest expense | -84,578 | -73,006 | -50,998 |
Capitalized interest | 29,889 | 24,848 | 23,369 |
Other income (expense), net | 185 | 267 | -800 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 34,761 | 82,133 | 58,145 |
INCOME TAX EXPENSE | -12,903 | -30,956 | -25,611 |
NET INCOME FROM CONTINUING OPERATIONS | 21,858 | 51,177 | 32,534 |
NET INCOME FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | 21,825 | 4,310 | 4,095 |
NET INCOME | $43,683 | $55,487 | $36,629 |
NET INCOME PER COMMON SHARE - BASIC | ' | ' | ' |
Net income from continued operations (in dollars per share) | $0.54 | $1.29 | $0.83 |
Net income (loss) from discontinued operations (in dollars per share) | $0.53 | $0.11 | $0.11 |
Net income per share basic (in dollars per share) | $1.07 | $1.40 | $0.94 |
NET INCOME PER COMMON SHARE - DILUTED | ' | ' | ' |
Net income from continuing operations (in dollars per share) | $0.53 | $1.28 | $0.82 |
Net income (loss) from discontinued operations (in dollars per share) | $0.53 | $0.11 | $0.10 |
Net income per share, diluted (in dollars per share) | $1.06 | $1.39 | $0.92 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ' | ' | ' |
Basic (in shares) | 40,781 | 39,591 | 39,077 |
Diluted (in shares) | 41,355 | 40,026 | 39,668 |
Consolidated_Statements_Of_Ope1
Consolidated Statements Of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Stock-based compensation, net of amounts capitalized | $29,373 | $11,689 | $11,864 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] |
In Thousands, except Share data, unless otherwise specified | ||||
BALANCE at Dec. 31, 2010 | $456,636 | $389 | $630,845 | ($174,598) |
BALANCE, shares at Dec. 31, 2010 | ' | 38,906,177 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Stock options exercised for cash | 48 | 1 | 47 | ' |
Stock options exercised for cash, shares | 151,500 | 151,500 | ' | ' |
Stock-based compensation | 14,444 | ' | 14,444 | ' |
Restricted stock, net of forfeitures | -479 | 4 | -483 | ' |
Restricted stock, net of forfeitures, shares | ' | 439,237 | ' | ' |
Other | 2,577 | 1 | 2,576 | ' |
Other, shares | ' | 65,762 | ' | ' |
Net income (loss) | 36,629 | ' | ' | 36,629 |
BALANCE at Dec. 31, 2011 | 509,855 | 395 | 647,429 | -137,969 |
BALANCE, shares at Dec. 31, 2011 | ' | 39,562,676 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Stock options exercised for cash | 107 | 1 | 106 | ' |
Stock options exercised for cash, shares | 20,500 | 20,500 | ' | ' |
Stock-based compensation | 17,396 | ' | 17,396 | ' |
Restricted stock, net of forfeitures | -80 | 5 | -85 | ' |
Restricted stock, net of forfeitures, shares | ' | 488,052 | ' | ' |
Other | 2,251 | 1 | 2,250 | ' |
Other, shares | ' | 93,289 | ' | ' |
Net income (loss) | 55,487 | ' | ' | 55,487 |
BALANCE at Dec. 31, 2012 | 585,016 | 402 | 667,096 | -82,482 |
BALANCE, shares at Dec. 31, 2012 | ' | 40,164,517 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Stock options exercised for cash | 1,253 | 2 | 1,251 | ' |
Stock options exercised for cash, shares | 206,501 | 206,501 | ' | ' |
Stock-based compensation | 19,531 | ' | 19,531 | ' |
Restricted stock, net of forfeitures | -533 | 6 | -539 | ' |
Restricted stock, net of forfeitures, shares | ' | 552,831 | ' | ' |
Common stock offerings, net of offering costs | 189,686 | 45 | 189,641 | ' |
Common stock offerings, net of offering costs, shares | ' | 4,500,000 | ' | ' |
Other | 2,968 | 0 | 2,968 | ' |
Other, shares | ' | 44,826 | ' | ' |
Net income (loss) | 43,683 | ' | ' | 43,683 |
BALANCE at Dec. 31, 2013 | $841,604 | $455 | $879,948 | ($38,799) |
BALANCE, shares at Dec. 31, 2013 | ' | 45,468,675 | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) | $43,683 | $55,487 | $36,629 |
Net income from discontinued operations, net of income taxes | -21,825 | -4,310 | -4,095 |
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities from continuing operations | ' | ' | ' |
Depreciation, depletion and amortization expense | 213,820 | 165,621 | 84,606 |
Non-cash (gain) loss on derivatives, net | 30,908 | 7,553 | -12,971 |
Accretion expense related to asset retirement obligations | 471 | 372 | 235 |
Loss on sale of oil and gas properties | 45,377 | 0 | 0 |
Stock-based compensation, net of amounts capitalized | 29,373 | 11,689 | 11,864 |
Deferred income taxes | 10,934 | 30,142 | 24,546 |
Non-cash interest expense, net of amounts capitalized | 3,932 | 4,584 | 3,061 |
Other, net | 3,704 | 6,036 | 4,033 |
Changes in operating assets and liabilities- | ' | ' | ' |
Accounts receivable | 11,557 | -67,120 | -23,910 |
Accounts payable | 13,595 | 26,942 | 33,457 |
Accrued liabilities | -12,588 | 21,832 | 9,354 |
Other, net | -5,467 | -5,757 | -11,298 |
Net cash provided by operating activities from continuing operations | 367,474 | 253,071 | 155,511 |
Net cash used in operating activities from discontinued operations | -623 | -845 | -1,173 |
Net cash provided by operating activities | 366,851 | 252,226 | 154,338 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures - oil and gas properties | -786,976 | -735,711 | -516,004 |
Capital expenditures - other property and equipment | -968 | -4,176 | -1,363 |
Increase (decrease) in capital expenditure payables and accruals | 32,261 | -9,880 | 49,346 |
Proceeds from sales of oil and gas properties, net | 238,470 | 341,597 | 167,265 |
Advances to operators | 447 | -3,687 | 390 |
Advances for joint operations | 11,898 | -46,110 | 50,772 |
Other, net | -5,017 | -7,184 | -474 |
Net cash used in investing activities from continuing operations | -509,885 | -465,151 | -250,068 |
Net cash provided by (used in) investing activities from discontinued operations | 124,533 | -42,265 | -35,930 |
Net cash used in investing activities | -385,352 | -507,416 | -285,998 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from borrowings and issuances | 582,000 | 1,040,772 | 879,061 |
Debt repayments | -651,325 | -796,000 | -752,660 |
Payments of debt issuance and retirement costs | -3,257 | -7,101 | -9,622 |
Proceeds from common stock offerings, net of offering costs | 189,686 | 0 | 0 |
Excess tax benefits from stock-based compensation | 1,969 | 0 | 0 |
Proceeds from stock options exercised | 1,253 | 107 | 47 |
Net cash provided by financing activities from continuing operations | 120,326 | 237,778 | 116,826 |
Net cash provided by financing activities from discontinued operations | 3,000 | 41,914 | 38,818 |
Net cash provided by financing activities | 123,326 | 279,692 | 155,644 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 104,825 | 24,502 | 23,984 |
CASH AND CASH EQUIVALENTS, beginning of year | 52,095 | ' | ' |
CASH AND CASH EQUIVALENTS, end of year | 157,439 | 52,095 | ' |
SUPPLEMENTAL CASH FLOW DISCLOSURES | ' | ' | ' |
Cash paid for interest, net of amounts capitalized | 50,770 | 43,629 | 26,077 |
Cash paid for income taxes | 505 | 587 | 4,156 |
Cash and Cash Equivalents, at Carrying Value, Consolidated | $157,439 | $52,614 | $28,112 |
Nature_Of_Operations
Nature Of Operations | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature Of Operations | ' |
1. Nature of Operations | |
Carrizo Oil & Gas, Inc. is a Houston-based energy company which, together with its subsidiaries (collectively, the “Company”), is actively engaged in the exploration, development, and production of oil and gas primarily from resource plays located in the United States. The Company’s current operations are principally focused in proven, producing oil and gas plays primarily in the Eagle Ford Shale in South Texas, the Niobrara Formation in Colorado, the Marcellus Shale in Pennsylvania, and the Utica Shale in Ohio. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary Of Significant Accounting Policies | ' | ||||||||||||
2. Summary of Significant Accounting Policies | |||||||||||||
Basis of Presentation and Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of the Company after elimination of all significant intercompany transactions and balances and are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company proportionately consolidates its undivided interests in oil and gas properties as well as investments in unincorporated entities, such as partnerships and limited liability companies where the Company, as a partner or member, has undivided interests in the oil and gas properties. | |||||||||||||
Reclassifications | |||||||||||||
Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications had no effect on total assets, total liabilities, total shareholders’ equity, net income or net cash provided by or used in operating, investing or financing activities. | |||||||||||||
Discontinued Operations | |||||||||||||
On December 27, 2012, the Company agreed to sell Carrizo UK Huntington Ltd, a wholly owned subsidiary of the Company (“Carrizo UK”), and all of its interest in the Huntington Field discovery, where Carrizo UK owned a 15% non-operated working interest and certain overriding royalty interests. The sale closed on February 22, 2013. Accordingly, the Company classified the U.K. North Sea assets and associated liabilities as current and long-term assets held for sale and current and long-term liabilities associated with assets held for sale in the consolidated balance sheets as of December 31, 2012. As of December 31, 2013, the Company classified the remaining liabilities associated with the U.K. North Sea as current and long-term liabilities of discontinued operations in the consolidated balance sheets. The related results of operations and cash flows have been classified as discontinued operations in the consolidated statements of income, statements of cash flows and condensed consolidating financial information. Unless otherwise indicated, the information in these notes relates to the Company’s continuing operations. Information related to discontinued operations is included in “Note 3. Discontinued Operations”, “Note 13. Condensed Consolidating Financial Information” and “Note 14. Supplemental Disclosures about Oil and Gas Producing Activities (Unaudited).” | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Certain of such estimates are inherently unpredictable and will differ from actual results. The Company evaluates subsequent events through the date the financial statements are issued. | |||||||||||||
Significant estimates include volumes of proved oil and gas reserves, which are used in calculating the amortization of proved oil and gas property costs, the present value of future net revenues included in the full cost ceiling test, estimates of future taxable income used in assessing the realizability of deferred tax assets, and the estimated costs and timing of cash outflows underlying asset retirement obligations. Oil and gas reserve estimates, and therefore calculations based on such reserve estimates, are subject to numerous inherent uncertainties, the accuracy of which, is a function of the quality and quantity of available data, the application of engineering and geological interpretation and judgment to available data and the interpretation of mineral leaseholds and other contractual arrangements, including adequacy of title, drilling requirements and royalty obligations. These estimates also depend on assumptions regarding quantities and production rates of recoverable oil and gas reserves, oil and gas prices, timing and amounts of development costs and operating expenses, all of which will vary from those assumed in the Company’s estimates. Other significant estimates are involved in determining impairments of unevaluated leasehold costs, fair values of derivative instruments, stock-based compensation expense attributable to stock appreciation rights, collectability of receivables, and in evaluating disputed claims, interpreting contractual arrangements (including royalty obligations and notional interest calculations) and contingencies. Estimates are based on current assumptions that may be materially affected by the results of subsequent drilling and completion, testing and production as well as subsequent changes in oil and gas prices, counterparty creditworthiness, interest rates and the market value and volatility of the Company’s common stock. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents include highly liquid investments with original maturities of three months or less. | |||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||
The Company establishes an allowance for doubtful accounts when it determines that it will not collect all or a part of an accounts receivable balance. The Company assesses the collectability of its accounts receivable on a quarterly basis and adjusts the allowance as necessary using the specific identification method. At December 31, 2013 and 2012, the Company’s allowance for doubtful accounts was $0.6 million and $1.4 million, respectively. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
Substantially all of the Company’s accounts receivable result from oil and gas sales, joint interest billings to third-party working interest owners in the oil and gas industry or development advances to third-party operators for drilling and completion costs of wells in progress. This concentration of customers and joint interest owners may impact the Company’s overall credit risk in that these entities may be similarly affected by changes in economic and other industry conditions. The Company does not require collateral from its customers. The Company generally has the right to offset revenue against related billings to joint interest owners. | |||||||||||||
Derivative instruments subject the Company to a concentration of credit risk. See “Note 11. Derivative Instruments” for further discussion of concentration of credit risk related to the Company’s derivative instruments. | |||||||||||||
Major Customers | |||||||||||||
In 2013, two customers accounted for approximately 47% and 23% of the Company’s oil and gas revenues. In 2012, two customers accounted for approximately 53% and 10% of the Company’s oil and gas revenues. In 2011, one customer accounted for approximately 43% of the Company’s oil and gas revenues. | |||||||||||||
Oil and Gas Properties | |||||||||||||
Oil and gas properties are accounted for using the full cost method of accounting under which all productive and nonproductive costs directly associated with property acquisition, exploration and development activities are capitalized to cost centers established on a country-by-country basis. Internal costs, consisting of compensation and benefits, including stock-based compensation, associated with employees directly associated with acquisition, exploration and development activities are capitalized and totaled $15.0 million, $11.8 million and $9.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. Internal costs related to production, general corporate overhead and similar activities are expensed as incurred. | |||||||||||||
Capitalized oil and gas property costs within a cost center are amortized on an equivalent unit-of-production method, converting natural gas to barrels of oil equivalent at the ratio of six thousand cubic feet of gas to one barrel of oil, which represents their approximate relative energy content. The equivalent unit-of-production rate is computed on a quarterly basis by dividing production by proved oil and gas reserves at the beginning of the quarter then applying such amount to capitalized oil and gas property costs, which includes estimated asset retirement costs, less accumulated amortization, plus the estimated future expenditures (based on current costs) to be incurred in developing proved reserves, net of estimated salvage values. Average depreciation, depletion and amortization (“DD&A”) per Boe was $21.38, $17.55 and $11.26 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Unproved properties, not being amortized, include unevaluated leasehold and seismic costs associated with specific unevaluated properties, the cost of exploratory wells in progress, and related capitalized interest. Significant costs of unevaluated properties and exploratory wells in progress are assessed individually on a quarterly basis to determine whether or not and to what extent proved reserves have been assigned to the properties or if an impairment has occurred, in which case the related costs along with associated capitalized interest are added to the oil and gas property costs subject to amortization. Factors the Company considers in its impairment assessment include drilling results by the Company and other operators, the terms of oil and gas leases not held by production and drilling and completion capital expenditure plans. The Company expects to complete its evaluation of the majority of its unproved properties within the next five years and exploratory wells in progress within the next year. The costs of individually insignificant unevaluated leaseholds are grouped by major area and added to the oil and gas property costs subject to amortization based on the average primary lease term of the properties. The Company capitalized interest costs associated with its unevaluated leasehold and seismic costs and exploratory wells in progress of $29.9 million, $24.8 million and $23.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. The amount of interest costs capitalized is determined on a quarterly basis based on the average balance of unevaluated leasehold and seismic costs and the average balance of exploratory wells in progress using a weighted-average interest rate based on outstanding borrowings. | |||||||||||||
Proceeds from the sale of proved oil and gas properties or unevaluated leasehold costs are recognized as a reduction of capitalized oil and gas property costs with no gain or loss recognized, unless the sale significantly alters the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center. On February 22, 2013, the Company closed the sale of Carrizo UK, which included all of the Company’s proved reserves in its U.K. cost center. As a result, in the first quarter of 2013, the Company recognized a $37.3 million pre-tax gain in “Net income from discontinued operations, net of income taxes” in the consolidated statements of income. Further, on October 31, 2013, the Company closed the sale of its remaining oil and gas properties in the Barnett. The proved reserves attributable to the Barnett sale represented 40% of the Company’s proved reserves as of October 31, 2013, which significantly altered the relationship between capitalized costs and proved reserves of oil and gas attributable to the Company’s U.S. cost center. As a result, the Company recognized a pre-tax loss on the sale of $45.4 million in “Loss on sale of oil and gas properties” in the consolidated statements of income in the fourth quarter of 2013. Other than the sales noted above, the Company has not had any sales that significantly altered the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center through December 31, 2013. | |||||||||||||
Capitalized costs, less accumulated amortization and related deferred income taxes, are limited to the “cost center ceiling” equal to (i) the sum of (A) the present value of estimated future net revenues from proved oil and gas reserves, less estimated future expenditures to be incurred in developing and producing the proved reserves computed using a discount factor of 10%, (B) the costs of unproved properties not being amortized, and (C) the lower of cost or estimated fair value of unproved properties included in the costs being amortized; less (ii) related income tax effects. If the net capitalized costs exceed the cost center ceiling, the excess is recognized as an impairment of oil and gas properties. An impairment recognized in one period may not be reversed in a subsequent period even if higher oil and gas prices increase the cost center ceiling applicable to the subsequent period. | |||||||||||||
The estimated future net revenues used in the ceiling test are calculated using the average realized prices for sales of oil and gas on the first calendar day of each month during the preceding 12-month period prior to the end of the current reporting period. Prices are held constant indefinitely and are not changed except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts. Prices used in the ceiling test computation do not include the impact of derivative instruments because the Company elected not to meet the criteria to qualify its derivative instruments for hedge accounting treatment. | |||||||||||||
Depreciation of other property and equipment is recognized using the straight-line method based on estimated useful lives ranging from five to ten years. | |||||||||||||
Deferred Financing Costs | |||||||||||||
Deferred financing costs, net were $22.9 million and $23.9 million as of December 31, 2013 and 2012, respectively and include legal fees, accounting fees, underwriting fees, printing costs, and other direct costs associated with the issuance of debt securities and costs associated with the revolving credit facility. The capitalized costs are amortized to interest expense using the effective interest method over the terms of the debt securities or credit facility. | |||||||||||||
Financial Instruments | |||||||||||||
The Company’s financial instruments consist of cash and cash equivalents, receivables, payables, derivative instruments and long-term debt. The carrying amounts of cash and cash equivalents, receivables and payables approximate fair value due to the highly liquid or short-term nature of these instruments. The fair values of the Company’s derivative instruments are based on a third-party industry-standard pricing model that uses market data obtained from third-party sources, including (a) quoted forward prices for oil and gas, (b) discount rates and (c) volatility factors. The carrying amounts of long-term debt under the Company’s revolving credit facility approximate fair value as the borrowings bear interest at variable rates of interest. The carrying amounts of the Company’s senior notes and convertible senior notes may not approximate fair value because the notes bear interest at fixed rates of interest. See “Note 6. Long-Term Debt” and “Note 12. Fair Value Measurements.” | |||||||||||||
Asset Retirement Obligations | |||||||||||||
The Company’s asset retirement obligations represent the present value of the estimated future costs associated with the plugging and abandonment of oil and gas wells, removal of production equipment and facilities and restoring the surface of the land in accordance with the terms of the oil and gas lease and applicable local, state and federal laws. Determining asset retirement obligations requires estimates of the costs of plugging and abandoning oil and gas wells, removing production equipment and facilities and restoring the surface of the land as well as estimates of the economic lives of the oil and gas wells and future inflation rates. The resulting estimate of future cash outflows are discounted using a credit-adjusted risk-free interest rate that corresponds with the timing of the cash outflows. Cost estimates consider historical experience, third party estimates, the requirements of the oil and gas leases and applicable local, state and federal laws, but do not consider estimated salvage values. The asset retirement obligation is recognized when the well is drilled or when the production equipment and facilities are installed with an associated increase in oil and gas property costs. Asset retirement obligations are accreted to their expected settlement values with any difference between the actual cost of settling the asset retirement obligations and recorded amount being recognized as an adjustment to proved oil and gas property costs. On an interim basis, when indicators suggest there have been material changes in the estimates underlying the obligation, the Company reassesses its asset retirement obligations to determine whether any revisions to the obligations are necessary. At least annually, the Company reassesses all of its asset retirement obligations to determine whether any revisions to the obligation are necessary. Revisions typically occur due to changes in estimated costs or well economic lives, or if federal or state regulators enact new requirements regarding the abandonment of oil and gas wells. | |||||||||||||
Commitments and Contingencies | |||||||||||||
Liabilities are recognized for contingencies when (i) it is both probable that an asset has been impaired or that a liability has been incurred and (ii) the amount of such loss is reasonably estimable. | |||||||||||||
Revenue Recognition | |||||||||||||
Oil and gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, title has transferred and collectability is reasonably assured. The Company follows the sales method of accounting whereby revenues from the production of oil and gas properties in which the Company has an interest with other producers are recognized for production sold to purchasers, regardless of whether the sales are proportionate to the Company’s ownership interest in the property. Production imbalances are recognized as an asset or liability to the extent that the Company has an imbalance on a specific property that is in excess of its remaining proved reserves. Sales volumes are not significantly different from the Company’s share of production and as of December 31, 2013 and 2012, the Company did not have any material production imbalances. | |||||||||||||
Derivative Instruments | |||||||||||||
The Company uses commodity derivative instruments, primarily fixed price swaps and costless collars, to manage its exposure to commodity price risk. All derivative instruments, are recorded on the consolidated balance sheets as either an asset or liability measured at fair value. The Company nets its derivative instrument fair value amounts executed with the same counterparty pursuant to ISDA master agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. Although the derivative instruments provide an economic hedge of the Company’s exposure to commodity price volatility, because the Company elected not to meet the criteria to qualify its derivative instruments for hedge accounting treatment, gains and losses as a result of changes in the fair value of derivative instruments are recognized as gain (loss) on derivative instruments, net in the consolidated statements of income in the period in which the changes occur. The net cash flows resulting from the payments to and receipts from counterparties as a result of derivative settlements are classified in operating activities along with the cash flows of the underlying hedged transactions. The Company does not enter into derivative instruments for speculative or trading purposes. | |||||||||||||
The Company’s Board of Directors establishes risk management policies and reviews derivative instruments, including volumes, types of instruments and counterparties, on a quarterly basis. These policies require that derivative instruments be executed only by the President or Chief Financial Officer after consultation with and concurrence by the President, Chief Financial Officer and Chairman of the Board. The master contracts with approved counterparties identify the President and Chief Financial Officer as the only Company representatives authorized to execute trades. See “Note 11. Derivative Instruments” for further discussion of the Company’s derivative instruments. | |||||||||||||
Stock-Based Compensation | |||||||||||||
The Company has granted stock options, stock appreciation rights (“SARs”) that may be settled in cash or common stock at the option of the Company, SARs that may only be settled in cash, restricted stock awards and units to directors, employees and independent contractors. The Company recognized the following stock-based compensation expense, net of amounts capitalized for the periods indicated which is reflected as general and administrative expense in the consolidated statements of income: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Stock appreciation rights | $ | 17,303 | $ | (2,116 | ) | $ | 1,546 | ||||||
Restricted stock awards and units | 18,997 | 17,049 | 13,965 | ||||||||||
36,300 | 14,933 | 15,511 | |||||||||||
Less: amounts capitalized | (6,927 | ) | (3,244 | ) | (3,647 | ) | |||||||
Stock-based compensation expense, net of amounts capitalized | $ | 29,373 | $ | 11,689 | $ | 11,864 | |||||||
Income Tax Benefit | $ | 10,281 | $ | 4,449 | $ | 4,342 | |||||||
Stock Options and SARs. For stock options and for SARs that the Company may elect to settle in cash or common stock, stock-based compensation expense is based on the grant-date fair value and recognized over the vesting period (generally three years). For SARs that the Company has elected to settle in cash or SARs that may only be settled in cash, stock-based compensation expense is based on the fair value remeasured at each reporting period, recognized over the vesting period (generally three years) and classified as other accrued liabilities for the portion of the awards that are vested or are expected to vest within the next 12 months, with the remainder classified as long-term other liabilities. Subsequent to vesting, the liability for SARs that the Company expects to settle in cash is remeasured in earnings at each reporting period based on the fair value until the awards are settled. The Company recognizes stock-based compensation expense over the vesting period for stock options and SARs using the straight-line method, except for awards with performance conditions, in which case the Company uses the graded vesting method. Stock options typically expire ten years after the date of grant. SARs typically expire between four and seven years after the date of grant. | |||||||||||||
The Company uses the Black-Scholes-Merton option pricing model to compute the fair value of stock options and SARs, which requires the Company to make the following assumptions: | |||||||||||||
• | The risk-free interest rate is based on the zero-coupon United States Treasury yield for the expected term at date of grant. | ||||||||||||
• | The dividend yield on the Company’s common stock is assumed to be zero since the Company does not pay dividends and has no current plans to do so in the future. | ||||||||||||
• | The volatility of the Company’s common stock is based on daily, historical volatility of the market price of the Company’s common stock over a period of time equal to the expected term and ending on the grant date. | ||||||||||||
• | The expected term is based on historical exercises for various groups of directors, employees and independent contractors. | ||||||||||||
Restricted Stock Awards and Units. For restricted stock awards and units, stock-based compensation expense is based on the grant-date fair value and recognized over the vesting period (generally one to three years) using the straight-line method, except for award or units with performance conditions, in which case the Company uses the graded vesting method. The fair value of restricted stock awards and units is based on the price of the Company’s common stock on the grant date. For restricted stock awards and units granted to independent contractors, stock-based compensation expense is based on fair value remeasured at each reporting period and recognized over the vesting period (generally three years) using the straight-line method. | |||||||||||||
Income Taxes | |||||||||||||
Income taxes are recognized based on earnings reported for tax return purposes in addition to a provision for deferred income taxes. Deferred income taxes are recognized at the end of each reporting period for the future tax consequences of cumulative temporary differences between the tax bases of assets and liabilities and their reported amounts in the Company’s financial statements based on existing tax laws and enacted statutory tax rates applicable to the periods in which the temporary differences are expected to affect taxable income. The Company routinely assesses the realizability of its deferred tax assets by taxing jurisdiction and considers its estimate of future taxable income based on production of proved reserves at estimated future pricing in making such assessments. If the Company concludes that it is more likely than not that some portion or all of the benefit from deferred tax assets will not be realized, the deferred tax assets are reduced by a valuation allowance. The Company classifies interest and penalties associated with income taxes as interest expense. | |||||||||||||
Net Income From Continuing Operations Per Common Share | |||||||||||||
Supplemental net income from continuing operations per common share information is provided below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||
Net income from continuing operations | $ | 21,858 | $ | 51,177 | $ | 32,534 | |||||||
Basic weighted average common shares outstanding | 40,781 | 39,591 | 39,077 | ||||||||||
Effect of dilutive instruments | 574 | 435 | 591 | ||||||||||
Diluted weighted average shares outstanding | 41,355 | 40,026 | 39,668 | ||||||||||
Net income from continuing operations per common share | |||||||||||||
Basic | $ | 0.54 | $ | 1.29 | $ | 0.83 | |||||||
Diluted | $ | 0.53 | $ | 1.28 | $ | 0.82 | |||||||
Basic net income from continuing operations per common share is based on the weighted average number of shares of common stock outstanding during the period. Diluted net income from continuing operations per common share is based on the weighted average number of common shares and all potentially dilutive common shares outstanding during the period which include restricted stock awards and units, stock options, SARs that the Company may elect to settle in cash or common stock, SARs the Company has elected to settle in common stock, warrants and convertible debt. The Company excludes the number of shares, units, options, rights and warrants from the calculation of diluted weighted average shares outstanding when the grant date or exercise prices are greater than the average market prices of the Company’s common stock for the corresponding period as the effect would be antidilutive to the computation. The number of shares, units, options, rights and warrants excluded for the years ended December 31, 2013, 2012 and 2011 were not significant. Shares of common stock subject to issuance upon the conversion of the Company’s convertible senior notes did not have an effect on the calculation of dilutive shares for the years ended December 31, 2013, 2012 and 2011 because the conversion price was in excess of the market price of the common stock for those periods. | |||||||||||||
Recently Adopted Accounting Pronouncements | |||||||||||||
Effective January 1, 2013, the Company adopted the provisions of ASU No. 2011-11, Balance Sheet (Topic 210) Disclosures about Offsetting Assets and Liabilities, and began providing enhanced disclosures regarding the effect or potential effect of netting arrangements on an entity’s financial position by improving information about financial instruments and derivative instruments that either (1) offset in accordance with either ASC 210-20-45 or ASC 815-10-45 or (2) are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset. Reporting entities are required to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The Company adopted this new disclosure requirement effective January 1, 2013. The adoption did not have a material effect on the Company’s consolidated financial statements. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
3. Discontinued Operations | |||||||||||||
On February 22, 2013, the Company closed the sale of Carrizo UK, including it’s 15% non-operated working interest and certain overriding royalty interests in the Huntington Field discovery, to a subsidiary of Iona Energy Inc. (“Iona Energy”). Net proceeds received from the sale were approximately $144.1 million, which represents an agreed-upon price of $184.0 million, including the assumption and repayment by Iona Energy of the $55.0 million of borrowings outstanding as of the closing date under Carrizo UK’s senior secured multicurrency credit facility, less net purchase price adjustments (primarily related to working capital) and deferred consideration. The Company recognized a pre-tax gain of approximately $37.3 million, net of transaction costs and a $30.5 million accrual for estimated future obligations related to the sale. By the end of the third quarter of 2013, the Company had received the deferred consideration of $18.5 million, in accordance with the sale and purchase agreement, as amended. | |||||||||||||
The Company’s current liabilities of discontinued operations of $10.9 million and long-term liabilities of discontinued operations of $17.3 million as of December 31, 2013 relate to estimated future obligations related to the sale. See “Note 2. Summary of Significant Accounting Policies-Use of Estimates” for further discussion of estimates and assumptions that may affect the reported amounts of assets and liabilities related to the sale of Carrizo UK. | |||||||||||||
As a result of the sale of Carrizo UK, the Company reclassified the balances associated with our U.K. North Sea operations from held for sale as of December 31, 2012 to discontinued operations as of December 31, 2013. | |||||||||||||
The following table summarizes the amounts included in net income (loss) from discontinued operations, net of income taxes presented in the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
OIL AND GAS REVENUES | $ | — | $ | — | $ | — | |||||||
COSTS AND EXPENSES | |||||||||||||
General and administrative | 916 | 62 | 242 | ||||||||||
Accretion related to asset retirement obligations | 36 | 363 | 76 | ||||||||||
TOTAL COST AND EXPENSES | 952 | 425 | 318 | ||||||||||
OPERATING LOSS | (952 | ) | (425 | ) | (318 | ) | |||||||
OTHER INCOME AND EXPENSES | |||||||||||||
Gain on sale of discontinued operations | 37,294 | — | — | ||||||||||
Adjustment of estimated future obligations | (44 | ) | — | — | |||||||||
Gain (loss) on derivative instruments, net | (109 | ) | 258 | (1,432 | ) | ||||||||
Interest expense | (253 | ) | (3,556 | ) | (1,805 | ) | |||||||
Capitalized interest | 253 | 3,556 | — | ||||||||||
Other income (expense), net | 438 | (591 | ) | 259 | |||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES | 36,627 | (758 | ) | (3,296 | ) | ||||||||
DEFERRED INCOME TAX (EXPENSE) BENEFIT | (14,802 | ) | 5,068 | 7,391 | |||||||||
NET INCOME FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | $ | 21,825 | $ | 4,310 | $ | 4,095 | |||||||
Income Taxes | |||||||||||||
Carrizo UK is a disregarded entity for U.S. income tax purposes. Accordingly, the income tax (expense) benefit reflected above includes the Company’s U.S. (expense) benefit associated with the income (loss) from discontinued operations before income taxes. The related U.S. deferred tax assets and liabilities have been classified as deferred income taxes of continuing operations in the consolidated balance sheets. |
Property_And_Equipment_Net
Property And Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property And Equipment, Net | ' | ||||||||
4. Property and Equipment, Net | |||||||||
At December 31, 2013 and 2012, property and equipment, net consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Proved oil and gas properties | $ | 2,182,226 | $ | 1,713,827 | |||||
Accumulated depreciation, depletion and amortization | (773,742 | ) | (561,279 | ) | |||||
Proved oil and gas properties, net | 1,408,484 | 1,152,548 | |||||||
Unproved properties, not being amortized | |||||||||
Unevaluated leasehold and seismic costs | 302,232 | 238,833 | |||||||
Exploratory wells in progress | 30,196 | 43,803 | |||||||
Capitalized interest | 45,009 | 41,052 | |||||||
Total unproved properties, not being amortized | 377,437 | 323,688 | |||||||
Other property and equipment | 15,260 | 17,079 | |||||||
Accumulated depreciation | (6,966 | ) | (5,641 | ) | |||||
Other property and equipment, net | 8,294 | 11,438 | |||||||
Total property and equipment, net | $ | 1,794,215 | $ | 1,487,674 | |||||
Costs not subject to amortization totaling $377.4 million at December 31, 2013 were incurred in the following periods: $265.0 million in 2013 and $112.4 million in 2012. | |||||||||
Sales of Barnett Properties | |||||||||
During the second quarter of 2012, the Company sold a significant portion of its Barnett properties to an affiliate of Atlas Resource Partners, L.P. (“Atlas”). Net proceeds received from the sale were approximately $187.1 million, which represents an agreed upon price of $190.0 million less net purchase price adjustments. Purchase price adjustments primarily relate to proceeds received by the Company for sales of hydrocarbons from such properties between the effective date of January 1, 2012 and the closing date of April 30, 2012. The proceeds from such sale were recognized as a reduction of proved oil and gas properties. | |||||||||
During the fourth quarter of 2013, the Company sold its remaining oil and gas properties in the Barnett to EnerVest Energy Institutional Fund XIII-A, L.P., EnerVest Energy Institutional Fund XIII-WIB, L.P., EnerVest Energy Institutional Fund XIII-WIC, L.P., and EV Properties, L.P., (collectively, “EnerVest”). Net proceeds received from the sale were approximately $191.8 million, which represents an agreed upon purchase price of approximately $218.0 million less net purchase price adjustments. Purchase price adjustments primarily relate to proceeds received by the Company for sales of hydrocarbons from such properties between the effective date of July 1, 2013 and the closing date of October 31, 2013. The proved reserves attributable to the properties sold to EnerVest represented 40% of the Company’s proved reserves as of October 31, 2013 and the sale resulted in a significant alteration of the relationship between capitalized costs and proved reserves attributable to the Company’s U.S. cost center. As a result, the Company recognized a pre-tax loss on the sale of $45.4 million as a component of operating income in the fourth quarter of 2013 rather than recognizing the proceeds as a reduction of proved oil and gas properties. | |||||||||
Sale and Acquisitions of Utica Properties | |||||||||
In October 2012, the Company sold substantially all of its interests in unevaluated oil and gas properties dedicated to its Utica joint venture in the northern portion of the Utica play to a third party and received net cash proceeds of $51.7 million, after final post-closing adjustments and payments to the Company’s joint venture partner to exercise an option on properties involved in the transaction concurrently with the third party sale. Other assets included in the sale were an existing drilling pad and approved well drilling permits associated with the properties. The properties sold were located in Mercer and Crawford counties in Pennsylvania and Trumbull county in Ohio. The proceeds from such sale were recognized as a reduction of proved oil and gas properties. | |||||||||
In connection with the Utica sale transactions described above, the Company elected on January 15, 2013 to exercise its option to increase its participating interest from 10% to 50% in other unevaluated oil and gas properties dedicated to its Utica joint venture in the central and southern portions of the Utica play, by paying $63.1 million. In connection with this exercise of the Company’s option to increase its participating interest in the Avista Utica joint venture properties, its right to receive distributions associated with properties owned by ACP III through “B Units” interest in ACP III that the Company acquired at the formation of the Utica joint venture was terminated. | |||||||||
On October 31, 2013, the Company completed the acquisition of additional interests in joint venture acreage located primarily in Guernsey and Noble counties, Ohio from ACP III. The transaction had an effective date of July 1, 2013, and the Company paid ACP III approximately $78.6 million in cash, subject to final post-closing adjustments. Prior to the Company’s acquisition from ACP III, the properties in the Avista Utica joint venture were held on an equal basis by the Company and ACP III. The purchase agreement provides for post-closing price and acreage adjustments and indemnities. The transaction was initially funded with proceeds from the sale of the Company’s remaining oil and gas properties in the Barnett as disclosed above. For additional information see “Note 10. Related Party Transactions.” | |||||||||
Sales of Non-Core Marcellus and East Texas Properties | |||||||||
During the second half of 2013, the Company sold certain non-core proved producing oil and gas properties in East Texas and its interests in unevaluated acreage in non-core areas of Marcellus. Net proceeds received from the two transactions were $29.5 million, which represents an aggregate agreed upon price of $30.5 million less net purchase price adjustments. The proceeds from such sale were recognized as a reduction of proved oil and gas properties. | |||||||||
Sale of Gulf Coast Properties | |||||||||
During the third quarter of 2012, the Company completed the sale of substantially all of its legacy proved producing oil and gas properties along the onshore Gulf of Mexico located primarily in Texas and Louisiana. Net proceeds received from the sale were approximately $17.6 million, which represents an agreed upon price of $19.3 million less net purchase price adjustments. Purchase price adjustments primarily relate to proceeds received by the Company for sales of hydrocarbons from such properties between the effective date of July 1, 2012 and the closing date of September 27, 2012. The proceeds from such sale were recognized as a reduction of proved oil and gas properties, net. | |||||||||
Niobrara Joint Ventures | |||||||||
OIL India (USA) Inc. and IOCL (USA) Inc. In October 2012, the Company completed the sale of 30% of substantially all of its interests in oil and gas properties in the Niobrara to OIL India (USA) Inc. and IOCL (USA) Inc., subsidiaries of OIL India Ltd. and Indian Oil Corporation Ltd., respectively, effective October 1, 2012. For convenience, in these Notes to Consolidated Financial Statements the term “OIL JV Partners” is used to refer collectively to OIL India (USA) Inc. and IOCL (USA) Inc. Under the purchase and participation agreement for this transaction, the Company received approximately $41.25 million in cash and the OIL JV Partners committed to pay a “development carry” of 50% of certain of the Company’s future development costs up to an aggregate of approximately $41.25 million. The development carry was fully utilized in 2013. The proceeds from such sale was recognized as a reduction of proved oil and gas properties. The agreement also provides for an ongoing joint venture between the Company and the OIL JV Partners with respect to the interests purchased. The Niobrara assets conveyed to the OIL JV Partners under the terms of the agreement are located primarily in Weld and Adams counties, Colorado. | |||||||||
Haimo Oil & Gas LLC. In December 2012, the Company completed the sale of a portion of its remaining interest in the same oil and gas properties sold to the OIL JV Partners in the transaction described above to Haimo Oil & Gas LLC (“Haimo”), a subsidiary of Lanzhou Haimo Technologies Co. Ltd., effective October 1, 2012, for a cash payment of $27.5 million. The proceeds from such sale were recognized as a reduction of proved oil and gas properties. The purchase and participation agreement for this transaction provides for an ongoing joint venture between the Company and Haimo, with respect to the interests purchased. The Company will operate the joint venture properties. Following the closing of the Haimo transaction late in the fourth quarter of 2012, the Company, the OIL JV Partners and Haimo owned 60%, 30% and 10% of the joint venture acreage, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
5. Income Taxes | |||||||||||||
The components of income tax expense from continuing operations were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current income tax (expense) benefit | |||||||||||||
U.S. Federal | $ | 411 | $ | (411 | ) | $ | (404 | ) | |||||
State | (141 | ) | (403 | ) | (661 | ) | |||||||
Total current income tax (expense) benefit | 270 | (814 | ) | (1,065 | ) | ||||||||
Deferred income tax expense | |||||||||||||
U.S. Federal | (12,404 | ) | (28,723 | ) | (23,254 | ) | |||||||
State | (769 | ) | (1,419 | ) | (1,292 | ) | |||||||
Total deferred income tax expense | (13,173 | ) | (30,142 | ) | (24,546 | ) | |||||||
Total income tax expense from continuing operations | $ | (12,903 | ) | $ | (30,956 | ) | $ | (25,611 | ) | ||||
The Company’s income tax expense from continuing operations differs from the income tax expense computed by applying the U.S. federal statutory corporate income tax rate of 35% to income from continuing operations before income taxes as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Income from continuing operations before income taxes | $ | 34,761 | $ | 82,133 | $ | 58,145 | |||||||
Income tax expense at the statutory rate | (12,166 | ) | (28,747 | ) | (20,350 | ) | |||||||
State income taxes, net of U.S. federal income tax benefit | (859 | ) | (1,681 | ) | (1,722 | ) | |||||||
Adjustment to prior period state income taxes, net of U.S. federal income tax benefit | — | — | (4,735 | ) | |||||||||
Previously unbenefitted capital loss associated with investment | — | 1,171 | |||||||||||
Nondeductible expenses | — | (93 | ) | 25 | |||||||||
Other | 122 | (435 | ) | — | |||||||||
Total income tax expense from continuing operations | $ | (12,903 | ) | $ | (30,956 | ) | $ | (25,611 | ) | ||||
Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes. At December 31, 2013 and 2012, deferred tax assets and liabilities are comprised of the following: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred income tax assets | |||||||||||||
Net operating loss carryforward - U.S. Federal and State | $ | 52,499 | $ | 53,648 | |||||||||
Stock-based compensation | 7,563 | 4,245 | |||||||||||
Allowance for doubtful accounts | 170 | 476 | |||||||||||
Fair value of derivative instruments | 3,222 | — | |||||||||||
Other | 2,471 | 1,755 | |||||||||||
Deferred income tax assets | 65,925 | 60,124 | |||||||||||
Valuation allowance | (1,084 | ) | (1,188 | ) | |||||||||
Net deferred income tax assets | 64,841 | 58,936 | |||||||||||
Deferred income tax liabilities | |||||||||||||
Unamortized discount on 4.375% Convertible Senior Notes | — | (382 | ) | ||||||||||
Oil and gas properties | (74,247 | ) | (34,985 | ) | |||||||||
Fair value of derivative instruments | (3,249 | ) | (10,222 | ) | |||||||||
(77,496 | ) | (45,589 | ) | ||||||||||
Net deferred income tax asset (liability) | $ | (12,655 | ) | $ | 13,347 | ||||||||
Deferred income tax assets and liabilities are classified as current or noncurrent based on the classification of the related asset or liability in the consolidated balance sheet except for deferred tax assets related to net operating loss carryforwards which is classified as current or noncurrent based on the on periods the carryforwards are expected to be utilized. By taxing jurisdiction, all current deferred tax assets and liabilities are offset and presented as a net current deferred tax asset or liability and all noncurrent deferred tax assets and liabilities are offset and presented as a net noncurrent deferred tax asset or liability. At December 31, 2013 and 2012, the net deferred income tax asset (liability) is classified as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Noncurrent deferred income tax asset (liability) | $ | (16,856 | ) | $ | 21,272 | ||||||||
Current deferred income tax asset (liability) | 4,201 | (7,925 | ) | ||||||||||
Net deferred income tax asset (liability) | $ | (12,655 | ) | $ | 13,347 | ||||||||
As of December 31, 2013, the Company had U.S. federal net operating loss carryforwards of approximately $174.4 million. If not utilized in earlier periods, the U.S. federal net operating loss will expire between 2019 and 2033. The realization of the deferred tax assets related to loss carryforwards is dependent on the Company’s ability to generate sufficient future taxable income in the U.S. within the applicable carryforward periods. During 2011 and 2012, the Company determined it was more likely than not that some of its state loss carryforwards would not be realized and accordingly, established valuation allowances totaling approximately $1.1 million. The Company believes it will be able to generate sufficient future taxable income in the U.S. within the carryforward periods. As such, the Company believes that it is more likely than not that its net deferred income tax assets will be fully realized except for those state loss carryforwards for which a valuation allowance has been established. | |||||||||||||
The ability of the Company to utilize its U.S. loss carryforwards to reduce future taxable income is subject to various limitations under the Internal Revenue Code of 1986, as amended (the “Code”). The utilization of such carryforwards may be limited upon the occurrence of certain ownership changes, including the purchase or sale of stock by 5% shareholders and the offering of stock by the Company during any three-year period resulting in an aggregate change of more than 50% in the beneficial ownership of the Company. In the event of an ownership change, Section 382 of the Code imposes an annual limitation on the amount of the Company’s taxable income that can be offset by these carryforwards. The limitation is generally equal to the product of (a) the fair market value of the equity of the Company multiplied by (b) a percentage approximately equivalent to the yield on long-term tax exempt bonds during the month in which an ownership change occurs. In addition, the limitation is increased if there are recognized built-in gains during any post-change year, but only to the extent of any net unrealized built-in gains inherent in the assets sold. As of December 31, 2013, the Company believes an ownership change occurred in February 2005, which imposed an annual limitation of $12.6 million of the Company’s taxable income that can be offset by the pre-change carryforwards. Because the Company’s aggregate pre-change carryforward is $9.8 million, the Company does not believe it has a Section 382 limitation on the ability to utilize its U.S. loss carryforwards as of December 31, 2013. Future equity transactions involving the Company or 5% shareholders of the Company (including, potentially, relatively small transactions and transactions beyond the Company’s control) could cause further ownership changes and therefore a limitation on the annual utilization of the U.S. loss carryforwards. | |||||||||||||
The Company receives a tax deduction during the period stock options and SARs are exercised, generally for the excess of the exercise date stock price over the exercise price of the option or SAR. The Company also receives a tax deduction during the period restricted stock awards and units vest, generally equal to the fair value of the awards or units on the vesting date. Because these stock-based compensation tax deductions did not reduce current taxes payable as a result of U.S. loss carryforwards, the benefit of these tax deductions has not been reflected in the U.S. loss carryforward deferred tax asset. Stock-based compensation tax deductions included in the U.S. loss carryforwards of $174.4 million but not reflected in the associated deferred tax asset were $29.2 million at December 31, 2013. The Company expects to recognize the $10.2 million deferred tax asset associated with these stock-based compensation tax deductions when all other components of the U.S. loss carryforward deferred tax asset have been fully utilized. When the stock-based compensation tax deduction related U.S. loss carryforward deferred tax asset is realized, the tax benefit of reducing current taxes payable will be credited directly to additional paid-in capital. | |||||||||||||
The Company files income tax returns in the U.S. Federal jurisdiction, in various states and previously filed in one foreign jurisdiction, each with varying statues of limitations. The 1999 through 2013 tax years generally remain subject to examination by federal and state tax authorities. The foreign jurisdiction generally remains subject to examination by the relevant taxing authority for the 2012 and 2013 tax years through 2014. At December 31, 2013, 2012 and 2011, the Company had no material uncertain tax positions. |
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
6. Long-Term Debt | |||||||||
At December 31, 2013 and 2012, long-term debt consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
8.625% Senior Notes | $ | 600,000 | $ | 600,000 | |||||
Unamortized discount for 8.625% Senior Notes | (4,178 | ) | (4,849 | ) | |||||
7.50% Senior Notes | 300,000 | 300,000 | |||||||
4.375% Convertible Senior Notes | 4,425 | 73,750 | |||||||
Unamortized discount for 4.375% Convertible Senior Notes | — | (1,093 | ) | ||||||
Senior Secured Revolving Credit Facility | — | — | |||||||
$ | 900,247 | $ | 967,808 | ||||||
8.625% Senior Notes and 7.50% Senior Notes | |||||||||
On November 2, 2010, the Company issued $400.0 million aggregate principal amount of 8.625% Senior Notes due 2018 in a private placement. On November 17, 2011, the Company issued an additional $200.0 million aggregate principal amount of 8.625% Senior Notes in a private placement. These notes were issued as “additional notes” under the indenture governing the 8.625% Senior Notes pursuant to which the Company had previously issued $400.0 million aggregate principal amount of 8.625% Senior Notes in November 2010, and under the indenture are treated as a single series with substantially identical terms as the 8.625% Senior Notes previously issued in November 2010. In June 2011 and February 2012, the Company completed the exchange of registered 8.625% Senior Notes for any and all of its then unregistered $400.0 million and $200.0 million aggregate principal amount of 8.625% Senior Notes, respectively. | |||||||||
Except in certain circumstances described below, the Company may not redeem the 8.625% Senior Notes prior to October 15, 2014. On and after October 15, 2014, the Company may redeem all or a part of the 8.625% Senior Notes, at redemption prices decreasing from 104.313% of the principal amount to 100% of the principal amount on October 15, 2017, plus accrued and unpaid interest. Prior to October 15, 2014, the Company may redeem all or part of the 8.625% Senior Notes at 100% of the principal amount thereof, plus accrued and unpaid interest and a make whole premium (as defined in the indenture governing the 8.625% Senior Notes). If a Change of Control (as defined in the indenture governing the 8.625% Senior Notes) occurs, the Company may be required by holders to repurchase the 8.625% Senior Notes for cash at a price equal to 101% of the aggregate principal amount, plus any accrued but unpaid interest. | |||||||||
On September 10, 2012, the Company issued in a public offering $300.0 million aggregate principal amount of 7.50% Senior Notes due 2020. Except in certain circumstances described below, the Company may not redeem the 7.50% Senior Notes prior to September 15, 2016. On and after September 15, 2016, the Company may redeem all or a part of the 7.50% Senior Notes, at redemption prices decreasing from 103.750% of the principal amount to 100% of the principal amount on September 15, 2018, plus accrued and unpaid interest. In connection with certain equity offerings by the Company, the Company may at any time prior to September 15, 2015, subject to certain conditions, on one or more occasions, redeem up to 35% of the aggregate principal amount of the 7.50% Senior Notes at a redemption price of 107.500% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date using the net cash proceeds of such equity offerings. Prior to September 15, 2016, the Company may redeem all or part of the 7.50% Senior Notes at 100% of the principal amount thereof, plus accrued and unpaid interest and a make whole premium (as defined in the indenture governing the 7.50% Senior Notes). If a Change of Control (as defined in the indenture governing the 7.50% Senior Notes) occurs, the Company may be required by holders to repurchase the 7.50% Senior Notes for cash at a price equal to 101% of the aggregate principal amount, plus any accrued but unpaid interest. | |||||||||
The indentures governing the 8.625% Senior Notes and the 7.50% Senior Notes contain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to: pay distributions on, purchase or redeem the Company’s common stock or other capital stock or redeem the Company’s subordinated debt; make investments; incur or guarantee additional indebtedness or issue certain types of equity securities; create certain liens; sell assets; consolidate, merge or transfer all or substantially all of the Company’s assets; enter into agreements that restrict distributions or other payments from the Company’s restricted subsidiaries to the Company; engage in transactions with affiliates; and create unrestricted subsidiaries. At December 31, 2013, the 8.625% Senior Notes and the 7.50% Senior Notes were guaranteed by all of the Company’s existing Material Domestic Subsidiaries (as defined in the credit agreement governing the revolving credit facility). | |||||||||
Convertible Senior Notes | |||||||||
In May 2008, the Company issued $373.8 million aggregate principal amount of 4.375% Convertible Senior Notes due 2028. In November 2010, the Company completed a tender offer to repurchase $300.0 million aggregate principal amount outstanding of its convertible senior notes. After the Company’s repurchase of $300.0 million aggregate principal amount of convertible senior notes, $73.8 million aggregate principal amount of convertible senior notes remained outstanding. In June 2013, the Company completed a tender offer to repurchase $69.3 million aggregate principal amount outstanding of its convertible senior notes. After completion of the June 2013 tender offer, $4.4 million aggregate principal amount of convertible senior notes remain outstanding. Each holder as of the date of each tender offer received $1,000 for each $1,000 principal amount of convertible senior notes purchased in such tender offer, plus accrued and unpaid interest. | |||||||||
The convertible senior notes are subject to customary non-financial covenants and events of default, including certain cross defaults of other indebtedness and mortgages, the occurrence and continuation of which could result in the acceleration of amounts due under the convertible senior notes. The convertible senior notes are unsecured obligations of the Company and rank equal to the Company’s senior notes and all future senior unsecured debt of the Company but rank second in priority to the senior secured revolving credit facility. | |||||||||
The Company’s convertible senior notes are convertible, using a net share settlement process, into a combination of cash and Company common stock that entitles holders of the convertible senior notes to receive cash up to the principal amount ($1,000 per note) and common stock in respect of the remainder, if any, of the Company’s conversion obligation in excess of such principal amount. The initial conversion rate of the notes into the Company’s common stock is 9.9936 shares per $1,000 principal amount of notes, equivalent to a conversion price of approximately $100.06. This conversion rate is subject to adjustment upon certain corporate events. Holders may convert the notes only under the following conditions: (a) during any calendar quarter if the last reported sale price of the Company’s common stock exceeds 130% of the conversion price for at least 20 trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter, (b) during the five business days after any five consecutive trading day period in which the trading price per $1,000 principal amount of the notes is equal to or less than 97% of the conversion value of such notes, (c) during specified periods if specified distributions to holders of the Company’s common stock are made or specified corporate transactions occur, (d) prior to the close of business on the business day preceding the redemption date if the notes are called for redemption or (e) on or after March 31, 2028 and prior to the close of business on the business day prior to the maturity date of June 1, 2028. | |||||||||
The holders of the convertible senior notes may require the Company to repurchase the notes on June 1, 2018 and 2023, or upon a fundamental corporate change at a repurchase price in cash equal to 100% of the principal amount of the notes to be repurchased plus accrued and unpaid interest, if any. The Company may redeem notes at any time at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest, if any. | |||||||||
Senior Secured Revolving Credit Facility | |||||||||
The Company is party to a senior secured revolving credit facility with Wells Fargo Bank, National Association as the administrative agent. The revolving credit facility provides for a borrowing capacity up to the lesser of (i) the borrowing base (as defined in the senior credit agreement governing the revolving credit facility) and (ii) $1.0 billion. The revolving credit facility matures on July 2, 2018. The revolving credit facility is secured by substantially all of the Company’s U.S. assets and is guaranteed by all of the Company’s existing Material Domestic Subsidiaries (as defined in the credit agreement governing the revolving credit facility). | |||||||||
The current borrowing base is $470.0 million. The borrowing base will be redetermined by the lenders at least semi-annually on each May 1 and November 1, with the next redetermination expected in the Spring of 2014. The amount the Company is able to borrow with respect to the borrowing base is subject to compliance with the financial covenants and other provisions of the credit agreement governing the revolving credit facility. | |||||||||
The annual interest rate on each base rate borrowing is (a) the greatest of the Agent’s Prime Rate, the Federal Funds Effective Rate plus 0.5% and the adjusted LIBO rate for a three-month interest period on such day plus 1.00%, plus (b) a margin between 0.50% and 1.50% (depending on the then-current level of borrowing base usage). The interest rate on each Eurodollar loan will be the adjusted LIBO rate for the applicable interest period plus a margin between 1.50% to 2.50% (depending on the then-current level of borrowing base usage). | |||||||||
On March 26, 2012, the revolving credit facility was amended to, among other things, (1) extend by two quarters the dates on which the maximum ratio of Total Debt to EBITDA (each as defined in the credit agreement governing the revolving credit facility) steps down and (2) increase the basket available for redemptions of the Company’s convertible senior notes. On September 4, 2012 the revolving credit facility was further amended to increase the basket available for issuances of additional senior notes, including those issued in the September 2012 notes offering. On September 27, 2012, the revolving credit facility was again amended to, among other things, extend the maximum permitted duration of hedge agreements entered into by the Company and its restricted subsidiaries and to reflect the Fall 2012 borrowing base redetermination. On October 9, 2013, a fourth amendment to the senior secured revolving credit facility was executed. The fourth amendment (i) extended the maturity date of the credit facility from January 27, 2016 to July 2, 2018, (ii) increased the aggregate maximum credit commitments of the lenders from $750.0 million to $1.0 billion, (iii) approved a borrowing base of $530.0 million until the closing of the sale of the Company’s remaining oil and gas properties in the Barnett, at which time the approved borrowing base was automatically reduced to $470.0 million and such reduced borrowing base will remain in effect until redetermined or adjusted in accordance with the credit agreement governing the Company’s revolving credit facility and (iv) eliminated covenants requiring the Company’s maintenance of a specified Senior Debt to EBITDA ratio and a specified EBITDA to Interest Expense ratio. | |||||||||
The Company is subject to certain covenants under the terms of the revolving credit facility which include the maintenance of the following financial covenants: (1) a ratio of Total Debt to EBITDA of not more than 4.00; (2) a Current Ratio of not less than 1.00 to 1.00; (each of the capitalized terms used in the foregoing clauses (1) and (2) being as defined in the credit agreement governing the revolving credit facility). At December 31, 2013, the ratio of Total Debt to EBITDA was 1.94 to 1.00 and the Current Ratio was 2.57 to 1.00. As defined in the credit agreement governing the revolving credit facility, Total Debt is net of cash and cash equivalents and the Current Ratio includes an add back of the available borrowing capacity. Because the calculation of the financial ratios are made as of a certain date, the financial ratios can fluctuate significantly period to period as the amounts outstanding under the revolving credit facility are dependent on the timing of cash flows related to operations, capital expenditures, sales of oil and gas properties and securities offerings. | |||||||||
The revolving credit facility also places restrictions on the Company and certain of its subsidiaries with respect to additional indebtedness, liens, dividends and other payments to shareholders, repurchases or redemptions of the Company’s common stock, redemptions of senior notes, investments, acquisitions, mergers, asset dispositions, transactions with affiliates, hedging transactions and other matters. | |||||||||
The revolving credit facility is subject to customary events of default, including a change in control (as defined in the credit agreement governing the revolving credit facility). If an event of default occurs and is continuing, the Majority Lenders (as defined in the credit agreement governing the revolving credit facility) may accelerate amounts due under the revolving credit facility (except for a bankruptcy event of default, in which case such amounts will automatically become due and payable). | |||||||||
At December 31, 2013 and 2012, the Company had no borrowings outstanding under the revolving credit facility. At December 31, 2013, the Company also had $0.9 million in letters of credit outstanding which reduced the amounts available under the revolving credit facility. The revolving credit facility is generally used to fund ongoing working capital needs and the remainder of the Company’s capital expenditure plan to the extent such amounts exceed the cash flow from operations, proceeds from the sale of oil and gas properties and securities offerings. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Asset Retirement Obligations | ' | ||||||||
7. Asset Retirement Obligations | |||||||||
The following table sets forth asset retirement obligations for the years ended December 31, 2013 and 2012: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Asset retirement obligations at beginning of period | $ | 6,159 | $ | 8,324 | |||||
Liabilities incurred | 3,348 | 1,573 | |||||||
Liabilities settled | (498 | ) | (1,666 | ) | |||||
Reduction due to sales of oil and gas properties | (2,473 | ) | (3,272 | ) | |||||
Accretion expense | 471 | 372 | |||||||
Revisions of previous estimates | 349 | 828 | |||||||
Asset retirement obligations at end of period | 7,356 | 6,159 | |||||||
Asset retirement obligations due within one year included in “Other accrued liabilities” | (780 | ) | (1,670 | ) | |||||
Long-term asset retirement obligations | $ | 6,576 | $ | 4,489 | |||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments And Contingencies | ' | |||
8. Commitments and Contingencies | ||||
From time to time, the Company is party to certain legal actions and claims arising in the ordinary course of business. While the outcome of these events cannot be predicted with certainty, management does not currently expect these matters to have a materially adverse effect on the financial position or results of operations of the Company. | ||||
The results of operations and financial position of the Company continue to be affected from time to time in varying degrees by domestic and foreign political developments as well as legislation and regulations pertaining to restrictions on oil and natural gas production, imports and exports, natural gas regulation, tax increases, environmental regulations and cancellation of contract rights. Both the likelihood and overall effect of such occurrences on the Company vary greatly and are not predictable. | ||||
Rent expense included in general and administrative expense for the years ended December 31, 2013, 2012 and 2011 was $1.9 million, $1.8 million, and $1.7 million, respectively, and includes rent expense primarily for the Company’s corporate office and field offices. At December 31, 2013, total minimum commitments from long-term, non-cancelable operating leases, drilling rigs, completion services and pipeline volume commitments are as shown in the table below. The total minimum commitments related to the drilling rigs, completion services, and pipeline volume commitments represent gross contractual obligations and accordingly, other joint owners in the properties operated by the Company will generally be billed for their working interest share of such costs. | ||||
Amount | ||||
(In thousands) | ||||
2014 | $ | 51,840 | ||
2015 | 19,429 | |||
2016 | 7,404 | |||
2017 | 4,711 | |||
2018 | 4,686 | |||
2019 and thereafter | 16,128 | |||
Total | $ | 104,198 | ||
Shareholders_Equity_And_Stock_
Shareholders' Equity And Stock Incentive Plan | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Shareholders' Equity And Stock Incentive Plan [Abstract] | ' | |||||||||||
Shareholders' Equity And Stock Incentive Plan | ' | |||||||||||
9. Shareholders’ Equity and Stock Incentive Plans | ||||||||||||
Shareholders’ Equity | ||||||||||||
Common Stock. In November 2013, the Company sold 4.5 million shares of its common stock in an underwritten public offering at a price to the underwriter of $42.24 per share. The Company used the proceeds of approximately $189.7 million, net of offering costs, to fund in part its increased capital expenditure plan that took into account its recently completed Utica Shale acreage acquisition, the second half of the 2013 development of its expanded position in the Utica Shale and the accelerated fracking of a portion of its existing inventory of Eagle Ford wells and for other general corporate purposes. | ||||||||||||
Warrants. On November 24, 2009, the Company entered into a land agreement with an unrelated third party and its affiliate. The land agreement expired pursuant to its terms on May 31, 2011. Under the land agreement, the Company issued warrants to purchase 31,983 and 28,576 shares of common stock in 2012 and 2011 respectively. In 2013, the Company issued no warrants to purchase shares of common stock. The final issuance of warrants under the land agreement was granted in April 2012. The warrants have an expiration date of August 21, 2017, an exercise price of $22.09, which may be exercised on a “cashless” basis, and are subject to anti-dilution adjustments. | ||||||||||||
Stock Incentive Plans | ||||||||||||
The Company has established the Incentive Plan of Carrizo Oil & Gas, Inc., as amended (the “Incentive Plan”), which authorizes the granting of stock options, SARs that may be settled in cash or common stock at the option of the Company, restricted stock awards and restricted stock units to directors, employees and independent contractors. The Company may grant awards of up to 7,245,000 shares (subject to certain limitations on restricted stock and restricted stock units) under the Incentive Plan and through December 31, 2013, has issued stock options, restricted stock awards and restricted stock units covering 5,931,933 shares, net of forfeitures and excluding SARs the Company has elected to settle in cash. | ||||||||||||
The Company has also established the Carrizo Oil & Gas, Inc. Cash-Settled Stock Appreciation Rights Plan (“Cash SAR Plan”). The Cash SAR Plan authorizes the granting of SARs that may only be settled in cash to employees and independent contractors. | ||||||||||||
Stock Options. No stock options were granted under the Incentive Plan during 2013, 2012 or 2011. The table below summarizes the activity for stock options for the three years ended December 31, 2013, 2012 and 2011: | ||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||
Average | Average | Intrinsic Value | ||||||||||
Exercise | Remaining Life | (In millions) | ||||||||||
Prices | (In years) | |||||||||||
For the Year Ended December 31, 2011 | ||||||||||||
Outstanding, beginning of period | 414,854 | $6.10 | ||||||||||
Granted | — | — | ||||||||||
Exercised | (151,500 | ) | $4.36 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding, end of period | 263,354 | $7.11 | ||||||||||
Exercisable, end of period | 263,354 | $7.11 | ||||||||||
For the Year Ended December 31, 2012 | ||||||||||||
Outstanding, beginning of period | 263,354 | $7.11 | ||||||||||
Granted | — | — | ||||||||||
Exercised | (20,500 | ) | $5.50 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding, end of period | 242,854 | $7.24 | ||||||||||
Exercisable, end of period | 242,854 | $7.24 | ||||||||||
For the Year Ended December 31, 2013 | ||||||||||||
Outstanding, beginning of period | 242,854 | $7.24 | ||||||||||
Granted | — | — | ||||||||||
Exercised | (206,501 | ) | $6.07 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding, end of period | 36,353 | $13.91 | 1.1 | $1.10 | ||||||||
Exercisable, end of period | 36,353 | $13.91 | 1.1 | $1.10 | ||||||||
At December 31, 2013, all stock options were vested and accordingly, the Company had no unrecognized compensation costs related to outstanding stock options. The total intrinsic value (market price at date of exercise less the exercise price) of stock options exercised during the years ended December 31, 2013, 2012 and 2011 was $4.4 million, $0.4 million, and $3.6 million, respectively, and the Company received $1.3 million, $0.1 million, and $0.1 million in cash in connection with stock option exercises for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Stock Appreciation Rights. During the years ended December 31, 2013, 2012 and 2011, the Company granted 282,296, 193,336 and 153,801, respectively of SARs under the Cash SAR Plan and SARs under the Incentive Plan that can only be settled in cash. All SARs that have been granted by the Company contain performance and service conditions. The performance conditions have been met for all awards. The table below summarizes the activity for SARs for the three years ended December 31, 2013, 2012 and 2011: | ||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||
Average | Average | Intrinsic Value | ||||||||||
Exercise | Remaining Life | (In millions) | ||||||||||
Prices | (In years) | |||||||||||
For the Year Ended December 31, 2011 | ||||||||||||
Outstanding, beginning of period | 700,749 | $18.50 | ||||||||||
Granted | 153,801 | $37.99 | ||||||||||
Exercised | (4,768 | ) | $20.22 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding, end of period | 849,782 | $22.02 | ||||||||||
Exercisable, end of period | 326,128 | $18.99 | ||||||||||
For the Year Ended December 31, 2012 | ||||||||||||
Outstanding, beginning of period | 849,782 | $22.02 | ||||||||||
Granted | 193,336 | $25.56 | ||||||||||
Exercised | (7,295 | ) | $20.22 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding, end of period | 1,035,823 | $22.69 | ||||||||||
Exercisable, end of period | 613,934 | $20.70 | ||||||||||
For the Year Ended December 31, 2013 | ||||||||||||
Outstanding, beginning of period | 1,035,823 | $22.69 | ||||||||||
Granted | 282,296 | $28.68 | ||||||||||
Exercised | (207,184 | ) | $19.30 | |||||||||
Forfeited | (24,704 | ) | $27.77 | |||||||||
Outstanding, end of period | 1,086,231 | $24.78 | 2.8 | 21.12 | $21.10 | |||||||
Exercisable, end of period | 681,867 | $22.55 | 2.7 | 14.78 | $14.80 | |||||||
At December 31, 2013, the liability for SARs outstanding was $20.6 million, of which, $19.3 million is classified as other accrued liabilities representing the portion of the awards that are vested or are expected to vest within the next 12 months, with the remainder of $1.3 million classified as long-term other liabilities, respectively. At December 31, 2012, the liability for SARs outstanding was $7.2 million, of which $6.5 million is classified as other accrued liabilities representing the portion of the awards that are vested or are expected to vest within the next 12 months with the remainder of $0.7 million classified as long-term other liabilities, respectively. The Company paid $3.9 million, $0.1 million and $0.1 million, in connection with SARs exercised during the years ended December 31, 2013, 2012 and 2011, respectively. The following table summarizes the weighted-average assumptions used in the Black-Scholes-Merton option pricing model to calculate the fair value of the SARs granted during 2013, 2012 and 2011: | ||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||
Grant date fair value | $13.36 | $12.23 | $18.50 | |||||||||
Volatility factor | 44.5 | % | 48.2 | % | 61.6 | % | ||||||
Dividend yield | — | % | — | % | — | % | ||||||
Risk-free interest rate | 1 | % | 0.4 | % | 0.4 | % | ||||||
Expected term (in years) | 3.5 | 3 | 2.9 | |||||||||
As of December 31, 2013, unrecognized compensation costs related to unvested SARs was $4.5 million and will be recognized as stock-based compensation expense, net of amounts capitalized over a weighted-average period of 2.2 years. | ||||||||||||
Restricted Stock Awards and Units. The Company began issuing restricted stock awards in 2005 and restricted stock units in 2009. Although shares of common stock are not released to the employee until vesting, restricted stock awards have the right to vote and accordingly, restricted stock awards are considered issued and outstanding at the date of grant. Restricted stock units do not have the right to vote and are not considered issued and outstanding until converted into common shares and released to the employee upon vesting. The table below summarizes restricted stock award and unit activity for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
Shares/ | Weighted-Average Grant Date | |||||||||||
Units | Fair Value | |||||||||||
For the Year Ended December 31, 2011 | ||||||||||||
Unvested restricted stock awards and units, beginning of period | 710,955 | $20.26 | ||||||||||
Granted | 567,901 | $35.27 | ||||||||||
Vested | (452,585 | ) | $25.29 | |||||||||
Forfeited | (25,773 | ) | $23.30 | |||||||||
Unvested restricted stock awards and units, end of period | 800,498 | $27.96 | ||||||||||
For the Year Ended December 31, 2012 | ||||||||||||
Unvested restricted stock awards and units, beginning of period | 800,498 | $27.96 | ||||||||||
Granted | 854,292 | $25.25 | ||||||||||
Vested | (488,992 | ) | $25.63 | |||||||||
Forfeited | (19,524 | ) | $27.61 | |||||||||
Unvested restricted stock awards and units, end of period | 1,146,274 | $26.95 | ||||||||||
For the Year Ended December 31, 2013 | ||||||||||||
Unvested restricted stock awards and units, beginning of period | 1,146,274 | $26.95 | ||||||||||
Granted | 932,763 | $28.16 | ||||||||||
Vested | (557,136 | ) | $25.98 | |||||||||
Forfeited | (77,034 | ) | $26.03 | |||||||||
Unvested restricted stock awards and units, end of period | 1,444,867 | $28.03 | ||||||||||
As of December 31, 2013, unrecognized compensation costs related to unvested restricted stock awards and units was $25.2 million and will be recognized as stock-based compensation expense, net of amounts capitalized over a weighted-average period of 2.1 years. The 2013, 2012 and 2011 grants of certain restricted stock units contained performance and service conditions. The performance conditions have been met for all awards. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
10. Related Party Transactions | |
Avista Utica Joint Venture. Effective September 2011, the Company’s wholly-owned subsidiary, Carrizo (Utica) LLC, entered into a joint venture in the Utica Shale with ACP II Marcellus LLC (“ACP II”), which is also one of our joint venture partners in the Marcellus Shale, and ACP III Utica LLC (“ACP III”), both affiliates of Avista Capital Partners, LP, a private equity fund (collectively with ACP II and ACP III, “Avista”). During the term of the Avista Utica joint venture, the joint venture partners acquired and sold acreage and we exercised options under the Avista Utica joint venture agreements to acquire acreage from Avista. The Avista Utica joint venture agreements were terminated on October 31, 2013 in connection with our purchase of certain ACP III assets discussed below. | |
In October 2012, the Company sold substantially all of its interests in oil and gas properties dedicated to the Avista Utica joint venture in the northern portion of the Utica play to an unrelated third party. Simultaneously with the closing of this Utica transaction, Avista sold substantially all of its interests in the same oil and gas properties. In connection with these sale transactions, the Company elected to exercise its option to increase its participating interest in the same oil and gas properties on a “net proceeds basis” so that the Company received net proceeds with respect to 50% of the properties subject to the sale rather than the 10% the Company initially held. Pursuant to the terms of the Avista Utica joint venture agreement, as amended, the Company paid $24.0 million for the 40% additional interest in the acreage subject to the sale and certain other Avista Utica joint venture properties. Therefore, effective as of the closing, both parties owned the joint venture properties equally and both parties shared equally in their right to receive the proceeds from the purchaser. As a result of the reduction required for the $24.0 million option exercise price due from the Company and the repayment of other amounts owed between the two joint venture parties, the net proceeds received by the Company from the sale was $51.7 million and the net proceeds received by Avista from the sale was $74.9 million. Concurrently with the exercise and closing of the Company’s option to increase its participating interest in such oil and gas properties, its right to receive distributions associated with properties owned by ACP II in the Avista Utica joint venture through “B Units” interest in ACP II was terminated. | |
Following the sale transactions described above, on October 24, 2012, the Company and Avista amended the Avista Utica joint venture agreements to provide that the expiration date of the Company’s remaining option to increase its participating interest in the Avista Utica joint venture properties was accelerated from March 2013 to January 15, 2013. The Company exercised this option on January 15, 2013 by paying $63.1 million for an additional 40% in the remaining Avista Utica joint venture properties. The Company and Avista also agreed that after the option was exercised, the Company’s participating interest in subsequently acquired properties within the then existing area of mutual interest continued to be 10% and Avista’s participating interest continued to be 90%, and the Company was granted an additional option to increase its 10% ownership in such subsequently acquired properties to 50% at 8.625% above acreage cost and associated improvements (compounded monthly following Avista’s contribution of purchase proceeds). Instead of exercising this option, the Company and Avista agreed that the Company could instead elect to acquire additional properties on an equal basis with Avista. In connection with the January 2013 exercise of the Company’s option to increase its participating interest in the Avista Utica joint venture properties, its right to receive distributions associated with properties owned by ACP III through “B Units” interest in ACP III that the Company acquired at the formation of the Utica joint venture was terminated. | |
On October 31, 2013, the Company completed the acquisition of acreage located primarily in Guernsey and Noble counties, Ohio from Avista. This transaction had an effective date of July 1, 2013, and the Company paid Avista approximately $78.6 million in cash, subject to post-closing adjustments. Prior to the Company’s acquisition from ACP III, the properties in the Avista Utica joint venture were held on an equal basis by the Company and Avista. This transaction was initially funded with proceeds from the sale of the Company’s remaining oil and gas properties in the Barnett to EnerVest. After giving effect to this transaction, the Company and Avista remain working interest partners in Utica with the Company acting as the operator of the jointly owned properties which are now subject to standard joint operating agreements. The joint operating agreement with Avista provide for limited areas of mutual interest around properties jointly owned by the Company and Avista. | |
Avista Marcellus Joint Venture. Effective August 2008, Carrizo (Marcellus) LLC, a wholly owned subsidiary of the Company, entered into a joint venture arrangement with ACP II, an affiliate of Avista. In September 2010, the Company completed the sale of 20% of its interests in substantially all of its oil and gas properties in Pennsylvania that had been subject to the Avista joint venture to Reliance. Simultaneously with the closing of this transaction, ACP II closed the sale of its entire interest in the same properties to Reliance for a purchase price of approximately $327.0 million. At the time of entering into the agreements for these transactions, the Company and Avista agreed that B Unit distributions to the Company with respect to Avista’s sale of properties to Reliance would be principally based upon Avista’s internal rates-of-return and return-on-investment thresholds associated with such properties, subject to amounts withheld from distribution by ACP II’s board. In connection with these sales transactions, the Company and Avista amended the participation agreement and other joint venture agreements with Avista to provide that the properties that the Company and Avista sold to Reliance, as well as the properties the Company committed to the new joint venture with Reliance, were no longer subject to the terms of the Avista Marcellus joint venture, and that the Avista Marcellus joint venture’s area of mutual interest would generally not include Pennsylvania, the state in which those properties were located. The Company’s joint venture with Avista continues, primarily in New York and West Virginia. Pursuant to the terms of the amended participation agreement, the areas of mutual interest with Avista have been reduced to specified halos around existing properties in New York and West Virginia. | |
On November 16, 2010, Carrizo Marcellus assigned, via distribution and subsequent contribution, its interests in the Avista Marcellus joint venture to Carrizo (Marcellus) WV LLC (“Carrizo WV”), also a wholly owned subsidiary of the Company. In connection with the assignment, Carrizo Marcellus assigned to Carrizo WV its rights and obligations under the participation agreement, as well as the related joint operating agreement, pursuant to which operatorship of the Avista Marcellus joint venture was assumed by Carrizo WV. In addition, Carrizo WV and the other parties thereto amended and restated the participation agreement on November 16, 2010, effective as of October 1, 2010. This amended and restated participation agreement amends the participation agreement by, among other things, (i) providing fixed percentages and thresholds for sharing net cash flow from hydrocarbon production and proceeds from the sales of underlying joint venture properties and (ii) eliminating provisions that have been performed and are inapplicable going forward. | |
The Company serves as operator of the properties covered by the Avista Marcellus joint venture under a joint operating agreement with Avista and also performs specified management services for ACP II. An operating committee composed of one representative of each party provides overall supervision and direction of joint operations. Avista or its designee has the right to become a co-operator of the properties if all of its membership interests or substantially all of its assets are sold to an unaffiliated third party or if the Company defaults under the terms of any pledge of its interest in the properties. | |
Each party now has ability to transfer its interest in the Avista Marcellus joint venture to third parties subject in most instances to preferential purchase rights for transfers of less than 10% of a party’s interest in joint venture properties, and to “tag along” rights for most other transfers. | |
Carrizo Relationship with Avista. Steven A. Webster, Chairman of the Company’s Board of Directors, serves as Co-Managing Partner and President of Avista Capital Holdings, LP, which entity has the ability to control Avista and its affiliates. As previously disclosed, the Company has been and is a party to prior arrangements with affiliates of Avista Capital Holdings LP. | |
The terms of the joint ventures with Avista in the Utica and the Marcellus as well as the Avista Transaction and the other acquisition transactions described above with Avista were each separately approved by a special committee of the Company’s independent directors. In determining whether to approve or disapprove a transaction, such special committee has in the Avista Transaction and generally in other transactions since the beginning of the last fiscal year, determined whether the transaction is desirable and in the best interest of the Company. In transactions prior to the recent Avista Transaction, the special committee has evaluated whether transactions are fair to the Company and its shareholders on the same basis as comparable arm’s length transactions. The committee has applied in the Avista Transaction, and may in other transactions also apply, standards under relevant debt agreements if required. | |
Advances to and from Avista and Affiliates. At December 31, 2013, related party receivable and related party payable on the consolidated balance sheets included $6.6 million and $2.8 million, respectively, representing the net amount ACP II owes the Company related to activity within the Avista Marcellus joint venture and the net amount the Company owes ACP III related to activity within the Avista Utica joint venture, respectively. At December 31, 2012, related party receivable on the consolidated balance sheets included $9.8 million, representing the net amounts ACP II and ACP III owed the Company related to activity within the Avista Marcellus and Avista Utica joint ventures. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||
Derivative Instruments | ' | |||||||||||||||||||||
11. Derivative Instruments | ||||||||||||||||||||||
The Company uses commodity derivative instruments, primarily fixed price swaps and costless collars, to reduce its exposure to commodity price volatility for a substantial, but varying, portion of its forecasted oil and gas production up to 60 months and thereby achieve a more predictable level of cash flows to support the Company’s drilling and completion capital expenditure program. Costless collars are designed to establish floor and ceiling prices on anticipated future oil and gas production. While the use of these derivative instruments limits the downside risk of adverse price movements, they may also limit future revenues from favorable price movements. The Company does not enter into derivative contracts for speculative or trading purposes. | ||||||||||||||||||||||
The Company typically has numerous hedge positions that span several time periods and often result in both fair value asset and liability positions held with that counterparty, which positions are all offset to a single fair value asset or liability at the end of each reporting period. The Company nets its derivative instrument fair value amounts executed with the same counterparty pursuant to ISDA master agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. The fair value of derivative instruments where the Company is in a net asset position with its counterparties at December 31, 2013 and 2012 totaled $9.3 million and $29.2 million, respectively and is summarized by counterparty in the table below: | ||||||||||||||||||||||
Counterparty | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Credit Suisse | 46 | % | 40 | % | ||||||||||||||||||
Societe Generale | 31 | % | 22 | % | ||||||||||||||||||
Wells Fargo | 23 | % | 2 | % | ||||||||||||||||||
BNP Paribas | — | % | 33 | % | ||||||||||||||||||
BBVA Compass | — | % | 3 | % | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||
Because the counterparties to the Company’s derivative instruments are high credit quality financial institutions that are lenders under the Company’s credit agreement, the Company believes it has minimal credit risk and accordingly does not currently require its counterparties to post collateral to support the net asset positions of its derivative instruments. As such, the Company is exposed to credit risk to the extent of nonperformance by the counterparties to its derivative instruments. Although the Company does not currently anticipate such nonperformance, it continues to monitor the financial viability of its counterparties. The fair value of derivative instruments where the Company is in a net liability position with its counterparties at December 31, 2013 and 2012 totaled $10.1 million and $0, respectively. The Company uses only credit agreement participants to hedge with, since these institutions are secured equally with the holders of the Company’s bank debt, which eliminates the potential need to post collateral when the Company is in a net derivative liability position. | ||||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company recorded in the consolidated statements of income a loss on derivative instruments, net of $18.4 million and gains on derivative instruments, net of $31.4 million and $48.4 million, respectively. | ||||||||||||||||||||||
The following sets forth a summary of the Company’s crude oil derivative positions at average NYMEX prices as of December 31, 2013. | ||||||||||||||||||||||
Period | Type of Contract | Volume | Weighted | Weighted | Weighted Average | Weighted Average | ||||||||||||||||
(in Bbls/d) | Average | Average | Short Put Price | Put Spread | ||||||||||||||||||
Floor Price | Ceiling Price | ($/Bbl) | ($/Bbl) | |||||||||||||||||||
($/Bbls) | ($/Bbls) | |||||||||||||||||||||
FY 2014 | Swaps | 7,500 | $ | 92.59 | ||||||||||||||||||
Collars | 3,000 | $ | 88.33 | $ | 104.26 | |||||||||||||||||
Three-way collars | 500 | $ | 85 | $ | 107.75 | $ | 65 | $ | 20 | |||||||||||||
FY 2015 | Swaps | 4,250 | $ | 91.3 | ||||||||||||||||||
Collars | 700 | $ | 90 | $ | 100.65 | |||||||||||||||||
Three-way collars | 1,000 | $ | 85 | $ | 105 | $ | 65 | $ | 20 | |||||||||||||
FY 2016 | Three-way collars | 667 | $ | 85 | $ | 104 | $ | 65 | $ | 20 | ||||||||||||
The following sets forth a summary of the Company’s natural gas derivative positions at average NYMEX prices as of December 31, 2013. | ||||||||||||||||||||||
Period | Type of Contract | Volume | Weighted | Weighted | ||||||||||||||||||
(in MMBtu/d) | Average | Average | ||||||||||||||||||||
Floor Price | Ceiling Price | |||||||||||||||||||||
($/MMBtu) | ($/MMBtu) | |||||||||||||||||||||
FY 2014 | Swaps | 45,000 | $ | 4.09 | ||||||||||||||||||
Collars | 10,000 | $ | 5.5 | |||||||||||||||||||
FY 2015 | Swaps | 10,000 | $ | 4.33 | ||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
12. Fair Value Measurements | |||||||||||||||||
Accounting guidelines for measuring fair value establish a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: | |||||||||||||||||
Level 1 — Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities. | |||||||||||||||||
Level 2 — Other inputs that are observable directly or indirectly such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. | |||||||||||||||||
Level 3 — Unobservable inputs for which there is little or no market data and which the Company makes its own assumptions about how market participants would price the assets and liabilities. | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||
The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012. All items included in the tables below are Level 2 inputs within the fair value hierarchy: | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | |||||||||||||||
(In thousands) | |||||||||||||||||
Derivative Assets | |||||||||||||||||
Fair value of derivative instruments (current assets) | $ | 2,389 | $ | (2,389 | ) | $ | — | ||||||||||
Fair value of derivative instruments (noncurrent asset) | 11,709 | (2,425 | ) | 9,284 | |||||||||||||
Derivative Liabilities | |||||||||||||||||
Fair value of derivative instruments (current liabilities) | (12,336 | ) | 2,389 | (9,947 | ) | ||||||||||||
Fair value of derivative instruments (included in noncurrent other liabilities) | (2,613 | ) | 2,425 | (188 | ) | ||||||||||||
Total | $ | (851 | ) | $ | — | $ | (851 | ) | |||||||||
December 31, 2012 | |||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | |||||||||||||||
(In thousands) | |||||||||||||||||
Derivative Assets | |||||||||||||||||
Fair value of derivative instruments (current asset) | $ | 24,014 | $ | (33 | ) | $ | 23,981 | ||||||||||
Fair value of derivative instruments (noncurrent asset) | 6,778 | (1,598 | ) | 5,180 | |||||||||||||
Derivative Liabilities | |||||||||||||||||
Fair value of derivative instruments (current liabilities) | (33 | ) | 33 | — | |||||||||||||
Fair value of derivative instruments (included in noncurrent other liabilities) | (1,598 | ) | 1,598 | — | |||||||||||||
Total | 29,161 | — | 29,161 | ||||||||||||||
The fair values of the Company’s derivative instruments are based on a third-party industry-standard pricing model that uses market data obtained from third-party sources, including (a) quoted forward prices for oil and gas, (b) discount rates and (c) volatility factors. The estimates of fair value are also compared to the values provided by the counterparty for reasonableness and are adjusted for the counterparties’ credit quality for derivative assets and the Company’s credit quality for derivative liabilities. To date, adjustments for credit quality have not had a material impact on the fair values. | |||||||||||||||||
The fair values reported in the consolidated balance sheets are as of a particular point in time and subsequently change as these estimates are revised to reflect actual results, changes in market conditions and other factors. The Company typically has numerous hedge positions that span several time periods and often result in both fair value asset and liability positions held with that counterparty, which positions are all offset to a single fair value asset or liability in the consolidated balance sheets. The Company nets its derivative instrument fair value amounts executed with the same counterparty pursuant to ISDA master agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. The Company had no transfers in or out of Levels 1 or 2 for the years ended December 31, 2013 and 2012. | |||||||||||||||||
Fair Value of Other Financial Instruments | |||||||||||||||||
The Company’s other financial instruments consist of cash and cash equivalents, receivables, payables and long-term debt which are classified as Level 1 under the fair value hierarchy. The carrying amounts of cash and cash equivalents, receivables, and payables approximate fair value due to the highly liquid or short-term nature of these instruments. The following table presents the carrying amounts and fair values of the Company’s senior notes and convertible senior notes, based on quoted market prices, as of December 31, 2013 and 2012. | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
8.625% Senior Notes | $ | 595,822 | $ | 644,978 | $ | 595,151 | $ | 645,000 | |||||||||
7.50% Senior Notes | 300,000 | 327,000 | 300,000 | 308,250 | |||||||||||||
4.375% Convertible Senior Notes | 4,425 | 4,115 | 72,657 | 73,842 | |||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ' | ||||||||||||||||||||
Condensed Consolidating Financial Information | ' | ||||||||||||||||||||
13. Condensed Consolidating Financial Information | |||||||||||||||||||||
The rules of the SEC require that condensed consolidating financial information be provided for a subsidiary that has guaranteed the debt of a registrant issued in a public offering, where the guarantee is full, unconditional and joint and several and where the voting interest of the subsidiary is 100% owned by the registrant. The Company is, therefore, presenting condensed consolidating financial information as of December 31, 2013 and December 31, 2012, and for the three years ended December 31, 2013, 2012 and 2011 on a parent company, combined guarantor subsidiaries, combined non-guarantor subsidiaries and consolidated basis and should be read in conjunction with the consolidated financial statements. The financial information may not necessarily be indicative of results of operations, cash flows, or financial position had such guarantor subsidiaries operated as independent entities. | |||||||||||||||||||||
Investments in subsidiaries are accounted for by the respective parent company using the equity method for purposes of this presentation. Results of operations of subsidiaries are therefore reflected in the parent company’s investment accounts and earnings. The principal elimination entries set forth below eliminate investments in subsidiaries and intercompany balances and transactions. Typically in a condensed consolidating financial statement, the net income and equity of the parent company equals the net income and equity of the consolidated entity. The Company’s oil and gas properties are accounted for using the full cost method of accounting whereby impairments and DD&A are calculated and recorded on a country by country basis. However, when calculated separately on a legal entity basis, the combined totals of parent company and subsidiary impairments and DD&A can be more or less than the consolidated total as a result of differences in the properties each entity owns including amounts of costs incurred, production rates, reserve mix, future development costs, etc. Accordingly, elimination entries are required to eliminate any differences between consolidated and parent company and subsidiary company combined impairments and DD&A. | |||||||||||||||||||||
CARRIZO OIL & GAS, INC. | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets | $ | 1,820,069 | $ | 168,718 | $ | — | $ | (1,709,026 | ) | $ | 279,761 | ||||||||||
Current assets held for sale | — | — | — | — | — | ||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | ||||||||||||||||
Property and equipment, net | 2,797 | 1,768,553 | 2,058 | 20,807 | 1,794,215 | ||||||||||||||||
Investment in subsidiaries | 61,619 | — | — | (61,619 | ) | — | |||||||||||||||
Long-term assets held for sale | — | — | — | — | — | ||||||||||||||||
Other assets | 69,686 | — | — | (32,902 | ) | 36,784 | |||||||||||||||
Total assets | $ | 1,954,171 | $ | 1,937,271 | $ | 2,058 | $ | (1,782,740 | ) | $ | 2,110,760 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities | $ | 190,550 | $ | 1,828,314 | $ | 2,061 | $ | (1,709,026 | ) | $ | 311,899 | ||||||||||
Current liabilities associated with assets held for sale | — | — | — | — | — | ||||||||||||||||
Current liabilities of discontinued operations | 10,936 | — | — | — | 10,936 | ||||||||||||||||
Long-term liabilities | 905,235 | 47,335 | — | (23,585 | ) | 928,985 | |||||||||||||||
Long-term liabilities associated with assets held for sale | — | — | — | — | — | ||||||||||||||||
Long-term liabilities of discontinued operations | 17,336 | — | — | — | 17,336 | ||||||||||||||||
Shareholders’ equity | 830,114 | 61,622 | (3 | ) | (50,129 | ) | 841,604 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,954,171 | $ | 1,937,271 | $ | 2,058 | $ | (1,782,740 | ) | $ | 2,110,760 | ||||||||||
December 31, 2012 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets | $ | 1,689,430 | $ | 130,487 | $ | — | $ | (1,613,094 | ) | $ | 206,823 | ||||||||||
Current assets held for sale | — | — | 1,882 | — | 1,882 | ||||||||||||||||
Property and equipment, net | 23,041 | 1,443,064 | — | 21,569 | 1,487,674 | ||||||||||||||||
Investment in subsidiaries | 14,588 | — | — | (14,588 | ) | — | |||||||||||||||
Long-term assets held for sale | 12,670 | — | 119,956 | — | 132,626 | ||||||||||||||||
Other assets | 46,913 | 16,928 | — | (8,850 | ) | 54,991 | |||||||||||||||
Total assets | $ | 1,786,642 | $ | 1,590,479 | $ | 121,838 | $ | (1,614,963 | ) | $ | 1,883,996 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities | $ | 179,221 | $ | 1,631,887 | $ | — | $ | (1,560,853 | ) | $ | 250,255 | ||||||||||
Current liabilities associated with assets held for sale | 9,880 | — | 38,783 | — | 48,663 | ||||||||||||||||
Long-term liabilities | 973,003 | 3,512 | — | — | 976,515 | ||||||||||||||||
Long-term liabilities associated with assets held for sale | — | — | 23,547 | — | 23,547 | ||||||||||||||||
Shareholders’ equity | 624,538 | (44,920 | ) | 59,508 | (54,110 | ) | 585,016 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,786,642 | $ | 1,590,479 | $ | 121,838 | $ | (1,614,963 | ) | $ | 1,883,996 | ||||||||||
CARRIZO OIL & GAS, INC. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Oil and gas revenues | $ | 6,490 | $ | 513,692 | $ | — | $ | — | $ | 520,182 | |||||||||||
Costs and expenses | 82,282 | 284,076 | 3 | 762 | 367,123 | ||||||||||||||||
Loss on sale of oil and gas properties | — | 45,377 | — | — | 45,377 | ||||||||||||||||
Operating income (loss) | (75,792 | ) | 184,239 | (3 | ) | (762 | ) | 107,682 | |||||||||||||
Other income (expense), net | (52,592 | ) | (20,329 | ) | — | — | (72,921 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | (128,384 | ) | 163,910 | (3 | ) | (762 | ) | 34,761 | |||||||||||||
Income tax (expense) benefit | 44,934 | (57,369 | ) | — | (468 | ) | (12,903 | ) | |||||||||||||
Equity in income (loss) of subsidiaries | 106,538 | — | — | (106,538 | ) | — | |||||||||||||||
Net income (loss) from continuing operations | 23,088 | 106,541 | (3 | ) | (107,768 | ) | 21,858 | ||||||||||||||
Net income from discontinued operations, net of income taxes | 21,825 | — | — | — | 21,825 | ||||||||||||||||
Net income (loss) | $ | 44,913 | $ | 106,541 | $ | (3 | ) | $ | (107,768 | ) | $ | 43,683 | |||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Oil and gas revenues | $ | 20,195 | $ | 347,985 | $ | — | $ | — | $ | 368,180 | |||||||||||
Costs and expenses | 76,839 | 205,341 | — | (12,653 | ) | 269,527 | |||||||||||||||
Operating income (loss) | (56,644 | ) | 142,644 | — | 12,653 | 98,653 | |||||||||||||||
Other income (expense), net | 20,022 | (36,542 | ) | — | — | (16,520 | ) | ||||||||||||||
Income (loss) from continuing operations before income taxes | (36,622 | ) | 106,102 | — | 12,653 | 82,133 | |||||||||||||||
Income tax (expense) benefit | 12,658 | (37,136 | ) | — | (6,478 | ) | (30,956 | ) | |||||||||||||
Equity in income (loss) of subsidiaries | 73,150 | — | — | (73,150 | ) | — | |||||||||||||||
Net income (loss) from continuing operations | 49,186 | 68,966 | — | (66,975 | ) | 51,177 | |||||||||||||||
Net income from discontinued operations, net of income taxes | 126 | — | 4,184 | — | 4,310 | ||||||||||||||||
Net income (loss) | $ | 49,312 | $ | 68,966 | $ | 4,184 | $ | (66,975 | ) | $ | 55,487 | ||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Oil and gas revenues | $ | 31,875 | $ | 170,292 | $ | — | $ | — | $ | 202,167 | |||||||||||
Costs and expenses | 68,652 | 100,255 | — | (4,891 | ) | 164,016 | |||||||||||||||
Operating income (loss) | (36,777 | ) | 70,037 | — | 4,891 | 38,151 | |||||||||||||||
Other income (expense), net | 41,182 | (21,188 | ) | — | — | 19,994 | |||||||||||||||
Income (loss) from continuing operations before income taxes | 4,405 | 48,849 | — | 4,891 | 58,145 | ||||||||||||||||
Income tax (expense) benefit | (1,209 | ) | (22,612 | ) | — | (1,790 | ) | (25,611 | ) | ||||||||||||
Equity in income (loss) of subsidiaries | 29,319 | — | — | (29,319 | ) | — | |||||||||||||||
Net income (loss) from continuing operations | 32,515 | 26,237 | — | (26,218 | ) | 32,534 | |||||||||||||||
Net loss from discontinued operations, net of income taxes | 1,013 | — | 3,082 | — | 4,095 | ||||||||||||||||
Net income (loss) | $ | 33,528 | $ | 26,237 | $ | 3,082 | $ | (26,218 | ) | $ | 36,629 | ||||||||||
CARRIZO OIL & GAS, INC. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net cash provided by operating activities - continuing operations | $ | (55,888 | ) | $ | 423,366 | $ | (4 | ) | $ | — | $ | 367,474 | |||||||||
Net cash used in investing activities - continuing operations | (86,322 | ) | (513,710 | ) | (2,057 | ) | 92,204 | (509,885 | ) | ||||||||||||
Net cash provided by financing activities - continuing operations | 120,326 | 90,143 | 2,061 | (92,204 | ) | 120,326 | |||||||||||||||
Net cash provided by (used in) discontinued operations | 127,429 | — | (519 | ) | — | 126,910 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 105,545 | (201 | ) | (519 | ) | — | 104,825 | ||||||||||||||
Cash and cash equivalents, beginning of year | 51,894 | 201 | 519 | — | 52,614 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 157,439 | $ | — | $ | — | $ | — | $ | 157,439 | |||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net cash provided by operating activities - continuing operations | $ | 75,546 | $ | 177,525 | $ | — | $ | — | $ | 253,071 | |||||||||||
Net cash provided by (used in) investing activities - continuing operations | (280,564 | ) | (493,145 | ) | — | 308,558 | (465,151 | ) | |||||||||||||
Net cash provided by (used in) financing activities - continuing operations | 237,778 | 308,558 | — | (308,558 | ) | 237,778 | |||||||||||||||
Net cash used in discontinued operations | — | — | (1,196 | ) | — | (1,196 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 32,760 | (7,062 | ) | (1,196 | ) | — | 24,502 | ||||||||||||||
Cash and cash equivalents, beginning of year | 19,134 | 7,263 | 1,715 | — | 28,112 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 51,894 | $ | 201 | $ | 519 | $ | — | $ | 52,614 | |||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net cash provided by operating activities - continuing operations | $ | 56,563 | $ | 98,948 | $ | — | $ | — | $ | 155,511 | |||||||||||
Net cash provided by (used in) investing activities - continuing operations | (194,689 | ) | (356,168 | ) | — | 300,789 | (250,068 | ) | |||||||||||||
Net cash provided by (used in) financing activities - continuing operations | 155,842 | 261,773 | — | (300,789 | ) | 116,826 | |||||||||||||||
Net cash provided by discontinued operations | — | — | 1,715 | — | 1,715 | ||||||||||||||||
Net increase in cash and cash equivalents | 17,716 | 4,553 | 1,715 | — | 23,984 | ||||||||||||||||
Cash and cash equivalents, beginning of year | 1,418 | 2,710 | — | — | 4,128 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 19,134 | $ | 7,263 | $ | 1,715 | $ | — | $ | 28,112 | |||||||||||
Supplemental_Disclosures_About
Supplemental Disclosures About Oil And Gas Producing Activities | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | ' | ||||||||||||||||||
Supplemental Disclosures About Oil And Gas Producing Activities | ' | ||||||||||||||||||
14. Supplemental Disclosures about Oil and Gas Producing Activities (Unaudited) | |||||||||||||||||||
At December 31, 2013, the Company’s oil and gas properties are located in the U.S. At December 31, 2012 and 2011, the Company’s oil and gas properties were located in the U.S. and U.K. North Sea. All information presented as “U.K.” in this footnote relates to the U.K. North Sea discontinued operations. For additional information see “Note 3. Discontinued Operations.” | |||||||||||||||||||
Costs Incurred | |||||||||||||||||||
Costs incurred in oil and gas property acquisition, exploration and development activities are summarized below: | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(In thousands) | |||||||||||||||||||
U.S. | |||||||||||||||||||
Unproved property acquisition costs | $ | 254,099 | $ | 139,344 | $ | 108,212 | |||||||||||||
Exploration costs | 106,329 | 211,289 | 270,688 | ||||||||||||||||
Development costs | 423,871 | 374,391 | 126,816 | ||||||||||||||||
Total costs incurred | $ | 784,299 | $ | 725,024 | $ | 505,716 | |||||||||||||
U.K. | |||||||||||||||||||
Unproved property acquisition costs | $ | — | $ | 11,135 | $ | 1,004 | |||||||||||||
Exploration costs | — | — | — | ||||||||||||||||
Development costs | — | 36,261 | 41,424 | ||||||||||||||||
Total costs incurred | $ | — | $ | 47,396 | $ | 42,428 | |||||||||||||
Total Worldwide | |||||||||||||||||||
Unproved property acquisition costs | $ | 254,099 | $ | 150,479 | $ | 109,216 | |||||||||||||
Exploration costs | 106,329 | 211,289 | 270,688 | ||||||||||||||||
Development costs | 423,871 | 410,652 | 168,240 | ||||||||||||||||
Total costs incurred | $ | 784,299 | $ | 772,420 | $ | 548,144 | |||||||||||||
Costs incurred excludes capitalized interest on U.S. unproved properties of $29.9 million, $24.8 million, and $23.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||
Proved Oil and Gas Reserve Quantities | |||||||||||||||||||
Proved reserves are generally those quantities of oil and gas, which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible in future years from known reservoirs under existing economic conditions, operating methods and government regulations. Proved developed reserves include proved reserves that can be expected to be produced through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well. Proved undeveloped reserves are generally proved reserves that are expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion. | |||||||||||||||||||
Proved oil and gas reserve quantities at December 31, 2013, and the related discounted future net cash flows before income taxes are based on estimates prepared by Ryder Scott Company, L.P. Proved oil and gas reserve quantities at December 31, 2012 and 2011, and the related discounted future net cash flows before income taxes are based on estimates prepared by LaRoche Petroleum Consultants, Ltd., Ryder Scott Company, L.P., and Fairchild and Wells, Inc. Such estimates have been prepared in accordance with guidelines established by the SEC. | |||||||||||||||||||
The Company’s net proved oil and gas reserves and changes in net proved oil and gas reserves, which are located in the U.S. and U.K., are summarized below: | |||||||||||||||||||
Crude Oil and Condensate (MBbls) | Natural Gas Liquids (MBbls) | ||||||||||||||||||
U.S. | U.K. | Worldwide | U.S. | U.K. | Worldwide | ||||||||||||||
Proved reserves: | |||||||||||||||||||
January 1, 2011 | 10,631 | 5,263 | 15,894 | 12,579 | — | 12,579 | |||||||||||||
Extensions and discoveries | 16,978 | — | 16,978 | 426 | — | 426 | |||||||||||||
Revisions of previous estimates | 103 | 174 | 277 | (174 | ) | — | (174 | ) | |||||||||||
Sales of reserves in place | (1,809 | ) | — | (1,809 | ) | (8,501 | ) | — | (8,501 | ) | |||||||||
Production | (802 | ) | — | (802 | ) | (209 | ) | — | (209 | ) | |||||||||
31-Dec-11 | 25,101 | 5,437 | 30,538 | 4,121 | — | 4,121 | |||||||||||||
Extensions and discoveries | 15,403 | — | 15,403 | 1,750 | — | 1,750 | |||||||||||||
Revisions of previous estimates | 1,760 | (196 | ) | 1,564 | 740 | — | 740 | ||||||||||||
Sales of reserves in place | (327 | ) | — | (327 | ) | (923 | ) | — | (923 | ) | |||||||||
Production | (2,862 | ) | — | (2,862 | ) | (305 | ) | — | (305 | ) | |||||||||
31-Dec-12 | 39,075 | 5,241 | 44,316 | 5,383 | — | 5,383 | |||||||||||||
Extensions and discoveries | 27,295 | — | 27,295 | 2,992 | — | 2,992 | |||||||||||||
Revisions of previous estimates | 778 | — | 778 | 308 | — | 308 | |||||||||||||
Sales of reserves in place | (876 | ) | (5,241 | ) | (6,117 | ) | — | — | — | ||||||||||
Production | (4,231 | ) | — | (4,231 | ) | (531 | ) | — | (531 | ) | |||||||||
31-Dec-13 | 62,041 | — | 62,041 | 8,152 | — | 8,152 | |||||||||||||
Proved developed reserves: | |||||||||||||||||||
31-Dec-11 | 6,803 | 2,719 | 9,522 | 1,186 | — | 1,186 | |||||||||||||
31-Dec-12 | 12,675 | 5,241 | 17,916 | 1,620 | — | 1,620 | |||||||||||||
31-Dec-13 | 18,321 | — | 18,321 | 2,779 | — | 2,779 | |||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||
31-Dec-11 | 18,298 | 2,718 | 21,016 | 2,935 | — | 2,935 | |||||||||||||
31-Dec-12 | 26,400 | — | 26,400 | 3,763 | — | 3,763 | |||||||||||||
31-Dec-13 | 43,720 | — | 43,720 | 5,373 | — | 5,373 | |||||||||||||
Crude oil, condensate and natural gas liquids extensions and discoveries are primarily attributable to the following: | |||||||||||||||||||
2013 | Additions of U.S. proved developed and undeveloped reserves as a result of drilling and offset locations in the Eagle Ford Shale and the Niobrara Formation. | ||||||||||||||||||
2012 | Additions of U.S. proved developed and undeveloped reserves as a result of drilling and offset locations in the Eagle Ford Shale and the Niobrara Formation. | ||||||||||||||||||
2011 | Additions of U.S. proved developed and undeveloped reserves as a result of drilling and offset locations in the Eagle Ford Shale and the Niobrara Formation; Transfer of U.K. proved undeveloped reserves to proved developed reserves as a result of drilling. | ||||||||||||||||||
Crude oil, condensate and natural gas liquids sales of reserves in place are primarily attributable to the following: | |||||||||||||||||||
2013 | Sales of U.K. North Sea properties to Iona Energy during the first quarter and sales of U.S. properties in East Texas in the third quarter. | ||||||||||||||||||
2011 | Sales of U.S. properties to KKR during the second quarter and GAIL during the third quarter. | ||||||||||||||||||
Natural Gas (MMcf) | Oil-Equivalent Proved Reserves (MBoe) | ||||||||||||||||||
U.S. | U.K. | Worldwide | U.S. | U.K. | Worldwide | ||||||||||||||
Proved reserves: | |||||||||||||||||||
January 1, 2011 | 665,167 | 4,684 | 669,851 | 134,071 | 6,044 | 140,115 | |||||||||||||
Extensions and discoveries | 221,544 | — | 221,544 | 54,328 | — | 54,328 | |||||||||||||
Revisions of previous estimates | (41,990 | ) | 154 | (41,836 | ) | (7,069 | ) | 199 | (6,870 | ) | |||||||||
Sales of reserves in place | (82,884 | ) | — | (82,884 | ) | (24,124 | ) | — | (24,124 | ) | |||||||||
Production | (38,990 | ) | — | (38,990 | ) | (7,509 | ) | — | (7,509 | ) | |||||||||
31-Dec-11 | 722,847 | 4,838 | 727,685 | 149,697 | 6,243 | 155,940 | |||||||||||||
Extensions and discoveries | 72,916 | — | 72,916 | 29,305 | — | 29,305 | |||||||||||||
Revisions of previous estimates | (20,996 | ) | (174 | ) | (21,170 | ) | (999 | ) | (225 | ) | (1,224 | ) | |||||||
Sales of reserves in place | (313,483 | ) | — | (313,483 | ) | (53,497 | ) | — | (53,497 | ) | |||||||||
Production | (37,612 | ) | — | (37,612 | ) | (9,436 | ) | — | (9,436 | ) | |||||||||
31-Dec-12 | 423,672 | 4,664 | 428,336 | 115,070 | 6,018 | 121,088 | |||||||||||||
Extensions and discoveries | 73,360 | — | 73,360 | 42,514 | — | 42,514 | |||||||||||||
Revisions of previous estimates | 29,819 | — | 29,819 | 6,055 | — | 6,055 | |||||||||||||
Sales of reserves in place | (307,472 | ) | (4,664 | ) | (312,136 | ) | (52,121 | ) | (6,018 | ) | (58,139 | ) | |||||||
Production | (31,422 | ) | — | (31,422 | ) | (9,999 | ) | — | (9,999 | ) | |||||||||
31-Dec-13 | 187,957 | — | 187,957 | 101,519 | — | 101,519 | |||||||||||||
Proved developed reserves: | |||||||||||||||||||
31-Dec-11 | 389,795 | 2,419 | 392,214 | 72,955 | 3,122 | 76,077 | |||||||||||||
31-Dec-12 | 229,539 | 4,664 | 234,203 | 52,552 | 6,018 | 58,570 | |||||||||||||
31-Dec-13 | 106,976 | — | 106,976 | 38,929 | — | 38,929 | |||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||
31-Dec-11 | 333,052 | 2,419 | 335,471 | 76,742 | 3,121 | 79,863 | |||||||||||||
31-Dec-12 | 194,134 | — | 194,134 | 62,519 | — | 62,519 | |||||||||||||
31-Dec-13 | 80,981 | — | 80,981 | 62,590 | — | 62,590 | |||||||||||||
Natural gas extensions and discoveries are primarily attributable to the following: | |||||||||||||||||||
2013 | Additions of U.S. proved developed and undeveloped reserves as a result of drilling and offset locations in the Marcellus and Eagle Ford. | ||||||||||||||||||
2012 | Additions of U.S. proved developed and undeveloped reserves as a result of drilling and offset locations in the Barnett, Marcellus, and Eagle Ford. | ||||||||||||||||||
2011 | Additions of U.S. proved developed and undeveloped reserves as a result of drilling and offset locations in the Barnett, Marcellus, and Eagle Ford. Transfer of U.K. proved undeveloped reserves to proved developed reserves as a result of drilling. | ||||||||||||||||||
Natural gas revisions of previous estimates are primarily attributable to the following: | |||||||||||||||||||
2013 | Positive price revisions in the U.S. primarily in the Barnett and Marcellus. | ||||||||||||||||||
2012 | Negative price revisions in the U.S. primarily in the Barnett. | ||||||||||||||||||
2011 | Negative price revisions in the U.S. primarily in the Barnett. | ||||||||||||||||||
Natural gas sales of reserves in place are primarily attributable to the following: | |||||||||||||||||||
2013 | Sale of U.S. properties in the Barnett Shale to EnerVest during the fourth quarter and U.K. properties to Iona during the first quarter. | ||||||||||||||||||
2012 | Sales of properties to Atlas during the second quarter and sale of Gulf Coast properties during the third quarter. | ||||||||||||||||||
2011 | Sales of properties to KKR during the second quarter and GAIL during the third quarter. | ||||||||||||||||||
Standardized Measure | |||||||||||||||||||
The standardized measure of discounted future net cash flows relating to proved oil and gas reserves is as follows: | |||||||||||||||||||
U.S. | U.K. | Worldwide | |||||||||||||||||
(In thousands) | |||||||||||||||||||
2011 | |||||||||||||||||||
Future cash inflows | $ | 4,834,725 | $ | 617,667 | $ | 5,452,392 | |||||||||||||
Future production costs | (1,212,722 | ) | (95,229 | ) | (1,307,951 | ) | |||||||||||||
Future development costs | (1,163,377 | ) | (43,954 | ) | (1,207,331 | ) | |||||||||||||
Future income taxes | (477,824 | ) | (246,273 | ) | (724,097 | ) | |||||||||||||
Future net cash flows | 1,980,802 | 232,211 | 2,213,013 | ||||||||||||||||
Less 10% annual discount to reflect timing of cash flows | (1,124,339 | ) | (47,638 | ) | (1,171,977 | ) | |||||||||||||
Standard measure of discounted future net cash flows | $ | 856,463 | $ | 184,573 | $ | 1,041,036 | |||||||||||||
2012 | |||||||||||||||||||
Future cash inflows | $ | 4,960,687 | $ | 623,678 | $ | 5,584,365 | |||||||||||||
Future production costs | (1,009,850 | ) | (87,727 | ) | (1,097,577 | ) | |||||||||||||
Future development costs | (982,101 | ) | (11,194 | ) | (993,295 | ) | |||||||||||||
Future income taxes | (511,790 | ) | (252,493 | ) | (764,283 | ) | |||||||||||||
Future net cash flows | 2,456,946 | 272,264 | 2,729,210 | ||||||||||||||||
Less 10% annual discount to reflect timing of cash flows | (1,277,463 | ) | (33,352 | ) | (1,310,815 | ) | |||||||||||||
Standard measure of discounted future net cash flows | $ | 1,179,483 | $ | 238,912 | $ | 1,418,395 | |||||||||||||
2013 | |||||||||||||||||||
Future cash inflows | $ | 6,936,276 | $ | — | $ | 6,936,276 | |||||||||||||
Future production costs | (1,629,663 | ) | — | (1,629,663 | ) | ||||||||||||||
Future development costs | (1,340,722 | ) | — | (1,340,722 | ) | ||||||||||||||
Future income taxes | (835,840 | ) | — | (835,840 | ) | ||||||||||||||
Future net cash flows | 3,130,051 | — | 3,130,051 | ||||||||||||||||
Less 10% annual discount to reflect timing of cash flows | (1,508,640 | ) | — | (1,508,640 | ) | ||||||||||||||
Standard measure of discounted future net cash flows | $ | 1,621,411 | $ | — | $ | 1,621,411 | |||||||||||||
Reserve estimates and future cash flows are based on the average realized prices for sales of oil and gas on the first calendar day of each month during the year. The average prices used for 2013, 2012 and 2011 were $99.44, $102.03, and $95.28 per barrel, respectively, for crude oil and condensate, $25.60, $32.12 and $44.90 per barrel, respectively, for natural gas liquids, and $2.97, $2.08 and $3.24 per Mcf, respectively, for natural gas. | |||||||||||||||||||
Future operating expenses and development costs are computed primarily by the Company’s petroleum engineers by estimating the expenditures to be incurred in developing and producing the Company’s proved oil and gas reserves at the end of the year, based on current costs and assuming continuation of existing economic conditions. Future income taxes are based on year-end statutory rates, adjusted for the tax basis of oil and gas properties and available applicable tax assets. A discount factor of 10% was used to reflect the timing of future net cash flows. The standardized measure of discounted future net cash flows is not intended to represent the replacement cost or fair value of the Company’s oil and gas properties. An estimate of fair value would also take into account, among other things, the recovery of reserves not presently classified as proved, anticipated future changes in prices and costs, and a discount factor more representative of the time value of money and the risks inherent in oil and gas reserve estimates. | |||||||||||||||||||
Changes in Standardized Measure | |||||||||||||||||||
Changes in the standardized measure of discounted future net cash flows relating to proved oil and gas reserves are summarized below: | |||||||||||||||||||
U.S. | U.K. | Worldwide | |||||||||||||||||
(In thousands) | |||||||||||||||||||
Standardized measure — January 1, 2011 | $ | 654,684 | $ | 94,102 | $ | 748,786 | |||||||||||||
Revisions to reserves proved in prior years: | |||||||||||||||||||
Net change in sales prices and production costs related to future production | 134,952 | 128,525 | 263,477 | ||||||||||||||||
Net change in estimated future development costs | (509 | ) | (4,144 | ) | (4,653 | ) | |||||||||||||
Net change due to revisions in quantity estimates | (64,860 | ) | 13,078 | (51,782 | ) | ||||||||||||||
Accretion of discount | 81,225 | 19,399 | 100,624 | ||||||||||||||||
Changes in production rates (timing) and other | (78,199 | ) | (16,094 | ) | (94,293 | ) | |||||||||||||
Total revisions | 72,609 | 140,764 | 213,373 | ||||||||||||||||
Net change due to extensions and discoveries, net of estimated future development and production costs | 508,558 | — | 508,558 | ||||||||||||||||
Net change due to sales of minerals in place | (150,437 | ) | — | (150,437 | ) | ||||||||||||||
Sales of oil and gas produced, net of production costs | (173,853 | ) | — | (173,853 | ) | ||||||||||||||
Previously estimated development costs incurred | 5,381 | 39,779 | 45,160 | ||||||||||||||||
Net change in income taxes | (60,479 | ) | (90,072 | ) | (150,551 | ) | |||||||||||||
Net change in standardized measure of discounted future net cash flows | 201,779 | 90,471 | 292,250 | ||||||||||||||||
Standardized measure — December 31, 2011 | $ | 856,463 | $ | 184,573 | $ | 1,041,036 | |||||||||||||
Revisions to reserves proved in prior years: | |||||||||||||||||||
Net change in sales prices and production costs related to future production | (55,249 | ) | 49,719 | (5,530 | ) | ||||||||||||||
Net change in estimated future development costs | 91,404 | — | 91,404 | ||||||||||||||||
Net change due to revisions in quantity estimates | (77,919 | ) | (46,803 | ) | (124,722 | ) | |||||||||||||
Accretion of discount | 107,451 | 37,453 | 144,904 | ||||||||||||||||
Changes in production rates (timing) and other | (3,369 | ) | (6,061 | ) | (9,430 | ) | |||||||||||||
Total revisions | 62,318 | 34,308 | 96,626 | ||||||||||||||||
Net change due to extensions and discoveries, net of estimated future development and production costs | 599,544 | — | 599,544 | ||||||||||||||||
Net change due to sales of minerals in place | (212,910 | ) | — | (212,910 | ) | ||||||||||||||
Sales of oil and gas produced, net of production costs | (313,354 | ) | — | (313,354 | ) | ||||||||||||||
Previously estimated development costs incurred | 202,187 | 32,760 | 234,947 | ||||||||||||||||
Net change in income taxes | (14,765 | ) | (12,729 | ) | (27,494 | ) | |||||||||||||
Net change in standardized measure of discounted future net cash flows | 323,020 | 54,339 | 377,359 | ||||||||||||||||
Standardized measure — December 31, 2012 | $ | 1,179,483 | $ | 238,912 | $ | 1,418,395 | |||||||||||||
Revisions to reserves proved in prior years: | |||||||||||||||||||
Net change in sales prices and production costs related to future production | (232,361 | ) | — | (232,361 | ) | ||||||||||||||
Net change in estimated future development costs | (10,602 | ) | — | (10,602 | ) | ||||||||||||||
Net change due to revisions in quantity estimates | 205,686 | — | 205,686 | ||||||||||||||||
Accretion of discount | 141,229 | 44,160 | 185,389 | ||||||||||||||||
Changes in production rates (timing) and other | 56,052 | (44,160 | ) | 11,892 | |||||||||||||||
Total revisions | 160,004 | — | 160,004 | ||||||||||||||||
Net change due to extensions and discoveries, net of estimated future development and production costs | 873,028 | — | 873,028 | ||||||||||||||||
Net change due to sales of minerals in place | (191,155 | ) | (441,597 | ) | (632,752 | ) | |||||||||||||
Sales of oil and gas produced, net of production costs | (444,841 | ) | — | (444,841 | ) | ||||||||||||||
Previously estimated development costs incurred | 217,395 | — | 217,395 | ||||||||||||||||
Net change in income taxes | (172,503 | ) | 202,685 | 30,182 | |||||||||||||||
Net change in standardized measure of discounted future net cash flows | 441,928 | (238,912 | ) | 203,016 | |||||||||||||||
Standardized measure — December 31, 2013 | $ | 1,621,411 | $ | — | $ | 1,621,411 | |||||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Selected Quarterly Financial Data | ' | ||||||||||||||||
15. Selected Quarterly Financial Data (Unaudited) | |||||||||||||||||
The following table presents selected quarterly financial data for the years ended December 31, 2013 and 2012: | |||||||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Oil and gas revenues | $ | 111,901 | $ | 134,224 | $ | 144,329 | $ | 129,728 | |||||||||
Operating income (loss) | 33,463 | 46,618 | 48,603 | (21,002 | ) | -2 | |||||||||||
Net income (loss) from continuing operations | 2,524 | 35,837 | 5,712 | (22,215 | ) | ||||||||||||
Net income (loss) | $ | 26,182 | -1 | $ | 36,969 | $ | 4,521 | $ | (23,989 | ) | -2 | ||||||
Net income (loss) per share - basic | |||||||||||||||||
Net income (loss) from continuing operations | $ | 0.06 | $ | 0.89 | $ | 0.14 | $ | (0.52 | ) | -2 | |||||||
Net income (loss) per share | 0.66 | -1 | 0.92 | 0.11 | (0.56 | ) | -2 | ||||||||||
Net income (loss) per share - diluted | |||||||||||||||||
Net income (loss) from continuing operations | $ | 0.06 | $ | 0.88 | $ | 0.14 | $ | (0.52 | ) | -2 | |||||||
Net income (loss) per share | 0.65 | -1 | 0.91 | 0.11 | (0.56 | ) | -2 | ||||||||||
2012 | First | Second | Third | Fourth | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Oil and gas revenues | $ | 80,715 | $ | 83,818 | $ | 96,197 | $ | 107,450 | |||||||||
Operating income | 22,380 | 14,806 | 24,318 | 37,151 | |||||||||||||
Net income (loss) from continuing operations | 10,676 | 25,683 | (1,945 | ) | 16,763 | ||||||||||||
Net income (loss) | $ | 9,423 | $ | 28,504 | $ | (930 | ) | $ | 18,490 | ||||||||
Net income (loss) per share - basic | |||||||||||||||||
Net income (loss) from continuing operations | $ | 0.27 | $ | 0.65 | $ | (0.05 | ) | $ | 0.42 | ||||||||
Net income (loss) per share | 0.24 | 0.72 | (0.02 | ) | 0.47 | ||||||||||||
Net income (loss) per share - diluted | |||||||||||||||||
Net income (loss) from continuing operations | $ | 0.27 | $ | 0.64 | $ | (0.05 | ) | $ | 0.42 | ||||||||
Net income (loss) per share | 0.24 | 0.71 | (0.02 | ) | 0.46 | ||||||||||||
-1 | First quarter 2013 results include the impact of pre-tax gain of $37.3 million related to the sale of the Company’s U.K. North Sea assets which were reported as discontinued operations. | ||||||||||||||||
-2 | Fourth quarter 2013 results include the impact of a pre-tax loss of $45.4 million related to the sale of the Company’s remaining oil and gas properties in the Barnett. | ||||||||||||||||
The sum of the quarterly net income (loss) per common share may not agree with the total year net income (loss) per common share as each quarterly computation is based on the net income (loss) for each period and the weighted average common shares outstanding during each period. Previously reported amounts have been reclassified to conform to the presentation of the U.K. North Sea assets as discontinued operations. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Basis Of Presentation And Principles Of Consolidation | ' | ||||||||||||
Basis of Presentation and Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of the Company after elimination of all significant intercompany transactions and balances and are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company proportionately consolidates its undivided interests in oil and gas properties as well as investments in unincorporated entities, such as partnerships and limited liability companies where the Company, as a partner or member, has undivided interests in the oil and gas properties. | |||||||||||||
Reclassifications | ' | ||||||||||||
Reclassifications | |||||||||||||
Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications had no effect on total assets, total liabilities, total shareholders’ equity, net income or net cash provided by or used in operating, investing or financing activities. | |||||||||||||
Discontinued Operations | ' | ||||||||||||
Discontinued Operations | |||||||||||||
On December 27, 2012, the Company agreed to sell Carrizo UK Huntington Ltd, a wholly owned subsidiary of the Company (“Carrizo UK”), and all of its interest in the Huntington Field discovery, where Carrizo UK owned a 15% non-operated working interest and certain overriding royalty interests. The sale closed on February 22, 2013. Accordingly, the Company classified the U.K. North Sea assets and associated liabilities as current and long-term assets held for sale and current and long-term liabilities associated with assets held for sale in the consolidated balance sheets as of December 31, 2012. As of December 31, 2013, the Company classified the remaining liabilities associated with the U.K. North Sea as current and long-term liabilities of discontinued operations in the consolidated balance sheets. The related results of operations and cash flows have been classified as discontinued operations in the consolidated statements of income, statements of cash flows and condensed consolidating financial information. Unless otherwise indicated, the information in these notes relates to the Company’s continuing operations. Information related to discontinued operations is included in “Note 3. Discontinued Operations”, “Note 13. Condensed Consolidating Financial Information” and “Note 14. Supplemental Disclosures about Oil and Gas Producing Activities (Unaudited).” | |||||||||||||
Use Of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Certain of such estimates are inherently unpredictable and will differ from actual results. The Company evaluates subsequent events through the date the financial statements are issued. | |||||||||||||
Significant estimates include volumes of proved oil and gas reserves, which are used in calculating the amortization of proved oil and gas property costs, the present value of future net revenues included in the full cost ceiling test, estimates of future taxable income used in assessing the realizability of deferred tax assets, and the estimated costs and timing of cash outflows underlying asset retirement obligations. Oil and gas reserve estimates, and therefore calculations based on such reserve estimates, are subject to numerous inherent uncertainties, the accuracy of which, is a function of the quality and quantity of available data, the application of engineering and geological interpretation and judgment to available data and the interpretation of mineral leaseholds and other contractual arrangements, including adequacy of title, drilling requirements and royalty obligations. These estimates also depend on assumptions regarding quantities and production rates of recoverable oil and gas reserves, oil and gas prices, timing and amounts of development costs and operating expenses, all of which will vary from those assumed in the Company’s estimates. Other significant estimates are involved in determining impairments of unevaluated leasehold costs, fair values of derivative instruments, stock-based compensation expense attributable to stock appreciation rights, collectability of receivables, and in evaluating disputed claims, interpreting contractual arrangements (including royalty obligations and notional interest calculations) and contingencies. Estimates are based on current assumptions that may be materially affected by the results of subsequent drilling and completion, testing and production as well as subsequent changes in oil and gas prices, counterparty creditworthiness, interest rates and the market value and volatility of the Company’s common stock. | |||||||||||||
Cash And Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents include highly liquid investments with original maturities of three months or less. | |||||||||||||
Accounts Receivable And Allowance For Doubtful Accounts | ' | ||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||
The Company establishes an allowance for doubtful accounts when it determines that it will not collect all or a part of an accounts receivable balance. The Company assesses the collectability of its accounts receivable on a quarterly basis and adjusts the allowance as necessary using the specific identification method. At December 31, 2013 and 2012, the Company’s allowance for doubtful accounts was $0.6 million and $1.4 million, respectively. | |||||||||||||
Concentration Of Credit Risk | ' | ||||||||||||
Concentration of Credit Risk | |||||||||||||
Substantially all of the Company’s accounts receivable result from oil and gas sales, joint interest billings to third-party working interest owners in the oil and gas industry or development advances to third-party operators for drilling and completion costs of wells in progress. This concentration of customers and joint interest owners may impact the Company’s overall credit risk in that these entities may be similarly affected by changes in economic and other industry conditions. The Company does not require collateral from its customers. The Company generally has the right to offset revenue against related billings to joint interest owners. | |||||||||||||
Derivative instruments subject the Company to a concentration of credit risk. See “Note 11. Derivative Instruments” for further discussion of concentration of credit risk related to the Company’s derivative instruments. | |||||||||||||
Major Customers | ' | ||||||||||||
Major Customers | |||||||||||||
In 2013, two customers accounted for approximately 47% and 23% of the Company’s oil and gas revenues. In 2012, two customers accounted for approximately 53% and 10% of the Company’s oil and gas revenues. In 2011, one customer accounted for approximately 43% of the Company’s oil and gas revenues. | |||||||||||||
Oil And Gas Properties | ' | ||||||||||||
Oil and Gas Properties | |||||||||||||
Oil and gas properties are accounted for using the full cost method of accounting under which all productive and nonproductive costs directly associated with property acquisition, exploration and development activities are capitalized to cost centers established on a country-by-country basis. Internal costs, consisting of compensation and benefits, including stock-based compensation, associated with employees directly associated with acquisition, exploration and development activities are capitalized and totaled $15.0 million, $11.8 million and $9.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. Internal costs related to production, general corporate overhead and similar activities are expensed as incurred. | |||||||||||||
Capitalized oil and gas property costs within a cost center are amortized on an equivalent unit-of-production method, converting natural gas to barrels of oil equivalent at the ratio of six thousand cubic feet of gas to one barrel of oil, which represents their approximate relative energy content. The equivalent unit-of-production rate is computed on a quarterly basis by dividing production by proved oil and gas reserves at the beginning of the quarter then applying such amount to capitalized oil and gas property costs, which includes estimated asset retirement costs, less accumulated amortization, plus the estimated future expenditures (based on current costs) to be incurred in developing proved reserves, net of estimated salvage values. Average depreciation, depletion and amortization (“DD&A”) per Boe was $21.38, $17.55 and $11.26 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Unproved properties, not being amortized, include unevaluated leasehold and seismic costs associated with specific unevaluated properties, the cost of exploratory wells in progress, and related capitalized interest. Significant costs of unevaluated properties and exploratory wells in progress are assessed individually on a quarterly basis to determine whether or not and to what extent proved reserves have been assigned to the properties or if an impairment has occurred, in which case the related costs along with associated capitalized interest are added to the oil and gas property costs subject to amortization. Factors the Company considers in its impairment assessment include drilling results by the Company and other operators, the terms of oil and gas leases not held by production and drilling and completion capital expenditure plans. The Company expects to complete its evaluation of the majority of its unproved properties within the next five years and exploratory wells in progress within the next year. The costs of individually insignificant unevaluated leaseholds are grouped by major area and added to the oil and gas property costs subject to amortization based on the average primary lease term of the properties. The Company capitalized interest costs associated with its unevaluated leasehold and seismic costs and exploratory wells in progress of $29.9 million, $24.8 million and $23.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. The amount of interest costs capitalized is determined on a quarterly basis based on the average balance of unevaluated leasehold and seismic costs and the average balance of exploratory wells in progress using a weighted-average interest rate based on outstanding borrowings. | |||||||||||||
Proceeds from the sale of proved oil and gas properties or unevaluated leasehold costs are recognized as a reduction of capitalized oil and gas property costs with no gain or loss recognized, unless the sale significantly alters the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center. On February 22, 2013, the Company closed the sale of Carrizo UK, which included all of the Company’s proved reserves in its U.K. cost center. As a result, in the first quarter of 2013, the Company recognized a $37.3 million pre-tax gain in “Net income from discontinued operations, net of income taxes” in the consolidated statements of income. Further, on October 31, 2013, the Company closed the sale of its remaining oil and gas properties in the Barnett. The proved reserves attributable to the Barnett sale represented 40% of the Company’s proved reserves as of October 31, 2013, which significantly altered the relationship between capitalized costs and proved reserves of oil and gas attributable to the Company’s U.S. cost center. As a result, the Company recognized a pre-tax loss on the sale of $45.4 million in “Loss on sale of oil and gas properties” in the consolidated statements of income in the fourth quarter of 2013. Other than the sales noted above, the Company has not had any sales that significantly altered the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center through December 31, 2013. | |||||||||||||
Capitalized costs, less accumulated amortization and related deferred income taxes, are limited to the “cost center ceiling” equal to (i) the sum of (A) the present value of estimated future net revenues from proved oil and gas reserves, less estimated future expenditures to be incurred in developing and producing the proved reserves computed using a discount factor of 10%, (B) the costs of unproved properties not being amortized, and (C) the lower of cost or estimated fair value of unproved properties included in the costs being amortized; less (ii) related income tax effects. If the net capitalized costs exceed the cost center ceiling, the excess is recognized as an impairment of oil and gas properties. An impairment recognized in one period may not be reversed in a subsequent period even if higher oil and gas prices increase the cost center ceiling applicable to the subsequent period. | |||||||||||||
The estimated future net revenues used in the ceiling test are calculated using the average realized prices for sales of oil and gas on the first calendar day of each month during the preceding 12-month period prior to the end of the current reporting period. Prices are held constant indefinitely and are not changed except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts. Prices used in the ceiling test computation do not include the impact of derivative instruments because the Company elected not to meet the criteria to qualify its derivative instruments for hedge accounting treatment. | |||||||||||||
Depreciation of other property and equipment is recognized using the straight-line method based on estimated useful lives ranging from five to ten years. | |||||||||||||
Deferred Financing Costs | ' | ||||||||||||
Deferred Financing Costs | |||||||||||||
Deferred financing costs, net were $22.9 million and $23.9 million as of December 31, 2013 and 2012, respectively and include legal fees, accounting fees, underwriting fees, printing costs, and other direct costs associated with the issuance of debt securities and costs associated with the revolving credit facility. The capitalized costs are amortized to interest expense using the effective interest method over the terms of the debt securities or credit facility. | |||||||||||||
Financial Instruments | ' | ||||||||||||
Financial Instruments | |||||||||||||
The Company’s financial instruments consist of cash and cash equivalents, receivables, payables, derivative instruments and long-term debt. The carrying amounts of cash and cash equivalents, receivables and payables approximate fair value due to the highly liquid or short-term nature of these instruments. The fair values of the Company’s derivative instruments are based on a third-party industry-standard pricing model that uses market data obtained from third-party sources, including (a) quoted forward prices for oil and gas, (b) discount rates and (c) volatility factors. The carrying amounts of long-term debt under the Company’s revolving credit facility approximate fair value as the borrowings bear interest at variable rates of interest. The carrying amounts of the Company’s senior notes and convertible senior notes may not approximate fair value because the notes bear interest at fixed rates of interest. See “Note 6. Long-Term Debt” and “Note 12. Fair Value Measurements.” | |||||||||||||
Asset Retirement Obligations | ' | ||||||||||||
Asset Retirement Obligations | |||||||||||||
The Company’s asset retirement obligations represent the present value of the estimated future costs associated with the plugging and abandonment of oil and gas wells, removal of production equipment and facilities and restoring the surface of the land in accordance with the terms of the oil and gas lease and applicable local, state and federal laws. Determining asset retirement obligations requires estimates of the costs of plugging and abandoning oil and gas wells, removing production equipment and facilities and restoring the surface of the land as well as estimates of the economic lives of the oil and gas wells and future inflation rates. The resulting estimate of future cash outflows are discounted using a credit-adjusted risk-free interest rate that corresponds with the timing of the cash outflows. Cost estimates consider historical experience, third party estimates, the requirements of the oil and gas leases and applicable local, state and federal laws, but do not consider estimated salvage values. The asset retirement obligation is recognized when the well is drilled or when the production equipment and facilities are installed with an associated increase in oil and gas property costs. Asset retirement obligations are accreted to their expected settlement values with any difference between the actual cost of settling the asset retirement obligations and recorded amount being recognized as an adjustment to proved oil and gas property costs. On an interim basis, when indicators suggest there have been material changes in the estimates underlying the obligation, the Company reassesses its asset retirement obligations to determine whether any revisions to the obligations are necessary. At least annually, the Company reassesses all of its asset retirement obligations to determine whether any revisions to the obligation are necessary. Revisions typically occur due to changes in estimated costs or well economic lives, or if federal or state regulators enact new requirements regarding the abandonment of oil and gas wells. | |||||||||||||
Commitments And Contingencies | ' | ||||||||||||
Commitments and Contingencies | |||||||||||||
Liabilities are recognized for contingencies when (i) it is both probable that an asset has been impaired or that a liability has been incurred and (ii) the amount of such loss is reasonably estimable. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Oil and gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, title has transferred and collectability is reasonably assured. The Company follows the sales method of accounting whereby revenues from the production of oil and gas properties in which the Company has an interest with other producers are recognized for production sold to purchasers, regardless of whether the sales are proportionate to the Company’s ownership interest in the property. Production imbalances are recognized as an asset or liability to the extent that the Company has an imbalance on a specific property that is in excess of its remaining proved reserves. Sales volumes are not significantly different from the Company’s share of production and as of December 31, 2013 and 2012, the Company did not have any material production imbalances. | |||||||||||||
Derivative Instruments | ' | ||||||||||||
Derivative Instruments | |||||||||||||
The Company uses commodity derivative instruments, primarily fixed price swaps and costless collars, to manage its exposure to commodity price risk. All derivative instruments, are recorded on the consolidated balance sheets as either an asset or liability measured at fair value. The Company nets its derivative instrument fair value amounts executed with the same counterparty pursuant to ISDA master agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. Although the derivative instruments provide an economic hedge of the Company’s exposure to commodity price volatility, because the Company elected not to meet the criteria to qualify its derivative instruments for hedge accounting treatment, gains and losses as a result of changes in the fair value of derivative instruments are recognized as gain (loss) on derivative instruments, net in the consolidated statements of income in the period in which the changes occur. The net cash flows resulting from the payments to and receipts from counterparties as a result of derivative settlements are classified in operating activities along with the cash flows of the underlying hedged transactions. The Company does not enter into derivative instruments for speculative or trading purposes. | |||||||||||||
The Company’s Board of Directors establishes risk management policies and reviews derivative instruments, including volumes, types of instruments and counterparties, on a quarterly basis. These policies require that derivative instruments be executed only by the President or Chief Financial Officer after consultation with and concurrence by the President, Chief Financial Officer and Chairman of the Board. The master contracts with approved counterparties identify the President and Chief Financial Officer as the only Company representatives authorized to execute trades. See “Note 11. Derivative Instruments” for further discussion of the Company’s derivative instruments. | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The Company has granted stock options, stock appreciation rights (“SARs”) that may be settled in cash or common stock at the option of the Company, SARs that may only be settled in cash, restricted stock awards and units to directors, employees and independent contractors. The Company recognized the following stock-based compensation expense, net of amounts capitalized for the periods indicated which is reflected as general and administrative expense in the consolidated statements of income: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Stock appreciation rights | $ | 17,303 | $ | (2,116 | ) | $ | 1,546 | ||||||
Restricted stock awards and units | 18,997 | 17,049 | 13,965 | ||||||||||
36,300 | 14,933 | 15,511 | |||||||||||
Less: amounts capitalized | (6,927 | ) | (3,244 | ) | (3,647 | ) | |||||||
Stock-based compensation expense, net of amounts capitalized | $ | 29,373 | $ | 11,689 | $ | 11,864 | |||||||
Income Tax Benefit | $ | 10,281 | $ | 4,449 | $ | 4,342 | |||||||
Stock Options and SARs. For stock options and for SARs that the Company may elect to settle in cash or common stock, stock-based compensation expense is based on the grant-date fair value and recognized over the vesting period (generally three years). For SARs that the Company has elected to settle in cash or SARs that may only be settled in cash, stock-based compensation expense is based on the fair value remeasured at each reporting period, recognized over the vesting period (generally three years) and classified as other accrued liabilities for the portion of the awards that are vested or are expected to vest within the next 12 months, with the remainder classified as long-term other liabilities. Subsequent to vesting, the liability for SARs that the Company expects to settle in cash is remeasured in earnings at each reporting period based on the fair value until the awards are settled. The Company recognizes stock-based compensation expense over the vesting period for stock options and SARs using the straight-line method, except for awards with performance conditions, in which case the Company uses the graded vesting method. Stock options typically expire ten years after the date of grant. SARs typically expire between four and seven years after the date of grant. | |||||||||||||
The Company uses the Black-Scholes-Merton option pricing model to compute the fair value of stock options and SARs, which requires the Company to make the following assumptions: | |||||||||||||
• | The risk-free interest rate is based on the zero-coupon United States Treasury yield for the expected term at date of grant. | ||||||||||||
• | The dividend yield on the Company’s common stock is assumed to be zero since the Company does not pay dividends and has no current plans to do so in the future. | ||||||||||||
• | The volatility of the Company’s common stock is based on daily, historical volatility of the market price of the Company’s common stock over a period of time equal to the expected term and ending on the grant date. | ||||||||||||
• | The expected term is based on historical exercises for various groups of directors, employees and independent contractors. | ||||||||||||
Restricted Stock Awards and Units. For restricted stock awards and units, stock-based compensation expense is based on the grant-date fair value and recognized over the vesting period (generally one to three years) using the straight-line method, except for award or units with performance conditions, in which case the Company uses the graded vesting method. The fair value of restricted stock awards and units is based on the price of the Company’s common stock on the grant date. For restricted stock awards and units granted to independent contractors, stock-based compensation expense is based on fair value remeasured at each reporting period and recognized over the vesting period (generally three years) using the straight-line method. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Income taxes are recognized based on earnings reported for tax return purposes in addition to a provision for deferred income taxes. Deferred income taxes are recognized at the end of each reporting period for the future tax consequences of cumulative temporary differences between the tax bases of assets and liabilities and their reported amounts in the Company’s financial statements based on existing tax laws and enacted statutory tax rates applicable to the periods in which the temporary differences are expected to affect taxable income. The Company routinely assesses the realizability of its deferred tax assets by taxing jurisdiction and considers its estimate of future taxable income based on production of proved reserves at estimated future pricing in making such assessments. If the Company concludes that it is more likely than not that some portion or all of the benefit from deferred tax assets will not be realized, the deferred tax assets are reduced by a valuation allowance. The Company classifies interest and penalties associated with income taxes as interest expense. | |||||||||||||
Net Income (Loss) Per Common Share | ' | ||||||||||||
Net Income From Continuing Operations Per Common Share | |||||||||||||
Supplemental net income from continuing operations per common share information is provided below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||
Net income from continuing operations | $ | 21,858 | $ | 51,177 | $ | 32,534 | |||||||
Basic weighted average common shares outstanding | 40,781 | 39,591 | 39,077 | ||||||||||
Effect of dilutive instruments | 574 | 435 | 591 | ||||||||||
Diluted weighted average shares outstanding | 41,355 | 40,026 | 39,668 | ||||||||||
Net income from continuing operations per common share | |||||||||||||
Basic | $ | 0.54 | $ | 1.29 | $ | 0.83 | |||||||
Diluted | $ | 0.53 | $ | 1.28 | $ | 0.82 | |||||||
Basic net income from continuing operations per common share is based on the weighted average number of shares of common stock outstanding during the period. Diluted net income from continuing operations per common share is based on the weighted average number of common shares and all potentially dilutive common shares outstanding during the period which include restricted stock awards and units, stock options, SARs that the Company may elect to settle in cash or common stock, SARs the Company has elected to settle in common stock, warrants and convertible debt. The Company excludes the number of shares, units, options, rights and warrants from the calculation of diluted weighted average shares outstanding when the grant date or exercise prices are greater than the average market prices of the Company’s common stock for the corresponding period as the effect would be antidilutive to the computation. The number of shares, units, options, rights and warrants excluded for the years ended December 31, 2013, 2012 and 2011 were not significant. Shares of common stock subject to issuance upon the conversion of the Company’s convertible senior notes did not have an effect on the calculation of dilutive shares for the years ended December 31, 2013, 2012 and 2011 because the conversion price was in excess of the market price of the common stock for those periods | |||||||||||||
Recently Adopted Accounting Pronouncements | ' | ||||||||||||
Recently Adopted Accounting Pronouncements | |||||||||||||
Effective January 1, 2013, the Company adopted the provisions of ASU No. 2011-11, Balance Sheet (Topic 210) Disclosures about Offsetting Assets and Liabilities, and began providing enhanced disclosures regarding the effect or potential effect of netting arrangements on an entity’s financial position by improving information about financial instruments and derivative instruments that either (1) offset in accordance with either ASC 210-20-45 or ASC 815-10-45 or (2) are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset. Reporting entities are required to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The Company adopted this new disclosure requirement effective January 1, 2013. The adoption did not have a material effect on the Company’s consolidated financial statements. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule Of Stock-Based Compensation Expense | ' | ||||||||||||
The Company recognized the following stock-based compensation expense, net of amounts capitalized for the periods indicated which is reflected as general and administrative expense in the consolidated statements of income: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Stock appreciation rights | $ | 17,303 | $ | (2,116 | ) | $ | 1,546 | ||||||
Restricted stock awards and units | 18,997 | 17,049 | 13,965 | ||||||||||
36,300 | 14,933 | 15,511 | |||||||||||
Less: amounts capitalized | (6,927 | ) | (3,244 | ) | (3,647 | ) | |||||||
Stock-based compensation expense, net of amounts capitalized | $ | 29,373 | $ | 11,689 | $ | 11,864 | |||||||
Income Tax Benefit | $ | 10,281 | $ | 4,449 | $ | 4,342 | |||||||
Schedule Of Supplemental Net Income Per Common Share | ' | ||||||||||||
Supplemental net income from continuing operations per common share information is provided below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||
Net income from continuing operations | $ | 21,858 | $ | 51,177 | $ | 32,534 | |||||||
Basic weighted average common shares outstanding | 40,781 | 39,591 | 39,077 | ||||||||||
Effect of dilutive instruments | 574 | 435 | 591 | ||||||||||
Diluted weighted average shares outstanding | 41,355 | 40,026 | 39,668 | ||||||||||
Net income from continuing operations per common share | |||||||||||||
Basic | $ | 0.54 | $ | 1.29 | $ | 0.83 | |||||||
Diluted | $ | 0.53 | $ | 1.28 | $ | 0.82 | |||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||||||||
The following table summarizes the amounts included in net income (loss) from discontinued operations, net of income taxes presented in the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
OIL AND GAS REVENUES | $ | — | $ | — | $ | — | |||||||
COSTS AND EXPENSES | |||||||||||||
General and administrative | 916 | 62 | 242 | ||||||||||
Accretion related to asset retirement obligations | 36 | 363 | 76 | ||||||||||
TOTAL COST AND EXPENSES | 952 | 425 | 318 | ||||||||||
OPERATING LOSS | (952 | ) | (425 | ) | (318 | ) | |||||||
OTHER INCOME AND EXPENSES | |||||||||||||
Gain on sale of discontinued operations | 37,294 | — | — | ||||||||||
Adjustment of estimated future obligations | (44 | ) | — | — | |||||||||
Gain (loss) on derivative instruments, net | (109 | ) | 258 | (1,432 | ) | ||||||||
Interest expense | (253 | ) | (3,556 | ) | (1,805 | ) | |||||||
Capitalized interest | 253 | 3,556 | — | ||||||||||
Other income (expense), net | 438 | (591 | ) | 259 | |||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES | 36,627 | (758 | ) | (3,296 | ) | ||||||||
DEFERRED INCOME TAX (EXPENSE) BENEFIT | (14,802 | ) | 5,068 | 7,391 | |||||||||
NET INCOME FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | $ | 21,825 | $ | 4,310 | $ | 4,095 | |||||||
Property_And_Equipment_Net_Tab
Property And Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule Of Property And Equipment | ' | ||||||||
At December 31, 2013 and 2012, property and equipment, net consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Proved oil and gas properties | $ | 2,182,226 | $ | 1,713,827 | |||||
Accumulated depreciation, depletion and amortization | (773,742 | ) | (561,279 | ) | |||||
Proved oil and gas properties, net | 1,408,484 | 1,152,548 | |||||||
Unproved properties, not being amortized | |||||||||
Unevaluated leasehold and seismic costs | 302,232 | 238,833 | |||||||
Exploratory wells in progress | 30,196 | 43,803 | |||||||
Capitalized interest | 45,009 | 41,052 | |||||||
Total unproved properties, not being amortized | 377,437 | 323,688 | |||||||
Other property and equipment | 15,260 | 17,079 | |||||||
Accumulated depreciation | (6,966 | ) | (5,641 | ) | |||||
Other property and equipment, net | 8,294 | 11,438 | |||||||
Total property and equipment, net | $ | 1,794,215 | $ | 1,487,674 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule Of Components Of Income Tax (Expense) Benefit | ' | ||||||||||||
The components of income tax expense from continuing operations were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current income tax (expense) benefit | |||||||||||||
U.S. Federal | $ | 411 | $ | (411 | ) | $ | (404 | ) | |||||
State | (141 | ) | (403 | ) | (661 | ) | |||||||
Total current income tax (expense) benefit | 270 | (814 | ) | (1,065 | ) | ||||||||
Deferred income tax expense | |||||||||||||
U.S. Federal | (12,404 | ) | (28,723 | ) | (23,254 | ) | |||||||
State | (769 | ) | (1,419 | ) | (1,292 | ) | |||||||
Total deferred income tax expense | (13,173 | ) | (30,142 | ) | (24,546 | ) | |||||||
Total income tax expense from continuing operations | $ | (12,903 | ) | $ | (30,956 | ) | $ | (25,611 | ) | ||||
Schedule Of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
The Company’s income tax expense from continuing operations differs from the income tax expense computed by applying the U.S. federal statutory corporate income tax rate of 35% to income from continuing operations before income taxes as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Income from continuing operations before income taxes | $ | 34,761 | $ | 82,133 | $ | 58,145 | |||||||
Income tax expense at the statutory rate | (12,166 | ) | (28,747 | ) | (20,350 | ) | |||||||
State income taxes, net of U.S. federal income tax benefit | (859 | ) | (1,681 | ) | (1,722 | ) | |||||||
Adjustment to prior period state income taxes, net of U.S. federal income tax benefit | — | — | (4,735 | ) | |||||||||
Previously unbenefitted capital loss associated with investment | — | 1,171 | |||||||||||
Nondeductible expenses | — | (93 | ) | 25 | |||||||||
Other | 122 | (435 | ) | — | |||||||||
Total income tax expense from continuing operations | $ | (12,903 | ) | $ | (30,956 | ) | $ | (25,611 | ) | ||||
Schedule Of Deferred Tax Assets And Liabilities | ' | ||||||||||||
At December 31, 2013 and 2012, deferred tax assets and liabilities are comprised of the following: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred income tax assets | |||||||||||||
Net operating loss carryforward - U.S. Federal and State | $ | 52,499 | $ | 53,648 | |||||||||
Stock-based compensation | 7,563 | 4,245 | |||||||||||
Allowance for doubtful accounts | 170 | 476 | |||||||||||
Fair value of derivative instruments | 3,222 | — | |||||||||||
Other | 2,471 | 1,755 | |||||||||||
Deferred income tax assets | 65,925 | 60,124 | |||||||||||
Valuation allowance | (1,084 | ) | (1,188 | ) | |||||||||
Net deferred income tax assets | 64,841 | 58,936 | |||||||||||
Deferred income tax liabilities | |||||||||||||
Unamortized discount on 4.375% Convertible Senior Notes | — | (382 | ) | ||||||||||
Oil and gas properties | (74,247 | ) | (34,985 | ) | |||||||||
Fair value of derivative instruments | (3,249 | ) | (10,222 | ) | |||||||||
(77,496 | ) | (45,589 | ) | ||||||||||
Net deferred income tax asset (liability) | $ | (12,655 | ) | $ | 13,347 | ||||||||
Schedule Of Net Deferred Income Assets And Liabilities | ' | ||||||||||||
At December 31, 2013 and 2012, the net deferred income tax asset (liability) is classified as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Noncurrent deferred income tax asset (liability) | $ | (16,856 | ) | $ | 21,272 | ||||||||
Current deferred income tax asset (liability) | 4,201 | (7,925 | ) | ||||||||||
Net deferred income tax asset (liability) | $ | (12,655 | ) | $ | 13,347 | ||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule Of Debt | ' | ||||||||
At December 31, 2013 and 2012, long-term debt consisted of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
8.625% Senior Notes | $ | 600,000 | $ | 600,000 | |||||
Unamortized discount for 8.625% Senior Notes | (4,178 | ) | (4,849 | ) | |||||
7.50% Senior Notes | 300,000 | 300,000 | |||||||
4.375% Convertible Senior Notes | 4,425 | 73,750 | |||||||
Unamortized discount for 4.375% Convertible Senior Notes | — | (1,093 | ) | ||||||
Senior Secured Revolving Credit Facility | — | — | |||||||
$ | 900,247 | $ | 967,808 | ||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Roll Forward Of Asset Retirement Obligations | ' | ||||||||
The following table sets forth asset retirement obligations for the years ended December 31, 2013 and 2012: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Asset retirement obligations at beginning of period | $ | 6,159 | $ | 8,324 | |||||
Liabilities incurred | 3,348 | 1,573 | |||||||
Liabilities settled | (498 | ) | (1,666 | ) | |||||
Reduction due to sales of oil and gas properties | (2,473 | ) | (3,272 | ) | |||||
Accretion expense | 471 | 372 | |||||||
Revisions of previous estimates | 349 | 828 | |||||||
Asset retirement obligations at end of period | 7,356 | 6,159 | |||||||
Asset retirement obligations due within one year included in “Other accrued liabilities” | (780 | ) | (1,670 | ) | |||||
Long-term asset retirement obligations | $ | 6,576 | $ | 4,489 | |||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Total Minimum Commitments From Long-Term Non-Cancelable Operating Leases, Drilling Rig, Seismic And Pipeline Volume Commitments | ' | |||
At December 31, 2013, total minimum commitments from long-term, non-cancelable operating leases, drilling rigs, completion services and pipeline volume commitments are as shown in the table below. The total minimum commitments related to the drilling rigs, completion services, and pipeline volume commitments represent gross contractual obligations and accordingly, other joint owners in the properties operated by the Company will generally be billed for their working interest share of such costs. | ||||
Amount | ||||
(In thousands) | ||||
2014 | $ | 51,840 | ||
2015 | 19,429 | |||
2016 | 7,404 | |||
2017 | 4,711 | |||
2018 | 4,686 | |||
2019 and thereafter | 16,128 | |||
Total | $ | 104,198 | ||
Shareholders_Equity_And_Stock_1
Shareholders' Equity And Stock Incentive Plan Shareholders' Equity And Stock Incentive Plan (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Shareholders' Equity And Stock Incentive Plan [Abstract] | ' | |||||||||||
Summary Of Stock Options Activity | ' | |||||||||||
Stock Options. No stock options were granted under the Incentive Plan during 2013, 2012 or 2011. The table below summarizes the activity for stock options for the three years ended December 31, 2013, 2012 and 2011: | ||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||
Average | Average | Intrinsic Value | ||||||||||
Exercise | Remaining Life | (In millions) | ||||||||||
Prices | (In years) | |||||||||||
For the Year Ended December 31, 2011 | ||||||||||||
Outstanding, beginning of period | 414,854 | $6.10 | ||||||||||
Granted | — | — | ||||||||||
Exercised | (151,500 | ) | $4.36 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding, end of period | 263,354 | $7.11 | ||||||||||
Exercisable, end of period | 263,354 | $7.11 | ||||||||||
For the Year Ended December 31, 2012 | ||||||||||||
Outstanding, beginning of period | 263,354 | $7.11 | ||||||||||
Granted | — | — | ||||||||||
Exercised | (20,500 | ) | $5.50 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding, end of period | 242,854 | $7.24 | ||||||||||
Exercisable, end of period | 242,854 | $7.24 | ||||||||||
For the Year Ended December 31, 2013 | ||||||||||||
Outstanding, beginning of period | 242,854 | $7.24 | ||||||||||
Granted | — | — | ||||||||||
Exercised | (206,501 | ) | $6.07 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding, end of period | 36,353 | $13.91 | 1.1 | $1.10 | ||||||||
Exercisable, end of period | 36,353 | $13.91 | 1.1 | $1.10 | ||||||||
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity | ' | |||||||||||
The table below summarizes the activity for SARs for the three years ended December 31, 2013, 2012 and 2011: | ||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||
Average | Average | Intrinsic Value | ||||||||||
Exercise | Remaining Life | (In millions) | ||||||||||
Prices | (In years) | |||||||||||
For the Year Ended December 31, 2011 | ||||||||||||
Outstanding, beginning of period | 700,749 | $18.50 | ||||||||||
Granted | 153,801 | $37.99 | ||||||||||
Exercised | (4,768 | ) | $20.22 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding, end of period | 849,782 | $22.02 | ||||||||||
Exercisable, end of period | 326,128 | $18.99 | ||||||||||
For the Year Ended December 31, 2012 | ||||||||||||
Outstanding, beginning of period | 849,782 | $22.02 | ||||||||||
Granted | 193,336 | $25.56 | ||||||||||
Exercised | (7,295 | ) | $20.22 | |||||||||
Forfeited | — | — | ||||||||||
Outstanding, end of period | 1,035,823 | $22.69 | ||||||||||
Exercisable, end of period | 613,934 | $20.70 | ||||||||||
For the Year Ended December 31, 2013 | ||||||||||||
Outstanding, beginning of period | 1,035,823 | $22.69 | ||||||||||
Granted | 282,296 | $28.68 | ||||||||||
Exercised | (207,184 | ) | $19.30 | |||||||||
Forfeited | (24,704 | ) | $27.77 | |||||||||
Outstanding, end of period | 1,086,231 | $24.78 | 2.8 | 21.12 | $21.10 | |||||||
Exercisable, end of period | 681,867 | $22.55 | 2.7 | 14.78 | $14.80 | |||||||
Schedule of Share-based Payment Award, Non-Options, Valuation Assumptions | ' | |||||||||||
The following table summarizes the weighted-average assumptions used in the Black-Scholes-Merton option pricing model to calculate the fair value of the SARs granted during 2013, 2012 and 2011: | ||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||
Grant date fair value | $13.36 | $12.23 | $18.50 | |||||||||
Volatility factor | 44.5 | % | 48.2 | % | 61.6 | % | ||||||
Dividend yield | — | % | — | % | — | % | ||||||
Risk-free interest rate | 1 | % | 0.4 | % | 0.4 | % | ||||||
Expected term (in years) | 3.5 | 3 | 2.9 | |||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | |||||||||||
The table below summarizes restricted stock award and unit activity for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
Shares/ | Weighted-Average Grant Date | |||||||||||
Units | Fair Value | |||||||||||
For the Year Ended December 31, 2011 | ||||||||||||
Unvested restricted stock awards and units, beginning of period | 710,955 | $20.26 | ||||||||||
Granted | 567,901 | $35.27 | ||||||||||
Vested | (452,585 | ) | $25.29 | |||||||||
Forfeited | (25,773 | ) | $23.30 | |||||||||
Unvested restricted stock awards and units, end of period | 800,498 | $27.96 | ||||||||||
For the Year Ended December 31, 2012 | ||||||||||||
Unvested restricted stock awards and units, beginning of period | 800,498 | $27.96 | ||||||||||
Granted | 854,292 | $25.25 | ||||||||||
Vested | (488,992 | ) | $25.63 | |||||||||
Forfeited | (19,524 | ) | $27.61 | |||||||||
Unvested restricted stock awards and units, end of period | 1,146,274 | $26.95 | ||||||||||
For the Year Ended December 31, 2013 | ||||||||||||
Unvested restricted stock awards and units, beginning of period | 1,146,274 | $26.95 | ||||||||||
Granted | 932,763 | $28.16 | ||||||||||
Vested | (557,136 | ) | $25.98 | |||||||||
Forfeited | (77,034 | ) | $26.03 | |||||||||
Unvested restricted stock awards and units, end of period | 1,444,867 | $28.03 | ||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position Fair Value | ' | |||||||||||||||||||||
Counterparty | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Credit Suisse | 46 | % | 40 | % | ||||||||||||||||||
Societe Generale | 31 | % | 22 | % | ||||||||||||||||||
Wells Fargo | 23 | % | 2 | % | ||||||||||||||||||
BNP Paribas | — | % | 33 | % | ||||||||||||||||||
BBVA Compass | — | % | 3 | % | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||
Schedule Of U.S. Crude Oil Derivative Positions | ' | |||||||||||||||||||||
The following sets forth a summary of the Company’s crude oil derivative positions at average NYMEX prices as of December 31, 2013. | ||||||||||||||||||||||
Period | Type of Contract | Volume | Weighted | Weighted | Weighted Average | Weighted Average | ||||||||||||||||
(in Bbls/d) | Average | Average | Short Put Price | Put Spread | ||||||||||||||||||
Floor Price | Ceiling Price | ($/Bbl) | ($/Bbl) | |||||||||||||||||||
($/Bbls) | ($/Bbls) | |||||||||||||||||||||
FY 2014 | Swaps | 7,500 | $ | 92.59 | ||||||||||||||||||
Collars | 3,000 | $ | 88.33 | $ | 104.26 | |||||||||||||||||
Three-way collars | 500 | $ | 85 | $ | 107.75 | $ | 65 | $ | 20 | |||||||||||||
FY 2015 | Swaps | 4,250 | $ | 91.3 | ||||||||||||||||||
Collars | 700 | $ | 90 | $ | 100.65 | |||||||||||||||||
Three-way collars | 1,000 | $ | 85 | $ | 105 | $ | 65 | $ | 20 | |||||||||||||
FY 2016 | Three-way collars | 667 | $ | 85 | $ | 104 | $ | 65 | $ | 20 | ||||||||||||
Schedule Of U.S. Natural Gas Derivative Positions | ' | |||||||||||||||||||||
The following sets forth a summary of the Company’s natural gas derivative positions at average NYMEX prices as of December 31, 2013. | ||||||||||||||||||||||
Period | Type of Contract | Volume | Weighted | Weighted | ||||||||||||||||||
(in MMBtu/d) | Average | Average | ||||||||||||||||||||
Floor Price | Ceiling Price | |||||||||||||||||||||
($/MMBtu) | ($/MMBtu) | |||||||||||||||||||||
FY 2014 | Swaps | 45,000 | $ | 4.09 | ||||||||||||||||||
Collars | 10,000 | $ | 5.5 | |||||||||||||||||||
FY 2015 | Swaps | 10,000 | $ | 4.33 | ||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | ||||||||||||||||
The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012. All items included in the tables below are Level 2 inputs within the fair value hierarchy: | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | |||||||||||||||
(In thousands) | |||||||||||||||||
Derivative Assets | |||||||||||||||||
Fair value of derivative instruments (current assets) | $ | 2,389 | $ | (2,389 | ) | $ | — | ||||||||||
Fair value of derivative instruments (noncurrent asset) | 11,709 | (2,425 | ) | 9,284 | |||||||||||||
Derivative Liabilities | |||||||||||||||||
Fair value of derivative instruments (current liabilities) | (12,336 | ) | 2,389 | (9,947 | ) | ||||||||||||
Fair value of derivative instruments (included in noncurrent other liabilities) | (2,613 | ) | 2,425 | (188 | ) | ||||||||||||
Total | $ | (851 | ) | $ | — | $ | (851 | ) | |||||||||
December 31, 2012 | |||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | |||||||||||||||
(In thousands) | |||||||||||||||||
Derivative Assets | |||||||||||||||||
Fair value of derivative instruments (current asset) | $ | 24,014 | $ | (33 | ) | $ | 23,981 | ||||||||||
Fair value of derivative instruments (noncurrent asset) | 6,778 | (1,598 | ) | 5,180 | |||||||||||||
Derivative Liabilities | |||||||||||||||||
Fair value of derivative instruments (current liabilities) | (33 | ) | 33 | — | |||||||||||||
Fair value of derivative instruments (included in noncurrent other liabilities) | (1,598 | ) | 1,598 | — | |||||||||||||
Total | 29,161 | — | 29,161 | ||||||||||||||
Schedule of Fair Value of Debt Instruments | ' | ||||||||||||||||
The following table presents the carrying amounts and fair values of the Company’s senior notes and convertible senior notes, based on quoted market prices, as of December 31, 2013 and 2012. | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
8.625% Senior Notes | $ | 595,822 | $ | 644,978 | $ | 595,151 | $ | 645,000 | |||||||||
7.50% Senior Notes | 300,000 | 327,000 | 300,000 | 308,250 | |||||||||||||
4.375% Convertible Senior Notes | 4,425 | 4,115 | 72,657 | 73,842 | |||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ' | ||||||||||||||||||||
Schedule Of Condensed Consolidating Balance Sheets | ' | ||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets | $ | 1,820,069 | $ | 168,718 | $ | — | $ | (1,709,026 | ) | $ | 279,761 | ||||||||||
Current assets held for sale | — | — | — | — | — | ||||||||||||||||
Assets of discontinued operations | — | — | — | — | — | ||||||||||||||||
Property and equipment, net | 2,797 | 1,768,553 | 2,058 | 20,807 | 1,794,215 | ||||||||||||||||
Investment in subsidiaries | 61,619 | — | — | (61,619 | ) | — | |||||||||||||||
Long-term assets held for sale | — | — | — | — | — | ||||||||||||||||
Other assets | 69,686 | — | — | (32,902 | ) | 36,784 | |||||||||||||||
Total assets | $ | 1,954,171 | $ | 1,937,271 | $ | 2,058 | $ | (1,782,740 | ) | $ | 2,110,760 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities | $ | 190,550 | $ | 1,828,314 | $ | 2,061 | $ | (1,709,026 | ) | $ | 311,899 | ||||||||||
Current liabilities associated with assets held for sale | — | — | — | — | — | ||||||||||||||||
Current liabilities of discontinued operations | 10,936 | — | — | — | 10,936 | ||||||||||||||||
Long-term liabilities | 905,235 | 47,335 | — | (23,585 | ) | 928,985 | |||||||||||||||
Long-term liabilities associated with assets held for sale | — | — | — | — | — | ||||||||||||||||
Long-term liabilities of discontinued operations | 17,336 | — | — | — | 17,336 | ||||||||||||||||
Shareholders’ equity | 830,114 | 61,622 | (3 | ) | (50,129 | ) | 841,604 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,954,171 | $ | 1,937,271 | $ | 2,058 | $ | (1,782,740 | ) | $ | 2,110,760 | ||||||||||
December 31, 2012 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets | $ | 1,689,430 | $ | 130,487 | $ | — | $ | (1,613,094 | ) | $ | 206,823 | ||||||||||
Current assets held for sale | — | — | 1,882 | — | 1,882 | ||||||||||||||||
Property and equipment, net | 23,041 | 1,443,064 | — | 21,569 | 1,487,674 | ||||||||||||||||
Investment in subsidiaries | 14,588 | — | — | (14,588 | ) | — | |||||||||||||||
Long-term assets held for sale | 12,670 | — | 119,956 | — | 132,626 | ||||||||||||||||
Other assets | 46,913 | 16,928 | — | (8,850 | ) | 54,991 | |||||||||||||||
Total assets | $ | 1,786,642 | $ | 1,590,479 | $ | 121,838 | $ | (1,614,963 | ) | $ | 1,883,996 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities | $ | 179,221 | $ | 1,631,887 | $ | — | $ | (1,560,853 | ) | $ | 250,255 | ||||||||||
Current liabilities associated with assets held for sale | 9,880 | — | 38,783 | — | 48,663 | ||||||||||||||||
Long-term liabilities | 973,003 | 3,512 | — | — | 976,515 | ||||||||||||||||
Long-term liabilities associated with assets held for sale | — | — | 23,547 | — | 23,547 | ||||||||||||||||
Shareholders’ equity | 624,538 | (44,920 | ) | 59,508 | (54,110 | ) | 585,016 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,786,642 | $ | 1,590,479 | $ | 121,838 | $ | (1,614,963 | ) | $ | 1,883,996 | ||||||||||
Schedule Of Condensed Consolidating Statements Of Operations | ' | ||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Oil and gas revenues | $ | 6,490 | $ | 513,692 | $ | — | $ | — | $ | 520,182 | |||||||||||
Costs and expenses | 82,282 | 284,076 | 3 | 762 | 367,123 | ||||||||||||||||
Loss on sale of oil and gas properties | — | 45,377 | — | — | 45,377 | ||||||||||||||||
Operating income (loss) | (75,792 | ) | 184,239 | (3 | ) | (762 | ) | 107,682 | |||||||||||||
Other income (expense), net | (52,592 | ) | (20,329 | ) | — | — | (72,921 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | (128,384 | ) | 163,910 | (3 | ) | (762 | ) | 34,761 | |||||||||||||
Income tax (expense) benefit | 44,934 | (57,369 | ) | — | (468 | ) | (12,903 | ) | |||||||||||||
Equity in income (loss) of subsidiaries | 106,538 | — | — | (106,538 | ) | — | |||||||||||||||
Net income (loss) from continuing operations | 23,088 | 106,541 | (3 | ) | (107,768 | ) | 21,858 | ||||||||||||||
Net income from discontinued operations, net of income taxes | 21,825 | — | — | — | 21,825 | ||||||||||||||||
Net income (loss) | $ | 44,913 | $ | 106,541 | $ | (3 | ) | $ | (107,768 | ) | $ | 43,683 | |||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Oil and gas revenues | $ | 20,195 | $ | 347,985 | $ | — | $ | — | $ | 368,180 | |||||||||||
Costs and expenses | 76,839 | 205,341 | — | (12,653 | ) | 269,527 | |||||||||||||||
Operating income (loss) | (56,644 | ) | 142,644 | — | 12,653 | 98,653 | |||||||||||||||
Other income (expense), net | 20,022 | (36,542 | ) | — | — | (16,520 | ) | ||||||||||||||
Income (loss) from continuing operations before income taxes | (36,622 | ) | 106,102 | — | 12,653 | 82,133 | |||||||||||||||
Income tax (expense) benefit | 12,658 | (37,136 | ) | — | (6,478 | ) | (30,956 | ) | |||||||||||||
Equity in income (loss) of subsidiaries | 73,150 | — | — | (73,150 | ) | — | |||||||||||||||
Net income (loss) from continuing operations | 49,186 | 68,966 | — | (66,975 | ) | 51,177 | |||||||||||||||
Net income from discontinued operations, net of income taxes | 126 | — | 4,184 | — | 4,310 | ||||||||||||||||
Net income (loss) | $ | 49,312 | $ | 68,966 | $ | 4,184 | $ | (66,975 | ) | $ | 55,487 | ||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Oil and gas revenues | $ | 31,875 | $ | 170,292 | $ | — | $ | — | $ | 202,167 | |||||||||||
Costs and expenses | 68,652 | 100,255 | — | (4,891 | ) | 164,016 | |||||||||||||||
Operating income (loss) | (36,777 | ) | 70,037 | — | 4,891 | 38,151 | |||||||||||||||
Other income (expense), net | 41,182 | (21,188 | ) | — | — | 19,994 | |||||||||||||||
Income (loss) from continuing operations before income taxes | 4,405 | 48,849 | — | 4,891 | 58,145 | ||||||||||||||||
Income tax (expense) benefit | (1,209 | ) | (22,612 | ) | — | (1,790 | ) | (25,611 | ) | ||||||||||||
Equity in income (loss) of subsidiaries | 29,319 | — | — | (29,319 | ) | — | |||||||||||||||
Net income (loss) from continuing operations | 32,515 | 26,237 | — | (26,218 | ) | 32,534 | |||||||||||||||
Net loss from discontinued operations, net of income taxes | 1,013 | — | 3,082 | — | 4,095 | ||||||||||||||||
Net income (loss) | $ | 33,528 | $ | 26,237 | $ | 3,082 | $ | (26,218 | ) | $ | 36,629 | ||||||||||
Schedule Of Condensed Consolidating Statements Of Cash Flows | ' | ||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net cash provided by operating activities - continuing operations | $ | (55,888 | ) | $ | 423,366 | $ | (4 | ) | $ | — | $ | 367,474 | |||||||||
Net cash used in investing activities - continuing operations | (86,322 | ) | (513,710 | ) | (2,057 | ) | 92,204 | (509,885 | ) | ||||||||||||
Net cash provided by financing activities - continuing operations | 120,326 | 90,143 | 2,061 | (92,204 | ) | 120,326 | |||||||||||||||
Net cash provided by (used in) discontinued operations | 127,429 | — | (519 | ) | — | 126,910 | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 105,545 | (201 | ) | (519 | ) | — | 104,825 | ||||||||||||||
Cash and cash equivalents, beginning of year | 51,894 | 201 | 519 | — | 52,614 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 157,439 | $ | — | $ | — | $ | — | $ | 157,439 | |||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net cash provided by operating activities - continuing operations | $ | 75,546 | $ | 177,525 | $ | — | $ | — | $ | 253,071 | |||||||||||
Net cash provided by (used in) investing activities - continuing operations | (280,564 | ) | (493,145 | ) | — | 308,558 | (465,151 | ) | |||||||||||||
Net cash provided by (used in) financing activities - continuing operations | 237,778 | 308,558 | — | (308,558 | ) | 237,778 | |||||||||||||||
Net cash used in discontinued operations | — | — | (1,196 | ) | — | (1,196 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 32,760 | (7,062 | ) | (1,196 | ) | — | 24,502 | ||||||||||||||
Cash and cash equivalents, beginning of year | 19,134 | 7,263 | 1,715 | — | 28,112 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 51,894 | $ | 201 | $ | 519 | $ | — | $ | 52,614 | |||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Net cash provided by operating activities - continuing operations | $ | 56,563 | $ | 98,948 | $ | — | $ | — | $ | 155,511 | |||||||||||
Net cash provided by (used in) investing activities - continuing operations | (194,689 | ) | (356,168 | ) | — | 300,789 | (250,068 | ) | |||||||||||||
Net cash provided by (used in) financing activities - continuing operations | 155,842 | 261,773 | — | (300,789 | ) | 116,826 | |||||||||||||||
Net cash provided by discontinued operations | — | — | 1,715 | — | 1,715 | ||||||||||||||||
Net increase in cash and cash equivalents | 17,716 | 4,553 | 1,715 | — | 23,984 | ||||||||||||||||
Cash and cash equivalents, beginning of year | 1,418 | 2,710 | — | — | 4,128 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 19,134 | $ | 7,263 | $ | 1,715 | $ | — | $ | 28,112 | |||||||||||
Supplemental_Disclosures_About1
Supplemental Disclosures About Oil And Gas Producing Activities (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | ' | ||||||||||||||||||
Schedule Of Costs Incurred In Oil And Gas Property Acquisition, Exploration And Development Activities | ' | ||||||||||||||||||
Costs incurred in oil and gas property acquisition, exploration and development activities are summarized below: | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(In thousands) | |||||||||||||||||||
U.S. | |||||||||||||||||||
Unproved property acquisition costs | $ | 254,099 | $ | 139,344 | $ | 108,212 | |||||||||||||
Exploration costs | 106,329 | 211,289 | 270,688 | ||||||||||||||||
Development costs | 423,871 | 374,391 | 126,816 | ||||||||||||||||
Total costs incurred | $ | 784,299 | $ | 725,024 | $ | 505,716 | |||||||||||||
U.K. | |||||||||||||||||||
Unproved property acquisition costs | $ | — | $ | 11,135 | $ | 1,004 | |||||||||||||
Exploration costs | — | — | — | ||||||||||||||||
Development costs | — | 36,261 | 41,424 | ||||||||||||||||
Total costs incurred | $ | — | $ | 47,396 | $ | 42,428 | |||||||||||||
Total Worldwide | |||||||||||||||||||
Unproved property acquisition costs | $ | 254,099 | $ | 150,479 | $ | 109,216 | |||||||||||||
Exploration costs | 106,329 | 211,289 | 270,688 | ||||||||||||||||
Development costs | 423,871 | 410,652 | 168,240 | ||||||||||||||||
Total costs incurred | $ | 784,299 | $ | 772,420 | $ | 548,144 | |||||||||||||
Schedule Of Net Proved Oil And Gas Reserves And Changes In Net Proved Oil And Gas Reserves | ' | ||||||||||||||||||
The Company’s net proved oil and gas reserves and changes in net proved oil and gas reserves, which are located in the U.S. and U.K., are summarized below: | |||||||||||||||||||
Crude Oil and Condensate (MBbls) | Natural Gas Liquids (MBbls) | ||||||||||||||||||
U.S. | U.K. | Worldwide | U.S. | U.K. | Worldwide | ||||||||||||||
Proved reserves: | |||||||||||||||||||
January 1, 2011 | 10,631 | 5,263 | 15,894 | 12,579 | — | 12,579 | |||||||||||||
Extensions and discoveries | 16,978 | — | 16,978 | 426 | — | 426 | |||||||||||||
Revisions of previous estimates | 103 | 174 | 277 | (174 | ) | — | (174 | ) | |||||||||||
Sales of reserves in place | (1,809 | ) | — | (1,809 | ) | (8,501 | ) | — | (8,501 | ) | |||||||||
Production | (802 | ) | — | (802 | ) | (209 | ) | — | (209 | ) | |||||||||
31-Dec-11 | 25,101 | 5,437 | 30,538 | 4,121 | — | 4,121 | |||||||||||||
Extensions and discoveries | 15,403 | — | 15,403 | 1,750 | — | 1,750 | |||||||||||||
Revisions of previous estimates | 1,760 | (196 | ) | 1,564 | 740 | — | 740 | ||||||||||||
Sales of reserves in place | (327 | ) | — | (327 | ) | (923 | ) | — | (923 | ) | |||||||||
Production | (2,862 | ) | — | (2,862 | ) | (305 | ) | — | (305 | ) | |||||||||
31-Dec-12 | 39,075 | 5,241 | 44,316 | 5,383 | — | 5,383 | |||||||||||||
Extensions and discoveries | 27,295 | — | 27,295 | 2,992 | — | 2,992 | |||||||||||||
Revisions of previous estimates | 778 | — | 778 | 308 | — | 308 | |||||||||||||
Sales of reserves in place | (876 | ) | (5,241 | ) | (6,117 | ) | — | — | — | ||||||||||
Production | (4,231 | ) | — | (4,231 | ) | (531 | ) | — | (531 | ) | |||||||||
31-Dec-13 | 62,041 | — | 62,041 | 8,152 | — | 8,152 | |||||||||||||
Proved developed reserves: | |||||||||||||||||||
31-Dec-11 | 6,803 | 2,719 | 9,522 | 1,186 | — | 1,186 | |||||||||||||
31-Dec-12 | 12,675 | 5,241 | 17,916 | 1,620 | — | 1,620 | |||||||||||||
31-Dec-13 | 18,321 | — | 18,321 | 2,779 | — | 2,779 | |||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||
31-Dec-11 | 18,298 | 2,718 | 21,016 | 2,935 | — | 2,935 | |||||||||||||
31-Dec-12 | 26,400 | — | 26,400 | 3,763 | — | 3,763 | |||||||||||||
31-Dec-13 | 43,720 | — | 43,720 | 5,373 | — | 5,373 | |||||||||||||
Crude oil, condensate and natural gas liquids extensions and discoveries are primarily attributable to the following: | |||||||||||||||||||
2013 | Additions of U.S. proved developed and undeveloped reserves as a result of drilling and offset locations in the Eagle Ford Shale and the Niobrara Formation. | ||||||||||||||||||
2012 | Additions of U.S. proved developed and undeveloped reserves as a result of drilling and offset locations in the Eagle Ford Shale and the Niobrara Formation. | ||||||||||||||||||
2011 | Additions of U.S. proved developed and undeveloped reserves as a result of drilling and offset locations in the Eagle Ford Shale and the Niobrara Formation; Transfer of U.K. proved undeveloped reserves to proved developed reserves as a result of drilling. | ||||||||||||||||||
Crude oil, condensate and natural gas liquids sales of reserves in place are primarily attributable to the following: | |||||||||||||||||||
2013 | Sales of U.K. North Sea properties to Iona Energy during the first quarter and sales of U.S. properties in East Texas in the third quarter. | ||||||||||||||||||
2011 | Sales of U.S. properties to KKR during the second quarter and GAIL during the third quarter. | ||||||||||||||||||
Natural Gas (MMcf) | Oil-Equivalent Proved Reserves (MBoe) | ||||||||||||||||||
U.S. | U.K. | Worldwide | U.S. | U.K. | Worldwide | ||||||||||||||
Proved reserves: | |||||||||||||||||||
January 1, 2011 | 665,167 | 4,684 | 669,851 | 134,071 | 6,044 | 140,115 | |||||||||||||
Extensions and discoveries | 221,544 | — | 221,544 | 54,328 | — | 54,328 | |||||||||||||
Revisions of previous estimates | (41,990 | ) | 154 | (41,836 | ) | (7,069 | ) | 199 | (6,870 | ) | |||||||||
Sales of reserves in place | (82,884 | ) | — | (82,884 | ) | (24,124 | ) | — | (24,124 | ) | |||||||||
Production | (38,990 | ) | — | (38,990 | ) | (7,509 | ) | — | (7,509 | ) | |||||||||
31-Dec-11 | 722,847 | 4,838 | 727,685 | 149,697 | 6,243 | 155,940 | |||||||||||||
Extensions and discoveries | 72,916 | — | 72,916 | 29,305 | — | 29,305 | |||||||||||||
Revisions of previous estimates | (20,996 | ) | (174 | ) | (21,170 | ) | (999 | ) | (225 | ) | (1,224 | ) | |||||||
Sales of reserves in place | (313,483 | ) | — | (313,483 | ) | (53,497 | ) | — | (53,497 | ) | |||||||||
Production | (37,612 | ) | — | (37,612 | ) | (9,436 | ) | — | (9,436 | ) | |||||||||
31-Dec-12 | 423,672 | 4,664 | 428,336 | 115,070 | 6,018 | 121,088 | |||||||||||||
Extensions and discoveries | 73,360 | — | 73,360 | 42,514 | — | 42,514 | |||||||||||||
Revisions of previous estimates | 29,819 | — | 29,819 | 6,055 | — | 6,055 | |||||||||||||
Sales of reserves in place | (307,472 | ) | (4,664 | ) | (312,136 | ) | (52,121 | ) | (6,018 | ) | (58,139 | ) | |||||||
Production | (31,422 | ) | — | (31,422 | ) | (9,999 | ) | — | (9,999 | ) | |||||||||
31-Dec-13 | 187,957 | — | 187,957 | 101,519 | — | 101,519 | |||||||||||||
Proved developed reserves: | |||||||||||||||||||
31-Dec-11 | 389,795 | 2,419 | 392,214 | 72,955 | 3,122 | 76,077 | |||||||||||||
31-Dec-12 | 229,539 | 4,664 | 234,203 | 52,552 | 6,018 | 58,570 | |||||||||||||
31-Dec-13 | 106,976 | — | 106,976 | 38,929 | — | 38,929 | |||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||
31-Dec-11 | 333,052 | 2,419 | 335,471 | 76,742 | 3,121 | 79,863 | |||||||||||||
31-Dec-12 | 194,134 | — | 194,134 | 62,519 | — | 62,519 | |||||||||||||
31-Dec-13 | 80,981 | — | 80,981 | 62,590 | — | 62,590 | |||||||||||||
Natural gas extensions and discoveries are primarily attributable to the following: | |||||||||||||||||||
2013 | Additions of U.S. proved developed and undeveloped reserves as a result of drilling and offset locations in the Marcellus and Eagle Ford. | ||||||||||||||||||
2012 | Additions of U.S. proved developed and undeveloped reserves as a result of drilling and offset locations in the Barnett, Marcellus, and Eagle Ford. | ||||||||||||||||||
2011 | Additions of U.S. proved developed and undeveloped reserves as a result of drilling and offset locations in the Barnett, Marcellus, and Eagle Ford. Transfer of U.K. proved undeveloped reserves to proved developed reserves as a result of drilling. | ||||||||||||||||||
Natural gas revisions of previous estimates are primarily attributable to the following: | |||||||||||||||||||
2013 | Positive price revisions in the U.S. primarily in the Barnett and Marcellus. | ||||||||||||||||||
2012 | Negative price revisions in the U.S. primarily in the Barnett. | ||||||||||||||||||
2011 | Negative price revisions in the U.S. primarily in the Barnett. | ||||||||||||||||||
Natural gas sales of reserves in place are primarily attributable to the following: | |||||||||||||||||||
2013 | Sale of U.S. properties in the Barnett Shale to EnerVest during the fourth quarter and U.K. properties to Iona during the first quarter. | ||||||||||||||||||
2012 | Sales of properties to Atlas during the second quarter and sale of Gulf Coast properties during the third quarter. | ||||||||||||||||||
2011 | Sales of properties to KKR during the second quarter and GAIL during the third quarter. | ||||||||||||||||||
Schedule Of Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves | ' | ||||||||||||||||||
The standardized measure of discounted future net cash flows relating to proved oil and gas reserves is as follows: | |||||||||||||||||||
U.S. | U.K. | Worldwide | |||||||||||||||||
(In thousands) | |||||||||||||||||||
2011 | |||||||||||||||||||
Future cash inflows | $ | 4,834,725 | $ | 617,667 | $ | 5,452,392 | |||||||||||||
Future production costs | (1,212,722 | ) | (95,229 | ) | (1,307,951 | ) | |||||||||||||
Future development costs | (1,163,377 | ) | (43,954 | ) | (1,207,331 | ) | |||||||||||||
Future income taxes | (477,824 | ) | (246,273 | ) | (724,097 | ) | |||||||||||||
Future net cash flows | 1,980,802 | 232,211 | 2,213,013 | ||||||||||||||||
Less 10% annual discount to reflect timing of cash flows | (1,124,339 | ) | (47,638 | ) | (1,171,977 | ) | |||||||||||||
Standard measure of discounted future net cash flows | $ | 856,463 | $ | 184,573 | $ | 1,041,036 | |||||||||||||
2012 | |||||||||||||||||||
Future cash inflows | $ | 4,960,687 | $ | 623,678 | $ | 5,584,365 | |||||||||||||
Future production costs | (1,009,850 | ) | (87,727 | ) | (1,097,577 | ) | |||||||||||||
Future development costs | (982,101 | ) | (11,194 | ) | (993,295 | ) | |||||||||||||
Future income taxes | (511,790 | ) | (252,493 | ) | (764,283 | ) | |||||||||||||
Future net cash flows | 2,456,946 | 272,264 | 2,729,210 | ||||||||||||||||
Less 10% annual discount to reflect timing of cash flows | (1,277,463 | ) | (33,352 | ) | (1,310,815 | ) | |||||||||||||
Standard measure of discounted future net cash flows | $ | 1,179,483 | $ | 238,912 | $ | 1,418,395 | |||||||||||||
2013 | |||||||||||||||||||
Future cash inflows | $ | 6,936,276 | $ | — | $ | 6,936,276 | |||||||||||||
Future production costs | (1,629,663 | ) | — | (1,629,663 | ) | ||||||||||||||
Future development costs | (1,340,722 | ) | — | (1,340,722 | ) | ||||||||||||||
Future income taxes | (835,840 | ) | — | (835,840 | ) | ||||||||||||||
Future net cash flows | 3,130,051 | — | 3,130,051 | ||||||||||||||||
Less 10% annual discount to reflect timing of cash flows | (1,508,640 | ) | — | (1,508,640 | ) | ||||||||||||||
Standard measure of discounted future net cash flows | $ | 1,621,411 | $ | — | $ | 1,621,411 | |||||||||||||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves | ' | ||||||||||||||||||
Changes in the standardized measure of discounted future net cash flows relating to proved oil and gas reserves are summarized below: | |||||||||||||||||||
U.S. | U.K. | Worldwide | |||||||||||||||||
(In thousands) | |||||||||||||||||||
Standardized measure — January 1, 2011 | $ | 654,684 | $ | 94,102 | $ | 748,786 | |||||||||||||
Revisions to reserves proved in prior years: | |||||||||||||||||||
Net change in sales prices and production costs related to future production | 134,952 | 128,525 | 263,477 | ||||||||||||||||
Net change in estimated future development costs | (509 | ) | (4,144 | ) | (4,653 | ) | |||||||||||||
Net change due to revisions in quantity estimates | (64,860 | ) | 13,078 | (51,782 | ) | ||||||||||||||
Accretion of discount | 81,225 | 19,399 | 100,624 | ||||||||||||||||
Changes in production rates (timing) and other | (78,199 | ) | (16,094 | ) | (94,293 | ) | |||||||||||||
Total revisions | 72,609 | 140,764 | 213,373 | ||||||||||||||||
Net change due to extensions and discoveries, net of estimated future development and production costs | 508,558 | — | 508,558 | ||||||||||||||||
Net change due to sales of minerals in place | (150,437 | ) | — | (150,437 | ) | ||||||||||||||
Sales of oil and gas produced, net of production costs | (173,853 | ) | — | (173,853 | ) | ||||||||||||||
Previously estimated development costs incurred | 5,381 | 39,779 | 45,160 | ||||||||||||||||
Net change in income taxes | (60,479 | ) | (90,072 | ) | (150,551 | ) | |||||||||||||
Net change in standardized measure of discounted future net cash flows | 201,779 | 90,471 | 292,250 | ||||||||||||||||
Standardized measure — December 31, 2011 | $ | 856,463 | $ | 184,573 | $ | 1,041,036 | |||||||||||||
Revisions to reserves proved in prior years: | |||||||||||||||||||
Net change in sales prices and production costs related to future production | (55,249 | ) | 49,719 | (5,530 | ) | ||||||||||||||
Net change in estimated future development costs | 91,404 | — | 91,404 | ||||||||||||||||
Net change due to revisions in quantity estimates | (77,919 | ) | (46,803 | ) | (124,722 | ) | |||||||||||||
Accretion of discount | 107,451 | 37,453 | 144,904 | ||||||||||||||||
Changes in production rates (timing) and other | (3,369 | ) | (6,061 | ) | (9,430 | ) | |||||||||||||
Total revisions | 62,318 | 34,308 | 96,626 | ||||||||||||||||
Net change due to extensions and discoveries, net of estimated future development and production costs | 599,544 | — | 599,544 | ||||||||||||||||
Net change due to sales of minerals in place | (212,910 | ) | — | (212,910 | ) | ||||||||||||||
Sales of oil and gas produced, net of production costs | (313,354 | ) | — | (313,354 | ) | ||||||||||||||
Previously estimated development costs incurred | 202,187 | 32,760 | 234,947 | ||||||||||||||||
Net change in income taxes | (14,765 | ) | (12,729 | ) | (27,494 | ) | |||||||||||||
Net change in standardized measure of discounted future net cash flows | 323,020 | 54,339 | 377,359 | ||||||||||||||||
Standardized measure — December 31, 2012 | $ | 1,179,483 | $ | 238,912 | $ | 1,418,395 | |||||||||||||
Revisions to reserves proved in prior years: | |||||||||||||||||||
Net change in sales prices and production costs related to future production | (232,361 | ) | — | (232,361 | ) | ||||||||||||||
Net change in estimated future development costs | (10,602 | ) | — | (10,602 | ) | ||||||||||||||
Net change due to revisions in quantity estimates | 205,686 | — | 205,686 | ||||||||||||||||
Accretion of discount | 141,229 | 44,160 | 185,389 | ||||||||||||||||
Changes in production rates (timing) and other | 56,052 | (44,160 | ) | 11,892 | |||||||||||||||
Total revisions | 160,004 | — | 160,004 | ||||||||||||||||
Net change due to extensions and discoveries, net of estimated future development and production costs | 873,028 | — | 873,028 | ||||||||||||||||
Net change due to sales of minerals in place | (191,155 | ) | (441,597 | ) | (632,752 | ) | |||||||||||||
Sales of oil and gas produced, net of production costs | (444,841 | ) | — | (444,841 | ) | ||||||||||||||
Previously estimated development costs incurred | 217,395 | — | 217,395 | ||||||||||||||||
Net change in income taxes | (172,503 | ) | 202,685 | 30,182 | |||||||||||||||
Net change in standardized measure of discounted future net cash flows | 441,928 | (238,912 | ) | 203,016 | |||||||||||||||
Standardized measure — December 31, 2013 | $ | 1,621,411 | $ | — | $ | 1,621,411 | |||||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule Of Quarterly Financial Information | ' | ||||||||||||||||
The following table presents selected quarterly financial data for the years ended December 31, 2013 and 2012: | |||||||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Oil and gas revenues | $ | 111,901 | $ | 134,224 | $ | 144,329 | $ | 129,728 | |||||||||
Operating income (loss) | 33,463 | 46,618 | 48,603 | (21,002 | ) | -2 | |||||||||||
Net income (loss) from continuing operations | 2,524 | 35,837 | 5,712 | (22,215 | ) | ||||||||||||
Net income (loss) | $ | 26,182 | -1 | $ | 36,969 | $ | 4,521 | $ | (23,989 | ) | -2 | ||||||
Net income (loss) per share - basic | |||||||||||||||||
Net income (loss) from continuing operations | $ | 0.06 | $ | 0.89 | $ | 0.14 | $ | (0.52 | ) | -2 | |||||||
Net income (loss) per share | 0.66 | -1 | 0.92 | 0.11 | (0.56 | ) | -2 | ||||||||||
Net income (loss) per share - diluted | |||||||||||||||||
Net income (loss) from continuing operations | $ | 0.06 | $ | 0.88 | $ | 0.14 | $ | (0.52 | ) | -2 | |||||||
Net income (loss) per share | 0.65 | -1 | 0.91 | 0.11 | (0.56 | ) | -2 | ||||||||||
2012 | First | Second | Third | Fourth | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Oil and gas revenues | $ | 80,715 | $ | 83,818 | $ | 96,197 | $ | 107,450 | |||||||||
Operating income | 22,380 | 14,806 | 24,318 | 37,151 | |||||||||||||
Net income (loss) from continuing operations | 10,676 | 25,683 | (1,945 | ) | 16,763 | ||||||||||||
Net income (loss) | $ | 9,423 | $ | 28,504 | $ | (930 | ) | $ | 18,490 | ||||||||
Net income (loss) per share - basic | |||||||||||||||||
Net income (loss) from continuing operations | $ | 0.27 | $ | 0.65 | $ | (0.05 | ) | $ | 0.42 | ||||||||
Net income (loss) per share | 0.24 | 0.72 | (0.02 | ) | 0.47 | ||||||||||||
Net income (loss) per share - diluted | |||||||||||||||||
Net income (loss) from continuing operations | $ | 0.27 | $ | 0.64 | $ | (0.05 | ) | $ | 0.42 | ||||||||
Net income (loss) per share | 0.24 | 0.71 | (0.02 | ) | 0.46 | ||||||||||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum [Member] | Maximum [Member] | Stock Options And SARs [Member] | Stock Options [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Restricted Stock Awards And Units [Member] | Restricted Stock Awards And Units [Member] | Restricted Stock Granted To Contractors [Member] | Carrizo United Kingdom [Member] | Customer One [Member] | Customer One [Member] | Customer One [Member] | Customer Two [Member] | Customer Two [Member] | |||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of non-operating working interest overriding royalty interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' |
Allowance for doubtful accounts receivable | $600,000 | $1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer percentage of total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.00% | 53.00% | 43.00% | 23.00% | 10.00% |
Internal costs capitalized, Oil and Gas Producing Activities | 15,000,000 | 11,800,000 | 9,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average DD&A Per Boe (in USD per BOE) | 21.38 | 17.55 | 11.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest | 29,889,000 | 24,848,000 | 23,369,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of discontinued operations | 37,294,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of total proved reserves that were sold | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on sale of oil and gas properties | 45,377,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reserves discount factor | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life, minimum, years | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, net | 22,900,000 | 23,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative asset, fair value, net | ' | $29,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period, in years | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | '1 year | '3 years | '3 years | ' | ' | ' | ' | ' | ' |
Expiration period after date of grant, in years | ' | ' | ' | ' | ' | ' | ' | '10 years | '4 years | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Stock-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $36,300 | $14,933 | $15,511 |
Less: amounts capitalized | -6,927 | -3,244 | -3,647 |
Stock-based compensation expense, net of amounts capitalized | 29,373 | 11,689 | 11,864 |
Income Tax Benefit | 10,281 | 4,449 | 4,342 |
Stock Options And SARs [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 17,303 | -2,116 | 1,546 |
Restricted Stock Awards And Units [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $18,997 | $17,049 | $13,965 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Schedule Of Supplemental Net Income Per Common Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income from continuing operations | ($22,215) | $5,712 | $35,837 | $2,524 | $16,763 | ($1,945) | $25,683 | $10,676 | $21,858 | $51,177 | $32,534 |
Basic weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 40,781 | 39,591 | 39,077 |
Effect of dilutive instruments (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 574 | 435 | 591 |
Diluted weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 41,355 | 40,026 | 39,668 |
Net income from continuing operations per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income from continued operations (in dollars per share) | ($0.52) | $0.14 | $0.89 | $0.06 | $0.42 | ($0.05) | $0.65 | $0.27 | $0.54 | $1.29 | $0.83 |
Net income from continuing operations (in dollars per share) | ($0.52) | $0.14 | $0.88 | $0.06 | $0.42 | ($0.05) | $0.64 | $0.27 | $0.53 | $1.28 | $0.82 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 22, 2013 | Feb. 22, 2013 | Dec. 27, 2012 | Feb. 22, 2013 | |
Carrizo United Kingdom [Member] | Carrizo United Kingdom [Member] | Carrizo United Kingdom [Member] | |||||
Huntington Field Development Project Credit Facility [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of non-operating working interest overriding royalty interests | ' | ' | ' | ' | ' | 15.00% | ' |
Cash consideration and retirement of debt aggregate amount | ' | ' | ' | ' | $144,100,000 | ' | ' |
Sale price | ' | ' | ' | ' | 184,000,000 | ' | ' |
Current availability of term loan facility | ' | ' | ' | ' | ' | ' | 55,000,000 |
Gain on sale of discontinued operations | 37,294,000 | 0 | 0 | ' | ' | ' | ' |
Liabilities of Disposal Group, Including Discontinued Operation | ' | ' | ' | 30,500,000 | ' | ' | ' |
Deferred compensation expected to be received | ' | ' | ' | ' | 18,500,000 | ' | ' |
Current liabilities of discontinued operations | 10,936,000 | 0 | ' | ' | ' | ' | ' |
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS | $17,336,000 | $0 | ' | ' | ' | ' | ' |
Discontinued_Operations_Discon
Discontinued Operations Discontinued Operations (Statements of Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' |
OIL AND GAS REVENUES | $0 | $0 | $0 |
General and administrative | 916 | 62 | 242 |
Accretion related to asset retirement obligations | 36 | 363 | 76 |
TOTAL COST AND EXPENSES | 952 | 425 | 318 |
OPERATING LOSS | -952 | -425 | -318 |
Gain on sale of discontinued operations | 37,294 | 0 | 0 |
Adjustment of estimated future obligations | -44 | 0 | 0 |
Gain (loss) on derivative instruments, net | -109 | 258 | -1,432 |
Interest expense | -253 | -3,556 | -1,805 |
Capitalized interest | 253 | 3,556 | 0 |
Other income (expense), net | 438 | -591 | 259 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES | 36,627 | -758 | -3,296 |
DEFERRED INCOME TAX (EXPENSE) BENEFIT | -14,802 | 5,068 | 7,391 |
NET INCOME FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | $21,825 | $4,310 | $4,095 |
Property_And_Equipment_Net_Nar
Property And Equipment, Net (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||
Oct. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jan. 15, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | |
Utica [Member] | Utica [Member] | Utica [Member] | Niobrara Formation - OIL India Ltd And Indian Oil Corporation Ltd [Member] | Niobrara Formation - Haimo Oil And Gas LLC [Member] | Carrizo [Member] | |||||||||||
Avista Joint Venture [Member] | Avista Joint Venture [Member] | Avista Joint Venture [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs not subject to amortization | ' | ' | $377,437,000 | ' | ' | ' | $377,437,000 | $377,437,000 | $323,688,000 | ' | ' | ' | ' | ' | ' | ' |
Capitalized costs of unproved properties | ' | ' | ' | ' | ' | ' | ' | 265,000,000 | 112,400,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of property | ' | 51,700,000 | ' | ' | 17,600,000 | 187,100,000 | 29,500,000 | 238,470,000 | 341,597,000 | 167,265,000 | 51,700,000 | ' | ' | 41,250,000 | 27,500,000 | ' |
Sale price of oil and gas property and equipment | ' | ' | ' | 218,000,000 | 19,300,000 | 190,000,000 | 30,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of properties | ' | ' | 191,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of total proved reserves that were sold | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on sale of oil and gas properties | ' | ' | ' | ' | ' | ' | ' | -45,377,000 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Joint venture investment, original ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' | ' | ' |
Joint venture investment, net proceeds ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Payments to Acquire Oil and Gas Property | 78,600,000 | ' | 63,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint venture investment, ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | 10.00% | 60.00% |
Future development costs payment percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Maximum future development costs receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $41,250,000 | ' | ' |
Property_And_Equipment_Net_Sch
Property And Equipment, Net (Schedule Of Property And Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Proved oil and gas properties | $2,182,226 | $1,713,827 |
Accumulated depreciation, depletion and amortization | -773,742 | -561,279 |
Proved oil and gas properties, net | 1,408,484 | 1,152,548 |
Unproved properties, not being amortized | ' | ' |
Unevaluated leasehold and seismic costs | 302,232 | 238,833 |
Exploratory wells in progress | 30,196 | 43,803 |
Capitalized interest | 45,009 | 41,052 |
Total unproved properties, not being amortized | 377,437 | 323,688 |
Other property and equipment | 15,260 | 17,079 |
Accumulated depreciation | -6,966 | -5,641 |
Other property and equipment, net | 8,294 | 11,438 |
TOTAL PROPERTY AND EQUIPMENT, NET | $1,794,215 | $1,487,674 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | ' | ' |
U.S. federal statutory corporate pretax rate | 35.00% | ' |
State NOL carryforwards, valuation allowance | ' | $1.10 |
Ownership percentage change | ' | 5.00% |
Change in beneficial ownership, percentage | ' | 50.00% |
Annual limitation on net operating loss carryforwards | ' | 12.6 |
Pre-change in net operating loss | ' | 9.8 |
Stock-based compensation deductions not reflected in deferred tax assets | ' | 29.2 |
Recognized deferred tax assets associated with stock based compensation tax deductions | ' | 10.2 |
United States Of America [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Operating loss carry forwards subject to expiration | $174.40 | ' |
Income_Taxes_Schedule_Of_Compo
Income Taxes (Schedule Of Components Of Income Tax (Expense) Benefit (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current income tax (expense) benefit | ' | ' | ' |
U.S. Federal | $411 | ($411) | ($404) |
State | -141 | -403 | -661 |
Total current income tax (expense) benefit | 270 | -814 | -1,065 |
Deferred income tax expense | ' | ' | ' |
U.S. Federal | -12,404 | -28,723 | -23,254 |
State | -769 | -1,419 | -1,292 |
Total deferred income tax expense | -13,173 | -30,142 | -24,546 |
Total income tax expense from continuing operations | ($12,903) | ($30,956) | ($25,611) |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income from continuing operations before income taxes | ' | ' | ' |
Income from continuing operations before income taxes | $34,761 | $82,133 | $58,145 |
Income tax expense at the statutory rate | -12,166 | -28,747 | -20,350 |
State income taxes, net of U.S. federal income tax benefit | -859 | -1,681 | -1,722 |
Adjustment to prior period state income taxes, net of U.S. federal income tax benefit | 0 | 0 | -4,735 |
Previously unbenefitted capital loss associated with investment | ' | 0 | 1,171 |
Nondeductible expenses | 0 | -93 | 25 |
Other | 122 | -435 | 0 |
Total income tax expense from continuing operations | -12,903 | -30,956 | -25,611 |
United States [Member] | ' | ' | ' |
Income from continuing operations before income taxes | ' | ' | ' |
Income from continuing operations before income taxes | $34,761 | $82,133 | $58,145 |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets | ' | ' |
Net operating loss carryforward - U.S. Federal and State | $52,499 | $53,648 |
Stock-based compensation | 7,563 | 4,245 |
Allowance for doubtful accounts | 170 | 476 |
Fair value of derivative instruments | 3,222 | 0 |
Other | 2,471 | 1,755 |
Deferred income tax assets | 65,925 | 60,124 |
Valuation allowance | -1,084 | -1,188 |
Net deferred income tax assets | 64,841 | 58,936 |
Deferred income tax liabilities | ' | ' |
Unamortized discount on 4.375% Convertible Senior Notes | 0 | -382 |
Oil and gas properties | -74,247 | -34,985 |
Fair value of derivative instruments | -3,249 | -10,222 |
Deferred income tax liabilities | -77,496 | -45,589 |
Net deferred income tax asset (liability) | ($12,655) | $13,347 |
Income_Taxes_Schedule_Of_Net_D
Income Taxes (Schedule Of Net Deferred Income Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Noncurrent deferred income tax asset (liability) | ($16,856) | $0 |
Noncurrent deferred income tax asset (liability) | 0 | 21,272 |
Current deferred income tax asset (liability) | 4,201 | 0 |
Current deferred income tax asset (liability) | 0 | -7,925 |
Net deferred income tax asset (liability) | ($12,655) | $13,347 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||||
21-May-08 | Dec. 31, 2013 | Oct. 30, 2013 | Sep. 30, 2013 | Jun. 01, 2013 | Nov. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 17, 2011 | Nov. 02, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 10, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 21-May-08 | Nov. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | 21-May-08 | |
Senior Secured Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | Prior to September 15, 2015 [Member] | 8.625% Senior Notes [Member] | 8.625% Senior Notes [Member] | 8.625% Senior Notes [Member] | 8.625% Senior Notes [Member] | 8.625% Senior Notes [Member] | 8.625% Senior Notes [Member] | 7.50% Senior Notes [Member] | 7.50% Senior Notes [Member] | 7.50% Senior Notes [Member] | 7.50% Senior Notes [Member] | 7.50% Senior Notes [Member] | 7.50% Senior Notes [Member] | 4.375% Convertible Senior Notes [Member] | 4.375% Convertible Senior Notes [Member] | Convertible Senior Notes [Member] | Convertible Senior Notes [Member] | Convertible Senior Notes [Member] | |||||||
On and after October 15, 2014 [Member] | On and after October 15, 2014 [Member] | Prior to October 15, 2014 [Member] | On and after September 15, 2016 [Member] | On and after September 15, 2016 [Member] | October Fifteen Two Thousand And Thirteen [Member] | Prior to September 15, 2016 [Member] | Rate | |||||||||||||||||||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.63% | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | 4.38% | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | $400,000,000 | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $373,800,000 |
Redemption price, percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107.50% | ' | ' | ' | 104.31% | 100.00% | 100.00% | ' | ' | 100.00% | 103.75% | ' | 100.00% | ' | ' | 100.00% | ' | ' |
Change of control repurchase price percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument redemption, percentage of principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' |
Tender Offer Amount For Convertible Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' |
Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,425,000 | 73,750,000 | ' |
Consideration Paid For Repurchase Of Convertible Notes | ' | ' | ' | ' | 69,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount per note | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.9936 | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100.06 | ' | ' | ' | ' |
Convert If Stock Price Exceeds Percentage | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convert if trading price equal to or less than percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97.00% | ' | ' | ' | ' |
Repurchase Price, Percentage Of Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | 1,000,000,000 | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility current borrowing base | ' | 470,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal funds rate plus percentage | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted LIBO rate plus percentage | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional margin, percent | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional margin for Eurodollar loans, percent | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Previous Borrowing Capacity | ' | ' | 530,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of total debt to EBITDA | ' | 1.94 | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current ratio | ' | 2.57 | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility amount outstanding | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding amount | ' | ' | ' | ' | ' | ' | $900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Schedule_Of_Debt_Details
Debt (Schedule Of Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $900,247 | $967,808 |
Senior Secured Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of credit facility amount outstanding | 0 | 0 |
8.625% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 600,000 | 600,000 |
Unamortized discount | -4,178 | -4,849 |
7.50% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 300,000 | 300,000 |
Convertible Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unamortized discount | 0 | -1,093 |
4.375% Convertible Senior Notes | $4,425 | $73,750 |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ' |
Asset retirement obligations at beginning of period | $6,159 | $8,324 | ' |
Liabilities incurred | 3,348 | 1,573 | ' |
Liabilities settled | -498 | -1,666 | ' |
Reduction due to sales of oil and gas properties | -2,473 | -3,272 | ' |
Accretion expense | 471 | 372 | 235 |
Revisions of previous estimates | 349 | 828 | ' |
Asset retirement obligations at end of period | 7,356 | 6,159 | 8,324 |
Asset retirement obligations due within one year included in “Other accrued liabilities†| -780 | -1,670 | ' |
Long-term asset retirement obligations | $6,576 | $4,489 | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense | $1,900,000 | $1,800,000 | $1,700,000 |
2014 | 51,840,000 | ' | ' |
2015 | 19,429,000 | ' | ' |
2016 | 7,404,000 | ' | ' |
2017 | 4,711,000 | ' | ' |
2018 | 4,686,000 | ' | ' |
2019 and thereafter | 16,128,000 | ' | ' |
Total | $104,198,000 | ' | ' |
Shareholders_Equity_And_Stock_2
Shareholders' Equity And Stock Incentive Plan (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Shares, Granted | ' | 0 | 0 | 0 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $0 | $0 | ' | ' | ' |
Sale of common stock in an underwritten public offering, value | ' | 189,686,000 | ' | ' | ' |
Proceeds from common stock offerings, net of offering costs | 189,700,000 | 189,686,000 | 0 | 0 | ' |
Issuance of warrants to purchase of common stock | ' | 0 | 31,983 | 28,576 | ' |
Investment warrants, exercise price | ' | ' | $22.09 | ' | ' |
Number of stock options, restricted stock and restricted stock units granted, covering, shares, net of forfeitures | 36,353 | 36,353 | 242,854 | 263,354 | 414,854 |
Share-based compensation arrangement by share-based payment award, Options, exercises in period, total intrinsic value | ' | 4,400,000 | 400,000 | 3,600,000 | ' |
Employee service share-based compensation, cash received from exercise of stock options | ' | 1,300,000 | 100,000 | 100,000 | ' |
Stock Incentive Plans [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Maximum issuance of grant awards under Incentive Plan | 7,245,000 | 7,245,000 | ' | ' | ' |
Number of stock options, restricted stock and restricted stock units granted, covering, shares, net of forfeitures | 5,931,933 | 5,931,933 | ' | ' | ' |
Restricted Stock Award And Units [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized | 25,200,000 | 25,200,000 | ' | ' | ' |
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition | ' | '2 years 1 month 17 days | ' | ' | ' |
Cash Settled Stock Appreciation Rights Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized | 4,500,000 | 4,500,000 | ' | ' | ' |
Issuance of cash stock appreciation rights | ' | 282,296 | 193,336 | 153,801 | ' |
Liability for cash stock appreciation rights | ' | 20,600,000 | 7,200,000 | ' | ' |
Liability for cash stock appreciation rights, classified as other accrued liabilities | ' | 19,300,000 | 6,500,000 | ' | ' |
Liability for cash stock appreciation rights remainder, classified as other long term liabilities | ' | 1,300,000 | 700,000 | ' | ' |
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | ' | $3,900,000 | $100,000 | $100,000 | ' |
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition | ' | '2 years 2 months 22 days | ' | ' | ' |
Underwriter [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Common stock offerings, net of offering costs, shares | 4,500,000 | ' | ' | ' | ' |
Underwritten public offering price | $42.24 | ' | ' | ' | ' |
Shareholders_Equity_And_Stock_3
Shareholders' Equity And Stock Incentive Plan (Summary Of Stock Options Activity) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Shares, Outstanding, beginning of period | 242,854 | 263,354 | 414,854 |
Shares, Granted | 0 | 0 | 0 |
Shares, Exercised | -206,501 | -20,500 | -151,500 |
Shares, Forfeited | 0 | 0 | 0 |
Shares, Outstanding, end of period | 36,353 | 242,854 | 263,354 |
Shares, Exercisable, end of period | 36,353 | 242,854 | 263,354 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' | ' | ' |
Weighted-Average Exercise Prices, Outstanding, beginning period | $7.24 | $7.11 | $6.10 |
Weighted-Average Exercise Prices, Granted | $0 | $0 | $0 |
Weighted-Average Exercise Prices, Exercised | $6.07 | $5.50 | $4.36 |
Weighted-Average Exercise Prices, Forfeited | $0 | $0 | $0 |
Weighted-Average Exercise Prices, Outstanding, end of period | $13.91 | $7.24 | $7.11 |
Weighted-Average Exercise Prices, Exercisable, end of period | $13.91 | $7.24 | $7.11 |
Weighted-Average Remaining Life, Outstanding, end of period | '1 year 25 days | ' | ' |
Weighted - Average Remaining Life, Exercisable, end of period | '1 year 25 days | ' | ' |
Aggregate Intrinsic Value, Outstanding, end of period | $1.10 | ' | ' |
Aggregate Intrinsic Value, Exercisable, end of period | $1.10 | ' | ' |
Shareholders_Equity_And_Stock_4
Shareholders' Equity And Stock Incentive Plan (Summary of SARs Activity) (Details) (Cash Settled Stock Appreciation Rights Plan [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Settled Stock Appreciation Rights Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ' | ' | ' |
SARs, Outstanding, beginning of period | 1,035,823 | 849,782 | 700,749 |
SARs, Granted | 282,296 | 193,336 | 153,801 |
SARs, Exercised | -207,184 | -7,295 | -4,768 |
SARs, Forfeitures | -24,704 | 0 | 0 |
SARs, Outstanding, end of period | 1,086,231 | 1,035,823 | 849,782 |
SARs, Exercisable, End of Period | 681,867 | 613,934 | 326,128 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Weighted Average Exercise Prices, Outstanding, Beginning of Period | $22.69 | $22.02 | $18.50 |
Weighted Average Exercise Prices, Granted | $28.68 | $25.56 | $37.99 |
Weighted Average Exercise Prices, Exercised | $19.30 | $20.22 | $20.22 |
Weighted Average Exercise Prices, Forfeitures | $27.77 | $0 | $0 |
Weighted Average Exercise Prices, Outstanding, End of Period | $24.78 | $22.69 | $22.02 |
Weighted Average Exercise Prices, Exercisable, End of Period | $22.55 | $20.70 | $18.99 |
Weighted Average Remaining Life, Outstanding, End of Period | '2 years 10 months 4 days | ' | ' |
Weighted Average Remaining Life, Exercisable, End of Period | '2 years 8 months 25 days | ' | ' |
Aggregate Intrinsic Value, Outstanding, End of Period | $21.10 | ' | ' |
Aggregate Intrinsic Value, Exercisable, End of Period | $14.80 | ' | ' |
Shareholders_Equity_And_Stock_5
Shareholders' Equity And Stock Incentive Plan (Summary of Stock Appreciation Rights Fair Value Assumptions) (Details) (Cash Settled Stock Appreciation Rights Plan [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash Settled Stock Appreciation Rights Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Options, Grants in Period, Weighted Average Grant Date Fair Value | 13.36 | 12.23 | 18.5 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 44.54% | 48.20% | 61.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.00% | 0.40% | 0.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '3 years 6 months | '3 years | '2 years 10 months 24 days |
Shareholders_Equity_And_Stock_6
Shareholders' Equity And Stock Incentive Plan (Summary Of Restricted Stock Award And Unit Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Unvested restricted stock, Shares/Units, Beginning of Period | 1,146,274 | 800,498 | 710,955 |
Unvested restricted stock, Granted, Shares/Units | 932,763 | 854,292 | 567,901 |
Unvested restricted stock, Vested Shares/Units | -557,136 | -488,992 | -452,585 |
Unvested restricted stock, Forfeited Shares/Units | -77,034 | -19,524 | -25,773 |
Unvested restricted stock, Shares/Units, End of Period | 1,444,867 | 1,146,274 | 800,498 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Unvested restricted stock, Grant-date Fair Value, Beginning of Period | $26.95 | $27.96 | $20.26 |
Unvested restricted stock, Granted, Grant-date Fair Value | $28.16 | $25.25 | $35.27 |
Unvested restricted stock, Vested, Grant-date Fair Value | $25.98 | $25.63 | $25.29 |
Unvested restricted stock, Forfeited, Grant-date Fair Value | $26.03 | $27.61 | $23.30 |
Unvested restricted stock, Grant-date Fair Value, End of Period | $28.03 | $26.95 | $27.96 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Oct. 31, 2012 | Sep. 30, 2010 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2010 | Sep. 30, 2010 | Jun. 30, 2011 | Jan. 15, 2013 | Oct. 31, 2012 | Dec. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2012 | |
Avista Joint Venture [Member] | ACP II [Member] | ACP II [Member] | Utica [Member] | Utica [Member] | Utica [Member] | Utica [Member] | Utica [Member] | |||||||||
Avista Joint Venture [Member] | Avista Joint Venture [Member] | Avista Joint Venture [Member] | Avista Capital Partners II, L.P. [Member] | Avista Capital Partners II, L.P. [Member] | ||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint venture investment, net proceeds ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Joint venture investment, original ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' | ' | ' |
Payments to acquire interest in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $63,100,000 | $24,000,000 | ' | ' | ' |
Proceeds from sale of property | 51,700,000 | ' | 17,600,000 | 187,100,000 | 29,500,000 | 238,470,000 | 341,597,000 | 167,265,000 | ' | ' | ' | ' | ' | 51,700,000 | ' | 74,900,000 |
Joint venture, percentage of ownership increase (decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' |
Initial ownership interest of joint interest partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' |
Cost to increase ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.63% | ' | ' | ' |
Proceeds of cash distributions recognized as reductions of capitalized oil and gas property costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,600,000 | ' | ' | ' | ' | ' |
Percentage of ownership interest sold | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of interests in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | 327,000,000 | ' | ' | ' | ' | ' | ' |
Percentage of interest in joint venture transferable by each party after initial cash contributions | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Related Parties, Current | ' | ' | ' | ' | 6,600,000 | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advances for joint operations from affiliates | ' | ' | ' | ' | $2,800,000 | $2,800,000 | $9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Current long-term derivative instrument strategy | '60 months | ' | ' |
Derivative liability, fair value of derivative instrument in a net liability position | $10,135,000 | $0 | ' |
Gain (loss) on derivative instruments, net | ($18,400,000) | $31,400,000 | $48,400,000 |
Derivative_Instruments_Schedul
Derivative Instruments (Schedule of Fair Value Holding Percentage) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value, net | ' | $29.20 |
Derivative Instrument Holding Percentage | 100.00% | 100.00% |
Credit Suisse [Member] | ' | ' |
Derivative Instruments, Fair Value [Line Items] | ' | ' |
Derivative Instrument Holding Percentage | 46.00% | 40.00% |
Societe Generale [Member] | ' | ' |
Derivative Instruments, Fair Value [Line Items] | ' | ' |
Derivative Instrument Holding Percentage | 31.00% | 22.00% |
Bnp Paribas [Member] | ' | ' |
Derivative Instruments, Fair Value [Line Items] | ' | ' |
Derivative Instrument Holding Percentage | 0.00% | 33.00% |
Bbva Compass [Member] | ' | ' |
Derivative Instruments, Fair Value [Line Items] | ' | ' |
Derivative Instrument Holding Percentage | 0.00% | 3.00% |
Wells Fargo [Member] | ' | ' |
Derivative Instruments, Fair Value [Line Items] | ' | ' |
Derivative Instrument Holding Percentage | 23.00% | 2.00% |
Level 2 [Member] | Level 2 [Member] | ' | ' |
Derivative Instruments, Fair Value [Line Items] | ' | ' |
Derivative asset, fair value, net | $9.30 | ' |
Derivative_Instruments_Schedul1
Derivative Instruments (Schedule Of U.S. Crude Oil Derivative Positions) (Details) (U.S. Crude Oil Derivative Positions [Member]) | Dec. 31, 2013 |
2014 [Member] | ' |
Derivative [Line Items] | ' |
Weighted Average Ceiling Price ($/Bbls) | ' |
Swaps [Member] | 2014 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (in Bbls) | 7,500 |
Weighted Average Floor Price ($/Bbls) | 92.59 |
Swaps [Member] | 2015 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (in Bbls) | 4,250 |
Weighted Average Floor Price ($/Bbls) | 91.3 |
Weighted Average Ceiling Price ($/Bbls) | ' |
Collars [Member] | 2014 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (in Bbls) | 3,000 |
Weighted Average Floor Price ($/Bbls) | 88.33 |
Weighted Average Ceiling Price ($/Bbls) | 104.26 |
Collars [Member] | 2015 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (in Bbls) | 700 |
Weighted Average Floor Price ($/Bbls) | 90 |
Weighted Average Ceiling Price ($/Bbls) | 100.65 |
Three-way Collars [Member] | 2014 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (in Bbls) | 500 |
Weighted Average Floor Price ($/Bbls) | 85 |
Weighted Average Ceiling Price ($/Bbls) | 107.75 |
Weighted Average Short Put Price ($/Bbl) | 65 |
Weighted Average Put Spread ($/Bbl) | 20 |
Three-way Collars [Member] | 2015 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (in Bbls) | 1,000 |
Weighted Average Floor Price ($/Bbls) | 85 |
Weighted Average Ceiling Price ($/Bbls) | 105 |
Weighted Average Short Put Price ($/Bbl) | 65 |
Weighted Average Put Spread ($/Bbl) | 20 |
Three-way Collars [Member] | 2016 [Member] | ' |
Derivative [Line Items] | ' |
Volumes (in Bbls) | 667 |
Weighted Average Floor Price ($/Bbls) | 85 |
Weighted Average Ceiling Price ($/Bbls) | 104 |
Weighted Average Short Put Price ($/Bbl) | 65 |
Weighted Average Put Spread ($/Bbl) | 20 |
Derivative_Instruments_Schedul2
Derivative Instruments (Schedule Of U.S. Natural Gas Derivative Positions) (Details) (Natural Gas Derivative Positions [Member]) | Dec. 31, 2013 |
MMBTU | |
2014 [Member] | Swaps [Member] | ' |
Derivative [Line Items] | ' |
Volume (in MMBtu/d) | 45,000 |
Weighted Average Floor Price ($/MMBtu) | 4.09 |
Weighted Average Ceiling Price ($/MMBtu) | ' |
2014 [Member] | Calls [Member] | ' |
Derivative [Line Items] | ' |
Volume (in MMBtu/d) | 10,000 |
Weighted Average Ceiling Price ($/MMBtu) | 5.5 |
2015 [Member] | Swaps [Member] | ' |
Derivative [Line Items] | ' |
Volume (in MMBtu/d) | 10,000 |
Weighted Average Floor Price ($/MMBtu) | 4.33 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value amount of transfers in or out of Levels 1 or 2 | $0 | $0 |
Level 2 [Member] | Portion at Fair Value Measurement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative current assets, gross amount recognized | 2,389,000 | 24,014,000 |
Derivative current assets, gross amounts offset in the consolidated balance sheets | -2,389,000 | -33,000 |
Derivative current assets, net amounts presented in the consolidated balance sheets | 0 | 23,981,000 |
Derivative non-current assets, gross amount recognized | 11,709,000 | 6,778,000 |
Derivative non-current assets, gross amounts offset in the consolidated balance sheets | -2,425,000 | -1,598,000 |
Derivative non-current assets, net amounts presented in the consolidated balance sheets | 9,284,000 | 5,180,000 |
Derivative current liabilities, gross amount recognized | -12,336,000 | -33,000 |
Derivative current liabilities, gross amounts offset in the consolidated balance sheets | 2,389,000 | 33,000 |
Derivative current liabilities, net amounts presented in the consolidated balance sheets | -9,947,000 | 0 |
Derivative non-current liabilities, gross amount recognized | -2,613,000 | -1,598,000 |
Derivative non-current liabilities, gross amounts offset in the consolidated balance sheets | 2,425,000 | 1,598,000 |
Derivative non-current liabilities, net amounts presented in the consolidated balance sheets | -188,000 | 0 |
Derivative asset (liabilities), gross amount recognized | -851,000 | 29,161,000 |
Derivative liabilities (assets), gross amounts offset in the consolidated balance sheets | 0 | 0 |
Total, net amounts presented in the consolidated balance sheets | ($851,000) | $29,161,000 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Fair Value of Debt Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
8.625% Senior Notes [Member] | ' | ' |
Schedule of Fair Value of Debt Instruments [Line Items] | ' | ' |
Senior Notes | $600,000 | $600,000 |
7.50% Senior Notes [Member] | ' | ' |
Schedule of Fair Value of Debt Instruments [Line Items] | ' | ' |
Senior Notes | 300,000 | 300,000 |
Four Point Three Seven Five Percent Convertible Senior Notes [Member] | ' | ' |
Schedule of Fair Value of Debt Instruments [Line Items] | ' | ' |
Convertible Debt | 4,425 | 73,750 |
Portion at Fair Value Measurement [Member] | 8.625% Senior Notes [Member] | ' | ' |
Schedule of Fair Value of Debt Instruments [Line Items] | ' | ' |
Fair value of Senior Notes | 644,978 | 645,000 |
Portion at Fair Value Measurement [Member] | 7.50% Senior Notes [Member] | ' | ' |
Schedule of Fair Value of Debt Instruments [Line Items] | ' | ' |
Fair value of Senior Notes | 327,000 | 308,250 |
Portion at Fair Value Measurement [Member] | Four Point Three Seven Five Percent Convertible Senior Notes [Member] | ' | ' |
Schedule of Fair Value of Debt Instruments [Line Items] | ' | ' |
Fair Value of Convertible Senior Notes | 4,115 | 73,842 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 8.625% Senior Notes [Member] | ' | ' |
Schedule of Fair Value of Debt Instruments [Line Items] | ' | ' |
Senior Notes | 595,822 | 595,151 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 7.50% Senior Notes [Member] | ' | ' |
Schedule of Fair Value of Debt Instruments [Line Items] | ' | ' |
Senior Notes | 300,000 | 300,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Four Point Three Seven Five Percent Convertible Senior Notes [Member] | ' | ' |
Schedule of Fair Value of Debt Instruments [Line Items] | ' | ' |
Convertible Debt | $4,425 | $72,657 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Narrative) (Details) | Dec. 31, 2013 |
Condensed Consolidating Financial Information [Abstract] | ' |
Voting interest of the subsidiary owned by the registrant | 100.00% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Schedule Of Condensed Consolidating Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current assets | $279,761 | $206,823 | ' | ' |
Current assets held for sale | 0 | 1,882 | ' | ' |
Assets of discontinued operations | 0 | ' | ' | ' |
Property and equipment, net | 1,794,215 | 1,487,674 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Long-term assets held for sale | 0 | 132,626 | ' | ' |
Other assets | 36,784 | 54,991 | ' | ' |
TOTAL ASSETS | 2,110,760 | 1,883,996 | ' | ' |
Current liabilities | 311,899 | 250,255 | ' | ' |
Current liabilities associated with assets held for sale | 0 | 48,663 | ' | ' |
Current liabilities of discontinued operations | 10,936 | 0 | ' | ' |
Long-term liabilities | 928,985 | 976,515 | ' | ' |
Long-term liabilities associated with assets held for sale | 0 | 23,547 | ' | ' |
Long-term liabilities of discontinued operations | 17,336 | 0 | ' | ' |
Shareholders’ equity | 841,604 | 585,016 | 509,855 | 456,636 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,110,760 | 1,883,996 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Current assets | 1,820,069 | 1,689,430 | ' | ' |
Current assets held for sale | 0 | 0 | ' | ' |
Assets of discontinued operations | 0 | ' | ' | ' |
Property and equipment, net | 2,797 | 23,041 | ' | ' |
Investment in subsidiaries | 61,619 | 14,588 | ' | ' |
Long-term assets held for sale | 0 | 12,670 | ' | ' |
Other assets | 69,686 | 46,913 | ' | ' |
TOTAL ASSETS | 1,954,171 | 1,786,642 | ' | ' |
Current liabilities | 190,550 | 179,221 | ' | ' |
Current liabilities associated with assets held for sale | 0 | 9,880 | ' | ' |
Current liabilities of discontinued operations | 10,936 | ' | ' | ' |
Long-term liabilities | 905,235 | 973,003 | ' | ' |
Long-term liabilities associated with assets held for sale | 0 | 0 | ' | ' |
Long-term liabilities of discontinued operations | 17,336 | ' | ' | ' |
Shareholders’ equity | 830,114 | 624,538 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,954,171 | 1,786,642 | ' | ' |
Combined Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets | 168,718 | 130,487 | ' | ' |
Current assets held for sale | 0 | 0 | ' | ' |
Assets of discontinued operations | 0 | ' | ' | ' |
Property and equipment, net | 1,768,553 | 1,443,064 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Long-term assets held for sale | 0 | 0 | ' | ' |
Other assets | 0 | 16,928 | ' | ' |
TOTAL ASSETS | 1,937,271 | 1,590,479 | ' | ' |
Current liabilities | 1,828,314 | 1,631,887 | ' | ' |
Current liabilities associated with assets held for sale | 0 | 0 | ' | ' |
Current liabilities of discontinued operations | 0 | ' | ' | ' |
Long-term liabilities | 47,335 | 3,512 | ' | ' |
Long-term liabilities associated with assets held for sale | 0 | 0 | ' | ' |
Long-term liabilities of discontinued operations | 0 | ' | ' | ' |
Shareholders’ equity | 61,622 | -44,920 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,937,271 | 1,590,479 | ' | ' |
Combined Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets | 0 | 0 | ' | ' |
Current assets held for sale | 0 | 1,882 | ' | ' |
Assets of discontinued operations | 0 | ' | ' | ' |
Property and equipment, net | 2,058 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Long-term assets held for sale | 0 | 119,956 | ' | ' |
Other assets | 0 | 0 | ' | ' |
TOTAL ASSETS | 2,058 | 121,838 | ' | ' |
Current liabilities | 2,061 | 0 | ' | ' |
Current liabilities associated with assets held for sale | 0 | 38,783 | ' | ' |
Current liabilities of discontinued operations | 0 | ' | ' | ' |
Long-term liabilities | 0 | 0 | ' | ' |
Long-term liabilities associated with assets held for sale | 0 | 23,547 | ' | ' |
Long-term liabilities of discontinued operations | 0 | ' | ' | ' |
Shareholders’ equity | -3 | 59,508 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,058 | 121,838 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current assets | -1,709,026 | -1,613,094 | ' | ' |
Current assets held for sale | 0 | 0 | ' | ' |
Assets of discontinued operations | 0 | ' | ' | ' |
Property and equipment, net | 20,807 | 21,569 | ' | ' |
Investment in subsidiaries | -61,619 | -14,588 | ' | ' |
Long-term assets held for sale | 0 | 0 | ' | ' |
Other assets | -32,902 | -8,850 | ' | ' |
TOTAL ASSETS | -1,782,740 | -1,614,963 | ' | ' |
Current liabilities | -1,709,026 | -1,560,853 | ' | ' |
Current liabilities associated with assets held for sale | 0 | 0 | ' | ' |
Current liabilities of discontinued operations | 0 | ' | ' | ' |
Long-term liabilities | -23,585 | 0 | ' | ' |
Long-term liabilities associated with assets held for sale | 0 | 0 | ' | ' |
Long-term liabilities of discontinued operations | 0 | ' | ' | ' |
Shareholders’ equity | -50,129 | -54,110 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | ($1,782,740) | ($1,614,963) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Schedule Of Condensed Consolidating Statement Of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Oil and gas revenues | $129,728 | $144,329 | $134,224 | $111,901 | $107,450 | $96,197 | $83,818 | $80,715 | $520,182 | $368,180 | $202,167 |
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 367,123 | 269,527 | 164,016 |
Loss on sale of oil and gas properties | ' | ' | ' | ' | ' | ' | ' | ' | 45,377 | 0 | 0 |
Operating income (loss) | -21,002 | 48,603 | 46,618 | 33,463 | 37,151 | 24,318 | 14,806 | 22,380 | 107,682 | 98,653 | 38,151 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -72,921 | -16,520 | 19,994 |
Income (loss) from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 34,761 | 82,133 | 58,145 |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | -12,903 | -30,956 | -25,611 |
Equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income from continuing operations | -22,215 | 5,712 | 35,837 | 2,524 | 16,763 | -1,945 | 25,683 | 10,676 | 21,858 | 51,177 | 32,534 |
Net income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 21,825 | 4,310 | 4,095 |
NET INCOME | -23,989 | 4,521 | 36,969 | 26,182 | 18,490 | -930 | 28,504 | 9,423 | 43,683 | 55,487 | 36,629 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and gas revenues | ' | ' | ' | ' | ' | ' | ' | ' | 6,490 | 20,195 | 31,875 |
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 82,282 | 76,839 | 68,652 |
Loss on sale of oil and gas properties | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -75,792 | -56,644 | -36,777 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -52,592 | 20,022 | 41,182 |
Income (loss) from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -128,384 | -36,622 | 4,405 |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 44,934 | 12,658 | -1,209 |
Equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 106,538 | 73,150 | 29,319 |
Net income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 23,088 | 49,186 | 32,515 |
Net income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 21,825 | 126 | 1,013 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 44,913 | 49,312 | 33,528 |
Combined Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and gas revenues | ' | ' | ' | ' | ' | ' | ' | ' | 513,692 | 347,985 | 170,292 |
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 284,076 | 205,341 | 100,255 |
Loss on sale of oil and gas properties | ' | ' | ' | ' | ' | ' | ' | ' | 45,377 | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 184,239 | 142,644 | 70,037 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -20,329 | -36,542 | -21,188 |
Income (loss) from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 163,910 | 106,102 | 48,849 |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | -57,369 | -37,136 | -22,612 |
Equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 106,541 | 68,966 | 26,237 |
Net income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 106,541 | 68,966 | 26,237 |
Combined Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and gas revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 0 | 0 |
Loss on sale of oil and gas properties | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -3 | 0 | 0 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -3 | 0 | 0 |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -3 | 0 | 0 |
Net income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,184 | 3,082 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -3 | 4,184 | 3,082 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and gas revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 762 | -12,653 | -4,891 |
Loss on sale of oil and gas properties | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -762 | 12,653 | 4,891 |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -762 | 12,653 | 4,891 |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | -468 | -6,478 | -1,790 |
Equity in income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -106,538 | -73,150 | -29,319 |
Net income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -107,768 | -66,975 | -26,218 |
Net income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | ($107,768) | ($66,975) | ($26,218) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information (Schedule Of Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net cash provided by operating activities - continuing operations | $367,474 | $253,071 | $155,511 |
Net cash used in investing activities - continuing operations | -509,885 | -465,151 | -250,068 |
Net cash provided by financing activities - continuing operations | 120,326 | 237,778 | 116,826 |
Net cash provided by (used in) discontinued operations | 126,910 | -1,196 | 1,715 |
Net increase (decrease) in cash and cash equivalents | 104,825 | 24,502 | 23,984 |
Cash and cash equivalents, beginning of year | 52,614 | 28,112 | 4,128 |
Cash and cash equivalents, end of year | 157,439 | 52,614 | 28,112 |
Parent Company [Member] | ' | ' | ' |
Net cash provided by operating activities - continuing operations | -55,888 | 75,546 | 56,563 |
Net cash used in investing activities - continuing operations | -86,322 | -280,564 | -194,689 |
Net cash provided by financing activities - continuing operations | 120,326 | 237,778 | 155,842 |
Net cash provided by (used in) discontinued operations | 127,429 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 105,545 | 32,760 | 17,716 |
Cash and cash equivalents, beginning of year | 51,894 | 19,134 | 1,418 |
Cash and cash equivalents, end of year | 157,439 | 51,894 | 19,134 |
Combined Guarantor Subsidiaries [Member] | ' | ' | ' |
Net cash provided by operating activities - continuing operations | 423,366 | 177,525 | 98,948 |
Net cash used in investing activities - continuing operations | -513,710 | -493,145 | -356,168 |
Net cash provided by financing activities - continuing operations | 90,143 | 308,558 | 261,773 |
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -201 | -7,062 | 4,553 |
Cash and cash equivalents, beginning of year | 201 | 7,263 | 2,710 |
Cash and cash equivalents, end of year | 0 | 201 | 7,263 |
Combined Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Net cash provided by operating activities - continuing operations | -4 | 0 | 0 |
Net cash used in investing activities - continuing operations | -2,057 | 0 | 0 |
Net cash provided by financing activities - continuing operations | 2,061 | 0 | 0 |
Net cash provided by (used in) discontinued operations | -519 | -1,196 | 1,715 |
Net increase (decrease) in cash and cash equivalents | -519 | -1,196 | 1,715 |
Cash and cash equivalents, beginning of year | 519 | 1,715 | 0 |
Cash and cash equivalents, end of year | 0 | 519 | 1,715 |
Eliminations [Member] | ' | ' | ' |
Net cash provided by operating activities - continuing operations | 0 | 0 | 0 |
Net cash used in investing activities - continuing operations | 92,204 | 308,558 | 300,789 |
Net cash provided by financing activities - continuing operations | -92,204 | -308,558 | -300,789 |
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of year | 0 | 0 | 0 |
Cash and cash equivalents, end of year | $0 | $0 | $0 |
Supplemental_Disclosures_About2
Supplemental Disclosures About Oil And Gas Producing Activities (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ' | ' | ' |
Capitalized interest | $29,889 | $24,848 | $23,369 |
Reserves discount factor | 10.00% | ' | ' |
Crude Oil And Condensate, Per Barrel [Member] | ' | ' | ' |
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ' | ' | ' |
Average market prices used in reserves estimates | 99.44 | 102.03 | 95.28 |
Natural Gas Liquids (Bbls) [Member] | ' | ' | ' |
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ' | ' | ' |
Average market prices used in reserves estimates | 25.6 | 32.12 | 44.9 |
Natural Gas, Per Thousand Cubic Feet [Member] | ' | ' | ' |
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ' | ' | ' |
Average market prices used in reserves estimates | 2.97 | 2.08 | 3.24 |
Supplemental_Disclosures_About3
Supplemental Disclosures About Oil And Gas Producing Activities (Schedule Of Costs Incurred In Oil And Gas Property Acquisition, Exploration And Development Activities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' |
Unproved property acquisition costs | $254,099 | $150,479 | $109,216 |
Exploration costs | 106,329 | 211,289 | 270,688 |
Development costs | 423,871 | 410,652 | 168,240 |
Total costs incurred | 784,299 | 772,420 | 548,144 |
U.S. [Member] | ' | ' | ' |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' |
Unproved property acquisition costs | 254,099 | 139,344 | 108,212 |
Exploration costs | 106,329 | 211,289 | 270,688 |
Development costs | 423,871 | 374,391 | 126,816 |
Total costs incurred | 784,299 | 725,024 | 505,716 |
U.K. | ' | ' | ' |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' |
Unproved property acquisition costs | 0 | 11,135 | 1,004 |
Exploration costs | 0 | 0 | 0 |
Development costs | 0 | 36,261 | 41,424 |
Total costs incurred | $0 | $47,396 | $42,428 |
Supplemental_Disclosures_About4
Supplemental Disclosures About Oil And Gas Producing Activities (Schedule Of Net Proved Oil And Gas Reserves And Changes In Net Proved Oil And Gas Reserves) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
MBbls | MBbls | MBbls | |
Crude Oil (Bbls) [Member] | ' | ' | ' |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Proved developed and undeveloped reserves beginning of year | 44,316,000 | 30,538,000 | 15,894,000 |
Extensions and discoveries | 27,295,000 | 15,403,000 | 16,978,000 |
Revisions of previous estimates | 778,000 | 1,564,000 | 277,000 |
Sales of reserves in place | -6,117,000 | -327,000 | -1,809,000 |
Production | -4,231,000 | -2,862,000 | -802,000 |
Proved developed and undeveloped reserves end of year | 62,041,000 | 44,316,000 | 30,538,000 |
Proved developed reserves (volume) | 18,321,000 | 17,916,000 | 9,522,000 |
Proved undeveloped reserve (volume) | 43,720,000 | 26,400,000 | 21,016,000 |
Crude Oil (Bbls) [Member] | U.S. [Member] | ' | ' | ' |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Proved developed and undeveloped reserves beginning of year | 39,075,000 | 25,101,000 | 10,631,000 |
Extensions and discoveries | 27,295,000 | 15,403,000 | 16,978,000 |
Revisions of previous estimates | 778,000 | 1,760,000 | 103,000 |
Sales of reserves in place | -876,000 | -327,000 | -1,809,000 |
Production | -4,231,000 | -2,862,000 | -802,000 |
Proved developed and undeveloped reserves end of year | 62,041,000 | 39,075,000 | 25,101,000 |
Proved developed reserves (volume) | 18,321,000 | 12,675,000 | 6,803,000 |
Proved undeveloped reserve (volume) | 43,720,000 | 26,400,000 | 18,298,000 |
Crude Oil (Bbls) [Member] | U.K. | ' | ' | ' |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Proved developed and undeveloped reserves beginning of year | 5,241,000 | 5,437,000 | 5,263,000 |
Extensions and discoveries | 0 | 0 | 0 |
Revisions of previous estimates | 0 | -196,000 | 174,000 |
Sales of reserves in place | -5,241,000 | 0 | 0 |
Production | 0 | 0 | 0 |
Proved developed and undeveloped reserves end of year | 0 | 5,241,000 | 5,437,000 |
Proved developed reserves (volume) | 0 | 5,241,000 | 2,719,000 |
Proved undeveloped reserve (volume) | 0 | 0 | 2,718,000 |
Natural Gas Liquids (Bbls) [Member] | ' | ' | ' |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Proved developed and undeveloped reserves beginning of year | 5,383,000 | 4,121,000 | 12,579,000 |
Extensions and discoveries | 2,992,000 | 1,750,000 | 426,000 |
Revisions of previous estimates | 308,000 | 740,000 | -174,000 |
Sales of reserves in place | 0 | -923,000 | -8,501,000 |
Production | -531,000 | -305,000 | -209,000 |
Proved developed and undeveloped reserves end of year | 8,152,000 | 5,383,000 | 4,121,000 |
Proved developed reserves (volume) | 2,779,000 | 1,620,000 | 1,186,000 |
Proved undeveloped reserve (volume) | 5,373,000 | 3,763,000 | 2,935,000 |
Natural Gas Liquids (Bbls) [Member] | U.S. [Member] | ' | ' | ' |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Proved developed and undeveloped reserves beginning of year | 5,383,000 | 4,121,000 | 12,579,000 |
Extensions and discoveries | 2,992,000 | 1,750,000 | 426,000 |
Revisions of previous estimates | 308,000 | 740,000 | -174,000 |
Sales of reserves in place | 0 | -923,000 | -8,501,000 |
Production | -531,000 | -305,000 | -209,000 |
Proved developed and undeveloped reserves end of year | 8,152,000 | 5,383,000 | 4,121,000 |
Proved developed reserves (volume) | 2,779,000 | 1,620,000 | 1,186,000 |
Proved undeveloped reserve (volume) | 5,373,000 | 3,763,000 | 2,935,000 |
Natural Gas Liquids (Bbls) [Member] | U.K. | ' | ' | ' |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Proved developed and undeveloped reserves beginning of year | 0 | 0 | 0 |
Extensions and discoveries | 0 | 0 | 0 |
Revisions of previous estimates | 0 | 0 | 0 |
Sales of reserves in place | 0 | 0 | 0 |
Production | 0 | 0 | 0 |
Proved developed and undeveloped reserves end of year | 0 | 0 | 0 |
Proved developed reserves (volume) | 0 | 0 | 0 |
Proved undeveloped reserve (volume) | 0 | 0 | 0 |
Natural Gas (Mcf) [Member] | ' | ' | ' |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Proved developed and undeveloped reserves beginning of year | 428,336,000 | 727,685,000 | 669,851,000 |
Extensions and discoveries | 73,360,000 | 72,916,000 | 221,544,000 |
Revisions of previous estimates | 29,819,000 | -21,170,000 | -41,836,000 |
Sales of reserves in place | -312,136,000 | -313,483,000 | -82,884,000 |
Production | -31,422,000 | -37,612,000 | -38,990,000 |
Proved developed and undeveloped reserves end of year | 187,957,000 | 428,336,000 | 727,685,000 |
Proved developed reserves (volume) | 106,976,000 | 234,203,000 | 392,214,000 |
Proved undeveloped reserve (volume) | 80,981,000 | 194,134,000 | 335,471,000 |
Natural Gas (Mcf) [Member] | U.S. [Member] | ' | ' | ' |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Proved developed and undeveloped reserves beginning of year | 423,672,000 | 722,847,000 | 665,167,000 |
Extensions and discoveries | 73,360,000 | 72,916,000 | 221,544,000 |
Revisions of previous estimates | 29,819,000 | -20,996,000 | -41,990,000 |
Sales of reserves in place | -307,472,000 | -313,483,000 | -82,884,000 |
Production | -31,422,000 | -37,612,000 | -38,990,000 |
Proved developed and undeveloped reserves end of year | 187,957,000 | 423,672,000 | 722,847,000 |
Proved developed reserves (volume) | 106,976,000 | 229,539,000 | 389,795,000 |
Proved undeveloped reserve (volume) | 80,981,000 | 194,134,000 | 333,052,000 |
Natural Gas (Mcf) [Member] | U.K. | ' | ' | ' |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Proved developed and undeveloped reserves beginning of year | 4,664,000 | 4,838,000 | 4,684,000 |
Extensions and discoveries | 0 | 0 | 0 |
Revisions of previous estimates | 0 | -174,000 | 154,000 |
Sales of reserves in place | -4,664,000 | 0 | 0 |
Production | 0 | 0 | 0 |
Proved developed and undeveloped reserves end of year | 0 | 4,664,000 | 4,838,000 |
Proved developed reserves (volume) | 0 | 4,664,000 | 2,419,000 |
Proved undeveloped reserve (volume) | 0 | 0 | 2,419,000 |
Barrel of Oil Equivalent (Boe) [Domain] | ' | ' | ' |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Proved developed and undeveloped reserves, net Boe, beginning of year | 121,088,000 | 155,940,000 | 140,115,000 |
Extensions and discoveries | 42,514,000 | 29,305,000 | 54,328,000 |
Revisions of previous estimates | 6,055,000 | -1,224,000 | -6,870,000 |
Sales of reserves in place | -58,139,000 | -53,497,000 | -24,124,000 |
Production | -9,999,000 | -9,436,000 | -7,509,000 |
Proved developed and undeveloped reserves, net Boe, end of year | 101,519,000 | 121,088,000 | 155,940,000 |
Proved developed reserves (energy) | 38,929,000 | 58,570,000 | 76,077,000 |
Proved undeveloped reserves (energy) | 62,590,000 | 62,519,000 | 79,863,000 |
Barrel of Oil Equivalent (Boe) [Domain] | U.S. [Member] | ' | ' | ' |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Proved developed and undeveloped reserves, net Boe, beginning of year | 115,070,000 | 149,697,000 | 134,071,000 |
Extensions and discoveries | 42,514,000 | 29,305,000 | 54,328,000 |
Revisions of previous estimates | 6,055,000 | -999,000 | -7,069,000 |
Sales of reserves in place | -52,121,000 | -53,497,000 | -24,124,000 |
Production | -9,999,000 | -9,436,000 | -7,509,000 |
Proved developed and undeveloped reserves, net Boe, end of year | 101,519,000 | 115,070,000 | 149,697,000 |
Proved developed reserves (energy) | 38,929,000 | 52,552,000 | 72,955,000 |
Proved undeveloped reserves (energy) | 62,590,000 | 62,519,000 | 76,742,000 |
Barrel of Oil Equivalent (Boe) [Domain] | U.K. | ' | ' | ' |
Proved Developed and Undeveloped Reserves [Abstract] | ' | ' | ' |
Proved developed and undeveloped reserves, net Boe, beginning of year | 6,018,000 | 6,243,000 | 6,044,000 |
Extensions and discoveries | 0 | 0 | 0 |
Revisions of previous estimates | 0 | -225,000 | 199,000 |
Sales of reserves in place | -6,018,000 | 0 | 0 |
Production | 0 | 0 | 0 |
Proved developed and undeveloped reserves, net Boe, end of year | 0 | 6,018,000 | 6,243,000 |
Proved developed reserves (energy) | 0 | 6,018,000 | 3,122,000 |
Proved undeveloped reserves (energy) | 0 | 0 | 3,121,000 |
Supplemental_Disclosures_About5
Supplemental Disclosures About Oil And Gas Producing Activities (Schedule Of Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Future cash inflows | $6,936,276,000 | $5,584,365,000 | $5,452,392,000 |
Future production costs | -1,629,663,000 | -1,097,577,000 | -1,307,951,000 |
Future development costs | -1,340,722,000 | -993,295,000 | -1,207,331,000 |
Future income taxes | -835,840,000 | -764,283,000 | -724,097,000 |
Future net cash flows | 3,130,051,000 | 2,729,210,000 | 2,213,013,000 |
Less 10% annual discount to reflect timing of cash flows | -1,508,640,000 | -1,310,815,000 | -1,171,977,000 |
Standard measure of discounted future net cash flows | 1,621,411,000 | 1,418,395,000 | 1,041,036,000 |
U.S. [Member] | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Future cash inflows | 6,936,276,000 | 4,960,687,000 | 4,834,725,000 |
Future production costs | -1,629,663,000 | -1,009,850,000 | -1,212,722,000 |
Future development costs | -1,340,722,000 | -982,101,000 | -1,163,377,000 |
Future income taxes | -835,840,000 | -511,790,000 | -477,824,000 |
Future net cash flows | 3,130,051,000 | 2,456,946,000 | 1,980,802,000 |
Less 10% annual discount to reflect timing of cash flows | -1,508,640,000 | -1,277,463,000 | -1,124,339,000 |
Standard measure of discounted future net cash flows | 1,621,411,000 | 1,179,483,000 | 856,463,000 |
U.K. | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Future cash inflows | 0 | 623,678,000 | 617,667,000 |
Future production costs | 0 | -87,727,000 | -95,229,000 |
Future development costs | 0 | -11,194,000 | -43,954,000 |
Future income taxes | 0 | -252,493,000 | -246,273,000 |
Future net cash flows | 0 | 272,264,000 | 232,211,000 |
Less 10% annual discount to reflect timing of cash flows | 0 | -33,352,000 | -47,638,000 |
Standard measure of discounted future net cash flows | $0 | $238,912,000 | $184,573,000 |
Supplemental_Disclosures_About6
Supplemental Disclosures About Oil And Gas Producing Activities (Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Oil and Gas Reserves [Roll Forward] | ' | ' | ' |
Standardized measure — beginning of period | $1,418,395,000 | $1,041,036,000 | $748,786,000 |
Net change in sales prices and production costs related to future production | -232,361,000 | -5,530,000 | 263,477,000 |
Net change in estimated future development costs | -10,602,000 | 91,404,000 | -4,653,000 |
Net change due to revisions in quantity estimates | 205,686,000 | -124,722,000 | -51,782,000 |
Accretion of discount | 185,389,000 | 144,904,000 | 100,624,000 |
Changes in production rates (timing) and other | 11,892,000 | -9,430,000 | -94,293,000 |
Total revisions | 160,004,000 | 96,626,000 | 213,373,000 |
Net change due to extensions and discoveries, net of estimated future development and production costs | 873,028,000 | 599,544,000 | 508,558,000 |
Net change due to sales of minerals in place | -632,752,000 | -212,910,000 | -150,437,000 |
Sales of oil and gas produced, net of production costs | -444,841,000 | -313,354,000 | -173,853,000 |
Previously estimated development costs incurred | 217,395,000 | 234,947,000 | 45,160,000 |
Net change in income taxes | 30,182,000 | -27,494,000 | -150,551,000 |
Net change in standardized measure of discounted future net cash flows | 203,016,000 | 377,359,000 | 292,250,000 |
Standardized measure — end of period | 1,621,411,000 | 1,418,395,000 | 1,041,036,000 |
United States [Member] | ' | ' | ' |
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Oil and Gas Reserves [Roll Forward] | ' | ' | ' |
Standardized measure — beginning of period | 1,179,483,000 | 856,463,000 | 654,684,000 |
Net change in sales prices and production costs related to future production | -232,361,000 | -55,249,000 | 134,952,000 |
Net change in estimated future development costs | -10,602,000 | 91,404,000 | -509,000 |
Net change due to revisions in quantity estimates | 205,686,000 | -77,919,000 | -64,860,000 |
Accretion of discount | 141,229,000 | 107,451,000 | 81,225,000 |
Changes in production rates (timing) and other | 56,052,000 | -3,369,000 | -78,199,000 |
Total revisions | 160,004,000 | 62,318,000 | 72,609,000 |
Net change due to extensions and discoveries, net of estimated future development and production costs | 873,028,000 | 599,544,000 | 508,558,000 |
Net change due to sales of minerals in place | -191,155,000 | -212,910,000 | -150,437,000 |
Sales of oil and gas produced, net of production costs | -444,841,000 | -313,354,000 | -173,853,000 |
Previously estimated development costs incurred | 217,395,000 | 202,187,000 | 5,381,000 |
Net change in income taxes | -172,503,000 | -14,765,000 | -60,479,000 |
Net change in standardized measure of discounted future net cash flows | 441,928,000 | 323,020,000 | 201,779,000 |
Standardized measure — end of period | 1,621,411,000 | 1,179,483,000 | 856,463,000 |
United Kingdom [Member] | ' | ' | ' |
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Oil and Gas Reserves [Roll Forward] | ' | ' | ' |
Standardized measure — beginning of period | 238,912,000 | 184,573,000 | 94,102,000 |
Net change in sales prices and production costs related to future production | 0 | 49,719,000 | 128,525,000 |
Net change in estimated future development costs | 0 | 0 | -4,144,000 |
Net change due to revisions in quantity estimates | 0 | -46,803,000 | 13,078,000 |
Accretion of discount | 44,160,000 | 37,453,000 | 19,399,000 |
Changes in production rates (timing) and other | -44,160,000 | -6,061,000 | -16,094,000 |
Total revisions | 0 | 34,308,000 | 140,764,000 |
Net change due to extensions and discoveries, net of estimated future development and production costs | 0 | 0 | 0 |
Net change due to sales of minerals in place | -441,597,000 | 0 | 0 |
Sales of oil and gas produced, net of production costs | 0 | 0 | 0 |
Previously estimated development costs incurred | 0 | 32,760,000 | 39,779,000 |
Net change in income taxes | 202,685,000 | -12,729,000 | -90,072,000 |
Net change in standardized measure of discounted future net cash flows | -238,912,000 | 54,339,000 | 90,471,000 |
Standardized measure — end of period | $0 | $238,912,000 | $184,573,000 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Schedule Of Quarterly Financial Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and gas revenues | $129,728 | $144,329 | $134,224 | $111,901 | $107,450 | $96,197 | $83,818 | $80,715 | $520,182 | $368,180 | $202,167 |
Operating income (loss) | -21,002 | 48,603 | 46,618 | 33,463 | 37,151 | 24,318 | 14,806 | 22,380 | 107,682 | 98,653 | 38,151 |
Net income from continuing operations | -22,215 | 5,712 | 35,837 | 2,524 | 16,763 | -1,945 | 25,683 | 10,676 | 21,858 | 51,177 | 32,534 |
Net income (loss) | ($23,989) | $4,521 | $36,969 | $26,182 | $18,490 | ($930) | $28,504 | $9,423 | $43,683 | $55,487 | $36,629 |
Net income from continued operations basic (in dollars per share) | ($0.52) | $0.14 | $0.89 | $0.06 | $0.42 | ($0.05) | $0.65 | $0.27 | $0.54 | $1.29 | $0.83 |
Net income per share basic (in dollars per share) | ($0.56) | $0.11 | $0.92 | $0.66 | $0.47 | ($0.02) | $0.72 | $0.24 | $1.07 | $1.40 | $0.94 |
Net income from continuing operations diluted (in dollars per share) | ($0.52) | $0.14 | $0.88 | $0.06 | $0.42 | ($0.05) | $0.64 | $0.27 | $0.53 | $1.28 | $0.82 |
Net income per share, diluted (in dollars per share) | ($0.56) | $0.11 | $0.91 | $0.65 | $0.46 | ($0.02) | $0.71 | $0.24 | $1.06 | $1.39 | $0.92 |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' |
Gain on sale of discontinued operations | $37,294 | $0 | $0 |
Loss on sale of oil and gas properties | ($45,377) | $0 | $0 |