Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CARRIZO OIL & GAS INC | ||
Entity Central Index Key | 1040593 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 46,133,626 | ||
Entity Public Float | $2.90 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $10,838 | $157,439 |
Accounts Receivable, Net, Current | 92,946 | 111,195 |
Derivative assets | 171,101 | 0 |
Deferred Tax Assets, Net, Current | 0 | 4,201 |
Other Assets, Current | 3,736 | 6,926 |
Total current assets | 278,621 | 279,761 |
Oil and gas properties, full cost method | ||
Proved properties, net | 2,086,727 | 1,408,484 |
Unproved properties, not being amortized | 535,197 | 377,437 |
Property, Plant and Equipment, Other, Net | 7,329 | 8,294 |
Total property and equipment, net | 2,629,253 | 1,794,215 |
Derivative assets | 43,684 | 9,284 |
Debt issuance costs | 25,403 | 22,899 |
Other assets | 4,515 | 4,601 |
Total Assets | 2,981,476 | 2,110,760 |
Current liabilities | ||
Accounts Payable, Trade, Current | 106,819 | 57,146 |
Revenues and royalties payable | 66,954 | 79,136 |
Accrued capital expenditures | 106,149 | 87,031 |
Accrued interest | 21,149 | 17,430 |
Advances for joint operations | 8,814 | 19,967 |
Current liabilities of discontinued operations | 4,405 | 10,936 |
Deferred income taxes | 61,258 | 0 |
Other Liabilities, Current | 48,756 | 51,189 |
Total current liabilities | 424,304 | 322,835 |
Long-term debt | 1,351,346 | 900,247 |
Liabilities of discontinued operations | 8,394 | 17,336 |
Deferred income taxes | 77,349 | 16,856 |
Asset retirement obligations | 12,187 | 6,576 |
Other liabilities | 4,455 | 5,306 |
Liabilities | 1,878,035 | 1,269,156 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock, $0.01 par value, 90,000,000 shares authorized; 46,127,924 issued and outstanding as of December 31, 2014 and 45,468,675 issued and outstanding as of December 31, 2013 | 461 | 455 |
Additional paid-in capital | 915,436 | 879,948 |
Retained earnings (Accumulated deficit) | 187,544 | -38,799 |
Total shareholders’ equity | 1,103,441 | 841,604 |
Total Liabilities and Shareholders’ Equity | $2,981,476 | $2,110,760 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
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) | 46,127,924 | 45,468,675 |
Common stock, shares outstanding (in shares) | 46,127,294 | 45,468,675 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Oil and Condensate Revenue | $610,483 | $421,311 | $286,119 |
Natural Gas Liquids Revenue | 25,050 | 15,530 | 10,631 |
Natural Gas Production Revenue | 74,654 | 83,341 | 71,430 |
Total revenues | 710,187 | 520,182 | 368,180 |
Costs and Expenses | |||
Lease operating | 74,157 | 46,828 | 31,471 |
Production taxes | 29,544 | 19,811 | 13,542 |
Ad valorem taxes | 8,450 | 8,701 | 9,813 |
Depreciation, depletion and amortization | 317,383 | 214,291 | 165,993 |
General and administrative | 77,029 | 77,492 | 48,708 |
(Gain) loss on derivative instruments, net | -201,907 | 18,417 | -31,371 |
Interest expense, net | 53,171 | 54,689 | 48,158 |
Loss on sale of oil and gas properties | 0 | 45,377 | 0 |
Other (income) expense, net | 2,150 | -185 | -267 |
Total costs and expenses | 359,977 | 485,421 | 286,047 |
Income From Continuing Operations Before Income Taxes | 350,210 | 34,761 | 82,133 |
Income tax expense | -127,927 | -12,903 | -30,956 |
Income From Continuing Operations | 222,283 | 21,858 | 51,177 |
Income From Discontinued Operations, Net of Income Taxes | 4,060 | 21,825 | 4,310 |
Net Income | $226,343 | $43,683 | $55,487 |
Net Income Per Common Share - Basic | |||
Net income from continued operations (in dollars per share) | $4.90 | $0.54 | $1.29 |
Net income from discontinued operations (in dollars per share) | $0.09 | $0.53 | $0.11 |
Net income per share basic (in dollars per share) | $4.99 | $1.07 | $1.40 |
Net Income Per Common Share - Diluted | |||
Net income from continuing operations (in dollars per share) | $4.81 | $0.53 | $1.28 |
Net income from discontinued operations (in dollars per share) | $0.09 | $0.53 | $0.11 |
Net income per share, diluted (in dollars per share) | $4.90 | $1.06 | $1.39 |
Weighted Average Common Shares Outstanding | |||
Basic (in shares) | 45,372 | 40,781 | 39,591 |
Diluted (in shares) | 46,194 | 41,355 | 40,026 |
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, 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 | ||
Common stock activity, net of forfeitures | -80 | 5 | -85 | |
Common stock activity, 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 | ||
Common stock activity, net of forfeitures | -533 | 6 | -539 | |
Common stock activity, 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 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Stock options exercised for cash | 437 | 1 | 436 | |
Stock options exercised for cash, shares | 33,086 | 33,086 | ||
Stock-based compensation | 30,280 | 30,280 | ||
Common stock activity, net of forfeitures | -91 | 5 | -96 | |
Common stock activity, net of forfeitures, shares | 625,301 | |||
Other | 4,868 | 0 | 4,868 | |
Other, shares | 862 | |||
Net income (loss) | 226,343 | 226,343 | ||
BALANCE at Dec. 31, 2014 | $1,103,441 | $461 | $915,436 | $187,544 |
BALANCE, shares at Dec. 31, 2014 | 46,127,924 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows From Operating Activities | |||
Net income | $226,343 | $43,683 | $55,487 |
Income From Discontinued Operations, Net of Income Taxes | 4,060 | 21,825 | 4,310 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations | |||
Depreciation, depletion and amortization | -317,383 | -214,291 | -165,993 |
Non-cash (gain) loss on derivatives, net | -215,436 | 30,908 | 7,553 |
Loss on sale of oil and gas properties | 0 | 45,377 | 0 |
Stock-based compensation, net | 25,878 | 29,373 | 11,689 |
Deferred income taxes | 127,927 | 10,934 | 30,142 |
Non-cash interest expense, net | 4,272 | 3,932 | 4,584 |
Other, net | 2,379 | 3,704 | 6,036 |
Changes in operating assets and liabilities- | |||
Accounts receivable | -1,334 | 11,557 | -67,120 |
Accounts payable | 27,238 | 13,595 | 26,942 |
Accrued liabilities | -3,096 | -12,588 | 21,832 |
Other, net | -5,219 | -5,467 | -5,757 |
Net cash provided by operating activities from continuing operations | 502,275 | 367,474 | 253,071 |
Net cash used in operating activities from discontinued operations | -656 | -623 | -845 |
Net cash provided by operating activities | 501,619 | 366,851 | 252,226 |
Cash Flows From Investing Activities | |||
Capital expenditures - oil and gas properties | -860,604 | -786,976 | -735,711 |
Capital expenditures - other property and equipment | -750 | -968 | -4,176 |
Payments to Acquire Oil and Gas Property | -92,961 | 0 | 0 |
Proceeds from sales of oil and gas properties, net | 12,576 | 238,470 | 341,597 |
Other, net | 1,063 | 39,589 | -66,861 |
Net cash used in investing activities from continuing operations | -940,676 | -509,885 | -465,151 |
Net cash provided by (used in) investing activities from discontinued operations | -7,834 | 124,533 | -42,265 |
Net cash used in investing activities | -948,510 | -385,352 | -507,416 |
Cash Flows From Financing Activities | |||
Proceeds from borrowings and issuances | 1,287,541 | 582,000 | 1,040,772 |
Debt repayments | -986,041 | -651,325 | -796,000 |
Payments of Debt Issuance Costs | 6,510 | 3,257 | 7,101 |
Proceeds from common stock offerings, net of offering costs | 0 | 189,686 | 0 |
Excess tax benefits from stock-based compensation | 4,863 | 1,969 | 0 |
Proceeds from stock options exercised | 437 | 1,253 | 107 |
Net cash provided by financing activities from continuing operations | 300,290 | 120,326 | 237,778 |
Net cash provided by financing activities from discontinued operations | 0 | 3,000 | 41,914 |
Net cash provided by financing activities | 300,290 | 123,326 | 279,692 |
Net Increase (Decrease) in Cash and Cash Equivalents | -146,601 | 104,825 | 24,502 |
Cash and Cash Equivalents, Beginning of Year | 157,439 | 52,614 | 28,112 |
Cash and Cash Equivalents, End of Year | $10,838 | $157,439 | $52,614 |
Nature_Of_Operations
Nature Of Operations | 12 Months Ended |
Dec. 31, 2014 | |
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 Utica Shale in Ohio, the Niobrara Formation in Colorado and the Marcellus Shale in Pennsylvania. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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 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. Such reclassifications had no material impact on prior period amounts. | |||||||||||||
Discontinued Operations | |||||||||||||
On February 22, 2013, the Company closed on the sale of Carrizo UK Huntington Ltd, a wholly owned subsidiary of the Company (“Carrizo UK”), and all of its interest in the Huntington Field discovery, including a 15% non-operated working interest and certain overriding royalty interests, to a subsidiary of Iona Energy Inc. (“Iona Energy”) for an agreed-upon price of $184.0 million, including the assumption and repayment by Iona Energy of the $55.0 million of borrowings outstanding under Carrizo UK’s senior secured multicurrency credit facility as of the closing date. The liabilities, results of operations and cash flows associated with Carrizo UK have been classified as discontinued operations in the consolidated financial statements. Unless otherwise indicated, the information in these notes relate to the Company’s continuing operations. Information related to discontinued operations is included in “Note 3. Discontinued Operations”, “Note 14. Condensed Consolidating Financial Information” and “Note 17. 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 and assumptions 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 depreciation, depletion and amortization (“DD&A”) 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 assets and liabilities, stock-based compensation, 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 equivalents include highly liquid investments with original maturities of three months or less. Certain of the Company’s cash accounts are zero-balance controlled disbursement accounts that do not have the right of offset against the Company’s other cash balances. The Company presents the outstanding checks written against these zero-balance accounts as a component of accounts payable in the consolidated balance sheets. Outstanding checks included as a component of accounts payable totaled $70.5 million and $2.2 million as of December 31, 2014 and 2013, respectively. | |||||||||||||
Accounts Receivable and Accounts Payable | |||||||||||||
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. As of December 31, 2014 and 2013, the Company’s allowance for doubtful accounts was zero and $0.6 million, respectively. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
The Company’s accounts receivable consists primarily of receivables from oil and gas purchasers and joint interest owners in properties the Company operates. This concentration of accounts receivable from customers and joint interest owners in the oil and gas industry 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 and joint interest owners. The Company generally has the right to withhold future revenue distributions to recover any non-payment of joint interest billings. | |||||||||||||
The Company’s derivative instruments in a net asset position also subject the Company to a concentration of credit risk. See “Note 12. Derivative Instruments.” | |||||||||||||
Major Customers | |||||||||||||
In 2014, two customers accounted for approximately 44% and 26% of the Company’s oil and gas revenues. 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. | |||||||||||||
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. The internal cost of employee compensation and benefits, including stock-based compensation, directly associated with acquisition, exploration and development activities are capitalized and totaled $18.8 million, $15.0 million and $11.8 million for the years ended December 31, 2014, 2013 and 2012, 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 amortization rate is computed on a quarterly basis by dividing current quarter production by proved oil and gas reserves at the beginning of the quarter then applying such amortization rate 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 DD&A per Boe of proved oil and gas properties was $26.20, $21.38 and $17.55 for the years ended December 31, 2014, 2013 and 2012, 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. Exploratory wells in progress and individually significant unevaluated leaseholds are assessed 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 unevaluated leaseholds within the next five years and exploratory wells in progress within the next year. 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 unproved properties totaling $34.5 million, $29.9 million and $24.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. The amount of interest costs capitalized is determined on a quarterly basis based on the average balance of unproved properties using a weighted-average interest rate based on outstanding borrowings. | |||||||||||||
Proceeds from the sale of proved and unproved oil and gas properties 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. For 2014, the Company did not have any sales of oil and gas properties that significantly altered such relationship. 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, 2014. | |||||||||||||
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 in the future increase the cost center ceiling applicable to the subsequent period. | |||||||||||||
The estimated future net revenues used in the cost center ceiling 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 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 three to ten years. | |||||||||||||
Debt Issuance Costs | |||||||||||||
Debt issuance costs associated with the revolving credit facility are amortized to interest expense on a straight-line basis over the term of the facility. Debt issuance costs associated with the senior notes are amortized to interest expense using the effective interest method over the terms of the related notes. | |||||||||||||
Financial Instruments | |||||||||||||
The Company’s financial instruments consist of cash and cash equivalents, receivables, payables, derivative assets and liabilities 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 assets and liabilities are based on a third-party industry-standard pricing model that uses market data obtained from third-party sources, including quoted forward prices for oil and gas, discount rates and volatility factors. The carrying amounts of long-term debt under the Company’s revolving credit facility approximate fair value as borrowings bear interest at variable rates of interest. The carrying amounts of the Company’s senior notes and other long-term debt may not approximate fair value because carrying amounts are net of any unamortized discount and the notes bear interest at fixed rates of interest. The carrying amount of the EFM deferred purchase payment may not approximate fair value because the carrying amount is net of unamortized discount and the note is non-interest bearing. See “Note 7. Debt” and “Note 13. Fair Value Measurements.” | |||||||||||||
Asset Retirement Obligations | |||||||||||||
The Company’s asset retirement obligations represent the present value of the estimated future costs associated with plugging and abandoning oil and gas wells, removing production equipment and facilities and restoring the surface of the land in accordance with the terms of oil and gas leases 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 oil and gas leases and applicable local, state and federal laws, but do not consider estimated salvage values. Asset retirement obligations are 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 obligations 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 plugging and abandoning 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 natural gas from 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, 2014 and 2013, 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 reduce its exposure to commodity price volatility for a substantial, but varying, portion of its forecasted oil and gas production up to 36 months and thereby achieve a more predictable level of cash flows to support the Company’s drilling and completion capital expenditure program. 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 derivatives, 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 as cash flows from operating activities. 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. See “Note 12. Derivative Instruments” for further discussion of the Company’s derivative instruments. | |||||||||||||
Stock-Based Compensation | |||||||||||||
The Company recognized the following stock-based compensation expense associated with stock appreciation rights to be settled in cash (“SARs”), restricted stock awards and units and performance share awards for the periods indicated which is reflected as general and administrative expense in the consolidated statements of income: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Stock appreciation rights | $1,985 | $17,303 | ($2,116 | ) | |||||||||
Restricted stock awards and units | 29,597 | 18,997 | 17,049 | ||||||||||
Performance share awards | 1,395 | — | — | ||||||||||
32,977 | 36,300 | 14,933 | |||||||||||
Less: amounts capitalized | (7,099 | ) | (6,927 | ) | (3,244 | ) | |||||||
Total stock-based compensation expense | $25,878 | $29,373 | $11,689 | ||||||||||
Income Tax Benefit | $9,059 | $10,281 | $4,449 | ||||||||||
Stock Appreciation Rights. For SARs, stock-based compensation expense is based on the fair value liability (using the Black-Scholes-Merton option pricing model) remeasured at each reporting period, recognized over the vesting period (generally three years) using the graded vesting method. For periods subsequent to vesting and prior to exercise, stock-based compensation expense is based on the fair value liability remeasured at each reporting period based on the intrinsic value of the SAR. The liability for SARs is classified as “Other current 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 “Other liabilities.” 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 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 granted to employees, stock-based compensation expense is based on the price of the Company’s common stock on the grant date and recognized over the vesting period (generally one to three years) using the straight-line method, except for awards or units with performance conditions, in which case the Company uses the graded vesting method. 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. | |||||||||||||
Performance Share Awards. For performance share awards, stock-based compensation expense is based on the grant-date fair value (using a Monte Carlo valuation model) and recognized over the three year vesting period using the straight-line method. The number of shares of common stock issuable upon vesting range from zero to 200% of the number of performance share awards granted based on the Company’s total shareholder return relative to an industry peer group over a three year performance period. | |||||||||||||
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. The Company applies the tax law ordering approach to determine the sequence in which deferred tax assets and other tax attributes are utilized. | |||||||||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||
Income from Continuing Operations | $222,283 | $21,858 | $51,177 | ||||||||||
Basic weighted average common shares outstanding | 45,372 | 40,781 | 39,591 | ||||||||||
Effect of dilutive instruments | 822 | 574 | 435 | ||||||||||
Diluted weighted average common shares outstanding | 46,194 | 41,355 | 40,026 | ||||||||||
Income from Continuing Operations Per Common Share | |||||||||||||
Basic | $4.90 | $0.54 | $1.29 | ||||||||||
Diluted | $4.81 | $0.53 | $1.28 | ||||||||||
Basic income from continuing operations per common share is based on the weighted average number of shares of common stock outstanding during the period. Diluted 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, performance share awards, stock options and warrants. The Company excludes the number of awards, units, options 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 Company includes the number of potentially dilutive common shares attributable to the performance share awards based on the number of shares, if any, that would be issuable as if the end of the period was the end of the performance period. The number of awards, units, options, warrants and performance share awards excluded for the years ended December 31, 2014, 2013 and 2012 were not significant. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and industry specific guidance in Subtopic 932-605, Extractive Activities- Oil and Gas- Revenue Recognition. This ASU requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods and services. This ASU is effective for annual and interim periods beginning in 2017, and is required to be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption, with no early adoption permitted. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Discontinued Operations | 3. Discontinued Operations | ||||||||||||
On February 22, 2013, the Company closed on the sale of Carrizo UK, and all of its interest in the Huntington Field discovery, including a 15% non-operated working interest and certain overriding royalty interests, to a subsidiary of Iona Energy for an agreed-upon price of $184.0 million, including the assumption and repayment by Iona Energy of the $55.0 million of borrowings outstanding under Carrizo UK’s senior secured multicurrency credit facility as of the closing date. The liabilities of discontinued operations of $12.8 million and $28.3 million as of December 31, 2014 and 2013, respectively, relate to an accrual for 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 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 income from discontinued operations, net of income taxes presented in the consolidated statements of income for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Revenues | $— | $— | $— | ||||||||||
Costs and expenses | |||||||||||||
General and administrative | 656 | 916 | 62 | ||||||||||
Accretion related to asset retirement obligations | — | 36 | 363 | ||||||||||
Gain on sale of discontinued operations | — | (37,294 | ) | — | |||||||||
Increase (decrease) in estimated future obligations | (7,638 | ) | 44 | — | |||||||||
(Gain) loss on derivatives, net | 34 | 109 | (258 | ) | |||||||||
Other (income) expense, net | — | (438 | ) | 591 | |||||||||
Income (Loss) From Discontinued Operations Before Income Taxes | 6,948 | 36,627 | (758 | ) | |||||||||
Income tax (expense) benefit | (2,888 | ) | (14,802 | ) | 5,068 | ||||||||
Income From Discontinued Operations, Net of Income Taxes | $4,060 | $21,825 | $4,310 | ||||||||||
Income Taxes | |||||||||||||
Carrizo UK is a disregarded entity for U.S. federal income tax purposes. Accordingly, the income tax (expense) benefit reflected above includes the Company’s U.S. deferred income tax (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. |
Acquisitions_Acquisition_Notes
Acquisitions Acquisition (Notes) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Acquisition [Abstract] | |||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 4. Eagle Ford Shale Acquisition | ||||||||
On October 24, 2014, the Company completed the acquisition of interests in oil and gas properties (the “Properties”) from Eagle Ford Minerals, LLC (“EFM”) primarily in LaSalle, Atascosa and McMullen counties, Texas in the Eagle Ford Shale (the “Eagle Ford Shale Acquisition”). The Eagle Ford Shale Acquisition had an effective date of October 1, 2014, with an agreed upon purchase price of $250.0 million, subject to post-closing and working capital adjustments. The Company paid a total of $241.8 million, which consisted of approximately $93.0 million at closing, which represented $100.0 million of the agreed upon purchase price less estimated working capital adjustments of $7.0 million, and $148.8 million on February 13, 2015, which represented the remaining $150.0 million of the agreed upon purchase price, less final post-closing adjustments to the working capital adjustments estimated at closing of $1.2 million. Prior to the Eagle Ford Shale Acquisition, the Company and EFM were joint working interest owners in the Properties, for which the Company acted as the operator and owned an approximate 75% working interest in all of such Properties. After giving effect to the Eagle Ford Shale Acquisition, the Company holds an approximate 100% working interest in the Properties. The deferred purchase payment was discounted by $2.6 million to an acquisition date fair value of $147.4 million. For the further discussion of the accounting for the deferred purchase payment, see “Note 7. Debt.” | |||||||||
The Eagle Ford Shale Acquisition was accounted for under the acquisition method of accounting whereby the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated acquisition date fair values. Purchase price adjustments of $3.2 million relate to the revenues, operating expenses and capital expenditures for the period from the October 1, 2014 effective date to the October 24, 2014 closing date. | |||||||||
The following presents the purchase price and the allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date: | |||||||||
Assets | (In thousands) | ||||||||
Other current assets | $485 | ||||||||
Proved and unproved oil and gas properties | 244,124 | ||||||||
Total assets acquired | $244,609 | ||||||||
Liabilities | |||||||||
Asset retirement obligations | $423 | ||||||||
Total liabilities assumed | $423 | ||||||||
Net Assets Acquired | $244,186 | ||||||||
The fair value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and therefore represent Level 3 inputs. The fair values of oil and gas properties and asset retirement obligations were measured using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs to the valuation of oil and gas properties included estimates of reserves, future operating and development costs, future commodity prices, estimated future cash flows and a market-based weighted-average cost of capital rate. These inputs required significant judgments and estimates by the Company’s management at the time of the valuation and are the most sensitive and subject to change. | |||||||||
Included in the consolidated statement of income for the year ended December 31, 2014 are revenues of $13.1 million and income from continuing operations of $11.0 million from the Properties, representing activity subsequent to the closing of the transaction. | |||||||||
Pro Forma Operating Results (Unaudited) | |||||||||
The following unaudited pro forma financial information presents a summary of the Company’s consolidated results of operations for the years ended December 31, 2014, and December 31, 2013, assuming the Eagle Ford Shale Acquisition had been completed as of January 1, 2013, including adjustments to reflect the values assigned to the assets acquired and liabilities assumed. The pro forma financial information has been prepared for informational purposes only and does not purport to represent what the actual results of operations would have been had the transactions been completed as of the date assumed, nor is this information necessarily indicative of future consolidated results of operations. The Company believes the assumptions used provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the Eagle Ford Shale Acquisition. | |||||||||
For the Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands, except per share data) | |||||||||
(Unaudited) | |||||||||
Total revenues | $761,199 | $575,721 | |||||||
Income From Continuing Operations | 264,714 | 36,356 | |||||||
Income From Continuing Operations Per Common Share | |||||||||
Basic | $5.83 | $0.89 | |||||||
Diluted | $5.73 | $0.88 | |||||||
Weighted Average Common Shares Outstanding | |||||||||
Basic | 45,372 | 40,781 | |||||||
Diluted | 46,194 | 41,355 | |||||||
Property_And_Equipment_Net
Property And Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property And Equipment, Net | 5. Property and Equipment, Net | ||||||||
As of December 31, 2014 and 2013, total property and equipment, net consisted of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Proved properties | $3,174,268 | $2,182,226 | |||||||
Accumulated depreciation, depletion and amortization | (1,087,541 | ) | (773,742 | ) | |||||
Proved properties, net | 2,086,727 | 1,408,484 | |||||||
Unproved properties, not being amortized | |||||||||
Unevaluated leasehold and seismic costs | 401,954 | 302,232 | |||||||
Exploratory wells in progress | 71,402 | 30,196 | |||||||
Capitalized interest | 61,841 | 45,009 | |||||||
Total unproved properties, not being amortized | 535,197 | 377,437 | |||||||
Other property and equipment | 16,017 | 15,260 | |||||||
Accumulated depreciation | (8,688 | ) | (6,966 | ) | |||||
Other property and equipment, net | 7,329 | 8,294 | |||||||
Total property and equipment, net | $2,629,253 | $1,794,215 | |||||||
Costs not subject to amortization totaling $535.2 million at December 31, 2014 were incurred in the following periods: $285.0 million in 2014 and $250.2 million in 2013. | |||||||||
For details regarding the Eagle Ford Shale Acquisition, see “Note 4. Eagle Ford Shale Acquisition.” | |||||||||
Sales of Barnett 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 | |||||||||
The Company elected on January 15, 2013 to exercise its option to increase its participating interest from 10% to 50% in 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 $77.1 million in cash. 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 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 11. 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 $29.8 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. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 6. Income Taxes | ||||||||||||
The components of income tax expense from continuing operations were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Current income tax (expense) benefit | |||||||||||||
U.S. Federal | $— | $411 | ($411 | ) | |||||||||
State | — | (141 | ) | (403 | ) | ||||||||
Total current income tax (expense) benefit | — | 270 | (814 | ) | |||||||||
Deferred income tax expense | |||||||||||||
U.S. Federal | (122,342 | ) | (12,404 | ) | (28,723 | ) | |||||||
State | (5,585 | ) | (769 | ) | (1,419 | ) | |||||||
Total deferred income tax expense | (127,927 | ) | (13,173 | ) | (30,142 | ) | |||||||
Total income tax expense from continuing operations | ($127,927 | ) | ($12,903 | ) | ($30,956 | ) | |||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Income from continuing operations before income taxes | $350,210 | $34,761 | $82,133 | ||||||||||
Income tax expense at the statutory rate | (122,574 | ) | (12,166 | ) | (28,747 | ) | |||||||
State income taxes, net of U.S. federal income tax benefit | (5,585 | ) | (859 | ) | (1,681 | ) | |||||||
Nondeductible expenses | — | — | (93 | ) | |||||||||
Other | 232 | 122 | (435 | ) | |||||||||
Total income tax expense from continuing operations | ($127,927 | ) | ($12,903 | ) | ($30,956 | ) | |||||||
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. As of December 31, 2014 and 2013, deferred tax assets and liabilities are comprised of the following: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Deferred income tax assets | |||||||||||||
Net operating loss carryforward - U.S. Federal and State | $56,876 | $52,499 | |||||||||||
Asset retirement obligations | 4,379 | 2,302 | |||||||||||
Stock-based compensation | 7,867 | 7,563 | |||||||||||
Allowance for doubtful accounts | — | 170 | |||||||||||
Fair value of derivative instruments | 70 | 3,222 | |||||||||||
Other | 2,989 | 2,471 | |||||||||||
Deferred income tax assets | 72,181 | 68,227 | |||||||||||
Valuation allowance | (1,095 | ) | (1,084 | ) | |||||||||
Net deferred income tax assets | 71,086 | 67,143 | |||||||||||
Deferred income tax liabilities | |||||||||||||
Oil and gas properties | (134,518 | ) | (76,549 | ) | |||||||||
Fair value of derivative instruments | (75,175 | ) | (3,249 | ) | |||||||||
(209,693 | ) | (79,798 | ) | ||||||||||
Net deferred income tax liability | ($138,607 | ) | ($12,655 | ) | |||||||||
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 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, 2014 and 2013, the net deferred income tax asset (liability) is classified as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Net current deferred income tax asset (liability) | ($61,258 | ) | $4,201 | ||||||||||
Net noncurrent deferred income tax liability | (77,349 | ) | (16,856 | ) | |||||||||
Net deferred income tax liability | ($138,607 | ) | ($12,655 | ) | |||||||||
As of December 31, 2014, the Company had U.S. federal net operating loss carryforwards of approximately $185.6 million. If not utilized in earlier periods, the U.S. federal net operating loss will expire between 2019 and 2034. 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, 2014, 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, 2014. 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 $185.6 million but not reflected in the associated deferred tax asset were $34.6 million as of December 31, 2014. The Company expects to recognize the $12.1 million deferred tax asset associated with these stock-based compensation tax deductions under the tax law ordering approach which looks to the provision within the tax law for determining the sequence in which the U.S. loss carryforwards and other tax attributes are 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 statutes of limitations. The 1999 through 2014 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 2013 and 2014 tax years through 2015 and 2016, respectively. The Company received notice in January 2015 from the Large Business and International Division of the Internal Revenue Service that the Company’s 2012 Federal Tax Return has been selected for examination. The examination commenced in February 2015. As of December 31, 2014, 2013 and 2012, the Company had no material uncertain tax positions. |
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | 7. Debt | ||||||||
Debt consisted of the following as of December 31, 2014 and 2013: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Long-term debt | |||||||||
8.625% Senior Notes due 2018 | $600,000 | $600,000 | |||||||
Unamortized discount for 8.625% Senior Notes | (3,444 | ) | (4,178 | ) | |||||
7.50% Senior Notes due 2020 | 600,000 | 300,000 | |||||||
Unamortized premium for 7.50% Senior Notes | 1,465 | — | |||||||
Other long-term debt due 2028 | 4,425 | 4,425 | |||||||
Senior Secured Revolving Credit Facility due 2018 | — | — | |||||||
Deferred purchase payment | 150,000 | — | |||||||
Unamortized discount for deferred purchase payment | (1,100 | ) | — | ||||||
Total long-term debt | $1,351,346 | $900,247 | |||||||
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. | |||||||||
Since October 15, 2014, the Company had the right to redeem all or a portion of the 8.625% Senior Notes at redemption prices decreasing from 104.313% to 100% of the principal amount on October 15, 2017, plus accrued and unpaid interest. 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 principal amount, plus any accrued and 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. On October 30, 2014, the Company issued in a private placement an additional $300.0 million aggregate principal amount of 7.50% Senior Notes due 2020 at a price to the initial purchasers of 100.5% of par. In February 2015, the Company completed an exchange offer registered under the Securities Act of 1933, as amended, whereby registered 7.50% Senior Notes were exchanged for such privately placed 7.50% Senior Notes. The privately placed 7.50% Senior Notes have substantially identical terms, other than with respect to certain transfer restrictions and registration rights, as the exchanged 7.50% Senior Notes and our 7.50% Senior Notes that were issued on September 10, 2012. | |||||||||
The Company may redeem all or a portion of the 7.50% Senior Notes at any time on or after September 15, 2016 at redemption prices decreasing from 103.75% 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 107.50% of the principal amount, plus accrued and unpaid interest 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 original 7.50% Senior Notes). If a Change of Control (as defined in the indenture governing the original 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 principal amount, plus any accrued and 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, 2014, 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). | |||||||||
Senior Secured Revolving Credit Facility | |||||||||
The Company has a senior secured revolving credit facility with a syndicate of banks that, as of December 31, 2014, had a borrowing base of $800.0 million, of which $685.0 million has been committed by the lenders with no borrowings and $0.6 million in letters of credit outstanding. The credit agreement governing the senior secured revolving credit facility provides for interest only payments until July 2, 2018, when the credit agreement matures and any outstanding borrowings are due. The borrowing base under the credit agreement is subject to regular redeterminations in the Spring and Fall of each year, as well as special redeterminations described in the credit agreement, in each case which may reduce the amount of the borrowing base. A portion of the lender commitments under the credit agreement, in an aggregate amount not to exceed $30.0 million, may be used to issue letters of credit for the account of the Company or certain of its subsidiaries. | |||||||||
The obligations of the Company under the credit agreement are guaranteed by the Company's material domestic subsidiaries and are secured by liens on substantially all of the Company’s assets, including a mortgage lien on oil and gas properties having at least 80% of the proved reserve value of the oil and gas properties included in the determination of the borrowing base. | |||||||||
Amounts outstanding under the credit agreement bear interest at the Company’s option at either (i) a base rate for a base rate loan plus the margin set forth in the table below, where the base rate is defined as the greatest of the prime rate, the federal funds rate plus 0.50% and the adjusted LIBO rate plus 1.00%, or (ii) an adjusted LIBO rate for a Eurodollar loan plus the margin set forth in the table below. The Company also incurs commitment fees as set forth in the table below on the unused portion of lender commitments, and which are included as a component of interest expense. | |||||||||
Ratio of Outstanding Borrowings and Letters of Credit to Lender Commitments | Applicable | Applicable | Commitment Fee | ||||||
Margin for | Margin for Eurodollar | ||||||||
Base Rate | Loans | ||||||||
Loans | |||||||||
Less than 25% | 0.50% | 1.50% | 0.38% | ||||||
Greater than or equal to 25% but less than 50% | 0.75% | 1.75% | 0.38% | ||||||
Greater than or equal to 50% but less than 75% | 1.00% | 2.00% | 0.50% | ||||||
Greater than or equal to 75% but less than 90% | 1.25% | 2.25% | 0.50% | ||||||
Greater than or equal to 90% | 1.50% | 2.50% | 0.50% | ||||||
The Company is subject to certain covenants under the terms of the credit agreement, which include the maintenance of the following financial covenants determined as of the last day of each quarter: (1) a ratio of Total Debt to EBITDA (as defined in the credit agreement) of not more than 4.00 to 1.00; and (2) a Current Ratio (as defined in the credit agreement) of not less than 1.00 to 1.00. As defined in the credit agreement, Total Debt is net of cash and cash equivalents, EBITDA is for the last four quarters after giving pro forma effect to certain material acquisitions and dispositions of oil and gas properties, and the Current Ratio includes an add back of the unused portion of lender commitments. As of December 31, 2014, the ratio of Total Debt to EBITDA was 2.33 to 1.00 and the Current Ratio was 2.35 to 1.00. Because the financial covenants are determined as of the last day of each quarter, the ratios can fluctuate significantly period to period as the amounts outstanding under the credit agreement are dependent on the timing of cash flows from operations, capital expenditures, acquisitions and dispositions of oil and gas properties and securities offerings. | |||||||||
The credit agreement 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 credit agreement is subject to customary events of default, including in connection with a change in control. If an event of default occurs and is continuing, the lenders may elect to accelerate amounts due under the credit agreement (except in the case of a bankruptcy event of default, in which case such amounts will automatically become due and payable). | |||||||||
Deferred Purchase Payment | |||||||||
On October 24, 2014, the Company agreed to pay EFM $150.0 million representing the remaining portion of the agreed upon purchase price of $250.0 million associated with the Eagle Ford Shale Acquisition. The acquisition date fair value of the deferred purchase payment was $147.4 million. The deferred purchase payment is non-interest bearing and therefore was discounted using the effective interest method. This discount on the EFM deferred purchase payment of $2.6 million will be accreted to interest expense from the acquisition date through February 13, 2015. The Company has the intent and ability to refinance this deferred purchase payment on a long-term basis with the available capacity under its revolving credit facility, and accordingly, the deferred purchase payment has been classified as long-term debt as of December 31, 2014. The deferred purchase payment was paid on February 13, 2015. See “Note 4. Eagle Ford Shale Acquisition” for further discussion. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | |||||||||
Asset Retirement Obligations | 8. Asset Retirement Obligations | ||||||||
The following table sets forth asset retirement obligations for the years ended December 31, 2014 and 2013: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Asset retirement obligations at beginning of period | $7,356 | $6,159 | |||||||
Liabilities incurred | 6,284 | 3,348 | |||||||
Increase due to acquisition of oil and gas properties | 423 | — | |||||||
Liabilities settled | (1,784 | ) | (498 | ) | |||||
Reduction due to sales of oil and gas properties | — | (2,473 | ) | ||||||
Accretion expense | 710 | 471 | |||||||
Revisions of previous estimates | (477 | ) | 349 | ||||||
Asset retirement obligations at end of period | 12,512 | 7,356 | |||||||
Asset retirement obligations due within one year included in “Other current liabilities” | (325 | ) | (780 | ) | |||||
Long-term asset retirement obligations | $12,187 | $6,576 | |||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments And Contingencies | 9. 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, 2014, 2013 and 2012 was $1.9 million, $1.9 million, and $1.8 million, respectively, and includes rent expense primarily for the Company’s corporate office and field offices. At December 31, 2014, 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 and completion services 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) | ||||
2015 | $55,435 | |||
2016 | 36,020 | |||
2017 | 26,424 | |||
2018 | 11,141 | |||
2019 | 6,493 | |||
2020 and thereafter | 16,934 | |||
Total | $152,447 | |||
Shareholders_Equity_And_Stock_
Shareholders' Equity And Stock Incentive Plan | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Shareholders' Equity And Stock Incentive Plan [Abstract] | ||||||||||||||
Shareholders' Equity And Stock Incentive Plan | 10. 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, and received proceeds of approximately $189.7 million, net of offering costs. | ||||||||||||||
Warrants. On November 24, 2009, the Company entered into an agreement with an unrelated third party and its affiliate, which expired by its terms on May 31, 2011 under which the Company issued warrants to purchase shares of common stock. In 2014 and 2013, the Company issued no warrants. Warrants outstanding as of December 31, 2014 totaled 118,200. 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, restricted stock units and performance share awards to directors, employees and independent contractors. On May 15, 2014, the Incentive Plan was amended and restated, to increase the number of shares available for issuance under the Incentive Plan. The Company may grant awards of up to 10,822,500 shares (subject to certain limitations on restricted stock and restricted stock units) under the Incentive Plan and through December 31, 2014, has issued stock options, restricted stock awards, restricted stock units and performance share awards covering 6,526,862 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 2014, 2013 or 2012. The table below summarizes the activity for stock options for each of the three years ended December 31, 2014, 2013 and 2012: | ||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||
Average | Average | Intrinsic Value | ||||||||||||
Exercise | Remaining Life | (In millions) | ||||||||||||
Prices | (In years) | |||||||||||||
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 | ||||||||||||
Exercisable, end of period | 36,353 | $13.91 | ||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||
Outstanding, beginning of period | 36,353 | $13.91 | ||||||||||||
Granted | — | — | ||||||||||||
Exercised | (33,086 | ) | $13.20 | |||||||||||
Forfeited | — | — | ||||||||||||
Expired | (834 | ) | $27.25 | |||||||||||
Outstanding, end of period | 2,433 | $19.02 | 0.52 | $0.10 | ||||||||||
Exercisable, end of period | 2,433 | $19.02 | 0.52 | $0.10 | ||||||||||
As of December 31, 2014, 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, 2014, 2013 and 2012 was $1.3 million, $4.4 million, and $0.4 million, respectively, and the Company received $0.4 million, $1.3 million, and $0.1 million in cash in connection with stock option exercises for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||
Stock Appreciation Rights. During the years ended December 31, 2014, 2013 and 2012, the Company granted zero, 282,296 and 193,336, 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 each of the three years ended December 31, 2014, 2013 and 2012: | ||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||
Average | Average | Intrinsic Value | ||||||||||||
Exercise | Remaining Life | (In millions) | ||||||||||||
Prices | (In years) | |||||||||||||
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 | ||||||||||||
Exercisable, end of period | 681,867 | $22.55 | ||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||
Outstanding, beginning of period | 1,086,231 | $24.78 | ||||||||||||
Granted | — | — | ||||||||||||
Exercised | (321,033 | ) | $30.24 | |||||||||||
Forfeited | — | — | ||||||||||||
Outstanding, end of period | 765,198 | $22.49 | 2.05 | $14.50 | ||||||||||
Exercisable, end of period | 587,481 | $20.78 | 1.98 | $12.20 | ||||||||||
As of December 31, 2014, the liability for SARs outstanding was $14.8 million, of which, $13.9 million is classified as “Other current liabilities”, with the remainder of $0.9 million classified as “Other liabilities”. As of December 31, 2013, the liability for SARs outstanding was $20.6 million, of which $19.3 million is classified as “Other current liabilities” with the remainder of $1.3 million classified as “Other liabilities”. The Company paid $7.8 million, $3.9 million and $0.1 million, in connection with SARs exercised during the years ended December 31, 2014, 2013 and 2012, 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 and 2012: | ||||||||||||||
2013 | 2012 | |||||||||||||
Grant date fair value | $13.36 | $12.23 | ||||||||||||
Volatility factor | 44.5 | % | 48.2 | % | ||||||||||
Dividend yield | — | % | — | % | ||||||||||
Risk-free interest rate | 1 | % | 0.4 | % | ||||||||||
Expected term (in years) | 3.5 | 3 | ||||||||||||
As of December 31, 2014, unrecognized compensation costs related to unvested SARs was $0.6 million and will be recognized as stock-based compensation expense, net of amounts capitalized over a weighted-average period of 1.49 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 each of the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||
Shares/ | Weighted-Average Grant Date | |||||||||||||
Units | Fair Value | |||||||||||||
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 | ||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||
Unvested restricted stock awards and units, beginning of period | 1,444,867 | $28.03 | ||||||||||||
Granted | 576,812 | $48.64 | ||||||||||||
Vested | (647,306 | ) | $32.64 | |||||||||||
Forfeited | (38,691 | ) | $32.89 | |||||||||||
Unvested restricted stock awards and units, end of period | 1,335,682 | $34.55 | ||||||||||||
As of December 31, 2014, unrecognized compensation costs related to unvested restricted stock awards and units was $25.4 million and will be recognized as stock-based compensation expense, net of amounts capitalized over a weighted-average period of 1.90 years. The 2014, 2013 and 2012 grants of certain restricted stock units contained performance and service conditions. The performance conditions have been met for all awards. | ||||||||||||||
Performance Share Awards. In March 2014, the Company granted 56,342 market-based performance share awards. The performance awards have a performance period of three years, contain predetermined market and performance conditions established by the Compensation Committee, and, if the market and performance conditions are met, will cliff vest three years from the date of grant. The number of performance shares to be earned is subject to a market condition, which is based on the total shareholder return (“TSR”) of the Company’s common stock relative to the TSR achieved by a defined peer group of 12 other companies at the end of the performance period. The range of performance shares which may be earned by an award recipient ranges from zero and 200% of the initial performance shares granted. | ||||||||||||||
The grant date fair value of the performance share awards was determined using a Monte Carlo valuation model prepared by an independent third party. The grant date fair value of the performance share awards as determined by the Monte Carlo valuation model was $68.15, which was based on the following assumptions: | ||||||||||||||
2014 | ||||||||||||||
Number of simulations | 500,000 | |||||||||||||
Grant price | $53.96 | |||||||||||||
Volatility factor | 49.9 | % | ||||||||||||
Dividend yield | — | % | ||||||||||||
Risk-free interest rate | 0.9 | % | ||||||||||||
Expected term (in years) | 2.97 | |||||||||||||
The fair value of the performance share awards of $3.8 million will be amortized on a straight-line basis and recognized as stock-based compensation expense, net of amount capitalized over the requisite service period of three years. All compensation cost related to the performance share awards will be recognized if the requisite service period is fulfilled, even if the market condition is not achieved. As of December 31, 2014, unrecognized compensation costs related to the 56,342 unvested performance share awards was $2.4 million and will be recognized as stock-based compensation expense, net of amounts capitalized over a weighted-average period of 2.24 years. The 2014 grants of certain performance share awards 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, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. 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 the Company’s 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 the Company 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 the Company’s purchase of certain ACP III assets discussed below. | |
On January 15, 2013, the Company exercised an option to increase its participating interest in the Avista Utica joint venture properties 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 $77.1 million in cash. 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. | |
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. As of December 31, 2014, related party receivable on the consolidated balance sheets included $1.9 million, representing the net amounts ACP II and ACP III owes the Company related to activity within the Avista Marcellus and Avista Utica joint ventures. As of 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 owed the Company related to activity within the Avista Marcellus joint venture and the net amount the Company owed ACP III related to activity within the Avista Utica joint venture, respectively. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||
Derivative Instruments | 12. 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 36 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 instruments 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 as of December 31, 2014 and 2013 totaled $214.8 million and $9.3 million, respectively, and is summarized by counterparty in the table below: | ||||||||||||||||||||||
Counterparty | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Wells Fargo | 37 | % | 23 | % | ||||||||||||||||||
Societe Generale | 26 | % | 31 | % | ||||||||||||||||||
Credit Suisse | 24 | % | 46 | % | ||||||||||||||||||
Regions | 8 | % | — | % | ||||||||||||||||||
Union Bank | 4 | % | — | % | ||||||||||||||||||
Royal Bank of Canada | 1 | % | — | % | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||
The counterparties to the Company’s derivative instruments are lenders under the Company’s credit agreement. Because each of the lenders have investment grade credit ratings, the Company believes it does not have significant 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 credit ratings of its counterparties. | ||||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company recorded in the consolidated statements of income a gain on derivatives, net of $201.9 million, a loss on derivatives, net of $18.4 million, and a gain on derivatives, net of $31.4 million, respectively. | ||||||||||||||||||||||
The following sets forth a summary of the Company’s crude oil derivative positions at average NYMEX prices as of December 31, 2014. | ||||||||||||||||||||||
Period | Type of Contract | Volumes | Weighted | Weighted | Weighted Average | Weighted Average | ||||||||||||||||
(in Bbls/d) | Average | Average | Short Put Price | Put Spread | ||||||||||||||||||
Floor Price | Ceiling Price | ($/Bbl) | ($/Bbl) | |||||||||||||||||||
($/Bbl) | ($/Bbl) | |||||||||||||||||||||
January - December 2015 | Fixed Price Swaps | 10,370 | $92.97 | |||||||||||||||||||
Costless Collars | 700 | $90.00 | $100.65 | |||||||||||||||||||
Three-way Collars | 1,000 | $85.00 | $105.00 | $65.00 | $20.00 | |||||||||||||||||
January - December 2016 | Fixed Price Swaps | 3,000 | $91.09 | |||||||||||||||||||
Three-way Collars | 667 | $85.00 | $104.00 | $65.00 | $20.00 | |||||||||||||||||
The following sets forth a summary of the Company’s natural gas derivative positions at average NYMEX prices as of December 31, 2014. | ||||||||||||||||||||||
Period | Type of Contract | Volume | Weighted | |||||||||||||||||||
(in MMBtu/d) | Average | |||||||||||||||||||||
Floor Price | ||||||||||||||||||||||
($/MMBtu) | ||||||||||||||||||||||
January - December 2015 | Fixed Price Swaps | 30,000 | $4.29 | |||||||||||||||||||
On February 11, 2015, the Company entered into derivative transactions offsetting its existing crude oil derivative positions covering the periods from March 2015 through December 2016. Additionally, on February 13, 2015, the Company entered into costless collars for the periods from March 2015 through December 2016 which will continue to provide the Company with solid downside protection on 12,200 Bbls/d in 2015 and 4,000 Bbls/d in 2016 of crude oil at prices below the floor of $50.00 per Bbl yet allow the Company to benefit from an increase in crude oil prices up to the ceiling of $66.46 per Bbl in 2015 and $76.50 per Bbl in 2016. See “Note 16. Subsequent Events (Unaudited)” for additional information regarding the Company’s derivative instruments. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 13. 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 summarize the location and amounts of the Company’s assets and liabilities measured at fair value on a recurring basis as presented in the consolidated balance sheets as of December 31, 2014 and 2013. All items included in the tables below are Level 2 inputs within the fair value hierarchy: | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | |||||||||||||||
(In thousands) | |||||||||||||||||
Derivative assets | |||||||||||||||||
Derivative assets (current) | $183,625 | ($12,524 | ) | $171,101 | |||||||||||||
Derivative assets (noncurrent) | 44,725 | (1,041 | ) | 43,684 | |||||||||||||
Derivative liabilities | |||||||||||||||||
Other current liabilities | (12,707 | ) | 12,524 | (183 | ) | ||||||||||||
Other liabilities (noncurrent) | (1,058 | ) | 1,041 | (17 | ) | ||||||||||||
Total | $214,585 | $— | $214,585 | ||||||||||||||
December 31, 2013 | |||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | |||||||||||||||
(In thousands) | |||||||||||||||||
Derivative assets | |||||||||||||||||
Derivative assets (current) | $2,389 | ($2,389 | ) | $— | |||||||||||||
Derivative assets (noncurrent) | 11,709 | (2,425 | ) | 9,284 | |||||||||||||
Derivative Liabilities | |||||||||||||||||
Other current liabilities | (12,336 | ) | 2,389 | (9,947 | ) | ||||||||||||
Other liabilities (noncurrent) | (2,613 | ) | 2,425 | (188 | ) | ||||||||||||
Total | ($851 | ) | $— | ($851 | ) | ||||||||||||
The fair values of the Company’s derivative assets and liabilities are based on a third-party industry-standard pricing model that uses market data obtained from third-party sources, including quoted forward prices for oil and gas, discount rates and volatility factors. The fair values 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 derivative asset and liability 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 derivative assets and liabilities with the same counterparty, which positions are all offset to a single derivative asset or liability in the consolidated balance sheets. The Company nets the fair values of its derivative assets and liabilities associated with derivative instruments 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, 2014 and 2013. | |||||||||||||||||
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, and the EFM deferred purchase payment, which is classified as Level 2 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 other long-term debt, based on quoted market prices, as of December 31, 2014 and 2013, and the carrying amount and fair value of the Company’s EFM deferred purchase payment, based on indirect observable market rates as of December 31, 2014. | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
8.625% Senior Notes due 2018 | $596,555 | $597,000 | $595,822 | $644,978 | |||||||||||||
7.50% Senior Notes due 2020 | 600,000 | 573,000 | 300,000 | 327,000 | |||||||||||||
Other long-term debt due 2028 | 4,425 | 4,071 | 4,425 | 4,115 | |||||||||||||
Deferred purchase payment | 148,900 | 148,558 | — | — | |||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||
Condensed Consolidating Financial Information | 14. 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, 2014 and December 31, 2013, and for the three years ended December 31, 2014, 2013 and 2012 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 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Total current assets | $2,380,445 | $245,051 | $111 | ($2,346,986 | ) | $278,621 | |||||||||||||||
Total property and equipment, net | 613 | 2,562,029 | 39,939 | 26,672 | 2,629,253 | ||||||||||||||||
Investment in subsidiaries | 233,173 | — | — | (233,173 | ) | — | |||||||||||||||
Other assets | 140,774 | — | — | (67,172 | ) | 73,602 | |||||||||||||||
Total Assets | $2,755,005 | $2,807,080 | $40,050 | ($2,620,659 | ) | $2,981,476 | |||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Current liabilities | $296,686 | $2,434,649 | $39,955 | ($2,346,986 | ) | $424,304 | |||||||||||||||
Long-term liabilities | 1,364,793 | 139,353 | — | (50,415 | ) | 1,453,731 | |||||||||||||||
Total shareholders’ equity | 1,093,526 | 233,078 | 95 | (223,258 | ) | 1,103,441 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $2,755,005 | $2,807,080 | $40,050 | ($2,620,659 | ) | $2,981,476 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Total current assets | $1,820,069 | $168,718 | $— | ($1,709,026 | ) | $279,761 | |||||||||||||||
Total property and equipment, net | 2,797 | 1,768,553 | 2,058 | 20,807 | 1,794,215 | ||||||||||||||||
Investment in subsidiaries | 61,619 | — | — | (61,619 | ) | — | |||||||||||||||
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 | $201,486 | $1,828,314 | $2,061 | ($1,709,026 | ) | $322,835 | |||||||||||||||
Long-term liabilities | 922,571 | 47,335 | — | (23,585 | ) | 946,321 | |||||||||||||||
Total 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 | |||||||||||||||
CARRIZO OIL & GAS, INC. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Total revenues | $3,938 | $706,121 | $128 | $— | $710,187 | ||||||||||||||||
Total costs and expenses | (76,531 | ) | 442,343 | 30 | (5,865 | ) | 359,977 | ||||||||||||||
Income From Continuing Operations Before Income Taxes | 80,469 | 263,778 | 98 | 5,865 | 350,210 | ||||||||||||||||
Income tax expense | (28,164 | ) | (92,322 | ) | — | (7,441 | ) | (127,927 | ) | ||||||||||||
Equity in income of subsidiaries | 171,554 | — | — | (171,554 | ) | — | |||||||||||||||
Income From Continuing Operations | $223,859 | $171,456 | $98 | ($173,130 | ) | $222,283 | |||||||||||||||
Income From Discontinued Operations, Net of Income Taxes | 4,060 | — | — | — | 4,060 | ||||||||||||||||
Net Income | $227,919 | $171,456 | $98 | ($173,130 | ) | $226,343 | |||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Total revenues | $6,490 | $513,692 | $— | $— | $520,182 | ||||||||||||||||
Total costs and expenses | 134,874 | 349,782 | 3 | 762 | 485,421 | ||||||||||||||||
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 of subsidiaries | 106,538 | — | — | (106,538 | ) | — | |||||||||||||||
Income (Loss) From Continuing Operations | $23,088 | $106,541 | ($3 | ) | ($107,768 | ) | $21,858 | ||||||||||||||
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 | |||||||||||||||||||||
Total revenues | $20,195 | $347,985 | $— | $— | $368,180 | ||||||||||||||||
Total costs and expenses | 56,817 | 241,883 | — | (12,653 | ) | 286,047 | |||||||||||||||
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 of subsidiaries | 73,150 | — | — | (73,150 | ) | — | |||||||||||||||
Income From Continuing Operations | $49,186 | $68,966 | $— | ($66,975 | ) | $51,177 | |||||||||||||||
Income From Discontinued Operations, Net of Income Taxes | 126 | — | 4,184 | — | 4,310 | ||||||||||||||||
Net Income | $49,312 | $68,966 | $4,184 | ($66,975 | ) | $55,487 | |||||||||||||||
CARRIZO OIL & GAS, INC. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net cash provided by (used in) operating activities from continuing operations | ($132,683 | ) | $634,970 | ($12 | ) | $— | $502,275 | ||||||||||||||
Net cash used in investing activities from continuing operations | (305,718 | ) | (906,509 | ) | (37,609 | ) | 309,160 | (940,676 | ) | ||||||||||||
Net cash provided by financing activities from continuing operations | 300,290 | 271,539 | 37,621 | (309,160 | ) | 300,290 | |||||||||||||||
Net cash used in discontinued operations | (8,490 | ) | — | — | — | (8,490 | ) | ||||||||||||||
Net decrease in cash and cash equivalents | (146,601 | ) | — | — | — | (146,601 | ) | ||||||||||||||
Cash and cash equivalents, beginning of year | 157,439 | — | — | — | 157,439 | ||||||||||||||||
Cash and cash equivalents, end of year | $10,838 | $— | $— | $— | $10,838 | ||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net cash provided by (used in) operating activities from continuing operations | ($55,888 | ) | $423,366 | ($4 | ) | $— | $367,474 | ||||||||||||||
Net cash used in investing activities from continuing operations | (86,322 | ) | (513,710 | ) | (2,057 | ) | 92,204 | (509,885 | ) | ||||||||||||
Net cash provided by financing activities from 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 | |||||||||||||||||||||
Net cash provided by operating activities from continuing operations | $75,546 | $177,525 | $— | $— | $253,071 | ||||||||||||||||
Net cash used in investing activities from continuing operations | (280,564 | ) | (493,145 | ) | — | 308,558 | (465,151 | ) | |||||||||||||
Net cash provided by financing activities from 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 | ||||||||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Supplemental Cash Flow Disclosures | 15. Supplemental Cash Flow Information | ||||||||||||
Supplemental disclosures to the consolidated statements of cash flows are presented below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Net cash provided by operating activities: | |||||||||||||
Cash paid for interest, net of amounts capitalized | $49,379 | $50,770 | $43,629 | ||||||||||
Cash paid for income taxes | — | 505 | 587 | ||||||||||
Non-cash investing and financing activities: | |||||||||||||
Capital expenditures included in accounts payable and accrued capital expenditures | $176,886 | $114,988 | $82,727 | ||||||||||
Purchase price adjustments related to the Eagle Ford Shale Acquisition | 3,197 | — | — | ||||||||||
EFM deferred purchase payment | 148,900 | — | — | ||||||||||
Subsequent_Events_Subsequents_
Subsequent Events Subsequents Events | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Subsequent Events | 16. Subsequent Events (Unaudited) | |||||||||||||||||
On February 11, 2015, the Company entered into derivative transactions offsetting its existing crude oil derivative positions covering the periods from March 2015 through December 2016. See “Note 12. Derivative Instruments” for a summary of the Company’s existing crude oil hedge positions as of December 31, 2014.The following sets forth a summary of the Company’s derivative positions for which offsetting derivative transactions were executed: | ||||||||||||||||||
Period | Type of Contract | Volumes | Weighted | Weighted | Weighted Average | |||||||||||||
(in Bbls/d) | Average | Average | Short Put Price | |||||||||||||||
Floor Price | Ceiling Price | ($/Bbl) | ||||||||||||||||
($/Bbl) | ($/Bbl) | |||||||||||||||||
March - December 2015 | Fixed Price Swaps | 10,370 | $55.48 | |||||||||||||||
Costless Collars | 700 | $90.00 | $100.65 | |||||||||||||||
Three-way Collars | 1,000 | $85.00 | $105.00 | $65.00 | ||||||||||||||
January - December 2016 | Fixed Price Swaps | 3,000 | $62.11 | |||||||||||||||
Three-way Collars | 667 | $85.00 | $104.00 | $65.00 | ||||||||||||||
As a result of the offsetting derivative transactions, the Company has locked in $166.4 million of cash flows which will be received as the derivative contracts settle in 2015 and 2016 and the Company will recognize an $8.4 million gain on derivatives, net in the first quarter of 2015 which represents the increase in fair value of the derivatives from December 31, 2014 to February 11, 2015. | ||||||||||||||||||
On February 13, 2015, the Company entered into costless collars for the periods from March 2015 through December 2016 which will continue to provide the Company with solid downside protection at crude oil prices below the floor price yet allow the Company to benefit from an increase in the price of crude oil up to the ceiling price. The following sets forth a summary of the Company’s costless collars transactions: | ||||||||||||||||||
Period | Type of Contract | Volumes | Weighted Average Floor Price ($/Bbl) | Weighted Average Ceiling Price ($/Bbl) | ||||||||||||||
(in Bbls/d) | ||||||||||||||||||
March - December 2015 | Costless Collars | 12,200 | $50.00 | $66.46 | ||||||||||||||
January - December 2016 | Costless Collars | 4,000 | $50.00 | $76.50 | ||||||||||||||
Supplemental_Disclosures_About
Supplemental Disclosures About Oil And Gas Producing Activities | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |||||||||||||||||||
Supplemental Disclosures About Oil And Gas Producing Activities | 17. Supplemental Disclosures about Oil and Gas Producing Activities (Unaudited) | ||||||||||||||||||
As of December 31, 2014 and 2013, the Company’s oil and gas properties are located in the U.S. As of December 31, 2012, 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, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||||
U.S. | |||||||||||||||||||
Property acquisition costs | |||||||||||||||||||
Proved property acquisition costs | $183,633 | $— | $— | ||||||||||||||||
Unproved property acquisition costs | 215,021 | 254,099 | 139,344 | ||||||||||||||||
Total property acquisition costs | 398,654 | 254,099 | 139,344 | ||||||||||||||||
Exploration costs | 194,956 | 106,329 | 211,289 | ||||||||||||||||
Development costs | 530,268 | 423,871 | 374,391 | ||||||||||||||||
Total costs incurred | $1,123,878 | $784,299 | $725,024 | ||||||||||||||||
U.K. | |||||||||||||||||||
Property acquisition costs | |||||||||||||||||||
Proved property acquisition costs | $— | $— | $— | ||||||||||||||||
Unproved property acquisition costs | — | — | 11,135 | ||||||||||||||||
Total property acquisition costs | — | — | 11,135 | ||||||||||||||||
Exploration costs | — | — | — | ||||||||||||||||
Development costs | — | — | 36,261 | ||||||||||||||||
Total costs incurred | $— | $— | $47,396 | ||||||||||||||||
Total Worldwide | |||||||||||||||||||
Property acquisition costs | |||||||||||||||||||
Proved property acquisition costs | $183,633 | $— | $— | ||||||||||||||||
Unproved property acquisition costs | 215,021 | 254,099 | 150,479 | ||||||||||||||||
Total property acquisition costs | 398,654 | 254,099 | 150,479 | ||||||||||||||||
Exploration costs | 194,956 | 106,329 | 211,289 | ||||||||||||||||
Development costs | 530,268 | 423,871 | 410,652 | ||||||||||||||||
Total costs incurred | $1,123,878 | $784,299 | $772,420 | ||||||||||||||||
Costs incurred excludes capitalized interest on U.S. unproved properties of $34.5 million, $29.9 million, and $24.8 million for the years ended December 31, 2014, 2013 and 2012, 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, 2014 and 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 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, 2012 | 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 | |||||||||||||
Extensions and discoveries | 29,793 | — | 29,793 | 3,681 | — | 3,681 | |||||||||||||
Revisions of previous estimates | 3,046 | — | 3,046 | 1,270 | — | 1,270 | |||||||||||||
Purchases of reserves in place | 12,730 | — | 12,730 | 1,335 | — | 1,335 | |||||||||||||
Production | (6,906 | ) | — | (6,906 | ) | (925 | ) | — | (925 | ) | |||||||||
31-Dec-14 | 100,704 | — | 100,704 | 13,513 | — | 13,513 | |||||||||||||
Proved developed reserves: | |||||||||||||||||||
31-Dec-12 | 12,675 | 5,241 | 17,916 | 1,620 | — | 1,620 | |||||||||||||
31-Dec-13 | 18,321 | — | 18,321 | 2,779 | — | 2,779 | |||||||||||||
31-Dec-14 | 35,238 | — | 35,238 | 5,294 | — | 5,294 | |||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||
31-Dec-12 | 26,400 | — | 26,400 | 3,763 | — | 3,763 | |||||||||||||
31-Dec-13 | 43,720 | — | 43,720 | 5,373 | — | 5,373 | |||||||||||||
31-Dec-14 | 65,466 | — | 65,466 | 8,219 | — | 8,219 | |||||||||||||
Crude oil, condensate and natural gas liquids extensions and discoveries are primarily attributable to the following: | |||||||||||||||||||
2014 | 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. | ||||||||||||||||||
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. | ||||||||||||||||||
Crude oil, condensate and natural gas liquids purchases of reserves in place are primarily attributable to the following: | |||||||||||||||||||
2014 | Acquisition of proved developed and undeveloped reserves from Eagle Ford Minerals, LLC. | ||||||||||||||||||
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. | ||||||||||||||||||
Natural Gas (MMcf) | Oil-Equivalent Proved Reserves (MBoe) | ||||||||||||||||||
U.S. | U.K. | Worldwide | U.S. | U.K. | Worldwide | ||||||||||||||
Proved reserves: | |||||||||||||||||||
January 1, 2012 | 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 | |||||||||||||
Extensions and discoveries | 30,343 | — | 30,343 | 38,531 | — | 38,531 | |||||||||||||
Revisions of previous estimates | 18,913 | — | 18,913 | 7,469 | — | 7,469 | |||||||||||||
Purchases of reserves in place | 8,681 | — | 8,681 | 15,512 | — | 15,512 | |||||||||||||
Production | (24,877 | ) | — | (24,877 | ) | (11,978 | ) | — | (11,978 | ) | |||||||||
31-Dec-14 | 221,017 | — | 221,017 | 151,053 | — | 151,053 | |||||||||||||
Proved developed reserves: | |||||||||||||||||||
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 | |||||||||||||
31-Dec-14 | 149,697 | — | 149,697 | 65,482 | — | 65,482 | |||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||
31-Dec-12 | 194,134 | — | 194,134 | 62,519 | — | 62,519 | |||||||||||||
31-Dec-13 | 80,981 | — | 80,981 | 62,590 | — | 62,590 | |||||||||||||
31-Dec-14 | 71,320 | — | 71,320 | 85,571 | — | 85,571 | |||||||||||||
Natural gas extensions and discoveries are primarily attributable to the following: | |||||||||||||||||||
2014 | Additions of U.S. proved developed and undeveloped reserves as a result of drilling and offset locations in the Marcellus and Eagle Ford. | ||||||||||||||||||
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. | ||||||||||||||||||
Natural gas revisions of previous estimates are primarily attributable to the following: | |||||||||||||||||||
2014 | Positive price revisions in the U.S. primarily in the Marcellus. | ||||||||||||||||||
2013 | Positive price revisions in the U.S. primarily in the Marcellus. | ||||||||||||||||||
2012 | Negative price revisions in the U.S. primarily in the Barnett. | ||||||||||||||||||
Natural gas purchases of reserves in place are primarily attributable to the following: | |||||||||||||||||||
2014 | Acquisition of proved developed and undeveloped reserves from Eagle Ford Minerals, LLC. | ||||||||||||||||||
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. | ||||||||||||||||||
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) | |||||||||||||||||||
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 | ||||||||||||||||
2014 | |||||||||||||||||||
Future cash inflows | $10,380,951 | $— | $10,380,951 | ||||||||||||||||
Future production costs | (2,532,106 | ) | — | (2,532,106 | ) | ||||||||||||||
Future development costs | (1,680,795 | ) | — | (1,680,795 | ) | ||||||||||||||
Future income taxes | (1,354,524 | ) | — | (1,354,524 | ) | ||||||||||||||
Future net cash flows | 4,813,526 | — | 4,813,526 | ||||||||||||||||
Less 10% annual discount to reflect timing of cash flows | (2,258,444 | ) | — | (2,258,444 | ) | ||||||||||||||
Standard measure of discounted future net cash flows | $2,555,082 | $— | $2,555,082 | ||||||||||||||||
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 2014, 2013 and 2012 were $92.24, $99.44, and $102.03 per barrel, respectively, for crude oil and condensate, $27.80, $25.60 and $32.12 per barrel, respectively, for natural gas liquids, and $3.24, $2.97 and $2.08 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, 2012 | $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 | ||||||||||||||||
Revisions to reserves proved in prior years: | |||||||||||||||||||
Net change in sales prices and production costs related to future production | (240,533 | ) | — | (240,533 | ) | ||||||||||||||
Net change in estimated future development costs | 89,401 | — | 89,401 | ||||||||||||||||
Net change due to revisions in quantity estimates | 205,166 | — | 205,166 | ||||||||||||||||
Accretion of discount | 202,672 | — | 202,672 | ||||||||||||||||
Changes in production rates (timing) and other | (61,099 | ) | — | (61,099 | ) | ||||||||||||||
Total revisions | 195,607 | — | 195,607 | ||||||||||||||||
Net change due to extensions and discoveries, net of estimated future development and production costs | 867,615 | — | 867,615 | ||||||||||||||||
Net change due to purchases of minerals in place | 352,867 | — | 352,867 | ||||||||||||||||
Sales of oil and gas produced, net of production costs | (598,036 | ) | — | (598,036 | ) | ||||||||||||||
Previously estimated development costs incurred | 415,963 | — | 415,963 | ||||||||||||||||
Net change in income taxes | (300,345 | ) | — | (300,345 | ) | ||||||||||||||
Net change in standardized measure of discounted future net cash flows | 933,671 | — | 933,671 | ||||||||||||||||
Standardized measure — December 31, 2014 | $2,555,082 | $— | $2,555,082 | ||||||||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Selected Quarterly Financial Data | 18. Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||
The following table presents selected quarterly financial data for the years ended December 31, 2014 and 2013: | |||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Total revenues | $157,212 | $193,475 | $196,225 | $163,275 | |||||||||||||
Income from continuing operations | 6,621 | 3,214 | 82,997 | 129,451 | |||||||||||||
Net income | $5,976 | $2,319 | $83,789 | $134,259 | |||||||||||||
Net income per common share - basic | |||||||||||||||||
Income from continuing operations | $0.15 | $0.07 | $1.83 | $2.85 | |||||||||||||
Net income per common share | $0.13 | $0.05 | $1.85 | $2.96 | |||||||||||||
Net income per common share - diluted | |||||||||||||||||
Income from continuing operations | $0.14 | $0.07 | $1.80 | $2.80 | |||||||||||||
Net income per common share | $0.13 | $0.05 | $1.82 | $2.91 | |||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Total revenues | $111,901 | $134,224 | $144,329 | $129,728 | |||||||||||||
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 common share - basic | |||||||||||||||||
Income (loss) from continuing operations | $0.06 | $0.89 | $0.14 | ($0.52 | ) | -2 | |||||||||||
Net income (loss) per common share | $0.66 | -1 | $0.92 | $0.11 | ($0.56 | ) | -2 | ||||||||||
Net income (loss) per common share - diluted | |||||||||||||||||
Income (loss) from continuing operations | $0.06 | $0.88 | $0.14 | ($0.52 | ) | -2 | |||||||||||
Net income (loss) per common share | $0.65 | -1 | $0.91 | $0.11 | ($0.56 | ) | -2 | ||||||||||
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. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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 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. Such reclassifications had no material impact on prior period amounts. | |||||||||||||
Discontinued Operations | Discontinued Operations | ||||||||||||
On February 22, 2013, the Company closed on the sale of Carrizo UK Huntington Ltd, a wholly owned subsidiary of the Company (“Carrizo UK”), and all of its interest in the Huntington Field discovery, including a 15% non-operated working interest and certain overriding royalty interests, to a subsidiary of Iona Energy Inc. (“Iona Energy”) for an agreed-upon price of $184.0 million, including the assumption and repayment by Iona Energy of the $55.0 million of borrowings outstanding under Carrizo UK’s senior secured multicurrency credit facility as of the closing date. The liabilities, results of operations and cash flows associated with Carrizo UK have been classified as discontinued operations in the consolidated financial statements. Unless otherwise indicated, the information in these notes relate to the Company’s continuing operations. Information related to discontinued operations is included in “Note 3. Discontinued Operations”, “Note 14. Condensed Consolidating Financial Information” and “Note 17. 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 and assumptions 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 depreciation, depletion and amortization (“DD&A”) 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 assets and liabilities, stock-based compensation, 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 equivalents include highly liquid investments with original maturities of three months or less. Certain of the Company’s cash accounts are zero-balance controlled disbursement accounts that do not have the right of offset against the Company’s other cash balances. The Company presents the outstanding checks written against these zero-balance accounts as a component of accounts payable in the consolidated balance sheets. Outstanding checks included as a component of accounts payable totaled $70.5 million and $2.2 million as of December 31, 2014 and 2013, respectively. | |||||||||||||
Accounts Receivable And Allowance For Doubtful Accounts | Accounts Receivable and Accounts Payable | ||||||||||||
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. As of December 31, 2014 and 2013, the Company’s allowance for doubtful accounts was zero and $0.6 million, respectively. | |||||||||||||
Concentration Of Credit Risk | Concentration of Credit Risk | ||||||||||||
The Company’s accounts receivable consists primarily of receivables from oil and gas purchasers and joint interest owners in properties the Company operates. This concentration of accounts receivable from customers and joint interest owners in the oil and gas industry 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 and joint interest owners. The Company generally has the right to withhold future revenue distributions to recover any non-payment of joint interest billings. | |||||||||||||
The Company’s derivative instruments in a net asset position also subject the Company to a concentration of credit risk. See “Note 12. Derivative Instruments.” | |||||||||||||
Major Customers | Major Customers | ||||||||||||
In 2014, two customers accounted for approximately 44% and 26% of the Company’s oil and gas revenues. 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. | |||||||||||||
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. The internal cost of employee compensation and benefits, including stock-based compensation, directly associated with acquisition, exploration and development activities are capitalized and totaled $18.8 million, $15.0 million and $11.8 million for the years ended December 31, 2014, 2013 and 2012, 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 amortization rate is computed on a quarterly basis by dividing current quarter production by proved oil and gas reserves at the beginning of the quarter then applying such amortization rate 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 DD&A per Boe of proved oil and gas properties was $26.20, $21.38 and $17.55 for the years ended December 31, 2014, 2013 and 2012, 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. Exploratory wells in progress and individually significant unevaluated leaseholds are assessed 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 unevaluated leaseholds within the next five years and exploratory wells in progress within the next year. 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 unproved properties totaling $34.5 million, $29.9 million and $24.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. The amount of interest costs capitalized is determined on a quarterly basis based on the average balance of unproved properties using a weighted-average interest rate based on outstanding borrowings. | |||||||||||||
Proceeds from the sale of proved and unproved oil and gas properties 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. For 2014, the Company did not have any sales of oil and gas properties that significantly altered such relationship. 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, 2014. | |||||||||||||
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 in the future increase the cost center ceiling applicable to the subsequent period. | |||||||||||||
The estimated future net revenues used in the cost center ceiling 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 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 three to ten years. | |||||||||||||
Debt Issuance Costs | Debt Issuance Costs | ||||||||||||
Debt issuance costs associated with the revolving credit facility are amortized to interest expense on a straight-line basis over the term of the facility. Debt issuance costs associated with the senior notes are amortized to interest expense using the effective interest method over the terms of the related notes. | |||||||||||||
Financial Instruments | Financial Instruments | ||||||||||||
The Company’s financial instruments consist of cash and cash equivalents, receivables, payables, derivative assets and liabilities 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 assets and liabilities are based on a third-party industry-standard pricing model that uses market data obtained from third-party sources, including quoted forward prices for oil and gas, discount rates and volatility factors. The carrying amounts of long-term debt under the Company’s revolving credit facility approximate fair value as borrowings bear interest at variable rates of interest. The carrying amounts of the Company’s senior notes and other long-term debt may not approximate fair value because carrying amounts are net of any unamortized discount and the notes bear interest at fixed rates of interest. The carrying amount of the EFM deferred purchase payment may not approximate fair value because the carrying amount is net of unamortized discount and the note is non-interest bearing. See “Note 7. Debt” and “Note 13. 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 plugging and abandoning oil and gas wells, removing production equipment and facilities and restoring the surface of the land in accordance with the terms of oil and gas leases 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 oil and gas leases and applicable local, state and federal laws, but do not consider estimated salvage values. Asset retirement obligations are 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 obligations 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 plugging and abandoning 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 natural gas from 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, 2014 and 2013, 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 reduce its exposure to commodity price volatility for a substantial, but varying, portion of its forecasted oil and gas production up to 36 months and thereby achieve a more predictable level of cash flows to support the Company’s drilling and completion capital expenditure program. 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 derivatives, 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 as cash flows from operating activities. 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. See “Note 12. Derivative Instruments” for further discussion of the Company’s derivative instruments. | |||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||
The Company recognized the following stock-based compensation expense associated with stock appreciation rights to be settled in cash (“SARs”), restricted stock awards and units and performance share awards for the periods indicated which is reflected as general and administrative expense in the consolidated statements of income: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Stock appreciation rights | $1,985 | $17,303 | ($2,116 | ) | |||||||||
Restricted stock awards and units | 29,597 | 18,997 | 17,049 | ||||||||||
Performance share awards | 1,395 | — | — | ||||||||||
32,977 | 36,300 | 14,933 | |||||||||||
Less: amounts capitalized | (7,099 | ) | (6,927 | ) | (3,244 | ) | |||||||
Total stock-based compensation expense | $25,878 | $29,373 | $11,689 | ||||||||||
Income Tax Benefit | $9,059 | $10,281 | $4,449 | ||||||||||
Stock Appreciation Rights. For SARs, stock-based compensation expense is based on the fair value liability (using the Black-Scholes-Merton option pricing model) remeasured at each reporting period, recognized over the vesting period (generally three years) using the graded vesting method. For periods subsequent to vesting and prior to exercise, stock-based compensation expense is based on the fair value liability remeasured at each reporting period based on the intrinsic value of the SAR. The liability for SARs is classified as “Other current 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 “Other liabilities.” 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 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 granted to employees, stock-based compensation expense is based on the price of the Company’s common stock on the grant date and recognized over the vesting period (generally one to three years) using the straight-line method, except for awards or units with performance conditions, in which case the Company uses the graded vesting method. 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. | |||||||||||||
Performance Share Awards. For performance share awards, stock-based compensation expense is based on the grant-date fair value (using a Monte Carlo valuation model) and recognized over the three year vesting period using the straight-line method. The number of shares of common stock issuable upon vesting range from zero to 200% of the number of performance share awards granted based on the Company’s total shareholder return relative to an industry peer group over a three year performance period. | |||||||||||||
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. The Company applies the tax law ordering approach to determine the sequence in which deferred tax assets and other tax attributes are utilized. | |||||||||||||
Net Income 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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||
Income from Continuing Operations | $222,283 | $21,858 | $51,177 | ||||||||||
Basic weighted average common shares outstanding | 45,372 | 40,781 | 39,591 | ||||||||||
Effect of dilutive instruments | 822 | 574 | 435 | ||||||||||
Diluted weighted average common shares outstanding | 46,194 | 41,355 | 40,026 | ||||||||||
Income from Continuing Operations Per Common Share | |||||||||||||
Basic | $4.90 | $0.54 | $1.29 | ||||||||||
Diluted | $4.81 | $0.53 | $1.28 | ||||||||||
Basic income from continuing operations per common share is based on the weighted average number of shares of common stock outstanding during the period. Diluted 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, performance share awards, stock options and warrants. The Company excludes the number of awards, units, options 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 Company includes the number of potentially dilutive common shares attributable to the performance share awards based on the number of shares, if any, that would be issuable as if the end of the period was the end of the performance period. The number of awards, units, options, warrants and performance share awards excluded for the years ended December 31, 2014, 2013 and 2012 were not significant. | |||||||||||||
Recently Adopted Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and industry specific guidance in Subtopic 932-605, Extractive Activities- Oil and Gas- Revenue Recognition. This ASU requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods and services. This ASU is effective for annual and interim periods beginning in 2017, and is required to be adopted either retrospectively or as a cumulative-effect adjustment as of the date of adoption, with no early adoption permitted. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Schedule Of Stock-Based Compensation Expense | The Company recognized the following stock-based compensation expense associated with stock appreciation rights to be settled in cash (“SARs”), restricted stock awards and units and performance share awards for the periods indicated which is reflected as general and administrative expense in the consolidated statements of income: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Stock appreciation rights | $1,985 | $17,303 | ($2,116 | ) | |||||||||
Restricted stock awards and units | 29,597 | 18,997 | 17,049 | ||||||||||
Performance share awards | 1,395 | — | — | ||||||||||
32,977 | 36,300 | 14,933 | |||||||||||
Less: amounts capitalized | (7,099 | ) | (6,927 | ) | (3,244 | ) | |||||||
Total stock-based compensation expense | $25,878 | $29,373 | $11,689 | ||||||||||
Income Tax Benefit | $9,059 | $10,281 | $4,449 | ||||||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||
Income from Continuing Operations | $222,283 | $21,858 | $51,177 | ||||||||||
Basic weighted average common shares outstanding | 45,372 | 40,781 | 39,591 | ||||||||||
Effect of dilutive instruments | 822 | 574 | 435 | ||||||||||
Diluted weighted average common shares outstanding | 46,194 | 41,355 | 40,026 | ||||||||||
Income from Continuing Operations Per Common Share | |||||||||||||
Basic | $4.90 | $0.54 | $1.29 | ||||||||||
Diluted | $4.81 | $0.53 | $1.28 | ||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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 income from discontinued operations, net of income taxes presented in the consolidated statements of income for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Revenues | $— | $— | $— | ||||||||||
Costs and expenses | |||||||||||||
General and administrative | 656 | 916 | 62 | ||||||||||
Accretion related to asset retirement obligations | — | 36 | 363 | ||||||||||
Gain on sale of discontinued operations | — | (37,294 | ) | — | |||||||||
Increase (decrease) in estimated future obligations | (7,638 | ) | 44 | — | |||||||||
(Gain) loss on derivatives, net | 34 | 109 | (258 | ) | |||||||||
Other (income) expense, net | — | (438 | ) | 591 | |||||||||
Income (Loss) From Discontinued Operations Before Income Taxes | 6,948 | 36,627 | (758 | ) | |||||||||
Income tax (expense) benefit | (2,888 | ) | (14,802 | ) | 5,068 | ||||||||
Income From Discontinued Operations, Net of Income Taxes | $4,060 | $21,825 | $4,310 | ||||||||||
Acquisitions_Acquisitions_Tabl
Acquisitions Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Schedule of Consideration Paid for the Transactions of Assets Acquired and Liabilities Assumed [Abstract] | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following presents the purchase price and the allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date: | ||||||||
Assets | (In thousands) | ||||||||
Other current assets | $485 | ||||||||
Proved and unproved oil and gas properties | 244,124 | ||||||||
Total assets acquired | $244,609 | ||||||||
Liabilities | |||||||||
Asset retirement obligations | $423 | ||||||||
Total liabilities assumed | $423 | ||||||||
Net Assets Acquired | $244,186 | ||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma financial information presents a summary of the Company’s consolidated results of operations for the years ended December 31, 2014, and December 31, 2013, assuming the Eagle Ford Shale Acquisition had been completed as of January 1, 2013, including adjustments to reflect the values assigned to the assets acquired and liabilities assumed. The pro forma financial information has been prepared for informational purposes only and does not purport to represent what the actual results of operations would have been had the transactions been completed as of the date assumed, nor is this information necessarily indicative of future consolidated results of operations. The Company believes the assumptions used provide a reasonable basis for reflecting the significant pro forma effects directly attributable to the Eagle Ford Shale Acquisition. | ||||||||
For the Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands, except per share data) | |||||||||
(Unaudited) | |||||||||
Total revenues | $761,199 | $575,721 | |||||||
Income From Continuing Operations | 264,714 | 36,356 | |||||||
Income From Continuing Operations Per Common Share | |||||||||
Basic | $5.83 | $0.89 | |||||||
Diluted | $5.73 | $0.88 | |||||||
Weighted Average Common Shares Outstanding | |||||||||
Basic | 45,372 | 40,781 | |||||||
Diluted | 46,194 | 41,355 | |||||||
Property_And_Equipment_Net_Tab
Property And Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule Of Property And Equipment | As of December 31, 2014 and 2013, total property and equipment, net consisted of the following: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Proved properties | $3,174,268 | $2,182,226 | |||||||
Accumulated depreciation, depletion and amortization | (1,087,541 | ) | (773,742 | ) | |||||
Proved properties, net | 2,086,727 | 1,408,484 | |||||||
Unproved properties, not being amortized | |||||||||
Unevaluated leasehold and seismic costs | 401,954 | 302,232 | |||||||
Exploratory wells in progress | 71,402 | 30,196 | |||||||
Capitalized interest | 61,841 | 45,009 | |||||||
Total unproved properties, not being amortized | 535,197 | 377,437 | |||||||
Other property and equipment | 16,017 | 15,260 | |||||||
Accumulated depreciation | (8,688 | ) | (6,966 | ) | |||||
Other property and equipment, net | 7,329 | 8,294 | |||||||
Total property and equipment, net | $2,629,253 | $1,794,215 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Current income tax (expense) benefit | |||||||||||||
U.S. Federal | $— | $411 | ($411 | ) | |||||||||
State | — | (141 | ) | (403 | ) | ||||||||
Total current income tax (expense) benefit | — | 270 | (814 | ) | |||||||||
Deferred income tax expense | |||||||||||||
U.S. Federal | (122,342 | ) | (12,404 | ) | (28,723 | ) | |||||||
State | (5,585 | ) | (769 | ) | (1,419 | ) | |||||||
Total deferred income tax expense | (127,927 | ) | (13,173 | ) | (30,142 | ) | |||||||
Total income tax expense from continuing operations | ($127,927 | ) | ($12,903 | ) | ($30,956 | ) | |||||||
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, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Income from continuing operations before income taxes | $350,210 | $34,761 | $82,133 | ||||||||||
Income tax expense at the statutory rate | (122,574 | ) | (12,166 | ) | (28,747 | ) | |||||||
State income taxes, net of U.S. federal income tax benefit | (5,585 | ) | (859 | ) | (1,681 | ) | |||||||
Nondeductible expenses | — | — | (93 | ) | |||||||||
Other | 232 | 122 | (435 | ) | |||||||||
Total income tax expense from continuing operations | ($127,927 | ) | ($12,903 | ) | ($30,956 | ) | |||||||
Schedule Of Deferred Tax Assets And Liabilities | As of December 31, 2014 and 2013, deferred tax assets and liabilities are comprised of the following: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Deferred income tax assets | |||||||||||||
Net operating loss carryforward - U.S. Federal and State | $56,876 | $52,499 | |||||||||||
Asset retirement obligations | 4,379 | 2,302 | |||||||||||
Stock-based compensation | 7,867 | 7,563 | |||||||||||
Allowance for doubtful accounts | — | 170 | |||||||||||
Fair value of derivative instruments | 70 | 3,222 | |||||||||||
Other | 2,989 | 2,471 | |||||||||||
Deferred income tax assets | 72,181 | 68,227 | |||||||||||
Valuation allowance | (1,095 | ) | (1,084 | ) | |||||||||
Net deferred income tax assets | 71,086 | 67,143 | |||||||||||
Deferred income tax liabilities | |||||||||||||
Oil and gas properties | (134,518 | ) | (76,549 | ) | |||||||||
Fair value of derivative instruments | (75,175 | ) | (3,249 | ) | |||||||||
(209,693 | ) | (79,798 | ) | ||||||||||
Net deferred income tax liability | ($138,607 | ) | ($12,655 | ) | |||||||||
Schedule Of Net Deferred Income Assets And Liabilities | At December 31, 2014 and 2013, the net deferred income tax asset (liability) is classified as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Net current deferred income tax asset (liability) | ($61,258 | ) | $4,201 | ||||||||||
Net noncurrent deferred income tax liability | (77,349 | ) | (16,856 | ) | |||||||||
Net deferred income tax liability | ($138,607 | ) | ($12,655 | ) | |||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule Of Debt | Debt consisted of the following as of December 31, 2014 and 2013: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Long-term debt | |||||||||
8.625% Senior Notes due 2018 | $600,000 | $600,000 | |||||||
Unamortized discount for 8.625% Senior Notes | (3,444 | ) | (4,178 | ) | |||||
7.50% Senior Notes due 2020 | 600,000 | 300,000 | |||||||
Unamortized premium for 7.50% Senior Notes | 1,465 | — | |||||||
Other long-term debt due 2028 | 4,425 | 4,425 | |||||||
Senior Secured Revolving Credit Facility due 2018 | — | — | |||||||
Deferred purchase payment | 150,000 | — | |||||||
Unamortized discount for deferred purchase payment | (1,100 | ) | — | ||||||
Total long-term debt | $1,351,346 | $900,247 | |||||||
Interest and Commitment Fee Rates | Amounts outstanding under the credit agreement bear interest at the Company’s option at either (i) a base rate for a base rate loan plus the margin set forth in the table below, where the base rate is defined as the greatest of the prime rate, the federal funds rate plus 0.50% and the adjusted LIBO rate plus 1.00%, or (ii) an adjusted LIBO rate for a Eurodollar loan plus the margin set forth in the table below. The Company also incurs commitment fees as set forth in the table below on the unused portion of lender commitments, and which are included as a component of interest expense. | ||||||||
Ratio of Outstanding Borrowings and Letters of Credit to Lender Commitments | Applicable | Applicable | Commitment Fee | ||||||
Margin for | Margin for Eurodollar | ||||||||
Base Rate | Loans | ||||||||
Loans | |||||||||
Less than 25% | 0.50% | 1.50% | 0.38% | ||||||
Greater than or equal to 25% but less than 50% | 0.75% | 1.75% | 0.38% | ||||||
Greater than or equal to 50% but less than 75% | 1.00% | 2.00% | 0.50% | ||||||
Greater than or equal to 75% but less than 90% | 1.25% | 2.25% | 0.50% | ||||||
Greater than or equal to 90% | 1.50% | 2.50% | 0.50% |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
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, 2014 and 2013: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Asset retirement obligations at beginning of period | $7,356 | $6,159 | |||||||
Liabilities incurred | 6,284 | 3,348 | |||||||
Increase due to acquisition of oil and gas properties | 423 | — | |||||||
Liabilities settled | (1,784 | ) | (498 | ) | |||||
Reduction due to sales of oil and gas properties | — | (2,473 | ) | ||||||
Accretion expense | 710 | 471 | |||||||
Revisions of previous estimates | (477 | ) | 349 | ||||||
Asset retirement obligations at end of period | 12,512 | 7,356 | |||||||
Asset retirement obligations due within one year included in “Other current liabilities” | (325 | ) | (780 | ) | |||||
Long-term asset retirement obligations | $12,187 | $6,576 | |||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
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, 2014, 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 and completion services 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) | ||||
2015 | $55,435 | |||
2016 | 36,020 | |||
2017 | 26,424 | |||
2018 | 11,141 | |||
2019 | 6,493 | |||
2020 and thereafter | 16,934 | |||
Total | $152,447 | |||
Shareholders_Equity_And_Stock_1
Shareholders' Equity And Stock Incentive Plan Shareholders' Equity And Stock Incentive Plan (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Shareholders' Equity And Stock Incentive Plan [Abstract] | ||||||||||||||
Summary Of Stock Options Activity | The table below summarizes the activity for stock options for each of the three years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||
Average | Average | Intrinsic Value | ||||||||||||
Exercise | Remaining Life | (In millions) | ||||||||||||
Prices | (In years) | |||||||||||||
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 | ||||||||||||
Exercisable, end of period | 36,353 | $13.91 | ||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||
Outstanding, beginning of period | 36,353 | $13.91 | ||||||||||||
Granted | — | — | ||||||||||||
Exercised | (33,086 | ) | $13.20 | |||||||||||
Forfeited | — | — | ||||||||||||
Expired | (834 | ) | $27.25 | |||||||||||
Outstanding, end of period | 2,433 | $19.02 | 0.52 | $0.10 | ||||||||||
Exercisable, end of period | 2,433 | $19.02 | 0.52 | $0.10 | ||||||||||
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity | The table below summarizes the activity for SARs for each of the three years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||
Average | Average | Intrinsic Value | ||||||||||||
Exercise | Remaining Life | (In millions) | ||||||||||||
Prices | (In years) | |||||||||||||
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 | ||||||||||||
Exercisable, end of period | 681,867 | $22.55 | ||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||
Outstanding, beginning of period | 1,086,231 | $24.78 | ||||||||||||
Granted | — | — | ||||||||||||
Exercised | (321,033 | ) | $30.24 | |||||||||||
Forfeited | — | — | ||||||||||||
Outstanding, end of period | 765,198 | $22.49 | 2.05 | $14.50 | ||||||||||
Exercisable, end of period | 587,481 | $20.78 | 1.98 | $12.20 | ||||||||||
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 and 2012: | |||||||||||||
2013 | 2012 | |||||||||||||
Grant date fair value | $13.36 | $12.23 | ||||||||||||
Volatility factor | 44.5 | % | 48.2 | % | ||||||||||
Dividend yield | — | % | — | % | ||||||||||
Risk-free interest rate | 1 | % | 0.4 | % | ||||||||||
Expected term (in years) | 3.5 | 3 | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The table below summarizes restricted stock award and unit activity for each of the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Shares/ | Weighted-Average Grant Date | |||||||||||||
Units | Fair Value | |||||||||||||
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 | ||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||
Unvested restricted stock awards and units, beginning of period | 1,444,867 | $28.03 | ||||||||||||
Granted | 576,812 | $48.64 | ||||||||||||
Vested | (647,306 | ) | $32.64 | |||||||||||
Forfeited | (38,691 | ) | $32.89 | |||||||||||
Unvested restricted stock awards and units, end of period | 1,335,682 | $34.55 | ||||||||||||
Schedule of Share-based Payment Award, Performance Share Award, Valuation Assumptions | The grant date fair value of the performance share awards as determined by the Monte Carlo valuation model was $68.15, which was based on the following assumptions: | |||||||||||||
2014 | ||||||||||||||
Number of simulations | 500,000 | |||||||||||||
Grant price | $53.96 | |||||||||||||
Volatility factor | 49.9 | % | ||||||||||||
Dividend yield | — | % | ||||||||||||
Risk-free interest rate | 0.9 | % | ||||||||||||
Expected term (in years) | 2.97 | |||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||
Schedule of Derivative Instruments by Counterparty | The fair value of derivative instruments where the Company is in a net asset position with its counterparties as of December 31, 2014 and 2013 totaled $214.8 million and $9.3 million, respectively, and is summarized by counterparty in the table below: | |||||||||||||||||||||
Counterparty | December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Wells Fargo | 37 | % | 23 | % | ||||||||||||||||||
Societe Generale | 26 | % | 31 | % | ||||||||||||||||||
Credit Suisse | 24 | % | 46 | % | ||||||||||||||||||
Regions | 8 | % | — | % | ||||||||||||||||||
Union Bank | 4 | % | — | % | ||||||||||||||||||
Royal Bank of Canada | 1 | % | — | % | ||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||
Schedule of Derivative Positions | The following sets forth a summary of the Company’s crude oil derivative positions at average NYMEX prices as of December 31, 2014. | |||||||||||||||||||||
Period | Type of Contract | Volumes | Weighted | Weighted | Weighted Average | Weighted Average | ||||||||||||||||
(in Bbls/d) | Average | Average | Short Put Price | Put Spread | ||||||||||||||||||
Floor Price | Ceiling Price | ($/Bbl) | ($/Bbl) | |||||||||||||||||||
($/Bbl) | ($/Bbl) | |||||||||||||||||||||
January - December 2015 | Fixed Price Swaps | 10,370 | $92.97 | |||||||||||||||||||
Costless Collars | 700 | $90.00 | $100.65 | |||||||||||||||||||
Three-way Collars | 1,000 | $85.00 | $105.00 | $65.00 | $20.00 | |||||||||||||||||
January - December 2016 | Fixed Price Swaps | 3,000 | $91.09 | |||||||||||||||||||
Three-way Collars | 667 | $85.00 | $104.00 | $65.00 | $20.00 | |||||||||||||||||
The following sets forth a summary of the Company’s natural gas derivative positions at average NYMEX prices as of December 31, 2014. | ||||||||||||||||||||||
Period | Type of Contract | Volume | Weighted | |||||||||||||||||||
(in MMBtu/d) | Average | |||||||||||||||||||||
Floor Price | ||||||||||||||||||||||
($/MMBtu) | ||||||||||||||||||||||
January - December 2015 | Fixed Price Swaps | 30,000 | $4.29 | |||||||||||||||||||
On February 13, 2015, the Company entered into costless collars for the periods from March 2015 through December 2016 which will continue to provide the Company with solid downside protection at crude oil prices below the floor price yet allow the Company to benefit from an increase in the price of crude oil up to the ceiling price. The following sets forth a summary of the Company’s costless collars transactions: | ||||||||||||||||||||||
Period | Type of Contract | Volumes | Weighted Average Floor Price ($/Bbl) | Weighted Average Ceiling Price ($/Bbl) | ||||||||||||||||||
(in Bbls/d) | ||||||||||||||||||||||
March - December 2015 | Costless Collars | 12,200 | $50.00 | $66.46 | ||||||||||||||||||
January - December 2016 | Costless Collars | 4,000 | $50.00 | $76.50 | ||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following tables summarize the location and amounts of the Company’s assets and liabilities measured at fair value on a recurring basis as presented in the consolidated balance sheets as of December 31, 2014 and 2013. All items included in the tables below are Level 2 inputs within the fair value hierarchy: | ||||||||||||||||
31-Dec-14 | |||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | |||||||||||||||
(In thousands) | |||||||||||||||||
Derivative assets | |||||||||||||||||
Derivative assets (current) | $183,625 | ($12,524 | ) | $171,101 | |||||||||||||
Derivative assets (noncurrent) | 44,725 | (1,041 | ) | 43,684 | |||||||||||||
Derivative liabilities | |||||||||||||||||
Other current liabilities | (12,707 | ) | 12,524 | (183 | ) | ||||||||||||
Other liabilities (noncurrent) | (1,058 | ) | 1,041 | (17 | ) | ||||||||||||
Total | $214,585 | $— | $214,585 | ||||||||||||||
December 31, 2013 | |||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts Presented in the Consolidated Balance Sheets | |||||||||||||||
(In thousands) | |||||||||||||||||
Derivative assets | |||||||||||||||||
Derivative assets (current) | $2,389 | ($2,389 | ) | $— | |||||||||||||
Derivative assets (noncurrent) | 11,709 | (2,425 | ) | 9,284 | |||||||||||||
Derivative Liabilities | |||||||||||||||||
Other current liabilities | (12,336 | ) | 2,389 | (9,947 | ) | ||||||||||||
Other liabilities (noncurrent) | (2,613 | ) | 2,425 | (188 | ) | ||||||||||||
Total | ($851 | ) | $— | ($851 | ) | ||||||||||||
Schedule of Fair Value of Debt Instruments | The following table presents the carrying amounts and fair values of the Company’s senior notes and other long-term debt, based on quoted market prices, as of December 31, 2014 and 2013, and the carrying amount and fair value of the Company’s EFM deferred purchase payment, based on indirect observable market rates as of December 31, 2014. | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
8.625% Senior Notes due 2018 | $596,555 | $597,000 | $595,822 | $644,978 | |||||||||||||
7.50% Senior Notes due 2020 | 600,000 | 573,000 | 300,000 | 327,000 | |||||||||||||
Other long-term debt due 2028 | 4,425 | 4,071 | 4,425 | 4,115 | |||||||||||||
Deferred purchase payment | 148,900 | 148,558 | — | — | |||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | |||||||||||||||||||||
Condensed Consolidating Financial Information | 14. 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, 2014 and December 31, 2013, and for the three years ended December 31, 2014, 2013 and 2012 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 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Total current assets | $2,380,445 | $245,051 | $111 | ($2,346,986 | ) | $278,621 | |||||||||||||||
Total property and equipment, net | 613 | 2,562,029 | 39,939 | 26,672 | 2,629,253 | ||||||||||||||||
Investment in subsidiaries | 233,173 | — | — | (233,173 | ) | — | |||||||||||||||
Other assets | 140,774 | — | — | (67,172 | ) | 73,602 | |||||||||||||||
Total Assets | $2,755,005 | $2,807,080 | $40,050 | ($2,620,659 | ) | $2,981,476 | |||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Current liabilities | $296,686 | $2,434,649 | $39,955 | ($2,346,986 | ) | $424,304 | |||||||||||||||
Long-term liabilities | 1,364,793 | 139,353 | — | (50,415 | ) | 1,453,731 | |||||||||||||||
Total shareholders’ equity | 1,093,526 | 233,078 | 95 | (223,258 | ) | 1,103,441 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $2,755,005 | $2,807,080 | $40,050 | ($2,620,659 | ) | $2,981,476 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Total current assets | $1,820,069 | $168,718 | $— | ($1,709,026 | ) | $279,761 | |||||||||||||||
Total property and equipment, net | 2,797 | 1,768,553 | 2,058 | 20,807 | 1,794,215 | ||||||||||||||||
Investment in subsidiaries | 61,619 | — | — | (61,619 | ) | — | |||||||||||||||
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 | $201,486 | $1,828,314 | $2,061 | ($1,709,026 | ) | $322,835 | |||||||||||||||
Long-term liabilities | 922,571 | 47,335 | — | (23,585 | ) | 946,321 | |||||||||||||||
Total 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 | |||||||||||||||
CARRIZO OIL & GAS, INC. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF INCOME | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Total revenues | $3,938 | $706,121 | $128 | $— | $710,187 | ||||||||||||||||
Total costs and expenses | (76,531 | ) | 442,343 | 30 | (5,865 | ) | 359,977 | ||||||||||||||
Income From Continuing Operations Before Income Taxes | 80,469 | 263,778 | 98 | 5,865 | 350,210 | ||||||||||||||||
Income tax expense | (28,164 | ) | (92,322 | ) | — | (7,441 | ) | (127,927 | ) | ||||||||||||
Equity in income of subsidiaries | 171,554 | — | — | (171,554 | ) | — | |||||||||||||||
Income From Continuing Operations | $223,859 | $171,456 | $98 | ($173,130 | ) | $222,283 | |||||||||||||||
Income From Discontinued Operations, Net of Income Taxes | 4,060 | — | — | — | 4,060 | ||||||||||||||||
Net Income | $227,919 | $171,456 | $98 | ($173,130 | ) | $226,343 | |||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Total revenues | $6,490 | $513,692 | $— | $— | $520,182 | ||||||||||||||||
Total costs and expenses | 134,874 | 349,782 | 3 | 762 | 485,421 | ||||||||||||||||
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 of subsidiaries | 106,538 | — | — | (106,538 | ) | — | |||||||||||||||
Income (Loss) From Continuing Operations | $23,088 | $106,541 | ($3 | ) | ($107,768 | ) | $21,858 | ||||||||||||||
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 | |||||||||||||||||||||
Total revenues | $20,195 | $347,985 | $— | $— | $368,180 | ||||||||||||||||
Total costs and expenses | 56,817 | 241,883 | — | (12,653 | ) | 286,047 | |||||||||||||||
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 of subsidiaries | 73,150 | — | — | (73,150 | ) | — | |||||||||||||||
Income From Continuing Operations | $49,186 | $68,966 | $— | ($66,975 | ) | $51,177 | |||||||||||||||
Income From Discontinued Operations, Net of Income Taxes | 126 | — | 4,184 | — | 4,310 | ||||||||||||||||
Net Income | $49,312 | $68,966 | $4,184 | ($66,975 | ) | $55,487 | |||||||||||||||
CARRIZO OIL & GAS, INC. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net cash provided by (used in) operating activities from continuing operations | ($132,683 | ) | $634,970 | ($12 | ) | $— | $502,275 | ||||||||||||||
Net cash used in investing activities from continuing operations | (305,718 | ) | (906,509 | ) | (37,609 | ) | 309,160 | (940,676 | ) | ||||||||||||
Net cash provided by financing activities from continuing operations | 300,290 | 271,539 | 37,621 | (309,160 | ) | 300,290 | |||||||||||||||
Net cash used in discontinued operations | (8,490 | ) | — | — | — | (8,490 | ) | ||||||||||||||
Net decrease in cash and cash equivalents | (146,601 | ) | — | — | — | (146,601 | ) | ||||||||||||||
Cash and cash equivalents, beginning of year | 157,439 | — | — | — | 157,439 | ||||||||||||||||
Cash and cash equivalents, end of year | $10,838 | $— | $— | $— | $10,838 | ||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net cash provided by (used in) operating activities from continuing operations | ($55,888 | ) | $423,366 | ($4 | ) | $— | $367,474 | ||||||||||||||
Net cash used in investing activities from continuing operations | (86,322 | ) | (513,710 | ) | (2,057 | ) | 92,204 | (509,885 | ) | ||||||||||||
Net cash provided by financing activities from 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 | |||||||||||||||||||||
Net cash provided by operating activities from continuing operations | $75,546 | $177,525 | $— | $— | $253,071 | ||||||||||||||||
Net cash used in investing activities from continuing operations | (280,564 | ) | (493,145 | ) | — | 308,558 | (465,151 | ) | |||||||||||||
Net cash provided by financing activities from 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 | ||||||||||||||||
Schedule Of Condensed Consolidating Balance Sheets | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Total current assets | $2,380,445 | $245,051 | $111 | ($2,346,986 | ) | $278,621 | |||||||||||||||
Total property and equipment, net | 613 | 2,562,029 | 39,939 | 26,672 | 2,629,253 | ||||||||||||||||
Investment in subsidiaries | 233,173 | — | — | (233,173 | ) | — | |||||||||||||||
Other assets | 140,774 | — | — | (67,172 | ) | 73,602 | |||||||||||||||
Total Assets | $2,755,005 | $2,807,080 | $40,050 | ($2,620,659 | ) | $2,981,476 | |||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Current liabilities | $296,686 | $2,434,649 | $39,955 | ($2,346,986 | ) | $424,304 | |||||||||||||||
Long-term liabilities | 1,364,793 | 139,353 | — | (50,415 | ) | 1,453,731 | |||||||||||||||
Total shareholders’ equity | 1,093,526 | 233,078 | 95 | (223,258 | ) | 1,103,441 | |||||||||||||||
Total Liabilities and Shareholders’ Equity | $2,755,005 | $2,807,080 | $40,050 | ($2,620,659 | ) | $2,981,476 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Total current assets | $1,820,069 | $168,718 | $— | ($1,709,026 | ) | $279,761 | |||||||||||||||
Total property and equipment, net | 2,797 | 1,768,553 | 2,058 | 20,807 | 1,794,215 | ||||||||||||||||
Investment in subsidiaries | 61,619 | — | — | (61,619 | ) | — | |||||||||||||||
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 | $201,486 | $1,828,314 | $2,061 | ($1,709,026 | ) | $322,835 | |||||||||||||||
Long-term liabilities | 922,571 | 47,335 | — | (23,585 | ) | 946,321 | |||||||||||||||
Total 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 | |||||||||||||||
Schedule Of Condensed Consolidating Statements Of Operations | |||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Total revenues | $3,938 | $706,121 | $128 | $— | $710,187 | ||||||||||||||||
Total costs and expenses | (76,531 | ) | 442,343 | 30 | (5,865 | ) | 359,977 | ||||||||||||||
Income From Continuing Operations Before Income Taxes | 80,469 | 263,778 | 98 | 5,865 | 350,210 | ||||||||||||||||
Income tax expense | (28,164 | ) | (92,322 | ) | — | (7,441 | ) | (127,927 | ) | ||||||||||||
Equity in income of subsidiaries | 171,554 | — | — | (171,554 | ) | — | |||||||||||||||
Income From Continuing Operations | $223,859 | $171,456 | $98 | ($173,130 | ) | $222,283 | |||||||||||||||
Income From Discontinued Operations, Net of Income Taxes | 4,060 | — | — | — | 4,060 | ||||||||||||||||
Net Income | $227,919 | $171,456 | $98 | ($173,130 | ) | $226,343 | |||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Total revenues | $6,490 | $513,692 | $— | $— | $520,182 | ||||||||||||||||
Total costs and expenses | 134,874 | 349,782 | 3 | 762 | 485,421 | ||||||||||||||||
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 of subsidiaries | 106,538 | — | — | (106,538 | ) | — | |||||||||||||||
Income (Loss) From Continuing Operations | $23,088 | $106,541 | ($3 | ) | ($107,768 | ) | $21,858 | ||||||||||||||
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 | |||||||||||||||||||||
Total revenues | $20,195 | $347,985 | $— | $— | $368,180 | ||||||||||||||||
Total costs and expenses | 56,817 | 241,883 | — | (12,653 | ) | 286,047 | |||||||||||||||
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 of subsidiaries | 73,150 | — | — | (73,150 | ) | — | |||||||||||||||
Income From Continuing Operations | $49,186 | $68,966 | $— | ($66,975 | ) | $51,177 | |||||||||||||||
Income From Discontinued Operations, Net of Income Taxes | 126 | — | 4,184 | — | 4,310 | ||||||||||||||||
Net Income | $49,312 | $68,966 | $4,184 | ($66,975 | ) | $55,487 | |||||||||||||||
Schedule Of Condensed Consolidating Statements Of Cash Flows | |||||||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net cash provided by (used in) operating activities from continuing operations | ($132,683 | ) | $634,970 | ($12 | ) | $— | $502,275 | ||||||||||||||
Net cash used in investing activities from continuing operations | (305,718 | ) | (906,509 | ) | (37,609 | ) | 309,160 | (940,676 | ) | ||||||||||||
Net cash provided by financing activities from continuing operations | 300,290 | 271,539 | 37,621 | (309,160 | ) | 300,290 | |||||||||||||||
Net cash used in discontinued operations | (8,490 | ) | — | — | — | (8,490 | ) | ||||||||||||||
Net decrease in cash and cash equivalents | (146,601 | ) | — | — | — | (146,601 | ) | ||||||||||||||
Cash and cash equivalents, beginning of year | 157,439 | — | — | — | 157,439 | ||||||||||||||||
Cash and cash equivalents, end of year | $10,838 | $— | $— | $— | $10,838 | ||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Company | Guarantor | Non- | |||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net cash provided by (used in) operating activities from continuing operations | ($55,888 | ) | $423,366 | ($4 | ) | $— | $367,474 | ||||||||||||||
Net cash used in investing activities from continuing operations | (86,322 | ) | (513,710 | ) | (2,057 | ) | 92,204 | (509,885 | ) | ||||||||||||
Net cash provided by financing activities from 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 | |||||||||||||||||||||
Net cash provided by operating activities from continuing operations | $75,546 | $177,525 | $— | $— | $253,071 | ||||||||||||||||
Net cash used in investing activities from continuing operations | (280,564 | ) | (493,145 | ) | — | 308,558 | (465,151 | ) | |||||||||||||
Net cash provided by financing activities from 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 | ||||||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Supplemental disclosures to the consolidated statements of cash flows are presented below: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Net cash provided by operating activities: | |||||||||||||
Cash paid for interest, net of amounts capitalized | $49,379 | $50,770 | $43,629 | ||||||||||
Cash paid for income taxes | — | 505 | 587 | ||||||||||
Non-cash investing and financing activities: | |||||||||||||
Capital expenditures included in accounts payable and accrued capital expenditures | $176,886 | $114,988 | $82,727 | ||||||||||
Purchase price adjustments related to the Eagle Ford Shale Acquisition | 3,197 | — | — | ||||||||||
EFM deferred purchase payment | 148,900 | — | — | ||||||||||
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Subsequent Events Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||
Schedule of Offsetting Crude Oil Derivative Positions [Table Text Block] | The following sets forth a summary of the Company’s derivative positions for which offsetting derivative transactions were executed: | |||||||||||||||||||||
Period | Type of Contract | Volumes | Weighted | Weighted | Weighted Average | |||||||||||||||||
(in Bbls/d) | Average | Average | Short Put Price | |||||||||||||||||||
Floor Price | Ceiling Price | ($/Bbl) | ||||||||||||||||||||
($/Bbl) | ($/Bbl) | |||||||||||||||||||||
March - December 2015 | Fixed Price Swaps | 10,370 | $55.48 | |||||||||||||||||||
Costless Collars | 700 | $90.00 | $100.65 | |||||||||||||||||||
Three-way Collars | 1,000 | $85.00 | $105.00 | $65.00 | ||||||||||||||||||
January - December 2016 | Fixed Price Swaps | 3,000 | $62.11 | |||||||||||||||||||
Three-way Collars | 667 | $85.00 | $104.00 | $65.00 | ||||||||||||||||||
Schedule of Derivative Positions | The following sets forth a summary of the Company’s crude oil derivative positions at average NYMEX prices as of December 31, 2014. | |||||||||||||||||||||
Period | Type of Contract | Volumes | Weighted | Weighted | Weighted Average | Weighted Average | ||||||||||||||||
(in Bbls/d) | Average | Average | Short Put Price | Put Spread | ||||||||||||||||||
Floor Price | Ceiling Price | ($/Bbl) | ($/Bbl) | |||||||||||||||||||
($/Bbl) | ($/Bbl) | |||||||||||||||||||||
January - December 2015 | Fixed Price Swaps | 10,370 | $92.97 | |||||||||||||||||||
Costless Collars | 700 | $90.00 | $100.65 | |||||||||||||||||||
Three-way Collars | 1,000 | $85.00 | $105.00 | $65.00 | $20.00 | |||||||||||||||||
January - December 2016 | Fixed Price Swaps | 3,000 | $91.09 | |||||||||||||||||||
Three-way Collars | 667 | $85.00 | $104.00 | $65.00 | $20.00 | |||||||||||||||||
The following sets forth a summary of the Company’s natural gas derivative positions at average NYMEX prices as of December 31, 2014. | ||||||||||||||||||||||
Period | Type of Contract | Volume | Weighted | |||||||||||||||||||
(in MMBtu/d) | Average | |||||||||||||||||||||
Floor Price | ||||||||||||||||||||||
($/MMBtu) | ||||||||||||||||||||||
January - December 2015 | Fixed Price Swaps | 30,000 | $4.29 | |||||||||||||||||||
On February 13, 2015, the Company entered into costless collars for the periods from March 2015 through December 2016 which will continue to provide the Company with solid downside protection at crude oil prices below the floor price yet allow the Company to benefit from an increase in the price of crude oil up to the ceiling price. The following sets forth a summary of the Company’s costless collars transactions: | ||||||||||||||||||||||
Period | Type of Contract | Volumes | Weighted Average Floor Price ($/Bbl) | Weighted Average Ceiling Price ($/Bbl) | ||||||||||||||||||
(in Bbls/d) | ||||||||||||||||||||||
March - December 2015 | Costless Collars | 12,200 | $50.00 | $66.46 | ||||||||||||||||||
January - December 2016 | Costless Collars | 4,000 | $50.00 | $76.50 | ||||||||||||||||||
Supplemental_Disclosures_About1
Supplemental Disclosures About Oil And Gas Producing Activities (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
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, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||||
U.S. | |||||||||||||||||||
Property acquisition costs | |||||||||||||||||||
Proved property acquisition costs | $183,633 | $— | $— | ||||||||||||||||
Unproved property acquisition costs | 215,021 | 254,099 | 139,344 | ||||||||||||||||
Total property acquisition costs | 398,654 | 254,099 | 139,344 | ||||||||||||||||
Exploration costs | 194,956 | 106,329 | 211,289 | ||||||||||||||||
Development costs | 530,268 | 423,871 | 374,391 | ||||||||||||||||
Total costs incurred | $1,123,878 | $784,299 | $725,024 | ||||||||||||||||
U.K. | |||||||||||||||||||
Property acquisition costs | |||||||||||||||||||
Proved property acquisition costs | $— | $— | $— | ||||||||||||||||
Unproved property acquisition costs | — | — | 11,135 | ||||||||||||||||
Total property acquisition costs | — | — | 11,135 | ||||||||||||||||
Exploration costs | — | — | — | ||||||||||||||||
Development costs | — | — | 36,261 | ||||||||||||||||
Total costs incurred | $— | $— | $47,396 | ||||||||||||||||
Total Worldwide | |||||||||||||||||||
Property acquisition costs | |||||||||||||||||||
Proved property acquisition costs | $183,633 | $— | $— | ||||||||||||||||
Unproved property acquisition costs | 215,021 | 254,099 | 150,479 | ||||||||||||||||
Total property acquisition costs | 398,654 | 254,099 | 150,479 | ||||||||||||||||
Exploration costs | 194,956 | 106,329 | 211,289 | ||||||||||||||||
Development costs | 530,268 | 423,871 | 410,652 | ||||||||||||||||
Total costs incurred | $1,123,878 | $784,299 | $772,420 | ||||||||||||||||
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, 2012 | 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 | |||||||||||||
Extensions and discoveries | 29,793 | — | 29,793 | 3,681 | — | 3,681 | |||||||||||||
Revisions of previous estimates | 3,046 | — | 3,046 | 1,270 | — | 1,270 | |||||||||||||
Purchases of reserves in place | 12,730 | — | 12,730 | 1,335 | — | 1,335 | |||||||||||||
Production | (6,906 | ) | — | (6,906 | ) | (925 | ) | — | (925 | ) | |||||||||
31-Dec-14 | 100,704 | — | 100,704 | 13,513 | — | 13,513 | |||||||||||||
Proved developed reserves: | |||||||||||||||||||
31-Dec-12 | 12,675 | 5,241 | 17,916 | 1,620 | — | 1,620 | |||||||||||||
31-Dec-13 | 18,321 | — | 18,321 | 2,779 | — | 2,779 | |||||||||||||
31-Dec-14 | 35,238 | — | 35,238 | 5,294 | — | 5,294 | |||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||
31-Dec-12 | 26,400 | — | 26,400 | 3,763 | — | 3,763 | |||||||||||||
31-Dec-13 | 43,720 | — | 43,720 | 5,373 | — | 5,373 | |||||||||||||
31-Dec-14 | 65,466 | — | 65,466 | 8,219 | — | 8,219 | |||||||||||||
Crude oil, condensate and natural gas liquids extensions and discoveries are primarily attributable to the following: | |||||||||||||||||||
2014 | 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. | ||||||||||||||||||
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. | ||||||||||||||||||
Crude oil, condensate and natural gas liquids purchases of reserves in place are primarily attributable to the following: | |||||||||||||||||||
2014 | Acquisition of proved developed and undeveloped reserves from Eagle Ford Minerals, LLC. | ||||||||||||||||||
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. | ||||||||||||||||||
Natural Gas (MMcf) | Oil-Equivalent Proved Reserves (MBoe) | ||||||||||||||||||
U.S. | U.K. | Worldwide | U.S. | U.K. | Worldwide | ||||||||||||||
Proved reserves: | |||||||||||||||||||
January 1, 2012 | 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 | |||||||||||||
Extensions and discoveries | 30,343 | — | 30,343 | 38,531 | — | 38,531 | |||||||||||||
Revisions of previous estimates | 18,913 | — | 18,913 | 7,469 | — | 7,469 | |||||||||||||
Purchases of reserves in place | 8,681 | — | 8,681 | 15,512 | — | 15,512 | |||||||||||||
Production | (24,877 | ) | — | (24,877 | ) | (11,978 | ) | — | (11,978 | ) | |||||||||
31-Dec-14 | 221,017 | — | 221,017 | 151,053 | — | 151,053 | |||||||||||||
Proved developed reserves: | |||||||||||||||||||
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 | |||||||||||||
31-Dec-14 | 149,697 | — | 149,697 | 65,482 | — | 65,482 | |||||||||||||
Proved undeveloped reserves: | |||||||||||||||||||
31-Dec-12 | 194,134 | — | 194,134 | 62,519 | — | 62,519 | |||||||||||||
31-Dec-13 | 80,981 | — | 80,981 | 62,590 | — | 62,590 | |||||||||||||
31-Dec-14 | 71,320 | — | 71,320 | 85,571 | — | 85,571 | |||||||||||||
Natural gas extensions and discoveries are primarily attributable to the following: | |||||||||||||||||||
2014 | Additions of U.S. proved developed and undeveloped reserves as a result of drilling and offset locations in the Marcellus and Eagle Ford. | ||||||||||||||||||
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. | ||||||||||||||||||
Natural gas revisions of previous estimates are primarily attributable to the following: | |||||||||||||||||||
2014 | Positive price revisions in the U.S. primarily in the Marcellus. | ||||||||||||||||||
2013 | Positive price revisions in the U.S. primarily in the Marcellus. | ||||||||||||||||||
2012 | Negative price revisions in the U.S. primarily in the Barnett. | ||||||||||||||||||
Natural gas purchases of reserves in place are primarily attributable to the following: | |||||||||||||||||||
2014 | Acquisition of proved developed and undeveloped reserves from Eagle Ford Minerals, LLC. | ||||||||||||||||||
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. | ||||||||||||||||||
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) | |||||||||||||||||||
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 | ||||||||||||||||
2014 | |||||||||||||||||||
Future cash inflows | $10,380,951 | $— | $10,380,951 | ||||||||||||||||
Future production costs | (2,532,106 | ) | — | (2,532,106 | ) | ||||||||||||||
Future development costs | (1,680,795 | ) | — | (1,680,795 | ) | ||||||||||||||
Future income taxes | (1,354,524 | ) | — | (1,354,524 | ) | ||||||||||||||
Future net cash flows | 4,813,526 | — | 4,813,526 | ||||||||||||||||
Less 10% annual discount to reflect timing of cash flows | (2,258,444 | ) | — | (2,258,444 | ) | ||||||||||||||
Standard measure of discounted future net cash flows | $2,555,082 | $— | $2,555,082 | ||||||||||||||||
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, 2012 | $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 | ||||||||||||||||
Revisions to reserves proved in prior years: | |||||||||||||||||||
Net change in sales prices and production costs related to future production | (240,533 | ) | — | (240,533 | ) | ||||||||||||||
Net change in estimated future development costs | 89,401 | — | 89,401 | ||||||||||||||||
Net change due to revisions in quantity estimates | 205,166 | — | 205,166 | ||||||||||||||||
Accretion of discount | 202,672 | — | 202,672 | ||||||||||||||||
Changes in production rates (timing) and other | (61,099 | ) | — | (61,099 | ) | ||||||||||||||
Total revisions | 195,607 | — | 195,607 | ||||||||||||||||
Net change due to extensions and discoveries, net of estimated future development and production costs | 867,615 | — | 867,615 | ||||||||||||||||
Net change due to purchases of minerals in place | 352,867 | — | 352,867 | ||||||||||||||||
Sales of oil and gas produced, net of production costs | (598,036 | ) | — | (598,036 | ) | ||||||||||||||
Previously estimated development costs incurred | 415,963 | — | 415,963 | ||||||||||||||||
Net change in income taxes | (300,345 | ) | — | (300,345 | ) | ||||||||||||||
Net change in standardized measure of discounted future net cash flows | 933,671 | — | 933,671 | ||||||||||||||||
Standardized measure — December 31, 2014 | $2,555,082 | $— | $2,555,082 | ||||||||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule Of Quarterly Financial Information | The following table presents selected quarterly financial data for the years ended December 31, 2014 and 2013: | ||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Total revenues | $157,212 | $193,475 | $196,225 | $163,275 | |||||||||||||
Income from continuing operations | 6,621 | 3,214 | 82,997 | 129,451 | |||||||||||||
Net income | $5,976 | $2,319 | $83,789 | $134,259 | |||||||||||||
Net income per common share - basic | |||||||||||||||||
Income from continuing operations | $0.15 | $0.07 | $1.83 | $2.85 | |||||||||||||
Net income per common share | $0.13 | $0.05 | $1.85 | $2.96 | |||||||||||||
Net income per common share - diluted | |||||||||||||||||
Income from continuing operations | $0.14 | $0.07 | $1.80 | $2.80 | |||||||||||||
Net income per common share | $0.13 | $0.05 | $1.82 | $2.91 | |||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Total revenues | $111,901 | $134,224 | $144,329 | $129,728 | |||||||||||||
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 common share - basic | |||||||||||||||||
Income (loss) from continuing operations | $0.06 | $0.89 | $0.14 | ($0.52 | ) | -2 | |||||||||||
Net income (loss) per common share | $0.66 | -1 | $0.92 | $0.11 | ($0.56 | ) | -2 | ||||||||||
Net income (loss) per common share - diluted | |||||||||||||||||
Income (loss) from continuing operations | $0.06 | $0.88 | $0.14 | ($0.52 | ) | -2 | |||||||||||
Net income (loss) per common share | $0.65 | -1 | $0.91 | $0.11 | ($0.56 | ) | -2 | ||||||||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 22, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Maximum Length of Time Hedged in Cash Flow Hedge | 36 months | |||
Other Accounts Payable and Accrued Liabilities | $70,500,000 | $2,200,000 | ||
Allowance for doubtful accounts receivable | 0 | 600,000 | ||
Internal costs capitalized, Oil and Gas Producing Activities | 18,800,000 | 15,000,000 | 11,800,000 | |
Average DD&A Per Boe (in USD per BOE) | 26.2 | 21.38 | 17.55 | |
Evaluation Period For Unevaluated Leaseholds | 5 years | |||
Capitalized interest | 34,500,000 | 29,900,000 | 24,800,000 | |
Gain on sale of discontinued operations | 37,300,000 | |||
Percent of total proved reserves that were sold | 40.00% | |||
Loss on sale of oil and gas properties | 0 | 45,377,000 | 0 | |
Reserves discount factor | 10.00% | |||
Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life, minimum, years | 3 years | |||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life, minimum, years | 10 years | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Vesting period, in years | 3 years | |||
Stock Appreciation Rights (SARs) [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 4 years | |||
Stock Appreciation Rights (SARs) [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||
Restricted Stock Awards And Units [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Vesting period, in years | 1 year | |||
Restricted Stock Awards And Units [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Vesting period, in years | 3 years | |||
Performance Shares [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Vesting period, in years | 3 years | |||
Performance Shares [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Range of Awards to Vest Based on Market Condition | 0.00% | |||
Performance Shares [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Range of Awards to Vest Based on Market Condition | 200.00% | |||
Carrizo United Kingdom [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of non-operating working interest overriding royalty interests | 15.00% | |||
Disposal Group, Including Discontinued Operation, Consideration | 184,000,000 | |||
Gain on sale of discontinued operations | 0 | -37,294,000 | 0 | |
Customer One [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Customer percentage of total revenue | 44.00% | 47.00% | 53.00% | |
Customer Two [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Customer percentage of total revenue | 26.00% | 23.00% | 10.00% | |
Contractor [Member] | Restricted Stock Granted To Contractors [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Vesting period, in years | 3 years | |||
Huntington Field Development Project Credit Facility [Member] | Carrizo United Kingdom [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Long-term Line of Credit | $55,000,000 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | $32,977 | $36,300 | $14,933 |
Less: amounts capitalized | -7,099 | -6,927 | -3,244 |
Total stock-based compensation expense | 25,878 | 29,373 | 11,689 |
Income Tax Benefit | 9,059 | 10,281 | 4,449 |
Stock Appreciation Rights (SARs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | 1,985 | 17,303 | -2,116 |
Restricted Stock Awards And Units [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | 29,597 | 18,997 | 17,049 |
Performance Shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated Share-based Compensation Expense | $1,395 | $0 | $0 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||||||||||
Income from Continuing Operations | $222,283 | $21,858 | $51,177 | ||||||||
Basic weighted average common shares outstanding (in shares) | 45,372 | 40,781 | 39,591 | ||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 822 | 574 | 435 | ||||||||
Diluted weighted average common shares outstanding (in shares) | 46,194 | 41,355 | 40,026 | ||||||||
Income from Continuing Operations Per Common Share | |||||||||||
Net income from continued operations (in dollars per share) | $2.85 | $1.83 | $0.07 | $0.15 | ($0.52) | $0.14 | $0.89 | $0.06 | $4.90 | $0.54 | $1.29 |
Net income from continuing operations (in dollars per share) | $2.80 | $1.80 | $0.07 | $0.14 | ($0.52) | $0.14 | $0.88 | $0.06 | $4.81 | $0.53 | $1.28 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 22, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of discontinued operations | ($37,300,000) | |||
Other current liabilities | 4,405,000 | 10,936,000 | ||
Liabilities of discontinued operations | 8,394,000 | 17,336,000 | ||
Carrizo United Kingdom [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% | |||
Disposal Group, Including Discontinued Operation, Consideration | 184,000,000 | |||
Gain on sale of discontinued operations | 0 | 37,294,000 | 0 | |
Liabilities of Disposal Group, Including Discontinued Operation | 12,800,000 | 28,300,000 | ||
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] | ||||
Long-term Line of Credit | $55,000,000 |
Discontinued_Operations_Discon
Discontinued Operations Discontinued Operations (Statements of Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Gain on sale of discontinued operations | $37,300 | ||
Income From Discontinued Operations, Net of Income Taxes | 4,060 | 21,825 | 4,310 |
Income From Discontinued Operations, Net of Income Taxes | 4,060 | 21,825 | 4,310 |
Carrizo United Kingdom [Member] | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||
Revenues | 0 | 0 | 0 |
General and administrative | 656 | 916 | 62 |
Disposal Group, Including Discontinued Operation, Asset Retirement Obligation Accretion Expense | 0 | 36 | 363 |
Gain on sale of discontinued operations | 0 | -37,294 | 0 |
Adjustment of estimated future obligations | -7,638 | 44 | 0 |
(Gain) loss on derivatives, net | 34 | 109 | -258 |
Other (income) expense, net | 0 | -438 | 591 |
Income (Loss) From Discontinued Operations Before Income Taxes | 6,948 | 36,627 | -758 |
Income tax (expense) benefit | -2,888 | -14,802 | 5,068 |
Income From Discontinued Operations, Net of Income Taxes | $4,060 | $21,825 | $4,310 |
Acquisitions_Acquisitions_Narr
Acquisitions Acquisitions (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 4 Months Ended | |||||
Oct. 24, 2014 | Jul. 01, 2013 | Jan. 15, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2015 | Feb. 16, 2015 | Sep. 30, 2014 | |
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Oil and Gas Property | $77,100,000 | $63,100,000 | $92,961,000 | $0 | $0 | ||||
Purchase price adjustments | 3,200,000 | 3,197,000 | 0 | 0 | |||||
Eagle Ford Shale Transaction [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Agreed Upon Purchase Price of Oil and Gas Property and Equipment | 100,000,000 | 150,000,000 | |||||||
Working Capital Adjustments | 7,000,000 | ||||||||
Payments to Acquire Oil and Gas Property | 93,000,000 | ||||||||
Total Agreed Upon Purchase Price of Oil and Gas Property and Equipment | 250,000,000 | ||||||||
Percentage of Working Interest Prior to Acquisition | 75.00% | ||||||||
Percentage of Working Interest Subsequent to Acquisition | 100.00% | ||||||||
Revenue of Acquiree since Acquisition Date, Actual | 13,100,000 | ||||||||
Earnings (Loss) of Acquiree since Acquisition Date, Actual | 11,000,000 | ||||||||
Subsequent Event [Member] | Eagle Ford Shale Transaction [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Working Capital Adjustments | 1,200,000 | ||||||||
Payments to Acquire Oil and Gas Property | 148,800,000 | ||||||||
Adjusted Purchase Price for Acquisition of Oil and Gas Property | $241,800,000 |
Acquisitions_Schedule_of_Consi
Acquisitions Schedule of Consideration Paid for Transactions of Assets Acquired and Liabilities Assumed (Table) (Details) (USD $) | Oct. 24, 2014 |
In Thousands, unless otherwise specified | |
Acquisitions - Schedule of Consideration Paid for the Transactions of Assets Acquired and Liabilities Assumed [Abstract] | |
Business Combination, Current Assets | $485 |
Business Combination, Oil and Gas Properties, Net | 244,124 |
Business Combination, Total Assets | 244,609 |
Business Combination, Liabilities | 423 |
Business Combination, Net | $244,186 |
Acquisitions_Acquisitions_Sche
Acquisitions Acquisitions (Schedule of Results of Operations) (Table) (Details) (USD $) | 12 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Acquisitions - Results of Operations [Abstract] | ||
Business Acquisition, Pro Forma Revenue | $761,199,000 | $575,721,000 |
Business Acquisition, Pro Forma Net Income (Loss) | $264,714,000 | $36,356,000 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $5.83 | $0.89 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $5.73 | $0.88 |
Weighted Average Basic Shares Outstanding, Pro Forma | 45,372 | 40,781 |
Pro Forma Weighted Average Shares Outstanding, Diluted | 46,194 | 41,355 |
Property_And_Equipment_Net_Nar
Property And Equipment, Net (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 01, 2013 | Jan. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ||||||||
Unproved properties, not being amortized | $377,437,000 | $377,437,000 | $535,197,000 | $377,437,000 | ||||
Capitalized costs of unproved properties | 285,000,000 | 250,200,000 | ||||||
Proceeds from sale of property | 29,800,000 | 12,576,000 | 238,470,000 | 341,597,000 | ||||
Sale price of oil and gas property and equipment | 218,000,000 | 30,500,000 | ||||||
Net proceeds from sale of properties | 191,800,000 | |||||||
Percent of total proved reserves that were sold | 40.00% | 40.00% | 40.00% | |||||
Loss on sale of oil and gas properties | 0 | -45,377,000 | 0 | |||||
Payments to Acquire Oil and Gas Property | $77,100,000 | $63,100,000 | $92,961,000 | $0 | $0 | |||
Utica [Member] | Avista Joint Venture [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Joint venture investment, original ownership percentage | 10.00% | |||||||
Joint venture investment, net proceeds ownership percentage | 50.00% | 50.00% |
Property_And_Equipment_Net_Sch
Property And Equipment, Net (Schedule Of Property And Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Proved properties, net | $3,174,268 | $2,182,226 |
Capitalized Costs, Accumulated Depreciation, Depletion, Amortization and Valuation Allowance Relating to Oil and Gas Producing Activities | 1,087,541 | 773,742 |
Proved properties, net | 2,086,727 | 1,408,484 |
Unproved properties, not being amortized | ||
Unevaluated leasehold and seismic costs | 401,954 | 302,232 |
Exploratory wells in progress | 71,402 | 30,196 |
Capitalized interest | 61,841 | 45,009 |
Total unproved properties, not being amortized | 535,197 | 377,437 |
Accumulated depreciation | -8,688 | -6,966 |
Property, Plant and Equipment, Other, Net | 7,329 | 8,294 |
Other property and equipment, net | 16,017 | 15,260 |
Total property and equipment, net | $2,629,253 | $1,794,215 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Feb. 28, 2005 |
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 | 34.6 | ||
Recognized deferred tax assets associated with stock based compensation tax deductions | 12.1 | ||
United States Of America [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carry forwards subject to expiration | $185.60 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current income tax (expense) benefit | |||
U.S. Federal | $0 | $411 | ($411) |
State | 0 | -141 | -403 |
Total current income tax (expense) benefit | 0 | 270 | -814 |
Deferred income tax expense | |||
U.S. Federal | -122,342 | -12,404 | -28,723 |
State | -5,585 | -769 | -1,419 |
Total deferred income tax expense | -127,927 | -13,173 | -30,142 |
Total income tax expense from continuing operations | ($127,927) | ($12,903) | ($30,956) |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | $350,210 | $34,761 | $82,133 |
Income from continuing operations before income taxes | |||
Income tax expense at the statutory rate | -122,574 | -12,166 | -28,747 |
State income taxes, net of U.S. federal income tax benefit | -5,585 | -859 | -1,681 |
Nondeductible expenses | 0 | 0 | -93 |
Other | 232 | 122 | -435 |
Total income tax expense from continuing operations | ($127,927) | ($12,903) | ($30,956) |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets | ||
Net operating loss carryforward - U.S. Federal and State | $56,876 | $52,499 |
Asset retirement obligation | 4,379 | 2,302 |
Stock-based compensation | 7,867 | 7,563 |
Allowance for doubtful accounts | 0 | 170 |
Fair value of derivative instruments | 70 | 3,222 |
Other | 2,989 | 2,471 |
Deferred income tax assets | 72,181 | 68,227 |
Valuation allowance | -1,095 | -1,084 |
Net deferred income tax assets | 71,086 | 67,143 |
Deferred income tax liabilities | ||
Oil and gas properties | -134,518 | -76,549 |
Fair value of derivative instruments | -75,175 | -3,249 |
Deferred income tax liabilities | -209,693 | -79,798 |
Deferred Tax Assets (Liabilities), Net | ($138,607) | ($12,655) |
Income_Taxes_Schedule_Of_Net_D
Income Taxes (Schedule Of Net Deferred Income Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Net current deferred income tax asset (liability) | ($61,258) | $0 |
Deferred Tax Assets, Net, Current | 0 | 4,201 |
Deferred Tax Liabilities, Net, Noncurrent | -77,349 | -16,856 |
Deferred Tax Assets (Liabilities), Net | ($138,607) | ($12,655) |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 4 Months Ended | ||||||||
Jul. 01, 2013 | Jan. 15, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Feb. 13, 2015 | Oct. 24, 2014 | Feb. 16, 2015 | Nov. 17, 2011 | Nov. 02, 2010 | Sep. 10, 2012 | Oct. 30, 2014 | |
Rate | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Federal funds rate plus percentage | 0.50% | 0.50% | |||||||||||
Adjusted LIBO rate plus percentage | 1.00% | 1.00% | |||||||||||
Long-term Debt | $1,351,346,000 | $900,247,000 | $1,351,346,000 | ||||||||||
Payments to Acquire Oil and Gas Property | 77,100,000 | 63,100,000 | 92,961,000 | 0 | 0 | ||||||||
Pre-Tax SEC PV10 Reserve Value Percentage | 80.00% | ||||||||||||
Prior to September 15, 2015 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price, percentage of principal amount | 107.50% | 107.50% | |||||||||||
Deferred purchase payment due to EFM [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | 150,000,000 | 150,000,000 | 147,400,000 | ||||||||||
Debt Instrument, Unamortized Discount | -2,600,000 | ||||||||||||
Deferred purchase payment | 0 | ||||||||||||
8.625% Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | 600,000,000 | 600,000,000 | 600,000,000 | ||||||||||
Debt Instrument, Unamortized Discount | -3,444,000 | -4,178,000 | -3,444,000 | ||||||||||
Debt instrument interest rate | 8.63% | ||||||||||||
Aggregate principal amount | 200,000,000 | 400,000,000 | |||||||||||
Change of control repurchase price percentage | 101.00% | 101.00% | |||||||||||
8.625% Senior Notes [Member] | On and after October 15, 2014 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price, percentage of principal amount | 104.31% | 104.31% | |||||||||||
8.625% Senior Notes [Member] | On and after October 15, 2014 [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price, percentage of principal amount | 100.00% | 100.00% | |||||||||||
7.50% Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | 600,000,000 | 300,000,000 | 600,000,000 | ||||||||||
Aggregate principal amount | 300,000,000 | ||||||||||||
Change of control repurchase price percentage | 101.00% | 101.00% | |||||||||||
7.50% Senior Notes [Member] | On and after September 15, 2016 [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price, percentage of principal amount | 100.00% | 100.00% | |||||||||||
7.50% Senior Notes [Member] | On and after September 15, 2016 [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price, percentage of principal amount | 103.75% | 103.75% | |||||||||||
7.50% Senior Notes [Member] | October Fifteen Two Thousand And Thirteen [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument redemption, percentage of principal | 35.00% | 35.00% | |||||||||||
7.50% Senior Notes [Member] | Prior to September 15, 2015 [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Redemption price, percentage of principal amount | 100.00% | 100.00% | |||||||||||
Seven Point Five Percent Senior Notes Issued 2014 [Member] [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | 300,000,000 | ||||||||||||
Debt instrument interest rate | 7.50% | 7.50% | |||||||||||
Senior Notes Issuance Price Percentage of Principal Amount in Private Placement | 100.50% | ||||||||||||
Other Long Term Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term Debt, Gross | 4,425,000 | 4,425,000 | 4,425,000 | ||||||||||
Senior Secured Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility current borrowing base | 800,000,000 | 800,000,000 | |||||||||||
Line of Credit Facility, Elected Borrowing Capacity | 685,000,000 | 685,000,000 | |||||||||||
Letter of Credit Facility, Sublimit | 30,000,000 | 30,000,000 | |||||||||||
Ratio of total debt to EBITDA | 2.33 | ||||||||||||
Current ratio | 2.35 | ||||||||||||
Line of credit facility amount outstanding | 0 | 0 | 0 | ||||||||||
Letters of credit outstanding amount | 600,000 | 600,000 | |||||||||||
Senior Secured Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Current ratio | 1 | ||||||||||||
Senior Secured Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ratio of total debt to EBITDA | 4 | ||||||||||||
Deferred Purchase Payment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Unamortized Discount | -1,100,000 | 0 | -1,100,000 | ||||||||||
Eagle Ford Shale Transaction [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Payments to Acquire Oil and Gas Property | 93,000,000 | ||||||||||||
Agreed Upon Purchase Price of Oil and Gas Property and Equipment | 150,000,000 | 100,000,000 | |||||||||||
Total Agreed Upon Purchase Price of Oil and Gas Property and Equipment | $250,000,000 |
Debt_Schedule_Of_Debt_Details
Debt (Schedule Of Debt) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 24, 2014 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ||||
Debt Instrument, Unamortized Premium | $1,465 | $0 | ||
8.625% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 600,000 | 600,000 | ||
Unamortized discount | -3,444 | -4,178 | ||
7.50% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 600,000 | 300,000 | ||
Senior Secured Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Ratio of total debt to EBITDA | 2.33 | |||
Line of credit facility amount outstanding | 0 | 0 | ||
Deferred purchase payment due to EFM [Member] | ||||
Debt Instrument [Line Items] | ||||
Deferred purchase payment | 0 | |||
Long-term Debt, Gross | 150,000 | 147,400 | ||
Unamortized discount | -2,600 | |||
Long-term Debt | 148,900 | 0 | 0 | |
Deferred Purchase Payment [Member] | ||||
Debt Instrument [Line Items] | ||||
Unamortized discount | ($1,100) | $0 |
Debt_Interest_and_Commitment_F
Debt Interest and Commitment Fee Rates (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Less than 25 percent [Member] | |
Interest and Commitment Fee Rates [Line Items] | |
Margin for base rate loans | 0.50% |
Margin for eurodollar loans | 1.50% |
Debt Instrument, Unused Borrowing Capacity, Fee | 0.38% |
Greater than or equal to 25 percent but less than 50 percent [Member] | |
Interest and Commitment Fee Rates [Line Items] | |
Margin for base rate loans | 0.75% |
Margin for eurodollar loans | 1.75% |
Debt Instrument, Unused Borrowing Capacity, Fee | 0.38% |
Greater than or equal to 50 percent but less than 75 percent [Member] | |
Interest and Commitment Fee Rates [Line Items] | |
Margin for base rate loans | 1.00% |
Margin for eurodollar loans | 2.00% |
Debt Instrument, Unused Borrowing Capacity, Fee | 0.50% |
Greater than or equal to 75 percent but less than 90 percent [Member] | |
Interest and Commitment Fee Rates [Line Items] | |
Margin for base rate loans | 1.25% |
Margin for eurodollar loans | 2.25% |
Debt Instrument, Unused Borrowing Capacity, Fee | 0.50% |
Greater than or equal to 90 percent [Member] | |
Interest and Commitment Fee Rates [Line Items] | |
Margin for base rate loans | 1.50% |
Margin for eurodollar loans | 2.50% |
Debt Instrument, Unused Borrowing Capacity, Fee | 0.50% |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Asset retirement obligations at beginning of period | $7,356 | $6,159 |
Liabilities incurred | 6,284 | 3,348 |
Liabilities settled | -1,784 | -498 |
Reduction due to sales of oil and gas properties | 0 | -2,473 |
Accretion expense | 710 | 471 |
Revisions of previous estimates | -477 | 349 |
Asset retirement obligations at end of period | 12,512 | 7,356 |
Asset retirement obligations due within one year included in “Other current liabilities†| -325 | -780 |
Long-term asset retirement obligations | 12,187 | 6,576 |
Eagle Ford Shale Transaction [Member] | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Liabilities incurred | $423 | $0 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $1,900,000 | $1,900,000 | $1,800,000 |
2014 | 55,435,000 | ||
2015 | 36,020,000 | ||
2016 | 26,424,000 | ||
2017 | 11,141,000 | ||
2018 | 6,493,000 | ||
2020 and thereafter | 16,934,000 | ||
Total | $152,447,000 |
Commitments_And_Contingencies_2
Commitments And Contingencies Commitments And Contingencies (Tables) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $55,435 |
Operating Leases, Future Minimum Payments, Due in Two Years | 36,020 |
Operating Leases, Future Minimum Payments, Due in Three Years | 26,424 |
Operating Leases, Future Minimum Payments, Due in Four Years | 11,141 |
Operating Leases, Future Minimum Payments, Due in Five Years | 6,493 |
Operating Leases, Future Minimum Payments, Due Thereafter | 16,934 |
Operating Leases, Future Minimum Payments Due | $152,447 |
Shareholders_Equity_And_Stock_2
Shareholders' Equity And Stock Incentive Plan (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Proceeds from common stock offerings, net of offering costs | $0 | $189,686,000 | $0 | |
Issuance of warrants to purchase of common stock | 0 | 0 | 118,200 | |
Investment warrants, exercise price | $22.09 | |||
Shares Granted, Options | 0 | 0 | 0 | |
Compensation Not yet Recognized, Stock Options | 0 | |||
Total intrinsic value, Options Exercised | 1,300,000 | 4,400,000 | 400,000 | |
Cash received from exercise of stock options | 400,000 | 1,300,000 | 100,000 | |
Grants in Period, Performance Shares | 576,812 | 932,763 | 854,292 | |
Grant Date Fair Value, Performance Shares | $34.55 | $28.03 | $26.95 | $27.96 |
Stock Incentive Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum issuance of grant awards under Incentive Plan | 10,822,500 | |||
Number of stock options, restricted stock awards, restricted stock units and performance shares granted, net of forfeitures | 6,526,862 | |||
Restricted Stock Award And Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost not yet recognized | 25,400,000 | |||
Compensation cost not yet recognized, period for recognition | 1 year 10 months 23 days | |||
Cash Settled Stock Appreciation Rights Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of cash stock appreciation rights | 0 | 282,296 | 193,336 | |
Liability for cash stock appreciation rights | 14,800,000 | 20,600,000 | ||
Liability for cash stock appreciation rights, classified as other accrued liabilities | 13,900,000 | 19,300,000 | ||
Liability for cash stock appreciation rights remainder, classified as other long term liabilities | 900,000 | 1,300,000 | ||
Cash paid at exercises, Stock Appreciation Rights | 7,800,000 | 3,900,000 | 100,000 | |
Compensation cost not yet recognized | 600,000 | |||
Compensation cost not yet recognized, period for recognition | 1 year 5 months 26 days | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost not yet recognized | 2,400,000 | |||
Compensation cost not yet recognized, period for recognition | 2 years 2 months 26 days | |||
Grants in Period, Performance Shares | 56,342 | |||
Grant Date Fair Value, Performance Shares | $68.15 | |||
Total Grant Date Fair Value | 3,800,000 | |||
Vesting period, in years | 3 years | |||
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 | |||
Proceeds from common stock offerings, net of offering costs | $189,686,000 | |||
Minimum [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Awards to Vest Based on Market Condition | 0.00% | |||
Maximum [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of Awards to Vest Based on Market Condition | 200.00% |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares, Outstanding, beginning of period | 36,353 | 242,854 | 263,354 |
Shares Granted, Options | 0 | 0 | 0 |
Shares, Exercised | -33,086 | -206,501 | -20,500 |
Shares, Forfeited | 0 | 0 | 0 |
Shares, Expired | 834 | ||
Shares, Outstanding, end of period | 2,433 | 36,353 | 242,854 |
Shares, Exercisable, end of period | 2,433 | 36,353 | 242,854 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted-Average Exercise Prices, Outstanding, beginning period | $13.91 | $7.24 | $7.11 |
Weighted-Average Exercise Prices, Granted | $0 | $0 | $0 |
Weighted-Average Exercise Prices, Exercised | $13.20 | $6.07 | $5.50 |
Weighted-Average Exercise Prices, Forfeited | $0 | $0 | $0 |
Weighted Average Exercise Prices, Expired | $27.25 | ||
Weighted-Average Exercise Prices, Outstanding, end of period | $19.02 | $13.91 | $7.24 |
Weighted-Average Exercise Prices, Exercisable, end of period | $19.02 | $13.91 | $7.24 |
Weighted-Average Remaining Life, Outstanding, end of period | 6 months 7 days | ||
Weighted - Average Remaining Life, Exercisable, end of period | 6 months 7 days | ||
Aggregate Intrinsic Value, Outstanding, end of period | $0.10 | ||
Aggregate Intrinsic Value, Exercisable, end of period | $0.10 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
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 | 1,086,231 | 1,035,823 | 849,782 |
SARs, Granted | 0 | 282,296 | 193,336 |
SARs, Exercised | -321,033 | -207,184 | -7,295 |
SARs, Forfeitures | 0 | -24,704 | 0 |
SARs, Outstanding, end of period | 765,198 | 1,086,231 | 1,035,823 |
SARs, Exercisable, End of Period | 587,481 | 681,867 | 613,934 |
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 | $24.78 | $22.69 | $22.02 |
Weighted Average Exercise Prices, Granted | $0 | $28.68 | $25.56 |
Weighted Average Exercise Prices, Exercised | $30.24 | $19.30 | $20.22 |
Weighted Average Exercise Prices, Forfeitures | $0 | $27.77 | $0 |
Weighted Average Exercise Prices, Outstanding, End of Period | $22.49 | $24.78 | $22.69 |
Weighted Average Exercise Prices, Exercisable, End of Period | $20.78 | $22.55 | $20.70 |
Weighted Average Remaining Life, Outstanding, End of Period | 2 years 0 months 18 days | ||
Weighted Average Remaining Life, Exercisable, End of Period | 1 year 11 months 24 days | ||
Aggregate Intrinsic Value, Outstanding, End of Period | $14.50 | ||
Aggregate Intrinsic Value, Exercisable, End of Period | $12.20 |
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 | |
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 |
Expected Volatility Rate | 44.54% | 48.20% |
Expected Dividend Rate | 0.00% | 0.00% |
Risk Free Interest Rate | 1.00% | 0.40% |
Expected Term | 3 years 6 months | 3 years |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 | 1,444,867 | 1,146,274 | 800,498 |
Grants in Period, Performance Shares | 576,812 | 932,763 | 854,292 |
Unvested restricted stock, Vested Shares/Units | -647,306 | -557,136 | -488,992 |
Unvested restricted stock, Forfeited Shares/Units | -38,691 | -77,034 | -19,524 |
Unvested restricted stock, Shares/Units, End of Period | 1,335,682 | 1,444,867 | 1,146,274 |
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 | $28.03 | $26.95 | $27.96 |
Unvested restricted stock, Granted, Grant-date Fair Value | $48.64 | $28.16 | $25.25 |
Unvested restricted stock, Vested, Grant-date Fair Value | $32.64 | $25.98 | $25.63 |
Unvested restricted stock, Forfeited, Grant-date Fair Value | $32.89 | $26.03 | $27.61 |
Unvested restricted stock, Grant-date Fair Value, End of Period | $34.55 | $28.03 | $26.95 |
Shareholders_Equity_And_Stock_7
Shareholders' Equity And Stock Incentive Plan Shareholders' Equity and Stock Incentive Plan (Summary of Performance Share Awards Fair Value Assumptions) (Details) (Performance Shares [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Performance Shares [Member] | |
Number of simulations performed | 500,000 |
Weighted Average Grant Date Price | $53.96 |
Expected Volatility Rate | 49.90% |
Expected Dividend Rate | 0.00% |
Risk Free Interest Rate | 0.90% |
Expected Term | 2 years 11 months 20 days |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||
Sep. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2011 | Jan. 15, 2013 | Oct. 31, 2012 | |
Related Party Transaction [Line Items] | ||||||||
Proceeds from sale of property | $29,800,000 | $12,576,000 | $238,470,000 | $341,597,000 | ||||
Percentage of interest in joint venture transferable by each party after initial cash contributions | 10.00% | |||||||
Due from Related Parties, Current | 6,600,000 | 1,900,000 | 6,600,000 | |||||
Advances for joint operations from affiliates | 2,800,000 | 2,800,000 | ||||||
Avista Joint Venture [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of ownership interest sold | 20.00% | |||||||
ACP II [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds of cash distributions recognized as reductions of capitalized oil and gas property costs | 77,100,000 | |||||||
Proceeds from sale of interests in joint venture | 327,000,000 | |||||||
Utica [Member] | Avista Joint Venture [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Joint venture investment, net proceeds ownership percentage | 50.00% | 50.00% | ||||||
Joint venture investment, original ownership percentage | 10.00% | |||||||
Payments to acquire interest in joint venture | $63,100,000 | |||||||
Joint venture, percentage of ownership increase (decrease) | 40.00% | |||||||
Cost to increase ownership percentage | 8.63% | |||||||
Utica [Member] | Avista Capital Partners II, L.P. [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Initial ownership interest of joint interest partner | 90.00% |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2015 | Feb. 11, 2015 |
Derivative [Line Items] | |||||
(Gain) loss on derivative instruments, net | ($201,907) | $18,417 | ($31,371) | ||
Derivative Asset | $214,800 | $9,300 | |||
Maximum Length of Time Hedged in Cash Flow Hedge | 36 months | ||||
Crude Oil (Bbls) [Member] | Collars [Member] | 2015 [Member] | |||||
Derivative [Line Items] | |||||
Volumes in (Bbls/d) | 700 | 12,200 | 700 | ||
Weighted Average Floor Price ($/Bbl) | 90 | 50 | 90 | ||
Weighted Average Ceiling Price ($/Bbl) | 100.65 | 66.46 | 100.65 | ||
Crude Oil (Bbls) [Member] | Collars [Member] | 2016 [Member] | |||||
Derivative [Line Items] | |||||
Volumes in (Bbls/d) | 4,000 | ||||
Weighted Average Floor Price ($/Bbl) | 50 | ||||
Weighted Average Ceiling Price ($/Bbl) | 76.5 |
Derivative_Instruments_Schedul
Derivative Instruments (Schedule of Derivative Instruments by Counterparty) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
Derivative Credit Risk [Member] | Union Bank [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 4.00% | 0.00% |
Derivative Credit Risk [Member] | Regions [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 8.00% | 0.00% |
Derivative Credit Risk [Member] | Credit Suisse [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 24.00% | 46.00% |
Derivative Credit Risk [Member] | Societe Generale [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 26.00% | 31.00% |
Derivative Credit Risk [Member] | Wells Fargo [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 37.00% | 23.00% |
Derivative Credit Risk [Member] | Royal Bank of Canada [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 1.00% | 0.00% |
Derivative_Instruments_Schedul1
Derivative Instruments (Schedule Of U.S. Crude Oil Derivative Positions) (Details) (Crude Oil (Bbls) [Member]) | Feb. 13, 2015 | Feb. 11, 2015 | Dec. 31, 2014 |
Three-way Collars [Member] | 2015 [Member] | |||
Derivative [Line Items] | |||
Volumes in (Bbls/d) | 1,000 | 1,000 | |
Weighted Average Floor Price ($/Bbl) | 85 | 85 | |
Weighted Average Ceiling Price ($/Bbl) | 105 | 105 | |
Weighted Average Short Put Price ($/Bbl) | 65 | 65 | |
Weighted Average Put Spread ($/Bbl) | 17.24 | 20 | |
Three-way Collars [Member] | 2016 [Member] | |||
Derivative [Line Items] | |||
Volumes in (Bbls/d) | 667 | 667 | |
Weighted Average Floor Price ($/Bbl) | 85 | 85 | |
Weighted Average Ceiling Price ($/Bbl) | 104 | 104 | |
Weighted Average Short Put Price ($/Bbl) | 65 | 65 | |
Weighted Average Put Spread ($/Bbl) | 13.78 | 20 | |
Collars [Member] | 2015 [Member] | |||
Derivative [Line Items] | |||
Volumes in (Bbls/d) | 12,200 | 700 | 700 |
Weighted Average Floor Price ($/Bbl) | 50 | 90 | 90 |
Weighted Average Ceiling Price ($/Bbl) | 66.46 | 100.65 | 100.65 |
Weighted Average Put Spread ($/Bbl) | 34.27 | ||
Collars [Member] | 2016 [Member] | |||
Derivative [Line Items] | |||
Volumes in (Bbls/d) | 4,000 | ||
Weighted Average Floor Price ($/Bbl) | 50 | ||
Weighted Average Ceiling Price ($/Bbl) | 76.5 | ||
Swap [Member] | 2015 [Member] | |||
Derivative [Line Items] | |||
Volumes in (Bbls/d) | 10,370 | 10,370 | |
Weighted Average Floor Price ($/Bbl) | 55.48 | 92.97 | |
Weighted Average Ceiling Price ($/Bbl) | |||
Swap [Member] | 2016 [Member] | |||
Derivative [Line Items] | |||
Volumes in (Bbls/d) | 3,000 | 3,000 | |
Weighted Average Floor Price ($/Bbl) | 62.11 | 91.09 | |
Weighted Average Ceiling Price ($/Bbl) |
Derivative_Instruments_Schedul2
Derivative Instruments (Schedule Of U.S. Natural Gas Derivative Positions) (Details) (Swap [Member], Natural Gas (Mcf) [Member], 2015 [Member]) | Dec. 31, 2014 |
Swap [Member] | Natural Gas (Mcf) [Member] | 2015 [Member] | |
Derivative [Line Items] | |
Volume (in MMBtu/d) | 30,000 |
Weighted Average Floor Price ($/MMBtu) | 4.29 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Asset | $214,800,000 | $9,300,000 |
Derivative, Fair Value, Net [Abstract] | ||
Fair value amount of transfers in or out of Levels 1 or 2 | 0 | 0 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative asset (liabilities), gross amount recognized | 214,585,000 | -851,000 |
Derivative liabilities (assets), gross amounts offset in the consolidated balance sheets | 0 | 0 |
Derivative Asset (Liability), Net | 214,585,000 | -851,000 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Current Assets [Member] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 183,625,000 | 2,389,000 |
Derivative Asset, Fair Value, Gross Liability | 12,524,000 | 2,389,000 |
Derivative Asset | 171,101,000 | 0 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 44,725,000 | 11,709,000 |
Derivative Asset, Fair Value, Gross Liability | 1,041,000 | 2,425,000 |
Derivative Asset | 43,684,000 | 9,284,000 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Liabilities Current [Member] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | -12,707,000 | -12,336,000 |
Derivative Liability, Fair Value, Gross Asset | -12,524,000 | -2,389,000 |
Derivative Liability | -183,000 | -9,947,000 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Noncurrent Liabilities [Member] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Liability, Fair Value, Gross Liability | -1,058,000 | -2,613,000 |
Derivative Liability, Fair Value, Gross Asset | -1,041,000 | -2,425,000 |
Derivative Liability | ($17,000) | ($188,000) |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Fair Value of Debt Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 24, 2014 |
In Thousands, unless otherwise specified | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Derivative Asset | $214,800 | $9,300 | |
8.625% Senior Notes [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Long-term Debt, Gross | 600,000 | 600,000 | |
7.50% Senior Notes [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Long-term Debt, Gross | 600,000 | 300,000 | |
Other Long Term Debt [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Long-term Debt, Gross | 4,425 | 4,425 | |
Deferred purchase payment due to EFM [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Long-term Debt, Gross | 150,000 | 147,400 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 8.625% Senior Notes [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Long-term Debt, Gross | 596,555 | 595,822 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 7.50% Senior Notes [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Long-term Debt, Gross | 600,000 | 300,000 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Other Long Term Debt [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Long-term Debt, Gross | 4,425 | 4,425 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Deferred purchase payment due to EFM [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Long-term Debt, Gross | 0 | ||
Estimate of Fair Value Measurement [Member] | 8.625% Senior Notes [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Long-term Debt, Gross | 597,000 | 644,978 | |
Estimate of Fair Value Measurement [Member] | 7.50% Senior Notes [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Long-term Debt, Gross | 573,000 | 327,000 | |
Estimate of Fair Value Measurement [Member] | Other Long Term Debt [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Long-term Debt, Gross | 4,071 | 4,115 | |
Estimate of Fair Value Measurement [Member] | Deferred purchase payment due to EFM [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Long-term Debt, Gross | 148,558 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Derivative asset (liabilities), gross amount recognized | 214,585 | -851 | |
Derivative Liability (Asset), Fair Value, Gross | 0 | 0 | |
Derivative, Fair Value, Net | 214,585 | -851 | |
Fair Value, Measurements, Recurring [Member] | Other Current Assets [Member] | Level 2 [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 183,625 | 2,389 | |
Derivative Asset, Fair Value, Gross Liability | 12,524 | 2,389 | |
Derivative Asset | 171,101 | 0 | |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | Level 2 [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 44,725 | 11,709 | |
Derivative Asset, Fair Value, Gross Liability | 1,041 | 2,425 | |
Derivative Asset | 43,684 | 9,284 | |
Fair Value, Measurements, Recurring [Member] | Derivative Liabilities Current [Member] | Level 2 [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | -12,707 | -12,336 | |
Derivative Liability, Fair Value, Gross Asset | -12,524 | -2,389 | |
Derivative Liability | -183 | -9,947 | |
Fair Value, Measurements, Recurring [Member] | Other Noncurrent Liabilities [Member] | Level 2 [Member] | |||
Schedule of Fair Value of Debt Instruments [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | -1,058 | -2,613 | |
Derivative Liability, Fair Value, Gross Asset | -1,041 | -2,425 | |
Derivative Liability | ($17) | ($188) |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Narrative) (Details) | Dec. 31, 2014 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets, Current | $278,621 | $279,761 | ||
Total property and equipment, net | 2,629,253 | 1,794,215 | ||
Investment in subsidiaries | 0 | 0 | ||
Other assets | 73,602 | 36,784 | ||
Total Assets | 2,981,476 | 2,110,760 | ||
Liabilities, Current | 424,304 | 322,835 | ||
Current liabilities | 424,304 | 322,835 | ||
Current liabilities of discontinued operations | 4,405 | 10,936 | ||
Long-term liabilities | 1,453,731 | 946,321 | ||
Long-term liabilities of discontinued operations | 8,394 | 17,336 | ||
Total shareholders’ equity | 1,103,441 | 841,604 | 585,016 | 509,855 |
Total Liabilities and Shareholders’ Equity | 2,981,476 | 2,110,760 | ||
Parent Company [Member] | ||||
Total Assets | 2,755,005 | 1,954,171 | ||
Total Liabilities and Shareholders’ Equity | 2,755,005 | 1,954,171 | ||
Combined Guarantor Subsidiaries [Member] | ||||
Total Assets | 2,807,080 | 1,937,271 | ||
Total Liabilities and Shareholders’ Equity | 2,807,080 | 1,937,271 | ||
Combined Non-Guarantor Subsidiaries [Member] | ||||
Total Assets | 40,050 | 2,058 | ||
Total Liabilities and Shareholders’ Equity | 40,050 | 2,058 | ||
Consolidation, Eliminations [Member] | ||||
Total Assets | -2,620,659 | -1,782,740 | ||
Total Liabilities and Shareholders’ Equity | -2,620,659 | -1,782,740 | ||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Assets, Current | 2,380,445 | 1,820,069 | ||
Total property and equipment, net | 613 | 2,797 | ||
Investment in subsidiaries | 233,173 | 61,619 | ||
Other assets | 140,774 | 69,686 | ||
Liabilities, Current | 296,686 | 201,486 | ||
Long-term liabilities | 1,364,793 | 922,571 | ||
Total shareholders’ equity | 1,093,526 | 830,114 | ||
Reportable Legal Entities [Member] | Combined Guarantor Subsidiaries [Member] | ||||
Assets, Current | 245,051 | 168,718 | ||
Total property and equipment, net | 2,562,029 | 1,768,553 | ||
Investment in subsidiaries | 0 | 0 | ||
Other assets | 0 | 0 | ||
Liabilities, Current | 2,434,649 | 1,828,314 | ||
Long-term liabilities | 139,353 | 47,335 | ||
Total shareholders’ equity | 233,078 | 61,622 | ||
Reportable Legal Entities [Member] | Combined Non-Guarantor Subsidiaries [Member] | ||||
Assets, Current | 111 | 0 | ||
Total property and equipment, net | 39,939 | 2,058 | ||
Investment in subsidiaries | 0 | 0 | ||
Other assets | 0 | 0 | ||
Liabilities, Current | 39,955 | 2,061 | ||
Long-term liabilities | 0 | 0 | ||
Total shareholders’ equity | 95 | -3 | ||
Consolidation, Eliminations [Member] | ||||
Assets, Current | -2,346,986 | -1,709,026 | ||
Total property and equipment, net | 26,672 | 20,807 | ||
Investment in subsidiaries | -233,173 | -61,619 | ||
Other assets | -67,172 | -32,902 | ||
Liabilities, Current | -2,346,986 | -1,709,026 | ||
Long-term liabilities | -50,415 | -23,585 | ||
Total shareholders’ equity | ($223,258) | ($50,129) |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total revenues | $163,275 | $196,225 | $193,475 | $157,212 | $129,728 | $144,329 | $134,224 | $111,901 | $710,187 | $520,182 | $368,180 |
Total costs and expenses | 359,977 | 485,421 | 286,047 | ||||||||
Income from continuing operations before income taxes | 350,210 | 34,761 | 82,133 | ||||||||
Loss on sale of oil and gas properties | 0 | 45,377 | 0 | ||||||||
Operating income (loss) | 30,342 | 71,468 | 57,581 | 44,233 | -21,002 | 48,603 | 46,618 | 33,463 | |||
Income tax expense | -127,927 | -12,903 | -30,956 | ||||||||
Equity in income of subsidiaries | 0 | 0 | 0 | ||||||||
Income from Continuing Operations | 222,283 | 21,858 | 51,177 | ||||||||
Income From Discontinued Operations, Net of Income Taxes | 4,060 | 21,825 | 4,310 | ||||||||
Net income from discontinued operations, net of income taxes | 4,060 | 21,825 | 4,310 | ||||||||
Net Income | 134,259 | 83,789 | 2,319 | 5,976 | -23,989 | 4,521 | 36,969 | 26,182 | 226,343 | 43,683 | 55,487 |
Parent Company [Member] | |||||||||||
Total revenues | 20,195 | ||||||||||
Total costs and expenses | 56,817 | ||||||||||
Income tax expense | 12,658 | ||||||||||
Equity in income of subsidiaries | 73,150 | ||||||||||
Income from Continuing Operations | 223,859 | 23,088 | 49,186 | ||||||||
Net income from discontinued operations, net of income taxes | 126 | ||||||||||
Net Income | 227,919 | 44,913 | 49,312 | ||||||||
Combined Guarantor Subsidiaries [Member] | |||||||||||
Total revenues | 347,985 | ||||||||||
Total costs and expenses | 241,883 | ||||||||||
Income tax expense | -37,136 | ||||||||||
Equity in income of subsidiaries | 0 | ||||||||||
Income from Continuing Operations | 171,456 | 106,541 | 68,966 | ||||||||
Net income from discontinued operations, net of income taxes | 0 | ||||||||||
Net Income | 171,456 | 106,541 | 68,966 | ||||||||
Combined Non-Guarantor Subsidiaries [Member] | |||||||||||
Total revenues | 0 | ||||||||||
Total costs and expenses | 0 | ||||||||||
Income tax expense | 0 | ||||||||||
Equity in income of subsidiaries | 0 | ||||||||||
Income from Continuing Operations | 98 | -3 | 0 | ||||||||
Net income from discontinued operations, net of income taxes | 4,184 | ||||||||||
Net Income | 98 | -3 | 4,184 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Total revenues | 0 | ||||||||||
Total costs and expenses | -12,653 | ||||||||||
Income tax expense | -6,478 | ||||||||||
Equity in income of subsidiaries | -73,150 | ||||||||||
Income from Continuing Operations | -173,130 | -107,768 | -66,975 | ||||||||
Net income from discontinued operations, net of income taxes | 0 | ||||||||||
Net Income | -173,130 | -107,768 | -66,975 | ||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | |||||||||||
Total revenues | 3,938 | 6,490 | |||||||||
Costs and Expenses | -76,531 | 134,874 | |||||||||
Income from continuing operations before income taxes | 80,469 | -128,384 | -36,622 | ||||||||
Income tax expense | -28,164 | 44,934 | |||||||||
Equity in income of subsidiaries | -171,554 | -106,538 | |||||||||
Income From Discontinued Operations, Net of Income Taxes | 4,060 | 21,825 | |||||||||
Reportable Legal Entities [Member] | Combined Guarantor Subsidiaries [Member] | |||||||||||
Total revenues | 706,121 | 513,692 | |||||||||
Costs and Expenses | 442,343 | 349,782 | |||||||||
Income from continuing operations before income taxes | 263,778 | 163,910 | 106,102 | ||||||||
Income tax expense | -92,322 | -57,369 | |||||||||
Equity in income of subsidiaries | 0 | 0 | |||||||||
Income From Discontinued Operations, Net of Income Taxes | 0 | 0 | |||||||||
Reportable Legal Entities [Member] | Combined Non-Guarantor Subsidiaries [Member] | |||||||||||
Total revenues | 128 | 0 | |||||||||
Costs and Expenses | 30 | 3 | |||||||||
Income from continuing operations before income taxes | 98 | -3 | 0 | ||||||||
Income tax expense | 0 | 0 | |||||||||
Equity in income of subsidiaries | 0 | 0 | |||||||||
Income From Discontinued Operations, Net of Income Taxes | 0 | 0 | |||||||||
Consolidation, Eliminations [Member] | |||||||||||
Total revenues | 0 | 0 | |||||||||
Costs and Expenses | -5,865 | 762 | |||||||||
Income from continuing operations before income taxes | 5,865 | -762 | 12,653 | ||||||||
Income tax expense | -7,441 | -468 | |||||||||
Equity in income of subsidiaries | 171,554 | 106,538 | |||||||||
Income From Discontinued Operations, Net of Income Taxes | $0 | $0 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net cash provided by (used in) operating activities from continuing operations | $502,275 | $367,474 | $253,071 |
Net cash used in investing activities from continuing operations | -940,676 | -509,885 | -465,151 |
Net cash provided by financing activities from continuing operations | 300,290 | 120,326 | 237,778 |
Net cash used in discontinued operations | -8,490 | 126,910 | -1,196 |
Net decrease in cash and cash equivalents | -146,601 | 104,825 | 24,502 |
Cash and cash equivalents, beginning of year | 157,439 | 52,614 | 28,112 |
Cash and cash equivalents, end of year | 10,838 | 157,439 | 52,614 |
Cash and cash equivalents | 10,838 | 157,439 | 52,614 |
Parent Company [Member] | |||
Net decrease in cash and cash equivalents | -146,601 | 105,545 | 32,760 |
Cash and cash equivalents, beginning of year | 157,439 | 51,894 | |
Cash and cash equivalents, end of year | 10,838 | 157,439 | 51,894 |
Combined Guarantor Subsidiaries [Member] | |||
Net decrease in cash and cash equivalents | 0 | -201 | -7,062 |
Cash and cash equivalents, beginning of year | 0 | 201 | |
Cash and cash equivalents, end of year | 0 | 0 | 201 |
Combined Non-Guarantor Subsidiaries [Member] | |||
Net decrease in cash and cash equivalents | 0 | -519 | -1,196 |
Cash and cash equivalents, beginning of year | 0 | 519 | |
Cash and cash equivalents, end of year | 0 | 0 | 519 |
Consolidation, Eliminations [Member] | |||
Net cash provided by (used in) operating activities from continuing operations | 0 | ||
Net cash used in investing activities from continuing operations | 308,558 | ||
Net cash provided by financing activities from continuing operations | -308,558 | ||
Net cash used in discontinued operations | 0 | ||
Net 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 |
Reportable Legal Entities [Member] | Parent Company [Member] | |||
Net cash provided by (used in) operating activities from continuing operations | -132,683 | -55,888 | 75,546 |
Net cash used in investing activities from continuing operations | -305,718 | -86,322 | -280,564 |
Net cash provided by financing activities from continuing operations | 300,290 | 120,326 | 237,778 |
Net cash used in discontinued operations | -8,490 | 127,429 | 0 |
Cash and cash equivalents, beginning of year | 19,134 | ||
Cash and cash equivalents | 157,439 | 51,894 | |
Reportable Legal Entities [Member] | Combined Guarantor Subsidiaries [Member] | |||
Net cash provided by (used in) operating activities from continuing operations | 634,970 | 423,366 | 177,525 |
Net cash used in investing activities from continuing operations | -906,509 | -513,710 | -493,145 |
Net cash provided by financing activities from continuing operations | 271,539 | 90,143 | 308,558 |
Net cash used in discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents, beginning of year | 7,263 | ||
Cash and cash equivalents | 0 | 201 | |
Reportable Legal Entities [Member] | Combined Non-Guarantor Subsidiaries [Member] | |||
Net cash provided by (used in) operating activities from continuing operations | -12 | -4 | 0 |
Net cash used in investing activities from continuing operations | -37,609 | -2,057 | 0 |
Net cash provided by financing activities from continuing operations | 37,621 | 2,061 | 0 |
Net cash used in discontinued operations | 0 | -519 | -1,196 |
Cash and cash equivalents, beginning of year | 1,715 | ||
Cash and cash equivalents | 0 | 519 | |
Consolidation, Eliminations [Member] | |||
Net cash provided by (used in) operating activities from continuing operations | 0 | 0 | |
Net cash used in investing activities from continuing operations | 309,160 | 92,204 | |
Net cash provided by financing activities from continuing operations | -309,160 | -92,204 | |
Net cash used in discontinued operations | 0 | 0 | |
Cash and cash equivalents | $0 | $0 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information Supplemental Cash Flow Information (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 24, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash paid for interest, net of amounts capitalized | $49,379 | $50,770 | $43,629 | |
Cash paid for income taxes | 0 | 505 | 587 | |
Capital Expenditures Incurred but Not yet Paid | 176,886 | 114,988 | 82,727 | |
Purchase price adjustments | 3,200 | 3,197 | 0 | 0 |
Deferred purchase payment due to EFM [Member] | ||||
Supplemental Cash Flow Elements [Abstract] | ||||
Long-term Debt | $148,900 | $0 | $0 |
Subsequent_Events_Subsequent_E1
Subsequent Events Subsequent Events (Schedule of Offsetting Crude Oil Derivative Positions )(Details) (Crude Oil (Bbls) [Member]) | Feb. 13, 2015 | Feb. 11, 2015 | Dec. 31, 2014 |
Swap [Member] | 2015 [Member] | |||
Offsetting Derivative [Line Items] | |||
Volumes in (Bbls/d) | 10,370 | 10,370 | |
Weighted Average Floor Price ($/Bbl) | 55.48 | 92.97 | |
Weighted Average Ceiling Price ($/Bbl) | |||
Swap [Member] | 2016 [Member] | |||
Offsetting Derivative [Line Items] | |||
Volumes in (Bbls/d) | 3,000 | 3,000 | |
Weighted Average Floor Price ($/Bbl) | 62.11 | 91.09 | |
Weighted Average Ceiling Price ($/Bbl) | |||
Collars [Member] | 2015 [Member] | |||
Offsetting Derivative [Line Items] | |||
Volumes in (Bbls/d) | 12,200 | 700 | 700 |
Weighted Average Floor Price ($/Bbl) | 50 | 90 | 90 |
Weighted Average Ceiling Price ($/Bbl) | 66.46 | 100.65 | 100.65 |
Weighted Average Put Spread ($/Bbl) | 34.27 | ||
Collars [Member] | 2016 [Member] | |||
Offsetting Derivative [Line Items] | |||
Volumes in (Bbls/d) | 4,000 | ||
Weighted Average Floor Price ($/Bbl) | 50 | ||
Weighted Average Ceiling Price ($/Bbl) | 76.5 | ||
Three-way Collars [Member] | 2015 [Member] | |||
Offsetting Derivative [Line Items] | |||
Volumes in (Bbls/d) | 1,000 | 1,000 | |
Weighted Average Floor Price ($/Bbl) | 85 | 85 | |
Weighted Average Short Put Price ($/Bbl) | 65 | 65 | |
Weighted Average Ceiling Price ($/Bbl) | 105 | 105 | |
Weighted Average Put Spread ($/Bbl) | 17.24 | 20 | |
Three-way Collars [Member] | 2016 [Member] | |||
Offsetting Derivative [Line Items] | |||
Volumes in (Bbls/d) | 667 | 667 | |
Weighted Average Floor Price ($/Bbl) | 85 | 85 | |
Weighted Average Short Put Price ($/Bbl) | 65 | 65 | |
Weighted Average Ceiling Price ($/Bbl) | 104 | 104 | |
Weighted Average Put Spread ($/Bbl) | 13.78 | 20 |
Subsequent_Events_Subsequent_E2
Subsequent Events Subsequent Events (Schedule of Crude Oil Derivative Positions) (Details) (Collars [Member], Crude Oil (Bbls) [Member]) | Feb. 13, 2015 | Feb. 11, 2015 | Dec. 31, 2014 |
2015 [Member] | |||
Derivative [Line Items] | |||
Volumes in (Bbls/d) | 12,200 | 700 | 700 |
Weighted Average Ceiling Price ($/Bbl) | 66.46 | 100.65 | 100.65 |
Weighted Average Floor Price ($/Bbl) | 50 | 90 | 90 |
2016 [Member] | |||
Derivative [Line Items] | |||
Volumes in (Bbls/d) | 4,000 | ||
Weighted Average Ceiling Price ($/Bbl) | 76.5 | ||
Weighted Average Floor Price ($/Bbl) | 50 |
Subsequent_Events_Subsequent_E3
Subsequent Events Subsequent Events (Narrative) (Details) (USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Feb. 11, 2015 | Feb. 11, 2015 |
Subsequent Events Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair Value of Monetized Derivative Positions | $166.40 | |
Derivative, Gain (Loss) on Derivative, Net | $8.40 |
Supplemental_Disclosures_About2
Supplemental Disclosures About Oil And Gas Producing Activities (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Capitalized interest | $34.50 | $29.90 | $24.80 |
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 | 92.24 | 99.44 | 102.03 |
Natural Gas Liquids (Bbls) [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Average market prices used in reserves estimates | 27.8 | 25.6 | 32.12 |
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 | 3.24 | 2.97 | 2.08 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||
Proved property acquisition costs | $183,633 | $0 | $0 |
Unproved property acquisition costs | 215,021 | 254,099 | 150,479 |
Total property acquisition costs | 398,654 | 254,099 | 150,479 |
Exploration costs | 194,956 | 106,329 | 211,289 |
Development costs | 530,268 | 423,871 | 410,652 |
Total costs incurred | 1,123,878 | 784,299 | 772,420 |
U.S. [Member] | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||
Proved property acquisition costs | 183,633 | 0 | 0 |
Unproved property acquisition costs | 215,021 | 254,099 | 139,344 |
Total property acquisition costs | 398,654 | 254,099 | 139,344 |
Exploration costs | 194,956 | 106,329 | 211,289 |
Development costs | 530,268 | 423,871 | 374,391 |
Total costs incurred | 1,123,878 | 784,299 | 725,024 |
U.K. | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||
Proved property acquisition costs | 0 | 0 | 0 |
Unproved property acquisition costs | 0 | 0 | 11,135 |
Total property acquisition costs | 0 | 0 | 11,135 |
Exploration costs | 0 | 0 | 0 |
Development costs | 0 | 0 | 36,261 |
Total costs incurred | $0 | $0 | $47,396 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
MBbls | MBbls | MBbls | |
Crude Oil (Bbls) [Member] | |||
Proved Developed and Undeveloped Reserves [Abstract] | |||
Proved developed and undeveloped reserves beginning of year | 62,041,000 | 44,316,000 | 30,538,000 |
Extensions and discoveries | 29,793,000 | 27,295,000 | 15,403,000 |
Revisions of previous estimates | 3,046,000 | 778,000 | 1,564,000 |
Sales of reserves in place | -6,117,000 | -327,000 | |
Purchases of reserves in place | 12,730,000 | ||
Production | -6,906,000 | -4,231,000 | -2,862,000 |
Proved developed and undeveloped reserves end of year | 100,704,000 | 62,041,000 | 44,316,000 |
Proved developed reserves (volume) | 35,238,000 | 18,321,000 | 17,916,000 |
Proved undeveloped reserve (volume) | 65,466,000 | 43,720,000 | 26,400,000 |
Crude Oil (Bbls) [Member] | U.S. [Member] | |||
Proved Developed and Undeveloped Reserves [Abstract] | |||
Proved developed and undeveloped reserves beginning of year | 62,041,000 | 39,075,000 | 25,101,000 |
Extensions and discoveries | 29,793,000 | 27,295,000 | 15,403,000 |
Revisions of previous estimates | 3,046,000 | 778,000 | 1,760,000 |
Sales of reserves in place | -876,000 | -327,000 | |
Purchases of reserves in place | 12,730,000 | ||
Production | -6,906,000 | -4,231,000 | -2,862,000 |
Proved developed and undeveloped reserves end of year | 100,704,000 | 62,041,000 | 39,075,000 |
Proved developed reserves (volume) | 35,238,000 | 18,321,000 | 12,675,000 |
Proved undeveloped reserve (volume) | 65,466,000 | 43,720,000 | 26,400,000 |
Crude Oil (Bbls) [Member] | U.K. | |||
Proved Developed and Undeveloped Reserves [Abstract] | |||
Proved developed and undeveloped reserves beginning of year | 0 | 5,241,000 | 5,437,000 |
Extensions and discoveries | 0 | 0 | 0 |
Revisions of previous estimates | 0 | 0 | -196,000 |
Sales of reserves in place | -5,241,000 | 0 | |
Purchases of reserves in place | 0 | ||
Production | 0 | 0 | 0 |
Proved developed and undeveloped reserves end of year | 0 | 0 | 5,241,000 |
Proved developed reserves (volume) | 0 | 0 | 5,241,000 |
Proved undeveloped reserve (volume) | 0 | 0 | 0 |
Natural Gas Liquids (Bbls) [Member] | |||
Proved Developed and Undeveloped Reserves [Abstract] | |||
Proved developed and undeveloped reserves beginning of year | 8,152,000 | 5,383,000 | 4,121,000 |
Extensions and discoveries | 3,681,000 | 2,992,000 | 1,750,000 |
Revisions of previous estimates | 1,270,000 | 308,000 | 740,000 |
Sales of reserves in place | 0 | -923,000 | |
Purchases of reserves in place | 1,335,000 | ||
Production | -925,000 | -531,000 | -305,000 |
Proved developed and undeveloped reserves end of year | 13,513,000 | 8,152,000 | 5,383,000 |
Proved developed reserves (volume) | 5,294,000 | 2,779,000 | 1,620,000 |
Proved undeveloped reserve (volume) | 8,219,000 | 5,373,000 | 3,763,000 |
Natural Gas Liquids (Bbls) [Member] | U.S. [Member] | |||
Proved Developed and Undeveloped Reserves [Abstract] | |||
Proved developed and undeveloped reserves beginning of year | 8,152,000 | 5,383,000 | 4,121,000 |
Extensions and discoveries | 3,681,000 | 2,992,000 | 1,750,000 |
Revisions of previous estimates | 1,270,000 | 308,000 | 740,000 |
Sales of reserves in place | 0 | -923,000 | |
Purchases of reserves in place | 1,335,000 | ||
Production | -925,000 | -531,000 | -305,000 |
Proved developed and undeveloped reserves end of year | 13,513,000 | 8,152,000 | 5,383,000 |
Proved developed reserves (volume) | 5,294,000 | 2,779,000 | 1,620,000 |
Proved undeveloped reserve (volume) | 8,219,000 | 5,373,000 | 3,763,000 |
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 | |
Purchases of reserves in place | 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 | 187,957,000 | 428,336,000 | 727,685,000 |
Extensions and discoveries | 30,343,000 | 73,360,000 | 72,916,000 |
Revisions of previous estimates | 18,913,000 | 29,819,000 | -21,170,000 |
Sales of reserves in place | -312,136,000 | -313,483,000 | |
Purchases of reserves in place | 8,681,000 | ||
Production | -24,877,000 | -31,422,000 | -37,612,000 |
Proved developed and undeveloped reserves end of year | 221,017,000 | 187,957,000 | 428,336,000 |
Proved developed reserves (volume) | 149,697,000 | 106,976,000 | 234,203,000 |
Proved undeveloped reserve (volume) | 71,320,000 | 80,981,000 | 194,134,000 |
Natural Gas (Mcf) [Member] | U.S. [Member] | |||
Proved Developed and Undeveloped Reserves [Abstract] | |||
Proved developed and undeveloped reserves beginning of year | 187,957,000 | 423,672,000 | 722,847,000 |
Extensions and discoveries | 30,343,000 | 73,360,000 | 72,916,000 |
Revisions of previous estimates | 18,913,000 | 29,819,000 | -20,996,000 |
Sales of reserves in place | -307,472,000 | -313,483,000 | |
Purchases of reserves in place | 8,681,000 | ||
Production | -24,877,000 | -31,422,000 | -37,612,000 |
Proved developed and undeveloped reserves end of year | 221,017,000 | 187,957,000 | 423,672,000 |
Proved developed reserves (volume) | 149,697,000 | 106,976,000 | 229,539,000 |
Proved undeveloped reserve (volume) | 71,320,000 | 80,981,000 | 194,134,000 |
Natural Gas (Mcf) [Member] | U.K. | |||
Proved Developed and Undeveloped Reserves [Abstract] | |||
Proved developed and undeveloped reserves beginning of year | 0 | 4,664,000 | 4,838,000 |
Extensions and discoveries | 0 | 0 | 0 |
Revisions of previous estimates | 0 | 0 | -174,000 |
Sales of reserves in place | -4,664,000 | 0 | |
Purchases of reserves in place | 0 | ||
Production | 0 | 0 | 0 |
Proved developed and undeveloped reserves end of year | 0 | 0 | 4,664,000 |
Proved developed reserves (volume) | 0 | 0 | 4,664,000 |
Proved undeveloped reserve (volume) | 0 | 0 | 0 |
Barrel of Oil Equivalent (Boe) [Domain] | |||
Proved Developed and Undeveloped Reserves [Abstract] | |||
Proved developed and undeveloped reserves, net Boe, beginning of year | 101,519,000 | 121,088,000 | 155,940,000 |
Extensions and discoveries, Boe | 38,531,000 | 42,514,000 | 29,305,000 |
Revisions of previous estimates, Boe | 7,469,000 | 6,055,000 | -1,224,000 |
Sales of reserves in place, Boe | -58,139,000 | -53,497,000 | |
Purchases of reserves in place, Boe | 15,512,000 | ||
Production, Boe | -11,978,000 | -9,999,000 | -9,436,000 |
Proved developed and undeveloped reserves, net Boe, end of year | 151,053,000 | 101,519,000 | 121,088,000 |
Proved developed reserves (energy) | 65,482,000 | 38,929,000 | 58,570,000 |
Proved undeveloped reserves (energy) | 85,571,000 | 62,590,000 | 62,519,000 |
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 | 101,519,000 | 115,070,000 | 149,697,000 |
Extensions and discoveries, Boe | 38,531,000 | 42,514,000 | 29,305,000 |
Revisions of previous estimates, Boe | 7,469,000 | 6,055,000 | -999,000 |
Sales of reserves in place, Boe | -52,121,000 | -53,497,000 | |
Purchases of reserves in place, Boe | 15,512,000 | ||
Production, Boe | -11,978,000 | -9,999,000 | -9,436,000 |
Proved developed and undeveloped reserves, net Boe, end of year | 151,053,000 | 101,519,000 | 115,070,000 |
Proved developed reserves (energy) | 65,482,000 | 38,929,000 | 52,552,000 |
Proved undeveloped reserves (energy) | 85,571,000 | 62,590,000 | 62,519,000 |
Barrel of Oil Equivalent (Boe) [Domain] | U.K. | |||
Proved Developed and Undeveloped Reserves [Abstract] | |||
Proved developed and undeveloped reserves, net Boe, beginning of year | 0 | 6,018,000 | 6,243,000 |
Extensions and discoveries, Boe | 0 | 0 | 0 |
Revisions of previous estimates, Boe | 0 | 0 | -225,000 |
Sales of reserves in place, Boe | -6,018,000 | 0 | |
Purchases of reserves in place, Boe | 0 | ||
Production, Boe | 0 | 0 | 0 |
Proved developed and undeveloped reserves, net Boe, end of year | 0 | 0 | 6,018,000 |
Proved developed reserves (energy) | 0 | 0 | 6,018,000 |
Proved undeveloped reserves (energy) | 0 | 0 | 0 |
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 $) | Dec. 31, 2014 | 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 | $10,380,951,000 | $6,936,276,000 | $5,584,365,000 | |
Future production costs | -2,532,106,000 | -1,629,663,000 | -1,097,577,000 | |
Future development costs | -1,680,795,000 | -1,340,722,000 | -993,295,000 | |
Future income taxes | -1,354,524,000 | -835,840,000 | -764,283,000 | |
Future net cash flows | 4,813,526,000 | 3,130,051,000 | 2,729,210,000 | |
Less 10% annual discount to reflect timing of cash flows | -2,258,444,000 | -1,508,640,000 | -1,310,815,000 | |
Standard measure of discounted future net cash flows | 2,555,082,000 | 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 | 10,380,951,000 | 6,936,276,000 | 4,960,687,000 | |
Future production costs | -2,532,106,000 | -1,629,663,000 | -1,009,850,000 | |
Future development costs | -1,680,795,000 | -1,340,722,000 | -982,101,000 | |
Future income taxes | -1,354,524,000 | -835,840,000 | -511,790,000 | |
Future net cash flows | 4,813,526,000 | 3,130,051,000 | 2,456,946,000 | |
Less 10% annual discount to reflect timing of cash flows | -2,258,444,000 | -1,508,640,000 | -1,277,463,000 | |
Standard measure of discounted future net cash flows | 2,555,082,000 | 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 | 0 | 623,678,000 | |
Future production costs | 0 | 0 | -87,727,000 | |
Future development costs | 0 | 0 | -11,194,000 | |
Future income taxes | 0 | 0 | -252,493,000 | |
Future net cash flows | 0 | 0 | 272,264,000 | |
Less 10% annual discount to reflect timing of cash flows | 0 | 0 | -33,352,000 | |
Standard measure of discounted future net cash flows | $0 | $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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 | $1,621,411,000 | $1,418,395,000 | $1,041,036,000 |
Net change in sales prices and production costs related to future production | -240,533,000 | -232,361,000 | -5,530,000 |
Net change in estimated future development costs | 89,401,000 | -10,602,000 | 91,404,000 |
Net change due to revisions in quantity estimates | 205,166,000 | 205,686,000 | -124,722,000 |
Accretion of discount | 202,672,000 | 185,389,000 | 144,904,000 |
Changes in production rates (timing) and other | -61,099,000 | 11,892,000 | -9,430,000 |
Total revisions | 195,607,000 | 160,004,000 | 96,626,000 |
Net change due to extensions and discoveries, net of estimated future development and production costs | 867,615,000 | 873,028,000 | 599,544,000 |
Increase Due to Purchases of Minerals in Place | 352,867,000 | ||
Net change due to sales of minerals in place | -632,752,000 | -212,910,000 | |
Sales of oil and gas produced, net of production costs | -598,036,000 | -444,841,000 | -313,354,000 |
Previously estimated development costs incurred | 415,963,000 | 217,395,000 | 234,947,000 |
Net change in income taxes | -300,345,000 | 30,182,000 | -27,494,000 |
Net change in standardized measure of discounted future net cash flows | 933,671,000 | 203,016,000 | 377,359,000 |
Standardized measure — end of period | 2,555,082,000 | 1,621,411,000 | 1,418,395,000 |
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 | 1,621,411,000 | 1,179,483,000 | 856,463,000 |
Net change in sales prices and production costs related to future production | -240,533,000 | -232,361,000 | -55,249,000 |
Net change in estimated future development costs | 89,401,000 | -10,602,000 | 91,404,000 |
Net change due to revisions in quantity estimates | 205,166,000 | 205,686,000 | -77,919,000 |
Accretion of discount | 202,672,000 | 141,229,000 | 107,451,000 |
Changes in production rates (timing) and other | -61,099,000 | 56,052,000 | -3,369,000 |
Total revisions | 195,607,000 | 160,004,000 | 62,318,000 |
Net change due to extensions and discoveries, net of estimated future development and production costs | 867,615,000 | 873,028,000 | 599,544,000 |
Increase Due to Purchases of Minerals in Place | 352,867,000 | ||
Net change due to sales of minerals in place | -191,155,000 | -212,910,000 | |
Sales of oil and gas produced, net of production costs | -598,036,000 | -444,841,000 | -313,354,000 |
Previously estimated development costs incurred | 415,963,000 | 217,395,000 | 202,187,000 |
Net change in income taxes | -300,345,000 | -172,503,000 | -14,765,000 |
Net change in standardized measure of discounted future net cash flows | 933,671,000 | 441,928,000 | 323,020,000 |
Standardized measure — end of period | 2,555,082,000 | 1,621,411,000 | 1,179,483,000 |
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 | 0 | 238,912,000 | 184,573,000 |
Net change in sales prices and production costs related to future production | 0 | 0 | 49,719,000 |
Net change in estimated future development costs | 0 | 0 | 0 |
Net change due to revisions in quantity estimates | 0 | 0 | -46,803,000 |
Accretion of discount | 0 | 44,160,000 | 37,453,000 |
Changes in production rates (timing) and other | 0 | -44,160,000 | -6,061,000 |
Total revisions | 0 | 0 | 34,308,000 |
Net change due to extensions and discoveries, net of estimated future development and production costs | 0 | 0 | 0 |
Increase Due to Purchases of Minerals in Place | 0 | ||
Net change due to sales of minerals in place | -441,597,000 | 0 | |
Sales of oil and gas produced, net of production costs | 0 | 0 | 0 |
Previously estimated development costs incurred | 0 | 0 | 32,760,000 |
Net change in income taxes | 0 | 202,685,000 | -12,729,000 |
Net change in standardized measure of discounted future net cash flows | 0 | -238,912,000 | 54,339,000 |
Standardized measure — end of period | $0 | $0 | $238,912,000 |
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, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Oil and gas revenues | $163,275 | $196,225 | $193,475 | $157,212 | $129,728 | $144,329 | $134,224 | $111,901 | $710,187 | $520,182 | $368,180 |
Operating income | 30,342 | 71,468 | 57,581 | 44,233 | -21,002 | 48,603 | 46,618 | 33,463 | |||
Net income from continuing operations | 129,451 | 82,997 | 3,214 | 6,621 | -22,215 | 5,712 | 35,837 | 2,524 | |||
Net income | $134,259 | $83,789 | $2,319 | $5,976 | ($23,989) | $4,521 | $36,969 | $26,182 | $226,343 | $43,683 | $55,487 |
Net income from continued operations basic (in dollars per share) | $2.85 | $1.83 | $0.07 | $0.15 | ($0.52) | $0.14 | $0.89 | $0.06 | $4.90 | $0.54 | $1.29 |
Net income per share basic (in dollars per share) | $2.96 | $1.85 | $0.05 | $0.13 | ($0.56) | $0.11 | $0.92 | $0.66 | $4.99 | $1.07 | $1.40 |
Net income from continuing operations diluted (in dollars per share) | $2.80 | $1.80 | $0.07 | $0.14 | ($0.52) | $0.14 | $0.88 | $0.06 | $4.81 | $0.53 | $1.28 |
Net income per share, diluted (in dollars per share) | $2.91 | $1.82 | $0.05 | $0.13 | ($0.56) | $0.11 | $0.91 | $0.65 | $4.90 | $1.06 | $1.39 |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Gain on sale of discontinued operations | ($37,300,000) | ||
Loss on sale of oil and gas properties | $0 | ($45,377,000) | $0 |