Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'QUICKSILVER RESOURCES INC | ' |
Entity Central Index Key | '0001060990 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 177,115,784 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenue | ' | ' | ' | ' | ||||
Production | $104,546 | $156,288 | [1] | $358,281 | $473,053 | [1] | ||
Sales of purchased natural gas | 15,130 | 21,313 | [1] | 50,373 | 42,841 | [1] | ||
Net derivative gains (losses) (including realized gains of $8,009 and $12,376; $14,129 and $35,059, respectively) | 32,733 | -60,377 | [1] | 36,202 | -33,902 | [1] | ||
Other | 707 | 964 | [1] | 2,462 | 3,080 | [1] | ||
Total revenue | 153,116 | 118,188 | 447,318 | 485,072 | ||||
Operating expense | ' | ' | ' | ' | ||||
Lease operating | 18,591 | 22,115 | [1] | 63,699 | 72,405 | [1] | ||
Gathering, processing and transportation | 35,567 | 41,338 | [1] | 112,064 | 127,039 | [1] | ||
Production and ad valorem taxes | 4,678 | 6,881 | [1] | 15,462 | 20,833 | [1] | ||
Costs of purchased natural gas | 15,114 | 21,254 | [1] | 50,311 | 42,528 | [1] | ||
Depletion, depreciation and accretion | 14,390 | 34,014 | [1] | 47,911 | 136,469 | [1] | ||
Impairment | 0 | 551,132 | [1] | 0 | 2,068,787 | [1] | ||
General and administrative | 10,471 | 17,335 | [1] | 43,509 | 54,835 | [1] | ||
Other operating | 2,230 | 670 | [1] | 4,435 | 821 | [1] | ||
Total expense | 101,041 | 694,739 | 337,391 | 2,523,717 | ||||
Crestwood earn-out | ' | ' | ' | 41,097 | ||||
Operating income (loss) | 60,049 | -576,551 | 451,073 | -1,997,548 | ||||
Other income - net | 667 | -395 | [1] | -14,588 | -237 | [1] | ||
Fortune Creek accretion | -4,818 | -4,978 | [1] | -14,490 | -14,549 | [1] | ||
Interest expense | -39,355 | -42,102 | [1] | -210,535 | -122,348 | [1] | ||
Income (loss) before income taxes | 16,543 | -624,026 | 211,460 | -2,134,682 | ||||
Income tax (expense) benefit | -5,966 | -166,494 | [1] | -18,063 | 330,575 | [1] | ||
Net income (loss) | 10,577 | -790,520 | 193,397 | -1,804,107 | ||||
Net Income (Loss) Attributable to Parent | 10,577 | -790,520 | 193,397 | -1,804,107 | ||||
Reclassification adjustments related to settlements of derivative contracts into production revenue- net of income tax | -11,139 | -34,145 | [1] | -37,181 | -99,726 | [1] | ||
Net change in derivative fair value - net of income tax | 0 | -11,905 | [1] | 0 | 60,305 | [1] | ||
Foreign currency translation adjustment | 2,345 | -565 | [1] | -933 | -5,495 | [1] | ||
Other comprehensive income (loss) | -8,794 | -46,615 | -38,114 | -44,916 | ||||
Comprehensive income (loss) | 1,783 | -837,135 | 155,283 | -1,849,023 | ||||
Earnings (loss) per common share - basic | $0.06 | ($4.65) | [1] | $1.10 | ($10.61) | [1] | ||
Earnings (loss) per common share - diluted | $0.06 | [2] | ($4.65) | [1],[2] | $1.10 | [2] | ($10.61) | [1],[2] |
Tokyo Gas [Member] | ' | ' | ' | ' | ||||
Operating expense | ' | ' | ' | ' | ||||
Crestwood earn-out | 7,974 | 0 | [1] | 341,146 | ' | |||
Gain (Loss) on Disposition of Oil and Gas and Timber Property | ' | ' | 341,146 | 0 | [1] | |||
kwk_CrestwoodLP [Member] | ' | ' | ' | ' | ||||
Operating expense | ' | ' | ' | ' | ||||
Crestwood earn-out | $0 | $0 | [1] | $0 | $41,097 | [1] | ||
[1] | Note 1 contains additional information | |||||||
[2] | For the three months ended September 30, 2013, 6.2 million shares associated with our stock options and 0.2 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the three months ended September 30, 2012, 5.0 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the nine months ended September 30, 2013, 5.5 million shares associated with our stock options and 0.2 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the nine months ended September 30, 2012, 5.0 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash | $56,478 | $4,951 | $7,436 | $13,146 |
Marketable Securities, Current | 129,812 | 0 | ' | ' |
Cash, Cash Equivalents, and Short-term Investments | 186,290 | 4,951 | ' | ' |
Accounts receivable - net of allowance for doubtful accounts | 55,242 | 64,149 | ' | ' |
Derivative assets at fair value | 86,003 | 113,367 | ' | ' |
Other current assets | 22,413 | 25,046 | ' | ' |
Total current assets | 349,948 | 207,513 | ' | ' |
Property, plant and equipment - net | ' | ' | ' | ' |
Oil and gas properties, full cost method (including unevaluated costs of $291,147 and $307,267, respectively) | 629,684 | 780,960 | ' | ' |
Property, Plant and Equipment, Other, Net | 233,248 | 248,098 | ' | ' |
Property, plant and equipment, net of accumulated depletion and depreciation | 862,932 | 1,029,058 | ' | ' |
Derivative assets at fair value | 75,328 | 105,270 | ' | ' |
Other assets | 43,405 | 39,947 | ' | ' |
Total assets | 1,331,613 | 1,381,788 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Accounts payable | 12,745 | 37,131 | ' | ' |
Accrued liabilities | 102,913 | 130,660 | ' | ' |
Total current liabilities | 115,658 | 167,791 | ' | ' |
Long-term debt | 1,926,167 | 2,063,206 | ' | ' |
Partnership liability | 132,732 | 130,912 | ' | ' |
Asset retirement obligations | 99,160 | 115,949 | ' | ' |
Derivative liabilities at fair value | 3,172 | 17,485 | ' | ' |
Other liabilities | 19,242 | 19,242 | ' | ' |
Commitments and contingencies (Note 8) | ' | ' | ' | ' |
Stockholders' equity | ' | ' | ' | ' |
Preferred stock, par value $0.01, 10,000,000 shares authorized, none outstanding | 0 | 0 | ' | ' |
Common stock, $0.01 par value, 400,000,000 shares authorized, and 183,685,021 and 179,015,118 shares issued, respectively | 1,837 | 1,790 | ' | ' |
Paid in capital in excess of par value | 765,815 | 751,394 | ' | ' |
Treasury stock of 6,545,651 and 5,921,102 shares, respectively | -50,967 | -49,495 | ' | ' |
Accumulated other comprehensive income | 123,379 | 161,493 | ' | ' |
Retained deficit | -1,804,582 | -1,997,979 | ' | ' |
Total stockholders' equity | -964,518 | -1,132,797 | ' | ' |
Total liabilities and stockholders' equity | $1,331,613 | $1,381,788 | ' | ' |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $0.01 | $0.01 |
Unevaluated costs of oil and gas properties | $291,147 | $307,267 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 183,685,021 | 179,015,118 |
Treasury stock, shares | 6,545,651 | 5,921,102 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | |
In Thousands | |||||||
Balances at Dec. 31, 2011 | $1,261,919 | $1,770 | $737,015 | ($46,351) | $214,858 | $354,627 | |
Net income (loss) | -1,804,107 | ' | ' | ' | ' | -1,804,107 | |
Hedge derivative contract settlements reclassified into earnings from AOCI, net of income tax | -99,726 | ' | ' | ' | -99,726 | ' | |
Net change in derivative fair value, net of income tax | 60,305 | [1] | ' | ' | ' | 60,305 | ' |
Foreign currency translation adjustment | -5,495 | [1] | ' | ' | ' | -5,495 | ' |
Issuance and vesting of stock compensation | 15,262 | 17 | 18,055 | -2,810 | ' | ' | |
Stock option exercises | 11 | 1 | 10 | ' | ' | ' | |
Balances at Sep. 30, 2012 | -571,831 | 1,788 | 755,080 | -49,161 | 169,942 | -1,449,480 | |
Balances at Dec. 31, 2012 | -1,132,797 | 1,790 | 751,394 | -49,495 | 161,493 | -1,997,979 | |
Net income (loss) | 193,397 | ' | ' | ' | ' | 193,397 | |
Hedge derivative contract settlements reclassified into earnings from AOCI, net of income tax | -37,181 | ' | ' | ' | -37,181 | ' | |
Net change in derivative fair value, net of income tax | 0 | ' | ' | ' | ' | ' | |
Foreign currency translation adjustment | -933 | ' | ' | ' | -933 | ' | |
Issuance and vesting of stock compensation | 12,996 | 47 | 14,421 | -1,472 | ' | ' | |
Balances at Sep. 30, 2013 | ($964,518) | $1,837 | $765,815 | ($50,967) | $123,379 | ($1,804,582) | |
[1] | Note 1 contains additional information |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Equity (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Income tax effect related to hedge derivative contract settlements reclassified into earnings from accumulated other comprehensive income | ($17,833) | ($51,909) |
Income tax effect related to net change in derivative fair value | $0 | $30,042 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | |
Operating activities: | ' | ' | |
Net income (loss) | $193,397 | ($1,804,107) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | |
Depletion, depreciation and accretion | 47,911 | 136,469 | [1] |
Impairment expense | 0 | 2,068,787 | [1] |
Crestwood earn-out | ' | -41,097 | |
Deferred income tax expense (benefit) | 17,833 | -326,149 | |
Non-cash (gain) loss from hedging and derivative activities | -12,223 | 88,913 | |
Stock-based compensation | 13,699 | 16,983 | |
Non-cash interest expense | 23,643 | 8,060 | |
Fortune Creek accretion | 14,490 | 14,549 | [1] |
Other | 3,622 | 495 | |
Changes in assets and liabilities | ' | ' | |
Accounts receivable | 7,398 | 27,259 | |
Prepaid expenses and other assets | 344 | -4,503 | |
Accounts payable | -17,973 | -24,329 | |
Accrued and other liabilities | -32,098 | -19,954 | |
Net cash flow provided by (used in) by operating activities | -81,103 | 141,376 | |
Investing activities: | ' | ' | |
Purchases of property, plant and equipment | -78,549 | -437,172 | |
Proceeds from Divestiture of Interest in Subs & Affiliates | ' | 41,097 | |
Proceeds from sale of properties and equipment | 2,994 | 3,843 | |
Payments to acquire marketable securities | -142,823 | 0 | |
Proceeds from Sale and Maturity of Held-to-maturity Securities | 13,178 | 0 | |
Net cash provided by (used in) investing activities | 300,515 | -392,232 | |
Financing activities: | ' | ' | |
Issuance of debt | 1,173,306 | 367,646 | |
Repayments of debt | -1,308,382 | -111,115 | |
Debt issuance costs paid | -25,868 | -3,048 | |
Distribution of Fortune Creek Partnership funds | -8,079 | -6,520 | |
Proceeds from exercise of stock options | 0 | 11 | |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 1,089 | |
Purchase of treasury stock | -1,472 | -2,810 | |
Net cash provided by financing activities | -170,495 | 245,253 | |
Effect of exchange rate changes in cash | 2,610 | -107 | |
Net increase (decrease) in cash | 51,527 | -5,710 | |
Cash at beginning of period | 4,951 | 13,146 | |
Cash at end of period | 56,478 | 7,436 | |
kwk_CrestwoodLP [Member] | ' | ' | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | |
Crestwood earn-out | 0 | -41,097 | [1] |
Investing activities: | ' | ' | |
Proceeds from Divestiture of Interest in Subs & Affiliates | 0 | 41,097 | |
Tokyo Gas [Member] | ' | ' | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | |
Gain (Loss) on Disposition of Oil and Gas and Timber Property | 341,146 | 0 | [1] |
Crestwood earn-out | -341,146 | ' | |
Investing activities: | ' | ' | |
Proceeds from Divestiture of Interest in Subs & Affiliates | 463,418 | 0 | |
Synergy [Member] | ' | ' | |
Investing activities: | ' | ' | |
Proceeds from Divestiture of Interest in Subs & Affiliates | $42,297 | $0 | |
[1] | Note 1 contains additional information |
Accounting_Policies_And_Disclo
Accounting Policies And Disclosures | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Accounting Policies And Disclosures | ' |
ACCOUNTING POLICIES AND DISCLOSURES | |
The accompanying condensed consolidated interim financial statements have not been audited. In management’s opinion, the accompanying condensed consolidated interim financial statements contain all adjustments necessary to fairly present our financial position as of September 30, 2013 and our results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature unless otherwise noted. The results for interim periods are not necessarily indicative of annual results. | |
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during each reporting period. We believe our estimates and assumptions are reasonable; however, such estimates and assumptions are subject to a number of risks and uncertainties, which may cause actual results to differ materially from management’s estimates. | |
Certain disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2012 Annual Report on Form 10-K. | |
Restatement of Previously Issued Unaudited Financial Statements | |
The consolidated financial statements as of and for the three and nine months ended September 30, 2012 were restated as more fully disclosed within Item 8, Note 2 and the Supplemental Selected Quarterly Financial Data in the 2012 Annual Report on Form 10-K. The restatement is the result of our hedge documentation failing to give consideration to all sources of ineffectiveness for derivatives entered into during 2012 that had fair value on the dates they were initially designated as hedges. These derivatives did not qualify for hedge accounting in 2012 and their changes in value required recognition in earnings. Because the derivatives did not qualify for hedge accounting, their inclusion in the U.S. and Canadian full cost ceiling was inappropriate. Also, we determined that the deferred taxes used in our Canadian ceiling test included temporary differences for non-property related items. Thus, we revised our full cost ceiling calculations, which resulted in restatements to increase impairment expense recognized. Income taxes have also been restated to reflect the foregoing restated items. | |
For the three months ended September 30, 2012, the derivative restatement adjustment decreased production revenue by $0.3 million and $1.1 million for the U.S. and Canada, respectively, while derivative losses increased $42.8 million and $15.3 million for the U.S. and Canada, respectively. Impairment expense increased as the result of these derivatives no longer being included in the cost center ceiling by $43.4 million for the U.S. but decreased by $39.1 million for Canada, while depletion expense decreased $3.3 million and $5.9 million for the U.S. and Canada, respectively. The income tax impact of these adjustments resulted in an increase to the tax expense of $75.3 million and $8.8 million for the U.S. and Canada, respectively. Our consolidated net loss increased $138.8 million, which decreased our retained earnings by the same amount. Other comprehensive income and AOCI increased $34.7 million as a result of these adjustments. The restatement increased diluted net loss per share by $0.82, from diluted net loss per share of $3.83 as previously reported, to diluted net loss per share of $4.65. | |
For the nine months ended September 30, 2012, the derivative restatement decreased production revenue by $2.6 million and $4.4 million for the U.S. and Canada, respectively, while derivative gains increased $0.1 million and $0.2 million for the U.S. and Canada, respectively. Impairment expense increased as the result of these derivatives no longer being included in the cost center ceiling by $303.1 million and $164.2 million for the U.S. and Canada, respectively, while depletion expense decreased $4.6 million and $8.5 million for the U.S. and Canada, respectively. The income tax impact of these adjustments resulted in an increase to the tax benefit of $0.9 million and $40.0 million for the U.S. and Canada, respectively. Our consolidated net loss increased $419.9 million, which decreased our retained earnings by the same amount. Other comprehensive income and AOCI decreased $5.2 million as a result of these adjustments. The restatement increased diluted net loss per share by $2.47, from diluted net loss per share of $8.14 as previously reported, to diluted net loss per share of $10.61. | |
Recently Issued Accounting Standards | |
Accounting standards-setting organizations frequently issue new or revised accounting rules. We regularly review all new pronouncements to determine their impact, if any, on our financial statements. No pronouncements materially affecting our financial statements have been issued since the filing of our 2012 Annual Report on Form 10-K. |
Divestitures
Divestitures | 9 Months Ended |
Sep. 30, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Divestitures | ' |
DIVESTITURES | |
In October and November 2013, we executed two separate agreements involving our West Texas Asset, the largest of which is a joint venture with Eni whereby we will jointly evaluate, explore and develop approximately 52,500 gross acres currently held by us in Pecos County, Texas. Under the terms of the agreement, Eni will pay up to $52.0 million in three phases to earn a 50% interest in our acreage. In the first phase, Eni will fund 100% of the drilling and completion costs of up to a three-well program. Upon funding of the first phase, Eni will earn 50% of our interest in a 7,500 gross acre tract in Pecos County. Eni will then have the option to fund 100% of the drilling and completion costs of another two wells, and will then have the option to fully fund a 3-D seismic survey of the remaining, undeveloped acreage. Upon completion of the three phases, we will participate equally in all future revenue, operating cost and capital expenditures. | |
In August 2013, we completed the sale of our Southern Alberta Asset to Synergy with an effective date of January 1, 2013. The purchase price was $46.0 million, which was subject to customary purchase price adjustments, resulting in Synergy paying us $42.3 million. Under the full cost method of accounting, our U.S. exploration and production assets are considered a single asset. The Synergy Transaction did not represent a significant disposal of reserves, therefore our U.S. oil and gas properties were reduced by these proceeds and we did not recognize a gain. | |
In March 2013, we entered into a Purchase and Sale Agreement with TGBR to sell an undivided 25% of our Barnett Shale Asset for a purchase price of $485 million. The transaction closed in April 2013, but was effective as of September 1, 2012. The purchase price was subject to customary purchase price adjustments, which resulted in TGBR paying us $464.0 million, including an estimated final payment of $0.6 million, which we expect to receive in the fourth quarter of 2013. We recognized a gain of $341.1 million before consideration of income taxes as a result of this transaction, including a revision of the gain calculation in the third quarter of 2013 of $7.8 million. The Tokyo Gas Transaction represented a significant disposal of reserves, which resulted in gain recognition for the transaction. Our U.S. oil and gas properties were reduced by $110.7 million as a result of the Tokyo Gas Transaction. | |
In October 2010, we completed the sale of all of our interests in KGS to Crestwood. As part of the sale, we had the right to collect future earn-out payments through 2013. In February 2012, we collected $41 million of these earn-out payments which is presented as “Crestwood earn-out” in the condensed consolidated statement of income. We will not receive additional earn-out payments in 2013. | |
Note 3 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contains additional information regarding the Crestwood Transaction. |
Derivatives_And_Fair_Value_Mea
Derivatives And Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Credit Risk Derivatives, at Fair Value, Net [Abstract] | ' | ||||||||||||||||
Derivatives And Fair Value Measurements | ' | ||||||||||||||||
DERIVATIVES, MARKETABLE SECURITIES AND FAIR VALUE MEASUREMENTS | |||||||||||||||||
The following table categorizes our commodity derivative instruments based upon the use of input levels: | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Level 2 inputs | $ | 146,864 | $ | 207,042 | $ | (390 | ) | $ | 959 | ||||||||
Level 3 inputs | 14,467 | 11,595 | 3,562 | 16,526 | |||||||||||||
Total | $ | 161,331 | $ | 218,637 | $ | 3,172 | $ | 17,485 | |||||||||
The fair value of “Level 2” derivative instruments included in these disclosures was estimated using prices quoted in active markets for the periods covered by the derivatives and the value reported by counterparties. The fair value of derivative instruments designated as “Level 3” was estimated using prices quoted in markets where there is insufficient market activity for consideration as “Level 2” instruments. Currently, only our natural gas derivatives with an original tenure of 10 years utilize “Level 3” inputs, primarily due to comparatively less market data available for the later portion of their term compared with our other shorter term derivatives. The fair value of both the “Level 2” and the “Level 3” assets and liabilities are determined using a discounted cash flow model using the terms of the derivative instrument, market prices for the periods covered by the derivatives, and the credit adjusted risk-free interest rates. The “Level 3” unobservable inputs are the market prices for the estimated market values for the period from 2018 to 2021, as there is not an active market for that period of time. These unobservable inputs included within the fair value calculation range from $3.50 to $5.61 and are based upon prices quoted in active markets for the period of time available and applying the differential from this period of time to the market prices for the later years in the term. | |||||||||||||||||
The following table identifies the changes in “Level 3” net asset derivative fair values for the periods indicated: | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at beginning of period | $ | (9,873 | ) | $ | 45,345 | ||||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Unrealized gain (loss) on derivatives | 24,080 | (51,685 | ) | ||||||||||||||
Settlements in production revenue | — | (825 | ) | ||||||||||||||
Settlements in net derivative gains (losses) | (3,302 | ) | (6,870 | ) | |||||||||||||
Unrealized gains reported in OCI | — | 409 | |||||||||||||||
Balance at end of period | $ | 10,905 | $ | (13,626 | ) | ||||||||||||
Total gains included in net derivative gains attributable to the change in unrealized gains related to assets still held at the reporting date | $ | 24,026 | $ | (51,685 | ) | ||||||||||||
For the Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at beginning of period | $ | (4,931 | ) | $ | 150,989 | ||||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Unrealized gain (loss) on derivatives | 24,618 | (16,160 | ) | ||||||||||||||
Transfers out of Level 3 | — | (153,418 | ) | ||||||||||||||
Settlements in production revenue | — | (5,600 | ) | ||||||||||||||
Settlements in net derivative gains (losses) | (8,782 | ) | (22,743 | ) | |||||||||||||
Unrealized gains reported in OCI | — | 33,306 | |||||||||||||||
Balance at end of period | $ | 10,905 | $ | (13,626 | ) | ||||||||||||
Total gains included in net derivative gains attributable to the change in unrealized gains related to assets still held at the reporting date | $ | 26,788 | $ | (16,160 | ) | ||||||||||||
In 2012, transfers from Level 3 to Level 2 represent our ten-year derivative instruments that were exchanged in January and February 2012 for derivative instruments with shorter durations and which were valued on the date of the transfer. | |||||||||||||||||
Commodity Price Derivatives | |||||||||||||||||
As of September 30, 2013, we had natural gas and NGL swaps as follows: | |||||||||||||||||
Production | Daily Production | ||||||||||||||||
Year | Volume | ||||||||||||||||
Natural Gas | NGL | ||||||||||||||||
MMcfd | MBbld | ||||||||||||||||
Remainder of 2013 | 200 | 6 | |||||||||||||||
2014 (1) | 170 | 4 | |||||||||||||||
2015 | 150 | — | |||||||||||||||
2016-2021 | 40 | — | |||||||||||||||
-1 | Our 2014 NGL derivatives end in September. Our natural gas derivatives are in place until the end of the year. | ||||||||||||||||
In October 2013, we entered into 40 MMcfd AECO to NYMEX natural gas basis swaps for the calendar year 2014. | |||||||||||||||||
Effective December 31, 2012, we discontinued the use of hedge accounting. Changes in value subsequent to this date are recognized in net derivative gains (losses) in the period in which they occur. The net deferred hedge gain that was included in AOCI as of December 31, 2012 is being released into revenue from natural gas, NGL and oil production during the following periods in which we expect the underlying production to occur: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Remainder of 2013 | $ | 15,254 | |||||||||||||||
2014 | 37,084 | ||||||||||||||||
2015 | 33,191 | ||||||||||||||||
2016 | 13,476 | ||||||||||||||||
2017 | 12,531 | ||||||||||||||||
2018 and thereafter | 41,443 | ||||||||||||||||
$ | 152,979 | ||||||||||||||||
Gains and losses from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings during the following twelve months would result in a gain of $29.5 million net of income taxes. | |||||||||||||||||
Interest Rate Derivatives | |||||||||||||||||
In 2010, we executed early settlements of our interest rate swaps that were designated as fair value hedges of our senior notes due 2015 and our senior subordinated notes. We received cash of $41.5 million in the settlements, including $10.7 million for interest previously accrued and earned. Upon the early settlements, we recorded the resulting gain as a fair value adjustment to our debt and began to recognize the deferred gain of $30.8 million as a reduction of interest expense over the lives of our senior notes due 2015 and our senior subordinated notes. | |||||||||||||||||
In June 2013, we repurchased substantially all our senior notes due 2015 resulting in early recognition of the previously deferred gain of $8.3 million. During the nine months ended September 30, 2013 and 2012, we recognized $11.5 million and $3.8 million, respectively, of those deferred gains as a reduction of interest expense. The remaining $5.3 million deferral of the 2010 early settlements from the senior subordinated notes interest rate swaps will continue to be recognized as a reduction of interest expense over the life of those instruments currently scheduled as follows: | |||||||||||||||||
(In thousands) | |||||||||||||||||
Remainder of 2013 | $ | 492 | |||||||||||||||
2014 | 2,039 | ||||||||||||||||
2015 | 2,194 | ||||||||||||||||
2016 | 569 | ||||||||||||||||
$ | 5,294 | ||||||||||||||||
Fair Value Disclosures | |||||||||||||||||
The estimated fair values of our derivative instruments at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity contracts reported in: | |||||||||||||||||
Current derivative assets | $ | 86,003 | $ | 113,367 | $ | — | $ | — | |||||||||
Noncurrent derivative assets | 75,403 | 107,542 | 75 | 2,272 | |||||||||||||
Current derivative liabilities | — | — | — | — | |||||||||||||
Noncurrent derivative liabilities | 448 | 92 | 3,620 | 17,577 | |||||||||||||
Total derivatives not designated as hedges | $ | 161,854 | $ | 221,001 | $ | 3,695 | $ | 19,849 | |||||||||
Derivative assets and liabilities shown in the table above are presented as gross assets and liabilities, without regard to master netting arrangements which are considered in the presentations of derivative assets and liabilities in the accompanying condensed consolidated balance sheets. The change in carrying value of our commodity price derivatives since December 31, 2012 principally resulted from the overall increase in market prices for natural gas relative to the prices in our open derivative instruments, offset by settlements during the period. | |||||||||||||||||
The changes in the carrying value of our derivatives accounted for as hedges for the three and nine months ended September 30, 2012 are presented below: | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2012 | |||||||||||||||||
Commodity Hedges | |||||||||||||||||
(In thousands) | |||||||||||||||||
Derivative fair value at beginning of period | $ | 176,726 | |||||||||||||||
Settlements in production revenue | (45,681 | ) | |||||||||||||||
Ineffectiveness reported in net derivative gains | (547 | ) | |||||||||||||||
Unrealized gains (losses) reported in OCI | (15,543 | ) | |||||||||||||||
Derivative fair value at end of period | $ | 114,955 | |||||||||||||||
For the Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2012 | |||||||||||||||||
Commodity Hedges | |||||||||||||||||
(In thousands) | |||||||||||||||||
Derivative fair value at beginning of period | $ | 342,799 | |||||||||||||||
Settlements in production revenue | (137,417 | ) | |||||||||||||||
Settlements in net derivative gains | (3,820 | ) | |||||||||||||||
Ineffectiveness reported in net derivative gains | 1,022 | ||||||||||||||||
Unrealized gains reported in OCI | 93,103 | ||||||||||||||||
Derecognition of hedge | (180,732 | ) | |||||||||||||||
Derivative fair value at end of period | $ | 114,955 | |||||||||||||||
Financial instruments not carried at fair value | |||||||||||||||||
Carrying values and fair values of financial instruments that are not carried at fair value in the consolidated balance sheet as of September 30, 2013 and December 31, 2012 are included in Note 5. | |||||||||||||||||
Investments | |||||||||||||||||
We hold certain short-term marketable securities related to interest bearing time deposits and commercial paper. These held-to-maturity marketable securities are included in Cash and Cash Equivalents if the maturities at the time we made the investment were three months or less. For maturities greater than three months but less than a year, the marketable securities are included in current Marketable Securities. At September 30, 2013, we had the following marketable securities: | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Marketable securities (held-to-maturity) | |||||||||||||||||
Time deposits | $ | 19,902 | $ | — | $ | (22 | ) | $ | 19,880 | ||||||||
Commercial paper | 109,910 | 34 | (31 | ) | 109,913 | ||||||||||||
Marketable securities | $ | 129,812 | $ | 34 | $ | (53 | ) | $ | 129,793 | ||||||||
We had no marketable securities at December 31, 2012. |
Property_Plant_And_Equipment
Property, Plant And Equipment | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant And Equipment | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consisted of the following: | ||||||||
30-Sep-13 | 31-Dec-12 | |||||||
(In thousands) | ||||||||
Oil and gas properties | ||||||||
Subject to depletion | $ | 5,630,152 | $ | 5,770,913 | ||||
Unevaluated costs | 291,147 | 307,267 | ||||||
Accumulated depletion | (5,291,615 | ) | (5,297,220 | ) | ||||
Net oil and gas properties | 629,684 | 780,960 | ||||||
Other plant and equipment | ||||||||
Pipelines and processing facilities | 358,186 | 375,248 | ||||||
General properties | 79,619 | 75,147 | ||||||
Accumulated depreciation | (204,557 | ) | (202,297 | ) | ||||
Net other property and equipment | 233,248 | 248,098 | ||||||
Property, plant and equipment, net of accumulated depletion and depreciation | $ | 862,932 | $ | 1,029,058 | ||||
Ceiling Test Analysis and Impairment | ||||||||
We recorded impairment expense of $479.9 million and $66.3 million for the three months ended September 30, 2012, $1,042.7 million and $157.0 million for the three months ended June 30, 2012 and $178.0 million and $139.9 million for the three months ended March 31, 2012 for our U.S. and Canadian oil and gas properties, respectively. We also recorded impairment expense of $4.9 million for the three months ended September 30, 2012 for other property and equipment. | ||||||||
Notes 2 and 8 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contain additional information regarding our property, plant and equipment and our quarterly ceiling test analysis. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ' | ||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||
LONG-TERM DEBT | |||||||||||||||||
Long-term debt consisted of the following: | |||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Combined Credit Agreements | $ | 149,736 | $ | 388,150 | |||||||||||||
Senior Secured Second Lien Credit Agreement, net of unamortized discount | 606,593 | — | |||||||||||||||
Senior Secured Second Lien Notes due 2019, net of unamortized discount | 194,110 | — | |||||||||||||||
Senior notes due 2015, net of unamortized discount | 10,466 | 435,851 | |||||||||||||||
Senior notes due 2016, net of unamortized discount | 8,032 | 579,795 | |||||||||||||||
Senior notes due 2019, net of unamortized discount | 293,083 | 292,622 | |||||||||||||||
Senior notes due 2021, net of unamortized discount | 308,853 | — | |||||||||||||||
Senior subordinated notes due 2016 | 350,000 | 350,000 | |||||||||||||||
Total debt | 1,920,873 | 2,046,418 | |||||||||||||||
Unamortized deferred gain-terminated interest rate swaps | 5,294 | 16,788 | |||||||||||||||
Current portion of long-term debt | — | — | |||||||||||||||
Long-term debt | $ | 1,926,167 | $ | 2,063,206 | |||||||||||||
Combined Credit Facilities | |||||||||||||||||
The Combined Credit Agreements’ global borrowing base was $350 million and the global letter of credit capacity was $280 million as of September 30, 2013. At September 30, 2013, we had $157.8 million available under the Combined Credit Agreements. | |||||||||||||||||
We amended our Combined Credit Agreements in April and June 2013 for the following: | |||||||||||||||||
• | Reduce the global borrowing base to $350 million from $850 million, including the reduction due to the Tokyo Gas Transaction | ||||||||||||||||
• | Reduce the minimum required interest coverage ratio to the following: | ||||||||||||||||
Period | Interest Coverage Ratio | Period | Interest Coverage Ratio | ||||||||||||||
Q3 2013 | 1.25 | Q1 2015 | 1.1 | ||||||||||||||
Q4 2013 | 1.25 | Q2 2015 | 1.15 | ||||||||||||||
Q1 2014 | 1.2 | Q3 2015 | 1.15 | ||||||||||||||
Q2 2014 | 1.15 | Q4 2015 | 1.2 | ||||||||||||||
Q3 2014 | 1.1 | Q1 2016 | 1.5 | ||||||||||||||
Q4 2014 | 1.1 | Q2 2016 | 2 | ||||||||||||||
• | Permit up to $825 million of second lien debt, subject to customary intercreditor terms | ||||||||||||||||
• | Permit redemption of junior debt with the proceeds from certain asset sales and permitted second lien debt, provided utilization under the global borrowing base after giving effect to such redemption is less than 75% and compliance with other customary conditions | ||||||||||||||||
• | Reduce the maximum senior secured debt leverage ratio to 2.0 and exclude permitted second lien debt from the senior secured debt definition | ||||||||||||||||
• | Increase the applicable margin by 0.75% for each type of loan and issued letters of credit | ||||||||||||||||
• | Increase the minimum mortgage properties requirement to 87.5% from 80% of proved hydrocarbon interests evaluated in the then most recent reserve report | ||||||||||||||||
• | Amend certain definitions which impact the financial covenant calculations. | ||||||||||||||||
Debt Refinancing | |||||||||||||||||
During the quarter ended June 30, 2013, we executed multiple debt transactions, including payment of $51.4 million of cancellation premiums and discounts and tender premiums, which are more fully described below, to extend our debt maturities and reduce the weighted average interest costs. Deferred issuance costs related to the new debt were $23.4 million, and $4.1 million of incurred costs related to the repurchased debt were recognized as interest expense. Proceeds from the Senior Secured Second Lien Credit Agreement and the issuance of Senior Secured Second Lien Notes due 2019 and Senior Notes due 2021 were used to pay for validly tendered Senior Notes due 2015 and Senior Notes due 2016 and accrued interest thereon and transaction expenses. | |||||||||||||||||
Senior Secured Second Lien Credit Agreement | |||||||||||||||||
On June 21, 2013, we entered into a $625 million six-year Senior Secured Second Lien Credit Agreement. The loans thereunder were made at 97% of par, which resulted in net proceeds of $606.3 million. The Senior Secured Second Lien Credit Agreement has a margin of 5.75% plus the adjusted LIBOR (as defined in the Senior Secured Second Lien Credit Agreement, which is subject to a floor of 1.25%) or 4.75% plus the Alternate Base Rate (as defined in the Senior Secured Second Lien Credit Agreement, which is subject to a floor of 2.25%). | |||||||||||||||||
Senior Secured Second Lien Notes due 2019 | |||||||||||||||||
On June 21, 2013, we issued $200 million of Senior Secured Second Lien Notes due 2019. The notes were issued at 97% of par, which resulted in net proceeds of $194 million. The Senior Secured Second Lien Notes have a margin of 5.75% plus LIBOR (as defined in the indenture governing the Senior Secured Second Lien Notes due 2019, which is subject to a floor of 1.25%). Interest is payable on the last day of each quarter. | |||||||||||||||||
Senior Notes due 2021 | |||||||||||||||||
On June 21, 2013, we issued $325 million of Senior Notes due 2021, which are unsecured, senior obligations. The notes were issued at 94.928% of par, which resulted in proceeds of $308.5 million. Interest at the rate of 11.00% is payable semiannually on January 1 and July 1. | |||||||||||||||||
Senior Notes due 2015 | |||||||||||||||||
During the quarter ended June 30, 2013, we announced a cash tender offer and consent solicitation for the Senior Notes due 2015 at a price of $1,027.90 plus interest of $32.08 per $1,000 outstanding. On June 21, 2013, we accepted and paid for all validly tendered notes, representing $425.2 million of the then outstanding $438.0 million, which resulted in an aggregate payment of $450.7 million for such repurchase. We also entered into a supplemental indenture to eliminate substantially all of the restrictive covenants and certain events of default with respect to such notes. | |||||||||||||||||
During the quarter ended September 30, 2013, we repurchased $2.3 million aggregate principal amount of the Senior Notes due 2015. | |||||||||||||||||
Senior Notes Due 2016 | |||||||||||||||||
During the quarter ended June 30, 2013, we announced a cash tender offer and consent solicitation for the Senior Notes due 2016 at a price of $1,068 plus interest of $55.49 per $1,000 outstanding. On June 21, 2013, we accepted and paid for all validly tendered notes, representing $582.5 million of the then outstanding $590.6 million, which resulted in an aggregate payment of $654.4 million for such repurchase. We also entered into a supplemental indenture to eliminate substantially all of the restrictive covenants and certain events of default with respect to such notes. | |||||||||||||||||
Senior Notes Due 2019 | |||||||||||||||||
During the quarter ended June 30, 2013, we announced a consent solicitation for the Senior Notes due 2019. On June 21, 2013, we entered into supplemental indentures to permit the refinancing of the Senior Subordinated Notes due 2016 by incurring indebtedness that ranks equally in right of payment with the Senior Notes due 2019 provided such indebtedness has maturities longer than the Senior Notes due 2019, which resulted in the payment of an $11.5 million consent fee to the consenting holders of the Senior Notes due 2019. | |||||||||||||||||
Indenture Restrictions | |||||||||||||||||
We have an incurrence test under our indentures applicable to debt, restricted payments, mergers and consolidations and designation of unrestricted subsidiaries that requires EBITDA to exceed interest expense by 2.25 times. At September 30, 2013, we did not meet this test and, as a result, we are limited in our ability to, among other things, incur additional debt, except for specific baskets. We do retain, however, the ability to utilize the full borrowing capacity under our Combined Credit Agreements and to refinance existing debt. Not meeting this ratio does not represent an event of default under our indentures. We are presently unable to predict when or if we will meet the incurrence test. | |||||||||||||||||
We retained a portion of the cash received from our asset sales. Our indentures require us to reinvest or repay debt with net cash proceeds from asset sales within one year. | |||||||||||||||||
Summary of All Outstanding Debt | |||||||||||||||||
The following table summarizes certain significant aspects of our long-term debt outstanding at September 30, 2013. | |||||||||||||||||
Priority on Collateral and Structural Seniority (1) | |||||||||||||||||
Highest | Lowest | ||||||||||||||||
priority | priority | ||||||||||||||||
First Lien | Second Lien | Senior Unsecured | Senior Subordinated | ||||||||||||||
Combined Credit | Senior Secured Second Lien Credit Agreement | Senior Secured Second Lien Notes due 2019 | 2015 | 2016 | 2019 | 2021 | Senior | ||||||||||
Agreements | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Subordinated Notes | ||||||||||||
Principal amount (2) | $350 million | $625 million | $200 million | $11 million | $8 million | $298 million | $325 million | $350 million | |||||||||
Scheduled maturity date (3) | September 6, 2016 | June 21, 2019 | June 21, 2019 | August 1, 2015 | January 1, 2016 | August 15, 2019 | July 1, 2021 | April 1, 2016 | |||||||||
Interest rate on outstanding borrowings at September 30, 2013 (4) | 4.00% | 7.00% | 7.00% | 8.25% | 11.75% | 9.13% | 11.00% | 7.12% | |||||||||
Base interest rate options (5) (6) | LIBOR, ABR, CDOR | LIBOR floor of 1.25%; ABR floor of 2.25% | LIBOR floor of 1.25% | N/A | N/A | N/A | N/A | N/A | |||||||||
Financial covenants (7) | - Minimum current ratio of 1.0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||
- Minimum EBITDA to cash interest expense ratio of 1.25 | |||||||||||||||||
- Maximum senior secured debt leverage ratio of 2.0 | |||||||||||||||||
Significant restrictive covenants (7) | - Incurrence of debt | - Incurrence of debt | - Incurrence of debt | - Asset sales | - Asset sales | - Incurrence of debt | - Incurrence of debt | - Incurrence of debt | |||||||||
- Incurrence of liens | - Incurrence of liens and 1st lien cap | - Incurrence of liens and 1st lien cap | - Incurrence of liens | - Incurrence of liens | - Incurrence of liens | ||||||||||||
- Payment of dividends | -Payment of dividends | -Payment of dividends | -Payment of dividends | -Payment of dividends | -Payment of dividends | ||||||||||||
- Equity purchases | - Equity purchases | - Equity purchases | - Equity purchases | - Equity purchases | - Equity purchases | ||||||||||||
- Asset sales | - Asset sales | - Asset sales | - Asset sales | - Asset sales | - Asset sales | ||||||||||||
- Affiliate transactions | - Affiliate transactions | - Affiliate transactions | - Affiliate transactions | - Affiliate transactions | - Affiliate transactions | ||||||||||||
- Limitations on derivatives and investments | |||||||||||||||||
Optional redemption (7) | Any time | Any time, | Any time, | August 1, | July 1, | August 15, | July 1, | April 1, | |||||||||
subject to | subject to | 2013: 101.938 | 2013: 105.875 | 2014: 104.563 | 2019: 102.000 | 2013: 101.188 | |||||||||||
re-pricing event | re-pricing event | 2014: par | 2014: 102.938 | 2015: 103.042 | 2020: par | 2014: par | |||||||||||
June 21, | June 21, | 2015: par | 2016: 101.521 | ||||||||||||||
2014: 102 | 2014: 102 | 2017: par | |||||||||||||||
2015: 101 | 2015: 101 | ||||||||||||||||
Make-whole redemption (7) | N/A | N/A | N/A | N/A | N/A | Callable prior to | Callable prior to | N/A | |||||||||
August 15, 2014 at | July 1, 2019 at | ||||||||||||||||
make-whole call price of | make-whole call price of | ||||||||||||||||
Treasury +50 bps | Treasury +50 bps | ||||||||||||||||
Change of control (7) | Event of default | Put at 101% of | Put at 101% of | Put at 101% of | Put at 101% of | Put at 101% of | Put at 101% of | Put at 101% of | |||||||||
principal plus | principal plus | principal plus | principal plus | principal plus | principal plus | principal plus | |||||||||||
accrued interest | accrued interest | accrued interest | accrued interest | accrued interest | accrued interest | accrued interest | |||||||||||
Equity clawback (7) | N/A | N/A | N/A | N/A | N/A | N/A | Redeemable until | N/A | |||||||||
1-Jul-16 | |||||||||||||||||
at 111.00%, plus accrued | |||||||||||||||||
interest for up to 35% | |||||||||||||||||
Estimated fair value (8) | $149.7 million | $600 million | $192 million | $10.1 million | $8.3 million | $271.6 million | $307.1 million | $332.9 million | |||||||||
(1) | Borrowings under the Amended and Restated U.S. Credit Facility, Senior Secured Second Lien Credit Agreement and Senior Secured Second Lien Notes due 2019 are guaranteed by certain of Quicksilver’s domestic subsidiaries and are secured (on a first priority basis with respect to the Amended and Restated U.S. Credit Facility and on a second priority basis with respect to the Senior Secured Second Lien Credit Agreement and the Senior Secured Second Lien Notes due 2019) by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline L.P., Barnett Shale Operating LLC, Silver Stream Pipeline Company LLC, QPP Parent LLC and QPP Holdings LLC (collectively, the “Domestic Pledged Equity”), 65% of the equity interests of Quicksilver Resources Canada Inc. (“Quicksilver Canada”) and Quicksilver Production Partners Operating Ltd. (with respect to the Amended and Restated U.S. Credit Facility, on a ratable basis with borrowings under the Amended and Restated Canadian Credit Facility) and the majority of Quicksilver's domestic proved oil and gas properties and related assets, (the “Domestic Pledged Property”). Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by the Domestic Pledged Equity, the Domestic Pledged Property, 100% of the equity interests of Quicksilver Canada (65% of which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and any Canadian restricted subsidiaries, under the Amended and Restated Canadian Credit Facility, and 65% of the equity interests of Quicksilver Production Partners Operating Ltd. (which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and the majority of Quicksilver Canada's oil and gas properties and related assets. The other debt presented is based upon structural seniority and priority of payment. | ||||||||||||||||
(2) | The principal amount for the Combined Credit Agreements represents the global borrowing base as of September 30, 2013. | ||||||||||||||||
(3) | The Combined Credit Agreements are required to be repaid 91 days prior to the maturity of the 2015 Senior Notes, the 2016 Senior Notes, the 2016 Senior Subordinated Notes, the Senior Secured Second Lien Credit Agreement or the Senior Secured Second Lien Notes due 2019, if on the applicable date any amount of such debt remains outstanding. The Senior Secured Second Lien Credit Agreement and Senior Secured Second Lien Notes due 2019 are required to be repaid (1) 91 days prior to the maturity of the 2019 Senior Notes if more than $100 million of the 2019 Senior Notes remain outstanding and (2) 91 days prior to the maturity of the 2015 Senior Notes, the 2016 Senior Notes or the 2016 Senior Subordinated Notes if on the applicable date the aggregate amount of all such notes remaining outstanding is greater than $100 million. | ||||||||||||||||
(4) | Represents the weighted average borrowing rate payable to lenders. | ||||||||||||||||
(5) | Amounts outstanding under the Amended and Restated U.S. Credit Facility bear interest, at our election, at (i) adjusted LIBOR (as defined in the Amended and Restated U.S. Credit Facility) plus an applicable margin between 2.75% and 3.75%, (ii) ABR (as defined in the Amended and Restated U.S. Credit Facility), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR for an interest period of one month plus 1.00%, plus, in each case under scenario (ii), an applicable margin between 1.75% and 2.75%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated U.S. Credit Facility) of all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin, with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%. | ||||||||||||||||
(6) | Amounts outstanding under the Amended and Restated Canadian Credit Facility bear interest, at our election, at (i) the CDOR Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%, (ii) the Canadian Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75%, (iii) the U.S. Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75% and (iv) adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%. We pay a per annum fee on the LC Exposure (as defined in the Amended and Restated Canadian Credit Facility) of all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin, with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%. | ||||||||||||||||
(7) | The information presented in this table is qualified in all respects by reference to the full text of the covenants, provisions and related definitions contained in the documents governing the various components of our debt. | ||||||||||||||||
(8) | The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (“Level 2” inputs). Our Senior Secured Second Lien Credit Agreement and Senior Secured Second Lien Notes due 2019 feature variable interest rates and we estimate their fair value by using market quotations based on recent trade activity (“Level 3” input). We consider our Combined Credit Agreements which have a variable interest rate to have a fair value equal to their carrying value (“Level 1” input). |
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Asset Retirement Obligation [Abstract] | ' | |||
Asset Retirement Obligations | ' | |||
ASSET RETIREMENT OBLIGATIONS | ||||
The following table provides a reconciliation of the changes in the estimated asset retirement obligation for the nine months ended September 30, 2013. | ||||
(In thousands) | ||||
Beginning asset retirement obligations | $ | 116,526 | ||
Additional liability incurred | 3,193 | |||
Change in estimates | 586 | |||
Accretion expense | 3,917 | |||
Asset retirement costs incurred | (1,539 | ) | ||
Settlement of liability in excess of obligation recorded | 867 | |||
Disposition | (21,910 | ) | ||
Currency translation adjustment | (1,903 | ) | ||
Ending asset retirement obligations | 99,737 | |||
Less current portion | (577 | ) | ||
Long-term asset retirement obligation | $ | 99,160 | ||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
Deferred income taxes are established for all temporary differences between the book and the tax basis of assets and liabilities. In addition, deferred tax balances must be adjusted to reflect tax rates that we expect will be in effect during years in which we expect the temporary differences will reverse. Net operating loss carry-forwards and other deferred tax assets are reviewed for recoverability, and if necessary, are recorded net of a valuation allowance. At September 30, 2013, our U.S. and Canadian valuation allowances are $445.9 million and $64.4 million, respectively, which reduce our net deferred tax assets to a zero value as we continue to believe that it is not more likely than not that we will realize the deferred tax benefits primarily related to our cumulative net operating losses. Income tax recognized for the three and nine months ended September 30, 2013 is a result of hedge gains previously deferred in AOCI being realized during the periods and the net tax impact being recognized. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Loss Contingency [Abstract] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
Contractual Obligations, Commitments and Contingencies | |
In August 2013, we subleased a portion of our corporate offices. The sublease will reduce our future office space commitment by $2.2 million over the term of the lease. | |
In July 2013, in light of the Canadian Governor in Council's failure to approve NGTL's construction of the Komie North Project, NGTL terminated the Project and Expenditure Authorization (PEA), which authorized NGTL to construct the Komie North Project and the related meter station. The PEA necessitated the construction of a treatment facility and required financial guarantees to cover NGTL's costs for the Komie North Project. We recognized $12.8 million in related actual costs incurred by NGTL, which is reflected in other income (expense) in our consolidated financial statements. We paid NGTL in August 2013 after which the related letter of credit was terminated. With the termination of the PEA described above, our agreement to deliver gas to the Komie North Project has also terminated. We maintain our ability to sell gas at the Station 2 and AECO hubs, as our current production is served by existing treating facilities and pipelines. | |
In April 2013, we increased our outstanding letter of credit by C$13 million for the step-up of treating commitments in the Horn River Basin. In August 2013, we reduced our outstanding letters of credit by C$14 million upon a payment to NGTL related to the Komie North Project. | |
In December 2012, Vantage Fort Worth Energy LLC (“Plaintiff”) served a lawsuit against us and others in the 352nd Judicial District Court of Texas in Tarrant County asserting claims for trespass to try title, suit to quiet title, trespass and conversion in connection with 16 wells located on a 158.75 acre tract located in Tarrant County, Texas. On May 8, 2013, all parties to the suit entered into a settlement agreement, effective April 1, 2013, whereby we assigned to Plaintiff various property and equipment and Plaintiff agreed to non-suit all of the Defendants in the matter. The court entered its Order of Dismissal with prejudice on May 13, 2013. We recognized an expense of $0.4 million in connection with this settlement. | |
In July 2011, we received a subpoena duces tecum from the SEC requesting certain documents. The SEC has informed us that their investigation arises out of press releases in 2011 questioning the projected decline curves and economics of shale gas wells. In June 2012, we received an additional request from the SEC for certain information regarding our assessment for impairment of unevaluated properties and plans for development of unevaluated properties. We provided responsive information and in February 2013 we met with the SEC. | |
Note 14 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contains a more complete description of our contractual obligations, commitments and contingencies for which there are no other significant updates during the quarter ended September 30, 2013. |
Fortune_Creek
Fortune Creek | 9 Months Ended |
Sep. 30, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Fortune Creek | ' |
FORTUNE CREEK | |
Note 16 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contains additional information on Fortune Creek. We committed to minimum gross capital expenditures of $300 million for drilling and completion activities in our Horn River Asset between 2012 and 2014, of which we have achieved $170.9 million as of September 30, 2013, and pursuant to the partnership agreement will be required to achieve an additional $9.1 million by December 31, 2013, with the balance to be achieved through December 31, 2014; provided further that up to $20 million could be deferred until December 31, 2015. These minimum expenditure commitments include gross capital expenditures for wells in which we have a working interest regardless of our working interest percentage. To the extent these minimum capital expenditure commitments are not met, we will incur a penalty in an amount equal to the shortfall, which will be applied against the gathering agreement requirement. Additionally, we committed gas production from our Horn River Asset for ten years beginning 2012, as more fully described below. KKR contributed $125 million cash in exchange for a 50% interest in Fortune Creek. Our Canadian subsidiary has responsibility for the day-to-day operations of Fortune Creek. | |
Our Canadian subsidiary entered into a firm gathering agreement with Fortune Creek, which is guaranteed by us. At our election and based on the satisfaction of certain conditions, KKR has the responsibility to fund up to C$130 million of the capital required for construction of a new gas treatment facility in exchange for preferential cash flow distributions. If our subsidiary does not meet its obligations under the gathering agreement, KKR has the right to liquidate the partnership and consequently we have recorded the funds contributed by KKR as a liability in our consolidated financial statements. We recognize accretion expense to reflect the rate of return earned by KKR via its investment. Fortune Creek has made cash distributions to KKR, which are reported as cash used by financing activities, since May 2012. |
Quicksilver_Stockholders_Equit
Quicksilver Stockholders' Equity | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | |||||||||||||
Quicksilver Stockholders' Equity | ' | |||||||||||||
QUICKSILVER STOCKHOLDERS’ EQUITY | ||||||||||||||
Common Stock, Preferred Stock and Treasury Stock | ||||||||||||||
We are authorized to issue 400 million shares of common stock with a $0.01 par value per share and 10 million shares of preferred stock with a $0.01 par value per share. At September 30, 2013 and December 31, 2012, we had 177.1 million and 173.1 million shares of common stock outstanding, respectively. | ||||||||||||||
On May 15, 2013, our stockholders approved an amendment to the 2006 Equity Plan, which increased the shares available for issuance under the plan by 12 million shares. Note 17 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contains additional information about our equity-based compensation plan. | ||||||||||||||
Stock Options | ||||||||||||||
Options to purchase shares of common stock were granted in 2013 with an estimated fair value of $1.6 million. The following summarizes the values from and assumptions for the Black-Scholes option pricing model for stock options issued during the nine months ended September 30: | ||||||||||||||
2013 | 2012 | |||||||||||||
Weighted avg grant date fair value | $1.05 | $4.21 | ||||||||||||
Weighted avg risk-free interest rate | 1.31% | 1.14% | ||||||||||||
Expected life | 4.9 years | 6.0 years | ||||||||||||
Wtd avg volatility | 69.00% | 68.20% | ||||||||||||
Expected dividends | — | — | ||||||||||||
The following table summarizes our stock option activity for the nine months ended September 30, 2013: | ||||||||||||||
Shares | Wtd Avg | Wtd Avg | Aggregate | |||||||||||
Exercise | Remaining | Intrinsic Value | ||||||||||||
Price | Contractual Life | |||||||||||||
(In years) | (In thousands) | |||||||||||||
Outstanding at January 1, 2013 | 4,979,980 | $ | 10.23 | |||||||||||
Granted | 2,037,467 | 1.95 | ||||||||||||
Expired | (151,867 | ) | 7.76 | |||||||||||
Outstanding at September 30, 2013 | 6,865,580 | $ | 7.83 | 7.1 | $ | — | ||||||||
Exercisable at September 30, 2013 | 4,670,679 | $ | 9.28 | 6.2 | $ | — | ||||||||
As of September 30, 2013, we estimate that a total of 6.4 million stock options will become vested including those options already exercisable. As of September 30, 2013, the unrecognized compensation cost related to outstanding unvested stock options was $2.7 million, which is expected to be recognized in expense through June 2015. Compensation expense related to stock options of $3.2 million and $5.9 million was recognized for each of the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||
Restricted Stock | ||||||||||||||
The following table summarizes our restricted stock and stock unit activity for the nine months ended September 30, 2013: | ||||||||||||||
Payable in shares | Payable in cash | |||||||||||||
Shares | Wtd Avg | Shares | Wtd Avg | |||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Outstanding at January 1, 2013 | 3,099,135 | $ | 8.48 | 678,217 | $ | 7.71 | ||||||||
Granted | 6,102,133 | 2.74 | 1,468,695 | 2.83 | ||||||||||
Vested | (2,018,457 | ) | 7.57 | (284,406 | ) | 8.51 | ||||||||
Forfeited | (1,303,113 | ) | 3.63 | (298,138 | ) | 3.88 | ||||||||
Outstanding at September 30, 2013 | 5,879,698 | $ | 3.91 | 1,564,368 | $ | 3.72 | ||||||||
As of September 30, 2013, the unrecognized compensation cost related to outstanding unvested restricted stock was $15.6 million, which is expected to be recognized in expense through March 2016. Grants of restricted stock and RSUs during the nine months ended September 30, 2013 had an estimated grant date fair value of $20.9 million. The fair value of outstanding RSUs to be settled in cash is $3.1 million at September 30, 2013. For the nine months ended September 30, 2013 and 2012, compensation expense related to restricted stock and RSUs of $12.2 million and $11.9 million, respectively, was recognized. The total fair value of shares vested during the nine months ended September 30, 2013 was $5.6 million. | ||||||||||||||
In the second quarter of 2013, the Company recognized $3.6 million in stock-based compensation to correct for assumptions on forfeitures and vesting for retirement eligible and imminently retirement eligible individuals, including $2.2 million which pertains to periods before 2013. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
The following is a reconciliation of the numerator and denominator used for the computation of basic and diluted net income (loss) per common share. | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Restated) | (Restated) | |||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Net income (loss) attributable to Quicksilver | $ | 10,577 | $ | (790,520 | ) | $ | 193,397 | $ | (1,804,107 | ) | ||||||
Basic income allocable to participating securities (1) | (312 | ) | — | $ | (5,111 | ) | $ | — | ||||||||
Income (loss) available to shareholders | $ | 10,265 | $ | (790,520 | ) | $ | 188,286 | $ | (1,804,107 | ) | ||||||
Weighted average common shares – basic | 171,682 | 170,179 | 171,403 | 170,054 | ||||||||||||
Effect of dilutive securities (2) | ||||||||||||||||
Share-based compensation awards | 311 | — | 170 | — | ||||||||||||
Weighted average common shares – diluted | 171,993 | 170,179 | 171,573 | 170,054 | ||||||||||||
Earnings (loss) per common share – basic | $ | 0.06 | $ | (4.65 | ) | $ | 1.1 | $ | (10.61 | ) | ||||||
Earnings (loss) per common share – diluted | $ | 0.06 | $ | (4.65 | ) | $ | 1.1 | $ | (10.61 | ) | ||||||
(1) | Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, should be included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so. | |||||||||||||||
(2) | For the three months ended September 30, 2013, 6.2 million shares associated with our stock options and 0.2 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the three months ended September 30, 2012, 5.0 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the nine months ended September 30, 2013, 5.5 million shares associated with our stock options and 0.2 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the nine months ended September 30, 2012, 5.0 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||||||||
Note 19 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contains a more complete description of our guarantor, non-guarantor, restricted and unrestricted subsidiaries under the indentures for our senior notes and senior subordinated notes. | ||||||||||||||||||||||||||||||||||||
The following tables present financial information about Quicksilver and our restricted subsidiaries for the nine-month period covered by the consolidated financial statements. Under the indentures for our senior notes and senior subordinated notes, Fortune Creek is not considered to be a subsidiary and therefore it is presented separately from the other subsidiaries for these purposes. | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Consolidated | |||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Current assets | $ | 315,788 | $ | 10,016 | $ | 61,101 | $ | (35,986 | ) | $ | 350,919 | $ | 2,443 | $ | 1,428 | $ | (4,842 | ) | $ | 349,948 | ||||||||||||||||
Property and equipment | 457,139 | 15,757 | 304,754 | — | 777,650 | — | 85,282 | — | 862,932 | |||||||||||||||||||||||||||
Investment in subsidiaries (equity method) | (211,041 | ) | — | (33,931 | ) | 211,041 | (33,931 | ) | (33,931 | ) | — | 67,862 | — | |||||||||||||||||||||||
Other assets | 476,322 | — | 33,134 | (390,723 | ) | 118,733 | — | — | — | 118,733 | ||||||||||||||||||||||||||
Total assets | $ | 1,038,208 | $ | 25,773 | $ | 365,058 | $ | (215,668 | ) | $ | 1,213,371 | $ | (31,488 | ) | $ | 86,710 | $ | 63,020 | $ | 1,331,613 | ||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||
Current liabilities | $ | 107,325 | $ | 11,802 | $ | 35,835 | $ | (35,986 | ) | $ | 118,976 | $ | 2,423 | $ | (899 | ) | $ | (4,842 | ) | $ | 115,658 | |||||||||||||||
Long-term liabilities | 1,895,402 | 19,242 | 522,245 | (390,723 | ) | 2,046,166 | — | 1,575 | 132,732 | 2,180,473 | ||||||||||||||||||||||||||
Stockholders' equity | (964,519 | ) | (5,271 | ) | (193,022 | ) | 211,041 | (951,771 | ) | (33,911 | ) | 86,034 | (64,870 | ) | (964,518 | ) | ||||||||||||||||||||
Total liabilities and equity | $ | 1,038,208 | $ | 25,773 | $ | 365,058 | $ | (215,668 | ) | $ | 1,213,371 | $ | (31,488 | ) | $ | 86,710 | $ | 63,020 | $ | 1,331,613 | ||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources | ||||||||||||||||||||||||||||
Inc. | Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Inc. | ||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Current assets | $ | 261,130 | $ | 105,695 | $ | 76,088 | $ | (222,586 | ) | $ | 220,327 | $ | 13,250 | $ | 391 | $ | (26,455 | ) | $ | 207,513 | ||||||||||||||||
Property and equipment | 621,073 | 20,007 | 296,462 | — | 937,542 | — | 91,516 | — | 1,029,058 | |||||||||||||||||||||||||||
Investment in subsidiaries | (191,725 | ) | — | (42,883 | ) | 191,725 | (42,883 | ) | (42,905 | ) | — | 85,788 | — | |||||||||||||||||||||||
(equity method) | ||||||||||||||||||||||||||||||||||||
Other assets | 346,972 | — | 41,865 | (243,620 | ) | 145,217 | — | — | — | 145,217 | ||||||||||||||||||||||||||
Total assets | $ | 1,037,450 | $ | 125,702 | $ | 371,532 | $ | (274,481 | ) | $ | 1,260,203 | $ | (29,655 | ) | $ | 91,907 | $ | 59,333 | $ | 1,381,788 | ||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||
Current liabilities | $ | 255,678 | $ | 112,133 | $ | 33,475 | $ | (222,586 | ) | $ | 178,700 | $ | 13,230 | $ | 2,316 | $ | (26,455 | ) | $ | 167,791 | ||||||||||||||||
Long-term liabilities | 1,914,568 | 19,242 | 524,107 | (243,620 | ) | 2,214,297 | — | 1,585 | 130,912 | 2,346,794 | ||||||||||||||||||||||||||
Stockholders' equity | (1,132,796 | ) | (5,673 | ) | (186,050 | ) | 191,725 | (1,132,794 | ) | (42,885 | ) | 88,006 | (45,124 | ) | (1,132,797 | ) | ||||||||||||||||||||
Total liabilities and equity | $ | 1,037,450 | $ | 125,702 | $ | 371,532 | $ | (274,481 | ) | $ | 1,260,203 | $ | (29,655 | ) | $ | 91,907 | $ | 59,333 | $ | 1,381,788 | ||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Consolidated | |||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 114,021 | $ | 192 | $ | 38,903 | $ | — | $ | 153,116 | $ | — | $ | 5,674 | $ | (5,674 | ) | $ | 153,116 | |||||||||||||||||
Operating expenses | 73,594 | 68 | 30,360 | — | 104,022 | — | 2,693 | (5,674 | ) | 101,041 | ||||||||||||||||||||||||||
Tokyo Gas Transaction gain | 7,974 | — | — | — | 7,974 | — | — | — | 7,974 | |||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | 3,854 | — | (1,834 | ) | (3,854 | ) | (1,834 | ) | 2,984 | — | (1,150 | ) | — | |||||||||||||||||||||||
Operating income (loss) | 52,255 | 124 | 6,709 | (3,854 | ) | 55,234 | 2,984 | 2,981 | (1,150 | ) | 60,049 | |||||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (4,818 | ) | (4,818 | ) | |||||||||||||||||||||||||
Interest expense and other | (36,922 | ) | — | (1,769 | ) | — | (38,691 | ) | — | 3 | — | (38,688 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | (4,756 | ) | — | (1,210 | ) | — | (5,966 | ) | — | — | — | (5,966 | ) | |||||||||||||||||||||||
Net income (loss) | $ | 10,577 | $ | 124 | $ | 3,730 | $ | (3,854 | ) | $ | 10,577 | $ | 2,984 | $ | 2,984 | $ | (5,968 | ) | $ | 10,577 | ||||||||||||||||
Other comprehensive income (loss) | (6,114 | ) | — | (2,680 | ) | — | (8,794 | ) | — | — | — | (8,794 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (2,680 | ) | — | — | 2,680 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 1,783 | $ | 124 | $ | 1,050 | $ | (1,174 | ) | $ | 1,783 | $ | 2,984 | $ | 2,984 | $ | (5,968 | ) | $ | 1,783 | ||||||||||||||||
For the Three Months Ended September 30, 2012 (Restated) | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Consolidated | |||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 108,366 | $ | 1,182 | $ | 9,336 | $ | (696 | ) | $ | 118,188 | $ | — | $ | 4,422 | $ | (4,422 | ) | $ | 118,188 | ||||||||||||||||
Operating expenses | 600,696 | 739 | 95,412 | (696 | ) | 696,151 | — | 3,010 | (4,422 | ) | 694,739 | |||||||||||||||||||||||||
Equity in net earnings of subsidiaries | (71,911 | ) | — | (2,269 | ) | 71,911 | (2,269 | ) | 1,443 | — | 826 | — | ||||||||||||||||||||||||
Operating income (loss) | (564,241 | ) | 443 | (88,345 | ) | 71,911 | (580,232 | ) | 1,443 | 1,412 | 826 | (576,551 | ) | |||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (4,978 | ) | (4,978 | ) | |||||||||||||||||||||||||
Interest expense and other | (37,964 | ) | — | (4,586 | ) | — | (42,550 | ) | 22 | 31 | — | (42,497 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | (188,457 | ) | 142 | 20,577 | — | (167,738 | ) | — | — | 1,244 | (166,494 | ) | ||||||||||||||||||||||||
Net income | $ | (790,662 | ) | $ | 585 | $ | (72,354 | ) | $ | 71,911 | $ | (790,520 | ) | $ | 1,465 | $ | 1,443 | $ | (2,908 | ) | $ | (790,520 | ) | |||||||||||||
Other comprehensive income (loss) | (40,955 | ) | — | (5,660 | ) | — | (46,615 | ) | — | — | — | (46,615 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (5,660 | ) | — | — | 5,660 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (837,277 | ) | $ | 585 | $ | (78,014 | ) | $ | 77,571 | $ | (837,135 | ) | $ | 1,465 | $ | 1,443 | $ | (2,908 | ) | $ | (837,135 | ) | |||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Consolidated | |||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 334,848 | $ | 608 | $ | 111,862 | $ | — | $ | 447,318 | $ | — | $ | 16,736 | $ | (16,736 | ) | $ | 447,318 | |||||||||||||||||
Operating expenses | 256,810 | 206 | 89,559 | — | 346,575 | — | 7,552 | (16,736 | ) | 337,391 | ||||||||||||||||||||||||||
Tokyo Gas Transaction gain | 341,146 | — | — | — | 341,146 | — | — | — | 341,146 | |||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | (9,227 | ) | — | (5,300 | ) | 9,227 | (5,300 | ) | 9,190 | — | (3,890 | ) | — | |||||||||||||||||||||||
Operating income (loss) | 409,957 | 402 | 17,003 | 9,227 | 436,589 | 9,190 | 9,184 | (3,890 | ) | 451,073 | ||||||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (14,490 | ) | (14,490 | ) | |||||||||||||||||||||||||
Interest expense and other | (200,639 | ) | — | (24,490 | ) | — | (225,129 | ) | — | 6 | — | (225,123 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | (15,921 | ) | — | (2,142 | ) | — | (18,063 | ) | — | — | — | (18,063 | ) | |||||||||||||||||||||||
Net income (loss) | $ | 193,397 | $ | 402 | $ | (9,629 | ) | $ | 9,227 | $ | 193,397 | $ | 9,190 | $ | 9,190 | $ | (18,380 | ) | $ | 193,397 | ||||||||||||||||
Other comprehensive income (loss) | (29,014 | ) | — | (9,100 | ) | — | (38,114 | ) | — | — | — | (38,114 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (9,100 | ) | — | — | 9,100 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 155,283 | $ | 402 | $ | (18,729 | ) | $ | 18,327 | $ | 155,283 | $ | 9,190 | $ | 9,190 | $ | (18,380 | ) | $ | 155,283 | ||||||||||||||||
For the Nine Months Ended September 30, 2012 (Restated) | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Consolidated | |||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 429,774 | $ | 3,390 | $ | 54,202 | $ | (2,294 | ) | $ | 485,072 | $ | — | $ | 10,021 | $ | (10,021 | ) | $ | 485,072 | ||||||||||||||||
Operating expenses | 2,082,777 | 2,541 | 444,621 | (2,294 | ) | 2,527,645 | — | 6,093 | (10,021 | ) | 2,523,717 | |||||||||||||||||||||||||
Crestwood earn-out | 41,097 | — | — | — | 41,097 | — | — | — | 41,097 | |||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | (305,205 | ) | — | (6,931 | ) | 305,205 | (6,931 | ) | 3,959 | — | 2,972 | — | ||||||||||||||||||||||||
Operating income (loss) | (1,917,111 | ) | 849 | (397,350 | ) | 305,205 | (2,008,407 | ) | 3,959 | 3,928 | 2,972 | (1,997,548 | ) | |||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (14,549 | ) | (14,549 | ) | |||||||||||||||||||||||||
Interest expense and other | (114,578 | ) | — | (8,060 | ) | — | (122,638 | ) | 22 | 31 | — | (122,585 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | 227,582 | — | 99,356 | — | 326,938 | — | — | 3,637 | 330,575 | |||||||||||||||||||||||||||
Net income | $ | (1,804,107 | ) | $ | 849 | $ | (306,054 | ) | $ | 305,205 | $ | (1,804,107 | ) | $ | 3,981 | $ | 3,959 | $ | (7,940 | ) | $ | (1,804,107 | ) | |||||||||||||
Other comprehensive income (loss) | (48,694 | ) | — | 3,778 | — | (44,916 | ) | — | — | — | (44,916 | ) | ||||||||||||||||||||||||
Equity in OCI of subsidiaries | 3,778 | — | — | (3,778 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (1,849,023 | ) | $ | 849 | $ | (302,276 | ) | $ | 301,427 | $ | (1,849,023 | ) | $ | 3,981 | $ | 3,959 | $ | (7,940 | ) | $ | (1,849,023 | ) | |||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Quicksilver | ||||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non-Guarantor | and Restricted | Non-Guarantor | Creek | Resources Inc. | ||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Consolidated | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | (113,029 | ) | $ | (19 | ) | $ | 25,517 | $ | (87,531 | ) | $ | — | $ | 6,428 | $ | (81,103 | ) | ||||||||||||||||||
Purchases of property, plant and equipment | (53,291 | ) | 19 | (24,752 | ) | (78,024 | ) | — | (525 | ) | (78,549 | ) | ||||||||||||||||||||||||
Proceeds from Tokyo Gas Transaction | 463,418 | — | — | 463,418 | — | — | 463,418 | |||||||||||||||||||||||||||||
Proceeds from Synergy Transaction | 42,297 | — | — | 42,297 | — | — | 42,297 | |||||||||||||||||||||||||||||
Proceeds from sale of properties and equipment | 2,977 | — | 17 | 2,994 | — | — | 2,994 | |||||||||||||||||||||||||||||
Purchases of marketable securities | (142,823 | ) | — | — | (142,823 | ) | — | — | (142,823 | ) | ||||||||||||||||||||||||||
Maturities and sales of marketable securities | 13,178 | — | — | 13,178 | — | — | 13,178 | |||||||||||||||||||||||||||||
Net cash flow provided by (used in) investing activities | 325,756 | 19 | (24,735 | ) | 301,040 | — | (525 | ) | 300,515 | |||||||||||||||||||||||||||
Issuance of debt | 1,170,266 | — | 3,040 | 1,173,306 | — | — | 1,173,306 | |||||||||||||||||||||||||||||
Repayments of debt | (1,157,969 | ) | — | (150,413 | ) | (1,308,382 | ) | — | — | (1,308,382 | ) | |||||||||||||||||||||||||
Debt issuance costs paid | (25,868 | ) | — | — | (25,868 | ) | — | — | (25,868 | ) | ||||||||||||||||||||||||||
Intercompany note | (147,103 | ) | — | 147,103 | — | — | — | — | ||||||||||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | — | (8,079 | ) | (8,079 | ) | |||||||||||||||||||||||||||
Purchase of treasury stock | (1,472 | ) | — | — | (1,472 | ) | — | — | (1,472 | ) | ||||||||||||||||||||||||||
Net cash flow used in financing activities | (162,146 | ) | — | (270 | ) | (162,416 | ) | — | (8,079 | ) | (170,495 | ) | ||||||||||||||||||||||||
Effect of exchange rates on cash | — | — | (512 | ) | (512 | ) | — | 3,122 | 2,610 | |||||||||||||||||||||||||||
Net increase (decrease) in cash and equivalents | 50,581 | — | — | 50,581 | — | 946 | 51,527 | |||||||||||||||||||||||||||||
Cash and equivalents at beginning of period | 4,618 | — | — | 4,618 | — | 333 | 4,951 | |||||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | 55,199 | $ | — | $ | — | $ | 55,199 | $ | — | $ | 1,279 | $ | 56,478 | ||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 (Restated) | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Quicksilver | ||||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non-Guarantor | and Restricted | Non-Guarantor | Creek | Resources Inc. | ||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Consolidated | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Net cash flow provided by operating activities | $ | 74,952 | $ | 655 | $ | 48,301 | $ | 123,908 | $ | — | $ | 17,468 | $ | 141,376 | ||||||||||||||||||||||
Purchases of property, plant and equipment | (199,136 | ) | (655 | ) | (227,509 | ) | (427,300 | ) | — | (9,872 | ) | (437,172 | ) | |||||||||||||||||||||||
Proceeds from Crestwood earn-out | 41,097 | — | — | 41,097 | — | — | 41,097 | |||||||||||||||||||||||||||||
Proceeds from sale of properties and equipment | 3,489 | — | 354 | 3,843 | — | — | 3,843 | |||||||||||||||||||||||||||||
Net cash flow used in investing activities | (154,550 | ) | (655 | ) | (227,155 | ) | (382,360 | ) | — | (9,872 | ) | (392,232 | ) | |||||||||||||||||||||||
Issuance of debt | 177,500 | — | 190,146 | 367,646 | — | — | 367,646 | |||||||||||||||||||||||||||||
Repayments of debt | (98,018 | ) | — | (13,097 | ) | (111,115 | ) | — | — | (111,115 | ) | |||||||||||||||||||||||||
Debt issuance costs paid | (1,998 | ) | — | (1,050 | ) | (3,048 | ) | — | — | (3,048 | ) | |||||||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | — | (6,520 | ) | (6,520 | ) | |||||||||||||||||||||||||||
Proceeds from exercise of stock options | 11 | — | — | 11 | — | — | 11 | |||||||||||||||||||||||||||||
Excess tax deductions on stock compensation | 1,089 | — | — | 1,089 | — | — | 1,089 | |||||||||||||||||||||||||||||
Purchase of treasury stock | (2,810 | ) | — | — | (2,810 | ) | — | — | (2,810 | ) | ||||||||||||||||||||||||||
Net cash flow provided by (used in) financing activities | 75,774 | — | 175,999 | 251,773 | — | (6,520 | ) | 245,253 | ||||||||||||||||||||||||||||
Effect of exchange rates on cash | — | — | 2,855 | 2,855 | — | (2,962 | ) | (107 | ) | |||||||||||||||||||||||||||
Net increase (decrease) in cash and equivalents | (3,824 | ) | — | — | (3,824 | ) | — | (1,886 | ) | (5,710 | ) | |||||||||||||||||||||||||
Cash and equivalents at beginning of period | 363 | — | — | 363 | — | 12,783 | 13,146 | |||||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | (3,461 | ) | $ | — | $ | — | $ | (3,461 | ) | $ | — | $ | 10,897 | $ | 7,436 | ||||||||||||||||||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
SEGMENT INFORMATION | ||||||||||||||||||||||||
We operate in two geographic segments, the U.S. and Canada, where we are engaged in the exploration and production segment of the oil and gas industry. Additionally, we operate a significantly smaller midstream segment in the U.S. and Canada, where we provide natural gas gathering and processing services, primarily to our U.S. and Canadian exploration and production segments. Following the formation of our partnership with KKR, beginning in January 2012, we have additional midstream operations in Canada through Fortune Creek. Revenue earned by Fortune Creek for the gathering and processing of our gas is eliminated on a consolidated basis as is the GPT recognized by our producing properties. Based on the immateriality of our midstream segment, we have combined our U.S. and Canadian midstream information. We evaluate performance based on operating income and property and equipment costs incurred. | ||||||||||||||||||||||||
Exploration & | Quicksilver Consolidated | |||||||||||||||||||||||
Production | ||||||||||||||||||||||||
U.S. | Canada | Midstream | Corporate | Elimination | ||||||||||||||||||||
For the Three Months Ended September 30: | (In thousands) | |||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Revenue | $ | 114,002 | $ | 38,407 | $ | 6,381 | $ | — | $ | (5,674 | ) | $ | 153,116 | |||||||||||
DD&A | 8,402 | 4,114 | 1,300 | 574 | — | 14,390 | ||||||||||||||||||
Operating income (loss) | 56,911 | 11,076 | 3,107 | (11,045 | ) | — | 60,049 | |||||||||||||||||
Property and equipment costs incurred | 15,147 | 4,288 | 1,615 | (329 | ) | — | 20,721 | |||||||||||||||||
2012 (Restated) | ||||||||||||||||||||||||
Revenue | $ | 108,365 | $ | 8,859 | $ | 6,082 | $ | — | $ | (5,118 | ) | $ | 118,188 | |||||||||||
DD&A | 23,205 | 8,938 | 1,281 | 590 | — | 34,014 | ||||||||||||||||||
Impairment expense | 479,905 | 66,282 | 4,945 | — | — | 551,132 | ||||||||||||||||||
Operating income (loss) | (476,542 | ) | (82,528 | ) | 443 | (17,924 | ) | — | (576,551 | ) | ||||||||||||||
Property and equipment costs incurred | 43,722 | 21,382 | 1,824 | 837 | — | 67,765 | ||||||||||||||||||
For the Nine Months Ended September 30: | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Revenue | $ | 334,804 | $ | 110,052 | $ | 19,198 | $ | — | $ | (16,736 | ) | 447,318 | ||||||||||||
DD&A | 29,745 | 12,458 | 3,947 | 1,761 | — | 47,911 | ||||||||||||||||||
Operating income (loss) | 456,624 | 30,126 | 9,593 | (45,270 | ) | — | 451,073 | |||||||||||||||||
Property and equipment costs incurred | 50,459 | 9,972 | 2,369 | 9,655 | — | 72,455 | ||||||||||||||||||
2012 (Restated) | ||||||||||||||||||||||||
Revenue | $ | 429,776 | $ | 52,249 | $ | 15,363 | $ | — | $ | (12,316 | ) | 485,072 | ||||||||||||
DD&A | 101,432 | 29,454 | 3,810 | 1,773 | — | 136,469 | ||||||||||||||||||
Impairment expense | 1,700,682 | 363,160 | 4,945 | — | — | 2,068,787 | ||||||||||||||||||
Operating income (loss) | (1,559,594 | ) | (382,194 | ) | 849 | (56,609 | ) | — | (1,997,548 | ) | ||||||||||||||
Property and equipment costs incurred | 160,699 | 178,783 | 13,263 | 6,284 | — | 359,029 | ||||||||||||||||||
Property, plant and equipment-net | ||||||||||||||||||||||||
30-Sep-13 | $ | 452,023 | $ | 303,265 | $ | 101,038 | $ | 6,606 | $ | — | $ | 862,932 | ||||||||||||
31-Dec-12 | 614,071 | 294,921 | 111,523 | 8,543 | — | 1,029,058 | ||||||||||||||||||
Total assets | ||||||||||||||||||||||||
30-Sep-13 | 847,466 | 365,058 | 112,483 | 6,606 | — | $ | 1,331,613 | |||||||||||||||||
31-Dec-12 | 784,104 | 371,532 | 217,609 | 8,543 | — | 1,381,788 | ||||||||||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||
Cash paid (received) for interest and income taxes was as follows: | ||||||||
For the Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Interest, net of capitalized interest | $ | 227,189 | $ | 141,811 | ||||
Income taxes | 1,217 | (1,528 | ) | |||||
Other significant non-cash transactions were as follows: | ||||||||
For the Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Working capital related to capital expenditures | $ | 4,867 | $ | 37,386 | ||||
Transactions_With_Related_Part
Transactions With Related Parties | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Transactions With Related Parties | ' |
TRANSACTIONS AND OTHER MATTERS WITH RELATED PARTIES | |
As of September 30, 2013, members of the Darden family and entities controlled by them beneficially owned approximately 30% of our outstanding common stock. Glenn Darden and Anne Darden Self are officers and directors and Thomas Darden is an employee and director of Quicksilver. | |
During the first nine months of 2013 and 2012, we paid $0.3 million and $0.4 million, respectively, for use of an airplane owned by an entity controlled by members of the Darden family. Usage rates were determined based upon comparable rates charged by third parties. | |
Payments received from Mercury, a company owned by members of the Darden family, for sublease rentals, employee insurance coverage and administrative services were less than $0.1 million for the first nine months of 2013 and 2012. | |
In August 2013, we paid $0.2 million to an entity controlled by members of the Darden family primarily for commission in connection with the sublease of a portion of our office space. | |
In May 2013, we entered into an agreement with Thomas F. Darden with respect to Mr. Darden’s retirement and Mr. Darden’s provision of consulting services following his retirement. Effective May 15, 2013, Mr. Darden retired from his executive position and is expected to remain an employee that does not serve as an officer through December 31, 2013 and a member of the Board of Directors as Chairman Emeritus. While an employee, Mr. Darden will continue to receive his same base salary, benefits and, subject to the execution of a general release and waiver of claims, annual incentive compensation opportunity. In addition, he will be entitled to $12,500 per month, and additional reimbursements, with respect to certain business expenses. In recognition of his contributions to the Tokyo Gas Transaction, Mr. Darden received a cash bonus of $1.1 million paid in two equal installments in May 2013 and August 2013, and a stock option grant with an aggregate grant date fair value of $1.1 million granted in May 2013. Both the cash bonus and the stock option grant are included in the Tokyo Gas Transaction gain on our consolidated financial statements. In connection with his retirement, he is entitled to full vesting of his outstanding unvested equity awards (242,724 shares of restricted stock and 304,407 options); reimbursement of legal fees in connection with the agreement, up to $40,000; and payment of accrued and unused vacation and estimated COBRA premiums. Mr. Darden will be engaged as a consultant for the three-year period following his retirement and will receive a monthly consulting fee of $45,000. In addition, while a consultant, Mr. Darden will be entitled to an office allowance of $12,500 per month, and additional reimbursements, with respect to certain business expenses. In addition, Mr. Darden will be eligible to receive bonuses of up to $2.5 million in the aggregate under certain circumstances in connection with certain possible future strategic transactions occurring on or before December 31, 2016. |
Derivatives_And_Fair_Value_Mea1
Derivatives And Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Credit Risk Derivatives, at Fair Value, Net [Abstract] | ' | ||||||||||||||||
Estimated Fair Value Of Derivative Instruments Under Input Levels | ' | ||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Level 2 inputs | $ | 146,864 | $ | 207,042 | $ | (390 | ) | $ | 959 | ||||||||
Level 3 inputs | 14,467 | 11,595 | 3,562 | 16,526 | |||||||||||||
Total | $ | 161,331 | $ | 218,637 | $ | 3,172 | $ | 17,485 | |||||||||
Changes In Level 3 Fair Values | ' | ||||||||||||||||
For the Three Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at beginning of period | $ | (9,873 | ) | $ | 45,345 | ||||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Unrealized gain (loss) on derivatives | 24,080 | (51,685 | ) | ||||||||||||||
Settlements in production revenue | — | (825 | ) | ||||||||||||||
Settlements in net derivative gains (losses) | (3,302 | ) | (6,870 | ) | |||||||||||||
Unrealized gains reported in OCI | — | 409 | |||||||||||||||
Balance at end of period | $ | 10,905 | $ | (13,626 | ) | ||||||||||||
Total gains included in net derivative gains attributable to the change in unrealized gains related to assets still held at the reporting date | $ | 24,026 | $ | (51,685 | ) | ||||||||||||
For the Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at beginning of period | $ | (4,931 | ) | $ | 150,989 | ||||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Unrealized gain (loss) on derivatives | 24,618 | (16,160 | ) | ||||||||||||||
Transfers out of Level 3 | — | (153,418 | ) | ||||||||||||||
Settlements in production revenue | — | (5,600 | ) | ||||||||||||||
Settlements in net derivative gains (losses) | (8,782 | ) | (22,743 | ) | |||||||||||||
Unrealized gains reported in OCI | — | 33,306 | |||||||||||||||
Balance at end of period | $ | 10,905 | $ | (13,626 | ) | ||||||||||||
Total gains included in net derivative gains attributable to the change in unrealized gains related to assets still held at the reporting date | $ | 26,788 | $ | (16,160 | ) | ||||||||||||
Price Collars And Swaps For Anticipated Natural Gas And NGL Production | ' | ||||||||||||||||
Production | Daily Production | ||||||||||||||||
Year | Volume | ||||||||||||||||
Natural Gas | NGL | ||||||||||||||||
MMcfd | MBbld | ||||||||||||||||
Remainder of 2013 | 200 | 6 | |||||||||||||||
2014 (1) | 170 | 4 | |||||||||||||||
2015 | 150 | — | |||||||||||||||
2016-2021 | 40 | — | |||||||||||||||
Net Deferred Hedge Gain in AOCI to be Released into Earnings in a Future Period | ' | ||||||||||||||||
(In thousands) | |||||||||||||||||
Remainder of 2013 | $ | 15,254 | |||||||||||||||
2014 | 37,084 | ||||||||||||||||
2015 | 33,191 | ||||||||||||||||
2016 | 13,476 | ||||||||||||||||
2017 | 12,531 | ||||||||||||||||
2018 and thereafter | 41,443 | ||||||||||||||||
$ | 152,979 | ||||||||||||||||
Reduction Of Interest Expense Over The Life Of The Debt Instruments | ' | ||||||||||||||||
(In thousands) | |||||||||||||||||
Remainder of 2013 | $ | 492 | |||||||||||||||
2014 | 2,039 | ||||||||||||||||
2015 | 2,194 | ||||||||||||||||
2016 | 569 | ||||||||||||||||
$ | 5,294 | ||||||||||||||||
Estimated Fair Value Of Derivative Instruments | ' | ||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity contracts reported in: | |||||||||||||||||
Current derivative assets | $ | 86,003 | $ | 113,367 | $ | — | $ | — | |||||||||
Noncurrent derivative assets | 75,403 | 107,542 | 75 | 2,272 | |||||||||||||
Current derivative liabilities | — | — | — | — | |||||||||||||
Noncurrent derivative liabilities | 448 | 92 | 3,620 | 17,577 | |||||||||||||
Total derivatives not designated as hedges | $ | 161,854 | $ | 221,001 | $ | 3,695 | $ | 19,849 | |||||||||
Carrying Value Of Derivatives | ' | ||||||||||||||||
For the Three Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2012 | |||||||||||||||||
Commodity Hedges | |||||||||||||||||
(In thousands) | |||||||||||||||||
Derivative fair value at beginning of period | $ | 176,726 | |||||||||||||||
Settlements in production revenue | (45,681 | ) | |||||||||||||||
Ineffectiveness reported in net derivative gains | (547 | ) | |||||||||||||||
Unrealized gains (losses) reported in OCI | (15,543 | ) | |||||||||||||||
Derivative fair value at end of period | $ | 114,955 | |||||||||||||||
For the Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2012 | |||||||||||||||||
Commodity Hedges | |||||||||||||||||
(In thousands) | |||||||||||||||||
Derivative fair value at beginning of period | $ | 342,799 | |||||||||||||||
Settlements in production revenue | (137,417 | ) | |||||||||||||||
Settlements in net derivative gains | (3,820 | ) | |||||||||||||||
Ineffectiveness reported in net derivative gains | 1,022 | ||||||||||||||||
Unrealized gains reported in OCI | 93,103 | ||||||||||||||||
Derecognition of hedge | (180,732 | ) | |||||||||||||||
Derivative fair value at end of period | $ | 114,955 | |||||||||||||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant, and Equipment [Table Text Block] | ' | |||||||
30-Sep-13 | 31-Dec-12 | |||||||
(In thousands) | ||||||||
Oil and gas properties | ||||||||
Subject to depletion | $ | 5,630,152 | $ | 5,770,913 | ||||
Unevaluated costs | 291,147 | 307,267 | ||||||
Accumulated depletion | (5,291,615 | ) | (5,297,220 | ) | ||||
Net oil and gas properties | 629,684 | 780,960 | ||||||
Other plant and equipment | ||||||||
Pipelines and processing facilities | 358,186 | 375,248 | ||||||
General properties | 79,619 | 75,147 | ||||||
Accumulated depreciation | (204,557 | ) | (202,297 | ) | ||||
Net other property and equipment | 233,248 | 248,098 | ||||||
Property, plant and equipment, net of accumulated depletion and depreciation | $ | 862,932 | $ | 1,029,058 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ' | ||||||||||||||||
Schedule Of Long-Term Debt Instruments | ' | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Combined Credit Agreements | $ | 149,736 | $ | 388,150 | |||||||||||||
Senior Secured Second Lien Credit Agreement, net of unamortized discount | 606,593 | — | |||||||||||||||
Senior Secured Second Lien Notes due 2019, net of unamortized discount | 194,110 | — | |||||||||||||||
Senior notes due 2015, net of unamortized discount | 10,466 | 435,851 | |||||||||||||||
Senior notes due 2016, net of unamortized discount | 8,032 | 579,795 | |||||||||||||||
Senior notes due 2019, net of unamortized discount | 293,083 | 292,622 | |||||||||||||||
Senior notes due 2021, net of unamortized discount | 308,853 | — | |||||||||||||||
Senior subordinated notes due 2016 | 350,000 | 350,000 | |||||||||||||||
Total debt | 1,920,873 | 2,046,418 | |||||||||||||||
Unamortized deferred gain-terminated interest rate swaps | 5,294 | 16,788 | |||||||||||||||
Current portion of long-term debt | — | — | |||||||||||||||
Long-term debt | $ | 1,926,167 | $ | 2,063,206 | |||||||||||||
Schedule of Outstanding Debt | ' | ||||||||||||||||
Priority on Collateral and Structural Seniority (1) | |||||||||||||||||
Highest | Lowest | ||||||||||||||||
priority | priority | ||||||||||||||||
First Lien | Second Lien | Senior Unsecured | Senior Subordinated | ||||||||||||||
Combined Credit | Senior Secured Second Lien Credit Agreement | Senior Secured Second Lien Notes due 2019 | 2015 | 2016 | 2019 | 2021 | Senior | ||||||||||
Agreements | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Subordinated Notes | ||||||||||||
Principal amount (2) | $350 million | $625 million | $200 million | $11 million | $8 million | $298 million | $325 million | $350 million | |||||||||
Scheduled maturity date (3) | September 6, 2016 | June 21, 2019 | June 21, 2019 | August 1, 2015 | January 1, 2016 | August 15, 2019 | July 1, 2021 | April 1, 2016 | |||||||||
Interest rate on outstanding borrowings at September 30, 2013 (4) | 4.00% | 7.00% | 7.00% | 8.25% | 11.75% | 9.13% | 11.00% | 7.12% | |||||||||
Base interest rate options (5) (6) | LIBOR, ABR, CDOR | LIBOR floor of 1.25%; ABR floor of 2.25% | LIBOR floor of 1.25% | N/A | N/A | N/A | N/A | N/A | |||||||||
Financial covenants (7) | - Minimum current ratio of 1.0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||
- Minimum EBITDA to cash interest expense ratio of 1.25 | |||||||||||||||||
- Maximum senior secured debt leverage ratio of 2.0 | |||||||||||||||||
Significant restrictive covenants (7) | - Incurrence of debt | - Incurrence of debt | - Incurrence of debt | - Asset sales | - Asset sales | - Incurrence of debt | - Incurrence of debt | - Incurrence of debt | |||||||||
- Incurrence of liens | - Incurrence of liens and 1st lien cap | - Incurrence of liens and 1st lien cap | - Incurrence of liens | - Incurrence of liens | - Incurrence of liens | ||||||||||||
- Payment of dividends | -Payment of dividends | -Payment of dividends | -Payment of dividends | -Payment of dividends | -Payment of dividends | ||||||||||||
- Equity purchases | - Equity purchases | - Equity purchases | - Equity purchases | - Equity purchases | - Equity purchases | ||||||||||||
- Asset sales | - Asset sales | - Asset sales | - Asset sales | - Asset sales | - Asset sales | ||||||||||||
- Affiliate transactions | - Affiliate transactions | - Affiliate transactions | - Affiliate transactions | - Affiliate transactions | - Affiliate transactions | ||||||||||||
- Limitations on derivatives and investments | |||||||||||||||||
Optional redemption (7) | Any time | Any time, | Any time, | August 1, | July 1, | August 15, | July 1, | April 1, | |||||||||
subject to | subject to | 2013: 101.938 | 2013: 105.875 | 2014: 104.563 | 2019: 102.000 | 2013: 101.188 | |||||||||||
re-pricing event | re-pricing event | 2014: par | 2014: 102.938 | 2015: 103.042 | 2020: par | 2014: par | |||||||||||
June 21, | June 21, | 2015: par | 2016: 101.521 | ||||||||||||||
2014: 102 | 2014: 102 | 2017: par | |||||||||||||||
2015: 101 | 2015: 101 | ||||||||||||||||
Make-whole redemption (7) | N/A | N/A | N/A | N/A | N/A | Callable prior to | Callable prior to | N/A | |||||||||
August 15, 2014 at | July 1, 2019 at | ||||||||||||||||
make-whole call price of | make-whole call price of | ||||||||||||||||
Treasury +50 bps | Treasury +50 bps | ||||||||||||||||
Change of control (7) | Event of default | Put at 101% of | Put at 101% of | Put at 101% of | Put at 101% of | Put at 101% of | Put at 101% of | Put at 101% of | |||||||||
principal plus | principal plus | principal plus | principal plus | principal plus | principal plus | principal plus | |||||||||||
accrued interest | accrued interest | accrued interest | accrued interest | accrued interest | accrued interest | accrued interest | |||||||||||
Equity clawback (7) | N/A | N/A | N/A | N/A | N/A | N/A | Redeemable until | N/A | |||||||||
1-Jul-16 | |||||||||||||||||
at 111.00%, plus accrued | |||||||||||||||||
interest for up to 35% | |||||||||||||||||
Estimated fair value (8) | $149.7 million | $600 million | $192 million | $10.1 million | $8.3 million | $271.6 million | $307.1 million | $332.9 million | |||||||||
(1) | Borrowings under the Amended and Restated U.S. Credit Facility, Senior Secured Second Lien Credit Agreement and Senior Secured Second Lien Notes due 2019 are guaranteed by certain of Quicksilver’s domestic subsidiaries and are secured (on a first priority basis with respect to the Amended and Restated U.S. Credit Facility and on a second priority basis with respect to the Senior Secured Second Lien Credit Agreement and the Senior Secured Second Lien Notes due 2019) by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline L.P., Barnett Shale Operating LLC, Silver Stream Pipeline Company LLC, QPP Parent LLC and QPP Holdings LLC (collectively, the “Domestic Pledged Equity”), 65% of the equity interests of Quicksilver Resources Canada Inc. (“Quicksilver Canada”) and Quicksilver Production Partners Operating Ltd. (with respect to the Amended and Restated U.S. Credit Facility, on a ratable basis with borrowings under the Amended and Restated Canadian Credit Facility) and the majority of Quicksilver's domestic proved oil and gas properties and related assets, (the “Domestic Pledged Property”). Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by the Domestic Pledged Equity, the Domestic Pledged Property, 100% of the equity interests of Quicksilver Canada (65% of which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and any Canadian restricted subsidiaries, under the Amended and Restated Canadian Credit Facility, and 65% of the equity interests of Quicksilver Production Partners Operating Ltd. (which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and the majority of Quicksilver Canada's oil and gas properties and related assets. The other debt presented is based upon structural seniority and priority of payment. | ||||||||||||||||
(2) | The principal amount for the Combined Credit Agreements represents the global borrowing base as of September 30, 2013. | ||||||||||||||||
(3) | The Combined Credit Agreements are required to be repaid 91 days prior to the maturity of the 2015 Senior Notes, the 2016 Senior Notes, the 2016 Senior Subordinated Notes, the Senior Secured Second Lien Credit Agreement or the Senior Secured Second Lien Notes due 2019, if on the applicable date any amount of such debt remains outstanding. The Senior Secured Second Lien Credit Agreement and Senior Secured Second Lien Notes due 2019 are required to be repaid (1) 91 days prior to the maturity of the 2019 Senior Notes if more than $100 million of the 2019 Senior Notes remain outstanding and (2) 91 days prior to the maturity of the 2015 Senior Notes, the 2016 Senior Notes or the 2016 Senior Subordinated Notes if on the applicable date the aggregate amount of all such notes remaining outstanding is greater than $100 million. | ||||||||||||||||
(4) | Represents the weighted average borrowing rate payable to lenders. | ||||||||||||||||
(5) | Amounts outstanding under the Amended and Restated U.S. Credit Facility bear interest, at our election, at (i) adjusted LIBOR (as defined in the Amended and Restated U.S. Credit Facility) plus an applicable margin between 2.75% and 3.75%, (ii) ABR (as defined in the Amended and Restated U.S. Credit Facility), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR for an interest period of one month plus 1.00%, plus, in each case under scenario (ii), an applicable margin between 1.75% and 2.75%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated U.S. Credit Facility) of all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin, with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%. | ||||||||||||||||
(6) | Amounts outstanding under the Amended and Restated Canadian Credit Facility bear interest, at our election, at (i) the CDOR Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%, (ii) the Canadian Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75%, (iii) the U.S. Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75% and (iv) adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%. We pay a per annum fee on the LC Exposure (as defined in the Amended and Restated Canadian Credit Facility) of all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin, with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%. | ||||||||||||||||
(7) | The information presented in this table is qualified in all respects by reference to the full text of the covenants, provisions and related definitions contained in the documents governing the various components of our debt. | ||||||||||||||||
(8) | The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (“Level 2” inputs). Our Senior Secured Second Lien Credit Agreement and Senior Secured Second Lien Notes due 2019 feature variable interest rates and we estimate their fair value by using market quotations based on recent trade activity (“Level 3” input). We consider our Combined Credit Agreements which have a variable interest rate to have a fair value equal to their carrying value (“Level 1” input). |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Asset Retirement Obligation [Abstract] | ' | |||
Estimated Asset Retirement Obligation Activity | ' | |||
(In thousands) | ||||
Beginning asset retirement obligations | $ | 116,526 | ||
Additional liability incurred | 3,193 | |||
Change in estimates | 586 | |||
Accretion expense | 3,917 | |||
Asset retirement costs incurred | (1,539 | ) | ||
Settlement of liability in excess of obligation recorded | 867 | |||
Disposition | (21,910 | ) | ||
Currency translation adjustment | (1,903 | ) | ||
Ending asset retirement obligations | 99,737 | |||
Less current portion | (577 | ) | ||
Long-term asset retirement obligation | $ | 99,160 | ||
Quicksilver_Stockholders_Equit1
Quicksilver Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | |||||||||||||
Assumptions For The Black-Scholes Option Pricing Model For Stock Options Issued | ' | |||||||||||||
2013 | 2012 | |||||||||||||
Weighted avg grant date fair value | $1.05 | $4.21 | ||||||||||||
Weighted avg risk-free interest rate | 1.31% | 1.14% | ||||||||||||
Expected life | 4.9 years | 6.0 years | ||||||||||||
Wtd avg volatility | 69.00% | 68.20% | ||||||||||||
Expected dividends | — | — | ||||||||||||
Stock Option Activity | ' | |||||||||||||
Shares | Wtd Avg | Wtd Avg | Aggregate | |||||||||||
Exercise | Remaining | Intrinsic Value | ||||||||||||
Price | Contractual Life | |||||||||||||
(In years) | (In thousands) | |||||||||||||
Outstanding at January 1, 2013 | 4,979,980 | $ | 10.23 | |||||||||||
Granted | 2,037,467 | 1.95 | ||||||||||||
Expired | (151,867 | ) | 7.76 | |||||||||||
Outstanding at September 30, 2013 | 6,865,580 | $ | 7.83 | 7.1 | $ | — | ||||||||
Exercisable at September 30, 2013 | 4,670,679 | $ | 9.28 | 6.2 | $ | — | ||||||||
Restricted Stock And Stock Unit Activity | ' | |||||||||||||
Payable in shares | Payable in cash | |||||||||||||
Shares | Wtd Avg | Shares | Wtd Avg | |||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Outstanding at January 1, 2013 | 3,099,135 | $ | 8.48 | 678,217 | $ | 7.71 | ||||||||
Granted | 6,102,133 | 2.74 | 1,468,695 | 2.83 | ||||||||||
Vested | (2,018,457 | ) | 7.57 | (284,406 | ) | 8.51 | ||||||||
Forfeited | (1,303,113 | ) | 3.63 | (298,138 | ) | 3.88 | ||||||||
Outstanding at September 30, 2013 | 5,879,698 | $ | 3.91 | 1,564,368 | $ | 3.72 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation Of Components Used To Compute Basic And Diluted Earnings (Loss) Per Common Share | ' | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Restated) | (Restated) | |||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Net income (loss) attributable to Quicksilver | $ | 10,577 | $ | (790,520 | ) | $ | 193,397 | $ | (1,804,107 | ) | ||||||
Basic income allocable to participating securities (1) | (312 | ) | — | $ | (5,111 | ) | $ | — | ||||||||
Income (loss) available to shareholders | $ | 10,265 | $ | (790,520 | ) | $ | 188,286 | $ | (1,804,107 | ) | ||||||
Weighted average common shares – basic | 171,682 | 170,179 | 171,403 | 170,054 | ||||||||||||
Effect of dilutive securities (2) | ||||||||||||||||
Share-based compensation awards | 311 | — | 170 | — | ||||||||||||
Weighted average common shares – diluted | 171,993 | 170,179 | 171,573 | 170,054 | ||||||||||||
Earnings (loss) per common share – basic | $ | 0.06 | $ | (4.65 | ) | $ | 1.1 | $ | (10.61 | ) | ||||||
Earnings (loss) per common share – diluted | $ | 0.06 | $ | (4.65 | ) | $ | 1.1 | $ | (10.61 | ) | ||||||
(1) | Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, should be included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so. | |||||||||||||||
(2) | For the three months ended September 30, 2013, 6.2 million shares associated with our stock options and 0.2 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the three months ended September 30, 2012, 5.0 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the nine months ended September 30, 2013, 5.5 million shares associated with our stock options and 0.2 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the nine months ended September 30, 2012, 5.0 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Consolidated | |||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Current assets | $ | 315,788 | $ | 10,016 | $ | 61,101 | $ | (35,986 | ) | $ | 350,919 | $ | 2,443 | $ | 1,428 | $ | (4,842 | ) | $ | 349,948 | ||||||||||||||||
Property and equipment | 457,139 | 15,757 | 304,754 | — | 777,650 | — | 85,282 | — | 862,932 | |||||||||||||||||||||||||||
Investment in subsidiaries (equity method) | (211,041 | ) | — | (33,931 | ) | 211,041 | (33,931 | ) | (33,931 | ) | — | 67,862 | — | |||||||||||||||||||||||
Other assets | 476,322 | — | 33,134 | (390,723 | ) | 118,733 | — | — | — | 118,733 | ||||||||||||||||||||||||||
Total assets | $ | 1,038,208 | $ | 25,773 | $ | 365,058 | $ | (215,668 | ) | $ | 1,213,371 | $ | (31,488 | ) | $ | 86,710 | $ | 63,020 | $ | 1,331,613 | ||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||
Current liabilities | $ | 107,325 | $ | 11,802 | $ | 35,835 | $ | (35,986 | ) | $ | 118,976 | $ | 2,423 | $ | (899 | ) | $ | (4,842 | ) | $ | 115,658 | |||||||||||||||
Long-term liabilities | 1,895,402 | 19,242 | 522,245 | (390,723 | ) | 2,046,166 | — | 1,575 | 132,732 | 2,180,473 | ||||||||||||||||||||||||||
Stockholders' equity | (964,519 | ) | (5,271 | ) | (193,022 | ) | 211,041 | (951,771 | ) | (33,911 | ) | 86,034 | (64,870 | ) | (964,518 | ) | ||||||||||||||||||||
Total liabilities and equity | $ | 1,038,208 | $ | 25,773 | $ | 365,058 | $ | (215,668 | ) | $ | 1,213,371 | $ | (31,488 | ) | $ | 86,710 | $ | 63,020 | $ | 1,331,613 | ||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources | ||||||||||||||||||||||||||||
Inc. | Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Inc. | ||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Current assets | $ | 261,130 | $ | 105,695 | $ | 76,088 | $ | (222,586 | ) | $ | 220,327 | $ | 13,250 | $ | 391 | $ | (26,455 | ) | $ | 207,513 | ||||||||||||||||
Property and equipment | 621,073 | 20,007 | 296,462 | — | 937,542 | — | 91,516 | — | 1,029,058 | |||||||||||||||||||||||||||
Investment in subsidiaries | (191,725 | ) | — | (42,883 | ) | 191,725 | (42,883 | ) | (42,905 | ) | — | 85,788 | — | |||||||||||||||||||||||
(equity method) | ||||||||||||||||||||||||||||||||||||
Other assets | 346,972 | — | 41,865 | (243,620 | ) | 145,217 | — | — | — | 145,217 | ||||||||||||||||||||||||||
Total assets | $ | 1,037,450 | $ | 125,702 | $ | 371,532 | $ | (274,481 | ) | $ | 1,260,203 | $ | (29,655 | ) | $ | 91,907 | $ | 59,333 | $ | 1,381,788 | ||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||
Current liabilities | $ | 255,678 | $ | 112,133 | $ | 33,475 | $ | (222,586 | ) | $ | 178,700 | $ | 13,230 | $ | 2,316 | $ | (26,455 | ) | $ | 167,791 | ||||||||||||||||
Long-term liabilities | 1,914,568 | 19,242 | 524,107 | (243,620 | ) | 2,214,297 | — | 1,585 | 130,912 | 2,346,794 | ||||||||||||||||||||||||||
Stockholders' equity | (1,132,796 | ) | (5,673 | ) | (186,050 | ) | 191,725 | (1,132,794 | ) | (42,885 | ) | 88,006 | (45,124 | ) | (1,132,797 | ) | ||||||||||||||||||||
Total liabilities and equity | $ | 1,037,450 | $ | 125,702 | $ | 371,532 | $ | (274,481 | ) | $ | 1,260,203 | $ | (29,655 | ) | $ | 91,907 | $ | 59,333 | $ | 1,381,788 | ||||||||||||||||
Condensed Consolidating Statements Of Income | ' | |||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Consolidated | |||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 334,848 | $ | 608 | $ | 111,862 | $ | — | $ | 447,318 | $ | — | $ | 16,736 | $ | (16,736 | ) | $ | 447,318 | |||||||||||||||||
Operating expenses | 256,810 | 206 | 89,559 | — | 346,575 | — | 7,552 | (16,736 | ) | 337,391 | ||||||||||||||||||||||||||
Tokyo Gas Transaction gain | 341,146 | — | — | — | 341,146 | — | — | — | 341,146 | |||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | (9,227 | ) | — | (5,300 | ) | 9,227 | (5,300 | ) | 9,190 | — | (3,890 | ) | — | |||||||||||||||||||||||
Operating income (loss) | 409,957 | 402 | 17,003 | 9,227 | 436,589 | 9,190 | 9,184 | (3,890 | ) | 451,073 | ||||||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (14,490 | ) | (14,490 | ) | |||||||||||||||||||||||||
Interest expense and other | (200,639 | ) | — | (24,490 | ) | — | (225,129 | ) | — | 6 | — | (225,123 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | (15,921 | ) | — | (2,142 | ) | — | (18,063 | ) | — | — | — | (18,063 | ) | |||||||||||||||||||||||
Net income (loss) | $ | 193,397 | $ | 402 | $ | (9,629 | ) | $ | 9,227 | $ | 193,397 | $ | 9,190 | $ | 9,190 | $ | (18,380 | ) | $ | 193,397 | ||||||||||||||||
Other comprehensive income (loss) | (29,014 | ) | — | (9,100 | ) | — | (38,114 | ) | — | — | — | (38,114 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (9,100 | ) | — | — | 9,100 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 155,283 | $ | 402 | $ | (18,729 | ) | $ | 18,327 | $ | 155,283 | $ | 9,190 | $ | 9,190 | $ | (18,380 | ) | $ | 155,283 | ||||||||||||||||
For the Nine Months Ended September 30, 2012 (Restated) | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Consolidated | |||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 429,774 | $ | 3,390 | $ | 54,202 | $ | (2,294 | ) | $ | 485,072 | $ | — | $ | 10,021 | $ | (10,021 | ) | $ | 485,072 | ||||||||||||||||
Operating expenses | 2,082,777 | 2,541 | 444,621 | (2,294 | ) | 2,527,645 | — | 6,093 | (10,021 | ) | 2,523,717 | |||||||||||||||||||||||||
Crestwood earn-out | 41,097 | — | — | — | 41,097 | — | — | — | 41,097 | |||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | (305,205 | ) | — | (6,931 | ) | 305,205 | (6,931 | ) | 3,959 | — | 2,972 | — | ||||||||||||||||||||||||
Operating income (loss) | (1,917,111 | ) | 849 | (397,350 | ) | 305,205 | (2,008,407 | ) | 3,959 | 3,928 | 2,972 | (1,997,548 | ) | |||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (14,549 | ) | (14,549 | ) | |||||||||||||||||||||||||
Interest expense and other | (114,578 | ) | — | (8,060 | ) | — | (122,638 | ) | 22 | 31 | — | (122,585 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | 227,582 | — | 99,356 | — | 326,938 | — | — | 3,637 | 330,575 | |||||||||||||||||||||||||||
Net income | $ | (1,804,107 | ) | $ | 849 | $ | (306,054 | ) | $ | 305,205 | $ | (1,804,107 | ) | $ | 3,981 | $ | 3,959 | $ | (7,940 | ) | $ | (1,804,107 | ) | |||||||||||||
Other comprehensive income (loss) | (48,694 | ) | — | 3,778 | — | (44,916 | ) | — | — | — | (44,916 | ) | ||||||||||||||||||||||||
Equity in OCI of subsidiaries | 3,778 | — | — | (3,778 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (1,849,023 | ) | $ | 849 | $ | (302,276 | ) | $ | 301,427 | $ | (1,849,023 | ) | $ | 3,981 | $ | 3,959 | $ | (7,940 | ) | $ | (1,849,023 | ) | |||||||||||||
Condensed Consolidating Statements Of Cash Flows | ' | |||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Quicksilver | ||||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non-Guarantor | and Restricted | Non-Guarantor | Creek | Resources Inc. | ||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Consolidated | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | (113,029 | ) | $ | (19 | ) | $ | 25,517 | $ | (87,531 | ) | $ | — | $ | 6,428 | $ | (81,103 | ) | ||||||||||||||||||
Purchases of property, plant and equipment | (53,291 | ) | 19 | (24,752 | ) | (78,024 | ) | — | (525 | ) | (78,549 | ) | ||||||||||||||||||||||||
Proceeds from Tokyo Gas Transaction | 463,418 | — | — | 463,418 | — | — | 463,418 | |||||||||||||||||||||||||||||
Proceeds from Synergy Transaction | 42,297 | — | — | 42,297 | — | — | 42,297 | |||||||||||||||||||||||||||||
Proceeds from sale of properties and equipment | 2,977 | — | 17 | 2,994 | — | — | 2,994 | |||||||||||||||||||||||||||||
Purchases of marketable securities | (142,823 | ) | — | — | (142,823 | ) | — | — | (142,823 | ) | ||||||||||||||||||||||||||
Maturities and sales of marketable securities | 13,178 | — | — | 13,178 | — | — | 13,178 | |||||||||||||||||||||||||||||
Net cash flow provided by (used in) investing activities | 325,756 | 19 | (24,735 | ) | 301,040 | — | (525 | ) | 300,515 | |||||||||||||||||||||||||||
Issuance of debt | 1,170,266 | — | 3,040 | 1,173,306 | — | — | 1,173,306 | |||||||||||||||||||||||||||||
Repayments of debt | (1,157,969 | ) | — | (150,413 | ) | (1,308,382 | ) | — | — | (1,308,382 | ) | |||||||||||||||||||||||||
Debt issuance costs paid | (25,868 | ) | — | — | (25,868 | ) | — | — | (25,868 | ) | ||||||||||||||||||||||||||
Intercompany note | (147,103 | ) | — | 147,103 | — | — | — | — | ||||||||||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | — | (8,079 | ) | (8,079 | ) | |||||||||||||||||||||||||||
Purchase of treasury stock | (1,472 | ) | — | — | (1,472 | ) | — | — | (1,472 | ) | ||||||||||||||||||||||||||
Net cash flow used in financing activities | (162,146 | ) | — | (270 | ) | (162,416 | ) | — | (8,079 | ) | (170,495 | ) | ||||||||||||||||||||||||
Effect of exchange rates on cash | — | — | (512 | ) | (512 | ) | — | 3,122 | 2,610 | |||||||||||||||||||||||||||
Net increase (decrease) in cash and equivalents | 50,581 | — | — | 50,581 | — | 946 | 51,527 | |||||||||||||||||||||||||||||
Cash and equivalents at beginning of period | 4,618 | — | — | 4,618 | — | 333 | 4,951 | |||||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | 55,199 | $ | — | $ | — | $ | 55,199 | $ | — | $ | 1,279 | $ | 56,478 | ||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 (Restated) | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Quicksilver | ||||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non-Guarantor | and Restricted | Non-Guarantor | Creek | Resources Inc. | ||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | Subsidiaries | Consolidated | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Net cash flow provided by operating activities | $ | 74,952 | $ | 655 | $ | 48,301 | $ | 123,908 | $ | — | $ | 17,468 | $ | 141,376 | ||||||||||||||||||||||
Purchases of property, plant and equipment | (199,136 | ) | (655 | ) | (227,509 | ) | (427,300 | ) | — | (9,872 | ) | (437,172 | ) | |||||||||||||||||||||||
Proceeds from Crestwood earn-out | 41,097 | — | — | 41,097 | — | — | 41,097 | |||||||||||||||||||||||||||||
Proceeds from sale of properties and equipment | 3,489 | — | 354 | 3,843 | — | — | 3,843 | |||||||||||||||||||||||||||||
Net cash flow used in investing activities | (154,550 | ) | (655 | ) | (227,155 | ) | (382,360 | ) | — | (9,872 | ) | (392,232 | ) | |||||||||||||||||||||||
Issuance of debt | 177,500 | — | 190,146 | 367,646 | — | — | 367,646 | |||||||||||||||||||||||||||||
Repayments of debt | (98,018 | ) | — | (13,097 | ) | (111,115 | ) | — | — | (111,115 | ) | |||||||||||||||||||||||||
Debt issuance costs paid | (1,998 | ) | — | (1,050 | ) | (3,048 | ) | — | — | (3,048 | ) | |||||||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | — | (6,520 | ) | (6,520 | ) | |||||||||||||||||||||||||||
Proceeds from exercise of stock options | 11 | — | — | 11 | — | — | 11 | |||||||||||||||||||||||||||||
Excess tax deductions on stock compensation | 1,089 | — | — | 1,089 | — | — | 1,089 | |||||||||||||||||||||||||||||
Purchase of treasury stock | (2,810 | ) | — | — | (2,810 | ) | — | — | (2,810 | ) | ||||||||||||||||||||||||||
Net cash flow provided by (used in) financing activities | 75,774 | — | 175,999 | 251,773 | — | (6,520 | ) | 245,253 | ||||||||||||||||||||||||||||
Effect of exchange rates on cash | — | — | 2,855 | 2,855 | — | (2,962 | ) | (107 | ) | |||||||||||||||||||||||||||
Net increase (decrease) in cash and equivalents | (3,824 | ) | — | — | (3,824 | ) | — | (1,886 | ) | (5,710 | ) | |||||||||||||||||||||||||
Cash and equivalents at beginning of period | 363 | — | — | 363 | — | 12,783 | 13,146 | |||||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | (3,461 | ) | $ | — | $ | — | $ | (3,461 | ) | $ | — | $ | 10,897 | $ | 7,436 | ||||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Operating Income And Property And Equipment Costs Incurred | ' | |||||||||||||||||||||||
Exploration & | Quicksilver Consolidated | |||||||||||||||||||||||
Production | ||||||||||||||||||||||||
U.S. | Canada | Midstream | Corporate | Elimination | ||||||||||||||||||||
For the Three Months Ended September 30: | (In thousands) | |||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Revenue | $ | 114,002 | $ | 38,407 | $ | 6,381 | $ | — | $ | (5,674 | ) | $ | 153,116 | |||||||||||
DD&A | 8,402 | 4,114 | 1,300 | 574 | — | 14,390 | ||||||||||||||||||
Operating income (loss) | 56,911 | 11,076 | 3,107 | (11,045 | ) | — | 60,049 | |||||||||||||||||
Property and equipment costs incurred | 15,147 | 4,288 | 1,615 | (329 | ) | — | 20,721 | |||||||||||||||||
2012 (Restated) | ||||||||||||||||||||||||
Revenue | $ | 108,365 | $ | 8,859 | $ | 6,082 | $ | — | $ | (5,118 | ) | $ | 118,188 | |||||||||||
DD&A | 23,205 | 8,938 | 1,281 | 590 | — | 34,014 | ||||||||||||||||||
Impairment expense | 479,905 | 66,282 | 4,945 | — | — | 551,132 | ||||||||||||||||||
Operating income (loss) | (476,542 | ) | (82,528 | ) | 443 | (17,924 | ) | — | (576,551 | ) | ||||||||||||||
Property and equipment costs incurred | 43,722 | 21,382 | 1,824 | 837 | — | 67,765 | ||||||||||||||||||
For the Nine Months Ended September 30: | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Revenue | $ | 334,804 | $ | 110,052 | $ | 19,198 | $ | — | $ | (16,736 | ) | 447,318 | ||||||||||||
DD&A | 29,745 | 12,458 | 3,947 | 1,761 | — | 47,911 | ||||||||||||||||||
Operating income (loss) | 456,624 | 30,126 | 9,593 | (45,270 | ) | — | 451,073 | |||||||||||||||||
Property and equipment costs incurred | 50,459 | 9,972 | 2,369 | 9,655 | — | 72,455 | ||||||||||||||||||
2012 (Restated) | ||||||||||||||||||||||||
Revenue | $ | 429,776 | $ | 52,249 | $ | 15,363 | $ | — | $ | (12,316 | ) | 485,072 | ||||||||||||
DD&A | 101,432 | 29,454 | 3,810 | 1,773 | — | 136,469 | ||||||||||||||||||
Impairment expense | 1,700,682 | 363,160 | 4,945 | — | — | 2,068,787 | ||||||||||||||||||
Operating income (loss) | (1,559,594 | ) | (382,194 | ) | 849 | (56,609 | ) | — | (1,997,548 | ) | ||||||||||||||
Property and equipment costs incurred | 160,699 | 178,783 | 13,263 | 6,284 | — | 359,029 | ||||||||||||||||||
Property, plant and equipment-net | ||||||||||||||||||||||||
30-Sep-13 | $ | 452,023 | $ | 303,265 | $ | 101,038 | $ | 6,606 | $ | — | $ | 862,932 | ||||||||||||
31-Dec-12 | 614,071 | 294,921 | 111,523 | 8,543 | — | 1,029,058 | ||||||||||||||||||
Total assets | ||||||||||||||||||||||||
30-Sep-13 | 847,466 | 365,058 | 112,483 | 6,606 | — | $ | 1,331,613 | |||||||||||||||||
31-Dec-12 | 784,104 | 371,532 | 217,609 | 8,543 | — | 1,381,788 | ||||||||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Cash Paid Or Received For Interest And Income Taxes | ' | |||||||
For the Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Interest, net of capitalized interest | $ | 227,189 | $ | 141,811 | ||||
Income taxes | 1,217 | (1,528 | ) | |||||
Other Significant Non-cash Transactions | ' | |||||||
For the Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Working capital related to capital expenditures | $ | 4,867 | $ | 37,386 | ||||
Accounting_Policies_And_Disclo1
Accounting Policies And Disclosures (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | |||||
Restatement Adjustment [Member] | Restatement Adjustment [Member] | Scenario, Previously Reported [Member] | Scenario, Previously Reported [Member] | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | CANADA | CANADA | CANADA | CANADA | CANADA | CANADA | |||||||||||
Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Production | $104,546,000 | $156,288,000 | [1] | $358,281,000 | $473,053,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($300,000) | ($2,600,000) | ' | ' | ' | ' | ($1,100,000) | ($4,400,000) | ||
Shareholders Equity | -964,518,000 | -571,831,000 | -964,518,000 | -571,831,000 | -1,132,797,000 | 1,261,919,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -42,800,000 | 100,000 | ' | ' | ' | ' | -15,300,000 | 200,000 | ||||
Impairment of Oil and Gas Properties | 0 | 551,132,000 | [1] | 0 | 2,068,787,000 | [1] | ' | ' | ' | ' | ' | ' | 479,905,000 | 1,042,700,000 | 178,000,000 | 1,700,682,000 | 43,400,000 | 303,100,000 | 66,282,000 | 157,000,000 | 139,900,000 | 363,160,000 | -39,100,000 | 164,200,000 | ||
Depletion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,300,000 | -4,600,000 | ' | ' | ' | ' | -5,900,000 | -8,500,000 | ||||
Income tax (expense) benefit | -5,966,000 | -166,494,000 | [1] | -18,063,000 | 330,575,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,300,000 | -900,000 | ' | ' | ' | ' | 8,800,000 | -40,000,000 | ||
Net income (loss) | 10,577,000 | -790,520,000 | 193,397,000 | -1,804,107,000 | ' | ' | 138,800,000 | 419,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | ($8,794,000) | ($46,615,000) | ($38,114,000) | ($44,916,000) | ' | ' | ($34,700,000) | ($5,200,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Earnings (loss) per common share - diluted | $0.06 | [2] | ($4.65) | [1],[2] | $1.10 | [2] | ($10.61) | [1],[2] | ' | ' | ($0.82) | ($2.47) | ($3.83) | ($8.14) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | Note 1 contains additional information | |||||||||||||||||||||||||
[2] | For the three months ended SeptemberB 30, 2013, 6.2 million shares associated with our stock options and 0.2 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the three months ended SeptemberB 30, 2012, 5.0 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the nine months ended SeptemberB 30, 2013, 5.5 million shares associated with our stock options and 0.2 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the nine months ended SeptemberB 30, 2012, 5.0 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. |
Crestwood_EarnOut_Details
Crestwood Earn-Out (Details) (kwk_CrestwoodLP [Member], USD $) | Mar. 31, 2012 |
In Millions, unless otherwise specified | |
kwk_CrestwoodLP [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Pretax | $41 |
Divestitures_Divestitures_Deta
Divestitures Divestitures (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 |
acre | Southern Alberta Basin [Member] | Barnett Shale [Member] | Barnett Shale [Member] | Barnett Shale [Member] | Tokyo Gas [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Approximate Gross Acres Eni West Texas Total | 52,500 | ' | ' | ' | ' | ' |
Eni Funding of West Texas Transaction | $52 | ' | ' | ' | ' | ' |
Joint Interest Ownership After Complete Three Phases | 50.00% | ' | ' | ' | ' | ' |
Phase One Eni Funding Percent | 100.00% | ' | ' | ' | ' | ' |
Completion of Phase One Joint Interest Earned | 50.00% | ' | ' | ' | ' | ' |
Phase Two Approximate Gross Acres | 7,500 | ' | ' | ' | ' | ' |
Eni Funding Percent for Phase Three | 100.00% | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | 25.00% | ' |
Significant Acquisitions and Disposals, Terms | ' | '46 | '485 | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | 42.3 | ' | ' | 464 | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds, Estimated Final Adjustment | ' | ' | ' | ' | 0.6 | ' |
Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Pretax | ' | ' | ' | 7.8 | 341.1 | ' |
Oil and Gas Property Decrease due to Gain | ' | ' | ' | ' | ' | $110.70 |
Derivatives_And_Fair_Value_Mea2
Derivatives And Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2010 | |
MMcf | |||||
Anticipated Natural Gas Basis Swap Production For Second Year | ' | ' | 40 | ' | ' |
Realized Gain on Derivative Instruments, Gross, Pretax | $8,009,000 | $12,376,000 | $14,129,000 | $35,059,000 | ' |
Cash received in settlement of hedge | ' | ' | ' | ' | 41,500,000 |
Interest previously accrued and earned | ' | ' | ' | ' | 10,700,000 |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | 30,800,000 |
Senior notes maturity | ' | ' | ' | ' | '2015 |
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | ' | ' | 8,300,000 | ' | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | ' | ' | 11,500,000 | 3,800,000 | ' |
Remaining deferred gains on early settlements from interest rate swaps | ' | ' | 5,300,000 | ' | ' |
Gains and losses from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings | $29,500,000 | ' | $29,500,000 | ' | ' |
Term of derivative instrument | ' | ' | '10 years | ' | ' |
Gas 2013, MMcfd | ' | ' | 200 | ' | ' |
Anticipated NGL Production For 2013 | ' | ' | 6 | ' | ' |
Gas 2014, MMcfd | ' | ' | 170 | ' | ' |
Anticipated NGL Production For Second Year | ' | ' | 4 | ' | ' |
Gas 2015, MMcfd | ' | ' | 150 | ' | ' |
Anticipated NGL Production For Third Year | ' | ' | 0 | ' | ' |
Gas 2016-2021, MMcfd | ' | ' | 40 | ' | ' |
Anticipated NGL Production Thereafter | ' | ' | 0 | ' | ' |
Fair Value Inputs, Level 3 [Member] | ' | ' | ' | ' | ' |
Natural gas hedges original tenure | ' | ' | '10 years | ' | ' |
Fair Value Inputs, Level 3 [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Unobservable inputs included within the fair value calculation | 5.61 | ' | 5.61 | ' | ' |
Fair Value Inputs, Level 3 [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Unobservable inputs included within the fair value calculation | 3.5 | ' | 3.5 | ' | ' |
Derivatives_And_Fair_Value_Mea3
Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments Under Input Levels) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Asset Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated fair value of derivative instruments | $161,331 | $218,637 |
Asset Derivatives [Member] | Fair Value Inputs, Level 2 [Member] | Commodity Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated fair value of derivative instruments | 146,864 | 207,042 |
Asset Derivatives [Member] | Fair Value Inputs, Level 3 [Member] | Commodity Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated fair value of derivative instruments | 14,467 | 11,595 |
Liability Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated fair value of derivative instruments | 3,172 | 17,485 |
Liability Derivatives [Member] | Fair Value Inputs, Level 2 [Member] | Commodity Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated fair value of derivative instruments | -390 | 959 |
Liability Derivatives [Member] | Fair Value Inputs, Level 3 [Member] | Commodity Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated fair value of derivative instruments | $3,562 | $16,526 |
Derivatives_And_Fair_Value_Mea4
Derivatives And Fair Value Measurements (Changes In Level 3 Fair Values) (Details) (Fair Value Inputs, Level 3 [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Balance at beginning of period | ($9,873) | $45,345 | ($4,931) | $150,989 |
Unrealized gain (loss) on derivatives | 24,080 | -51,685 | 24,618 | 16,160 |
Transfers out of Level 3 | ' | ' | 0 | -153,418 |
Unrealized gains reported in OCI | 0 | 409 | 0 | 33,306 |
Balance at end of period | 10,905 | -13,626 | 10,905 | -13,626 |
Total gains included in net derivative gains attributable to the change in unrealized gains related to assets still held at the reporting date | 24,026 | -51,685 | 26,788 | -16,160 |
Production Revenue [Member] | ' | ' | ' | ' |
Settlements | 0 | -825 | 0 | -5,600 |
Other Revenue [Member] | ' | ' | ' | ' |
Settlements | ($3,302) | ($6,870) | ($8,782) | ($22,743) |
Derivatives_And_Fair_Value_Mea5
Derivatives And Fair Value Measurements (Price Collars And Swaps For Anticipated Natural Gas And NGL Production) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
MMcf | |
Credit Risk Derivatives, at Fair Value, Net [Abstract] | ' |
Gas 2013, MMcfd | 200 |
Gas 2014, MMcfd | 170 |
Gas 2015, MMcfd | 150 |
Gas 2016-2021, MMcfd | 40 |
Derivatives_And_Fair_Value_Mea6
Derivatives And Fair Value Measurements (Reduction Of Interest Expense Over The Life Of The Debt Instruments) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Credit Risk Derivatives, at Fair Value, Net [Abstract] | ' |
Remainder of 2013 | $492 |
2014 | 2,039 |
2015 | 2,194 |
2016 | 569 |
Reduction of interest expense over the life of the debt instruments, total | $5,294 |
Derivatives_And_Fair_Value_Mea7
Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative assets | $86,003 | $113,367 |
Noncurrent derivative assets | 75,328 | 105,270 |
Noncurrent derivative liabilities | 3,172 | 17,485 |
Asset Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative assets | 161,854 | 221,001 |
Liability Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative liabilities | 3,695 | 19,849 |
Not Designated as Hedging Instrument [Member] | Asset Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative assets | 86,003 | 113,367 |
Noncurrent derivative assets | 75,403 | 107,542 |
Current derivative liabilities | 0 | 0 |
Noncurrent derivative liabilities | 448 | 92 |
Not Designated as Hedging Instrument [Member] | Liability Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative assets | 0 | 0 |
Noncurrent derivative assets | 75 | 2,272 |
Current derivative liabilities | 0 | 0 |
Noncurrent derivative liabilities | $3,620 | $17,577 |
Derivatives_And_Fair_Value_Mea8
Derivatives And Fair Value Measurements (Carrying Value Of Derivatives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ||
Settlements in production revenue | ($11,139) | ($34,145) | [1] | ($37,181) | ($99,726) | [1] |
Cash Flow Derivatives [Member] | ' | ' | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ||
Derivative fair value at beginning of period | ' | 176,726 | ' | 342,799 | ||
Ineffectiveness reported in net derivative gains | ' | -547 | ' | 1,022 | ||
Unrealized gains (losses) reported in OCI | ' | -15,543 | ' | 93,103 | ||
Derecognition of hedges | ' | ' | ' | -180,732 | ||
Derivative fair value at end of period | ' | 114,955 | ' | 114,955 | ||
Production Revenue [Member] | Cash Flow Derivatives [Member] | ' | ' | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ||
Settlements in production revenue | ' | -45,681 | ' | 137,417 | ||
Derivative gains (losses) [Member] | Cash Flow Derivatives [Member] | ' | ' | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ||
Settlements in net derivative (gains) losses | ' | ' | ' | $3,820 | ||
[1] | Note 1 contains additional information |
Derivatives_And_Fair_Value_Mea9
Derivatives And Fair Value Measurements Derivatives, Investments And Fair Value Measurements (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Fixed Income Securities [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $19,902 |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 |
Held-to-maturity Securities, Unrecognized Holding Loss | -22 |
Held-to-maturity Securities, Fair Value | 19,880 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 109,910 |
Held-to-maturity Securities, Unrecognized Holding Gain | 34 |
Held-to-maturity Securities, Unrecognized Holding Loss | -31 |
Held-to-maturity Securities, Fair Value | 109,913 |
Debt Securities [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 129,812 |
Held-to-maturity Securities, Unrecognized Holding Gain | 34 |
Held-to-maturity Securities, Unrecognized Holding Loss | -53 |
Held-to-maturity Securities, Fair Value | $129,793 |
Recovered_Sheet1
Derivatives And Fair Value Measurements (Net Deferred Hedge Gain in AOCI to be Released into Earnings) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Credit Risk Derivatives, at Fair Value, Net [Abstract] | ' |
Net Deferred Hedge Gain in AOCI to be Released into Earnings Remainder of Fiscal Year | $15,254 |
Net Deferred Hedge Gain in AOCI to be Released into Earnings Year Two | 37,084 |
Net Deferred Hedge Gain in AOCI to be Released into Earnings Year Three | 33,191 |
Net Deferred Hedge Gain in AOCI to be Released into Earnings Year Four | 13,476 |
Net Deferred Hedge Gain in AOCI to be Released into Earnings Year Five | 12,531 |
Net Deferred Hedge Gain in AOCI to be Released into Earnings Thereafter | 41,443 |
Net Deferred Hedge Gain in AOCI to be Released into Earnings | $152,979 |
Property_Plant_And_Equipment_N
Property, Plant And Equipment (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2012 | |||
UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | CANADA | CANADA | CANADA | CANADA | |||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Impairment of Oil and Gas Properties | $0 | $551,132,000 | [1] | $0 | $2,068,787,000 | [1] | $479,905,000 | $1,042,700,000 | $178,000,000 | $1,700,682,000 | $66,282,000 | $157,000,000 | $139,900,000 | $363,160,000 |
Other Asset Impairment Charges | ' | $4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Note 1 contains additional information |
Property_Plant_And_Equipment_S
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Subject to depletion | $5,630,152 | $5,770,913 |
Unevaluated costs | 291,147 | 307,267 |
Net oil and gas properties | 629,684 | 780,960 |
Pipelines and processing facilities | 358,186 | 375,248 |
General properties | 79,619 | 75,147 |
Accumulated depletion | -5,291,615 | -5,297,220 |
Accumulated depreciation | -204,557 | -202,297 |
Net other property and equipment | 233,248 | 248,098 |
Property, plant and equipment, net of accumulated depletion and depreciation | $862,932 | $1,029,058 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 2 Months Ended | 3 Months Ended | 2 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||||||
Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Aug. 21, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Aug. 21, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Combined Credit Agreements [Member] | Combined Credit Agreements [Member] | Canadian Credit Facility [Member] | Senior Notes Due 2019 [Member] | Senior Notes Due 2016 [Member] | Senior Notes Due 2016 [Member] | Senior Notes Due 2021 [Member] | Senior Notes Due 2015 [Member] | Senior Notes Due 2015 [Member] | Senior Notes Due 2015 [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | Senior Secured Second Lien Credit Facility [Member] | Combined Credit Agreements [Member] | Global Letter Of Credit [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Multiple Subsidiaries Set Two [Member] | Alternative Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Libor [Member] | Libor [Member] | Libor [Member] | Libor [Member] | ||||||
Rate | Rate | Rate | U.S. Credit Facility [Member] | Combined Credit Agreements [Member] | U.S. Credit Facility [Member] | Senior Secured Second Lien Credit Facility [Member] | U.S. Credit Facility [Member] | Senior Secured Second Lien Credit Facility [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | Senior Secured Second Lien Credit Facility [Member] | Maximum [Member] | Minimum [Member] | ||||||||||||||||||
Canadian Credit Facility [Member] | Canadian Credit Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity | ' | ' | ' | ' | ' | $350,000,000 | $850,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $280,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Permitted second lien debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 825,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Maximum Global Borrowing Base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing under combined credit agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | 1.75% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured debt leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase Decrease In Applicable Margin On Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDA to interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25 | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum mortgage properties requirement | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium and Tender Premium Paid | 51,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Financing Costs | ' | 23,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 590,600,000 | 325,000,000 | ' | ' | 438,000,000 | 200,000,000 | 625,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | 1,308,382,000 | 111,115,000 | ' | ' | ' | ' | ' | 654,400,000 | ' | ' | 450,700,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issue Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94.93% | ' | ' | ' | 97.00% | 97.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of debt | ' | ' | 1,173,306,000 | 367,646,000 | ' | ' | ' | ' | ' | ' | ' | 308,500,000 | ' | ' | ' | 194,000,000 | 606,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | 4.75% | 1.00% | 5.75% | 5.75% | ' | 3.75% | 2.75% |
Floor on Debt Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | 1.25% | 1.25% | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt Repurchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,068 | ' | ' | ' | 1,027.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid on Repurchased Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.49 | ' | ' | ' | 32.08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchase Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount Tendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 582,500,000 | ' | ' | ' | 425,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consent Fee | ' | ' | ' | ' | ' | ' | ' | ' | $11,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $1,920,873 | $2,046,418 |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 5,294 | 16,788 |
Long-term Debt, Current Maturities | 0 | 0 |
Long-term Debt, Excluding Current Maturities | 1,926,167 | 2,063,206 |
Combined Credit Agreements [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Amount Outstanding | 149,736 | 388,150 |
Senior Secured Second Lien Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured Long-term Debt, Noncurrent | 606,593 | 0 |
Senior Secured Second Lien Term Loan Due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured Long-term Debt, Noncurrent | 194,110 | 0 |
Senior Notes Due 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 10,466 | 435,851 |
Senior Notes Due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 8,032 | 579,795 |
Senior Notes Due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 293,083 | 292,622 |
Senior Notes Due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 308,853 | 0 |
Senior Subordinated Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Subordinated Long-term Debt, Noncurrent | $350,000 | $350,000 |
LongTerm_Debt_Schedule_Of_Outs
Long-Term Debt (Schedule Of Outstanding Debt) (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||||||||
In Millions, unless otherwise specified | Combined Credit Agreements [Member] | Combined Credit Agreements [Member] | Senior Secured Second Lien Credit Facility [Member] | Senior Notes Due 2015 [Member] | Senior Notes Due 2016 [Member] | Senior Notes Due 2019 [Member] | Canadian Credit Facility [Member] | Multiple Subsidiaries Set One [Member] | Multiple Subsidiaries Set Two [Member] | Maximum [Member] | First Mortgage [Member] | Second Lien Debt [Member] | Second Lien Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Subordinated Notes [Member] | Libor [Member] | Libor [Member] | Libor [Member] | Libor [Member] | ABR [Member] | CDOR Rate [Member] | CDOR Rate [Member] | LIBOR [Member] | Canadian Prime Rate [Member] | Canadian Prime Rate [Member] | U.S. Prime Rate [Member] | U.S. Prime Rate [Member] | 2013 [Member] | 2013 [Member] | 2013 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2014 [Member] | 2015 [Member] | 2015 [Member] | 2015 [Member] | 2015 [Member] | 2016 [Member] | 2017 [Member] | 2019 [Member] | 2020 [Member] | ||||||||
U.S. Credit Facility [Member] | U.S. Credit Facility [Member] | U.S. Credit Facility [Member] | Combined Credit Agreements [Member] | Senior Secured Second Lien Credit Facility [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | Senior Notes Due 2015 [Member] | Senior Notes Due 2016 [Member] | Senior Notes Due 2019 [Member] | Senior Notes Due 2021 [Member] | Maximum [Member] | Minimum [Member] | Second Lien Debt [Member] | Second Lien Debt [Member] | Second Lien Debt [Member] | Maximum [Member] | Minimum [Member] | U.S. Credit Facility [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Subordinated Notes [Member] | Second Lien Debt [Member] | Second Lien Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Subordinated Notes [Member] | Second Lien Debt [Member] | Second Lien Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |||||||||||||||||
Canadian Credit Facility [Member] | Canadian Credit Facility [Member] | Senior Secured Second Lien Credit Facility [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | Senior Secured Second Lien Credit Facility [Member] | Canadian Credit Facility [Member] | Canadian Credit Facility [Member] | Canadian Credit Facility [Member] | Canadian Credit Facility [Member] | Canadian Credit Facility [Member] | Canadian Credit Facility [Member] | Senior Notes Due 2015 [Member] | Senior Notes Due 2016 [Member] | Senior Secured Second Lien Credit Facility [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | Senior Notes Due 2015 [Member] | Senior Notes Due 2016 [Member] | Senior Notes Due 2019 [Member] | Senior Secured Second Lien Credit Facility [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | Senior Notes Due 2016 [Member] | Senior Notes Due 2019 [Member] | Senior Notes Due 2019 [Member] | Senior Notes Due 2019 [Member] | Senior Notes Due 2021 [Member] | Senior Notes Due 2021 [Member] | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt Instrument Year Of Maturity | ' | ' | ' | '2015 | '2016 | '2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $350 | $850 | ' | ' | ' | ' | ' | ' | ' | ' | $350 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 625 | [2] | 200 | [2] | 11 | 8 | 298 | 325 | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Scheduled maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6-Sep-16 | [2],[3] | 21-Jun-19 | [2],[3] | 21-Jun-19 | [2],[3] | 1-Aug-15 | 1-Jan-16 | 15-Aug-19 | 1-Jul-21 | 1-Apr-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | [4] | 7.00% | [2] | 7.00% | [2] | 8.25% | 11.75% | 9.13% | 11.00% | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Base Interest Rate Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR, ABR, CDOR | [2],[5],[6] | 'LIBOR floor of 1.25%; ABR floor of 2.25% | [2] | 'LIBOR floor of 1.25% | [2] | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Financial covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '- Minimum current ratio of 1.0 - Minimum EBITDA to cash interest expense ratio of 1.25 - Maximum senior secured debt leverage ratio of 2.0 | [2],[7] | 'N/A | [2],[7] | 'N/A | [2],[7] | 'N/A | [7] | 'N/A | [7] | 'N/A | [7] | 'N/A | [7] | 'N/A | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant restrictive covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives and investments | [2],[7] | '- Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [2],[7] | '- Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [2],[7] | '- Asset sales | [7] | '- Asset sales | [7] | '- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [7] | '- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [7] | '- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Optional redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Any time | [2],[7] | 'Any time, subject to re-pricing event June 21, 2014: 102 2015: 101 | [2],[7] | 'Any time, subject to re-pricing event June 21, 2014: 102 2015: 101 | [2],[7] | 'August 1, 2013: 101.938 2014: par | [7] | 'July 1, 2013: 105.875 2014: 102.938 2015: par | [7] | 'August 15, 2014: 104.563 2015: 103.042 2016: 101.521 2017: par | [7] | 'July 1, 2019: 102.000 2020: par | [7] | 'April 1, 2013: 101.188 2014: par | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Make-whole redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'N/A | [2],[7] | 'N/A | [2],[7] | 'N/A | [2],[7] | 'N/A | [7] | 'N/A | [7] | 'Callable prior to August 15, 2014 at make-whole call price of Treasury +50 bps | [7] | 'Callable prior to July 1, 2019 at make-whole call price of Treasury +50 bps | [7] | 'N/A | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Make-whole redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Change of control | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Event of default | [2],[7] | 'Put at 101% of principal plus accrued interest | [2],[7] | 'Put at 101% of principal plus accrued interest | [2],[7] | 'Put at 101% of principal plus accrued interest | [7] | 'Put at 101% of principal plus accrued interest | [7] | 'Put at 101% of principal plus accrued interest | [7] | 'Put at 101% of principal plus accrued interest | [7] | 'Put at 101% of principal plus accrued interest | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Clawback | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'N/A | [2],[7] | 'N/A | [2],[7] | 'N/A | [2],[7] | 'N/A | [7] | 'N/A | [7] | 'N/A | [7] | 'Redeemable until July 1, 2016 at 111.00%, plus accrued interest for up to 35% | [7] | 'N/A | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Clawback | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Estimated fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 149.7 | 600 | 192 | 10.1 | 8.3 | 271.6 | 307.1 | 332.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Equity interests | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Credit Agreement Repayment Term Trigerring Event, Maximum Threshold For Measurement | $100 | ' | $100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Current ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Minimum EBITDA to cash interest expense ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Senior secured debt leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Redemption percentage of par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.94% | 105.88% | 101.19% | 102.00% | 102.00% | 100.00% | 102.94% | 104.56% | 100.00% | 101.00% | 101.00% | 100.00% | 103.04% | 101.52% | 100.00% | 102.00% | 100.00% | ||||||||
Debt Instrument, Reference Rate, Floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 1.25% | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Applicable margin in addition to interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | 2.75% | ' | ' | ' | 3.75% | 2.75% | 1.00% | 2.75% | 1.75% | 2.75% | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Percentage of principal plus accrued interest for change of control | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | 101.00% | 101.00% | 101.00% | 101.00% | 101.00% | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | The principal amount for the Combined Credit Agreements represents the global borrowing base as of SeptemberB 30, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Borrowings under the Amended and Restated U.S. Credit Facility, Senior Secured Second Lien Credit Agreement and Senior Secured Second Lien Notes due 2019 are guaranteed by certain of Quicksilverbs domestic subsidiaries and are secured (on a first priority basis with respect to the Amended and Restated U.S. Credit Facility and on a second priority basis with respect to the Senior Secured Second Lien Credit Agreement and the Senior Secured Second Lien Notes due 2019) by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline L.P., Barnett Shale Operating LLC, Silver Stream Pipeline Company LLC, QPP Parent LLC and QPP Holdings LLC (collectively, the bDomestic Pledged Equityb), 65% of the equity interests of Quicksilver Resources Canada Inc. (bQuicksilver Canadab) and Quicksilver Production Partners Operating Ltd. (with respect to the Amended and Restated U.S. Credit Facility, on a ratable basis with borrowings under the Amended and Restated Canadian Credit Facility) and the majority of Quicksilver's domestic proved oil and gas properties and related assets, (the bDomestic Pledged Propertyb).B Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by the Domestic Pledged Equity, the Domestic Pledged Property, 100% of the equity interests of Quicksilver Canada (65% of which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and any Canadian restricted subsidiaries, under the Amended and Restated Canadian Credit Facility, and 65% of the equity interests of Quicksilver Production Partners Operating Ltd. (which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and the majority of Quicksilver Canada's oil and gas properties and related assets. The other debt presented is based upon structural seniority and priority of payment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The Combined Credit Agreements are required to be repaid 91 days prior to the maturity of the 2015 Senior Notes, the 2016 Senior Notes, the 2016 Senior Subordinated Notes, the Senior Secured Second Lien Credit Agreement or the Senior Secured Second Lien Notes due 2019, if on the applicable date any amount of such debt remains outstanding. The Senior Secured Second Lien Credit Agreement and Senior Secured Second Lien Notes due 2019 are required to be repaid (1) 91 days prior to the maturity of the 2019 Senior Notes if more than $100 million of the 2019 Senior Notes remain outstanding and (2) 91 days prior to the maturity of the 2015 Senior Notes, the 2016 Senior Notes or the 2016 Senior Subordinated Notes if on the applicable date the aggregate amount of all such notes remaining outstanding is greater than $100 million. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Represents the weighted average borrowing rate payable to lenders. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | mounts outstanding under the Amended and Restated Canadian Credit Facility bear interest, at our election, at (i)B the CDOR Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%, (ii)B the Canadian Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75%, (iii)B the U.S. Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75% and (iv)B adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%. We pay a per annum fee on the LC Exposure (as defined in the Amended and Restated Canadian Credit Facility) of all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin, with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | mounts outstanding under the Amended and Restated U.S. Credit Facility bear interest, at our election, at (i) adjusted LIBOR (as defined in the Amended and Restated U.S. Credit Facility) plus an applicable margin between 2.75% and 3.75%, (ii)B ABR (as defined in the Amended and Restated U.S. Credit Facility), which is the greatest of (a)B the prime rate announced by JPMorgan, (b)B the federal funds rate plus 0.50% and (c)B adjusted LIBOR for an interest period of one month plus 1.00%, plus, in each case under scenario (ii), an applicable margin between 1.75% and 2.75%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated U.S. Credit Facility) of all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin, with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | The information presented in this table is qualified in all respects by reference to the full text of the covenants, provisions and related definitions contained in the documents governing the various components of our debt. |
LongTerm_Debt_LongTerm_Debt_Mi
Long-Term Debt Long-Term Debt (Minimum Required Interest Coverage Ratio) (Details) (Minimum [Member], Combined Credit Agreements [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Q3 2013 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest coverage ratio | 1.25 |
Q4 2013 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest coverage ratio | 1.25 |
Q1 2014 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest coverage ratio | 1.2 |
Q2 2014 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest coverage ratio | 1.15 |
Q3 2014 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest coverage ratio | 1.1 |
Q4 2014 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest coverage ratio | 1.1 |
Q1 2015 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest coverage ratio | 1.1 |
Q2 2015 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest coverage ratio | 1.15 |
Q3 2015 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest coverage ratio | 1.15 |
Q4 2015 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest coverage ratio | 1.2 |
Q1 2016 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest coverage ratio | 1.5 |
Q2 2016 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest coverage ratio | 2 |
Asset_Retirement_Obligations_E
Asset Retirement Obligations (Estimated Asset Retirement Obligation Activity) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation [Abstract] | ' | ' |
Beginning asset retirement obligations | $116,526 | ' |
Additional liability incurred | 3,193 | ' |
Change in estimates | 586 | ' |
Accretion expense | 3,917 | ' |
Asset retirement costs incurred | -1,539 | ' |
Settlement of liability in excess of obligation recorded | 867 | ' |
Disposition | -21,910 | ' |
Currency translation adjustment | -1,903 | ' |
Ending asset retirement obligations | 99,737 | ' |
Less current portion | 577 | ' |
Long-term asset retirement obligation | $99,160 | $115,949 |
Income_Taxes_Valuation_Allowan
Income Taxes Valuation Allowance (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
UNITED STATES | ' |
Valuation Allowance [Line Items] | ' |
Tax Valuation Allowance Expense, Federal | $445.90 |
CANADA | ' |
Valuation Allowance [Line Items] | ' |
Tax Valuation Allowance Expense, Federal | $64.40 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
USD ($) | CAD | USD ($) | NGTL [Member] | Tarrant County, Texas [Member] | Subsequent Event [Member] | |
USD ($) | wells | Tarrant County, Texas [Member] | ||||
acre | USD ($) | |||||
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | $2,200,000 | ' | ' | ' | ' | ' |
Litigation settlement | ' | ' | ' | ' | ' | 400,000 |
Accounts payable | 12,745,000 | ' | 37,131,000 | 12,800,000 | ' | ' |
Line of Credit Facility, Letters of Credit, Increase, Additional Borrowings | ' | 13,000,000 | ' | ' | ' | ' |
Line of Credit Facility, Letters of Credit, Decrease, Additional Borrowings | $14,000,000 | ' | ' | ' | ' | ' |
Wells | ' | ' | ' | ' | 16 | ' |
Tract | ' | ' | ' | ' | 158.75 | ' |
Fortune_Creek_Details
Fortune Creek (Details) (KKR [Member]) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
USD ($) | CAD | |
Y | ||
Minimum Expenditures Required to Acquire Productive Assets | $300 | ' |
Minimum capital expenditures | 170.9 | ' |
Expenditures Required to Acquire Productive Assets Within the Next Twelve Months | 9.1 | ' |
Expenditures Required to Acquire Productive Assets That Could Be Deferred Past 2014 | 20 | ' |
Dedicated years for gas production | 10 | 10 |
Payments to acquire interest in joint venture | 125 | ' |
Percentage of interest by parent in the partnership | 50.00% | 50.00% |
Maximum construction project contributions | ' | 130 |
Quicksilver_Stockholders_Equit2
Quicksilver Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restricted Stock [Member] | Restricted Stock [Member] | Stock Option [Member] | Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 400,000,000 | ' | ' | 400,000,000 | ' | ' | ' | ' |
Shares of common stock outstanding | 177,100,000 | ' | ' | 173,100,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 12,000,000 | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.01 | ' | ' | $0.01 | ' | ' | ' | ' |
Preferred stock, shares authorized | 10,000,000 | ' | ' | 10,000,000 | ' | ' | ' | ' |
Preferred stock, shares outstanding | 0 | ' | ' | 0 | ' | ' | ' | ' |
Preferred stock, par value | $0.01 | ' | ' | $0.01 | ' | ' | ' | ' |
Options issued, fair value | ' | ' | ' | ' | ' | ' | $1.60 | ' |
Total intrinsic values of options | ' | ' | ' | ' | ' | ' | 6,400,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | ' | ' | ' | 15.6 | ' | 2.7 | ' |
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition | ' | ' | ' | ' | 'March 2016 | ' | 'June 2015 | ' |
Estimated grant date fair value | ' | ' | ' | ' | 20.9 | ' | ' | ' |
Fair value of RSUs settled in cash | ' | ' | ' | ' | 3.1 | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | 12.2 | 11.9 | 3.2 | 5.9 |
Total fair value of shares vested | ' | ' | ' | ' | $5.60 | ' | ' | ' |
Common stock, shares issued | 183,685,021 | ' | ' | 179,015,118 | ' | ' | ' | ' |
Treasury stock, shares | 6,545,651 | ' | ' | 5,921,102 | ' | ' | ' | ' |
Immaterial Error Correction | ' | '3600 | '2200 | ' | ' | ' | ' | ' |
Quicksilver_Stockholders_Equit3
Quicksilver Stockholders' Equity (Assumptions For The Black-Scholes Option Pricing Model For Stock Options Issued) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ' |
Weighted avg grant date fair value | $1.05 | $4.21 |
Weighted avg risk-free interest rate | 1.31% | 1.14% |
Expected life (in years) | '4 years 11 months 9 days | '6 years |
Wtd avg volatility | 68.97% | 68.20% |
Expected dividends | 0.00% | 0.00% |
Quicksilver_Stockholders_Equit4
Quicksilver Stockholders' Equity (Stock Option Activity) (Details) (Stock Options [Member], USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of period, Shares | 4,979,980 |
Granted, Shares | 2,037,467 |
Expired, Shares | -151,867 |
Outstanding at end of period, Shares | 6,865,580 |
Outstanding at beginning of period, Wtd Avg Exercise Price | $10.23 |
Exercisable at end of period, Shares | 4,670,679 |
Granted, Wtd Avg Exercise Price | $1.95 |
Expired, Wtd Avg Exercise Price | $7.76 |
Outstanding at end of period, Wtd Avg Exercise Price | $7.83 |
Exercisable at end of period, Wtd Avg Exercise Price | $9.28 |
Outstanding at end of period, Wtd Avg Remaining Contractual Life, Years | '7 years 1 month 9 days |
Exercisable at end of period, Wtd Avg Remaining Contractual Life, Years | '6 years 2 months 19 days |
Outstanding at end of period, Aggregate Intrinsic Value | $0 |
Exercisable at end of period, Aggregate Intrinsic Value | $0 |
Quicksilver_Stockholders_Equit5
Quicksilver Stockholders' Equity (Restricted Stock And Stock Unit Activity) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Payable In Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of period, Shares | 3,099,135 |
Granted, Shares | 6,102,133 |
Vested, Shares | -2,018,457 |
Forfeited, Shares | -1,303,113 |
Outstanding at end of period, Shares | 5,879,698 |
Outstanding at beginning of period, Wtd Avg Grant Date Fair Value | $8.48 |
Granted, Wtd Avg Grant Date Fair Value | $2.74 |
Vested, Wtd Avg Grant Date Fair Value | $7.57 |
Forfeited, Wtd Avg Grant Date Fair Value | $3.63 |
Outstanding at end of period, Wtd Avg Grant Date Fair Value | $3.91 |
Payable In Cash [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of period, Shares | 678,217 |
Granted, Shares | 1,468,695 |
Vested, Shares | -284,406 |
Forfeited, Shares | -298,138 |
Outstanding at end of period, Shares | 1,564,368 |
Outstanding at beginning of period, Wtd Avg Grant Date Fair Value | $7.71 |
Granted, Wtd Avg Grant Date Fair Value | $2.83 |
Vested, Wtd Avg Grant Date Fair Value | $8.51 |
Forfeited, Wtd Avg Grant Date Fair Value | $3.88 |
Outstanding at end of period, Wtd Avg Grant Date Fair Value | $3.72 |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation Of Components Used To Compute Basic And Diluted Net Income Per Common Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Net income (loss) attributable to Quicksilver | $10,577 | ($790,520) | $193,397 | ($1,804,107) | ||||
Undistributed Earnings Allocated to Participating Securities | -312 | [1] | 0 | [1] | -5,111 | [1] | 0 | [1] |
Income (loss) available to shareholders | $10,265 | ($790,520) | $188,286 | ($1,804,107) | ||||
Weighted Average Number of Shares Outstanding, Basic | 171,682,000 | 170,179,000 | 171,403,000 | 170,054,000 | ||||
Share-based compensation awards | 311,000 | 0 | 170,000 | [2] | 0 | [2] | ||
Weighted Average Number of Shares Outstanding, Diluted | 171,993,000 | 170,179,000 | 171,573,000 | 170,054,000 | ||||
Earnings (loss) per common share - basic | $0.06 | ($4.65) | [3] | $1.10 | ($10.61) | [3] | ||
Earnings (loss) per common share - diluted | $0.06 | [2] | ($4.65) | [2],[3] | $1.10 | [2] | ($10.61) | [2],[3] |
Stock Options [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Antidilutive shares excluded from the diluted share calculation | 6,200,000 | 5,000,000 | 5,500,000 | 5,000,000 | ||||
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Antidilutive shares excluded from the diluted share calculation | 200,000 | 300,000 | 200,000 | 300,000 | ||||
[1] | Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, should be included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so. | |||||||
[2] | For the three months ended SeptemberB 30, 2013, 6.2 million shares associated with our stock options and 0.2 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the three months ended SeptemberB 30, 2012, 5.0 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the nine months ended SeptemberB 30, 2013, 5.5 million shares associated with our stock options and 0.2 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the nine months ended SeptemberB 30, 2012, 5.0 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. | |||||||
[3] | Note 1 contains additional information |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Schedule Of Condensed Consolidated Balance Sheets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | $349,948 | $207,513 |
Property and equipment | 862,932 | 1,029,058 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other assets | 118,733 | 145,217 |
Total assets | 1,331,613 | 1,381,788 |
Current liabilities | 115,658 | 167,791 |
Long-term liabilities | 2,180,473 | 2,346,794 |
Stockholders' equity | -964,518 | -1,132,797 |
Total liabilities and stockholders' equity | 1,331,613 | 1,381,788 |
Quicksilver Resources Inc. [Member] | ' | ' |
Current assets | 315,788 | 261,130 |
Property and equipment | 457,139 | 621,073 |
Investment in subsidiaries (equity method) | -211,041 | -191,725 |
Other assets | 476,322 | 346,972 |
Total assets | 1,038,208 | 1,037,450 |
Current liabilities | 107,325 | 255,678 |
Long-term liabilities | 1,895,402 | 1,914,568 |
Stockholders' equity | -964,519 | -1,132,796 |
Total liabilities and stockholders' equity | 1,038,208 | 1,037,450 |
Restricted Guarantor Subsidiaries [Member] | ' | ' |
Current assets | 10,016 | 105,695 |
Property and equipment | 15,757 | 20,007 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 25,773 | 125,702 |
Current liabilities | 11,802 | 112,133 |
Long-term liabilities | 19,242 | 19,242 |
Stockholders' equity | -5,271 | -5,673 |
Total liabilities and stockholders' equity | 25,773 | 125,702 |
Restricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Current assets | 61,101 | 76,088 |
Property and equipment | 304,754 | 296,462 |
Investment in subsidiaries (equity method) | -33,931 | -42,883 |
Other assets | 33,134 | 41,865 |
Total assets | 365,058 | 371,532 |
Current liabilities | 35,835 | 33,475 |
Long-term liabilities | 522,245 | 524,107 |
Stockholders' equity | -193,022 | -186,050 |
Total liabilities and stockholders' equity | 365,058 | 371,532 |
Restricted Subsidiary Eliminations [Member] | ' | ' |
Current assets | -35,986 | -222,586 |
Property and equipment | 0 | 0 |
Investment in subsidiaries (equity method) | 211,041 | 191,725 |
Other assets | -390,723 | -243,620 |
Total assets | -215,668 | -274,481 |
Current liabilities | -35,986 | -222,586 |
Long-term liabilities | -390,723 | -243,620 |
Stockholders' equity | 211,041 | 191,725 |
Total liabilities and stockholders' equity | -215,668 | -274,481 |
Quicksilver And Restricted Subsidiaries [Member] | ' | ' |
Current assets | 350,919 | 220,327 |
Property and equipment | 777,650 | 937,542 |
Investment in subsidiaries (equity method) | -33,931 | -42,883 |
Other assets | 118,733 | 145,217 |
Total assets | 1,213,371 | 1,260,203 |
Current liabilities | 118,976 | 178,700 |
Long-term liabilities | 2,046,166 | 2,214,297 |
Stockholders' equity | -951,771 | -1,132,794 |
Total liabilities and stockholders' equity | 1,213,371 | 1,260,203 |
Unrestricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Current assets | 2,443 | 13,250 |
Property and equipment | 0 | 0 |
Investment in subsidiaries (equity method) | -33,931 | -42,905 |
Other assets | 0 | 0 |
Total assets | -31,488 | -29,655 |
Current liabilities | 2,423 | 13,230 |
Long-term liabilities | 0 | 0 |
Stockholders' equity | -33,911 | -42,885 |
Total liabilities and stockholders' equity | -31,488 | -29,655 |
Fortune Creek [Member] | ' | ' |
Current assets | 1,428 | 391 |
Property and equipment | 85,282 | 91,516 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 86,710 | 91,907 |
Current liabilities | -899 | 2,316 |
Long-term liabilities | 1,575 | 1,585 |
Stockholders' equity | 86,034 | 88,006 |
Total liabilities and stockholders' equity | 86,710 | 91,907 |
Consolidating Eliminations [Member] | ' | ' |
Current assets | -4,842 | -26,455 |
Property and equipment | 0 | 0 |
Investment in subsidiaries (equity method) | 67,862 | 85,788 |
Other assets | 0 | 0 |
Total assets | 63,020 | 59,333 |
Current liabilities | -4,842 | -26,455 |
Long-term liabilities | 132,732 | 130,912 |
Stockholders' equity | -64,870 | -45,124 |
Total liabilities and stockholders' equity | $63,020 | $59,333 |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements Of Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' | $0 | $1,089 | ||
Revenue | 153,116 | 118,188 | 447,318 | 485,072 | ||
Operating expenses | 101,041 | 694,739 | 337,391 | 2,523,717 | ||
Crestwood earn-out | ' | ' | ' | 41,097 | ||
Equity in net earnings of subsidiaries | 0 | 0 | 0 | 0 | ||
Operating income (loss) | 60,049 | -576,551 | 451,073 | -1,997,548 | ||
Fortune Creek accretion | -4,818 | -4,978 | [1] | -14,490 | -14,549 | [1] |
Interest expense and other | 38,688 | 42,497 | -225,123 | -122,585 | ||
Income tax (expense) benefit | -5,966 | -166,494 | [1] | -18,063 | 330,575 | [1] |
Net income (loss) | 10,577 | -790,520 | 193,397 | -1,804,107 | ||
Other comprehensive income (loss) | -8,794 | -46,615 | -38,114 | -44,916 | ||
Equity in OCI of subsidiaries | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) | 1,783 | -837,135 | 155,283 | -1,849,023 | ||
Quicksilver Resources Inc. [Member] | ' | ' | ' | ' | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' | ' | 1,089 | ||
Revenue | 114,021 | 108,366 | 334,848 | 429,774 | ||
Operating expenses | 73,594 | 600,696 | 256,810 | 2,082,777 | ||
Crestwood earn-out | ' | ' | ' | 41,097 | ||
Equity in net earnings of subsidiaries | 3,854 | -71,911 | -9,227 | -305,205 | ||
Operating income (loss) | 52,255 | -564,241 | 409,957 | -1,917,111 | ||
Fortune Creek accretion | 0 | 0 | 0 | 0 | ||
Interest expense and other | -36,922 | -37,964 | -200,639 | -114,578 | ||
Income tax (expense) benefit | -4,756 | -188,457 | -15,921 | 227,582 | ||
Net income (loss) | 10,577 | -790,662 | 193,397 | -1,804,107 | ||
Other comprehensive income (loss) | -6,114 | -40,955 | -29,014 | -48,694 | ||
Equity in OCI of subsidiaries | -2,680 | -5,660 | -9,100 | 3,778 | ||
Comprehensive income (loss) | 1,783 | -837,277 | 155,283 | -1,849,023 | ||
Restricted Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' | ' | 0 | ||
Revenue | 192 | 1,182 | 608 | 3,390 | ||
Operating expenses | 68 | 739 | 206 | 2,541 | ||
Crestwood earn-out | ' | ' | ' | 0 | ||
Equity in net earnings of subsidiaries | 0 | 0 | 0 | 0 | ||
Operating income (loss) | 124 | 443 | 402 | 849 | ||
Fortune Creek accretion | 0 | 0 | 0 | 0 | ||
Interest expense and other | 0 | 0 | 0 | 0 | ||
Income tax (expense) benefit | 0 | 142 | 0 | 0 | ||
Net income (loss) | 124 | 585 | 402 | 849 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||
Equity in OCI of subsidiaries | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) | 124 | 585 | 402 | 849 | ||
Restricted Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' | ' | 0 | ||
Revenue | 38,903 | 9,336 | 111,862 | 54,202 | ||
Operating expenses | 30,360 | 95,412 | 89,559 | 444,621 | ||
Crestwood earn-out | ' | ' | ' | 0 | ||
Equity in net earnings of subsidiaries | -1,834 | -2,269 | -5,300 | -6,931 | ||
Operating income (loss) | 6,709 | -88,345 | 17,003 | -397,350 | ||
Fortune Creek accretion | 0 | 0 | 0 | 0 | ||
Interest expense and other | -1,769 | -4,586 | -24,490 | -8,060 | ||
Income tax (expense) benefit | -1,210 | 20,577 | -2,142 | 99,356 | ||
Net income (loss) | 3,730 | -72,354 | -9,629 | -306,054 | ||
Other comprehensive income (loss) | -2,680 | -5,660 | -9,100 | 3,778 | ||
Equity in OCI of subsidiaries | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) | 1,050 | -78,014 | -18,729 | -302,276 | ||
Restricted Subsidiary Eliminations [Member] | ' | ' | ' | ' | ||
Revenue | 0 | -696 | 0 | -2,294 | ||
Operating expenses | 0 | -696 | 0 | -2,294 | ||
Crestwood earn-out | ' | ' | ' | 0 | ||
Equity in net earnings of subsidiaries | -3,854 | 71,911 | 9,227 | 305,205 | ||
Operating income (loss) | -3,854 | 71,911 | 9,227 | 305,205 | ||
Fortune Creek accretion | 0 | 0 | 0 | 0 | ||
Interest expense and other | 0 | 0 | 0 | 0 | ||
Income tax (expense) benefit | 0 | 0 | 0 | 0 | ||
Net income (loss) | -3,854 | 71,911 | 9,227 | 305,205 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||
Equity in OCI of subsidiaries | 2,680 | 5,660 | 9,100 | -3,778 | ||
Comprehensive income (loss) | -1,174 | 77,571 | 18,327 | 301,427 | ||
Quicksilver And Restricted Subsidiaries [Member] | ' | ' | ' | ' | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' | ' | 1,089 | ||
Revenue | 153,116 | 118,188 | 447,318 | 485,072 | ||
Operating expenses | 104,022 | 696,151 | 346,575 | 2,527,645 | ||
Crestwood earn-out | ' | ' | ' | 41,097 | ||
Equity in net earnings of subsidiaries | -1,834 | -2,269 | -5,300 | -6,931 | ||
Operating income (loss) | 55,234 | -580,232 | 436,589 | -2,008,407 | ||
Fortune Creek accretion | 0 | 0 | 0 | 0 | ||
Interest expense and other | 38,691 | 42,550 | -225,129 | -122,638 | ||
Income tax (expense) benefit | -5,966 | -167,738 | -18,063 | 326,938 | ||
Net income (loss) | 10,577 | -790,520 | 193,397 | -1,804,107 | ||
Other comprehensive income (loss) | -8,794 | -46,615 | -38,114 | -44,916 | ||
Equity in OCI of subsidiaries | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) | 1,783 | -837,135 | 155,283 | -1,849,023 | ||
Unrestricted Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' | ' | 0 | ||
Revenue | 0 | 0 | 0 | 0 | ||
Operating expenses | 0 | 0 | 0 | 0 | ||
Crestwood earn-out | ' | ' | ' | 0 | ||
Equity in net earnings of subsidiaries | 2,984 | 1,443 | 9,190 | 3,959 | ||
Operating income (loss) | 2,984 | 1,443 | 9,190 | 3,959 | ||
Fortune Creek accretion | 0 | 0 | 0 | 0 | ||
Interest expense and other | 0 | -22 | 0 | 22 | ||
Income tax (expense) benefit | 0 | 0 | 0 | 0 | ||
Net income (loss) | 2,984 | 1,465 | 9,190 | 3,981 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||
Equity in OCI of subsidiaries | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) | 2,984 | 1,465 | 9,190 | 3,981 | ||
Fortune Creek [Member] | ' | ' | ' | ' | ||
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | ' | ' | 0 | ||
Revenue | 5,674 | 4,422 | 16,736 | 10,021 | ||
Operating expenses | 2,693 | 3,010 | 7,552 | 6,093 | ||
Crestwood earn-out | ' | ' | ' | 0 | ||
Equity in net earnings of subsidiaries | 0 | 0 | 0 | 0 | ||
Operating income (loss) | 2,981 | 1,412 | 9,184 | 3,928 | ||
Fortune Creek accretion | 0 | 0 | 0 | 0 | ||
Interest expense and other | 3 | -31 | 6 | 31 | ||
Income tax (expense) benefit | 0 | 0 | 0 | 0 | ||
Net income (loss) | 2,984 | 1,443 | 9,190 | 3,959 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||
Equity in OCI of subsidiaries | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) | 2,984 | 1,443 | 9,190 | 3,959 | ||
Consolidating Eliminations [Member] | ' | ' | ' | ' | ||
Revenue | -5,674 | -4,422 | -16,736 | -10,021 | ||
Operating expenses | -5,674 | -4,422 | -16,736 | -10,021 | ||
Crestwood earn-out | ' | ' | ' | 0 | ||
Equity in net earnings of subsidiaries | -1,150 | 826 | -3,890 | 2,972 | ||
Operating income (loss) | -1,150 | 826 | -3,890 | 2,972 | ||
Fortune Creek accretion | -4,818 | -4,978 | -14,490 | -14,549 | ||
Interest expense and other | 0 | 0 | 0 | 0 | ||
Income tax (expense) benefit | 0 | 1,244 | 0 | 3,637 | ||
Net income (loss) | -5,968 | -2,908 | -18,380 | -7,940 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ||
Equity in OCI of subsidiaries | 0 | 0 | 0 | 0 | ||
Comprehensive income (loss) | -5,968 | -2,908 | -18,380 | -7,940 | ||
Tokyo Gas [Member] | ' | ' | ' | ' | ||
Crestwood earn-out | 7,974 | 0 | [1] | 341,146 | ' | |
Tokyo Gas [Member] | Quicksilver Resources Inc. [Member] | ' | ' | ' | ' | ||
Crestwood earn-out | 7,974 | ' | 341,146 | ' | ||
Tokyo Gas [Member] | Restricted Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Crestwood earn-out | 0 | ' | 0 | ' | ||
Tokyo Gas [Member] | Restricted Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Crestwood earn-out | 0 | ' | 0 | ' | ||
Tokyo Gas [Member] | Restricted Subsidiary Eliminations [Member] | ' | ' | ' | ' | ||
Crestwood earn-out | 0 | ' | 0 | ' | ||
Tokyo Gas [Member] | Quicksilver And Restricted Subsidiaries [Member] | ' | ' | ' | ' | ||
Crestwood earn-out | 7,974 | ' | 341,146 | ' | ||
Tokyo Gas [Member] | Unrestricted Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Crestwood earn-out | 0 | ' | 0 | ' | ||
Tokyo Gas [Member] | Fortune Creek [Member] | ' | ' | ' | ' | ||
Crestwood earn-out | 0 | ' | 0 | ' | ||
Tokyo Gas [Member] | Consolidating Eliminations [Member] | ' | ' | ' | ' | ||
Crestwood earn-out | $0 | ' | $0 | ' | ||
[1] | Note 1 contains additional information |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | ($81,103) | $141,376 |
Purchases of property, plant and equipment | -78,549 | -437,172 |
Proceeds from Divestiture of Interest in Subs & Affiliates | ' | 41,097 |
Proceeds from sale of properties and equipment | 2,994 | 3,843 |
Payments to acquire marketable securities | -142,823 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 13,178 | ' |
Net cash used by investing activities | 300,515 | -392,232 |
Issuance of debt | 1,173,306 | 367,646 |
Repayments of debt | -1,308,382 | -111,115 |
Debt issuance costs | -25,868 | -3,048 |
Intercompany note | 0 | ' |
Distribution of Fortune Creek Partnership funds | -8,079 | -6,520 |
Proceeds from exercise of stock options | 0 | -11 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | -1,089 |
Purchase of treasury stock | -1,472 | -2,810 |
Net cash flow provided (used) by financing activities | -170,495 | 245,253 |
Effect of exchange rates on cash | 2,610 | -107 |
Net increase (decrease) in cash and equivalents | 51,527 | -5,710 |
Cash and cash equivalents at beginning of period | 4,951 | 13,146 |
Cash and cash equivalents at end of period | 56,478 | 7,436 |
Quicksilver Resources Inc. [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | -113,029 | 74,952 |
Purchases of property, plant and equipment | -53,291 | -199,136 |
Proceeds from Divestiture of Interest in Subs & Affiliates | ' | 41,097 |
Proceeds from sale of properties and equipment | 2,977 | 3,489 |
Payments to acquire marketable securities | -142,823 | ' |
Proceeds from Sale and Maturity of Marketable Securities | 13,178 | ' |
Net cash used by investing activities | 325,756 | -154,550 |
Issuance of debt | 1,170,266 | 177,500 |
Repayments of debt | -1,157,969 | -98,018 |
Debt issuance costs | -25,868 | -1,998 |
Intercompany note | -147,103 | ' |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Proceeds from exercise of stock options | ' | -11 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | -1,089 |
Purchase of treasury stock | -1,472 | -2,810 |
Net cash flow provided (used) by financing activities | -162,146 | 75,774 |
Effect of exchange rates on cash | 0 | 0 |
Net increase (decrease) in cash and equivalents | 50,581 | -3,824 |
Cash and cash equivalents at beginning of period | 4,618 | 363 |
Cash and cash equivalents at end of period | 55,199 | -3,461 |
Restricted Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | -19 | 655 |
Purchases of property, plant and equipment | 19 | -655 |
Proceeds from Divestiture of Interest in Subs & Affiliates | ' | 0 |
Proceeds from sale of properties and equipment | 0 | 0 |
Payments to acquire marketable securities | 0 | ' |
Proceeds from Sale and Maturity of Marketable Securities | 0 | ' |
Net cash used by investing activities | 19 | -655 |
Issuance of debt | 0 | 0 |
Repayments of debt | 0 | 0 |
Debt issuance costs | 0 | 0 |
Intercompany note | 0 | ' |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Proceeds from exercise of stock options | ' | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | 0 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | 0 | 0 |
Effect of exchange rates on cash | 0 | 0 |
Net increase (decrease) in cash and equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Restricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | 25,517 | 48,301 |
Purchases of property, plant and equipment | -24,752 | -227,509 |
Proceeds from Divestiture of Interest in Subs & Affiliates | ' | 0 |
Proceeds from sale of properties and equipment | 17 | 354 |
Payments to acquire marketable securities | 0 | ' |
Proceeds from Sale and Maturity of Marketable Securities | 0 | ' |
Net cash used by investing activities | -24,735 | -227,155 |
Issuance of debt | 3,040 | 190,146 |
Repayments of debt | -150,413 | -13,097 |
Debt issuance costs | 0 | -1,050 |
Intercompany note | 147,103 | ' |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Proceeds from exercise of stock options | ' | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | 0 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | -270 | 175,999 |
Effect of exchange rates on cash | -512 | 2,855 |
Net increase (decrease) in cash and equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Quicksilver And Restricted Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | -87,531 | 123,908 |
Purchases of property, plant and equipment | -78,024 | -427,300 |
Proceeds from Divestiture of Interest in Subs & Affiliates | ' | 41,097 |
Proceeds from sale of properties and equipment | 2,994 | 3,843 |
Payments to acquire marketable securities | -142,823 | ' |
Proceeds from Sale and Maturity of Marketable Securities | 13,178 | ' |
Net cash used by investing activities | 301,040 | -382,360 |
Issuance of debt | 1,173,306 | 367,646 |
Repayments of debt | -1,308,382 | -111,115 |
Debt issuance costs | -25,868 | -3,048 |
Intercompany note | 0 | ' |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Proceeds from exercise of stock options | ' | -11 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | -1,089 |
Purchase of treasury stock | -1,472 | -2,810 |
Net cash flow provided (used) by financing activities | -162,416 | 251,773 |
Effect of exchange rates on cash | -512 | 2,855 |
Net increase (decrease) in cash and equivalents | 50,581 | -3,824 |
Cash and cash equivalents at beginning of period | 4,618 | 363 |
Cash and cash equivalents at end of period | 55,199 | -3,461 |
Unrestricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | 0 | 0 |
Purchases of property, plant and equipment | 0 | 0 |
Proceeds from Divestiture of Interest in Subs & Affiliates | ' | 0 |
Proceeds from sale of properties and equipment | 0 | 0 |
Payments to acquire marketable securities | 0 | ' |
Proceeds from Sale and Maturity of Marketable Securities | 0 | ' |
Net cash used by investing activities | 0 | 0 |
Issuance of debt | 0 | 0 |
Repayments of debt | 0 | 0 |
Debt issuance costs | 0 | 0 |
Intercompany note | 0 | ' |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Proceeds from exercise of stock options | ' | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | 0 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | 0 | 0 |
Effect of exchange rates on cash | 0 | 0 |
Net increase (decrease) in cash and equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Fortune Creek [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | 6,428 | 17,468 |
Purchases of property, plant and equipment | -525 | -9,872 |
Proceeds from Divestiture of Interest in Subs & Affiliates | ' | 0 |
Proceeds from sale of properties and equipment | 0 | 0 |
Payments to acquire marketable securities | 0 | ' |
Proceeds from Sale and Maturity of Marketable Securities | 0 | ' |
Net cash used by investing activities | -525 | -9,872 |
Issuance of debt | 0 | 0 |
Repayments of debt | 0 | 0 |
Debt issuance costs | 0 | 0 |
Intercompany note | 0 | ' |
Distribution of Fortune Creek Partnership funds | -8,079 | -6,520 |
Proceeds from exercise of stock options | ' | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | ' | 0 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | -8,079 | -6,520 |
Effect of exchange rates on cash | 3,122 | -2,962 |
Net increase (decrease) in cash and equivalents | 946 | -1,886 |
Cash and cash equivalents at beginning of period | 333 | 12,783 |
Cash and cash equivalents at end of period | 1,279 | 10,897 |
Tokyo Gas [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subs & Affiliates | 463,418 | 0 |
Tokyo Gas [Member] | Quicksilver Resources Inc. [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subs & Affiliates | 463,418 | ' |
Tokyo Gas [Member] | Restricted Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subs & Affiliates | 0 | ' |
Tokyo Gas [Member] | Restricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subs & Affiliates | 0 | ' |
Tokyo Gas [Member] | Quicksilver And Restricted Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subs & Affiliates | 463,418 | ' |
Tokyo Gas [Member] | Unrestricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subs & Affiliates | 0 | ' |
Tokyo Gas [Member] | Fortune Creek [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subs & Affiliates | 0 | ' |
Synergy [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subs & Affiliates | 42,297 | 0 |
Synergy [Member] | Quicksilver Resources Inc. [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subs & Affiliates | 42,297 | ' |
Synergy [Member] | Restricted Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subs & Affiliates | 0 | ' |
Synergy [Member] | Restricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subs & Affiliates | 0 | ' |
Synergy [Member] | Quicksilver And Restricted Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subs & Affiliates | 42,297 | ' |
Synergy [Member] | Unrestricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subs & Affiliates | 0 | ' |
Synergy [Member] | Fortune Creek [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subs & Affiliates | $0 | ' |
Segment_Information_Operating_
Segment Information (Operating Income And Property And Equipment Costs Incurred) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Number of geographical segments | ' | ' | ' | ' | ' | ' | 2 | ||
Revenue | $153,116 | $118,188 | ' | ' | $447,318 | $485,072 | ' | ||
Depletion, depreciation and accretion | 14,390 | 34,014 | [1] | ' | ' | 47,911 | 136,469 | [1] | ' |
Depletion, depreciation and accretion | ' | ' | ' | ' | 47,911 | 136,469 | ' | ||
Impairment expense | 0 | 551,132 | [1] | ' | ' | 0 | 2,068,787 | [1] | ' |
Operating income (loss) | 60,049 | -576,551 | ' | ' | 451,073 | -1,997,548 | ' | ||
Property and equipment costs incurred | 20,721 | 67,765 | ' | ' | 72,455 | 359,029 | ' | ||
Property, plant and equipment - net | 862,932 | ' | ' | ' | 862,932 | ' | 1,029,058 | ||
Total assets | 1,331,613 | ' | ' | ' | 1,331,613 | ' | 1,381,788 | ||
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenue | 114,002 | 108,365 | ' | ' | 334,804 | 429,776 | ' | ||
Depletion, depreciation and accretion | 8,402 | 23,205 | ' | ' | 29,745 | 101,432 | ' | ||
Impairment expense | ' | 479,905 | 1,042,700 | 178,000 | ' | 1,700,682 | ' | ||
Operating income (loss) | 56,911 | -476,542 | ' | ' | 456,624 | -1,559,594 | ' | ||
Property and equipment costs incurred | 15,147 | 43,722 | ' | ' | 50,459 | 160,699 | ' | ||
Property, plant and equipment - net | 452,023 | ' | ' | ' | 452,023 | ' | 614,071 | ||
Total assets | 847,466 | ' | ' | ' | 847,466 | ' | 784,104 | ||
CANADA | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenue | 38,407 | 8,859 | ' | ' | 110,052 | 52,249 | ' | ||
Depletion, depreciation and accretion | 4,114 | 8,938 | ' | ' | 12,458 | 29,454 | ' | ||
Impairment expense | ' | 66,282 | 157,000 | 139,900 | ' | 363,160 | ' | ||
Operating income (loss) | 11,076 | -82,528 | ' | ' | 30,126 | -382,194 | ' | ||
Property and equipment costs incurred | 4,288 | 21,382 | ' | ' | 9,972 | 178,783 | ' | ||
Property, plant and equipment - net | 303,265 | ' | ' | ' | 303,265 | ' | 294,921 | ||
Total assets | 365,058 | ' | ' | ' | 365,058 | ' | 371,532 | ||
Midstream [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenue | 6,381 | 6,082 | ' | ' | 19,198 | 15,363 | ' | ||
Depletion, depreciation and accretion | 1,300 | 1,281 | ' | ' | 3,947 | 3,810 | ' | ||
Impairment expense | ' | 4,945 | ' | ' | ' | 4,945 | ' | ||
Operating income (loss) | 3,107 | 443 | ' | ' | 9,593 | 849 | ' | ||
Property and equipment costs incurred | 1,615 | 1,824 | ' | ' | 2,369 | 13,263 | ' | ||
Property, plant and equipment - net | 101,038 | ' | ' | ' | 101,038 | ' | 111,523 | ||
Total assets | 112,483 | ' | ' | ' | 112,483 | ' | 217,609 | ||
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenue | 0 | 0 | ' | ' | 0 | 0 | ' | ||
Depletion, depreciation and accretion | 574 | 590 | ' | ' | 1,761 | 1,773 | ' | ||
Impairment expense | ' | 0 | ' | ' | ' | 0 | ' | ||
Operating income (loss) | -11,045 | -17,924 | ' | ' | -45,270 | -56,609 | ' | ||
Property and equipment costs incurred | -329 | 837 | ' | ' | 9,655 | 6,284 | ' | ||
Property, plant and equipment - net | 6,606 | ' | ' | ' | 6,606 | ' | 8,543 | ||
Total assets | 6,606 | ' | ' | ' | 6,606 | ' | 8,543 | ||
Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenue | -5,674 | -5,118 | ' | ' | -16,736 | -12,316 | ' | ||
Depletion, depreciation and accretion | 0 | 0 | ' | ' | 0 | 0 | ' | ||
Impairment expense | ' | 0 | ' | ' | ' | 0 | ' | ||
Operating income (loss) | 0 | 0 | ' | ' | 0 | 0 | ' | ||
Property and equipment costs incurred | 0 | 0 | ' | ' | 0 | 0 | ' | ||
Property, plant and equipment - net | 0 | ' | ' | ' | 0 | ' | 0 | ||
Total assets | $0 | ' | ' | ' | $0 | ' | $0 | ||
[1] | Note 1 contains additional information |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Cash Paid Or Received For Interest And Income Taxes) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Interest, net of capitalized interest | $227,189 | $141,811 |
Income taxes | $1,217 | ($1,528) |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information (Other Significant Noncash Transactions) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Capital Expenditures Incurred but Not yet Paid | $4,867 | $37,386 |
Transactions_With_Related_Part1
Transactions With Related Parties (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | 31-May-13 | 31-May-13 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Mercury Exploration Company [Member] | Mercury Exploration Company [Member] | Darden Family [Member] | Thomas F. Darden [Member] | Restricted Stock [Member] | Stock Options [Member] | Use Of Airplane [Member] | Use Of Airplane [Member] | Commissions Paid [Member] | |
Thomas F. Darden [Member] | Thomas F. Darden [Member] | Darden Family [Member] | Darden Family [Member] | Darden Family [Member] | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from Related Parties | $100,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' |
Payments to related parties | ' | ' | ' | ' | ' | ' | 300,000 | 400,000 | 200,000 |
Monthly business expense allowance | ' | ' | ' | 12,500 | ' | ' | ' | ' | ' |
Cash bonus related to Tokyo Gas Transaction | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' |
Options issued, fair value | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' |
Unvested equity awards | ' | ' | ' | ' | 242,724 | 304,407 | ' | ' | ' |
Legal fee reimbursement allowance | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' |
Monthly consulting fee | ' | ' | ' | 45,000 | ' | ' | ' | ' | ' |
Maximum bonus eligibility | ' | ' | ' | $2,500,000 | ' | ' | ' | ' | ' |