Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'QUICKSILVER RESOURCES INC | ' |
Entity Central Index Key | '0001060990 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 177,335,940 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Revenue | ' | ' | ||
Production | $115,676 | $132,614 | ||
Sales of purchased natural gas | 17,222 | 16,558 | ||
Net derivative losses | -42,033 | -31,369 | ||
Other | 921 | 900 | ||
Total revenue | 91,786 | 118,703 | ||
Operating expense | ' | ' | ||
Lease operating | 18,757 | 24,895 | ||
Gathering, processing and transportation | 32,783 | 39,824 | ||
Production and ad valorem taxes | 4,184 | 5,484 | ||
Costs of purchased natural gas | 17,192 | 16,518 | ||
Depletion, depreciation and accretion | 13,955 | 18,256 | ||
General and administrative | 15,320 | 16,163 | ||
Other operating | 649 | 1,437 | ||
Total expense | 102,840 | 122,577 | ||
Operating income (loss) | -11,054 | -3,874 | ||
Other income - net | 69 | -150 | ||
Fortune Creek accretion | -4,401 | -4,845 | ||
Interest expense | -40,796 | -43,942 | ||
Income (loss) before income taxes | -56,182 | -52,811 | ||
Income tax (expense) benefit | -2,651 | -6,896 | ||
Net income (loss) | -58,833 | -59,707 | ||
Net Income (Loss) Attributable to Parent | -58,833 | -59,707 | ||
Reclassification adjustments related to settlements of derivative contracts into production revenue- net of income tax | -7,850 | -14,755 | ||
Foreign currency translation adjustment | -4,255 | 301 | ||
Other comprehensive income (loss) | -12,105 | -14,454 | ||
Comprehensive income (loss) | ($70,938) | ($74,161) | ||
Earnings (loss) per common share - basic | ($0.34) | ($0.35) | ||
Earnings (loss) per common share - diluted | ($0.34) | [1] | ($0.35) | [1] |
[1] | For the three months ended March 31, 2014, 6.8 million shares associated with our stock options and 0.3 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended March 31, 2013, 5.0 million shares associated with our stock options and 0.9 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash | $69,254 | $89,103 |
Marketable Securities, Current | 97,441 | 166,343 |
Cash, Cash Equivalents, and Short-term Investments | 166,695 | 255,446 |
Accounts receivable - net of allowance for doubtful accounts | 63,426 | 58,645 |
Derivative assets at fair value | 43,379 | 57,523 |
Other current assets | 20,746 | 22,346 |
Total current assets | 294,246 | 393,960 |
Property, plant and equipment - net | ' | ' |
Oil and gas properties, full cost method (including unevaluated costs of $217,481 and $221,605, respectively) | 662,393 | 640,443 |
Property, Plant and Equipment, Other, Net | 212,725 | 220,362 |
Property, plant and equipment, net of accumulated depletion and depreciation | 875,118 | 860,805 |
Derivative assets at fair value | 50,880 | 73,357 |
Other assets | 39,583 | 41,604 |
Total assets | 1,259,827 | 1,369,726 |
Current liabilities | ' | ' |
Accounts payable | 20,782 | 28,822 |
Accrued liabilities | 97,506 | 102,850 |
Derivative liabilities at fair value | 9,540 | 3,125 |
Total current liabilities | 127,828 | 134,797 |
Long-term debt | 1,986,378 | 1,988,946 |
Partnership liability | 96,328 | 126,132 |
Asset retirement obligations | 105,235 | 106,256 |
Derivative liabilities at fair value | 181 | 323 |
Other liabilities | 19,242 | 19,242 |
Commitments and contingencies (Note 7) | ' | ' |
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 184,761,865 and 183,994,879 shares issued, respectively | 1,848 | 1,840 |
Paid in capital in excess of par value | 773,898 | 770,092 |
Treasury stock of 7,404,835 and 6,698,640 shares, respectively | -53,693 | -51,422 |
Accumulated other comprehensive income | 97,776 | 109,881 |
Retained deficit | -1,895,194 | -1,836,361 |
Total stockholders' equity | -1,075,365 | -1,005,970 |
Total liabilities and stockholders' equity | $1,259,827 | $1,369,726 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | $217,481 | $221,605 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 184,761,865 | 183,994,879 |
Treasury stock, shares | 7,404,835 | 6,698,640 |
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] | Stockholders' Equity, Total [Member] |
In Thousands | |||||||
Balances at Dec. 31, 2012 | ' | $1,790 | $751,394 | ($49,495) | $161,493 | ($1,997,979) | ($1,132,797) |
Net income (loss) | -59,707 | ' | ' | ' | ' | -59,707 | -59,707 |
Hedge derivative contract settlements reclassified into earnings from AOCI, net of income tax | ' | ' | ' | ' | -14,755 | ' | -14,755 |
Foreign currency translation adjustment | 301 | ' | ' | ' | 301 | ' | 301 |
Issuance and vesting of stock compensation | ' | 39 | 4,994 | -1,007 | ' | ' | 4,026 |
Balances at Mar. 31, 2013 | ' | 1,829 | 756,388 | -50,502 | 147,039 | -2,057,686 | -1,202,932 |
Balances at Dec. 31, 2013 | ' | 1,840 | 770,092 | -51,422 | 109,881 | -1,836,361 | -1,005,970 |
Net income (loss) | -58,833 | ' | ' | ' | ' | -58,833 | -58,833 |
Hedge derivative contract settlements reclassified into earnings from AOCI, net of income tax | ' | ' | ' | ' | -7,850 | ' | -7,850 |
Foreign currency translation adjustment | -4,255 | ' | ' | ' | -4,255 | ' | -4,255 |
Issuance and vesting of stock compensation | ' | 8 | 3,806 | -2,271 | ' | ' | 1,543 |
Balances at Mar. 31, 2014 | ' | $1,848 | $773,898 | ($53,693) | $97,776 | ($1,895,194) | ($1,075,365) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Equity (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Income tax effect related to hedge derivative contract settlements reclassified into earnings from accumulated other comprehensive income | ($2,426) | ($6,944) |
Income tax effect related to net change in derivative fair value | $0 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities: | ' | ' |
Net income (loss) | $58,833 | $59,707 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depletion, depreciation and accretion | 13,955 | 18,256 |
Deferred income tax expense (benefit) | 2,426 | 6,596 |
Non-cash loss from hedging and derivative activities | 32,555 | 43,920 |
Stock-based compensation | 3,814 | 5,033 |
Non-cash interest expense | 2,665 | 1,858 |
Fortune Creek accretion | 4,401 | 4,845 |
Other | -407 | 925 |
Changes in assets and liabilities | ' | ' |
Accounts receivable | -13,220 | 6,730 |
Prepaid expenses and other assets | 518 | -190 |
Accounts payable | -10,805 | -17,299 |
Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable | 8,221 | 354 |
Accrued and other liabilities | -5,274 | -25,715 |
Net cash flow provided by (used in) by operating activities | -19,984 | -14,394 |
Investing activities: | ' | ' |
Purchases of property, plant and equipment | -38,729 | -27,442 |
Proceeds from sale of properties and equipment | 1,026 | 608 |
Payments to acquire marketable securities | -55,682 | 0 |
Proceeds from Sale and Maturity of Held-to-maturity Securities | 124,694 | 0 |
Net cash provided by (used in) investing activities | 31,309 | -26,834 |
Financing activities: | ' | ' |
Issuance of debt | 0 | 54,040 |
Repayments of debt | 0 | -4,011 |
Debt issuance costs paid | -162 | 0 |
Distribution of Fortune Creek Partnership funds | -29,472 | -3,198 |
Purchase of treasury stock | -2,271 | -1,007 |
Net cash provided by financing activities | -31,905 | 45,824 |
Effect of exchange rate changes in cash | 731 | 303 |
Net increase (decrease) in cash | -19,849 | 4,899 |
Cash at beginning of period | 89,103 | 4,951 |
Cash at end of period | $69,254 | $9,850 |
Accounting_Policies_And_Disclo
Accounting Policies And Disclosures | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Accounting Policies And Disclosures | ' |
ACCOUNTING POLICIES, DISCLOSURES AND NATURE OF OPERATIONS | |
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 March 31, 2014 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 2013 Annual Report on Form 10-K. | |
We project that we will comply with the financial maintenance covenants associated with our Combined Credit Agreements through the end of 2014, however we do not expect to exceed the required levels by a significant margin, and we may have to reduce costs in response to commodity price changes or other factors should they arise. In addition, due to more stringent financial maintenance covenants that take effect in 2015, absent an improvement in natural gas and NGL prices, significant deleveraging from a strategic transaction, reduced interest costs on our debt through refinancing or significant reductions to our operating costs, we may not comply with our interest coverage requirement under our Combined Credit Agreements and expect that we would need to seek additional covenant relief under the Combined Credit Agreements. We can provide no assurance that we would be successful in obtaining waivers or amendments. We are currently pursuing a transaction involving our Horn River Asset. Any transaction involving our Horn River Asset is likely to result in cash proceeds to us and a reduction in our capital expenditures and liquidity requirements, however we may be unsuccessful in completing such transaction. | |
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 2013 Annual Report on Form 10-K. |
Divestitures
Divestitures | 3 Months Ended |
Mar. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Divestitures | ' |
DIVESTITURES | |
In May 2014, we completed the sale of our Niobrara Asset to Southwestern Energy Company for cash proceeds of $93.5 million. We expect that the Southwestern Transaction will not represent a significant disposal of reserves under GAAP, therefore we will reduce the balance of U.S. oil and gas properties by the amount of these proceeds and we will not recognize a gain or a loss. | |
In April 2013, we sold an undivided 25% interest in our Barnett Shale Asset to TGBR for a purchase price of $485 million. The effective date of the transaction was September 1, 2012. The purchase price was subject to customary price adjustments, which resulted in a final purchase price of $464.0 million. We recognized a gain of $339.3 million before consideration of income taxes as a result of this transaction based on our determination that the Tokyo Gas Transaction represented a significant disposal of reserves. Our U.S. oil and gas properties were reduced by $110.7 million as a result of the Tokyo Gas Transaction. | |
Note 3 to the consolidated financial statements in our 2013 Annual Report on Form 10-K contains additional information on other divestitures. |
Derivatives_And_Fair_Value_Mea
Derivatives And Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 level of the inputs used in estimating the fair value: | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Level 2 derivative instruments | $ | 85,630 | $ | 107,395 | $ | 8,293 | $ | 3,448 | |||||||||
Level 3 derivative instruments | 8,629 | 23,485 | 1,428 | — | |||||||||||||
Total | $ | 94,259 | $ | 130,880 | $ | 9,721 | $ | 3,448 | |||||||||
The fair value of “Level 2” derivative instruments included in these disclosures was estimated using inputs quoted in active markets for the periods covered by the derivatives. 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 input is the market prices for natural gas 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 $4.01 to $5.14 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 | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at beginning of period | $ | 23,485 | $ | (4,931 | ) | ||||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Unrealized loss on derivatives | (17,883 | ) | (18 | ) | |||||||||||||
Settlements in net derivative gains (losses) | 1,599 | (4,088 | ) | ||||||||||||||
Balance at end of period | $ | 7,201 | $ | (9,037 | ) | ||||||||||||
Total losses included in net derivative losses attributable to the change in unrealized losses related to assets still held at the reporting date | $ | (15,576 | ) | $ | (92 | ) | |||||||||||
Commodity Price Derivatives | |||||||||||||||||
As of March 31, 2014, we had natural gas and NGL swaps as follows: | |||||||||||||||||
Production | Daily Production | ||||||||||||||||
Year | Volume | ||||||||||||||||
Natural Gas | NGL | Natural Gas Basis Swaps | |||||||||||||||
MMcfd | MBbld | MMcfd | |||||||||||||||
Remaining 2014 (1) | 170 | 4 | 40 | ||||||||||||||
2015 | 150 | — | — | ||||||||||||||
2016-2021 | 40 | — | — | ||||||||||||||
(1) | Our 2014 NGL derivatives end in September. Our natural gas derivatives and AECO to NYMEX natural gas basis swaps are in place for the whole of 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 over the original term of the hedging relationship. Gains from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings during the following twelve months will result in production revenue of $23.9 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. Upon the early settlements, we recorded the resulting gain as a fair value adjustment to our debt and began to recognize the deferred gain as a reduction of interest expense over the lives of the respective notes. During the three months ended March 31, 2014 and 2013, we recognized $0.5 million and $1.3 million, respectively, of those deferred gains as a reduction of interest expense. Gains from the effective portion of these interest rate swaps expected to reduce interest expense during the following twelve months are $2.1 million. | |||||||||||||||||
Fair Value Disclosures | |||||||||||||||||
The estimated fair value of our derivative instruments at March 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity contracts reported in: | |||||||||||||||||
Current derivative assets | $ | 50,012 | $ | 60,063 | $ | 6,633 | $ | 2,540 | |||||||||
Noncurrent derivative assets | 90,132 | 105,315 | 39,252 | 31,958 | |||||||||||||
Current derivative liabilities | — | — | 9,540 | 3,125 | |||||||||||||
Noncurrent derivative liabilities | 254 | — | 435 | 323 | |||||||||||||
Total derivatives not designated as hedges | $ | 140,398 | $ | 165,378 | $ | 55,860 | $ | 37,946 | |||||||||
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 presentation 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, 2013 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. | |||||||||||||||||
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 sheets as of March 31, 2014 and December 31, 2013 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. We did not sell or transfer any of our marketable securities during 2014 and do not anticipate selling or transferring these investments before their maturity date. At March 31, 2014, 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 | $ | 3,508 | $ | — | $ | (9 | ) | $ | 3,499 | ||||||||
Commercial paper | 93,933 | 15 | (5 | ) | 93,943 | ||||||||||||
Marketable securities | $ | 97,441 | $ | 15 | $ | (14 | ) | $ | 97,442 | ||||||||
We had no marketable securities at March 31, 2013. |
Property_Plant_And_Equipment
Property, Plant And Equipment | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant And Equipment | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consisted of the following: | ||||||||
31-Mar-14 | 31-Dec-13 | |||||||
(In thousands) | ||||||||
Oil and gas properties | ||||||||
Subject to depletion | $ | 5,684,433 | $ | 5,687,557 | ||||
Unevaluated costs | 217,481 | 221,605 | ||||||
Accumulated depletion | (5,239,521 | ) | (5,268,719 | ) | ||||
Net oil and gas properties | 662,393 | 640,443 | ||||||
Other plant and equipment | ||||||||
Pipelines and processing facilities | 341,874 | 347,093 | ||||||
General properties | 71,331 | 72,125 | ||||||
Accumulated depreciation | (200,480 | ) | (198,856 | ) | ||||
Net other property and equipment | 212,725 | 220,362 | ||||||
Property, plant and equipment, net of accumulated depletion and depreciation | $ | 875,118 | $ | 860,805 | ||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ' | ||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||
LONG-TERM DEBT | |||||||||||||||||
Long-term debt consisted of the following: | |||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Combined Credit Agreements | $ | 207,746 | $ | 211,200 | |||||||||||||
Second Lien Term Loan, net of unamortized discount | 608,221 | 607,572 | |||||||||||||||
Second Lien Notes due 2019, net of unamortized discount | 194,631 | 194,423 | |||||||||||||||
Senior notes due 2015, net of unamortized discount | 10,478 | 10,472 | |||||||||||||||
Senior notes due 2016, net of unamortized discount | 8,056 | 8,044 | |||||||||||||||
Senior notes due 2019, net of unamortized discount | 293,405 | 293,243 | |||||||||||||||
Senior notes due 2021, net of unamortized discount | 309,530 | 309,190 | |||||||||||||||
Senior subordinated notes due 2016 | 350,000 | 350,000 | |||||||||||||||
Total debt | 1,982,067 | 1,984,144 | |||||||||||||||
Unamortized deferred gain-terminated interest rate swaps | 4,311 | 4,802 | |||||||||||||||
Long-term debt | $ | 1,986,378 | $ | 1,988,946 | |||||||||||||
Combined Credit Agreements | |||||||||||||||||
The Combined Credit Agreements’ global borrowing base was $350 million and the global letter of credit capacity was $280 million as of March 31, 2014. At March 31, 2014, we had $99.6 million available under the Combined Credit Agreements. | |||||||||||||||||
In April 2014, our redetermined global borrowing base under our Combined Credit Agreements was $325 million. Further, the Combined Credit Agreements were amended changing the definition of EBITDAX. Additionally, we permanently reduced the aggregate maximum credit amounts under the Combined Credit Agreements from $1.75 billion to $650 million. | |||||||||||||||||
Senior Notes due 2015 and Senior Notes due 2016 | |||||||||||||||||
In April 2014, we redeemed all remaining outstanding notes under our Senior Notes due 2015 and Senior Notes due 2016. Our Senior Notes due 2015 were redeemed at 101.938% of the principal amount plus accrued and unpaid interest representing a total payment of $10.9 million and our Senior Notes due 2016 were redeemed at 105.875% of the principal amount plus accrued and unpaid interest representing a total payment of $8.9 million. | |||||||||||||||||
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 March 31, 2014, 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 debt. We cannot 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 senior 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 March 31, 2014. | |||||||||||||||||
Priority on Collateral and Structural Seniority (1) | |||||||||||||||||
Highest | Lowest | ||||||||||||||||
priority | priority | ||||||||||||||||
First Lien | Second Lien | Senior Unsecured | Senior Subordinated | ||||||||||||||
Combined Credit | Second Lien Term Loan | Second Lien Notes due 2019 | 2015 | 2016 | 2019 | 2021 | Senior | ||||||||||
Agreements | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Subordinated Notes | ||||||||||||
Principal amount (1) (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 March 31, 2014 (4) | 3.99% | 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) (9) | - 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 1.10 | |||||||||||||||||
- Maximum senior secured debt leverage ratio of 2.0 | |||||||||||||||||
Significant restrictive covenants (8)(9) | - 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 (9) | Any time | Any time, subject to re-pricing event | Any time, subject to re-pricing event | August 1, | July 1, | August 15, | July 1, | April 1, | |||||||||
June 21, | June 21, | 2013: 101.938 | 2013: 105.875 | 2014: 104.563 | 2019: 102.000 | 2013: 101.188 | |||||||||||
2014: 102 | 2014: 102 | 2014: par | 2014: 102.938 | 2015: 103.042 | 2020: par | 2014: par | |||||||||||
2015: 101 | 2015: 101 | 2015: par | 2016: 101.521 | ||||||||||||||
2017: par | |||||||||||||||||
Make-whole redemption (9) | N/A | N/A | N/A | N/A | N/A | Callable prior | Callable prior | N/A | |||||||||
to August 15, 2014 | to July 1, 2019 | ||||||||||||||||
at make-whole | at make-whole | ||||||||||||||||
call price of | call price of | ||||||||||||||||
Treasury +50 bps | Treasury +50 bps | ||||||||||||||||
Change of control (9) | Event of default | Put at 101% | Put at 101% | Put at 101% | Put at 101% | Put at 101% | Put at 101% | Put at 101% | |||||||||
of principal | of principal | of principal | of principal | of principal | of principal | of principal | |||||||||||
plus accrued | plus accrued | plus accrued | plus accrued | plus accrued | plus accrued | plus accrued | |||||||||||
interest | interest | interest | interest | interest | interest | interest | |||||||||||
Equity clawback (9) | 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 (10) | $207.7 million | $610.2 million | $195.3 million | $10.7 million | $8.6 million | $294.3 million | $346.5 million | $337.5 million | |||||||||
(1) | Borrowings under the Amended and Restated U.S. Credit Facility, Second Lien Term Loan and 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 Second Lien Term Loan and the 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 March 31, 2014. | ||||||||||||||||
(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 Second Lien Term Loan or the Second Lien Notes due 2019, if on the applicable date any amount of such debt remains outstanding. The Second Lien Term Loan and 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 future minimum required interest coverage ratio for the Combined Credit Agreement is as follows: | ||||||||||||||||
Period | Interest Coverage Ratio | Period | Interest Coverage Ratio | ||||||||||||||
Q2 2014 | 1.1 | Q3 2015 | 1.15 | ||||||||||||||
Q3 2014 | 1.1 | Q4 2015 | 1.2 | ||||||||||||||
Q4 2014 | 1.1 | Q1 2016 | 1.5 | ||||||||||||||
Q1 2015 | 1.1 | Q2 2016 | 2 | ||||||||||||||
Q2 2015 | 1.15 | ||||||||||||||||
(8) | Our indentures require us to reinvest or repay senior debt with net cash proceeds from asset sales within one year. | ||||||||||||||||
(9) | 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. | ||||||||||||||||
(10) | The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (“Level 2” inputs). Our Second Lien Term Loan and 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). |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
Note 13 to the consolidated financial statements in our 2013 Annual Report on Form 10-K contains additional information about our income taxes. At March 31, 2014, our U.S. and Canadian valuation allowances are $370.4 million and $62.8 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 assets primarily related to our cumulative net operating losses. Income tax recognized for the three months ended March 31, 2014 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 | 3 Months Ended |
Mar. 31, 2014 | |
Loss Contingency [Abstract] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
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 2013 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 March 31, 2014. |
Fortune_Creek
Fortune Creek | 3 Months Ended |
Mar. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Fortune Creek | ' |
FORTUNE CREEK | |
Note 15 to the consolidated financial statements in our 2013 Annual Report on Form 10-K contains additional information on Fortune Creek. In March 2014, we agreed with KKR to an amendment to extend the ending date of the minimum gross capital expenditures requirement to the earlier of June 30, 2016 or 12 months following consummation of a transaction involving a material portion of our Horn River Asset and to broaden allowable spending to include acquisitions of producing properties that utilize partnership assets. As part of the amendment, we contributed C$28 million to Fortune Creek which was subsequently distributed to KKR and was applied against the gathering agreement requirement. The effect of this contribution was to reduce the balance of the partnership liability and to reduce the gathering rate that burdens our Horn River Asset production by C$0.13 per Mcf until at least 2016. | |
We committed gas production from our Horn River Asset for ten years beginning 2012, as more fully described below. KKR contributed C$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. | |
The firm gathering agreement with Fortune Creek is guaranteed by us. 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 in financing activities. |
Quicksilver_Stockholders_Equit
Quicksilver Stockholders' Equity | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
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 March 31, 2014 and December 31, 2013, we had 177.4 million and 177.3 million shares of common stock outstanding, respectively. | ||||||||||||||
Stock Options | ||||||||||||||
No options have been granted during 2014. The following summarizes the values from and assumptions for the Black-Scholes option pricing model for stock options issued during the three months ended March 31, 2013: | ||||||||||||||
Weighted avg grant date fair value | $1.81 | |||||||||||||
Weighted avg risk-free interest rate | 0.76% | |||||||||||||
Expected life | 5.3 years | |||||||||||||
Wtd avg volatility | 75.00% | |||||||||||||
Expected dividends | — | |||||||||||||
The following table summarizes our stock option activity for the three months ended March 31, 2014: | ||||||||||||||
Shares | Wtd Avg | Wtd Avg | Aggregate | |||||||||||
Exercise | Remaining | Intrinsic Value | ||||||||||||
Price | Contractual Life | |||||||||||||
(In years) | (In thousands) | |||||||||||||
Outstanding at January 1, 2014 | 6,771,578 | $ | 7.82 | |||||||||||
Expired | (20,719 | ) | 9.85 | |||||||||||
Outstanding at March 31, 2014 | 6,750,859 | $ | 7.81 | 5.9 | $ | 1,409 | ||||||||
Exercisable at March 31, 2014 | 5,323,678 | $ | 9.19 | 5.1 | $ | 282 | ||||||||
As of March 31, 2014, we estimate that a total of 6.3 million stock options will vest including those options already exercisable. As of March 31, 2014, the unrecognized compensation cost related to outstanding unvested stock options was $1.6 million, which is expected to be recognized in expense through August 2016. Compensation expense related to stock options of $0.5 million and $1.0 million was recognized for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||
Restricted Stock and Stock Units | ||||||||||||||
The following table summarizes our restricted stock and stock unit activity for the three months ended March 31, 2014: | ||||||||||||||
Payable in shares | Payable in cash | |||||||||||||
Shares | Wtd Avg | Shares | Wtd Avg | |||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Outstanding at January 1, 2014 | 5,668,090 | $ | 3.9 | 1,572,341 | $ | 3.69 | ||||||||
Granted | 662,170 | 3.01 | — | — | ||||||||||
Vested | (2,401,580 | ) | 4.93 | (498,535 | ) | 4.66 | ||||||||
Forfeited | (80,209 | ) | 3.77 | (16,893 | ) | 3.49 | ||||||||
Outstanding at March 31, 2014 | 3,848,471 | $ | 3.11 | 1,056,913 | $ | 3.26 | ||||||||
As of March 31, 2014, the unrecognized compensation cost related to outstanding unvested restricted stock was $11.0 million, which is expected to be recognized in expense through March 2017. Grants of restricted stock and RSUs during the three months ended March 31, 2014 had an estimated grant date fair value of $2.0 million. The fair value of outstanding RSUs to be settled in cash was $2.8 million at March 31, 2014. For the three months ended March 31, 2014 and 2013, compensation expense related to restricted stock and RSUs of $3.7 million and $4.5 million, respectively, was recognized. The total fair value of shares vested during the three months ended March 31, 2014 was $9.4 million. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands, except per share data) | ||||||||
Net loss attributable to Quicksilver | $ | (58,833 | ) | $ | (59,707 | ) | ||
Basic income allocable to participating securities (1) | $ | — | $ | — | ||||
Loss available to shareholders | $ | (58,833 | ) | $ | (59,707 | ) | ||
Weighted average common shares – basic | 173,497 | 171,826 | ||||||
Effect of dilutive securities (2) | ||||||||
Share-based compensation awards | — | — | ||||||
Weighted average common shares – diluted | 173,497 | 171,826 | ||||||
Earnings (loss) per common share – basic | $ | (0.34 | ) | $ | (0.35 | ) | ||
Earnings (loss) per common share – diluted | $ | (0.34 | ) | $ | (0.35 | ) | ||
(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 March 31, 2014, 6.8 million shares associated with our stock options and 0.3 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended March 31, 2013, 5.0 million shares associated with our stock options and 0.9 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL INFORMATION | ||||||||||||||||||||||||||||||||||||
Note 18 to the consolidated financial statements in our 2013 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 three-month period covered by the condensed 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 | ||||||||||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Inc. | Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Consolidated | ||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Current assets | $ | 256,321 | $ | 11,510 | $ | 53,154 | $ | (27,979 | ) | $ | 293,006 | $ | 46 | $ | 1,218 | $ | (24 | ) | $ | 294,246 | ||||||||||||||||
Property and equipment | 480,136 | 15,160 | 302,224 | — | 797,520 | — | 77,598 | — | 875,118 | |||||||||||||||||||||||||||
Investment in subsidiaries (equity method) | (231,131 | ) | — | (1,345 | ) | 231,131 | (1,345 | ) | (1,345 | ) | — | 2,690 | — | |||||||||||||||||||||||
Other assets | 479,128 | — | 24,617 | (413,282 | ) | 90,463 | — | — | — | 90,463 | ||||||||||||||||||||||||||
Total assets | $ | 984,454 | $ | 26,670 | $ | 378,650 | $ | (210,130 | ) | $ | 1,179,644 | $ | (1,299 | ) | $ | 78,816 | $ | 2,666 | $ | 1,259,827 | ||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||
Current liabilities | $ | 116,207 | $ | 12,577 | $ | 25,244 | $ | (27,979 | ) | $ | 126,049 | $ | 25 | $ | 1,778 | $ | (24 | ) | $ | 127,828 | ||||||||||||||||
Long-term liabilities | 1,943,612 | 19,242 | 559,958 | (413,282 | ) | 2,109,530 | — | 1,506 | 96,328 | 2,207,364 | ||||||||||||||||||||||||||
Stockholders' equity | (1,075,365 | ) | (5,149 | ) | (206,552 | ) | 231,131 | (1,055,935 | ) | (1,324 | ) | 75,532 | (93,638 | ) | (1,075,365 | ) | ||||||||||||||||||||
Total liabilities and equity | $ | 984,454 | $ | 26,670 | $ | 378,650 | $ | (210,130 | ) | $ | 1,179,644 | $ | (1,299 | ) | $ | 78,816 | $ | 2,666 | $ | 1,259,827 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
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 | $ | 349,586 | $ | 10,735 | $ | 53,034 | $ | (19,642 | ) | $ | 393,713 | $ | 909 | $ | 1,110 | $ | (1,772 | ) | $ | 393,960 | ||||||||||||||||
Property and equipment | 455,822 | 15,486 | 307,865 | — | 779,173 | — | 81,632 | — | 860,805 | |||||||||||||||||||||||||||
Investment in subsidiaries (equity method) | (217,852 | ) | — | (33,840 | ) | 217,852 | (33,840 | ) | (33,840 | ) | — | 67,680 | — | |||||||||||||||||||||||
Other assets | 472,792 | — | 32,892 | (390,723 | ) | 114,961 | — | — | — | 114,961 | ||||||||||||||||||||||||||
Total assets | $ | 1,060,348 | $ | 26,221 | $ | 359,951 | $ | (192,513 | ) | $ | 1,254,007 | $ | (32,931 | ) | $ | 82,742 | $ | 65,908 | $ | 1,369,726 | ||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||
Current liabilities | $ | 124,275 | $ | 12,210 | $ | 17,167 | $ | (19,642 | ) | $ | 134,010 | $ | 888 | $ | 1,671 | $ | (1,772 | ) | $ | 134,797 | ||||||||||||||||
Long-term liabilities | 1,942,043 | 19,242 | 542,659 | (390,723 | ) | 2,113,221 | — | 1,546 | 126,132 | 2,240,899 | ||||||||||||||||||||||||||
Stockholders' equity | (1,005,970 | ) | (5,231 | ) | (199,875 | ) | 217,852 | (993,224 | ) | (33,819 | ) | 79,525 | (58,452 | ) | (1,005,970 | ) | ||||||||||||||||||||
Total liabilities and equity | $ | 1,060,348 | $ | 26,221 | $ | 359,951 | $ | (192,513 | ) | $ | 1,254,007 | $ | (32,931 | ) | $ | 82,742 | $ | 65,908 | $ | 1,369,726 | ||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||
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 | $ | 62,910 | $ | 374 | $ | 28,502 | $ | — | $ | 91,786 | $ | — | $ | 4,942 | $ | (4,942 | ) | $ | 91,786 | |||||||||||||||||
Operating expenses | 75,401 | 291 | 30,265 | — | 105,957 | — | 1,825 | (4,942 | ) | 102,840 | ||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | (5,689 | ) | — | (1,282 | ) | 5,689 | (1,282 | ) | 3,119 | — | (1,837 | ) | — | |||||||||||||||||||||||
Operating income (loss) | (18,180 | ) | 83 | (3,045 | ) | 5,689 | (15,453 | ) | 3,119 | 3,117 | (1,837 | ) | (11,054 | ) | ||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (4,401 | ) | (4,401 | ) | |||||||||||||||||||||||||
Interest expense and other | (38,011 | ) | — | (2,718 | ) | — | (40,729 | ) | — | 2 | — | (40,727 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | (2,642 | ) | (29 | ) | 20 | — | (2,651 | ) | — | — | — | (2,651 | ) | |||||||||||||||||||||||
Net income (loss) | $ | (58,833 | ) | $ | 54 | $ | (5,743 | ) | $ | 5,689 | $ | (58,833 | ) | $ | 3,119 | $ | 3,119 | $ | (6,238 | ) | $ | (58,833 | ) | |||||||||||||
Other comprehensive income (loss) | (8,798 | ) | — | (3,307 | ) | — | (12,105 | ) | — | — | — | (12,105 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (3,307 | ) | — | — | 3,307 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (70,938 | ) | $ | 54 | $ | (9,050 | ) | $ | 8,996 | $ | (70,938 | ) | $ | 3,119 | $ | 3,119 | $ | (6,238 | ) | $ | (70,938 | ) | |||||||||||||
For the Three Months Ended March 31, 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 | $ | 88,900 | $ | 214 | $ | 29,589 | $ | — | $ | 118,703 | $ | — | $ | 5,325 | $ | (5,325 | ) | $ | 118,703 | |||||||||||||||||
Operating expenses | 97,024 | 30 | 28,459 | — | 125,513 | — | 2,389 | (5,325 | ) | 122,577 | ||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | (4,191 | ) | — | (1,908 | ) | 4,191 | (1,908 | ) | 2,937 | — | (1,029 | ) | — | |||||||||||||||||||||||
Operating income (loss) | (12,315 | ) | 184 | (778 | ) | 4,191 | (8,718 | ) | 2,937 | 2,936 | (1,029 | ) | (3,874 | ) | ||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (4,845 | ) | (4,845 | ) | |||||||||||||||||||||||||
Interest expense and other | (41,168 | ) | — | (2,925 | ) | — | (44,093 | ) | — | 1 | — | (44,092 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | (6,224 | ) | — | (672 | ) | — | (6,896 | ) | — | — | — | (6,896 | ) | |||||||||||||||||||||||
Net income (loss) | $ | (59,707 | ) | $ | 184 | $ | (4,375 | ) | $ | 4,191 | $ | (59,707 | ) | $ | 2,937 | $ | 2,937 | $ | (5,874 | ) | $ | (59,707 | ) | |||||||||||||
Other comprehensive income (loss) | (11,003 | ) | — | (3,451 | ) | — | (14,454 | ) | — | — | — | (14,454 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (3,451 | ) | — | — | 3,451 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (74,161 | ) | $ | 184 | $ | (7,826 | ) | $ | 7,642 | $ | (74,161 | ) | $ | 2,937 | $ | 2,937 | $ | (5,874 | ) | $ | (74,161 | ) | |||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non-Guarantor | Subsidiary | and | Non-Guarantor | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Eliminations | Restricted | Subsidiaries | Consolidated | |||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | (29,198 | ) | $ | 14 | $ | 9,075 | $ | — | $ | (20,109 | ) | $ | — | $ | 125 | $ | — | $ | (19,984 | ) | |||||||||||||||
Purchases of property, plant and equipment | (28,772 | ) | (14 | ) | (9,934 | ) | — | (38,720 | ) | — | (9 | ) | — | (38,729 | ) | |||||||||||||||||||||
Investment in subsidiary | (7,385 | ) | — | (26,395 | ) | 7,385 | (26,395 | ) | (26,395 | ) | — | 52,790 | — | |||||||||||||||||||||||
Proceeds from sale of properties and equipment | 910 | — | 116 | — | 1,026 | — | — | — | 1,026 | |||||||||||||||||||||||||||
Purchases of marketable securities | (55,682 | ) | — | — | — | (55,682 | ) | — | — | — | (55,682 | ) | ||||||||||||||||||||||||
Maturities and sales of marketable securities | 124,694 | — | — | — | 124,694 | — | — | — | 124,694 | |||||||||||||||||||||||||||
Net cash flow provided by (used in) investing activities | 33,765 | (14 | ) | (36,213 | ) | 7,385 | 4,923 | (26,395 | ) | (9 | ) | 52,790 | 31,309 | |||||||||||||||||||||||
Debt issuance costs paid | (162 | ) | — | — | — | (162 | ) | — | — | — | (162 | ) | ||||||||||||||||||||||||
Intercompany note | (22,559 | ) | — | 22,559 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Intercompany financing | — | — | 7,385 | (7,385 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Contribution received | — | — | — | — | — | 26,395 | 26,395 | (52,790 | ) | — | ||||||||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | — | — | (29,472 | ) | — | (29,472 | ) | |||||||||||||||||||||||||
Purchase of treasury stock | (2,271 | ) | — | — | — | (2,271 | ) | — | — | — | (2,271 | ) | ||||||||||||||||||||||||
Net cash flow provided by (used in) financing activities | (24,992 | ) | — | 29,944 | (7,385 | ) | (2,433 | ) | 26,395 | (3,077 | ) | (52,790 | ) | (31,905 | ) | |||||||||||||||||||||
Effect of exchange rates on cash | — | — | (2,357 | ) | — | (2,357 | ) | (1 | ) | 3,089 | — | 731 | ||||||||||||||||||||||||
Net increase (decrease) in cash and equivalents | (20,425 | ) | — | 449 | — | (19,976 | ) | (1 | ) | 128 | — | (19,849 | ) | |||||||||||||||||||||||
Cash and equivalents at beginning of period | 83,893 | — | 4,135 | — | 88,028 | 22 | 1,053 | — | 89,103 | |||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | 63,468 | $ | — | $ | 4,584 | $ | — | $ | 68,052 | $ | 21 | $ | 1,181 | $ | — | $ | 69,254 | ||||||||||||||||||
For the Three Months Ended March 31, 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 | $ | (27,331 | ) | $ | 4 | $ | 10,648 | $ | (16,679 | ) | $ | — | $ | 2,285 | $ | (14,394 | ) | |||||||||||||||||||
Purchases of property, plant and equipment | (18,824 | ) | (4 | ) | (8,110 | ) | (26,938 | ) | — | (504 | ) | (27,442 | ) | |||||||||||||||||||||||
Proceeds from sale of properties and equipment | 591 | — | 17 | 608 | — | — | 608 | |||||||||||||||||||||||||||||
Net cash flow used in investing activities | (18,233 | ) | (4 | ) | (8,093 | ) | (26,330 | ) | — | (504 | ) | (26,834 | ) | |||||||||||||||||||||||
Issuance of debt | 51,000 | — | 3,040 | 54,040 | — | — | 54,040 | |||||||||||||||||||||||||||||
Repayments of debt | — | — | (4,011 | ) | (4,011 | ) | — | — | (4,011 | ) | ||||||||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | — | (3,198 | ) | (3,198 | ) | |||||||||||||||||||||||||||
Purchase of treasury stock | (1,007 | ) | — | — | (1,007 | ) | — | — | (1,007 | ) | ||||||||||||||||||||||||||
Net cash flow provided by (used in) financing activities | 49,993 | — | (971 | ) | 49,022 | — | (3,198 | ) | 45,824 | |||||||||||||||||||||||||||
Effect of exchange rates on cash | — | — | (1,584 | ) | (1,584 | ) | — | 1,887 | 303 | |||||||||||||||||||||||||||
Net increase (decrease) in cash and equivalents | 4,429 | — | — | 4,429 | — | 470 | 4,899 | |||||||||||||||||||||||||||||
Cash and equivalents at beginning of period | 4,618 | — | — | 4,618 | — | 333 | 4,951 | |||||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | 9,047 | $ | — | $ | — | $ | 9,047 | $ | — | $ | 803 | $ | 9,850 | ||||||||||||||||||||||
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
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. In Canada, our midstream operation is the Fortune Creek partnership. 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 March 31: | (In thousands) | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Revenue | $ | 62,903 | $ | 27,962 | $ | 5,863 | $ | — | $ | (4,942 | ) | $ | 91,786 | |||||||||||
DD&A | 7,379 | 4,827 | 1,243 | 506 | — | 13,955 | ||||||||||||||||||
Operating income (loss) | 2,181 | (611 | ) | 3,201 | (15,825 | ) | — | (11,054 | ) | |||||||||||||||
Property and equipment costs incurred | 33,216 | 8,954 | 11 | 91 | — | 42,272 | ||||||||||||||||||
2013 | ||||||||||||||||||||||||
Revenue | $ | 81,553 | $ | 36,260 | $ | 6,215 | $ | — | $ | (5,325 | ) | $ | 118,703 | |||||||||||
DD&A | 13,128 | 3,190 | 1,340 | 598 | — | 18,256 | ||||||||||||||||||
Operating income (loss) | 6,922 | 2,841 | 3,124 | (16,761 | ) | — | (3,874 | ) | ||||||||||||||||
Property and equipment costs incurred | 20,553 | 3,064 | 80 | 640 | — | 24,337 | ||||||||||||||||||
Property, plant and equipment-net | ||||||||||||||||||||||||
31-Mar-14 | $ | 476,579 | $ | 300,837 | $ | 92,758 | $ | 4,944 | $ | — | $ | 875,118 | ||||||||||||
31-Dec-13 | 451,840 | 306,423 | 97,118 | 5,424 | — | 860,805 | ||||||||||||||||||
Total assets | ||||||||||||||||||||||||
31-Mar-14 | 770,747 | 378,650 | 105,486 | 4,944 | — | $ | 1,259,827 | |||||||||||||||||
31-Dec-13 | 895,388 | 359,951 | 108,963 | 5,424 | — | 1,369,726 | ||||||||||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||
Cash paid (received) for interest and income taxes is as follows: | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Interest, net of capitalized interest | $ | 49,103 | $ | 69,633 | ||||
Income taxes | (7,951 | ) | 35 | |||||
Other significant non-cash transactions are as follows: | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Working capital related to capital expenditures | $ | 13,128 | $ | 8,964 | ||||
Transactions_With_Related_Part
Transactions With Related Parties | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Transactions With Related Parties | ' |
TRANSACTIONS AND OTHER MATTERS WITH RELATED PARTIES | |
As of March 31, 2014, 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 a director, of Quicksilver. | |
During the first three months of 2013, we paid $0.3 million 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 three months of 2014 and 2013. | |
Thomas Darden retired as an employee on December 31, 2013. During the first three months of 2014, consulting fee payments of $135,000, office allowance payments of $37,500 and COBRA payments of $39,000 were made to Mr. Darden. Additionally, in accordance with the agreement related to such retirement signed in May 2013 and following the execution and non-revocation of a release agreement satisfactory to us, we paid Mr. Darden a cash bonus of $286,650 and an equity bonus in the form of 72,662 fully vested shares having a grant date fair value equal to $191,100 in March 2014. |
Derivatives_And_Fair_Value_Mea1
Derivatives And Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Credit Risk Derivatives, at Fair Value, Net [Abstract] | ' | ||||||||||||||||
Estimated Fair Value Of Derivative Instruments Under Input Levels | ' | ||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Level 2 derivative instruments | $ | 85,630 | $ | 107,395 | $ | 8,293 | $ | 3,448 | |||||||||
Level 3 derivative instruments | 8,629 | 23,485 | 1,428 | — | |||||||||||||
Total | $ | 94,259 | $ | 130,880 | $ | 9,721 | $ | 3,448 | |||||||||
Changes In Level 3 Fair Values | ' | ||||||||||||||||
For the Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at beginning of period | $ | 23,485 | $ | (4,931 | ) | ||||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Unrealized loss on derivatives | (17,883 | ) | (18 | ) | |||||||||||||
Settlements in net derivative gains (losses) | 1,599 | (4,088 | ) | ||||||||||||||
Balance at end of period | $ | 7,201 | $ | (9,037 | ) | ||||||||||||
Total losses included in net derivative losses attributable to the change in unrealized losses related to assets still held at the reporting date | $ | (15,576 | ) | $ | (92 | ) | |||||||||||
Held-to-maturity Securities [Table Text Block] | ' | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Marketable securities (held-to-maturity) | |||||||||||||||||
Time deposits | $ | 3,508 | $ | — | $ | (9 | ) | $ | 3,499 | ||||||||
Commercial paper | 93,933 | 15 | (5 | ) | 93,943 | ||||||||||||
Marketable securities | $ | 97,441 | $ | 15 | $ | (14 | ) | $ | 97,442 | ||||||||
Price Collars And Swaps For Anticipated Natural Gas And NGL Production | ' | ||||||||||||||||
Production | Daily Production | ||||||||||||||||
Year | Volume | ||||||||||||||||
Natural Gas | NGL | Natural Gas Basis Swaps | |||||||||||||||
MMcfd | MBbld | MMcfd | |||||||||||||||
Remaining 2014 (1) | 170 | 4 | 40 | ||||||||||||||
2015 | 150 | — | — | ||||||||||||||
2016-2021 | 40 | — | — | ||||||||||||||
(1) | Our 2014 NGL derivatives end in September. Our natural gas derivatives and AECO to NYMEX natural gas basis swaps are in place for the whole of 2014. | ||||||||||||||||
Estimated Fair Value Of Derivative Instruments | ' | ||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity contracts reported in: | |||||||||||||||||
Current derivative assets | $ | 50,012 | $ | 60,063 | $ | 6,633 | $ | 2,540 | |||||||||
Noncurrent derivative assets | 90,132 | 105,315 | 39,252 | 31,958 | |||||||||||||
Current derivative liabilities | — | — | 9,540 | 3,125 | |||||||||||||
Noncurrent derivative liabilities | 254 | — | 435 | 323 | |||||||||||||
Total derivatives not designated as hedges | $ | 140,398 | $ | 165,378 | $ | 55,860 | $ | 37,946 | |||||||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant, and Equipment [Table Text Block] | ' | |||||||
31-Mar-14 | 31-Dec-13 | |||||||
(In thousands) | ||||||||
Oil and gas properties | ||||||||
Subject to depletion | $ | 5,684,433 | $ | 5,687,557 | ||||
Unevaluated costs | 217,481 | 221,605 | ||||||
Accumulated depletion | (5,239,521 | ) | (5,268,719 | ) | ||||
Net oil and gas properties | 662,393 | 640,443 | ||||||
Other plant and equipment | ||||||||
Pipelines and processing facilities | 341,874 | 347,093 | ||||||
General properties | 71,331 | 72,125 | ||||||
Accumulated depreciation | (200,480 | ) | (198,856 | ) | ||||
Net other property and equipment | 212,725 | 220,362 | ||||||
Property, plant and equipment, net of accumulated depletion and depreciation | $ | 875,118 | $ | 860,805 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ' | ||||||||||||||||
Schedule Of Long-Term Debt Instruments | ' | ||||||||||||||||
31-Mar-14 | 31-Dec-13 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Combined Credit Agreements | $ | 207,746 | $ | 211,200 | |||||||||||||
Second Lien Term Loan, net of unamortized discount | 608,221 | 607,572 | |||||||||||||||
Second Lien Notes due 2019, net of unamortized discount | 194,631 | 194,423 | |||||||||||||||
Senior notes due 2015, net of unamortized discount | 10,478 | 10,472 | |||||||||||||||
Senior notes due 2016, net of unamortized discount | 8,056 | 8,044 | |||||||||||||||
Senior notes due 2019, net of unamortized discount | 293,405 | 293,243 | |||||||||||||||
Senior notes due 2021, net of unamortized discount | 309,530 | 309,190 | |||||||||||||||
Senior subordinated notes due 2016 | 350,000 | 350,000 | |||||||||||||||
Total debt | 1,982,067 | 1,984,144 | |||||||||||||||
Unamortized deferred gain-terminated interest rate swaps | 4,311 | 4,802 | |||||||||||||||
Long-term debt | $ | 1,986,378 | $ | 1,988,946 | |||||||||||||
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 | Second Lien Term Loan | Second Lien Notes due 2019 | 2015 | 2016 | 2019 | 2021 | Senior | ||||||||||
Agreements | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Subordinated Notes | ||||||||||||
Principal amount (1) (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 March 31, 2014 (4) | 3.99% | 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) (9) | - 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 1.10 | |||||||||||||||||
- Maximum senior secured debt leverage ratio of 2.0 | |||||||||||||||||
Significant restrictive covenants (8)(9) | - 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 (9) | Any time | Any time, subject to re-pricing event | Any time, subject to re-pricing event | August 1, | July 1, | August 15, | July 1, | April 1, | |||||||||
June 21, | June 21, | 2013: 101.938 | 2013: 105.875 | 2014: 104.563 | 2019: 102.000 | 2013: 101.188 | |||||||||||
2014: 102 | 2014: 102 | 2014: par | 2014: 102.938 | 2015: 103.042 | 2020: par | 2014: par | |||||||||||
2015: 101 | 2015: 101 | 2015: par | 2016: 101.521 | ||||||||||||||
2017: par | |||||||||||||||||
Make-whole redemption (9) | N/A | N/A | N/A | N/A | N/A | Callable prior | Callable prior | N/A | |||||||||
to August 15, 2014 | to July 1, 2019 | ||||||||||||||||
at make-whole | at make-whole | ||||||||||||||||
call price of | call price of | ||||||||||||||||
Treasury +50 bps | Treasury +50 bps | ||||||||||||||||
Change of control (9) | Event of default | Put at 101% | Put at 101% | Put at 101% | Put at 101% | Put at 101% | Put at 101% | Put at 101% | |||||||||
of principal | of principal | of principal | of principal | of principal | of principal | of principal | |||||||||||
plus accrued | plus accrued | plus accrued | plus accrued | plus accrued | plus accrued | plus accrued | |||||||||||
interest | interest | interest | interest | interest | interest | interest | |||||||||||
Equity clawback (9) | 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 (10) | $207.7 million | $610.2 million | $195.3 million | $10.7 million | $8.6 million | $294.3 million | $346.5 million | $337.5 million | |||||||||
(1) | Borrowings under the Amended and Restated U.S. Credit Facility, Second Lien Term Loan and 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 Second Lien Term Loan and the 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 March 31, 2014. | ||||||||||||||||
(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 Second Lien Term Loan or the Second Lien Notes due 2019, if on the applicable date any amount of such debt remains outstanding. The Second Lien Term Loan and 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 future minimum required interest coverage ratio for the Combined Credit Agreement is as follows: | ||||||||||||||||
Period | Interest Coverage Ratio | Period | Interest Coverage Ratio | ||||||||||||||
Q2 2014 | 1.1 | Q3 2015 | 1.15 | ||||||||||||||
Q3 2014 | 1.1 | Q4 2015 | 1.2 | ||||||||||||||
Q4 2014 | 1.1 | Q1 2016 | 1.5 | ||||||||||||||
Q1 2015 | 1.1 | Q2 2016 | 2 | ||||||||||||||
Q2 2015 | 1.15 | ||||||||||||||||
(8) | Our indentures require us to reinvest or repay senior debt with net cash proceeds from asset sales within one year. | ||||||||||||||||
(9) | 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. | ||||||||||||||||
(10) | The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (“Level 2” inputs). Our Second Lien Term Loan and 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). |
Quicksilver_Stockholders_Equit1
Quicksilver Stockholders' Equity (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | |||||||||||||
Assumptions For The Black-Scholes Option Pricing Model For Stock Options Issued | ' | |||||||||||||
Weighted avg grant date fair value | $1.81 | |||||||||||||
Weighted avg risk-free interest rate | 0.76% | |||||||||||||
Expected life | 5.3 years | |||||||||||||
Wtd avg volatility | 75.00% | |||||||||||||
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, 2014 | 6,771,578 | $ | 7.82 | |||||||||||
Expired | (20,719 | ) | 9.85 | |||||||||||
Outstanding at March 31, 2014 | 6,750,859 | $ | 7.81 | 5.9 | $ | 1,409 | ||||||||
Exercisable at March 31, 2014 | 5,323,678 | $ | 9.19 | 5.1 | $ | 282 | ||||||||
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, 2014 | 5,668,090 | $ | 3.9 | 1,572,341 | $ | 3.69 | ||||||||
Granted | 662,170 | 3.01 | — | — | ||||||||||
Vested | (2,401,580 | ) | 4.93 | (498,535 | ) | 4.66 | ||||||||
Forfeited | (80,209 | ) | 3.77 | (16,893 | ) | 3.49 | ||||||||
Outstanding at March 31, 2014 | 3,848,471 | $ | 3.11 | 1,056,913 | $ | 3.26 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Reconciliation Of Components Used To Compute Basic And Diluted Earnings (Loss) Per Common Share | ' | |||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands, except per share data) | ||||||||
Net loss attributable to Quicksilver | $ | (58,833 | ) | $ | (59,707 | ) | ||
Basic income allocable to participating securities (1) | $ | — | $ | — | ||||
Loss available to shareholders | $ | (58,833 | ) | $ | (59,707 | ) | ||
Weighted average common shares – basic | 173,497 | 171,826 | ||||||
Effect of dilutive securities (2) | ||||||||
Share-based compensation awards | — | — | ||||||
Weighted average common shares – diluted | 173,497 | 171,826 | ||||||
Earnings (loss) per common share – basic | $ | (0.34 | ) | $ | (0.35 | ) | ||
Earnings (loss) per common share – diluted | $ | (0.34 | ) | $ | (0.35 | ) | ||
(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 March 31, 2014, 6.8 million shares associated with our stock options and 0.3 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended March 31, 2013, 5.0 million shares associated with our stock options and 0.9 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Inc. | Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Consolidated | ||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Current assets | $ | 256,321 | $ | 11,510 | $ | 53,154 | $ | (27,979 | ) | $ | 293,006 | $ | 46 | $ | 1,218 | $ | (24 | ) | $ | 294,246 | ||||||||||||||||
Property and equipment | 480,136 | 15,160 | 302,224 | — | 797,520 | — | 77,598 | — | 875,118 | |||||||||||||||||||||||||||
Investment in subsidiaries (equity method) | (231,131 | ) | — | (1,345 | ) | 231,131 | (1,345 | ) | (1,345 | ) | — | 2,690 | — | |||||||||||||||||||||||
Other assets | 479,128 | — | 24,617 | (413,282 | ) | 90,463 | — | — | — | 90,463 | ||||||||||||||||||||||||||
Total assets | $ | 984,454 | $ | 26,670 | $ | 378,650 | $ | (210,130 | ) | $ | 1,179,644 | $ | (1,299 | ) | $ | 78,816 | $ | 2,666 | $ | 1,259,827 | ||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||
Current liabilities | $ | 116,207 | $ | 12,577 | $ | 25,244 | $ | (27,979 | ) | $ | 126,049 | $ | 25 | $ | 1,778 | $ | (24 | ) | $ | 127,828 | ||||||||||||||||
Long-term liabilities | 1,943,612 | 19,242 | 559,958 | (413,282 | ) | 2,109,530 | — | 1,506 | 96,328 | 2,207,364 | ||||||||||||||||||||||||||
Stockholders' equity | (1,075,365 | ) | (5,149 | ) | (206,552 | ) | 231,131 | (1,055,935 | ) | (1,324 | ) | 75,532 | (93,638 | ) | (1,075,365 | ) | ||||||||||||||||||||
Total liabilities and equity | $ | 984,454 | $ | 26,670 | $ | 378,650 | $ | (210,130 | ) | $ | 1,179,644 | $ | (1,299 | ) | $ | 78,816 | $ | 2,666 | $ | 1,259,827 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
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 | $ | 349,586 | $ | 10,735 | $ | 53,034 | $ | (19,642 | ) | $ | 393,713 | $ | 909 | $ | 1,110 | $ | (1,772 | ) | $ | 393,960 | ||||||||||||||||
Property and equipment | 455,822 | 15,486 | 307,865 | — | 779,173 | — | 81,632 | — | 860,805 | |||||||||||||||||||||||||||
Investment in subsidiaries (equity method) | (217,852 | ) | — | (33,840 | ) | 217,852 | (33,840 | ) | (33,840 | ) | — | 67,680 | — | |||||||||||||||||||||||
Other assets | 472,792 | — | 32,892 | (390,723 | ) | 114,961 | — | — | — | 114,961 | ||||||||||||||||||||||||||
Total assets | $ | 1,060,348 | $ | 26,221 | $ | 359,951 | $ | (192,513 | ) | $ | 1,254,007 | $ | (32,931 | ) | $ | 82,742 | $ | 65,908 | $ | 1,369,726 | ||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||
Current liabilities | $ | 124,275 | $ | 12,210 | $ | 17,167 | $ | (19,642 | ) | $ | 134,010 | $ | 888 | $ | 1,671 | $ | (1,772 | ) | $ | 134,797 | ||||||||||||||||
Long-term liabilities | 1,942,043 | 19,242 | 542,659 | (390,723 | ) | 2,113,221 | — | 1,546 | 126,132 | 2,240,899 | ||||||||||||||||||||||||||
Stockholders' equity | (1,005,970 | ) | (5,231 | ) | (199,875 | ) | 217,852 | (993,224 | ) | (33,819 | ) | 79,525 | (58,452 | ) | (1,005,970 | ) | ||||||||||||||||||||
Total liabilities and equity | $ | 1,060,348 | $ | 26,221 | $ | 359,951 | $ | (192,513 | ) | $ | 1,254,007 | $ | (32,931 | ) | $ | 82,742 | $ | 65,908 | $ | 1,369,726 | ||||||||||||||||
Condensed Consolidating Statements Of Income | ' | |||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||
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 | $ | 62,910 | $ | 374 | $ | 28,502 | $ | — | $ | 91,786 | $ | — | $ | 4,942 | $ | (4,942 | ) | $ | 91,786 | |||||||||||||||||
Operating expenses | 75,401 | 291 | 30,265 | — | 105,957 | — | 1,825 | (4,942 | ) | 102,840 | ||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | (5,689 | ) | — | (1,282 | ) | 5,689 | (1,282 | ) | 3,119 | — | (1,837 | ) | — | |||||||||||||||||||||||
Operating income (loss) | (18,180 | ) | 83 | (3,045 | ) | 5,689 | (15,453 | ) | 3,119 | 3,117 | (1,837 | ) | (11,054 | ) | ||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (4,401 | ) | (4,401 | ) | |||||||||||||||||||||||||
Interest expense and other | (38,011 | ) | — | (2,718 | ) | — | (40,729 | ) | — | 2 | — | (40,727 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | (2,642 | ) | (29 | ) | 20 | — | (2,651 | ) | — | — | — | (2,651 | ) | |||||||||||||||||||||||
Net income (loss) | $ | (58,833 | ) | $ | 54 | $ | (5,743 | ) | $ | 5,689 | $ | (58,833 | ) | $ | 3,119 | $ | 3,119 | $ | (6,238 | ) | $ | (58,833 | ) | |||||||||||||
Other comprehensive income (loss) | (8,798 | ) | — | (3,307 | ) | — | (12,105 | ) | — | — | — | (12,105 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (3,307 | ) | — | — | 3,307 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (70,938 | ) | $ | 54 | $ | (9,050 | ) | $ | 8,996 | $ | (70,938 | ) | $ | 3,119 | $ | 3,119 | $ | (6,238 | ) | $ | (70,938 | ) | |||||||||||||
For the Three Months Ended March 31, 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 | $ | 88,900 | $ | 214 | $ | 29,589 | $ | — | $ | 118,703 | $ | — | $ | 5,325 | $ | (5,325 | ) | $ | 118,703 | |||||||||||||||||
Operating expenses | 97,024 | 30 | 28,459 | — | 125,513 | — | 2,389 | (5,325 | ) | 122,577 | ||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | (4,191 | ) | — | (1,908 | ) | 4,191 | (1,908 | ) | 2,937 | — | (1,029 | ) | — | |||||||||||||||||||||||
Operating income (loss) | (12,315 | ) | 184 | (778 | ) | 4,191 | (8,718 | ) | 2,937 | 2,936 | (1,029 | ) | (3,874 | ) | ||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (4,845 | ) | (4,845 | ) | |||||||||||||||||||||||||
Interest expense and other | (41,168 | ) | — | (2,925 | ) | — | (44,093 | ) | — | 1 | — | (44,092 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | (6,224 | ) | — | (672 | ) | — | (6,896 | ) | — | — | — | (6,896 | ) | |||||||||||||||||||||||
Net income (loss) | $ | (59,707 | ) | $ | 184 | $ | (4,375 | ) | $ | 4,191 | $ | (59,707 | ) | $ | 2,937 | $ | 2,937 | $ | (5,874 | ) | $ | (59,707 | ) | |||||||||||||
Other comprehensive income (loss) | (11,003 | ) | — | (3,451 | ) | — | (14,454 | ) | — | — | — | (14,454 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (3,451 | ) | — | — | 3,451 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (74,161 | ) | $ | 184 | $ | (7,826 | ) | $ | 7,642 | $ | (74,161 | ) | $ | 2,937 | $ | 2,937 | $ | (5,874 | ) | $ | (74,161 | ) | |||||||||||||
Condensed Consolidating Statements Of Cash Flows | ' | |||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non-Guarantor | Subsidiary | and | Non-Guarantor | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Eliminations | Restricted | Subsidiaries | Consolidated | |||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | (29,198 | ) | $ | 14 | $ | 9,075 | $ | — | $ | (20,109 | ) | $ | — | $ | 125 | $ | — | $ | (19,984 | ) | |||||||||||||||
Purchases of property, plant and equipment | (28,772 | ) | (14 | ) | (9,934 | ) | — | (38,720 | ) | — | (9 | ) | — | (38,729 | ) | |||||||||||||||||||||
Investment in subsidiary | (7,385 | ) | — | (26,395 | ) | 7,385 | (26,395 | ) | (26,395 | ) | — | 52,790 | — | |||||||||||||||||||||||
Proceeds from sale of properties and equipment | 910 | — | 116 | — | 1,026 | — | — | — | 1,026 | |||||||||||||||||||||||||||
Purchases of marketable securities | (55,682 | ) | — | — | — | (55,682 | ) | — | — | — | (55,682 | ) | ||||||||||||||||||||||||
Maturities and sales of marketable securities | 124,694 | — | — | — | 124,694 | — | — | — | 124,694 | |||||||||||||||||||||||||||
Net cash flow provided by (used in) investing activities | 33,765 | (14 | ) | (36,213 | ) | 7,385 | 4,923 | (26,395 | ) | (9 | ) | 52,790 | 31,309 | |||||||||||||||||||||||
Debt issuance costs paid | (162 | ) | — | — | — | (162 | ) | — | — | — | (162 | ) | ||||||||||||||||||||||||
Intercompany note | (22,559 | ) | — | 22,559 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Intercompany financing | — | — | 7,385 | (7,385 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Contribution received | — | — | — | — | — | 26,395 | 26,395 | (52,790 | ) | — | ||||||||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | — | — | (29,472 | ) | — | (29,472 | ) | |||||||||||||||||||||||||
Purchase of treasury stock | (2,271 | ) | — | — | — | (2,271 | ) | — | — | — | (2,271 | ) | ||||||||||||||||||||||||
Net cash flow provided by (used in) financing activities | (24,992 | ) | — | 29,944 | (7,385 | ) | (2,433 | ) | 26,395 | (3,077 | ) | (52,790 | ) | (31,905 | ) | |||||||||||||||||||||
Effect of exchange rates on cash | — | — | (2,357 | ) | — | (2,357 | ) | (1 | ) | 3,089 | — | 731 | ||||||||||||||||||||||||
Net increase (decrease) in cash and equivalents | (20,425 | ) | — | 449 | — | (19,976 | ) | (1 | ) | 128 | — | (19,849 | ) | |||||||||||||||||||||||
Cash and equivalents at beginning of period | 83,893 | — | 4,135 | — | 88,028 | 22 | 1,053 | — | 89,103 | |||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | 63,468 | $ | — | $ | 4,584 | $ | — | $ | 68,052 | $ | 21 | $ | 1,181 | $ | — | $ | 69,254 | ||||||||||||||||||
For the Three Months Ended March 31, 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 | $ | (27,331 | ) | $ | 4 | $ | 10,648 | $ | (16,679 | ) | $ | — | $ | 2,285 | $ | (14,394 | ) | |||||||||||||||||||
Purchases of property, plant and equipment | (18,824 | ) | (4 | ) | (8,110 | ) | (26,938 | ) | — | (504 | ) | (27,442 | ) | |||||||||||||||||||||||
Proceeds from sale of properties and equipment | 591 | — | 17 | 608 | — | — | 608 | |||||||||||||||||||||||||||||
Net cash flow used in investing activities | (18,233 | ) | (4 | ) | (8,093 | ) | (26,330 | ) | — | (504 | ) | (26,834 | ) | |||||||||||||||||||||||
Issuance of debt | 51,000 | — | 3,040 | 54,040 | — | — | 54,040 | |||||||||||||||||||||||||||||
Repayments of debt | — | — | (4,011 | ) | (4,011 | ) | — | — | (4,011 | ) | ||||||||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | — | (3,198 | ) | (3,198 | ) | |||||||||||||||||||||||||||
Purchase of treasury stock | (1,007 | ) | — | — | (1,007 | ) | — | — | (1,007 | ) | ||||||||||||||||||||||||||
Net cash flow provided by (used in) financing activities | 49,993 | — | (971 | ) | 49,022 | — | (3,198 | ) | 45,824 | |||||||||||||||||||||||||||
Effect of exchange rates on cash | — | — | (1,584 | ) | (1,584 | ) | — | 1,887 | 303 | |||||||||||||||||||||||||||
Net increase (decrease) in cash and equivalents | 4,429 | — | — | 4,429 | — | 470 | 4,899 | |||||||||||||||||||||||||||||
Cash and equivalents at beginning of period | 4,618 | — | — | 4,618 | — | 333 | 4,951 | |||||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | 9,047 | $ | — | $ | — | $ | 9,047 | $ | — | $ | 803 | $ | 9,850 | ||||||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
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 March 31: | (In thousands) | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Revenue | $ | 62,903 | $ | 27,962 | $ | 5,863 | $ | — | $ | (4,942 | ) | $ | 91,786 | |||||||||||
DD&A | 7,379 | 4,827 | 1,243 | 506 | — | 13,955 | ||||||||||||||||||
Operating income (loss) | 2,181 | (611 | ) | 3,201 | (15,825 | ) | — | (11,054 | ) | |||||||||||||||
Property and equipment costs incurred | 33,216 | 8,954 | 11 | 91 | — | 42,272 | ||||||||||||||||||
2013 | ||||||||||||||||||||||||
Revenue | $ | 81,553 | $ | 36,260 | $ | 6,215 | $ | — | $ | (5,325 | ) | $ | 118,703 | |||||||||||
DD&A | 13,128 | 3,190 | 1,340 | 598 | — | 18,256 | ||||||||||||||||||
Operating income (loss) | 6,922 | 2,841 | 3,124 | (16,761 | ) | — | (3,874 | ) | ||||||||||||||||
Property and equipment costs incurred | 20,553 | 3,064 | 80 | 640 | — | 24,337 | ||||||||||||||||||
Property, plant and equipment-net | ||||||||||||||||||||||||
31-Mar-14 | $ | 476,579 | $ | 300,837 | $ | 92,758 | $ | 4,944 | $ | — | $ | 875,118 | ||||||||||||
31-Dec-13 | 451,840 | 306,423 | 97,118 | 5,424 | — | 860,805 | ||||||||||||||||||
Total assets | ||||||||||||||||||||||||
31-Mar-14 | 770,747 | 378,650 | 105,486 | 4,944 | — | $ | 1,259,827 | |||||||||||||||||
31-Dec-13 | 895,388 | 359,951 | 108,963 | 5,424 | — | 1,369,726 | ||||||||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Cash Paid Or Received For Interest And Income Taxes | ' | |||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Interest, net of capitalized interest | $ | 49,103 | $ | 69,633 | ||||
Income taxes | (7,951 | ) | 35 | |||||
Other Significant Non-cash Transactions | ' | |||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Working capital related to capital expenditures | $ | 13,128 | $ | 8,964 | ||||
Divestitures_Divestitures_Deta
Divestitures Divestitures (Details) (USD $) | 1-May-14 | Apr. 30, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | Sandwash Basin [Member] | Barnett Shale [Member] | Tokyo Gas [Member] |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | 25.00% | ' |
PurchasePricePriorToAdjustments | ' | $485 | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 93.5 | 464 | ' |
Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Pretax | ' | 339.3 | ' |
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 | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Gains and losses from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings | $23.90 | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 0.5 | 1.3 |
Reduction Of Interest Expense Over Life Of Debt Instruments, next 12 months | $2.10 | ' |
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 | 5.14 | ' |
Fair Value Inputs, Level 3 [Member] | Minimum [Member] | ' | ' |
Unobservable inputs included within the fair value calculation | 4.01 | ' |
Derivatives_And_Fair_Value_Mea3
Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments Under Input Levels) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Asset Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated fair value of derivative instruments | $94,259 | $130,880 |
Asset Derivatives [Member] | Fair Value Inputs, Level 2 [Member] | Commodity Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated fair value of derivative instruments | 85,630 | 107,395 |
Asset Derivatives [Member] | Fair Value Inputs, Level 3 [Member] | Commodity Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated fair value of derivative instruments | 8,629 | 23,485 |
Liability Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated fair value of derivative instruments | 9,721 | 3,448 |
Liability Derivatives [Member] | Fair Value Inputs, Level 2 [Member] | Commodity Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated fair value of derivative instruments | 8,293 | 3,448 |
Liability Derivatives [Member] | Fair Value Inputs, Level 3 [Member] | Commodity Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated fair value of derivative instruments | $1,428 | $0 |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Balance at beginning of period | $23,485 | ($4,931) |
Unrealized gain (loss) on derivatives | -17,883 | -18 |
Balance at end of period | 7,201 | -9,037 |
Total gains included in net derivative gains attributable to the change in unrealized gains related to assets still held at the reporting date | -15,576 | -92 |
Derivative gains (losses) [Member] | ' | ' |
Settlements | $1,599 | ($4,088) |
Derivatives_And_Fair_Value_Mea5
Derivatives And Fair Value Measurements (Price Collars And Swaps For Anticipated Natural Gas And NGL Production) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
MMcf | |
Credit Risk Derivatives, at Fair Value, Net [Abstract] | ' |
Gas 2014, MMcfd | 170 |
Gas 2015, MMcfd | 150 |
Gas 2016-2021, MMcfd | 40 |
Anticipated NGL Production For 2014 | 4 |
Anticipated NGL Production For 2015 | 0 |
Anticipated NGL Production for 2016-2021 | 0 |
Anticipated Natural Gas Basis Swap Production For 2014 | 40 |
Anticipated Natural Gas Basis Swap Production For 2015 | 0 |
Anticipated Natural Gas Basis Swap Production for 2016-2021 | 0 |
Derivatives_And_Fair_Value_Mea6
Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative assets | $43,379 | $57,523 |
Noncurrent derivative assets | 50,880 | 73,357 |
Current derivative liabilities | 9,540 | 3,125 |
Noncurrent derivative liabilities | 181 | 323 |
Asset Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative assets | 140,398 | 165,378 |
Liability Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative liabilities | 55,860 | 37,946 |
Not Designated as Hedging Instrument [Member] | Asset Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative assets | 50,012 | 60,063 |
Noncurrent derivative assets | 90,132 | 105,315 |
Current derivative liabilities | 0 | 0 |
Noncurrent derivative liabilities | 254 | 0 |
Not Designated as Hedging Instrument [Member] | Liability Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative assets | 6,633 | 2,540 |
Noncurrent derivative assets | 39,252 | 31,958 |
Current derivative liabilities | 9,540 | 3,125 |
Noncurrent derivative liabilities | $435 | $323 |
Derivatives_And_Fair_Value_Mea7
Derivatives And Fair Value Measurements (Carrying Value Of Derivatives) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' |
Settlements in production revenue | ($7,850) | ($14,755) |
Derivatives_And_Fair_Value_Mea8
Derivatives And Fair Value Measurements Derivatives, Investments And Fair Value Measurements (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Fixed Income Securities [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $3,508 |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 |
Held-to-maturity Securities, Unrecognized Holding Loss | -9 |
Held-to-maturity Securities, Fair Value | 3,499 |
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 | 93,933 |
Held-to-maturity Securities, Unrecognized Holding Gain | 15 |
Held-to-maturity Securities, Unrecognized Holding Loss | -5 |
Held-to-maturity Securities, Fair Value | 93,943 |
Debt Securities [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 97,441 |
Held-to-maturity Securities, Unrecognized Holding Gain | 15 |
Held-to-maturity Securities, Unrecognized Holding Loss | -14 |
Held-to-maturity Securities, Fair Value | $97,442 |
Property_Plant_And_Equipment_S
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Subject to depletion | $5,684,433 | $5,687,557 |
Unevaluated costs | 217,481 | 221,605 |
Net oil and gas properties | 662,393 | 640,443 |
Pipelines and processing facilities | 341,874 | 347,093 |
General properties | 71,331 | 72,125 |
Accumulated depletion | -5,239,521 | -5,268,719 |
Accumulated depreciation | -200,480 | -198,856 |
Net other property and equipment | 212,725 | 220,362 |
Property, plant and equipment, net of accumulated depletion and depreciation | $875,118 | $860,805 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 01, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Senior Notes Due 2015 [Member] | Senior Notes Due 2016 [Member] | Combined Credit Agreements [Member] | Combined Credit Agreements [Member] | Combined Credit Agreements [Member] | Canadian Credit Facility [Member] | Combined Credit Agreements [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Multiple Subsidiaries Set Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | Libor [Member] | Libor [Member] | Senior Notes [Member] | Senior Notes [Member] | 2013 [Member] | 2013 [Member] | |||
U.S. Credit Facility [Member] | Combined Credit Agreements [Member] | Global Letter Of Credit [Member] | U.S. Credit Facility [Member] | U.S. Credit Facility [Member] | Maximum [Member] | Minimum [Member] | Senior Notes Due 2015 [Member] | Senior Notes Due 2016 [Member] | Senior Notes [Member] | Senior Notes [Member] | |||||||||||
Canadian Credit Facility [Member] | Canadian Credit Facility [Member] | Senior Notes Due 2015 [Member] | Senior Notes Due 2016 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity | ' | ' | ' | ' | $325,000,000 | $350,000,000 | ' | ' | ' | ' | ' | $280,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 650,000,000 | 1,750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption percentage of par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.94% | 105.88% |
Available borrowing under combined credit agreements | ' | ' | ' | ' | ' | ' | ' | ' | 99,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.75% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDA to interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | 0 | 4,011,000 | 10,900,000 | 8,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of debt | $0 | $54,040,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | 1.00% | 3.75% | 2.75% | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | 11.75% | ' | ' |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Document Period End Date | 31-Mar-14 | ' |
Long-term Debt | $1,982,067 | $1,984,144 |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 4,311 | 4,802 |
Long-term Debt, Excluding Current Maturities | 1,986,378 | 1,988,946 |
Combined Credit Agreements [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Amount Outstanding | 207,746 | 211,200 |
Senior Secured Second Lien Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured Long-term Debt, Noncurrent | 608,221 | 607,572 |
Senior Secured Second Lien Term Loan Due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured Long-term Debt, Noncurrent | 194,631 | 194,423 |
Senior Notes Due 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 10,478 | 10,472 |
Senior Notes Due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 8,056 | 8,044 |
Senior Notes Due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 293,405 | 293,243 |
Senior Notes Due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 309,530 | 309,190 |
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 $) | Apr. 01, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||||||||
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 | $325 | $350 | ' | ' | ' | ' | ' | ' | ' | ' | $350 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 625 | [1] | 200 | [1] | 11 | 8 | 298 | 325 | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Scheduled maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6-Sep-16 | [3] | 21-Jun-19 | [3] | 21-Jun-19 | [3] | 1-Aug-15 | 1-Jan-16 | 15-Aug-19 | 1-Jul-21 | 1-Apr-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.99% | [4] | 7.00% | 7.00% | 8.25% | 11.75% | 9.13% | 11.00% | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Base Interest Rate Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR, ABR, CDOR | [5],[6] | '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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '- Minimum current ratio of 1.0 - Minimum EBITDA to cash interest expense ratio of 1.10 - Maximum senior secured debt leverage ratio of 2.0 | [7],[8] | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Significant restrictive covenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives and investments | [7],[9] | '- Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [7],[9] | '- Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [7],[9] | '- Asset sales | '- Asset sales | '- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [7],[9] | '- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [7],[9] | '- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [7],[9] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Optional redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Any time | [7] | 'Any time, subject to re-pricing event June 21, 2014: 102 2015: 101 | [7] | 'Any time, subject to re-pricing event June 21, 2014: 102 2015: 101 | [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 | 'N/A | 'N/A | 'N/A | 'N/A | '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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Make-whole redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Change of control | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Event of default | [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] | 'Put at 101% of principal plus accrued interest | [7] | 'Put at 101% of principal plus accrued interest | [7] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Clawback | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'N/A | 'Redeemable until July 1, 2016 at 111.00%, plus accrued interest for up to 35% | [7] | 'N/A | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Equity Clawback | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Estimated fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 207.7 | [10] | 610.2 | [10] | 195.3 | [10] | 10.7 | [10] | 8.6 | [10] | 294.3 | [10] | 346.5 | [10] | 337.5 | [10] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
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] | Borrowings under the Amended and Restated U.S. Credit Facility, Second Lien Term Loan and 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 Second Lien Term Loan and the 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The principal amount for the Combined Credit Agreements represents the global borrowing base as of MarchB 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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 Second Lien Term Loan or the Second Lien Notes due 2019, if on the applicable date any amount of such debt remains outstanding. The Second Lien Term Loan and 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)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%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Amounts 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%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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 future minimum required interest coverage ratio for the Combined Credit Agreement is as follows:PeriodB Interest Coverage RatioB PeriodB Interest Coverage RatioQ2 2014B 1.10B Q3 2015B 1.15Q3 2014B 1.10B Q4 2015B 1.20Q4 2014B 1.10B Q1 2016B 1.50Q1 2015B 1.10B Q2 2016B 2.00Q2 2015B 1.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Our indentures require us to reinvest or repay senior debt with net cash proceeds from asset sales within one year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (bLevel 2b inputs). Our Second Lien Term Loan and Second Lien Notes due 2019 feature variable interest rates and we estimate their fair value by using market quotations based on recent trade activity (bLevel 3b input). We consider our Combined Credit Agreements which have a variable interest rate to have a fair value equal to their carrying value (bLevel 1b input). |
LongTerm_Debt_LongTerm_Debt_Mi
Long-Term Debt Long-Term Debt (Minimum Required Interest Coverage Ratio) (Details) (Minimum [Member], Combined Credit Agreements [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
Q2 2014 [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest coverage ratio | 1.1 |
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 |
Income_Taxes_Valuation_Allowan
Income Taxes Valuation Allowance (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
UNITED STATES | ' |
Valuation Allowance [Line Items] | ' |
Tax Valuation Allowance Expense, Federal | $370.40 |
CANADA | ' |
Valuation Allowance [Line Items] | ' |
Tax Valuation Allowance Expense, Federal | $62.80 |
Fortune_Creek_Details
Fortune Creek (Details) (CAD) | 3 Months Ended |
Mar. 31, 2014 | |
Capital Contribution, Fortune Creek | 28,000,000 |
Reduction in Gathering Rate, Fortune Creek | 0.13 |
KKR [Member] | ' |
Dedicated years for gas production | 10 |
Payments to acquire interest in joint venture | 125,000,000 |
Percentage of interest by parent in the partnership | 50.00% |
Quicksilver_Stockholders_Equit2
Quicksilver Stockholders' Equity (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, except Share data, unless otherwise specified | Restricted Stock [Member] | Restricted Stock [Member] | Equity Option [Member] | Equity 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 | 177,400,000 | 177,300,000 | ' | ' | ' | ' |
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 | ' | ' | ' | ' |
Total intrinsic values of options | ' | ' | ' | ' | 6,300,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | $11 | ' | $1.60 | ' |
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition | ' | ' | 'March 2017 | ' | 'August 2016 | ' |
Estimated grant date fair value | ' | ' | 2 | ' | ' | ' |
Fair value of RSUs settled in cash | ' | ' | 2.8 | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | 3.7 | 4.5 | 0.5 | 1 |
Total fair value of shares vested | ' | ' | $9.40 | ' | ' | ' |
Common stock, shares issued | 184,761,865 | 183,994,879 | ' | ' | ' | ' |
Treasury stock, shares | 7,404,835 | 6,698,640 | ' | ' | ' | ' |
Quicksilver_Stockholders_Equit3
Quicksilver Stockholders' Equity (Assumptions For The Black-Scholes Option Pricing Model For Stock Options Issued) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2013 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' |
Weighted avg grant date fair value | $1.81 |
Weighted avg risk-free interest rate | 0.76% |
Expected life (in years) | '5 years 3 months 18 days |
Wtd avg volatility | 75.00% |
Expected dividends | 0.00% |
Quicksilver_Stockholders_Equit4
Quicksilver Stockholders' Equity (Stock Option Activity) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Equity Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | $500,000 | $1,000,000 |
Outstanding at end of period, Shares | 6,300,000 | ' |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Outstanding at beginning of period, Shares | 6,771,578 | ' |
Expired, Shares | -20,719 | ' |
Outstanding at end of period, Shares | 6,750,859 | ' |
Outstanding at beginning of period, Wtd Avg Exercise Price | $7.82 | ' |
Exercisable at end of period, Shares | 5,323,678 | ' |
Expired, Wtd Avg Exercise Price | $9.85 | ' |
Outstanding at end of period, Wtd Avg Exercise Price | $7.81 | ' |
Exercisable at end of period, Wtd Avg Exercise Price | $9.19 | ' |
Outstanding at end of period, Wtd Avg Remaining Contractual Life, Years | '5 years 331 days | ' |
Exercisable at end of period, Wtd Avg Remaining Contractual Life, Years | '5 years 28 days | ' |
Outstanding at end of period, Aggregate Intrinsic Value | 1,409,000 | ' |
Exercisable at end of period, Aggregate Intrinsic Value | $282,000 | ' |
Quicksilver_Stockholders_Equit5
Quicksilver Stockholders' Equity (Restricted Stock And Stock Unit Activity) (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $11 |
Payable In Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of period, Shares | 5,668,090 |
Granted, Shares | 662,170 |
Vested, Shares | -2,401,580 |
Forfeited, Shares | -80,209 |
Outstanding at end of period, Shares | 3,848,471 |
Outstanding at beginning of period, Wtd Avg Grant Date Fair Value | $3.90 |
Granted, Wtd Avg Grant Date Fair Value | $3.01 |
Vested, Wtd Avg Grant Date Fair Value | $4.93 |
Forfeited, Wtd Avg Grant Date Fair Value | $3.77 |
Outstanding at end of period, Wtd Avg Grant Date Fair Value | $3.11 |
Payable In Cash [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of period, Shares | 1,572,341 |
Granted, Shares | 0 |
Vested, Shares | -498,535 |
Forfeited, Shares | -16,893 |
Outstanding at end of period, Shares | 1,056,913 |
Outstanding at beginning of period, Wtd Avg Grant Date Fair Value | $3.69 |
Granted, Wtd Avg Grant Date Fair Value | $0 |
Vested, Wtd Avg Grant Date Fair Value | $4.66 |
Forfeited, Wtd Avg Grant Date Fair Value | $3.49 |
Outstanding at end of period, Wtd Avg Grant Date Fair Value | $3.26 |
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 | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ||
Net income (loss) attributable to Quicksilver | ($58,833) | ($59,707) | ||
Undistributed Earnings Allocated to Participating Securities | 0 | [1] | 0 | [1] |
Loss available to shareholders | ($58,833) | ($59,707) | ||
Weighted Average Number of Shares Outstanding, Basic | 173,497,000 | 171,826,000 | ||
Share-based compensation awards | 0 | [2] | 0 | [2] |
Weighted Average Number of Shares Outstanding, Diluted | 173,497,000 | 171,826,000 | ||
Earnings (loss) per common share - basic | ($0.34) | ($0.35) | ||
Earnings (loss) per common share - diluted | ($0.34) | [2] | ($0.35) | [2] |
Stock Options [Member] | ' | ' | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ||
Antidilutive shares excluded from the diluted share calculation | 6,800,000 | 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 | 300,000 | 900,000 | ||
[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 MarchB 31, 2014, 6.8 million shares associated with our stock options and 0.3 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended MarchB 31, 2013, 5.0 million shares associated with our stock options and 0.9 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Schedule Of Condensed Consolidated Balance Sheets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | $294,246 | $393,960 |
Property and equipment | 875,118 | 860,805 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other assets | 90,463 | 114,961 |
Total assets | 1,259,827 | 1,369,726 |
Current liabilities | 127,828 | 134,797 |
Long-term liabilities | 2,207,364 | 2,240,899 |
Stockholders' equity | -1,075,365 | -1,005,970 |
Total liabilities and stockholders' equity | 1,259,827 | 1,369,726 |
Quicksilver Resources Inc. [Member] | ' | ' |
Current assets | 256,321 | 349,586 |
Property and equipment | 480,136 | 455,822 |
Investment in subsidiaries (equity method) | -231,131 | -217,852 |
Other assets | 479,128 | 472,792 |
Total assets | 984,454 | 1,060,348 |
Current liabilities | 116,207 | 124,275 |
Long-term liabilities | 1,943,612 | 1,942,043 |
Stockholders' equity | -1,075,365 | -1,005,970 |
Total liabilities and stockholders' equity | 984,454 | 1,060,348 |
Restricted Guarantor Subsidiaries [Member] | ' | ' |
Current assets | 11,510 | 10,735 |
Property and equipment | 15,160 | 15,486 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 26,670 | 26,221 |
Current liabilities | 12,577 | 12,210 |
Long-term liabilities | 19,242 | 19,242 |
Stockholders' equity | -5,149 | -5,231 |
Total liabilities and stockholders' equity | 26,670 | 26,221 |
Restricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Current assets | 53,154 | 53,034 |
Property and equipment | 302,224 | 307,865 |
Investment in subsidiaries (equity method) | -1,345 | -33,840 |
Other assets | 24,617 | 32,892 |
Total assets | 378,650 | 359,951 |
Current liabilities | 25,244 | 17,167 |
Long-term liabilities | 559,958 | 542,659 |
Stockholders' equity | -206,552 | -199,875 |
Total liabilities and stockholders' equity | 378,650 | 359,951 |
Restricted Subsidiary Eliminations [Member] | ' | ' |
Current assets | -27,979 | -19,642 |
Property and equipment | 0 | 0 |
Investment in subsidiaries (equity method) | 231,131 | 217,852 |
Other assets | -413,282 | -390,723 |
Total assets | -210,130 | -192,513 |
Current liabilities | -27,979 | -19,642 |
Long-term liabilities | -413,282 | -390,723 |
Stockholders' equity | 231,131 | 217,852 |
Total liabilities and stockholders' equity | -210,130 | -192,513 |
Quicksilver And Restricted Subsidiaries [Member] | ' | ' |
Current assets | 293,006 | 393,713 |
Property and equipment | 797,520 | 779,173 |
Investment in subsidiaries (equity method) | -1,345 | -33,840 |
Other assets | 90,463 | 114,961 |
Total assets | 1,179,644 | 1,254,007 |
Current liabilities | 126,049 | 134,010 |
Long-term liabilities | 2,109,530 | 2,113,221 |
Stockholders' equity | -1,055,935 | -993,224 |
Total liabilities and stockholders' equity | 1,179,644 | 1,254,007 |
Unrestricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Current assets | 46 | 909 |
Property and equipment | 0 | 0 |
Investment in subsidiaries (equity method) | -1,345 | -33,840 |
Other assets | 0 | 0 |
Total assets | -1,299 | -32,931 |
Current liabilities | 25 | 888 |
Long-term liabilities | 0 | 0 |
Stockholders' equity | -1,324 | -33,819 |
Total liabilities and stockholders' equity | -1,299 | -32,931 |
Fortune Creek [Member] | ' | ' |
Current assets | 1,218 | 1,110 |
Property and equipment | 77,598 | 81,632 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 78,816 | 82,742 |
Current liabilities | 1,778 | 1,671 |
Long-term liabilities | 1,506 | 1,546 |
Stockholders' equity | 75,532 | 79,525 |
Total liabilities and stockholders' equity | 78,816 | 82,742 |
Consolidating Eliminations [Member] | ' | ' |
Current assets | -24 | -1,772 |
Property and equipment | 0 | 0 |
Investment in subsidiaries (equity method) | 2,690 | 67,680 |
Other assets | 0 | 0 |
Total assets | 2,666 | 65,908 |
Current liabilities | -24 | -1,772 |
Long-term liabilities | 96,328 | 126,132 |
Stockholders' equity | -93,638 | -58,452 |
Total liabilities and stockholders' equity | $2,666 | $65,908 |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements Of Income (Loss)) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenue | $91,786 | $118,703 |
Operating expenses | 102,840 | 122,577 |
Equity in net earnings of subsidiaries | 0 | 0 |
Operating income (loss) | -11,054 | -3,874 |
Fortune Creek accretion | -4,401 | -4,845 |
Interest expense and other | 40,727 | 44,092 |
Income tax (expense) benefit | -2,651 | -6,896 |
Net income (loss) | -58,833 | -59,707 |
Other comprehensive income (loss) | -12,105 | -14,454 |
Equity in OCI of subsidiaries | 0 | 0 |
Comprehensive income (loss) | -70,938 | -74,161 |
Quicksilver Resources Inc. [Member] | ' | ' |
Revenue | 62,910 | 88,900 |
Operating expenses | 75,401 | 97,024 |
Equity in net earnings of subsidiaries | -5,689 | -4,191 |
Operating income (loss) | -18,180 | -12,315 |
Fortune Creek accretion | 0 | 0 |
Interest expense and other | 38,011 | 41,168 |
Income tax (expense) benefit | -2,642 | -6,224 |
Net income (loss) | -58,833 | -59,707 |
Other comprehensive income (loss) | -8,798 | -11,003 |
Equity in OCI of subsidiaries | -3,307 | -3,451 |
Comprehensive income (loss) | -70,938 | -74,161 |
Restricted Guarantor Subsidiaries [Member] | ' | ' |
Revenue | 374 | 214 |
Operating expenses | 291 | 30 |
Equity in net earnings of subsidiaries | 0 | 0 |
Operating income (loss) | 83 | 184 |
Fortune Creek accretion | 0 | 0 |
Interest expense and other | 0 | 0 |
Income tax (expense) benefit | -29 | 0 |
Net income (loss) | 54 | 184 |
Other comprehensive income (loss) | 0 | 0 |
Equity in OCI of subsidiaries | 0 | 0 |
Comprehensive income (loss) | 54 | 184 |
Restricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Revenue | 28,502 | 29,589 |
Operating expenses | 30,265 | 28,459 |
Equity in net earnings of subsidiaries | -1,282 | -1,908 |
Operating income (loss) | -3,045 | -778 |
Fortune Creek accretion | 0 | 0 |
Interest expense and other | 2,718 | 2,925 |
Income tax (expense) benefit | 20 | -672 |
Net income (loss) | -5,743 | -4,375 |
Other comprehensive income (loss) | -3,307 | -3,451 |
Equity in OCI of subsidiaries | 0 | 0 |
Comprehensive income (loss) | -9,050 | -7,826 |
Restricted Subsidiary Eliminations [Member] | ' | ' |
Revenue | 0 | 0 |
Operating expenses | 0 | 0 |
Equity in net earnings of subsidiaries | 5,689 | 4,191 |
Operating income (loss) | 5,689 | 4,191 |
Fortune Creek accretion | 0 | 0 |
Interest expense and other | 0 | 0 |
Income tax (expense) benefit | 0 | 0 |
Net income (loss) | 5,689 | 4,191 |
Other comprehensive income (loss) | 0 | 0 |
Equity in OCI of subsidiaries | 3,307 | 3,451 |
Comprehensive income (loss) | 8,996 | 7,642 |
Quicksilver And Restricted Subsidiaries [Member] | ' | ' |
Revenue | 91,786 | 118,703 |
Operating expenses | 105,957 | 125,513 |
Equity in net earnings of subsidiaries | -1,282 | -1,908 |
Operating income (loss) | -15,453 | -8,718 |
Fortune Creek accretion | 0 | 0 |
Interest expense and other | 40,729 | 44,093 |
Income tax (expense) benefit | -2,651 | -6,896 |
Net income (loss) | -58,833 | -59,707 |
Other comprehensive income (loss) | -12,105 | -14,454 |
Equity in OCI of subsidiaries | 0 | 0 |
Comprehensive income (loss) | -70,938 | -74,161 |
Unrestricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Revenue | 0 | 0 |
Operating expenses | 0 | 0 |
Equity in net earnings of subsidiaries | 3,119 | 2,937 |
Operating income (loss) | 3,119 | 2,937 |
Fortune Creek accretion | 0 | 0 |
Interest expense and other | 0 | 0 |
Income tax (expense) benefit | 0 | 0 |
Net income (loss) | 3,119 | 2,937 |
Other comprehensive income (loss) | 0 | 0 |
Equity in OCI of subsidiaries | 0 | 0 |
Comprehensive income (loss) | 3,119 | 2,937 |
Fortune Creek [Member] | ' | ' |
Revenue | 4,942 | 5,325 |
Operating expenses | 1,825 | 2,389 |
Equity in net earnings of subsidiaries | 0 | 0 |
Operating income (loss) | 3,117 | 2,936 |
Fortune Creek accretion | 0 | 0 |
Interest expense and other | 2 | 1 |
Income tax (expense) benefit | 0 | 0 |
Net income (loss) | 3,119 | 2,937 |
Other comprehensive income (loss) | 0 | 0 |
Equity in OCI of subsidiaries | 0 | 0 |
Comprehensive income (loss) | 3,119 | 2,937 |
Consolidating Eliminations [Member] | ' | ' |
Revenue | -4,942 | -5,325 |
Operating expenses | -4,942 | -5,325 |
Equity in net earnings of subsidiaries | -1,837 | -1,029 |
Operating income (loss) | -1,837 | -1,029 |
Fortune Creek accretion | -4,401 | -4,845 |
Interest expense and other | 0 | 0 |
Income tax (expense) benefit | 0 | 0 |
Net income (loss) | -6,238 | -5,874 |
Other comprehensive income (loss) | 0 | 0 |
Equity in OCI of subsidiaries | 0 | 0 |
Comprehensive income (loss) | ($6,238) | ($5,874) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | ($19,984) | ($14,394) |
Purchases of property, plant and equipment | -38,729 | -27,442 |
Investment in subsidiary | 0 | ' |
Proceeds from sale of properties and equipment | 1,026 | 608 |
Payments to acquire marketable securities | -55,682 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 124,694 | ' |
Net cash used by investing activities | 31,309 | -26,834 |
Issuance of debt | 0 | 54,040 |
Repayments of debt | 0 | -4,011 |
Debt issuance costs | -162 | 0 |
Intercompany note | 0 | ' |
Intercompany financing | 0 | ' |
Contribution received | 0 | ' |
Distribution of Fortune Creek Partnership funds | -29,472 | -3,198 |
Purchase of treasury stock | -2,271 | -1,007 |
Net cash flow provided (used) by financing activities | -31,905 | 45,824 |
Effect of exchange rates on cash | 731 | 303 |
Net increase (decrease) in cash and equivalents | -19,849 | 4,899 |
Cash and cash equivalents at beginning of period | 89,103 | 4,951 |
Cash and cash equivalents at end of period | 69,254 | 9,850 |
Quicksilver Resources Inc. [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | -29,198 | -27,331 |
Purchases of property, plant and equipment | -28,772 | -18,824 |
Investment in subsidiary | -7,385 | ' |
Proceeds from sale of properties and equipment | 910 | 591 |
Payments to acquire marketable securities | -55,682 | ' |
Proceeds from Sale and Maturity of Marketable Securities | 124,694 | ' |
Net cash used by investing activities | 33,765 | -18,233 |
Issuance of debt | ' | 51,000 |
Repayments of debt | ' | 0 |
Debt issuance costs | -162 | ' |
Intercompany note | -22,559 | ' |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Purchase of treasury stock | -2,271 | -1,007 |
Net cash flow provided (used) by financing activities | -24,992 | 49,993 |
Effect of exchange rates on cash | 0 | 0 |
Net increase (decrease) in cash and equivalents | -20,425 | 4,429 |
Cash and cash equivalents at beginning of period | 83,893 | 4,618 |
Cash and cash equivalents at end of period | 63,468 | 9,047 |
Restricted Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | 14 | 4 |
Purchases of property, plant and equipment | -14 | -4 |
Investment in subsidiary | 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 | -14 | -4 |
Issuance of debt | ' | 0 |
Repayments of debt | ' | 0 |
Debt issuance costs | 0 | ' |
Intercompany note | 0 | ' |
Distribution of Fortune Creek Partnership funds | 0 | 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 | 9,075 | 10,648 |
Purchases of property, plant and equipment | -9,934 | -8,110 |
Investment in subsidiary | -26,395 | ' |
Proceeds from sale of properties and equipment | 116 | 17 |
Payments to acquire marketable securities | 0 | ' |
Proceeds from Sale and Maturity of Marketable Securities | 0 | ' |
Net cash used by investing activities | -36,213 | -8,093 |
Issuance of debt | ' | 3,040 |
Repayments of debt | ' | -4,011 |
Debt issuance costs | 0 | ' |
Intercompany note | 22,559 | ' |
Intercompany financing | 7,385 | ' |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | 29,944 | -971 |
Effect of exchange rates on cash | -2,357 | -1,584 |
Net increase (decrease) in cash and equivalents | 449 | 0 |
Cash and cash equivalents at beginning of period | 4,135 | 0 |
Cash and cash equivalents at end of period | 4,584 | 0 |
Restricted Subsidiary Eliminations [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investment in subsidiary | 7,385 | ' |
Net cash used by investing activities | 7,385 | ' |
Debt issuance costs | 0 | ' |
Intercompany note | 0 | ' |
Intercompany financing | -7,385 | ' |
Distribution of Fortune Creek Partnership funds | 0 | ' |
Purchase of treasury stock | 0 | ' |
Net cash flow provided (used) by financing activities | -7,385 | ' |
Net increase (decrease) in cash and equivalents | 0 | ' |
Cash and cash equivalents at beginning of period | 0 | ' |
Cash and cash equivalents at end of period | 0 | ' |
Quicksilver And Restricted Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | -20,109 | -16,679 |
Purchases of property, plant and equipment | -38,720 | -26,938 |
Investment in subsidiary | -26,395 | ' |
Proceeds from sale of properties and equipment | 1,026 | 608 |
Payments to acquire marketable securities | -55,682 | ' |
Proceeds from Sale and Maturity of Marketable Securities | 124,694 | ' |
Net cash used by investing activities | 4,923 | -26,330 |
Issuance of debt | ' | 54,040 |
Repayments of debt | ' | -4,011 |
Debt issuance costs | -162 | ' |
Intercompany note | 0 | ' |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Purchase of treasury stock | -2,271 | -1,007 |
Net cash flow provided (used) by financing activities | -2,433 | 49,022 |
Effect of exchange rates on cash | -2,357 | -1,584 |
Net increase (decrease) in cash and equivalents | -19,976 | 4,429 |
Cash and cash equivalents at beginning of period | 88,028 | 4,618 |
Cash and cash equivalents at end of period | 68,052 | 9,047 |
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 |
Investment in subsidiary | -26,395 | ' |
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 | -26,395 | 0 |
Issuance of debt | ' | 0 |
Repayments of debt | ' | 0 |
Debt issuance costs | 0 | ' |
Intercompany note | 0 | ' |
Contribution received | 26,395 | ' |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | 26,395 | 0 |
Effect of exchange rates on cash | -1 | 0 |
Net increase (decrease) in cash and equivalents | -1 | 0 |
Cash and cash equivalents at beginning of period | 22 | 0 |
Cash and cash equivalents at end of period | 21 | 0 |
Fortune Creek [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | 125 | 2,285 |
Purchases of property, plant and equipment | -9 | -504 |
Investment in subsidiary | 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 | -9 | -504 |
Issuance of debt | ' | 0 |
Repayments of debt | ' | 0 |
Debt issuance costs | 0 | ' |
Intercompany note | 0 | ' |
Contribution received | 26,395 | ' |
Distribution of Fortune Creek Partnership funds | -29,472 | -3,198 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | -3,077 | -3,198 |
Effect of exchange rates on cash | 3,089 | 1,887 |
Net increase (decrease) in cash and equivalents | 128 | 470 |
Cash and cash equivalents at beginning of period | 1,053 | 333 |
Cash and cash equivalents at end of period | 1,181 | 803 |
Consolidating Eliminations [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investment in subsidiary | 52,790 | ' |
Net cash used by investing activities | 52,790 | ' |
Contribution received | -52,790 | ' |
Net cash flow provided (used) by financing activities | -52,790 | ' |
Effect of exchange rates on cash | 0 | ' |
Net increase (decrease) in cash and equivalents | 0 | ' |
Cash and cash equivalents at beginning of period | 0 | ' |
Cash and cash equivalents at end of period | $0 | ' |
Segment_Information_Operating_
Segment Information (Operating Income And Property And Equipment Costs Incurred) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of geographical segments | 2 | ' | ' |
Revenue | $91,786 | $118,703 | ' |
Depletion, depreciation and accretion | 13,955 | 18,256 | ' |
Operating income (loss) | -11,054 | -3,874 | ' |
Property and equipment costs incurred | 42,272 | 24,337 | ' |
Property, plant and equipment - net | 875,118 | ' | 860,805 |
Total assets | 1,259,827 | ' | 1,369,726 |
UNITED STATES | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 62,903 | 81,553 | ' |
Depletion, depreciation and accretion | 7,379 | 13,128 | ' |
Operating income (loss) | 2,181 | 6,922 | ' |
Property and equipment costs incurred | 33,216 | 20,553 | ' |
Property, plant and equipment - net | 476,579 | ' | 451,840 |
Total assets | 770,747 | ' | 895,388 |
CANADA | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 27,962 | 36,260 | ' |
Depletion, depreciation and accretion | 4,827 | 3,190 | ' |
Operating income (loss) | -611 | 2,841 | ' |
Property and equipment costs incurred | 8,954 | 3,064 | ' |
Property, plant and equipment - net | 300,837 | ' | 306,423 |
Total assets | 378,650 | ' | 359,951 |
Midstream [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 5,863 | 6,215 | ' |
Depletion, depreciation and accretion | 1,243 | 1,340 | ' |
Operating income (loss) | 3,201 | 3,124 | ' |
Property and equipment costs incurred | 11 | 80 | ' |
Property, plant and equipment - net | 92,758 | ' | 97,118 |
Total assets | 105,486 | ' | 108,963 |
Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | 0 | 0 | ' |
Depletion, depreciation and accretion | 506 | 598 | ' |
Operating income (loss) | -15,825 | -16,761 | ' |
Property and equipment costs incurred | 91 | 640 | ' |
Property, plant and equipment - net | 4,944 | ' | 5,424 |
Total assets | 4,944 | ' | 5,424 |
Elimination [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue | -4,942 | -5,325 | ' |
Depletion, depreciation and accretion | 0 | 0 | ' |
Operating income (loss) | 0 | 0 | ' |
Property and equipment costs incurred | 0 | 0 | ' |
Property, plant and equipment - net | 0 | ' | 0 |
Total assets | $0 | ' | $0 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Cash Paid Or Received For Interest And Income Taxes) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Interest, net of capitalized interest | $49,103 | $69,633 |
Income taxes | ($7,951) | $35 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information (Other Significant Noncash Transactions) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Capital Expenditures Incurred but Not yet Paid | $13,128 | $8,964 |
Transactions_With_Related_Part1
Transactions With Related Parties (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
Mercury Exploration Company [Member] | Mercury Exploration Company [Member] | Darden Family [Member] | Thomas F. Darden [Member] | Thomas F. Darden [Member] | Restricted Stock [Member] | Use Of Airplane [Member] | |
Thomas F. Darden [Member] | Darden Family [Member] | ||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Revenue from Related Parties | $100,000 | $100,000 | ' | ' | ' | ' | ' |
Consulting fee payments | ' | ' | ' | ' | 135,000 | ' | ' |
Office allowance payments | ' | ' | ' | ' | 37,500 | ' | ' |
COBRA payments | ' | ' | ' | ' | 39,000 | ' | ' |
Cash bonus | ' | ' | ' | 286,650 | ' | ' | ' |
Vested equity awards | ' | ' | ' | ' | ' | 72,662 | ' |
Percentage of ownership interest | ' | ' | 30.00% | ' | ' | ' | ' |
Payments to related parties | ' | ' | ' | ' | ' | ' | 300,000 |
Options issued, fair value | ' | ' | ' | $191,100 | ' | ' | ' |