Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'QUICKSILVER RESOURCES INC | ' |
Entity Central Index Key | '0001060990 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 179,983,515 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenue | ' | ' | ' | ' | ||||
Production | $102,615 | $104,546 | $332,187 | $358,281 | ||||
Sales of purchased natural gas | 16,660 | 15,130 | 53,401 | 50,373 | ||||
Net derivative gains (losses) | 43,310 | 32,733 | -15,080 | 36,202 | ||||
Other | 913 | 707 | 2,808 | 2,462 | ||||
Total revenue | 163,498 | 153,116 | 373,316 | 447,318 | ||||
Operating expense | ' | ' | ' | ' | ||||
Lease operating | 17,176 | 18,591 | 54,622 | 63,699 | ||||
Gathering, processing and transportation | 34,807 | 35,567 | 102,511 | 112,064 | ||||
Production and ad valorem taxes | 4,067 | 4,678 | 12,557 | 15,462 | ||||
Costs of purchased natural gas | 16,599 | 15,114 | 53,305 | 50,311 | ||||
Depletion, depreciation and accretion | 13,969 | 14,390 | 42,584 | 47,911 | ||||
Impairment of Oil and Gas Properties | 135 | 0 | 135 | 0 | ||||
General and administrative | 11,310 | 10,471 | 38,115 | 43,509 | ||||
Other operating | 651 | 2,230 | 2,221 | 4,435 | ||||
Total expense | 98,714 | 101,041 | 306,050 | 337,391 | ||||
Operating income (loss) | 64,784 | 60,049 | 67,266 | 451,073 | ||||
Other income - net | -2,465 | 667 | -3,824 | -14,588 | ||||
Fortune Creek accretion | -3,602 | -4,818 | -11,605 | -14,490 | ||||
Interest expense | -39,899 | -39,355 | -121,927 | -210,535 | ||||
Income (loss) before income taxes | 18,818 | 16,543 | -70,090 | 211,460 | ||||
Income tax (expense) benefit | 4,939 | -5,966 | -1,081 | -18,063 | ||||
Net Income (Loss) Attributable to Parent | 23,757 | 10,577 | -71,171 | 193,397 | ||||
Reclassification adjustments related to settlements of derivative contracts into production revenue- net of income tax | -7,968 | -11,139 | -20,939 | -37,181 | ||||
Foreign currency translation adjustment | -6,921 | 2,345 | -6,162 | -933 | ||||
Other comprehensive income (loss) | -14,889 | -8,794 | -27,101 | -38,114 | ||||
Comprehensive income (loss) | 8,868 | 1,783 | -98,272 | 155,283 | ||||
Earnings (loss) per common share - basic | $0.13 | $0.06 | ($0.41) | $1.10 | ||||
Earnings (loss) per common share - diluted | $0.13 | [1] | $0.06 | [1] | ($0.41) | [1] | $1.10 | [1] |
Tokyo Gas [Member] | ' | ' | ' | ' | ||||
Operating expense | ' | ' | ' | ' | ||||
Gain (Loss) on Disposition of Oil and Gas and Timber Property | $0 | $7,974 | $0 | $341,146 | ||||
[1] | For the three months ended September 30, 2014, 6.6 million shares associated with our stock options and 1.2 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended September 30, 2013, 6.2 million shares associated with our stock options and 0.2 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the nine months ended September 30, 2014, 6.6 million shares associated with our stock options and 0.8 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the nine months ended September 30, 2013, 5.5 million shares associated with our stock options and 0.2 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash | $248,325 | $89,103 |
Marketable Securities, Current | 0 | 166,343 |
Cash, Cash Equivalents, and Short-term Investments | 248,325 | 255,446 |
Accounts receivable - net of allowance for doubtful accounts | 59,491 | 58,645 |
Derivative assets at fair value | 66,098 | 57,523 |
Other current assets | 22,386 | 22,346 |
Total current assets | 396,300 | 393,960 |
Property, plant and equipment - net | ' | ' |
Oil and gas properties, full cost method (including unevaluated costs of $218,398 and $221,605, respectively) | 608,572 | 640,443 |
Property, Plant and Equipment, Other, Net | 203,908 | 220,362 |
Property, plant and equipment, net of accumulated depletion and depreciation | 812,480 | 860,805 |
Derivative assets at fair value | 25,968 | 73,357 |
Other assets | 33,509 | 41,604 |
Total assets | 1,268,257 | 1,369,726 |
Current liabilities | ' | ' |
Accounts payable | 13,587 | 28,822 |
Accrued liabilities | 94,091 | 102,850 |
Derivative liabilities at fair value | 846 | 3,125 |
Total current liabilities | 108,524 | 134,797 |
Long-term debt | 2,037,844 | 1,988,946 |
Partnership liability | 94,651 | 126,132 |
Asset retirement obligations | 105,480 | 106,256 |
Derivative liabilities at fair value | 0 | 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 187,222,654 and 183,994,879 shares issued, respectively | 1,872 | 1,840 |
Paid in capital in excess of par value | 779,206 | 770,092 |
Treasury stock of 7,444,372 and 6,698,640 shares, respectively | -53,810 | -51,422 |
Accumulated other comprehensive income | 82,780 | 109,881 |
Retained deficit | -1,907,532 | -1,836,361 |
Total stockholders' equity | -1,097,484 | -1,005,970 |
Total liabilities and stockholders' equity | $1,268,257 | $1,369,726 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 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 | $218,398 | $221,605 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 187,222,654 | 183,994,879 |
Treasury stock, shares | 7,444,372 | 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) | 193,397 | ' | ' | ' | ' | 193,397 | 193,397 |
Hedge derivative contract settlements reclassified into earnings from AOCI, net of income tax | ' | ' | ' | ' | -37,181 | ' | -37,181 |
Foreign currency translation adjustment | -933 | ' | ' | ' | -933 | ' | -933 |
Issuance and vesting of stock compensation | ' | 47 | 14,421 | -1,472 | ' | ' | 12,996 |
Balances at Sep. 30, 2013 | ' | 1,837 | 765,815 | -50,967 | 123,379 | -1,804,582 | -964,518 |
Balances at Dec. 31, 2013 | ' | 1,840 | 770,092 | -51,422 | 109,881 | -1,836,361 | -1,005,970 |
Net income (loss) | -71,171 | ' | ' | ' | ' | -71,171 | -71,171 |
Hedge derivative contract settlements reclassified into earnings from AOCI, net of income tax | ' | ' | ' | ' | -20,939 | ' | -20,939 |
Foreign currency translation adjustment | -6,162 | ' | ' | ' | -6,162 | ' | -6,162 |
Issuance and vesting of stock compensation | ' | 32 | 9,114 | -2,388 | ' | ' | 6,758 |
Balances at Sep. 30, 2014 | ' | $1,872 | $779,206 | ($53,810) | $82,780 | ($1,907,532) | ($1,097,484) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Equity (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Income tax effect related to hedge derivative contract settlements reclassified into earnings from accumulated other comprehensive income | ($8,455) | ($17,833) |
Income tax effect related to net change in derivative fair value | $0 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities: | ' | ' |
Net income (loss) | $71,171 | ($193,397) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depletion, depreciation and accretion | 42,584 | 47,911 |
Impairment of Oil and Gas Properties | 135 | 0 |
Deferred income tax expense (benefit) | 8,455 | 17,833 |
Non-cash (gain) loss from hedging and derivative activities | 6,731 | -12,223 |
Stock-based compensation | 9,146 | 13,699 |
Non-cash interest expense | 8,441 | 23,643 |
Fortune Creek accretion | 11,605 | 14,490 |
Other | -347 | 3,622 |
Changes in assets and liabilities | ' | ' |
Accounts receivable | -1,936 | 7,398 |
Prepaid expenses and other assets | 1,747 | 344 |
Accounts payable | -12,472 | -17,973 |
Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable | -432 | -148 |
Accrued and other liabilities | -7,469 | -31,950 |
Net cash flow provided by (used in) by operating activities | -4,983 | -81,103 |
Investing activities: | ' | ' |
Purchases of property, plant and equipment | -111,444 | -78,549 |
Proceeds from sale of properties and equipment | 1,942 | 2,994 |
Payments to acquire marketable securities | -55,890 | -142,823 |
Proceeds from Sale and Maturity of Held-to-maturity Securities | 222,025 | 13,178 |
Net cash provided by (used in) investing activities | 152,220 | 300,515 |
Financing activities: | ' | ' |
Issuance of debt | 243,184 | 1,173,306 |
Repayments of debt | -193,689 | -1,308,382 |
Debt issuance costs paid | -225 | -25,868 |
Distribution of Fortune Creek Partnership funds | -37,113 | -8,079 |
Purchase of treasury stock | -2,388 | -1,472 |
Net cash provided by financing activities | 9,769 | -170,495 |
Effect of exchange rate changes in cash | 2,216 | 2,610 |
Net increase (decrease) in cash | 159,222 | 51,527 |
Cash at beginning of period | 89,103 | 4,951 |
Cash at end of period | 248,325 | 56,478 |
Tokyo Gas [Member] | ' | ' |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Gain (Loss) on Disposition of Oil and Gas and Timber Property | 0 | -341,146 |
Investing activities: | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 463,418 |
Sandwash Basin [Member] | ' | ' |
Investing activities: | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 95,587 | 0 |
Synergy [Member] | ' | ' |
Investing activities: | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | $0 | $42,297 |
Accounting_Policies_And_Disclo
Accounting Policies And Disclosures | 9 Months Ended | |
Sep. 30, 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 September 30, 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. | ||
Our ability to borrow under our Combined Credit Agreements depends on our global borrowing base, which is scheduled to be redetermined twice each year. A reduction to the global borrowing base during the spring or autumn redetermination, or upon a special redetermination requested by our administrative agent under the Combined Credit Agreements, would adversely impact our liquidity and ability to meet our future obligations. Our derivatives contribute to the global borrowing base. Most of our derivative positions expire at year-end 2015. The expiration of these derivatives will adversely affect our global borrowing base, and absent an improvement in natural gas and NGL prices, significant deleveraging from a strategic transaction, reduced interest costs on our debt through refinancing, significant cost savings through avoidance or deferral, or operational efficiencies, we expect to need additional sources of liquidity, including additional debt or equity financing or proceeds from asset sales, at the beginning of 2016 assuming no material debt maturities prior to that date. In addition, we are exploring potential transactions involving any and all of our assets, including our Horn River Asset. If successful, a sale of our Horn River Asset could eliminate or defray our need to make or fund significant capital investments in the Horn River Asset but would also reduce our global borrowing base if not offset by the effects of any related debt reduction. A sale of our other assets could also enhance liquidity if the sale proceeds exceed the associated decrease to the global borrowing base, if any. | ||
In November 2014, the Combined Credit Agreements were amended to eliminate the requirement to meet the minimum interest coverage ratio covenant beginning in the fourth quarter of 2014 through and including the fourth quarter of 2015. A minimum EBITDAX covenant was added beginning in the fourth quarter of 2014 through and including the fourth quarter of 2015. While we believe with these amendments we will be able to comply with the financial covenants contained in our Combined Credit Agreements through the end of 2015, we do not expect to exceed the required levels by a significant margin, particularly the minimum EBITDAX covenant under our Combined Credit Agreements. Accordingly, even a modest decline in prices for natural gas and NGLs, our failure to achieve anticipated cost savings through avoidance or deferral or operational efficiencies, our failure to execute certain asset purchases or the inaccuracy in any material respect of any of the other assumptions underlying our forecast could cause us to fall short of the financial covenants contained in the Combined Credit Agreements. Absent an improvement in natural gas and NGL prices, significant deleveraging from a strategic transaction, reduced interest costs on our debt through refinancing, significant cost savings through avoidance or deferral, or operational efficiencies, we do not expect to comply with our interest coverage ratio covenant under our Combined Credit Agreements beginning in the first quarter of 2016 and expect that we would need to seek additional covenant relief under the Combined Credit Agreements at that time. In addition, we have benefitted from our natural gas derivatives, which have resulted in cash proceeds being greater than the prevailing price for natural gas. Without the benefit of these derivatives, most of which expire at year-end 2015, our earnings would be reduced and our cash interest expense would exceed our resulting EBITDAX. Any inability to comply with the financial covenants contained in our Combined Credit Agreements, unless waived or amended by the requisite lenders, could materially and adversely affect our liquidity by precluding further borrowings under our credit facilities and by accelerating the maturity of our debt. We may be unsuccessful in obtaining the necessary waivers or amendments. | ||
In addition, we have significant fixed and springing debt maturities in 2015 and 2016, including the Combined Credit Agreements, the Second Lien Term Loan, the Second Lien Notes and the Senior Subordinated Notes. Note 5 contains a more complete description of our long-term debt, including springing maturities, which could occur as early as October 1, 2015. We do not expect to be able to satisfy these obligations with our cash on hand, committed financing or cash flow from operations. In order to satisfy these obligations we will need to obtain additional debt or equity financing or to sell assets, which we may not be able to do on satisfactory terms, or at all. We are limited in our ability to incur additional debt by the indenture restrictions. We may also seek to address the springing maturities by extending the maturity of or refinancing all or a portion of our Senior Subordinated Notes. If we are unsuccessful in extending or refinancing, we may not be able to satisfy such obligations when they mature. | ||
Although we have been in discussions on a potential transaction involving our Horn River Asset and have proposed transaction terms, we reached no agreement on any material terms, including structure or valuation. Accordingly, we developed a formalized marketing process for this asset, along with any and all of our assets. We may be unsuccessful in consummating a transaction involving our Horn River Asset or any of our other assets being marketed on acceptable terms, or at all. | ||
We have retained Houlihan Lokey Capital, Inc., Deloitte Transactions and Business Analytics LLP and other advisors to assist us in one or more of the following exercises: | ||
• | evaluation of options to address near-term debt maturities; | |
• | enhancement of our liquidity position; | |
• | evaluation of various strategic alternatives, including the acquisition or monetization of any and all assets or the Company; and | |
• | employee retention. | |
Recently Issued Accounting Standards | ||
In May 2014, the FASB issued accounting guidance, “Revenue from Contracts with Customers,” requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard becomes effective for us in the first quarter of 2017. We have not yet selected a transition method and we are currently evaluating the effect, if any, that the updated standard will have on our consolidated financial statements and related disclosures. | ||
No other pronouncements materially affecting our financial statements have been issued since the filing of our 2013 Annual Report on Form 10-K. |
Divestitures
Divestitures | 9 Months Ended |
Sep. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Divestitures | ' |
DIVESTITURES | |
In May 2014, we completed the sale of our Niobrara Asset to Southwestern Energy Company. The purchase price was subject to customary purchase price adjustments, which resulted in Southwestern paying us $95.6 million. We determined that the Southwestern Transaction did not represent a significant disposal of reserves under GAAP, therefore we reduced the balance of U.S. oil and gas properties by the amount of these proceeds and we did not recognize a gain or loss. | |
In August 2013, we completed the sale of our Southern Alberta Asset to Synergy. The purchase price was $46.0 million, which was subject to customary purchase price adjustments, resulting in a final purchase price of $42.3 million. We determined that the Synergy Transaction did not represent a significant disposal of reserves, therefore our U.S. oil and gas properties were reduced by these proceeds and we did not recognize a gain 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 $341.1 million, which was subsequently adjusted in the second half of 2013 to $339.3 million, including a revision of the gain calculation in the third quarter of 2013 of $8.0 million, before consideration of income taxes based on our determination that the Tokyo Gas Transaction represented a significant disposal of reserves under GAAP. Our U.S. oil and gas properties were ultimately reduced through December 31, 2013 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 | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Level 2 derivative instruments | $ | 74,312 | $ | 107,395 | $ | 846 | $ | 3,448 | |||||||||
Level 3 derivative instruments | 17,754 | 23,485 | — | — | |||||||||||||
Total | $ | 92,066 | $ | 130,880 | $ | 846 | $ | 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 $3.85 to $4.90 and are based upon prices quoted in active markets for the period of time available. A decrease of these unobservable inputs would increase the fair value, while an increase would decrease the fair value. | |||||||||||||||||
The following table identifies the changes in “Level 3” net asset derivative fair values for the periods indicated: | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | (5,533 | ) | $ | (9,873 | ) | |||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Unrealized gain (loss) on derivatives | 24,829 | 24,080 | |||||||||||||||
Settlements in net derivative gains (losses) | (1,542 | ) | (3,302 | ) | |||||||||||||
Balance at end of period | $ | 17,754 | $ | 10,905 | |||||||||||||
Total gains (losses) included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date | $ | 24,485 | $ | 24,026 | |||||||||||||
For the Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | 23,485 | $ | (4,931 | ) | ||||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Unrealized gain (loss) on derivatives | (6,488 | ) | 24,618 | ||||||||||||||
Settlements in net derivative gains (losses) | 757 | (8,782 | ) | ||||||||||||||
Balance at end of period | $ | 17,754 | $ | 10,905 | |||||||||||||
Total gains (losses) included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date | $ | (2,476 | ) | $ | 26,788 | ||||||||||||
Commodity Price Derivatives | |||||||||||||||||
As of September 30, 2014, we had natural gas swaps as follows: | |||||||||||||||||
Production | Daily Production | ||||||||||||||||
Year | Volume | ||||||||||||||||
Natural Gas | Natural Gas Basis Swaps | ||||||||||||||||
MMcfd | MMcfd | ||||||||||||||||
Remaining 2014 (1) | 170 | 40 | |||||||||||||||
2015 | 150 | — | |||||||||||||||
2016-2021 | 40 | — | |||||||||||||||
(1) | Our natural gas basis swaps economically hedge the AECO basis adjustment from NYMEX. | ||||||||||||||||
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 (through 2021). 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 $22.7 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 nine months ended September 30, 2014 and 2013, we recognized $1.5 million and $11.5 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 $2.2 million. | |||||||||||||||||
Fair Value Disclosures | |||||||||||||||||
The estimated fair value of our derivative instruments at September 30, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity contracts reported in: | |||||||||||||||||
Current derivative assets | $ | 66,278 | $ | 60,063 | $ | 180 | $ | 2,540 | |||||||||
Noncurrent derivative assets | 75,911 | 105,315 | 49,943 | 31,958 | |||||||||||||
Current derivative liabilities | — | — | 846 | 3,125 | |||||||||||||
Noncurrent derivative liabilities | — | — | — | 323 | |||||||||||||
Total derivatives not designated as hedges | $ | 142,189 | $ | 165,378 | $ | 50,969 | $ | 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 September 30, 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 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. During June 2014, we sold $10.0 million and transferred $10.0 million of held-to-maturity marketable securities to available-for-sale. Proceeds from these sales were used to reduce the outstanding balance on the Combined Credit Agreements. The estimated fair value of available-for-sale marketable securities is determined using market quotations based on recent trade activity (“Level 2” inputs). At September 30, 2014 we did not own any marketable securities. At December 31, 2013, we had the following marketable securities: | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Marketable securities (held-to-maturity) | |||||||||||||||||
Time deposits | $ | 29,419 | $ | — | $ | (22 | ) | $ | 29,397 | ||||||||
Commercial paper | 136,924 | 27 | (25 | ) | 136,926 | ||||||||||||
Marketable securities | $ | 166,343 | $ | 27 | $ | (47 | ) | $ | 166,323 | ||||||||
Property_Plant_And_Equipment
Property, Plant And Equipment | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant And Equipment | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consisted of the following: | ||||||||
30-Sep-14 | 31-Dec-13 | |||||||
(in thousands) | ||||||||
Oil and gas properties | ||||||||
Subject to depletion | $ | 5,635,307 | $ | 5,687,557 | ||||
Unevaluated costs | 218,398 | 221,605 | ||||||
Accumulated depletion | (5,245,133 | ) | (5,268,719 | ) | ||||
Net oil and gas properties | 608,572 | 640,443 | ||||||
Other property and equipment | ||||||||
Pipelines and processing facilities | 332,710 | 347,093 | ||||||
General properties | 71,049 | 72,125 | ||||||
Accumulated depreciation | (199,851 | ) | (198,856 | ) | ||||
Net other property and equipment | 203,908 | 220,362 | ||||||
Property, plant and equipment, net of accumulated depletion and depreciation | $ | 812,480 | $ | 860,805 | ||||
We recognized other property and equipment impairment charges of $0.1 million in 2014 for pipeline in Texas. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ' | ||||||||||||
Long-Term Debt | ' | ||||||||||||
LONG-TERM DEBT | |||||||||||||
Long-term debt consisted of the following: | |||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||
(in thousands) | |||||||||||||
Combined Credit Agreements | $ | 275,966 | $ | 211,200 | |||||||||
Second Lien Term Loan, net of unamortized discount | 609,555 | 607,572 | |||||||||||
Second Lien Notes due 2019, net of unamortized discount | 195,058 | 194,423 | |||||||||||
Senior notes due 2015, net of unamortized discount | — | 10,472 | |||||||||||
Senior notes due 2016, net of unamortized discount | — | 8,044 | |||||||||||
Senior notes due 2019, net of unamortized discount | 293,744 | 293,243 | |||||||||||
Senior notes due 2021, net of unamortized discount | 310,229 | 309,190 | |||||||||||
Senior subordinated notes due 2016 | 350,000 | 350,000 | |||||||||||
Total debt | 2,034,552 | 1,984,144 | |||||||||||
Unamortized deferred gain-terminated interest rate swaps | 3,292 | 4,802 | |||||||||||
Long-term debt | $ | 2,037,844 | $ | 1,988,946 | |||||||||
Combined Credit Agreements | |||||||||||||
The Combined Credit Agreements’ global borrowing base was $325 million and the global letter of credit capacity was $280 million as of September 30, 2014. At September 30, 2014, we had $6.7 million available under the Combined Credit Agreements. | |||||||||||||
In November 2014, the Combined Credit Agreements' global borrowing base was reaffirmed at $325 million and the Combined Credit Agreements were amended to eliminate the requirement to meet the minimum interest coverage ratio covenant beginning in the fourth quarter of 2014 through and including the fourth quarter of 2015. A minimum EBITDAX covenant was added beginning in the fourth quarter of 2014 through and including the fourth quarter of 2015 that requires the following minimum EBITDAX levels: | |||||||||||||
Minimum EBITDAX Covenant | |||||||||||||
(in millions) | |||||||||||||
Three months ending December 31, 2014 | $ | 30 | |||||||||||
Six months ending March 31, 2015 | 59 | ||||||||||||
Nine months ending June 30, 2015 | 87.25 | ||||||||||||
Twelve months ending September 30, 2015 | 120.5 | ||||||||||||
Twelve months ending December 31, 2015 | 122 | ||||||||||||
Additionally, the Combined Credit Agreements were amended changing certain definitions that impact the calculation of EBITDAX in both the November 2014 amendment and the April 2014 amendment and we permanently reduced the aggregate maximum credit amounts under the Combined Credit Agreements from $1.75 billion to $650 million in April 2014 and to $450 million in November 2014. | |||||||||||||
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 September 30, 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 certain asset sales within one year. | |||||||||||||
Summary of All Outstanding Debt | |||||||||||||
The following table summarizes certain significant aspects of our long-term debt outstanding at September 30, 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 | 2019 | 2021 | Senior | ||||||||
Agreements | Senior Notes | Senior Notes | Subordinated Notes | ||||||||||
Principal amount (1) (2) | $325 million | $625 million | $200 million | $298 million | $325 million | $350 million | |||||||
Scheduled maturity date (3) | September 6, 2016 | June 21, 2019 | June 21, 2019 | August 15, 2019 | July 1, 2021 | April 1, 2016 | |||||||
Springing maturity date (3) | 1-Oct-15 | 1-Jan-16 | 1-Jan-16 | N/A | N/A | N/A | |||||||
Interest rate on outstanding borrowings at September 30, 2014 (4) | 4.09% | 7.00% | 7.00% | 9.13% | 11.00% | 7.12% | |||||||
Base interest rate | LIBOR, ABR, CDOR | LIBOR floor of 1.25%; ABR floor of 2.25% | LIBOR floor of 1.25% | N/A | N/A | N/A | |||||||
options (5) (6) | |||||||||||||
Financial covenants (7) (9) | - Minimum current ratio of 1.0 | 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 | - 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 15, | July 1, | Any time | |||||||
June 21, | June 21, | 2014: 104.563 | 2019: 102.000 | ||||||||||
2015: 101 | 2015: 101 | 2015: 103.042 | 2020: par | ||||||||||
2016: 101.521 | |||||||||||||
2017: par | |||||||||||||
Make-whole redemption (9) | N/A | N/A | N/A | N/A | Callable prior | N/A | |||||||
to July 1, 2019 | |||||||||||||
at make-whole | |||||||||||||
call price of | |||||||||||||
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% | |||||||
of principal | of principal | of principal | of principal | of principal | |||||||||
plus accrued | plus accrued | plus accrued | plus accrued | plus accrued | |||||||||
interest | interest | interest | interest | interest | |||||||||
Equity clawback (9) | 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) | $276.0 million | $568.8 million | $182.0 million | $186.3 million | $213.7 million | $136.5 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 September 30, 2014. | ||||||||||||
(3) | The Combined Credit Agreements are required to be repaid 91 days prior to the maturity of the 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 Senior Subordinated Notes if on the applicable date the amount remaining outstanding is greater than $100 million. As of September 30, 2014, as presently structured and assuming no changes in the amounts outstanding, amounts outstanding under the Combined Credit Agreements would be due on October 1, 2015 and the Second Lien Term Loan and Second Lien Notes due 2019 would be due on January 1, 2016. | ||||||||||||
(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) | As of September 30, 2014, the future minimum required interest coverage ratio for the Combined Credit Agreements is as follows: | ||||||||||||
Period | Interest Coverage Ratio | Period | Interest Coverage Ratio | ||||||||||
Q4 2014 | 1.1 | Q4 2015 | 1.2 | ||||||||||
Q1 2015 | 1.1 | Q1 2016 | 1.5 | ||||||||||
Q2 2015 | 1.15 | Q2 2016 | 2 | ||||||||||
Q3 2015 | 1.15 | ||||||||||||
In November 2014, the Combined Credit Agreements were amended to eliminate the requirement to meet the minimum interest coverage ratio covenant beginning in the fourth quarter of 2014 through and including the fourth quarter of 2015. A minimum EBITDAX covenant was added beginning in the fourth quarter of 2014 through and including the fourth quarter of 2015 that requires the following minimum EBITDAX levels: | |||||||||||||
Minimum EBITDAX Covenant | |||||||||||||
(in millions) | |||||||||||||
Three months ending December 31, 2014 | $ | 30 | |||||||||||
Six months ending March 31, 2015 | 59 | ||||||||||||
Nine months ending June 30, 2015 | 87.25 | ||||||||||||
Twelve months ending September 30, 2015 | 120.5 | ||||||||||||
Twelve months ending December 31, 2015 | 122 | ||||||||||||
(8) | Our indentures require us to reinvest or repay senior debt with net cash proceeds from certain 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2014, our U.S. and Canadian valuation allowances are $372.0 million and $60.7 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 and nine months ended September 30, 2014 is a result of hedge gains previously deferred in AOCI being realized during the periods and the net tax impact being recognized, partially offset by a refund of $7.6 million filed in September 2014. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Loss Contingency [Abstract] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
In each of July 2011 and June 2012, we received a subpoena duces tecum from the SEC requesting certain documents. In July 2014, the SEC notified us that the staff has completed its investigation and does not intend to recommend an enforcement action by the SEC against us. | |
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 September 30, 2014. |
Fortune_Creek
Fortune Creek | 9 Months Ended |
Sep. 30, 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, of which C$120 million remains, 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 do not expect to be able to satisfy these capital expenditure requirements with our cash on hand, committed financing or cash flow from operations and will need to obtain additional debt or equity financing or sell assets, which we may not be able to do on satisfactory terms, or at all. | |
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. | |
Based on a quarterly analysis of the partners’ equity at risk, we have determined the partnership to be a VIE. Further, based on our ability to direct the activities surrounding the production of natural gas and our direct management of the operations of the Fortune Creek facilities, we have determined we are the primary beneficiary and, therefore, we consolidate Fortune Creek. |
Quicksilver_Stockholders_Equit
Quicksilver Stockholders' Equity | 9 Months Ended | |||||||||||||
Sep. 30, 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 September 30, 2014 and December 31, 2013, we had 179.8 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 nine months ended September 30, 2013: | ||||||||||||||
Weighted avg grant date fair value | $1.05 | |||||||||||||
Weighted avg risk-free interest rate | 1.31% | |||||||||||||
Expected life | 4.9 years | |||||||||||||
Wtd avg volatility | 69.00% | |||||||||||||
Expected dividends | — | |||||||||||||
The following table summarizes our stock option activity for the nine months ended September 30, 2014: | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual Life | |||||||||||||
(in years) | (in thousands) | |||||||||||||
Outstanding at January 1, 2014 | 6,771,578 | $ | 7.82 | |||||||||||
Forfeited | (44,950 | ) | 1.65 | |||||||||||
Expired | (111,494 | ) | 9.83 | |||||||||||
Outstanding at September 30, 2014 | 6,615,134 | $ | 7.83 | 5.4 | $ | — | ||||||||
Exercisable at September 30, 2014 | 5,232,903 | $ | 9.18 | 4.6 | $ | — | ||||||||
As of September 30, 2014, we estimate that a total of 6.3 million stock options will vest including those options already exercisable. As of September 30, 2014, the unrecognized compensation cost related to outstanding unvested stock options was $1.0 million, which is expected to be recognized in expense through August 2016. Compensation expense related to stock options of $1.1 million and $3.2 million was recognized for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||
Restricted Stock and Stock Units | ||||||||||||||
The following table summarizes our restricted stock and stock unit activity for the nine months ended September 30, 2014: | ||||||||||||||
Payable in shares | Payable in cash | |||||||||||||
Shares | Weighted | Shares | Weighted | |||||||||||
Average | Average | |||||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Outstanding at January 1, 2014 | 5,668,090 | $ | 3.9 | 1,572,341 | $ | 3.69 | ||||||||
Granted | 4,765,425 | 2.64 | — | — | ||||||||||
Vested | (2,559,959 | ) | 4.86 | (631,275 | ) | 4.29 | ||||||||
Forfeited | (348,554 | ) | 3.09 | (33,458 | ) | 3.2 | ||||||||
Outstanding at September 30, 2014 | 7,525,002 | $ | 2.82 | 907,608 | $ | 3.32 | ||||||||
As of September 30, 2014, the unrecognized compensation cost related to outstanding unvested restricted stock was $14.8 million, which is expected to be recognized in expense through July 2017. Grants of restricted stock and RSUs during the nine months ended September 30, 2014 had an estimated grant date fair value of $12.6 million. The fair value of outstanding RSUs to be settled in cash was $0.5 million at September 30, 2014. For the nine months ended September 30, 2014 and 2013, compensation expense related to restricted stock and RSUs of $8.4 million and $12.2 million, respectively, was recognized. The total fair value of shares vested during the nine months ended September 30, 2014 was $10.2 million. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 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 | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Net income (loss) attributable to Quicksilver | $ | 23,757 | $ | 10,577 | $ | (71,171 | ) | $ | 193,397 | |||||||
Basic income allocable to participating securities (1) | (772 | ) | (312 | ) | — | (5,111 | ) | |||||||||
Income (loss) available to shareholders | $ | 22,985 | $ | 10,265 | $ | (71,171 | ) | $ | 188,286 | |||||||
Weighted average common shares – basic | 173,936 | 171,682 | 173,783 | 171,403 | ||||||||||||
Effect of dilutive securities (2) | ||||||||||||||||
Share-based compensation awards | 216 | 311 | — | 170 | ||||||||||||
Weighted average common shares – diluted | 174,152 | 171,993 | 173,783 | 171,573 | ||||||||||||
Earnings (loss) per common share – basic | $ | 0.13 | $ | 0.06 | $ | (0.41 | ) | $ | 1.1 | |||||||
Earnings (loss) per common share – diluted | $ | 0.13 | $ | 0.06 | $ | (0.41 | ) | $ | 1.1 | |||||||
(1) | Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, should be included in computing earnings per share using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so. | |||||||||||||||
(2) | For the three months ended September 30, 2014, 6.6 million shares associated with our stock options and 1.2 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended September 30, 2013, 6.2 million shares associated with our stock options and 0.2 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the nine months ended September 30, 2014, 6.6 million shares associated with our stock options and 0.8 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the nine months ended September 30, 2013, 5.5 million shares associated with our stock options and 0.2 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 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- and nine-month periods 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 | ||||||||||||||||||||||||||||||||||||
30-Sep-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 | $ | 338,424 | $ | 13,096 | $ | 65,733 | $ | (23,193 | ) | $ | 394,060 | $ | (455 | ) | $ | 1,746 | $ | 949 | $ | 396,300 | ||||||||||||||||
Property and equipment | 417,921 | 14,625 | 305,197 | — | 737,743 | — | 74,737 | — | 812,480 | |||||||||||||||||||||||||||
Investment in subsidiaries (equity method) | (227,994 | ) | — | (23,409 | ) | 227,994 | (23,409 | ) | (23,429 | ) | — | 46,838 | — | |||||||||||||||||||||||
Other assets | 457,285 | — | 15,473 | (413,281 | ) | 59,477 | — | — | — | 59,477 | ||||||||||||||||||||||||||
Total assets | $ | 985,636 | $ | 27,721 | $ | 362,994 | $ | (208,480 | ) | $ | 1,167,871 | $ | (23,884 | ) | $ | 76,483 | $ | 47,787 | $ | 1,268,257 | ||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||
Current liabilities | $ | 103,042 | $ | 13,401 | $ | 11,064 | $ | (23,193 | ) | $ | 104,314 | $ | (475 | ) | $ | 3,736 | $ | 949 | $ | 108,524 | ||||||||||||||||
Long-term liabilities | 1,980,078 | 19,241 | 575,003 | (413,281 | ) | 2,161,041 | — | 1,525 | 94,651 | 2,257,217 | ||||||||||||||||||||||||||
Stockholders' equity | (1,097,484 | ) | (4,921 | ) | (223,073 | ) | 227,994 | (1,097,484 | ) | (23,409 | ) | 71,222 | (47,813 | ) | (1,097,484 | ) | ||||||||||||||||||||
Total liabilities and equity | $ | 985,636 | $ | 27,721 | $ | 362,994 | $ | (208,480 | ) | $ | 1,167,871 | $ | (23,884 | ) | $ | 76,483 | $ | 47,787 | $ | 1,268,257 | ||||||||||||||||
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 September 30, 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 | $ | 120,513 | $ | 427 | $ | 42,558 | $ | — | $ | 163,498 | $ | — | $ | 4,271 | $ | (4,271 | ) | $ | 163,498 | |||||||||||||||||
Operating expenses | 72,868 | 341 | 27,648 | — | 100,857 | — | 2,128 | (4,271 | ) | 98,714 | ||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | 8,821 | — | (1,458 | ) | (8,821 | ) | (1,458 | ) | 2,144 | — | (686 | ) | — | |||||||||||||||||||||||
Operating income (loss) | 56,466 | 86 | 13,452 | (8,821 | ) | 61,183 | 2,144 | 2,143 | (686 | ) | 64,784 | |||||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (3,602 | ) | (3,602 | ) | |||||||||||||||||||||||||
Interest expense and other | (37,613 | ) | 86 | (4,838 | ) | — | (42,365 | ) | — | 1 | — | (42,364 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | 4,826 | (30 | ) | 65 | 78 | 4,939 | — | — | — | 4,939 | ||||||||||||||||||||||||||
Net income (loss) | $ | 23,679 | $ | 142 | $ | 8,679 | $ | (8,743 | ) | $ | 23,757 | $ | 2,144 | $ | 2,144 | $ | (4,288 | ) | $ | 23,757 | ||||||||||||||||
Other comprehensive income (loss) | (11,564 | ) | — | (3,325 | ) | — | (14,889 | ) | — | — | — | (14,889 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (3,325 | ) | — | — | 3,325 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 8,790 | $ | 142 | $ | 5,354 | $ | (5,418 | ) | $ | 8,868 | $ | 2,144 | $ | 2,144 | $ | (4,288 | ) | $ | 8,868 | ||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Consolidated | |||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 114,021 | $ | 192 | $ | 38,903 | $ | — | $ | 153,116 | $ | — | $ | 5,674 | $ | (5,674 | ) | $ | 153,116 | |||||||||||||||||
Operating expenses | 73,594 | 68 | 30,360 | — | 104,022 | — | 2,693 | (5,674 | ) | 101,041 | ||||||||||||||||||||||||||
Tokyo Gas Transaction gain | 7,974 | — | — | — | 7,974 | — | — | — | 7,974 | |||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | 3,854 | — | (1,834 | ) | (3,854 | ) | (1,834 | ) | 2,984 | — | (1,150 | ) | — | |||||||||||||||||||||||
Operating income (loss) | 52,255 | 124 | 6,709 | (3,854 | ) | 55,234 | 2,984 | 2,981 | (1,150 | ) | 60,049 | |||||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (4,818 | ) | (4,818 | ) | |||||||||||||||||||||||||
Interest expense and other | (36,922 | ) | — | (1,769 | ) | — | (38,691 | ) | — | 3 | — | (38,688 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | (4,756 | ) | — | (1,210 | ) | — | (5,966 | ) | — | — | — | (5,966 | ) | |||||||||||||||||||||||
Net income (loss) | $ | 10,577 | $ | 124 | $ | 3,730 | $ | (3,854 | ) | $ | 10,577 | $ | 2,984 | $ | 2,984 | $ | (5,968 | ) | $ | 10,577 | ||||||||||||||||
Other comprehensive income (loss) | (6,114 | ) | — | (2,680 | ) | — | (8,794 | ) | — | — | — | (8,794 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (2,680 | ) | — | — | 2,680 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 1,783 | $ | 124 | $ | 1,050 | $ | (1,174 | ) | $ | 1,783 | $ | 2,984 | $ | 2,984 | $ | (5,968 | ) | $ | 1,783 | ||||||||||||||||
For the Nine Months Ended September 30, 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 | $ | 269,321 | $ | 1,212 | $ | 102,783 | $ | — | $ | 373,316 | $ | — | $ | 13,349 | $ | (13,349 | ) | $ | 373,316 | |||||||||||||||||
Operating expenses | 225,906 | 988 | 86,491 | — | 313,385 | — | 6,014 | (13,349 | ) | 306,050 | ||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | 2,864 | — | (4,266 | ) | (2,864 | ) | (4,266 | ) | 7,339 | — | (3,073 | ) | — | |||||||||||||||||||||||
Operating income (loss) | 46,279 | 224 | 12,026 | (2,864 | ) | 55,665 | 7,339 | 7,335 | (3,073 | ) | 67,266 | |||||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (11,605 | ) | (11,605 | ) | |||||||||||||||||||||||||
Interest expense and other | (117,315 | ) | 86 | (8,526 | ) | — | (125,755 | ) | — | 4 | — | (125,751 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | (213 | ) | (78 | ) | (868 | ) | 78 | (1,081 | ) | — | — | — | (1,081 | ) | ||||||||||||||||||||||
Net income (loss) | $ | (71,249 | ) | $ | 232 | $ | 2,632 | $ | (2,786 | ) | $ | (71,171 | ) | $ | 7,339 | $ | 7,339 | $ | (14,678 | ) | $ | (71,171 | ) | |||||||||||||
Other comprehensive income (loss) | (20,252 | ) | — | (6,849 | ) | — | (27,101 | ) | — | — | — | (27,101 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (6,849 | ) | — | — | 6,849 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (98,350 | ) | $ | 232 | $ | (4,217 | ) | $ | 4,063 | $ | (98,272 | ) | $ | 7,339 | $ | 7,339 | $ | (14,678 | ) | $ | (98,272 | ) | |||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Consolidated | |||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 334,848 | $ | 608 | $ | 111,862 | $ | — | $ | 447,318 | $ | — | $ | 16,736 | $ | (16,736 | ) | $ | 447,318 | |||||||||||||||||
Operating expenses | 256,810 | 206 | 89,559 | — | 346,575 | — | 7,552 | (16,736 | ) | 337,391 | ||||||||||||||||||||||||||
Tokyo Gas Transaction gain | 341,146 | — | — | — | 341,146 | — | — | — | 341,146 | |||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | (9,227 | ) | — | (5,300 | ) | 9,227 | (5,300 | ) | 9,190 | — | (3,890 | ) | — | |||||||||||||||||||||||
Operating income (loss) | 409,957 | 402 | 17,003 | 9,227 | 436,589 | 9,190 | 9,184 | (3,890 | ) | 451,073 | ||||||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (14,490 | ) | (14,490 | ) | |||||||||||||||||||||||||
Interest expense and other | (200,639 | ) | — | (24,490 | ) | — | (225,129 | ) | — | 6 | — | (225,123 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | (15,921 | ) | — | (2,142 | ) | — | (18,063 | ) | — | — | — | (18,063 | ) | |||||||||||||||||||||||
Net income (loss) | $ | 193,397 | $ | 402 | $ | (9,629 | ) | $ | 9,227 | $ | 193,397 | $ | 9,190 | $ | 9,190 | $ | (18,380 | ) | $ | 193,397 | ||||||||||||||||
Other comprehensive income (loss) | (29,014 | ) | — | (9,100 | ) | — | (38,114 | ) | — | — | — | (38,114 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (9,100 | ) | — | — | 9,100 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 155,283 | $ | 402 | $ | (18,729 | ) | $ | 18,327 | $ | 155,283 | $ | 9,190 | $ | 9,190 | $ | (18,380 | ) | $ | 155,283 | ||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 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 | $ | (39,474 | ) | $ | (688 | ) | $ | 28,843 | $ | — | $ | (11,319 | ) | $ | — | $ | 6,336 | $ | — | $ | (4,983 | ) | ||||||||||||||
Purchases of property, plant and equipment | (88,119 | ) | (57 | ) | (23,247 | ) | — | (111,423 | ) | — | (21 | ) | — | (111,444 | ) | |||||||||||||||||||||
Investment in subsidiary | (1,246 | ) | — | (26,395 | ) | 1,246 | (26,395 | ) | (26,395 | ) | — | 52,790 | — | |||||||||||||||||||||||
Proceeds from Southwestern Transaction | 95,587 | — | — | — | 95,587 | — | — | — | 95,587 | |||||||||||||||||||||||||||
Proceeds from sale of properties and equipment | 1,445 | — | 497 | — | 1,942 | — | — | — | 1,942 | |||||||||||||||||||||||||||
Purchases of marketable securities | (55,890 | ) | — | — | — | (55,890 | ) | — | — | — | (55,890 | ) | ||||||||||||||||||||||||
Maturities and sales of marketable securities | 222,025 | — | — | — | 222,025 | — | — | — | 222,025 | |||||||||||||||||||||||||||
Net cash flow provided by (used in) investing activities | 173,802 | (57 | ) | (49,145 | ) | 1,246 | 125,846 | (26,395 | ) | (21 | ) | 52,790 | 152,220 | |||||||||||||||||||||||
Issuance of debt | 174,000 | — | 69,184 | — | 243,184 | — | — | — | 243,184 | |||||||||||||||||||||||||||
Repayments of debt | (138,651 | ) | — | (55,038 | ) | — | (193,689 | ) | — | — | — | (193,689 | ) | |||||||||||||||||||||||
Debt issuance costs paid | (225 | ) | — | — | — | (225 | ) | — | — | — | (225 | ) | ||||||||||||||||||||||||
Intercompany note | (22,558 | ) | — | 22,558 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Intercompany financing | — | 745 | 501 | (1,246 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Contribution received | — | — | — | — | — | 26,395 | 26,395 | (52,790 | ) | — | ||||||||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | — | — | (37,113 | ) | — | (37,113 | ) | |||||||||||||||||||||||||
Purchase of treasury stock | (2,388 | ) | — | — | — | (2,388 | ) | — | — | — | (2,388 | ) | ||||||||||||||||||||||||
Net cash flow provided by (used in) financing activities | 10,178 | 745 | 37,205 | (1,246 | ) | 46,882 | 26,395 | (10,718 | ) | (52,790 | ) | 9,769 | ||||||||||||||||||||||||
Effect of exchange rates on cash | — | — | (2,718 | ) | — | (2,718 | ) | — | 4,934 | — | 2,216 | |||||||||||||||||||||||||
Net increase (decrease) in cash and equivalents | 144,506 | — | 14,185 | — | 158,691 | — | 531 | — | 159,222 | |||||||||||||||||||||||||||
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 | $ | 228,399 | $ | — | $ | 18,320 | $ | — | $ | 246,719 | $ | 22 | $ | 1,584 | $ | — | $ | 248,325 | ||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Quicksilver | Unrestricted Non-Guarantor Subsidiaries | Fortune | Quicksilver | ||||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non-Guarantor | and | Creek | Resources Inc. | |||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Restricted | Consolidated | |||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | (113,029 | ) | $ | (19 | ) | $ | 25,517 | $ | (87,531 | ) | $ | — | $ | 6,428 | $ | (81,103 | ) | ||||||||||||||||||
Purchases of property, plant and equipment | (53,291 | ) | 19 | (24,752 | ) | (78,024 | ) | — | (525 | ) | (78,549 | ) | ||||||||||||||||||||||||
Proceeds from Tokyo Gas Transaction | 463,418 | — | — | $ | 463,418 | — | — | 463,418 | ||||||||||||||||||||||||||||
Proceeds from Synergy transaction | 42,297 | — | — | 42,297 | — | — | 42,297 | |||||||||||||||||||||||||||||
Proceeds from sale of properties and equipment | 2,977 | — | 17 | 2,994 | — | — | 2,994 | |||||||||||||||||||||||||||||
Purchases of marketable securities | (142,823 | ) | — | — | $ | (142,823 | ) | — | — | (142,823 | ) | |||||||||||||||||||||||||
Maturities and sales of marketable securities | 13,178 | — | — | $ | 13,178 | — | — | 13,178 | ||||||||||||||||||||||||||||
Net cash flow provided by (used in) | 325,756 | 19 | (24,735 | ) | 301,040 | — | (525 | ) | 300,515 | |||||||||||||||||||||||||||
investing activities | ||||||||||||||||||||||||||||||||||||
Issuance of debt | 1,170,266 | — | 3,040 | 1,173,306 | — | — | 1,173,306 | |||||||||||||||||||||||||||||
Repayments of debt | (1,157,969 | ) | — | (150,413 | ) | (1,308,382 | ) | — | — | (1,308,382 | ) | |||||||||||||||||||||||||
Debt issuance costs paid | (25,868 | ) | — | — | (25,868 | ) | — | — | (25,868 | ) | ||||||||||||||||||||||||||
Intercompany note | (147,103 | ) | — | 147,103 | — | — | — | — | ||||||||||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | — | (8,079 | ) | (8,079 | ) | |||||||||||||||||||||||||||
Purchase of treasury stock | (1,472 | ) | — | — | (1,472 | ) | — | — | (1,472 | ) | ||||||||||||||||||||||||||
Net cash flow used in financing activities | (162,146 | ) | — | (270 | ) | (162,416 | ) | — | (8,079 | ) | (170,495 | ) | ||||||||||||||||||||||||
Effect of exchange rates on cash | — | — | (512 | ) | (512 | ) | — | 3,122 | 2,610 | |||||||||||||||||||||||||||
Net increase in cash and equivalents | 50,581 | — | — | 50,581 | — | 946 | 51,527 | |||||||||||||||||||||||||||||
Cash and equivalents at beginning of period | 4,618 | — | — | 4,618 | — | 333 | 4,951 | |||||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | 55,199 | $ | — | $ | — | $ | 55,199 | $ | — | $ | 1,279 | $ | 56,478 | ||||||||||||||||||||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 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 September 30: | (in thousands) | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Revenue | $ | 120,513 | $ | 42,072 | $ | 5,184 | $ | — | $ | (4,271 | ) | $ | 163,498 | |||||||||||
DD&A | 8,096 | 4,171 | 1,256 | 446 | — | 13,969 | ||||||||||||||||||
Impairment expense | — | — | 135 | — | — | 135 | ||||||||||||||||||
Operating income (loss) | 57,809 | 16,364 | 2,367 | (11,756 | ) | — | 64,784 | |||||||||||||||||
Property and equipment costs incurred | 20,912 | 7,254 | 72 | 218 | — | 28,456 | ||||||||||||||||||
2013 | ||||||||||||||||||||||||
Revenue | $ | 114,002 | $ | 38,407 | $ | 6,381 | $ | — | $ | (5,674 | ) | $ | 153,116 | |||||||||||
DD&A | 8,402 | 4,114 | 1,300 | 574 | — | 14,390 | ||||||||||||||||||
Operating income (loss) | 56,911 | 11,076 | 3,107 | (11,045 | ) | — | 60,049 | |||||||||||||||||
Property and equipment costs incurred | 15,147 | 4,288 | 1,615 | (329 | ) | — | 20,721 | |||||||||||||||||
For the Nine Months Ended September 30: | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Revenue | $ | 269,310 | $ | 101,198 | $ | 16,157 | $ | — | $ | (13,349 | ) | $ | 373,316 | |||||||||||
DD&A | 23,652 | 13,779 | 3,744 | 1,409 | — | 42,584 | ||||||||||||||||||
Impairment expense | — | — | 135 | — | — | 135 | ||||||||||||||||||
Operating income (loss) | 78,891 | 20,199 | 7,700 | (39,524 | ) | — | 67,266 | |||||||||||||||||
Property and equipment costs incurred | 85,814 | 20,924 | 83 | 763 | — | 107,584 | ||||||||||||||||||
2013 | ||||||||||||||||||||||||
Revenue | $ | 334,804 | $ | 110,052 | $ | 19,198 | $ | — | $ | (16,736 | ) | $ | 447,318 | |||||||||||
DD&A | 29,745 | 12,458 | 3,947 | 1,761 | — | 47,911 | ||||||||||||||||||
Operating income (loss) | 456,624 | 30,126 | 9,593 | (45,270 | ) | — | 451,073 | |||||||||||||||||
Property and equipment costs incurred | 50,459 | 9,972 | 2,369 | 9,655 | — | 72,455 | ||||||||||||||||||
Property, plant and equipment-net | ||||||||||||||||||||||||
30-Sep-14 | $ | 415,163 | $ | 303,827 | $ | 89,362 | $ | 4,128 | $ | — | $ | 812,480 | ||||||||||||
31-Dec-13 | 451,840 | 306,423 | 97,118 | 5,424 | — | 860,805 | ||||||||||||||||||
Total assets | ||||||||||||||||||||||||
30-Sep-14 | 796,931 | 362,994 | 104,204 | 4,128 | — | $ | 1,268,257 | |||||||||||||||||
31-Dec-13 | 895,388 | 359,951 | 108,963 | 5,424 | — | 1,369,726 | ||||||||||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 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 Nine Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Interest, net of capitalized interest | $ | 124,408 | $ | 227,189 | ||||
Income taxes | (7,844 | ) | 1,217 | |||||
Other significant non-cash transactions are as follows: | ||||||||
For the Nine Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Working capital related to capital expenditures | $ | 7,612 | $ | 4,867 | ||||
Transactions_With_Related_Part
Transactions With Related Parties | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Transactions With Related Parties | ' |
TRANSACTIONS AND OTHER MATTERS WITH RELATED PARTIES | |
As of September 30, 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 of Quicksilver. | |
During the first nine 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 nine months of 2014 and 2013. | |
In August 2013, we paid $0.2 million in commission to an entity controlled by members of the Darden family in connection with the sublease of a portion of our office space. | |
Thomas Darden, brother of Glenn Darden and Anne Darden Self, retired as an employee on December 31, 2013, and resigned from the board of directors effective September 1, 2014. During the first nine months of 2014, consulting fee payments of $405,000, office allowance payments of $112,500 and COBRA payments of $39,000 were made to Mr. Darden. Additionally, in accordance with the agreement related to his 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) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Credit Risk Derivatives, at Fair Value, Net [Abstract] | ' | ||||||||||||||||
Estimated Fair Value Of Derivative Instruments Under Input Levels | ' | ||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Level 2 derivative instruments | $ | 74,312 | $ | 107,395 | $ | 846 | $ | 3,448 | |||||||||
Level 3 derivative instruments | 17,754 | 23,485 | — | — | |||||||||||||
Total | $ | 92,066 | $ | 130,880 | $ | 846 | $ | 3,448 | |||||||||
Changes In Level 3 Fair Values | ' | ||||||||||||||||
For the Three Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | (5,533 | ) | $ | (9,873 | ) | |||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Unrealized gain (loss) on derivatives | 24,829 | 24,080 | |||||||||||||||
Settlements in net derivative gains (losses) | (1,542 | ) | (3,302 | ) | |||||||||||||
Balance at end of period | $ | 17,754 | $ | 10,905 | |||||||||||||
Total gains (losses) included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date | $ | 24,485 | $ | 24,026 | |||||||||||||
For the Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | 23,485 | $ | (4,931 | ) | ||||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Unrealized gain (loss) on derivatives | (6,488 | ) | 24,618 | ||||||||||||||
Settlements in net derivative gains (losses) | 757 | (8,782 | ) | ||||||||||||||
Balance at end of period | $ | 17,754 | $ | 10,905 | |||||||||||||
Total gains (losses) included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date | $ | (2,476 | ) | $ | 26,788 | ||||||||||||
Marketable Securities | ' | ||||||||||||||||
31-Dec-13 | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Marketable securities (held-to-maturity) | |||||||||||||||||
Time deposits | $ | 29,419 | $ | — | $ | (22 | ) | $ | 29,397 | ||||||||
Commercial paper | 136,924 | 27 | (25 | ) | 136,926 | ||||||||||||
Marketable securities | $ | 166,343 | $ | 27 | $ | (47 | ) | $ | 166,323 | ||||||||
Price Collars And Swaps For Anticipated Natural Gas And NGL Production | ' | ||||||||||||||||
Production | Daily Production | ||||||||||||||||
Year | Volume | ||||||||||||||||
Natural Gas | Natural Gas Basis Swaps | ||||||||||||||||
MMcfd | MMcfd | ||||||||||||||||
Remaining 2014 (1) | 170 | 40 | |||||||||||||||
2015 | 150 | — | |||||||||||||||
2016-2021 | 40 | — | |||||||||||||||
(1) | Our natural gas basis swaps economically hedge the AECO basis adjustment from NYMEX. | ||||||||||||||||
Estimated Fair Value Of Derivative Instruments | ' | ||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
30-Sep-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity contracts reported in: | |||||||||||||||||
Current derivative assets | $ | 66,278 | $ | 60,063 | $ | 180 | $ | 2,540 | |||||||||
Noncurrent derivative assets | 75,911 | 105,315 | 49,943 | 31,958 | |||||||||||||
Current derivative liabilities | — | — | 846 | 3,125 | |||||||||||||
Noncurrent derivative liabilities | — | — | — | 323 | |||||||||||||
Total derivatives not designated as hedges | $ | 142,189 | $ | 165,378 | $ | 50,969 | $ | 37,946 | |||||||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
30-Sep-14 | 31-Dec-13 | |||||||
(in thousands) | ||||||||
Oil and gas properties | ||||||||
Subject to depletion | $ | 5,635,307 | $ | 5,687,557 | ||||
Unevaluated costs | 218,398 | 221,605 | ||||||
Accumulated depletion | (5,245,133 | ) | (5,268,719 | ) | ||||
Net oil and gas properties | 608,572 | 640,443 | ||||||
Other property and equipment | ||||||||
Pipelines and processing facilities | 332,710 | 347,093 | ||||||
General properties | 71,049 | 72,125 | ||||||
Accumulated depreciation | (199,851 | ) | (198,856 | ) | ||||
Net other property and equipment | 203,908 | 220,362 | ||||||
Property, plant and equipment, net of accumulated depletion and depreciation | $ | 812,480 | $ | 860,805 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ' | ||||||||||||
Schedule Of Long-Term Debt Instruments | ' | ||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||
(in thousands) | |||||||||||||
Combined Credit Agreements | $ | 275,966 | $ | 211,200 | |||||||||
Second Lien Term Loan, net of unamortized discount | 609,555 | 607,572 | |||||||||||
Second Lien Notes due 2019, net of unamortized discount | 195,058 | 194,423 | |||||||||||
Senior notes due 2015, net of unamortized discount | — | 10,472 | |||||||||||
Senior notes due 2016, net of unamortized discount | — | 8,044 | |||||||||||
Senior notes due 2019, net of unamortized discount | 293,744 | 293,243 | |||||||||||
Senior notes due 2021, net of unamortized discount | 310,229 | 309,190 | |||||||||||
Senior subordinated notes due 2016 | 350,000 | 350,000 | |||||||||||
Total debt | 2,034,552 | 1,984,144 | |||||||||||
Unamortized deferred gain-terminated interest rate swaps | 3,292 | 4,802 | |||||||||||
Long-term debt | $ | 2,037,844 | $ | 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 | 2019 | 2021 | Senior | ||||||||
Agreements | Senior Notes | Senior Notes | Subordinated Notes | ||||||||||
Principal amount (1) (2) | $325 million | $625 million | $200 million | $298 million | $325 million | $350 million | |||||||
Scheduled maturity date (3) | September 6, 2016 | June 21, 2019 | June 21, 2019 | August 15, 2019 | July 1, 2021 | April 1, 2016 | |||||||
Springing maturity date (3) | 1-Oct-15 | 1-Jan-16 | 1-Jan-16 | N/A | N/A | N/A | |||||||
Interest rate on outstanding borrowings at September 30, 2014 (4) | 4.09% | 7.00% | 7.00% | 9.13% | 11.00% | 7.12% | |||||||
Base interest rate | LIBOR, ABR, CDOR | LIBOR floor of 1.25%; ABR floor of 2.25% | LIBOR floor of 1.25% | N/A | N/A | N/A | |||||||
options (5) (6) | |||||||||||||
Financial covenants (7) (9) | - Minimum current ratio of 1.0 | 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 | - 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 15, | July 1, | Any time | |||||||
June 21, | June 21, | 2014: 104.563 | 2019: 102.000 | ||||||||||
2015: 101 | 2015: 101 | 2015: 103.042 | 2020: par | ||||||||||
2016: 101.521 | |||||||||||||
2017: par | |||||||||||||
Make-whole redemption (9) | N/A | N/A | N/A | N/A | Callable prior | N/A | |||||||
to July 1, 2019 | |||||||||||||
at make-whole | |||||||||||||
call price of | |||||||||||||
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% | |||||||
of principal | of principal | of principal | of principal | of principal | |||||||||
plus accrued | plus accrued | plus accrued | plus accrued | plus accrued | |||||||||
interest | interest | interest | interest | interest | |||||||||
Equity clawback (9) | 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) | $276.0 million | $568.8 million | $182.0 million | $186.3 million | $213.7 million | $136.5 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 September 30, 2014. | ||||||||||||
(3) | The Combined Credit Agreements are required to be repaid 91 days prior to the maturity of the 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 Senior Subordinated Notes if on the applicable date the amount remaining outstanding is greater than $100 million. As of September 30, 2014, as presently structured and assuming no changes in the amounts outstanding, amounts outstanding under the Combined Credit Agreements would be due on October 1, 2015 and the Second Lien Term Loan and Second Lien Notes due 2019 would be due on January 1, 2016. | ||||||||||||
(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) | As of September 30, 2014, the future minimum required interest coverage ratio for the Combined Credit Agreements is as follows: | ||||||||||||
Period | Interest Coverage Ratio | Period | Interest Coverage Ratio | ||||||||||
Q4 2014 | 1.1 | Q4 2015 | 1.2 | ||||||||||
Q1 2015 | 1.1 | Q1 2016 | 1.5 | ||||||||||
Q2 2015 | 1.15 | Q2 2016 | 2 | ||||||||||
Q3 2015 | 1.15 | ||||||||||||
In November 2014, the Combined Credit Agreements were amended to eliminate the requirement to meet the minimum interest coverage ratio covenant beginning in the fourth quarter of 2014 through and including the fourth quarter of 2015. A minimum EBITDAX covenant was added beginning in the fourth quarter of 2014 through and including the fourth quarter of 2015 that requires the following minimum EBITDAX levels: | |||||||||||||
Minimum EBITDAX Covenant | |||||||||||||
(in millions) | |||||||||||||
Three months ending December 31, 2014 | $ | 30 | |||||||||||
Six months ending March 31, 2015 | 59 | ||||||||||||
Nine months ending June 30, 2015 | 87.25 | ||||||||||||
Twelve months ending September 30, 2015 | 120.5 | ||||||||||||
Twelve months ending December 31, 2015 | 122 | ||||||||||||
(8) | Our indentures require us to reinvest or repay senior debt with net cash proceeds from certain 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) | 9 Months Ended | |||||||||||||
Sep. 30, 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 | $1.05 | |||||||||||||
Weighted avg risk-free interest rate | 1.31% | |||||||||||||
Expected life | 4.9 years | |||||||||||||
Wtd avg volatility | 69.00% | |||||||||||||
Expected dividends | — | |||||||||||||
Stock Option Activity | ' | |||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual Life | |||||||||||||
(in years) | (in thousands) | |||||||||||||
Outstanding at January 1, 2014 | 6,771,578 | $ | 7.82 | |||||||||||
Forfeited | (44,950 | ) | 1.65 | |||||||||||
Expired | (111,494 | ) | 9.83 | |||||||||||
Outstanding at September 30, 2014 | 6,615,134 | $ | 7.83 | 5.4 | $ | — | ||||||||
Exercisable at September 30, 2014 | 5,232,903 | $ | 9.18 | 4.6 | $ | — | ||||||||
Restricted Stock And Stock Unit Activity | ' | |||||||||||||
Payable in shares | Payable in cash | |||||||||||||
Shares | Weighted | Shares | Weighted | |||||||||||
Average | Average | |||||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Outstanding at January 1, 2014 | 5,668,090 | $ | 3.9 | 1,572,341 | $ | 3.69 | ||||||||
Granted | 4,765,425 | 2.64 | — | — | ||||||||||
Vested | (2,559,959 | ) | 4.86 | (631,275 | ) | 4.29 | ||||||||
Forfeited | (348,554 | ) | 3.09 | (33,458 | ) | 3.2 | ||||||||
Outstanding at September 30, 2014 | 7,525,002 | $ | 2.82 | 907,608 | $ | 3.32 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation Of Components Used To Compute Basic And Diluted Earnings (Loss) Per Common Share | ' | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Net income (loss) attributable to Quicksilver | $ | 23,757 | $ | 10,577 | $ | (71,171 | ) | $ | 193,397 | |||||||
Basic income allocable to participating securities (1) | (772 | ) | (312 | ) | — | (5,111 | ) | |||||||||
Income (loss) available to shareholders | $ | 22,985 | $ | 10,265 | $ | (71,171 | ) | $ | 188,286 | |||||||
Weighted average common shares – basic | 173,936 | 171,682 | 173,783 | 171,403 | ||||||||||||
Effect of dilutive securities (2) | ||||||||||||||||
Share-based compensation awards | 216 | 311 | — | 170 | ||||||||||||
Weighted average common shares – diluted | 174,152 | 171,993 | 173,783 | 171,573 | ||||||||||||
Earnings (loss) per common share – basic | $ | 0.13 | $ | 0.06 | $ | (0.41 | ) | $ | 1.1 | |||||||
Earnings (loss) per common share – diluted | $ | 0.13 | $ | 0.06 | $ | (0.41 | ) | $ | 1.1 | |||||||
(1) | Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, should be included in computing earnings per share using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so. | |||||||||||||||
(2) | For the three months ended September 30, 2014, 6.6 million shares associated with our stock options and 1.2 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended September 30, 2013, 6.2 million shares associated with our stock options and 0.2 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the nine months ended September 30, 2014, 6.6 million shares associated with our stock options and 0.8 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the nine months ended September 30, 2013, 5.5 million shares associated with our stock options and 0.2 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||||||||||||||||||
30-Sep-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 | $ | 338,424 | $ | 13,096 | $ | 65,733 | $ | (23,193 | ) | $ | 394,060 | $ | (455 | ) | $ | 1,746 | $ | 949 | $ | 396,300 | ||||||||||||||||
Property and equipment | 417,921 | 14,625 | 305,197 | — | 737,743 | — | 74,737 | — | 812,480 | |||||||||||||||||||||||||||
Investment in subsidiaries (equity method) | (227,994 | ) | — | (23,409 | ) | 227,994 | (23,409 | ) | (23,429 | ) | — | 46,838 | — | |||||||||||||||||||||||
Other assets | 457,285 | — | 15,473 | (413,281 | ) | 59,477 | — | — | — | 59,477 | ||||||||||||||||||||||||||
Total assets | $ | 985,636 | $ | 27,721 | $ | 362,994 | $ | (208,480 | ) | $ | 1,167,871 | $ | (23,884 | ) | $ | 76,483 | $ | 47,787 | $ | 1,268,257 | ||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||
Current liabilities | $ | 103,042 | $ | 13,401 | $ | 11,064 | $ | (23,193 | ) | $ | 104,314 | $ | (475 | ) | $ | 3,736 | $ | 949 | $ | 108,524 | ||||||||||||||||
Long-term liabilities | 1,980,078 | 19,241 | 575,003 | (413,281 | ) | 2,161,041 | — | 1,525 | 94,651 | 2,257,217 | ||||||||||||||||||||||||||
Stockholders' equity | (1,097,484 | ) | (4,921 | ) | (223,073 | ) | 227,994 | (1,097,484 | ) | (23,409 | ) | 71,222 | (47,813 | ) | (1,097,484 | ) | ||||||||||||||||||||
Total liabilities and equity | $ | 985,636 | $ | 27,721 | $ | 362,994 | $ | (208,480 | ) | $ | 1,167,871 | $ | (23,884 | ) | $ | 76,483 | $ | 47,787 | $ | 1,268,257 | ||||||||||||||||
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 September 30, 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 | $ | 120,513 | $ | 427 | $ | 42,558 | $ | — | $ | 163,498 | $ | — | $ | 4,271 | $ | (4,271 | ) | $ | 163,498 | |||||||||||||||||
Operating expenses | 72,868 | 341 | 27,648 | — | 100,857 | — | 2,128 | (4,271 | ) | 98,714 | ||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | 8,821 | — | (1,458 | ) | (8,821 | ) | (1,458 | ) | 2,144 | — | (686 | ) | — | |||||||||||||||||||||||
Operating income (loss) | 56,466 | 86 | 13,452 | (8,821 | ) | 61,183 | 2,144 | 2,143 | (686 | ) | 64,784 | |||||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (3,602 | ) | (3,602 | ) | |||||||||||||||||||||||||
Interest expense and other | (37,613 | ) | 86 | (4,838 | ) | — | (42,365 | ) | — | 1 | — | (42,364 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | 4,826 | (30 | ) | 65 | 78 | 4,939 | — | — | — | 4,939 | ||||||||||||||||||||||||||
Net income (loss) | $ | 23,679 | $ | 142 | $ | 8,679 | $ | (8,743 | ) | $ | 23,757 | $ | 2,144 | $ | 2,144 | $ | (4,288 | ) | $ | 23,757 | ||||||||||||||||
Other comprehensive income (loss) | (11,564 | ) | — | (3,325 | ) | — | (14,889 | ) | — | — | — | (14,889 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (3,325 | ) | — | — | 3,325 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 8,790 | $ | 142 | $ | 5,354 | $ | (5,418 | ) | $ | 8,868 | $ | 2,144 | $ | 2,144 | $ | (4,288 | ) | $ | 8,868 | ||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Consolidated | |||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 114,021 | $ | 192 | $ | 38,903 | $ | — | $ | 153,116 | $ | — | $ | 5,674 | $ | (5,674 | ) | $ | 153,116 | |||||||||||||||||
Operating expenses | 73,594 | 68 | 30,360 | — | 104,022 | — | 2,693 | (5,674 | ) | 101,041 | ||||||||||||||||||||||||||
Tokyo Gas Transaction gain | 7,974 | — | — | — | 7,974 | — | — | — | 7,974 | |||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | 3,854 | — | (1,834 | ) | (3,854 | ) | (1,834 | ) | 2,984 | — | (1,150 | ) | — | |||||||||||||||||||||||
Operating income (loss) | 52,255 | 124 | 6,709 | (3,854 | ) | 55,234 | 2,984 | 2,981 | (1,150 | ) | 60,049 | |||||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (4,818 | ) | (4,818 | ) | |||||||||||||||||||||||||
Interest expense and other | (36,922 | ) | — | (1,769 | ) | — | (38,691 | ) | — | 3 | — | (38,688 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | (4,756 | ) | — | (1,210 | ) | — | (5,966 | ) | — | — | — | (5,966 | ) | |||||||||||||||||||||||
Net income (loss) | $ | 10,577 | $ | 124 | $ | 3,730 | $ | (3,854 | ) | $ | 10,577 | $ | 2,984 | $ | 2,984 | $ | (5,968 | ) | $ | 10,577 | ||||||||||||||||
Other comprehensive income (loss) | (6,114 | ) | — | (2,680 | ) | — | (8,794 | ) | — | — | — | (8,794 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (2,680 | ) | — | — | 2,680 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 1,783 | $ | 124 | $ | 1,050 | $ | (1,174 | ) | $ | 1,783 | $ | 2,984 | $ | 2,984 | $ | (5,968 | ) | $ | 1,783 | ||||||||||||||||
For the Nine Months Ended September 30, 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 | $ | 269,321 | $ | 1,212 | $ | 102,783 | $ | — | $ | 373,316 | $ | — | $ | 13,349 | $ | (13,349 | ) | $ | 373,316 | |||||||||||||||||
Operating expenses | 225,906 | 988 | 86,491 | — | 313,385 | — | 6,014 | (13,349 | ) | 306,050 | ||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | 2,864 | — | (4,266 | ) | (2,864 | ) | (4,266 | ) | 7,339 | — | (3,073 | ) | — | |||||||||||||||||||||||
Operating income (loss) | 46,279 | 224 | 12,026 | (2,864 | ) | 55,665 | 7,339 | 7,335 | (3,073 | ) | 67,266 | |||||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (11,605 | ) | (11,605 | ) | |||||||||||||||||||||||||
Interest expense and other | (117,315 | ) | 86 | (8,526 | ) | — | (125,755 | ) | — | 4 | — | (125,751 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | (213 | ) | (78 | ) | (868 | ) | 78 | (1,081 | ) | — | — | — | (1,081 | ) | ||||||||||||||||||||||
Net income (loss) | $ | (71,249 | ) | $ | 232 | $ | 2,632 | $ | (2,786 | ) | $ | (71,171 | ) | $ | 7,339 | $ | 7,339 | $ | (14,678 | ) | $ | (71,171 | ) | |||||||||||||
Other comprehensive income (loss) | (20,252 | ) | — | (6,849 | ) | — | (27,101 | ) | — | — | — | (27,101 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (6,849 | ) | — | — | 6,849 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | (98,350 | ) | $ | 232 | $ | (4,217 | ) | $ | 4,063 | $ | (98,272 | ) | $ | 7,339 | $ | 7,339 | $ | (14,678 | ) | $ | (98,272 | ) | |||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Restricted | Quicksilver | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Subsidiary | and | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Eliminations | Restricted | Guarantor | Consolidated | |||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Revenue | $ | 334,848 | $ | 608 | $ | 111,862 | $ | — | $ | 447,318 | $ | — | $ | 16,736 | $ | (16,736 | ) | $ | 447,318 | |||||||||||||||||
Operating expenses | 256,810 | 206 | 89,559 | — | 346,575 | — | 7,552 | (16,736 | ) | 337,391 | ||||||||||||||||||||||||||
Tokyo Gas Transaction gain | 341,146 | — | — | — | 341,146 | — | — | — | 341,146 | |||||||||||||||||||||||||||
Equity in net earnings of subsidiaries | (9,227 | ) | — | (5,300 | ) | 9,227 | (5,300 | ) | 9,190 | — | (3,890 | ) | — | |||||||||||||||||||||||
Operating income (loss) | 409,957 | 402 | 17,003 | 9,227 | 436,589 | 9,190 | 9,184 | (3,890 | ) | 451,073 | ||||||||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | — | — | (14,490 | ) | (14,490 | ) | |||||||||||||||||||||||||
Interest expense and other | (200,639 | ) | — | (24,490 | ) | — | (225,129 | ) | — | 6 | — | (225,123 | ) | |||||||||||||||||||||||
Income tax (expense) benefit | (15,921 | ) | — | (2,142 | ) | — | (18,063 | ) | — | — | — | (18,063 | ) | |||||||||||||||||||||||
Net income (loss) | $ | 193,397 | $ | 402 | $ | (9,629 | ) | $ | 9,227 | $ | 193,397 | $ | 9,190 | $ | 9,190 | $ | (18,380 | ) | $ | 193,397 | ||||||||||||||||
Other comprehensive income (loss) | (29,014 | ) | — | (9,100 | ) | — | (38,114 | ) | — | — | — | (38,114 | ) | |||||||||||||||||||||||
Equity in OCI of subsidiaries | (9,100 | ) | — | — | 9,100 | — | — | — | — | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 155,283 | $ | 402 | $ | (18,729 | ) | $ | 18,327 | $ | 155,283 | $ | 9,190 | $ | 9,190 | $ | (18,380 | ) | $ | 155,283 | ||||||||||||||||
Condensed Consolidating Statements Of Cash Flows | ' | |||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 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 | $ | (39,474 | ) | $ | (688 | ) | $ | 28,843 | $ | — | $ | (11,319 | ) | $ | — | $ | 6,336 | $ | — | $ | (4,983 | ) | ||||||||||||||
Purchases of property, plant and equipment | (88,119 | ) | (57 | ) | (23,247 | ) | — | (111,423 | ) | — | (21 | ) | — | (111,444 | ) | |||||||||||||||||||||
Investment in subsidiary | (1,246 | ) | — | (26,395 | ) | 1,246 | (26,395 | ) | (26,395 | ) | — | 52,790 | — | |||||||||||||||||||||||
Proceeds from Southwestern Transaction | 95,587 | — | — | — | 95,587 | — | — | — | 95,587 | |||||||||||||||||||||||||||
Proceeds from sale of properties and equipment | 1,445 | — | 497 | — | 1,942 | — | — | — | 1,942 | |||||||||||||||||||||||||||
Purchases of marketable securities | (55,890 | ) | — | — | — | (55,890 | ) | — | — | — | (55,890 | ) | ||||||||||||||||||||||||
Maturities and sales of marketable securities | 222,025 | — | — | — | 222,025 | — | — | — | 222,025 | |||||||||||||||||||||||||||
Net cash flow provided by (used in) investing activities | 173,802 | (57 | ) | (49,145 | ) | 1,246 | 125,846 | (26,395 | ) | (21 | ) | 52,790 | 152,220 | |||||||||||||||||||||||
Issuance of debt | 174,000 | — | 69,184 | — | 243,184 | — | — | — | 243,184 | |||||||||||||||||||||||||||
Repayments of debt | (138,651 | ) | — | (55,038 | ) | — | (193,689 | ) | — | — | — | (193,689 | ) | |||||||||||||||||||||||
Debt issuance costs paid | (225 | ) | — | — | — | (225 | ) | — | — | — | (225 | ) | ||||||||||||||||||||||||
Intercompany note | (22,558 | ) | — | 22,558 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Intercompany financing | — | 745 | 501 | (1,246 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Contribution received | — | — | — | — | — | 26,395 | 26,395 | (52,790 | ) | — | ||||||||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | — | — | (37,113 | ) | — | (37,113 | ) | |||||||||||||||||||||||||
Purchase of treasury stock | (2,388 | ) | — | — | — | (2,388 | ) | — | — | — | (2,388 | ) | ||||||||||||||||||||||||
Net cash flow provided by (used in) financing activities | 10,178 | 745 | 37,205 | (1,246 | ) | 46,882 | 26,395 | (10,718 | ) | (52,790 | ) | 9,769 | ||||||||||||||||||||||||
Effect of exchange rates on cash | — | — | (2,718 | ) | — | (2,718 | ) | — | 4,934 | — | 2,216 | |||||||||||||||||||||||||
Net increase (decrease) in cash and equivalents | 144,506 | — | 14,185 | — | 158,691 | — | 531 | — | 159,222 | |||||||||||||||||||||||||||
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 | $ | 228,399 | $ | — | $ | 18,320 | $ | — | $ | 246,719 | $ | 22 | $ | 1,584 | $ | — | $ | 248,325 | ||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Quicksilver | Unrestricted Non-Guarantor Subsidiaries | Fortune | Quicksilver | ||||||||||||||||||||||||||||||
Resources Inc. | Guarantor | Non-Guarantor | and | Creek | Resources Inc. | |||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Restricted | Consolidated | |||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | (113,029 | ) | $ | (19 | ) | $ | 25,517 | $ | (87,531 | ) | $ | — | $ | 6,428 | $ | (81,103 | ) | ||||||||||||||||||
Purchases of property, plant and equipment | (53,291 | ) | 19 | (24,752 | ) | (78,024 | ) | — | (525 | ) | (78,549 | ) | ||||||||||||||||||||||||
Proceeds from Tokyo Gas Transaction | 463,418 | — | — | $ | 463,418 | — | — | 463,418 | ||||||||||||||||||||||||||||
Proceeds from Synergy transaction | 42,297 | — | — | 42,297 | — | — | 42,297 | |||||||||||||||||||||||||||||
Proceeds from sale of properties and equipment | 2,977 | — | 17 | 2,994 | — | — | 2,994 | |||||||||||||||||||||||||||||
Purchases of marketable securities | (142,823 | ) | — | — | $ | (142,823 | ) | — | — | (142,823 | ) | |||||||||||||||||||||||||
Maturities and sales of marketable securities | 13,178 | — | — | $ | 13,178 | — | — | 13,178 | ||||||||||||||||||||||||||||
Net cash flow provided by (used in) | 325,756 | 19 | (24,735 | ) | 301,040 | — | (525 | ) | 300,515 | |||||||||||||||||||||||||||
investing activities | ||||||||||||||||||||||||||||||||||||
Issuance of debt | 1,170,266 | — | 3,040 | 1,173,306 | — | — | 1,173,306 | |||||||||||||||||||||||||||||
Repayments of debt | (1,157,969 | ) | — | (150,413 | ) | (1,308,382 | ) | — | — | (1,308,382 | ) | |||||||||||||||||||||||||
Debt issuance costs paid | (25,868 | ) | — | — | (25,868 | ) | — | — | (25,868 | ) | ||||||||||||||||||||||||||
Intercompany note | (147,103 | ) | — | 147,103 | — | — | — | — | ||||||||||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | — | (8,079 | ) | (8,079 | ) | |||||||||||||||||||||||||||
Purchase of treasury stock | (1,472 | ) | — | — | (1,472 | ) | — | — | (1,472 | ) | ||||||||||||||||||||||||||
Net cash flow used in financing activities | (162,146 | ) | — | (270 | ) | (162,416 | ) | — | (8,079 | ) | (170,495 | ) | ||||||||||||||||||||||||
Effect of exchange rates on cash | — | — | (512 | ) | (512 | ) | — | 3,122 | 2,610 | |||||||||||||||||||||||||||
Net increase in cash and equivalents | 50,581 | — | — | 50,581 | — | 946 | 51,527 | |||||||||||||||||||||||||||||
Cash and equivalents at beginning of period | 4,618 | — | — | 4,618 | — | 333 | 4,951 | |||||||||||||||||||||||||||||
Cash and equivalents at end of period | $ | 55,199 | $ | — | $ | — | $ | 55,199 | $ | — | $ | 1,279 | $ | 56,478 | ||||||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 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 September 30: | (in thousands) | |||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Revenue | $ | 120,513 | $ | 42,072 | $ | 5,184 | $ | — | $ | (4,271 | ) | $ | 163,498 | |||||||||||
DD&A | 8,096 | 4,171 | 1,256 | 446 | — | 13,969 | ||||||||||||||||||
Impairment expense | — | — | 135 | — | — | 135 | ||||||||||||||||||
Operating income (loss) | 57,809 | 16,364 | 2,367 | (11,756 | ) | — | 64,784 | |||||||||||||||||
Property and equipment costs incurred | 20,912 | 7,254 | 72 | 218 | — | 28,456 | ||||||||||||||||||
2013 | ||||||||||||||||||||||||
Revenue | $ | 114,002 | $ | 38,407 | $ | 6,381 | $ | — | $ | (5,674 | ) | $ | 153,116 | |||||||||||
DD&A | 8,402 | 4,114 | 1,300 | 574 | — | 14,390 | ||||||||||||||||||
Operating income (loss) | 56,911 | 11,076 | 3,107 | (11,045 | ) | — | 60,049 | |||||||||||||||||
Property and equipment costs incurred | 15,147 | 4,288 | 1,615 | (329 | ) | — | 20,721 | |||||||||||||||||
For the Nine Months Ended September 30: | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Revenue | $ | 269,310 | $ | 101,198 | $ | 16,157 | $ | — | $ | (13,349 | ) | $ | 373,316 | |||||||||||
DD&A | 23,652 | 13,779 | 3,744 | 1,409 | — | 42,584 | ||||||||||||||||||
Impairment expense | — | — | 135 | — | — | 135 | ||||||||||||||||||
Operating income (loss) | 78,891 | 20,199 | 7,700 | (39,524 | ) | — | 67,266 | |||||||||||||||||
Property and equipment costs incurred | 85,814 | 20,924 | 83 | 763 | — | 107,584 | ||||||||||||||||||
2013 | ||||||||||||||||||||||||
Revenue | $ | 334,804 | $ | 110,052 | $ | 19,198 | $ | — | $ | (16,736 | ) | $ | 447,318 | |||||||||||
DD&A | 29,745 | 12,458 | 3,947 | 1,761 | — | 47,911 | ||||||||||||||||||
Operating income (loss) | 456,624 | 30,126 | 9,593 | (45,270 | ) | — | 451,073 | |||||||||||||||||
Property and equipment costs incurred | 50,459 | 9,972 | 2,369 | 9,655 | — | 72,455 | ||||||||||||||||||
Property, plant and equipment-net | ||||||||||||||||||||||||
30-Sep-14 | $ | 415,163 | $ | 303,827 | $ | 89,362 | $ | 4,128 | $ | — | $ | 812,480 | ||||||||||||
31-Dec-13 | 451,840 | 306,423 | 97,118 | 5,424 | — | 860,805 | ||||||||||||||||||
Total assets | ||||||||||||||||||||||||
30-Sep-14 | 796,931 | 362,994 | 104,204 | 4,128 | — | $ | 1,268,257 | |||||||||||||||||
31-Dec-13 | 895,388 | 359,951 | 108,963 | 5,424 | — | 1,369,726 | ||||||||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Cash Paid Or Received For Interest And Income Taxes | ' | |||||||
For the Nine Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Interest, net of capitalized interest | $ | 124,408 | $ | 227,189 | ||||
Income taxes | (7,844 | ) | 1,217 | |||||
Other Significant Non-cash Transactions | ' | |||||||
For the Nine Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Working capital related to capital expenditures | $ | 7,612 | $ | 4,867 | ||||
Divestitures_Divestitures_Deta
Divestitures Divestitures (Details) (USD $) | 1-May-14 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Sandwash Basin [Member] | Southern Alberta Basin [Member] | Barnett Shale [Member] | Barnett Shale [Member] | Tokyo Gas [Member] | Tokyo Gas [Member] | Tokyo Gas [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 | ' | $46,000,000 | ' | $485,000,000 | ' | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 95,600,000 | 42,300,000 | ' | 464,000,000 | ' | ' | ' | ' |
Gain (Loss) on Disposition of Oil and Gas and Timber Property | ' | ' | ' | ' | 0 | 7,974,000 | 0 | 341,146,000 |
Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Pretax | ' | ' | 8,000,000 | 339,300,000 | ' | ' | ' | ' |
Oil and Gas Property Decrease due to Gain | ' | ' | ' | ' | ' | $110,700,000 | ' | ' |
Derivatives_And_Fair_Value_Mea2
Derivatives And Fair Value Measurements (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Gains and losses from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings | $22.70 | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 1.5 | 11.5 |
Reduction Of Interest Expense Over Life Of Debt Instruments, next 12 months | $2.20 | ' |
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 | 4.9 | ' |
Fair Value Inputs, Level 3 [Member] | Minimum [Member] | ' | ' |
Unobservable inputs included within the fair value calculation | 3.85 | ' |
Derivatives_And_Fair_Value_Mea3
Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments Under Input Levels) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Asset Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated fair value of derivative instruments | $92,066 | $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 | 74,312 | 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 | 17,754 | 23,485 |
Liability Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Estimated fair value of derivative instruments | 846 | 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 | 846 | 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 | $0 | $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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | ($24,829) | ($24,080) | $6,488 | ($24,618) |
Balance at beginning of period | -5,533 | -9,873 | 23,485 | -4,931 |
Balance at end of period | 17,754 | 10,905 | 17,754 | 10,905 |
Total gains (losses) included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date | 24,485 | 24,026 | -2,476 | 26,788 |
Derivative gains (losses) [Member] | ' | ' | ' | ' |
Settlements | ($1,542) | ($3,302) | $757 | ($8,782) |
Derivatives_And_Fair_Value_Mea5
Derivatives And Fair Value Measurements (Price Collars And Swaps For Anticipated Natural Gas And NGL Production) (Details) | 9 Months Ended |
Sep. 30, 2014 | |
MMcf | |
Credit Risk Derivatives, at Fair Value, Net [Abstract] | ' |
Gas 2014, MMcfd | 170 |
Gas 2015, MMcfd | 150 |
Gas 2016-2021, MMcfd | 40 |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative assets | $66,098 | $57,523 |
Noncurrent derivative assets | 25,968 | 73,357 |
Current derivative liabilities | 846 | 3,125 |
Noncurrent derivative liabilities | 0 | 323 |
Asset Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative assets | 142,189 | 165,378 |
Liability Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative liabilities | 50,969 | 37,946 |
Not Designated as Hedging Instrument [Member] | Asset Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative assets | 66,278 | 60,063 |
Noncurrent derivative assets | 75,911 | 105,315 |
Current derivative liabilities | 0 | 0 |
Noncurrent derivative liabilities | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Liability Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current derivative assets | 180 | 2,540 |
Noncurrent derivative assets | 49,943 | 31,958 |
Current derivative liabilities | 846 | 3,125 |
Noncurrent derivative liabilities | $0 | $323 |
Derivatives_And_Fair_Value_Mea7
Derivatives And Fair Value Measurements (Carrying Value Of Derivatives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Settlements in production revenue | ($7,968) | ($11,139) | ($20,939) | ($37,181) |
Derivatives_And_Fair_Value_Mea8
Derivatives And Fair Value Measurements Derivatives And Fair Value Measurements (Available-for-sale securities) (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Held-to-maturity Securities, Sold Security, at Carrying Value | $10 |
Held-to-maturity Securities, Transferred Security, at Carrying Value | $10 |
Derivatives_And_Fair_Value_Mea9
Derivatives And Fair Value Measurements Derivatives, Investments And Fair Value Measurements (Held-to-maturity securities) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Fixed Income Securities [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $29,419,000 |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 |
Held-to-maturity Securities, Unrecognized Holding Loss | -22,000 |
Held-to-maturity Securities, Fair Value | 29,397,000 |
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 | 136,924,000 |
Held-to-maturity Securities, Unrecognized Holding Gain | 27,000 |
Held-to-maturity Securities, Unrecognized Holding Loss | -25,000 |
Held-to-maturity Securities, Fair Value | 136,926,000 |
Debt Securities [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 166,343,000 |
Held-to-maturity Securities, Unrecognized Holding Gain | 27,000 |
Held-to-maturity Securities, Unrecognized Holding Loss | -47,000 |
Held-to-maturity Securities, Fair Value | $166,323,000 |
Property_Plant_And_Equipment_S
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Subject to depletion | $5,635,307 | ' | $5,635,307 | ' | $5,687,557 |
Unevaluated costs | 218,398 | ' | 218,398 | ' | 221,605 |
Accumulated depletion | -5,245,133 | ' | -5,245,133 | ' | -5,268,719 |
Net oil and gas properties | 608,572 | ' | 608,572 | ' | 640,443 |
Pipelines and processing facilities | 332,710 | ' | 332,710 | ' | 347,093 |
General properties | 71,049 | ' | 71,049 | ' | 72,125 |
Accumulated depreciation | -199,851 | ' | -199,851 | ' | -198,856 |
Net other property and equipment | 203,908 | ' | 203,908 | ' | 220,362 |
Property, plant and equipment, net of accumulated depletion and depreciation | 812,480 | ' | 812,480 | ' | 860,805 |
Impairment of Oil and Gas Properties | 135 | 0 | 135 | 0 | ' |
Midstream [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Property, plant and equipment, net of accumulated depletion and depreciation | 89,362 | ' | 89,362 | ' | 97,118 |
Impairment of Oil and Gas Properties | 135 | ' | 135 | ' | ' |
Property, Plant and Equipment, Other Types [Member] | Midstream [Member] | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Impairment of Oil and Gas Properties | ' | ' | $100 | ' | ' |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Senior Notes Due 2015 [Member] | Senior Notes Due 2016 [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] | 2013 [Member] | 2013 [Member] | Subsequent Event [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 [Member] | Senior Notes [Member] | Combined Credit Agreements [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 | ' | ' | ' | ' | ' | $280,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | 650,000,000 | 1,750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 |
Redemption percentage of par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.94% | 105.88% | ' |
Available borrowing under combined credit agreements | ' | ' | ' | ' | ' | ' | ' | 6,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.75% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDA to interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25 | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | 193,689,000 | 1,308,382,000 | 10,900,000 | 8,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of debt | $243,184,000 | $1,173,306,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | 1.00% | 3.75% | 2.75% | ' | ' | ' |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $2,034,552 | $1,984,144 |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 3,292 | 4,802 |
Long-term Debt, Excluding Current Maturities | 2,037,844 | 1,988,946 |
Combined Credit Agreements [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of Credit Facility, Amount Outstanding | 275,966 | 211,200 |
Senior Secured Second Lien Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured Long-term Debt, Noncurrent | 609,555 | 607,572 |
Senior Secured Second Lien Term Loan Due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Secured Long-term Debt, Noncurrent | 195,058 | 194,423 |
Senior Notes Due 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 0 | 10,472 |
Senior Notes Due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 0 | 8,044 |
Senior Notes Due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 293,744 | 293,243 |
Senior Notes Due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 310,229 | 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 $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | |
Combined Credit Agreements [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Line of Credit Facility, Current Borrowing Capacity | 325 | |
Credit Agreement Repayment Term Trigerring Event, Maximum Threshold For Measurement | 100 | |
Senior Secured Second Lien Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Credit Agreement Repayment Term Trigerring Event, Maximum Threshold For Measurement | 100 | |
Senior Notes Due 2019 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Debt Instrument Year Of Maturity | '2019 | |
Canadian Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Equity interests | 100.00% | |
Multiple Subsidiaries Set One [Member] | U.S. Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Equity interests | 100.00% | |
Multiple Subsidiaries Set Two [Member] | U.S. Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Equity interests | 65.00% | |
Maximum [Member] | U.S. Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Commitment fee percentage | 1.75% | |
Applicable margin in addition to interest rate | 2.75% | |
First Mortgage [Member] | Combined Credit Agreements [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Line of Credit Facility, Current Borrowing Capacity | 325 | [1],[2] |
Scheduled maturity date | 6-Sep-16 | [3] |
Debt Instrument, Potential Earliest Maturity Date | 'October 1, 2015 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 4.09% | [4] |
Base Interest Rate Options | 'LIBOR, ABR, CDOR | [5],[6] |
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] |
Significant restrictive covenants | '- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives and investments | [8],[9] |
Optional redemption | 'Any time | [8] |
Make-whole redemption | 'N/A | |
Change of control | 'Event of default | [8] |
Equity Clawback | 'N/A | |
Estimated fair value | 276 | [10] |
Current ratio | 1 | |
Minimum EBITDA to cash interest expense ratio | 1.1 | |
Senior secured debt leverage ratio | 2 | |
Second Lien Debt [Member] | Senior Secured Second Lien Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Principal amount | 625 | [2] |
Scheduled maturity date | 21-Jun-19 | [3] |
Debt Instrument, Potential Earliest Maturity Date | 'January 1, 2016 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |
Base Interest Rate Options | 'LIBOR floor of 1.25%; ABR floor of 2.25% | |
Financial covenants | 'N/A | |
Significant restrictive covenants | '- Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [8],[9] |
Optional redemption | 'Any time, subject to re-pricing event June 21, 2015: 101 | [8] |
Make-whole redemption | 'N/A | |
Change of control | 'Put at 101% of principal plus accrued interest | [8] |
Equity Clawback | 'N/A | |
Estimated fair value | 568.8 | [10] |
Percentage of principal plus accrued interest for change of control | 101.00% | |
Second Lien Debt [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Principal amount | 200 | [2] |
Scheduled maturity date | 21-Jun-19 | [3] |
Debt Instrument, Potential Earliest Maturity Date | 'January 1, 2016 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |
Base Interest Rate Options | 'LIBOR floor of 1.25% | |
Financial covenants | 'N/A | |
Significant restrictive covenants | '- Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [8],[9] |
Optional redemption | 'Any time, subject to re-pricing event June 21, 2015: 101 | [8] |
Make-whole redemption | 'N/A | |
Change of control | 'Put at 101% of principal plus accrued interest | [8] |
Equity Clawback | 'N/A | |
Estimated fair value | 182 | [10] |
Percentage of principal plus accrued interest for change of control | 101.00% | |
Senior Notes [Member] | Senior Notes Due 2019 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Principal amount | 298 | |
Scheduled maturity date | 15-Aug-19 | |
Debt Instrument, Potential Earliest Maturity Date | 'N/A | |
Debt Instrument, Interest Rate, Stated Percentage | 9.13% | |
Base Interest Rate Options | 'N/A | |
Financial covenants | 'N/A | |
Significant restrictive covenants | '- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [8],[9] |
Optional redemption | 'August 15, 2014: 104.563 2015: 103.042 2016: 101.521 2017: par | [8] |
Make-whole redemption | 'N/A | |
Make-whole redemption | 0.50% | |
Change of control | 'Put at 101% of principal plus accrued interest | [8] |
Equity Clawback | 'N/A | |
Estimated fair value | 186.3 | [10] |
Percentage of principal plus accrued interest for change of control | 101.00% | |
Senior Notes [Member] | Senior Notes Due 2021 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Principal amount | 325 | |
Scheduled maturity date | 1-Jul-21 | |
Debt Instrument, Potential Earliest Maturity Date | 'N/A | |
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | |
Base Interest Rate Options | 'N/A | |
Financial covenants | 'N/A | |
Significant restrictive covenants | '- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [8],[9] |
Optional redemption | 'July 1, 2019: 102.000 2020: par | [8] |
Make-whole redemption | 'Callable prior to July 1, 2019 at make-whole call price of Treasury +50 bps | [8] |
Make-whole redemption | 0.50% | |
Change of control | 'Put at 101% of principal plus accrued interest | [8] |
Equity Clawback | 'Redeemable until July 1, 2016 at 111.00%, plus accrued interest for up to 35% | [8] |
Equity Clawback | 111.00% | |
Estimated fair value | 213.7 | [10] |
Percentage of principal plus accrued interest for change of control | 101.00% | |
Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Principal amount | 350 | |
Scheduled maturity date | 1-Apr-16 | |
Debt Instrument, Potential Earliest Maturity Date | 'N/A | |
Debt Instrument, Interest Rate, Stated Percentage | 7.13% | |
Base Interest Rate Options | 'N/A | |
Financial covenants | 'N/A | |
Significant restrictive covenants | '- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [8],[9] |
Optional redemption | 'Any time | [8] |
Make-whole redemption | 'N/A | |
Change of control | 'Put at 101% of principal plus accrued interest | [8] |
Equity Clawback | 'N/A | |
Estimated fair value | 136.5 | [10] |
Percentage of principal plus accrued interest for change of control | 101.00% | |
Libor [Member] | Maximum [Member] | Canadian Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Applicable margin in addition to interest rate | 3.75% | |
Libor [Member] | Minimum [Member] | Canadian Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Applicable margin in addition to interest rate | 2.75% | |
Libor [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Debt Instrument, Reference Rate, Floor | 1.25% | |
Libor [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Debt Instrument, Reference Rate, Floor | 1.25% | |
ABR [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Debt Instrument, Reference Rate, Floor | 2.25% | |
CDOR Rate [Member] | Maximum [Member] | Canadian Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Applicable margin in addition to interest rate | 3.75% | |
CDOR Rate [Member] | Minimum [Member] | Canadian Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Applicable margin in addition to interest rate | 2.75% | |
LIBOR [Member] | U.S. Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Applicable margin in addition to interest rate | 1.00% | |
Canadian Prime Rate [Member] | Maximum [Member] | Canadian Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Applicable margin in addition to interest rate | 2.75% | |
Canadian Prime Rate [Member] | Minimum [Member] | Canadian Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Applicable margin in addition to interest rate | 1.75% | |
U.S. Prime Rate [Member] | Maximum [Member] | Canadian Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Applicable margin in addition to interest rate | 2.75% | |
U.S. Prime Rate [Member] | Minimum [Member] | Canadian Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Applicable margin in addition to interest rate | 1.75% | |
2013 [Member] | Senior Notes [Member] | Senior Notes Due 2015 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Redemption percentage of par value | 101.94% | |
2013 [Member] | Senior Notes [Member] | Senior Notes Due 2016 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Redemption percentage of par value | 105.88% | |
2014 [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Redemption percentage of par value | 102.00% | |
2014 [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Redemption percentage of par value | 102.00% | |
2014 [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Redemption percentage of par value | 104.56% | |
2014 [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Redemption percentage of par value | 100.00% | |
2015 [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Credit Facility [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Redemption percentage of par value | 101.00% | |
2015 [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Redemption percentage of par value | 101.00% | |
2015 [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Redemption percentage of par value | 103.04% | |
2016 [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Redemption percentage of par value | 101.52% | |
2017 [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Redemption percentage of par value | 100.00% | |
2019 [Member] | Senior Notes [Member] | Senior Notes Due 2021 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Redemption percentage of par value | 102.00% | |
2020 [Member] | Senior Notes [Member] | Senior Notes Due 2021 [Member] | ' | |
Debt Instrument [Line Items] | ' | |
Redemption percentage of par value | 100.00% | |
[1] | The principal amount for the Combined Credit Agreements represents the global borrowing base as of SeptemberB 30, 2014. | |
[2] | 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. | |
[3] | The Combined Credit Agreements are required to be repaid 91 days prior to the maturity of the 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 Senior Subordinated Notes if on the applicable date the amount remaining outstanding is greater than $100 million. As of SeptemberB 30, 2014, as presently structured and assuming no changes in the amounts outstanding, amounts outstanding under the Combined Credit Agreements would be due on October 1, 2015 and the Second Lien Term Loan and Second Lien Notes due 2019 would be due on January 1, 2016. | |
[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] | As of September 30, 2014, the future minimum required interest coverage ratio for the Combined Credit Agreements is as follows:PeriodB Interest Coverage RatioB PeriodB Interest Coverage RatioQ4 2014B 1.10B Q4 2015B 1.20Q1 2015B 1.10B Q1 2016B 1.50Q2 2015B 1.15B Q2 2016B 2.00Q3 2015B 1.15 In November 2014, the Combined Credit Agreements were amended to eliminate the requirement to meet the minimum interest coverage ratio covenant beginning in the fourth quarter of 2014 through and including the fourth quarter of 2015. A minimum EBITDAX covenant was added beginning in the fourth quarter of 2014 through and including the fourth quarter of 2015 that requires the following minimum EBITDAX levels:B Minimum EBITDAX CovenantB (in millions)Three months ending December 31, 2014$30.0Six months ending March 31, 201559.0Nine months ending June 30, 201587.25Twelve months ending September 30, 2015120.5Twelve months ending December 31, 2015122.0 | |
[8] | 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. | |
[9] | Our indentures require us to reinvest or repay senior debt with net cash proceeds from certain 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]) | 9 Months Ended |
Sep. 30, 2014 | |
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 |
LongTerm_Debt_Minimum_EBITDAX_
Long-Term Debt Minimum EBITDAX Covenant (Details) (Subsequent Event [Member], Minimum [Member], Combined Credit Agreements [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Three Months Ended December 31, 2014 [Member] | ' |
Debt Instrument [Line Items] | ' |
Minimum EBITDAX Covenant | $30 |
Six months ending March 31, 2015 [Member] | ' |
Debt Instrument [Line Items] | ' |
Minimum EBITDAX Covenant | 59 |
Nine months ending June 30, 2015 [Member] | ' |
Debt Instrument [Line Items] | ' |
Minimum EBITDAX Covenant | 87.25 |
Twelve months ending September 30, 2015 [Member] | ' |
Debt Instrument [Line Items] | ' |
Minimum EBITDAX Covenant | 120.5 |
Twelve months ending December 31, 2015 [Member] | ' |
Debt Instrument [Line Items] | ' |
Minimum EBITDAX Covenant | $122 |
Income_Taxes_Valuation_Allowan
Income Taxes Valuation Allowance (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Valuation Allowance [Line Items] | ' |
Income Taxes Receivable | $7.60 |
UNITED STATES | ' |
Valuation Allowance [Line Items] | ' |
Tax Valuation Allowance Expense, Federal | 372 |
CANADA | ' |
Valuation Allowance [Line Items] | ' |
Tax Valuation Allowance Expense, Federal | $60.70 |
Fortune_Creek_Details
Fortune Creek (Details) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | CAD | KKR [Member] | |
CAD | |||
Y | |||
Minimum Expenditures Required to Acquire Productive Assets | $120,000,000 | ' | ' |
Capital Contribution, Fortune Creek | ' | 28,000,000 | ' |
Reduction in Gathering Rate, Fortune Creek | ' | 0.13 | ' |
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 $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 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 | 179,800,000 | 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 | ' | ' | $14.80 | ' | $1 | ' |
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition | ' | ' | 'July 2017 | ' | 'August 2016 | ' |
Estimated grant date fair value | ' | ' | 12.6 | ' | ' | ' |
Fair value of RSUs settled in cash | ' | ' | 0.5 | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | 8.4 | 12.2 | 1.1 | 3.2 |
Total fair value of shares vested | ' | ' | $10.20 | ' | ' | ' |
Common stock, shares issued | 187,222,654 | 183,994,879 | ' | ' | ' | ' |
Treasury stock, shares | 7,444,372 | 6,698,640 | ' | ' | ' | ' |
Quicksilver_Stockholders_Equit3
Quicksilver Stockholders' Equity (Assumptions For The Black-Scholes Option Pricing Model For Stock Options Issued) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' |
Weighted avg grant date fair value | $1.05 |
Weighted avg risk-free interest rate | 1.31% |
Expected life (in years) | '4 years 10 months 25 days |
Wtd avg volatility | 69.00% |
Expected dividends | 0.00% |
Quicksilver_Stockholders_Equit4
Quicksilver Stockholders' Equity (Stock Option Activity) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Equity Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | $1,100,000 | $3,200,000 |
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 | ' |
Forfeited, Shares | -44,950 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $1.65 | ' |
Expired, Shares | -111,494 | ' |
Outstanding at end of period, Shares | 6,615,134 | ' |
Outstanding at beginning of period, Wtd Avg Exercise Price | $7.82 | ' |
Exercisable at end of period, Shares | 5,232,903 | ' |
Expired, Wtd Avg Exercise Price | $9.83 | ' |
Outstanding at end of period, Wtd Avg Exercise Price | $7.83 | ' |
Exercisable at end of period, Wtd Avg Exercise Price | $9.18 | ' |
Outstanding at end of period, Wtd Avg Remaining Contractual Life, Years | '5 years 164 days | ' |
Exercisable at end of period, Wtd Avg Remaining Contractual Life, Years | '4 years 236 days | ' |
Outstanding at end of period, Aggregate Intrinsic Value | 0 | ' |
Exercisable at end of period, Aggregate Intrinsic Value | $0 | ' |
Quicksilver_Stockholders_Equit5
Quicksilver Stockholders' Equity (Restricted Stock And Stock Unit Activity) (Details) (USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 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 | $14.80 |
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 | 4,765,425 |
Vested, Shares | -2,559,959 |
Forfeited, Shares | -348,554 |
Outstanding at end of period, Shares | 7,525,002 |
Outstanding at beginning of period, Wtd Avg Grant Date Fair Value | $3.90 |
Granted, Wtd Avg Grant Date Fair Value | $2.64 |
Vested, Wtd Avg Grant Date Fair Value | $4.86 |
Forfeited, Wtd Avg Grant Date Fair Value | $3.09 |
Outstanding at end of period, Wtd Avg Grant Date Fair Value | $2.82 |
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 | -631,275 |
Forfeited, Shares | -33,458 |
Outstanding at end of period, Shares | 907,608 |
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 | $4.29 |
Forfeited, Wtd Avg Grant Date Fair Value | $3.20 |
Outstanding at end of period, Wtd Avg Grant Date Fair Value | $3.32 |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation Of Components Used To Compute Basic And Diluted Net Income Per Common Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Net income (loss) attributable to Quicksilver | $23,757 | $10,577 | ($71,171) | $193,397 | ||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 772 | [1] | 312 | [1] | 0 | [1] | 5,111 | [1] |
Income (loss) available to shareholders | $22,985 | $10,265 | ($71,171) | $188,286 | ||||
Weighted Average Number of Shares Outstanding, Basic | 173,936,000 | 171,682,000 | 173,783,000 | 171,403,000 | ||||
Share-based compensation awards | 216,000 | [2] | 311,000 | [2] | 0 | [2] | 170,000 | [2] |
Weighted Average Number of Shares Outstanding, Diluted | 174,152,000 | 171,993,000 | 173,783,000 | 171,573,000 | ||||
Earnings (loss) per common share - basic | $0.13 | $0.06 | ($0.41) | $1.10 | ||||
Earnings (loss) per common share - diluted | $0.13 | [2] | $0.06 | [2] | ($0.41) | [2] | $1.10 | [2] |
Stock Options [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Antidilutive shares excluded from the diluted share calculation | 6,600,000 | 6,200,000 | 6,600,000 | 5,500,000 | ||||
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ||||
Antidilutive shares excluded from the diluted share calculation | 1,200,000 | 200,000 | 800,000 | 200,000 | ||||
[1] | Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, should be included in computing earnings per share using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so. | |||||||
[2] | For the three months ended SeptemberB 30, 2014, 6.6 million shares associated with our stock options and 1.2 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended SeptemberB 30, 2013, 6.2 million shares associated with our stock options and 0.2 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the nine months ended SeptemberB 30, 2014, 6.6 million shares associated with our stock options and 0.8 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the nine months ended SeptemberB 30, 2013, 5.5 million shares associated with our stock options and 0.2 million shares associated with our unvested 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 $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | $396,300 | $393,960 |
Property and equipment | 812,480 | 860,805 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other assets | 59,477 | 114,961 |
Total assets | 1,268,257 | 1,369,726 |
Current liabilities | 108,524 | 134,797 |
Long-term liabilities | 2,257,217 | 2,240,899 |
Stockholders' equity | -1,097,484 | -1,005,970 |
Total liabilities and stockholders' equity | 1,268,257 | 1,369,726 |
Quicksilver Resources Inc. [Member] | ' | ' |
Current assets | 338,424 | 349,586 |
Property and equipment | 417,921 | 455,822 |
Investment in subsidiaries (equity method) | -227,994 | -217,852 |
Other assets | 457,285 | 472,792 |
Total assets | 985,636 | 1,060,348 |
Current liabilities | 103,042 | 124,275 |
Long-term liabilities | 1,980,078 | 1,942,043 |
Stockholders' equity | -1,097,484 | -1,005,970 |
Total liabilities and stockholders' equity | 985,636 | 1,060,348 |
Restricted Guarantor Subsidiaries [Member] | ' | ' |
Current assets | 13,096 | 10,735 |
Property and equipment | 14,625 | 15,486 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 27,721 | 26,221 |
Current liabilities | 13,401 | 12,210 |
Long-term liabilities | 19,241 | 19,242 |
Stockholders' equity | -4,921 | -5,231 |
Total liabilities and stockholders' equity | 27,721 | 26,221 |
Restricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Current assets | 65,733 | 53,034 |
Property and equipment | 305,197 | 307,865 |
Investment in subsidiaries (equity method) | -23,409 | -33,840 |
Other assets | 15,473 | 32,892 |
Total assets | 362,994 | 359,951 |
Current liabilities | 11,064 | 17,167 |
Long-term liabilities | 575,003 | 542,659 |
Stockholders' equity | -223,073 | -199,875 |
Total liabilities and stockholders' equity | 362,994 | 359,951 |
Restricted Subsidiary Eliminations [Member] | ' | ' |
Current assets | -23,193 | -19,642 |
Property and equipment | 0 | 0 |
Investment in subsidiaries (equity method) | 227,994 | 217,852 |
Other assets | -413,281 | -390,723 |
Total assets | -208,480 | -192,513 |
Current liabilities | -23,193 | -19,642 |
Long-term liabilities | -413,281 | -390,723 |
Stockholders' equity | 227,994 | 217,852 |
Total liabilities and stockholders' equity | -208,480 | -192,513 |
Quicksilver And Restricted Subsidiaries [Member] | ' | ' |
Current assets | 394,060 | 393,713 |
Property and equipment | 737,743 | 779,173 |
Investment in subsidiaries (equity method) | -23,409 | -33,840 |
Other assets | 59,477 | 114,961 |
Total assets | 1,167,871 | 1,254,007 |
Current liabilities | 104,314 | 134,010 |
Long-term liabilities | 2,161,041 | 2,113,221 |
Stockholders' equity | -1,097,484 | -993,224 |
Total liabilities and stockholders' equity | 1,167,871 | 1,254,007 |
Unrestricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Current assets | -455 | 909 |
Property and equipment | 0 | 0 |
Investment in subsidiaries (equity method) | -23,429 | -33,840 |
Other assets | 0 | 0 |
Total assets | -23,884 | -32,931 |
Current liabilities | -475 | 888 |
Long-term liabilities | 0 | 0 |
Stockholders' equity | -23,409 | -33,819 |
Total liabilities and stockholders' equity | -23,884 | -32,931 |
Fortune Creek [Member] | ' | ' |
Current assets | 1,746 | 1,110 |
Property and equipment | 74,737 | 81,632 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 76,483 | 82,742 |
Current liabilities | 3,736 | 1,671 |
Long-term liabilities | 1,525 | 1,546 |
Stockholders' equity | 71,222 | 79,525 |
Total liabilities and stockholders' equity | 76,483 | 82,742 |
Consolidating Eliminations [Member] | ' | ' |
Current assets | 949 | -1,772 |
Property and equipment | 0 | 0 |
Investment in subsidiaries (equity method) | 46,838 | 67,680 |
Other assets | 0 | 0 |
Total assets | 47,787 | 65,908 |
Current liabilities | 949 | -1,772 |
Long-term liabilities | 94,651 | 126,132 |
Stockholders' equity | -47,813 | -58,452 |
Total liabilities and stockholders' equity | $47,787 | $65,908 |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements Of Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue | $163,498 | $153,116 | $373,316 | $447,318 |
Operating expenses | 98,714 | 101,041 | 306,050 | 337,391 |
Equity in net earnings of subsidiaries | 0 | 0 | 0 | 0 |
Operating income (loss) | 64,784 | 60,049 | 67,266 | 451,073 |
Fortune Creek accretion | -3,602 | -4,818 | -11,605 | -14,490 |
Interest expense and other | -42,364 | -38,688 | -125,751 | -225,123 |
Income tax (expense) benefit | 4,939 | -5,966 | -1,081 | -18,063 |
Net income (loss) | 23,757 | 10,577 | -71,171 | 193,397 |
Other comprehensive income (loss) | -14,889 | -8,794 | -27,101 | -38,114 |
Equity in OCI of subsidiaries | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 8,868 | 1,783 | -98,272 | 155,283 |
Quicksilver Resources Inc. [Member] | ' | ' | ' | ' |
Revenue | 120,513 | 114,021 | 269,321 | 334,848 |
Operating expenses | 72,868 | 73,594 | 225,906 | 256,810 |
Equity in net earnings of subsidiaries | 8,821 | 3,854 | 2,864 | -9,227 |
Operating income (loss) | 56,466 | 52,255 | 46,279 | 409,957 |
Fortune Creek accretion | 0 | 0 | 0 | 0 |
Interest expense and other | -37,613 | -36,922 | -117,315 | -200,639 |
Income tax (expense) benefit | 4,826 | -4,756 | -213 | -15,921 |
Net income (loss) | 23,679 | 10,577 | -71,249 | 193,397 |
Other comprehensive income (loss) | -11,564 | -6,114 | -20,252 | -29,014 |
Equity in OCI of subsidiaries | -3,325 | -2,680 | -6,849 | -9,100 |
Comprehensive income (loss) | 8,790 | 1,783 | -98,350 | 155,283 |
Restricted Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenue | 427 | 192 | 1,212 | 608 |
Operating expenses | 341 | 68 | 988 | 206 |
Equity in net earnings of subsidiaries | 0 | 0 | 0 | 0 |
Operating income (loss) | 86 | 124 | 224 | 402 |
Fortune Creek accretion | 0 | 0 | 0 | 0 |
Interest expense and other | 86 | 0 | 86 | 0 |
Income tax (expense) benefit | -30 | 0 | -78 | 0 |
Net income (loss) | 142 | 124 | 232 | 402 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Equity in OCI of subsidiaries | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 142 | 124 | 232 | 402 |
Restricted Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenue | 42,558 | 38,903 | 102,783 | 111,862 |
Operating expenses | 27,648 | 30,360 | 86,491 | 89,559 |
Equity in net earnings of subsidiaries | -1,458 | -1,834 | -4,266 | -5,300 |
Operating income (loss) | 13,452 | 6,709 | 12,026 | 17,003 |
Fortune Creek accretion | 0 | 0 | 0 | 0 |
Interest expense and other | -4,838 | -1,769 | -8,526 | -24,490 |
Income tax (expense) benefit | 65 | -1,210 | -868 | -2,142 |
Net income (loss) | 8,679 | 3,730 | 2,632 | -9,629 |
Other comprehensive income (loss) | -3,325 | -2,680 | -6,849 | -9,100 |
Equity in OCI of subsidiaries | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 5,354 | 1,050 | -4,217 | -18,729 |
Restricted Subsidiary Eliminations [Member] | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 |
Operating expenses | 0 | 0 | 0 | 0 |
Equity in net earnings of subsidiaries | -8,821 | -3,854 | -2,864 | 9,227 |
Operating income (loss) | -8,821 | -3,854 | -2,864 | 9,227 |
Fortune Creek accretion | 0 | 0 | 0 | 0 |
Interest expense and other | 0 | 0 | 0 | 0 |
Income tax (expense) benefit | 78 | 0 | 78 | 0 |
Net income (loss) | -8,743 | -3,854 | -2,786 | 9,227 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Equity in OCI of subsidiaries | 3,325 | 2,680 | 6,849 | 9,100 |
Comprehensive income (loss) | -5,418 | -1,174 | 4,063 | 18,327 |
Quicksilver And Restricted Subsidiaries [Member] | ' | ' | ' | ' |
Revenue | 163,498 | 153,116 | 373,316 | 447,318 |
Operating expenses | 100,857 | 104,022 | 313,385 | 346,575 |
Equity in net earnings of subsidiaries | -1,458 | -1,834 | -4,266 | -5,300 |
Operating income (loss) | 61,183 | 55,234 | 55,665 | 436,589 |
Fortune Creek accretion | 0 | 0 | 0 | 0 |
Interest expense and other | -42,365 | -38,691 | -125,755 | -225,129 |
Income tax (expense) benefit | 4,939 | -5,966 | -1,081 | -18,063 |
Net income (loss) | 23,757 | 10,577 | -71,171 | 193,397 |
Other comprehensive income (loss) | -14,889 | -8,794 | -27,101 | -38,114 |
Equity in OCI of subsidiaries | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 8,868 | 1,783 | -98,272 | 155,283 |
Unrestricted Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 |
Operating expenses | 0 | 0 | 0 | 0 |
Equity in net earnings of subsidiaries | 2,144 | 2,984 | 7,339 | 9,190 |
Operating income (loss) | 2,144 | 2,984 | 7,339 | 9,190 |
Fortune Creek accretion | 0 | 0 | 0 | 0 |
Interest expense and other | 0 | 0 | 0 | 0 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Net income (loss) | 2,144 | 2,984 | 7,339 | 9,190 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Equity in OCI of subsidiaries | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 2,144 | 2,984 | 7,339 | 9,190 |
Fortune Creek [Member] | ' | ' | ' | ' |
Revenue | 4,271 | 5,674 | 13,349 | 16,736 |
Operating expenses | 2,128 | 2,693 | 6,014 | 7,552 |
Equity in net earnings of subsidiaries | 0 | 0 | 0 | 0 |
Operating income (loss) | 2,143 | 2,981 | 7,335 | 9,184 |
Fortune Creek accretion | 0 | 0 | 0 | 0 |
Interest expense and other | 1 | 3 | 4 | 6 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Net income (loss) | 2,144 | 2,984 | 7,339 | 9,190 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Equity in OCI of subsidiaries | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 2,144 | 2,984 | 7,339 | 9,190 |
Consolidating Eliminations [Member] | ' | ' | ' | ' |
Revenue | -4,271 | -5,674 | -13,349 | -16,736 |
Operating expenses | -4,271 | -5,674 | -13,349 | -16,736 |
Equity in net earnings of subsidiaries | -686 | -1,150 | -3,073 | -3,890 |
Operating income (loss) | -686 | -1,150 | -3,073 | -3,890 |
Fortune Creek accretion | -3,602 | -4,818 | -11,605 | -14,490 |
Interest expense and other | 0 | 0 | 0 | 0 |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Net income (loss) | -4,288 | -5,968 | -14,678 | -18,380 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Equity in OCI of subsidiaries | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | -4,288 | -5,968 | -14,678 | -18,380 |
Tokyo Gas [Member] | ' | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | 7,974 | ' | 341,146 |
Tokyo Gas [Member] | Quicksilver Resources Inc. [Member] | ' | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | 7,974 | ' | 341,146 |
Tokyo Gas [Member] | Restricted Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | 0 | ' | 0 |
Tokyo Gas [Member] | Restricted Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | 0 | ' | 0 |
Tokyo Gas [Member] | Restricted Subsidiary Eliminations [Member] | ' | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | 0 | ' | 0 |
Tokyo Gas [Member] | Quicksilver And Restricted Subsidiaries [Member] | ' | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | 7,974 | ' | 341,146 |
Tokyo Gas [Member] | Unrestricted Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | 0 | ' | 0 |
Tokyo Gas [Member] | Fortune Creek [Member] | ' | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | 0 | ' | 0 |
Tokyo Gas [Member] | Consolidating Eliminations [Member] | ' | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | $0 | ' | $0 |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | ($4,983) | ($81,103) |
Purchases of property, plant and equipment | -111,444 | -78,549 |
Investment in subsidiary | 0 | ' |
Proceeds from sale of properties and equipment | 1,942 | 2,994 |
Payments to acquire marketable securities | -55,890 | -142,823 |
Proceeds from Sale and Maturity of Marketable Securities | 222,025 | 13,178 |
Net cash used by investing activities | 152,220 | 300,515 |
Issuance of debt | 243,184 | 1,173,306 |
Repayments of debt | -193,689 | -1,308,382 |
Debt issuance costs | -225 | -25,868 |
Intercompany note | 0 | 0 |
Intercompany financing | 0 | ' |
Contribution received | 0 | ' |
Distribution of Fortune Creek Partnership funds | -37,113 | -8,079 |
Purchase of treasury stock | -2,388 | -1,472 |
Net cash flow provided (used) by financing activities | 9,769 | -170,495 |
Effect of exchange rates on cash | 2,216 | 2,610 |
Net increase (decrease) in cash and equivalents | 159,222 | 51,527 |
Cash and cash equivalents at beginning of period | 89,103 | 4,951 |
Cash and cash equivalents at end of period | 248,325 | 56,478 |
Quicksilver Resources Inc. [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | -39,474 | -113,029 |
Purchases of property, plant and equipment | -88,119 | -53,291 |
Investment in subsidiary | -1,246 | ' |
Proceeds from sale of properties and equipment | 1,445 | 2,977 |
Payments to acquire marketable securities | -55,890 | -142,823 |
Proceeds from Sale and Maturity of Marketable Securities | 222,025 | 13,178 |
Net cash used by investing activities | 173,802 | 325,756 |
Issuance of debt | 174,000 | 1,170,266 |
Repayments of debt | -138,651 | -1,157,969 |
Debt issuance costs | -225 | -25,868 |
Intercompany note | -22,558 | -147,103 |
Intercompany financing | 0 | ' |
Contribution received | 0 | ' |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Purchase of treasury stock | -2,388 | -1,472 |
Net cash flow provided (used) by financing activities | 10,178 | -162,146 |
Effect of exchange rates on cash | 0 | 0 |
Net increase (decrease) in cash and equivalents | 144,506 | 50,581 |
Cash and cash equivalents at beginning of period | 83,893 | 4,618 |
Cash and cash equivalents at end of period | 228,399 | 55,199 |
Restricted Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | -688 | -19 |
Purchases of property, plant and equipment | -57 | 19 |
Investment in subsidiary | 0 | ' |
Proceeds from sale of properties and equipment | 0 | 0 |
Payments to acquire marketable securities | 0 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 0 |
Net cash used by investing activities | -57 | 19 |
Issuance of debt | 0 | 0 |
Repayments of debt | 0 | 0 |
Debt issuance costs | 0 | 0 |
Intercompany note | 0 | 0 |
Intercompany financing | 745 | ' |
Contribution received | 0 | ' |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | 745 | 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 | 28,843 | 25,517 |
Purchases of property, plant and equipment | -23,247 | -24,752 |
Investment in subsidiary | -26,395 | ' |
Proceeds from sale of properties and equipment | 497 | 17 |
Payments to acquire marketable securities | 0 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 0 |
Net cash used by investing activities | -49,145 | -24,735 |
Issuance of debt | 69,184 | 3,040 |
Repayments of debt | -55,038 | -150,413 |
Debt issuance costs | 0 | 0 |
Intercompany note | 22,558 | 147,103 |
Intercompany financing | 501 | ' |
Contribution received | 0 | ' |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | 37,205 | -270 |
Effect of exchange rates on cash | -2,718 | -512 |
Net increase (decrease) in cash and equivalents | 14,185 | 0 |
Cash and cash equivalents at beginning of period | 4,135 | 0 |
Cash and cash equivalents at end of period | 18,320 | 0 |
Restricted Subsidiary Eliminations [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | 0 | ' |
Purchases of property, plant and equipment | 0 | ' |
Investment in subsidiary | 1,246 | ' |
Proceeds from sale of properties and equipment | 0 | ' |
Payments to acquire marketable securities | 0 | ' |
Proceeds from Sale and Maturity of Marketable Securities | 0 | ' |
Net cash used by investing activities | 1,246 | ' |
Issuance of debt | 0 | ' |
Repayments of debt | 0 | ' |
Debt issuance costs | 0 | ' |
Intercompany note | 0 | ' |
Intercompany financing | -1,246 | ' |
Contribution received | 0 | ' |
Distribution of Fortune Creek Partnership funds | 0 | ' |
Purchase of treasury stock | 0 | ' |
Net cash flow provided (used) by financing activities | -1,246 | ' |
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 | ' |
Quicksilver And Restricted Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | -11,319 | -87,531 |
Purchases of property, plant and equipment | -111,423 | -78,024 |
Investment in subsidiary | -26,395 | ' |
Proceeds from sale of properties and equipment | 1,942 | 2,994 |
Payments to acquire marketable securities | -55,890 | -142,823 |
Proceeds from Sale and Maturity of Marketable Securities | 222,025 | 13,178 |
Net cash used by investing activities | 125,846 | 301,040 |
Issuance of debt | 243,184 | 1,173,306 |
Repayments of debt | -193,689 | -1,308,382 |
Debt issuance costs | -225 | -25,868 |
Intercompany note | 0 | 0 |
Intercompany financing | 0 | ' |
Contribution received | 0 | ' |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Purchase of treasury stock | -2,388 | -1,472 |
Net cash flow provided (used) by financing activities | 46,882 | -162,416 |
Effect of exchange rates on cash | -2,718 | -512 |
Net increase (decrease) in cash and equivalents | 158,691 | 50,581 |
Cash and cash equivalents at beginning of period | 88,028 | 4,618 |
Cash and cash equivalents at end of period | 246,719 | 55,199 |
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 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 0 |
Net cash used by investing activities | -26,395 | 0 |
Issuance of debt | 0 | 0 |
Repayments of debt | 0 | 0 |
Debt issuance costs | 0 | 0 |
Intercompany note | 0 | 0 |
Intercompany financing | 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 | 0 | 0 |
Net increase (decrease) in cash and equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 22 | 0 |
Cash and cash equivalents at end of period | 22 | 0 |
Fortune Creek [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | 6,336 | 6,428 |
Purchases of property, plant and equipment | -21 | -525 |
Investment in subsidiary | 0 | ' |
Proceeds from sale of properties and equipment | 0 | 0 |
Payments to acquire marketable securities | 0 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 0 |
Net cash used by investing activities | -21 | -525 |
Issuance of debt | 0 | 0 |
Repayments of debt | 0 | 0 |
Debt issuance costs | 0 | 0 |
Intercompany note | 0 | 0 |
Intercompany financing | 0 | ' |
Contribution received | 26,395 | ' |
Distribution of Fortune Creek Partnership funds | -37,113 | -8,079 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | -10,718 | -8,079 |
Effect of exchange rates on cash | 4,934 | 3,122 |
Net increase (decrease) in cash and equivalents | 531 | 946 |
Cash and cash equivalents at beginning of period | 1,053 | 333 |
Cash and cash equivalents at end of period | 1,584 | 1,279 |
Consolidating Eliminations [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Net cash flow provided (used) by operating activities | 0 | ' |
Purchases of property, plant and equipment | 0 | ' |
Investment in subsidiary | 52,790 | ' |
Proceeds from sale of properties and equipment | 0 | ' |
Payments to acquire marketable securities | 0 | ' |
Proceeds from Sale and Maturity of Marketable Securities | 0 | ' |
Net cash used by investing activities | 52,790 | ' |
Issuance of debt | 0 | ' |
Repayments of debt | 0 | ' |
Debt issuance costs | 0 | ' |
Contribution received | -52,790 | ' |
Distribution of Fortune Creek Partnership funds | 0 | ' |
Purchase of treasury stock | 0 | ' |
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 | ' |
Tokyo Gas [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 463,418 |
Tokyo Gas [Member] | Quicksilver Resources Inc. [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | ' | 463,418 |
Tokyo Gas [Member] | Restricted Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | ' | 0 |
Tokyo Gas [Member] | Restricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | ' | 0 |
Tokyo Gas [Member] | Quicksilver And Restricted Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | ' | 463,418 |
Tokyo Gas [Member] | Unrestricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | ' | 0 |
Tokyo Gas [Member] | Fortune Creek [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | ' | 0 |
Sandwash Basin [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 95,587 | 0 |
Sandwash Basin [Member] | Quicksilver Resources Inc. [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 95,587 | ' |
Sandwash Basin [Member] | Restricted Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ' |
Sandwash Basin [Member] | Restricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ' |
Sandwash Basin [Member] | Restricted Subsidiary Eliminations [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ' |
Sandwash Basin [Member] | Quicksilver And Restricted Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 95,587 | ' |
Sandwash Basin [Member] | Unrestricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ' |
Sandwash Basin [Member] | Fortune Creek [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ' |
Sandwash Basin [Member] | Consolidating Eliminations [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ' |
Synergy [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 42,297 |
Synergy [Member] | Quicksilver Resources Inc. [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | ' | 42,297 |
Synergy [Member] | Restricted Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | ' | 0 |
Synergy [Member] | Restricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | ' | 0 |
Synergy [Member] | Quicksilver And Restricted Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | ' | 42,297 |
Synergy [Member] | Unrestricted Non-Guarantor Subsidiaries [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | ' | 0 |
Synergy [Member] | Fortune Creek [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | ' | $0 |
Segment_Information_Operating_
Segment Information (Operating Income And Property And Equipment Costs Incurred) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of geographical segments | 2 | ' | 2 | ' | ' |
Revenue | $163,498 | $153,116 | $373,316 | $447,318 | ' |
Depletion, depreciation and accretion | 13,969 | 14,390 | 42,584 | 47,911 | ' |
Impairment of Oil and Gas Properties | 135 | 0 | 135 | 0 | ' |
Operating income (loss) | 64,784 | 60,049 | 67,266 | 451,073 | ' |
Property and equipment costs incurred | 28,456 | 20,721 | 107,584 | 72,455 | ' |
Property, plant and equipment - net | 812,480 | ' | 812,480 | ' | 860,805 |
Total assets | 1,268,257 | ' | 1,268,257 | ' | 1,369,726 |
UNITED STATES | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 120,513 | 114,002 | 269,310 | 334,804 | ' |
Depletion, depreciation and accretion | 8,096 | 8,402 | 23,652 | 29,745 | ' |
Impairment of Oil and Gas Properties | 0 | ' | 0 | ' | ' |
Operating income (loss) | 57,809 | 56,911 | 78,891 | 456,624 | ' |
Property and equipment costs incurred | 20,912 | 15,147 | 85,814 | 50,459 | ' |
Property, plant and equipment - net | 415,163 | ' | 415,163 | ' | 451,840 |
Total assets | 796,931 | ' | 796,931 | ' | 895,388 |
CANADA | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 42,072 | 38,407 | 101,198 | 110,052 | ' |
Depletion, depreciation and accretion | 4,171 | 4,114 | 13,779 | 12,458 | ' |
Impairment of Oil and Gas Properties | 0 | ' | 0 | ' | ' |
Operating income (loss) | 16,364 | 11,076 | 20,199 | 30,126 | ' |
Property and equipment costs incurred | 7,254 | 4,288 | 20,924 | 9,972 | ' |
Property, plant and equipment - net | 303,827 | ' | 303,827 | ' | 306,423 |
Total assets | 362,994 | ' | 362,994 | ' | 359,951 |
Midstream [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 5,184 | 6,381 | 16,157 | 19,198 | ' |
Depletion, depreciation and accretion | 1,256 | 1,300 | 3,744 | 3,947 | ' |
Impairment of Oil and Gas Properties | 135 | ' | 135 | ' | ' |
Operating income (loss) | 2,367 | 3,107 | 7,700 | 9,593 | ' |
Property and equipment costs incurred | 72 | 1,615 | 83 | 2,369 | ' |
Property, plant and equipment - net | 89,362 | ' | 89,362 | ' | 97,118 |
Total assets | 104,204 | ' | 104,204 | ' | 108,963 |
Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 0 | 0 | 0 | 0 | ' |
Depletion, depreciation and accretion | 446 | 574 | 1,409 | 1,761 | ' |
Impairment of Oil and Gas Properties | 0 | ' | 0 | ' | ' |
Operating income (loss) | -11,756 | -11,045 | -39,524 | -45,270 | ' |
Property and equipment costs incurred | 218 | -329 | 763 | 9,655 | ' |
Property, plant and equipment - net | 4,128 | ' | 4,128 | ' | 5,424 |
Total assets | 4,128 | ' | 4,128 | ' | 5,424 |
Elimination [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | -4,271 | -5,674 | -13,349 | -16,736 | ' |
Depletion, depreciation and accretion | 0 | 0 | 0 | 0 | ' |
Impairment of Oil and Gas Properties | 0 | ' | 0 | ' | ' |
Operating income (loss) | 0 | 0 | 0 | 0 | ' |
Property and equipment costs incurred | 0 | 0 | 0 | 0 | ' |
Property, plant and equipment - net | 0 | ' | 0 | ' | 0 |
Total assets | $0 | ' | $0 | ' | $0 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Cash Paid Or Received For Interest And Income Taxes) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Interest, net of capitalized interest | $124,408 | $227,189 |
Income taxes | ($7,844) | $1,217 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information (Other Significant Noncash Transactions) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Capital Expenditures Incurred but Not yet Paid | $7,612 | $4,867 |
Transactions_With_Related_Part1
Transactions With Related Parties (Details) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | |
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] | Commissions Paid [Member] | |
Thomas F. Darden [Member] | Darden Family [Member] | Darden Family [Member] | ||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from Related Parties | $100,000 | $100,000 | ' | ' | ' | ' | ' | ' |
Consulting fee payments | ' | ' | ' | ' | 405,000 | ' | ' | ' |
Office allowance payments | ' | ' | ' | ' | 112,500 | ' | ' | ' |
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 | 200,000 |
Options issued, fair value | ' | ' | ' | $191,100 | ' | ' | ' | ' |