Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 17, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | QUICKSILVER RESOURCES INC | ||
Entity Central Index Key | 1060990 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 183,213,235 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $335,217,945 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Revenue | |||||||||||||||
Production | $425,154 | $463,491 | $630,947 | ||||||||||||
Sales of purchased natural gas | 70,468 | 64,913 | 62,405 | ||||||||||||
Net derivative gains | 65,698 | 29,928 | 11,444 | ||||||||||||
Other | 8,108 | 3,230 | 4,242 | ||||||||||||
Total revenue | 569,428 | 561,562 | 709,038 | ||||||||||||
Operating expense | |||||||||||||||
Lease operating | 76,975 | 82,265 | 95,333 | ||||||||||||
Gathering, processing and transportation | 136,283 | 148,569 | 166,316 | ||||||||||||
Production and ad valorem taxes | 17,344 | 17,066 | 25,395 | ||||||||||||
Cost of purchased natural gas | 70,376 | 64,840 | 62,041 | ||||||||||||
Depletion, depreciation and accretion | 61,126 | 62,612 | 163,624 | ||||||||||||
Impairment | 71,900 | 71,988 | 1,863 | 2,625,928 | |||||||||||
General and administrative | 47,294 | 55,306 | 75,697 | ||||||||||||
Other operating | 2,608 | 3,725 | 1,562 | ||||||||||||
Total expense | 483,994 | 436,246 | 3,215,896 | ||||||||||||
Operating income (loss) | 18,168 | [1] | 64,784 | 13,536 | -11,054 | 13,575 | [2] | 60,049 | [3] | 394,894 | [4] | -3,874 | 85,434 | 464,644 | -2,465,761 |
Other income (expense) - net | -6,581 | -17,384 | 1,108 | ||||||||||||
Fortune Creek accretion | -15,067 | -19,245 | -19,472 | ||||||||||||
Interest expense | -163,286 | -251,847 | -164,051 | ||||||||||||
Income (loss) before income taxes | -99,500 | 176,168 | -2,648,176 | ||||||||||||
Income tax (expense) benefit | -3,600 | -14,550 | 295,570 | ||||||||||||
Net income (loss) | -103,100 | 161,618 | -2,352,606 | ||||||||||||
Other comprehensive income (loss) | |||||||||||||||
Reclassification adjustments related to settlements of derivative contracts into production revenue- net of income tax | -24,702 | -46,931 | -128,161 | ||||||||||||
Net change in derivative fair value - net of income tax | 0 | 0 | 74,384 | ||||||||||||
Foreign currency translation adjustment | -13,326 | -4,681 | 412 | ||||||||||||
Other comprehensive income (loss) | -38,028 | -51,612 | -53,365 | ||||||||||||
Comprehensive income (loss) | -141,128 | 110,006 | -2,405,971 | ||||||||||||
Earnings (loss) per common share - basic | ($0.18) | $0.13 | ($0.21) | ($0.34) | ($0.18) | $0.06 | $1.37 | ($0.35) | ($0.59) | $0.92 | ($13.83) | ||||
Earnings (loss) per common share - diluted | ($0.18) | $0.13 | ($0.21) | ($0.34) | ($0.18) | $0.06 | $1.37 | ($0.35) | ($0.59) | $0.92 | ($13.83) | ||||
Tokyo Gas [Member] | |||||||||||||||
Operating expense | |||||||||||||||
Gain on Tokyo Gas Transaction | 333,200 | 0 | 339,328 | 0 | |||||||||||
kwk_CrestwoodLP [Member] | |||||||||||||||
Operating expense | |||||||||||||||
Crestwood earn-out | $0 | $0 | $41,097 | ||||||||||||
[1] | Operating income for the fourth quarter of 2014 includes a non-cash property impairment loss of $71.9 million, primarily due to our Fortune Creek gathering system impairment. | ||||||||||||||
[2] | Operating income for the fourth quarter of 2013 includes a decrease of $5.9 million to correct for immaterial items which pertain to prior 2013 quarters. These items include an adjustment to non-cash expense to settle litigation recognized in the first quarter of 2013 of $3.0 million, non-cash decrease in the gain related to the Tokyo Gas Transaction of $1.7 million arising from a change in the amount of surface real estate conveyed to TGBR, increase in the amortization of deferred financing costs and original issue discount of $0.8 million and strategic transaction fees of $0.5 million arising in the second quarter of 2013. | ||||||||||||||
[3] | Operating income for the third quarter of 2013 includes an increase of $8.2 million to correct for immaterial items which pertain to earlier quarters in 2013, comprised of an increase to the gain related to the Tokyo Gas Transaction of $8.0 million arising from a change to the amount of unevaluated properties allocated to TGBR | ||||||||||||||
[4] | Operating income for the second quarter of 2013 includes gains of $333.2 million related to the Tokyo Gas Transaction which was subsequently adjusted in later quarters to be a gain of $339.3 million. The period also includes an immaterial correction of $3.6 million for equity-based compensation granted to retirement-eligible employees whose awards required no future service at the time of grant but which expense was being recognized over multiple periods. The impact to the first quarter of 2013 expense was $1.2 million and the impact to 2012 and prior years was $2.4 million. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $223,529 | $89,103 | $4,951 | $13,146 |
Marketable securities | 0 | 166,343 | ||
Cash, Cash Equivalents, and Short-term Investments | 223,529 | 255,446 | ||
Accounts receivable - net of allowance for doubtful accounts | 65,158 | 58,645 | ||
Derivative assets at fair value | 120,176 | 57,523 | ||
Other current assets | 14,414 | 22,346 | ||
Total current assets | 423,277 | 393,960 | ||
Property, plant and equipment - net | ||||
Oil and natural gas properties, full cost method (including unevaluated costs of $18,803 and $221,605, respectively) | 614,668 | 640,443 | ||
Other property and equipment | 114,112 | 220,362 | ||
Property, plant and equipment - net | 728,780 | 860,805 | ||
Derivative assets at fair value | 29,391 | 73,357 | ||
Other assets | 32,854 | 41,604 | ||
Total assets | 1,214,302 | 1,369,726 | ||
Current liabilities | ||||
Long-term Debt, Current Maturities | 2,037,305 | 0 | ||
Accounts payable | 22,586 | 28,822 | ||
Accrued liabilities | 81,146 | 102,850 | ||
Derivative liabilities at fair value | 0 | 3,125 | ||
Total current liabilities | 2,141,037 | 134,797 | ||
Long-term debt | 0 | 1,988,946 | ||
Partnership liability | 91,956 | 126,132 | ||
Asset retirement obligations | 104,049 | 106,256 | ||
Derivative liabilities at fair value | 0 | 323 | ||
Other liabilities | 15,131 | 19,242 | ||
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 187,802,994 and 183,994,879 shares issued, respectively | 1,878 | 1,840 | ||
Additional paid in capital | 781,669 | 770,092 | ||
Treasury stock of 7,444,372 and 6,698,640 shares, respectively | -53,810 | -51,422 | ||
Accumulated other comprehensive income | 71,853 | 109,881 | ||
Retained deficit | -1,939,461 | -1,836,361 | ||
Total stockholders' equity | -1,137,871 | -1,005,970 | ||
Total liabilities and stockholders' equity | $1,214,302 | $1,369,726 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Unevaluated costs of oil and natural gas properties | $18,803 | $221,605 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 187,802,994 | 183,994,879 |
Treasury stock, shares | 7,444,372 | 6,698,640 |
Consolidated_Statements_Of_Equ
Consolidated Statements Of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings (Defecit) [Member] | Total [Member] |
In Thousands | |||||||
Balances at Dec. 31, 2011 | $1,770 | $737,015 | ($46,351) | $214,858 | $354,627 | $1,261,919 | |
Net income (loss) | -2,352,606 | -2,352,606 | -2,352,606 | ||||
Hedge settlements reclassified into earnings from AOCI, net of income tax | 128,161 | 128,161 | |||||
Net change in derivative fair value, net of income tax | 74,384 | 74,384 | 74,384 | ||||
Foreign currency translation adjustment | 412 | 412 | 412 | ||||
Issuance & vesting of stock compensation | -19 | -14,369 | -3,144 | -11,244 | |||
Stock option exercises | 1 | 10 | 11 | ||||
Balances at Dec. 31, 2012 | 1,790 | 751,394 | -49,495 | 161,493 | -1,997,979 | -1,132,797 | |
Net income (loss) | 161,618 | 161,618 | 161,618 | ||||
Hedge settlements reclassified into earnings from AOCI, net of income tax | 46,931 | 46,931 | |||||
Net change in derivative fair value, net of income tax | 0 | ||||||
Foreign currency translation adjustment | -4,681 | -4,681 | -4,681 | ||||
Issuance & vesting of stock compensation | -50 | -18,698 | 1,927 | -16,821 | |||
Balances at Dec. 31, 2013 | 1,840 | 770,092 | -51,422 | 109,881 | -1,836,361 | -1,005,970 | |
Net income (loss) | -103,100 | -103,100 | -103,100 | ||||
Hedge settlements reclassified into earnings from AOCI, net of income tax | 24,702 | 24,702 | |||||
Net change in derivative fair value, net of income tax | 0 | ||||||
Foreign currency translation adjustment | -13,326 | -13,326 | -13,326 | ||||
Issuance & vesting of stock compensation | -38 | -11,577 | 2,388 | -9,227 | |||
Balances at Dec. 31, 2014 | $1,878 | $781,669 | ($53,810) | $71,853 | ($1,939,461) | ($1,137,871) |
Consolidated_Statements_Of_Equ1
Consolidated Statements Of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Income tax effect related to hedge derivative contract settlements reclassified into earnings from accumulated other comprehensive income | $11,318 | $21,581 | $66,417 |
Income tax effect related to net change in derivative fair value | $0 | $0 | $36,206 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Proceeds from Crestwood earn-out | $41,097 | ||
Operating activities: | |||
Net income (loss) | -103,100 | 161,618 | -2,352,606 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depletion, depreciation and accretion | 61,126 | 62,612 | 163,624 |
Impairment expense | 71,988 | 1,863 | 2,625,928 |
Write-off of MLP related fees and expenses | 0 | 0 | 7,505 |
Deferred income tax expense (benefit) | 11,318 | 21,581 | -289,981 |
Non-cash (gain) loss from hedging and derivative activities | -61,654 | 3,904 | 57,826 |
Stock-based compensation | 11,616 | 17,979 | 22,246 |
Non-cash interest expense | 11,198 | 26,920 | 9,854 |
Fortune Creek accretion | 15,067 | 19,245 | 19,472 |
Other | 7,533 | 6,783 | 1,037 |
Changes in assets and liabilities | |||
Accounts receivable | -7,141 | -3,994 | 30,950 |
Other assets | 43 | 322 | -4,435 |
Accounts payable | -358 | -7,133 | -8,895 |
Income taxes | -668 | 7,828 | 1,183 |
Accrued and other liabilities | -24,597 | -31,900 | -14,884 |
Net cash provided by (used in) operating activities | -7,629 | -51,700 | 227,727 |
Investing activities: | |||
Capital expenditures | -133,481 | -101,288 | -485,479 |
Proceeds from sale of properties and equipment | 3,222 | 7,171 | 72,725 |
Purchases of marketable securities | -55,890 | -213,738 | 0 |
Maturities and sales of marketable securities | 222,025 | 47,603 | 0 |
Net cash provided by (used in) investing activities | 131,463 | 246,044 | -371,657 |
Financing activities: | |||
Issuance of debt | 243,184 | 1,237,352 | 467,959 |
Repayments of debt | -193,689 | -1,308,382 | -310,430 |
Debt issuance costs paid | -1,705 | -26,296 | -3,022 |
Distribution of Fortune Creek Partnership funds | -39,993 | -14,965 | -14,285 |
Proceeds from exercise of stock options | 0 | 0 | 11 |
Purchase of treasury stock | -2,388 | -1,927 | -3,144 |
Net cash provided by (used in) financing activities | 5,409 | -114,218 | 137,089 |
Effect of exchange rate changes in cash | 5,183 | 4,026 | -1,354 |
Net change in cash and cash equivalents | 134,426 | 84,152 | -8,195 |
Cash and cash equivalents at beginning of period | 89,103 | 4,951 | 13,146 |
Cash and cash equivalents at end of period | 223,529 | 89,103 | 4,951 |
Synergy [Member] | |||
Investing activities: | |||
Proceeds from Southwestern Transaction | 0 | 42,297 | 0 |
Proceeds from Tokyo Gas Transaction | 0 | 42,297 | 0 |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 42,297 | 0 |
Tokyo Gas [Member] | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Gain on Tokyo Gas Transaction | 0 | -339,328 | 0 |
Investing activities: | |||
Proceeds from Southwestern Transaction | 0 | 463,999 | 0 |
Proceeds from Tokyo Gas Transaction | 0 | 463,999 | 0 |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 463,999 | 0 |
kwk_CrestwoodLP [Member] | |||
Proceeds from Crestwood earn-out | 0 | 0 | 41,097 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Crestwood earn-out | 0 | 0 | -41,097 |
Sandwash Basin [Member] | |||
Investing activities: | |||
Proceeds from Southwestern Transaction | 95,587 | 0 | 0 |
Proceeds from Tokyo Gas Transaction | 95,587 | 0 | 0 |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | $95,587 | $0 | $0 |
Nature_Of_Operations
Nature Of Operations | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Nature Of Operations | NATURE OF OPERATIONS | |
We are an independent oil and natural gas company incorporated in the state of Delaware and headquartered in Fort Worth, Texas. We engage in the acquisition, exploration, development, production and sale of natural gas, NGLs and oil in North America. As of December 31, 2014, our significant oil and natural gas reserves and operations are located in: | ||
• | Texas | |
• | Alberta | |
• | British Columbia | |
We have offices located in: | ||
• | Fort Worth, Texas | |
• | Glen Rose, Texas | |
• | Calgary, Alberta | |
Our results of operations are largely dependent on the difference between the prices received for our natural gas, NGL and oil products and the cost to find, develop, produce and market such resources. Natural gas, NGL and oil prices are subject to fluctuations in response to changes in supply, market uncertainty and a variety of other factors beyond our control. These factors include worldwide political instability, quantities of natural gas in storage, foreign supply of oil and natural gas, the price of foreign imports, the level of consumer demand and the price of available alternative fuels. | ||
During the third quarter of 2014, we launched a formal marketing process, led by Houlihan Lokey, covering any and all of our operating assets. During the formal marketing process, we also received additional amendments to the financial covenants to our Combined Credit Agreements. These amendments, which included the replacement of the minimum interest coverage ratio with a minimum EBITDAX requirement, provided relief from the continued pressure on our cash flows relative to our obligations, which in turn allowed time for the formal marketing process. Bids were initially due in December 2014, but the bid deadline was subsequently extended to late January 2015. After the bid deadline passed, we evaluated the bids that were received with our advisors. Following discussions with various bidders, we concluded that the marketing process had not yet produced any viable options for asset sales or other strategic alternatives that would likely have a material impact on our capital structure or liquidity. | ||
In February 2015, in light of (a) not yet having identified a transaction that would have a material impact on our capital structure or liquidity, (b) the potential springing maturities under our Combined Credit Agreements, the Second Lien Term Loan and the Second Lien Notes, and (c) other potential defaults, we elected not to make the approximately $13.6 million interest payment on our Senior Notes due 2019, which was due on February 17, 2015. During the 30-day grace period provided for in the Senior Notes due 2019 Indenture, we continued discussions with our creditors. The discussions with our creditors did not produce an agreement that would enable us to effectively address, in a holistic manner, the impending issues adversely impacting our business, including (i) potential springing maturities under our Combined Credit Agreements, the Second Lien Term Loan and the Second Lien Notes, (ii) potential near-term liquidity shortfalls due to the springing maturities, (iii) potential near-term breaches of certain financial covenants resulting from sharp declines in natural gas and NGL prices, and (iv) certain other potential defaults under our Combined Credit Agreements and the Second Lien Term Loan. | ||
Accordingly, on March 17, 2015, the Company and our subsidiaries Barnett Shale Operating LLC, Cowtown Drilling, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline Funding, Inc., Cowtown Pipeline L.P., Cowtown Pipeline Management, Inc., Makarios Resources International Holdings LLC, Makarios Resources International Inc., QPP Holdings LLC, QPP Parent LLC, Quicksilver Production Partners GP LLC, Quicksilver Production Partners LP, and Silver Stream Pipeline Company LLC each filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court to restructure our obligations and capital structure. The Chapter 11 cases are being jointly administered for procedural purposes only by the Bankruptcy Court under the caption In re Quicksilver Resources Inc., et. al., Case No. 15-10585 (Jointly Administered). | ||
We are currently operating our business as debtors in possession in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. As part of our “first day” motions in the Chapter 11 proceedings, we obtained Bankruptcy Court approval to, among other things and subject to the applicable caps contained in the orders of the Bankruptcy Court, on an interim basis, pay employee wages, health benefits and certain other employee obligations, to pay certain lienholders and critical vendors and forward funds belonging to third parties, including royalty holders and other partners. A final hearing on the motions to satisfy our obligations to certain third parties and to forward funds held by us that belong to third parties will be held on April 15, 2015. | ||
On March 16, 2015, we, along with QRCI, entered into the Forbearance Agreement with the administrative agents and certain of the lenders under the Combined Credit Agreements. As a result of the Chapter 11 filing, the obligations under the Combined Credit Agreements were automatically accelerated. However, pursuant to the Forbearance Agreement, the administrative agents and the lenders agreed to, among other things, (i) forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility related to our Chapter 11 filing until the earlier of June 16, 2015 or certain other events specified in the Forbearance Agreement, including, among other things, the commencement by QRCI or certain specified Canadian subsidiary guarantors of insolvency proceedings and (ii) waive compliance with certain specified terms and conditions relating to the renewal of outstanding evergreen letters of credit under the Combined Credit Agreements. | ||
For the duration of our Chapter 11 proceedings, our operations and our ability to develop and execute our business plan are subject to the risks and uncertainties associated with the Chapter 11 process as described in Item 1A, “Risk Factors.” As a result of these risks and uncertainties, the number of our outstanding shares and our shareholders, assets, liabilities, officers and/or directors could be significantly different following the outcome of the Chapter 11 proceedings, and the description of our operations, properties and capital plans included in this Annual Report may not accurately reflect our operations, properties and capital plans following the Chapter 11 process. | ||
In particular, subject to certain exceptions, under the Bankruptcy Code, the U.S. Debtors may assume, assign, or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a pre-petition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves the U.S. Debtors of performing their future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Counterparties to such rejected contracts or leases may assert claims against the applicable U.S. Debtor's estate for such damages. Generally, the assumption of an executory contract or unexpired lease requires the U.S. Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. Accordingly, any description of an executory contract or unexpired lease with the U.S. Debtor in this Annual Report, including where applicable a quantification of our obligations under any such executory contract or unexpired lease with the U.S. Debtor is qualified by any overriding rejection rights we have under the Bankruptcy Code. Further, nothing herein is or shall be deemed an admission with respect to any claim amounts or calculations arising from the rejection of any executory contract or unexpired lease and the U.S. Debtors expressly preserve all of their rights with respect thereto. | ||
There can be no assurances regarding our ability to successfully develop, confirm and consummate one or more plans of reorganization or other alternative restructuring transactions, including a sale of all or substantially all of our assets, that satisfies the conditions of the Bankruptcy Code and, is authorized by the Bankruptcy Court. | ||
The above conditions represent an event of default under our long-term debt and give rise to substantial doubt as to our ability to continue as a going concern. We have classified all debt as current at December 31, 2014. If we cannot continue as a going concern, adjustments to the carrying values and classification of our assets and liabilities and the reported income and expenses could be required and could be material. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES |
Basis of Presentation | |
Our consolidated financial statements include our accounts and those of all of our majority-owned subsidiaries, companies over which we exercise control through majority voting rights or other means of control and variable interest entities of which we are the primary beneficiary. We eliminate all inter-company balances and transactions in preparing consolidated financial statements. Our Chapter 11 filing in 2015 will require us to evaluate whether we continue to control our subsidiaries and VIEs through our equity ownership. If we determine that we do not control any or all of these subsidiaries or VIEs, we will no longer consolidate those subsidiaries. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, the 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. Management believes its estimates and assumptions are reasonable, but 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. | |
Significant estimates underlying these financial statements include the estimated quantities of our proved reserves (including the associated future net cash flows from those proved reserves and costs to develop those reserves) used to compute depletion expense, the full cost ceiling limitation and estimates of current revenue. Other estimates that require assumptions concerning future events and substantial judgment include the estimated fair value of derivatives, asset retirement obligations and stock-based compensation. Income taxes also involve the use of considerable judgment in the estimation and evaluation of deferred income tax assets and our ability to recover operating loss carry-forwards and assessment of uncertain tax positions. | |
Cash Equivalents | |
Cash equivalents consist of time deposits and liquid debt investments with original maturities of three months or less at the time of purchase. | |
Accounts Receivable | |
We sell our production to various purchasers, each of which is reviewed as to credit worthiness prior to the extension of credit and on a regular basis thereafter. Although we rarely require collateral, we require appropriate credit ratings and, in some instances, obtain parental guarantees. Receivables are generally collected within 30 to 60 days. When collections of specific amounts due are no longer reasonably assured, we establish an allowance for doubtful accounts though we have not had a significant instance of nonpayment. During 2014, two purchasers individually accounted for 17% and 13% of cash collected for our production revenue. During 2013, one purchaser individually accounted for 18% of cash collected for our production revenue. During 2012, two purchasers accounted for 21% and 15% of cash collected for our production revenue. | |
Hedging and Derivatives | |
We enter into derivatives to mitigate risk associated with the prices received from our natural gas, NGL and oil production. We may also utilize derivatives to hedge the risk associated with interest rates on our outstanding debt. All derivatives are recognized as either an asset or liability on the balance sheet measured at their fair value determined by reference to published future market prices and interest rates. | |
Effective December 31, 2012, we discontinued the use of hedge accounting on all existing hedge contracts. Net deferred hedge gains deferred in AOCI associated with these contracts as of December 31, 2012 are reclassified to earnings during the same periods in which the hedged transactions are recognized in our earnings. Since then, we recognize changes in the fair values of derivative contracts as gains or losses in the earnings of the periods in which they occur. | |
To the extent we enter into derivatives, these positions are with counterparties who are our lenders at the inception of the derivative. Our credit facility provides for collateralization of amounts outstanding from our derivatives in addition to amounts outstanding under the facility. Additionally, default on any of our obligations under derivatives with counterparty lenders could result in acceleration of the amounts outstanding under the credit facility. Our internal credit policies require that any counterparties, including facility lenders, with whom we enter into commodity derivatives have credit ratings that meet or exceed BBB- or Baa3 from Standard and Poor’s or Moody’s, respectively. The fair value for each derivative takes credit risk into consideration, whether it be our counterparties’ or our own. Derivatives are classified as current or non-current derivative assets and liabilities, based on the expected timing of settlements. | |
Property, Plant, and Equipment | |
We follow the full cost method in accounting for our oil and natural gas properties. Under the full cost method, all costs associated with the acquisition, exploration and development of oil and natural gas properties are capitalized and accumulated in separate Canadian and U.S. cost centers. This includes any internal costs that are directly related to development and exploration activities, but does not include any costs related to production, general corporate overhead or similar activities. Proceeds received from disposals reduce the accumulated cost except when the sale represents a significant disposal of reserves, in which case a gain or loss is calculated and recognized. The sum of net capitalized costs and estimated future development and dismantlement costs for each cost center is depleted on the equivalent unit-of-production method, based on proved reserves. We may, at our option, exclude costs associated with unevaluated properties from amounts subject to depletion, which costs are assessed annually for impairment and inclusion as depletable costs in the respective cost center. | |
Under the full cost method, net capitalized costs are limited to the lower of unamortized cost reduced by the related net deferred tax liability and asset retirement obligations (collectively, “the cost center ceiling”). The cost center ceiling equals the sum of (1) estimated future net revenue from proved reserves, discounted at 10% per annum, including the effects of derivatives that are accounted for as hedges of our oil and natural gas revenue, (2) the cost of properties not being amortized, (3) the lower of cost or market value of unproved properties included in the cost being amortized, less (4) income tax effects related to differences between the book and tax basis of the oil and natural gas properties. If the net book value reduced by the related net deferred income tax liability, unless in a valuation allowance, and asset retirement obligations exceeds the cost center ceiling limitation, a non-cash impairment charge is required. Note 7 to these financial statements contains further discussion of the ceiling test. | |
Other properties and equipment are stated at original cost and depreciated using the straight-line method based on estimated useful lives ranging from five to forty years. If indicators of impairment are identified, an undiscounted cash flow analysis is performed to determine if an impairment exists. If the undiscounted cash flow analysis indicates an impairment, a discounted cash flow analysis is performed and the asset is reduced to the indicated value. | |
Inventory | |
Inventories, included in Other Current Assets, were comprised of $7.6 million and $15.8 million of materials and parts and $0.7 million and $2.5 million of NGLs as of December 31, 2014 and 2013, respectively. Inventories are primarily comprised of materials and parts including oil and natural gas drilling or repair items such as tubing, casing, chemicals, operating supplies and ordinary maintenance materials and parts. The materials, parts and supplies inventory is primarily acquired for use in future drilling operations or repair operations and is carried at the lower of cost or fair value, on a first-in, first-out cost basis. Fair value represents net realizable value, which is the amount that we are allowed to bill to the joint accounts under joint operating agreements to which we are a party. Impairments for materials and supplies inventories of $7.0 million and $3.0 million for 2014 and 2013, respectively, are recorded as lease operating expense in the accompanying consolidated statements of operations. | |
Asset Retirement Obligations | |
We record the fair value of the liability for asset retirement obligations in the period in which it is legally or contractually incurred. Upon initial recognition of the asset retirement liability, an asset retirement cost is capitalized by increasing the carrying amount of the asset by the same amount as the liability. In periods subsequent to initial measurement, the asset retirement cost is recognized as expense through depletion or depreciation over the asset’s useful life. Changes in the liability for the asset retirement obligations are recognized for (1) the passage of time and (2) revisions to either the timing or the amount of estimated cash flows. Accretion expense is recognized for the impacts of increasing the discounted liability to its estimated settlement value. | |
Revenue Recognition | |
Revenue is recognized when title to the products transfers to the purchaser. We use the “sales method” to account for our production revenue, whereby we recognize revenue on all production sold to our purchasers, regardless of whether the sales are proportionate to our ownership in the property. A receivable or liability is recognized only to the extent that we have an imbalance on a specific property greater than the expected remaining proved reserves. As of December 31, 2014 and 2013, our aggregate production imbalances were not material. | |
Environmental Compliance and Remediation | |
Environmental compliance costs, including ongoing maintenance and monitoring, are expensed as incurred. Those environmental remediation costs which improve a property are capitalized. | |
Debt | |
We record all debt instruments at face value. When an issuance of debt is made at other than par, a discount or premium is separately recorded within debt. The discount or premium is amortized over the life of the debt using the effective interest method. | |
Income Taxes | |
Deferred income taxes are established for all temporary differences between the book and the tax basis of assets and liabilities. In addition, deferred tax balances must reflect tax rates expected to be in effect in years in which the temporary differences reverse. Canadian taxes are calculated at rates expected to be in effect in Canada. U.S. deferred tax liabilities are not recognized on profits that are expected to be permanently reinvested in Canada and thus not considered available for distribution to the parent company. It is not practicable to determine our unrecognized deferred tax liability for temporary differences related to investments in foreign subsidiaries that are essentially permanent in duration. Net operating loss carry-forwards and other deferred tax assets are reviewed annually for recoverability, and, if necessary, are recorded net of a valuation allowance. Note 12 contains additional discussion regarding income taxes. | |
Stock-based Compensation | |
We measure and recognize compensation expense for all share-based payment awards made to employees and directors based on their estimated fair value at the time the awards are granted. Our board of directors may elect to issue awards payable in cash. For awards with service requirements, we recognize the expense associated with the awards over the vesting period. The liability for fair value of cash awards is reassessed at every balance sheet date, such that the vested portion of the liability is adjusted to reflect revised fair value through compensation expense. For awards that vest only upon achievement of performance criteria, recognition is recorded only when achievement of the performance criteria is considered probable. | |
Disclosure of Fair Value of Financial Instruments | |
Our financial instruments include cash, commercial paper, time deposits, accounts receivable, notes payable, accounts payable, long-term debt and financial derivatives. The fair value of long-term debt is estimated as the present value of future cash flows discounted at rates consistent with comparable maturities and includes consideration of credit risk. The carrying amounts reflected in the balance sheet for financial assets classified as current assets and the carrying amounts for financial liabilities classified as current liabilities approximate fair value. | |
Foreign Currency Translation | |
Our Canadian subsidiary maintains its general ledger using the Canadian dollar. All balance sheet accounts of our Canadian operations are translated into U.S. dollars at the period end exchange rate and statement of income items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are made directly to a component of accumulated other comprehensive income within stockholders’ equity. Losses from foreign currency transactions of $3.7 million and $2.4 million in 2014 and 2013, respectively, are included in the consolidated results of operations. | |
Variable Interest Entities | |
An entity is a variable interest entity (VIE) if it meets the following criteria: (1) the entity has equity that is insufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) the entity has equity investors that cannot make significant decisions about the entity’s operations or that do not absorb their proportionate share of the expected losses or receive the expected returns of the entity. | |
VIEs require assessment of who the primary beneficiary is and whether the primary beneficiary should consolidate the VIE. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the variable interest entity that most significantly impacts the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the variable interest entity. Application of the VIE consolidation requirements may require the exercise of significant judgment by management. | |
We consolidate the financial position of Fortune Creek and the results of operations in our consolidated financial statements. Note 14 contains additional discussion regarding Fortune Creek. | |
Earnings per Share | |
We report basic earnings per common share, which excludes the effect of potentially dilutive securities, and diluted earnings per common share, which includes the effect of all potentially dilutive securities unless their impact is antidilutive. Note 16 includes the calculation of earnings per share. | |
Recently Issued Accounting Standards | |
In February 2015, the FASB issued accounting guidance, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” requiring reporting entities to evaluate whether they should consolidate certain legal entities. The standard is effective for periods beginning after December 15, 2015 with early adoption permitted. We are currently evaluating the new guidance and have not determined the impact this standard may have on our financial statements. | |
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 | 12 Months Ended |
Dec. 31, 2014 | |
Acquisitions And Divestitures [Abstract] | |
Acquisitions And Divestitures | DIVESTITURES |
In May 2014, we completed the sale of our Niobrara Asset to Southwestern. 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 natural gas properties by the amount of these proceeds and we did not recognize a gain or loss. | |
In October 2013, we executed an agreement with Eni involving our West Texas Asset whereby we will jointly evaluate, explore and develop approximately 52,500 gross acres currently held by us in Pecos County, Texas. Under the terms of the agreement, Eni is responsible for 100% of the cost for drilling, completion and production facilities up to a total of $52.0 million, thereby earning a 50% interest in our acreage. Upon Eni’s fulfillment of the $52.0 million carry, which was substantially met as of the first quarter of 2015, we participate equally in the future revenue, operating costs and capital expenditures on the wells drilled and completed pursuant to the joint exploration agreement. Per the joint exploration agreement with Eni, we have the ability to decline participation in any well after the Eni carry is fulfilled, subject to non-consent payout penalties. | |
In August 2013, we completed the sale of our Southern Alberta Basin Asset to Synergy with an effective date of January 1, 2013. The purchase price was $46.0 million, which was subject to customary purchase price adjustments, resulting in a final purchase price of $42.3 million. We determined that the Synergy Transaction did not represent a significant disposal of reserves under GAAP, therefore our U.S. oil and natural gas properties were reduced by these proceeds and we did not recognize a gain or loss. | |
In April 2013, we sold an undivided 25% interest in our Barnett Shale Asset to TGBR for a purchase price of $485.0 million. The effective date of the transaction was September 1, 2012. The purchase price was subject to customary price adjustments, which resulted in a final purchase price of $464.0 million. We recognized a gain of $339.3 million before consideration of income taxes as a result of this transaction based on our determination that the Tokyo Gas Transaction represented a significant disposal of reserves under GAAP. Our U.S. oil and natural gas properties were reduced by $110.7 million as a result of the Tokyo Gas Transaction. | |
In December 2012, we entered into an agreement with SWEPI LP to jointly develop our oil and natural gas interests in the Niobrara formation of the Sand Wash Basin and to establish an Area of Mutual Interest (“AMI”) covering in excess of 850,000 acres. Each party assigned to the other a 50% working interest in the majority of its combined acreage so that each party owns a 50% interest in more than 320,000 acres and has the right to a 50% interest in any acquisition within the AMI. SWEPI paid us an equalization payment for 50% of the acreage contributed by us in excess of the acreage that SWEPI contributed. SWEPI was the operator of the majority of the jointly owned lands. Subsequently, these assets were sold in the Southwestern Transaction described above. |
Derivatives_And_Fair_Value_Mea
Derivatives And Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Credit Risk Derivatives, at Fair Value, Net [Abstract] | |||||||||||||||||
Derivatives And Fair Value Measurements | DERIVATIVES AND FAIR VALUE MEASUREMENTS | ||||||||||||||||
The following table categorizes our commodity derivative instruments based upon the use of input levels: | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
As of December 31, | As of December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Level 2 inputs | $ | 104,608 | $ | 107,395 | $ | — | $ | 3,448 | |||||||||
Level 3 inputs | 44,959 | 23,485 | — | — | |||||||||||||
Total | $ | 149,567 | $ | 130,880 | $ | — | $ | 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 2019 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 $2.88 to $4.60 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: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | 23,485 | $ | (4,931 | ) | ||||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Unrealized gain on derivatives | 31,824 | 40,398 | |||||||||||||||
Transfers out of Level 3 | (3,559 | ) | — | ||||||||||||||
Settlements in net derivative losses | (6,791 | ) | (11,982 | ) | |||||||||||||
Balance at end of period | $ | 44,959 | $ | 23,485 | |||||||||||||
Total gains included in net derivative gains attributable to the change in unrealized gains related to assets still held at the reporting date | $ | 32,074 | $ | 41,909 | |||||||||||||
In 2014, transfers from Level 3 to Level 2 represent our ten-year derivative instruments that were exchanged in December 2014 for derivative instruments with shorter durations and which were valued on the date of the transfer. | |||||||||||||||||
Commodity Price Derivatives | |||||||||||||||||
As of December 31, 2014, we had natural gas swaps as follows: | |||||||||||||||||
Production | Daily Production | ||||||||||||||||
Year | Volume | ||||||||||||||||
Natural Gas | |||||||||||||||||
MMcfd | |||||||||||||||||
2015 | 150 | ||||||||||||||||
2016-2021 | 30 | ||||||||||||||||
Between January and March 2015, substantially all of our derivatives were restructured or terminated. These restructured and terminated derivatives reduced our daily production volume of natural gas economically hedged to 20 MMcfd in 2015 and we no longer have any derivatives beyond 2015. The cash proceeds of the 2015 terminated derivatives were $135.7 million. | |||||||||||||||||
Effective December 31, 2012, we discontinued the use of hedge accounting. Changes in value subsequent to this date are recognized in net derivative gains (losses) in the period in which they occur. The net deferred hedge gain that was included in AOCI as of December 31, 2012 is being released into revenue from natural gas, NGL and oil production during the following periods in which we expect the underlying production to occur: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 33,191 | |||||||||||||||
2016 | 13,476 | ||||||||||||||||
2017 | 12,531 | ||||||||||||||||
2018 | 11,664 | ||||||||||||||||
2019 and thereafter | 29,779 | ||||||||||||||||
$ | 100,641 | ||||||||||||||||
Gains and losses from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings during the following twelve months would result in a gain of $22.4 million net of income taxes. | |||||||||||||||||
Interest Rate Derivatives | |||||||||||||||||
In 2010, we executed early settlements of our interest rate swaps that were designated as fair value hedges of our Senior Notes due 2015 and our Senior Subordinated Notes. We received cash of $41.5 million in the settlements, including $10.7 million for interest previously accrued and earned. Upon the early settlements, we recorded the resulting gain as a fair value adjustment to our debt and began to recognize the deferred gain of $30.8 million as a reduction of interest expense over the lives of our Senior Notes due 2015 and our Senior Subordinated Notes. | |||||||||||||||||
In June 2013, we repurchased substantially all our Senior Notes due 2015 resulting in early recognition of the previously deferred gain of $8.3 million. During 2014 and 2013, we recognized $2.0 million and $12.0 million, respectively, of those deferred gains as a reduction of interest expense. The remaining $2.8 million deferral of the 2010 early settlements from the Senior Subordinated Notes interest rate swaps will continue to be recognized as a reduction of interest expense over the life of those instruments currently scheduled as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 2,194 | |||||||||||||||
2016 | 569 | ||||||||||||||||
$ | 2,763 | ||||||||||||||||
Fair Value Disclosures | |||||||||||||||||
The estimated fair value of all of our derivative instruments at December 31, 2014 and 2013 were as follows: | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
As of December 31, | As of December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity contracts reported in: | |||||||||||||||||
Current derivative assets | $ | 120,176 | $ | 60,063 | $ | — | $ | 2,540 | |||||||||
Noncurrent derivative assets | 81,187 | 105,315 | 51,796 | 31,958 | |||||||||||||
Current derivative liabilities | — | — | — | 3,125 | |||||||||||||
Noncurrent derivative liabilities | — | — | — | 323 | |||||||||||||
Total derivatives not designated as hedges | $ | 201,363 | $ | 165,378 | $ | 51,796 | $ | 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 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. | |||||||||||||||||
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 December 31, 2014 we did not own any marketable securities that were not cash equivalents. 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 | ||||||||
Nonrecurring Fair Value Measurements | |||||||||||||||||
At December 31, 2014, we impaired inventory in Canada, specifically in our Horn River Asset, to the fair value of current market prices in areas where the inventory could be used less shipping costs (“Level 3” input). As drilling activity has declined in the general area where this inventory is located, shipping costs were included in the net realizable value adjustment. For our Fortune Creek gathering system impairment, a discounted cash flow analysis considering the contractual rate under the gathering agreement and QRCI’s proved reserves (“Level 3” input) was performed to determine the net realizable value. Additionally, impairments were incurred in 2014 on buildings and surface land in the U.S. as current market prices, as indicated by broker quotes and recent sales activity (“Level 3” input), did not support our historical book value on these assets. | |||||||||||||||||
Financial Instruments Not Carried at Fair Value | |||||||||||||||||
Carrying values and fair values of financial instruments that are not carried at fair value in the consolidated balance sheet as of December 31, 2014 and December 31, 2013 are included in Note 10. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Receivable, Net [Abstract] | ||||||||
Accounts Receivable | ACCOUNTS RECEIVABLE | |||||||
Accounts receivable consisted of the following: | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Accrued production revenue | $ | 32,130 | $ | 34,785 | ||||
Joint interest billings | 22,621 | 15,630 | ||||||
Income taxes | 7,574 | 7,931 | ||||||
Canadian value added taxes | 173 | 60 | ||||||
Other | 2,937 | 328 | ||||||
Allowance for doubtful accounts | (277 | ) | (89 | ) | ||||
$ | 65,158 | $ | 58,645 | |||||
Other_Current_Assets
Other Current Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Current Assets [Abstract] | ||||||||
Other Current Assets | OTHER CURRENT ASSETS | |||||||
Other current assets consisted of the following: | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Inventories | $ | 8,269 | $ | 18,334 | ||||
Deposits | 1,284 | 1,044 | ||||||
Other prepaid expense | 4,861 | 2,968 | ||||||
$ | 14,414 | $ | 22,346 | |||||
Property_Plant_And_Equipment
Property, Plant And Equipment | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||||||||||||||||||||||||
Property, plant and equipment consisted of the following: | ||||||||||||||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Oil and natural gas properties | ||||||||||||||||||||||||||||||||||||||||
Subject to depletion | $ | 5,821,167 | $ | 5,687,557 | ||||||||||||||||||||||||||||||||||||
Unevaluated costs | 18,803 | 221,605 | ||||||||||||||||||||||||||||||||||||||
Accumulated depletion | (5,225,302 | ) | (5,268,719 | ) | ||||||||||||||||||||||||||||||||||||
Net oil and natural gas properties | 614,668 | 640,443 | ||||||||||||||||||||||||||||||||||||||
Other property and equipment | ||||||||||||||||||||||||||||||||||||||||
Pipelines and processing facilities | 316,013 | 347,093 | ||||||||||||||||||||||||||||||||||||||
General properties | 66,455 | 72,125 | ||||||||||||||||||||||||||||||||||||||
Accumulated depreciation | (268,356 | ) | (198,856 | ) | ||||||||||||||||||||||||||||||||||||
Net other property and equipment | 114,112 | 220,362 | ||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net of accumulated depletion and depreciation | $ | 728,780 | $ | 860,805 | ||||||||||||||||||||||||||||||||||||
Ceiling Test Analysis and Impairment | ||||||||||||||||||||||||||||||||||||||||
The charges for impairment are summarized below: | ||||||||||||||||||||||||||||||||||||||||
Pre-tax Charges for Impairment | ||||||||||||||||||||||||||||||||||||||||
Segment | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||||||||||||
Oil and natural gas properties | Exploration and production | $ | — | $ | — | $ | 2,152,128 | |||||||||||||||||||||||||||||||||
Other property and equipment | Midstream | 135 | 54 | 7,328 | ||||||||||||||||||||||||||||||||||||
Other property and equipment | Exploration and production | 2,450 | 1,809 | 537 | ||||||||||||||||||||||||||||||||||||
Canada | ||||||||||||||||||||||||||||||||||||||||
Oil and natural gas properties | Exploration and production | — | — | 465,935 | ||||||||||||||||||||||||||||||||||||
Other property and equipment | Midstream | 58,360 | — | — | ||||||||||||||||||||||||||||||||||||
Other property and equipment | Exploration and production | 11,043 | — | — | ||||||||||||||||||||||||||||||||||||
$ | 71,988 | $ | 1,863 | $ | 2,625,928 | |||||||||||||||||||||||||||||||||||
In Canada during 2014, we impaired the Fortune Creek gathering system as we do not have sufficient liquidity to develop our Horn River Asset. An undiscounted cash flow analysis did not support the recoverability of the carrying value of the gathering system and a discounted cash flow analysis resulted in our recording an impairment of $58.4 million at December 31, 2014. Additionally, we impaired other property and equipment assets in our Horn River Asset at December 31, 2014 based on our inability to fund the development of our Horn River Asset. | ||||||||||||||||||||||||||||||||||||||||
In the U.S., we recognized other property and equipment impairment charges in 2014 and 2013 for surface land, buildings and pipeline in Texas. During 2012 we impaired pipelines and facilities in Colorado and Texas due to reduced anticipated utilization and a compressed natural gas facility in Texas due to reduced use. | ||||||||||||||||||||||||||||||||||||||||
As described in Note 2, we are required to perform a quarterly ceiling test for impairment of our oil and natural gas properties in each of our cost centers. We did not recognize impairment in 2014 and 2013 during our quarterly ceiling tests. In 2012, we recognized impairment expense each quarter as the average of the first of month prices for the preceding 12 months declined each quarter. For our U.S. oil and natural gas properties, the Henry Hub price declined 33% from the price used at December 31, 2011 and the pricing used for NGLs declined 28% from the price used at December 31, 2011. For our Canadian oil and natural gas properties, the AECO price declined 36% from the price used at December 31, 2011. In 2012, the impairment on our oil and natural gas properties in both the U.S. and Canada was impacted by the exclusion of our derivatives from the ceiling test due to the discontinuance of hedge accounting. Other property and equipment impairment charges during 2012 were a result of reduced anticipated utilization of pipelines and facilities in Colorado and Texas and reduced use of a compressed natural gas facility in Texas. | ||||||||||||||||||||||||||||||||||||||||
Unevaluated Oil and Natural Gas Properties Not Subject to Depletion | ||||||||||||||||||||||||||||||||||||||||
Under full cost accounting, we may exclude certain unevaluated oil and natural gas property costs from the amortization base pending determination of whether proved reserves have been established or impairment has occurred. A summary of the unevaluated properties not subject to depletion at December 31, 2014 and 2013 and the year in which they were incurred follows: | ||||||||||||||||||||||||||||||||||||||||
December 31, 2014 Costs Incurred During | December 31, 2013 Costs Incurred During | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | Prior | Total | 2013 | 2012 | 2011 | Prior | Total | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||||||||||||
Acquisition costs | $ | 5,637 | $ | — | $ | 1,574 | $ | 9,029 | $ | 16,240 | $ | — | $ | 3,013 | $ | 13,484 | $ | — | $ | 16,497 | ||||||||||||||||||||
Exploration costs | — | — | — | — | — | 14 | 364 | — | — | 378 | ||||||||||||||||||||||||||||||
Capitalized interest | 395 | 961 | 1,207 | — | 2,563 | 1,093 | 1,374 | — | — | 2,467 | ||||||||||||||||||||||||||||||
Total U.S. | $ | 6,032 | $ | 961 | $ | 2,781 | $ | 9,029 | $ | 18,803 | $ | 1,107 | $ | 4,751 | $ | 13,484 | $ | — | $ | 19,342 | ||||||||||||||||||||
Canada | ||||||||||||||||||||||||||||||||||||||||
Acquisition costs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,956 | $ | 1,300 | $ | 68,586 | $ | 72,842 | ||||||||||||||||||||
Exploration costs | — | — | — | — | — | 7,044 | 31,746 | 41,092 | 30,413 | 110,295 | ||||||||||||||||||||||||||||||
Capitalized interest | — | — | — | — | — | 3,947 | 2,724 | 3,522 | 8,933 | 19,126 | ||||||||||||||||||||||||||||||
Total Canada | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,991 | $ | 37,426 | $ | 45,914 | $ | 107,932 | $ | 202,263 | ||||||||||||||||||||
Total | $ | 6,032 | $ | 961 | $ | 2,781 | $ | 9,029 | $ | 18,803 | $ | 12,098 | $ | 42,177 | $ | 59,398 | $ | 107,932 | $ | 221,605 | ||||||||||||||||||||
The following table summarizes the regions where we have unevaluated oil and natural gas property costs not subject to depletion. | ||||||||||||||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
West Texas | $ | 18,803 | $ | 19,343 | ||||||||||||||||||||||||||||||||||||
Horn River Basin | — | 202,262 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 18,803 | $ | 221,605 | ||||||||||||||||||||||||||||||||||||
Costs are transferred into the amortization base on an ongoing basis, as projects are evaluated and proved reserves established or impairment determined. Pending determination of proved reserves attributable to the above costs, we cannot assess the future impact on the amortization rate. Unevaluated acquisition costs in our West Texas Asset will require up to an estimated three more years of exploration and development activity before evaluation is complete, which is covered by the remaining primary terms and the renewal term of the underlying leases, which were extended in 2014. | ||||||||||||||||||||||||||||||||||||||||
We continued to pursue a transaction involving our Horn River Asset in 2014, but after not reaching an agreement, we began to consider parallel marketing strategies and other strategic alternatives and, during the third quarter of 2014, we launched a formal marketing process, led by Houlihan Lokey, covering any and all of our operating assets. Bids were initially due in December 2014, but the bid deadline was subsequently extended to late January 2015. After the bid deadline passed, we evaluated the bids that were received with our advisors. Following discussions with various bidders, we concluded that the marketing process had not yet produced any viable options for asset sales or other strategic alternatives that would likely have a material impact on our capital structure or liquidity. In light of the results of our marketing efforts and our liquidity outlook, we do not have sufficient liquidity to develop the Horn River Asset. Therefore, and notwithstanding that a number of years remain under the primary lease terms, we determined to fully impair our Horn River Asset unevaluated oil and natural gas property costs to the Canadian cost center at December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
Other Matters | ||||||||||||||||||||||||||||||||||||||||
Capitalized overhead costs that directly relate to exploration and development activities were $11.2 million, $13.6 million and $16.8 million for 2014, 2013 and 2012, respectively. For 2014, depletion per Mcfe was $0.48 and $0.38 for the U.S. and Canada, respectively. For 2013, depletion per Mcfe was $0.51 and $0.14 for the U.S. and Canada, respectively. For 2012, depletion per Mcfe was $1.14 and $0.83 for the U.S. and Canada, respectively. Depreciation expense was $15.2 million, $17.1 million and $18.6 million for 2014, 2013 and 2012, respectively. |
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets, Noncurrent Disclosure [Abstract] | ||||||||
Other Assets | OTHER ASSETS | |||||||
Other assets consisted of the following: | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Deferred financing costs | $ | 62,319 | $ | 84,951 | ||||
Less accumulated amortization | (33,472 | ) | (50,171 | ) | ||||
Net deferred financing costs | 28,847 | 34,780 | ||||||
Governmental and notes receivable | 3,888 | 6,464 | ||||||
Other | 119 | 360 | ||||||
$ | 32,854 | $ | 41,604 | |||||
Costs related to the issuance of debt are deferred and amortized over the term of the debt. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities [Abstract] | ||||||||
Accrued Liabilities | ACCRUED LIABILITIES | |||||||
Accrued liabilities consisted of the following: | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Interest payable | $ | 36,288 | $ | 38,260 | ||||
Accrued operating expense | 21,833 | 37,747 | ||||||
Prepayments from partners | — | 425 | ||||||
Revenue payable | 19,121 | 22,589 | ||||||
Accrued state income and franchise taxes | 55 | 1,080 | ||||||
Accrued production and property taxes | 677 | 870 | ||||||
Environmental liabilities | 18 | 36 | ||||||
Accrued product purchases | 310 | 270 | ||||||
Current asset retirement obligations | 967 | 433 | ||||||
Other | 1,877 | 1,140 | ||||||
$ | 81,146 | $ | 102,850 | |||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||||||||||||
Long-Term Debt | LONG-TERM DEBT | |||||||||||||||||||||||
Long-term debt consisted of the following: | ||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Combined Credit Agreements | $ | 274,514 | $ | 211,200 | ||||||||||||||||||||
Second Lien Term Loan, net of unamortized discount of $14,758 and $17,428 | 610,242 | 607,572 | ||||||||||||||||||||||
Second Lien Notes due 2019, net of unamortized discount of $4,723 and $5,577 | 195,277 | 194,423 | ||||||||||||||||||||||
Senior Notes due 2015, net of unamortized discount of $0 and $2,149 | — | 10,472 | ||||||||||||||||||||||
Senior Notes due 2016, net of unamortized discount of $0 and $10,825 | — | 8,044 | ||||||||||||||||||||||
Senior Notes due 2019, net of unamortized discount of $4,081 and $5,378 | 293,919 | 293,243 | ||||||||||||||||||||||
Senior Notes due 2021, net of unamortized discount of $14,410 and $15,810 | 310,590 | 309,190 | ||||||||||||||||||||||
Senior Subordinated Notes due 2016 | 350,000 | 350,000 | ||||||||||||||||||||||
Total debt | 2,034,542 | 1,984,144 | ||||||||||||||||||||||
Unamortized deferred gain—terminated interest rate swaps | 2,763 | 4,802 | ||||||||||||||||||||||
Current portion of long-term debt | (2,037,305 | ) | — | |||||||||||||||||||||
Long-term debt | $ | — | $ | 1,988,946 | ||||||||||||||||||||
Original maturities assuming no acceleration or springing maturity as of December 31, 2014 are as follows: | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Combined Credit Agreements | $ | — | $ | 274,514 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Second Lien Term Loan | — | — | — | — | 625,000 | — | ||||||||||||||||||
Second Lien Notes due 2019 | — | — | — | — | 200,000 | — | ||||||||||||||||||
Senior Notes due 2019 | — | — | — | — | 298,000 | — | ||||||||||||||||||
Senior Notes due 2021 | — | — | — | — | — | 325,000 | ||||||||||||||||||
Senior Subordinated Notes due 2016 | — | 350,000 | — | — | — | — | ||||||||||||||||||
Total Indebtedness | $ | — | $ | 624,514 | $ | — | $ | — | $ | 1,123,000 | $ | 325,000 | ||||||||||||
In February 2015, in light of (a) not yet having identified a transaction that would have a material impact on our capital structure or liquidity, (b) the potential springing maturities under our Combined Credit Agreements, the Second Lien Term Loan and the Second Lien Notes, and (c) other potential defaults, we elected not to make the approximately $13.6 million interest payment on our Senior Notes due 2019, which was due on February 17, 2015. During the 30-day grace period provided for in the Senior Notes due 2019 Indenture, we continued discussions with our creditors. The discussions with our creditors did not produce an agreement that would enable us to effectively address, in a holistic manner, the impending issues adversely impacting our business, including (i) potential springing maturities under our Combined Credit Agreements, the Second Lien Term Loan and the Second Lien Notes, (ii) potential near-term liquidity shortfalls due to the springing maturities, (iii) potential near-term breaches of certain financial covenants resulting from sharp declines in natural gas and NGL prices, and (iv) certain other potential defaults under our Combined Credit Agreements and the Second Lien Term Loan. | ||||||||||||||||||||||||
Accordingly, on March 17, 2015, the Company and our subsidiaries Barnett Shale Operating LLC, Cowtown Drilling, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline Funding, Inc., Cowtown Pipeline L.P., Cowtown Pipeline Management, Inc., Makarios Resources International Holdings LLC, Makarios Resources International Inc., QPP Holdings LLC, QPP Parent LLC, Quicksilver Production Partners GP LLC, Quicksilver Production Partners LP, and Silver Stream Pipeline Company LLC each filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court to restructure our obligations and capital structure. Based on this subsequent event, we have classified all debt as current at December 31, 2014. | ||||||||||||||||||||||||
Our Chapter 11 filings constituted an event of default under the Combined Credit Agreements and all borrowings and other fees under the Combined Credit Agreements became immediately due and payable. The ability of the lenders under the Combined Credit Agreements to seek remedies to enforce their rights under the agreements was automatically stayed as a result of the Chapter 11 filings, and the lenders’ rights of enforcement are subject to the applicable provisions of the Bankruptcy Code. | ||||||||||||||||||||||||
On March 16, 2015, we, along with QRCI, entered into the Forbearance Agreement with the administrative agents and certain of the lenders under the Combined Credit Agreements. As a result of the Chapter 11 filing, the obligations under the Combined Credit Agreements were automatically accelerated. However, pursuant to the Forbearance Agreement, the administrative agents and the lenders agreed to, among other things, (i) forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility related to our Chapter 11 filing until the earlier of June 16, 2015 or certain other events specified in the Forbearance Agreement, including, among other things, the commencement by QRCI or certain specified Canadian subsidiary guarantors of insolvency proceedings and (ii) waive compliance with certain specified terms and conditions relating to the renewal of outstanding evergreen letters of credit under the Combined Credit Agreements. | ||||||||||||||||||||||||
Our Chapter 11 filings also constituted an event of default under the Second Lien Term Loan, the Second Lien Notes, the Senior Notes due 2019, the Senior Notes due 2021, and the Senior Subordinated Notes. All principal, interest and other amounts under each of these debt instruments became immediately due and payable. The ability of the lenders and noteholders to seek remedies to enforce their rights under the applicable debt instruments was automatically stayed as a result of the Chapter 11 filings, and the lenders’ and noteholders’ rights of enforcement are subject to the applicable provisions of the Bankruptcy Code. | ||||||||||||||||||||||||
Our failure to make the interest payment on our Senior Notes due 2019 within the 30-day grace period described above would have resulted in an event of default, permitting the trustee or holders of at least 25% of the aggregate principal amount outstanding of the Senior Notes due 2019 to declare the principal and accrued interest for all the Senior Notes due 2019 due and payable immediately, which in turn would have resulted in defaults under the terms of our other indebtedness. | ||||||||||||||||||||||||
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 December 31, 2014. At December 31, 2014, we had $9.2 million available under the Combined Credit Agreements, all of which could be used for letters of credit. On March 17, 2015, we repaid $36.7 million of amounts outstanding under our Combined Credit Agreements from proceeds of derivative terminations. We expect to use the remaining cash proceeds from recently terminated derivatives to pay down our Combined Credit Agreements. | ||||||||||||||||||||||||
In 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, as defined in our Combined Credit Agreement, 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 and we permanently reduced the aggregate maximum credit amounts under the Combined Credit Agreements from $1.75 billion to $450 million. | ||||||||||||||||||||||||
Debt Refinancing | ||||||||||||||||||||||||
During 2013, we executed multiple debt transactions, including payment of $51.4 million of cancellation premiums and discounts and tender premiums, included in interest expense, which are more fully described below, to extend our debt maturities and reduce the weighted average interest costs. Deferred issuance costs related to the new debt were $23.4 million, and $4.1 million of incurred costs related to the repurchased debt were recognized as interest expense. Proceeds from the Second Lien Term Loan and the issuance of Second Lien Notes due 2019 and Senior Notes due 2021 were used to pay for validly tendered Senior Notes due 2015 and Senior Notes due 2016 and accrued interest thereon and transaction expenses, including a consent fee. | ||||||||||||||||||||||||
Second Lien Term Loan | ||||||||||||||||||||||||
In June 2013, we entered into a $625 million six-year Second Lien Term Loan which is a secured senior obligation of Quicksilver. The loans thereunder were made at 97% of par, which resulted in net proceeds of $606.3 million. The Second Lien Term Loan has a variable annual interest rate based on adjusted LIBOR (as defined in the Second Lien Term Loan, which is subject to a floor of 1.25%) plus an applicable margin of 5.75% or Alternate Base Rate (as defined in the Second Lien Term Loan, which is subject to a floor of 2.25%) plus an applicable margin of 4.75%. | ||||||||||||||||||||||||
Second Lien Notes due 2019 | ||||||||||||||||||||||||
In June 2013, we issued $200 million of Second Lien Notes due 2019 which are secured senior obligations of Quicksilver. The notes were issued at 97% of par, which resulted in net proceeds of $194 million. The Second Lien Notes have a variable annual interest rate based on LIBOR (as defined in the indenture governing the Second Lien Notes due 2019, which is subject to a floor of 1.25%) plus an applicable margin of 5.75%. Interest is payable on the last day of each quarter. | ||||||||||||||||||||||||
Senior Notes due 2015 | ||||||||||||||||||||||||
In June 2008, we issued $475 million of Senior Notes due 2015, which are unsecured senior obligations of Quicksilver. The notes were issued at 98.66% of par. Interest at the rate of 8.25% is payable semiannually on February 1 and August 1. | ||||||||||||||||||||||||
In June 2013, we made a cash tender offer and consent solicitation for the Senior Notes due 2015 at a price of $1,027.90 plus interest of $32.08 per $1,000 outstanding. We accepted and paid for all validly tendered notes, representing $425.2 million of the then outstanding $438.0 million, which resulted in an aggregate payment of $450.7 million for such repurchase. We also entered into a supplemental indenture to eliminate substantially all of the restrictive covenants and certain events of default with respect to such notes. Subsequent to the June tender offer and consent solicitation, we have repurchased an additional $2.3 million aggregate principal amount of the Senior Notes due 2015. | ||||||||||||||||||||||||
In April 2014, we redeemed all remaining outstanding Senior Notes due 2015 at 101.938% of the principal amount plus accrued and unpaid interest representing a total payment of $10.9 million. | ||||||||||||||||||||||||
Senior Notes Due 2016 | ||||||||||||||||||||||||
In June 2009, we issued $600 million of Senior Notes due 2016, which are unsecured senior obligations of Quicksilver. The notes were issued at 96.72% of par, which resulted in proceeds of $580.3 million that were used to repay a portion of debt. Interest at the rate of 11.75% is payable semiannually on January 1 and July 1. | ||||||||||||||||||||||||
In June 2013, we made a cash tender offer and consent solicitation for the Senior Notes due 2016 at a price of $1,068 plus interest of $55.49 per $1,000 outstanding. We accepted and paid for all validly tendered notes, representing $582.5 million of the then outstanding $590.6 million, which resulted in an aggregate payment of $654.4 million for such repurchase. We also entered into a supplemental indenture to eliminate substantially all of the restrictive covenants and certain events of default with respect to such notes. | ||||||||||||||||||||||||
In April 2014, we redeemed all remaining outstanding Senior Notes due 2016 at 105.875% of the principal amount plus accrued and unpaid interest representing a total payment of $8.9 million. | ||||||||||||||||||||||||
Senior Notes Due 2019 | ||||||||||||||||||||||||
In August 2009, we issued $300 million of Senior Notes due 2019, which are unsecured senior obligations of Quicksilver. The notes were issued at 97.61% of par, which resulted in proceeds of $292.8 million that were used to repay a portion of our 2007 Senior Secured Credit Facility. Interest at the rate of 9.125% is payable semiannually on February 15 and August 15. | ||||||||||||||||||||||||
In June 2013, we announced a consent solicitation for the Senior Notes due 2019 and entered into supplemental indentures to permit the refinancing of the Senior Subordinated Notes due 2016 by incurring indebtedness that ranks equally in right of payment with the Senior Notes due 2019 provided such indebtedness has maturities longer than the Senior Notes due 2019, which resulted in the payment of an $11.5 million consent fee to the consenting holders of the Senior Notes due 2019. | ||||||||||||||||||||||||
Senior Notes due 2021 | ||||||||||||||||||||||||
In June 2013, we issued $325 million of Senior Notes due 2021, which are unsecured senior obligations of Quicksilver. The notes were issued at 94.928% of par, which resulted in proceeds of $308.5 million. Interest at the rate of 11.00% is payable semiannually on January 1 and July 1. | ||||||||||||||||||||||||
Senior Subordinated Notes | ||||||||||||||||||||||||
In 2006, we issued $350 million of Senior Subordinated Notes due 2016. The Senior Subordinated Notes are unsecured senior subordinated obligations of Quicksilver. Interest at the rate of 7.125% is payable semiannually on April 1 and October 1. | ||||||||||||||||||||||||
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 December 31, 2014, we did not meet this test and, as a result, we are limited in our ability to, among other things, incur additional debt, except for specific baskets. | ||||||||||||||||||||||||
We 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. | ||||||||||||||||||||||||
Springing Maturities | ||||||||||||||||||||||||
As of December 31, 2014, as then structured and assuming no changes in the amounts outstanding, amounts outstanding under the Combined Credit Agreements would have been due on October 2, 2015 and the Second Lien Term Loan and Second Lien Notes due 2019 would have been due on January 1, 2016. | ||||||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||
Interest expense was $163.3 million and $251.8 million, net of capitalized interest of $5.7 million and $7.7 million, for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Summary of All Outstanding Debt | ||||||||||||||||||||||||
The following table summarizes certain significant aspects of our long-term debt outstanding at December 31, 2014: | ||||||||||||||||||||||||
Priority on Collateral and Structural Seniority (1) | ||||||||||||||||||||||||
Highest priority | Lowest 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) | 2-Oct-15 | 1-Jan-16 | 1-Jan-16 | N/A | N/A | N/A | ||||||||||||||||||
Interest rate on outstanding borrowings at December 31, 2014 (4) | 4.10% | 7.00% | 7.00% | 9.13% | 11.00% | 7.12% | ||||||||||||||||||
Base interest rate options (5)(6) | LIBOR, ABR, CDOR | LIBOR floor of 1.25%; ABR floor of 2.25% | LIBOR floor of 1.25% | N/A | N/A | N/A | ||||||||||||||||||
Financial covenants (7)(9) | - Minimum current ratio of 1.0 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
- Minimum EBITDAX or EBITDA to cash interest expense | ||||||||||||||||||||||||
- 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, 2015: 101 | June 21, 2015: 101 | 2014: 104.563 | 2019: 102.000 | |||||||||||||||||||||
2015: 103.042 | 2020: par | |||||||||||||||||||||||
2016: 101.521 | ||||||||||||||||||||||||
2017: par | ||||||||||||||||||||||||
Make-whole redemption (9) | N/A | N/A | N/A | N/A | Callable prior to | N/A | ||||||||||||||||||
July 1, 2019 at | ||||||||||||||||||||||||
make-whole call price | ||||||||||||||||||||||||
of Treasury +50 bps | ||||||||||||||||||||||||
Change of control (9) | Event of default | Put at 101% of | Put at 101% of | Put at 101% of | Put at 101% of | Put at 101% of | ||||||||||||||||||
principal plus accrued | principal plus accrued | principal plus accrued | principal plus accrued | principal plus accrued | ||||||||||||||||||||
interest | interest | interest | interest | interest | ||||||||||||||||||||
Equity clawback (9) | N/A | N/A | N/A | N/A | Redeemable until | N/A | ||||||||||||||||||
July 1, 2016 at | ||||||||||||||||||||||||
111.00%, plus accrued | ||||||||||||||||||||||||
interest for up to 35% | ||||||||||||||||||||||||
Estimated fair value (10) | $274.5 million | $465.6 million | $149.0 million | $74.8 million | $87.9 million | $26.5 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 natural 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 natural 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 December 31, 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 December 31, 2014, as then structured and assuming no changes in the amounts outstanding, amounts outstanding under the Combined Credit Agreements would have been due on October 2, 2015 and the Second Lien Term Loan and Second Lien Notes due 2019 would have been 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%. Beginning on March 17, 2015, as part of the Forbearance Agreement, we agreed to pay interest monthly at a specified rate of ABR plus the applicable margin. | |||||||||||||||||||||||
-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%. Beginning on March 17, 2015, as part of the Forbearance Agreement, we agreed to pay interest monthly at a specified rate for Canadian dollar denominated borrowings of Canadian prime plus the default rate plus the applicable margin and for U.S. dollar denominated borrowings, U.S. prime plus the default rate plus the applicable margin. | |||||||||||||||||||||||
-7 | As of December 31, 2014, the minimum EBITDAX covenant for the Combined Credit Agreements is as follows: | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
The minimum required interest coverage ratio for the Combined Credit Agreements for first quarter of 2016 and second quarter of 2016 is 1.50 and 2.00, respectively. | ||||||||||||||||||||||||
(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 and a first priority lien to have a fair value equal to their carrying value (“Level 1” input). | |||||||||||||||||||||||
Quicksilver Resources Inc. and its Restricted Subsidiaries | ||||||||||||||||||||||||
The following tables, required under our indentures, provide information about Quicksilver Resources Inc. and the entities designated as restricted subsidiaries under the indentures for our Second Lien Notes, Senior Notes and Senior Subordinated Notes. Eliminations between Quicksilver Resources Inc., the related restricted guarantor subsidiaries and restricted non-guarantor subsidiaries are included in the tables below as necessary. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets | $ | 421,533 | $ | 393,713 | ||||||||||||||||||||
Property and equipment | 715,931 | 779,173 | ||||||||||||||||||||||
Investment in subsidiaries (equity method) | (82,360 | ) | (33,840 | ) | ||||||||||||||||||||
Other assets | 62,245 | 114,961 | ||||||||||||||||||||||
Total assets | $ | 1,117,349 | $ | 1,254,007 | ||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
Current liabilities | 2,137,532 | 134,010 | ||||||||||||||||||||||
Long-term liabilities | 117,688 | 2,113,221 | ||||||||||||||||||||||
Stockholders’ equity | (1,137,871 | ) | (993,224 | ) | ||||||||||||||||||||
Total liabilities and equity | $ | 1,117,349 | $ | 1,254,007 | ||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Revenue | $ | 569,428 | $ | 561,562 | $ | 709,038 | ||||||||||||||||||
Operating expenses | 434,998 | 448,802 | 3,222,595 | |||||||||||||||||||||
Tokyo Gas Transaction gain | — | 339,328 | — | |||||||||||||||||||||
Crestwood earn-out | — | — | 41,097 | |||||||||||||||||||||
Equity in net earnings of subsidiaries | (64,056 | ) | (6,682 | ) | (12,747 | ) | ||||||||||||||||||
Operating income (loss) | 70,374 | 445,406 | (2,485,207 | ) | ||||||||||||||||||||
Interest expense and other | (169,874 | ) | (269,238 | ) | (162,991 | ) | ||||||||||||||||||
Income tax (expense) benefit | (3,600 | ) | (14,550 | ) | 295,592 | |||||||||||||||||||
Net income (loss) | $ | (103,100 | ) | $ | 161,618 | $ | (2,352,606 | ) | ||||||||||||||||
Other comprehensive loss | (38,028 | ) | (51,612 | ) | (53,365 | ) | ||||||||||||||||||
Comprehensive income (loss) | $ | (141,128 | ) | $ | 110,006 | $ | (2,405,971 | ) | ||||||||||||||||
Condensed Consolidating Statements of Cash Flow | ||||||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | (13,614 | ) | $ | (62,131 | ) | $ | 213,280 | ||||||||||||||||
Capital expenditures | (133,481 | ) | (100,783 | ) | (474,748 | ) | ||||||||||||||||||
Investment in subsidiary | (26,395 | ) | — | — | ||||||||||||||||||||
Proceeds from Southwestern Transaction | 95,587 | — | — | |||||||||||||||||||||
Proceeds from Tokyo Gas Transaction | — | 463,999 | — | |||||||||||||||||||||
Proceeds from Synergy Transaction | — | 42,297 | — | |||||||||||||||||||||
Proceeds from Crestwood earn-out | — | — | 41,097 | |||||||||||||||||||||
Proceeds from sale of properties and equipment | 3,222 | 7,171 | 72,725 | |||||||||||||||||||||
Purchases of marketable securities | (55,890 | ) | (213,738 | ) | — | |||||||||||||||||||
Maturities and sales of marketable securities | 222,025 | 47,603 | — | |||||||||||||||||||||
Net cash flow provided by (used in) investing activities | 105,068 | 246,549 | (360,926 | ) | ||||||||||||||||||||
Issuance of debt | 243,184 | 1,237,352 | 467,959 | |||||||||||||||||||||
Repayments of debt | (193,689 | ) | (1,308,382 | ) | (310,430 | ) | ||||||||||||||||||
Debt issuance costs paid | (1,705 | ) | (26,296 | ) | (3,022 | ) | ||||||||||||||||||
Proceeds from exercise of stock options | — | — | 11 | |||||||||||||||||||||
Purchase of treasury stock | (2,388 | ) | (1,927 | ) | (3,144 | ) | ||||||||||||||||||
Net cash flow provided by (used in) financing activities | 45,402 | (99,253 | ) | 151,374 | ||||||||||||||||||||
Effect of exchange rates on cash | (3,046 | ) | (1,755 | ) | 527 | |||||||||||||||||||
Net increase in cash and equivalents | 133,810 | 83,410 | 4,255 | |||||||||||||||||||||
Cash and equivalents at beginning of period | 88,028 | 4,618 | 363 | |||||||||||||||||||||
Cash and equivalents at end of period | $ | 221,838 | $ | 88,028 | $ | 4,618 | ||||||||||||||||||
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Asset Retirement Obligation [Abstract] | ||||||||
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS | |||||||
The following table provides a reconciliation of the changes in the estimated asset retirement obligation from January 1, 2013 through December 31, 2014. | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Beginning asset retirement obligations | $ | 106,689 | $ | 116,526 | ||||
Additional liability incurred | 269 | 3,922 | ||||||
Change in estimates | (229 | ) | 7,582 | |||||
Accretion expense | 5,618 | 5,109 | ||||||
Asset retirement costs incurred | (388 | ) | (1,560 | ) | ||||
Settlement of liability in excess of obligation recorded | 146 | 742 | ||||||
Disposition | (1,778 | ) | (21,935 | ) | ||||
Currency translation adjustment | (5,311 | ) | (3,697 | ) | ||||
Ending asset retirement obligations | 105,016 | 106,689 | ||||||
Less current portion | (967 | ) | (433 | ) | ||||
Long-term asset retirement obligation | $ | 104,049 | $ | 106,256 | ||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||||||||||
Income Taxes | INCOME TAXES | |||||||||||
Significant components of our deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows: | ||||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Property, plant and equipment | $ | 148,360 | $ | 209,134 | ||||||||
Net operating loss carry-forwards | 289,261 | 183,982 | ||||||||||
Investment in Fortune Creek | 3,763 | 3,763 | ||||||||||
AMT tax credit | 40,309 | 47,883 | ||||||||||
Settlements of interest rate swaps | 967 | 1,681 | ||||||||||
Deferred compensation expense | 11,087 | 11,711 | ||||||||||
State | 2,048 | 3,680 | ||||||||||
Other | 421 | 791 | ||||||||||
Deferred tax assets | 496,216 | 462,625 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Net derivative gains | (61,638 | ) | (44,039 | ) | ||||||||
Other | (470 | ) | (991 | ) | ||||||||
Deferred tax liabilities | (62,108 | ) | (45,030 | ) | ||||||||
Net deferred tax asset (liability) | 434,108 | 417,595 | ||||||||||
Valuation allowance | (434,108 | ) | (417,595 | ) | ||||||||
Total deferred tax asset (liability) | $ | — | $ | — | ||||||||
Reflected in the consolidated balance sheets as: | ||||||||||||
Current deferred income tax liability | $ | — | $ | — | ||||||||
Non-current deferred income tax liability | — | — | ||||||||||
$ | — | $ | — | |||||||||
The components of net income (loss) before income tax for 2014, 2013 and 2012 are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
U.S. | $ | (41,865 | ) | $ | 184,034 | $ | (2,142,730 | ) | ||||
Canada | (57,635 | ) | (7,866 | ) | (505,446 | ) | ||||||
Total | $ | (99,500 | ) | $ | 176,168 | $ | (2,648,176 | ) | ||||
For 2013 and beyond, we have utilized a rate of 25.2% in Canada and a federal rate of 35% and a state rate of 1% in the U.S. to value our deferred tax positions, with the U.S. federal and state future rates mirroring existing applicable rates. In 2012, we utilized a rate of 25.0% in Canada, while our U.S. federal and state rates were consistent with our 2013 and beyond rates. | ||||||||||||
The components of income tax expense for 2014, 2013 and 2012 are as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Current state income tax expense (benefit) | $ | (144 | ) | $ | 900 | $ | 1,752 | |||||
Current U.S. federal income tax benefit | (7,574 | ) | (7,931 | ) | — | |||||||
Current Canadian income tax expense | 559 | — | — | |||||||||
Total current income tax expense (benefit) | (7,159 | ) | (7,031 | ) | 1,752 | |||||||
Deferred U.S. federal income tax expense (benefit) | (11,238 | ) | 205,820 | (763,639 | ) | |||||||
U.S. federal valuation allowance expense | 21,011 | (186,713 | ) | 533,974 | ||||||||
Deferred state income tax expense (benefit) | 1,632 | (3,680 | ) | — | ||||||||
State valuation allowance expense | (1,632 | ) | 3,680 | — | ||||||||
Deferred Canadian income tax expense (benefit) | 3,620 | 827 | (128,982 | ) | ||||||||
Canadian valuation allowance expense | (2,634 | ) | 1,647 | 61,325 | ||||||||
Total deferred income tax expense (benefit) | 10,759 | 21,581 | (297,322 | ) | ||||||||
Total income tax expense (benefit) | $ | 3,600 | $ | 14,550 | $ | (295,570 | ) | |||||
The following table reconciles the statutory federal income tax rate to the effective tax rate for 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Permanent differences | (27.05 | )% | 4.8 | % | (0.06 | )% | ||||||
State income taxes net of federal deduction | 0.09 | % | 0.31 | % | (0.04 | )% | ||||||
Canadian income taxes | 1.4 | % | (0.26 | )% | (1.93 | )% | ||||||
Other | (0.30 | )% | (0.15 | )% | 0.67 | % | ||||||
Derivatives deferred in OCI | (11.07 | )% | 12.43 | % | — | % | ||||||
AMT NOL refund | 7.61 | % | — | % | — | % | ||||||
Valuation allowance | (9.30 | )% | (43.87 | )% | (22.48 | )% | ||||||
Effective income tax rate | (3.62 | )% | 8.26 | % | 11.16 | % | ||||||
As of December 31, 2013, we had net operating tax loss carry-forwards for federal tax purposes of $529 million. During the year ended December 31, 2014, we generated additional net operating losses of $283 million. The total $812 million is included in deferred tax assets, and will expire between 2029 and 2034. The net operating loss carry-forwards can be used to offset future taxable income. As of December 31, 2014, we have $40 million of alternative minimum tax credit carry-forwards to offset any future alternative minimum tax payments, which have no expiration. | ||||||||||||
The deferred tax expense in 2014 is principally composed of the reversal in 2014 of deferred tax liabilities related to hedging in other comprehensive income that had previously reduced the valuation allowance necessary. During 2014, we increased the U.S. federal deferred tax asset and corresponding valuation allowance by $21.0 million. The U.S. state valuation allowance decreased by $1.6 million. The Canadian valuation allowance decreased by $2.6 million. Additionally, our tax basis in the Fortune Creek Partnership exceeds book basis by $29 million. We expect to realize the deferred tax asset related to this balance only through the partnership’s sale at which time the transaction will be treated as a capital transaction under Canadian tax law, taxed at the Canadian statutory rate of 12.5% for capital gains. We believe that it is more likely than not that we will be unable to realize the benefit of this deferred tax asset. We have a full valuation allowance of $3.7 million for all periods shown for this item. | ||||||||||||
We file or have filed income tax returns in U.S. federal, state and foreign jurisdictions and are subject to examinations by the IRS and other taxing authorities. We currently have open audits for tax years 2010 and 2012. Tax years after December 31, 2009 remain subject to audit by the IRS. | ||||||||||||
We have no unrecognized tax benefits for 2013 or 2014. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Loss Contingency [Abstract] | ||||||||||||||||
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES | |||||||||||||||
Contractual Obligations | ||||||||||||||||
Information regarding our contractual obligations, at December 31, 2014, is set forth in the following table: | ||||||||||||||||
GPT | Drilling Rig | Operating | Purchase | |||||||||||||
Contracts (1) | Contracts (2) | Leases (3) | Obligations (4) | |||||||||||||
(in thousands) | ||||||||||||||||
2015 | $ | 72,995 | $ | 6,577 | $ | 4,181 | $ | 220 | ||||||||
2016 | 69,566 | — | 4,275 | — | ||||||||||||
2017 | 66,492 | — | 4,098 | — | ||||||||||||
2018 | 60,453 | — | 3,961 | — | ||||||||||||
2019 | 44,241 | — | 4,001 | — | ||||||||||||
Thereafter | 95,250 | — | 8,849 | — | ||||||||||||
Total | $ | 408,997 | $ | 6,577 | $ | 29,365 | $ | 220 | ||||||||
(1) | Under contracts with various third parties, we are obligated to provide minimum daily natural gas volume for gathering, processing, fractionation and transportation, as determined on a monthly basis, or pay for any deficiencies at a specified unused firm capacity rate. Our gathering and transportation contracts with CMLP have no minimum volume requirement and, therefore, are not reported in the above amounts. As described below, this amount includes an amount we expect the service provider will claim to be entitled to with respect to QRCI's gathering and processing contract as of December 31, 2014. As further described below, the contract was terminated in March 2015 and we expect that we and the third party will disagree regarding the remaining amounts payable under the contract. | |||||||||||||||
(2) | We lease drilling rigs from third parties for use in our development and exploration programs. The outstanding drilling rig contract requires payment of a specified day rate ranging from $23,000 to $24,300 for the entire lease term regardless of our utilization of the drilling rigs. | |||||||||||||||
(3) | We lease office buildings and other property under operating leases. Rent expense for operating leases with terms exceeding one month was $3.5 million in 2014, $3.6 million in 2013 and $4.2 million in 2012. Minimum payments have not been reduced by minimum sublease rentals of $1.6 million due in the future under noncancelable subleases. | |||||||||||||||
(4) | At December 31, 2014, we were under contract to purchase goods and services. | |||||||||||||||
Commitments and Contingencies | ||||||||||||||||
At December 31, 2014, we had $6.4 million in surety bonds issued to fulfill contractual, legal or regulatory requirements and $41.3 million in letters of credit outstanding against the credit facility. Surety bonds and letters of credit generally have an annual renewal option. | ||||||||||||||||
QRCI did not pay an uneconomic Canadian gathering and processing commitment, which included significant unused firm capacity, due in late February 2015. In early March 2015, the third party service provider issued a demand letter regarding the missed payment and suspended service resulting in our production in our Horn River Asset being shut-in. Further, a termination notice was issued effective March 19, 2015. We are exploring alternatives to gather and process our Horn River Asset production; however, we may not be able to find economic alternatives in the near-term, or at all. | ||||||||||||||||
In connection with this Canadian gathering and processing contract, we had previously issued a letter of credit in the amount of C$33 million. Upon termination, the third party drew down the full face amount of the letter of credit. We do not believe the third party was legally entitled to draw down the entire amount of the letter of credit and we have reserved all of our rights, entitlements and remedies in that regard. | ||||||||||||||||
We expect that we and the third party will disagree as to what are the remaining obligations under the relevant agreement and the length of the remaining term of the agreement and as to the remedies and defenses available to the parties. While we expect to vigorously dispute the amount, we expect that the third party will claim to be entitled to up to approximately C$126 million (including the proceeds of the letter of credit) as the aggregate of the monthly tolls for firm capacity for the alleged remainder of the term of the relevant agreement. | ||||||||||||||||
As a result of our partial working interest sale to Eni in 2009, we entered into a joint development agreement with Eni in our Barnett Shale Asset. The joint development agreement includes a schedule of wells that we agreed to drill and complete with participation by Eni during the development period. In connection with the scheduled drilling of these wells, we committed to drill and complete a minimum number of lateral feet each year and Eni agreed to pay us a turnkey drilling and completion cost per linear foot attributable to Eni. At December 31, 2013, we mutually agreed to end the turnkey drilling and completion provisions within the joint development agreement and both parties are responsible for their respective working interest percentage for drilling and completing activity on joint development wells. | ||||||||||||||||
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. | ||||||||||||||||
We are subject to various proceedings and claims that arise in the ordinary course of business. While many of these matters involve inherent uncertainty, we believe, individually or in the aggregate, such matters will not have a material adverse impact on our financial position, results of operations or cash flows. Because of the uncertainty, our assessment may change in the future. If an unfavorable final outcome were to become probable or occur, it may have a material impact on our financial position, results of operations or cash flows for the period in which the effect becomes reasonably estimable. | ||||||||||||||||
Environmental Compliance | ||||||||||||||||
Our operations are subject to stringent, complex and changing laws and regulations pertaining to health, safety and the environment. As an owner, lessor or operator of our facilities, we are subject to laws and regulations at the federal, state, provincial and local levels that relate to air and water quality, hazardous and solid waste management and disposal and other environmental matters. The cost of planning, designing, constructing and operating our facilities incorporates compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures. At December 31, 2014, we had recorded less than $0.1 million for liabilities for environmental matters. |
Fortune_Creek
Fortune Creek | 12 Months Ended |
Dec. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Fortune Creek | FORTUNE CREEK |
In December 2011, we entered into an agreement with KKR to form Fortune Creek to construct and operate midstream assets for natural gas produced by us and others primarily in British Columbia. The partnership established an area of mutual interest for the midstream business covering approximately 30 million potential acres which includes transportation and processing infrastructure and agreements. | |
In forming Fortune Creek, our Canadian subsidiary contributed an existing 20-mile, 20-inch gathering line and its related compression facilities and committed to minimum gross capital expenditures of C$300 million for drilling and completion activities in our Horn River Asset between 2012 and 2014. In March 2014, we agreed with KKR to an amendment to extend the ending date 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. We have incurred C$180 million as of December 31, 2014. The costs to be incurred under the spending requirement generally reflect the capital expenditures of all working interests in the well for wells in which we have a working interest regardless of our working interest percentage. To the extent these minimum capital expenditure commitments are not met, we will incur a cash penalty in an amount equal to the shortfall, which would reduce, by an equal amount, our cash payments under the gathering agreement in the final months of its initial term and would also reduce the balance of the Partnership Liability as presented on the consolidated balance sheet. 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 are required to purchase equipment used by Fortune Creek, at our election, in either January 2016 or May 2018 at a price of C$33 million. We do not expect to be able to satisfy these capital expenditure requirements or equipment purchases 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. With the amendment signed in March 2014, KKR is no longer required to fund the capital for construction of a proposed gas treatment facility, but at its option may provide funding for any facility to be constructed by the Partnership, including the proposed gas treatment facility. If our subsidiary does not meet its obligations under the gathering agreement or the cash penalty under the minimum capital expenditure, KKR has the right to liquidate the partnership and could assert a guarantee claim against us. 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, since May 2012. | |
Based on an 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. | |
Note 17 contains financial information for Fortune Creek in our condensed consolidating financial statements. Note 7 contains information about our impairment of the Fortune Creek gathering system. |
Quicksilver_Stockholders_Equit
Quicksilver Stockholders' Equity | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||||||||||||
Quicksilver Stockholders' Equity | QUICKSILVER STOCKHOLDERS’ EQUITY | |||||||||||||
Common Stock, Preferred Stock and Treasury Stock | ||||||||||||||
We are authorized to issue 400 million shares of common stock with a $0.01 par value per share and 10 million shares of preferred stock with a $0.01 par value per share. At December 31, 2014, we had 180.4 million shares of common stock outstanding. | ||||||||||||||
The following table shows common share and treasury share activity since January 1, 2012: | ||||||||||||||
Common | Treasury | |||||||||||||
Shares Issued | Shares Held | |||||||||||||
Balance at January 1, 2012 | 176,980,483 | 5,379,702 | ||||||||||||
Stock options exercised | 1,572 | — | ||||||||||||
Restricted stock activity | 2,033,063 | 541,400 | ||||||||||||
Balance at December 31, 2012 | 179,015,118 | 5,921,102 | ||||||||||||
Stock options exercised | — | — | ||||||||||||
Restricted stock activity | 4,979,761 | 777,538 | ||||||||||||
Balance at December 31, 2013 | 183,994,879 | 6,698,640 | ||||||||||||
Stock options exercised | — | — | ||||||||||||
Restricted stock activity | 3,808,115 | 745,732 | ||||||||||||
Balance at December 31, 2014 | 187,802,994 | 7,444,372 | ||||||||||||
Quicksilver Stockholder Rights Plan | ||||||||||||||
In 2003, our Board of Directors declared a dividend distribution of one preferred share purchase right for each share of common stock then outstanding. Pursuant to the amendments entered into on March 8, 2013, each right, when it becomes exercisable, entitles stockholders to buy one one thousandth of a share of Quicksilver’s Series A Junior Participating Preferred Stock at an exercise price of $10, subject to customary anti-dilution adjustments. | ||||||||||||||
The rights will be exercisable only if such a person or group acquires 15% or more of our common stock or announces a tender offer the consummation of which would result in ownership by such a person or group (an “Acquiring Person”) of 15% or more of our common stock. This 15% threshold does not apply to certain members of the Darden family and affiliated entities (the "Darden Entities"), which collectively owned, directly or indirectly, approximately 25% of our common stock at March 17, 2015, so long as the Darden Entities do not acquire beneficial ownership of additional shares of our common stock, subject to certain exceptions and subject to the Darden Entities, collectively, being able to acquire additional shares of common stock to maintain the Darden Entities' collective percentage ownership in us. | ||||||||||||||
If an Acquiring Person acquires 15% or more of our outstanding common stock (or any Darden Entity exceeds the thresholds applicable to the Darden Entities), each right (other than the rights of the Acquiring Person, including, if applicable, the Darden Entities) will entitle its holder to purchase, at the right's then-current exercise price, a number of our common shares having a market value of twice such price. If we are acquired in a merger or other business combination transaction after an Acquiring Person has acquired 15% or more of our outstanding common stock (or any Darden Entity has exceeded the thresholds applicable to the Darden Entities), each right (other than the rights of the Acquiring Person, including, if applicable, the Darden Entities) will entitle its holder to purchase, at the right's then-current exercise price, a number of the acquiring company's common shares having a market value of twice such price. | ||||||||||||||
Prior to the acquisition by an Acquiring Person of beneficial ownership of 15% or more of our common stock (or any Darden Entity exceeds the thresholds applicable to the Darden Entities), the rights are redeemable for $0.01 per right at the option of our Board of Directors. | ||||||||||||||
The rights plan will expire by its terms on March 11, 2016. | ||||||||||||||
Stock-Based Compensation | ||||||||||||||
2006 Equity Plan | ||||||||||||||
In 2006, our Board of Directors and our stockholders approved the 2006 Equity Plan, under which 14 million shares of common stock were reserved for issuance as grants of stock options, appreciation rights, restricted shares, restricted stock units, performances shares, performance units and senior executive plan bonuses. In May 2009, our stockholders approved an amendment to the 2006 Equity Plan, which increased the number of shares available for issuance after such date to 15 million. On May 15, 2013, our stockholders approved an amendment to the 2006 Equity Plan, which increased the shares available for issuance under the plan by 12 million shares. Our executive officers, other employees, consultants and non-employee directors are eligible to participate in the 2006 Equity Plan. Options reflect an exercise price of no less than the fair market value on the date of grant and have a term that expires ten years from the date of grant. At December 31, 2014 and 2013, 11.6 million shares and 15.4 million shares, respectively, were available for issuance under the 2006 Equity Plan. | ||||||||||||||
Stock Options | ||||||||||||||
No options were granted during 2014. The following summarizes the values from and assumptions for the Black-Scholes option pricing model for stock options issued during 2013 and 2012: | ||||||||||||||
2013 | 2012 | |||||||||||||
Weighted average grant date fair value | $1.05 | $4.21 | ||||||||||||
Weighted average risk-free interest rate | 1.31% | 1.14% | ||||||||||||
Expected life | 4.9 years | 6.0 years | ||||||||||||
Weighted average volatility | 68.97% | 68.20% | ||||||||||||
Expected dividends | — | — | ||||||||||||
The following table summarizes our stock option activity for 2014: | ||||||||||||||
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value | |||||||||||
(in years) | (in thousands) | |||||||||||||
Outstanding at January 1, 2014 | 6,771,578 | $ | 7.82 | |||||||||||
Forfeited | (60,939 | ) | 3.04 | |||||||||||
Expired | (119,866 | ) | 9.8 | |||||||||||
Outstanding at December 31, 2014 | 6,590,773 | $ | 7.83 | 5.1 | $ | — | ||||||||
Exercisable at December 31, 2014 | 5,224,531 | $ | 9.18 | 4.3 | $ | — | ||||||||
We estimate that a total of 6.3 million stock options will become vested including those options already exercisable. The unexercised options have a weighted average exercise price of $8.07 and a weighted average remaining contractual life of 5.0 years. | ||||||||||||||
As of December 31, 2014 the unrecognized compensation cost related to outstanding unvested options was $0.5 million, which is expected to be recognized in expense through August 2016. Compensation expense related to stock options of $1.4 million, $3.9 million and $7.4 million was recognized for 2014, 2013 and 2012, respectively. The income tax benefit recognized in income, prior to any tax valuation allowance consideration, related to this compensation expense during 2014 and 2013 was $0.4 million and $1.3 million, respectively. The total intrinsic value of options exercised during 2012 was $0.1 million. No options were exercised in 2014 and 2013. | ||||||||||||||
Restricted Stock and Stock Units | ||||||||||||||
The following table summarizes our restricted stock and stock unit activity for 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 | 6,070,563 | 2.19 | — | — | ||||||||||
Vested | (2,559,959 | ) | 4.86 | (636,146 | ) | 4.27 | ||||||||
Forfeited | (1,122,429 | ) | 2.26 | (72,220 | ) | 3.28 | ||||||||
Outstanding at December 31, 2014 | 8,056,265 | $ | 2.54 | 863,975 | $ | 3.33 | ||||||||
As of December 31, 2014, the unrecognized compensation cost related to outstanding unvested restricted stock and RSUs was $11.7 million, which is expected to be recognized through December 2016. Grants of restricted stock and RSUs during 2014 had an estimated grant date fair value of $13.3 million. The fair value of RSUs to be settled in cash was $0.2 million and $4.8 million during 2014 and 2013, respectively. For 2014, 2013 and 2012, compensation expense related to restricted stock and RSUs of $10.5 million, $16.8 million and $15.7 million, respectively, was recognized. The income tax benefit recognized in income, prior to any tax valuation allowance consideration, related to this compensation expense during 2014 and 2013 was $3.2 million and $5.2 million, respectively. The total fair value of shares vested during 2014, 2013 and 2012 was $10.2 million, $7.1 million and $16.3 million, respectively. | ||||||||||||||
In 2013, we recognized $2.4 million in stock-based compensation to correct for assumptions on forfeitures and vesting for retirement eligible and imminently retirement eligible individuals, which pertain to periods before 2013. | ||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||
At December 31, 2014, AOCI included $69.8 million, net of tax, and $2.1 million for derivatives and foreign currency translation, respectively. At December 31, 2013, AOCI included $94.5 million, net of tax, and $15.4 million for derivatives and foreign currency translation, respectively. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | EARNINGS PER SHARE | |||||||||||
The following is a reconciliation of the numerator and denominator used for the computation of basic and diluted net income per common share. | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except per share data) | ||||||||||||
Net income (loss) attributable to Quicksilver | $ | (103,100 | ) | $ | 161,618 | $ | (2,352,606 | ) | ||||
Basic income allocable to participating securities (1) | — | (4,252 | ) | — | ||||||||
Income (loss) available to shareholders | $ | (103,100 | ) | $ | 157,366 | $ | (2,352,606 | ) | ||||
Weighted average common shares – basic | 173,822 | 171,518 | 170,106 | |||||||||
Effect of dilutive securities (2) | ||||||||||||
Share-based compensation awards | — | 141 | — | |||||||||
Weighted average common shares — diluted | 173,822 | 171,659 | 170,106 | |||||||||
Earnings (loss) per common share — basic | $ | (0.59 | ) | $ | 0.92 | $ | (13.83 | ) | ||||
Earnings (loss) per common share — diluted | $ | (0.59 | ) | $ | 0.92 | $ | (13.83 | ) | ||||
(1) | Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, should be included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so. | |||||||||||
(2) | For 2014, 6.6 million shares associated with our stock options and 1.0 million shares associated with our unvested restricted stock units were antidilutive and, therefore, excluded from the diluted share calculations. For 2013, 5.6 million shares associated with our stock options and 0.2 million shares associated with our unvested restricted stock units were antidilutive and, therefore, excluded from the diluted share calculations. For 2012, 5.0 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive and, therefore, excluded from the diluted share calculations. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | CONDENSED CONSOLIDATING FINANCIAL INFORMATION | |||||||||||||||||||||||||||
The following tables provide information about the entities that guarantee our Second Lien Notes, Senior Notes and Senior Subordinated Notes. The guarantees are full and unconditional and joint and several. | ||||||||||||||||||||||||||||
Under SEC rules, we are required to present financial information segregated between our guarantor and non-guarantor subsidiaries. The indentures under our Second Lien Notes, Senior Notes and our Senior Subordinated Notes distinguish between “restricted” subsidiaries and “unrestricted” subsidiaries. The following table illustrates our subsidiaries and their status pursuant to the Second Lien Notes, Senior Notes due 2019, Senior Notes due 2021 and the Senior Subordinated Notes: | ||||||||||||||||||||||||||||
Guarantor Subsidiaries - | Non-Guarantor Subsidiaries | |||||||||||||||||||||||||||
Restricted | Restricted | Unrestricted | ||||||||||||||||||||||||||
Cowtown Pipeline Funding, Inc. | Quicksilver Resources Canada Inc. | Makarios Resources International Holdings LLC | ||||||||||||||||||||||||||
Cowtown Pipeline Management, Inc. | Cowtown Drilling Inc. (1) | 1622834 Alberta Inc. | ||||||||||||||||||||||||||
Cowtown Pipeline L.P. | Quicksilver Resources Partners Operating Ltd. (2) | Makarios Midstream Inc. | ||||||||||||||||||||||||||
Cowtown Gas Processing L.P. | 0942065 B.C. Ltd. (2) | Makarios Resources International Inc. | ||||||||||||||||||||||||||
Barnett Shale Operating LLC | 0942069 B.C Ltd. (2) | Quicksilver Production Partners GP LLC | ||||||||||||||||||||||||||
QPP Parent LLC (2) | Quicksilver Production Partners LP | |||||||||||||||||||||||||||
QPP Holdings LLC (2) | ||||||||||||||||||||||||||||
Silver Stream Pipeline Company LLC (2) | ||||||||||||||||||||||||||||
-1 | This entity was inactive for the three-year period ended December 31, 2014. | |||||||||||||||||||||||||||
(2) | These entities were created in 2012. | |||||||||||||||||||||||||||
We own 100% of each of the restricted subsidiaries. | ||||||||||||||||||||||||||||
Quicksilver and the restricted subsidiaries conduct all of our exploration and production activities, and the unrestricted subsidiaries primarily conduct midstream operations. Neither the restricted non-guarantor subsidiaries nor the unrestricted non-guarantor subsidiaries guarantee the obligations under the Second Lien Notes, Senior Notes or the Senior Subordinated Notes. | ||||||||||||||||||||||||||||
However, the restricted non-guarantor subsidiaries, like the restricted guarantor subsidiaries, are limited in their activity by the covenants in the indentures for such matters as: | ||||||||||||||||||||||||||||
• | incurring additional indebtedness; | |||||||||||||||||||||||||||
• | paying dividends; | |||||||||||||||||||||||||||
• | selling assets; | |||||||||||||||||||||||||||
• | making investments; and | |||||||||||||||||||||||||||
• | making restricted payments. | |||||||||||||||||||||||||||
Subject to restrictions set forth in the indentures, we may in the future designate one or more additional subsidiaries as unrestricted. | ||||||||||||||||||||||||||||
The terms of the indentures include customary release provisions providing that a subsidiary guarantor will be released from its obligations under a subsidiary guarantee automatically: | ||||||||||||||||||||||||||||
• | upon the sale, disposition or other transfer (other than by lease) of (i) the capital stock of such subsidiary following which such subsidiary guarantor is no longer a subsidiary of us or (ii) all or substantially all the assets of the applicable subsidiary guarantor, in each case, to a person that is not us or a restricted subsidiary of us, provided that such sale, disposition or other transfer is made in compliance with the applicable provisions of the indentures and all of the obligations of the subsidiary guarantor under any credit facility and related documentation or other agreement relating to other indebtedness of us or our restricted subsidiaries terminates upon the consummation of such transaction; or | |||||||||||||||||||||||||||
• | if we designate any restricted subsidiary that is a subsidiary guarantor as an unrestricted subsidiary in accordance with the applicable provisions of the indentures. | |||||||||||||||||||||||||||
In addition, the obligations of each subsidiary guarantor under its subsidiary guarantee are designed to be limited as necessary to prevent that subsidiary guarantee from constituting a fraudulent conveyance under applicable bankruptcy, insolvency, reorganization or similar laws and, therefore, such subsidiary guarantee is specifically limited to an amount that such subsidiary guarantor could guarantee without such subsidiary guarantee constituting a fraudulent conveyance. | ||||||||||||||||||||||||||||
Under the terms of the indentures, restricted guarantor subsidiaries, which fully and unconditionally and jointly and severally guarantee our obligations under the Second Lien Notes, Senior Notes or the Senior Subordinated Notes, do not include restricted subsidiaries that are (i) foreign subsidiaries, or those subsidiaries that are not organized under the laws of the United States of America or any state thereof or the District of Columbia (and any subsidiary of such a subsidiary) and (ii) any subsidiary that is not a wholly-owned subsidiary that (1) is classified as a pass-through entity for U.S. federal, state, local and foreign income tax purposes and (2) has no indebtedness. | ||||||||||||||||||||||||||||
The following tables present financial information about Quicksilver and our restricted subsidiaries for the annual periods covered by the consolidated financial statements. Under the indentures, Fortune Creek is not considered to be a subsidiary and therefore it is presented separately from the other subsidiaries for these purposes. | ||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidating | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Non-Guarantor | Creek | Eliminations | Resources | ||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Inc. | ||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Current assets | $ | 774,287 | $ | 13,909 | $ | 68,513 | $ | 82 | $ | 1,742 | $ | (435,256 | ) | $ | 423,277 | |||||||||||||
Property and equipment | 420,744 | 14,357 | 280,830 | — | 12,849 | — | 728,780 | |||||||||||||||||||||
Investment in subsidiaries (equity method) | (293,312 | ) | — | (82,360 | ) | (82,379 | ) | — | 458,051 | — | ||||||||||||||||||
Other assets | 43,533 | — | 18,712 | — | — | — | 62,245 | |||||||||||||||||||||
Total assets | $ | 945,252 | $ | 28,266 | $ | 285,695 | $ | (82,297 | ) | $ | 14,591 | $ | 22,795 | $ | 1,214,302 | |||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||
Current liabilities | $ | 2,038,575 | $ | 13,837 | $ | 520,296 | $ | 63 | $ | 3,522 | $ | (435,256 | ) | $ | 2,141,037 | |||||||||||||
Long-term liabilities | 44,548 | 15,131 | 58,009 | — | 1,492 | 91,956 | 211,136 | |||||||||||||||||||||
Stockholders’ equity | (1,137,871 | ) | (702 | ) | (292,610 | ) | (82,360 | ) | 9,577 | 366,095 | (1,137,871 | ) | ||||||||||||||||
Total liabilities and equity | $ | 945,252 | $ | 28,266 | $ | 285,695 | $ | (82,297 | ) | $ | 14,591 | $ | 22,795 | $ | 1,214,302 | |||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidating | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Non-Guarantor | Creek | Eliminations | Resources | ||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Inc. | ||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Current assets | $ | 349,586 | $ | 10,735 | $ | 53,034 | $ | 909 | $ | 1,110 | $ | (21,414 | ) | $ | 393,960 | |||||||||||||
Property and equipment | 455,822 | 15,486 | 307,865 | — | 81,632 | — | 860,805 | |||||||||||||||||||||
Investment in subsidiaries (equity method) | (217,852 | ) | — | (33,840 | ) | (33,840 | ) | — | 285,532 | — | ||||||||||||||||||
Other assets | 472,792 | — | 32,892 | — | — | (390,723 | ) | 114,961 | ||||||||||||||||||||
Total assets | $ | 1,060,348 | $ | 26,221 | $ | 359,951 | $ | (32,931 | ) | $ | 82,742 | $ | (126,605 | ) | $ | 1,369,726 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||
Current liabilities | $ | 124,275 | $ | 12,210 | $ | 17,167 | $ | 888 | $ | 1,671 | $ | (21,414 | ) | $ | 134,797 | |||||||||||||
Long-term liabilities | 1,942,043 | 19,242 | 542,659 | — | 1,546 | (264,591 | ) | 2,240,899 | ||||||||||||||||||||
Stockholders’ equity | (1,005,970 | ) | (5,231 | ) | (199,875 | ) | (33,819 | ) | 79,525 | 159,400 | (1,005,970 | ) | ||||||||||||||||
Total liabilities and equity | $ | 1,060,348 | $ | 26,221 | $ | 359,951 | $ | (32,931 | ) | $ | 82,742 | $ | (126,605 | ) | $ | 1,369,726 | ||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidating | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Non-Guarantor | Creek | Eliminations | Resources | ||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Inc. | ||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Revenue | $ | 410,455 | $ | 5,730 | $ | 153,243 | $ | — | $ | 17,585 | $ | (17,585 | ) | $ | 569,428 | |||||||||||||
Operating expenses | 299,499 | 1,286 | 134,213 | — | 66,581 | (17,585 | ) | 483,994 | ||||||||||||||||||||
Equity in net earnings of subsidiaries | (55,678 | ) | — | (64,056 | ) | (48,989 | ) | — | 168,723 | — | ||||||||||||||||||
Operating income (loss) | 55,278 | 4,444 | (45,026 | ) | (48,989 | ) | (48,996 | ) | 168,723 | 85,434 | ||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | (15,067 | ) | (15,067 | ) | |||||||||||||||||||
Interest expense and other | (157,350 | ) | 86 | (12,610 | ) | — | 7 | — | (169,867 | ) | ||||||||||||||||||
Income tax (expense) benefit | (2,614 | ) | (1,586 | ) | (986 | ) | — | — | 1,586 | (3,600 | ) | |||||||||||||||||
Net income (loss) | $ | (104,686 | ) | $ | 2,944 | $ | (58,622 | ) | $ | (48,989 | ) | $ | (48,989 | ) | $ | 155,242 | $ | (103,100 | ) | |||||||||
Other comprehensive income (loss) | (31,476 | ) | — | (6,552 | ) | — | — | — | (38,028 | ) | ||||||||||||||||||
Equity in OCI of subsidiaries | (6,552 | ) | — | — | — | — | 6,552 | — | ||||||||||||||||||||
Comprehensive income (loss) | $ | (142,714 | ) | $ | 2,944 | $ | (65,174 | ) | $ | (48,989 | ) | $ | (48,989 | ) | $ | 161,794 | $ | (141,128 | ) | |||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidating | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Non-Guarantor | Creek | Eliminations | Resources | ||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Inc. | ||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Revenue | $ | 416,516 | $ | 788 | $ | 144,258 | $ | — | $ | 22,364 | $ | (22,364 | ) | $ | 561,562 | |||||||||||||
Operating expenses | 329,975 | 346 | 118,481 | — | 9,808 | (22,364 | ) | 436,246 | ||||||||||||||||||||
Tokyo Gas Transaction gain | 339,328 | — | — | — | — | — | 339,328 | |||||||||||||||||||||
Equity in net earnings of subsidiaries | (9,896 | ) | — | (6,682 | ) | 12,563 | — | 4,015 | — | |||||||||||||||||||
Operating income (loss) | 415,973 | 442 | 19,095 | 12,563 | 12,556 | 4,015 | 464,644 | |||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | (19,245 | ) | (19,245 | ) | |||||||||||||||||||
Interest expense and other | (242,279 | ) | — | (26,959 | ) | — | 7 | — | (269,231 | ) | ||||||||||||||||||
Income tax expense | (12,076 | ) | — | (2,474 | ) | — | — | — | (14,550 | ) | ||||||||||||||||||
Net income (loss) | $ | 161,618 | $ | 442 | $ | (10,338 | ) | $ | 12,563 | $ | 12,563 | $ | (15,230 | ) | $ | 161,618 | ||||||||||||
Other comprehensive loss | (40,166 | ) | — | (11,446 | ) | — | — | — | (51,612 | ) | ||||||||||||||||||
Equity in OCI of subsidiaries | (11,446 | ) | — | — | — | — | 11,446 | — | ||||||||||||||||||||
Comprehensive income (loss) | $ | 110,006 | $ | 442 | $ | (21,784 | ) | $ | 12,563 | $ | 12,563 | $ | (3,784 | ) | $ | 110,006 | ||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidating | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Non-Guarantor | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Consolidated | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Revenue | $ | 611,477 | $ | 4,574 | $ | 95,887 | $ | — | $ | 14,639 | $ | (17,539 | ) | $ | 709,038 | |||||||||||||
Operating expenses | 2,643,690 | 4,109 | 577,696 | — | 7,940 | (17,539 | ) | 3,215,896 | ||||||||||||||||||||
Crestwood earn-out | 41,097 | — | — | — | — | — | 41,097 | |||||||||||||||||||||
Equity in net earnings of subsidiaries | (437,510 | ) | — | (12,747 | ) | 6,726 | — | 443,531 | — | |||||||||||||||||||
Operating income (loss) | (2,428,626 | ) | 465 | (494,556 | ) | 6,726 | 6,699 | 443,531 | (2,465,761 | ) | ||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | (19,472 | ) | (19,472 | ) | |||||||||||||||||||
Interest expense and other | (152,077 | ) | — | (10,914 | ) | 21 | 27 | — | (162,943 | ) | ||||||||||||||||||
Income tax (expense) benefit | 228,097 | (163 | ) | 67,658 | — | — | (22 | ) | 295,570 | |||||||||||||||||||
Net income (loss) | $ | (2,352,606 | ) | $ | 302 | $ | (437,812 | ) | $ | 6,747 | $ | 6,726 | $ | 424,037 | $ | (2,352,606 | ) | |||||||||||
Other comprehensive income (loss) | (57,273 | ) | — | 3,908 | — | — | — | (53,365 | ) | |||||||||||||||||||
Equity in OCI of subsidiaries | 3,908 | — | — | — | — | (3,908 | ) | — | ||||||||||||||||||||
Comprehensive income (loss) | $ | (2,405,971 | ) | $ | 302 | $ | (433,904 | ) | $ | 6,747 | $ | 6,726 | $ | 420,129 | $ | (2,405,971 | ) | |||||||||||
Condensed Consolidating Statements of Cash Flow | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidating | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Non-Guarantor | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Consolidated | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | (43,824 | ) | $ | (1,349 | ) | $ | 31,559 | $ | (2 | ) | $ | 5,987 | $ | — | $ | (7,629 | ) | ||||||||||
Capital expenditures | (102,898 | ) | (60 | ) | (30,523 | ) | — | — | — | (133,481 | ) | |||||||||||||||||
Investment in subsidiary | 881 | — | (26,395 | ) | (26,395 | ) | — | 51,909 | — | |||||||||||||||||||
Proceeds from Southwestern Transaction | 95,587 | — | — | — | — | — | 95,587 | |||||||||||||||||||||
Proceeds from sale of properties and equipment | 2,549 | — | 673 | — | — | — | 3,222 | |||||||||||||||||||||
Purchases of marketable securities | (55,890 | ) | — | — | — | — | — | (55,890 | ) | |||||||||||||||||||
Maturities and sales of marketable securities | 222,025 | — | — | — | — | — | 222,025 | |||||||||||||||||||||
Net cash flow provided by (used in) investing activities | 162,254 | (60 | ) | (56,245 | ) | (26,395 | ) | — | 51,909 | 131,463 | ||||||||||||||||||
Issuance of debt | 174,000 | — | 69,184 | — | — | — | 243,184 | |||||||||||||||||||||
Repayments of debt | (138,651 | ) | — | (55,038 | ) | — | — | — | (193,689 | ) | ||||||||||||||||||
Debt issuance costs | (1,069 | ) | — | (636 | ) | — | — | — | (1,705 | ) | ||||||||||||||||||
Intercompany note | (22,559 | ) | — | 22,559 | — | — | — | — | ||||||||||||||||||||
Intercompany financing | — | 1,409 | (2,290 | ) | — | — | 881 | — | ||||||||||||||||||||
Contribution received | — | — | — | 26,395 | 26,395 | (52,790 | ) | — | ||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | (39,993 | ) | — | (39,993 | ) | |||||||||||||||||||
Purchase of treasury stock | (2,388 | ) | — | — | — | — | — | (2,388 | ) | |||||||||||||||||||
Net cash flow provided by (used in) financing activities | 9,333 | 1,409 | 33,779 | 26,395 | (13,598 | ) | (51,909 | ) | 5,409 | |||||||||||||||||||
Effect of exchange rates on cash | — | — | (3,046 | ) | — | 8,229 | — | 5,183 | ||||||||||||||||||||
Net increase in cash and equivalents | 127,763 | — | 6,047 | (2 | ) | 618 | — | 134,426 | ||||||||||||||||||||
Cash and equivalents at beginning of period | 83,893 | — | 4,135 | 22 | 1,053 | — | 89,103 | |||||||||||||||||||||
Cash and equivalents at end of period | $ | 211,656 | $ | — | $ | 10,182 | $ | 20 | $ | 1,671 | $ | — | $ | 223,529 | ||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted Non-Guarantor Subsidiaries | Fortune Creek | Quicksilver | |||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Resources | |||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Inc. | |||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | (82,722 | ) | $ | — | $ | 20,591 | $ | 22 | $ | 10,409 | $ | (51,700 | ) | ||||||||||||||
Capital expenditures | (67,263 | ) | — | (33,520 | ) | — | (505 | ) | (101,288 | ) | ||||||||||||||||||
Proceeds from Tokyo Gas Transaction | 463,999 | — | — | — | — | 463,999 | ||||||||||||||||||||||
Proceeds from Synergy Transaction | 42,297 | — | — | — | — | 42,297 | ||||||||||||||||||||||
Proceeds from sale of properties and equipment | 7,128 | — | 43 | — | — | 7,171 | ||||||||||||||||||||||
Purchases of marketable securities | (213,738 | ) | — | — | — | — | (213,738 | ) | ||||||||||||||||||||
Maturities and sales of marketable securities | 47,603 | — | — | — | — | 47,603 | ||||||||||||||||||||||
Net cash flow provided by (used in) investing activities | 280,026 | — | (33,477 | ) | — | (505 | ) | 246,044 | ||||||||||||||||||||
Issuance of debt | 1,215,266 | — | 22,086 | — | — | 1,237,352 | ||||||||||||||||||||||
Repayments of debt | (1,157,969 | ) | — | (150,413 | ) | — | — | (1,308,382 | ) | |||||||||||||||||||
Debt issuance costs | (26,296 | ) | — | — | — | — | (26,296 | ) | ||||||||||||||||||||
Intercompany note | (147,103 | ) | — | 147,103 | — | — | — | |||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | (14,965 | ) | (14,965 | ) | ||||||||||||||||||||
Purchase of treasury stock | (1,927 | ) | — | — | — | — | (1,927 | ) | ||||||||||||||||||||
Net cash flow provided by (used in) financing activities | (118,029 | ) | — | 18,776 | — | (14,965 | ) | (114,218 | ) | |||||||||||||||||||
Effect of exchange rates on cash | — | — | (1,755 | ) | — | 5,781 | 4,026 | |||||||||||||||||||||
Net increase in cash and equivalents | 79,275 | — | 4,135 | 22 | 720 | 84,152 | ||||||||||||||||||||||
Cash and equivalents at beginning of period | 4,618 | — | — | — | 333 | 4,951 | ||||||||||||||||||||||
Cash and equivalents at end of period | $ | 83,893 | $ | — | $ | 4,135 | $ | 22 | $ | 1,053 | $ | 89,103 | ||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted Non-Guarantor Subsidiaries | Fortune | Quicksilver | |||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Creek | Resources | ||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Inc. | |||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Net cash flow provided by operating activities | $ | 163,353 | $ | 656 | $ | 49,271 | $ | — | $ | 14,447 | $ | 227,727 | ||||||||||||||||
Capital expenditures | (231,934 | ) | (656 | ) | (242,158 | ) | — | (10,731 | ) | (485,479 | ) | |||||||||||||||||
Proceeds from Crestwood earn-out | 41,097 | — | — | — | — | 41,097 | ||||||||||||||||||||||
Proceeds from sale of properties and equipment | 72,362 | — | 363 | — | — | 72,725 | ||||||||||||||||||||||
Net cash flow used in investing activities | (118,475 | ) | (656 | ) | (241,795 | ) | — | (10,731 | ) | (371,657 | ) | |||||||||||||||||
Issuance of debt | 228,500 | — | 239,459 | — | — | 467,959 | ||||||||||||||||||||||
Repayments of debt | (264,018 | ) | — | (46,412 | ) | — | — | (310,430 | ) | |||||||||||||||||||
Debt issuance costs | (1,972 | ) | — | (1,050 | ) | — | — | (3,022 | ) | |||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | (14,285 | ) | (14,285 | ) | ||||||||||||||||||||
Proceeds from exercise of stock options | 11 | — | — | — | — | 11 | ||||||||||||||||||||||
Purchase of treasury stock | (3,144 | ) | — | — | — | — | (3,144 | ) | ||||||||||||||||||||
Net cash flow provided by (used in) financing activities | (40,623 | ) | — | 191,997 | — | (14,285 | ) | 137,089 | ||||||||||||||||||||
Effect of exchange rates on cash | — | — | 527 | — | (1,881 | ) | (1,354 | ) | ||||||||||||||||||||
Net increase (decrease) in cash and equivalents | 4,255 | — | — | — | (12,450 | ) | (8,195 | ) | ||||||||||||||||||||
Cash and equivalents at beginning of period | 363 | — | — | — | 12,783 | 13,146 | ||||||||||||||||||||||
Cash and equivalents at end of period | $ | 4,618 | $ | — | $ | — | $ | — | $ | 333 | $ | 4,951 | ||||||||||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION | |||||||||||||||||||||||
We operate in two geographic segments, the U.S. and Canada, where we are engaged in the exploration and production segment of the oil and natural 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. 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 & Production | Midstream | Quicksilver | ||||||||||||||||||||||
U.S. | Canada | Corporate | Elimination | Consolidated | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Revenue | $ | 410,444 | $ | 150,876 | $ | 25,693 | $ | — | $ | (17,585 | ) | $ | 569,428 | |||||||||||
DD&A | 30,411 | 23,902 | 4,970 | 1,843 | — | 61,126 | ||||||||||||||||||
Impairment expense | 2,450 | 11,043 | 58,495 | — | — | 71,988 | ||||||||||||||||||
Operating income (loss) | 156,382 | 22,601 | (44,412 | ) | (49,137 | ) | — | 85,434 | ||||||||||||||||
Property and equipment costs incurred | 100,592 | 27,585 | 86 | 1,127 | — | 129,390 | ||||||||||||||||||
2013 | ||||||||||||||||||||||||
Revenue | $ | 416,462 | $ | 141,870 | $ | 25,594 | $ | — | $ | (22,364 | ) | $ | 561,562 | |||||||||||
DD&A | 37,540 | 17,508 | 5,249 | 2,315 | — | 62,612 | ||||||||||||||||||
Impairment expense | 1,809 | — | 54 | — | — | 1,863 | ||||||||||||||||||
Operating income (loss) | 476,610 | 32,648 | 13,008 | (57,622 | ) | — | 464,644 | |||||||||||||||||
Property and equipment costs incurred | 64,976 | 16,838 | 7,055 | 9,792 | — | 98,661 | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
Revenue | $ | 598,892 | $ | 105,949 | $ | 21,735 | $ | — | $ | (17,538 | ) | $ | 709,038 | |||||||||||
DD&A | 123,370 | 32,686 | 5,182 | 2,386 | — | 163,624 | ||||||||||||||||||
Impairment expense | 2,152,665 | 465,935 | 7,328 | — | — | 2,625,928 | ||||||||||||||||||
Operating income (loss) | (1,921,073 | ) | (474,768 | ) | 8,163 | (78,083 | ) | — | (2,465,761 | ) | ||||||||||||||
Property and equipment costs incurred | 189,997 | 174,867 | 18,742 | 6,850 | — | 390,456 | ||||||||||||||||||
Property, plant and equipment—net | ||||||||||||||||||||||||
31-Dec-14 | $ | 416,901 | $ | 280,830 | $ | 27,205 | $ | 3,844 | $ | — | $ | 728,780 | ||||||||||||
31-Dec-13 | 451,840 | 306,423 | 97,118 | 5,424 | — | 860,805 | ||||||||||||||||||
Total assets | ||||||||||||||||||||||||
31-Dec-14 | $ | 881,906 | $ | 285,695 | $ | 42,857 | $ | 3,844 | $ | — | $ | 1,214,302 | ||||||||||||
31-Dec-13 | 895,388 | 359,951 | 108,963 | 5,424 | — | 1,369,726 | ||||||||||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||
Cash paid (received) for interest and income taxes is as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Interest, net of capitalized interest | $ | 152,983 | $ | 254,901 | $ | 154,663 | ||||||
Income taxes, net | (7,051 | ) | 833 | (20,682 | ) | |||||||
Other significant non-cash transactions are as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Working capital related to capital expenditures | $ | 4,666 | $ | 10,324 | $ | 10,939 | ||||||
Employee_Benefits
Employee Benefits | 12 Months Ended | |
Dec. 31, 2014 | ||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||
Employee Benefits | ||
EMPLOYEE BENEFITS | ||
Quicksilver has a 401(k) retirement plan available to all U.S. full time employees who are at least 21 years of age. We make matching contributions and a fixed annual contribution and have the ability to make discretionary contributions to the plan. Expense associated with company contributions was $1.6 million, $1.8 million and $2.3 million for 2014, 2013 and 2012, respectively. | ||
We have a retirement plan available to all Canadian employees. The plan provides for a match of employees’ contributions by us and a fixed annual contribution. Expense associated with company contributions for 2014, 2013 and 2012 was $0.6 million, $0.7 million and $0.7 million, respectively. | ||
We maintain a self-funded health benefit plan that covers all eligible U.S. employees. The plan has been reinsured on an individual claim and total group claim basis. We have an individual stop loss of $125,000. For 2014, 2013 and 2012 we recognized expense of $3.9 million, $4.0 million and $5.0 million, respectively, for this plan. |
Transactions_With_Related_Part
Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | TRANSACTIONS WITH RELATED PARTIES |
As of March 17, 2015, members of the Darden family and entities controlled by them beneficially owned approximately 25% of our outstanding common stock. Glenn Darden and Anne Darden Self are officers and directors of Quicksilver. | |
During 2013 and 2012, we paid $0.3 million and $0.5 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. | |
During 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. Additionally, we paid $0.1 million in 2012 for rent and property management services on buildings owned by entities controlled by members of the Darden family. Rental rates were determined based on 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 $0.1 million in each of 2014, 2013 and 2012. | |
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 2014, consulting fee payments of $540,000, office allowance payments of $150,000 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. | |
In May 2013, we entered into an agreement with Thomas F. Darden with respect to Mr. Darden’s retirement and Mr. Darden’s provision of consulting services following his retirement. In recognition of his contributions to the Tokyo Gas Transaction, Mr. Darden received a cash bonus of $1.1 million paid in two equal installments in May 2013 and August 2013, and a stock option grant with an aggregate grant date fair value of $1.1 million granted in May 2013. Both the cash bonus and the stock option grant are included in the Tokyo Gas Transaction gain on our consolidated financial statements. In connection with his retirement, he received full vesting of his outstanding unvested equity awards (242,724 shares of restricted stock and 304,407 options); reimbursement of legal fees in connection with the agreement, up to $40,000; and payment of accrued and unused vacation and estimated COBRA premiums. Mr. Darden is engaged as a consultant for the three-year period following his retirement as an employee and receives a monthly consulting fee of $45,000. In addition, while a consultant, Mr. Darden is entitled to an office allowance of $12,500 per month, and additional reimbursements, with respect to certain business expenses. In addition, Mr. Darden is eligible to receive bonuses of up to $2.5 million in the aggregate under certain circumstances in connection with certain possible future strategic transactions occurring on or before December 31, 2016. |
Supplemental_Selected_Quarterl
Supplemental Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Supplemental Selected Quarterly Financial Data | SUPPLEMENTAL SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||
The following table presents selected quarterly financial data derived from our consolidated financial statements. This summary should be read in conjunction with our consolidated financial statements and related notes also contained in this Item 8 to our Annual Report on Form 10-K. | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
2014 (1) | ||||||||||||||||
Operating revenue | $ | 91,786 | $ | 118,032 | $ | 163,498 | $ | 196,112 | ||||||||
Operating income (loss) | (11,054 | ) | 13,536 | 64,784 | 18,168 | |||||||||||
Net income (loss) | (58,833 | ) | (36,095 | ) | 23,757 | (31,929 | ) | |||||||||
Basic net earnings per share | $ | (0.34 | ) | $ | (0.21 | ) | $ | 0.13 | $ | (0.18 | ) | |||||
Diluted net earnings per share | (0.34 | ) | (0.21 | ) | 0.13 | (0.18 | ) | |||||||||
2013 (2) (3) (4) | ||||||||||||||||
Operating revenue | $ | 118,703 | $ | 175,497 | $ | 153,116 | $ | 114,246 | ||||||||
Operating income (loss) | (3,874 | ) | 394,894 | 60,049 | 13,575 | |||||||||||
Net income (loss) | (59,707 | ) | 242,523 | 10,577 | (31,775 | ) | ||||||||||
Basic net earnings per share | $ | (0.35 | ) | $ | 1.37 | $ | 0.06 | $ | (0.18 | ) | ||||||
Diluted net earnings per share | (0.35 | ) | 1.37 | 0.06 | (0.18 | ) | ||||||||||
(1) | Operating income for the fourth quarter of 2014 includes a non-cash property impairment loss of $71.9 million, primarily due to our Fortune Creek gathering system impairment. | |||||||||||||||
(2) | Operating income for the second quarter of 2013 includes gains of $333.2 million related to the Tokyo Gas Transaction which was subsequently adjusted in later quarters to be a gain of $339.3 million. The period also includes an immaterial correction of $3.6 million for equity-based compensation granted to retirement-eligible employees whose awards required no future service at the time of grant but which expense was being recognized over multiple periods. The impact to the first quarter of 2013 expense was $1.2 million and the impact to 2012 and prior years was $2.4 million. | |||||||||||||||
(3) | Operating income for the third quarter of 2013 includes an increase of $8.2 million to correct for immaterial items which pertain to earlier quarters in 2013, comprised of an increase to the gain related to the Tokyo Gas Transaction of $8.0 million arising from a change to the amount of unevaluated properties allocated to TGBR. | |||||||||||||||
(4) | Operating income for the fourth quarter of 2013 includes a decrease of $5.9 million to correct for immaterial items which pertain to prior 2013 quarters. These items include an adjustment to non-cash expense to settle litigation recognized in the first quarter of 2013 of $3.0 million, non-cash decrease in the gain related to the Tokyo Gas Transaction of $1.7 million arising from a change in the amount of surface real estate conveyed to TGBR, increase in the amortization of deferred financing costs and original issue discount of $0.8 million and strategic transaction fees of $0.5 million arising in the second quarter of 2013. |
Supplemental_Oil_and_Gas_Infor
Supplemental Oil and Gas Information (Unaudited) (Notes) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||
Oil and Gas Exploration and Production Industries Disclosures [Text Block] | SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED) | |||||||||||||||||||||||||||||||||||
Proved oil and natural gas reserves estimates for our properties in the U.S. and Canada were prepared by independent petroleum engineers from Schlumberger Technology Corporation and LaRoche Petroleum Consultants, Ltd., respectively. The reserve reports were prepared in accordance with guidelines established by the SEC. Natural gas, NGL and oil prices used in the 2014, 2013 and 2012 reserve reports are the unweighted average of the preceding 12-month first-day-of-the-month prices as of the date of the reserve reports. For all years, operating costs, production and ad valorem taxes and future development costs were based on year-end costs with no escalation. | ||||||||||||||||||||||||||||||||||||
There are numerous uncertainties inherent in estimating quantities of proved reserves and in projecting the future rates of production and timing of development expenditures. The following reserve data represent estimates only and should not be construed as being exact. Moreover, the present values should not be construed as the current market value of our natural gas, NGL and oil reserves or the costs that would be incurred to obtain equivalent reserves. | ||||||||||||||||||||||||||||||||||||
The changes in our proved reserves for the three years ended December 31, 2014 were as follows: | ||||||||||||||||||||||||||||||||||||
Natural Gas (MMcf) | NGL (MBbl) | Oil (MBbl) | Total (MMcfe) | |||||||||||||||||||||||||||||||||
U.S. | Canada | Total | U.S. | Canada | Total | U.S. | Canada | Total | U.S. | Canada | Total | |||||||||||||||||||||||||
December 31, 2011 | 1,828,904 | 330,631 | 2,159,535 | 102,145 | 11 | 102,156 | 3,035 | — | 3,035 | 2,459,984 | 330,697 | 2,790,681 | ||||||||||||||||||||||||
Revisions (3) | (910,386 | ) | (33,945 | ) | (944,331 | ) | (45,379 | ) | 1 | (45,378 | ) | (479 | ) | — | (479 | ) | (1,185,534 | ) | (33,939 | ) | (1,219,473 | ) | ||||||||||||||
Extensions and discoveries (2) | 25,858 | 9 | 25,867 | 3,518 | — | 3,518 | 345 | — | 345 | 49,036 | 9 | 49,045 | ||||||||||||||||||||||||
Sales in place (1) | (20,616 | ) | — | (20,616 | ) | (42 | ) | — | (42 | ) | (85 | ) | — | (85 | ) | (21,378 | ) | — | (21,378 | ) | ||||||||||||||||
Production | (75,712 | ) | (29,912 | ) | (105,624 | ) | (4,069 | ) | (2 | ) | (4,071 | ) | (287 | ) | — | (287 | ) | (101,848 | ) | (29,924 | ) | (131,772 | ) | |||||||||||||
31-Dec-12 | 848,048 | 266,783 | 1,114,831 | 56,173 | 10 | 56,183 | 2,529 | — | 2,529 | 1,200,260 | 266,843 | 1,467,103 | ||||||||||||||||||||||||
Revisions (3) | 234,835 | 28,948 | 263,783 | 750 | — | 750 | 62 | — | 62 | 239,707 | 28,948 | 268,655 | ||||||||||||||||||||||||
Extensions and discoveries (2) | 50,992 | 9,697 | 60,689 | — | — | — | — | — | — | 50,992 | 9,697 | 60,689 | ||||||||||||||||||||||||
Sales in place (4) | (257,741 | ) | — | (257,741 | ) | (14,333 | ) | — | (14,333 | ) | (2,207 | ) | — | (2,207 | ) | (356,981 | ) | — | (356,981 | ) | ||||||||||||||||
Production | (51,684 | ) | (39,372 | ) | (91,056 | ) | (2,856 | ) | (1 | ) | (2,857 | ) | (185 | ) | — | (185 | ) | (69,930 | ) | (39,378 | ) | (109,308 | ) | |||||||||||||
31-Dec-13 | 824,450 | 266,056 | 1,090,506 | 39,734 | 9 | 39,743 | 199 | — | 199 | 1,064,048 | 266,110 | 1,330,158 | ||||||||||||||||||||||||
Revisions (3) | (148,359 | ) | 42,941 | (105,418 | ) | (3,675 | ) | 3 | (3,672 | ) | (14 | ) | — | (14 | ) | (170,493 | ) | 42,959 | (127,534 | ) | ||||||||||||||||
Extensions and discoveries (2) | 413 | — | 413 | — | — | — | 188 | — | 188 | 1,541 | — | 1,541 | ||||||||||||||||||||||||
Sales in place | — | — | — | — | — | — | (5 | ) | — | (5 | ) | (30 | ) | — | (30 | ) | ||||||||||||||||||||
Production | (46,027 | ) | (31,169 | ) | (77,196 | ) | (2,105 | ) | (2 | ) | (2,107 | ) | (81 | ) | — | (81 | ) | (59,143 | ) | (31,181 | ) | (90,324 | ) | |||||||||||||
31-Dec-14 | 630,477 | 277,828 | 908,305 | 33,954 | 10 | 33,964 | 287 | — | 287 | 835,923 | 277,888 | 1,113,811 | ||||||||||||||||||||||||
Proved developed reserves | ||||||||||||||||||||||||||||||||||||
31-Dec-12 | 725,361 | 266,783 | 992,144 | 47,284 | 10 | 47,294 | 2,416 | — | 2,416 | 1,023,561 | 266,843 | 1,290,404 | ||||||||||||||||||||||||
31-Dec-13 | 702,147 | 260,159 | 962,306 | 34,603 | 9 | 34,612 | 139 | — | 139 | 910,599 | 260,213 | 1,170,812 | ||||||||||||||||||||||||
31-Dec-14 | 619,751 | 277,828 | 897,579 | 33,954 | 11 | 33,965 | 287 | — | 287 | 825,197 | 277,894 | 1,103,091 | ||||||||||||||||||||||||
Proved undeveloped reserves | ||||||||||||||||||||||||||||||||||||
31-Dec-12 | 122,687 | — | 122,687 | 8,890 | — | 8,890 | 113 | — | 113 | 176,705 | — | 176,705 | ||||||||||||||||||||||||
31-Dec-13 | 122,303 | 5,896 | 128,199 | 5,131 | — | 5,131 | 60 | — | 60 | 153,449 | 5,896 | 159,345 | ||||||||||||||||||||||||
31-Dec-14 | 10,726 | — | 10,726 | — | — | — | — | — | — | 10,726 | — | 10,726 | ||||||||||||||||||||||||
(1) | Sales of reserves in place during 2012 relate to our agreement to allow an outside working interest owner to fund the completion costs for twelve wells in our Barnett Shale Asset for which they received a preferential right to reserves. It also includes a minimal sale of reserves in our Niobrara Asset to SWEPI. | |||||||||||||||||||||||||||||||||||
(2) | Extensions and discoveries for each period presented represent extensions to reserves attributable to additional drilling activity subsequent to discovery. U.S. extensions and discoveries for: | |||||||||||||||||||||||||||||||||||
• | 2014 are attributable to our West Texas Asset as we drilled in areas not previously explored; | |||||||||||||||||||||||||||||||||||
• | 2013 are attributable to our Barnett Shale Asset; and | |||||||||||||||||||||||||||||||||||
• | 2012 are 96% attributable to our Barnett Shale Asset, 4% to our Niobrara and West Texas Assets (of which 13% were proved developed). | |||||||||||||||||||||||||||||||||||
Canadian extensions and discoveries for 2013 and 2012 are attributable to our Horseshoe Canyon Asset. | ||||||||||||||||||||||||||||||||||||
(3) | Revisions for each period presented reflect upward (downward) changes in previous estimates attributable to changes in economic factors of 49,712 MMcfe, 419,972 MMcfe and (590,064) MMcfe in 2014, 2013 and 2012, respectively, and changes in non-economic factors of (177,246) MMcfe, (151,615) MMcfe and (629,407) MMcfe in 2014, 2013 and 2012, respectively, including: | |||||||||||||||||||||||||||||||||||
• | In 2014, we removed proved reserves of (143) Bcfe that we were unable to develop due to constrained liquidity | |||||||||||||||||||||||||||||||||||
• | Removal of proved undeveloped reserves that had not been developed within five years: (76) Bcfe and (250) Bcfe in 2013 and 2012, respectively; | |||||||||||||||||||||||||||||||||||
• | changes in performance related to offsetting activities, higher pipeline pressures and other factors: (34) Bcfe, (74) Bcfe and (291) Bcfe in 2014, 2013 and 2012, respectively and | |||||||||||||||||||||||||||||||||||
• | revision of type curve of non producing wells based on comparison to producing analogs: (88) Bcfe in 2012. | |||||||||||||||||||||||||||||||||||
(4) | Sales of reserves in place during 2013 relate to the Tokyo Gas Transaction (337 Bcfe) and the Synergy Transaction (15 Bcfe). | |||||||||||||||||||||||||||||||||||
The carrying value of our oil and natural gas assets as of December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||||||||||||
U.S. | Canada | Consolidated | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||
Proved properties | $ | 4,650,428 | $ | 1,170,739 | $ | 5,821,167 | ||||||||||||||||||||||||||||||
Unevaluated properties | 18,803 | — | 18,803 | |||||||||||||||||||||||||||||||||
Accumulated DD&A | (4,296,953 | ) | (928,349 | ) | (5,225,302 | ) | ||||||||||||||||||||||||||||||
Net capitalized costs | $ | 372,278 | $ | 242,390 | $ | 614,668 | ||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||
Proved properties | $ | 4,645,777 | $ | 1,041,780 | $ | 5,687,557 | ||||||||||||||||||||||||||||||
Unevaluated properties | 19,343 | 202,262 | 221,605 | |||||||||||||||||||||||||||||||||
Accumulated DD&A | (4,268,387 | ) | (1,000,332 | ) | (5,268,719 | ) | ||||||||||||||||||||||||||||||
Net capitalized costs | $ | 396,733 | $ | 243,710 | $ | 640,443 | ||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||
Proved properties | $ | 4,681,860 | $ | 1,089,053 | $ | 5,770,913 | ||||||||||||||||||||||||||||||
Unevaluated properties | 90,035 | 217,232 | 307,267 | |||||||||||||||||||||||||||||||||
Accumulated DD&A | (4,233,391 | ) | (1,063,829 | ) | (5,297,220 | ) | ||||||||||||||||||||||||||||||
Net capitalized costs | $ | 538,504 | $ | 242,456 | $ | 780,960 | ||||||||||||||||||||||||||||||
Our consolidated capital costs incurred for acquisition, exploration and development activities during each of the three years in the period ended December 31, 2014, were as follows: | ||||||||||||||||||||||||||||||||||||
U.S. | Canada | Consolidated | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||
Proved acreage | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Unproved acreage | 21,722 | 5,519 | 27,241 | |||||||||||||||||||||||||||||||||
Development costs | 78,894 | 22,065 | 100,959 | |||||||||||||||||||||||||||||||||
Exploration costs | 63 | — | 63 | |||||||||||||||||||||||||||||||||
Total | $ | 100,679 | $ | 27,584 | $ | 128,263 | ||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||
Proved acreage | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Unproved acreage | 15,843 | 6,305 | 22,148 | |||||||||||||||||||||||||||||||||
Development costs | 49,299 | 17,422 | 66,721 | |||||||||||||||||||||||||||||||||
Exploration costs | — | — | — | |||||||||||||||||||||||||||||||||
Total | $ | 65,142 | $ | 23,727 | $ | 88,869 | ||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||
Proved acreage | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Unproved acreage | 23,711 | 5,612 | 29,323 | |||||||||||||||||||||||||||||||||
Development costs | 131,926 | 178,808 | 310,734 | |||||||||||||||||||||||||||||||||
Exploration costs | 35,244 | 8,304 | 43,548 | |||||||||||||||||||||||||||||||||
Total | $ | 190,881 | $ | 192,724 | $ | 383,605 | ||||||||||||||||||||||||||||||
Consolidated results of operations, without giving consideration to any tax valuation allowance, from our producing activities for each of the three years ended December 31, 2014, are set forth below: | ||||||||||||||||||||||||||||||||||||
U.S. | Canada | Consolidated | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||
Natural gas, NGL and oil revenue | $ | 292,388 | $ | 132,766 | $ | 425,154 | ||||||||||||||||||||||||||||||
Operating expense | 146,383 | 84,219 | 230,602 | |||||||||||||||||||||||||||||||||
Depletion expense | 28,567 | 11,778 | 40,345 | |||||||||||||||||||||||||||||||||
117,438 | 36,769 | 154,207 | ||||||||||||||||||||||||||||||||||
Income tax expense | 41,103 | 9,266 | 50,369 | |||||||||||||||||||||||||||||||||
Results from producing activities | $ | 76,335 | $ | 27,503 | $ | 103,838 | ||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||
Natural gas, NGL and oil revenue | $ | 331,964 | $ | 131,527 | $ | 463,491 | ||||||||||||||||||||||||||||||
Operating expense | 167,425 | 80,475 | 247,900 | |||||||||||||||||||||||||||||||||
Depletion expense | 34,995 | 5,362 | 40,357 | |||||||||||||||||||||||||||||||||
129,544 | 45,690 | 175,234 | ||||||||||||||||||||||||||||||||||
Income tax expense | 45,340 | 11,514 | 56,854 | |||||||||||||||||||||||||||||||||
Results from producing activities | $ | 84,204 | $ | 34,176 | $ | 118,380 | ||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||
Natural gas, NGL and oil revenue | $ | 538,902 | $ | 92,045 | $ | 630,947 | ||||||||||||||||||||||||||||||
Operating expense | 226,542 | 60,501 | 287,043 | |||||||||||||||||||||||||||||||||
Depletion expense | 116,005 | 24,897 | 140,902 | |||||||||||||||||||||||||||||||||
Impairment expense | 2,152,128 | 465,935 | 2,618,063 | |||||||||||||||||||||||||||||||||
(1,955,773 | ) | (459,288 | ) | (2,415,061 | ) | |||||||||||||||||||||||||||||||
Income tax benefit | (684,521 | ) | (114,822 | ) | (799,343 | ) | ||||||||||||||||||||||||||||||
Results from producing activities | $ | (1,271,252 | ) | $ | (344,466 | ) | $ | (1,615,718 | ) | |||||||||||||||||||||||||||
The Standardized Measure of Discounted Future Net Cash Flows and Changes Therein Relating to Proved Oil and Natural Gas Reserves (“Standardized Measure”) does not purport to present the fair market value of our oil and natural gas properties. An estimate of such value should consider, among other factors, anticipated future prices of oil and natural gas, the probability of recoveries in excess of existing proved reserves, the value of probable reserves and acreage prospects, estimated future capital and operating costs and perhaps different discount rates. It should be noted that estimates of reserve quantities, especially from new discoveries, are inherently imprecise and subject to substantial revision. | ||||||||||||||||||||||||||||||||||||
Under the Standardized Measure, future cash inflows for 2014 were estimated by applying the unweighted average of the preceding 12-month first-day-of-the-month prices, adjusted for contracts with price floors but excluding hedges, and unescalated year-end costs to the estimated future production of the year-end reserves. These prices have varied widely and have a significant impact on both the quantities and value of the proved reserves as reduced prices cause wells to reach the end of their economic life much sooner and also make certain proved undeveloped locations uneconomical, both of which reduce reserves. The following representative prices were used in the Standardized Measure and were adjusted by field for appropriate regional differentials: | ||||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Natural gas – Henry Hub, per MMBtu | $ | 4.35 | $ | 3.67 | $ | 2.76 | ||||||||||||||||||||||||||||||
Natural gas – AECO, per MMBtu | 4.22 | 2.9 | 2.35 | |||||||||||||||||||||||||||||||||
Oil – WTI Cushing, per Bbl | 94.99 | 97.18 | 94.71 | |||||||||||||||||||||||||||||||||
The reference price used for our NGLs was based on WTI Cushing, adjusted for local differentials, gravity and BTU. | ||||||||||||||||||||||||||||||||||||
Future cash inflows were reduced by estimated future production and development costs, including future abandonment costs, based on year-end costs to determine pre-tax cash inflows. Future income taxes were computed by applying the statutory tax rate to the excess of pre-tax cash inflows over our tax basis in the associated proved oil and natural gas properties. Tax credits and net operating loss carry-forwards were also considered in the future income tax calculation. Future net cash inflows after income taxes were discounted using a 10% annual discount rate to arrive at the Standardized Measure. | ||||||||||||||||||||||||||||||||||||
The Standardized Measure at December 31, 2014, 2013 and 2012 was as follows: | ||||||||||||||||||||||||||||||||||||
U.S. | Canada | Total | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Future revenue | $ | 3,476,515 | $ | 1,053,509 | $ | 4,530,024 | ||||||||||||||||||||||||||||||
Future production costs | (1,785,208 | ) | (483,380 | ) | (2,268,588 | ) | ||||||||||||||||||||||||||||||
Future development costs | (71,143 | ) | (65,703 | ) | (136,846 | ) | ||||||||||||||||||||||||||||||
Future income taxes | (113,119 | ) | (11,017 | ) | (124,136 | ) | ||||||||||||||||||||||||||||||
Future net cash flows | 1,507,045 | 493,409 | 2,000,454 | |||||||||||||||||||||||||||||||||
10% discount | (817,744 | ) | (194,640 | ) | (1,012,384 | ) | ||||||||||||||||||||||||||||||
Standardized measure of discounted future cash flows relating to proved reserves | $ | 689,301 | $ | 298,769 | $ | 988,070 | ||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Future revenue | $ | 3,825,944 | $ | 656,984 | $ | 4,482,928 | ||||||||||||||||||||||||||||||
Future production costs | (2,022,977 | ) | (385,776 | ) | (2,408,753 | ) | ||||||||||||||||||||||||||||||
Future development costs | (212,280 | ) | (79,525 | ) | (291,805 | ) | ||||||||||||||||||||||||||||||
Future income taxes | (134,418 | ) | 59,294 | (75,124 | ) | |||||||||||||||||||||||||||||||
Future net cash flows | 1,456,269 | 250,977 | 1,707,246 | |||||||||||||||||||||||||||||||||
10% discount | (801,116 | ) | (83,082 | ) | (884,198 | ) | ||||||||||||||||||||||||||||||
Standardized measure of discounted future cash flows relating to proved reserves | $ | 655,153 | $ | 167,895 | $ | 823,048 | ||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Future revenue | $ | 3,980,643 | $ | 472,539 | $ | 4,453,182 | ||||||||||||||||||||||||||||||
Future production costs | (2,552,863 | ) | (324,424 | ) | (2,877,287 | ) | ||||||||||||||||||||||||||||||
Future development costs | (239,532 | ) | (56,354 | ) | (295,886 | ) | ||||||||||||||||||||||||||||||
Future income taxes | 81,847 | 80,206 | 162,053 | |||||||||||||||||||||||||||||||||
Future net cash flows | 1,270,095 | 171,967 | 1,442,062 | |||||||||||||||||||||||||||||||||
10% discount | (667,738 | ) | (59,204 | ) | (726,942 | ) | ||||||||||||||||||||||||||||||
Standardized measure of discounted future cash flows relating to proved reserves | $ | 602,357 | $ | 112,763 | $ | 715,120 | ||||||||||||||||||||||||||||||
The standardized measure was calculated without giving consideration to any tax valuation allowance. | ||||||||||||||||||||||||||||||||||||
The primary changes in the Standardized Measure for 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Sales of oil and natural gas net of production costs | $ | (164,436 | ) | $ | (147,402 | ) | $ | (149,326 | ) | |||||||||||||||||||||||||||
Net changes in economic factors | 304,602 | 326,698 | (1,362,793 | ) | ||||||||||||||||||||||||||||||||
Extensions and discoveries | 1,455 | 43,328 | 27,003 | |||||||||||||||||||||||||||||||||
Development costs incurred | 60,169 | 2,302 | 172,563 | |||||||||||||||||||||||||||||||||
Changes in estimated future development costs | 91,635 | 20,766 | 620,127 | |||||||||||||||||||||||||||||||||
Purchase and sale of reserves, net | (24 | ) | (237,409 | ) | (20,529 | ) | ||||||||||||||||||||||||||||||
Revision of estimates | (103,478 | ) | 121,916 | (1,219,609 | ) | |||||||||||||||||||||||||||||||
Accretion of discount | 75,925 | 50,821 | 196,315 | |||||||||||||||||||||||||||||||||
Net change in income taxes | (73,637 | ) | (86,667 | ) | 560,485 | |||||||||||||||||||||||||||||||
Change in timing and other differences | (27,189 | ) | 13,575 | 156,031 | ||||||||||||||||||||||||||||||||
Net increase (decrease) | $ | 165,022 | $ | 107,928 | $ | (1,019,733 | ) | |||||||||||||||||||||||||||||
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Table Text Block] | ||||||||||||||||||||||||||||||||||||
Natural Gas (MMcf) | NGL (MBbl) | Oil (MBbl) | Total (MMcfe) | |||||||||||||||||||||||||||||||||
U.S. | Canada | Total | U.S. | Canada | Total | U.S. | Canada | Total | U.S. | Canada | Total | |||||||||||||||||||||||||
December 31, 2011 | 1,828,904 | 330,631 | 2,159,535 | 102,145 | 11 | 102,156 | 3,035 | — | 3,035 | 2,459,984 | 330,697 | 2,790,681 | ||||||||||||||||||||||||
Revisions (3) | (910,386 | ) | (33,945 | ) | (944,331 | ) | (45,379 | ) | 1 | (45,378 | ) | (479 | ) | — | (479 | ) | (1,185,534 | ) | (33,939 | ) | (1,219,473 | ) | ||||||||||||||
Extensions and discoveries (2) | 25,858 | 9 | 25,867 | 3,518 | — | 3,518 | 345 | — | 345 | 49,036 | 9 | 49,045 | ||||||||||||||||||||||||
Sales in place (1) | (20,616 | ) | — | (20,616 | ) | (42 | ) | — | (42 | ) | (85 | ) | — | (85 | ) | (21,378 | ) | — | (21,378 | ) | ||||||||||||||||
Production | (75,712 | ) | (29,912 | ) | (105,624 | ) | (4,069 | ) | (2 | ) | (4,071 | ) | (287 | ) | — | (287 | ) | (101,848 | ) | (29,924 | ) | (131,772 | ) | |||||||||||||
31-Dec-12 | 848,048 | 266,783 | 1,114,831 | 56,173 | 10 | 56,183 | 2,529 | — | 2,529 | 1,200,260 | 266,843 | 1,467,103 | ||||||||||||||||||||||||
Revisions (3) | 234,835 | 28,948 | 263,783 | 750 | — | 750 | 62 | — | 62 | 239,707 | 28,948 | 268,655 | ||||||||||||||||||||||||
Extensions and discoveries (2) | 50,992 | 9,697 | 60,689 | — | — | — | — | — | — | 50,992 | 9,697 | 60,689 | ||||||||||||||||||||||||
Sales in place (4) | (257,741 | ) | — | (257,741 | ) | (14,333 | ) | — | (14,333 | ) | (2,207 | ) | — | (2,207 | ) | (356,981 | ) | — | (356,981 | ) | ||||||||||||||||
Production | (51,684 | ) | (39,372 | ) | (91,056 | ) | (2,856 | ) | (1 | ) | (2,857 | ) | (185 | ) | — | (185 | ) | (69,930 | ) | (39,378 | ) | (109,308 | ) | |||||||||||||
31-Dec-13 | 824,450 | 266,056 | 1,090,506 | 39,734 | 9 | 39,743 | 199 | — | 199 | 1,064,048 | 266,110 | 1,330,158 | ||||||||||||||||||||||||
Revisions (3) | (148,359 | ) | 42,941 | (105,418 | ) | (3,675 | ) | 3 | (3,672 | ) | (14 | ) | — | (14 | ) | (170,493 | ) | 42,959 | (127,534 | ) | ||||||||||||||||
Extensions and discoveries (2) | 413 | — | 413 | — | — | — | 188 | — | 188 | 1,541 | — | 1,541 | ||||||||||||||||||||||||
Sales in place | — | — | — | — | — | — | (5 | ) | — | (5 | ) | (30 | ) | — | (30 | ) | ||||||||||||||||||||
Production | (46,027 | ) | (31,169 | ) | (77,196 | ) | (2,105 | ) | (2 | ) | (2,107 | ) | (81 | ) | — | (81 | ) | (59,143 | ) | (31,181 | ) | (90,324 | ) | |||||||||||||
31-Dec-14 | 630,477 | 277,828 | 908,305 | 33,954 | 10 | 33,964 | 287 | — | 287 | 835,923 | 277,888 | 1,113,811 | ||||||||||||||||||||||||
Proved developed reserves | ||||||||||||||||||||||||||||||||||||
31-Dec-12 | 725,361 | 266,783 | 992,144 | 47,284 | 10 | 47,294 | 2,416 | — | 2,416 | 1,023,561 | 266,843 | 1,290,404 | ||||||||||||||||||||||||
31-Dec-13 | 702,147 | 260,159 | 962,306 | 34,603 | 9 | 34,612 | 139 | — | 139 | 910,599 | 260,213 | 1,170,812 | ||||||||||||||||||||||||
31-Dec-14 | 619,751 | 277,828 | 897,579 | 33,954 | 11 | 33,965 | 287 | — | 287 | 825,197 | 277,894 | 1,103,091 | ||||||||||||||||||||||||
Proved undeveloped reserves | ||||||||||||||||||||||||||||||||||||
31-Dec-12 | 122,687 | — | 122,687 | 8,890 | — | 8,890 | 113 | — | 113 | 176,705 | — | 176,705 | ||||||||||||||||||||||||
31-Dec-13 | 122,303 | 5,896 | 128,199 | 5,131 | — | 5,131 | 60 | — | 60 | 153,449 | 5,896 | 159,345 | ||||||||||||||||||||||||
31-Dec-14 | 10,726 | — | 10,726 | — | — | — | — | — | — | 10,726 | — | 10,726 | ||||||||||||||||||||||||
(1) | Sales of reserves in place during 2012 relate to our agreement to allow an outside working interest owner to fund the completion costs for twelve wells in our Barnett Shale Asset for which they received a preferential right to reserves. It also includes a minimal sale of reserves in our Niobrara Asset to SWEPI. | |||||||||||||||||||||||||||||||||||
(2) | Extensions and discoveries for each period presented represent extensions to reserves attributable to additional drilling activity subsequent to discovery. U.S. extensions and discoveries for: | |||||||||||||||||||||||||||||||||||
• | 2014 are attributable to our West Texas Asset as we drilled in areas not previously explored; | |||||||||||||||||||||||||||||||||||
• | 2013 are attributable to our Barnett Shale Asset; and | |||||||||||||||||||||||||||||||||||
• | 2012 are 96% attributable to our Barnett Shale Asset, 4% to our Niobrara and West Texas Assets (of which 13% were proved developed). | |||||||||||||||||||||||||||||||||||
Canadian extensions and discoveries for 2013 and 2012 are attributable to our Horseshoe Canyon Asset. | ||||||||||||||||||||||||||||||||||||
(3) | Revisions for each period presented reflect upward (downward) changes in previous estimates attributable to changes in economic factors of 49,712 MMcfe, 419,972 MMcfe and (590,064) MMcfe in 2014, 2013 and 2012, respectively, and changes in non-economic factors of (177,246) MMcfe, (151,615) MMcfe and (629,407) MMcfe in 2014, 2013 and 2012, respectively, including: | |||||||||||||||||||||||||||||||||||
• | In 2014, we removed proved reserves of (143) Bcfe that we were unable to develop due to constrained liquidity | |||||||||||||||||||||||||||||||||||
• | Removal of proved undeveloped reserves that had not been developed within five years: (76) Bcfe and (250) Bcfe in 2013 and 2012, respectively; | |||||||||||||||||||||||||||||||||||
• | changes in performance related to offsetting activities, higher pipeline pressures and other factors: (34) Bcfe, (74) Bcfe and (291) Bcfe in 2014, 2013 and 2012, respectively and | |||||||||||||||||||||||||||||||||||
• | revision of type curve of non producing wells based on comparison to producing analogs: (88) Bcfe in 2012. | |||||||||||||||||||||||||||||||||||
(4) | Sales of reserves in place during 2013 relate to the Tokyo Gas Transaction (337 Bcfe) and the Synergy Transaction (15 Bcfe). | |||||||||||||||||||||||||||||||||||
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block] | ||||||||||||||||||||||||||||||||||||
U.S. | Canada | Consolidated | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||
Proved properties | $ | 4,650,428 | $ | 1,170,739 | $ | 5,821,167 | ||||||||||||||||||||||||||||||
Unevaluated properties | 18,803 | — | 18,803 | |||||||||||||||||||||||||||||||||
Accumulated DD&A | (4,296,953 | ) | (928,349 | ) | (5,225,302 | ) | ||||||||||||||||||||||||||||||
Net capitalized costs | $ | 372,278 | $ | 242,390 | $ | 614,668 | ||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||
Proved properties | $ | 4,645,777 | $ | 1,041,780 | $ | 5,687,557 | ||||||||||||||||||||||||||||||
Unevaluated properties | 19,343 | 202,262 | 221,605 | |||||||||||||||||||||||||||||||||
Accumulated DD&A | (4,268,387 | ) | (1,000,332 | ) | (5,268,719 | ) | ||||||||||||||||||||||||||||||
Net capitalized costs | $ | 396,733 | $ | 243,710 | $ | 640,443 | ||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||
Proved properties | $ | 4,681,860 | $ | 1,089,053 | $ | 5,770,913 | ||||||||||||||||||||||||||||||
Unevaluated properties | 90,035 | 217,232 | 307,267 | |||||||||||||||||||||||||||||||||
Accumulated DD&A | (4,233,391 | ) | (1,063,829 | ) | (5,297,220 | ) | ||||||||||||||||||||||||||||||
Net capitalized costs | $ | 538,504 | $ | 242,456 | $ | 780,960 | ||||||||||||||||||||||||||||||
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block] | ||||||||||||||||||||||||||||||||||||
U.S. | Canada | Consolidated | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||
Proved acreage | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Unproved acreage | 21,722 | 5,519 | 27,241 | |||||||||||||||||||||||||||||||||
Development costs | 78,894 | 22,065 | 100,959 | |||||||||||||||||||||||||||||||||
Exploration costs | 63 | — | 63 | |||||||||||||||||||||||||||||||||
Total | $ | 100,679 | $ | 27,584 | $ | 128,263 | ||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||
Proved acreage | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Unproved acreage | 15,843 | 6,305 | 22,148 | |||||||||||||||||||||||||||||||||
Development costs | 49,299 | 17,422 | 66,721 | |||||||||||||||||||||||||||||||||
Exploration costs | — | — | — | |||||||||||||||||||||||||||||||||
Total | $ | 65,142 | $ | 23,727 | $ | 88,869 | ||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||
Proved acreage | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Unproved acreage | 23,711 | 5,612 | 29,323 | |||||||||||||||||||||||||||||||||
Development costs | 131,926 | 178,808 | 310,734 | |||||||||||||||||||||||||||||||||
Exploration costs | 35,244 | 8,304 | 43,548 | |||||||||||||||||||||||||||||||||
Total | $ | 190,881 | $ | 192,724 | $ | 383,605 | ||||||||||||||||||||||||||||||
Results of Operations for Oil and Gas Producing Activities Disclosure [Table Text Block] | ||||||||||||||||||||||||||||||||||||
U.S. | Canada | Consolidated | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||
Natural gas, NGL and oil revenue | $ | 292,388 | $ | 132,766 | $ | 425,154 | ||||||||||||||||||||||||||||||
Operating expense | 146,383 | 84,219 | 230,602 | |||||||||||||||||||||||||||||||||
Depletion expense | 28,567 | 11,778 | 40,345 | |||||||||||||||||||||||||||||||||
117,438 | 36,769 | 154,207 | ||||||||||||||||||||||||||||||||||
Income tax expense | 41,103 | 9,266 | 50,369 | |||||||||||||||||||||||||||||||||
Results from producing activities | $ | 76,335 | $ | 27,503 | $ | 103,838 | ||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||
Natural gas, NGL and oil revenue | $ | 331,964 | $ | 131,527 | $ | 463,491 | ||||||||||||||||||||||||||||||
Operating expense | 167,425 | 80,475 | 247,900 | |||||||||||||||||||||||||||||||||
Depletion expense | 34,995 | 5,362 | 40,357 | |||||||||||||||||||||||||||||||||
129,544 | 45,690 | 175,234 | ||||||||||||||||||||||||||||||||||
Income tax expense | 45,340 | 11,514 | 56,854 | |||||||||||||||||||||||||||||||||
Results from producing activities | $ | 84,204 | $ | 34,176 | $ | 118,380 | ||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||
Natural gas, NGL and oil revenue | $ | 538,902 | $ | 92,045 | $ | 630,947 | ||||||||||||||||||||||||||||||
Operating expense | 226,542 | 60,501 | 287,043 | |||||||||||||||||||||||||||||||||
Depletion expense | 116,005 | 24,897 | 140,902 | |||||||||||||||||||||||||||||||||
Impairment expense | 2,152,128 | 465,935 | 2,618,063 | |||||||||||||||||||||||||||||||||
(1,955,773 | ) | (459,288 | ) | (2,415,061 | ) | |||||||||||||||||||||||||||||||
Income tax benefit | (684,521 | ) | (114,822 | ) | (799,343 | ) | ||||||||||||||||||||||||||||||
Results from producing activities | $ | (1,271,252 | ) | $ | (344,466 | ) | $ | (1,615,718 | ) | |||||||||||||||||||||||||||
Schedule of Prices used for Standardized Measure [Table Text Block] | ||||||||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Natural gas – Henry Hub, per MMBtu | $ | 4.35 | $ | 3.67 | $ | 2.76 | ||||||||||||||||||||||||||||||
Natural gas – AECO, per MMBtu | 4.22 | 2.9 | 2.35 | |||||||||||||||||||||||||||||||||
Oil – WTI Cushing, per Bbl | 94.99 | 97.18 | 94.71 | |||||||||||||||||||||||||||||||||
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure [Table Text Block] | ||||||||||||||||||||||||||||||||||||
U.S. | Canada | Total | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||
Future revenue | $ | 3,476,515 | $ | 1,053,509 | $ | 4,530,024 | ||||||||||||||||||||||||||||||
Future production costs | (1,785,208 | ) | (483,380 | ) | (2,268,588 | ) | ||||||||||||||||||||||||||||||
Future development costs | (71,143 | ) | (65,703 | ) | (136,846 | ) | ||||||||||||||||||||||||||||||
Future income taxes | (113,119 | ) | (11,017 | ) | (124,136 | ) | ||||||||||||||||||||||||||||||
Future net cash flows | 1,507,045 | 493,409 | 2,000,454 | |||||||||||||||||||||||||||||||||
10% discount | (817,744 | ) | (194,640 | ) | (1,012,384 | ) | ||||||||||||||||||||||||||||||
Standardized measure of discounted future cash flows relating to proved reserves | $ | 689,301 | $ | 298,769 | $ | 988,070 | ||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Future revenue | $ | 3,825,944 | $ | 656,984 | $ | 4,482,928 | ||||||||||||||||||||||||||||||
Future production costs | (2,022,977 | ) | (385,776 | ) | (2,408,753 | ) | ||||||||||||||||||||||||||||||
Future development costs | (212,280 | ) | (79,525 | ) | (291,805 | ) | ||||||||||||||||||||||||||||||
Future income taxes | (134,418 | ) | 59,294 | (75,124 | ) | |||||||||||||||||||||||||||||||
Future net cash flows | 1,456,269 | 250,977 | 1,707,246 | |||||||||||||||||||||||||||||||||
10% discount | (801,116 | ) | (83,082 | ) | (884,198 | ) | ||||||||||||||||||||||||||||||
Standardized measure of discounted future cash flows relating to proved reserves | $ | 655,153 | $ | 167,895 | $ | 823,048 | ||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Future revenue | $ | 3,980,643 | $ | 472,539 | $ | 4,453,182 | ||||||||||||||||||||||||||||||
Future production costs | (2,552,863 | ) | (324,424 | ) | (2,877,287 | ) | ||||||||||||||||||||||||||||||
Future development costs | (239,532 | ) | (56,354 | ) | (295,886 | ) | ||||||||||||||||||||||||||||||
Future income taxes | 81,847 | 80,206 | 162,053 | |||||||||||||||||||||||||||||||||
Future net cash flows | 1,270,095 | 171,967 | 1,442,062 | |||||||||||||||||||||||||||||||||
10% discount | (667,738 | ) | (59,204 | ) | (726,942 | ) | ||||||||||||||||||||||||||||||
Standardized measure of discounted future cash flows relating to proved reserves | $ | 602,357 | $ | 112,763 | $ | 715,120 | ||||||||||||||||||||||||||||||
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows [Table Text Block] | The primary changes in the Standardized Measure for 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Sales of oil and natural gas net of production costs | $ | (164,436 | ) | $ | (147,402 | ) | $ | (149,326 | ) | |||||||||||||||||||||||||||
Net changes in economic factors | 304,602 | 326,698 | (1,362,793 | ) | ||||||||||||||||||||||||||||||||
Extensions and discoveries | 1,455 | 43,328 | 27,003 | |||||||||||||||||||||||||||||||||
Development costs incurred | 60,169 | 2,302 | 172,563 | |||||||||||||||||||||||||||||||||
Changes in estimated future development costs | 91,635 | 20,766 | 620,127 | |||||||||||||||||||||||||||||||||
Purchase and sale of reserves, net | (24 | ) | (237,409 | ) | (20,529 | ) | ||||||||||||||||||||||||||||||
Revision of estimates | (103,478 | ) | 121,916 | (1,219,609 | ) | |||||||||||||||||||||||||||||||
Accretion of discount | 75,925 | 50,821 | 196,315 | |||||||||||||||||||||||||||||||||
Net change in income taxes | (73,637 | ) | (86,667 | ) | 560,485 | |||||||||||||||||||||||||||||||
Change in timing and other differences | (27,189 | ) | 13,575 | 156,031 | ||||||||||||||||||||||||||||||||
Net increase (decrease) | $ | 165,022 | $ | 107,928 | $ | (1,019,733 | ) | |||||||||||||||||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation |
Our consolidated financial statements include our accounts and those of all of our majority-owned subsidiaries, companies over which we exercise control through majority voting rights or other means of control and variable interest entities of which we are the primary beneficiary. We eliminate all inter-company balances and transactions in preparing consolidated financial statements | |
Use Of Estimates | Use of Estimates |
The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, the 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. Management believes its estimates and assumptions are reasonable, but 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. | |
Significant estimates underlying these financial statements include the estimated quantities of our proved reserves (including the associated future net cash flows from those proved reserves and costs to develop those reserves) used to compute depletion expense, the full cost ceiling limitation and estimates of current revenue. Other estimates that require assumptions concerning future events and substantial judgment include the estimated fair value of derivatives, asset retirement obligations and stock-based compensation. Income taxes also involve the use of considerable judgment in the estimation and evaluation of deferred income tax assets and our ability to recover operating loss carry-forwards and assessment of uncertain tax positions. | |
Cash Equivalents | Cash Equivalents |
Cash equivalents consist of time deposits and liquid debt investments with original maturities of three months or less at the time of purchase. | |
Accounts Receivable | Accounts Receivable |
We sell our production to various purchasers, each of which is reviewed as to credit worthiness prior to the extension of credit and on a regular basis thereafter. Although we rarely require collateral, we require appropriate credit ratings and, in some instances, obtain parental guarantees. Receivables are generally collected within 30 to 60 days. When collections of specific amounts due are no longer reasonably assured, we establish an allowance for doubtful accounts though we have not had a significant instance of nonpayment. During 2014, two purchasers individually accounted for 17% and 13% of cash collected for our production revenue. During 2013, one purchaser individually accounted for 18% of cash collected for our production revenue. During 2012, two purchasers accounted for 21% and 15% of cash collected for our production revenue. | |
Hedging And Derivatives | Hedging and Derivatives |
We enter into derivatives to mitigate risk associated with the prices received from our natural gas, NGL and oil production. We may also utilize derivatives to hedge the risk associated with interest rates on our outstanding debt. All derivatives are recognized as either an asset or liability on the balance sheet measured at their fair value determined by reference to published future market prices and interest rates. | |
Effective December 31, 2012, we discontinued the use of hedge accounting on all existing hedge contracts. Net deferred hedge gains deferred in AOCI associated with these contracts as of December 31, 2012 are reclassified to earnings during the same periods in which the hedged transactions are recognized in our earnings. Since then, we recognize changes in the fair values of derivative contracts as gains or losses in the earnings of the periods in which they occur. | |
To the extent we enter into derivatives, these positions are with counterparties who are our lenders at the inception of the derivative. Our credit facility provides for collateralization of amounts outstanding from our derivatives in addition to amounts outstanding under the facility. Additionally, default on any of our obligations under derivatives with counterparty lenders could result in acceleration of the amounts outstanding under the credit facility. Our internal credit policies require that any counterparties, including facility lenders, with whom we enter into commodity derivatives have credit ratings that meet or exceed BBB- or Baa3 from Standard and Poor’s or Moody’s, respectively. The fair value for each derivative takes credit risk into consideration, whether it be our counterparties’ or our own. Derivatives are classified as current or non-current derivative assets and liabilities, based on the expected timing of settlements. | |
Property, Plant and Equipment | Property, Plant, and Equipment |
We follow the full cost method in accounting for our oil and natural gas properties. Under the full cost method, all costs associated with the acquisition, exploration and development of oil and natural gas properties are capitalized and accumulated in separate Canadian and U.S. cost centers. This includes any internal costs that are directly related to development and exploration activities, but does not include any costs related to production, general corporate overhead or similar activities. Proceeds received from disposals reduce the accumulated cost except when the sale represents a significant disposal of reserves, in which case a gain or loss is calculated and recognized. The sum of net capitalized costs and estimated future development and dismantlement costs for each cost center is depleted on the equivalent unit-of-production method, based on proved reserves. We may, at our option, exclude costs associated with unevaluated properties from amounts subject to depletion, which costs are assessed annually for impairment and inclusion as depletable costs in the respective cost center. | |
Under the full cost method, net capitalized costs are limited to the lower of unamortized cost reduced by the related net deferred tax liability and asset retirement obligations (collectively, “the cost center ceiling”). The cost center ceiling equals the sum of (1) estimated future net revenue from proved reserves, discounted at 10% per annum, including the effects of derivatives that are accounted for as hedges of our oil and natural gas revenue, (2) the cost of properties not being amortized, (3) the lower of cost or market value of unproved properties included in the cost being amortized, less (4) income tax effects related to differences between the book and tax basis of the oil and natural gas properties. If the net book value reduced by the related net deferred income tax liability, unless in a valuation allowance, and asset retirement obligations exceeds the cost center ceiling limitation, a non-cash impairment charge is required. Note 7 to these financial statements contains further discussion of the ceiling test. | |
Other properties and equipment are stated at original cost and depreciated using the straight-line method based on estimated useful lives ranging from five to forty years. If indicators of impairment are identified, an undiscounted cash flow analysis is performed to determine if an impairment exists. If the undiscounted cash flow analysis indicates an impairment, a discounted cash flow analysis is performed and the asset is reduced to the indicated value. | |
Inventory | Inventory |
Inventories, included in Other Current Assets, were comprised of $7.6 million and $15.8 million of materials and parts and $0.7 million and $2.5 million of NGLs as of December 31, 2014 and 2013, respectively. Inventories are primarily comprised of materials and parts including oil and natural gas drilling or repair items such as tubing, casing, chemicals, operating supplies and ordinary maintenance materials and parts. The materials, parts and supplies inventory is primarily acquired for use in future drilling operations or repair operations and is carried at the lower of cost or fair value, on a first-in, first-out cost basis. Fair value represents net realizable value, which is the amount that we are allowed to bill to the joint accounts under joint operating agreements to which we are a party. Impairments for materials and supplies inventories of $7.0 million and $3.0 million for 2014 and 2013, respectively, are recorded as lease operating expense in the accompanying consolidated statements of operations. | |
Asset Retirement Obligations | Asset Retirement Obligations |
We record the fair value of the liability for asset retirement obligations in the period in which it is legally or contractually incurred. Upon initial recognition of the asset retirement liability, an asset retirement cost is capitalized by increasing the carrying amount of the asset by the same amount as the liability. In periods subsequent to initial measurement, the asset retirement cost is recognized as expense through depletion or depreciation over the asset’s useful life. Changes in the liability for the asset retirement obligations are recognized for (1) the passage of time and (2) revisions to either the timing or the amount of estimated cash flows. Accretion expense is recognized for the impacts of increasing the discounted liability to its estimated settlement value. | |
Revenue Recognition | Revenue Recognition |
Revenue is recognized when title to the products transfers to the purchaser. We use the “sales method” to account for our production revenue, whereby we recognize revenue on all production sold to our purchasers, regardless of whether the sales are proportionate to our ownership in the property. A receivable or liability is recognized only to the extent that we have an imbalance on a specific property greater than the expected remaining proved reserves. As of December 31, 2014 and 2013, our aggregate production imbalances were not material. | |
Environmental Compliance and Remediation | Environmental Compliance and Remediation |
Environmental compliance costs, including ongoing maintenance and monitoring, are expensed as incurred. Those environmental remediation costs which improve a property are capitalized. | |
Debt | Debt |
We record all debt instruments at face value. When an issuance of debt is made at other than par, a discount or premium is separately recorded within debt. The discount or premium is amortized over the life of the debt using the effective interest method. | |
Income Taxes | Income Taxes |
Deferred income taxes are established for all temporary differences between the book and the tax basis of assets and liabilities. In addition, deferred tax balances must reflect tax rates expected to be in effect in years in which the temporary differences reverse. Canadian taxes are calculated at rates expected to be in effect in Canada. U.S. deferred tax liabilities are not recognized on profits that are expected to be permanently reinvested in Canada and thus not considered available for distribution to the parent company. It is not practicable to determine our unrecognized deferred tax liability for temporary differences related to investments in foreign subsidiaries that are essentially permanent in duration. Net operating loss carry-forwards and other deferred tax assets are reviewed annually for recoverability, and, if necessary, are recorded net of a valuation allowance. Note 12 contains additional discussion regarding income taxes. | |
Stock-Based Compensation | Stock-based Compensation |
We measure and recognize compensation expense for all share-based payment awards made to employees and directors based on their estimated fair value at the time the awards are granted. Our board of directors may elect to issue awards payable in cash. For awards with service requirements, we recognize the expense associated with the awards over the vesting period. The liability for fair value of cash awards is reassessed at every balance sheet date, such that the vested portion of the liability is adjusted to reflect revised fair value through compensation expense. For awards that vest only upon achievement of performance criteria, recognition is recorded only when achievement of the performance criteria is considered probable. | |
Disclosure of Fair Value of Financial Instruments | Disclosure of Fair Value of Financial Instruments |
Our financial instruments include cash, commercial paper, time deposits, accounts receivable, notes payable, accounts payable, long-term debt and financial derivatives. The fair value of long-term debt is estimated as the present value of future cash flows discounted at rates consistent with comparable maturities and includes consideration of credit risk. The carrying amounts reflected in the balance sheet for financial assets classified as current assets and the carrying amounts for financial liabilities classified as current liabilities approximate fair value. | |
Foreign Currency Translation | Foreign Currency Translation |
Our Canadian subsidiary maintains its general ledger using the Canadian dollar. All balance sheet accounts of our Canadian operations are translated into U.S. dollars at the period end exchange rate and statement of income items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are made directly to a component of accumulated other comprehensive income within stockholders’ equity. Losses from foreign currency transactions of $3.7 million and $2.4 million in 2014 and 2013, respectively, are included in the consolidated results of operations. | |
Variable Interest Entities | Variable Interest Entities |
An entity is a variable interest entity (VIE) if it meets the following criteria: (1) the entity has equity that is insufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) the entity has equity investors that cannot make significant decisions about the entity’s operations or that do not absorb their proportionate share of the expected losses or receive the expected returns of the entity. | |
VIEs require assessment of who the primary beneficiary is and whether the primary beneficiary should consolidate the VIE. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the variable interest entity that most significantly impacts the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the variable interest entity. Application of the VIE consolidation requirements may require the exercise of significant judgment by management. | |
We consolidate the financial position of Fortune Creek and the results of operations in our consolidated financial statements. Note 14 contains additional discussion regarding Fortune Creek. | |
Earnings per Share | Earnings per Share |
We report basic earnings per common share, which excludes the effect of potentially dilutive securities, and diluted earnings per common share, which includes the effect of all potentially dilutive securities unless their impact is antidilutive. Note 16 includes the calculation of earnings per share. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards |
In February 2015, the FASB issued accounting guidance, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” requiring reporting entities to evaluate whether they should consolidate certain legal entities. The standard is effective for periods beginning after December 15, 2015 with early adoption permitted. We are currently evaluating the new guidance and have not determined the impact this standard may have on our financial statements. | |
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. |
Derivatives_And_Fair_Value_Mea1
Derivatives And Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Credit Risk Derivatives, at Fair Value, Net [Abstract] | |||||||||||||||||
Estimated Fair Value Of Derivative Instruments Under Input Levels | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
As of December 31, | As of December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Level 2 inputs | $ | 104,608 | $ | 107,395 | $ | — | $ | 3,448 | |||||||||
Level 3 inputs | 44,959 | 23,485 | — | — | |||||||||||||
Total | $ | 149,567 | $ | 130,880 | $ | — | $ | 3,448 | |||||||||
Changes In Level 3 Fair Values | |||||||||||||||||
As of December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | 23,485 | $ | (4,931 | ) | ||||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Unrealized gain on derivatives | 31,824 | 40,398 | |||||||||||||||
Transfers out of Level 3 | (3,559 | ) | — | ||||||||||||||
Settlements in net derivative losses | (6,791 | ) | (11,982 | ) | |||||||||||||
Balance at end of period | $ | 44,959 | $ | 23,485 | |||||||||||||
Total gains included in net derivative gains attributable to the change in unrealized gains related to assets still held at the reporting date | $ | 32,074 | $ | 41,909 | |||||||||||||
Price Collars And Swaps For Anticipated Natural Gas Production | |||||||||||||||||
Production | Daily Production | ||||||||||||||||
Year | Volume | ||||||||||||||||
Natural Gas | |||||||||||||||||
MMcfd | |||||||||||||||||
2015 | 150 | ||||||||||||||||
2016-2021 | 30 | ||||||||||||||||
Net Deferred Hedge Gain in AOCI to be Released into Earnings in a Future Period [Table Text Block] | |||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 33,191 | |||||||||||||||
2016 | 13,476 | ||||||||||||||||
2017 | 12,531 | ||||||||||||||||
2018 | 11,664 | ||||||||||||||||
2019 and thereafter | 29,779 | ||||||||||||||||
$ | 100,641 | ||||||||||||||||
Reduction Of Interest Expense Over The Life Of The Debt Instruments | |||||||||||||||||
(in thousands) | |||||||||||||||||
2015 | $ | 2,194 | |||||||||||||||
2016 | 569 | ||||||||||||||||
$ | 2,763 | ||||||||||||||||
Estimated Fair Value Of Derivative Instruments | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
As of December 31, | As of December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity contracts reported in: | |||||||||||||||||
Current derivative assets | $ | 120,176 | $ | 60,063 | $ | — | $ | 2,540 | |||||||||
Noncurrent derivative assets | 81,187 | 105,315 | 51,796 | 31,958 | |||||||||||||
Current derivative liabilities | — | — | — | 3,125 | |||||||||||||
Noncurrent derivative liabilities | — | — | — | 323 | |||||||||||||
Total derivatives not designated as hedges | $ | 201,363 | $ | 165,378 | $ | 51,796 | $ | 37,946 | |||||||||
Held-to-maturity 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 | ||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Receivable, Net [Abstract] | ||||||||
Schedule Of Accounts Receivable | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Accrued production revenue | $ | 32,130 | $ | 34,785 | ||||
Joint interest billings | 22,621 | 15,630 | ||||||
Income taxes | 7,574 | 7,931 | ||||||
Canadian value added taxes | 173 | 60 | ||||||
Other | 2,937 | 328 | ||||||
Allowance for doubtful accounts | (277 | ) | (89 | ) | ||||
$ | 65,158 | $ | 58,645 | |||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Current Assets [Abstract] | ||||||||
Other Current Assets | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Inventories | $ | 8,269 | $ | 18,334 | ||||
Deposits | 1,284 | 1,044 | ||||||
Other prepaid expense | 4,861 | 2,968 | ||||||
$ | 14,414 | $ | 22,346 | |||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Schedule Of Property, Plant And Equipment | ||||||||||||||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Oil and natural gas properties | ||||||||||||||||||||||||||||||||||||||||
Subject to depletion | $ | 5,821,167 | $ | 5,687,557 | ||||||||||||||||||||||||||||||||||||
Unevaluated costs | 18,803 | 221,605 | ||||||||||||||||||||||||||||||||||||||
Accumulated depletion | (5,225,302 | ) | (5,268,719 | ) | ||||||||||||||||||||||||||||||||||||
Net oil and natural gas properties | 614,668 | 640,443 | ||||||||||||||||||||||||||||||||||||||
Other property and equipment | ||||||||||||||||||||||||||||||||||||||||
Pipelines and processing facilities | 316,013 | 347,093 | ||||||||||||||||||||||||||||||||||||||
General properties | 66,455 | 72,125 | ||||||||||||||||||||||||||||||||||||||
Accumulated depreciation | (268,356 | ) | (198,856 | ) | ||||||||||||||||||||||||||||||||||||
Net other property and equipment | 114,112 | 220,362 | ||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net of accumulated depletion and depreciation | $ | 728,780 | $ | 860,805 | ||||||||||||||||||||||||||||||||||||
Schedule Of Charges For Impairment | ||||||||||||||||||||||||||||||||||||||||
Pre-tax Charges for Impairment | ||||||||||||||||||||||||||||||||||||||||
Segment | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||||||||||||
Oil and natural gas properties | Exploration and production | $ | — | $ | — | $ | 2,152,128 | |||||||||||||||||||||||||||||||||
Other property and equipment | Midstream | 135 | 54 | 7,328 | ||||||||||||||||||||||||||||||||||||
Other property and equipment | Exploration and production | 2,450 | 1,809 | 537 | ||||||||||||||||||||||||||||||||||||
Canada | ||||||||||||||||||||||||||||||||||||||||
Oil and natural gas properties | Exploration and production | — | — | 465,935 | ||||||||||||||||||||||||||||||||||||
Other property and equipment | Midstream | 58,360 | — | — | ||||||||||||||||||||||||||||||||||||
Other property and equipment | Exploration and production | 11,043 | — | — | ||||||||||||||||||||||||||||||||||||
$ | 71,988 | $ | 1,863 | $ | 2,625,928 | |||||||||||||||||||||||||||||||||||
Schedule Of Unevaluated Natural Gas And Oil Properties Not Subject To Depletion | ||||||||||||||||||||||||||||||||||||||||
December 31, 2014 Costs Incurred During | December 31, 2013 Costs Incurred During | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | Prior | Total | 2013 | 2012 | 2011 | Prior | Total | |||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||
U.S. | ||||||||||||||||||||||||||||||||||||||||
Acquisition costs | $ | 5,637 | $ | — | $ | 1,574 | $ | 9,029 | $ | 16,240 | $ | — | $ | 3,013 | $ | 13,484 | $ | — | $ | 16,497 | ||||||||||||||||||||
Exploration costs | — | — | — | — | — | 14 | 364 | — | — | 378 | ||||||||||||||||||||||||||||||
Capitalized interest | 395 | 961 | 1,207 | — | 2,563 | 1,093 | 1,374 | — | — | 2,467 | ||||||||||||||||||||||||||||||
Total U.S. | $ | 6,032 | $ | 961 | $ | 2,781 | $ | 9,029 | $ | 18,803 | $ | 1,107 | $ | 4,751 | $ | 13,484 | $ | — | $ | 19,342 | ||||||||||||||||||||
Canada | ||||||||||||||||||||||||||||||||||||||||
Acquisition costs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,956 | $ | 1,300 | $ | 68,586 | $ | 72,842 | ||||||||||||||||||||
Exploration costs | — | — | — | — | — | 7,044 | 31,746 | 41,092 | 30,413 | 110,295 | ||||||||||||||||||||||||||||||
Capitalized interest | — | — | — | — | — | 3,947 | 2,724 | 3,522 | 8,933 | 19,126 | ||||||||||||||||||||||||||||||
Total Canada | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,991 | $ | 37,426 | $ | 45,914 | $ | 107,932 | $ | 202,263 | ||||||||||||||||||||
Total | $ | 6,032 | $ | 961 | $ | 2,781 | $ | 9,029 | $ | 18,803 | $ | 12,098 | $ | 42,177 | $ | 59,398 | $ | 107,932 | $ | 221,605 | ||||||||||||||||||||
Schedule Of Unevaluated Property Costs | ||||||||||||||||||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
West Texas | $ | 18,803 | $ | 19,343 | ||||||||||||||||||||||||||||||||||||
Horn River Basin | — | 202,262 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 18,803 | $ | 221,605 | ||||||||||||||||||||||||||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets, Noncurrent Disclosure [Abstract] | ||||||||
Schedule Of Other Assets | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Deferred financing costs | $ | 62,319 | $ | 84,951 | ||||
Less accumulated amortization | (33,472 | ) | (50,171 | ) | ||||
Net deferred financing costs | 28,847 | 34,780 | ||||||
Governmental and notes receivable | 3,888 | 6,464 | ||||||
Other | 119 | 360 | ||||||
$ | 32,854 | $ | 41,604 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities [Abstract] | ||||||||
Schedule Of Accrued Liabilities | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Interest payable | $ | 36,288 | $ | 38,260 | ||||
Accrued operating expense | 21,833 | 37,747 | ||||||
Prepayments from partners | — | 425 | ||||||
Revenue payable | 19,121 | 22,589 | ||||||
Accrued state income and franchise taxes | 55 | 1,080 | ||||||
Accrued production and property taxes | 677 | 870 | ||||||
Environmental liabilities | 18 | 36 | ||||||
Accrued product purchases | 310 | 270 | ||||||
Current asset retirement obligations | 967 | 433 | ||||||
Other | 1,877 | 1,140 | ||||||
$ | 81,146 | $ | 102,850 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Schedule of Debt | ||||||||||||||||||||||||
Priority on Collateral and Structural Seniority (1) | ||||||||||||||||||||||||
Highest priority | Lowest 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) | 2-Oct-15 | 1-Jan-16 | 1-Jan-16 | N/A | N/A | N/A | ||||||||||||||||||
Interest rate on outstanding borrowings at December 31, 2014 (4) | 4.10% | 7.00% | 7.00% | 9.13% | 11.00% | 7.12% | ||||||||||||||||||
Base interest rate options (5)(6) | LIBOR, ABR, CDOR | LIBOR floor of 1.25%; ABR floor of 2.25% | LIBOR floor of 1.25% | N/A | N/A | N/A | ||||||||||||||||||
Financial covenants (7)(9) | - Minimum current ratio of 1.0 | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||
- Minimum EBITDAX or EBITDA to cash interest expense | ||||||||||||||||||||||||
- 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, 2015: 101 | June 21, 2015: 101 | 2014: 104.563 | 2019: 102.000 | |||||||||||||||||||||
2015: 103.042 | 2020: par | |||||||||||||||||||||||
2016: 101.521 | ||||||||||||||||||||||||
2017: par | ||||||||||||||||||||||||
Make-whole redemption (9) | N/A | N/A | N/A | N/A | Callable prior to | N/A | ||||||||||||||||||
July 1, 2019 at | ||||||||||||||||||||||||
make-whole call price | ||||||||||||||||||||||||
of Treasury +50 bps | ||||||||||||||||||||||||
Change of control (9) | Event of default | Put at 101% of | Put at 101% of | Put at 101% of | Put at 101% of | Put at 101% of | ||||||||||||||||||
principal plus accrued | principal plus accrued | principal plus accrued | principal plus accrued | principal plus accrued | ||||||||||||||||||||
interest | interest | interest | interest | interest | ||||||||||||||||||||
Equity clawback (9) | N/A | N/A | N/A | N/A | Redeemable until | N/A | ||||||||||||||||||
July 1, 2016 at | ||||||||||||||||||||||||
111.00%, plus accrued | ||||||||||||||||||||||||
interest for up to 35% | ||||||||||||||||||||||||
Estimated fair value (10) | $274.5 million | $465.6 million | $149.0 million | $74.8 million | $87.9 million | $26.5 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 natural 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 natural 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 December 31, 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 December 31, 2014, as then structured and assuming no changes in the amounts outstanding, amounts outstanding under the Combined Credit Agreements would have been due on October 2, 2015 and the Second Lien Term Loan and Second Lien Notes due 2019 would have been 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%. Beginning on March 17, 2015, as part of the Forbearance Agreement, we agreed to pay interest monthly at a specified rate of ABR plus the applicable margin. | |||||||||||||||||||||||
-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%. Beginning on March 17, 2015, as part of the Forbearance Agreement, we agreed to pay interest monthly at a specified rate for Canadian dollar denominated borrowings of Canadian prime plus the default rate plus the applicable margin and for U.S. dollar denominated borrowings, U.S. prime plus the default rate plus the applicable margin. | |||||||||||||||||||||||
-7 | As of December 31, 2014, the minimum EBITDAX covenant for the Combined Credit Agreements is as follows: | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
The minimum required interest coverage ratio for the Combined Credit Agreements for first quarter of 2016 and second quarter of 2016 is 1.50 and 2.00, respectively. | ||||||||||||||||||||||||
(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 and a first priority lien to have a fair value equal to their carrying value (“Level 1” input). | |||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Combined Credit Agreements | $ | — | $ | 274,514 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Second Lien Term Loan | — | — | — | — | 625,000 | — | ||||||||||||||||||
Second Lien Notes due 2019 | — | — | — | — | 200,000 | — | ||||||||||||||||||
Senior Notes due 2019 | — | — | — | — | 298,000 | — | ||||||||||||||||||
Senior Notes due 2021 | — | — | — | — | — | 325,000 | ||||||||||||||||||
Senior Subordinated Notes due 2016 | — | 350,000 | — | — | — | — | ||||||||||||||||||
Total Indebtedness | $ | — | $ | 624,514 | $ | — | $ | — | $ | 1,123,000 | $ | 325,000 | ||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Combined Credit Agreements | $ | 274,514 | $ | 211,200 | ||||||||||||||||||||
Second Lien Term Loan, net of unamortized discount of $14,758 and $17,428 | 610,242 | 607,572 | ||||||||||||||||||||||
Second Lien Notes due 2019, net of unamortized discount of $4,723 and $5,577 | 195,277 | 194,423 | ||||||||||||||||||||||
Senior Notes due 2015, net of unamortized discount of $0 and $2,149 | — | 10,472 | ||||||||||||||||||||||
Senior Notes due 2016, net of unamortized discount of $0 and $10,825 | — | 8,044 | ||||||||||||||||||||||
Senior Notes due 2019, net of unamortized discount of $4,081 and $5,378 | 293,919 | 293,243 | ||||||||||||||||||||||
Senior Notes due 2021, net of unamortized discount of $14,410 and $15,810 | 310,590 | 309,190 | ||||||||||||||||||||||
Senior Subordinated Notes due 2016 | 350,000 | 350,000 | ||||||||||||||||||||||
Total debt | 2,034,542 | 1,984,144 | ||||||||||||||||||||||
Unamortized deferred gain—terminated interest rate swaps | 2,763 | 4,802 | ||||||||||||||||||||||
Current portion of long-term debt | (2,037,305 | ) | — | |||||||||||||||||||||
Long-term debt | $ | — | $ | 1,988,946 | ||||||||||||||||||||
QRI & Restricted Subsidiaries Indenture Financials (Balance Sheet) | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets | $ | 421,533 | $ | 393,713 | ||||||||||||||||||||
Property and equipment | 715,931 | 779,173 | ||||||||||||||||||||||
Investment in subsidiaries (equity method) | (82,360 | ) | (33,840 | ) | ||||||||||||||||||||
Other assets | 62,245 | 114,961 | ||||||||||||||||||||||
Total assets | $ | 1,117,349 | $ | 1,254,007 | ||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
Current liabilities | 2,137,532 | 134,010 | ||||||||||||||||||||||
Long-term liabilities | 117,688 | 2,113,221 | ||||||||||||||||||||||
Stockholders’ equity | (1,137,871 | ) | (993,224 | ) | ||||||||||||||||||||
Total liabilities and equity | $ | 1,117,349 | $ | 1,254,007 | ||||||||||||||||||||
QRI & Restricted Subsidiaries Indenture Financials (Income Statement) | ||||||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Revenue | $ | 569,428 | $ | 561,562 | $ | 709,038 | ||||||||||||||||||
Operating expenses | 434,998 | 448,802 | 3,222,595 | |||||||||||||||||||||
Tokyo Gas Transaction gain | — | 339,328 | — | |||||||||||||||||||||
Crestwood earn-out | — | — | 41,097 | |||||||||||||||||||||
Equity in net earnings of subsidiaries | (64,056 | ) | (6,682 | ) | (12,747 | ) | ||||||||||||||||||
Operating income (loss) | 70,374 | 445,406 | (2,485,207 | ) | ||||||||||||||||||||
Interest expense and other | (169,874 | ) | (269,238 | ) | (162,991 | ) | ||||||||||||||||||
Income tax (expense) benefit | (3,600 | ) | (14,550 | ) | 295,592 | |||||||||||||||||||
Net income (loss) | $ | (103,100 | ) | $ | 161,618 | $ | (2,352,606 | ) | ||||||||||||||||
Other comprehensive loss | (38,028 | ) | (51,612 | ) | (53,365 | ) | ||||||||||||||||||
Comprehensive income (loss) | $ | (141,128 | ) | $ | 110,006 | $ | (2,405,971 | ) | ||||||||||||||||
QRI & Restricted Subsidiaries Indenture Financials (Cash Flow) | ||||||||||||||||||||||||
For the Year Ended | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | (13,614 | ) | $ | (62,131 | ) | $ | 213,280 | ||||||||||||||||
Capital expenditures | (133,481 | ) | (100,783 | ) | (474,748 | ) | ||||||||||||||||||
Investment in subsidiary | (26,395 | ) | — | — | ||||||||||||||||||||
Proceeds from Southwestern Transaction | 95,587 | — | — | |||||||||||||||||||||
Proceeds from Tokyo Gas Transaction | — | 463,999 | — | |||||||||||||||||||||
Proceeds from Synergy Transaction | — | 42,297 | — | |||||||||||||||||||||
Proceeds from Crestwood earn-out | — | — | 41,097 | |||||||||||||||||||||
Proceeds from sale of properties and equipment | 3,222 | 7,171 | 72,725 | |||||||||||||||||||||
Purchases of marketable securities | (55,890 | ) | (213,738 | ) | — | |||||||||||||||||||
Maturities and sales of marketable securities | 222,025 | 47,603 | — | |||||||||||||||||||||
Net cash flow provided by (used in) investing activities | 105,068 | 246,549 | (360,926 | ) | ||||||||||||||||||||
Issuance of debt | 243,184 | 1,237,352 | 467,959 | |||||||||||||||||||||
Repayments of debt | (193,689 | ) | (1,308,382 | ) | (310,430 | ) | ||||||||||||||||||
Debt issuance costs paid | (1,705 | ) | (26,296 | ) | (3,022 | ) | ||||||||||||||||||
Proceeds from exercise of stock options | — | — | 11 | |||||||||||||||||||||
Purchase of treasury stock | (2,388 | ) | (1,927 | ) | (3,144 | ) | ||||||||||||||||||
Net cash flow provided by (used in) financing activities | 45,402 | (99,253 | ) | 151,374 | ||||||||||||||||||||
Effect of exchange rates on cash | (3,046 | ) | (1,755 | ) | 527 | |||||||||||||||||||
Net increase in cash and equivalents | 133,810 | 83,410 | 4,255 | |||||||||||||||||||||
Cash and equivalents at beginning of period | 88,028 | 4,618 | 363 | |||||||||||||||||||||
Cash and equivalents at end of period | $ | 221,838 | $ | 88,028 | $ | 4,618 | ||||||||||||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Asset Retirement Obligation [Abstract] | ||||||||
Estimated Asset Retirement Obligation Activity | ||||||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Beginning asset retirement obligations | $ | 106,689 | $ | 116,526 | ||||
Additional liability incurred | 269 | 3,922 | ||||||
Change in estimates | (229 | ) | 7,582 | |||||
Accretion expense | 5,618 | 5,109 | ||||||
Asset retirement costs incurred | (388 | ) | (1,560 | ) | ||||
Settlement of liability in excess of obligation recorded | 146 | 742 | ||||||
Disposition | (1,778 | ) | (21,935 | ) | ||||
Currency translation adjustment | (5,311 | ) | (3,697 | ) | ||||
Ending asset retirement obligations | 105,016 | 106,689 | ||||||
Less current portion | (967 | ) | (433 | ) | ||||
Long-term asset retirement obligation | $ | 104,049 | $ | 106,256 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||||||||||
Significant Components Of Deferred Tax Assets And Liabilities | ||||||||||||
As of December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Property, plant and equipment | $ | 148,360 | $ | 209,134 | ||||||||
Net operating loss carry-forwards | 289,261 | 183,982 | ||||||||||
Investment in Fortune Creek | 3,763 | 3,763 | ||||||||||
AMT tax credit | 40,309 | 47,883 | ||||||||||
Settlements of interest rate swaps | 967 | 1,681 | ||||||||||
Deferred compensation expense | 11,087 | 11,711 | ||||||||||
State | 2,048 | 3,680 | ||||||||||
Other | 421 | 791 | ||||||||||
Deferred tax assets | 496,216 | 462,625 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Net derivative gains | (61,638 | ) | (44,039 | ) | ||||||||
Other | (470 | ) | (991 | ) | ||||||||
Deferred tax liabilities | (62,108 | ) | (45,030 | ) | ||||||||
Net deferred tax asset (liability) | 434,108 | 417,595 | ||||||||||
Valuation allowance | (434,108 | ) | (417,595 | ) | ||||||||
Total deferred tax asset (liability) | $ | — | $ | — | ||||||||
Reflected in the consolidated balance sheets as: | ||||||||||||
Current deferred income tax liability | $ | — | $ | — | ||||||||
Non-current deferred income tax liability | — | — | ||||||||||
$ | — | $ | — | |||||||||
Components of net income (loss) before income tax | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
U.S. | $ | (41,865 | ) | $ | 184,034 | $ | (2,142,730 | ) | ||||
Canada | (57,635 | ) | (7,866 | ) | (505,446 | ) | ||||||
Total | $ | (99,500 | ) | $ | 176,168 | $ | (2,648,176 | ) | ||||
Components Of Income Tax Expense | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Current state income tax expense (benefit) | $ | (144 | ) | $ | 900 | $ | 1,752 | |||||
Current U.S. federal income tax benefit | (7,574 | ) | (7,931 | ) | — | |||||||
Current Canadian income tax expense | 559 | — | — | |||||||||
Total current income tax expense (benefit) | (7,159 | ) | (7,031 | ) | 1,752 | |||||||
Deferred U.S. federal income tax expense (benefit) | (11,238 | ) | 205,820 | (763,639 | ) | |||||||
U.S. federal valuation allowance expense | 21,011 | (186,713 | ) | 533,974 | ||||||||
Deferred state income tax expense (benefit) | 1,632 | (3,680 | ) | — | ||||||||
State valuation allowance expense | (1,632 | ) | 3,680 | — | ||||||||
Deferred Canadian income tax expense (benefit) | 3,620 | 827 | (128,982 | ) | ||||||||
Canadian valuation allowance expense | (2,634 | ) | 1,647 | 61,325 | ||||||||
Total deferred income tax expense (benefit) | 10,759 | 21,581 | (297,322 | ) | ||||||||
Total income tax expense (benefit) | $ | 3,600 | $ | 14,550 | $ | (295,570 | ) | |||||
Statutory Federal Income Tax Rate | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
U.S. federal statutory tax rate | 35 | % | 35 | % | 35 | % | ||||||
Permanent differences | (27.05 | )% | 4.8 | % | (0.06 | )% | ||||||
State income taxes net of federal deduction | 0.09 | % | 0.31 | % | (0.04 | )% | ||||||
Canadian income taxes | 1.4 | % | (0.26 | )% | (1.93 | )% | ||||||
Other | (0.30 | )% | (0.15 | )% | 0.67 | % | ||||||
Derivatives deferred in OCI | (11.07 | )% | 12.43 | % | — | % | ||||||
AMT NOL refund | 7.61 | % | — | % | — | % | ||||||
Valuation allowance | (9.30 | )% | (43.87 | )% | (22.48 | )% | ||||||
Effective income tax rate | (3.62 | )% | 8.26 | % | 11.16 | % |
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Loss Contingency [Abstract] | ||||||||||||||||
Summary Of Contractual Obligations | ||||||||||||||||
GPT | Drilling Rig | Operating | Purchase | |||||||||||||
Contracts (1) | Contracts (2) | Leases (3) | Obligations (4) | |||||||||||||
(in thousands) | ||||||||||||||||
2015 | $ | 72,995 | $ | 6,577 | $ | 4,181 | $ | 220 | ||||||||
2016 | 69,566 | — | 4,275 | — | ||||||||||||
2017 | 66,492 | — | 4,098 | — | ||||||||||||
2018 | 60,453 | — | 3,961 | — | ||||||||||||
2019 | 44,241 | — | 4,001 | — | ||||||||||||
Thereafter | 95,250 | — | 8,849 | — | ||||||||||||
Total | $ | 408,997 | $ | 6,577 | $ | 29,365 | $ | 220 | ||||||||
(1) | Under contracts with various third parties, we are obligated to provide minimum daily natural gas volume for gathering, processing, fractionation and transportation, as determined on a monthly basis, or pay for any deficiencies at a specified unused firm capacity rate. Our gathering and transportation contracts with CMLP have no minimum volume requirement and, therefore, are not reported in the above amounts. As described below, this amount includes an amount we expect the service provider will claim to be entitled to with respect to QRCI's gathering and processing contract as of December 31, 2014. As further described below, the contract was terminated in March 2015 and we expect that we and the third party will disagree regarding the remaining amounts payable under the contract. | |||||||||||||||
(2) | We lease drilling rigs from third parties for use in our development and exploration programs. The outstanding drilling rig contract requires payment of a specified day rate ranging from $23,000 to $24,300 for the entire lease term regardless of our utilization of the drilling rigs. | |||||||||||||||
(3) | We lease office buildings and other property under operating leases. Rent expense for operating leases with terms exceeding one month was $3.5 million in 2014, $3.6 million in 2013 and $4.2 million in 2012. Minimum payments have not been reduced by minimum sublease rentals of $1.6 million due in the future under noncancelable subleases. | |||||||||||||||
(4) | At December 31, 2014, we were under contract to purchase goods and services. |
Quicksilver_Stockholders_Equit1
Quicksilver Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||||||||||||
Schedule Of Common Shares And Treasury Share Activity [Table Text Block] | ||||||||||||||
Common | Treasury | |||||||||||||
Shares Issued | Shares Held | |||||||||||||
Balance at January 1, 2012 | 176,980,483 | 5,379,702 | ||||||||||||
Stock options exercised | 1,572 | — | ||||||||||||
Restricted stock activity | 2,033,063 | 541,400 | ||||||||||||
Balance at December 31, 2012 | 179,015,118 | 5,921,102 | ||||||||||||
Stock options exercised | — | — | ||||||||||||
Restricted stock activity | 4,979,761 | 777,538 | ||||||||||||
Balance at December 31, 2013 | 183,994,879 | 6,698,640 | ||||||||||||
Stock options exercised | — | — | ||||||||||||
Restricted stock activity | 3,808,115 | 745,732 | ||||||||||||
Balance at December 31, 2014 | 187,802,994 | 7,444,372 | ||||||||||||
Assumptions For The Black-Scholes Option Pricing Model For Stock Options Issued | ||||||||||||||
2013 | 2012 | |||||||||||||
Weighted average grant date fair value | $1.05 | $4.21 | ||||||||||||
Weighted average risk-free interest rate | 1.31% | 1.14% | ||||||||||||
Expected life | 4.9 years | 6.0 years | ||||||||||||
Weighted average volatility | 68.97% | 68.20% | ||||||||||||
Expected dividends | — | — | ||||||||||||
Stock Option Activity | ||||||||||||||
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value | |||||||||||
(in years) | (in thousands) | |||||||||||||
Outstanding at January 1, 2014 | 6,771,578 | $ | 7.82 | |||||||||||
Forfeited | (60,939 | ) | 3.04 | |||||||||||
Expired | (119,866 | ) | 9.8 | |||||||||||
Outstanding at December 31, 2014 | 6,590,773 | $ | 7.83 | 5.1 | $ | — | ||||||||
Exercisable at December 31, 2014 | 5,224,531 | $ | 9.18 | 4.3 | $ | — | ||||||||
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 | 6,070,563 | 2.19 | — | — | ||||||||||
Vested | (2,559,959 | ) | 4.86 | (636,146 | ) | 4.27 | ||||||||
Forfeited | (1,122,429 | ) | 2.26 | (72,220 | ) | 3.28 | ||||||||
Outstanding at December 31, 2014 | 8,056,265 | $ | 2.54 | 863,975 | $ | 3.33 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Reconciliation Of Components Used To Compute Basic And Diluted Earnings (Loss) Per Common Share | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands, except per share data) | ||||||||||||
Net income (loss) attributable to Quicksilver | $ | (103,100 | ) | $ | 161,618 | $ | (2,352,606 | ) | ||||
Basic income allocable to participating securities (1) | — | (4,252 | ) | — | ||||||||
Income (loss) available to shareholders | $ | (103,100 | ) | $ | 157,366 | $ | (2,352,606 | ) | ||||
Weighted average common shares – basic | 173,822 | 171,518 | 170,106 | |||||||||
Effect of dilutive securities (2) | ||||||||||||
Share-based compensation awards | — | 141 | — | |||||||||
Weighted average common shares — diluted | 173,822 | 171,659 | 170,106 | |||||||||
Earnings (loss) per common share — basic | $ | (0.59 | ) | $ | 0.92 | $ | (13.83 | ) | ||||
Earnings (loss) per common share — diluted | $ | (0.59 | ) | $ | 0.92 | $ | (13.83 | ) | ||||
(1) | Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, should be included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so. | |||||||||||
(2) | For 2014, 6.6 million shares associated with our stock options and 1.0 million shares associated with our unvested restricted stock units were antidilutive and, therefore, excluded from the diluted share calculations. For 2013, 5.6 million shares associated with our stock options and 0.2 million shares associated with our unvested restricted stock units were antidilutive and, therefore, excluded from the diluted share calculations. For 2012, 5.0 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive and, therefore, excluded from the diluted share calculations. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ||||||||||||||||||||||||||||
List of Subsidiaries | ||||||||||||||||||||||||||||
Guarantor Subsidiaries - | Non-Guarantor Subsidiaries | |||||||||||||||||||||||||||
Restricted | Restricted | Unrestricted | ||||||||||||||||||||||||||
Cowtown Pipeline Funding, Inc. | Quicksilver Resources Canada Inc. | Makarios Resources International Holdings LLC | ||||||||||||||||||||||||||
Cowtown Pipeline Management, Inc. | Cowtown Drilling Inc. (1) | 1622834 Alberta Inc. | ||||||||||||||||||||||||||
Cowtown Pipeline L.P. | Quicksilver Resources Partners Operating Ltd. (2) | Makarios Midstream Inc. | ||||||||||||||||||||||||||
Cowtown Gas Processing L.P. | 0942065 B.C. Ltd. (2) | Makarios Resources International Inc. | ||||||||||||||||||||||||||
Barnett Shale Operating LLC | 0942069 B.C Ltd. (2) | Quicksilver Production Partners GP LLC | ||||||||||||||||||||||||||
QPP Parent LLC (2) | Quicksilver Production Partners LP | |||||||||||||||||||||||||||
QPP Holdings LLC (2) | ||||||||||||||||||||||||||||
Silver Stream Pipeline Company LLC (2) | ||||||||||||||||||||||||||||
-1 | This entity was inactive for the three-year period ended December 31, 2014. | |||||||||||||||||||||||||||
(2) | These entities were created in 2012. | |||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets | |||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidating | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Non-Guarantor | Creek | Eliminations | Resources | ||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Inc. | ||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Current assets | $ | 774,287 | $ | 13,909 | $ | 68,513 | $ | 82 | $ | 1,742 | $ | (435,256 | ) | $ | 423,277 | |||||||||||||
Property and equipment | 420,744 | 14,357 | 280,830 | — | 12,849 | — | 728,780 | |||||||||||||||||||||
Investment in subsidiaries (equity method) | (293,312 | ) | — | (82,360 | ) | (82,379 | ) | — | 458,051 | — | ||||||||||||||||||
Other assets | 43,533 | — | 18,712 | — | — | — | 62,245 | |||||||||||||||||||||
Total assets | $ | 945,252 | $ | 28,266 | $ | 285,695 | $ | (82,297 | ) | $ | 14,591 | $ | 22,795 | $ | 1,214,302 | |||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||
Current liabilities | $ | 2,038,575 | $ | 13,837 | $ | 520,296 | $ | 63 | $ | 3,522 | $ | (435,256 | ) | $ | 2,141,037 | |||||||||||||
Long-term liabilities | 44,548 | 15,131 | 58,009 | — | 1,492 | 91,956 | 211,136 | |||||||||||||||||||||
Stockholders’ equity | (1,137,871 | ) | (702 | ) | (292,610 | ) | (82,360 | ) | 9,577 | 366,095 | (1,137,871 | ) | ||||||||||||||||
Total liabilities and equity | $ | 945,252 | $ | 28,266 | $ | 285,695 | $ | (82,297 | ) | $ | 14,591 | $ | 22,795 | $ | 1,214,302 | |||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidating | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Non-Guarantor | Creek | Eliminations | Resources | ||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Inc. | ||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Current assets | $ | 349,586 | $ | 10,735 | $ | 53,034 | $ | 909 | $ | 1,110 | $ | (21,414 | ) | $ | 393,960 | |||||||||||||
Property and equipment | 455,822 | 15,486 | 307,865 | — | 81,632 | — | 860,805 | |||||||||||||||||||||
Investment in subsidiaries (equity method) | (217,852 | ) | — | (33,840 | ) | (33,840 | ) | — | 285,532 | — | ||||||||||||||||||
Other assets | 472,792 | — | 32,892 | — | — | (390,723 | ) | 114,961 | ||||||||||||||||||||
Total assets | $ | 1,060,348 | $ | 26,221 | $ | 359,951 | $ | (32,931 | ) | $ | 82,742 | $ | (126,605 | ) | $ | 1,369,726 | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||
Current liabilities | $ | 124,275 | $ | 12,210 | $ | 17,167 | $ | 888 | $ | 1,671 | $ | (21,414 | ) | $ | 134,797 | |||||||||||||
Long-term liabilities | 1,942,043 | 19,242 | 542,659 | — | 1,546 | (264,591 | ) | 2,240,899 | ||||||||||||||||||||
Stockholders’ equity | (1,005,970 | ) | (5,231 | ) | (199,875 | ) | (33,819 | ) | 79,525 | 159,400 | (1,005,970 | ) | ||||||||||||||||
Total liabilities and equity | $ | 1,060,348 | $ | 26,221 | $ | 359,951 | $ | (32,931 | ) | $ | 82,742 | $ | (126,605 | ) | $ | 1,369,726 | ||||||||||||
Condensed Consolidating Statements Of Income | Condensed Consolidating Statements of Income | |||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidating | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Non-Guarantor | Creek | Eliminations | Resources | ||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Inc. | ||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Revenue | $ | 410,455 | $ | 5,730 | $ | 153,243 | $ | — | $ | 17,585 | $ | (17,585 | ) | $ | 569,428 | |||||||||||||
Operating expenses | 299,499 | 1,286 | 134,213 | — | 66,581 | (17,585 | ) | 483,994 | ||||||||||||||||||||
Equity in net earnings of subsidiaries | (55,678 | ) | — | (64,056 | ) | (48,989 | ) | — | 168,723 | — | ||||||||||||||||||
Operating income (loss) | 55,278 | 4,444 | (45,026 | ) | (48,989 | ) | (48,996 | ) | 168,723 | 85,434 | ||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | (15,067 | ) | (15,067 | ) | |||||||||||||||||||
Interest expense and other | (157,350 | ) | 86 | (12,610 | ) | — | 7 | — | (169,867 | ) | ||||||||||||||||||
Income tax (expense) benefit | (2,614 | ) | (1,586 | ) | (986 | ) | — | — | 1,586 | (3,600 | ) | |||||||||||||||||
Net income (loss) | $ | (104,686 | ) | $ | 2,944 | $ | (58,622 | ) | $ | (48,989 | ) | $ | (48,989 | ) | $ | 155,242 | $ | (103,100 | ) | |||||||||
Other comprehensive income (loss) | (31,476 | ) | — | (6,552 | ) | — | — | — | (38,028 | ) | ||||||||||||||||||
Equity in OCI of subsidiaries | (6,552 | ) | — | — | — | — | 6,552 | — | ||||||||||||||||||||
Comprehensive income (loss) | $ | (142,714 | ) | $ | 2,944 | $ | (65,174 | ) | $ | (48,989 | ) | $ | (48,989 | ) | $ | 161,794 | $ | (141,128 | ) | |||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidating | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Non-Guarantor | Creek | Eliminations | Resources | ||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Inc. | ||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Revenue | $ | 416,516 | $ | 788 | $ | 144,258 | $ | — | $ | 22,364 | $ | (22,364 | ) | $ | 561,562 | |||||||||||||
Operating expenses | 329,975 | 346 | 118,481 | — | 9,808 | (22,364 | ) | 436,246 | ||||||||||||||||||||
Tokyo Gas Transaction gain | 339,328 | — | — | — | — | — | 339,328 | |||||||||||||||||||||
Equity in net earnings of subsidiaries | (9,896 | ) | — | (6,682 | ) | 12,563 | — | 4,015 | — | |||||||||||||||||||
Operating income (loss) | 415,973 | 442 | 19,095 | 12,563 | 12,556 | 4,015 | 464,644 | |||||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | (19,245 | ) | (19,245 | ) | |||||||||||||||||||
Interest expense and other | (242,279 | ) | — | (26,959 | ) | — | 7 | — | (269,231 | ) | ||||||||||||||||||
Income tax expense | (12,076 | ) | — | (2,474 | ) | — | — | — | (14,550 | ) | ||||||||||||||||||
Net income (loss) | $ | 161,618 | $ | 442 | $ | (10,338 | ) | $ | 12,563 | $ | 12,563 | $ | (15,230 | ) | $ | 161,618 | ||||||||||||
Other comprehensive loss | (40,166 | ) | — | (11,446 | ) | — | — | — | (51,612 | ) | ||||||||||||||||||
Equity in OCI of subsidiaries | (11,446 | ) | — | — | — | — | 11,446 | — | ||||||||||||||||||||
Comprehensive income (loss) | $ | 110,006 | $ | 442 | $ | (21,784 | ) | $ | 12,563 | $ | 12,563 | $ | (3,784 | ) | $ | 110,006 | ||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidating | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Non-Guarantor | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Consolidated | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Revenue | $ | 611,477 | $ | 4,574 | $ | 95,887 | $ | — | $ | 14,639 | $ | (17,539 | ) | $ | 709,038 | |||||||||||||
Operating expenses | 2,643,690 | 4,109 | 577,696 | — | 7,940 | (17,539 | ) | 3,215,896 | ||||||||||||||||||||
Crestwood earn-out | 41,097 | — | — | — | — | — | 41,097 | |||||||||||||||||||||
Equity in net earnings of subsidiaries | (437,510 | ) | — | (12,747 | ) | 6,726 | — | 443,531 | — | |||||||||||||||||||
Operating income (loss) | (2,428,626 | ) | 465 | (494,556 | ) | 6,726 | 6,699 | 443,531 | (2,465,761 | ) | ||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | (19,472 | ) | (19,472 | ) | |||||||||||||||||||
Interest expense and other | (152,077 | ) | — | (10,914 | ) | 21 | 27 | — | (162,943 | ) | ||||||||||||||||||
Income tax (expense) benefit | 228,097 | (163 | ) | 67,658 | — | — | (22 | ) | 295,570 | |||||||||||||||||||
Net income (loss) | $ | (2,352,606 | ) | $ | 302 | $ | (437,812 | ) | $ | 6,747 | $ | 6,726 | $ | 424,037 | $ | (2,352,606 | ) | |||||||||||
Other comprehensive income (loss) | (57,273 | ) | — | 3,908 | — | — | — | (53,365 | ) | |||||||||||||||||||
Equity in OCI of subsidiaries | 3,908 | — | — | — | — | (3,908 | ) | — | ||||||||||||||||||||
Comprehensive income (loss) | $ | (2,405,971 | ) | $ | 302 | $ | (433,904 | ) | $ | 6,747 | $ | 6,726 | $ | 420,129 | $ | (2,405,971 | ) | |||||||||||
Condensed Consolidating Statements Of Cash Flows | Condensed Consolidating Statements of Cash Flow | |||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidating | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Non-Guarantor | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Subsidiaries | Consolidated | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | (43,824 | ) | $ | (1,349 | ) | $ | 31,559 | $ | (2 | ) | $ | 5,987 | $ | — | $ | (7,629 | ) | ||||||||||
Capital expenditures | (102,898 | ) | (60 | ) | (30,523 | ) | — | — | — | (133,481 | ) | |||||||||||||||||
Investment in subsidiary | 881 | — | (26,395 | ) | (26,395 | ) | — | 51,909 | — | |||||||||||||||||||
Proceeds from Southwestern Transaction | 95,587 | — | — | — | — | — | 95,587 | |||||||||||||||||||||
Proceeds from sale of properties and equipment | 2,549 | — | 673 | — | — | — | 3,222 | |||||||||||||||||||||
Purchases of marketable securities | (55,890 | ) | — | — | — | — | — | (55,890 | ) | |||||||||||||||||||
Maturities and sales of marketable securities | 222,025 | — | — | — | — | — | 222,025 | |||||||||||||||||||||
Net cash flow provided by (used in) investing activities | 162,254 | (60 | ) | (56,245 | ) | (26,395 | ) | — | 51,909 | 131,463 | ||||||||||||||||||
Issuance of debt | 174,000 | — | 69,184 | — | — | — | 243,184 | |||||||||||||||||||||
Repayments of debt | (138,651 | ) | — | (55,038 | ) | — | — | — | (193,689 | ) | ||||||||||||||||||
Debt issuance costs | (1,069 | ) | — | (636 | ) | — | — | — | (1,705 | ) | ||||||||||||||||||
Intercompany note | (22,559 | ) | — | 22,559 | — | — | — | — | ||||||||||||||||||||
Intercompany financing | — | 1,409 | (2,290 | ) | — | — | 881 | — | ||||||||||||||||||||
Contribution received | — | — | — | 26,395 | 26,395 | (52,790 | ) | — | ||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | (39,993 | ) | — | (39,993 | ) | |||||||||||||||||||
Purchase of treasury stock | (2,388 | ) | — | — | — | — | — | (2,388 | ) | |||||||||||||||||||
Net cash flow provided by (used in) financing activities | 9,333 | 1,409 | 33,779 | 26,395 | (13,598 | ) | (51,909 | ) | 5,409 | |||||||||||||||||||
Effect of exchange rates on cash | — | — | (3,046 | ) | — | 8,229 | — | 5,183 | ||||||||||||||||||||
Net increase in cash and equivalents | 127,763 | — | 6,047 | (2 | ) | 618 | — | 134,426 | ||||||||||||||||||||
Cash and equivalents at beginning of period | 83,893 | — | 4,135 | 22 | 1,053 | — | 89,103 | |||||||||||||||||||||
Cash and equivalents at end of period | $ | 211,656 | $ | — | $ | 10,182 | $ | 20 | $ | 1,671 | $ | — | $ | 223,529 | ||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted Non-Guarantor Subsidiaries | Fortune Creek | Quicksilver | |||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Resources | |||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Inc. | |||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | (82,722 | ) | $ | — | $ | 20,591 | $ | 22 | $ | 10,409 | $ | (51,700 | ) | ||||||||||||||
Capital expenditures | (67,263 | ) | — | (33,520 | ) | — | (505 | ) | (101,288 | ) | ||||||||||||||||||
Proceeds from Tokyo Gas Transaction | 463,999 | — | — | — | — | 463,999 | ||||||||||||||||||||||
Proceeds from Synergy Transaction | 42,297 | — | — | — | — | 42,297 | ||||||||||||||||||||||
Proceeds from sale of properties and equipment | 7,128 | — | 43 | — | — | 7,171 | ||||||||||||||||||||||
Purchases of marketable securities | (213,738 | ) | — | — | — | — | (213,738 | ) | ||||||||||||||||||||
Maturities and sales of marketable securities | 47,603 | — | — | — | — | 47,603 | ||||||||||||||||||||||
Net cash flow provided by (used in) investing activities | 280,026 | — | (33,477 | ) | — | (505 | ) | 246,044 | ||||||||||||||||||||
Issuance of debt | 1,215,266 | — | 22,086 | — | — | 1,237,352 | ||||||||||||||||||||||
Repayments of debt | (1,157,969 | ) | — | (150,413 | ) | — | — | (1,308,382 | ) | |||||||||||||||||||
Debt issuance costs | (26,296 | ) | — | — | — | — | (26,296 | ) | ||||||||||||||||||||
Intercompany note | (147,103 | ) | — | 147,103 | — | — | — | |||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | (14,965 | ) | (14,965 | ) | ||||||||||||||||||||
Purchase of treasury stock | (1,927 | ) | — | — | — | — | (1,927 | ) | ||||||||||||||||||||
Net cash flow provided by (used in) financing activities | (118,029 | ) | — | 18,776 | — | (14,965 | ) | (114,218 | ) | |||||||||||||||||||
Effect of exchange rates on cash | — | — | (1,755 | ) | — | 5,781 | 4,026 | |||||||||||||||||||||
Net increase in cash and equivalents | 79,275 | — | 4,135 | 22 | 720 | 84,152 | ||||||||||||||||||||||
Cash and equivalents at beginning of period | 4,618 | — | — | — | 333 | 4,951 | ||||||||||||||||||||||
Cash and equivalents at end of period | $ | 83,893 | $ | — | $ | 4,135 | $ | 22 | $ | 1,053 | $ | 89,103 | ||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted Non-Guarantor Subsidiaries | Fortune | Quicksilver | |||||||||||||||||||||||
Resources | Guarantor | Non-Guarantor | Creek | Resources | ||||||||||||||||||||||||
Inc. | Subsidiaries | Subsidiaries | Inc. | |||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Net cash flow provided by operating activities | $ | 163,353 | $ | 656 | $ | 49,271 | $ | — | $ | 14,447 | $ | 227,727 | ||||||||||||||||
Capital expenditures | (231,934 | ) | (656 | ) | (242,158 | ) | — | (10,731 | ) | (485,479 | ) | |||||||||||||||||
Proceeds from Crestwood earn-out | 41,097 | — | — | — | — | 41,097 | ||||||||||||||||||||||
Proceeds from sale of properties and equipment | 72,362 | — | 363 | — | — | 72,725 | ||||||||||||||||||||||
Net cash flow used in investing activities | (118,475 | ) | (656 | ) | (241,795 | ) | — | (10,731 | ) | (371,657 | ) | |||||||||||||||||
Issuance of debt | 228,500 | — | 239,459 | — | — | 467,959 | ||||||||||||||||||||||
Repayments of debt | (264,018 | ) | — | (46,412 | ) | — | — | (310,430 | ) | |||||||||||||||||||
Debt issuance costs | (1,972 | ) | — | (1,050 | ) | — | — | (3,022 | ) | |||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | (14,285 | ) | (14,285 | ) | ||||||||||||||||||||
Proceeds from exercise of stock options | 11 | — | — | — | — | 11 | ||||||||||||||||||||||
Purchase of treasury stock | (3,144 | ) | — | — | — | — | (3,144 | ) | ||||||||||||||||||||
Net cash flow provided by (used in) financing activities | (40,623 | ) | — | 191,997 | — | (14,285 | ) | 137,089 | ||||||||||||||||||||
Effect of exchange rates on cash | — | — | 527 | — | (1,881 | ) | (1,354 | ) | ||||||||||||||||||||
Net increase (decrease) in cash and equivalents | 4,255 | — | — | — | (12,450 | ) | (8,195 | ) | ||||||||||||||||||||
Cash and equivalents at beginning of period | 363 | — | — | — | 12,783 | 13,146 | ||||||||||||||||||||||
Cash and equivalents at end of period | $ | 4,618 | $ | — | $ | — | $ | — | $ | 333 | $ | 4,951 | ||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Operating Income And Property And Equipment Costs Incurred | ||||||||||||||||||||||||
Exploration & Production | Midstream | Quicksilver | ||||||||||||||||||||||
U.S. | Canada | Corporate | Elimination | Consolidated | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Revenue | $ | 410,444 | $ | 150,876 | $ | 25,693 | $ | — | $ | (17,585 | ) | $ | 569,428 | |||||||||||
DD&A | 30,411 | 23,902 | 4,970 | 1,843 | — | 61,126 | ||||||||||||||||||
Impairment expense | 2,450 | 11,043 | 58,495 | — | — | 71,988 | ||||||||||||||||||
Operating income (loss) | 156,382 | 22,601 | (44,412 | ) | (49,137 | ) | — | 85,434 | ||||||||||||||||
Property and equipment costs incurred | 100,592 | 27,585 | 86 | 1,127 | — | 129,390 | ||||||||||||||||||
2013 | ||||||||||||||||||||||||
Revenue | $ | 416,462 | $ | 141,870 | $ | 25,594 | $ | — | $ | (22,364 | ) | $ | 561,562 | |||||||||||
DD&A | 37,540 | 17,508 | 5,249 | 2,315 | — | 62,612 | ||||||||||||||||||
Impairment expense | 1,809 | — | 54 | — | — | 1,863 | ||||||||||||||||||
Operating income (loss) | 476,610 | 32,648 | 13,008 | (57,622 | ) | — | 464,644 | |||||||||||||||||
Property and equipment costs incurred | 64,976 | 16,838 | 7,055 | 9,792 | — | 98,661 | ||||||||||||||||||
2012 | ||||||||||||||||||||||||
Revenue | $ | 598,892 | $ | 105,949 | $ | 21,735 | $ | — | $ | (17,538 | ) | $ | 709,038 | |||||||||||
DD&A | 123,370 | 32,686 | 5,182 | 2,386 | — | 163,624 | ||||||||||||||||||
Impairment expense | 2,152,665 | 465,935 | 7,328 | — | — | 2,625,928 | ||||||||||||||||||
Operating income (loss) | (1,921,073 | ) | (474,768 | ) | 8,163 | (78,083 | ) | — | (2,465,761 | ) | ||||||||||||||
Property and equipment costs incurred | 189,997 | 174,867 | 18,742 | 6,850 | — | 390,456 | ||||||||||||||||||
Property, plant and equipment—net | ||||||||||||||||||||||||
31-Dec-14 | $ | 416,901 | $ | 280,830 | $ | 27,205 | $ | 3,844 | $ | — | $ | 728,780 | ||||||||||||
31-Dec-13 | 451,840 | 306,423 | 97,118 | 5,424 | — | 860,805 | ||||||||||||||||||
Total assets | ||||||||||||||||||||||||
31-Dec-14 | $ | 881,906 | $ | 285,695 | $ | 42,857 | $ | 3,844 | $ | — | $ | 1,214,302 | ||||||||||||
31-Dec-13 | 895,388 | 359,951 | 108,963 | 5,424 | — | 1,369,726 | ||||||||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Cash Paid Or Received For Interest And Income Taxes | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Interest, net of capitalized interest | $ | 152,983 | $ | 254,901 | $ | 154,663 | ||||||
Income taxes, net | (7,051 | ) | 833 | (20,682 | ) | |||||||
Other Significant Non-cash Transactions | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in thousands) | ||||||||||||
Working capital related to capital expenditures | $ | 4,666 | $ | 10,324 | $ | 10,939 | ||||||
Supplemental_Selected_Quarterl1
Supplemental Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Schedule Of Quarterly Financial Data | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
(in thousands, except per share data) | ||||||||||||||||
2014 (1) | ||||||||||||||||
Operating revenue | $ | 91,786 | $ | 118,032 | $ | 163,498 | $ | 196,112 | ||||||||
Operating income (loss) | (11,054 | ) | 13,536 | 64,784 | 18,168 | |||||||||||
Net income (loss) | (58,833 | ) | (36,095 | ) | 23,757 | (31,929 | ) | |||||||||
Basic net earnings per share | $ | (0.34 | ) | $ | (0.21 | ) | $ | 0.13 | $ | (0.18 | ) | |||||
Diluted net earnings per share | (0.34 | ) | (0.21 | ) | 0.13 | (0.18 | ) | |||||||||
2013 (2) (3) (4) | ||||||||||||||||
Operating revenue | $ | 118,703 | $ | 175,497 | $ | 153,116 | $ | 114,246 | ||||||||
Operating income (loss) | (3,874 | ) | 394,894 | 60,049 | 13,575 | |||||||||||
Net income (loss) | (59,707 | ) | 242,523 | 10,577 | (31,775 | ) | ||||||||||
Basic net earnings per share | $ | (0.35 | ) | $ | 1.37 | $ | 0.06 | $ | (0.18 | ) | ||||||
Diluted net earnings per share | (0.35 | ) | 1.37 | 0.06 | (0.18 | ) | ||||||||||
(1) | Operating income for the fourth quarter of 2014 includes a non-cash property impairment loss of $71.9 million, primarily due to our Fortune Creek gathering system impairment. | |||||||||||||||
(2) | Operating income for the second quarter of 2013 includes gains of $333.2 million related to the Tokyo Gas Transaction which was subsequently adjusted in later quarters to be a gain of $339.3 million. The period also includes an immaterial correction of $3.6 million for equity-based compensation granted to retirement-eligible employees whose awards required no future service at the time of grant but which expense was being recognized over multiple periods. The impact to the first quarter of 2013 expense was $1.2 million and the impact to 2012 and prior years was $2.4 million. | |||||||||||||||
(3) | Operating income for the third quarter of 2013 includes an increase of $8.2 million to correct for immaterial items which pertain to earlier quarters in 2013, comprised of an increase to the gain related to the Tokyo Gas Transaction of $8.0 million arising from a change to the amount of unevaluated properties allocated to TGBR. | |||||||||||||||
(4) | Operating income for the fourth quarter of 2013 includes a decrease of $5.9 million to correct for immaterial items which pertain to prior 2013 quarters. These items include an adjustment to non-cash expense to settle litigation recognized in the first quarter of 2013 of $3.0 million, non-cash decrease in the gain related to the Tokyo Gas Transaction of $1.7 million arising from a change in the amount of surface real estate conveyed to TGBR, increase in the amortization of deferred financing costs and original issue discount of $0.8 million and strategic transaction fees of $0.5 million arising in the second quarter of 2013. |
Nature_Of_Operations_Nature_of
Nature Of Operations Nature of Operations (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Combined Credit Agreements [Member] | |
Debt Instrument [Line Items] | |
Available borrowing under combined credit agreements | $9.20 |
Combined Credit Agreements [Member] | |
Debt Instrument [Line Items] | |
Borrowing capacity | 325 |
Subsequent Event [Member] | Senior Notes Due Two Thousand Nineteen [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Periodic Payment, Interest | $13.60 |
Significant_Accounting_Policie2
Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
customers | customers | customers | |
Significant Accounting Policies [Line Items] | |||
Inventories | $8,269,000 | $18,334,000 | |
Inventory Impairments | 7030 | 2998 | |
Foreign Currency Transaction Gain (Loss), before Tax | -3,700,000 | -2,400,000 | |
Purchasers | 2 | 1 | 2 |
Estimated future net revenue discount rate | 10.00% | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Receivables number of due days | 60 | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Receivables number of due days | 30 | ||
Purchaser One [Member] | |||
Significant Accounting Policies [Line Items] | |||
Purchases made by customer percentage | 17.00% | 18.00% | 21.00% |
Purchaser Two [Member] | |||
Significant Accounting Policies [Line Items] | |||
Purchases made by customer percentage | 13.00% | 15.00% | |
Other Property and Equipment [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 40 years | ||
Other Property and Equipment [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 5 years | ||
materials and parts [Member] | |||
Significant Accounting Policies [Line Items] | |||
Inventories | 7,600,000 | 15,800,000 | |
NGLs [Member] | |||
Significant Accounting Policies [Line Items] | |||
Inventories | $700,000 | $2,500,000 |
Divestitures_Narrative_Details
Divestitures (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2013 | Dec. 28, 2012 | 1-May-14 | Apr. 30, 2013 |
acre | acre | |||||
Acquisitions And Divestitures [Line Items] | ||||||
Approximate Gross Acres Eni West Texas Total | 52,500 | |||||
Percentage of ownership interest | 100.00% | |||||
Eni Funding of West Texas Transaction | $52 | |||||
Joint Interest Ownership After Complete Three Phases | 50.00% | |||||
Sandwash Basin [Member] | ||||||
Acquisitions And Divestitures [Line Items] | ||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 95.6 | |||||
Southern Alberta Basin [Member] | ||||||
Acquisitions And Divestitures [Line Items] | ||||||
PurchasePricePriorToAdjustments | 46 | |||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 42.3 | |||||
Barnett Shale [Member] | ||||||
Acquisitions And Divestitures [Line Items] | ||||||
Percentage of ownership interest | 25.00% | |||||
PurchasePricePriorToAdjustments | 485 | |||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 464 | |||||
Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Pretax | 339.3 | |||||
Tokyo Gas [Member] | ||||||
Acquisitions And Divestitures [Line Items] | ||||||
Oil and Gas Property Decrease due to Gain | $110.70 | |||||
Acquisition and Exploration Agreement [Member] | SWEPI LP [Member] | ||||||
Acquisitions And Divestitures [Line Items] | ||||||
Area of Mutual Interest (AMI) | 850,000 | |||||
Working interest assigned to each party | 50.00% | |||||
Percent ownership of AMI | 50.00% | |||||
Area of AMI owned | 320,000 | |||||
Percentage right to any acquisition in the AMI | 50.00% | |||||
Equalization Payment Percentage | 50.00% |
Derivatives_And_Fair_Value_Mea2
Derivatives And Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 |
MMcf | |||
Anticipated Natural Gas Production for 2015 - subsequent to year-end | 20 | ||
Anticipated Natural Gas Production Thereafter - subsequent to year-end | 0 | ||
Senior notes maturity | 2015 | ||
Cash received in settlement of hedge | $41.50 | ||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 30.8 | ||
Interest previously accrued and earned | 10.7 | ||
Gains and losses from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings | 22.4 | ||
Reduction of interest expense over the life of a debt instruments | 2.8 | ||
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | 8.3 | ||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 2 | 12 | |
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 | 4.6 | ||
Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
Unobservable inputs included within the fair value calculation | 2.88 | ||
Subsequent Event [Member] | |||
Cash Proceeds From Derivative Terminations | $135.70 |
Derivatives_And_Fair_Value_Mea3
Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments Under Input Levels) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Asset Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Estimated fair value of derivative instruments | $149,567 | $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 | 104,608 | 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 | 44,959 | 23,485 |
Liability Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Estimated fair value of derivative instruments | 0 | 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 | 0 | 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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Balance at beginning of period | ($23,485) | $4,931 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | -31,824 | -40,398 |
Transfers out of Level 3 | -3,559 | 0 |
Balance at end of period | -44,959 | -23,485 |
Total gains included in net derivative gains attributable to the change in unrealized gains related to assets still held at the reporting date | 32,074 | 41,909 |
Derivative gains (losses) [Member] | ||
Settlements | ($6,791) | ($11,982) |
Derivatives_And_Fair_Value_Mea5
Derivatives And Fair Value Measurements (Swaps For Anticipated Natural Gas and NGL Production) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
MMcf | |
Credit Risk Derivatives, at Fair Value, Net [Abstract] | |
Gas 2015 | 150 |
Gas 2016-2021 | 30 |
Derivatives_And_Fair_Value_Mea6
Derivatives And Fair Value Measurements (Net Deferred Hedge Gain in AOCI to be Released into Earnings) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Credit Risk Derivatives, at Fair Value, Net [Abstract] | |
2015 | $33,191 |
2016 | 13,476 |
2017 | 12,531 |
2018 | 11,664 |
2019 and thereafter | 29,779 |
Net deferred hedge gain in AOCI to be released into earnings | $100,641 |
Derivatives_And_Fair_Value_Mea7
Derivatives And Fair Value Measurements (Reduction Of Interest Expense Over The Life Of The Debt Instruments) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Credit Risk Derivatives, at Fair Value, Net [Abstract] | |
2015 | $2,194 |
2016 | 569 |
Reduction of interest expense over the life of the debt instruments, total | $2,763 |
Derivatives_And_Fair_Value_Mea8
Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Current derivative assets | $120,176 | $57,523 |
Noncurrent derivative assets | 29,391 | 73,357 |
Current derivative liabilities | 0 | 3,125 |
Noncurrent derivative liabilities | 0 | 323 |
Asset Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 201,363 | 165,378 |
Liability Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative liabilities | 51,796 | 37,946 |
Not Designated as Hedging Instrument [Member] | Asset Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current derivative assets | 120,176 | 60,063 |
Noncurrent derivative assets | 81,187 | 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 | 0 | 2,540 |
Noncurrent derivative assets | 51,796 | 31,958 |
Current derivative liabilities | 0 | 3,125 |
Noncurrent derivative liabilities | $0 | $323 |
Derivatives_And_Fair_Value_Mea9
Derivatives And Fair Value Measurements (Carrying Value Of Derivatives) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | |||
Settlements in production revenue | $24,702 | $46,931 | $128,161 |
Recovered_Sheet1
Derivatives And Fair Value Measurements Derivatives, Investments And Fair Value Measurements (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Sold Security, at Carrying Value | $10,000,000 | |
Held-to-maturity Securities, Transferred Security, at Carrying Value | 10,000,000 | |
Fixed Income Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Fair Value | 29,397,000 | |
Held-to-maturity Securities, Unrecognized Holding Loss | -22,000 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 0 | |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 29,419,000 | |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Fair Value | 136,926,000 | |
Held-to-maturity Securities, Unrecognized Holding Loss | -25,000 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 27,000 | |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 136,924,000 | |
Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Fair Value | 166,323,000 | |
Held-to-maturity Securities, Unrecognized Holding Loss | -47,000 | |
Held-to-maturity Securities, Unrecognized Holding Gain | 27,000 | |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $166,343,000 |
Accounts_Receivable_Schedule_O
Accounts Receivable (Schedule Of Accounts Receivable) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net [Abstract] | ||
Accrued production | $32,130 | $34,785 |
Joint interest billings | 22,621 | 15,630 |
Income taxes | 7,574 | 7,931 |
Canadian value added taxes | 173 | 60 |
Other | 2,937 | 328 |
Allowance for doubtful accounts | -277 | -89 |
Accounts receivable, net | $65,158 | $58,645 |
Other_Current_Assets_Details
Other Current Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Current Assets [Abstract] | ||
Inventories | $8,269 | $18,334 |
Deposits | 1,284 | 1,044 |
Other prepaid expense | 4,861 | 2,968 |
Other current assets | $14,414 | $22,346 |
Property_Plant_And_Equipment_N
Property, Plant And Equipment (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Rate | ||||
Property, Plant and Equipment [Line Items] | ||||
Percentage drop in Henry Hub price | 33.00% | |||
Percentage decrease related to NGL prices | 28.00% | |||
Percentage decrease of AECO stated price | 36.00% | |||
Impairment expense | $71,900,000 | $71,988,000 | $1,863,000 | $2,625,928,000 |
Capitalized overhead costs related to exploration and development activities | 11,200,000 | 13,600,000 | 16,800,000 | |
Depreciation Expense | 15,200,000 | 17,100,000 | 18,600,000 | |
U.S. [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment expense | 2,450,000 | 1,809,000 | 2,152,665,000 | |
Depletion per Mcfe | 0.48 | 0.51 | 1.14 | |
West Texas [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated years for evaluation of acquisition costs | 3 years | |||
Canada [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment expense | 11,043,000 | 0 | 465,935,000 | |
Depletion per Mcfe | 0.38 | 0.14 | 0.83 | |
Midstream [Member] | U.S. [Member] | Other Property and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment expense | 135,000 | 54,000 | 7,328,000 | |
Midstream [Member] | Canada [Member] | Other Property and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment expense | $58,360,000 | $0 | $0 |
Property_Plant_And_Equipment_S
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Subject to depletion | $5,821,167 | $5,687,557 |
Unevaluated costs of oil and natural gas properties | 18,803 | 221,605 |
Accumulated depletion | -5,225,302 | -5,268,719 |
Net oil and gas properties | 614,668 | 640,443 |
Pipelines and processing facilities | 316,013 | 347,093 |
General properties | 66,455 | 72,125 |
Accumulated depreciation | -268,356 | -198,856 |
Property, Plant and Equipment, Other, Net | 114,112 | 220,362 |
Property, plant and equipment - net | $728,780 | $860,805 |
Property_Plant_And_Equipment_S1
Property, Plant And Equipment (Schedule Of Charges For Impairment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Impairment expense | $71,900 | $71,988 | $1,863 | $2,625,928 |
U.S. [Member] | ||||
Impairment expense | 2,450 | 1,809 | 2,152,665 | |
Canada [Member] | ||||
Impairment expense | 11,043 | 0 | 465,935 | |
Exploration and Production Equipment [Member] | Oil and Gas Properties [Member] | U.S. [Member] | ||||
Impairment expense | 0 | 0 | 2,152,128 | |
Exploration and Production Equipment [Member] | Oil and Gas Properties [Member] | Canada [Member] | ||||
Impairment expense | 0 | 0 | 465,935 | |
Exploration and Production Equipment [Member] | Other Property and Equipment [Member] | U.S. [Member] | ||||
Impairment expense | 2,450 | 1,809 | 537 | |
Exploration and Production Equipment [Member] | Other Property and Equipment [Member] | Canada [Member] | ||||
Impairment expense | 11,043 | 0 | 0 | |
Midstream [Member] | Other Property and Equipment [Member] | U.S. [Member] | ||||
Impairment expense | 135 | 54 | 7,328 | |
Midstream [Member] | Other Property and Equipment [Member] | Canada [Member] | ||||
Impairment expense | $58,360 | $0 | $0 |
Property_Plant_And_Equipment_S2
Property, Plant And Equipment (Schedule Of Unevaluated Natural Gas And Oil Properties Not Subject To Depletion) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Total | $18,803 | $221,605 |
Current Year [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 6,032 | 12,098 |
Before Current Year [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 961 | 42,177 |
Before Previous Year [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 2,781 | 59,398 |
Prior [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 9,029 | 107,932 |
U.S. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisition costs | 16,240 | 16,497 |
Exploration costs | 0 | 378 |
Capitalized interest | 2,563 | 2,467 |
Total | 18,803 | 19,342 |
U.S. [Member] | Current Year [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisition costs | 5,637 | 0 |
Exploration costs | 0 | 14 |
Capitalized interest | 395 | 1,093 |
Total | 6,032 | 1,107 |
U.S. [Member] | Before Current Year [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisition costs | 0 | 3,013 |
Exploration costs | 0 | 364 |
Capitalized interest | 961 | 1,374 |
Total | 961 | 4,751 |
U.S. [Member] | Before Previous Year [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisition costs | 1,574 | 13,484 |
Exploration costs | 0 | 0 |
Capitalized interest | 1,207 | 0 |
Total | 2,781 | 13,484 |
U.S. [Member] | Prior [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisition costs | 9,029 | 0 |
Exploration costs | 0 | 0 |
Capitalized interest | 0 | 0 |
Total | 9,029 | 0 |
Canada [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisition costs | 0 | 72,842 |
Exploration costs | 0 | 110,295 |
Capitalized interest | 0 | 19,126 |
Total | 0 | 202,263 |
Canada [Member] | Current Year [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisition costs | 0 | 0 |
Exploration costs | 0 | 7,044 |
Capitalized interest | 0 | 3,947 |
Total | 0 | 10,991 |
Canada [Member] | Before Current Year [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisition costs | 0 | 2,956 |
Exploration costs | 0 | 31,746 |
Capitalized interest | 0 | 2,724 |
Total | 0 | 37,426 |
Canada [Member] | Before Previous Year [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisition costs | 0 | 1,300 |
Exploration costs | 0 | 41,092 |
Capitalized interest | 0 | 3,522 |
Total | 0 | 45,914 |
Canada [Member] | Prior [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Acquisition costs | 0 | 68,586 |
Exploration costs | 0 | 30,413 |
Capitalized interest | 0 | 8,933 |
Total | $0 | $107,932 |
Property_Plant_And_Equipment_S3
Property, Plant And Equipment (Schedule Of Unevaluated Property Costs) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total | $18,803 | $221,605 |
West Texas [Member] | ||
Total | 18,803 | 19,343 |
Horn River Asset [Member] | ||
Total | $0 | $202,262 |
Other_Assets_Schedule_Of_Other
Other Assets (Schedule Of Other Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets, Noncurrent Disclosure [Abstract] | ||
Deferred financing costs | $62,319 | $84,951 |
Less accumulated amortization | -33,472 | -50,171 |
Net deferred financing costs | 28,847 | 34,780 |
Notes receivable | 3,888 | 6,464 |
Other | 119 | 360 |
Other assets, total | $32,854 | $41,604 |
Accrued_Liabilities_Schedule_O
Accrued Liabilities (Schedule Of Accrued Liabilities) (Details) New (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ||
Interest payable | $36,288 | $38,260 |
Accrued operating expenses | 21,833 | 37,747 |
Prepayments from partners | 0 | 425 |
Revenue payable | 19,121 | 22,589 |
Accrued state income and franchise taxes | 55 | 1,080 |
Accrued production and property taxes | 677 | 870 |
Environmental liabilities | 18 | 36 |
Accrued product purchases | 310 | 270 |
Current asset retirement obligations | 967 | 433 |
Other | 1,877 | 1,140 |
Accrued liabilities, total | $81,146 | $102,850 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | 2 Months Ended | 3 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 21, 2013 | Dec. 31, 2013 | Jun. 30, 2009 | Sep. 30, 2013 | Sep. 30, 2009 | Jun. 30, 2008 | Aug. 31, 2009 | Dec. 31, 2006 | |
Rate | Rate | Rate | Rate | ||||||||
Debt Instrument [Line Items] | |||||||||||
Premium and Tender Premium Paid | $51,400,000 | ||||||||||
Percentage of ownership interest | 100.00% | ||||||||||
Interest Expense | 163,286,000 | 251,847,000 | 164,051,000 | ||||||||
Interest Costs Capitalized | -5,700,000 | -7,700,000 | |||||||||
Payments of Financing Costs | 23,400,000 | ||||||||||
Debt Issuance Cost | 4,100,000 | ||||||||||
Repayments of Long-term Debt | 193,689,000 | 1,308,382,000 | 310,430,000 | ||||||||
Issuance of debt | 243,184,000 | 1,237,352,000 | 467,959,000 | ||||||||
Senior Notes Due 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Unamortized Discount | 0 | 10,825,000 | 10,825,000 | ||||||||
Repayments of Long-term Debt | 8,900,000 | ||||||||||
Senior Notes Due 2015 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Unamortized Discount | 0 | 2,149,000 | 2,149,000 | ||||||||
Repayments of Long-term Debt | 10,900,000 | ||||||||||
Senior Secured Second Lien Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Secured Second Lien Repayment Term Triggering Event Related To Senior Notes Due 2019, Maximum Threshold For Measurement | 100,000,000 | ||||||||||
Debt Instrument, Unamortized Discount | 14,758,000 | 0 | 0 | ||||||||
Combined Credit Agreements [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowing capacity | 325,000,000 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 450,000,000 | 1,750,000,000 | 1,750,000,000 | ||||||||
Canadian Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of ownership interest | 100.00% | ||||||||||
Senior Secured Second Lien Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 625,000,000 | 625,000,000 | |||||||||
Debt Issue Percentage | 97.00% | 97.00% | |||||||||
Issuance of debt | 606,300,000 | ||||||||||
Senior Secured Second Lien Term Loan Due 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 200,000,000 | 200,000,000 | |||||||||
Debt Issue Percentage | 97.00% | 97.00% | |||||||||
Issuance of debt | 194,000,000 | ||||||||||
Senior Notes Due 2015 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% | ||||||||||
Debt Instrument, Face Amount | 438,000,000 | 438,000,000 | 475,000,000 | ||||||||
Repayments of Long-term Debt | 450,700,000 | 2,300,000 | |||||||||
Debt Issue Percentage | 98.66% | ||||||||||
Long Term Debt Repurchase Price | 1,027.90 | 1,027.90 | |||||||||
Interest Paid on Repurchased Debt | 32.08 | 32.08 | |||||||||
Debt Instrument, Repurchase Amount | 1,000 | 1,000 | |||||||||
Amount Tendered | 425,200,000 | 425,200,000 | |||||||||
Combined Credit Agreements [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Available borrowing under combined credit agreements | 9,200,000 | ||||||||||
Senior Notes Due 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.75% | ||||||||||
Debt Instrument, Face Amount | 590,600,000 | 590,600,000 | 600,000,000 | ||||||||
Repayments of Long-term Debt | 654,400,000 | ||||||||||
Debt Issue Percentage | 96.72% | ||||||||||
Issuance of debt | 580,300,000 | ||||||||||
Long Term Debt Repurchase Price | 1,068 | 1,068 | |||||||||
Interest Paid on Repurchased Debt | 55.49 | 55.49 | |||||||||
Debt Instrument, Repurchase Amount | 1,000 | 1,000 | |||||||||
Amount Tendered | 582,500,000 | 582,500,000 | |||||||||
Senior Notes Due 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.13% | ||||||||||
Consent Fee | 11,500,000 | ||||||||||
Debt Instrument, Face Amount | 300,000,000 | ||||||||||
Debt Issue Percentage | 97.61% | ||||||||||
Issuance of debt | 292,800,000 | ||||||||||
Senior Notes Due Two Thousand Twenty-one [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | 11.00% | |||||||||
Debt Instrument, Face Amount | 325,000,000 | 325,000,000 | |||||||||
Debt Issue Percentage | 94.93% | 94.93% | |||||||||
Issuance of debt | 308,500,000 | ||||||||||
Senior Subordinated Notes Due 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.13% | ||||||||||
Debt Instrument, Face Amount | 350,000,000 | ||||||||||
Maximum [Member] | U S Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||
Maximum [Member] | Global Letter Of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowing capacity | 280,000,000 | ||||||||||
Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Covenant, EBITDA to Interest Expense | 2.25 | ||||||||||
Minimum [Member] | U S Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||
Multiple Subsidiaries Set One [Member] | U S Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of ownership interest | 100.00% | ||||||||||
Multiple Subsidiaries Set Two [Member] | U S Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of ownership interest | 65.00% | ||||||||||
CDOR Rate [Member] | Maximum [Member] | Canadian Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||||||||
CDOR Rate [Member] | Minimum [Member] | Canadian Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||
Canadian Prime Rate [Member] | Maximum [Member] | Canadian Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||
Canadian Prime Rate [Member] | Minimum [Member] | Canadian Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||
U S Prime Rate [Member] | Maximum [Member] | Canadian Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||
U S Prime Rate [Member] | Minimum [Member] | Canadian Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||
Alternative Base Rate [Member] | Senior Secured Second Lien Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | ||||||||||
Floor on Debt Rate | 2.25% | 2.25% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | U S Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Senior Secured Second Lien Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.75% | ||||||||||
Floor on Debt Rate | 1.25% | 1.25% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.75% | ||||||||||
Floor on Debt Rate | 1.25% | 1.25% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | U S Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Canadian Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | U S Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Canadian Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||
Senior Notes [Member] | 2013 [Member] | Senior Notes Due 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption percentage of par value | 105.88% | ||||||||||
Senior Notes [Member] | 2013 [Member] | Senior Notes Due 2015 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Redemption percentage of par value | 101.94% | ||||||||||
Subsequent Event [Member] | Combined Credit Agreements [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds From Derivative Terminations Used to Pay Debt | 36,700,000 | ||||||||||
Subsequent Event [Member] | Senior Notes Due 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Periodic Payment, Interest | $13,600,000 |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Combined Credit Agreements | $41,300,000 | |
Long-term Debt | 2,034,542,000 | 1,984,144,000 |
Unamortized deferred gain - terminated interest rate swaps | 2,763,000 | 4,802,000 |
Long-term Debt, Current Maturities | 2,037,305,000 | 0 |
Long-term debt | 0 | 1,988,946,000 |
Combined Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Combined Credit Agreements | 274,514,000 | 211,200,000 |
Senior Notes Due 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 10,472,000 |
Debt Instrument, Unamortized Discount | 0 | 2,149,000 |
Senior Notes Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 0 | 8,044,000 |
Debt Instrument, Unamortized Discount | 0 | 10,825,000 |
Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 293,919,000 | 293,243,000 |
Debt Instrument, Unamortized Discount | 4,081,000 | 5,378,000 |
Senior Notes Due Two Thousand Twenty-one [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 310,590,000 | 309,190,000 |
Debt Instrument, Unamortized Discount | 14,410,000 | 0 |
Senior Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated Long-term Debt, Noncurrent | 350,000,000 | 350,000,000 |
Senior Secured Second Lien Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | 610,242,000 | 607,572,000 |
Debt Instrument, Unamortized Discount | 14,758,000 | 0 |
Secured Second Lien Repayment Term Triggering Event Related To Senior Notes Due 2019, Maximum Threshold For Measurement | 100,000,000 | |
Senior Secured Second Lien Term Loan Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Secured Long-term Debt, Noncurrent | 195,277,000 | 194,423,000 |
Debt Instrument, Unamortized Discount | 4,723,000 | 0 |
Secured Second Lien Repayment Term Triggering Event Related To Senior Notes Due 2019, Maximum Threshold For Measurement | $100,000,000 |
LongTerm_Debt_LongTerm_Debt_Sc
Long-Term Debt Long-Term Debt (Schedule Of Maturities Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 624,514 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,123,000 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 325,000 |
Combined Credit Agreements [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 274,514 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 |
Senior Secured Second Lien Term Loan Due 2019 [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 200,000 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 |
Senior Secured Second Lien Term Loan [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 625,000 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 |
Senior Notes Due 2019 [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 298,000 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 |
Senior Notes Due Two Thousand Twenty-one [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 325,000 |
Senior Subordinated Notes Due 2016 [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 350,000 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $0 |
LongTerm_Debt_Schedule_Of_Outs
Long-Term Debt (Schedule Of Outstanding Debt) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Equity interests | 100.00% | |
Senior Secured Second Lien Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Secured Second Lien Repayment Term Triggering Event Related To Senior Notes Due 2019, Maximum Threshold For Measurement | 100 | |
Senior Secured Second Lien Term Loan Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Secured Second Lien Repayment Term Triggering Event Related To Senior Notes Due 2019, Maximum Threshold For Measurement | 100 | |
Canadian Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Equity interests | 100.00% | |
Combined Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 325 | |
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] | ||
Applicable margin in addition to interest rate | 2.75% | |
Minimum [Member] | U.S. Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Applicable margin in addition to interest rate | 1.75% | |
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 | |
Interest rate on outstanding borrowings at June 30, 2012 | 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 | [1],[2] |
Optional redemption | Any time | [1] |
Make-whole redemption | N/A | |
Equity Clawback | N/A | |
Change of control | Put at 101% of principal plus accrued interest | [1] |
Estimated fair value | 26.5 | [3] |
Percentage of principal plus accrued interest for change of control | 101.00% | |
First Mortgage [Member] | Combined Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Current ratio | 1 | |
Minimum EBITDA to cash interest expense ratio | 1.1 | |
Senior secured debt leverage ratio | 2 | |
Line of Credit Facility, Current Borrowing Capacity | 325 | [4],[5] |
Scheduled maturity date | 6-Sep-16 | [6] |
Debt Instrument, Potential Earliest Maturity Date | 2-Oct-15 | [6] |
Interest rate on outstanding borrowings at June 30, 2012 | 4.10% | [7] |
Base interest rate options | LIBOR, ABR, CDOR | [8],[9] |
Financial covenants | - Minimum current ratio of 1.0 - Minimum EBITDAX or EBITDA to cash interest expense - Maximum senior secured debt leverage ratio of 2.0 | [1],[10] |
Significant restrictive covenants | - Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives and investments | [1],[2] |
Optional redemption | Any time | [1] |
Make-whole redemption | N/A | |
Equity Clawback | N/A | |
Change of control | Event of default | [1] |
Estimated fair value | 274.5 | [3] |
Second Mortgage [Member] | Senior Secured Second Lien Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 625 | [4] |
Scheduled maturity date | 21-Jun-19 | [6] |
Debt Instrument, Potential Earliest Maturity Date | 1-Jan-16 | [6] |
Interest rate on outstanding borrowings at June 30, 2012 | 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 | [1],[2] |
Optional redemption | Any time, subject to re-pricing event June 21, 2015: 101 | [1] |
Make-whole redemption | N/A | |
Equity Clawback | N/A | |
Change of control | Put at 101% of principal plus accrued interest | [1] |
Estimated fair value | 465.6 | [3] |
Percentage of principal plus accrued interest for change of control | 101.00% | |
Second Mortgage [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 200 | [4] |
Scheduled maturity date | 21-Jun-19 | [6] |
Debt Instrument, Potential Earliest Maturity Date | 1-Jan-16 | [6] |
Interest rate on outstanding borrowings at June 30, 2012 | 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 | [1],[2] |
Optional redemption | Any time, subject to re-pricing event June 21, 2015: 101 | [1] |
Make-whole redemption | N/A | |
Equity Clawback | N/A | |
Change of control | Put at 101% of principal plus accrued interest | [1] |
Estimated fair value | 149 | [3] |
Percentage of principal plus accrued interest for change of control | 101.00% | |
Senior Notes [Member] | Senior Notes Due Two Thousand Twenty-one [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 325 | |
Scheduled maturity date | 1-Jul-21 | |
Debt Instrument, Potential Earliest Maturity Date | N/A | |
Interest rate on outstanding borrowings at June 30, 2012 | 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 | [1],[2] |
Optional redemption | July 1, 2019: 102.000 2020: par | [1] |
Make-whole redemption | Callable prior to July 1, 2019 at make-whole call price of Treasury +50 bps | [1] |
Equity Clawback | Redeemable until July 1, 2016 at 111.00%, plus accrued interest for up to 35% | [1] |
Change of control | Put at 101% of principal plus accrued interest | [1] |
Estimated fair value | 87.9 | [3] |
Make-whole redemption treasury plus percentage | 0.50% | |
Percentage of principal plus accrued interest for change of control | 101.00% | |
Equity Clawback Redemption Percentage | 111.00% | |
Senior Notes [Member] | Senior Notes Due 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of principal plus accrued interest for change of control | 101.00% | |
Senior Notes [Member] | Senior Notes Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
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 | |
Interest rate on outstanding borrowings at June 30, 2012 | 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 | [1],[2] |
Optional redemption | August 15, 2014: 104.563 2015: 103.042 2016: 101.521 2017: par | [1] |
Make-whole redemption | N/A | |
Equity Clawback | N/A | |
Change of control | Put at 101% of principal plus accrued interest | [1] |
Estimated fair value | 74.8 | [3] |
Make-whole redemption treasury plus percentage | 0.50% | |
Percentage of principal plus accrued interest for change of control | 101.00% | |
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% | |
London Interbank Offered Rate (LIBOR) [Member] | U.S. Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Applicable margin in addition to interest rate | 1.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | U.S. Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Applicable margin in addition to interest rate | 3.75% | |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Canadian Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Applicable margin in addition to interest rate | 3.75% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | U.S. Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Applicable margin in addition to interest rate | 2.75% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Canadian Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Applicable margin in addition to interest rate | 2.75% | |
London Interbank Offered Rate (LIBOR) [Member] | Second Mortgage [Member] | Senior Secured Second Lien Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Reference Rate, Floor | 1.25% | |
London Interbank Offered Rate (LIBOR) [Member] | Second Mortgage [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 1.25% | |
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% | |
ABR [Member] | Second Mortgage [Member] | Senior Secured Second Lien Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Reference Rate, Floor | 2.25% | |
2013 [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 101.19% | |
2013 [Member] | Senior Notes [Member] | Senior Notes Due 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 101.94% | |
Percentage of principal plus accrued interest for change of control | 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] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 100.00% | |
2014 [Member] | Second Mortgage [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 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 100.00% | |
2014 [Member] | Senior Notes [Member] | Senior Notes Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 102.94% | |
2014 [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 104.56% | |
2015 [Member] | Second Mortgage [Member] | Senior Secured Second Lien Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 101.00% | |
2015 [Member] | Second Mortgage [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of principal plus accrued interest for change of control | 101.00% | |
2015 [Member] | Senior Notes [Member] | Senior Notes Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 100.00% | |
2015 [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 103.04% | |
Year Twenty Sixteen [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 101.52% | |
Year Twenty Seventeen [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 100.00% | |
Year Twenty Nineteen [Member] | Senior Notes [Member] | Senior Notes Due Two Thousand Twenty-one [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 102.00% | |
Year Twenty Twenty [Member] | Senior Notes [Member] | Senior Notes Due Two Thousand Twenty-one [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 100.00% | |
Combined Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.50% | |
Combined Credit Agreements [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.50% | |
First Quarter Two Thousand Sixteen [Member] | Minimum [Member] | Combined Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Interest coverage ratio | 1.5 | |
Three Months Ended December 31, 2014 [Member] | Minimum [Member] | Combined Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Minimum EBITDAX Covenant | 30 | |
Six months ending March 31, 2015 [Member] | Minimum [Member] | Combined Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Minimum EBITDAX Covenant | 59 | |
Nine months ending June 30, 2015 [Member] | Minimum [Member] | Combined Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Minimum EBITDAX Covenant | 87.25 | |
Twelve months ending September 30, 2015 [Member] | Minimum [Member] | Combined Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Minimum EBITDAX Covenant | 120.5 | |
Twelve months ending December 31, 2015 [Member] | Minimum [Member] | Combined Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Minimum EBITDAX Covenant | 122 | |
Second Quarter Two Thousand Sixteen [Member] | Minimum [Member] | Combined Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Interest coverage ratio | 2 | |
[1] | 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. | |
[2] | Our indentures require us to reinvest or repay senior debt with net cash proceeds from certain asset sales within one year. | |
[3] | 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 and a first priority lien to have a fair value equal to their carrying value (bLevel 1b input). | |
[4] | 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 natural 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 natural gas properties and related assets. The other debt presented is based upon structural seniority and priority of payment. | |
[5] | The principal amount for the Combined Credit Agreements represents the global borrowing base as of DecemberB 31, 2014. | |
[6] | 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 DecemberB 31, 2014, as then structured and assuming no changes in the amounts outstanding, amounts outstanding under the Combined Credit Agreements would have been due on October 2, 2015 and the Second Lien Term Loan and Second Lien Notes due 2019 would have been due on January 1, 2016. | |
[7] | Represents the weighted average borrowing rate payable to lenders. | |
[8] | 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%. | |
[9] | 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%. | |
[10] | As of DecemberB 31, 2014, the minimum EBITDAX covenant for the Combined Credit Agreements is as follows: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, 2015122.0The minimum required interest coverage ratio for the Combined Credit Agreements for first quarter of 2016 and second quarter of 2016 is 1.50 and 2.00, respectively. |
LongTerm_Debt_LongTerm_Debt_Mi
Long-Term Debt Long-Term Debt (Minimum Required Interest Coverage Ratio) (Details) (Details) (Minimum [Member], Combined Credit Agreements [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
First Quarter Two Thousand Sixteen [Member] | |
Debt Instrument [Line Items] | |
Interest coverage ratio | 1.5 |
Second Quarter Two Thousand Sixteen [Member] | |
Debt Instrument [Line Items] | |
Interest coverage ratio | 2 |
LongTerm_Debt_LongTerm_Debt_Mi1
Long-Term Debt Long-Term Debt (Minimum EBITDAX Covenant) (Details) (Minimum [Member], Combined Credit Agreements [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 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 |
LongTerm_Debt_LongTerm_Debt_QR
Long-Term Debt Long-Term Debt (QRI & Restricted Subsidiaries Indenture Financials (Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Indenture Disclosure Financials [Line Items] | ||
Property, Plant and Equipment, Net | $728,780 | $860,805 |
Equity Method Investments | 0 | 0 |
Other Noncurrent Assets | 62,245 | 114,961 |
Total assets | 1,214,302 | 1,369,726 |
Liabilities, Current | 2,141,037 | 134,797 |
Liabilities, Noncurrent | 211,136 | 2,240,899 |
Stockholders' equity | -1,137,871 | -1,005,970 |
Total liabilities and stockholders' equity | 1,214,302 | 1,369,726 |
Assets, Current | 423,277 | 393,960 |
Quicksilver And Restricted Subsidiaries [Member] | ||
Indenture Disclosure Financials [Line Items] | ||
Property, Plant and Equipment, Net | 715,931 | 779,173 |
Equity Method Investments | -82,360 | -33,840 |
Other Noncurrent Assets | 62,245 | 114,961 |
Total assets | 1,117,349 | 1,254,007 |
Liabilities, Current | 2,137,532 | 134,010 |
Liabilities, Noncurrent | 117,688 | 2,113,221 |
Stockholders' equity | -1,137,871 | -993,224 |
Total liabilities and stockholders' equity | 1,117,349 | 1,254,007 |
Assets, Current | $421,533 | $393,713 |
LongTerm_Debt_LongTerm_Debt_QR1
Long-Term Debt Long-Term Debt (QRI & Restricted Subsidiaries Indenture Financials (Income Stmt) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Indenture Disclosure Financials [Line Items] | |||||||||||||||
Oil and Gas Revenue | $569,428 | $561,562 | $709,038 | ||||||||||||
Operating Expenses | 483,994 | 436,246 | 3,215,896 | ||||||||||||
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | 0 | 0 | 0 | ||||||||||||
Operating Income (Loss) | 18,168 | [1] | 64,784 | 13,536 | -11,054 | 13,575 | [2] | 60,049 | [3] | 394,894 | [4] | -3,874 | 85,434 | 464,644 | -2,465,761 |
Accretion Expense | -15,067 | -19,245 | -19,472 | ||||||||||||
Interest expense and other | -169,867 | -269,231 | -162,943 | ||||||||||||
Income tax (expense) benefit | -3,600 | -14,550 | 295,570 | ||||||||||||
Net income (loss) | -103,100 | 161,618 | -2,352,606 | ||||||||||||
Other Comprehensive Income, Other, Net of Tax | -38,028 | -51,612 | -53,365 | ||||||||||||
Equity in other comprehensive income of subsidiaries | 0 | 0 | 0 | ||||||||||||
Comprehensive income (loss) | -141,128 | 110,006 | -2,405,971 | ||||||||||||
Tokyo Gas [Member] | |||||||||||||||
Indenture Disclosure Financials [Line Items] | |||||||||||||||
Gain on Tokyo Gas Transaction | 333,200 | 0 | 339,328 | 0 | |||||||||||
kwk_CrestwoodLP [Member] | |||||||||||||||
Indenture Disclosure Financials [Line Items] | |||||||||||||||
Crestwood earn-out | 0 | 0 | 41,097 | ||||||||||||
Quicksilver And Restricted Subsidiaries [Member] | |||||||||||||||
Indenture Disclosure Financials [Line Items] | |||||||||||||||
Oil and Gas Revenue | 569,428 | 561,562 | 709,038 | ||||||||||||
Operating Expenses | 434,998 | 448,802 | 3,222,595 | ||||||||||||
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | -64,056 | -6,682 | -12,747 | ||||||||||||
Operating Income (Loss) | 70,374 | 445,406 | -2,485,207 | ||||||||||||
Interest expense and other | -169,874 | -269,238 | -162,991 | ||||||||||||
Income tax (expense) benefit | -3,600 | -14,550 | 295,592 | ||||||||||||
Net income (loss) | -103,100 | 161,618 | -2,352,606 | ||||||||||||
Other Comprehensive Income, Other, Net of Tax | -38,028 | -51,612 | -53,365 | ||||||||||||
Comprehensive income (loss) | -141,128 | 110,006 | -2,405,971 | ||||||||||||
Quicksilver And Restricted Subsidiaries [Member] | Tokyo Gas [Member] | |||||||||||||||
Indenture Disclosure Financials [Line Items] | |||||||||||||||
Gain on Tokyo Gas Transaction | 0 | 339,328 | 0 | ||||||||||||
Quicksilver And Restricted Subsidiaries [Member] | kwk_CrestwoodLP [Member] | |||||||||||||||
Indenture Disclosure Financials [Line Items] | |||||||||||||||
Crestwood earn-out | $0 | $0 | $41,097 | ||||||||||||
[1] | Operating income for the fourth quarter of 2014 includes a non-cash property impairment loss of $71.9 million, primarily due to our Fortune Creek gathering system impairment. | ||||||||||||||
[2] | Operating income for the fourth quarter of 2013 includes a decrease of $5.9 million to correct for immaterial items which pertain to prior 2013 quarters. These items include an adjustment to non-cash expense to settle litigation recognized in the first quarter of 2013 of $3.0 million, non-cash decrease in the gain related to the Tokyo Gas Transaction of $1.7 million arising from a change in the amount of surface real estate conveyed to TGBR, increase in the amortization of deferred financing costs and original issue discount of $0.8 million and strategic transaction fees of $0.5 million arising in the second quarter of 2013. | ||||||||||||||
[3] | Operating income for the third quarter of 2013 includes an increase of $8.2 million to correct for immaterial items which pertain to earlier quarters in 2013, comprised of an increase to the gain related to the Tokyo Gas Transaction of $8.0 million arising from a change to the amount of unevaluated properties allocated to TGBR | ||||||||||||||
[4] | Operating income for the second quarter of 2013 includes gains of $333.2 million related to the Tokyo Gas Transaction which was subsequently adjusted in later quarters to be a gain of $339.3 million. The period also includes an immaterial correction of $3.6 million for equity-based compensation granted to retirement-eligible employees whose awards required no future service at the time of grant but which expense was being recognized over multiple periods. The impact to the first quarter of 2013 expense was $1.2 million and the impact to 2012 and prior years was $2.4 million. |
LongTerm_Debt_LongTerm_Debt_QR2
Long-Term Debt Long-Term Debt (QRI & Restricted Subsidiaries Indenture Financials (Cash Flow) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Indenture Disclosure Financials [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | ($7,629) | ($51,700) | $227,727 | |
Purchases of property, plant and equipment | -133,481 | -101,288 | -485,479 | |
Investment in subsidiary | 0 | |||
Proceeds from sale of properties and equipment | 3,222 | 7,171 | 72,725 | |
Payments to Acquire Marketable Securities | 55,890 | 213,738 | 0 | |
Proceeds from Sale and Maturity of Marketable Securities | 222,025 | 47,603 | ||
Net cash used by investing activities | 131,463 | 246,044 | -371,657 | |
Issuance of debt | 243,184 | 1,237,352 | 467,959 | |
Repayments of Long-term Debt | 193,689 | 1,308,382 | 310,430 | |
Payments of Debt Issuance Costs | 1,705 | 26,296 | 3,022 | |
Intercompany Note | 0 | 0 | ||
Intercompany financing | 0 | |||
Contribution received | 0 | |||
Payments of Distributions to Affiliates | 39,993 | 14,965 | 14,285 | |
Proceeds from exercise of stock options | 0 | 0 | 11 | |
Payments Related to Tax Withholding for Share-based Compensation | 2,388 | 1,927 | 3,144 | |
Net Cash Provided by (Used in) Financing Activities | 5,409 | -114,218 | 137,089 | |
Effect of exchange rates on cash | 5,183 | 4,026 | -1,354 | |
Net increase (decrease) in cash and equivalents | 134,426 | 84,152 | -8,195 | |
Cash and Cash Equivalents, at Carrying Value | 223,529 | 89,103 | 4,951 | 13,146 |
Quicksilver And Restricted Subsidiaries [Member] | ||||
Indenture Disclosure Financials [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | -13,614 | -62,131 | 213,280 | |
Purchases of property, plant and equipment | -133,481 | -100,783 | -474,748 | |
Investment in subsidiary | -26,395 | 0 | 0 | |
Proceeds from sale of properties and equipment | 3,222 | 7,171 | 72,725 | |
Payments to Acquire Marketable Securities | 55,890 | 213,738 | 0 | |
Proceeds from Sale and Maturity of Marketable Securities | 222,025 | 47,603 | 0 | |
Net cash used by investing activities | 105,068 | 246,549 | -360,926 | |
Issuance of debt | 243,184 | 1,237,352 | 467,959 | |
Repayments of Long-term Debt | 193,689 | 1,308,382 | 310,430 | |
Payments of Debt Issuance Costs | 1,705 | 26,296 | 3,022 | |
Proceeds from exercise of stock options | 0 | 0 | 11 | |
Payments Related to Tax Withholding for Share-based Compensation | 2,388 | 1,927 | 3,144 | |
Net Cash Provided by (Used in) Financing Activities | 45,402 | -99,253 | 151,374 | |
Effect of exchange rates on cash | -3,046 | -1,755 | 527 | |
Net increase (decrease) in cash and equivalents | 133,810 | 83,410 | 4,255 | |
Cash and Cash Equivalents, at Carrying Value | 221,838 | 88,028 | 4,618 | 363 |
Sandwash Basin [Member] | ||||
Indenture Disclosure Financials [Line Items] | ||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 95,587 | 0 | 0 | |
Sandwash Basin [Member] | Quicksilver And Restricted Subsidiaries [Member] | ||||
Indenture Disclosure Financials [Line Items] | ||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 95,587 | 0 | 0 | |
Tokyo Gas [Member] | ||||
Indenture Disclosure Financials [Line Items] | ||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 463,999 | 0 | |
Tokyo Gas [Member] | Quicksilver And Restricted Subsidiaries [Member] | ||||
Indenture Disclosure Financials [Line Items] | ||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 463,999 | 0 | |
Synergy [Member] | ||||
Indenture Disclosure Financials [Line Items] | ||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 42,297 | 0 | |
Synergy [Member] | Quicksilver And Restricted Subsidiaries [Member] | ||||
Indenture Disclosure Financials [Line Items] | ||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 42,297 | 0 | |
kwk_CrestwoodLP [Member] | Quicksilver And Restricted Subsidiaries [Member] | ||||
Indenture Disclosure Financials [Line Items] | ||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | $0 | $0 | $41,097 |
Asset_Retirement_Obligations_E
Asset Retirement Obligations (Estimated Asset Retirement Obligation Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligation [Abstract] | ||
Beginning asset retirement obligations | $106,689 | $116,526 |
Additional liability incurred | 269 | 3,922 |
Change in estimates | 229 | -7,582 |
Accretion expense | 5,618 | 5,109 |
Asset retirement costs incurred | 388 | 1,560 |
Gain on settlement of liability | -146 | -742 |
Asset Retirement Obligations, Dispositions | 1,778 | 21,935 |
Currency translation adjustment | -5,311 | 3,697 |
Ending asset retirement obligations | 105,016 | 106,689 |
Less current portion | -967 | -433 |
Long-term asset retirement obligation | $104,049 | $106,256 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Rate | |||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State Statutory Rate | 1.00% | 1.00% | 1.00% |
Remaining net operating tax losses | $812,000,000 | $529,000,000 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 40,309,000 | 47,883,000 | |
Net Operating Loss, change in | 283,000,000 | ||
Tax Valuation Allowance Expense, State | -1,632,000 | 3,680,000 | 0 |
U.S. federal valuation allowance expense | 21,011,000 | -186,713,000 | 533,974,000 |
Canadian valuation allowance expense | -2,634,000 | 1,647,000 | 61,325,000 |
Tax basis in fortune creek, net | 29,000,000 | ||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 1.40% | -0.26% | -1.93% |
Valuation Allowance, Amount | 434,108,000 | 417,595,000 | |
Tax benefits recognized | 0 | 0 | |
CANADA | |||
Foreign Statutory Rate, Canada | 25.20% | 25.20% | 25.00% |
UNITED STATES | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 21,000,000 | ||
Canada [Member] | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | -2,600,000 | ||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 12.50% | ||
Minimum [Member] | |||
Net operating tax losses period | 31-Dec-29 | ||
Maximum [Member] | |||
Net operating tax losses period | 31-Dec-34 | ||
CANADA | |||
Valuation Allowance, Amount | $3,700,000 |
Income_Taxes_Components_Of_Def
Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Property, plant and equipment | $148,360 | $209,134 |
Net operating loss carry-forwards | 289,261 | 183,982 |
Investment in Fortune Creek | 3,763 | 3,763 |
AMT tax credit | 40,309 | 47,883 |
Settlements of interest rate swaps | 967 | 1,681 |
Deferred compensation expense | 11,087 | 11,711 |
Deferred Tax Assets, State Taxes | 2,048 | 3,680 |
Other | 421 | 791 |
Deferred tax assets | 496,216 | 462,625 |
Gains from hedging and derivative activities | -61,638 | -44,039 |
Deferred Tax Liabilities, Other | -470 | -991 |
Deferred tax liabilities | -62,108 | -45,030 |
Net deferred tax asset (liability) | 434,108 | 417,595 |
Valuation allowance | -434,108 | -417,595 |
Current deferred income tax liability | 0 | 0 |
Non-current deferred income tax liability | 0 | 0 |
Total deferred tax asset (liability) | $0 | $0 |
Income_Taxes_Components_Of_Inc
Income Taxes (Components Of Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (loss) before income taxes | ($99,500) | $176,168 | ($2,648,176) |
UNITED STATES | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | -41,865 | 184,034 | -2,142,730 |
Income (loss) before income taxes | 117,438 | 129,544 | -1,955,773 |
Canada [Member] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | -57,635 | -7,866 | -505,446 |
Income (loss) before income taxes | $36,769 | $45,690 | ($459,288) |
Income_Taxes_Income_Taxes_Comp
Income Taxes Income Taxes (Components Of Income Tax Expense 1) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Current state income tax expense (benefit) | ($144) | $900 | $1,752 |
Current U.S. federal income tax benefit | -7,574 | -7,931 | 0 |
Current Canadian income tax expense | 559 | 0 | 0 |
Total current income tax expense (benefit) | -7,159 | -7,031 | 1,752 |
Deferred state income tax expense (benefit) | 1,632 | -3,680 | 0 |
Tax Valuation Allowance Expense, State | -1,632 | 3,680 | 0 |
Deferred U.S. federal income tax expense (benefit) | -11,238 | 205,820 | -763,639 |
U.S. federal valuation allowance expense | 21,011 | -186,713 | 533,974 |
Deferred Canadian income tax expense (benefit) | 3,620 | 827 | -128,982 |
Canadian valuation allowance expense | -2,634 | 1,647 | 61,325 |
Total deferred income tax expense (benefit) | 10,759 | 21,581 | -297,322 |
Total income tax expense (benefit) | $3,600 | $14,550 | ($295,570) |
Income_Taxes_Statutory_Federal
Income Taxes (Statutory Federal Income Tax Rate) (Details) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Rate | Rate | Rate | ||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||||
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% |
Permanent differences | -27.05% | -27.05% | 4.80% | 4.80% | -0.06% | -0.06% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.09% | 0.09% | 0.31% | 0.31% | -0.04% | -0.04% |
Canadian income taxes | 1.40% | 1.40% | -0.26% | -0.26% | -1.93% | -1.93% |
Other | -0.30% | -0.30% | -0.15% | -0.15% | 0.67% | 0.67% |
Derivatives deferred in OCI | -11.07% | -11.07% | 12.43% | 12.43% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, AMT NOL refund, percent | 7.61% | 7.61% | 0.00% | 0.00% | 0.00% | 0.00% |
Valuation allowance | -9.30% | -9.30% | -43.87% | -43.87% | -22.48% | -22.48% |
Effective income tax rate | -3.62% | -3.62% | 8.26% | 8.26% | 11.16% | 11.16% |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
USD ($) | USD ($) | Subsequent Event [Member] | |
CAD | |||
Loss Contingencies [Line Items] | |||
Surety bonds | $6,400,000 | ||
Outstanding letters of credit | 41,300,000 | ||
Accrual for Environmental Loss Contingencies | 18,000 | 36,000 | |
Letter of Credit Draw Down by Spectra | 33,000,000 | ||
Gathering and Processing Potential Claim | 126,000,000 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Summary Of Contractual Obligations) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Contractual Obligations [Line Items] | ||||
GPT Contracts, 2014 | $72,995,000 | [1] | ||
GPT Contracts, 2015 | 69,566,000 | [1] | ||
GPT Contracts, 2016 | 66,492,000 | [1] | ||
GPT Contracts, 2017 | 60,453,000 | [1] | ||
GPT Contracts, 2018 | 44,241,000 | [1] | ||
GPT Contracts, Thereafter | 95,250,000 | [1] | ||
GPT Contracts, Total | 408,997,000 | [1] | ||
Drilling Rig Contracts, 2014 | 6,577,000 | [2] | ||
Drilling Rig Contracts, 2015 | 0 | [2] | ||
Drilling Rig Contracts, 2016 | 0 | [2] | ||
Drilling Rig Contracts, 2017 | 0 | [2] | ||
Drilling Rig Contracts, 2018 | 0 | [2] | ||
Drilling Rig Contracts, Thereafter | 0 | [2] | ||
Drilling Rig Contracts, Total | 6,577,000 | [2] | ||
Operating Leases, 2012 | 4,181,000 | [3] | ||
Operating Leases, 2013 | 4,275,000 | [3] | ||
Operating Leases, 2014 | 4,098,000 | [3] | ||
Operating Leases, 2015 | 3,961,000 | [3] | ||
Operating Leases, 2016 | 4,001,000 | [3] | ||
Operating Leases, Thereafter | 8,849,000 | [3] | ||
Operating Leases, Total | 29,365,000 | [3] | ||
Purchase Obligations, 2014 | 220,000 | [4] | ||
Purchase Obligations, 2015 | 0 | [4] | ||
Purchase Obligations, 2016 | 0 | [4] | ||
Purchase Obligations, 2017 | 0 | [4] | ||
Purchase Obligations, 2018 | 0 | [4] | ||
Purchase Obligations, Thereafter | 0 | [4] | ||
Purchase Obligations, Total | 220,000 | [4] | ||
Rent expense for operating leases | 3,500,000 | 3,600,000 | 4,200,000 | |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 1,600,000 | |||
Minimum [Member] | ||||
Contractual Obligations [Line Items] | ||||
Drilling rig contracts outstanding payment | 23,000 | |||
Maximum [Member] | ||||
Contractual Obligations [Line Items] | ||||
Drilling rig contracts outstanding payment | $24,300 | |||
[1] | Under contracts with various third parties, we are obligated to provide minimum daily natural gas volume for gathering, processing, fractionation and transportation, as determined on a monthly basis, or pay for any deficiencies at a specified unused firm capacity rate. Our gathering and transportation contracts with CMLP have no minimum volume requirement and, therefore, are not reported in the above amounts. | |||
[2] | We lease drilling rigs from third parties for use in our development and exploration programs. The outstanding drilling rig contract requires payment of a specified day rate ranging from $23,000 to $24,300 for the entire lease term regardless of our utilization of the drilling rigs. | |||
[3] | We lease office buildings and other property under operating leases. Rent expense for operating leases with terms exceeding one month was $3.5 million in 2014, $3.6 million in 2013 and $4.2 million in 2012. Minimum payments have not been reduced by minimum sublease rentals of $1.6 million due in the future under noncancelable subleases. | |||
[4] | At DecemberB 31, 2014, we were under contract to purchase goods and services. |
Fortune_Creek_Details
Fortune Creek (Details) (CAD) | 12 Months Ended |
Dec. 31, 2014 | |
in | |
mi | |
acre | |
Y | |
Area of business, acres | 30,000,000 |
Length of gathering line contributed to partnership, miles | 20 |
Diameter of gathering line contributed to partnership, inches | 20 |
Minimum expenditures required for drilling and completion activities | 300,000,000 |
Capital expenditures incurred | 180,000,000 |
Capital Contribution, Fortune Creek | 28,000,000 |
Reduction in Gathering Rate, Fortune Creek | 0.13 |
Fortune Creek QRCI Compressor Purchase | 33,000,000 |
Dedicated years for gas production | 10 |
KKR [Member] | |
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 $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
15-May-13 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | 31-May-09 | Jan. 31, 2008 | Dec. 31, 2006 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common stock, shares authorized | 400,000,000 | 400,000,000 | 400,000,000 | ||||||||
Common stock, par value | $0.01 | $0.01 | $0.01 | ||||||||
Preferred Stock, Redemption Price Per Share | $10 | ||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||
Preferred stock, par value | $0.01 | $0.01 | $0.01 | ||||||||
Shares of common stock outstanding | 180,400,000 | ||||||||||
Immaterial Error Correction | 5.9 | 8.2 | |||||||||
Percentage Of Acquisition By Individual Or Group For Exercisable Of Right To Buy One One Thousandth Of Company Stock By Stockholder | 15.00% | ||||||||||
Percentage of ownership interest | 100.00% | ||||||||||
Common Stock Redeemable Rate In Case Of Any Acquisition Proposal | $0.01 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 15,000,000 | 14,000,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 12,000,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 10 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 15,400,000 | 11,600,000 | 15,400,000 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $109,881,000 | $71,853,000 | $109,881,000 | ||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unrecognized compensation cost related to outstanding unvested awards | 11,700,000 | ||||||||||
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition | Dec-16 | ||||||||||
Compensation expense | 10,500,000 | 16,800,000 | 15,700,000 | ||||||||
Income tax benefit recognized related to compensation expense | 3,200,000 | 5,200,000 | |||||||||
Estimated grant date fair value | 13,300,000 | ||||||||||
Fair value of RSUs settled in cash | 200,000 | 4,800,000 | |||||||||
Total fair value of shares vested | 10,200,000 | 7,100,000 | 16,300,000 | ||||||||
Stock Option [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Total intrinsic values of options | 6,300,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $8.07 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 4 years 351 days | ||||||||||
Unrecognized compensation cost related to outstanding unvested awards | 500,000 | ||||||||||
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition | Aug-16 | ||||||||||
Compensation expense | 1,400,000 | 3,900,000 | 7,400,000 | ||||||||
Income tax benefit recognized related to compensation expense | 400,000 | 1,300,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 0 | 0 | 100,000 | ||||||||
Affiliated Entity [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Percentage of ownership interest | 25.00% | ||||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 94,500,000 | 69,800,000 | 94,500,000 | ||||||||
Accumulated Translation Adjustment [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $15,400,000 | $2,100,000 | $15,400,000 | ||||||||
compensation expense correction [Domain] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Immaterial Error Correction | 2.4 | 2.4 | 3.6 | 1.2 |
Quicksilver_Stockholders_Equit3
Quicksilver Stockholders' Equity (Common Shares And Treasury Share Activity) (Details) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Equity Method Investments [Line Items] | ||||
Common Stock, Shares, Issued | 187,802,994 | 183,994,879 | ||
Treasury Stock, Shares | 7,444,372 | 6,698,640 | ||
Common Stock [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Common Stock, Shares, Issued | 187,802,994 | 183,994,879 | 179,015,118 | 176,980,483 |
Stock options exercised | 0 | 0 | 1,572 | |
Restricted stock activity | 3,808,115 | 4,979,761 | 2,033,063 | |
Treasury Stock [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Treasury Stock, Shares | 7,444,372 | 6,698,640 | 5,921,102 | 5,379,702 |
Stock options exercised | 0 | 0 | 0 | |
Restricted stock activity | 745,732 | 777,538 | 541,400 |
Quicksilver_Stockholders_Equit4
Quicksilver Stockholders' Equity (Assumptions For The Black-Scholes Option Pricing Model For Stock Options Issued) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||
Weighted avg grant date fair value | $1.05 | $4.21 |
Weighted avg risk-free interest rate | 1.31% | 1.14% |
Expected life (in years) | 4 years 10 months 25 days | 6 years |
Wtd avg volatility | 68.97% | 68.20% |
Expected dividends | 0.00% | 0.00% |
Quicksilver_Stockholders_Equit5
Quicksilver Stockholders' Equity (Stock Option Activity) (Details) (Employee Stock Option [Member], USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at January 1, 2013, Shares | 6,771,578 |
Forfeited, Shares | -60,939 |
Expired, Shares | -119,866 |
Outstanding at December 31, 2013, Shares | 6,590,773 |
Exercisable at December 31, 2013, Shares | 5,224,531 |
Outstanding at January 1, 2013, Wtd Avg Exercise Price | $7.82 |
Forfeited, Wtd Avg Exercise Price | $3.04 |
Expired, Wtd Avg Exercise Price | $9.80 |
Outstanding at December 31, 2013, Wtd Avg Exercise Price | $7.83 |
Exercisable at December 31, 2013, Wtd Avg Exercise Price | $9.18 |
Outstanding at December 31, 2013, Wtd Avg Remaining Contractual Life, Years | 5 years 37 days |
Exercisable at December 31, 2013, Wtd Avg Remaining Contractual Life, Years | 4 years 102 days |
Outstanding at December 31, 2013, Aggregate Intrinsic Value | $0 |
Exercisable at December 31, 2013, Aggregate Intrinsic Value | $0 |
Quicksilver_Stockholders_Equit6
Quicksilver Stockholders' Equity (Restricted Stock And Stock Unit Activity) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Payable In Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at January 1, 2013, Shares | 5,668,090 |
Granted, Shares | 6,070,563 |
Vested, Shares | -2,559,959 |
Forfeited, Shares | -1,122,429 |
Outstanding at December 31, 2013, Shares | 8,056,265 |
Outstanding at January 1, 2013, Wtd Avg Grant Date Fair Value | $3.90 |
Granted, Wtd Avg Grant Date Fair Value | $2.19 |
Vested, Wtd Avg Grant Date Fair Value | $4.86 |
Forfeited, Wtd Avg Grant Date Fair Value | $2.26 |
Outstanding at December 31, 2013, Wtd Avg Grant Date Fair Value | $2.54 |
Payable In Cash [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at January 1, 2013, Shares | 1,572,341 |
Granted, Shares | 0 |
Vested, Shares | -636,146 |
Forfeited, Shares | -72,220 |
Outstanding at December 31, 2013, Shares | 863,975 |
Outstanding at January 1, 2013, Wtd Avg Grant Date Fair Value | $3.69 |
Granted, Wtd Avg Grant Date Fair Value | $0 |
Vested, Wtd Avg Grant Date Fair Value | $4.27 |
Forfeited, Wtd Avg Grant Date Fair Value | $3.28 |
Outstanding at December 31, 2013, Wtd Avg Grant Date Fair Value | $3.33 |
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 | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Net income (loss) attributable to Quicksilver | ($31,929) | $23,757 | ($36,095) | ($58,833) | ($31,775) | $10,577 | $242,523 | ($59,707) | ($103,100) | $161,618 | ($2,352,606) | |
Basic income allocable to participating securities | 0 | -4,252 | [1] | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | ($103,100) | $157,366 | ($2,352,606) | |||||||||
Weighted average common shares - basic | 173,822,000 | 171,518,000 | 170,106,000 | |||||||||
Share-based compensation awards | 0 | 141,000 | [2] | 0 | ||||||||
Weighted average common shares - diluted | 173,822,000 | 171,659,000 | 170,106,000 | |||||||||
Earnings (loss) per common share - basic | ($0.18) | $0.13 | ($0.21) | ($0.34) | ($0.18) | $0.06 | $1.37 | ($0.35) | ($0.59) | $0.92 | ($13.83) | |
Earnings (loss) per common share - diluted | ($0.18) | $0.13 | ($0.21) | ($0.34) | ($0.18) | $0.06 | $1.37 | ($0.35) | ($0.59) | $0.92 | ($13.83) | |
Employee Stock Option [Member] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive shares excluded from the diluted share calculation | 6,600,000 | 5,600,000 | 5,000,000 | |||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive shares excluded from the diluted share calculation | 1,000,000 | 200,000 | 300,000 | |||||||||
[1] | Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, should be included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so. | |||||||||||
[2] | For 2014, 6.6 million shares associated with our stock options and 1.0 million shares associated with our unvested restricted stock units were antidilutive and, therefore, excluded from the diluted share calculations. For 2013, 5.6 million shares associated with our stock options and 0.2 million shares associated with our unvested restricted stock units were antidilutive and, therefore, excluded from the diluted share calculations. For 2012, 5.0 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units 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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Percentage of ownership interest | 100.00% | |
Current assets | $423,277 | $393,960 |
Property, plant and equipment | 728,780 | 860,805 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other Noncurrent Assets | 62,245 | 114,961 |
Total assets | 1,214,302 | 1,369,726 |
Liabilities, Current | 2,141,037 | 134,797 |
Long-term liabilities | 211,136 | 2,240,899 |
Stockholders' equity | -1,137,871 | -1,005,970 |
Total liabilities and stockholders' equity | 1,214,302 | 1,369,726 |
Quicksilver Resources Inc. [Member] | ||
Current assets | 774,287 | 349,586 |
Property, plant and equipment | 420,744 | 455,822 |
Investment in subsidiaries (equity method) | -293,312 | -217,852 |
Other Noncurrent Assets | 43,533 | 472,792 |
Total assets | 945,252 | 1,060,348 |
Liabilities, Current | 2,038,575 | 124,275 |
Long-term liabilities | 44,548 | 1,942,043 |
Stockholders' equity | -1,137,871 | -1,005,970 |
Total liabilities and stockholders' equity | 945,252 | 1,060,348 |
Restricted Guarantor Subsidiaries [Member] | ||
Current assets | 13,909 | 10,735 |
Property, plant and equipment | 14,357 | 15,486 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other Noncurrent Assets | 0 | 0 |
Total assets | 28,266 | 26,221 |
Liabilities, Current | 13,837 | 12,210 |
Long-term liabilities | 15,131 | 19,242 |
Stockholders' equity | -702 | -5,231 |
Total liabilities and stockholders' equity | 28,266 | 26,221 |
Restricted Non-Guarantor Subsidiaries [Member] | ||
Current assets | 68,513 | 53,034 |
Property, plant and equipment | 280,830 | 307,865 |
Investment in subsidiaries (equity method) | -82,360 | -33,840 |
Other Noncurrent Assets | 18,712 | 32,892 |
Total assets | 285,695 | 359,951 |
Liabilities, Current | 520,296 | 17,167 |
Long-term liabilities | 58,009 | 542,659 |
Stockholders' equity | -292,610 | -199,875 |
Total liabilities and stockholders' equity | 285,695 | 359,951 |
Unrestricted Non-Guarantor Subsidiaries [Member] | ||
Current assets | 82 | 909 |
Property, plant and equipment | 0 | 0 |
Investment in subsidiaries (equity method) | -82,379 | -33,840 |
Other Noncurrent Assets | 0 | 0 |
Total assets | -82,297 | -32,931 |
Liabilities, Current | 63 | 888 |
Long-term liabilities | 0 | 0 |
Stockholders' equity | -82,360 | -33,819 |
Total liabilities and stockholders' equity | -82,297 | -32,931 |
Fortune Creek [Member] | ||
Current assets | 1,742 | 1,110 |
Property, plant and equipment | 12,849 | 81,632 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other Noncurrent Assets | 0 | 0 |
Total assets | 14,591 | 82,742 |
Liabilities, Current | 3,522 | 1,671 |
Long-term liabilities | 1,492 | 1,546 |
Stockholders' equity | 9,577 | 79,525 |
Total liabilities and stockholders' equity | 14,591 | 82,742 |
Consolidating Eliminations [Member] | ||
Current assets | -435,256 | -21,414 |
Property, plant and equipment | 0 | 0 |
Investment in subsidiaries (equity method) | 458,051 | 285,532 |
Other Noncurrent Assets | 0 | -390,723 |
Total assets | 22,795 | -126,605 |
Liabilities, Current | -435,256 | -21,414 |
Long-term liabilities | 91,956 | -264,591 |
Stockholders' equity | 366,095 | 159,400 |
Total liabilities and stockholders' equity | $22,795 | ($126,605) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements Of Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Revenue | $569,428 | $561,562 | $709,038 | ||||||||||||
Operating expenses | 483,994 | 436,246 | 3,215,896 | ||||||||||||
Equity in net earnings of subsidiaries | 0 | 0 | 0 | ||||||||||||
Operating income (loss) | 18,168 | [1] | 64,784 | 13,536 | -11,054 | 13,575 | [2] | 60,049 | [3] | 394,894 | [4] | -3,874 | 85,434 | 464,644 | -2,465,761 |
Fortune Creek accretion | -15,067 | -19,245 | -19,472 | ||||||||||||
Interest expense and other | -169,867 | -269,231 | -162,943 | ||||||||||||
Income tax (expense) benefit | -3,600 | -14,550 | 295,570 | ||||||||||||
Net income (loss) | -103,100 | 161,618 | -2,352,606 | ||||||||||||
Net income (loss) attributable to Quicksilver | -31,929 | 23,757 | -36,095 | -58,833 | -31,775 | 10,577 | 242,523 | -59,707 | -103,100 | 161,618 | -2,352,606 | ||||
Other comprehensive income (loss) | -38,028 | -51,612 | -53,365 | ||||||||||||
Equity in OCI of subsidiaries | 0 | 0 | 0 | ||||||||||||
Comprehensive income (loss) | -141,128 | 110,006 | -2,405,971 | ||||||||||||
Quicksilver Resources Inc. [Member] | |||||||||||||||
Revenue | 410,455 | 416,516 | 611,477 | ||||||||||||
Operating expenses | 299,499 | 329,975 | 2,643,690 | ||||||||||||
Equity in net earnings of subsidiaries | -55,678 | -9,896 | -437,510 | ||||||||||||
Operating income (loss) | 55,278 | 415,973 | -2,428,626 | ||||||||||||
Fortune Creek accretion | 0 | 0 | 0 | ||||||||||||
Interest expense and other | -157,350 | -242,279 | -152,077 | ||||||||||||
Income tax (expense) benefit | -2,614 | -12,076 | 228,097 | ||||||||||||
Net income (loss) | -104,686 | 161,618 | -2,352,606 | ||||||||||||
Other comprehensive income (loss) | -31,476 | -40,166 | -57,273 | ||||||||||||
Equity in OCI of subsidiaries | -6,552 | -11,446 | 3,908 | ||||||||||||
Comprehensive income (loss) | -142,714 | 110,006 | -2,405,971 | ||||||||||||
Restricted Guarantor Subsidiaries [Member] | |||||||||||||||
Revenue | 5,730 | 788 | 4,574 | ||||||||||||
Operating expenses | 1,286 | 346 | 4,109 | ||||||||||||
Equity in net earnings of subsidiaries | 0 | 0 | 0 | ||||||||||||
Operating income (loss) | 4,444 | 442 | 465 | ||||||||||||
Fortune Creek accretion | 0 | 0 | 0 | ||||||||||||
Interest expense and other | 86 | 0 | 0 | ||||||||||||
Income tax (expense) benefit | -1,586 | 0 | -163 | ||||||||||||
Net income (loss) | 2,944 | 442 | 302 | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||||||
Equity in OCI of subsidiaries | 0 | 0 | 0 | ||||||||||||
Comprehensive income (loss) | 2,944 | 442 | 302 | ||||||||||||
Restricted Non-Guarantor Subsidiaries [Member] | |||||||||||||||
Revenue | 153,243 | 144,258 | 95,887 | ||||||||||||
Operating expenses | 134,213 | 118,481 | 577,696 | ||||||||||||
Equity in net earnings of subsidiaries | -64,056 | -6,682 | -12,747 | ||||||||||||
Operating income (loss) | -45,026 | 19,095 | -494,556 | ||||||||||||
Fortune Creek accretion | 0 | 0 | 0 | ||||||||||||
Interest expense and other | -12,610 | -26,959 | -10,914 | ||||||||||||
Income tax (expense) benefit | -986 | -2,474 | 67,658 | ||||||||||||
Net income (loss) | -58,622 | -10,338 | -437,812 | ||||||||||||
Other comprehensive income (loss) | -6,552 | -11,446 | 3,908 | ||||||||||||
Equity in OCI of subsidiaries | 0 | 0 | 0 | ||||||||||||
Comprehensive income (loss) | -65,174 | -21,784 | -433,904 | ||||||||||||
Unrestricted Non-Guarantor Subsidiaries [Member] | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Operating expenses | 0 | 0 | 0 | ||||||||||||
Equity in net earnings of subsidiaries | -48,989 | 12,563 | 6,726 | ||||||||||||
Operating income (loss) | -48,989 | 12,563 | 6,726 | ||||||||||||
Fortune Creek accretion | 0 | 0 | 0 | ||||||||||||
Interest expense and other | 0 | 0 | 21 | ||||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||||||
Net income (loss) | -48,989 | 12,563 | 6,747 | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||||||
Equity in OCI of subsidiaries | 0 | 0 | 0 | ||||||||||||
Comprehensive income (loss) | -48,989 | 12,563 | 6,747 | ||||||||||||
Fortune Creek [Member] | |||||||||||||||
Revenue | 17,585 | 22,364 | 14,639 | ||||||||||||
Operating expenses | 66,581 | 9,808 | 7,940 | ||||||||||||
Equity in net earnings of subsidiaries | 0 | 0 | 0 | ||||||||||||
Operating income (loss) | -48,996 | 12,556 | 6,699 | ||||||||||||
Fortune Creek accretion | 0 | 0 | 0 | ||||||||||||
Interest expense and other | 7 | 7 | 27 | ||||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||||||
Net income (loss) | -48,989 | 12,563 | 6,726 | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||||||
Equity in OCI of subsidiaries | 0 | 0 | 0 | ||||||||||||
Comprehensive income (loss) | -48,989 | 12,563 | 6,726 | ||||||||||||
Consolidating Eliminations [Member] | |||||||||||||||
Revenue | -17,585 | -22,364 | -17,539 | ||||||||||||
Operating expenses | -17,585 | -22,364 | -17,539 | ||||||||||||
Equity in net earnings of subsidiaries | 168,723 | 4,015 | 443,531 | ||||||||||||
Operating income (loss) | 168,723 | 4,015 | 443,531 | ||||||||||||
Fortune Creek accretion | -15,067 | -19,245 | -19,472 | ||||||||||||
Interest expense and other | 0 | 0 | 0 | ||||||||||||
Income tax (expense) benefit | 1,586 | 0 | -22 | ||||||||||||
Net income (loss) | 155,242 | -15,230 | 424,037 | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||||||
Equity in OCI of subsidiaries | 6,552 | 11,446 | -3,908 | ||||||||||||
Comprehensive income (loss) | 161,794 | -3,784 | 420,129 | ||||||||||||
Tokyo Gas [Member] | |||||||||||||||
Gain on Tokyo Gas Transaction | 333,200 | 0 | 339,328 | 0 | |||||||||||
Tokyo Gas [Member] | Quicksilver Resources Inc. [Member] | |||||||||||||||
Gain on Tokyo Gas Transaction | 339,328 | ||||||||||||||
Tokyo Gas [Member] | Restricted Guarantor Subsidiaries [Member] | |||||||||||||||
Gain on Tokyo Gas Transaction | 0 | ||||||||||||||
Tokyo Gas [Member] | Restricted Non-Guarantor Subsidiaries [Member] | |||||||||||||||
Gain on Tokyo Gas Transaction | 0 | ||||||||||||||
Tokyo Gas [Member] | Unrestricted Non-Guarantor Subsidiaries [Member] | |||||||||||||||
Gain on Tokyo Gas Transaction | 0 | ||||||||||||||
Tokyo Gas [Member] | Fortune Creek [Member] | |||||||||||||||
Gain on Tokyo Gas Transaction | 0 | ||||||||||||||
Tokyo Gas [Member] | Consolidating Eliminations [Member] | |||||||||||||||
Gain on Tokyo Gas Transaction | 0 | ||||||||||||||
kwk_CrestwoodLP [Member] | |||||||||||||||
Crestwood earn-out | 0 | 0 | 41,097 | ||||||||||||
kwk_CrestwoodLP [Member] | Quicksilver Resources Inc. [Member] | |||||||||||||||
Crestwood earn-out | 41,097 | ||||||||||||||
kwk_CrestwoodLP [Member] | Restricted Guarantor Subsidiaries [Member] | |||||||||||||||
Crestwood earn-out | 0 | ||||||||||||||
kwk_CrestwoodLP [Member] | Restricted Non-Guarantor Subsidiaries [Member] | |||||||||||||||
Crestwood earn-out | 0 | ||||||||||||||
kwk_CrestwoodLP [Member] | Unrestricted Non-Guarantor Subsidiaries [Member] | |||||||||||||||
Crestwood earn-out | 0 | ||||||||||||||
kwk_CrestwoodLP [Member] | Fortune Creek [Member] | |||||||||||||||
Crestwood earn-out | 0 | ||||||||||||||
kwk_CrestwoodLP [Member] | Consolidating Eliminations [Member] | |||||||||||||||
Crestwood earn-out | $0 | ||||||||||||||
[1] | Operating income for the fourth quarter of 2014 includes a non-cash property impairment loss of $71.9 million, primarily due to our Fortune Creek gathering system impairment. | ||||||||||||||
[2] | Operating income for the fourth quarter of 2013 includes a decrease of $5.9 million to correct for immaterial items which pertain to prior 2013 quarters. These items include an adjustment to non-cash expense to settle litigation recognized in the first quarter of 2013 of $3.0 million, non-cash decrease in the gain related to the Tokyo Gas Transaction of $1.7 million arising from a change in the amount of surface real estate conveyed to TGBR, increase in the amortization of deferred financing costs and original issue discount of $0.8 million and strategic transaction fees of $0.5 million arising in the second quarter of 2013. | ||||||||||||||
[3] | Operating income for the third quarter of 2013 includes an increase of $8.2 million to correct for immaterial items which pertain to earlier quarters in 2013, comprised of an increase to the gain related to the Tokyo Gas Transaction of $8.0 million arising from a change to the amount of unevaluated properties allocated to TGBR | ||||||||||||||
[4] | Operating income for the second quarter of 2013 includes gains of $333.2 million related to the Tokyo Gas Transaction which was subsequently adjusted in later quarters to be a gain of $339.3 million. The period also includes an immaterial correction of $3.6 million for equity-based compensation granted to retirement-eligible employees whose awards required no future service at the time of grant but which expense was being recognized over multiple periods. The impact to the first quarter of 2013 expense was $1.2 million and the impact to 2012 and prior years was $2.4 million. |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net cash flow provided (used) by operating activities | ($7,629) | ($51,700) | $227,727 |
Purchases of property, plant and equipment | -133,481 | -101,288 | -485,479 |
Investment in subsidiary | 0 | ||
Proceeds from Crestwood earn-out | 41,097 | ||
Proceeds from sale of properties and equipment | 3,222 | 7,171 | 72,725 |
Purchases of marketable securities | -55,890 | -213,738 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 222,025 | 47,603 | |
Net cash used by investing activities | 131,463 | 246,044 | -371,657 |
Issuance of debt | 243,184 | 1,237,352 | 467,959 |
Repayments of debt | -193,689 | -1,308,382 | -310,430 |
Debt issuance costs | -1,705 | -26,296 | -3,022 |
Distribution of Fortune Creek Partnership funds | -39,993 | -14,965 | -14,285 |
Intercompany Note | 0 | 0 | |
Intercompany financing | 0 | ||
Contribution received | 0 | ||
Proceeds from exercise of stock options | 0 | 0 | 11 |
Purchase of treasury stock | -2,388 | -1,927 | -3,144 |
Net Cash Provided by (Used in) Financing Activities | 5,409 | -114,218 | 137,089 |
Effect of exchange rates on cash | 5,183 | 4,026 | -1,354 |
Net increase (decrease) in cash and equivalents | 134,426 | 84,152 | -8,195 |
Cash and cash equivalents at beginning of period | 89,103 | 4,951 | 13,146 |
Cash and cash equivalents at end of period | 223,529 | 89,103 | 4,951 |
kwk_CrestwoodLP [Member] | |||
Proceeds from Crestwood earn-out | 0 | 0 | 41,097 |
Tokyo Gas [Member] | |||
Proceeds from Southwestern Transaction | 0 | 463,999 | 0 |
Proceeds from Tokyo Gas Transaction | 0 | 463,999 | 0 |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 463,999 | 0 |
Synergy [Member] | |||
Proceeds from Southwestern Transaction | 0 | 42,297 | 0 |
Proceeds from Tokyo Gas Transaction | 0 | 42,297 | 0 |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 42,297 | 0 |
Sandwash Basin [Member] | |||
Proceeds from Southwestern Transaction | 95,587 | 0 | 0 |
Proceeds from Tokyo Gas Transaction | 95,587 | 0 | 0 |
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 95,587 | 0 | 0 |
Quicksilver Resources Inc. [Member] | |||
Net cash flow provided (used) by operating activities | -43,824 | -82,722 | 163,353 |
Purchases of property, plant and equipment | -102,898 | -67,263 | -231,934 |
Investment in subsidiary | 881 | ||
Proceeds from sale of properties and equipment | 2,549 | 7,128 | 72,362 |
Purchases of marketable securities | -55,890 | -213,738 | |
Proceeds from Sale and Maturity of Marketable Securities | 222,025 | 47,603 | |
Net cash used by investing activities | 162,254 | 280,026 | -118,475 |
Issuance of debt | 174,000 | 1,215,266 | 228,500 |
Repayments of debt | -138,651 | -1,157,969 | -264,018 |
Debt issuance costs | -1,069 | -26,296 | -1,972 |
Distribution of Fortune Creek Partnership funds | 0 | 0 | 0 |
Intercompany Note | -22,559 | -147,103 | |
Intercompany financing | 0 | ||
Contribution received | 0 | ||
Proceeds from exercise of stock options | 11 | ||
Purchase of treasury stock | -2,388 | -1,927 | -3,144 |
Net Cash Provided by (Used in) Financing Activities | 9,333 | -118,029 | -40,623 |
Effect of exchange rates on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and equivalents | 127,763 | 79,275 | 4,255 |
Cash and cash equivalents at beginning of period | 83,893 | 4,618 | 363 |
Cash and cash equivalents at end of period | 211,656 | 83,893 | 4,618 |
Quicksilver Resources Inc. [Member] | kwk_CrestwoodLP [Member] | |||
Proceeds from Crestwood earn-out | 41,097 | ||
Quicksilver Resources Inc. [Member] | Tokyo Gas [Member] | |||
Proceeds from Southwestern Transaction | 463,999 | ||
Proceeds from Tokyo Gas Transaction | 463,999 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 463,999 | ||
Quicksilver Resources Inc. [Member] | Synergy [Member] | |||
Proceeds from Southwestern Transaction | 42,297 | ||
Proceeds from Tokyo Gas Transaction | 42,297 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 42,297 | ||
Quicksilver Resources Inc. [Member] | Sandwash Basin [Member] | |||
Proceeds from Southwestern Transaction | 95,587 | ||
Proceeds from Tokyo Gas Transaction | 95,587 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 95,587 | ||
Restricted Guarantor Subsidiaries [Member] | |||
Net cash flow provided (used) by operating activities | -1,349 | 0 | 656 |
Purchases of property, plant and equipment | -60 | 0 | -656 |
Investment in subsidiary | 0 | ||
Proceeds from sale of properties and equipment | 0 | 0 | 0 |
Purchases of marketable securities | 0 | 0 | |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 0 | |
Net cash used by investing activities | -60 | 0 | -656 |
Issuance of debt | 0 | 0 | 0 |
Repayments of debt | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Distribution of Fortune Creek Partnership funds | 0 | 0 | 0 |
Intercompany Note | 0 | 0 | |
Intercompany financing | -1,409 | ||
Contribution received | 0 | ||
Proceeds from exercise of stock options | 0 | ||
Purchase of treasury stock | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 1,409 | 0 | 0 |
Effect of exchange rates on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 |
Restricted Guarantor Subsidiaries [Member] | kwk_CrestwoodLP [Member] | |||
Proceeds from Crestwood earn-out | 0 | ||
Restricted Guarantor Subsidiaries [Member] | Tokyo Gas [Member] | |||
Proceeds from Southwestern Transaction | 0 | ||
Proceeds from Tokyo Gas Transaction | 0 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ||
Restricted Guarantor Subsidiaries [Member] | Synergy [Member] | |||
Proceeds from Southwestern Transaction | 0 | ||
Proceeds from Tokyo Gas Transaction | 0 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ||
Restricted Guarantor Subsidiaries [Member] | Sandwash Basin [Member] | |||
Proceeds from Southwestern Transaction | 0 | ||
Proceeds from Tokyo Gas Transaction | 0 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ||
Restricted Non-Guarantor Subsidiaries [Member] | |||
Net cash flow provided (used) by operating activities | 31,559 | 20,591 | 49,271 |
Purchases of property, plant and equipment | -30,523 | -33,520 | -242,158 |
Investment in subsidiary | -26,395 | ||
Proceeds from sale of properties and equipment | 673 | 43 | 363 |
Purchases of marketable securities | 0 | 0 | |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 0 | |
Net cash used by investing activities | -56,245 | -33,477 | -241,795 |
Issuance of debt | 69,184 | 22,086 | 239,459 |
Repayments of debt | -55,038 | -150,413 | -46,412 |
Debt issuance costs | -636 | 0 | -1,050 |
Distribution of Fortune Creek Partnership funds | 0 | 0 | 0 |
Intercompany Note | 22,559 | 147,103 | |
Intercompany financing | 2,290 | ||
Contribution received | 0 | ||
Proceeds from exercise of stock options | 0 | ||
Purchase of treasury stock | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 33,779 | 18,776 | 191,997 |
Effect of exchange rates on cash | -3,046 | -1,755 | 527 |
Net increase (decrease) in cash and equivalents | 6,047 | 4,135 | 0 |
Cash and cash equivalents at beginning of period | 4,135 | 0 | 0 |
Cash and cash equivalents at end of period | 10,182 | 4,135 | 0 |
Restricted Non-Guarantor Subsidiaries [Member] | kwk_CrestwoodLP [Member] | |||
Proceeds from Crestwood earn-out | 0 | ||
Restricted Non-Guarantor Subsidiaries [Member] | Tokyo Gas [Member] | |||
Proceeds from Southwestern Transaction | 0 | ||
Proceeds from Tokyo Gas Transaction | 0 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ||
Restricted Non-Guarantor Subsidiaries [Member] | Synergy [Member] | |||
Proceeds from Southwestern Transaction | 0 | ||
Proceeds from Tokyo Gas Transaction | 0 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ||
Restricted Non-Guarantor Subsidiaries [Member] | Sandwash Basin [Member] | |||
Proceeds from Southwestern Transaction | 0 | ||
Proceeds from Tokyo Gas Transaction | 0 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ||
Unrestricted Non-Guarantor Subsidiaries [Member] | |||
Net cash flow provided (used) by operating activities | -2 | 22 | 0 |
Purchases of property, plant and equipment | 0 | 0 | 0 |
Investment in subsidiary | -26,395 | ||
Proceeds from sale of properties and equipment | 0 | 0 | 0 |
Purchases of marketable securities | 0 | 0 | |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 0 | |
Net cash used by investing activities | -26,395 | 0 | 0 |
Issuance of debt | 0 | 0 | 0 |
Repayments of debt | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Distribution of Fortune Creek Partnership funds | 0 | 0 | 0 |
Intercompany Note | 0 | 0 | |
Intercompany financing | 0 | ||
Contribution received | -26,395 | ||
Proceeds from exercise of stock options | 0 | ||
Purchase of treasury stock | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 26,395 | 0 | 0 |
Effect of exchange rates on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and equivalents | -2 | 22 | 0 |
Cash and cash equivalents at beginning of period | 22 | 0 | 0 |
Cash and cash equivalents at end of period | 20 | 22 | 0 |
Unrestricted Non-Guarantor Subsidiaries [Member] | kwk_CrestwoodLP [Member] | |||
Proceeds from Crestwood earn-out | 0 | ||
Unrestricted Non-Guarantor Subsidiaries [Member] | Tokyo Gas [Member] | |||
Proceeds from Southwestern Transaction | 0 | ||
Proceeds from Tokyo Gas Transaction | 0 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ||
Unrestricted Non-Guarantor Subsidiaries [Member] | Synergy [Member] | |||
Proceeds from Southwestern Transaction | 0 | ||
Proceeds from Tokyo Gas Transaction | 0 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ||
Unrestricted Non-Guarantor Subsidiaries [Member] | Sandwash Basin [Member] | |||
Proceeds from Southwestern Transaction | 0 | ||
Proceeds from Tokyo Gas Transaction | 0 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ||
Fortune Creek [Member] | |||
Net cash flow provided (used) by operating activities | 5,987 | 10,409 | 14,447 |
Purchases of property, plant and equipment | 0 | -505 | -10,731 |
Investment in subsidiary | 0 | ||
Proceeds from sale of properties and equipment | 0 | 0 | 0 |
Purchases of marketable securities | 0 | 0 | |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 0 | |
Net cash used by investing activities | 0 | -505 | -10,731 |
Issuance of debt | 0 | 0 | 0 |
Repayments of debt | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Distribution of Fortune Creek Partnership funds | -39,993 | -14,965 | -14,285 |
Intercompany Note | 0 | 0 | |
Intercompany financing | 0 | ||
Contribution received | -26,395 | ||
Proceeds from exercise of stock options | 0 | ||
Purchase of treasury stock | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | -13,598 | -14,965 | -14,285 |
Effect of exchange rates on cash | 8,229 | 5,781 | -1,881 |
Net increase (decrease) in cash and equivalents | 618 | 720 | -12,450 |
Cash and cash equivalents at beginning of period | 1,053 | 333 | 12,783 |
Cash and cash equivalents at end of period | 1,671 | 1,053 | 333 |
Fortune Creek [Member] | kwk_CrestwoodLP [Member] | |||
Proceeds from Crestwood earn-out | 0 | ||
Fortune Creek [Member] | Tokyo Gas [Member] | |||
Proceeds from Southwestern Transaction | 0 | ||
Proceeds from Tokyo Gas Transaction | 0 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ||
Fortune Creek [Member] | Synergy [Member] | |||
Proceeds from Southwestern Transaction | 0 | ||
Proceeds from Tokyo Gas Transaction | 0 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ||
Fortune Creek [Member] | Sandwash Basin [Member] | |||
Proceeds from Southwestern Transaction | 0 | ||
Proceeds from Tokyo Gas Transaction | 0 | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | ||
Consolidation, Eliminations [Member] | |||
Net cash flow provided (used) by operating activities | 0 | ||
Purchases of property, plant and equipment | 0 | ||
Investment in subsidiary | 51,909 | ||
Proceeds from sale of properties and equipment | 0 | ||
Purchases of marketable securities | 0 | ||
Proceeds from Sale and Maturity of Marketable Securities | 0 | ||
Net cash used by investing activities | 51,909 | ||
Issuance of debt | 0 | ||
Repayments of debt | 0 | ||
Debt issuance costs | 0 | ||
Distribution of Fortune Creek Partnership funds | 0 | ||
Intercompany Note | 0 | ||
Intercompany financing | -881 | ||
Contribution received | 52,790 | ||
Purchase of treasury stock | 0 | ||
Net Cash Provided by (Used in) Financing Activities | -51,909 | ||
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 | ||
Consolidation, Eliminations [Member] | Sandwash Basin [Member] | |||
Proceeds from Southwestern Transaction | 0 | ||
Proceeds from Tokyo Gas Transaction | 0 | ||
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 | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Segment Reporting Information [Line Items] | |||||||||||||||
Number of geographical segments | 2 | 2 | |||||||||||||
Revenue | $196,112 | $163,498 | $118,032 | $91,786 | $114,246 | $153,116 | $175,497 | $118,703 | $569,428 | $561,562 | $709,038 | ||||
Depletion, depreciation and accretion | 61,126 | 62,612 | 163,624 | ||||||||||||
DD&A | 163,624 | ||||||||||||||
Impairment expense | 71,900 | 71,988 | 1,863 | 2,625,928 | |||||||||||
Operating income (loss) | 18,168 | [1] | 64,784 | 13,536 | -11,054 | 13,575 | [2] | 60,049 | [3] | 394,894 | [4] | -3,874 | 85,434 | 464,644 | -2,465,761 |
Property and equipment costs incurred | 129,390 | 98,661 | 390,456 | ||||||||||||
Property, Plant and Equipment, Net | 728,780 | 860,805 | 728,780 | 860,805 | |||||||||||
Assets | 1,214,302 | 1,369,726 | 1,214,302 | 1,369,726 | |||||||||||
UNITED STATES | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue | 410,444 | 416,462 | 598,892 | ||||||||||||
Depletion, depreciation and accretion | 30,411 | 37,540 | |||||||||||||
DD&A | 123,370 | ||||||||||||||
Impairment expense | 2,450 | 1,809 | 2,152,665 | ||||||||||||
Operating income (loss) | 156,382 | 476,610 | -1,921,073 | ||||||||||||
Property and equipment costs incurred | 100,592 | 64,976 | 189,997 | ||||||||||||
Property, Plant and Equipment, Net | 416,901 | 451,840 | 416,901 | 451,840 | |||||||||||
Assets | 881,906 | 895,388 | 881,906 | 895,388 | |||||||||||
Canada [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue | 150,876 | 141,870 | 105,949 | ||||||||||||
Depletion, depreciation and accretion | 23,902 | 17,508 | |||||||||||||
DD&A | 32,686 | ||||||||||||||
Impairment expense | 11,043 | 0 | 465,935 | ||||||||||||
Operating income (loss) | 22,601 | 32,648 | -474,768 | ||||||||||||
Property and equipment costs incurred | 27,585 | 16,838 | 174,867 | ||||||||||||
Property, Plant and Equipment, Net | 280,830 | 306,423 | 280,830 | 306,423 | |||||||||||
Assets | 285,695 | 359,951 | 285,695 | 359,951 | |||||||||||
Midstream [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue | 25,693 | 25,594 | 21,735 | ||||||||||||
Depletion, depreciation and accretion | 4,970 | 5,249 | |||||||||||||
DD&A | 5,182 | ||||||||||||||
Impairment expense | 58,495 | 54 | 7,328 | ||||||||||||
Operating income (loss) | -44,412 | 13,008 | 8,163 | ||||||||||||
Property and equipment costs incurred | 86 | 7,055 | 18,742 | ||||||||||||
Property, Plant and Equipment, Net | 27,205 | 97,118 | 27,205 | 97,118 | |||||||||||
Assets | 42,857 | 108,963 | 42,857 | 108,963 | |||||||||||
Corporate [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue | 0 | 0 | 0 | ||||||||||||
Depletion, depreciation and accretion | 1,843 | 2,315 | |||||||||||||
DD&A | 2,386 | ||||||||||||||
Impairment expense | 0 | 0 | 0 | ||||||||||||
Operating income (loss) | -49,137 | -57,622 | -78,083 | ||||||||||||
Property and equipment costs incurred | 1,127 | 9,792 | 6,850 | ||||||||||||
Property, Plant and Equipment, Net | 3,844 | 5,424 | 3,844 | 5,424 | |||||||||||
Assets | 3,844 | 5,424 | 3,844 | 5,424 | |||||||||||
Intersegment Eliminations [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue | -17,585 | -22,364 | -17,538 | ||||||||||||
Depletion, depreciation and accretion | 0 | 0 | |||||||||||||
DD&A | 0 | ||||||||||||||
Impairment expense | 0 | 0 | 0 | ||||||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||||||
Property and equipment costs incurred | 0 | 0 | 0 | ||||||||||||
Property, Plant and Equipment, Net | 0 | 0 | 0 | 0 | |||||||||||
Assets | $0 | $0 | $0 | $0 | |||||||||||
[1] | Operating income for the fourth quarter of 2014 includes a non-cash property impairment loss of $71.9 million, primarily due to our Fortune Creek gathering system impairment. | ||||||||||||||
[2] | Operating income for the fourth quarter of 2013 includes a decrease of $5.9 million to correct for immaterial items which pertain to prior 2013 quarters. These items include an adjustment to non-cash expense to settle litigation recognized in the first quarter of 2013 of $3.0 million, non-cash decrease in the gain related to the Tokyo Gas Transaction of $1.7 million arising from a change in the amount of surface real estate conveyed to TGBR, increase in the amortization of deferred financing costs and original issue discount of $0.8 million and strategic transaction fees of $0.5 million arising in the second quarter of 2013. | ||||||||||||||
[3] | Operating income for the third quarter of 2013 includes an increase of $8.2 million to correct for immaterial items which pertain to earlier quarters in 2013, comprised of an increase to the gain related to the Tokyo Gas Transaction of $8.0 million arising from a change to the amount of unevaluated properties allocated to TGBR | ||||||||||||||
[4] | Operating income for the second quarter of 2013 includes gains of $333.2 million related to the Tokyo Gas Transaction which was subsequently adjusted in later quarters to be a gain of $339.3 million. The period also includes an immaterial correction of $3.6 million for equity-based compensation granted to retirement-eligible employees whose awards required no future service at the time of grant but which expense was being recognized over multiple periods. The impact to the first quarter of 2013 expense was $1.2 million and the impact to 2012 and prior years was $2.4 million. |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Cash Paid Or Received For Interest And Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Information [Abstract] | |||
Interest, net of capitalized interest | $152,983 | $254,901 | $154,663 |
Income taxes | $7,051 | ($833) | $20,682 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information (Other Significant Noncash Transactions) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Dividends Payable [Line Items] | |||
Working Capital Related To Capital Expenditures | $4,666 | $10,324 | $10,939 |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Benefits [Line Items] | |||
Age limit for retirement plan | 21 | ||
Health Care Organization Individual Stop Loss On Health Benefit Plan | $125,000 | ||
Expenses associated with health benefit plan | 3,900,000 | 4,000,000 | 5,000,000 |
United States Of America [Member] | |||
Employee Benefits [Line Items] | |||
Expenses associated with company contributions | 1,600,000 | 1,800,000 | 2,300,000 |
Canada [Member] | |||
Employee Benefits [Line Items] | |||
Expenses associated with company contributions | $600,000 | $700,000 | $700,000 |
Transactions_With_Related_Part1
Transactions With Related Parties (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | 31-May-13 | |
Related Party Transaction [Line Items] | |||||
Percentage of ownership interest | 100.00% | ||||
Darden Family [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership interest | 25.00% | ||||
Mercury Exploration Company [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Revenues from Transactions with Related Party | $100,000 | $100,000 | $100,000 | ||
Thomas F. Darden [Member] | |||||
Related Party Transaction [Line Items] | |||||
Consulting fee payments | 540,000 | ||||
Monthly Business Expense Allowance | 12,500 | ||||
Cash Bonus Related to Tokyo Gas Transaction | 1,100,000 | ||||
Stock Granted, Value, Share-based Compensation, Gross | 191,100 | 1,100,000 | |||
Legal Fee Reimbursement Allowance | 40,000 | ||||
Monthly Consulting Fee | 45,000 | ||||
Maximum Bonus Eligibility | 2,500,000 | ||||
Office allowance payments | 150,000 | ||||
COBRA payments | 39,000 | ||||
Cash bonus | 286,650 | ||||
Rent On Buildings [Member] | Darden Family [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payments to related parties | 100,000 | ||||
Commissions Paid [Member] | Darden Family [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payments to related parties | 200,000 | ||||
Use Of Airplane [Member] | Darden Family [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payments to related parties | $300,000 | $500,000 | |||
Restricted Stock [Member] | Thomas F. Darden [Member] | |||||
Related Party Transaction [Line Items] | |||||
Unvested Equity Awards | 242,724 | ||||
Vested equity awards | 72,662 | ||||
Employee Stock Option [Member] | Thomas F. Darden [Member] | |||||
Related Party Transaction [Line Items] | |||||
Unvested Equity Awards | 304,407 |
Supplemental_Selected_Quarterl2
Supplemental Selected Quarterly Financial Data (Unaudited) Supplemental Selected Quarterly Financial Data (Schedule Of Quarterly Financial Data - Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Schedule Of Quarterly Financial Data [Line Items] | |||||||||||||||
Immaterial Error Correction | 5.9 | 8.2 | |||||||||||||
Operating revenue | $196,112 | $163,498 | $118,032 | $91,786 | $114,246 | $153,116 | $175,497 | $118,703 | $569,428 | $561,562 | $709,038 | ||||
Operating Income (Loss) | 18,168 | [1] | 64,784 | 13,536 | -11,054 | 13,575 | [2] | 60,049 | [3] | 394,894 | [4] | -3,874 | 85,434 | 464,644 | -2,465,761 |
Net income | -31,929 | 23,757 | -36,095 | -58,833 | -31,775 | 10,577 | 242,523 | -59,707 | -103,100 | 161,618 | -2,352,606 | ||||
Basic net earnings per share | ($0.18) | $0.13 | ($0.21) | ($0.34) | ($0.18) | $0.06 | $1.37 | ($0.35) | ($0.59) | $0.92 | ($13.83) | ||||
Diluted net earnings per share | ($0.18) | $0.13 | ($0.21) | ($0.34) | ($0.18) | $0.06 | $1.37 | ($0.35) | ($0.59) | $0.92 | ($13.83) | ||||
Impairment expense | 71,900 | 71,988 | 1,863 | 2,625,928 | |||||||||||
Tokyo Gas [Member] | |||||||||||||||
Schedule Of Quarterly Financial Data [Line Items] | |||||||||||||||
Gain on Tokyo Gas Transaction | $333,200 | $0 | $339,328 | $0 | |||||||||||
compensation expense correction [Domain] | |||||||||||||||
Schedule Of Quarterly Financial Data [Line Items] | |||||||||||||||
Immaterial Error Correction | 3.6 | 1.2 | 2.4 | 2.4 | |||||||||||
adjustment to Tokyo Gas Transaction [Member] | |||||||||||||||
Schedule Of Quarterly Financial Data [Line Items] | |||||||||||||||
Immaterial Error Correction | 1.7 | 8 | |||||||||||||
expense to settle litigation correction [Member] | |||||||||||||||
Schedule Of Quarterly Financial Data [Line Items] | |||||||||||||||
Immaterial Error Correction | 3 | ||||||||||||||
amortization of deferred financing costs correction [Member] | |||||||||||||||
Schedule Of Quarterly Financial Data [Line Items] | |||||||||||||||
Immaterial Error Correction | 0.8 | ||||||||||||||
strategic transaction fees correction [Member] | |||||||||||||||
Schedule Of Quarterly Financial Data [Line Items] | |||||||||||||||
Immaterial Error Correction | 0.5 | ||||||||||||||
[1] | Operating income for the fourth quarter of 2014 includes a non-cash property impairment loss of $71.9 million, primarily due to our Fortune Creek gathering system impairment. | ||||||||||||||
[2] | Operating income for the fourth quarter of 2013 includes a decrease of $5.9 million to correct for immaterial items which pertain to prior 2013 quarters. These items include an adjustment to non-cash expense to settle litigation recognized in the first quarter of 2013 of $3.0 million, non-cash decrease in the gain related to the Tokyo Gas Transaction of $1.7 million arising from a change in the amount of surface real estate conveyed to TGBR, increase in the amortization of deferred financing costs and original issue discount of $0.8 million and strategic transaction fees of $0.5 million arising in the second quarter of 2013. | ||||||||||||||
[3] | Operating income for the third quarter of 2013 includes an increase of $8.2 million to correct for immaterial items which pertain to earlier quarters in 2013, comprised of an increase to the gain related to the Tokyo Gas Transaction of $8.0 million arising from a change to the amount of unevaluated properties allocated to TGBR | ||||||||||||||
[4] | Operating income for the second quarter of 2013 includes gains of $333.2 million related to the Tokyo Gas Transaction which was subsequently adjusted in later quarters to be a gain of $339.3 million. The period also includes an immaterial correction of $3.6 million for equity-based compensation granted to retirement-eligible employees whose awards required no future service at the time of grant but which expense was being recognized over multiple periods. The impact to the first quarter of 2013 expense was $1.2 million and the impact to 2012 and prior years was $2.4 million. |
Supplemental_Oil_and_Gas_Infor1
Supplemental Oil and Gas Information (Unaudited) Reserve Rollforward (Details) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||
MMcf | MMcf | MMcf | |||||||||||||||||||||||||||||||||||||||
Reserve Quantities [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Oil and Gas Exploration and Production Industries Disclosures [Text Block] | SUPPLEMENTAL OIL AND GAS INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||||||||||||||
Proved oil and natural gas reserves estimates for our properties in the U.S. and Canada were prepared by independent petroleum engineers from Schlumberger Technology Corporation and LaRoche Petroleum Consultants, Ltd., respectively. The reserve reports were prepared in accordance with guidelines established by the SEC. Natural gas, NGL and oil prices used in the 2014, 2013 and 2012 reserve reports are the unweighted average of the preceding 12-month first-day-of-the-month prices as of the date of the reserve reports. For all years, operating costs, production and ad valorem taxes and future development costs were based on year-end costs with no escalation. | |||||||||||||||||||||||||||||||||||||||||
There are numerous uncertainties inherent in estimating quantities of proved reserves and in projecting the future rates of production and timing of development expenditures. The following reserve data represent estimates only and should not be construed as being exact. Moreover, the present values should not be construed as the current market value of our natural gas, NGL and oil reserves or the costs that would be incurred to obtain equivalent reserves. | |||||||||||||||||||||||||||||||||||||||||
The changes in our proved reserves for the three years ended December 31, 2014 were as follows: | |||||||||||||||||||||||||||||||||||||||||
Natural Gas (MMcf) | NGL (MBbl) | Oil (MBbl) | Total (MMcfe) | ||||||||||||||||||||||||||||||||||||||
U.S. | Canada | Total | U.S. | Canada | Total | U.S. | Canada | Total | U.S. | Canada | Total | ||||||||||||||||||||||||||||||
December 31, 2011 | 1,828,904 | 330,631 | 2,159,535 | 102,145 | 11 | 102,156 | 3,035 | — | 3,035 | 2,459,984 | 330,697 | 2,790,681 | |||||||||||||||||||||||||||||
Revisions (3) | (910,386 | ) | (33,945 | ) | (944,331 | ) | (45,379 | ) | 1 | (45,378 | ) | (479 | ) | — | (479 | ) | (1,185,534 | ) | (33,939 | ) | (1,219,473 | ) | |||||||||||||||||||
Extensions and discoveries (2) | 25,858 | 9 | 25,867 | 3,518 | — | 3,518 | 345 | — | 345 | 49,036 | 9 | 49,045 | |||||||||||||||||||||||||||||
Sales in place (1) | (20,616 | ) | — | (20,616 | ) | (42 | ) | — | (42 | ) | (85 | ) | — | (85 | ) | (21,378 | ) | — | (21,378 | ) | |||||||||||||||||||||
Production | (75,712 | ) | (29,912 | ) | (105,624 | ) | (4,069 | ) | (2 | ) | (4,071 | ) | (287 | ) | — | (287 | ) | (101,848 | ) | (29,924 | ) | (131,772 | ) | ||||||||||||||||||
31-Dec-12 | 848,048 | 266,783 | 1,114,831 | 56,173 | 10 | 56,183 | 2,529 | — | 2,529 | 1,200,260 | 266,843 | 1,467,103 | |||||||||||||||||||||||||||||
Revisions (3) | 234,835 | 28,948 | 263,783 | 750 | — | 750 | 62 | — | 62 | 239,707 | 28,948 | 268,655 | |||||||||||||||||||||||||||||
Extensions and discoveries (2) | 50,992 | 9,697 | 60,689 | — | — | — | — | — | — | 50,992 | 9,697 | 60,689 | |||||||||||||||||||||||||||||
Sales in place (4) | (257,741 | ) | — | (257,741 | ) | (14,333 | ) | — | (14,333 | ) | (2,207 | ) | — | (2,207 | ) | (356,981 | ) | — | (356,981 | ) | |||||||||||||||||||||
Production | (51,684 | ) | (39,372 | ) | (91,056 | ) | (2,856 | ) | (1 | ) | (2,857 | ) | (185 | ) | — | (185 | ) | (69,930 | ) | (39,378 | ) | (109,308 | ) | ||||||||||||||||||
31-Dec-13 | 824,450 | 266,056 | 1,090,506 | 39,734 | 9 | 39,743 | 199 | — | 199 | 1,064,048 | 266,110 | 1,330,158 | |||||||||||||||||||||||||||||
Revisions (3) | (148,359 | ) | 42,941 | (105,418 | ) | (3,675 | ) | 3 | (3,672 | ) | (14 | ) | — | (14 | ) | (170,493 | ) | 42,959 | (127,534 | ) | |||||||||||||||||||||
Extensions and discoveries (2) | 413 | — | 413 | — | — | — | 188 | — | 188 | 1,541 | — | 1,541 | |||||||||||||||||||||||||||||
Sales in place | — | — | — | — | — | — | (5 | ) | — | (5 | ) | (30 | ) | — | (30 | ) | |||||||||||||||||||||||||
Production | (46,027 | ) | (31,169 | ) | (77,196 | ) | (2,105 | ) | (2 | ) | (2,107 | ) | (81 | ) | — | (81 | ) | (59,143 | ) | (31,181 | ) | (90,324 | ) | ||||||||||||||||||
31-Dec-14 | 630,477 | 277,828 | 908,305 | 33,954 | 10 | 33,964 | 287 | — | 287 | 835,923 | 277,888 | 1,113,811 | |||||||||||||||||||||||||||||
Proved developed reserves | |||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | 725,361 | 266,783 | 992,144 | 47,284 | 10 | 47,294 | 2,416 | — | 2,416 | 1,023,561 | 266,843 | 1,290,404 | |||||||||||||||||||||||||||||
31-Dec-13 | 702,147 | 260,159 | 962,306 | 34,603 | 9 | 34,612 | 139 | — | 139 | 910,599 | 260,213 | 1,170,812 | |||||||||||||||||||||||||||||
31-Dec-14 | 619,751 | 277,828 | 897,579 | 33,954 | 11 | 33,965 | 287 | — | 287 | 825,197 | 277,894 | 1,103,091 | |||||||||||||||||||||||||||||
Proved undeveloped reserves | |||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | 122,687 | — | 122,687 | 8,890 | — | 8,890 | 113 | — | 113 | 176,705 | — | 176,705 | |||||||||||||||||||||||||||||
31-Dec-13 | 122,303 | 5,896 | 128,199 | 5,131 | — | 5,131 | 60 | — | 60 | 153,449 | 5,896 | 159,345 | |||||||||||||||||||||||||||||
31-Dec-14 | 10,726 | — | 10,726 | — | — | — | — | — | — | 10,726 | — | 10,726 | |||||||||||||||||||||||||||||
(1) | Sales of reserves in place during 2012 relate to our agreement to allow an outside working interest owner to fund the completion costs for twelve wells in our Barnett Shale Asset for which they received a preferential right to reserves. It also includes a minimal sale of reserves in our Niobrara Asset to SWEPI. | ||||||||||||||||||||||||||||||||||||||||
(2) | Extensions and discoveries for each period presented represent extensions to reserves attributable to additional drilling activity subsequent to discovery. U.S. extensions and discoveries for: | ||||||||||||||||||||||||||||||||||||||||
• | 2014 are attributable to our West Texas Asset as we drilled in areas not previously explored; | ||||||||||||||||||||||||||||||||||||||||
• | 2013 are attributable to our Barnett Shale Asset; and | ||||||||||||||||||||||||||||||||||||||||
• | 2012 are 96% attributable to our Barnett Shale Asset, 4% to our Niobrara and West Texas Assets (of which 13% were proved developed). | ||||||||||||||||||||||||||||||||||||||||
Canadian extensions and discoveries for 2013 and 2012 are attributable to our Horseshoe Canyon Asset. | |||||||||||||||||||||||||||||||||||||||||
(3) | Revisions for each period presented reflect upward (downward) changes in previous estimates attributable to changes in economic factors of 49,712 MMcfe, 419,972 MMcfe and (590,064) MMcfe in 2014, 2013 and 2012, respectively, and changes in non-economic factors of (177,246) MMcfe, (151,615) MMcfe and (629,407) MMcfe in 2014, 2013 and 2012, respectively, including: | ||||||||||||||||||||||||||||||||||||||||
• | In 2014, we removed proved reserves of (143) Bcfe that we were unable to develop due to constrained liquidity | ||||||||||||||||||||||||||||||||||||||||
• | Removal of proved undeveloped reserves that had not been developed within five years: (76) Bcfe and (250) Bcfe in 2013 and 2012, respectively; | ||||||||||||||||||||||||||||||||||||||||
• | changes in performance related to offsetting activities, higher pipeline pressures and other factors: (34) Bcfe, (74) Bcfe and (291) Bcfe in 2014, 2013 and 2012, respectively and | ||||||||||||||||||||||||||||||||||||||||
• | revision of type curve of non producing wells based on comparison to producing analogs: (88) Bcfe in 2012. | ||||||||||||||||||||||||||||||||||||||||
(4) | Sales of reserves in place during 2013 relate to the Tokyo Gas Transaction (337 Bcfe) and the Synergy Transaction (15 Bcfe). | ||||||||||||||||||||||||||||||||||||||||
The carrying value of our oil and natural gas assets as of December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||||||
U.S. | Canada | Consolidated | |||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||
Proved properties | $ | 4,650,428 | $ | 1,170,739 | $ | 5,821,167 | |||||||||||||||||||||||||||||||||||
Unevaluated properties | 18,803 | — | 18,803 | ||||||||||||||||||||||||||||||||||||||
Accumulated DD&A | (4,296,953 | ) | (928,349 | ) | (5,225,302 | ) | |||||||||||||||||||||||||||||||||||
Net capitalized costs | $ | 372,278 | $ | 242,390 | $ | 614,668 | |||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Proved properties | $ | 4,645,777 | $ | 1,041,780 | $ | 5,687,557 | |||||||||||||||||||||||||||||||||||
Unevaluated properties | 19,343 | 202,262 | 221,605 | ||||||||||||||||||||||||||||||||||||||
Accumulated DD&A | (4,268,387 | ) | (1,000,332 | ) | (5,268,719 | ) | |||||||||||||||||||||||||||||||||||
Net capitalized costs | $ | 396,733 | $ | 243,710 | $ | 640,443 | |||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Proved properties | $ | 4,681,860 | $ | 1,089,053 | $ | 5,770,913 | |||||||||||||||||||||||||||||||||||
Unevaluated properties | 90,035 | 217,232 | 307,267 | ||||||||||||||||||||||||||||||||||||||
Accumulated DD&A | (4,233,391 | ) | (1,063,829 | ) | (5,297,220 | ) | |||||||||||||||||||||||||||||||||||
Net capitalized costs | $ | 538,504 | $ | 242,456 | $ | 780,960 | |||||||||||||||||||||||||||||||||||
Our consolidated capital costs incurred for acquisition, exploration and development activities during each of the three years in the period ended December 31, 2014, were as follows: | |||||||||||||||||||||||||||||||||||||||||
U.S. | Canada | Consolidated | |||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||
Proved acreage | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Unproved acreage | 21,722 | 5,519 | 27,241 | ||||||||||||||||||||||||||||||||||||||
Development costs | 78,894 | 22,065 | 100,959 | ||||||||||||||||||||||||||||||||||||||
Exploration costs | 63 | — | 63 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 100,679 | $ | 27,584 | $ | 128,263 | |||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Proved acreage | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Unproved acreage | 15,843 | 6,305 | 22,148 | ||||||||||||||||||||||||||||||||||||||
Development costs | 49,299 | 17,422 | 66,721 | ||||||||||||||||||||||||||||||||||||||
Exploration costs | — | — | — | ||||||||||||||||||||||||||||||||||||||
Total | $ | 65,142 | $ | 23,727 | $ | 88,869 | |||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Proved acreage | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Unproved acreage | 23,711 | 5,612 | 29,323 | ||||||||||||||||||||||||||||||||||||||
Development costs | 131,926 | 178,808 | 310,734 | ||||||||||||||||||||||||||||||||||||||
Exploration costs | 35,244 | 8,304 | 43,548 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 190,881 | $ | 192,724 | $ | 383,605 | |||||||||||||||||||||||||||||||||||
Consolidated results of operations, without giving consideration to any tax valuation allowance, from our producing activities for each of the three years ended December 31, 2014, are set forth below: | |||||||||||||||||||||||||||||||||||||||||
U.S. | Canada | Consolidated | |||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||
Natural gas, NGL and oil revenue | $ | 292,388 | $ | 132,766 | $ | 425,154 | |||||||||||||||||||||||||||||||||||
Operating expense | 146,383 | 84,219 | 230,602 | ||||||||||||||||||||||||||||||||||||||
Depletion expense | 28,567 | 11,778 | 40,345 | ||||||||||||||||||||||||||||||||||||||
117,438 | 36,769 | 154,207 | |||||||||||||||||||||||||||||||||||||||
Income tax expense | 41,103 | 9,266 | 50,369 | ||||||||||||||||||||||||||||||||||||||
Results from producing activities | $ | 76,335 | $ | 27,503 | $ | 103,838 | |||||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||||||
Natural gas, NGL and oil revenue | $ | 331,964 | $ | 131,527 | $ | 463,491 | |||||||||||||||||||||||||||||||||||
Operating expense | 167,425 | 80,475 | 247,900 | ||||||||||||||||||||||||||||||||||||||
Depletion expense | 34,995 | 5,362 | 40,357 | ||||||||||||||||||||||||||||||||||||||
129,544 | 45,690 | 175,234 | |||||||||||||||||||||||||||||||||||||||
Income tax expense | 45,340 | 11,514 | 56,854 | ||||||||||||||||||||||||||||||||||||||
Results from producing activities | $ | 84,204 | $ | 34,176 | $ | 118,380 | |||||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||||||||||
Natural gas, NGL and oil revenue | $ | 538,902 | $ | 92,045 | $ | 630,947 | |||||||||||||||||||||||||||||||||||
Operating expense | 226,542 | 60,501 | 287,043 | ||||||||||||||||||||||||||||||||||||||
Depletion expense | 116,005 | 24,897 | 140,902 | ||||||||||||||||||||||||||||||||||||||
Impairment expense | 2,152,128 | 465,935 | 2,618,063 | ||||||||||||||||||||||||||||||||||||||
(1,955,773 | ) | (459,288 | ) | (2,415,061 | ) | ||||||||||||||||||||||||||||||||||||
Income tax benefit | (684,521 | ) | (114,822 | ) | (799,343 | ) | |||||||||||||||||||||||||||||||||||
Results from producing activities | $ | (1,271,252 | ) | $ | (344,466 | ) | $ | (1,615,718 | ) | ||||||||||||||||||||||||||||||||
The Standardized Measure of Discounted Future Net Cash Flows and Changes Therein Relating to Proved Oil and Natural Gas Reserves (“Standardized Measure”) does not purport to present the fair market value of our oil and natural gas properties. An estimate of such value should consider, among other factors, anticipated future prices of oil and natural gas, the probability of recoveries in excess of existing proved reserves, the value of probable reserves and acreage prospects, estimated future capital and operating costs and perhaps different discount rates. It should be noted that estimates of reserve quantities, especially from new discoveries, are inherently imprecise and subject to substantial revision. | |||||||||||||||||||||||||||||||||||||||||
Under the Standardized Measure, future cash inflows for 2014 were estimated by applying the unweighted average of the preceding 12-month first-day-of-the-month prices, adjusted for contracts with price floors but excluding hedges, and unescalated year-end costs to the estimated future production of the year-end reserves. These prices have varied widely and have a significant impact on both the quantities and value of the proved reserves as reduced prices cause wells to reach the end of their economic life much sooner and also make certain proved undeveloped locations uneconomical, both of which reduce reserves. The following representative prices were used in the Standardized Measure and were adjusted by field for appropriate regional differentials: | |||||||||||||||||||||||||||||||||||||||||
At December 31, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Natural gas – Henry Hub, per MMBtu | $ | 4.35 | $ | 3.67 | $ | 2.76 | |||||||||||||||||||||||||||||||||||
Natural gas – AECO, per MMBtu | 4.22 | 2.9 | 2.35 | ||||||||||||||||||||||||||||||||||||||
Oil – WTI Cushing, per Bbl | 94.99 | 97.18 | 94.71 | ||||||||||||||||||||||||||||||||||||||
The reference price used for our NGLs was based on WTI Cushing, adjusted for local differentials, gravity and BTU. | |||||||||||||||||||||||||||||||||||||||||
Future cash inflows were reduced by estimated future production and development costs, including future abandonment costs, based on year-end costs to determine pre-tax cash inflows. Future income taxes were computed by applying the statutory tax rate to the excess of pre-tax cash inflows over our tax basis in the associated proved oil and natural gas properties. Tax credits and net operating loss carry-forwards were also considered in the future income tax calculation. Future net cash inflows after income taxes were discounted using a 10% annual discount rate to arrive at the Standardized Measure. | |||||||||||||||||||||||||||||||||||||||||
The Standardized Measure at December 31, 2014, 2013 and 2012 was as follows: | |||||||||||||||||||||||||||||||||||||||||
U.S. | Canada | Total | |||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||
Future revenue | $ | 3,476,515 | $ | 1,053,509 | $ | 4,530,024 | |||||||||||||||||||||||||||||||||||
Future production costs | (1,785,208 | ) | (483,380 | ) | (2,268,588 | ) | |||||||||||||||||||||||||||||||||||
Future development costs | (71,143 | ) | (65,703 | ) | (136,846 | ) | |||||||||||||||||||||||||||||||||||
Future income taxes | (113,119 | ) | (11,017 | ) | (124,136 | ) | |||||||||||||||||||||||||||||||||||
Future net cash flows | 1,507,045 | 493,409 | 2,000,454 | ||||||||||||||||||||||||||||||||||||||
10% discount | (817,744 | ) | (194,640 | ) | (1,012,384 | ) | |||||||||||||||||||||||||||||||||||
Standardized measure of discounted future cash flows relating to proved reserves | $ | 689,301 | $ | 298,769 | $ | 988,070 | |||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||
Future revenue | $ | 3,825,944 | $ | 656,984 | $ | 4,482,928 | |||||||||||||||||||||||||||||||||||
Future production costs | (2,022,977 | ) | (385,776 | ) | (2,408,753 | ) | |||||||||||||||||||||||||||||||||||
Future development costs | (212,280 | ) | (79,525 | ) | (291,805 | ) | |||||||||||||||||||||||||||||||||||
Future income taxes | (134,418 | ) | 59,294 | (75,124 | ) | ||||||||||||||||||||||||||||||||||||
Future net cash flows | 1,456,269 | 250,977 | 1,707,246 | ||||||||||||||||||||||||||||||||||||||
10% discount | (801,116 | ) | (83,082 | ) | (884,198 | ) | |||||||||||||||||||||||||||||||||||
Standardized measure of discounted future cash flows relating to proved reserves | $ | 655,153 | $ | 167,895 | $ | 823,048 | |||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||
Future revenue | $ | 3,980,643 | $ | 472,539 | $ | 4,453,182 | |||||||||||||||||||||||||||||||||||
Future production costs | (2,552,863 | ) | (324,424 | ) | (2,877,287 | ) | |||||||||||||||||||||||||||||||||||
Future development costs | (239,532 | ) | (56,354 | ) | (295,886 | ) | |||||||||||||||||||||||||||||||||||
Future income taxes | 81,847 | 80,206 | 162,053 | ||||||||||||||||||||||||||||||||||||||
Future net cash flows | 1,270,095 | 171,967 | 1,442,062 | ||||||||||||||||||||||||||||||||||||||
10% discount | (667,738 | ) | (59,204 | ) | (726,942 | ) | |||||||||||||||||||||||||||||||||||
Standardized measure of discounted future cash flows relating to proved reserves | $ | 602,357 | $ | 112,763 | $ | 715,120 | |||||||||||||||||||||||||||||||||||
The standardized measure was calculated without giving consideration to any tax valuation allowance. | |||||||||||||||||||||||||||||||||||||||||
The primary changes in the Standardized Measure for 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Sales of oil and natural gas net of production costs | $ | (164,436 | ) | $ | (147,402 | ) | $ | (149,326 | ) | ||||||||||||||||||||||||||||||||
Net changes in economic factors | 304,602 | 326,698 | (1,362,793 | ) | |||||||||||||||||||||||||||||||||||||
Extensions and discoveries | 1,455 | 43,328 | 27,003 | ||||||||||||||||||||||||||||||||||||||
Development costs incurred | 60,169 | 2,302 | 172,563 | ||||||||||||||||||||||||||||||||||||||
Changes in estimated future development costs | 91,635 | 20,766 | 620,127 | ||||||||||||||||||||||||||||||||||||||
Purchase and sale of reserves, net | (24 | ) | (237,409 | ) | (20,529 | ) | |||||||||||||||||||||||||||||||||||
Revision of estimates | (103,478 | ) | 121,916 | (1,219,609 | ) | ||||||||||||||||||||||||||||||||||||
Accretion of discount | 75,925 | 50,821 | 196,315 | ||||||||||||||||||||||||||||||||||||||
Net change in income taxes | (73,637 | ) | (86,667 | ) | 560,485 | ||||||||||||||||||||||||||||||||||||
Change in timing and other differences | (27,189 | ) | 13,575 | 156,031 | |||||||||||||||||||||||||||||||||||||
Net increase (decrease) | $ | 165,022 | $ | 107,928 | $ | (1,019,733 | ) | ||||||||||||||||||||||||||||||||||
Revisions, Removal of Proved Undeveloped Reserves not Developed | 143 | 76 | 250 | ||||||||||||||||||||||||||||||||||||||
Percentage of ownership interest | 100.00% | ||||||||||||||||||||||||||||||||||||||||
Revisions, Changes in Performance | 34 | 74 | 291 | ||||||||||||||||||||||||||||||||||||||
U.S. [Member] | Proved Developed [Member] | |||||||||||||||||||||||||||||||||||||||||
Reserve Quantities [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Proved Developed and Undeveloped Reserves, Extensions, Discoveries, and Additions, Percent | 13.00% | ||||||||||||||||||||||||||||||||||||||||
U.S. [Member] | Natural Gas [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Proved Reserves, Beginning of Period | 824,450 | 848,048 | 1,828,904 | ||||||||||||||||||||||||||||||||||||||
Revisions | -148,359 | [1] | 234,835 | [1] | -910,386 | [1] | |||||||||||||||||||||||||||||||||||
Extensions and discoveries | 413 | [2] | 50,992 | [2] | 25,858 | [2] | |||||||||||||||||||||||||||||||||||
Sales in place | 0 | -257,741 | [3] | -20,616 | [4] | ||||||||||||||||||||||||||||||||||||
Production | -46,027 | -51,684 | -75,712 | ||||||||||||||||||||||||||||||||||||||
Proved Reserves, End of Period | 630,477 | 824,450 | 848,048 | ||||||||||||||||||||||||||||||||||||||
Proved Developed Reserves (Volume) | 619,751 | 702,147 | 725,361 | ||||||||||||||||||||||||||||||||||||||
Proved Undeveloped Reserve (Volume) | 10,726 | 122,303 | 122,687 | ||||||||||||||||||||||||||||||||||||||
U.S. [Member] | NGL [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Proved Reserves, Beginning of Period | 39,734 | 56,173 | 102,145 | ||||||||||||||||||||||||||||||||||||||
Revisions | -3,675 | [1] | 750 | [1] | -45,379 | [1] | |||||||||||||||||||||||||||||||||||
Extensions and discoveries | 0 | [2] | 0 | [2] | 3,518 | [2] | |||||||||||||||||||||||||||||||||||
Sales in place | 0 | -14,333 | [3] | -42 | [4] | ||||||||||||||||||||||||||||||||||||
Production | -2,105 | -2,856 | -4,069 | ||||||||||||||||||||||||||||||||||||||
Proved Reserves, End of Period | 33,954 | 39,734 | 56,173 | ||||||||||||||||||||||||||||||||||||||
Proved Developed Reserves (Volume) | 33,954 | 34,603 | 47,284 | ||||||||||||||||||||||||||||||||||||||
Proved Undeveloped Reserve (Volume) | 0 | 5,131 | 8,890 | ||||||||||||||||||||||||||||||||||||||
U.S. [Member] | Oil [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Proved Reserves, Beginning of Period | 199 | 2,529 | 3,035 | ||||||||||||||||||||||||||||||||||||||
Revisions | -14 | [1] | 62 | [1] | -479 | [1] | |||||||||||||||||||||||||||||||||||
Extensions and discoveries | 188 | [2] | 0 | [2] | 345 | [2] | |||||||||||||||||||||||||||||||||||
Sales in place | -5 | -2,207 | [3] | -85 | [4] | ||||||||||||||||||||||||||||||||||||
Production | -81 | -185 | -287 | ||||||||||||||||||||||||||||||||||||||
Proved Reserves, End of Period | 287 | 199 | 2,529 | ||||||||||||||||||||||||||||||||||||||
Proved Developed Reserves (Volume) | 287 | 139 | 2,416 | ||||||||||||||||||||||||||||||||||||||
Proved Undeveloped Reserve (Volume) | 0 | 60 | 113 | ||||||||||||||||||||||||||||||||||||||
U.S. [Member] | natural gas equivalent [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Proved Reserves, Beginning of Period | 1,064,048 | 1,200,260 | 2,459,984 | ||||||||||||||||||||||||||||||||||||||
Revisions | -170,493 | [1] | 239,707 | [1] | -1,185,534 | [1] | |||||||||||||||||||||||||||||||||||
Extensions and discoveries | 1,541 | [2] | 50,992 | [2] | 49,036 | [2] | |||||||||||||||||||||||||||||||||||
Sales in place | -30 | -356,981 | [3] | -21,378 | [4] | ||||||||||||||||||||||||||||||||||||
Production | -59,143 | -69,930 | -101,848 | ||||||||||||||||||||||||||||||||||||||
Proved Reserves, End of Period | 835,923 | 1,064,048 | 1,200,260 | ||||||||||||||||||||||||||||||||||||||
Proved Developed Reserves (Volume) | 825,197 | 910,599 | 1,023,561 | ||||||||||||||||||||||||||||||||||||||
Proved Undeveloped Reserve (Volume) | 10,726 | 153,449 | 176,705 | ||||||||||||||||||||||||||||||||||||||
Canada [Member] | Natural Gas [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Proved Reserves, Beginning of Period | 266,056 | 266,783 | 330,631 | ||||||||||||||||||||||||||||||||||||||
Revisions | 42,941 | [1] | 28,948 | [1] | -33,945 | [1] | |||||||||||||||||||||||||||||||||||
Extensions and discoveries | 0 | [2] | 9,697 | [2] | 9 | [2] | |||||||||||||||||||||||||||||||||||
Sales in place | 0 | 0 | [3] | 0 | [4] | ||||||||||||||||||||||||||||||||||||
Production | -31,169 | -39,372 | -29,912 | ||||||||||||||||||||||||||||||||||||||
Proved Reserves, End of Period | 277,828 | 266,056 | 266,783 | ||||||||||||||||||||||||||||||||||||||
Proved Developed Reserves (Volume) | 277,828 | 260,159 | 266,783 | ||||||||||||||||||||||||||||||||||||||
Proved Undeveloped Reserve (Volume) | 0 | 5,896 | 0 | ||||||||||||||||||||||||||||||||||||||
Canada [Member] | NGL [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Proved Reserves, Beginning of Period | 9 | 10 | 11 | ||||||||||||||||||||||||||||||||||||||
Revisions | 3 | [1] | 0 | [1] | 1 | [1] | |||||||||||||||||||||||||||||||||||
Extensions and discoveries | 0 | [2] | 0 | [2] | 0 | [2] | |||||||||||||||||||||||||||||||||||
Sales in place | 0 | 0 | [3] | 0 | [4] | ||||||||||||||||||||||||||||||||||||
Production | -2 | -1 | -2 | ||||||||||||||||||||||||||||||||||||||
Proved Reserves, End of Period | 10 | 9 | 10 | ||||||||||||||||||||||||||||||||||||||
Proved Developed Reserves (Volume) | 11 | 9 | 10 | ||||||||||||||||||||||||||||||||||||||
Proved Undeveloped Reserve (Volume) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Canada [Member] | Oil [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Proved Reserves, Beginning of Period | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Revisions | 0 | [1] | 0 | [1] | 0 | [1] | |||||||||||||||||||||||||||||||||||
Extensions and discoveries | 0 | [2] | 0 | [2] | 0 | [2] | |||||||||||||||||||||||||||||||||||
Sales in place | 0 | 0 | [3] | 0 | [4] | ||||||||||||||||||||||||||||||||||||
Production | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Proved Reserves, End of Period | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Proved Developed Reserves (Volume) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Proved Undeveloped Reserve (Volume) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Canada [Member] | natural gas equivalent [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Proved Reserves, Beginning of Period | 266,110 | 266,843 | 330,697 | ||||||||||||||||||||||||||||||||||||||
Revisions | 42,959 | [1] | 28,948 | [1] | -33,939 | [1] | |||||||||||||||||||||||||||||||||||
Extensions and discoveries | 0 | [2] | 9,697 | [2] | 9 | [2] | |||||||||||||||||||||||||||||||||||
Sales in place | 0 | 0 | [3] | 0 | [4] | ||||||||||||||||||||||||||||||||||||
Production | -31,181 | -39,378 | -29,924 | ||||||||||||||||||||||||||||||||||||||
Proved Reserves, End of Period | 277,888 | 266,110 | 266,843 | ||||||||||||||||||||||||||||||||||||||
Proved Developed Reserves (Volume) | 277,894 | 260,213 | 266,843 | ||||||||||||||||||||||||||||||||||||||
Proved Undeveloped Reserve (Volume) | 0 | 5,896 | 0 | ||||||||||||||||||||||||||||||||||||||
Consolidated [Member] | Natural Gas [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Proved Reserves, Beginning of Period | 1,090,506 | 1,114,831 | 2,159,535 | ||||||||||||||||||||||||||||||||||||||
Revisions | -105,418 | [1] | 263,783 | [1] | -944,331 | [1] | |||||||||||||||||||||||||||||||||||
Extensions and discoveries | 413 | [2] | 60,689 | [2] | 25,867 | [2] | |||||||||||||||||||||||||||||||||||
Sales in place | 0 | -257,741 | [3] | -20,616 | [4] | ||||||||||||||||||||||||||||||||||||
Production | -77,196 | -91,056 | -105,624 | ||||||||||||||||||||||||||||||||||||||
Proved Reserves, End of Period | 908,305 | 1,090,506 | 1,114,831 | ||||||||||||||||||||||||||||||||||||||
Proved Developed Reserves (Volume) | 897,579 | 962,306 | 992,144 | ||||||||||||||||||||||||||||||||||||||
Proved Undeveloped Reserve (Volume) | 10,726 | 128,199 | 122,687 | ||||||||||||||||||||||||||||||||||||||
Consolidated [Member] | NGL [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Proved Reserves, Beginning of Period | 39,743 | 56,183 | 102,156 | ||||||||||||||||||||||||||||||||||||||
Revisions | -3,672 | [1] | 750 | [1] | -45,378 | [1] | |||||||||||||||||||||||||||||||||||
Extensions and discoveries | 0 | [2] | 0 | [2] | 3,518 | [2] | |||||||||||||||||||||||||||||||||||
Sales in place | 0 | -14,333 | [3] | -42 | [4] | ||||||||||||||||||||||||||||||||||||
Production | -2,107 | -2,857 | -4,071 | ||||||||||||||||||||||||||||||||||||||
Proved Reserves, End of Period | 33,964 | 39,743 | 56,183 | ||||||||||||||||||||||||||||||||||||||
Proved Developed Reserves (Volume) | 33,965 | 34,612 | 47,294 | ||||||||||||||||||||||||||||||||||||||
Proved Undeveloped Reserve (Volume) | 0 | 5,131 | 8,890 | ||||||||||||||||||||||||||||||||||||||
Consolidated [Member] | Oil [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Proved Reserves, Beginning of Period | 199 | 2,529 | 3,035 | ||||||||||||||||||||||||||||||||||||||
Revisions | -14 | [1] | 62 | [1] | -479 | [1] | |||||||||||||||||||||||||||||||||||
Extensions and discoveries | 188 | [2] | 0 | [2] | 345 | [2] | |||||||||||||||||||||||||||||||||||
Sales in place | -5 | -2,207 | [3] | -85 | [4] | ||||||||||||||||||||||||||||||||||||
Production | -81 | -185 | -287 | ||||||||||||||||||||||||||||||||||||||
Proved Reserves, End of Period | 287 | 199 | 2,529 | ||||||||||||||||||||||||||||||||||||||
Proved Developed Reserves (Volume) | 287 | 139 | 2,416 | ||||||||||||||||||||||||||||||||||||||
Proved Undeveloped Reserve (Volume) | 0 | 60 | 113 | ||||||||||||||||||||||||||||||||||||||
Consolidated [Member] | natural gas equivalent [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Proved Reserves, Beginning of Period | 1,330,158 | 1,467,103 | 2,790,681 | ||||||||||||||||||||||||||||||||||||||
Revisions | -127,534 | [1] | 268,655 | [1] | -1,219,473 | [1] | |||||||||||||||||||||||||||||||||||
Extensions and discoveries | 1,541 | [2] | 60,689 | [2] | 49,045 | [2] | |||||||||||||||||||||||||||||||||||
Sales in place | -30 | -356,981 | [3] | -21,378 | [4] | ||||||||||||||||||||||||||||||||||||
Production | -90,324 | -109,308 | -131,772 | ||||||||||||||||||||||||||||||||||||||
Proved Reserves, End of Period | 1,113,811 | 1,330,158 | 1,467,103 | ||||||||||||||||||||||||||||||||||||||
Proved Developed Reserves (Volume) | 1,103,091 | 1,170,812 | 1,290,404 | ||||||||||||||||||||||||||||||||||||||
Proved Undeveloped Reserve (Volume) | 10,726 | 159,345 | 176,705 | ||||||||||||||||||||||||||||||||||||||
Changes in Non-Economic Factors [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Revisions | -177,246 | -151,615 | -629,407 | ||||||||||||||||||||||||||||||||||||||
Changes in Economic Factors [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Revisions | 49,712 | 419,972 | -590,064 | ||||||||||||||||||||||||||||||||||||||
Barnett Shale [Member] | U.S. [Member] | |||||||||||||||||||||||||||||||||||||||||
Reserve Quantities [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Proved Developed and Undeveloped Reserves, Extensions, Discoveries, and Additions, Percent | 96.00% | ||||||||||||||||||||||||||||||||||||||||
Niobrara and West Texas Assets [Member] | U.S. [Member] | |||||||||||||||||||||||||||||||||||||||||
Reserve Quantities [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Proved Developed and Undeveloped Reserves, Extensions, Discoveries, and Additions, Percent | 4.00% | ||||||||||||||||||||||||||||||||||||||||
Tokyo Gas [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Sales in place | 337 | ||||||||||||||||||||||||||||||||||||||||
Synergy [Member] | |||||||||||||||||||||||||||||||||||||||||
Change in Proved Developed and Undeveloped Reserves [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||
Sales in place | 15 | ||||||||||||||||||||||||||||||||||||||||
[1] | Revisions for each period presented reflect upward (downward) changes in previous estimates attributable to changes in economic factors of 49,712B MMcfe, 419,972 MMcfe and (590,064) MMcfe in 2014, 2013 and 2012, respectively, and changes in non-economic factors of (177,246)B MMcfe, (151,615)B MMcfe and (629,407) MMcfe in 2014, 2013 and 2012, respectively, including:b"In 2014, we removed proved reserves of (143) Bcfe that we were unable to develop due to constrained liquidityb"Removal of proved undeveloped reserves that had not been developed within five years: (76) Bcfe and (250) Bcfe in 2013 and 2012, respectively;b"changes in performance related to offsetting activities, higher pipeline pressures and other factors: (34) Bcfe, (74) Bcfe and (291) Bcfe in 2014, 2013 and 2012, respectively andb"revision of type curve of non producing wells based on comparison to producing analogs: (88) Bcfe in 2012 | ||||||||||||||||||||||||||||||||||||||||
[2] | Extensions and discoveries for each period presented represent extensions to reserves attributable to additional drilling activity subsequent to discovery. U.S. extensions and discoveries for:b"2014 are attributable to our West Texas Asset as we drilled in areas not previously explored;b"2013 are attributable to our Barnett Shale Asset; andb"2012 are 96% attributable to our Barnett Shale Asset, 4% to our Niobrara and West Texas Assets (of which 13% were proved developed).Canadian extensions and discoveries for 2013 and 2012 are attributable to our Horseshoe Canyon Asset. | ||||||||||||||||||||||||||||||||||||||||
[3] | Sales of reserves in place during 2013 relate to the Tokyo Gas Transaction (337 Bcfe) and the Synergy Transaction (15 Bcfe). | ||||||||||||||||||||||||||||||||||||||||
[4] | Sales of reserves in place during 2012 relate to our agreement to allow an outside working interest owner to fund the completion costs for twelve wells in our Barnett Shale Asset for which they received a preferential right to reserves. It also includes a minimal sale of reserves in our Niobrara Asset to SWEPI. |
Supplemental_Oil_and_Gas_Infor2
Supplemental Oil and Gas Information (Unaudited) Net Carrying Value of Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Accumulated DD&A | ($5,225,302) | ($5,268,719) | |
Net oil and gas properties | 614,668 | 640,443 | |
U.S. [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved properties | 4,650,428 | 4,645,777 | 4,681,860 |
Unevaluated properties | 18,803 | 19,343 | 90,035 |
Accumulated DD&A | -4,296,953 | -4,268,387 | -4,233,391 |
Net oil and gas properties | 372,278 | 396,733 | 538,504 |
Canada [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved properties | 1,170,739 | 1,041,780 | 1,089,053 |
Unevaluated properties | 0 | 202,262 | 217,232 |
Accumulated DD&A | -928,349 | -1,000,332 | -1,063,829 |
Net oil and gas properties | 242,390 | 243,710 | 242,456 |
Consolidated [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved properties | 5,821,167 | 5,687,557 | 5,770,913 |
Unevaluated properties | 18,803 | 221,605 | 307,267 |
Accumulated DD&A | -5,225,302 | -5,268,719 | -5,297,220 |
Net oil and gas properties | $614,668 | $640,443 | $780,960 |
Supplemental_Oil_and_Gas_Infor3
Supplemental Oil and Gas Information (Unaudited) Captial Costs Incurred For Acquisition, Exploration and Development Activities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. [Member] | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||
Proved acreage | $0 | $0 | $0 |
Unproved acreage | 21,722 | 15,843 | 23,711 |
Development costs | 78,894 | 49,299 | 131,926 |
Exploration costs | 63 | 0 | 35,244 |
Total | 100,679 | 65,142 | 190,881 |
Canada [Member] | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||
Proved acreage | 0 | 0 | 0 |
Unproved acreage | 5,519 | 6,305 | 5,612 |
Development costs | 22,065 | 17,422 | 178,808 |
Exploration costs | 0 | 0 | 8,304 |
Total | 27,584 | 23,727 | 192,724 |
Consolidated [Member] | |||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | |||
Proved acreage | 0 | 0 | 0 |
Unproved acreage | 27,241 | 22,148 | 29,323 |
Development costs | 100,959 | 66,721 | 310,734 |
Exploration costs | 63 | 0 | 43,548 |
Total | $128,263 | $88,869 | $383,605 |
Supplemental_Oil_and_Gas_Infor4
Supplemental Oil and Gas Information (Unaudited) Results from Producing Activities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Income (loss) before income taxes | ($99,500) | $176,168 | ($2,648,176) |
U.S. [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Natural gas, NGL and oil revenue | 292,388 | 331,964 | 538,902 |
Operating expense | 146,383 | 167,425 | 226,542 |
Depletion expense | 28,567 | 34,995 | 116,005 |
Impairment expense | 2,152,128 | ||
Income (loss) before income taxes | 117,438 | 129,544 | -1,955,773 |
Income tax expense (benefit) | 41,103 | 45,340 | -684,521 |
Results of Operations, Oil and Gas Producing Activities Net Income (Excluding Corporate Overhead and Interest Costs) | 76,335 | 84,204 | -1,271,252 |
Canada [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Natural gas, NGL and oil revenue | 132,766 | 131,527 | 92,045 |
Operating expense | 84,219 | 80,475 | 60,501 |
Depletion expense | 11,778 | 5,362 | 24,897 |
Impairment expense | 465,935 | ||
Income (loss) before income taxes | 36,769 | 45,690 | -459,288 |
Income tax expense (benefit) | 9,266 | 11,514 | -114,822 |
Results of Operations, Oil and Gas Producing Activities Net Income (Excluding Corporate Overhead and Interest Costs) | 27,503 | 34,176 | -344,466 |
Consolidated [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Natural gas, NGL and oil revenue | 425,154 | 463,491 | 630,947 |
Operating expense | 230,602 | 247,900 | 287,043 |
Depletion expense | 40,345 | 40,357 | 140,902 |
Impairment expense | 2,618,063 | ||
Income (loss) before income taxes | 154,207 | 175,234 | -2,415,061 |
Income tax expense (benefit) | 50,369 | 56,854 | -799,343 |
Results of Operations, Oil and Gas Producing Activities Net Income (Excluding Corporate Overhead and Interest Costs) | $103,838 | $118,380 | ($1,615,718) |
Supplemental_Oil_and_Gas_Infor5
Supplemental Oil and Gas Information (Unaudited) Prices used for Standardized Measure (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Natural Gas [Member] | Henry Hub [Member] | |||
Supplemental Oil and Gas Information [Line Items] | |||
Representative prices | 4.35 | 3.67 | 2.76 |
Natural Gas [Member] | AECO [Member] | |||
Supplemental Oil and Gas Information [Line Items] | |||
Representative prices | 4.22 | 2.9 | 2.35 |
Oil [Member] | WTI Cushing [Member] | |||
Supplemental Oil and Gas Information [Line Items] | |||
Representative prices | 94.99 | 97.18 | 94.71 |
Supplemental_Oil_and_Gas_Infor6
Supplemental Oil and Gas Information (Unaudited) Discounted Future Cash Flows of Proved Reserves (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
U.S. [Member] | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Future revenue | $3,476,515 | $3,825,944 | $3,980,643 |
Future production costs | -1,785,208 | -2,022,977 | -2,552,863 |
Future development costs | -71,143 | -212,280 | -239,532 |
Future income taxes | -113,119 | -134,418 | 81,847 |
Future net cash flows | 1,507,045 | 1,456,269 | 1,270,095 |
10% discount | -817,744 | -801,116 | -667,738 |
Standardized measure of discounted future cash flows relating to proved reserves | 689,301 | 655,153 | 602,357 |
Canada [Member] | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Future revenue | 1,053,509 | 656,984 | 472,539 |
Future production costs | -483,380 | -385,776 | -324,424 |
Future development costs | -65,703 | -79,525 | -56,354 |
Future income taxes | -11,017 | 59,294 | 80,206 |
Future net cash flows | 493,409 | 250,977 | 171,967 |
10% discount | -194,640 | -83,082 | -59,204 |
Standardized measure of discounted future cash flows relating to proved reserves | 298,769 | 167,895 | 112,763 |
Consolidated [Member] | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Future revenue | 4,530,024 | 4,482,928 | 4,453,182 |
Future production costs | -2,268,588 | -2,408,753 | -2,877,287 |
Future development costs | -136,846 | -291,805 | -295,886 |
Future income taxes | -124,136 | -75,124 | 162,053 |
Future net cash flows | 2,000,454 | 1,707,246 | 1,442,062 |
10% discount | -1,012,384 | -884,198 | -726,942 |
Standardized measure of discounted future cash flows relating to proved reserves | $988,070 | $823,048 | $715,120 |
Supplemental_Oil_and_Gas_Infor7
Supplemental Oil and Gas Information (Unaudited) Changes in Standardized Measure of Discounted Future Net Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Annual Discount Rate for Estimated Timing of Cash Flows | 10.00% | ||
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Oil and Gas Reserves [Roll Forward] | |||
Sales of oil and natural gas net of production costs | ($164,436) | ($147,402) | ($149,326) |
Net changes in economic factors | 304,602 | 326,698 | -1,362,793 |
Extensions and discoveries | 1,455 | 43,328 | 27,003 |
Development costs incurred | 60,169 | 2,302 | 172,563 |
Changes in estimated future development costs | 91,635 | 20,766 | 620,127 |
Purchase and sale of reserves, net | -24 | -237,409 | -20,529 |
Revision of estimates | -103,478 | 121,916 | -1,219,609 |
Accretion of discount | 75,925 | 50,821 | 196,315 |
Net change in income taxes | -73,637 | -86,667 | 560,485 |
Change in timing and other differences | -27,189 | 13,575 | 156,031 |
Net increase (decrease) | $165,022 | $107,928 | ($1,019,733) |
Supplemental_Oil_and_Gas_Infor8
Supplemental Oil and Gas Information (Unaudited) Narrative (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
MMcf | MMcf | MMcf | |
Reserve Quantities [Line Items] | |||
Proved undeveloped reserves that had not been developed, Period | 5 years | ||
Removal of proved undeveloped reserves not developed | 143 | 76 | 250 |
Changes in performance | 34 | 74 | 291 |
Revision of type curve of non producing wells | 88 | ||
Capital expenditures | $133,481 | $101,288 | $485,479 |
Changes in Economic Factors [Member] | |||
Reserve Quantities [Line Items] | |||
Revisions | 49,712 | 419,972 | -590,064 |
Changes in Non-Economic Factors [Member] | |||
Reserve Quantities [Line Items] | |||
Revisions | -177,246 | -151,615 | -629,407 |