Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
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 | 183,142,386 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Revenue | ||||
Production | $60,737 | $115,676 | ||
Sales of purchased natural gas | 10,771 | 17,222 | ||
Net derivative gains (losses) | 27,501 | -42,033 | ||
Other | 5,748 | 921 | ||
Total revenue | 104,757 | 91,786 | ||
Operating expense | ||||
Lease operating | 15,461 | 18,757 | ||
Gathering, processing and transportation | 28,457 | 32,783 | ||
Production and ad valorem taxes | 3,525 | 4,184 | ||
Costs of purchased natural gas | 10,783 | 17,192 | ||
Depletion, depreciation and accretion | 15,289 | 13,955 | ||
General and administrative | 18,856 | 15,320 | ||
Other operating | 337 | 649 | ||
Total expense | 92,708 | 102,840 | ||
Operating income (loss) | 12,049 | -11,054 | ||
Reorganization Items | -60,645 | 0 | ||
Other income - net | -25,566 | 69 | ||
Fortune Creek accretion | -3,228 | -4,401 | ||
Interest expense | -36,761 | -40,796 | ||
Income (loss) before income taxes | -114,151 | -56,182 | ||
Income tax (expense) benefit | -1,536 | -2,651 | ||
Net Income (Loss) Attributable to Parent | -115,687 | -58,833 | ||
Reclassification adjustments related to settlements of derivative contracts into production revenue- net of income tax | -5,258 | -7,850 | ||
Foreign currency translation adjustment | -7,463 | -4,255 | ||
Other comprehensive income (loss) | -12,721 | -12,105 | ||
Comprehensive income (loss) | ($128,408) | ($70,938) | ||
Earnings (loss) per common share - basic | ($0.66) | ($0.34) | ||
Earnings (loss) per common share - diluted | ($0.66) | [1] | ($0.34) | [1] |
[1] | For the three months ended March 31, 2015, 6.4 million shares associated with our stock options and 0.9 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended March 31, 2014, 6.8 million shares associated with our stock options and 0.3 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Parenthetical (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations | $39,388 | $0 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Current assets | |||
Cash | $291,840 | $223,529 | |
Accounts receivable - net of allowance for doubtful accounts | 50,026 | 65,158 | |
Derivative assets at fair value | 7,476 | 120,176 | |
Other current assets | 23,901 | 14,414 | |
Total current assets | 373,243 | 423,277 | |
Property, plant and equipment - net | |||
Oil and natural gas properties, full cost method (including unevaluated costs of $18,253 and $18,803, respectively) | 595,884 | 614,668 | |
Property, Plant and Equipment, Other, Net | 108,557 | 114,112 | |
Property, plant and equipment, net of accumulated depletion and depreciation | 704,441 | 728,780 | |
Derivative assets at fair value | 0 | 29,391 | |
Other assets | 7,668 | 32,854 | |
Total assets | 1,085,352 | 1,214,302 | |
Long-term Debt, Current Maturities | 260,460 | [1] | 2,037,305 |
Current liabilities | |||
Accounts payable | 10,657 | 22,586 | |
Accrued liabilities | 30,345 | 81,146 | |
Total current liabilities | 301,462 | 2,141,037 | |
Long-term debt | 0 | [1] | 0 |
Partnership liability | 86,466 | 91,956 | |
Asset retirement obligations | 100,005 | 104,049 | |
Other liabilities | 10,195 | 15,131 | |
Liabilities Subject to Compromise | 1,851,073 | 0 | |
Commitments and contingencies (Note 7) | |||
Stockholders' equity | |||
Preferred stock, par value $0.01, 10,000,000 shares authorized, none outstanding | 0 | 0 | |
Common stock, $0.01 par value, 400,000,000 shares authorized, and 191,573,739 and 187,802,994 shares issued, respectively | 1,916 | 1,878 | |
Paid in capital in excess of par value | 784,176 | 781,669 | |
Treasury stock of 8,363,784 and 7,444,372 shares, respectively | -53,925 | -53,810 | |
Accumulated other comprehensive income | 59,132 | 71,853 | |
Retained deficit | -2,055,148 | -1,939,461 | |
Total stockholders' equity | -1,263,849 | -1,137,871 | |
Total liabilities and stockholders' equity | $1,085,352 | $1,214,302 | |
[1] | As a result of our Chapter 11 filings, we have classified all debt as current at March 31, 2015 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $0.01 | $0.01 |
Unevaluated costs of oil and gas properties | $18,253 | $18,803 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 191,573,739 | 187,802,994 |
Treasury stock, shares | 8,363,784 | 7,444,372 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Stockholders' Equity, Total [Member] |
In Thousands | |||||||
Balances at Dec. 31, 2013 | $1,840 | $770,092 | ($51,422) | $109,881 | ($1,836,361) | ($1,005,970) | |
Net income (loss) | -58,833 | -58,833 | -58,833 | ||||
Hedge derivative contract settlements reclassified into earnings from AOCI, net of income tax | -7,850 | -7,850 | |||||
Foreign currency translation adjustment | -4,255 | -4,255 | -4,255 | ||||
Issuance and vesting of stock compensation | 8 | 3,806 | -2,271 | 1,543 | |||
Balances at Mar. 31, 2014 | 1,848 | 773,898 | -53,693 | 97,776 | -1,895,194 | -1,075,365 | |
Balances at Dec. 31, 2014 | 1,878 | 781,669 | -53,810 | 71,853 | -1,939,461 | -1,137,871 | |
Net income (loss) | -115,687 | -115,687 | -115,687 | ||||
Hedge derivative contract settlements reclassified into earnings from AOCI, net of income tax | -5,258 | -5,258 | |||||
Foreign currency translation adjustment | -7,463 | -7,463 | -7,463 | ||||
Issuance and vesting of stock compensation | 38 | 2,507 | -115 | 2,430 | |||
Balances at Mar. 31, 2015 | $1,916 | $784,176 | ($53,925) | $59,132 | ($2,055,148) | ($1,263,849) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Equity (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Stockholders' Equity [Abstract] | ||
Income tax effect related to hedge derivative contract settlements reclassified into earnings from accumulated other comprehensive income | ($1,536) | ($2,426) |
Income tax effect related to net change in derivative fair value | $0 | $0 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net income (loss) | $115,687 | $58,833 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depletion, depreciation and accretion | 15,289 | 13,955 |
Deferred income tax expense (benefit) | -1,536 | -2,426 |
Hedging and derivative activities | 131,789 | 32,555 |
Stock-based compensation | 2,545 | 3,814 |
Non-cash interest expense | 2,566 | 2,665 |
ReorganizationItemsNonCash | 60,615 | 0 |
Fortune Creek accretion | 3,228 | 4,401 |
Other | -261 | -407 |
Changes in assets and liabilities | ||
Accounts receivable | 12,852 | -13,220 |
Prepaid expenses and other assets | -11,271 | 518 |
Accounts payable | -10,617 | -10,805 |
Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable | -36 | 8,221 |
Accrued and other liabilities | -4,558 | -5,274 |
Net cash flow provided by (used in) operating activities | 87,990 | -19,984 |
Investing activities: | ||
Purchases of property, plant and equipment | -15,187 | -38,729 |
Proceeds from sale of properties and equipment | 1,332 | 1,026 |
Payments to acquire marketable securities | 0 | -55,682 |
Proceeds from Sale and Maturity of Held-to-maturity Securities | 0 | 124,694 |
Net cash provided by (used in) investing activities | -13,855 | 31,309 |
Financing activities: | ||
Issuance of debt | 26,235 | 0 |
Repayments of debt | -36,700 | 0 |
Debt issuance costs paid | -80 | -162 |
Distribution of Fortune Creek Partnership funds | -938 | -29,472 |
Purchase of treasury stock | -115 | -2,271 |
Net cash provided by (used in) financing activities | -11,598 | -31,905 |
Effect of Exchange Rate on Cash and Cash Equivalents | 5,774 | 731 |
Net increase (decrease) in cash | 68,311 | -19,849 |
Cash at beginning of period | 223,529 | 89,103 |
Cash at end of period | $291,840 | $69,254 |
Accounting_Policies_And_Disclo
Accounting Policies And Disclosures | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounting Policies [Abstract] | ||||
Accounting Policies And Disclosures | CHAPTER 11 PROCEEDINGS AND ACCOUNTING POLICIES | |||
Chapter 11 Proceedings | ||||
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 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 (LSS) (Jointly Administered). | ||||
The U.S. Debtors are currently operating our business as debtors in possession in accordance with the applicable provisions of the Bankruptcy Code. Since the Chapter 11 filings, the Bankruptcy Court has entered all orders sufficient to enable the U.S. Debtors to conduct normal business activities, including orders to, among other things and subject to applicable caps for pre-petition items, pay employee wages and benefits, pay certain lienholders and critical vendors, and forward funds belonging to third parties, including royalty holders and partners, as well as the approval of the U.S. Debtors’ use of their secured lenders’ cash collateral and collateral, and the provision of adequate protection related thereto. While the U.S. Debtors are subject to Chapter 11, all transactions outside the ordinary course of their business will require the prior approval of the Bankruptcy Court. | ||||
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. | ||||
Appointment of Creditors Committee. On March 25, 2015, the United States Trustee for Delaware appointed the Creditors Committee. The Creditors Committee and its legal representatives have a right to be heard on all matters that come before the Bankruptcy Court with respect to the U.S. Debtors. There can be no assurance that the Creditors Committee will support the U.S. Debtors’ positions on matters presented to the Bankruptcy Court, including any plan of reorganization. Disagreements between the U.S. Debtors and the Creditors Committee could protract the Chapter 11 proceedings, negatively impact the U.S. Debtors’ ability to operate, and delay the U.S. Debtors’ emergence from the Chapter 11 proceedings. | ||||
Rejection of Executory Contracts. 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. The rejection of an executory contract or unexpired lease is generally 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. The assumption of an executory contract or unexpired lease generally 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. Debtors in this Quarterly Report, including where applicable a quantification of our obligations under any such executory contract or unexpired lease with the U.S. Debtors, 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. | ||||
The U.S. Debtors’ financial statements include amounts classified as Liabilities Subject to Compromise that the U.S. Debtors believe the Bankruptcy Court will allow as claim amounts resulting from the U.S. Debtors’ rejection of various executory contracts and unexpired leases. Additional amounts may be included in Liabilities Subject to Compromise in future periods if additional executory contracts and unexpired leases are rejected. Conversely, the U.S. Debtors expect that the assumption of certain executory contracts and unexpired leases may convert certain liabilities shown in future financial statements as subject to compromise to post-petition liabilities. Due to the uncertain nature of many of the potential claims, the magnitude of such claims is not reasonably estimable at this time. Such claims may be material (see “Liabilities Subject to Compromise” below). | ||||
Magnitude of Potential Claims. The U.S. Debtors will file with the Bankruptcy Court Schedules and Statements setting forth, among other things, the assets and liabilities of the U.S. Debtors, subject to the assumptions filed in connection therewith. The Schedules and Statements may be subject to further amendment or modification after filing. | ||||
Certain holders of pre-petition claims are required to file proofs of claim by the Bar Date. The Bankruptcy Court has not yet established the Bar Date. | ||||
Differences between amounts scheduled by the U.S. Debtors and claims by creditors will be investigated and resolved in connection with the claims resolution process. In light of the expected number of creditors, the claims resolution process may take considerable time to complete and we expect will continue after our emergence from bankruptcy. Accordingly, the ultimate number and amount of allowed claims is not presently known, nor can the ultimate recovery with respect to allowed claims be presently ascertained. | ||||
Costs of Reorganization. The U.S. Debtors have incurred and will continue to incur significant costs associated with the reorganization. The amount of these costs, which are being expensed as incurred, are expected to significantly affect our results of operations. For additional information, see “Reorganization Items, net” below. | ||||
Effect of Filing on Creditors and Stockholders. Under the priority scheme established by the Bankruptcy Code, unless creditors agree otherwise, pre-petition liabilities and post-petition liabilities must be satisfied in full before the holders of our existing common stock are entitled to receive any distribution or retain any property under a plan of reorganization. The ultimate recovery to creditors and/or stockholders, if any, will not be determined until confirmation and implementation of a plan or plans of reorganization. No assurance can be given as to what values, if any, will be ascribed in the Chapter 11 proceedings to each of these constituencies or what types or amounts of distributions, if any, they would receive. A plan of reorganization could result in holders of U.S. Debtors’ liabilities and/or securities, including our common stock, receiving no distribution on account of their interests and cancellation of their holdings. We believe that it is highly likely that the shares of our existing common stock will be canceled in the Chapter 11 proceedings and will be entitled to a limited recovery, if any. As discussed below, if certain requirements of the Bankruptcy Code are met, a plan of reorganization can be confirmed notwithstanding its rejection by the holders of our common stock and notwithstanding the fact that such holders do not receive or retain any property on account of their equity interests under the plan. Because of such possibilities, the value of our securities, including our common stock, is highly speculative. We urge that appropriate caution be exercised with respect to existing and future investments in any of the securities of the U.S. Debtors. | ||||
Subject to certain specific exceptions under the Bankruptcy Code, the Chapter 11 filings automatically enjoined, or stayed, the continuation of any judicial or administrative proceedings or other actions against the U.S. Debtors or their property to recover on, collect or secure a claim arising prior to the Petition Date. As a result, for example, most creditor actions to obtain possession of property from the U.S. Debtors, or to create, perfect or enforce any lien against the property of the U.S. Debtors, or to collect on or otherwise exercise rights or remedies with respect to a pre-petition claim are enjoined unless and until the Bankruptcy Court lifts the automatic stay. | ||||
Notice and Hearing Procedures for Trading in Claims and Equity Securities. The Bankruptcy Court issued a final order pursuant to Sections 105(a), 362(a)(3) and 541 of the Bankruptcy Code to enable the U.S. Debtors to avoid limitations on the use of their tax net operating loss carryforwards and certain other tax attributes by imposing certain notice procedures and transfer restrictions on the trading of our equity securities. | ||||
In general, the order applies to any person or entity that, directly or indirectly, beneficially owns (or would beneficially own as a result of a proposed transfer) at least 4.75% of our outstanding equity securities. Substantial Equityholders are required to file with the Bankruptcy Court and serve us with notice of such status. In addition, the order provides that a person or entity that would become a Substantial Equityholder by reason of a proposed acquisition of our equity securities is also required to comply with the notice and service provisions before effecting that transaction. The order gives the U.S. Debtors the right to seek an injunction from the Bankruptcy Court to prevent certain acquisitions or sales of our common stock if the acquisition or sale would pose a material risk of adversely affecting our ability to utilize such tax attributes. | ||||
Under the order, prior to any proposed acquisition of equity securities that would result in an increase in the amount of our equity securities owned by a Substantial Equityholder, or that would result in a person or entity becoming a Substantial Equityholder, such person, entity or Substantial Equityholder is required to file with the Bankruptcy Court, and serve on the Company, a Notice of Intent to Purchase, Acquire or Otherwise Accumulate an Equity Security. In addition, prior to effecting any disposition of our equity securities that would result in a decrease in the amount of our equity securities beneficially owned by a Substantial Equityholder, such Substantial Equityholder is required to file with the Bankruptcy Court, and serve on the Company, a Notice of Intent to Sell, Trade or Otherwise Transfer Equity Securities. | ||||
Any purchase, sale or other transfer of our equity securities in violation of the restrictions of the order would be null and void ab initio as an act in violation of such order and would therefore confer no rights on a proposed transferee. | ||||
Process for Plan of Reorganization. In order to successfully exit bankruptcy, the U.S. Debtors will need to propose, and obtain confirmation by the Bankruptcy Court of, a plan (or plans) of reorganization that satisfies the requirements of the Bankruptcy Code. A plan of reorganization would, among other things, resolve the U.S. Debtors’ pre-petition obligations, set forth the revised capital structure of the newly reorganized entity and provide for corporate governance subsequent to exit from bankruptcy. | ||||
The U.S. Debtors have the exclusive right for 120 days after the Petition Date to file a plan of reorganization and, if we do so, 60 additional days to obtain necessary acceptances of our plan. The periods may be extended by the Bankruptcy Court for cause. If the U.S. Debtors’ exclusivity period lapses, any party in interest may file a plan of reorganization for any of the U.S. Debtors. In addition to being voted on by holders of impaired claims and equity interests, a plan of reorganization must satisfy certain requirements of the Bankruptcy Code and must be approved, or confirmed, by the Bankruptcy Court in order to become effective. A plan of reorganization would be accepted by holders of claims against and equity interests in the U.S. Debtors if (i) at least one-half in number and two-thirds in dollar amount of claims actually voting in each class of claims impaired by the plan have voted to accept the plan and (ii) at least two-thirds in amount of equity interests actually voting in each class of equity interests impaired by the plan has voted to accept the plan. A class of claims or equity interests that does not receive or retain any property under the plan on account of such claims or interests is deemed to have voted to reject the plan. | ||||
Under certain circumstances set forth in Section 1129(b) of the Bankruptcy Code, the Bankruptcy Court may confirm a plan even if such plan has not been accepted by all impaired classes of claims and equity interests. The precise requirements and evidentiary showing for confirming a plan notwithstanding its rejection by one or more impaired classes of claims or equity interests depends upon a number of factors, including the status and seniority of the claims or equity interests in the rejecting class (i.e., secured claims or unsecured claims, subordinated or senior claims, preferred or common stock). Generally, with respect to common stock interests, a plan may be “crammed down” even if the shareowners receive no recovery if the proponent of the plan demonstrates that (1) no class junior to the common stock is receiving or retaining property under the plan and (2) no class of claims or interests senior to the common stock is being paid more than in full. | ||||
The timing of filing a plan of reorganization by the U.S. Debtors will depend on the timing and outcome of numerous other ongoing matters in the Chapter 11 proceedings. Although the U.S. Debtors expect to file a plan of reorganization that provides for our emergence from bankruptcy as a going concern, there can be no assurance at this time that the U.S. Debtors will be able 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 the U.S. Debtors’ assets, that satisfies the conditions of the Bankruptcy Code and is confirmed by the Bankruptcy Court, or that any such plan will be implemented successfully. | ||||
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 our 2014 Annual Report on Form 10-K, Item 1A, “Risk Factors.” As a result of these risks and uncertainties, the number of our outstanding shares and our stockholders, 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 Quarterly Report may not accurately reflect our operations, properties and capital plans following the Chapter 11 process. | ||||
Basis of Presentation | ||||
The accompanying condensed consolidated interim financial statements have not been audited. In management’s opinion, the accompanying condensed consolidated interim financial statements contain all adjustments necessary to fairly present our financial position as of March 31, 2015 and our results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature unless otherwise noted. The results for interim periods are not necessarily indicative of annual results. | ||||
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during each reporting period. We believe our estimates and assumptions are reasonable; however, such estimates and assumptions are subject to a number of risks and uncertainties, which may cause actual results to differ materially from management’s estimates. | ||||
Certain disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2014 Annual Report on Form 10-K. | ||||
As a result of sustained losses and our Chapter 11 proceedings, the realization of assets and satisfaction of liabilities, without substantial adjustments and/or changes in ownership, are subject to uncertainty. Given the uncertainty surrounding our Chapter 11 proceedings, there is substantial doubt about our ability to continue as a going concern. | ||||
The accompanying condensed consolidated interim financial statements do not purport to reflect or provide for the consequences of our Chapter 11 proceedings. In particular, the financial statements do not purport to show (i) as to assets, their realizable value on a liquidation basis or their availability to satisfy liabilities; (ii) as to pre-petition liabilities, the amounts that may be allowed for claims or contingencies, or the status and priority thereof; (iii) as to stockholders’ equity accounts, the effect of any changes that may be made in our capitalization; or (iv) as to operations, the effect of any changes that may be made to our business. | ||||
In accordance with GAAP, we have applied ASC 852 “Reorganizations,” in preparing our condensed consolidated interim financial statements. ASC 852 requires that the financial statements, for periods subsequent to the Chapter 11 filing, distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain revenues, expenses, realized gains and losses and provisions for losses that are realized or incurred in the bankruptcy proceedings are recorded in reorganization items, net in the accompanying condensed consolidated statements of income (loss) and comprehensive income (loss). In addition, pre-petition obligations that may be impacted by the bankruptcy reorganization process have been classified on our condensed consolidated balance sheets at March 31, 2015 in Liabilities Subject to Compromise. These liabilities are reported at the amounts expected to be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts. | ||||
While operating as debtors in possession under Chapter 11 of the Bankruptcy Code, the U.S. Debtors may sell or otherwise dispose of or liquidate assets or settle liabilities in amounts other than those reflected in our condensed consolidated interim financial statements, subject to the approval of the Bankruptcy Court or otherwise as permitted in the ordinary course of business. Further, a plan of reorganization could materially change the amounts and classifications in our historical condensed consolidated interim financial statements. | ||||
Liabilities Subject to Compromise | ||||
The following table summarizes the components of liabilities subject to compromise included on our Condensed Consolidated Balance Sheet as of March 31, 2015: | ||||
31-Mar-15 | ||||
(in thousands) | ||||
Accounts payable | $ | 1,554 | ||
Accrued liabilities | 51,519 | |||
Debt | 1,798,000 | |||
Liabilities subject to compromise | $ | 1,851,073 | ||
Liabilities Subject to Compromise refers to pre-petition obligations that may be impacted by the Chapter 11 reorganization process. The amounts represent our current estimate of known or potential obligations to be resolved in connection with our Chapter 11 proceedings. Accrued liabilities in the line item above primarily includes previously accrued and unpaid interest that is associated with the debt that we believe may be impacted by the bankruptcy reorganization process. | ||||
Differences between liabilities we have estimated and the claims filed, or to be filed, will be investigated and resolved in connection with the claims resolution process. We will continue to evaluate these liabilities throughout the Chapter 11 process and adjust amounts as necessary. Such adjustments may be material. | ||||
Reorganization Items, net | ||||
The following table summarizes the components included in Reorganization Items, net in our condensed consolidated statements of income (loss) and comprehensive income (loss) for the three months ended March 31, 2015: | ||||
For the Three Months Ended March 31, 2015 | ||||
(in thousands) | ||||
Professional fees | $ | 2,041 | ||
Deferred financing costs and unamortized discounts | 59,983 | |||
Deferred interest rate swap gains | (2,314 | ) | ||
Terminated contracts | 935 | |||
Reorganization items, net | $ | 60,645 | ||
Professional fees included in Reorganization Items, net are for post-petition expenses. Deferred financing costs and unamortized discounts are included for the Second Lien Term Loan, Second Lien Notes, Senior Notes due 2019, Senior Notes due 2021 and Senior Subordinated Notes as we believe these debt instruments may be impacted by the bankruptcy reorganization process. The terminated contracts represent the estimated claims related to contracts that were not previously included on the balance sheet as the liability was contingent or an executory contract included in commitments and contingencies. | ||||
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 us in the first quarter of 2016 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 April 2015, the FASB issued accounting guidance, “Interest - Imputation of Interest” that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This update is effective for us in the first quarter of 2016. We are currently evaluating the timing of adoption and the impact that the adoption will have on our consolidated financial statements. | ||||
No other pronouncements materially affecting our financial statements have been issued since the filing of our 2014 Annual Report on Form 10-K. |
Divestitures
Divestitures | 3 Months Ended |
Mar. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | DIVESTITURES |
In May 2014, we completed the sale of our Niobrara Asset to Southwestern Energy Company. The purchase price was subject to customary purchase price adjustments, which resulted in Southwestern paying us $95.6 million. We determined that the Southwestern Transaction did not represent a significant disposal of reserves under GAAP, therefore we reduced the balance of U.S. oil and gas properties by the amount of these proceeds and we did not recognize a gain or loss. | |
Note 3 to the consolidated financial statements in our 2014 Annual Report on Form 10-K contains additional information on other divestitures. |
Derivatives_And_Fair_Value_Mea
Derivatives And Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 level of the inputs used in estimating the fair value: | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Level 2 derivative instruments | $ | 7,476 | $ | 104,608 | $ | — | $ | — | |||||||||
Level 3 derivative instruments | — | 44,959 | — | — | |||||||||||||
Total | $ | 7,476 | $ | 149,567 | $ | — | $ | — | |||||||||
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” at December 31, 2014, was estimated using prices quoted in markets where there is insufficient market activity for consideration as “Level 2” instruments. At December 31, 2014, only our natural gas derivatives with an original tenure of 10 years utilized “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 at December 31, 2014 was 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 at December 31, 2014 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: | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | 44,959 | $ | 23,485 | |||||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Unrealized gain (loss) on derivatives | (109,240 | ) | (17,883 | ) | |||||||||||||
Settlements in net derivative gains (losses) | 64,281 | 1,599 | |||||||||||||||
Balance at end of period | $ | — | $ | 7,201 | |||||||||||||
Total gains (losses) included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date | $ | — | $ | (15,576 | ) | ||||||||||||
Commodity Price Derivatives | |||||||||||||||||
Between January and March 2015, substantially all of our derivatives were restructured or terminated either by us or the counterparties to such derivatives in anticipation or as a result of our Chapter 11 filings. 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 and related receivables from derivatives terminated in 2015 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 over the original term of the hedging relationship (through 2021). Gains from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings during the following twelve months will result in production revenue of $19.6 million net of income taxes. | |||||||||||||||||
Interest Rate Derivatives | |||||||||||||||||
In 2010, we executed early settlements of our interest rate swaps that were designated as fair value hedges. Upon the early settlements, we recorded the resulting gain as a fair value adjustment to our debt and began to recognize the deferred gain as a reduction of interest expense over the lives of the respective notes. During the three months ended March 31, 2015 and 2014, we recognized $0.5 million and $0.5 million, respectively, of those deferred gains as a reduction of interest expense. As a result of the Chapter 11 proceedings, the remainder of the deferred gains related to these interest rate swaps were included in Reorganization Items, net. | |||||||||||||||||
Fair Value Disclosures | |||||||||||||||||
The estimated fair value of our derivative instruments at March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity contracts reported in: | |||||||||||||||||
Current derivative assets | $ | 7,476 | $ | 120,176 | $ | — | $ | — | |||||||||
Noncurrent derivative assets | — | 81,187 | — | 51,796 | |||||||||||||
Total derivatives not designated as hedges | $ | 7,476 | $ | 201,363 | $ | — | $ | 51,796 | |||||||||
Derivative assets and liabilities shown in the table above are presented as gross assets and liabilities, without regard to master netting arrangements, which are considered in the presentation of derivative assets and liabilities in the accompanying condensed consolidated balance sheets. The change in carrying value of our commodity price derivatives since December 31, 2014 principally resulted from the termination of the majority of our derivatives. | |||||||||||||||||
Financial instruments not carried at fair value | |||||||||||||||||
Carrying values and fair values of financial instruments that are not carried at fair value in the consolidated balance sheets as of March 31, 2015 and December 31, 2014 are included in Note 5. |
Property_Plant_And_Equipment
Property, Plant And Equipment | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant And Equipment | PROPERTY, PLANT AND EQUIPMENT | |||||||
Property, plant and equipment consisted of the following: | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
(in thousands) | ||||||||
Oil and gas properties | ||||||||
Subject to depletion | $ | 5,735,822 | $ | 5,821,167 | ||||
Unevaluated costs | 18,253 | 18,803 | ||||||
Accumulated depletion | (5,158,191 | ) | (5,225,302 | ) | ||||
Net oil and gas properties | 595,884 | 614,668 | ||||||
Other property and equipment | ||||||||
Pipelines and processing facilities | 304,502 | 316,013 | ||||||
General properties | 63,717 | 66,455 | ||||||
Accumulated depreciation | (259,662 | ) | (268,356 | ) | ||||
Net other property and equipment | 108,557 | 114,112 | ||||||
Property, plant and equipment, net of accumulated depletion and depreciation | $ | 704,441 | $ | 728,780 | ||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||||||
Long-Term Debt | DEBT | ||||||||||||
Debt consisted of the following: | |||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||
(in thousands) | |||||||||||||
Combined Credit Agreements | $ | 260,460 | $ | 274,514 | |||||||||
Second Lien Term Loan, net of unamortized discount (1) | — | 610,242 | |||||||||||
Second Lien Notes due 2019, net of unamortized discount (1) | — | 195,277 | |||||||||||
Senior notes due 2019, net of unamortized discount (1) | — | 293,919 | |||||||||||
Senior notes due 2021, net of unamortized discount (1) | — | 310,590 | |||||||||||
Senior subordinated notes due 2016 (1) | — | 350,000 | |||||||||||
Total debt | 260,460 | 2,034,542 | |||||||||||
Unamortized deferred gain-terminated interest rate swaps | — | 2,763 | |||||||||||
Current portion of long-term debt (2) | (260,460 | ) | (2,037,305 | ) | |||||||||
Long-term debt (2) | $ | — | $ | — | |||||||||
(1) | Classified as Liability Subject to Compromise as of March 31, 2015 | ||||||||||||
(2) | As a result of our Chapter 11 filings, we have classified all debt as current at March 31, 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 certain of 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. | |||||||||||||
In March 2015, a third-party service provider drew down the full face amount of a C$33 million letter of credit in connection with the termination of a Canadian gathering and processing contract. See additional discussion in Note 7. | |||||||||||||
As of March 31, 2015, $260.5 million in loans ($137.3 million and $123.2 million in the U.S. and Canada, respectively) and $11.9 million ($9.8 million and $2.1 million in the U.S. and Canada, respectively) in letters of credit were outstanding under our Combined Credit Agreements. 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. As a result, we no longer have any liquidity available to us under the Combined Credit Agreements. The ability of the lenders under the Combined Credit Agreements to seek remedies to enforce their rights under the agreements against the U.S. Debtors was automatically stayed as a result of the Chapter 11 filings, and the lenders’ rights of enforcement against the U.S. Debtors are subject to the applicable provisions of the Bankruptcy Code. Amounts outstanding under the Combined Credit Agreements have not been included in Liabilities Subject to Compromise because we believe the secured debt will not be impacted by the bankruptcy reorganization process. We continue to accrue and pay interest on the Combined Credit Agreements in accordance with the Forbearance Agreement and the Bankruptcy Court’s cash collateral order. Beginning on March 17, 2015, as part of the Forbearance Agreement, we agreed to pay interest monthly for the Amended and Restated U.S. Credit Facility at a specified rate of ABR plus the applicable margin and for the Amended and Restated Canadian Credit Facility at a specified rate of Canadian prime plus the default rate plus the applicable margin for Canadian dollar denominated borrowings, and U.S. prime plus the default rate plus the applicable margin, for U.S. dollar denominated borrowings. Subsequent to the Forbearance Agreement, we agreed in connection with the adequate protection package, which allowed for the use of cash collateral and collateral, to fix the applicable margin for loans under the Amended and Restated U.S. Credit Facility to 2.5%. We also agreed with the administrative agent of the Amended and Restated Canadian Credit Facility to set the applicable margin for loans under the Amended and Restated Canadian Credit Facility to 2.75%. At March 31, 2015, the weighted average interest rate for amounts outstanding under the Combined Credit Agreement was 5.11%. In April 2015, we repaid $88.0 million ($46.5 million and $41.5 million in the U.S. and Canada, respectively) of outstanding amounts under our Combined Credit Agreements with proceeds from terminated derivative positions. | |||||||||||||
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. Amounts outstanding under the Second Lien Term Loan, Second Lien Notes, Senior Notes due 2019, Senior Notes due 2021 and Senior Subordinated Notes have been reclassified as Liabilities Subject to Compromise. We discontinued the accrual of interest on the Second Lien Term Loan, Second Lien Notes, Senior Notes due 2019, Senior Notes due 2021 and Senior Subordinated Notes from and after the Petition Date. However, we are making adequate protection payments to the lenders under the Second Lien Term Loan and the holders of the Second Lien Notes, in each case in an amount equal to all accrued and unpaid post-petition interest (at a rate of 7.00% as of March 31, 2015), fees and costs due and payable on a monthly basis under the Second Lien Term Loan and the indenture for the Second Lien Notes, respectively, in accordance with the Bankruptcy Court’s cash collateral order. As the Bankruptcy Court will ultimately determine the treatment of all amounts subject to compromise and our Second Lien Term Loan and Second Lien Notes may be impacted by the bankruptcy reorganization process, the adequate protection payments are treated as a principal payment rather than as interest expense. The Bankruptcy Court could recharacterize these payments as diminution in value claims or interest payments or find that additional amounts are due, which in each case could require us to expense these payments. | |||||||||||||
Summary of All Outstanding Debt | |||||||||||||
Except where otherwise noted, the following table summarizes certain significant aspects of our long-term debt outstanding immediately prior to the Chapter 11 filings. Upon the Chapter 11 filings, all principal, interest and other amounts under each of the debt instruments governing the long-term debt set forth in the table below was accelerated and became immediately due and payable. The information in the table below is presented without regard to the effect of the Chapter 11 filings, except where otherwise noted, and therefore does not take into account the acceleration of the listed debt instruments and other impacts of the Chapter 11 filings. | |||||||||||||
Priority on Collateral and Structural Seniority (1) | |||||||||||||
Highest | Lowest | ||||||||||||
priority | priority | ||||||||||||
First Lien | Second Lien | Senior Unsecured | Senior Subordinated | ||||||||||
Combined Credit | Second Lien Term Loan | Second Lien Notes | 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 prior to acceleration (3) | September 6, 2016 | June 21, 2019 | June 21, 2019 | August 15, 2019 | July 1, 2021 | April 1, 2016 | |||||||
Springing maturity date prior to acceleration (3) | 2-Oct-15 | 1-Jan-16 | 1-Jan-16 | N/A | N/A | N/A | |||||||
Interest rate on outstanding borrowings at March 31, 2015 (4) | 5.11% | 7.00% | 7.00% | 9.13% | 11.00% | 7.12% | |||||||
Base interest rate | LIBOR, ABR, CDOR | LIBOR floor of 1.25%; ABR floor of 2.25% | LIBOR floor of 1.25% | N/A | N/A | N/A | |||||||
options prior to acceleration (5) (6) | |||||||||||||
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 | - Incurrence of debt | - Incurrence of debt | - Incurrence of debt | - Incurrence of debt | - Incurrence of debt | - Incurrence of debt | |||||||
covenants (7)(8)(9) | - 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 prior to acceleration (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 prior to acceleration (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 prior to acceleration (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 prior to acceleration (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 as of | $260.5 million | $353.1 million | $113.0 million | $53.3 million | $55.3 million | $3.5 million | |||||||
March 31, 2015 (10) | |||||||||||||
(1) | Borrowings under the Amended and Restated U.S. Credit Facility, Second Lien Term Loan and Second Lien Notes due 2019 are guaranteed by certain of Quicksilver’s domestic subsidiaries and are secured (on a first priority basis with respect to the Amended and Restated U.S. Credit Facility and on a second priority basis with respect to the Second Lien Term Loan and the Second Lien Notes due 2019) by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline L.P., Barnett Shale Operating LLC, Silver Stream Pipeline Company LLC, QPP Parent LLC and QPP Holdings LLC (collectively, the “Domestic Pledged Equity”), 65% of the equity interests of Quicksilver Resources Canada Inc. (“Quicksilver Canada”) and Quicksilver Production Partners Operating Ltd. (with respect to the Amended and Restated U.S. Credit Facility, on a ratable basis with borrowings under the Amended and Restated Canadian Credit Facility) and the majority of Quicksilver's domestic proved oil and gas properties and related assets, (the “Domestic Pledged Property”). Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by the Domestic Pledged Equity, the Domestic Pledged Property, 100% of the equity interests of Quicksilver Canada (65% of which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and any Canadian restricted subsidiaries, under the Amended and Restated Canadian Credit Facility, and 65% of the equity interests of Quicksilver Production Partners Operating Ltd. (which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and the majority of Quicksilver Canada's oil and gas properties and related assets. The other debt presented is based upon structural seniority and priority of payment. | ||||||||||||
(2) | The principal amount included in the table for the Combined Credit Agreements represents the global borrowing base immediately prior to the Chapter 11 filings. | ||||||||||||
(3) | Immediately prior to acceleration as a result of the Chapter 11 filings, the Combined Credit Agreements were 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 remained outstanding. Immediately prior to acceleration as a result of the Chapter 11 filings, the Second Lien Term Loan and Second Lien Notes due 2019 were 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 remained outstanding and (2) 91 days prior to the maturity of the Senior Subordinated Notes if on the applicable date the amount remaining outstanding was greater than $100 million. Immediately prior to acceleration as a result of the Chapter 11 filings, 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 would have been due on January 1, 2016. | ||||||||||||
(4) | Represents the weighted average borrowing rate payable to lenders on our Combined Credit Agreement as of March 31, 2015. | ||||||||||||
(5) | Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated U.S. Credit Facility bore 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%, or (ii) ABR (as defined in the Amended and Restated U.S. Credit Facility), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR for an interest period of one month plus 1.00%, plus, in each case under scenario (ii), an applicable margin between 1.75% and 2.75%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated U.S. Credit Facility) of all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%. | ||||||||||||
(6) | Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated Canadian Credit Facility bore 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% or (iv) adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated Canadian Credit Facility) of all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%. | ||||||||||||
(7) | The financial covenants and significant restrictive covenants were applicable to the Combined Credit Agreements immediately prior to the Chapter 11 filings and remain applicable to the Amended and Restated Canadian Credit Facility. However, pursuant to the Forbearance Agreement, the administrative agent and certain lenders agreed to, among other things, forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility, including events of default related to our Chapter 11 filings or the failure to comply with the financial covenants, until the earlier of June 16, 2015 or certain other events specified in the Forbearance Agreement. | ||||||||||||
The following table sets forth the minimum EBITDAX covenant for the Amended and Restated U.S. Credit Facility immediately prior to the Chapter 11 filings and for the Amended and Restated Canadian Credit Facility: | |||||||||||||
Minimum EBITDAX Covenant | |||||||||||||
(in millions) | |||||||||||||
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 | ||||||||||||
Immediately prior to the Chapter 11 filings, the minimum required interest coverage ratio for the Amended and Restated U.S. Credit Facility for the first and second quarters of 2016 was 1.50 and 2.00, respectively. The minimum required interest coverage ratio for the Amended and Restated Canadian Credit Facility for the first and second quarters of 2016 is 1.50 and 2.00, respectively. | |||||||||||||
(8) | Immediately prior to acceleration as a result of our Chapter 11 filings, our indentures required 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 feature variable interest rates and we estimate their fair value by using market quotations based on recent trade activity (“Level 3” input). We consider our Combined Credit Agreements, which have a variable interest rate, to have a fair value equal to their carrying value (“Level 1” input). | ||||||||||||
Quicksilver 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 | |||||||||||||
March 31, 2015 | 31-Dec-14 | ||||||||||||
(in thousands) | |||||||||||||
ASSETS | |||||||||||||
Current assets | $ | 373,012 | $ | 421,533 | |||||||||
Property and equipment | 692,938 | 715,931 | |||||||||||
Investment in subsidiaries (equity method) | (86,091 | ) | (82,360 | ) | |||||||||
Other assets | 7,668 | 62,245 | |||||||||||
Total assets | $ | 987,527 | $ | 1,117,349 | |||||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities | 301,099 | 2,137,532 | |||||||||||
Long-term liabilities | 108,816 | 117,688 | |||||||||||
Liabilities subject to compromise | 1,851,073 | — | |||||||||||
Stockholders’ equity | (1,273,461 | ) | (1,137,871 | ) | |||||||||
Total liabilities and equity | $ | 987,527 | $ | 1,117,349 | |||||||||
Condensed Consolidating Statements of Income | |||||||||||||
For the Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(in thousands) | |||||||||||||
Revenue | $ | 104,757 | $ | 91,786 | |||||||||
Operating expenses | 94,868 | 105,957 | |||||||||||
Equity in net earnings of subsidiaries | (1,067 | ) | (1,282 | ) | |||||||||
Operating income (loss) | 8,822 | (15,453 | ) | ||||||||||
Interest expense and other | (62,328 | ) | (40,729 | ) | |||||||||
Reorganization items, net | (60,645 | ) | — | ||||||||||
Income tax expense | (1,536 | ) | (2,651 | ) | |||||||||
Net loss | $ | (115,687 | ) | $ | (58,833 | ) | |||||||
Other comprehensive loss | (12,721 | ) | (12,105 | ) | |||||||||
Comprehensive loss | $ | (128,408 | ) | $ | (70,938 | ) | |||||||
Condensed Consolidating Statements of Cash Flow | |||||||||||||
For the Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(in thousands) | |||||||||||||
Net cash flow provided by (used in) operating activities | $ | 89,209 | $ | (20,109 | ) | ||||||||
Capital expenditures | (15,187 | ) | (38,720 | ) | |||||||||
Investment in subsidiary | — | (26,395 | ) | ||||||||||
Proceeds from sale of properties and equipment | 1,332 | 1,026 | |||||||||||
Purchases of marketable securities | — | (55,682 | ) | ||||||||||
Maturities and sales of marketable securities | — | 124,694 | |||||||||||
Net cash flow provided by (used in) investing activities | (13,855 | ) | 4,923 | ||||||||||
Issuance of debt | 26,235 | — | |||||||||||
Repayments of debt | (36,700 | ) | — | ||||||||||
Debt issuance costs paid | (80 | ) | (162 | ) | |||||||||
Purchase of treasury stock | (115 | ) | (2,271 | ) | |||||||||
Net cash flow used in financing activities | (10,660 | ) | (2,433 | ) | |||||||||
Effect of exchange rates on cash | 4,699 | (2,357 | ) | ||||||||||
Net change in cash and equivalents | 69,393 | (19,976 | ) | ||||||||||
Cash and equivalents at beginning of period | 221,838 | 88,028 | |||||||||||
Cash and equivalents at end of period | $ | 291,231 | $ | 68,052 | |||||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES |
Note 12 to the consolidated financial statements in our 2014 Annual Report on Form 10-K contains additional information about our income taxes. At March 31, 2015, our U.S. and Canadian valuation allowances are $398.1 million and $66.9 million, respectively, which reduce our net deferred tax assets to a zero value as we continue to believe that it is not more likely than not that we will realize the deferred tax assets primarily related to our cumulative net operating losses. Income tax recognized for the three months ended March 31, 2015 is a result of hedge gains previously deferred in AOCI being realized during the periods. |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Loss Contingency [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES |
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 Horn River Asset production being shut-in. Further, a termination notice was issued by the third-party service provider 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, and production may remain shut-in. | |
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. The C$33 million draw is shown as a reduction to amounts outstanding under the contract for services provided prior to the termination and the remainder is recognized as Other Expense. At the present time, we cannot predict the ultimate outcome of this matter, including whether some or all of the C$33 million drawn on the letter of credit will be payable to us or whether any additional amounts will have to be paid related to the termination of the contract. | |
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. | |
Additionally, on April 15 and May 8, 2015, the Bankruptcy Court issued orders allowing us to reject certain executory contracts with uneconomic terms having an effective date of April 1, 2015. In the second quarter of 2015, we expect to recognize a reorganization item expense of $67.5 million and a corresponding Liability Subject to Compromise for these rejected executory contracts. | |
Note 13 to the consolidated financial statements in our 2014 Annual Report on Form 10-K contains a more complete description of our contractual obligations, commitments and contingencies for which there are no other significant updates during the quarter ended March 31, 2015. |
Fortune_Creek
Fortune Creek | 3 Months Ended |
Mar. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Fortune Creek | FORTUNE CREEK |
Note 14 to the consolidated financial statements in our 2014 Annual Report on Form 10-K contains additional information on Fortune Creek. We do not expect to be able to satisfy the capital expenditure or equipment purchase requirements described in our 2014 Annual Report on Form 10-K 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. KKR contributed C$125 million cash in exchange for a 50% interest in Fortune Creek. Our Canadian subsidiary has responsibility for the day-to-day operations of Fortune Creek. | |
The firm gathering agreement with Fortune Creek is guaranteed by us. If our subsidiary does not pay its minimum volume obligations under the gathering agreement or meet the capital expenditure requirements, KKR has the right to liquidate the partnership and consequently we have recorded the funds contributed by KKR as a liability in our consolidated financial statements. We recognize accretion expense to reflect the rate of return earned by KKR via its investment. Fortune Creek has made cash distributions to KKR, which are reported as cash used in financing activities. | |
We continue to make the required payments under this agreement notwithstanding that our Horn River Basin production has been shut-in by another third-party service provider. | |
Based on a quarterly analysis of the partners’ equity at risk, we have determined the partnership to be a VIE. Further, based on our ability to direct the activities surrounding the production of natural gas and our direct management of the operations of the Fortune Creek facilities, we have determined we are the primary beneficiary and, therefore, we consolidate Fortune Creek. We will continue to evaluate this assessment in light of our bankruptcy filings in the U.S. and our liquidity constraints in Canada. |
Quicksilver_Stockholders_Equit
Quicksilver Stockholders' Equity | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||||||||||||
Quicksilver Stockholders' Equity | QUICKSILVER STOCKHOLDERS’ EQUITY | |||||||||||||
Common Stock, Preferred Stock and Treasury Stock | ||||||||||||||
We are authorized to issue 400 million shares of common stock with a $0.01 par value per share and 10 million shares of preferred stock with a $0.01 par value per share. At March 31, 2015 and December 31, 2014, we had 183.2 million and 180.4 million shares of common stock outstanding, respectively. | ||||||||||||||
Stock Options | ||||||||||||||
No options have been granted during 2015 or 2014. | ||||||||||||||
The following table summarizes our stock option activity for the three months ended March 31, 2015: | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual Life | |||||||||||||
(in years) | (in thousands) | |||||||||||||
Outstanding at January 1, 2015 | 6,590,773 | $ | 7.83 | |||||||||||
Expired | (152,366 | ) | 11.39 | |||||||||||
Outstanding at March 31, 2015 | 6,438,407 | $ | 7.74 | 4.9 | $ | — | ||||||||
Exercisable at March 31, 2015 | 5,334,087 | $ | 9 | 4.3 | $ | — | ||||||||
As of March 31, 2015, we estimate that a total of 6.1 million stock options will vest including those options already exercisable. As of March 31, 2015, the unrecognized compensation cost related to outstanding unvested stock options was $0.4 million, which is expected to be recognized in expense through August 2016. Compensation expense related to stock options of $0.2 million and $0.5 million was recognized for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||
Restricted Stock and Stock Units | ||||||||||||||
The following table summarizes our restricted stock and stock unit activity for the three months ended March 31, 2015: | ||||||||||||||
Payable in shares | Payable in cash | |||||||||||||
Shares | Weighted | Shares | Weighted | |||||||||||
Average | Average | |||||||||||||
Grant Date | Grant Date | |||||||||||||
Fair Value | Fair Value | |||||||||||||
Outstanding at January 1, 2015 | 8,056,265 | $ | 2.54 | 863,975 | $ | 3.33 | ||||||||
Granted | 3,124,674 | 0.19 | — | — | ||||||||||
Vested | (3,137,665 | ) | 3.15 | (422,562 | ) | 3.82 | ||||||||
Forfeited | (73,007 | ) | 2.64 | (3,859 | ) | 2.93 | ||||||||
Outstanding at March 31, 2015 | 7,970,267 | $ | 1.38 | 437,554 | $ | 2.86 | ||||||||
As of March 31, 2015, the unrecognized compensation cost related to outstanding unvested restricted stock was $8.9 million, which is expected to be recognized in expense through January 2018. Grants of restricted stock and RSUs during the three months ended March 31, 2015 had an estimated grant date fair value of $0.6 million. The fair value of outstanding RSUs to be settled in cash was less than $0.1 million at March 31, 2015. For the three months ended March 31, 2015 and 2014, compensation expense related to restricted stock and RSUs of $2.4 million and $3.7 million, respectively, was recognized. The total fair value of shares vested during the three months ended March 31, 2015 was $0.5 million. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share | EARNINGS PER SHARE | |||||||
The following is a reconciliation of the numerator and denominator used for the computation of basic and diluted net income (loss) per common share. | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands, except per share data) | ||||||||
Net income (loss) attributable to Quicksilver | $ | (115,687 | ) | $ | (58,833 | ) | ||
Basic income allocable to participating securities (1) | — | — | ||||||
Income (loss) available to shareholders | $ | (115,687 | ) | $ | (58,833 | ) | ||
Weighted average common shares – basic | 175,657 | 173,497 | ||||||
Effect of dilutive securities (2) | ||||||||
Share-based compensation awards | — | — | ||||||
Weighted average common shares – diluted | 175,657 | 173,497 | ||||||
Earnings (loss) per common share – basic | $ | (0.66 | ) | $ | (0.34 | ) | ||
Earnings (loss) per common share – diluted | $ | (0.66 | ) | $ | (0.34 | ) | ||
(1) | Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, are included in computing earnings per share using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so. | |||||||
(2) | For the three months ended March 31, 2015, 6.4 million shares associated with our stock options and 0.9 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended March 31, 2014, 6.8 million shares associated with our stock options and 0.3 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | CONDENSED CONSOLIDATING FINANCIAL INFORMATION | |||||||||||||||||||||||||||
Note 17 to the consolidated financial statements in our 2014 Annual Report on Form 10-K contains a more complete description of our guarantor, non-guarantor, restricted and unrestricted subsidiaries under the indentures for our Senior Notes and Senior Subordinated Notes. | ||||||||||||||||||||||||||||
The following tables present financial information about Quicksilver and our restricted subsidiaries for the three-month periods covered by the condensed consolidated financial statements. Under the indentures for our Second Lien Notes, Senior Notes and Senior Subordinated Notes, Fortune Creek is not considered to be a subsidiary and therefore it is presented separately from the other subsidiaries for these purposes. | ||||||||||||||||||||||||||||
The activity and balances included in the Quicksilver Resources Inc. and the Restricted Guarantor Subsidiaries columns represent the U.S. Debtors’ financial information. Cowtown Drilling Inc., a U.S. Debtor, is included in the Restricted Non-Guarantor Subsidiaries column, however, no activity occurred and no balances exist for the periods presented below. Additionally, Makarios Resources International Holdings LLC, Makarios Resources International Inc., Quicksilver Production Partners GP LLC and Quicksilver Production Partners LP, all of which are U.S. Debtors, are included in the Unrestricted Non-Guarantor Subsidiaries column, however, no activity occurred and no balances exist for the periods presented below. | ||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Debtors | Non-Debtors | |||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non- | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||
Inc. | Subsidiaries | Guarantor | Guarantor | Consolidated | ||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Current assets | $ | 288,398 | $ | 707 | $ | 83,907 | $ | 49 | $ | 182 | $ | — | $ | 373,243 | ||||||||||||||
Property and equipment | 427,038 | 14,086 | 251,814 | — | 11,503 | — | 704,441 | |||||||||||||||||||||
Investment in subsidiaries (equity method) | (355,074 | ) | — | (86,091 | ) | (84,576 | ) | — | 525,741 | — | ||||||||||||||||||
Other assets | 415,891 | — | 5,059 | — | — | (413,282 | ) | 7,668 | ||||||||||||||||||||
Total assets | $ | 776,253 | $ | 14,793 | $ | 254,689 | $ | (84,527 | ) | $ | 11,685 | $ | 112,459 | $ | 1,085,352 | |||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||
Current liabilities | $ | 170,996 | $ | 197 | $ | 543,188 | $ | 30 | $ | 333 | $ | (413,282 | ) | $ | 301,462 | |||||||||||||
Long-term liabilities | 45,011 | 10,195 | 53,610 | — | 1,384 | 86,466 | 196,666 | |||||||||||||||||||||
Liabilities subject to compromise | 1,851,073 | — | — | — | — | — | 1,851,073 | |||||||||||||||||||||
Stockholders' equity | (1,290,827 | ) | 4,401 | (342,109 | ) | (84,557 | ) | 9,968 | 439,275 | (1,263,849 | ) | |||||||||||||||||
Total liabilities and equity | $ | 776,253 | $ | 14,793 | $ | 254,689 | $ | (84,527 | ) | $ | 11,685 | $ | 112,459 | $ | 1,085,352 | |||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Debtors | Non-Debtors | |||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non- | Non- | Creek | Eliminations | Resources | ||||||||||||||||||||||
Inc. | Subsidiaries | Guarantor | Guarantor | Inc. | ||||||||||||||||||||||||
Subsidiaries | Subsidiaries | 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 | |||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
Debtors | Non-Debtors | |||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||
Subsidiaries | Guarantor | Guarantor | Consolidated | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Revenue | $ | 74,473 | $ | 5,707 | $ | 24,960 | $ | — | $ | 2,888 | $ | (3,271 | ) | $ | 104,757 | |||||||||||||
Operating expenses | 68,966 | 605 | 25,680 | — | 728 | (3,271 | ) | 92,708 | ||||||||||||||||||||
Equity in net earnings of subsidiaries | (25,716 | ) | — | (1,067 | ) | 2,161 | — | 24,622 | — | |||||||||||||||||||
Operating income (loss) | (20,209 | ) | 5,102 | (1,787 | ) | 2,161 | 2,160 | 24,622 | 12,049 | |||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | (3,228 | ) | (3,228 | ) | |||||||||||||||||||
Interest expense and other | (32,867 | ) | — | (29,461 | ) | — | 1 | — | (62,327 | ) | ||||||||||||||||||
Reorganization items, net | (60,645 | ) | — | — | — | — | — | (60,645 | ) | |||||||||||||||||||
Income tax (expense) benefit | (1,966 | ) | — | 430 | — | — | — | (1,536 | ) | |||||||||||||||||||
Net income (loss) | $ | (115,687 | ) | $ | 5,102 | $ | (30,818 | ) | $ | 2,161 | $ | 2,161 | $ | 21,394 | $ | (115,687 | ) | |||||||||||
Other comprehensive loss | (11,115 | ) | — | (1,606 | ) | — | — | — | (12,721 | ) | ||||||||||||||||||
Equity in OCI of subsidiaries | (1,606 | ) | — | — | — | — | 1,606 | — | ||||||||||||||||||||
Comprehensive income (loss) | $ | (128,408 | ) | $ | 5,102 | $ | (32,424 | ) | $ | 2,161 | $ | 2,161 | $ | 23,000 | $ | (128,408 | ) | |||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Debtors | Non-Debtors | |||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||
Subsidiaries | Guarantor | Guarantor | Consolidated | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Revenue | $ | 62,910 | $ | 374 | $ | 28,502 | $ | — | $ | 4,942 | $ | (4,942 | ) | $ | 91,786 | |||||||||||||
Operating expenses | 75,401 | 291 | 30,265 | — | 1,825 | (4,942 | ) | 102,840 | ||||||||||||||||||||
Equity in net earnings of subsidiaries | (5,689 | ) | — | (1,282 | ) | 3,119 | — | 3,852 | — | |||||||||||||||||||
Operating income (loss) | (18,180 | ) | 83 | (3,045 | ) | 3,119 | 3,117 | 3,852 | (11,054 | ) | ||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | (4,401 | ) | (4,401 | ) | |||||||||||||||||||
Interest expense and other | (38,011 | ) | — | (2,718 | ) | — | 2 | — | (40,727 | ) | ||||||||||||||||||
Income tax (expense) benefit | (2,642 | ) | (29 | ) | 20 | — | — | — | (2,651 | ) | ||||||||||||||||||
Net income (loss) | $ | (58,833 | ) | $ | 54 | $ | (5,743 | ) | $ | 3,119 | $ | 3,119 | $ | (549 | ) | $ | (58,833 | ) | ||||||||||
Other comprehensive loss | (8,798 | ) | — | (3,307 | ) | — | — | — | (12,105 | ) | ||||||||||||||||||
Equity in OCI of subsidiaries | (3,307 | ) | — | — | — | — | 3,307 | — | ||||||||||||||||||||
Comprehensive income (loss) | $ | (70,938 | ) | $ | 54 | $ | (9,050 | ) | $ | 3,119 | $ | 3,119 | $ | 2,758 | $ | (70,938 | ) | |||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
Debtors | Non-Debtors | |||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||
Resources Inc. | Guarantor | Non-Guarantor | Non-Guarantor | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | 66,401 | $ | (166 | ) | $ | 22,974 | $ | (2 | ) | $ | (1,217 | ) | $ | — | $ | 87,990 | |||||||||||
Purchases of property, plant and equipment | (13,479 | ) | — | (1,708 | ) | — | — | — | (15,187 | ) | ||||||||||||||||||
Investment in subsidiary | (3,479 | ) | — | — | — | — | 3,479 | — | ||||||||||||||||||||
Proceeds from sale of properties and equipment | 1,325 | — | 7 | — | — | — | 1,332 | |||||||||||||||||||||
Net cash flow provided by (used in) investing activities | (15,633 | ) | — | (1,701 | ) | — | — | 3,479 | (13,855 | ) | ||||||||||||||||||
Issuance of debt | — | — | 26,235 | — | — | — | 26,235 | |||||||||||||||||||||
Repayments of debt | (36,700 | ) | — | — | — | — | — | (36,700 | ) | |||||||||||||||||||
Debt issuance costs paid | (80 | ) | — | — | — | — | — | (80 | ) | |||||||||||||||||||
Intercompany note | — | — | — | — | — | — | — | |||||||||||||||||||||
Intercompany financing | — | 166 | 3,313 | — | — | (3,479 | ) | — | ||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | (938 | ) | — | (938 | ) | |||||||||||||||||||
Purchase of treasury stock | (115 | ) | — | — | — | — | — | (115 | ) | |||||||||||||||||||
Net cash flow provided by (used in) financing activities | (36,895 | ) | 166 | 29,548 | — | (938 | ) | (3,479 | ) | (11,598 | ) | |||||||||||||||||
Effect of exchange rates on cash | — | — | 4,699 | — | 1,075 | — | 5,774 | |||||||||||||||||||||
Net increase (decrease) in cash and equivalents | 13,873 | — | 55,520 | (2 | ) | (1,080 | ) | — | 68,311 | |||||||||||||||||||
Cash and equivalents at beginning of period | 211,656 | — | 10,182 | 20 | 1,671 | — | 223,529 | |||||||||||||||||||||
Cash and equivalents at end of period | $ | 225,529 | $ | — | $ | 65,702 | $ | 18 | $ | 591 | $ | — | $ | 291,840 | ||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Debtors | Non-Debtors | |||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted Non-Guarantor Subsidiaries | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||
Resources Inc. | Guarantor | Non-Guarantor | Creek | Eliminations | Resources Inc. | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | Consolidated | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | (29,198 | ) | $ | 14 | $ | 9,075 | $ | — | $ | 125 | $ | — | $ | (19,984 | ) | ||||||||||||
Purchases of property, plant and equipment | (28,772 | ) | (14 | ) | (9,934 | ) | — | (9 | ) | — | (38,729 | ) | ||||||||||||||||
Investment in subsidiary | (7,385 | ) | — | (26,395 | ) | (26,395 | ) | — | 60,175 | — | ||||||||||||||||||
Proceeds from sale of properties and equipment | 910 | — | 116 | — | — | — | 1,026 | |||||||||||||||||||||
Purchases of marketable securities | (55,682 | ) | — | — | — | — | — | (55,682 | ) | |||||||||||||||||||
Maturities and sales of marketable securities | 124,694 | — | — | — | — | — | 124,694 | |||||||||||||||||||||
Net cash flow provided by (used in) investing activities | 33,765 | (14 | ) | (36,213 | ) | (26,395 | ) | (9 | ) | 60,175 | 31,309 | |||||||||||||||||
Debt issuance costs paid | (162 | ) | — | — | — | — | — | (162 | ) | |||||||||||||||||||
Intercompany note | (22,559 | ) | — | 22,559 | — | — | — | — | ||||||||||||||||||||
Intercompany financing | — | — | 7,385 | — | — | (7,385 | ) | — | ||||||||||||||||||||
Contribution received | — | — | — | 26,395 | 26,395 | (52,790 | ) | — | ||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | (29,472 | ) | — | (29,472 | ) | |||||||||||||||||||
Purchase of treasury stock | (2,271 | ) | — | — | — | — | — | (2,271 | ) | |||||||||||||||||||
Net cash flow provided by (used in) financing activities | (24,992 | ) | — | 29,944 | 26,395 | (3,077 | ) | (60,175 | ) | (31,905 | ) | |||||||||||||||||
Effect of exchange rates on cash | — | — | (2,357 | ) | (1 | ) | 3,089 | — | 731 | |||||||||||||||||||
Net increase (decrease) in cash and equivalents | (20,425 | ) | — | 449 | (1 | ) | 128 | — | (19,849 | ) | ||||||||||||||||||
Cash and equivalents at beginning of period | 83,893 | — | 4,135 | 22 | 1,053 | — | 89,103 | |||||||||||||||||||||
Cash and equivalents at end of period | $ | 63,468 | $ | — | $ | 4,584 | $ | 21 | $ | 1,181 | $ | — | $ | 69,254 | ||||||||||||||
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION | |||||||||||||||||||||||
We operate in two geographic areas, the U.S. and Canada, where we are engaged in the exploration and production segment of the oil and gas industry. Additionally, we operate a significantly smaller midstream segment in the U.S. and Canada, where we provide natural gas gathering and processing services, primarily to our U.S. and Canadian exploration and production segments. In Canada, our midstream operation is the Fortune Creek partnership. Revenue earned by Fortune Creek for the gathering and processing of our gas is eliminated on a consolidated basis as is the GPT recognized by our producing properties. Based on the immateriality of our midstream segment, we have combined our U.S. and Canadian midstream information. We evaluate performance based on operating income and property and equipment costs incurred. | ||||||||||||||||||||||||
Exploration & | Quicksilver Consolidated | |||||||||||||||||||||||
Production | ||||||||||||||||||||||||
U.S. | Canada | Midstream | Corporate | Elimination | ||||||||||||||||||||
For the Three Months Ended March 31: | (in thousands) | |||||||||||||||||||||||
2015 | ||||||||||||||||||||||||
Revenue | $ | 74,473 | $ | 24,536 | $ | 8,636 | $ | — | $ | (2,888 | ) | $ | 104,757 | |||||||||||
DD&A | 6,932 | 7,358 | 558 | 441 | — | 15,289 | ||||||||||||||||||
Operating income (loss) | 23,550 | 534 | 7,262 | (19,297 | ) | — | 12,049 | |||||||||||||||||
Property and equipment costs incurred | 13,268 | 976 | 43 | 111 | — | 14,398 | ||||||||||||||||||
2014 | ||||||||||||||||||||||||
Revenue | $ | 62,903 | $ | 27,962 | $ | 5,863 | $ | — | $ | (4,942 | ) | $ | 91,786 | |||||||||||
DD&A | 7,379 | 4,827 | 1,243 | 506 | — | 13,955 | ||||||||||||||||||
Operating income (loss) | 2,181 | (611 | ) | 3,201 | (15,825 | ) | — | (11,054 | ) | |||||||||||||||
Property and equipment costs incurred | 33,216 | 8,954 | 11 | 91 | — | 42,272 | ||||||||||||||||||
Property, plant and equipment-net | ||||||||||||||||||||||||
31-Mar-15 | $ | 423,583 | $ | 251,814 | $ | 25,590 | $ | 3,454 | $ | — | $ | 704,441 | ||||||||||||
31-Dec-14 | 416,901 | 280,830 | 27,205 | 3,844 | — | 728,780 | ||||||||||||||||||
Total assets | ||||||||||||||||||||||||
31-Mar-15 | $ | 800,731 | $ | 254,689 | $ | 26,478 | $ | 3,454 | $ | — | $ | 1,085,352 | ||||||||||||
31-Dec-14 | 881,906 | 285,695 | 42,857 | 3,844 | — | 1,214,302 | ||||||||||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Cash Flow Information | SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
Cash paid (received) for interest, income taxes and reorganization items is as follows: | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Interest, net of capitalized interest | $ | 20,769 | $ | 49,103 | ||||
Income taxes | 36 | (7,951 | ) | |||||
Reorganization items | 30 | — | ||||||
Other significant non-cash transactions are as follows: | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Working capital related to capital expenditures | $ | 2,981 | $ | 13,128 | ||||
Transactions_With_Related_Part
Transactions With Related Parties | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | TRANSACTIONS AND OTHER MATTERS WITH RELATED PARTIES |
As of March 31, 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. | |
Payments received from Mercury, a company owned by members of the Darden family, for sublease rentals, employee insurance coverage and administrative services were less than $0.1 million for the first three months of 2015 and 2014. | |
In May 2013, we entered into an agreement with Thomas F. Darden, brother of Glenn Darden and Anne Darden Self, with respect to Mr. Darden’s retirement and Mr. Darden’s provision of consulting services following his retirement. Mr. Darden retired as an employee on December 31, 2013, and resigned from the board of directors effective September 1, 2014. During the first three months of 2015, consulting fee payments of $45,000 and office allowance payments of $12,500 were made to Mr. Darden. During the first three months of 2014, consulting fee payments of $135,000, office allowance payments of $37,500 and COBRA payments of $39,000 were made to Mr. Darden. Additionally, in accordance with the agreement, and following the execution and non-revocation of a release agreement satisfactory to us, in March 2014, 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. We did not make consulting fee payments of $90,000 or office allowance payments of $25,000 for February or March 2015 and, on April 15, 2015, the Bankruptcy Court entered an order authorizing our rejection of the agreement effective as of March 17, 2015. The remaining amount owed under the agreement was $1.2 million. These amounts are included in Liabilities Subject to Compromise on the balance sheet as of March 31, 2015. |
Accounting_Policies_And_Disclo1
Accounting Policies And Disclosures Accounting Policies And Disclosures (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Reorganizations [Abstract] | ||||
schedule of liabilities subject to compromise [Table Text Block] | ||||
31-Mar-15 | ||||
(in thousands) | ||||
Accounts payable | $ | 1,554 | ||
Accrued liabilities | 51,519 | |||
Debt | 1,798,000 | |||
Liabilities subject to compromise | $ | 1,851,073 | ||
Schedule of Reorganization Items, Net [Table Text Block] | ||||
For the Three Months Ended March 31, 2015 | ||||
(in thousands) | ||||
Professional fees | $ | 2,041 | ||
Deferred financing costs and unamortized discounts | 59,983 | |||
Deferred interest rate swap gains | (2,314 | ) | ||
Terminated contracts | 935 | |||
Reorganization items, net | $ | 60,645 | ||
Derivatives_And_Fair_Value_Mea1
Derivatives And Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Credit Risk Derivatives, at Fair Value, Net [Abstract] | |||||||||||||||||
Estimated Fair Value Of Derivative Instruments Under Input Levels | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Level 2 derivative instruments | $ | 7,476 | $ | 104,608 | $ | — | $ | — | |||||||||
Level 3 derivative instruments | — | 44,959 | — | — | |||||||||||||
Total | $ | 7,476 | $ | 149,567 | $ | — | $ | — | |||||||||
Changes In Level 3 Fair Values | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | 44,959 | $ | 23,485 | |||||||||||||
Total gains (losses) for the period: | |||||||||||||||||
Unrealized gain (loss) on derivatives | (109,240 | ) | (17,883 | ) | |||||||||||||
Settlements in net derivative gains (losses) | 64,281 | 1,599 | |||||||||||||||
Balance at end of period | $ | — | $ | 7,201 | |||||||||||||
Total gains (losses) included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date | $ | — | $ | (15,576 | ) | ||||||||||||
Estimated Fair Value Of Derivative Instruments | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||
Commodity contracts reported in: | |||||||||||||||||
Current derivative assets | $ | 7,476 | $ | 120,176 | $ | — | $ | — | |||||||||
Noncurrent derivative assets | — | 81,187 | — | 51,796 | |||||||||||||
Total derivatives not designated as hedges | $ | 7,476 | $ | 201,363 | $ | — | $ | 51,796 | |||||||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
(in thousands) | ||||||||
Oil and gas properties | ||||||||
Subject to depletion | $ | 5,735,822 | $ | 5,821,167 | ||||
Unevaluated costs | 18,253 | 18,803 | ||||||
Accumulated depletion | (5,158,191 | ) | (5,225,302 | ) | ||||
Net oil and gas properties | 595,884 | 614,668 | ||||||
Other property and equipment | ||||||||
Pipelines and processing facilities | 304,502 | 316,013 | ||||||
General properties | 63,717 | 66,455 | ||||||
Accumulated depreciation | (259,662 | ) | (268,356 | ) | ||||
Net other property and equipment | 108,557 | 114,112 | ||||||
Property, plant and equipment, net of accumulated depletion and depreciation | $ | 704,441 | $ | 728,780 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||||||
Schedule Of Long-Term Debt Instruments | |||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||
(in thousands) | |||||||||||||
Combined Credit Agreements | $ | 260,460 | $ | 274,514 | |||||||||
Second Lien Term Loan, net of unamortized discount (1) | — | 610,242 | |||||||||||
Second Lien Notes due 2019, net of unamortized discount (1) | — | 195,277 | |||||||||||
Senior notes due 2019, net of unamortized discount (1) | — | 293,919 | |||||||||||
Senior notes due 2021, net of unamortized discount (1) | — | 310,590 | |||||||||||
Senior subordinated notes due 2016 (1) | — | 350,000 | |||||||||||
Total debt | 260,460 | 2,034,542 | |||||||||||
Unamortized deferred gain-terminated interest rate swaps | — | 2,763 | |||||||||||
Current portion of long-term debt (2) | (260,460 | ) | (2,037,305 | ) | |||||||||
Long-term debt (2) | $ | — | $ | — | |||||||||
(1) | Classified as Liability Subject to Compromise as of March 31, 2015 | ||||||||||||
(2) | As a result of our Chapter 11 filings, we have classified all debt as current at March 31, 2015 | ||||||||||||
Schedule of Outstanding Debt | |||||||||||||
Priority on Collateral and Structural Seniority (1) | |||||||||||||
Highest | Lowest | ||||||||||||
priority | priority | ||||||||||||
First Lien | Second Lien | Senior Unsecured | Senior Subordinated | ||||||||||
Combined Credit | Second Lien Term Loan | Second Lien Notes | 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 prior to acceleration (3) | September 6, 2016 | June 21, 2019 | June 21, 2019 | August 15, 2019 | July 1, 2021 | April 1, 2016 | |||||||
Springing maturity date prior to acceleration (3) | 2-Oct-15 | 1-Jan-16 | 1-Jan-16 | N/A | N/A | N/A | |||||||
Interest rate on outstanding borrowings at March 31, 2015 (4) | 5.11% | 7.00% | 7.00% | 9.13% | 11.00% | 7.12% | |||||||
Base interest rate | LIBOR, ABR, CDOR | LIBOR floor of 1.25%; ABR floor of 2.25% | LIBOR floor of 1.25% | N/A | N/A | N/A | |||||||
options prior to acceleration (5) (6) | |||||||||||||
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 | - Incurrence of debt | - Incurrence of debt | - Incurrence of debt | - Incurrence of debt | - Incurrence of debt | - Incurrence of debt | |||||||
covenants (7)(8)(9) | - 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 prior to acceleration (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 prior to acceleration (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 prior to acceleration (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 prior to acceleration (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 as of | $260.5 million | $353.1 million | $113.0 million | $53.3 million | $55.3 million | $3.5 million | |||||||
March 31, 2015 (10) | |||||||||||||
(1) | Borrowings under the Amended and Restated U.S. Credit Facility, Second Lien Term Loan and Second Lien Notes due 2019 are guaranteed by certain of Quicksilver’s domestic subsidiaries and are secured (on a first priority basis with respect to the Amended and Restated U.S. Credit Facility and on a second priority basis with respect to the Second Lien Term Loan and the Second Lien Notes due 2019) by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline L.P., Barnett Shale Operating LLC, Silver Stream Pipeline Company LLC, QPP Parent LLC and QPP Holdings LLC (collectively, the “Domestic Pledged Equity”), 65% of the equity interests of Quicksilver Resources Canada Inc. (“Quicksilver Canada”) and Quicksilver Production Partners Operating Ltd. (with respect to the Amended and Restated U.S. Credit Facility, on a ratable basis with borrowings under the Amended and Restated Canadian Credit Facility) and the majority of Quicksilver's domestic proved oil and gas properties and related assets, (the “Domestic Pledged Property”). Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by the Domestic Pledged Equity, the Domestic Pledged Property, 100% of the equity interests of Quicksilver Canada (65% of which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and any Canadian restricted subsidiaries, under the Amended and Restated Canadian Credit Facility, and 65% of the equity interests of Quicksilver Production Partners Operating Ltd. (which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and the majority of Quicksilver Canada's oil and gas properties and related assets. The other debt presented is based upon structural seniority and priority of payment. | ||||||||||||
(2) | The principal amount included in the table for the Combined Credit Agreements represents the global borrowing base immediately prior to the Chapter 11 filings. | ||||||||||||
(3) | Immediately prior to acceleration as a result of the Chapter 11 filings, the Combined Credit Agreements were 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 remained outstanding. Immediately prior to acceleration as a result of the Chapter 11 filings, the Second Lien Term Loan and Second Lien Notes due 2019 were 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 remained outstanding and (2) 91 days prior to the maturity of the Senior Subordinated Notes if on the applicable date the amount remaining outstanding was greater than $100 million. Immediately prior to acceleration as a result of the Chapter 11 filings, 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 would have been due on January 1, 2016. | ||||||||||||
(4) | Represents the weighted average borrowing rate payable to lenders on our Combined Credit Agreement as of March 31, 2015. | ||||||||||||
(5) | Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated U.S. Credit Facility bore 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%, or (ii) ABR (as defined in the Amended and Restated U.S. Credit Facility), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR for an interest period of one month plus 1.00%, plus, in each case under scenario (ii), an applicable margin between 1.75% and 2.75%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated U.S. Credit Facility) of all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%. | ||||||||||||
(6) | Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated Canadian Credit Facility bore 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% or (iv) adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated Canadian Credit Facility) of all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%. | ||||||||||||
(7) | The financial covenants and significant restrictive covenants were applicable to the Combined Credit Agreements immediately prior to the Chapter 11 filings and remain applicable to the Amended and Restated Canadian Credit Facility. However, pursuant to the Forbearance Agreement, the administrative agent and certain lenders agreed to, among other things, forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility, including events of default related to our Chapter 11 filings or the failure to comply with the financial covenants, until the earlier of June 16, 2015 or certain other events specified in the Forbearance Agreement. | ||||||||||||
The following table sets forth the minimum EBITDAX covenant for the Amended and Restated U.S. Credit Facility immediately prior to the Chapter 11 filings and for the Amended and Restated Canadian Credit Facility: | |||||||||||||
Minimum EBITDAX Covenant | |||||||||||||
(in millions) | |||||||||||||
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 | ||||||||||||
Immediately prior to the Chapter 11 filings, the minimum required interest coverage ratio for the Amended and Restated U.S. Credit Facility for the first and second quarters of 2016 was 1.50 and 2.00, respectively. The minimum required interest coverage ratio for the Amended and Restated Canadian Credit Facility for the first and second quarters of 2016 is 1.50 and 2.00, respectively. | |||||||||||||
(8) | Immediately prior to acceleration as a result of our Chapter 11 filings, our indentures required 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 feature variable interest rates and we estimate their fair value by using market quotations based on recent trade activity (“Level 3” input). We consider our Combined Credit Agreements, which have a variable interest rate, to have a fair value equal to their carrying value (“Level 1” input). | ||||||||||||
QRI & Restricted Subsidiaries Indenture Financials (Balance Sheet) [Table Text Block] | |||||||||||||
March 31, 2015 | 31-Dec-14 | ||||||||||||
(in thousands) | |||||||||||||
ASSETS | |||||||||||||
Current assets | $ | 373,012 | $ | 421,533 | |||||||||
Property and equipment | 692,938 | 715,931 | |||||||||||
Investment in subsidiaries (equity method) | (86,091 | ) | (82,360 | ) | |||||||||
Other assets | 7,668 | 62,245 | |||||||||||
Total assets | $ | 987,527 | $ | 1,117,349 | |||||||||
LIABILITIES AND EQUITY | |||||||||||||
Current liabilities | 301,099 | 2,137,532 | |||||||||||
Long-term liabilities | 108,816 | 117,688 | |||||||||||
Liabilities subject to compromise | 1,851,073 | — | |||||||||||
Stockholders’ equity | (1,273,461 | ) | (1,137,871 | ) | |||||||||
Total liabilities and equity | $ | 987,527 | $ | 1,117,349 | |||||||||
QRI & Restricted Subsidiaries Indenture Financials (Income Statement) [Table Text Block] | |||||||||||||
For the Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(in thousands) | |||||||||||||
Revenue | $ | 104,757 | $ | 91,786 | |||||||||
Operating expenses | 94,868 | 105,957 | |||||||||||
Equity in net earnings of subsidiaries | (1,067 | ) | (1,282 | ) | |||||||||
Operating income (loss) | 8,822 | (15,453 | ) | ||||||||||
Interest expense and other | (62,328 | ) | (40,729 | ) | |||||||||
Reorganization items, net | (60,645 | ) | — | ||||||||||
Income tax expense | (1,536 | ) | (2,651 | ) | |||||||||
Net loss | $ | (115,687 | ) | $ | (58,833 | ) | |||||||
Other comprehensive loss | (12,721 | ) | (12,105 | ) | |||||||||
Comprehensive loss | $ | (128,408 | ) | $ | (70,938 | ) | |||||||
QRI & Restricted Subsidiaries Indenture Financials (Cash Flow) [Table Text Block] | |||||||||||||
For the Three Months Ended March 31, | |||||||||||||
2015 | 2014 | ||||||||||||
(in thousands) | |||||||||||||
Net cash flow provided by (used in) operating activities | $ | 89,209 | $ | (20,109 | ) | ||||||||
Capital expenditures | (15,187 | ) | (38,720 | ) | |||||||||
Investment in subsidiary | — | (26,395 | ) | ||||||||||
Proceeds from sale of properties and equipment | 1,332 | 1,026 | |||||||||||
Purchases of marketable securities | — | (55,682 | ) | ||||||||||
Maturities and sales of marketable securities | — | 124,694 | |||||||||||
Net cash flow provided by (used in) investing activities | (13,855 | ) | 4,923 | ||||||||||
Issuance of debt | 26,235 | — | |||||||||||
Repayments of debt | (36,700 | ) | — | ||||||||||
Debt issuance costs paid | (80 | ) | (162 | ) | |||||||||
Purchase of treasury stock | (115 | ) | (2,271 | ) | |||||||||
Net cash flow used in financing activities | (10,660 | ) | (2,433 | ) | |||||||||
Effect of exchange rates on cash | 4,699 | (2,357 | ) | ||||||||||
Net change in cash and equivalents | 69,393 | (19,976 | ) | ||||||||||
Cash and equivalents at beginning of period | 221,838 | 88,028 | |||||||||||
Cash and equivalents at end of period | $ | 291,231 | $ | 68,052 | |||||||||
Quicksilver_Stockholders_Equit1
Quicksilver Stockholders' Equity (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ||||||||||||||
Stock Option Activity | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual Life | |||||||||||||
(in years) | (in thousands) | |||||||||||||
Outstanding at January 1, 2015 | 6,590,773 | $ | 7.83 | |||||||||||
Expired | (152,366 | ) | 11.39 | |||||||||||
Outstanding at March 31, 2015 | 6,438,407 | $ | 7.74 | 4.9 | $ | — | ||||||||
Exercisable at March 31, 2015 | 5,334,087 | $ | 9 | 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, 2015 | 8,056,265 | $ | 2.54 | 863,975 | $ | 3.33 | ||||||||
Granted | 3,124,674 | 0.19 | — | — | ||||||||||
Vested | (3,137,665 | ) | 3.15 | (422,562 | ) | 3.82 | ||||||||
Forfeited | (73,007 | ) | 2.64 | (3,859 | ) | 2.93 | ||||||||
Outstanding at March 31, 2015 | 7,970,267 | $ | 1.38 | 437,554 | $ | 2.86 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Reconciliation Of Components Used To Compute Basic And Diluted Earnings (Loss) Per Common Share | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands, except per share data) | ||||||||
Net income (loss) attributable to Quicksilver | $ | (115,687 | ) | $ | (58,833 | ) | ||
Basic income allocable to participating securities (1) | — | — | ||||||
Income (loss) available to shareholders | $ | (115,687 | ) | $ | (58,833 | ) | ||
Weighted average common shares – basic | 175,657 | 173,497 | ||||||
Effect of dilutive securities (2) | ||||||||
Share-based compensation awards | — | — | ||||||
Weighted average common shares – diluted | 175,657 | 173,497 | ||||||
Earnings (loss) per common share – basic | $ | (0.66 | ) | $ | (0.34 | ) | ||
Earnings (loss) per common share – diluted | $ | (0.66 | ) | $ | (0.34 | ) | ||
(1) | Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, are included in computing earnings per share using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so. | |||||||
(2) | For the three months ended March 31, 2015, 6.4 million shares associated with our stock options and 0.9 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended March 31, 2014, 6.8 million shares associated with our stock options and 0.3 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Condensed Consolidating Financial Information [Abstract] | ||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||
Debtors | Non-Debtors | |||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non- | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||
Inc. | Subsidiaries | Guarantor | Guarantor | Consolidated | ||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Current assets | $ | 288,398 | $ | 707 | $ | 83,907 | $ | 49 | $ | 182 | $ | — | $ | 373,243 | ||||||||||||||
Property and equipment | 427,038 | 14,086 | 251,814 | — | 11,503 | — | 704,441 | |||||||||||||||||||||
Investment in subsidiaries (equity method) | (355,074 | ) | — | (86,091 | ) | (84,576 | ) | — | 525,741 | — | ||||||||||||||||||
Other assets | 415,891 | — | 5,059 | — | — | (413,282 | ) | 7,668 | ||||||||||||||||||||
Total assets | $ | 776,253 | $ | 14,793 | $ | 254,689 | $ | (84,527 | ) | $ | 11,685 | $ | 112,459 | $ | 1,085,352 | |||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||
Current liabilities | $ | 170,996 | $ | 197 | $ | 543,188 | $ | 30 | $ | 333 | $ | (413,282 | ) | $ | 301,462 | |||||||||||||
Long-term liabilities | 45,011 | 10,195 | 53,610 | — | 1,384 | 86,466 | 196,666 | |||||||||||||||||||||
Liabilities subject to compromise | 1,851,073 | — | — | — | — | — | 1,851,073 | |||||||||||||||||||||
Stockholders' equity | (1,290,827 | ) | 4,401 | (342,109 | ) | (84,557 | ) | 9,968 | 439,275 | (1,263,849 | ) | |||||||||||||||||
Total liabilities and equity | $ | 776,253 | $ | 14,793 | $ | 254,689 | $ | (84,527 | ) | $ | 11,685 | $ | 112,459 | $ | 1,085,352 | |||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||
Debtors | Non-Debtors | |||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||
Resources | Guarantor | Non- | Non- | Creek | Eliminations | Resources | ||||||||||||||||||||||
Inc. | Subsidiaries | Guarantor | Guarantor | Inc. | ||||||||||||||||||||||||
Subsidiaries | Subsidiaries | 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 | |||||||||||||
Condensed Consolidating Statements Of Income | ||||||||||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
Debtors | Non-Debtors | |||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||
Subsidiaries | Guarantor | Guarantor | Consolidated | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Revenue | $ | 74,473 | $ | 5,707 | $ | 24,960 | $ | — | $ | 2,888 | $ | (3,271 | ) | $ | 104,757 | |||||||||||||
Operating expenses | 68,966 | 605 | 25,680 | — | 728 | (3,271 | ) | 92,708 | ||||||||||||||||||||
Equity in net earnings of subsidiaries | (25,716 | ) | — | (1,067 | ) | 2,161 | — | 24,622 | — | |||||||||||||||||||
Operating income (loss) | (20,209 | ) | 5,102 | (1,787 | ) | 2,161 | 2,160 | 24,622 | 12,049 | |||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | (3,228 | ) | (3,228 | ) | |||||||||||||||||||
Interest expense and other | (32,867 | ) | — | (29,461 | ) | — | 1 | — | (62,327 | ) | ||||||||||||||||||
Reorganization items, net | (60,645 | ) | — | — | — | — | — | (60,645 | ) | |||||||||||||||||||
Income tax (expense) benefit | (1,966 | ) | — | 430 | — | — | — | (1,536 | ) | |||||||||||||||||||
Net income (loss) | $ | (115,687 | ) | $ | 5,102 | $ | (30,818 | ) | $ | 2,161 | $ | 2,161 | $ | 21,394 | $ | (115,687 | ) | |||||||||||
Other comprehensive loss | (11,115 | ) | — | (1,606 | ) | — | — | — | (12,721 | ) | ||||||||||||||||||
Equity in OCI of subsidiaries | (1,606 | ) | — | — | — | — | 1,606 | — | ||||||||||||||||||||
Comprehensive income (loss) | $ | (128,408 | ) | $ | 5,102 | $ | (32,424 | ) | $ | 2,161 | $ | 2,161 | $ | 23,000 | $ | (128,408 | ) | |||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Debtors | Non-Debtors | |||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||
Resources Inc. | Guarantor | Non- | Non- | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||
Subsidiaries | Guarantor | Guarantor | Consolidated | |||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Revenue | $ | 62,910 | $ | 374 | $ | 28,502 | $ | — | $ | 4,942 | $ | (4,942 | ) | $ | 91,786 | |||||||||||||
Operating expenses | 75,401 | 291 | 30,265 | — | 1,825 | (4,942 | ) | 102,840 | ||||||||||||||||||||
Equity in net earnings of subsidiaries | (5,689 | ) | — | (1,282 | ) | 3,119 | — | 3,852 | — | |||||||||||||||||||
Operating income (loss) | (18,180 | ) | 83 | (3,045 | ) | 3,119 | 3,117 | 3,852 | (11,054 | ) | ||||||||||||||||||
Fortune Creek accretion | — | — | — | — | — | (4,401 | ) | (4,401 | ) | |||||||||||||||||||
Interest expense and other | (38,011 | ) | — | (2,718 | ) | — | 2 | — | (40,727 | ) | ||||||||||||||||||
Income tax (expense) benefit | (2,642 | ) | (29 | ) | 20 | — | — | — | (2,651 | ) | ||||||||||||||||||
Net income (loss) | $ | (58,833 | ) | $ | 54 | $ | (5,743 | ) | $ | 3,119 | $ | 3,119 | $ | (549 | ) | $ | (58,833 | ) | ||||||||||
Other comprehensive loss | (8,798 | ) | — | (3,307 | ) | — | — | — | (12,105 | ) | ||||||||||||||||||
Equity in OCI of subsidiaries | (3,307 | ) | — | — | — | — | 3,307 | — | ||||||||||||||||||||
Comprehensive income (loss) | $ | (70,938 | ) | $ | 54 | $ | (9,050 | ) | $ | 3,119 | $ | 3,119 | $ | 2,758 | $ | (70,938 | ) | |||||||||||
Condensed Consolidating Statements Of Cash Flows | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||
Debtors | Non-Debtors | |||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||
Resources Inc. | Guarantor | Non-Guarantor | Non-Guarantor | Creek | Eliminations | Resources Inc. | ||||||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | Consolidated | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | 66,401 | $ | (166 | ) | $ | 22,974 | $ | (2 | ) | $ | (1,217 | ) | $ | — | $ | 87,990 | |||||||||||
Purchases of property, plant and equipment | (13,479 | ) | — | (1,708 | ) | — | — | — | (15,187 | ) | ||||||||||||||||||
Investment in subsidiary | (3,479 | ) | — | — | — | — | 3,479 | — | ||||||||||||||||||||
Proceeds from sale of properties and equipment | 1,325 | — | 7 | — | — | — | 1,332 | |||||||||||||||||||||
Net cash flow provided by (used in) investing activities | (15,633 | ) | — | (1,701 | ) | — | — | 3,479 | (13,855 | ) | ||||||||||||||||||
Issuance of debt | — | — | 26,235 | — | — | — | 26,235 | |||||||||||||||||||||
Repayments of debt | (36,700 | ) | — | — | — | — | — | (36,700 | ) | |||||||||||||||||||
Debt issuance costs paid | (80 | ) | — | — | — | — | — | (80 | ) | |||||||||||||||||||
Intercompany note | — | — | — | — | — | — | — | |||||||||||||||||||||
Intercompany financing | — | 166 | 3,313 | — | — | (3,479 | ) | — | ||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | (938 | ) | — | (938 | ) | |||||||||||||||||||
Purchase of treasury stock | (115 | ) | — | — | — | — | — | (115 | ) | |||||||||||||||||||
Net cash flow provided by (used in) financing activities | (36,895 | ) | 166 | 29,548 | — | (938 | ) | (3,479 | ) | (11,598 | ) | |||||||||||||||||
Effect of exchange rates on cash | — | — | 4,699 | — | 1,075 | — | 5,774 | |||||||||||||||||||||
Net increase (decrease) in cash and equivalents | 13,873 | — | 55,520 | (2 | ) | (1,080 | ) | — | 68,311 | |||||||||||||||||||
Cash and equivalents at beginning of period | 211,656 | — | 10,182 | 20 | 1,671 | — | 223,529 | |||||||||||||||||||||
Cash and equivalents at end of period | $ | 225,529 | $ | — | $ | 65,702 | $ | 18 | $ | 591 | $ | — | $ | 291,840 | ||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||
Debtors | Non-Debtors | |||||||||||||||||||||||||||
Quicksilver | Restricted | Restricted | Unrestricted Non-Guarantor Subsidiaries | Fortune | Consolidated | Quicksilver | ||||||||||||||||||||||
Resources Inc. | Guarantor | Non-Guarantor | Creek | Eliminations | Resources Inc. | |||||||||||||||||||||||
Subsidiaries | Subsidiaries | Consolidated | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Net cash flow provided by (used in) operating activities | $ | (29,198 | ) | $ | 14 | $ | 9,075 | $ | — | $ | 125 | $ | — | $ | (19,984 | ) | ||||||||||||
Purchases of property, plant and equipment | (28,772 | ) | (14 | ) | (9,934 | ) | — | (9 | ) | — | (38,729 | ) | ||||||||||||||||
Investment in subsidiary | (7,385 | ) | — | (26,395 | ) | (26,395 | ) | — | 60,175 | — | ||||||||||||||||||
Proceeds from sale of properties and equipment | 910 | — | 116 | — | — | — | 1,026 | |||||||||||||||||||||
Purchases of marketable securities | (55,682 | ) | — | — | — | — | — | (55,682 | ) | |||||||||||||||||||
Maturities and sales of marketable securities | 124,694 | — | — | — | — | — | 124,694 | |||||||||||||||||||||
Net cash flow provided by (used in) investing activities | 33,765 | (14 | ) | (36,213 | ) | (26,395 | ) | (9 | ) | 60,175 | 31,309 | |||||||||||||||||
Debt issuance costs paid | (162 | ) | — | — | — | — | — | (162 | ) | |||||||||||||||||||
Intercompany note | (22,559 | ) | — | 22,559 | — | — | — | — | ||||||||||||||||||||
Intercompany financing | — | — | 7,385 | — | — | (7,385 | ) | — | ||||||||||||||||||||
Contribution received | — | — | — | 26,395 | 26,395 | (52,790 | ) | — | ||||||||||||||||||||
Distribution of Fortune Creek Partnership funds | — | — | — | — | (29,472 | ) | — | (29,472 | ) | |||||||||||||||||||
Purchase of treasury stock | (2,271 | ) | — | — | — | — | — | (2,271 | ) | |||||||||||||||||||
Net cash flow provided by (used in) financing activities | (24,992 | ) | — | 29,944 | 26,395 | (3,077 | ) | (60,175 | ) | (31,905 | ) | |||||||||||||||||
Effect of exchange rates on cash | — | — | (2,357 | ) | (1 | ) | 3,089 | — | 731 | |||||||||||||||||||
Net increase (decrease) in cash and equivalents | (20,425 | ) | — | 449 | (1 | ) | 128 | — | (19,849 | ) | ||||||||||||||||||
Cash and equivalents at beginning of period | 83,893 | — | 4,135 | 22 | 1,053 | — | 89,103 | |||||||||||||||||||||
Cash and equivalents at end of period | $ | 63,468 | $ | — | $ | 4,584 | $ | 21 | $ | 1,181 | $ | — | $ | 69,254 | ||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Operating Income And Property And Equipment Costs Incurred | ||||||||||||||||||||||||
Exploration & | Quicksilver Consolidated | |||||||||||||||||||||||
Production | ||||||||||||||||||||||||
U.S. | Canada | Midstream | Corporate | Elimination | ||||||||||||||||||||
For the Three Months Ended March 31: | (in thousands) | |||||||||||||||||||||||
2015 | ||||||||||||||||||||||||
Revenue | $ | 74,473 | $ | 24,536 | $ | 8,636 | $ | — | $ | (2,888 | ) | $ | 104,757 | |||||||||||
DD&A | 6,932 | 7,358 | 558 | 441 | — | 15,289 | ||||||||||||||||||
Operating income (loss) | 23,550 | 534 | 7,262 | (19,297 | ) | — | 12,049 | |||||||||||||||||
Property and equipment costs incurred | 13,268 | 976 | 43 | 111 | — | 14,398 | ||||||||||||||||||
2014 | ||||||||||||||||||||||||
Revenue | $ | 62,903 | $ | 27,962 | $ | 5,863 | $ | — | $ | (4,942 | ) | $ | 91,786 | |||||||||||
DD&A | 7,379 | 4,827 | 1,243 | 506 | — | 13,955 | ||||||||||||||||||
Operating income (loss) | 2,181 | (611 | ) | 3,201 | (15,825 | ) | — | (11,054 | ) | |||||||||||||||
Property and equipment costs incurred | 33,216 | 8,954 | 11 | 91 | — | 42,272 | ||||||||||||||||||
Property, plant and equipment-net | ||||||||||||||||||||||||
31-Mar-15 | $ | 423,583 | $ | 251,814 | $ | 25,590 | $ | 3,454 | $ | — | $ | 704,441 | ||||||||||||
31-Dec-14 | 416,901 | 280,830 | 27,205 | 3,844 | — | 728,780 | ||||||||||||||||||
Total assets | ||||||||||||||||||||||||
31-Mar-15 | $ | 800,731 | $ | 254,689 | $ | 26,478 | $ | 3,454 | $ | — | $ | 1,085,352 | ||||||||||||
31-Dec-14 | 881,906 | 285,695 | 42,857 | 3,844 | — | 1,214,302 | ||||||||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Cash Paid Or Received For Interest And Income Taxes | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Interest, net of capitalized interest | $ | 20,769 | $ | 49,103 | ||||
Income taxes | 36 | (7,951 | ) | |||||
Reorganization items | 30 | — | ||||||
Other Significant Non-cash Transactions | ||||||||
For the Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Working capital related to capital expenditures | $ | 2,981 | $ | 13,128 | ||||
Accounting_Policies_And_Disclo2
Accounting Policies And Disclosures Schedule of liabilities subject to compromise (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Reorganizations [Abstract] | ||
Liabilities Subject to Compromise, Accounts Payable and Accrued Liabilities | $1,554 | |
Liabilities Subject to Compromise, Other Liabilities | 51,519 | |
Liabilities Subject to Compromise, Debt and Accrued Interest | 1,798,000 | |
Liabilities Subject to Compromise | $1,851,073 | $0 |
Accounting_Policies_And_Disclo3
Accounting Policies And Disclosures Schedule of Reorganization Items, Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reorganizations [Abstract] | ||
Debtor Reorganization Items, Legal and Advisory Professional Fees | $2,041 | |
Debtor Reorganization Items, Write-off of Deferred Financing Costs and Debt Discounts | 59,983 | |
Debtor Reorganization Items, Other Expense (Income) | -2,314 | |
Debtor Reorganization Items, Net Gain (Loss) on Rejection of Leases and Other Executory Contracts | 935 | |
Reorganization Items | $60,645 | $0 |
Accounting_Policies_And_Disclo4
Accounting Policies And Disclosures Chapter 11 Filings (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Rate | |
Reorganizations [Abstract] | |
Substantial Equityholders Threshold | 4.75% |
Divestitures_Divestitures_Deta
Divestitures Divestitures (Details) (Sandwash Basin [Member], USD $) | 1-May-14 |
In Millions, unless otherwise specified | |
Sandwash Basin [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $95.60 |
Derivatives_And_Fair_Value_Mea2
Derivatives And Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
MMcf | |||
Anticipated Natural Gas Production for 2015 | 20 | ||
Cash Proceeds From Derivative Terminations | $135.70 | ||
Gains and losses from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings | 19.6 | ||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $0.50 | $0.50 | |
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 |
Derivatives_And_Fair_Value_Mea3
Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments Under Input Levels) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Asset Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Estimated fair value of derivative instruments | $7,476 | $149,567 |
Asset Derivatives [Member] | Fair Value Inputs, Level 2 [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Estimated fair value of derivative instruments | 7,476 | 104,608 |
Asset Derivatives [Member] | Fair Value Inputs, Level 3 [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Estimated fair value of derivative instruments | 0 | 44,959 |
Liability Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Estimated fair value of derivative instruments | 0 | 0 |
Liability Derivatives [Member] | Fair Value Inputs, Level 2 [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Estimated fair value of derivative instruments | 0 | 0 |
Liability Derivatives [Member] | Fair Value Inputs, Level 3 [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Estimated fair value of derivative instruments | $0 | $0 |
Derivatives_And_Fair_Value_Mea4
Derivatives And Fair Value Measurements (Changes In Level 3 Fair Values) (Details) (Fair Value Inputs, Level 3 [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | $109,240 | $17,883 |
Balance at beginning of period | 44,959 | 23,485 |
Balance at end of period | 0 | 7,201 |
Total gains (losses) included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date | 0 | -15,576 |
Derivative gains (losses) [Member] | ||
Settlements | $64,281 | $1,599 |
Derivatives_And_Fair_Value_Mea5
Derivatives And Fair Value Measurements (Price Collars And Swaps For Anticipated Natural Gas And NGL Production) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
MMcf | |
Credit Risk Derivatives, at Fair Value, Net [Abstract] | |
Anticipated Natural Gas Production Thereafter | 0 |
Anticipated Natural Gas Production for 2015 | 20 |
Derivatives_And_Fair_Value_Mea6
Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Current derivative assets | $7,476 | $120,176 |
Noncurrent derivative assets | 0 | 29,391 |
Asset Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative assets | 7,476 | 201,363 |
Liability Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivative liabilities | 0 | 51,796 |
Not Designated as Hedging Instrument [Member] | Asset Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current derivative assets | 7,476 | 120,176 |
Noncurrent derivative assets | 0 | 81,187 |
Not Designated as Hedging Instrument [Member] | Liability Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current derivative assets | 0 | 0 |
Noncurrent derivative assets | $0 | $51,796 |
Derivatives_And_Fair_Value_Mea7
Derivatives And Fair Value Measurements (Carrying Value Of Derivatives) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Settlements in production revenue | ($5,258) | ($7,850) |
Property_Plant_And_Equipment_S
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Subject to depletion | $5,735,822 | $5,821,167 |
Unevaluated costs | 18,253 | 18,803 |
Accumulated depletion | -5,158,191 | -5,225,302 |
Net oil and gas properties | 595,884 | 614,668 |
Pipelines and processing facilities | 304,502 | 316,013 |
General properties | 63,717 | 66,455 |
Accumulated depreciation | -259,662 | -268,356 |
Net other property and equipment | 108,557 | 114,112 |
Property, plant and equipment, net of accumulated depletion and depreciation | $704,441 | $728,780 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | |
USD ($) | CAD | USD ($) | Combined Credit Agreements [Member] | Combined Credit Agreements [Member] | U.S. Credit Facility [Member] | Canadian Credit Facility [Member] | Combined Credit Agreements [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Multiple Subsidiaries Set Two [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | First Quarter Two Thousand Sixteen [Member] | First Quarter Two Thousand Sixteen [Member] | Second Quarter Two Thousand Sixteen [Member] | Second Quarter Two Thousand Sixteen [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | U.S. Credit Facility [Member] | Combined Credit Agreements [Member] | U.S. Credit Facility [Member] | U.S. Credit Facility [Member] | U.S. Credit Facility [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Combined Credit Agreements [Member] | U.S. Credit Facility [Member] | Canadian Credit Facility [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | |||||
U.S. Credit Facility [Member] | Canadian Credit Facility [Member] | U.S. Credit Facility [Member] | Canadian Credit Facility [Member] | USD ($) | USD ($) | USD ($) | U.S. Credit Facility [Member] | Canadian Credit Facility [Member] | U.S. Credit Facility [Member] | Canadian Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||
Letter of Credit Draw Down by Spectra | 33,000,000 | |||||||||||||||||||||||
Percentage of ownership interest | 100.00% | 65.00% | ||||||||||||||||||||||
Commitment fee percentage | 0.50% | 0.50% | ||||||||||||||||||||||
Repayments of Long-term Debt | 36,700,000 | 0 | ||||||||||||||||||||||
Issuance of debt | 26,235,000 | 0 | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | 1.75% | 1.00% | 3.75% | 3.75% | 2.75% | 2.75% | 2.50% | 2.75% | |||||||||||||||
Proceeds From Derivative Terminations Used to Pay Debt | 88,000,000 | 46,500,000 | 41,500,000 | |||||||||||||||||||||
Long-term Line of Credit | 260,460,000 | 274,514,000 | 137,300,000 | 123,200,000 | ||||||||||||||||||||
Letters of Credit Outstanding, Amount | $11,900,000 | $9,800,000 | $2,100,000 | |||||||||||||||||||||
Interest coverage ratio | 1.5 | 1.5 | 2 | 2 |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $260,460 | $2,034,542 | |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 0 | 2,763 | |
Long-term Debt, Current Maturities | 260,460 | [1] | 2,037,305 |
Long-term Debt, Excluding Current Maturities | 0 | [1] | 0 |
Canadian Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Amount Outstanding | 123,200 | ||
Combined Credit Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Amount Outstanding | 260,460 | 274,514 | |
Senior Secured Second Lien Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | 0 | [2] | 610,242 |
Senior Secured Second Lien Term Loan Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | 0 | [2] | 195,277 |
Senior Notes Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 0 | [2] | 293,919 |
Senior Notes Due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 0 | [2] | 310,590 |
Senior Subordinated Notes [Member] | |||
Debt Instrument [Line Items] | |||
Subordinated Long-term Debt, Noncurrent | $0 | [2] | $350,000 |
[1] | As a result of our Chapter 11 filings, we have classified all debt as current at March 31, 2015 | ||
[2] | Classified as Liability Subject to Compromise as of March 31, 2015 |
LongTerm_Debt_Schedule_Of_Outs
Long-Term Debt (Schedule Of Outstanding Debt) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | |
Senior Secured Second Lien Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit Agreement Repayment Term Trigerring Event, Maximum Threshold For Measurement | 100 | |
Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Year Of Maturity | 2019 | |
Canadian Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Equity interests | 100.00% | |
Multiple Subsidiaries Set One [Member] | U.S. Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Equity interests | 100.00% | |
Multiple Subsidiaries Set Two [Member] | U.S. Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Equity interests | 65.00% | |
Maximum [Member] | U.S. Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
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% | |
CDOR Rate [Member] | Maximum [Member] | Canadian Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Applicable margin in addition to interest rate | 3.75% | |
CDOR Rate [Member] | Minimum [Member] | Canadian Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Applicable margin in addition to interest rate | 2.75% | |
LIBOR [Member] | U.S. Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Applicable margin in addition to interest rate | 1.00% | |
LIBOR [Member] | Maximum [Member] | U.S. Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Applicable margin in addition to interest rate | 3.75% | |
LIBOR [Member] | Maximum [Member] | Canadian Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Applicable margin in addition to interest rate | 3.75% | |
LIBOR [Member] | Minimum [Member] | U.S. Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Applicable margin in addition to interest rate | 2.75% | |
LIBOR [Member] | Minimum [Member] | Canadian Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Applicable margin in addition to interest rate | 2.75% | |
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% | |
First Mortgage [Member] | Combined Credit Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 325 | [1],[2] |
Scheduled maturity date | 6-Sep-16 | [3] |
Debt Instrument, Potential Earliest Maturity Date | 2-Oct-15 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 5.11% | [4] |
Base Interest Rate Options | LIBOR, ABR, CDOR | [5],[6] |
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 | [7],[8] |
Significant restrictive covenants | - Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives and investments | [7],[8],[9] |
Optional redemption | Any time | [7] |
Make-whole redemption | N/A | |
Change of control | Event of default | [7] |
Equity Clawback | N/A | |
Estimated fair value | 260.5 | [10] |
Current ratio | 1 | |
Minimum EBITDA to cash interest expense ratio | 1.1 | |
Senior secured debt leverage ratio | 2 | |
Second Lien Debt [Member] | Senior Secured Second Lien Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 625 | [2] |
Scheduled maturity date | 21-Jun-19 | [3] |
Debt Instrument, Potential Earliest Maturity Date | 1-Jan-16 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |
Base Interest Rate Options | LIBOR floor of 1.25%; ABR floor of 2.25% | |
Financial covenants | N/A | |
Significant restrictive covenants | - Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [7],[9] |
Optional redemption | Any time, subject to re-pricing event June 21, 2015: 101 | [7] |
Make-whole redemption | N/A | |
Change of control | Put at 101% of principal plus accrued interest | [7] |
Equity Clawback | N/A | |
Estimated fair value | 353.1 | [10] |
Percentage of principal plus accrued interest for change of control | 101.00% | |
Second Lien Debt [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 200 | [2] |
Scheduled maturity date | 21-Jun-19 | [3] |
Debt Instrument, Potential Earliest Maturity Date | 1-Jan-16 | [3] |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | |
Base Interest Rate Options | LIBOR floor of 1.25% | |
Financial covenants | N/A | |
Significant restrictive covenants | - Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [7],[9] |
Optional redemption | Any time, subject to re-pricing event June 21, 2015: 101 | [7] |
Make-whole redemption | N/A | |
Change of control | Put at 101% of principal plus accrued interest | [7] |
Equity Clawback | N/A | |
Estimated fair value | 113 | [10] |
Percentage of principal plus accrued interest for change of control | 101.00% | |
Second Lien Debt [Member] | Libor [Member] | Senior Secured Second Lien Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Reference Rate, Floor | 1.25% | |
Second Lien Debt [Member] | Libor [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Reference Rate, Floor | 1.25% | |
Second Lien Debt [Member] | ABR [Member] | Senior Secured Second Lien Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Reference Rate, Floor | 2.25% | |
Senior Notes [Member] | Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 298 | |
Scheduled maturity date | 15-Aug-19 | |
Debt Instrument, Potential Earliest Maturity Date | N/A | |
Debt Instrument, Interest Rate, Stated Percentage | 9.13% | |
Base Interest Rate Options | N/A | |
Financial covenants | N/A | |
Significant restrictive covenants | - Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [7],[9] |
Optional redemption | August 15, 2014: 104.563 2015: 103.042 2016: 101.521 2017: par | [7] |
Make-whole redemption | N/A | |
Make-whole redemption | 0.50% | |
Change of control | Put at 101% of principal plus accrued interest | [7] |
Equity Clawback | N/A | |
Estimated fair value | 53.3 | [10] |
Percentage of principal plus accrued interest for change of control | 101.00% | |
Senior Notes [Member] | Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 325 | |
Scheduled maturity date | 1-Jul-21 | |
Debt Instrument, Potential Earliest Maturity Date | N/A | |
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | |
Base Interest Rate Options | N/A | |
Financial covenants | N/A | |
Significant restrictive covenants | - Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [7],[9] |
Optional redemption | July 1, 2019: 102.000 2020: par | [7] |
Make-whole redemption | Callable prior to July 1, 2019 at make-whole call price of Treasury +50 bps | [7] |
Make-whole redemption | 0.50% | |
Change of control | Put at 101% of principal plus accrued interest | [7] |
Equity Clawback | Redeemable until July 1, 2016 at 111.00%, plus accrued interest for up to 35% | [7] |
Equity Clawback | 111.00% | |
Estimated fair value | 55.3 | [10] |
Percentage of principal plus accrued interest for change of control | 101.00% | |
Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 350 | |
Scheduled maturity date | 1-Apr-16 | |
Debt Instrument, Potential Earliest Maturity Date | N/A | |
Debt Instrument, Interest Rate, Stated Percentage | 7.13% | |
Base Interest Rate Options | N/A | |
Financial covenants | N/A | |
Significant restrictive covenants | - Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions | [7],[9] |
Optional redemption | Any time | [7] |
Make-whole redemption | N/A | |
Change of control | Put at 101% of principal plus accrued interest | [7] |
Equity Clawback | N/A | |
Estimated fair value | 3.5 | [10] |
Percentage of principal plus accrued interest for change of control | 101.00% | |
2014 [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 102.00% | |
2014 [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 102.00% | |
2014 [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 104.56% | |
2014 [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 100.00% | |
2015 [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 101.00% | |
2015 [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 101.00% | |
2015 [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 103.04% | |
2016 [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 101.52% | |
2017 [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 100.00% | |
2019 [Member] | Senior Notes [Member] | Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 102.00% | |
2020 [Member] | Senior Notes [Member] | Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption percentage of par value | 100.00% | |
First Quarter Two Thousand Sixteen [Member] | Minimum [Member] | U.S. Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest coverage ratio | 1.5 | |
First Quarter Two Thousand Sixteen [Member] | Minimum [Member] | Canadian Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest coverage ratio | 1.5 | |
Second Quarter Two Thousand Sixteen [Member] | Minimum [Member] | U.S. Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest coverage ratio | 2 | |
Second Quarter Two Thousand Sixteen [Member] | Minimum [Member] | Canadian Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest coverage ratio | 2 | |
[1] | The principal amount included in the table for the Combined Credit Agreements represents the global borrowing base immediately prior to the Chapter 11 filings. | |
[2] | Borrowings under the Amended and Restated U.S. Credit Facility, Second Lien Term Loan and Second Lien Notes due 2019 are guaranteed by certain of Quicksilverbs domestic subsidiaries and are secured (on a first priority basis with respect to the Amended and Restated U.S. Credit Facility and on a second priority basis with respect to the Second Lien Term Loan and the Second Lien Notes due 2019) by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline L.P., Barnett Shale Operating LLC, Silver Stream Pipeline Company LLC, QPP Parent LLC and QPP Holdings LLC (collectively, the bDomestic Pledged Equityb), 65% of the equity interests of Quicksilver Resources Canada Inc. (bQuicksilver Canadab) and Quicksilver Production Partners Operating Ltd. (with respect to the Amended and Restated U.S. Credit Facility, on a ratable basis with borrowings under the Amended and Restated Canadian Credit Facility) and the majority of Quicksilver's domestic proved oil and gas properties and related assets, (the bDomestic Pledged Propertyb).B Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by the Domestic Pledged Equity, the Domestic Pledged Property, 100% of the equity interests of Quicksilver Canada (65% of which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and any Canadian restricted subsidiaries, under the Amended and Restated Canadian Credit Facility, and 65% of the equity interests of Quicksilver Production Partners Operating Ltd. (which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and the majority of Quicksilver Canada's oil and gas properties and related assets. The other debt presented is based upon structural seniority and priority of payment. | |
[3] | Immediately prior to acceleration as a result of the Chapter 11 filings, the Combined Credit Agreements were 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 remained outstanding. Immediately prior to acceleration as a result of the Chapter 11 filings, the Second Lien Term Loan and Second Lien Notes due 2019 were 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 remained outstanding and (2) 91 days prior to the maturity of the Senior Subordinated Notes if on the applicable date the amount remaining outstanding was greater than $100 million. Immediately prior to acceleration as a result of the Chapter 11 filings, 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 would have been due on January 1, 2016. | |
[4] | Represents the weighted average borrowing rate payable to lenders on our Combined Credit Agreement as of March 31, 2015. | |
[5] | Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated U.S. Credit Facility bore 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%, or (ii)B ABR (as defined in the Amended and Restated U.S. Credit Facility), which is the greatest of (a)B the prime rate announced by JPMorgan, (b)B the federal funds rate plus 0.50% and (c)B adjusted LIBOR for an interest period of one month plus 1.00%, plus, in each case under scenario (ii), an applicable margin between 1.75% and 2.75%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated U.S. Credit Facility) of all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%. | |
[6] | Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated Canadian Credit Facility bore 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% or (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 also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated Canadian Credit Facility) of all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%. | |
[7] | The information presented in this table is qualified in all respects by reference to the full text of the covenants, provisions and related definitions contained in the documents governing the various components of our debt. | |
[8] | The financial covenants and significant restrictive covenants were applicable to the Combined Credit Agreements immediately prior to the Chapter 11 filings and remain applicable to the Amended and Restated Canadian Credit Facility. However, pursuant to the Forbearance Agreement, the administrative agent and certain lenders agreed to, among other things, forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility, including events of default related to our Chapter 11 filings or the failure to comply with the financial covenants, until the earlier of June 16, 2015 or certain other events specified in the Forbearance Agreement.The following table sets forth the minimum EBITDAX covenant for the Amended and Restated U.S. Credit Facility immediately prior to the Chapter 11 filings and for the Amended and Restated Canadian Credit Facility:B Minimum EBITDAX CovenantB (in millions)Six months ending March 31, 2015$59.0Nine months ending June 30, 201587.25Twelve months ending September 30, 2015120.5Twelve months ending December 31, 2015122.0Immediately prior to the Chapter 11 filings, the minimum required interest coverage ratio for the Amended and Restated U.S. Credit Facility for the first and second quarters of 2016 was 1.50 and 2.00, respectively. The minimum required interest coverage ratio for the Amended and Restated Canadian Credit Facility for the first and second quarters of 2016 is 1.50 and 2.00, respectively. | |
[9] | Immediately prior to acceleration as a result of our Chapter 11 filings, our indentures required us to reinvest or repay senior debt with net cash proceeds from certain asset sales within one year. | |
[10] | The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (bLevel 2b inputs). Our Second Lien Term Loan and Second Lien Notes feature variable interest rates and we estimate their fair value by using market quotations based on recent trade activity (bLevel 3b input). We consider our Combined Credit Agreements, which have a variable interest rate, to have a fair value equal to their carrying value (bLevel 1b input). |
LongTerm_Debt_Minimum_EBITDAX_
Long-Term Debt Minimum EBITDAX Covenant (Details) (Minimum [Member], Combined Credit Agreements [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Indenture Disclosure Financials [Line Items] | ||
Assets, Current | $373,243 | $423,277 |
Property, plant and equipment - net | 704,441 | 728,780 |
Equity Method Investments | 0 | 0 |
Other Noncurrent Assets | 7,668 | 62,245 |
Total assets | 1,085,352 | 1,214,302 |
Current liabilities | 301,462 | 2,141,037 |
Liabilities, Noncurrent | 196,666 | 211,136 |
Liabilities Subject to Compromise | 1,851,073 | 0 |
Stockholders' equity | -1,263,849 | -1,137,871 |
Total liabilities and stockholders' equity | 1,085,352 | 1,214,302 |
Quicksilver And Restricted Subsidiaries [Member] | ||
Indenture Disclosure Financials [Line Items] | ||
Assets, Current | 373,012 | 421,533 |
Property, plant and equipment - net | 692,938 | 715,931 |
Equity Method Investments | -86,091 | -82,360 |
Other Noncurrent Assets | 7,668 | 62,245 |
Total assets | 987,527 | 1,117,349 |
Current liabilities | 301,099 | 2,137,532 |
Liabilities, Noncurrent | 108,816 | 117,688 |
Liabilities Subject to Compromise | 1,851,073 | 0 |
Stockholders' equity | -1,273,461 | -1,137,871 |
Total liabilities and stockholders' equity | $987,527 | $1,117,349 |
LongTerm_Debt_QRI_Restricted_S
Long-Term Debt QRI & Restricted Subsidiaries Indenture Financials (Income Statement) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Indenture Disclosure Financials [Line Items] | ||
Oil and Gas Revenue | $104,757 | $91,786 |
Operating Expenses | 92,708 | 102,840 |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | 0 | 0 |
Operating income (loss) | 12,049 | -11,054 |
Reorganization Items | -60,645 | 0 |
Accretion Expense | -3,228 | -4,401 |
Interest expense and other | -62,327 | -40,727 |
Income tax (expense) benefit | -1,536 | -2,651 |
Net income (loss) | -115,687 | -58,833 |
Other Comprehensive Income, Other, Net of Tax | -12,721 | -12,105 |
Equity in other comprehensive income of subsidiaries | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -128,408 | -70,938 |
Quicksilver Resources Inc. [Member] | ||
Indenture Disclosure Financials [Line Items] | ||
Oil and Gas Revenue | 74,473 | 62,910 |
Operating Expenses | 68,966 | 75,401 |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | -25,716 | -5,689 |
Operating income (loss) | -20,209 | -18,180 |
Reorganization Items | -60,645 | |
Accretion Expense | 0 | 0 |
Interest expense and other | -32,867 | -38,011 |
Income tax (expense) benefit | -1,966 | -2,642 |
Net income (loss) | -115,687 | -58,833 |
Other Comprehensive Income, Other, Net of Tax | -11,115 | -8,798 |
Equity in other comprehensive income of subsidiaries | -1,606 | -3,307 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -128,408 | -70,938 |
Quicksilver And Restricted Subsidiaries [Member] | ||
Indenture Disclosure Financials [Line Items] | ||
Oil and Gas Revenue | 104,757 | 91,786 |
Operating Expenses | 94,868 | 105,957 |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | -1,067 | -1,282 |
Operating income (loss) | 8,822 | -15,453 |
Reorganization Items | -60,645 | 0 |
Interest expense and other | -62,328 | -40,729 |
Income tax (expense) benefit | -1,536 | -2,651 |
Net income (loss) | -115,687 | -58,833 |
Other Comprehensive Income, Other, Net of Tax | -12,721 | -12,105 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -128,408 | -70,938 |
Restricted Guarantor Subsidiaries [Member] | ||
Indenture Disclosure Financials [Line Items] | ||
Oil and Gas Revenue | 5,707 | 374 |
Operating Expenses | 605 | 291 |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | 0 | 0 |
Operating income (loss) | 5,102 | 83 |
Reorganization Items | 0 | |
Accretion Expense | 0 | 0 |
Interest expense and other | 0 | 0 |
Income tax (expense) benefit | 0 | -29 |
Net income (loss) | 5,102 | 54 |
Other Comprehensive Income, Other, Net of Tax | 0 | 0 |
Equity in other comprehensive income of subsidiaries | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 5,102 | 54 |
Restricted Non-Guarantor Subsidiaries [Member] | ||
Indenture Disclosure Financials [Line Items] | ||
Oil and Gas Revenue | 24,960 | 28,502 |
Operating Expenses | 25,680 | 30,265 |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | -1,067 | -1,282 |
Operating income (loss) | -1,787 | -3,045 |
Reorganization Items | 0 | |
Accretion Expense | 0 | 0 |
Interest expense and other | -29,461 | -2,718 |
Income tax (expense) benefit | 430 | 20 |
Net income (loss) | -30,818 | -5,743 |
Other Comprehensive Income, Other, Net of Tax | -1,606 | -3,307 |
Equity in other comprehensive income of subsidiaries | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -32,424 | -9,050 |
Unrestricted Non-Guarantor Subsidiaries [Member] | ||
Indenture Disclosure Financials [Line Items] | ||
Oil and Gas Revenue | 0 | 0 |
Operating Expenses | 0 | 0 |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | 2,161 | 3,119 |
Operating income (loss) | 2,161 | 3,119 |
Reorganization Items | 0 | |
Accretion Expense | 0 | 0 |
Interest expense and other | 0 | 0 |
Income tax (expense) benefit | 0 | 0 |
Net income (loss) | 2,161 | 3,119 |
Other Comprehensive Income, Other, Net of Tax | 0 | 0 |
Equity in other comprehensive income of subsidiaries | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 2,161 | 3,119 |
Fortune Creek [Member] | ||
Indenture Disclosure Financials [Line Items] | ||
Oil and Gas Revenue | 2,888 | 4,942 |
Operating Expenses | 728 | 1,825 |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | 0 | 0 |
Operating income (loss) | 2,160 | 3,117 |
Reorganization Items | 0 | |
Accretion Expense | 0 | 0 |
Interest expense and other | 1 | 2 |
Income tax (expense) benefit | 0 | 0 |
Net income (loss) | 2,161 | 3,119 |
Other Comprehensive Income, Other, Net of Tax | 0 | 0 |
Equity in other comprehensive income of subsidiaries | 0 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 2,161 | 3,119 |
Consolidating Eliminations [Member] | ||
Indenture Disclosure Financials [Line Items] | ||
Oil and Gas Revenue | -3,271 | -4,942 |
Operating Expenses | -3,271 | -4,942 |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items | 24,622 | 3,852 |
Operating income (loss) | 24,622 | 3,852 |
Reorganization Items | 0 | |
Accretion Expense | -3,228 | -4,401 |
Interest expense and other | 0 | 0 |
Income tax (expense) benefit | 0 | 0 |
Net income (loss) | 21,394 | -549 |
Other Comprehensive Income, Other, Net of Tax | 0 | 0 |
Equity in other comprehensive income of subsidiaries | 1,606 | 3,307 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $23,000 | $2,758 |
LongTerm_Debt_QRI_Restricted_S1
Long-Term Debt QRI & Restricted Subsidiaries Indenture Financials (Cash Flow) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Indenture Disclosure Financials [Line Items] | ||||
Net cash flow provided by (used in) operating activities | $87,990 | ($19,984) | ||
Payments to Acquire Property, Plant, and Equipment | 15,187 | 38,729 | ||
Proceeds from sale of properties and equipment | 1,332 | 1,026 | ||
Payments to Acquire Marketable Securities | 0 | 55,682 | ||
Proceeds from Sale and Maturity of Marketable Securities | 124,694 | |||
Net cash provided by (used in) investing activities | -13,855 | 31,309 | ||
Issuance of debt | 26,235 | 0 | ||
Repayments of Long-term Debt | 36,700 | 0 | ||
Payments of Debt Issuance Costs | 80 | 162 | ||
Payments Related to Tax Withholding for Share-based Compensation | 115 | 2,271 | ||
Net cash provided by (used in) financing activities | -11,598 | -31,905 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 5,774 | 731 | ||
Net increase (decrease) in cash and equivalents | 68,311 | -19,849 | ||
Cash and Cash Equivalents, at Carrying Value | 291,840 | 69,254 | 223,529 | 89,103 |
Quicksilver And Restricted Subsidiaries [Member] | ||||
Indenture Disclosure Financials [Line Items] | ||||
Net cash flow provided by (used in) operating activities | 89,209 | -20,109 | ||
Payments to Acquire Property, Plant, and Equipment | 15,187 | 38,720 | ||
Investment in subsidiary | 0 | -26,395 | ||
Proceeds from sale of properties and equipment | 1,332 | 1,026 | ||
Payments to Acquire Marketable Securities | 0 | 55,682 | ||
Proceeds from Sale and Maturity of Marketable Securities | 0 | 124,694 | ||
Net cash provided by (used in) investing activities | -13,855 | 4,923 | ||
Issuance of debt | 26,235 | 0 | ||
Repayments of Long-term Debt | 36,700 | 0 | ||
Payments of Debt Issuance Costs | 80 | 162 | ||
Payments Related to Tax Withholding for Share-based Compensation | 115 | 2,271 | ||
Net cash provided by (used in) financing activities | -10,660 | -2,433 | ||
Effect of Exchange Rate on Cash and Cash Equivalents | 4,699 | -2,357 | ||
Net increase (decrease) in cash and equivalents | 69,393 | -19,976 | ||
Cash and Cash Equivalents, at Carrying Value | $291,231 | $68,052 | $221,838 | $88,028 |
Income_Taxes_Valuation_Allowan
Income Taxes Valuation Allowance (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
UNITED STATES | |
Valuation Allowance [Line Items] | |
Tax Valuation Allowance Expense, Federal | $398.10 |
CANADA | |
Valuation Allowance [Line Items] | |
Tax Valuation Allowance Expense, Federal | $66.90 |
Commitments_And_Contingencies_
Commitments And Contingencies Commitments And Contingencies (Narrative) (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 |
CAD | Subsequent Event [Member] | |
USD ($) | ||
Loss Contingencies [Line Items] | ||
Gathering and Processing Potential Claim | 126 | |
Debtor Reorganization Items, Provision for Expected Allowed Claims | 67.5 | |
Letter of Credit Draw Down by Spectra | 33 |
Fortune_Creek_Details
Fortune Creek (Details) (CAD) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Dedicated years for gas production | 10 |
KKR [Member] | |
Payments to acquire interest in joint venture | 125 |
Percentage of interest by parent in the partnership | 50.00% |
Quicksilver_Stockholders_Equit2
Quicksilver Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, shares authorized | 400,000,000 | 400,000,000 | |
Shares of common stock outstanding | 183,200,000 | 180,400,000 | |
Common stock, par value | 0.01 | 0.01 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, shares outstanding | 0 | 0 | |
Preferred stock, par value | 0.01 | 0.01 | |
Common stock, shares issued | 191,573,739 | 187,802,994 | |
Treasury stock, shares | 8,363,784 | 7,444,372 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 8.9 | ||
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition | Jan-18 | ||
Estimated grant date fair value | 0.6 | ||
Fair value of RSUs settled in cash | 0 | ||
Allocated Share-based Compensation Expense | 2.4 | 3.7 | |
Total fair value of shares vested | 0.5 | ||
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic values of options | 6,100,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 0.4 | ||
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition | Aug-16 | ||
Allocated Share-based Compensation Expense | 0.2 | 0.5 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic values of options | 6,438,407 | 6,590,773 | |
Granted, Shares | 0 | 0 |
Quicksilver_Stockholders_Equit3
Quicksilver Stockholders' Equity (Stock Option Activity) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Equity Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $200,000 | $500,000 |
Outstanding at end of period, Shares | 6,100,000 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at beginning of period, Shares | 6,590,773 | |
Granted, Shares | 0 | 0 |
Expired, Shares | -152,366 | |
Outstanding at end of period, Shares | 6,438,407 | |
Outstanding at beginning of period, Wtd Avg Exercise Price | $7.83 | |
Exercisable at end of period, Shares | 5,334,087 | |
Expired, Wtd Avg Exercise Price | $11.39 | |
Outstanding at end of period, Wtd Avg Exercise Price | $7.74 | |
Exercisable at end of period, Wtd Avg Exercise Price | $9 | |
Outstanding at end of period, Wtd Avg Remaining Contractual Life, Years | 4 years 346 days | |
Exercisable at end of period, Wtd Avg Remaining Contractual Life, Years | 4 years 92 days | |
Outstanding at end of period, Aggregate Intrinsic Value | 0 | |
Exercisable at end of period, Aggregate Intrinsic Value | $0 |
Quicksilver_Stockholders_Equit4
Quicksilver Stockholders' Equity (Restricted Stock And Stock Unit Activity) (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $8.90 |
Payable In Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at beginning of period, Shares | 8,056,265 |
Granted, Shares | 3,124,674 |
Vested, Shares | -3,137,665 |
Forfeited, Shares | -73,007 |
Outstanding at end of period, Shares | 7,970,267 |
Outstanding at beginning of period, Wtd Avg Grant Date Fair Value | $2.54 |
Granted, Wtd Avg Grant Date Fair Value | $0.19 |
Vested, Wtd Avg Grant Date Fair Value | $3.15 |
Forfeited, Wtd Avg Grant Date Fair Value | $2.64 |
Outstanding at end of period, Wtd Avg Grant Date Fair Value | $1.38 |
Payable In Cash [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at beginning of period, Shares | 863,975 |
Granted, Shares | 0 |
Vested, Shares | -422,562 |
Forfeited, Shares | -3,859 |
Outstanding at end of period, Shares | 437,554 |
Outstanding at beginning of period, Wtd Avg Grant Date Fair Value | $3.33 |
Granted, Wtd Avg Grant Date Fair Value | $0 |
Vested, Wtd Avg Grant Date Fair Value | $3.82 |
Forfeited, Wtd Avg Grant Date Fair Value | $2.93 |
Outstanding at end of period, Wtd Avg Grant Date Fair Value | $2.86 |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation Of Components Used To Compute Basic And Diluted Net Income Per Common Share) (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income (loss) attributable to Quicksilver | ($115,687) | ($58,833) | ||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 0 | [1] | 0 | [1] |
Income (loss) available to shareholders | ($115,687) | ($58,833) | ||
Weighted Average Number of Shares Outstanding, Basic | 175,657,000 | 173,497,000 | ||
Share-based compensation awards | 0 | [2] | 0 | [2] |
Weighted Average Number of Shares Outstanding, Diluted | 175,657,000 | 173,497,000 | ||
Earnings (loss) per common share - basic | ($0.66) | ($0.34) | ||
Earnings (loss) per common share - diluted | ($0.66) | [2] | ($0.34) | [2] |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from the diluted share calculation | 6,400,000 | 6,800,000 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from the diluted share calculation | 900,000 | 300,000 | ||
[1] | Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, are included in computing earnings per share using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so. | |||
[2] | For the three months ended MarchB 31, 2015, 6.4 million shares associated with our stock options and 0.9 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended MarchB 31, 2014, 6.8 million shares associated with our stock options and 0.3 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Schedule Of Condensed Consolidated Balance Sheets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | $373,243 | $423,277 |
Property and equipment | 704,441 | 728,780 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other assets | 7,668 | 62,245 |
Total assets | 1,085,352 | 1,214,302 |
Current liabilities | 301,462 | 2,141,037 |
Long-term liabilities | 196,666 | 211,136 |
Liabilities Subject to Compromise | 1,851,073 | 0 |
Stockholders' equity | -1,263,849 | -1,137,871 |
Total liabilities and stockholders' equity | 1,085,352 | 1,214,302 |
Quicksilver Resources Inc. [Member] | ||
Current assets | 288,398 | 774,287 |
Property and equipment | 427,038 | 420,744 |
Investment in subsidiaries (equity method) | -355,074 | -293,312 |
Other assets | 415,891 | 43,533 |
Total assets | 776,253 | 945,252 |
Current liabilities | 170,996 | 2,038,575 |
Long-term liabilities | 45,011 | 44,548 |
Liabilities Subject to Compromise | 1,851,073 | |
Stockholders' equity | -1,290,827 | -1,137,871 |
Total liabilities and stockholders' equity | 776,253 | 945,252 |
Restricted Guarantor Subsidiaries [Member] | ||
Current assets | 707 | 13,909 |
Property and equipment | 14,086 | 14,357 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 14,793 | 28,266 |
Current liabilities | 197 | 13,837 |
Long-term liabilities | 10,195 | 15,131 |
Liabilities Subject to Compromise | 0 | |
Stockholders' equity | 4,401 | -702 |
Total liabilities and stockholders' equity | 14,793 | 28,266 |
Restricted Non-Guarantor Subsidiaries [Member] | ||
Current assets | 83,907 | 68,513 |
Property and equipment | 251,814 | 280,830 |
Investment in subsidiaries (equity method) | -86,091 | -82,360 |
Other assets | 5,059 | 18,712 |
Total assets | 254,689 | 285,695 |
Current liabilities | 543,188 | 520,296 |
Long-term liabilities | 53,610 | 58,009 |
Liabilities Subject to Compromise | 0 | |
Stockholders' equity | -342,109 | -292,610 |
Total liabilities and stockholders' equity | 254,689 | 285,695 |
Quicksilver And Restricted Subsidiaries [Member] | ||
Current assets | 373,012 | 421,533 |
Property and equipment | 692,938 | 715,931 |
Investment in subsidiaries (equity method) | -86,091 | -82,360 |
Other assets | 7,668 | 62,245 |
Total assets | 987,527 | 1,117,349 |
Current liabilities | 301,099 | 2,137,532 |
Long-term liabilities | 108,816 | 117,688 |
Liabilities Subject to Compromise | 1,851,073 | 0 |
Stockholders' equity | -1,273,461 | -1,137,871 |
Total liabilities and stockholders' equity | 987,527 | 1,117,349 |
Unrestricted Non-Guarantor Subsidiaries [Member] | ||
Current assets | 49 | 82 |
Property and equipment | 0 | 0 |
Investment in subsidiaries (equity method) | -84,576 | -82,379 |
Other assets | 0 | 0 |
Total assets | -84,527 | -82,297 |
Current liabilities | 30 | 63 |
Long-term liabilities | 0 | 0 |
Liabilities Subject to Compromise | 0 | |
Stockholders' equity | -84,557 | -82,360 |
Total liabilities and stockholders' equity | -84,527 | -82,297 |
Fortune Creek [Member] | ||
Current assets | 182 | 1,742 |
Property and equipment | 11,503 | 12,849 |
Investment in subsidiaries (equity method) | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 11,685 | 14,591 |
Current liabilities | 333 | 3,522 |
Long-term liabilities | 1,384 | 1,492 |
Liabilities Subject to Compromise | 0 | |
Stockholders' equity | 9,968 | 9,577 |
Total liabilities and stockholders' equity | 11,685 | 14,591 |
Consolidating Eliminations [Member] | ||
Current assets | 0 | -435,256 |
Property and equipment | 0 | 0 |
Investment in subsidiaries (equity method) | 525,741 | 458,051 |
Other assets | -413,282 | 0 |
Total assets | 112,459 | 22,795 |
Current liabilities | -413,282 | -435,256 |
Long-term liabilities | 86,466 | 91,956 |
Liabilities Subject to Compromise | 0 | |
Stockholders' equity | 439,275 | 366,095 |
Total liabilities and stockholders' equity | $112,459 | $22,795 |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements Of Income (Loss)) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue | $104,757 | $91,786 |
Operating expenses | 92,708 | 102,840 |
Equity in net earnings of subsidiaries | 0 | 0 |
Operating income (loss) | 12,049 | -11,054 |
Reorganization Items | -60,645 | 0 |
Fortune Creek accretion | -3,228 | -4,401 |
Interest expense and other | -62,327 | -40,727 |
Income tax (expense) benefit | -1,536 | -2,651 |
Net income (loss) | -115,687 | -58,833 |
Other comprehensive income (loss) | -12,721 | -12,105 |
Equity in OCI of subsidiaries | 0 | 0 |
Comprehensive income (loss) | -128,408 | -70,938 |
Quicksilver Resources Inc. [Member] | ||
Revenue | 74,473 | 62,910 |
Operating expenses | 68,966 | 75,401 |
Equity in net earnings of subsidiaries | -25,716 | -5,689 |
Operating income (loss) | -20,209 | -18,180 |
Reorganization Items | -60,645 | |
Fortune Creek accretion | 0 | 0 |
Interest expense and other | -32,867 | -38,011 |
Income tax (expense) benefit | -1,966 | -2,642 |
Net income (loss) | -115,687 | -58,833 |
Other comprehensive income (loss) | -11,115 | -8,798 |
Equity in OCI of subsidiaries | -1,606 | -3,307 |
Comprehensive income (loss) | -128,408 | -70,938 |
Restricted Guarantor Subsidiaries [Member] | ||
Revenue | 5,707 | 374 |
Operating expenses | 605 | 291 |
Equity in net earnings of subsidiaries | 0 | 0 |
Operating income (loss) | 5,102 | 83 |
Reorganization Items | 0 | |
Fortune Creek accretion | 0 | 0 |
Interest expense and other | 0 | 0 |
Income tax (expense) benefit | 0 | -29 |
Net income (loss) | 5,102 | 54 |
Other comprehensive income (loss) | 0 | 0 |
Equity in OCI of subsidiaries | 0 | 0 |
Comprehensive income (loss) | 5,102 | 54 |
Restricted Non-Guarantor Subsidiaries [Member] | ||
Revenue | 24,960 | 28,502 |
Operating expenses | 25,680 | 30,265 |
Equity in net earnings of subsidiaries | -1,067 | -1,282 |
Operating income (loss) | -1,787 | -3,045 |
Reorganization Items | 0 | |
Fortune Creek accretion | 0 | 0 |
Interest expense and other | -29,461 | -2,718 |
Income tax (expense) benefit | 430 | 20 |
Net income (loss) | -30,818 | -5,743 |
Other comprehensive income (loss) | -1,606 | -3,307 |
Equity in OCI of subsidiaries | 0 | 0 |
Comprehensive income (loss) | -32,424 | -9,050 |
Quicksilver And Restricted Subsidiaries [Member] | ||
Revenue | 104,757 | 91,786 |
Operating expenses | 94,868 | 105,957 |
Equity in net earnings of subsidiaries | -1,067 | -1,282 |
Operating income (loss) | 8,822 | -15,453 |
Reorganization Items | -60,645 | 0 |
Interest expense and other | -62,328 | -40,729 |
Income tax (expense) benefit | -1,536 | -2,651 |
Net income (loss) | -115,687 | -58,833 |
Other comprehensive income (loss) | -12,721 | -12,105 |
Comprehensive income (loss) | -128,408 | -70,938 |
Unrestricted Non-Guarantor Subsidiaries [Member] | ||
Revenue | 0 | 0 |
Operating expenses | 0 | 0 |
Equity in net earnings of subsidiaries | 2,161 | 3,119 |
Operating income (loss) | 2,161 | 3,119 |
Reorganization Items | 0 | |
Fortune Creek accretion | 0 | 0 |
Interest expense and other | 0 | 0 |
Income tax (expense) benefit | 0 | 0 |
Net income (loss) | 2,161 | 3,119 |
Other comprehensive income (loss) | 0 | 0 |
Equity in OCI of subsidiaries | 0 | 0 |
Comprehensive income (loss) | 2,161 | 3,119 |
Fortune Creek [Member] | ||
Revenue | 2,888 | 4,942 |
Operating expenses | 728 | 1,825 |
Equity in net earnings of subsidiaries | 0 | 0 |
Operating income (loss) | 2,160 | 3,117 |
Reorganization Items | 0 | |
Fortune Creek accretion | 0 | 0 |
Interest expense and other | 1 | 2 |
Income tax (expense) benefit | 0 | 0 |
Net income (loss) | 2,161 | 3,119 |
Other comprehensive income (loss) | 0 | 0 |
Equity in OCI of subsidiaries | 0 | 0 |
Comprehensive income (loss) | 2,161 | 3,119 |
Consolidating Eliminations [Member] | ||
Revenue | -3,271 | -4,942 |
Operating expenses | -3,271 | -4,942 |
Equity in net earnings of subsidiaries | 24,622 | 3,852 |
Operating income (loss) | 24,622 | 3,852 |
Reorganization Items | 0 | |
Fortune Creek accretion | -3,228 | -4,401 |
Interest expense and other | 0 | 0 |
Income tax (expense) benefit | 0 | 0 |
Net income (loss) | 21,394 | -549 |
Other comprehensive income (loss) | 0 | 0 |
Equity in OCI of subsidiaries | 1,606 | 3,307 |
Comprehensive income (loss) | $23,000 | $2,758 |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements of Cash Flows) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Net cash flow provided by (used in) operating activities | $87,990 | ($19,984) |
Purchases of property, plant and equipment | -15,187 | -38,729 |
Investment in subsidiaries | 0 | 0 |
Proceeds from sale of properties and equipment | 1,332 | 1,026 |
Payments to acquire marketable securities | 0 | -55,682 |
Proceeds from Sale and Maturity of Marketable Securities | 124,694 | |
Net cash provided by (used in) investing activities | -13,855 | 31,309 |
Issuance of debt | 26,235 | 0 |
Repayments of debt | -36,700 | 0 |
Debt issuance costs | -80 | -162 |
Intercompany note | 0 | 0 |
Intercompany financing | 0 | 0 |
Contribution received | 0 | |
Distribution of Fortune Creek Partnership funds | -938 | -29,472 |
Purchase of treasury stock | -115 | -2,271 |
Net cash flow provided (used) by financing activities | -11,598 | -31,905 |
Effect of exchange rates on cash | 5,774 | 731 |
Net increase (decrease) in cash and equivalents | 68,311 | -19,849 |
Cash and cash equivalents at beginning of period | 223,529 | 89,103 |
Cash and cash equivalents at end of period | 291,840 | 69,254 |
Quicksilver Resources Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Net cash flow provided by (used in) operating activities | 66,401 | -29,198 |
Purchases of property, plant and equipment | -13,479 | -28,772 |
Investment in subsidiaries | -3,479 | -7,385 |
Proceeds from sale of properties and equipment | 1,325 | 910 |
Payments to acquire marketable securities | -55,682 | |
Proceeds from Sale and Maturity of Marketable Securities | 124,694 | |
Net cash provided by (used in) investing activities | -15,633 | 33,765 |
Issuance of debt | 0 | |
Repayments of debt | -36,700 | |
Debt issuance costs | -80 | -162 |
Intercompany note | 0 | -22,559 |
Intercompany financing | 0 | 0 |
Contribution received | 0 | |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Purchase of treasury stock | -115 | -2,271 |
Net cash flow provided (used) by financing activities | -36,895 | -24,992 |
Effect of exchange rates on cash | 0 | 0 |
Net increase (decrease) in cash and equivalents | 13,873 | -20,425 |
Cash and cash equivalents at beginning of period | 211,656 | 83,893 |
Cash and cash equivalents at end of period | 225,529 | 63,468 |
Restricted Guarantor Subsidiaries [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Net cash flow provided by (used in) operating activities | -166 | 14 |
Purchases of property, plant and equipment | 0 | -14 |
Investment in subsidiaries | 0 | 0 |
Proceeds from sale of properties and equipment | 0 | 0 |
Payments to acquire marketable securities | 0 | |
Proceeds from Sale and Maturity of Marketable Securities | 0 | |
Net cash provided by (used in) investing activities | 0 | -14 |
Issuance of debt | 0 | |
Repayments of debt | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany note | 0 | 0 |
Intercompany financing | 166 | 0 |
Contribution received | 0 | |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | 166 | 0 |
Effect of exchange rates on cash | 0 | 0 |
Net increase (decrease) in cash and equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Restricted Non-Guarantor Subsidiaries [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Net cash flow provided by (used in) operating activities | 22,974 | 9,075 |
Purchases of property, plant and equipment | -1,708 | -9,934 |
Investment in subsidiaries | 0 | -26,395 |
Proceeds from sale of properties and equipment | 7 | 116 |
Payments to acquire marketable securities | 0 | |
Proceeds from Sale and Maturity of Marketable Securities | 0 | |
Net cash provided by (used in) investing activities | -1,701 | -36,213 |
Issuance of debt | 26,235 | |
Repayments of debt | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany note | 0 | 22,559 |
Intercompany financing | 3,313 | 7,385 |
Contribution received | 0 | |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | 29,548 | 29,944 |
Effect of exchange rates on cash | 4,699 | -2,357 |
Net increase (decrease) in cash and equivalents | 55,520 | 449 |
Cash and cash equivalents at beginning of period | 10,182 | 4,135 |
Cash and cash equivalents at end of period | 65,702 | 4,584 |
Quicksilver And Restricted Subsidiaries [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Net cash flow provided by (used in) operating activities | 89,209 | -20,109 |
Purchases of property, plant and equipment | -15,187 | -38,720 |
Proceeds from sale of properties and equipment | 1,332 | 1,026 |
Payments to acquire marketable securities | 0 | -55,682 |
Proceeds from Sale and Maturity of Marketable Securities | 0 | 124,694 |
Net cash provided by (used in) investing activities | -13,855 | 4,923 |
Issuance of debt | 26,235 | 0 |
Repayments of debt | -36,700 | 0 |
Debt issuance costs | -80 | -162 |
Purchase of treasury stock | -115 | -2,271 |
Net cash flow provided (used) by financing activities | -10,660 | -2,433 |
Effect of exchange rates on cash | 4,699 | -2,357 |
Net increase (decrease) in cash and equivalents | 69,393 | -19,976 |
Cash and cash equivalents at beginning of period | 221,838 | 88,028 |
Cash and cash equivalents at end of period | 291,231 | 68,052 |
Unrestricted Non-Guarantor Subsidiaries [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Net cash flow provided by (used in) operating activities | -2 | 0 |
Purchases of property, plant and equipment | 0 | 0 |
Investment in subsidiaries | 0 | -26,395 |
Proceeds from sale of properties and equipment | 0 | 0 |
Payments to acquire marketable securities | 0 | |
Proceeds from Sale and Maturity of Marketable Securities | 0 | |
Net cash provided by (used in) investing activities | 0 | -26,395 |
Issuance of debt | 0 | |
Repayments of debt | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany note | 0 | 0 |
Intercompany financing | 0 | 0 |
Contribution received | 26,395 | |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | 0 | 26,395 |
Effect of exchange rates on cash | 0 | -1 |
Net increase (decrease) in cash and equivalents | -2 | -1 |
Cash and cash equivalents at beginning of period | 20 | 22 |
Cash and cash equivalents at end of period | 18 | 21 |
Fortune Creek [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Net cash flow provided by (used in) operating activities | -1,217 | 125 |
Purchases of property, plant and equipment | 0 | -9 |
Investment in subsidiaries | 0 | 0 |
Proceeds from sale of properties and equipment | 0 | 0 |
Payments to acquire marketable securities | 0 | |
Proceeds from Sale and Maturity of Marketable Securities | 0 | |
Net cash provided by (used in) investing activities | 0 | -9 |
Issuance of debt | 0 | |
Repayments of debt | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany note | 0 | 0 |
Intercompany financing | 0 | 0 |
Contribution received | 26,395 | |
Distribution of Fortune Creek Partnership funds | -938 | -29,472 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | -938 | -3,077 |
Effect of exchange rates on cash | 1,075 | 3,089 |
Net increase (decrease) in cash and equivalents | -1,080 | 128 |
Cash and cash equivalents at beginning of period | 1,671 | 1,053 |
Cash and cash equivalents at end of period | 591 | 1,181 |
Consolidating Eliminations [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Net cash flow provided by (used in) operating activities | 0 | 0 |
Purchases of property, plant and equipment | 0 | 0 |
Investment in subsidiaries | 3,479 | 60,175 |
Proceeds from sale of properties and equipment | 0 | 0 |
Payments to acquire marketable securities | 0 | |
Proceeds from Sale and Maturity of Marketable Securities | 0 | |
Net cash provided by (used in) investing activities | 3,479 | 60,175 |
Issuance of debt | 0 | |
Repayments of debt | 0 | |
Debt issuance costs | 0 | 0 |
Intercompany note | 0 | 0 |
Intercompany financing | -3,479 | -7,385 |
Contribution received | -52,790 | |
Distribution of Fortune Creek Partnership funds | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Net cash flow provided (used) by financing activities | -3,479 | -60,175 |
Effect of exchange rates on cash | 0 | 0 |
Net increase (decrease) in cash and equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | $0 | $0 |
Segment_Information_Operating_
Segment Information (Operating Income And Property And Equipment Costs Incurred) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Number of geographical segments | 2 | ||
Revenue | $104,757 | $91,786 | |
Depletion, depreciation and accretion | 15,289 | 13,955 | |
Operating income (loss) | 12,049 | -11,054 | |
Property and equipment costs incurred | 14,398 | 42,272 | |
Property, plant and equipment - net | 704,441 | 728,780 | |
Total assets | 1,085,352 | 1,214,302 | |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Revenue | 74,473 | 62,903 | |
Depletion, depreciation and accretion | 6,932 | 7,379 | |
Operating income (loss) | 23,550 | 2,181 | |
Property and equipment costs incurred | 13,268 | 33,216 | |
Property, plant and equipment - net | 423,583 | 416,901 | |
Total assets | 800,731 | 881,906 | |
CANADA | |||
Segment Reporting Information [Line Items] | |||
Revenue | 24,536 | 27,962 | |
Depletion, depreciation and accretion | 7,358 | 4,827 | |
Operating income (loss) | 534 | -611 | |
Property and equipment costs incurred | 976 | 8,954 | |
Property, plant and equipment - net | 251,814 | 280,830 | |
Total assets | 254,689 | 285,695 | |
Midstream [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 8,636 | 5,863 | |
Depletion, depreciation and accretion | 558 | 1,243 | |
Operating income (loss) | 7,262 | 3,201 | |
Property and equipment costs incurred | 43 | 11 | |
Property, plant and equipment - net | 25,590 | 27,205 | |
Total assets | 26,478 | 42,857 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | |
Depletion, depreciation and accretion | 441 | 506 | |
Operating income (loss) | -19,297 | -15,825 | |
Property and equipment costs incurred | 111 | 91 | |
Property, plant and equipment - net | 3,454 | 3,844 | |
Total assets | 3,454 | 3,844 | |
Elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | -2,888 | -4,942 | |
Depletion, depreciation and accretion | 0 | 0 | |
Operating income (loss) | 0 | 0 | |
Property and equipment costs incurred | 0 | 0 | |
Property, plant and equipment - net | 0 | 0 | |
Total assets | $0 | $0 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Cash Paid Or Received For Interest And Income Taxes) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Interest, net of capitalized interest | $20,769 | $49,103 |
Income taxes | 36 | -7,951 |
Reorganization Cash Payments | $30 | $0 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information (Other Significant Noncash Transactions) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Capital Expenditures Incurred but Not yet Paid | $2,981 | $13,128 |
Transactions_With_Related_Part1
Transactions With Related Parties (Details) (USD $) | 1 Months Ended | 2 Months Ended | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | |
Mercury Exploration Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | $100,000 | $100,000 | ||
Darden Family [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of ownership interest | 25.00% | 25.00% | ||
Thomas F. Darden [Member] | ||||
Related Party Transaction [Line Items] | ||||
Consulting fee payments | 45,000 | 135,000 | ||
Office allowance payments | 12,500 | 37,500 | ||
COBRA payments | 39,000 | |||
Cash bonus | 286,650 | |||
Options issued, fair value | 191,100 | |||
Consulting Fee Payments Not Made | 90,000 | |||
Office Allowance Payments Not Made | 25,000 | |||
Remaining Amount Owed Under Agreement | $1,200,000 | $1,200,000 | ||
Restricted Stock [Member] | Thomas F. Darden [Member] | ||||
Related Party Transaction [Line Items] | ||||
Vested equity awards | 72,662 |