Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 18, 2013 | |
Document Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'BBG | ' |
Entity Registrant Name | 'BILL BARRETT CORPORATION | ' |
Entity Central Index Key | '0001172139 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 48,985,749 |
CONSOLIDATED_BALANCE_SHEETS_UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $60,530 | $79,445 |
Accounts receivable, net of allowance for doubtful accounts | 99,537 | 112,011 |
Derivative assets | 3,506 | 29,980 |
Prepayments and other current assets | 5,478 | 6,903 |
Total current assets | 169,051 | 228,339 |
Property and equipment - at cost, successful efforts method for oil and gas properties: | ' | ' |
Proved oil and gas properties | 2,675,696 | 3,331,267 |
Unproved oil and gas properties, excluded from amortization | 362,386 | 457,207 |
Oil and gas properties held for sale, net | 382,554 | 0 |
Furniture, equipment and other | 42,252 | 45,636 |
Property, plant and equipment, gross | 3,462,888 | 3,834,110 |
Accumulated depreciation, depletion, amortization and impairment | -929,743 | -1,222,773 |
Total property and equipment, net | 2,533,145 | 2,611,337 |
Deferred financing costs and other noncurrent assets | 24,065 | 29,773 |
Total Assets | 2,726,261 | 2,869,449 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 123,409 | 125,017 |
Amounts payable to oil and gas property owners | 22,367 | 19,663 |
Production taxes payable | 41,803 | 45,624 |
Derivative liabilities | 2,271 | 0 |
Deferred income taxes | 11,833 | 13,752 |
Current portion of long-term debt | 4,554 | 9,077 |
Total current liabilities | 206,237 | 213,133 |
Long-term debt | 1,255,243 | 1,156,654 |
Asset retirement obligations | 38,292 | 46,050 |
Liabilities associated with assets held for sale | 59,445 | 0 |
Deferred income taxes | 156,034 | 266,364 |
Derivatives and other noncurrent liabilities | 4,012 | 4,473 |
Stockholders’ equity: | ' | ' |
Common stock, $0.001 par value; authorized 150,000,000 shares; 48,985,320 and 48,150,475 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively, with 1,393,438 and 870,794 shares subject to restrictions, respectively | 48 | 47 |
Additional paid-in capital | 897,367 | 883,923 |
Retained earnings | 107,939 | 293,473 |
Treasury stock, at cost: zero shares at September 30, 2013 and December 31, 2012, respectively | 0 | 0 |
Accumulated other comprehensive income | 1,644 | 5,332 |
Total stockholders’ equity | 1,006,998 | 1,182,775 |
Total liabilities and stockholders' equity | $2,726,261 | $2,869,449 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 48,985,320 | 48,150,475 |
Common stock, shares outstanding | 48,985,320 | 48,150,475 |
Common stock, shares subject to restrictions | 1,393,438 | 870,794 |
Treasury stock, shares | 0 | 0 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating and Other Revenues: | ' | ' | ' | ' |
Oil, gas and NGL production | $149,345 | $180,024 | $424,130 | $516,556 |
Other | -790 | 842 | 5,001 | 3,838 |
Total operating and other revenues | 148,555 | 180,866 | 429,131 | 520,394 |
Operating Expenses: | ' | ' | ' | ' |
Lease operating expense | 18,280 | 17,003 | 53,138 | 54,671 |
Gathering, transportation and processing expense | 16,374 | 26,725 | 50,734 | 79,939 |
Production tax expense | 8,183 | 8,094 | 21,915 | 21,193 |
Exploration expense | -24 | 3,562 | 212 | 8,063 |
Impairment, dry hole costs and abandonment expense | 219,363 | 38,540 | 227,646 | 60,179 |
Depreciation, depletion and amortization | 72,047 | 91,392 | 214,792 | 251,417 |
General and administrative expense | 14,402 | 17,965 | 48,257 | 51,441 |
Total operating expenses | 348,625 | 203,281 | 616,694 | 526,903 |
Operating Loss | -200,070 | -22,415 | -187,563 | -6,509 |
Other Income and Expense: | ' | ' | ' | ' |
Interest and other income | 52 | 53 | 123 | 128 |
Interest expense | -20,078 | -24,527 | -69,346 | -70,029 |
Commodity derivative gain (loss) | -25,595 | -38,340 | -18,607 | 53,431 |
Gain (loss) on extinguishment of debt | -21,460 | 0 | -21,460 | 1,601 |
Total other income and expense | -67,081 | -62,814 | -109,290 | -14,869 |
Loss before Income Taxes | -267,151 | -85,229 | -296,853 | -21,378 |
Benefit from Income Taxes | -100,495 | -32,603 | -111,319 | -7,943 |
Net Loss | ($166,656) | ($52,626) | ($185,534) | ($13,435) |
Net Loss Per Common Share, Basic | ($3.51) | ($1.11) | ($3.91) | ($0.28) |
Net Loss Per Common Share, Diluted | ($3.51) | ($1.11) | ($3.91) | ($0.28) |
Weighted Average Common Shares Outstanding, Basic | 47,535,124 | 47,230,473 | 47,452,865 | 47,172,656 |
Weighted Average Common Shares Outstanding, Diluted | 47,535,124 | 47,230,473 | 47,452,865 | 47,172,656 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ' |
Net Loss | ($166,656) | ($52,626) | ($185,534) | ($13,435) | $582 |
Other Comprehensive Loss, net of tax: | ' | ' | ' | ' | ' |
Effect of derivative financial instruments | -1,186 | -12,739 | -3,688 | -41,644 | -50,712 |
Other comprehensive loss | -1,186 | -12,739 | -3,688 | -41,644 | ' |
Comprehensive Loss | ($167,842) | ($65,365) | ($189,222) | ($55,079) | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities: | ' | ' |
Net Loss | ($185,534) | ($13,435) |
Adjustments to reconcile to net cash provided by operations: | ' | ' |
Depreciation, depletion and amortization | 214,792 | 251,417 |
Deferred income tax benefit | -110,036 | -7,669 |
Impairment, dry hole costs and abandonment expense | 227,646 | 60,179 |
Total commodity derivative (gain) loss | 18,607 | -53,431 |
Settlements of commodity derivatives | 2,971 | 35,014 |
Stock compensation and other non-cash charges | 12,681 | 14,249 |
Amortization of debt discounts and deferred financing costs | 4,535 | 6,710 |
(Gain) loss on extinguishment of debt | 21,460 | -1,601 |
Gain on sale of properties | -3,102 | -108 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | 12,343 | 4,475 |
Prepayments and other assets | 1,475 | 1,515 |
Accounts payable, accrued and other liabilities | -24,801 | -4,813 |
Amounts payable to oil and gas property owners | 6,510 | 567 |
Production taxes payable | -3,245 | -2,466 |
Net cash provided by operating activities | 196,302 | 290,603 |
Investing Activities: | ' | ' |
Additions to oil and gas properties, including acquisitions | -335,597 | -751,545 |
Additions of furniture, equipment and other | -1,506 | -5,519 |
Proceeds from sale of properties and other investing activities | 784 | 91 |
Net cash used in investing activities | -336,319 | -756,973 |
Financing Activities: | ' | ' |
Proceeds from debt | 390,000 | 785,826 |
Principal and redemption premium payments on debt | -269,125 | -343,163 |
Proceeds from stock option exercises | 1,653 | 672 |
Deferred financing costs and other | -1,426 | -10,363 |
Net cash provided by financing activities | 121,102 | 432,972 |
Decrease in Cash and Cash Equivalents | -18,915 | -33,398 |
Beginning Cash and Cash Equivalents | 79,445 | 57,331 |
Ending Cash and Cash Equivalents | $60,530 | $23,933 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income |
In Thousands, unless otherwise specified | ||||||
Balance at Dec. 31, 2011 | $1,218,838 | $47 | $869,856 | $292,891 | $0 | $56,044 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Exercise of options, restricted stock activity and shares exchanged for exercise and tax withholding | -1,840 | 0 | 673 | 0 | -2,513 | 0 |
APIC pool for excess tax benefits related to share-based compensation | 32 | 0 | 32 | 0 | 0 | 0 |
Stock-based compensation | 16,874 | 0 | 16,874 | 0 | 0 | 0 |
Retirement of treasury stock | 0 | 0 | -2,513 | 0 | 2,513 | 0 |
Settlement of convertible notes | -999 | 0 | -999 | 0 | 0 | 0 |
Net income (loss) | 582 | 0 | 0 | 582 | 0 | 0 |
Effect of derivative financial instruments, net of taxes | -50,712 | 0 | 0 | 0 | 0 | -50,712 |
Balance at Dec. 31, 2012 | 1,182,775 | 47 | 883,923 | 293,473 | 0 | 5,332 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Exercise of options, restricted stock activity and shares exchanged for exercise and tax withholding | 238 | 1 | 1,652 | 0 | -1,415 | 0 |
Stock-based compensation | 13,207 | 0 | 13,207 | 0 | 0 | 0 |
Retirement of treasury stock | 0 | 0 | -1,415 | 0 | 1,415 | 0 |
Net income (loss) | -185,534 | 0 | 0 | -185,534 | 0 | 0 |
Effect of derivative financial instruments, net of taxes | -3,688 | 0 | 0 | 0 | 0 | -3,688 |
Balance at Sep. 30, 2013 | $1,006,998 | $48 | $897,367 | $107,939 | $0 | $1,644 |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' |
Effect of derivative financial instruments, taxes | $700 | $7,700 | $2,216 | $25,000 | $30,458 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
Organization | |
Bill Barrett Corporation, a Delaware corporation, together with its wholly-owned subsidiaries (collectively, the “Company”) is an independent oil and gas company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids (“NGLs”). Since its inception in January 2002, the Company has conducted its activities principally in the Rocky Mountain region of the United States. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||
Summary of Significant Accounting Policies | ||||||||||||||||
Basis of Presentation. The accompanying unaudited consolidated financial statements include the accounts of the Company. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals and adjustments) necessary to present fairly, in all material respects, the Company’s interim results. However, operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. | ||||||||||||||||
Use of Estimates. In the course of preparing the Company’s financial statements in accordance with GAAP, management makes various assumptions, judgments and estimates to determine the reported amount of assets, liabilities, revenues and expenses and in the disclosure of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts initially established. | ||||||||||||||||
Areas requiring the use of assumptions, judgments and estimates relate to the expected cash settlement of the Company’s 5% Convertible Senior Notes due 2028 (“Convertible Notes”) in computing diluted earnings per share, volumes of oil, natural gas and NGL reserves used in calculating depreciation, depletion and amortization (“DD&A”), the amount of expected future cash flows used in determining possible impairments of oil and gas properties and the amount of future capital costs used in these calculations. Assumptions, judgments and estimates also are required in determining asset retirement obligations, the timing of dry hole costs, impairments of undeveloped properties, valuing deferred tax assets and estimating fair values of derivative instruments and stock-based payment awards. | ||||||||||||||||
Accounts Receivable. Accounts receivable is comprised of the following: | ||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
Accrued oil, gas and NGL sales | $ | 68,013 | $ | 69,482 | ||||||||||||
Due from joint interest owners | 28,489 | 36,300 | ||||||||||||||
Other | 3,058 | 6,554 | ||||||||||||||
Allowance for doubtful accounts | (23 | ) | (325 | ) | ||||||||||||
Total accounts receivable | $ | 99,537 | $ | 112,011 | ||||||||||||
Oil and Gas Properties. The Company’s oil, gas and NGL exploration and production activities are accounted for using the successful efforts method. Under this method, all property acquisition costs and costs of exploratory and development wells are capitalized when incurred, pending determination of whether the well has found proved reserves. If an exploratory well does not find proved reserves, the costs of drilling the well are charged to expense and included within cash flows from investing activities in the Unaudited Consolidated Statements of Cash Flows. If an exploratory well does find proved reserves, the costs remain capitalized and are included within additions to oil and gas properties within cash flows from investing activities in the Unaudited Consolidated Statements of Cash Flows when incurred. The costs of development wells are capitalized whether proved reserves are added or not. Oil and gas lease acquisition costs are also capitalized. | ||||||||||||||||
Other exploration costs, including certain geological and geophysical expenses and delay rentals for oil and gas leases, are charged to expense as incurred. The sale of a partial interest in a proved property is accounted for as a cost recovery and no gain or loss is recognized as long as this treatment does not significantly affect the unit-of-production amortization rate. A gain or loss is recognized for all other sales of proved properties and is classified in other operating revenues. Maintenance and repairs are charged to expense, and renewals and betterments are capitalized to the appropriate property and equipment accounts. | ||||||||||||||||
Unproved oil and gas property costs are transferred to proved oil and gas properties if the properties are subsequently determined to be productive or are assigned proved reserves. Proceeds from sales of partial interests in unproved leases are accounted for as a recovery of cost without recognizing any gain until all costs are recovered. Unproved oil and gas properties are assessed periodically for impairment based on remaining lease terms, drilling results, reservoir performance, commodity price outlooks, future plans to develop acreage and other relevant matters. | ||||||||||||||||
Materials and supplies consist primarily of tubular goods and well equipment to be used in future drilling operations or repair operations and are carried at the lower of cost or market value, on a first-in, first-out basis. | ||||||||||||||||
The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company’s oil, natural gas and NGL producing activities: | ||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
Proved properties | $ | 422,083 | $ | 387,242 | ||||||||||||
Wells and related equipment and facilities | 2,080,178 | 2,625,891 | ||||||||||||||
Support equipment and facilities | 163,242 | 304,914 | ||||||||||||||
Materials and supplies | 10,193 | 13,220 | ||||||||||||||
Total proved oil and gas properties | $ | 2,675,696 | $ | 3,331,267 | ||||||||||||
Unproved properties | 307,557 | 384,486 | ||||||||||||||
Wells and facilities in progress | 54,829 | 72,721 | ||||||||||||||
Total unproved oil and gas properties, excluded from amortization | $ | 362,386 | $ | 457,207 | ||||||||||||
Oil and gas properties held for sale, net (1) | 378,449 | — | ||||||||||||||
Accumulated depreciation, depletion, amortization and impairment | (907,222 | ) | (1,203,495 | ) | ||||||||||||
Total oil and gas properties, net | $ | 2,509,309 | $ | 2,584,979 | ||||||||||||
-1 | The oil and gas properties held for sale balance shown in this table is different from the balance on the Unaudited Consolidated Balance Sheet because it does not include $4.1 million of furniture, equipment and other, net. | |||||||||||||||
All exploratory wells are evaluated for economic viability within one year of well completion. Exploratory wells that discover potentially economic reserves in areas where a major capital expenditure would be required before production could begin, and where the economic viability of that major capital expenditure depends upon the successful completion of further exploratory work in the area, remain capitalized if the well finds a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. As of September 30, 2013 and December 31, 2012, there were no exploratory well costs that had been capitalized for a period greater than one year since the completion of drilling. | ||||||||||||||||
The Company reviews proved oil and gas properties on a field-by-field basis for impairment on an annual basis or whenever events and circumstances indicate that a decline in the recoverability of their carrying value may have occurred. The Company estimates the expected undiscounted future cash flows of its oil and gas properties and compares such undiscounted future cash flows to the carrying amount of the oil and gas properties to determine if the carrying amount is recoverable. If the carrying value of a property exceeds the undiscounted future cash flows, the Company will impair the carrying value to fair value based on an analysis of quantitative and qualitative factors. The Company has no guarantee that the undiscounted future cash flows analysis of its proved property represents the applicable market value. The factors used to determine fair value include, but are not limited to, recent sales prices of comparable properties, the present value of future cash flows, net of estimated operating and development costs using estimates of reserves, future commodity pricing, future production estimates, anticipated capital expenditures and various discount rates commensurate with the risk and current market conditions associated with realizing the expected cash flows projected. | ||||||||||||||||
The Company recognized non-cash impairment charges, which were included within impairment, dry hole costs and abandonment expense in the Unaudited Consolidated Statements of Operations, as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Non-cash impairment of proved oil and gas properties (1) | $ | 198,787 | $ | — | $ | 198,787 | $ | — | ||||||||
Non-cash impairment of unproved oil and gas properties (2) (3) | 17,777 | 18,772 | 17,777 | 37,109 | ||||||||||||
Dry hole costs | (36 | ) | 15,658 | 928 | 15,891 | |||||||||||
Abandonment expense | 2,835 | 4,110 | 10,154 | 7,179 | ||||||||||||
Total non-cash impairment, dry hole costs and abandonment expense | $ | 219,363 | $ | 38,540 | $ | 227,646 | $ | 60,179 | ||||||||
-1 | Non-cash impairment of proved oil and gas properties for the three and nine months ended September 30, 2013 related to assets classified as held for sale at September 30, 2013. The impairment was the result of an analysis of the carrying value of the related properties relative to their estimated fair values. | |||||||||||||||
-2 | Non-cash impairment of unproved oil and gas properties for the three and nine months ended September 30, 2013 was comprised of $15.3 million related to certain unproved oil and gas properties within exploration projects primarily as a result of no future plans to evaluate the remaining acreage and an estimated market value below our carrying value and $2.5 million related to unproved properties held for sale at September 30, 2013. | |||||||||||||||
-3 | Non-cash impairment of unproved oil and gas properties for the three months ended September 30, 2012 of $18.8 million related to certain unproved oil and gas properties within exploration projects primarily as a result of unfavorable natural gas exploratory results, unfavorable market conditions or no future plans to evaluate the remaining acreage. The additional $18.3 million unproved oil and gas properties impairment expense for the nine months ended September 30, 2012 also related to unproved oil and gas properties within other exploration and development projects primarily as a result of unfavorable market conditions or no future plans to evaluate the remaining acreage. | |||||||||||||||
The provision for DD&A of oil and gas properties is calculated on a field-by-field basis using the unit-of-production method. Oil and NGLs are converted to natural gas equivalents, Mcfe, at the standard rate of one barrel to six Mcfe. Estimated future dismantlement, restoration and abandonment costs, which are net of estimated salvage values, are taken into consideration by this calculation. | ||||||||||||||||
Accounts Payable and Accrued Liabilities. Accounts payable and accrued liabilities are comprised of the following: | ||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
Accrued drilling, completion and facility costs | $ | 63,618 | $ | 42,094 | ||||||||||||
Accrued lease operating, gathering, transportation and processing expenses | 19,481 | 16,862 | ||||||||||||||
Accrued general and administrative expenses | 8,542 | 13,054 | ||||||||||||||
Trade payables and other | 31,768 | 53,007 | ||||||||||||||
Total accounts payable and accrued liabilities | $ | 123,409 | $ | 125,017 | ||||||||||||
Environmental Liabilities. Environmental expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenue generation are expensed. Environmental liabilities are accrued when environmental assessments and/or clean-ups are probable, and the costs can be reasonably estimated. | ||||||||||||||||
Revenue Recognition. The Company records revenues from the sales of crude oil, natural gas and NGLs when delivery to the purchaser has occurred. The Company uses the sales method to account for gas and NGL imbalances. Under this method, revenue is recorded on the basis of gas and NGLs actually sold by the Company. In addition, the Company records revenues for its share of gas and NGLs sold by other owners that cannot be volumetrically balanced in the future due to insufficient remaining reserves. The Company also reduces revenues for other owners’ gas and NGLs sold by the Company that cannot be volumetrically balanced in the future due to insufficient remaining reserves. The Company’s remaining over- and under- produced gas and NGLs balancing positions are considered in the Company’s proved oil, gas and NGL reserves. Imbalances at September 30, 2013 and December 31, 2012 were not material. | ||||||||||||||||
Derivative Instruments and Hedging Activities. The Company periodically uses derivative financial instruments to achieve a more predictable cash flow from its oil, natural gas and NGL sales by reducing its exposure to price fluctuations. Derivative instruments are recorded at fair market value and are included in the Unaudited Consolidated Balance Sheets as assets or liabilities. | ||||||||||||||||
Income Taxes. Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently payable plus deferred income taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred income tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when assets are recovered or liabilities are settled. Deferred income taxes also include tax credits and net operating losses that are available to offset future income taxes. Deferred income taxes are measured by applying currently enacted tax rates. | ||||||||||||||||
The Company accounts for uncertainty in income taxes for tax positions taken or expected to be taken in a tax return. Only tax positions that meet the more-likely-than-not recognition threshold are recognized. | ||||||||||||||||
Earnings/Loss Per Share. Basic net loss per common share is calculated by dividing net loss attributable to common stock by the weighted average number of common shares outstanding during each period. Diluted net loss per common share is calculated by dividing net loss attributable to common stock by the weighted average number of common shares outstanding and other dilutive securities. Potentially dilutive securities for the diluted net income per common share calculations consist of nonvested equity shares of common stock, in-the-money outstanding stock options to purchase the Company’s common stock and shares into which the Convertible Notes are convertible. No potential common shares are included in the computation of any diluted per share amount when a net loss exists, as was the case for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
In satisfaction of its obligation upon conversion of the Convertible Notes, the Company may elect to deliver, at its option, cash, shares of its common stock or a combination of cash and shares of its common stock. As of September 30, 2013, the Company expected to settle the remaining Convertible Notes in cash. Therefore, the treasury stock method was used to measure the potentially dilutive impact of shares associated with that remaining conversion feature. The Company has the right with at least 30 days’ notice to call the Convertible Notes and the holders have the right to require the Company to purchase the notes on March 20, 2015. The Convertible Notes have not been dilutive since their issuance in March 2008 and, therefore, did not impact the diluted net loss per common share calculation for the three and nine months ended September 30, 2013 and 2012. The diluted net loss per common share excludes the anti-dilutive effect of 2,450,539 and 3,799,612 shares of stock options and nonvested equity shares of common stock for the three months ended September 30, 2013 and 2012, respectively, and 2,731,578 and 3,829,825 shares of stock options and nonvested equity shares of common stock for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
The following table sets forth the calculation of basic and diluted loss per share: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Net loss | $ | (166,656 | ) | $ | (52,626 | ) | $ | (185,534 | ) | $ | (13,435 | ) | ||||
Basic weighted-average common shares outstanding in period | 47,535 | 47,230 | 47,453 | 47,173 | ||||||||||||
Add dilutive effects of stock options and nonvested equity shares of common stock | — | — | — | — | ||||||||||||
Diluted weighted-average common shares outstanding in period | 47,535 | 47,230 | 47,453 | 47,173 | ||||||||||||
Basic net loss per common share | $ | (3.51 | ) | $ | (1.11 | ) | $ | (3.91 | ) | $ | (0.28 | ) | ||||
Diluted net loss per common share | $ | (3.51 | ) | $ | (1.11 | ) | $ | (3.91 | ) | $ | (0.28 | ) | ||||
Industry Segment and Geographic Information. The Company operates in one industry segment, which is the development and production of crude oil, natural gas and NGLs, and all of the Company’s operations are conducted in the continental United States. Consequently, the Company currently reports as a single industry segment. | ||||||||||||||||
New Accounting Pronouncements. In January 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-1, Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which amended FASB Accounting Standards Codification (“ASC”) Topic 210, Balance Sheet. The main objective in developing this update was to address implementation issues about the scope of ASU 2011-11, Balance Sheet: Disclosures about Offsetting Assets and Liabilities. The amendments clarify that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with ASC 210-20-45 or ASC 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. This provision is effective for fiscal years beginning on or after January 1, 2013. Adoption of this update did not have a material impact on the Company’s disclosures or financial statements. | ||||||||||||||||
In February 2013, the FASB issued ASU 2013-2, Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which amended ASC Topic 220, Comprehensive Income. The objective of this update was to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendment did not change the requirements for reporting net income or other comprehensive income in financial statements. However, the amendment required an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This provision is effective for interim and annual periods beginning after December 15, 2012. Adoption of this update did not have a material impact on the Company’s disclosures or financial statements. |
Supplemental_Disclosures_of_Ca
Supplemental Disclosures of Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Disclosures of Cash Flow Information | ' | |||||||
Supplemental Disclosures of Cash Flow Information | ||||||||
Supplemental cash flow information is as follows: | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Cash paid for interest, net of amount capitalized | $ | 61,796 | $ | 49,040 | ||||
Cash paid for income taxes | 1,861 | 11 | ||||||
Supplemental disclosures of non-cash investing and financing activities: | ||||||||
Current liabilities | 75,265 | 75,092 | ||||||
Net increase in asset retirement obligations | 2,924 | 280 | ||||||
Retirement of treasury stock | (1,415 | ) | (2,430 | ) |
Divestitures_and_Assets_Held_f
Divestitures and Assets Held for Sale | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Disposal Groups Excluding Discontinued Operations Disclosure [Text Block] | ' | |||
Divestitures and Assets Held For Sale | ||||
Divestitures | ||||
On December 31, 2012, the Company completed the sale of natural gas assets including 100% of its Wind River Basin, 100% of the Powder River Basin coalbed methane assets, and a non-operating working interest in its Gibson Gulch-Piceance Basin development property (the “2012 Divestiture”). The Company received $325.3 million in cash proceeds and recognized a $4.5 million pre-tax loss included in other operating revenues for the year ended December 31, 2012. The final 2012 Divestiture proceeds are subject to various purchase price adjustments incurred in the normal course of business and will be finalized during 2013. | ||||
Assets Held for Sale | ||||
During the third quarter of 2013, the Company began marketing the West Tavaputs natural gas assets in the Uinta Basin. Therefore, the related assets and liabilities were classified as held for sale on the Unaudited Consolidated Balance Sheet as of September 30, 2013. Upon the classification as held for sale, the carrying value of the related properties was analyzed in relation to the estimated fair value. As a result, we recognized $198.8 million of proved property impairment expense and $2.5 million of unproved property impairment expense during the three months ended September 30, 2013. As part of the previously announced sale of the West Tavaputs natural gas assets in the Uinta Basin (the “West Tavaputs Sale”), the purchaser will assume approximately 51% of the Company's lease financing arrangement with Bank of America Leasing & Capital, LLC as the lead bank that relates to compressor units on the West Tavaputs property (the “Lease Financing Obligation”.) See the table below for detail of the assets held for sale included on the Unaudited Consolidated Balance Sheet: | ||||
As of September 30, 2013 | ||||
(in thousands) | ||||
Assets | ||||
Proved properties | $ | 1,070,400 | ||
Unproved properties | 12,469 | |||
Furniture, equipment and other | 4,205 | |||
Accumulated depreciation, depletion, amortization and impairment | (704,520 | ) | ||
Total assets held for sale | $ | 382,554 | ||
Liabilities | ||||
Asset retirement obligation held for sale | 13,082 | |||
Lease financing obligation held for sale | 46,363 | |||
Total liabilities held for sale | $ | 59,445 | ||
Net assets | $ | 323,109 | ||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
The Company’s outstanding debt is summarized below: | |||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||
Maturity Date | Principal | Unamortized | Carrying | Principal | Unamortized | Carrying | |||||||||||||||||||
Discount | Amount | Discount | Amount | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Amended Credit Facility (1) | October 31, 2016 | $ | 390,000 | $ | — | $ | 390,000 | $ | — | $ | — | $ | — | ||||||||||||
9.875% Senior Notes (2) | July 15, 2016 | — | — | — | 250,000 | (7,209 | ) | 242,791 | |||||||||||||||||
Convertible Notes (3) | March 15, 2028 (4) | 25,344 | — | 25,344 | 25,344 | — | 25,344 | ||||||||||||||||||
7.625% Senior Notes (5) | October 1, 2019 | 400,000 | — | 400,000 | 400,000 | — | 400,000 | ||||||||||||||||||
7.0% Senior Notes (6) | October 15, 2022 | 400,000 | — | 400,000 | 400,000 | — | 400,000 | ||||||||||||||||||
Lease Financing Obligation (7) | August 10, 2020 | 44,453 | — | 44,453 | 97,596 | — | 97,596 | ||||||||||||||||||
Total Debt | $ | 1,259,797 | $ | — | $ | 1,259,797 | $ | 1,172,940 | $ | (7,209 | ) | $ | 1,165,731 | ||||||||||||
Less: Current Portion of Long-Term Debt | 4,554 | — | 4,554 | 9,077 | — | 9,077 | |||||||||||||||||||
Total Long-Term Debt (8) | $ | 1,255,243 | $ | — | $ | 1,255,243 | $ | 1,163,863 | $ | (7,209 | ) | $ | 1,156,654 | ||||||||||||
-1 | The recorded value of the Amended Credit Facility approximates its fair value due to its floating rate structure. | ||||||||||||||||||||||||
-2 | The aggregate estimated fair value of the 9.875% Senior Notes was $271.9 million as of December 31, 2012 based on reported market trades of these instruments. The 9.875% Senior Notes were redeemed in full on July 15, 2013. | ||||||||||||||||||||||||
-3 | The aggregate estimated fair value of the Convertible Notes was approximately $25.2 million and $25.3 million as of September 30, 2013 and December 31, 2012, respectively, based on reported market trades of these instruments. | ||||||||||||||||||||||||
-4 | The Company has the right at any time, with at least 30 days’ notice, to call the Convertible Notes, and the holders have the right to require the Company to purchase the notes on each of March 20, 2015, March 20, 2018 and March 20, 2023. | ||||||||||||||||||||||||
-5 | The aggregate estimated fair value of the 7.625% Senior Notes was approximately $410.0 million and $435.0 million as of September 30, 2013 and December 31, 2012, respectively, based on reported market trades of these instruments. | ||||||||||||||||||||||||
-6 | The aggregate estimated fair value of the 7.0% Senior Notes was approximately $390.0 million and $413.8 million as of September 30, 2013 and December 31, 2012, respectively, based on reported market trades of these instruments. | ||||||||||||||||||||||||
-7 | The aggregate estimated fair value of the full Lease Financing Obligation was approximately $88.1 million as of September 30, 2013, 51% of which is held for sale at September 30, 2013, and $97.7 million as of December 31, 2012, respectively. Because there is no active, public market for the Lease Financing Obligation, the aggregate estimated fair value was based on market-based parameters of comparable term secured financing instruments. | ||||||||||||||||||||||||
-8 | The total long-term debt balance excludes $46.4 million related to the Lease Financing Obligation that is included in liabilities associated with assets held for sale in the Unaudited Consolidated Balance Sheet. See Note 4 for additional information. | ||||||||||||||||||||||||
Amended Credit Facility | |||||||||||||||||||||||||
The Company’s Amended Credit Facility has a maturity date of October 31, 2016 and current commitments and borrowing base of $825.0 million. Interest rates are LIBOR plus applicable margins of 1.5% to 2.5% or ABR plus 0.5% to 1.5% and the commitment fee is between 0.375% to 0.5% based on borrowing base utilization. The average annual interest rates incurred on the Amended Credit Facility was 2.1% and 1.8% for the three months ended September 30, 2013 and 2012, and 2.0% and 1.9% for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The borrowing base is required to be re-determined twice per year. On October 25, 2013, the borrowing base was redetermined at $825.0 million based on mid-year reserves and hedge position. The borrowing base will be reduced upon closing of the West Tavaputs Sale, as discussed in Note 13. Future borrowing bases will be computed based on proved oil, natural gas and NGL reserves, hedge positions and estimated future cash flows from those reserves, as well as any other outstanding debt of the Company. | |||||||||||||||||||||||||
The Amended Credit Facility also contains certain financial covenants. The Company is currently in compliance with all financial covenants and has complied with all financial covenants since issuance. As of September 30, 2013, the Company had $390.0 million outstanding under the Amended Credit Facility. As credit support for future payment under a contractual obligation, a $26.0 million letter of credit has been issued under the Amended Credit Facility, which reduces the current borrowing capacity of the Amended Credit Facility to $409.0 million. | |||||||||||||||||||||||||
9.875% Senior Notes Due 2016 | |||||||||||||||||||||||||
On July 15, 2013, the Company redeemed the entire outstanding $250.0 million principal amount of 9.875% Senior Notes for a redemption price of 104.938% of the principal amount of the notes, or $262.3 million. Unamortized debt discount and deferred financing costs related to the notes resulted in a loss upon settlement of $21.5 million for the three and nine months ended September 30, 2013. | |||||||||||||||||||||||||
5% Convertible Senior Notes Due 2028 | |||||||||||||||||||||||||
On March 12, 2008, the Company issued $172.5 million aggregate principal amount of Convertible Notes. On March 20, 2012, $147.2 million of the outstanding principal amount, or approximately 85% of the outstanding Convertible Notes, were put to the Company and redeemed by the Company at par. The Company settled the notes in cash. After the redemption, $25.3 million aggregate principal amount of the Convertible Notes was outstanding. The Convertible Notes mature on March 15, 2028, unless earlier converted, redeemed or purchased by the Company. The Convertible Notes are senior unsecured obligations and rank equal in right of payment to all of the Company’s existing and future senior unsecured indebtedness, are senior in right of payment to all of the Company’s future subordinated indebtedness, and are effectively subordinated to all of the Company’s secured indebtedness with respect to the collateral securing such indebtedness. The Convertible Notes are structurally subordinated to all present and future secured and unsecured debt and other obligations of the Company’s subsidiaries. The Convertible Notes are fully and unconditionally guaranteed by the subsidiaries that guarantee the Company’s indebtedness under the Amended Credit Facility, the 7.625% Senior Notes and the 7.0% Senior Notes. | |||||||||||||||||||||||||
The Convertible Notes bear interest at a rate of 5% per annum, payable semi-annually in arrears on March 15 and September 15 of each year. Holders of the remaining Convertible Notes may require the Company to purchase all or a portion of their Convertible Notes for cash on each of March 20, 2015, March 20, 2018 and March 20, 2023 at a purchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, up to but excluding the applicable purchase date. The Company has the right with at least 30 days’ notice to call the Convertible Notes. | |||||||||||||||||||||||||
7.625% Senior Notes Due 2019 | |||||||||||||||||||||||||
On September 27, 2011, the Company issued $400.0 million in principal amount of 7.625% Senior Notes due 2019 at par. The 7.625% Senior Notes mature on October 1, 2019. Interest is payable in arrears semi-annually on April 1 and October 1 beginning April 1, 2012. The 7.625% Senior Notes are senior unsecured obligations of the Company and rank equal in right of payment with all of the Company’s other existing and future senior unsecured indebtedness, including the Company’s Convertible Notes and 7.0% Senior Notes. The 7.625% Senior Notes are fully and unconditionally guaranteed by the subsidiaries that guarantee the Company’s indebtedness under the Amended Credit Facility, the Convertible Notes and the 7.0% Senior Notes. The 7.625% Senior Notes include certain covenants that limit the Company’s ability to incur additional indebtedness, make restricted payments, create liens or sell assets and that prohibit the Company from paying dividends. The Company is currently in compliance with all financial covenants and has complied with all financial covenants since issuance. The 7.625% Senior Notes are redeemable at the Company’s option at a redemption price of 103.813% of the principal amount of the notes on October 1, 2015. | |||||||||||||||||||||||||
7.0% Senior Notes Due 2022 | |||||||||||||||||||||||||
On March 12, 2012, the Company issued $400.0 million in aggregate principal amount of 7.0% Senior Notes due 2022 at par. The 7.0% Senior Notes mature on October 15, 2022. Interest is payable in arrears semi-annually on April 15 and October 15 of each year. The 7.0% Senior Notes are senior unsecured obligations and rank equal in right of payment with all of the Company’s other existing and future senior unsecured indebtedness, including the Company’s Convertible Notes and 7.625% Senior Notes. The 7.0% Senior Notes are redeemable at the Company's option on October 15, 2017 at a redemption price of 103.5% of the principal amount of the notes. The 7.0% Senior Notes are fully and unconditionally guaranteed by the subsidiaries that guarantee the Company’s indebtedness under the Amended Credit Facility, the Convertible Notes and the 7.625% Senior Notes. The 7.0% Senior Notes include certain covenants that limit the Company’s ability to incur additional indebtedness, make restricted payments, create liens or sell assets and that prohibit the Company from paying dividends. The Company is currently in compliance with all financial covenants and has complied with all financial covenants since issuance. | |||||||||||||||||||||||||
Lease Financing Obligation Due 2020 | |||||||||||||||||||||||||
In July, 2012, the Company entered into the Lease Financing Obligation, whereby the Company received $100.8 million through the sale and subsequent leaseback of existing compressors and related facilities owned by the Company. The Lease Financing Obligation expires on August 10, 2020, and the Company has the option to purchase the equipment at the end of the lease term for the then current fair market value. The Lease Financing Obligation also contains an early buyout option where the Company may purchase the equipment for $36.6 million on February 10, 2019. The lease payments related to the equipment are recognized as principal and interest expense based on a weighted average implicit interest rate of 3.3%. See Note 11 for discussion of aggregate minimum future lease payments. As part of the West Tavaputs Sale, the purchaser will assume approximately 51% of the Lease Financing Obligation, including the buy-out options. See Note 13. | |||||||||||||||||||||||||
The following table summarizes, for the periods indicated, the cash or accrued portion of interest expense related to the Amended Credit Facility, 9.875% Senior Notes, Convertible Notes, 7.625% Senior Notes, 7.0% Senior Notes and the Lease Financing Obligation along with the non-cash portion resulting from the amortization of the debt discount and transaction costs through interest expense: | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Amended Credit Facility (1) | |||||||||||||||||||||||||
Cash interest | $ | 2,296 | $ | 1,453 | $ | 4,211 | $ | 3,707 | |||||||||||||||||
Non-cash interest | $ | 585 | $ | 586 | $ | 1,756 | $ | 1,757 | |||||||||||||||||
9.875% Senior Notes (2) | |||||||||||||||||||||||||
Cash interest | $ | 1,029 | $ | 6,172 | $ | 13,373 | $ | 18,516 | |||||||||||||||||
Non-cash interest | $ | — | $ | 657 | $ | 1,361 | $ | 1,911 | |||||||||||||||||
Convertible Notes (3) | |||||||||||||||||||||||||
Cash interest | $ | 310 | $ | 317 | $ | 943 | $ | 2,585 | |||||||||||||||||
Non-cash interest | $ | 1 | $ | 1 | $ | 4 | $ | 1,770 | |||||||||||||||||
7.625% Senior Notes (4) | |||||||||||||||||||||||||
Cash interest | $ | 7,625 | $ | 7,625 | $ | 22,875 | $ | 22,875 | |||||||||||||||||
Non-cash interest | $ | 272 | $ | 262 | $ | 798 | $ | 803 | |||||||||||||||||
7.0% Senior Notes (5) | |||||||||||||||||||||||||
Cash interest | $ | 7,000 | $ | 7,000 | $ | 21,000 | $ | 15,397 | |||||||||||||||||
Non-cash interest | $ | 203 | $ | 197 | $ | 592 | $ | 464 | |||||||||||||||||
Lease Financing Obligation (6) | |||||||||||||||||||||||||
Cash interest | $ | 750 | $ | 548 | $ | 2,305 | $ | 548 | |||||||||||||||||
Non-cash interest | $ | 8 | $ | 6 | $ | 24 | $ | 6 | |||||||||||||||||
-1 | Cash interest includes amounts related to interest and commitment fees paid on the Amended Credit Facility and participation and fronting fees paid on the letter of credit. | ||||||||||||||||||||||||
-2 | The stated interest rate for the 9.875% Senior Notes was 9.875% per annum with an effective interest rate of 11.2% per annum. The Company redeemed the 9.875% Senior Notes in full on July 15, 2013. | ||||||||||||||||||||||||
-3 | The stated interest rate for the Convertible Notes is 5% per annum. The effective interest rate of the Convertible Notes includes amortization of the debt discount, which represented the fair value of the equity conversion feature at the time of issue. The stated interest rate of 5% on the Convertible Notes will be the effective interest rate of the $25.3 million remaining principal balance, as the related debt discount was fully amortized as of March 31, 2012. | ||||||||||||||||||||||||
-4 | The stated interest rate for the 7.625% Senior Notes is 7.625% per annum with an effective interest rate of 8.0% per annum. | ||||||||||||||||||||||||
-5 | The stated interest rate for the 7.0% Senior Notes is 7.0% per annum with an effective interest rate of 7.2% per annum. | ||||||||||||||||||||||||
-6 | The effective interest rate for the Lease Financing Obligation is 3.3% per annum. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||
Asset Retirement Obligations | ' | |||
Asset Retirement Obligations | ||||
A reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2013 is as follows (in thousands): | ||||
As of December 31, 2012 | $ | 47,616 | ||
Liabilities incurred | 2,095 | |||
Liabilities settled | (824 | ) | ||
Disposition of properties | (387 | ) | ||
Accretion expense | 2,604 | |||
Revisions to estimate | 1,218 | |||
As of September 30, 2013 | $ | 52,322 | ||
Less: liabilities associated with properties held for sale | 13,082 | |||
Less: current asset retirement obligations | 948 | |||
Long-term asset retirement obligations | $ | 38,292 | ||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Assets and Liabilities Measured on a Recurring Basis | ||||||||||||||||
The Company’s financial instruments, including cash and cash equivalents, accounts and notes receivable and accounts payable are carried at cost, which approximates fair value due to the short-term maturity of these instruments. The recorded value of the Amended Credit Facility, as discussed in Note 5, approximates its fair value due to its floating rate structure based on the LIBOR spread and the Company's borrowing base utilization. | ||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes a mid-market pricing convention (the mid-point price between bid and ask prices) for valuation as a practical expedient for assigning fair value. The Company uses market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. These inputs can be readily observable, market corroborated or generally unobservable. The Company primarily applies the market and income approaches for recurring fair value measurements and utilizes the best available information. Given the Company’s historical market transactions, its markets and instruments are fairly liquid. Therefore, the Company has been able to classify fair value balances based on the observability of those inputs. A fair value hierarchy was established that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). | ||||||||||||||||
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, listed securities and U.S. government treasury securities. | ||||||||||||||||
Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange-traded derivatives such as over-the-counter forwards and options. | ||||||||||||||||
Level 3 – Pricing inputs include significant inputs that are generally less observable than objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. At each balance sheet date, the Company performs an analysis of all applicable instruments and includes in Level 3 all of those whose fair value is based on significant unobservable inputs. | ||||||||||||||||
The following tables set forth by level within the fair value hierarchy the Company’s financial assets and financial liabilities that were measured at fair value on a recurring basis. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels. | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Deferred Compensation Plan | $ | 920 | $ | — | $ | — | $ | 920 | ||||||||
Cash Equivalents - Money Market Funds | 53 | — | — | 53 | ||||||||||||
Commodity Derivatives | — | 16,881 | — | 16,881 | ||||||||||||
Liabilities | ||||||||||||||||
Commodity Derivatives | $ | — | $ | 11,804 | $ | — | $ | 11,804 | ||||||||
As of December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Deferred Compensation Plan | $ | 966 | $ | — | $ | — | $ | 966 | ||||||||
Cash Equivalents - Money Market Funds | 53 | — | — | 53 | ||||||||||||
Commodity Derivatives | — | 40,432 | — | 40,432 | ||||||||||||
Liabilities | ||||||||||||||||
Commodity Derivatives | $ | — | $ | 7,875 | $ | — | $ | 7,875 | ||||||||
All fair values reflected in the table above and on the Unaudited Consolidated Balance Sheets have been adjusted for non-performance risk. For applicable financial assets carried at fair value, the credit standing of the counterparties is analyzed and factored into the fair value measurement of those assets. In addition, the fair value measurement of a liability has been adjusted to reflect the nonperformance risk of the Company. The following methods and assumptions were used to estimate the fair values of the assets and liabilities in the table above. | ||||||||||||||||
Level 1 Fair Value Measurements – The Company maintains a non-qualified deferred compensation plan (as discussed in more detail in Note 10) which allows certain management employees to defer receipt of a portion of their compensation. The Company maintains assets for the deferred compensation plan in a rabbi trust. The assets of the rabbi trust are invested in publicly traded mutual funds and are recorded in other current and other long-term assets on the Unaudited Consolidated Balance Sheets. The Company also has highly liquid short term investments in money market funds. The deferred compensation plan financial assets are reported at fair value based on active market quotes, which represent Level 1 inputs. The money market fund investments are recorded at carrying value, which approximates fair value, which represent Level 1 inputs. The fair values of the Company’s fixed rate 7.625% Senior Notes and 7.0% Senior Notes totaled $800.0 million as of September 30, 2013. The fair values of the Company’s fixed rate 9.875% Senior Notes, 7.625% Senior Notes and 7.0% Senior Notes totaled $1,120.7 million as of December 31, 2012. The fair values of the Company's fixed rate Senior Notes are based on active market quotes, which represent Level 1 inputs. | ||||||||||||||||
Level 2 Fair Value Measurements – The fair value of crude oil, natural gas and NGL forwards and options are estimated using a combined income and market valuation methodology with a mid-market pricing convention based upon forward commodity price and volatility curves. The curves are obtained from independent pricing services reflecting broker market quotes. The Company did not make any adjustments to the obtained curves. The pricing services publish observable market information from multiple brokers and exchanges. No proprietary models are used by the pricing services for the inputs. The Company utilized the counterparties’ valuations to assess the reasonableness of the Company’s valuations. | ||||||||||||||||
There is no active, public market for the Company’s Amended Credit Facility, Convertible Notes or Lease Financing Obligation. The Amended Credit Facility balance of $390.0 million and zero as of September 30, 2013 and December 31, 2012, respectively, approximates its fair value due to its floating rate structure. The Convertible Notes fair value of $25.2 million and $25.3 million as of September 30, 2013 and December 31, 2012, respectively, are measured based on market-based parameters of the various components of the Convertible Notes and over the counter trades. The Lease Financing Obligation fair values of $88.1 million and $97.7 million as of September 30, 2013 and December 31, 2012, respectively, are measured based on market-based parameters of comparable term secured financing instruments. The fair value measurements for the Amended Credit Facility, Convertible Notes and Lease Financing Obligation represent Level 2 inputs. | ||||||||||||||||
Level 3 Fair Value Measurements – As of September 30, 2013 and December 31, 2012, the Company did not have assets or liabilities that were measured on a recurring basis classified under a Level 3 fair value hierarchy. | ||||||||||||||||
Assets and Liabilities Measured on a Non-recurring Basis | ||||||||||||||||
The Company utilizes fair value on a non-recurring basis to perform impairment tests on its property and equipment when required. During the nine months ended September 30, 2013 the Company recorded impairment charges of $216.6 million on proved and unproved oil and gas properties. Included in the total impairment charge of $216.6 million was $201.3 million of impairment charges related to assets held for sale at September 30, 2013 for both proved and unproved oil and gas properties for which the Company utilized third party purchase offers as the basis for determining fair value. The inputs used to determine such fair value for other non-recurring impairment testes are primarily based upon internally developed cash flow models as well as available external market data and would generally be classified within Level 3. | ||||||||||||||||
The Company also applied fair value accounting guidance to measure the assets and liabilities in the 2012 Divestiture. The fair values of these items were primarily determined using the present value of estimated future cash inflows and outflows. Because of the unobservable nature of these inputs, they are classified within Level 3. See Note 4 for additional discussion of the 2012 Divestiture. Additionally, the Company uses fair value to determine the value of its asset retirement obligations. The inputs used to determine such fair value are primarily based upon costs incurred historically for similar work, as well as estimates from independent third parties for costs that would be incurred to restore leased property to the contractually stipulated condition and would generally be classified within Level 3. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Derivative Instruments | ' | |||||||||||||||||
Derivative Instruments | ||||||||||||||||||
The Company uses financial derivative instruments as part of its price risk management program to achieve a more predictable cash flow from its production revenues by reducing its exposure to commodity price fluctuations. The Company has entered into financial commodity swap contracts related to the sale of a portion of the Company’s production. The Company does not enter into derivative instruments for speculative or trading purposes. | ||||||||||||||||||
In addition to financial contracts, the Company may at times be party to various physical commodity contracts for the sale of oil, natural gas and NGLs that have varying terms and pricing provisions. These physical commodity contracts qualify for the normal purchase and normal sale exception and, therefore, are not subject to hedge or mark-to-market accounting. The financial impact of physical commodity contracts is included in oil, natural gas and NGL production revenues at the time of settlement. | ||||||||||||||||||
All derivative instruments, other than those that meet the normal purchase and normal sale exception, as mentioned above, are recorded at fair value and included on the Unaudited Consolidated Balance Sheets as assets or liabilities. The following table summarizes the location, as well as the gross and net fair value amounts of all derivative instruments presented on the Unaudited Consolidated Balance Sheets as of the dates indicated. | ||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||
Balance Sheet | Gross Amounts of | Gross Amounts | Net Amounts of Assets | |||||||||||||||
Recognized Assets | Offset in the Balance | Presented in the Balance | ||||||||||||||||
Sheet | Sheet | |||||||||||||||||
(in thousands) | ||||||||||||||||||
Derivative assets | $ | 12,217 | $ | (8,711 | ) | (1) | $ | 3,506 | ||||||||||
Deferred financing costs and other noncurrent assets | 4,664 | (822 | ) | (1) | 3,842 | (2) | ||||||||||||
Total derivative assets | $ | 16,881 | $ | (9,533 | ) | $ | 7,348 | |||||||||||
Gross Amounts of | Gross Amounts | Net Amounts of Liabilities | ||||||||||||||||
Recognized | Offset in the Balance | Presented in the Balance | ||||||||||||||||
Liabilities | Sheet | Sheet | ||||||||||||||||
(in thousands) | ||||||||||||||||||
Derivative liabilities | $ | (10,982 | ) | $ | 8,711 | (3) | $ | (2,271 | ) | |||||||||
Derivatives and other noncurrent liabilities | (822 | ) | 822 | (3) | — | |||||||||||||
Total derivative liabilities | $ | (11,804 | ) | $ | 9,533 | $ | (2,271 | ) | ||||||||||
As of December 31, 2012 | ||||||||||||||||||
Balance Sheet | Gross Amounts of | Gross Amounts | Net Amounts of Assets | |||||||||||||||
Recognized Assets | Offset in the Balance | Presented in the Balance | ||||||||||||||||
Sheet | Sheet | |||||||||||||||||
(in thousands) | ||||||||||||||||||
Derivative assets | $ | 34,828 | $ | (4,848 | ) | (1) | $ | 29,980 | ||||||||||
Deferred financing costs and other noncurrent assets | 5,604 | (2,623 | ) | (1) | 2,981 | (2) | ||||||||||||
Total derivative assets | $ | 40,432 | $ | (7,471 | ) | $ | 32,961 | |||||||||||
Gross Amounts of | Gross Amounts | Net Amounts of Liabilities | ||||||||||||||||
Recognized | Offset in the Balance | Presented in the Balance | ||||||||||||||||
Liabilities | Sheet | Sheet | ||||||||||||||||
(in thousands) | ||||||||||||||||||
Derivative liabilities | $ | (4,848 | ) | $ | 4,848 | (3) | $ | — | ||||||||||
Derivatives and other noncurrent liabilities | (3,027 | ) | 2,623 | (3) | (404 | ) | (4) | |||||||||||
Total derivative liabilities | $ | (7,875 | ) | $ | 7,471 | $ | (404 | ) | ||||||||||
-1 | Amounts are netted against derivative asset balances with the same counterparty, and therefore, are presented as a net asset on the Unaudited Consolidated Balance Sheets. | |||||||||||||||||
-2 | As of September 30, 2013 and December 31, 2012, this line item on the Unaudited Consolidated Balance Sheets includes $20.2 million and $26.8 million of deferred financing costs and other noncurrent assets, respectively. | |||||||||||||||||
-3 | Amounts are netted against derivative liability balances with the same counterparty, and, therefore, are presented as a net liability on the Unaudited Consolidated Balance Sheets. | |||||||||||||||||
-4 | As of December 31, 2012, this line item on the Unaudited Consolidated Balance Sheets includes $4.1 million of other noncurrent liabilities. | |||||||||||||||||
The following table summarizes the cash flow hedge gains, net of tax, and their locations on the Unaudited Consolidated Balance Sheets and Unaudited Consolidated Statements of Operations as of the periods indicated: | ||||||||||||||||||
Derivatives Qualifying as | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Cash Flow Hedges | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | ||||||||||||||||||
Amount of Gain Reclassified from AOCI into Income (net of tax) (1) (2) | Commodity Hedges | $ | 1,186 | $ | 12,739 | $ | 3,688 | $ | 41,644 | |||||||||
-1 | Gains reclassified from AOCI into income are included in the oil, gas and NGL production revenues in the Unaudited Consolidated Statements of Operations. | |||||||||||||||||
-2 | Presented net of income tax expense of $0.7 million and $7.7 million for the three months ended September 30, 2013 and 2012, respectively, and $2.2 million and $25.0 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
As of September 30, 2013, the Company had financial instruments in place to hedge the following volumes for the periods indicated: | ||||||||||||||||||
October –December | For the year | For the year | ||||||||||||||||
2013 | 2014 | 2015 | ||||||||||||||||
Oil (Bbls) | 806,300 | 2,972,200 | 401,200 | |||||||||||||||
Natural Gas (MMbtu) | 11,355,000 | 30,415,000 | 3,650,000 | |||||||||||||||
Natural Gas Liquids (Bbls) | 98,214 | 35,714 | — | |||||||||||||||
The table below summarizes the commodity derivative gains and losses the Company recognized related to its oil, gas and NGL derivative instruments for the periods indicated: | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||||
Commodity derivative settlements on derivatives designated as cash flow hedges (1) | $ | 1,899 | $ | 20,391 | $ | 5,902 | $ | 66,654 | ||||||||||
Total commodity derivative gain (loss) (2) | (25,595 | ) | (38,340 | ) | (18,607 | ) | 53,431 | |||||||||||
-1 | Included in oil, gas and NGL production revenues in the Unaudited Consolidated Statements of Operations. | |||||||||||||||||
-2 | Included in commodity derivative gain (loss) in the Unaudited Consolidated Statements of Operations. | |||||||||||||||||
The Company’s derivative financial instruments are generally executed with major financial or commodities trading institutions that expose the Company to market and credit risks and may, at times, be concentrated with certain counterparties or groups of counterparties. The Company had hedges in place with 11 different counterparties as of September 30, 2013. Although notional amounts are used to express the volume of these contracts, the amounts potentially subject to credit risk, in the event of non-performance by the counterparties, are substantially smaller. The creditworthiness of counterparties is subject to continual review by management, and the Company believes all of these institutions currently are acceptable credit risks. Full performance is anticipated, and the Company has no past due receivables from any of its counterparties. | ||||||||||||||||||
It is the Company’s policy to enter into derivative contracts with counterparties that are lenders in the Amended Credit Facility, affiliates of lenders in the Amended Credit Facility or potential lenders in the Amended Credit Facility. One counterparty that was a lender in the Amended Credit Facility withdrew from the facility when the Company amended the facility in October 2011. The Company will continue to monitor the creditworthiness of this counterparty during the remaining duration of the derivatives that were entered into while that counterparty was a lender in the Amended Credit Facility. The Company’s derivative contracts are documented using an industry standard contract known as a Schedule to the Master Agreement and International Swaps and Derivative Association, Inc. (“ISDA”) Master Agreement or other contracts. Typical terms for these contracts include credit support requirements, cross default provisions, termination events and set-off provisions. The Company is not required to provide any credit support to its counterparties other than cross collateralization with the properties securing the Amended Credit Facility. The Company has set-off provisions in its derivative contracts with lenders under its Amended Credit Facility which, in the event of a counterparty default, allow the Company to set-off amounts owed to the defaulting counterparty under the Amended Credit Facility or other obligations against monies owed the Company under derivative contracts. Where the counterparty is not a lender under the Company’s Amended Credit Facility, it may not be able to set-off amounts owed by the Company under the Amended Credit Facility, even if such counterparty is an affiliate of a lender under such facility. The Company does not have any derivative balances that are offset by cash collateral. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company accounts for uncertainty in income taxes for tax positions taken or expected to be taken in a tax return in accordance with the FASB’s rules on income taxes. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on technical merits. During the three and nine months ended September 30, 2013, there was no change to the Company’s liability for uncertain tax positions. | |
The Company’s policy is to classify accrued penalties and interest related to unrecognized tax benefits in the Company’s income tax provision. The Company did not record any accrued interest or penalties associated with unrecognized tax benefits during the three and nine months ended September 30, 2013. | |
Income tax benefit for the three and nine months ended September 30, 2013 and 2012 differs from the amounts that would be provided by applying the U.S. federal income tax rate to income before income taxes principally due to the effect of state income taxes, stock-based compensation and other operating expenses not deductible for income tax purposes. |
Equity_Incentive_Compensation_
Equity Incentive Compensation Plans and Other Employee Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Equity Incentive Compensation Plans and Other Employee Benefits | ' | |||||||||||||||
Equity Incentive Compensation Plans and Other Employee Benefits | ||||||||||||||||
The Company maintains various stock-based compensation plans and other employee benefits as discussed below. Stock-based compensation is measured at the grant date based on the value of the awards, and the fair value is recognized on a straight-line basis over the requisite service period (usually the vesting period). | ||||||||||||||||
The following table presents the non-cash stock-based compensation related to equity awards for the periods indicated: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Common stock options | $ | 681 | $ | 1,626 | $ | 3,898 | $ | 5,299 | ||||||||
Nonvested equity common stock | 1,562 | 1,711 | 5,550 | 5,485 | ||||||||||||
Nonvested equity common stock units | 277 | 371 | 989 | 371 | ||||||||||||
Nonvested performance-based equity | 712 | 372 | 1,410 | 1,175 | ||||||||||||
Total | $ | 3,232 | $ | 4,080 | $ | 11,847 | $ | 12,330 | ||||||||
Unrecognized compensation cost as of September 30, 2013 was $22.2 million related to grants of nonvested stock options and nonvested equity shares of common stock that are expected to be recognized over a weighted-average period of 2.4 years. | ||||||||||||||||
Stock Options and Nonvested Equity Shares. The following tables present the equity awards granted pursuant to the Company’s various stock compensation plans: | ||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||
Number | Weighted Average | Number | Weighted Average | |||||||||||||
of Options | Price Per Share | of Options | Price Per Share | |||||||||||||
Options to purchase shares of common stock | — | $ | — | 26,602 | $ | 20.23 | ||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||
Number of | Weighted Average | Number of | Weighted Average | |||||||||||||
Shares | Grant Date Fair | Shares | Grant Date Fair | |||||||||||||
Value Per Share | Value Per Share | |||||||||||||||
Nonvested equity common stock | 57,792 | $ | 22.36 | 31,664 | $ | 21.64 | ||||||||||
Nonvested equity common stock units | 2,210 | $ | 25.11 | 52,917 | $ | 18.94 | ||||||||||
Nonvested performance-based equity shares | 154,314 | $ | 20.86 | 3,400 | $ | 23.48 | ||||||||||
Total shares granted | 214,316 | 87,981 | ||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||
Number | Weighted Average | Number | Weighted Average | |||||||||||||
of Options | Price Per Share | of Options | Price Per Share | |||||||||||||
Options to purchase shares of common stock | — | $ | — | 582,284 | $ | 27.16 | ||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||
Number of | Weighted Average | Number of | Weighted Average | |||||||||||||
Shares | Grant Date Fair | Shares | Grant Date Fair | |||||||||||||
Value Per Share | Value Per Share | |||||||||||||||
Nonvested equity common stock | 615,052 | $ | 17.8 | 260,778 | $ | 26.06 | ||||||||||
Nonvested equity common stock units | 54,429 | $ | 22.17 | 52,917 | $ | 18.94 | ||||||||||
Nonvested performance-based equity shares | 442,300 | $ | 18.08 | 179,987 | $ | 26.26 | ||||||||||
Total shares granted | 1,111,781 | 493,682 | ||||||||||||||
Performance Share Programs. In February 2010, the Compensation Committee of the Board of Directors of the Company approved a performance share program (the “2010 Program”). Upon commencement of the 2010 Program and during each subsequent year of the 2010 Program, the Compensation Committee will meet to approve target and stretch goals for certain operational or financial metrics that are selected by the Compensation Committee for the upcoming year and to determine whether metrics for the prior year have been met. As new goals are established each year for the performance-based awards, a new grant date and a new fair value are created for financial reporting purposes for those shares that could potentially vest in the upcoming year. Compensation expense is recognized based upon an estimate of the extent to which the performance goals would be met. If such goals are not met, no compensation expense is recognized and any previously recognized compensation expense is reversed. | ||||||||||||||||
The 2010 Program has both performance-based and market-based goals. All compensation expense related to the market-based goals will be recognized if the requisite service period is fulfilled, even if the market condition is not achieved. Based on Company performance in 2011, 26.6% of the 2010 Program performance shares vested in February 2012, and the Company recorded zero and $0.2 million of non-cash stock-based compensation expense related to these awards for the three and nine months ended September 30, 2012. Based upon the Company’s performance in 2012, none of the 2010 Program performance shares vested in February 2013. The Company recorded $0.1 million and $0.3 million of non-cash stock-based compensation expense for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
In March 2012, the Compensation Committee approved a new performance share program (the “2012 Program”). The performance-based awards contingently vest in May 2015, depending on the level at which the performance goals are achieved. The Company recorded $0.1 million and $0.3 million of non-cash stock-based compensation expense related to these awards for the three months ended September 30, 2013 and 2012, respectively, and $0.1 million and $0.7 million of non-cash stock-based compensation expense for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
In February 2013, the Compensation Committee approved the performance metrics used to measure potential vesting of the performance shares in the 2010 Program based on 2013 performance. For the year ending December 31, 2013, the performance goals consist of the Company’s total shareholder return (“TSR”) ranking relative to a defined peer group’s individual TSR (weighted at 40%), the Company’s discretionary cash flow (weighted at 30%) and PV10 of proved oil, natural gas and NGL reserves (weighted at 30%). In February 2013, 86,223 performance-based nonvested equity shares of common stock in the 2010 Program became subject to a new grant date, and the fair value of the shares was remeasured at the grant date. All remaining unvested shares could potentially vest if all performance goals are met at the stretch level, and all shares that remain unvested based on 2013 performance will expire in 2014. All compensation expense related to the TSR metric will be recognized if the requisite service period is fulfilled, even if the market condition is not achieved. All compensation expense related to the discretionary cash flow metric and the proved oil, natural gas and NGL reserves metric will be based upon the number of shares expected to vest at the end of the one year period. The Company recorded $0.1 million and 0.3 million of non-cash stock-based compensation expense related to these awards during the three and nine months ended September 30, 2013, respectively. | ||||||||||||||||
In February 2013, the Compensation Committee established vesting terms of the Company’s nonvested equity awards in the 2010 Program that are subject to a market performance-based vesting condition, which is based on the Company’s TSR ranking relative to a defined peer group’s individual TSRs. In February 2013, 22,710 market-based nonvested equity shares of common stock became subject to a new grant date, and the fair value of the shares was remeasured at the grant date. All shares that remain unvested based on 2013 performance will expire in 2014. The fair value of the market-based awards is amortized ratably over the remaining requisite service period. All compensation expense related to the market-based awards will be recognized if the requisite service period is fulfilled, even if the market condition is not achieved. The Company recorded $0.03 million and $0.08 million of non-cash stock-based compensation expense related to these awards for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||||
In February 2013, the Compensation Committee approved a new performance share program (the “2013 Program”) pursuant to the 2012 Equity Incentive Plan (“2012 Incentive Plan”). The performance-based awards contingently vest in May 2016, depending on the level at which the performance goals are achieved. The performance goals, which will be measured over the three year period ending December 31, 2015, consist of the Company’s TSR ranking relative to a defined peer group’s individual TSR (“Relative TSR”) (weighted at 33 1/3%), the percentage change in discretionary cash flow per debt adjusted share relative to a defined peer group’s percentage calculation (“DCF per Debt Adjusted Share”) (weighted at 33 1/3%) and percentage change in proved oil, natural gas and NGL reserves per debt adjusted share (“Reserves per Debt Adjusted Share”) (weighted at 33 1/3%). The Relative TSR and DCF per Debt Adjusted Share goals will vest at 25% of the total award for performance met at the threshold level, 100% at the target level and 200% at the stretch level. The Reserves per Debt Adjusted Share goal will vest at 50% of the total award for performance met at the threshold level, 100% at the target level and 200% at the stretch level. If the actual results for a metric are between the threshold and target levels or between the target and stretch levels, the vested number of shares will be prorated based on the actual results compared to the threshold, target and stretch goals. If the threshold metrics are not met, no shares will vest. In any event, the total number of shares of common stock that could vest will not exceed 200% of the original number of performance shares granted. At the end of the three year vesting period, any shares that have not vested will be forfeited. A total of 100,434 and 388,420 shares were granted under this program during the three and nine months ended September 30, 2013. All compensation expense related to the Relative TSR metric will be recognized if the requisite service period is fulfilled, even if the market condition is not achieved. All compensation expense related to the DCF per Debt Adjusted Share metric and the Reserves per Debt Adjusted Share metric will be based upon the number of shares expected to vest at the end of the three year period. The Company recorded $0.4 million and $0.8 million of non-cash stock-based compensation expense related to these awards for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||||
Director Fees. The Company’s non-employee, or outside, directors, may elect to receive all or a portion of their annual retainer and meeting fees in the form of restricted stock units (“RSUs”), which are settled with shares of the Company’s common stock, issued pursuant to the Company’s 2012 Incentive Plan. After each quarter, RSUs with a value equal to the fees payable for that quarter, calculated using the closing price for the Company’s common stock on the last trading day of the quarter, will be delivered to each outside director who elected before that quarter to receive RSUs for payment of director fees. These nonvested RSUs will vest immediately at the end of the applicable quarter. Once vested, the RSUs will settle at the end of the applicable quarter or such later date elected by the director. | ||||||||||||||||
A summary of the Company’s directors’ fees and equity-based compensation for the three and nine months ended September 30, 2013 and 2012 is presented below: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Director fees (shares) | 2,210 | 3,732 | 14,116 | 6,907 | ||||||||||||
Stock-based compensation (in thousands) | $ | 56 | $ | 92 | $ | 297 | $ | 167 | ||||||||
Other Employee Benefits-401(k) Savings Plan. The Company has an employee-directed 401(k) savings plan (the “401(k) Plan”) for all eligible employees over the age of 21. Under the 401(k) Plan, employees may make voluntary contributions based upon a percentage of their pretax income, subject to statutory limitations. | ||||||||||||||||
The Company matches 100% of each employee’s contribution, up to 6% of the employee’s pretax income, with 50% of the match made with the Company’s common stock. The Company’s cash and common stock contributions are fully vested upon the date of match and employees can immediately sell the portion of the match made with the Company’s common stock. The Company made matching cash and common stock contributions of $0.4 million for the three months ended September 30, 2013 and 2012, and $1.6 million for the nine months ended September 30, 2013 and 2012. | ||||||||||||||||
Deferred Compensation Plan. In 2010, the Company adopted a non-qualified deferred compensation plan for certain employees and officers whose eligibility to participate in the plan was determined by the Compensation Committee of the Company’s Board of Directors. The Company makes matching cash contributions on behalf of eligible employees up to 6% of the employee’s cash compensation once the contribution limits are reached on the Company’s 401(k) Plan. All amounts deferred and matched under the plan vest immediately. Deferred compensation, including accumulated earnings on the participant-directed investment selections, is distributable in cash at participant-specified dates or upon retirement, death, disability, change in control or termination of employment. | ||||||||||||||||
The deferred compensation liability was $0.9 million and $1.0 million as of September 30, 2013 and December 31, 2012, respectively, of which $0.5 million and $0.3 million were classified as current as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||
The Company has established a rabbi trust to offset the deferred compensation liability and protect the interests of the plan participants. The investments in the rabbi trust seek to offset the change in the value of the related liability. As a result, there is no expected impact on earnings or earnings per share from the changes in market value of the investment assets because the changes in market value of the trust assets are offset by changes in the value of the deferred compensation plan liability. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Lease Financing Obligation. The Company has a Lease Financing Obligation with Bank of America Leasing & Capital, LLC as the lead bank as discussed in Note 5. The aggregate undiscounted minimum future lease payments are presented below: | ||||
As of September 30, 2013 | ||||
(in thousands) | ||||
2013 | $ | 3,034 | ||
2014 | 12,139 | |||
2015 | 12,139 | |||
2016 | 12,139 | |||
2017 | 12,139 | |||
Thereafter | 32,368 | |||
Total (1) | $ | 83,958 | ||
-1 | The balance shown in this table includes the approximately 51% of the Lease Financing Obligation that the purchaser will assume upon closing of the West Tavaputs Sale in December 2013. See Note 13. | |||
Transportation Demand and Firm Processing Charges. The Company has entered into contracts that provide firm transportation capacity on pipeline systems and firm processing charges. The remaining terms on these contracts range from 2 to 10 years and require the Company to pay transportation demand and processing charges regardless of the amount of pipeline capacity utilized by the Company. The Company paid $9.5 million and $27.8 million of transportation demand charges for the three and nine months ended September 30, 2013, respectively. The Company paid $1.4 million and $3.5 million of firm processing charges for the three and nine months ended September 30, 2013, respectively. All transportation costs, including demand charges and processing charges, are included in gathering, transportation and processing expense in the Unaudited Consolidated Statements of Operations. The Company paid $11.3 million and $33.7 million of transportation demand charges for the three and nine months ended September 30, 2012, respectively. The Company paid $1.6 million and $4.6 million of firm processing charges for the three and nine months ended September 30, 2012, respectively. | ||||
The amounts in the table below represent the Company’s gross future minimum transportation demand and firm processing charges. However, the Company will record in its financial statements only the Company’s proportionate share based on the Company’s working interest and net revenue interest, which will vary from property to property. | ||||
As of September 30, 2013 | ||||
(in thousands) | ||||
2013 | $ | 14,450 | ||
2014 | 57,929 | |||
2015 | 58,065 | |||
2016 | 56,464 | |||
2017 | 51,824 | |||
Thereafter | 147,984 | |||
Total (1) | $ | 386,716 | ||
-1 | The balance shown in this table includes $137.7 million of transportation demand and firm processing charges that the purchaser will assume upon closing of the West Tavaputs Sale in December 2013. See Note 13. | |||
Lease and Other Commitments. The Company has one take-or-pay purchase agreement for supply of carbon dioxide (“CO2”), which has a total financial commitment of $1.7 million. The CO2 is for use in fracture stimulation operations. Under this contract, the Company is obligated to purchase a minimum monthly volume at a set price. If the Company takes delivery of less than the minimum required amount, the Company is responsible for full payment (deficiency payment) in December 2015. | ||||
The Company leases office space, vehicles and certain equipment under non-cancelable operating leases. Office lease expense was $0.5 million and $1.5 million for both the three and nine months ended September 30, 2013 and 2012, respectively. Additionally, the Company has entered into various long-term agreements for telecommunication services. Future minimum annual payments under lease and other agreements are as follows: | ||||
As of September 30, 2013 | ||||
(in thousands) | ||||
2013 | $ | 1,069 | ||
2014 | 4,561 | |||
2015 | 3,099 | |||
2016 | 2,593 | |||
2017 | 2,517 | |||
Thereafter | 3,158 | |||
Total | $ | 16,997 | ||
Litigation. The Company is subject to litigation, claims and governmental and regulatory proceedings arising in the course of ordinary business. It is the opinion of the Company’s management that current claims and litigation involving the Company are not likely to have a material adverse effect on its unaudited consolidated balance sheet, cash flows or statements of operations. |
Guarantor_Subsidiaries
Guarantor Subsidiaries | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Guarantor Subsidiaries | ' | |||||||||||||||
Guarantor Subsidiaries | ||||||||||||||||
In addition to the Amended Credit Facility, 7.625% Senior Notes, 7.0% Senior Notes and the Convertible Notes, which are registered securities, are jointly and severally guaranteed on a full and unconditional basis by the Company’s 100% owned subsidiaries (“Guarantor Subsidiaries”). Presented below are the Company’s unaudited condensed consolidating balance sheets, statements of operations, statements of other comprehensive income (loss) and statements of cash flows, as required by Rule 3-10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. | ||||||||||||||||
The following unaudited condensed consolidating financial statements have been prepared from the Company’s financial information on the same basis of accounting as the Unaudited Consolidated Financial Statements. Investments in the subsidiaries are accounted for under the equity method. Accordingly, the entries necessary to consolidate the Company and the Guarantor Subsidiaries are reflected in the intercompany eliminations column. | ||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Current assets | $ | 165,436 | $ | 3,615 | $ | — | $ | 169,051 | ||||||||
Property and equipment, net | 2,410,495 | 122,650 | — | 2,533,145 | ||||||||||||
Intercompany receivable (payable) | 156,414 | (156,414 | ) | — | — | |||||||||||
Investment in subsidiaries | (35,826 | ) | — | 35,826 | — | |||||||||||
Noncurrent assets | 24,065 | — | — | 24,065 | ||||||||||||
Total assets | $ | 2,720,584 | $ | (30,149 | ) | $ | 35,826 | $ | 2,726,261 | |||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||
Current liabilities | $ | 205,331 | $ | 906 | $ | — | $ | 206,237 | ||||||||
Long-term debt | 1,255,243 | — | — | 1,255,243 | ||||||||||||
Deferred income taxes | 153,847 | 2,187 | — | 156,034 | ||||||||||||
Other noncurrent liabilities | 99,165 | 2,584 | — | 101,749 | ||||||||||||
Stockholders’ equity | 1,006,998 | (35,826 | ) | 35,826 | 1,006,998 | |||||||||||
Total liabilities and stockholders’ equity | $ | 2,720,584 | $ | (30,149 | ) | $ | 35,826 | $ | 2,726,261 | |||||||
As of December 31, 2012 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Current assets | $ | 226,013 | $ | 2,326 | $ | — | $ | 228,339 | ||||||||
Property and equipment, net | 2,514,240 | 97,097 | — | 2,611,337 | ||||||||||||
Intercompany receivable (payable) | 141,272 | (141,272 | ) | — | — | |||||||||||
Investment in subsidiaries | (47,533 | ) | — | 47,533 | — | |||||||||||
Noncurrent assets | 29,773 | — | — | 29,773 | ||||||||||||
Total assets | $ | 2,863,765 | $ | (41,849 | ) | $ | 47,533 | $ | 2,869,449 | |||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||
Current liabilities | $ | 212,117 | $ | 1,016 | $ | — | $ | 213,133 | ||||||||
Long-term debt | 1,156,654 | — | — | 1,156,654 | ||||||||||||
Deferred income taxes | 264,113 | 2,251 | — | 266,364 | ||||||||||||
Other noncurrent liabilities | 48,106 | 2,417 | — | 50,523 | ||||||||||||
Stockholders’ equity | 1,182,775 | (47,533 | ) | 47,533 | 1,182,775 | |||||||||||
Total liabilities and stockholders’ equity | $ | 2,863,765 | $ | (41,849 | ) | $ | 47,533 | $ | 2,869,449 | |||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Operating and other revenues | $ | 139,286 | $ | 9,269 | $ | — | $ | 148,555 | ||||||||
Operating expenses | (329,791 | ) | (4,432 | ) | — | (334,223 | ) | |||||||||
General and administrative | (14,402 | ) | — | — | (14,402 | ) | ||||||||||
Interest income and other income (expense) | (67,081 | ) | — | — | (67,081 | ) | ||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | (271,988 | ) | 4,837 | — | (267,151 | ) | ||||||||||
Benefit from income taxes | 100,495 | — | — | 100,495 | ||||||||||||
Equity in earnings of subsidiaries | 4,837 | — | (4,837 | ) | — | |||||||||||
Net income (loss) | $ | (166,656 | ) | $ | 4,837 | $ | (4,837 | ) | $ | (166,656 | ) | |||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Operating and other revenues | $ | 405,057 | $ | 24,074 | $ | — | $ | 429,131 | ||||||||
Operating expenses | (556,070 | ) | (12,367 | ) | — | (568,437 | ) | |||||||||
General and administrative | (48,257 | ) | — | — | (48,257 | ) | ||||||||||
Interest income and other income (expense) | (109,290 | ) | — | — | (109,290 | ) | ||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | (308,560 | ) | 11,707 | — | (296,853 | ) | ||||||||||
Benefit from income taxes | 111,319 | — | — | 111,319 | ||||||||||||
Equity in earnings of subsidiaries | 11,707 | — | (11,707 | ) | — | |||||||||||
Net income (loss) | $ | (185,534 | ) | $ | 11,707 | $ | (11,707 | ) | $ | (185,534 | ) | |||||
Three Months Ended September 30, 2012 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Operating and other revenues | $ | 172,054 | $ | 8,812 | $ | — | $ | 180,866 | ||||||||
Operating expenses | (179,917 | ) | (5,399 | ) | — | (185,316 | ) | |||||||||
General and administrative | (17,965 | ) | — | — | (17,965 | ) | ||||||||||
Interest and other income (expense) | (62,814 | ) | — | — | (62,814 | ) | ||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | (88,642 | ) | 3,413 | — | (85,229 | ) | ||||||||||
Benefit from income taxes | 32,603 | — | — | 32,603 | ||||||||||||
Equity in earnings of subsidiaries | 3,413 | — | (3,413 | ) | — | |||||||||||
Net income (loss) | $ | (52,626 | ) | $ | 3,413 | $ | (3,413 | ) | $ | (52,626 | ) | |||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Operating and other revenues | $ | 502,175 | $ | 18,219 | $ | — | $ | 520,394 | ||||||||
Operating expenses | (461,243 | ) | (14,219 | ) | — | (475,462 | ) | |||||||||
General and administrative | (51,441 | ) | — | — | (51,441 | ) | ||||||||||
Interest and other income (expense) | (14,869 | ) | — | — | (14,869 | ) | ||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | (25,378 | ) | 4,000 | — | (21,378 | ) | ||||||||||
Benefit from income taxes | 7,943 | — | — | 7,943 | ||||||||||||
Equity in earnings of subsidiaries | 4,000 | — | (4,000 | ) | — | |||||||||||
Net income (loss) | $ | (13,435 | ) | $ | 4,000 | $ | (4,000 | ) | $ | (13,435 | ) | |||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Net income (loss) | $ | (166,656 | ) | $ | 4,837 | $ | (4,837 | ) | $ | (166,656 | ) | |||||
Other Comprehensive Loss, net of tax: | ||||||||||||||||
Effect of derivative financial instruments | (1,186 | ) | — | — | (1,186 | ) | ||||||||||
Other comprehensive loss | (1,186 | ) | — | — | (1,186 | ) | ||||||||||
Comprehensive income (loss) | $ | (167,842 | ) | $ | 4,837 | $ | (4,837 | ) | $ | (167,842 | ) | |||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Net income (loss) | $ | (185,534 | ) | $ | 11,707 | $ | (11,707 | ) | $ | (185,534 | ) | |||||
Other Comprehensive Loss, net of tax: | ||||||||||||||||
Effect of derivative financial instruments | (3,688 | ) | — | — | (3,688 | ) | ||||||||||
Other comprehensive loss | (3,688 | ) | — | — | (3,688 | ) | ||||||||||
Comprehensive income (loss) | $ | (189,222 | ) | $ | 11,707 | $ | (11,707 | ) | $ | (189,222 | ) | |||||
Three Months Ended September 30, 2012 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Net income (loss) | $ | (52,626 | ) | $ | 3,413 | $ | (3,413 | ) | $ | (52,626 | ) | |||||
Other Comprehensive Loss, net of tax: | ||||||||||||||||
Effect of derivative financial instruments | (12,739 | ) | — | — | (12,739 | ) | ||||||||||
Other comprehensive loss | (12,739 | ) | — | — | (12,739 | ) | ||||||||||
Comprehensive income (loss) | $ | (65,365 | ) | $ | 3,413 | $ | (3,413 | ) | $ | (65,365 | ) | |||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Net income (loss) | $ | (13,435 | ) | $ | 4,000 | $ | (4,000 | ) | $ | (13,435 | ) | |||||
Other Comprehensive Loss, net of tax: | ||||||||||||||||
Effect of derivative financial instruments | (41,644 | ) | — | — | (41,644 | ) | ||||||||||
Other comprehensive loss | (41,644 | ) | — | — | (41,644 | ) | ||||||||||
Comprehensive income (loss) | $ | (55,079 | ) | $ | 4,000 | $ | (4,000 | ) | $ | (55,079 | ) | |||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Cash flows from operating activities | $ | 179,003 | $ | 17,299 | $ | — | $ | 196,302 | ||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to oil and gas properties, including acquisitions | (303,366 | ) | (32,231 | ) | — | (335,597 | ) | |||||||||
Additions to furniture, fixtures and other | (1,506 | ) | — | — | (1,506 | ) | ||||||||||
Proceeds from sale of properties and other investing activities | 784 | — | — | 784 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from debt | 390,000 | — | — | 390,000 | ||||||||||||
Principal and redemption premium payments on debt | (269,125 | ) | — | — | (269,125 | ) | ||||||||||
Intercompany transfers | (14,932 | ) | 14,932 | — | — | |||||||||||
Other financing activities | 227 | — | — | 227 | ||||||||||||
Change in cash and cash equivalents | (18,915 | ) | — | — | (18,915 | ) | ||||||||||
Beginning cash and cash equivalents | 79,395 | 50 | — | 79,445 | ||||||||||||
Ending cash and cash equivalents | $ | 60,480 | $ | 50 | $ | — | $ | 60,530 | ||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Cash flows from operating activities | $ | 284,188 | $ | 6,415 | $ | — | $ | 290,603 | ||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to oil and gas properties, including acquisitions | (727,818 | ) | (23,727 | ) | — | (751,545 | ) | |||||||||
Additions to furniture, fixtures and other | (5,519 | ) | — | — | (5,519 | ) | ||||||||||
Proceeds from sale of properties and other investing activities | 91 | — | — | 91 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from debt | 785,826 | — | — | 785,826 | ||||||||||||
Principal and redemption premium payments on debt | (343,163 | ) | — | — | (343,163 | ) | ||||||||||
Intercompany transfers | (17,312 | ) | 17,312 | — | — | |||||||||||
Other financing activities | (9,691 | ) | — | — | (9,691 | ) | ||||||||||
Change in cash and cash equivalents | (33,398 | ) | — | — | (33,398 | ) | ||||||||||
Beginning cash and cash equivalents | 57,281 | 50 | — | 57,331 | ||||||||||||
Ending cash and cash equivalents | $ | 23,883 | $ | 50 | $ | — | $ | 23,933 | ||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On October 22, 2013, the Company entered into a purchase and sale agreement for the sale of the Company’s West Tavaputs natural gas property located in the Uinta Basin, Utah. Total consideration, prior to customary closing adjustments, for the West Tavaputs Sale is $371.5 million and includes approximately $46.0 million for the purchaser’s assumption of the Lease Financing Obligation. The transaction is expected to close by the end of 2013. The Company recognized impairment expense of $201.3 million related to these assets in the three months ended September 30, 2013. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Basis of Presentation | ' | |||||||||||||||
Basis of Presentation. The accompanying unaudited consolidated financial statements include the accounts of the Company. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals and adjustments) necessary to present fairly, in all material respects, the Company’s interim results. However, operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. | ||||||||||||||||
Use of Estimates | ' | |||||||||||||||
Use of Estimates. In the course of preparing the Company’s financial statements in accordance with GAAP, management makes various assumptions, judgments and estimates to determine the reported amount of assets, liabilities, revenues and expenses and in the disclosure of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and, accordingly, actual results could differ from amounts initially established. | ||||||||||||||||
Areas requiring the use of assumptions, judgments and estimates relate to the expected cash settlement of the Company’s 5% Convertible Senior Notes due 2028 (“Convertible Notes”) in computing diluted earnings per share, volumes of oil, natural gas and NGL reserves used in calculating depreciation, depletion and amortization (“DD&A”), the amount of expected future cash flows used in determining possible impairments of oil and gas properties and the amount of future capital costs used in these calculations. Assumptions, judgments and estimates also are required in determining asset retirement obligations, the timing of dry hole costs, impairments of undeveloped properties, valuing deferred tax assets and estimating fair values of derivative instruments and stock-based payment awards. | ||||||||||||||||
Accounts Receivable | ' | |||||||||||||||
Accounts Receivable. Accounts receivable is comprised of the following: | ||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
Accrued oil, gas and NGL sales | $ | 68,013 | $ | 69,482 | ||||||||||||
Due from joint interest owners | 28,489 | 36,300 | ||||||||||||||
Other | 3,058 | 6,554 | ||||||||||||||
Allowance for doubtful accounts | (23 | ) | (325 | ) | ||||||||||||
Total accounts receivable | $ | 99,537 | $ | 112,011 | ||||||||||||
Oil and Gas Properties | ' | |||||||||||||||
Oil and Gas Properties. The Company’s oil, gas and NGL exploration and production activities are accounted for using the successful efforts method. Under this method, all property acquisition costs and costs of exploratory and development wells are capitalized when incurred, pending determination of whether the well has found proved reserves. If an exploratory well does not find proved reserves, the costs of drilling the well are charged to expense and included within cash flows from investing activities in the Unaudited Consolidated Statements of Cash Flows. If an exploratory well does find proved reserves, the costs remain capitalized and are included within additions to oil and gas properties within cash flows from investing activities in the Unaudited Consolidated Statements of Cash Flows when incurred. The costs of development wells are capitalized whether proved reserves are added or not. Oil and gas lease acquisition costs are also capitalized. | ||||||||||||||||
Other exploration costs, including certain geological and geophysical expenses and delay rentals for oil and gas leases, are charged to expense as incurred. The sale of a partial interest in a proved property is accounted for as a cost recovery and no gain or loss is recognized as long as this treatment does not significantly affect the unit-of-production amortization rate. A gain or loss is recognized for all other sales of proved properties and is classified in other operating revenues. Maintenance and repairs are charged to expense, and renewals and betterments are capitalized to the appropriate property and equipment accounts. | ||||||||||||||||
Unproved oil and gas property costs are transferred to proved oil and gas properties if the properties are subsequently determined to be productive or are assigned proved reserves. Proceeds from sales of partial interests in unproved leases are accounted for as a recovery of cost without recognizing any gain until all costs are recovered. Unproved oil and gas properties are assessed periodically for impairment based on remaining lease terms, drilling results, reservoir performance, commodity price outlooks, future plans to develop acreage and other relevant matters. | ||||||||||||||||
Materials and supplies consist primarily of tubular goods and well equipment to be used in future drilling operations or repair operations and are carried at the lower of cost or market value, on a first-in, first-out basis. | ||||||||||||||||
The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company’s oil, natural gas and NGL producing activities: | ||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
Proved properties | $ | 422,083 | $ | 387,242 | ||||||||||||
Wells and related equipment and facilities | 2,080,178 | 2,625,891 | ||||||||||||||
Support equipment and facilities | 163,242 | 304,914 | ||||||||||||||
Materials and supplies | 10,193 | 13,220 | ||||||||||||||
Total proved oil and gas properties | $ | 2,675,696 | $ | 3,331,267 | ||||||||||||
Unproved properties | 307,557 | 384,486 | ||||||||||||||
Wells and facilities in progress | 54,829 | 72,721 | ||||||||||||||
Total unproved oil and gas properties, excluded from amortization | $ | 362,386 | $ | 457,207 | ||||||||||||
Oil and gas properties held for sale, net (1) | 378,449 | — | ||||||||||||||
Accumulated depreciation, depletion, amortization and impairment | (907,222 | ) | (1,203,495 | ) | ||||||||||||
Total oil and gas properties, net | $ | 2,509,309 | $ | 2,584,979 | ||||||||||||
-1 | The oil and gas properties held for sale balance shown in this table is different from the balance on the Unaudited Consolidated Balance Sheet because it does not include $4.1 million of furniture, equipment and other, net. | |||||||||||||||
All exploratory wells are evaluated for economic viability within one year of well completion. Exploratory wells that discover potentially economic reserves in areas where a major capital expenditure would be required before production could begin, and where the economic viability of that major capital expenditure depends upon the successful completion of further exploratory work in the area, remain capitalized if the well finds a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. As of September 30, 2013 and December 31, 2012, there were no exploratory well costs that had been capitalized for a period greater than one year since the completion of drilling. | ||||||||||||||||
The Company reviews proved oil and gas properties on a field-by-field basis for impairment on an annual basis or whenever events and circumstances indicate that a decline in the recoverability of their carrying value may have occurred. The Company estimates the expected undiscounted future cash flows of its oil and gas properties and compares such undiscounted future cash flows to the carrying amount of the oil and gas properties to determine if the carrying amount is recoverable. If the carrying value of a property exceeds the undiscounted future cash flows, the Company will impair the carrying value to fair value based on an analysis of quantitative and qualitative factors. The Company has no guarantee that the undiscounted future cash flows analysis of its proved property represents the applicable market value. The factors used to determine fair value include, but are not limited to, recent sales prices of comparable properties, the present value of future cash flows, net of estimated operating and development costs using estimates of reserves, future commodity pricing, future production estimates, anticipated capital expenditures and various discount rates commensurate with the risk and current market conditions associated with realizing the expected cash flows projected. | ||||||||||||||||
The Company recognized non-cash impairment charges, which were included within impairment, dry hole costs and abandonment expense in the Unaudited Consolidated Statements of Operations, as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Non-cash impairment of proved oil and gas properties (1) | $ | 198,787 | $ | — | $ | 198,787 | $ | — | ||||||||
Non-cash impairment of unproved oil and gas properties (2) (3) | 17,777 | 18,772 | 17,777 | 37,109 | ||||||||||||
Dry hole costs | (36 | ) | 15,658 | 928 | 15,891 | |||||||||||
Abandonment expense | 2,835 | 4,110 | 10,154 | 7,179 | ||||||||||||
Total non-cash impairment, dry hole costs and abandonment expense | $ | 219,363 | $ | 38,540 | $ | 227,646 | $ | 60,179 | ||||||||
-1 | Non-cash impairment of proved oil and gas properties for the three and nine months ended September 30, 2013 related to assets classified as held for sale at September 30, 2013. The impairment was the result of an analysis of the carrying value of the related properties relative to their estimated fair values. | |||||||||||||||
-2 | Non-cash impairment of unproved oil and gas properties for the three and nine months ended September 30, 2013 was comprised of $15.3 million related to certain unproved oil and gas properties within exploration projects primarily as a result of no future plans to evaluate the remaining acreage and an estimated market value below our carrying value and $2.5 million related to unproved properties held for sale at September 30, 2013. | |||||||||||||||
-3 | Non-cash impairment of unproved oil and gas properties for the three months ended September 30, 2012 of $18.8 million related to certain unproved oil and gas properties within exploration projects primarily as a result of unfavorable natural gas exploratory results, unfavorable market conditions or no future plans to evaluate the remaining acreage. The additional $18.3 million unproved oil and gas properties impairment expense for the nine months ended September 30, 2012 also related to unproved oil and gas properties within other exploration and development projects primarily as a result of unfavorable market conditions or no future plans to evaluate the remaining acreage. | |||||||||||||||
The provision for DD&A of oil and gas properties is calculated on a field-by-field basis using the unit-of-production method. Oil and NGLs are converted to natural gas equivalents, Mcfe, at the standard rate of one barrel to six Mcfe. Estimated future dismantlement, restoration and abandonment costs, which are net of estimated salvage values, are taken into consideration by this calculation. | ||||||||||||||||
Accounts Payable and Accrued Liabilities | ' | |||||||||||||||
Accounts Payable and Accrued Liabilities. Accounts payable and accrued liabilities are comprised of the following: | ||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
Accrued drilling, completion and facility costs | $ | 63,618 | $ | 42,094 | ||||||||||||
Accrued lease operating, gathering, transportation and processing expenses | 19,481 | 16,862 | ||||||||||||||
Accrued general and administrative expenses | 8,542 | 13,054 | ||||||||||||||
Trade payables and other | 31,768 | 53,007 | ||||||||||||||
Total accounts payable and accrued liabilities | $ | 123,409 | $ | 125,017 | ||||||||||||
Environmental Liabilities | ' | |||||||||||||||
Environmental Liabilities. Environmental expenditures that relate to an existing condition caused by past operations and that do not contribute to current or future revenue generation are expensed. Environmental liabilities are accrued when environmental assessments and/or clean-ups are probable, and the costs can be reasonably estimated. | ||||||||||||||||
Revenue Recognition | ' | |||||||||||||||
Revenue Recognition. The Company records revenues from the sales of crude oil, natural gas and NGLs when delivery to the purchaser has occurred. The Company uses the sales method to account for gas and NGL imbalances. Under this method, revenue is recorded on the basis of gas and NGLs actually sold by the Company. In addition, the Company records revenues for its share of gas and NGLs sold by other owners that cannot be volumetrically balanced in the future due to insufficient remaining reserves. The Company also reduces revenues for other owners’ gas and NGLs sold by the Company that cannot be volumetrically balanced in the future due to insufficient remaining reserves. The Company’s remaining over- and under- produced gas and NGLs balancing positions are considered in the Company’s proved oil, gas and NGL reserves. Imbalances at September 30, 2013 and December 31, 2012 were not material. | ||||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||
Derivative Instruments and Hedging Activities. The Company periodically uses derivative financial instruments to achieve a more predictable cash flow from its oil, natural gas and NGL sales by reducing its exposure to price fluctuations. Derivative instruments are recorded at fair market value and are included in the Unaudited Consolidated Balance Sheets as assets or liabilities. | ||||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes. Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently payable plus deferred income taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred income tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when assets are recovered or liabilities are settled. Deferred income taxes also include tax credits and net operating losses that are available to offset future income taxes. Deferred income taxes are measured by applying currently enacted tax rates. | ||||||||||||||||
The Company accounts for uncertainty in income taxes for tax positions taken or expected to be taken in a tax return. Only tax positions that meet the more-likely-than-not recognition threshold are recognized. | ||||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings/Loss Per Share. Basic net loss per common share is calculated by dividing net loss attributable to common stock by the weighted average number of common shares outstanding during each period. Diluted net loss per common share is calculated by dividing net loss attributable to common stock by the weighted average number of common shares outstanding and other dilutive securities. Potentially dilutive securities for the diluted net income per common share calculations consist of nonvested equity shares of common stock, in-the-money outstanding stock options to purchase the Company’s common stock and shares into which the Convertible Notes are convertible. No potential common shares are included in the computation of any diluted per share amount when a net loss exists, as was the case for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
In satisfaction of its obligation upon conversion of the Convertible Notes, the Company may elect to deliver, at its option, cash, shares of its common stock or a combination of cash and shares of its common stock. As of September 30, 2013, the Company expected to settle the remaining Convertible Notes in cash. Therefore, the treasury stock method was used to measure the potentially dilutive impact of shares associated with that remaining conversion feature. The Company has the right with at least 30 days’ notice to call the Convertible Notes and the holders have the right to require the Company to purchase the notes on March 20, 2015. The Convertible Notes have not been dilutive since their issuance in March 2008 and, therefore, did not impact the diluted net loss per common share calculation for the three and nine months ended September 30, 2013 and 2012. The diluted net loss per common share excludes the anti-dilutive effect of 2,450,539 and 3,799,612 shares of stock options and nonvested equity shares of common stock for the three months ended September 30, 2013 and 2012, respectively, and 2,731,578 and 3,829,825 shares of stock options and nonvested equity shares of common stock for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
The following table sets forth the calculation of basic and diluted loss per share: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Net loss | $ | (166,656 | ) | $ | (52,626 | ) | $ | (185,534 | ) | $ | (13,435 | ) | ||||
Basic weighted-average common shares outstanding in period | 47,535 | 47,230 | 47,453 | 47,173 | ||||||||||||
Add dilutive effects of stock options and nonvested equity shares of common stock | — | — | — | — | ||||||||||||
Diluted weighted-average common shares outstanding in period | 47,535 | 47,230 | 47,453 | 47,173 | ||||||||||||
Basic net loss per common share | $ | (3.51 | ) | $ | (1.11 | ) | $ | (3.91 | ) | $ | (0.28 | ) | ||||
Diluted net loss per common share | $ | (3.51 | ) | $ | (1.11 | ) | $ | (3.91 | ) | $ | (0.28 | ) | ||||
Industry Segment and Geographic Information | ' | |||||||||||||||
Industry Segment and Geographic Information. The Company operates in one industry segment, which is the development and production of crude oil, natural gas and NGLs, and all of the Company’s operations are conducted in the continental United States. Consequently, the Company currently reports as a single industry segment. | ||||||||||||||||
New Accounting Pronouncements | ' | |||||||||||||||
New Accounting Pronouncements. In January 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-1, Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which amended FASB Accounting Standards Codification (“ASC”) Topic 210, Balance Sheet. The main objective in developing this update was to address implementation issues about the scope of ASU 2011-11, Balance Sheet: Disclosures about Offsetting Assets and Liabilities. The amendments clarify that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with ASC 210-20-45 or ASC 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. This provision is effective for fiscal years beginning on or after January 1, 2013. Adoption of this update did not have a material impact on the Company’s disclosures or financial statements. | ||||||||||||||||
In February 2013, the FASB issued ASU 2013-2, Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which amended ASC Topic 220, Comprehensive Income. The objective of this update was to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendment did not change the requirements for reporting net income or other comprehensive income in financial statements. However, the amendment required an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This provision is effective for interim and annual periods beginning after December 15, 2012. Adoption of this update did not have a material impact on the Company’s disclosures or financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Summary of Accounts Receivable | ' | |||||||||||||||
Accounts receivable is comprised of the following: | ||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
Accrued oil, gas and NGL sales | $ | 68,013 | $ | 69,482 | ||||||||||||
Due from joint interest owners | 28,489 | 36,300 | ||||||||||||||
Other | 3,058 | 6,554 | ||||||||||||||
Allowance for doubtful accounts | (23 | ) | (325 | ) | ||||||||||||
Total accounts receivable | $ | 99,537 | $ | 112,011 | ||||||||||||
Net Capitalized Costs and Associated Accumulated DD&A and Non Cash Impairments | ' | |||||||||||||||
The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company’s oil, natural gas and NGL producing activities: | ||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
Proved properties | $ | 422,083 | $ | 387,242 | ||||||||||||
Wells and related equipment and facilities | 2,080,178 | 2,625,891 | ||||||||||||||
Support equipment and facilities | 163,242 | 304,914 | ||||||||||||||
Materials and supplies | 10,193 | 13,220 | ||||||||||||||
Total proved oil and gas properties | $ | 2,675,696 | $ | 3,331,267 | ||||||||||||
Unproved properties | 307,557 | 384,486 | ||||||||||||||
Wells and facilities in progress | 54,829 | 72,721 | ||||||||||||||
Total unproved oil and gas properties, excluded from amortization | $ | 362,386 | $ | 457,207 | ||||||||||||
Oil and gas properties held for sale, net (1) | 378,449 | — | ||||||||||||||
Accumulated depreciation, depletion, amortization and impairment | (907,222 | ) | (1,203,495 | ) | ||||||||||||
Total oil and gas properties, net | $ | 2,509,309 | $ | 2,584,979 | ||||||||||||
-1 | The oil and gas properties held for sale balance shown in this table is different from the balance on the Unaudited Consolidated Balance Sheet because it does not include $4.1 million of furniture, equipment and other, net. | |||||||||||||||
Non-Cash Impairment Charges, Included within Impairment, Dry Hole Costs and Abandonment Expense in Consolidated Statements of Operations | ' | |||||||||||||||
The Company recognized non-cash impairment charges, which were included within impairment, dry hole costs and abandonment expense in the Unaudited Consolidated Statements of Operations, as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Non-cash impairment of proved oil and gas properties (1) | $ | 198,787 | $ | — | $ | 198,787 | $ | — | ||||||||
Non-cash impairment of unproved oil and gas properties (2) (3) | 17,777 | 18,772 | 17,777 | 37,109 | ||||||||||||
Dry hole costs | (36 | ) | 15,658 | 928 | 15,891 | |||||||||||
Abandonment expense | 2,835 | 4,110 | 10,154 | 7,179 | ||||||||||||
Total non-cash impairment, dry hole costs and abandonment expense | $ | 219,363 | $ | 38,540 | $ | 227,646 | $ | 60,179 | ||||||||
-1 | Non-cash impairment of proved oil and gas properties for the three and nine months ended September 30, 2013 related to assets classified as held for sale at September 30, 2013. The impairment was the result of an analysis of the carrying value of the related properties relative to their estimated fair values. | |||||||||||||||
-2 | Non-cash impairment of unproved oil and gas properties for the three and nine months ended September 30, 2013 was comprised of $15.3 million related to certain unproved oil and gas properties within exploration projects primarily as a result of no future plans to evaluate the remaining acreage and an estimated market value below our carrying value and $2.5 million related to unproved properties held for sale at September 30, 2013. | |||||||||||||||
-3 | Non-cash impairment of unproved oil and gas properties for the three months ended September 30, 2012 of $18.8 million related to certain unproved oil and gas properties within exploration projects primarily as a result of unfavorable natural gas exploratory results, unfavorable market conditions or no future plans to evaluate the remaining acreage. The additional $18.3 million unproved oil and gas properties impairment expense for the nine months ended September 30, 2012 also related to unproved oil and gas properties within other exploration and development projects primarily as a result of unfavorable market conditions or no future plans to evaluate the remaining acreage. | |||||||||||||||
Accounts Payable and Accrued Liabilities | ' | |||||||||||||||
Accounts payable and accrued liabilities are comprised of the following: | ||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||
Accrued drilling, completion and facility costs | $ | 63,618 | $ | 42,094 | ||||||||||||
Accrued lease operating, gathering, transportation and processing expenses | 19,481 | 16,862 | ||||||||||||||
Accrued general and administrative expenses | 8,542 | 13,054 | ||||||||||||||
Trade payables and other | 31,768 | 53,007 | ||||||||||||||
Total accounts payable and accrued liabilities | $ | 123,409 | $ | 125,017 | ||||||||||||
Calculation of Basic and Diluted Earnings Per Share | ' | |||||||||||||||
The following table sets forth the calculation of basic and diluted loss per share: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Net loss | $ | (166,656 | ) | $ | (52,626 | ) | $ | (185,534 | ) | $ | (13,435 | ) | ||||
Basic weighted-average common shares outstanding in period | 47,535 | 47,230 | 47,453 | 47,173 | ||||||||||||
Add dilutive effects of stock options and nonvested equity shares of common stock | — | — | — | — | ||||||||||||
Diluted weighted-average common shares outstanding in period | 47,535 | 47,230 | 47,453 | 47,173 | ||||||||||||
Basic net loss per common share | $ | (3.51 | ) | $ | (1.11 | ) | $ | (3.91 | ) | $ | (0.28 | ) | ||||
Diluted net loss per common share | $ | (3.51 | ) | $ | (1.11 | ) | $ | (3.91 | ) | $ | (0.28 | ) |
Supplemental_Disclosures_of_Ca1
Supplemental Disclosures of Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Cash Flow Information | ' | |||||||
Supplemental cash flow information is as follows: | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Cash paid for interest, net of amount capitalized | $ | 61,796 | $ | 49,040 | ||||
Cash paid for income taxes | 1,861 | 11 | ||||||
Supplemental disclosures of non-cash investing and financing activities: | ||||||||
Current liabilities | 75,265 | 75,092 | ||||||
Net increase in asset retirement obligations | 2,924 | 280 | ||||||
Retirement of treasury stock | (1,415 | ) | (2,430 | ) |
Divestitures_and_Assets_Held_f1
Divestitures and Assets Held for Sale Asset Held for Sale (Tables) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | |||
Long Lived Assets Held-for-sale [Line Items] | ' | |||
Long Lived Assets Held-for-sale, Impairment Charge | $201.30 | |||
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | ' | |||
See the table below for detail of the assets held for sale included on the Unaudited Consolidated Balance Sheet: | ||||
As of September 30, 2013 | ||||
(in thousands) | ||||
Assets | ||||
Proved properties | $ | 1,070,400 | ||
Unproved properties | 12,469 | |||
Furniture, equipment and other | 4,205 | |||
Accumulated depreciation, depletion, amortization and impairment | (704,520 | ) | ||
Total assets held for sale | $ | 382,554 | ||
Liabilities | ||||
Asset retirement obligation held for sale | 13,082 | |||
Lease financing obligation held for sale | 46,363 | |||
Total liabilities held for sale | $ | 59,445 | ||
Net assets | $ | 323,109 | ||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Outstanding Debt | ' | ||||||||||||||||||||||||
The Company’s outstanding debt is summarized below: | |||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||
Maturity Date | Principal | Unamortized | Carrying | Principal | Unamortized | Carrying | |||||||||||||||||||
Discount | Amount | Discount | Amount | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Amended Credit Facility (1) | October 31, 2016 | $ | 390,000 | $ | — | $ | 390,000 | $ | — | $ | — | $ | — | ||||||||||||
9.875% Senior Notes (2) | July 15, 2016 | — | — | — | 250,000 | (7,209 | ) | 242,791 | |||||||||||||||||
Convertible Notes (3) | March 15, 2028 (4) | 25,344 | — | 25,344 | 25,344 | — | 25,344 | ||||||||||||||||||
7.625% Senior Notes (5) | October 1, 2019 | 400,000 | — | 400,000 | 400,000 | — | 400,000 | ||||||||||||||||||
7.0% Senior Notes (6) | October 15, 2022 | 400,000 | — | 400,000 | 400,000 | — | 400,000 | ||||||||||||||||||
Lease Financing Obligation (7) | August 10, 2020 | 44,453 | — | 44,453 | 97,596 | — | 97,596 | ||||||||||||||||||
Total Debt | $ | 1,259,797 | $ | — | $ | 1,259,797 | $ | 1,172,940 | $ | (7,209 | ) | $ | 1,165,731 | ||||||||||||
Less: Current Portion of Long-Term Debt | 4,554 | — | 4,554 | 9,077 | — | 9,077 | |||||||||||||||||||
Total Long-Term Debt (8) | $ | 1,255,243 | $ | — | $ | 1,255,243 | $ | 1,163,863 | $ | (7,209 | ) | $ | 1,156,654 | ||||||||||||
-1 | The recorded value of the Amended Credit Facility approximates its fair value due to its floating rate structure. | ||||||||||||||||||||||||
-2 | The aggregate estimated fair value of the 9.875% Senior Notes was $271.9 million as of December 31, 2012 based on reported market trades of these instruments. The 9.875% Senior Notes were redeemed in full on July 15, 2013. | ||||||||||||||||||||||||
-3 | The aggregate estimated fair value of the Convertible Notes was approximately $25.2 million and $25.3 million as of September 30, 2013 and December 31, 2012, respectively, based on reported market trades of these instruments. | ||||||||||||||||||||||||
-4 | The Company has the right at any time, with at least 30 days’ notice, to call the Convertible Notes, and the holders have the right to require the Company to purchase the notes on each of March 20, 2015, March 20, 2018 and March 20, 2023. | ||||||||||||||||||||||||
-5 | The aggregate estimated fair value of the 7.625% Senior Notes was approximately $410.0 million and $435.0 million as of September 30, 2013 and December 31, 2012, respectively, based on reported market trades of these instruments. | ||||||||||||||||||||||||
-6 | The aggregate estimated fair value of the 7.0% Senior Notes was approximately $390.0 million and $413.8 million as of September 30, 2013 and December 31, 2012, respectively, based on reported market trades of these instruments. | ||||||||||||||||||||||||
-7 | The aggregate estimated fair value of the full Lease Financing Obligation was approximately $88.1 million as of September 30, 2013, 51% of which is held for sale at September 30, 2013, and $97.7 million as of December 31, 2012, respectively. Because there is no active, public market for the Lease Financing Obligation, the aggregate estimated fair value was based on market-based parameters of comparable term secured financing instruments. | ||||||||||||||||||||||||
-8 | The total long-term debt balance excludes $46.4 million related to the Lease Financing Obligation that is included in liabilities associated with assets held for sale in the Unaudited Consolidated Balance Sheet. See Note 4 for additional information. | ||||||||||||||||||||||||
Cash and Non-Cash Portion of Interest Expense Related to Long Term Debt | ' | ||||||||||||||||||||||||
The following table summarizes, for the periods indicated, the cash or accrued portion of interest expense related to the Amended Credit Facility, 9.875% Senior Notes, Convertible Notes, 7.625% Senior Notes, 7.0% Senior Notes and the Lease Financing Obligation along with the non-cash portion resulting from the amortization of the debt discount and transaction costs through interest expense: | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Amended Credit Facility (1) | |||||||||||||||||||||||||
Cash interest | $ | 2,296 | $ | 1,453 | $ | 4,211 | $ | 3,707 | |||||||||||||||||
Non-cash interest | $ | 585 | $ | 586 | $ | 1,756 | $ | 1,757 | |||||||||||||||||
9.875% Senior Notes (2) | |||||||||||||||||||||||||
Cash interest | $ | 1,029 | $ | 6,172 | $ | 13,373 | $ | 18,516 | |||||||||||||||||
Non-cash interest | $ | — | $ | 657 | $ | 1,361 | $ | 1,911 | |||||||||||||||||
Convertible Notes (3) | |||||||||||||||||||||||||
Cash interest | $ | 310 | $ | 317 | $ | 943 | $ | 2,585 | |||||||||||||||||
Non-cash interest | $ | 1 | $ | 1 | $ | 4 | $ | 1,770 | |||||||||||||||||
7.625% Senior Notes (4) | |||||||||||||||||||||||||
Cash interest | $ | 7,625 | $ | 7,625 | $ | 22,875 | $ | 22,875 | |||||||||||||||||
Non-cash interest | $ | 272 | $ | 262 | $ | 798 | $ | 803 | |||||||||||||||||
7.0% Senior Notes (5) | |||||||||||||||||||||||||
Cash interest | $ | 7,000 | $ | 7,000 | $ | 21,000 | $ | 15,397 | |||||||||||||||||
Non-cash interest | $ | 203 | $ | 197 | $ | 592 | $ | 464 | |||||||||||||||||
Lease Financing Obligation (6) | |||||||||||||||||||||||||
Cash interest | $ | 750 | $ | 548 | $ | 2,305 | $ | 548 | |||||||||||||||||
Non-cash interest | $ | 8 | $ | 6 | $ | 24 | $ | 6 | |||||||||||||||||
-1 | Cash interest includes amounts related to interest and commitment fees paid on the Amended Credit Facility and participation and fronting fees paid on the letter of credit. | ||||||||||||||||||||||||
-2 | The stated interest rate for the 9.875% Senior Notes was 9.875% per annum with an effective interest rate of 11.2% per annum. The Company redeemed the 9.875% Senior Notes in full on July 15, 2013. | ||||||||||||||||||||||||
-3 | The stated interest rate for the Convertible Notes is 5% per annum. The effective interest rate of the Convertible Notes includes amortization of the debt discount, which represented the fair value of the equity conversion feature at the time of issue. The stated interest rate of 5% on the Convertible Notes will be the effective interest rate of the $25.3 million remaining principal balance, as the related debt discount was fully amortized as of March 31, 2012. | ||||||||||||||||||||||||
-4 | The stated interest rate for the 7.625% Senior Notes is 7.625% per annum with an effective interest rate of 8.0% per annum. | ||||||||||||||||||||||||
-5 | The stated interest rate for the 7.0% Senior Notes is 7.0% per annum with an effective interest rate of 7.2% per annum. | ||||||||||||||||||||||||
-6 | The effective interest rate for the Lease Financing Obligation is 3.3% per annum. |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||
Schedule of Asset Retirement Obligations | ' | |||
A reconciliation of the Company’s asset retirement obligations for the nine months ended September 30, 2013 is as follows (in thousands): | ||||
As of December 31, 2012 | $ | 47,616 | ||
Liabilities incurred | 2,095 | |||
Liabilities settled | (824 | ) | ||
Disposition of properties | (387 | ) | ||
Accretion expense | 2,604 | |||
Revisions to estimate | 1,218 | |||
As of September 30, 2013 | $ | 52,322 | ||
Less: liabilities associated with properties held for sale | 13,082 | |||
Less: current asset retirement obligations | 948 | |||
Long-term asset retirement obligations | $ | 38,292 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, Balance Sheet Grouping | ' | |||||||||||||||
The following tables set forth by level within the fair value hierarchy the Company’s financial assets and financial liabilities that were measured at fair value on a recurring basis. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy levels. | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Deferred Compensation Plan | $ | 920 | $ | — | $ | — | $ | 920 | ||||||||
Cash Equivalents - Money Market Funds | 53 | — | — | 53 | ||||||||||||
Commodity Derivatives | — | 16,881 | — | 16,881 | ||||||||||||
Liabilities | ||||||||||||||||
Commodity Derivatives | $ | — | $ | 11,804 | $ | — | $ | 11,804 | ||||||||
As of December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Deferred Compensation Plan | $ | 966 | $ | — | $ | — | $ | 966 | ||||||||
Cash Equivalents - Money Market Funds | 53 | — | — | 53 | ||||||||||||
Commodity Derivatives | — | 40,432 | — | 40,432 | ||||||||||||
Liabilities | ||||||||||||||||
Commodity Derivatives | $ | — | $ | 7,875 | $ | — | $ | 7,875 | ||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
Fair Value Amounts of Derivative Instruments | ' | |||||||||||||||||
The following table summarizes the location, as well as the gross and net fair value amounts of all derivative instruments presented on the Unaudited Consolidated Balance Sheets as of the dates indicated. | ||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||
Balance Sheet | Gross Amounts of | Gross Amounts | Net Amounts of Assets | |||||||||||||||
Recognized Assets | Offset in the Balance | Presented in the Balance | ||||||||||||||||
Sheet | Sheet | |||||||||||||||||
(in thousands) | ||||||||||||||||||
Derivative assets | $ | 12,217 | $ | (8,711 | ) | (1) | $ | 3,506 | ||||||||||
Deferred financing costs and other noncurrent assets | 4,664 | (822 | ) | (1) | 3,842 | (2) | ||||||||||||
Total derivative assets | $ | 16,881 | $ | (9,533 | ) | $ | 7,348 | |||||||||||
Gross Amounts of | Gross Amounts | Net Amounts of Liabilities | ||||||||||||||||
Recognized | Offset in the Balance | Presented in the Balance | ||||||||||||||||
Liabilities | Sheet | Sheet | ||||||||||||||||
(in thousands) | ||||||||||||||||||
Derivative liabilities | $ | (10,982 | ) | $ | 8,711 | (3) | $ | (2,271 | ) | |||||||||
Derivatives and other noncurrent liabilities | (822 | ) | 822 | (3) | — | |||||||||||||
Total derivative liabilities | $ | (11,804 | ) | $ | 9,533 | $ | (2,271 | ) | ||||||||||
As of December 31, 2012 | ||||||||||||||||||
Balance Sheet | Gross Amounts of | Gross Amounts | Net Amounts of Assets | |||||||||||||||
Recognized Assets | Offset in the Balance | Presented in the Balance | ||||||||||||||||
Sheet | Sheet | |||||||||||||||||
(in thousands) | ||||||||||||||||||
Derivative assets | $ | 34,828 | $ | (4,848 | ) | (1) | $ | 29,980 | ||||||||||
Deferred financing costs and other noncurrent assets | 5,604 | (2,623 | ) | (1) | 2,981 | (2) | ||||||||||||
Total derivative assets | $ | 40,432 | $ | (7,471 | ) | $ | 32,961 | |||||||||||
Gross Amounts of | Gross Amounts | Net Amounts of Liabilities | ||||||||||||||||
Recognized | Offset in the Balance | Presented in the Balance | ||||||||||||||||
Liabilities | Sheet | Sheet | ||||||||||||||||
(in thousands) | ||||||||||||||||||
Derivative liabilities | $ | (4,848 | ) | $ | 4,848 | (3) | $ | — | ||||||||||
Derivatives and other noncurrent liabilities | (3,027 | ) | 2,623 | (3) | (404 | ) | (4) | |||||||||||
Total derivative liabilities | $ | (7,875 | ) | $ | 7,471 | $ | (404 | ) | ||||||||||
-1 | Amounts are netted against derivative asset balances with the same counterparty, and therefore, are presented as a net asset on the Unaudited Consolidated Balance Sheets. | |||||||||||||||||
-2 | As of September 30, 2013 and December 31, 2012, this line item on the Unaudited Consolidated Balance Sheets includes $20.2 million and $26.8 million of deferred financing costs and other noncurrent assets, respectively. | |||||||||||||||||
-3 | Amounts are netted against derivative liability balances with the same counterparty, and, therefore, are presented as a net liability on the Unaudited Consolidated Balance Sheets. | |||||||||||||||||
-4 | As of December 31, 2012, this line item on the Unaudited Consolidated Balance Sheets includes $4.1 million of other noncurrent liabilities. | |||||||||||||||||
Cash Flow Hedge Gains and Losses | ' | |||||||||||||||||
The following table summarizes the cash flow hedge gains, net of tax, and their locations on the Unaudited Consolidated Balance Sheets and Unaudited Consolidated Statements of Operations as of the periods indicated: | ||||||||||||||||||
Derivatives Qualifying as | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
Cash Flow Hedges | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | ||||||||||||||||||
Amount of Gain Reclassified from AOCI into Income (net of tax) (1) (2) | Commodity Hedges | $ | 1,186 | $ | 12,739 | $ | 3,688 | $ | 41,644 | |||||||||
-1 | Gains reclassified from AOCI into income are included in the oil, gas and NGL production revenues in the Unaudited Consolidated Statements of Operations. | |||||||||||||||||
-2 | Presented net of income tax expense of $0.7 million and $7.7 million for the three months ended September 30, 2013 and 2012, respectively, and $2.2 million and $25.0 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
Financial Instruments for Hedging Volumes | ' | |||||||||||||||||
As of September 30, 2013, the Company had financial instruments in place to hedge the following volumes for the periods indicated: | ||||||||||||||||||
October –December | For the year | For the year | ||||||||||||||||
2013 | 2014 | 2015 | ||||||||||||||||
Oil (Bbls) | 806,300 | 2,972,200 | 401,200 | |||||||||||||||
Natural Gas (MMbtu) | 11,355,000 | 30,415,000 | 3,650,000 | |||||||||||||||
Natural Gas Liquids (Bbls) | 98,214 | 35,714 | — | |||||||||||||||
Realized and Unrealized Gains and Losses on Commodity Derivative Instruments | ' | |||||||||||||||||
The table below summarizes the commodity derivative gains and losses the Company recognized related to its oil, gas and NGL derivative instruments for the periods indicated: | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(in thousands) | ||||||||||||||||||
Commodity derivative settlements on derivatives designated as cash flow hedges (1) | $ | 1,899 | $ | 20,391 | $ | 5,902 | $ | 66,654 | ||||||||||
Total commodity derivative gain (loss) (2) | (25,595 | ) | (38,340 | ) | (18,607 | ) | 53,431 | |||||||||||
-1 | Included in oil, gas and NGL production revenues in the Unaudited Consolidated Statements of Operations. | |||||||||||||||||
-2 | Included in commodity derivative gain (loss) in the Unaudited Consolidated Statements of Operations. |
Equity_Incentive_Compensation_1
Equity Incentive Compensation Plans and Other Employee Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Non-Cash Stock-Based Compensation Cost Related to Equity Awards | ' | |||||||||||||||
The following table presents the non-cash stock-based compensation related to equity awards for the periods indicated: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Common stock options | $ | 681 | $ | 1,626 | $ | 3,898 | $ | 5,299 | ||||||||
Nonvested equity common stock | 1,562 | 1,711 | 5,550 | 5,485 | ||||||||||||
Nonvested equity common stock units | 277 | 371 | 989 | 371 | ||||||||||||
Nonvested performance-based equity | 712 | 372 | 1,410 | 1,175 | ||||||||||||
Total | $ | 3,232 | $ | 4,080 | $ | 11,847 | $ | 12,330 | ||||||||
Stock Options and Nonvested Equity Shares, Equity Awards Granted | ' | |||||||||||||||
The following tables present the equity awards granted pursuant to the Company’s various stock compensation plans: | ||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||
Number | Weighted Average | Number | Weighted Average | |||||||||||||
of Options | Price Per Share | of Options | Price Per Share | |||||||||||||
Options to purchase shares of common stock | — | $ | — | 26,602 | $ | 20.23 | ||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||
Number of | Weighted Average | Number of | Weighted Average | |||||||||||||
Shares | Grant Date Fair | Shares | Grant Date Fair | |||||||||||||
Value Per Share | Value Per Share | |||||||||||||||
Nonvested equity common stock | 57,792 | $ | 22.36 | 31,664 | $ | 21.64 | ||||||||||
Nonvested equity common stock units | 2,210 | $ | 25.11 | 52,917 | $ | 18.94 | ||||||||||
Nonvested performance-based equity shares | 154,314 | $ | 20.86 | 3,400 | $ | 23.48 | ||||||||||
Total shares granted | 214,316 | 87,981 | ||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||
Number | Weighted Average | Number | Weighted Average | |||||||||||||
of Options | Price Per Share | of Options | Price Per Share | |||||||||||||
Options to purchase shares of common stock | — | $ | — | 582,284 | $ | 27.16 | ||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||
Number of | Weighted Average | Number of | Weighted Average | |||||||||||||
Shares | Grant Date Fair | Shares | Grant Date Fair | |||||||||||||
Value Per Share | Value Per Share | |||||||||||||||
Nonvested equity common stock | 615,052 | $ | 17.8 | 260,778 | $ | 26.06 | ||||||||||
Nonvested equity common stock units | 54,429 | $ | 22.17 | 52,917 | $ | 18.94 | ||||||||||
Nonvested performance-based equity shares | 442,300 | $ | 18.08 | 179,987 | $ | 26.26 | ||||||||||
Total shares granted | 1,111,781 | 493,682 | ||||||||||||||
Directors Fees | ' | |||||||||||||||
A summary of the Company’s directors’ fees and equity-based compensation for the three and nine months ended September 30, 2013 and 2012 is presented below: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Director fees (shares) | 2,210 | 3,732 | 14,116 | 6,907 | ||||||||||||
Stock-based compensation (in thousands) | $ | 56 | $ | 92 | $ | 297 | $ | 167 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Aggregate Undiscounted Minimum Future Lease Payments | ' | |||
The Company has a Lease Financing Obligation with Bank of America Leasing & Capital, LLC as the lead bank as discussed in Note 5. The aggregate undiscounted minimum future lease payments are presented below: | ||||
As of September 30, 2013 | ||||
(in thousands) | ||||
2013 | $ | 3,034 | ||
2014 | 12,139 | |||
2015 | 12,139 | |||
2016 | 12,139 | |||
2017 | 12,139 | |||
Thereafter | 32,368 | |||
Total (1) | $ | 83,958 | ||
-1 | The balance shown in this table includes the approximately 51% of the Lease Financing Obligation that the purchaser will assume upon closing of the West Tavaputs Sale in December 2013. See Note 13 | |||
Gross Future Minimum Transportation Demand and Firm Processing Charges | ' | |||
The amounts in the table below represent the Company’s gross future minimum transportation demand and firm processing charges. However, the Company will record in its financial statements only the Company’s proportionate share based on the Company’s working interest and net revenue interest, which will vary from property to property. | ||||
As of September 30, 2013 | ||||
(in thousands) | ||||
2013 | $ | 14,450 | ||
2014 | 57,929 | |||
2015 | 58,065 | |||
2016 | 56,464 | |||
2017 | 51,824 | |||
Thereafter | 147,984 | |||
Total (1) | $ | 386,716 | ||
-1 | The balance shown in this table includes $137.7 million of transportation demand and firm processing charges that the purchaser will assume upon closing of the West Tavaputs Sale in December 2013. See Note 13. | |||
Future Minimum Annual Payments Under Drilling, Lease and Other Agreements | ' | |||
Future minimum annual payments under lease and other agreements are as follows: | ||||
As of September 30, 2013 | ||||
(in thousands) | ||||
2013 | $ | 1,069 | ||
2014 | 4,561 | |||
2015 | 3,099 | |||
2016 | 2,593 | |||
2017 | 2,517 | |||
Thereafter | 3,158 | |||
Total | $ | 16,997 | ||
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | ' | |||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Current assets | $ | 165,436 | $ | 3,615 | $ | — | $ | 169,051 | ||||||||
Property and equipment, net | 2,410,495 | 122,650 | — | 2,533,145 | ||||||||||||
Intercompany receivable (payable) | 156,414 | (156,414 | ) | — | — | |||||||||||
Investment in subsidiaries | (35,826 | ) | — | 35,826 | — | |||||||||||
Noncurrent assets | 24,065 | — | — | 24,065 | ||||||||||||
Total assets | $ | 2,720,584 | $ | (30,149 | ) | $ | 35,826 | $ | 2,726,261 | |||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||
Current liabilities | $ | 205,331 | $ | 906 | $ | — | $ | 206,237 | ||||||||
Long-term debt | 1,255,243 | — | — | 1,255,243 | ||||||||||||
Deferred income taxes | 153,847 | 2,187 | — | 156,034 | ||||||||||||
Other noncurrent liabilities | 99,165 | 2,584 | — | 101,749 | ||||||||||||
Stockholders’ equity | 1,006,998 | (35,826 | ) | 35,826 | 1,006,998 | |||||||||||
Total liabilities and stockholders’ equity | $ | 2,720,584 | $ | (30,149 | ) | $ | 35,826 | $ | 2,726,261 | |||||||
As of December 31, 2012 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Current assets | $ | 226,013 | $ | 2,326 | $ | — | $ | 228,339 | ||||||||
Property and equipment, net | 2,514,240 | 97,097 | — | 2,611,337 | ||||||||||||
Intercompany receivable (payable) | 141,272 | (141,272 | ) | — | — | |||||||||||
Investment in subsidiaries | (47,533 | ) | — | 47,533 | — | |||||||||||
Noncurrent assets | 29,773 | — | — | 29,773 | ||||||||||||
Total assets | $ | 2,863,765 | $ | (41,849 | ) | $ | 47,533 | $ | 2,869,449 | |||||||
Liabilities and Stockholders’ Equity: | ||||||||||||||||
Current liabilities | $ | 212,117 | $ | 1,016 | $ | — | $ | 213,133 | ||||||||
Long-term debt | 1,156,654 | — | — | 1,156,654 | ||||||||||||
Deferred income taxes | 264,113 | 2,251 | — | 266,364 | ||||||||||||
Other noncurrent liabilities | 48,106 | 2,417 | — | 50,523 | ||||||||||||
Stockholders’ equity | 1,182,775 | (47,533 | ) | 47,533 | 1,182,775 | |||||||||||
Total liabilities and stockholders’ equity | $ | 2,863,765 | $ | (41,849 | ) | $ | 47,533 | $ | 2,869,449 | |||||||
Schedule of Condensed Consolidating Statements of Operations | ' | |||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Operating and other revenues | $ | 139,286 | $ | 9,269 | $ | — | $ | 148,555 | ||||||||
Operating expenses | (329,791 | ) | (4,432 | ) | — | (334,223 | ) | |||||||||
General and administrative | (14,402 | ) | — | — | (14,402 | ) | ||||||||||
Interest income and other income (expense) | (67,081 | ) | — | — | (67,081 | ) | ||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | (271,988 | ) | 4,837 | — | (267,151 | ) | ||||||||||
Benefit from income taxes | 100,495 | — | — | 100,495 | ||||||||||||
Equity in earnings of subsidiaries | 4,837 | — | (4,837 | ) | — | |||||||||||
Net income (loss) | $ | (166,656 | ) | $ | 4,837 | $ | (4,837 | ) | $ | (166,656 | ) | |||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Operating and other revenues | $ | 405,057 | $ | 24,074 | $ | — | $ | 429,131 | ||||||||
Operating expenses | (556,070 | ) | (12,367 | ) | — | (568,437 | ) | |||||||||
General and administrative | (48,257 | ) | — | — | (48,257 | ) | ||||||||||
Interest income and other income (expense) | (109,290 | ) | — | — | (109,290 | ) | ||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | (308,560 | ) | 11,707 | — | (296,853 | ) | ||||||||||
Benefit from income taxes | 111,319 | — | — | 111,319 | ||||||||||||
Equity in earnings of subsidiaries | 11,707 | — | (11,707 | ) | — | |||||||||||
Net income (loss) | $ | (185,534 | ) | $ | 11,707 | $ | (11,707 | ) | $ | (185,534 | ) | |||||
Three Months Ended September 30, 2012 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Operating and other revenues | $ | 172,054 | $ | 8,812 | $ | — | $ | 180,866 | ||||||||
Operating expenses | (179,917 | ) | (5,399 | ) | — | (185,316 | ) | |||||||||
General and administrative | (17,965 | ) | — | — | (17,965 | ) | ||||||||||
Interest and other income (expense) | (62,814 | ) | — | — | (62,814 | ) | ||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | (88,642 | ) | 3,413 | — | (85,229 | ) | ||||||||||
Benefit from income taxes | 32,603 | — | — | 32,603 | ||||||||||||
Equity in earnings of subsidiaries | 3,413 | — | (3,413 | ) | — | |||||||||||
Net income (loss) | $ | (52,626 | ) | $ | 3,413 | $ | (3,413 | ) | $ | (52,626 | ) | |||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Operating and other revenues | $ | 502,175 | $ | 18,219 | $ | — | $ | 520,394 | ||||||||
Operating expenses | (461,243 | ) | (14,219 | ) | — | (475,462 | ) | |||||||||
General and administrative | (51,441 | ) | — | — | (51,441 | ) | ||||||||||
Interest and other income (expense) | (14,869 | ) | — | — | (14,869 | ) | ||||||||||
Income (loss) before income taxes and equity in earnings of subsidiaries | (25,378 | ) | 4,000 | — | (21,378 | ) | ||||||||||
Benefit from income taxes | 7,943 | — | — | 7,943 | ||||||||||||
Equity in earnings of subsidiaries | 4,000 | — | (4,000 | ) | — | |||||||||||
Net income (loss) | $ | (13,435 | ) | $ | 4,000 | $ | (4,000 | ) | $ | (13,435 | ) | |||||
Schedule of Condensed Consolidating Statements of Comprehensive Income | ' | |||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Net income (loss) | $ | (166,656 | ) | $ | 4,837 | $ | (4,837 | ) | $ | (166,656 | ) | |||||
Other Comprehensive Loss, net of tax: | ||||||||||||||||
Effect of derivative financial instruments | (1,186 | ) | — | — | (1,186 | ) | ||||||||||
Other comprehensive loss | (1,186 | ) | — | — | (1,186 | ) | ||||||||||
Comprehensive income (loss) | $ | (167,842 | ) | $ | 4,837 | $ | (4,837 | ) | $ | (167,842 | ) | |||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Net income (loss) | $ | (185,534 | ) | $ | 11,707 | $ | (11,707 | ) | $ | (185,534 | ) | |||||
Other Comprehensive Loss, net of tax: | ||||||||||||||||
Effect of derivative financial instruments | (3,688 | ) | — | — | (3,688 | ) | ||||||||||
Other comprehensive loss | (3,688 | ) | — | — | (3,688 | ) | ||||||||||
Comprehensive income (loss) | $ | (189,222 | ) | $ | 11,707 | $ | (11,707 | ) | $ | (189,222 | ) | |||||
Three Months Ended September 30, 2012 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Net income (loss) | $ | (52,626 | ) | $ | 3,413 | $ | (3,413 | ) | $ | (52,626 | ) | |||||
Other Comprehensive Loss, net of tax: | ||||||||||||||||
Effect of derivative financial instruments | (12,739 | ) | — | — | (12,739 | ) | ||||||||||
Other comprehensive loss | (12,739 | ) | — | — | (12,739 | ) | ||||||||||
Comprehensive income (loss) | $ | (65,365 | ) | $ | 3,413 | $ | (3,413 | ) | $ | (65,365 | ) | |||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Net income (loss) | $ | (13,435 | ) | $ | 4,000 | $ | (4,000 | ) | $ | (13,435 | ) | |||||
Other Comprehensive Loss, net of tax: | ||||||||||||||||
Effect of derivative financial instruments | (41,644 | ) | — | — | (41,644 | ) | ||||||||||
Other comprehensive loss | (41,644 | ) | — | — | (41,644 | ) | ||||||||||
Comprehensive income (loss) | $ | (55,079 | ) | $ | 4,000 | $ | (4,000 | ) | $ | (55,079 | ) | |||||
Schedule of Condensed Consolidating Statements of Cash Flows | ' | |||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Cash flows from operating activities | $ | 179,003 | $ | 17,299 | $ | — | $ | 196,302 | ||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to oil and gas properties, including acquisitions | (303,366 | ) | (32,231 | ) | — | (335,597 | ) | |||||||||
Additions to furniture, fixtures and other | (1,506 | ) | — | — | (1,506 | ) | ||||||||||
Proceeds from sale of properties and other investing activities | 784 | — | — | 784 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from debt | 390,000 | — | — | 390,000 | ||||||||||||
Principal and redemption premium payments on debt | (269,125 | ) | — | — | (269,125 | ) | ||||||||||
Intercompany transfers | (14,932 | ) | 14,932 | — | — | |||||||||||
Other financing activities | 227 | — | — | 227 | ||||||||||||
Change in cash and cash equivalents | (18,915 | ) | — | — | (18,915 | ) | ||||||||||
Beginning cash and cash equivalents | 79,395 | 50 | — | 79,445 | ||||||||||||
Ending cash and cash equivalents | $ | 60,480 | $ | 50 | $ | — | $ | 60,530 | ||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||
Parent | Guarantor | Intercompany | Consolidated | |||||||||||||
Issuer | Subsidiaries | Eliminations | ||||||||||||||
(in thousands) | ||||||||||||||||
Cash flows from operating activities | $ | 284,188 | $ | 6,415 | $ | — | $ | 290,603 | ||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to oil and gas properties, including acquisitions | (727,818 | ) | (23,727 | ) | — | (751,545 | ) | |||||||||
Additions to furniture, fixtures and other | (5,519 | ) | — | — | (5,519 | ) | ||||||||||
Proceeds from sale of properties and other investing activities | 91 | — | — | 91 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from debt | 785,826 | — | — | 785,826 | ||||||||||||
Principal and redemption premium payments on debt | (343,163 | ) | — | — | (343,163 | ) | ||||||||||
Intercompany transfers | (17,312 | ) | 17,312 | — | — | |||||||||||
Other financing activities | (9,691 | ) | — | — | (9,691 | ) | ||||||||||
Change in cash and cash equivalents | (33,398 | ) | — | — | (33,398 | ) | ||||||||||
Beginning cash and cash equivalents | 57,281 | 50 | — | 57,331 | ||||||||||||
Ending cash and cash equivalents | $ | 23,883 | $ | 50 | $ | — | $ | 23,933 | ||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Conversion ratio | ' | ' | 'one barrel to six Mcfe | ' |
Shares of stock options and nonvested performance-based equity shares of common stock | 2,450,539 | 3,799,612 | 2,731,578 | 3,829,825 |
5% Convertible Senior Notes Due 2028 | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Debt, stated interest rate | 5.00% | ' | 5.00% | ' |
Debt maturity date | '2028 | ' | '2028 | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Accounts Receivable (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Allowance for doubtful accounts | ($23) | ($325) |
Accounts receivable | 99,537 | 112,011 |
Accrued Oil, Gas, and NGL Sales | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable gross | 68,013 | 69,482 |
Due from Joint Interest Owners | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable gross | 28,489 | 36,300 |
Other | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable gross | $3,058 | $6,554 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Net Capitalized Costs and Associated Accumulated Depreciation, Depletion & Amortization and Non Cash Impairments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Accounting Policies [Abstract] | ' | ' | |
Proved properties | $422,083 | $387,242 | |
Wells and related equipment and facilities | 2,080,178 | 2,625,891 | |
Support equipment and facilities | 163,242 | 304,914 | |
Materials and supplies | 10,193 | 13,220 | |
Total proved oil and gas properties | 2,675,696 | 3,331,267 | |
Unproved properties | 307,557 | 384,486 | |
Wells and facilities in progress | 54,829 | 72,721 | |
Total unproved oil and gas properties, excluded from amortization | 362,386 | 457,207 | |
Oil and gas properties held-for-sale, net | 378,449 | [1] | 0 |
Accumulated depreciation, depletion, amortization and impairment | -907,222 | -1,203,495 | |
Total oil and gas properties, net | $2,509,309 | $2,584,979 | |
[1] | The oil and gas properties held for sale balance shown in this table is different from the balance on the Unaudited Consolidated Balance Sheet because it does not include $4.1 million of furniture, equipment and other, net. |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Net Capitalized Costs and Associated Accumulated Depreciation, Depletion & Amortization and Non Cash Impairments (Parenthetical) (Details) (USD $) | Sep. 30, 2013 |
Accounting Policies [Abstract] | ' |
Assets Held-for-sale, Furniture, Equipment and Other, net | $4.10 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Non-Cash Impairment Charges, Included within Impairment, Dry Hole Costs and Abandonment Expense in Consolidated Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ||||
Non-cash impairment of oil and gas properties | ' | ' | $216,600,000 | ' | ||||
Long Lived Assets Held-for-sale, Impairment Charge | 201,300,000 | ' | 201,300,000 | ' | ||||
Dry hole costs | -36,000 | 15,658,000 | 928,000 | 15,891,000 | ||||
Abandonment expense | 2,835,000 | 4,110,000 | 10,154,000 | 7,179,000 | ||||
Total non-cash impairment, dry hole costs and abandonment expense | 219,363,000 | 38,540,000 | 227,646,000 | 60,179,000 | ||||
Unproved properties, no future development plans [Member] | ' | ' | ' | ' | ||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ||||
Non-cash impairment of oil and gas properties | ' | ' | 15.3 | 18.3 | ||||
Proved Oil And Gas Properties [Member] | ' | ' | ' | ' | ||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ||||
Non-cash impairment of oil and gas properties | 198,787,000 | [1] | 0 | 198,787,000 | [1] | 0 | ||
Unproved Oil And Gas Properties [Member] | ' | ' | ' | ' | ||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ||||
Non-cash impairment of oil and gas properties | 17,777,000 | [2] | 18,772,000 | [3] | 17,777,000 | [2] | 37,109,000 | [3] |
Long Lived Assets Held-for-sale, Impairment Charge | $2.50 | ' | $2.50 | ' | ||||
[1] | Non-cash impairment of proved oil and gas properties for the three and nine months ended September 30, 2013 related to assets classified as held for sale at September 30, 2013. The impairment was the result of an analysis of the carrying value of the related properties relative to their estimated fair values. | |||||||
[2] | Non-cash impairment of unproved oil and gas properties for the three and nine months ended September 30, 2013 was comprised of $15.3 million related to certain unproved oil and gas properties within exploration projects primarily as a result of no future plans to evaluate the remaining acreage and an estimated market value below our carrying value and $2.5 million related to unproved properties held for sale at September 30, 2013. | |||||||
[3] | Non-cash impairment of unproved oil and gas properties for the three months ended September 30, 2012 of $18.8 million related to certain unproved oil and gas properties within exploration projects primarily as a result of unfavorable natural gas exploratory results, unfavorable market conditions or no future plans to evaluate the remaining acreage. The additional $18.3 million unproved oil and gas properties impairment expense for the nine months ended September 30, 2012 also related to unproved oil and gas properties within other exploration and development projects primarily as a result of unfavorable market conditions or no future plans to evaluate the remaining acreage. |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Accounts Payable and Accrued Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Accrued drilling, completion and facility costs | $63,618 | $42,094 |
Accrued lease operating, gathering, transportation and processing expenses | 19,481 | 16,862 |
Accrued general and administrative expenses | 8,542 | 13,054 |
Trade payables and other | 31,768 | 53,007 |
Total accounts payable and accrued liabilities | $123,409 | $125,017 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies - Calculation of Basic and Diluted Earnings (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Net income (loss) | ($166,656) | ($52,626) | ($185,534) | ($13,435) | $582 |
Basic weighted-average common shares outstanding in period | 47,535,124 | 47,230,473 | 47,452,865 | 47,172,656 | ' |
Add dilutive effects of stock options and nonvested equity shares of common stock | 0 | 0 | 0 | 0 | ' |
Diluted weighted-average common shares outstanding in period | 47,535,124 | 47,230,473 | 47,452,865 | 47,172,656 | ' |
Net Loss Per Common Share, Basic | ($3.51) | ($1.11) | ($3.91) | ($0.28) | ' |
Net Loss Per Common Share, Diluted | ($3.51) | ($1.11) | ($3.91) | ($0.28) | ' |
Supplemental_Disclosures_of_Ca2
Supplemental Disclosures of Cash Flow Information - Supplemental Cash Flow Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Cash paid for interest, net of amount capitalized | $61,796 | $49,040 |
Cash paid for income taxes | 1,861 | 11 |
Supplemental disclosures of non-cash investing and financing activities: | ' | ' |
Current liabilities | 75,265 | 75,092 |
Net increase in asset retirement obligations | 2,924 | 280 |
Retirement of treasury stock | ($1,415) | ($2,430) |
Divestitures_and_Assets_Held_f2
Divestitures and Assets Held for Sale- Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Sep. 30, 2013 | |
Proceeds from Divestiture of Businesses | $325,300,000 | ' |
Cash proceeds and recognized pre-tax loss | 4,500,000 | ' |
Long Lived Assets Held-for-sale, Impairment Charge | ' | 201,300,000 |
Percent of Financing Obligation held-for-sale | ' | 51.00% |
Wind River Basin [Member] | ' | ' |
Percentage Of Assets Sold | 100.00% | ' |
Powder River Basin [Member] | ' | ' |
Percentage Of Assets Sold | 100.00% | ' |
Unproved Oil And Gas Properties [Member] | ' | ' |
Long Lived Assets Held-for-sale, Impairment Charge | ' | 2,500,000 |
Proved Oil And Gas Properties [Member] | ' | ' |
Long Lived Assets Held-for-sale, Impairment Charge | ' | $198,800,000 |
Divestitures_and_Assets_Held_f3
Divestitures and Assets Held for Sale Asset Held for Sale (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Oil and gas properties held for sale, net | $382,554 | $0 |
Asset retirement obligation held-for-sale | 13,082 | ' |
Financing obligation held-for-sale | 46,363 | ' |
Liabilities associated with assets held for sale | 59,445 | 0 |
Net assets held-for-sale | 323,109 | ' |
Proved Oil And Gas Properties [Member] | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Oil and gas properties held for sale, net | 1,070,400 | ' |
Unproved Oil And Gas Properties [Member] | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Oil and gas properties held for sale, net | 12,469 | ' |
Furniture and Fixtures [Member] | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Oil and gas properties held for sale, net | 4,205 | ' |
Accumulated depreciation, depletion, amortization and impairment [Member] | ' | ' |
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Oil and gas properties held for sale, net | ($704,520) | ' |
LongTerm_Debt_Outstanding_Debt
Long-Term Debt - Outstanding Debt (Detail) (USD $) | 9 Months Ended | ||||
Sep. 30, 2013 | Dec. 31, 2012 | Jul. 08, 2009 | |||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal amount of debt instrument | $1,255,243,000 | [1] | $1,163,863,000 | ' | |
Discount | 0 | [1] | -7,209,000 | ' | |
Amount | 1,255,243,000 | [1] | 1,156,654,000 | ' | |
Amended Credit Facility | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Maturity Date | 31-Oct-16 | [2] | ' | ' | |
Principal amount of debt instrument | 390,000,000 | [2] | 0 | [2] | ' |
Discount | 0 | [2] | 0 | [2] | ' |
Amount | 390,000,000 | [2] | 0 | [2] | ' |
9.875% Senior Notes | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Maturity Date | 15-Jul-16 | [3] | ' | ' | |
Principal amount of debt instrument | 0 | [3] | 250,000,000 | [3] | 250,000,000 |
Discount | 0 | [3] | -7,209,000 | [3] | ' |
Amount | 0 | [3] | 242,791,000 | [3] | ' |
Convertible Notes | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Maturity Date | 15-Mar-28 | [4],[5] | ' | ' | |
Principal amount of debt instrument | 25,344,000 | [4] | 25,344,000 | [4] | ' |
Discount | 0 | [4] | 0 | [4] | ' |
Amount | 25,344,000 | [4] | 25,344,000 | [4] | ' |
7.625% Senior Notes | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Maturity Date | 1-Oct-19 | [6] | ' | ' | |
Principal amount of debt instrument | 400,000,000 | [6] | 400,000,000 | [6] | ' |
Discount | 0 | [6] | 0 | [6] | ' |
Amount | 400,000,000 | [6] | 400,000,000 | [6] | ' |
7.0% Senior Notes | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Maturity Date | 15-Oct-22 | [7] | ' | ' | |
Principal amount of debt instrument | 400,000,000 | [7] | 400,000,000 | [7] | ' |
Discount | 0 | [7] | 0 | [7] | ' |
Amount | 400,000,000 | [7] | 400,000,000 | [7] | ' |
Lease Financing Obligation | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Maturity Date | 10-Aug-20 | [8] | ' | ' | |
Principal amount of debt instrument | 44,453,000 | [8] | 97,596,000 | [8] | ' |
Discount | 0 | [8] | 0 | [8] | ' |
Amount | 44,453,000 | [8] | 97,596,000 | [8] | ' |
Long-term Debt | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal amount of debt instrument | 1,259,797,000 | 1,172,940,000 | ' | ||
Discount | 0 | -7,209,000 | ' | ||
Amount | 1,259,797,000 | 1,165,731,000 | ' | ||
Current Portion of Long-Term Debt | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Principal amount of debt instrument | 4,554,000 | 9,077,000 | ' | ||
Discount | 0 | 0 | ' | ||
Amount | $4,554,000 | $9,077,000 | ' | ||
[1] | The total long-term debt balance excludes $46.4 million related to the Lease Financing Obligation that is included in liabilities associated with assets held for sale in the Unaudited Consolidated Balance Sheet. See Note 4 for additional information. | ||||
[2] | The recorded value of the Amended Credit Facility approximates its fair value due to its floating rate structure. | ||||
[3] | The aggregate estimated fair value of the 9.875% Senior Notes was $271.9 million as of December 31, 2012 based on reported market trades of these instruments. The 9.875% Senior Notes were redeemed in full on July 15, 2013. | ||||
[4] | The aggregate estimated fair value of the Convertible Notes was approximately $25.2 million and $25.3 million as of September 30, 2013 and December 31, 2012, respectively, based on reported market trades of these instruments. | ||||
[5] | The Company has the right at any time, with at least 30 days’ notice, to call the Convertible Notes, and the holders have the right to require the Company to purchase the notes on each of March 20, 2015, March 20, 2018 and March 20, 2023. | ||||
[6] | The aggregate estimated fair value of the 7.625% Senior Notes was approximately $410.0 million and $435.0 million as of September 30, 2013 and December 31, 2012, respectively, based on reported market trades of these instruments. | ||||
[7] | The aggregate estimated fair value of the 7.0% Senior Notes was approximately $390.0 million and $413.8 million as of September 30, 2013 and December 31, 2012, respectively, based on reported market trades of these instruments. | ||||
[8] | The aggregate estimated fair value of the full Lease Financing Obligation was approximately $88.1 million as of September 30, 2013, 51% of which is held for sale at September 30, 2013, and $97.7 million as of December 31, 2012, respectively. Because there is no active, public market for the Lease Financing Obligation, the aggregate estimated fair value was based on market-based parameters of comparable term secured financing instruments. |
LongTerm_Debt_Outstanding_Debt1
Long-Term Debt - Outstanding Debt (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Debt, fair value | 800,000,000 | $1,120,700,000 | ' |
Percent of Financing Obligation held-for-sale | 51.00% | ' | ' |
Financing obligation held-for-sale | 46,363,000 | ' | ' |
9.875% Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt, fair value | ' | 271,900,000 | ' |
Debt, stated interest rate | 9.88% | 9.88% | 9.88% |
7.625% Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt, fair value | 410,000,000 | 435,000,000 | ' |
Debt, stated interest rate | 7.63% | 7.63% | 7.63% |
7.0% Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt, fair value | 390,000,000 | 413,800,000 | ' |
Debt, stated interest rate | 7.00% | 7.00% | 7.00% |
Lease Financing Obligation | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt, fair value | 88,100,000 | 97,700,000 | ' |
Convertible Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt, stated interest rate | 5.00% | 5.00% | ' |
Aggregate fair value of convertible notes | 25,200,000 | $25,300,000 | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 20, 2012 | Sep. 30, 2013 | Mar. 12, 2008 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 08, 2009 | Sep. 30, 2013 | Sep. 27, 2011 | Sep. 30, 2013 | Mar. 12, 2012 | Jul. 23, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | ||||||||||||||
Minimum | Maximum | 5% Convertible Senior Notes Due 2028 | 5% Convertible Senior Notes Due 2028 | 5% Convertible Senior Notes Due 2028 | Convertible Notes | Convertible Notes | Amended Credit Facility | Amended Credit Facility | 9.875% Senior Notes | 9.875% Senior Notes | 9.875% Senior Notes | 9.875% Senior Notes | 9.875% Senior Notes | 7.625% Senior Notes Due 2019 [Member] | 7.625% Senior Notes Due 2019 [Member] | 7.0% Senior Notes Due 2022 [Member] | 7.0% Senior Notes Due 2022 [Member] | Lease Financing Obligation | Lease Financing Obligation | Lease Financing Obligation | 7.625% Senior Notes | 7.625% Senior Notes | 7.625% Senior Notes | 7.0% Senior Notes | 7.0% Senior Notes | 7.0% Senior Notes | |||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Percent of Financing Obligation held-for-sale | 51.00% | ' | 51.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Line of credit facility, maximum borrowing capacity | $825,000,000 | ' | $825,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Revolving credit facility, interest rate above London Interbank Offered Rate | ' | ' | ' | ' | ' | 1.50% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Revolving credit facility interest rate percent above LIBOR alternate interest rate | ' | ' | ' | ' | ' | 0.50% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Mar-28 | ' | 31-Oct-16 | [1] | ' | ' | 15-Jul-16 | [2] | ' | ' | ' | 1-Oct-19 | ' | 15-Oct-22 | ' | ' | 10-Aug-20 | [3] | ' | 1-Oct-19 | [4] | ' | ' | 15-Oct-22 | [5] | ' | ' | ||||||||
Commitment fee percentage | ' | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Average annual interest rates incurred on Amended Credit Facility | 2.10% | 1.80% | 2.00% | 1.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Borrowing base determination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
The borrowing base is required to be re-determined twice per year. | |||||||||||||||||||||||||||||||||||||||||||||
Line of credit facility, maximum amount outstanding during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 390,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Letters of credit issued amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Line of credit facility, reduced borrowing capacity | 409,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Principal amount | 1,255,243,000 | [6] | ' | 1,255,243,000 | [6] | ' | 1,163,863,000 | ' | ' | ' | ' | 172,500,000 | 25,300,000 | ' | 390,000,000 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | 250,000,000 | [2] | ' | 250,000,000 | ' | 400,000,000 | ' | 400,000,000 | ' | 44,453,000 | [3] | 97,596,000 | [3] | 400,000,000 | [4] | 400,000,000 | [4] | ' | 400,000,000 | [5] | 400,000,000 | [5] | ' |
Debt discount | 0 | [6] | ' | 0 | [6] | ' | 7,209,000 | ' | ' | ' | ' | ' | ' | ' | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | 7,209,000 | [2] | ' | ' | ' | ' | ' | ' | ' | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [4] | ' | 0 | [5] | 0 | [5] | ' |
Par value of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104.94% | ' | ' | ' | 103.81% | ' | 103.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 262,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Gain (loss) on extinguishment of debt | 21,460,000 | 0 | 21,460,000 | -1,601,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Face Amount of Outstanding Convertible Notes Repaid | ' | ' | ' | ' | ' | ' | ' | 147,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Percentage of notes put to company | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Debt, stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | 5.00% | 5.00% | ' | ' | 9.88% | 9.88% | 9.88% | 9.88% | ' | 7.63% | ' | 7.00% | ' | ' | ' | ' | 7.63% | 7.63% | 7.63% | 7.00% | 7.00% | 7.00% | |||||||||||||
Debt instrument conversion price rate of redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Minimum days notice to call Convertible Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Sale and subsequent lease back | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Purchase of equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $36,600,000 | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
Weighted average implicit rate based on interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.30% | ' | ' | ' | ' | ' | ' | ' | |||||||||||||
[1] | The recorded value of the Amended Credit Facility approximates its fair value due to its floating rate structure. | ||||||||||||||||||||||||||||||||||||||||||||
[2] | The aggregate estimated fair value of the 9.875% Senior Notes was $271.9 million as of December 31, 2012 based on reported market trades of these instruments. The 9.875% Senior Notes were redeemed in full on July 15, 2013. | ||||||||||||||||||||||||||||||||||||||||||||
[3] | The aggregate estimated fair value of the full Lease Financing Obligation was approximately $88.1 million as of September 30, 2013, 51% of which is held for sale at September 30, 2013, and $97.7 million as of December 31, 2012, respectively. Because there is no active, public market for the Lease Financing Obligation, the aggregate estimated fair value was based on market-based parameters of comparable term secured financing instruments. | ||||||||||||||||||||||||||||||||||||||||||||
[4] | The aggregate estimated fair value of the 7.625% Senior Notes was approximately $410.0 million and $435.0 million as of September 30, 2013 and December 31, 2012, respectively, based on reported market trades of these instruments. | ||||||||||||||||||||||||||||||||||||||||||||
[5] | The aggregate estimated fair value of the 7.0% Senior Notes was approximately $390.0 million and $413.8 million as of September 30, 2013 and December 31, 2012, respectively, based on reported market trades of these instruments. | ||||||||||||||||||||||||||||||||||||||||||||
[6] | The total long-term debt balance excludes $46.4 million related to the Lease Financing Obligation that is included in liabilities associated with assets held for sale in the Unaudited Consolidated Balance Sheet. See Note 4 for additional information. |
LongTerm_Debt_Cash_and_NonCash
Long-Term Debt - Cash and Non-Cash Portion of Interest Expense Related to Long Term Debt (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Cash interest [Member] | ' | ' | ' | ' | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||||
Amended Credit Facility interest | $2,296 | [1] | $1,453 | [1] | $4,211 | [1] | $3,707 | [1] |
Non-cash interest [Member] | ' | ' | ' | ' | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||||
Amended Credit Facility interest | 585 | [1] | 586 | [1] | 1,756 | [1] | 1,757 | [1] |
9.875% Senior Notes | Cash interest [Member] | ' | ' | ' | ' | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||||
Senior Notes interest | 1,029 | [2] | 6,172 | [2] | 13,373 | [2] | 18,516 | [2] |
9.875% Senior Notes | Non-cash interest [Member] | ' | ' | ' | ' | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||||
Senior Notes interest | 0 | [2] | 657 | [2] | 1,361 | [2] | 1,911 | [2] |
Convertible Notes | Cash interest [Member] | ' | ' | ' | ' | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||||
Convertible Notes interest | 310 | [3] | 317 | [3] | 943 | [3] | 2,585 | [3] |
Convertible Notes | Non-cash interest [Member] | ' | ' | ' | ' | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||||
Convertible Notes interest | 1 | [3] | 1 | [3] | 4 | [3] | 1,770 | [3] |
7.625% Senior Notes | Cash interest [Member] | ' | ' | ' | ' | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||||
Senior Notes interest | 7,625 | [4] | 7,625 | [4] | 22,875 | [4] | 22,875 | [4] |
7.625% Senior Notes | Non-cash interest [Member] | ' | ' | ' | ' | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||||
Senior Notes interest | 272 | [4] | 262 | [4] | 798 | [4] | 803 | [4] |
7.0% Senior Notes | Cash interest [Member] | ' | ' | ' | ' | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||||
Senior Notes interest | 7,000 | [5] | 7,000 | [5] | 21,000 | [5] | 15,397 | [5] |
7.0% Senior Notes | Non-cash interest [Member] | ' | ' | ' | ' | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||||
Senior Notes interest | 203 | [5] | 197 | [5] | 592 | [5] | 464 | [5] |
Lease Financing Obligation | Cash interest [Member] | ' | ' | ' | ' | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||||
Financial Obligation interest | 750 | [6] | 548 | [6] | 2,305 | [6] | 548 | [6] |
Lease Financing Obligation | Non-cash interest [Member] | ' | ' | ' | ' | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ||||
Financial Obligation interest | $8 | [6] | $6 | [6] | $24 | [6] | $6 | [6] |
[1] | Cash interest includes amounts related to interest and commitment fees paid on the Amended Credit Facility and participation and fronting fees paid on the letter of credit. | |||||||
[2] | The stated interest rate for the 9.875% Senior Notes was 9.875%Â per annum with an effective interest rate of 11.2%Â per annum. The Company redeemed the 9.875% Senior Notes in full on July 15, 2013. | |||||||
[3] | The stated interest rate for the Convertible Notes is 5% per annum. The effective interest rate of the Convertible Notes includes amortization of the debt discount, which represented the fair value of the equity conversion feature at the time of issue. The stated interest rate of 5% on the Convertible Notes will be the effective interest rate of the $25.3 million remaining principal balance, as the related debt discount was fully amortized as of March 31, 2012. | |||||||
[4] | The stated interest rate for the 7.625% Senior Notes is 7.625%Â per annum with an effective interest rate of 8.0%Â per annum. | |||||||
[5] | The stated interest rate for the 7.0% Senior Notes is 7.0%Â per annum with an effective interest rate of 7.2%Â per annum. | |||||||
[6] | The effective interest rate for the Lease Financing Obligation is 3.3%Â per annum. |
LongTerm_Debt_Cash_and_NonCash1
Long-Term Debt - Cash and Non-Cash Portion of Interest Expense Related to Long Term Debt (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 08, 2009 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 12, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||||||
9.875% Senior Notes | 9.875% Senior Notes | 9.875% Senior Notes | 9.875% Senior Notes | 7.625% Senior Notes | 7.625% Senior Notes | 7.625% Senior Notes | 7.0% Senior Notes Due 2022 [Member] | 7.0% Senior Notes Due 2022 [Member] | 7.0% Senior Notes | 7.0% Senior Notes | 7.0% Senior Notes | Lease Financing Obligation | Lease Financing Obligation | 5% Convertible Notes [Member] | 5% Convertible Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Debt, stated interest rate | ' | ' | 9.88% | 9.88% | 9.88% | ' | 7.63% | 7.63% | 7.63% | 7.00% | ' | 7.00% | 7.00% | 7.00% | ' | ' | 5.00% | 5.00% | |||||||||
Effective interest rate of debt instrument | ' | ' | 11.20% | ' | 11.20% | ' | 8.00% | ' | 8.00% | ' | ' | 7.20% | ' | 7.20% | 3.30% | ' | ' | ' | |||||||||
Principal amount of debt instrument | $1,255,243,000 | [1] | $1,163,863,000 | $0 | [2] | $250,000,000 | [2] | ' | $250,000,000 | $400,000,000 | [3] | $400,000,000 | [3] | ' | ' | $400,000,000 | $400,000,000 | [4] | $400,000,000 | [4] | ' | $44,453,000 | [5] | $97,596,000 | [5] | ' | $25,300,000 |
[1] | The total long-term debt balance excludes $46.4 million related to the Lease Financing Obligation that is included in liabilities associated with assets held for sale in the Unaudited Consolidated Balance Sheet. See Note 4 for additional information. | ||||||||||||||||||||||||||
[2] | The aggregate estimated fair value of the 9.875% Senior Notes was $271.9 million as of December 31, 2012 based on reported market trades of these instruments. The 9.875% Senior Notes were redeemed in full on July 15, 2013. | ||||||||||||||||||||||||||
[3] | The aggregate estimated fair value of the 7.625% Senior Notes was approximately $410.0 million and $435.0 million as of September 30, 2013 and December 31, 2012, respectively, based on reported market trades of these instruments. | ||||||||||||||||||||||||||
[4] | The aggregate estimated fair value of the 7.0% Senior Notes was approximately $390.0 million and $413.8 million as of September 30, 2013 and December 31, 2012, respectively, based on reported market trades of these instruments. | ||||||||||||||||||||||||||
[5] | The aggregate estimated fair value of the full Lease Financing Obligation was approximately $88.1 million as of September 30, 2013, 51% of which is held for sale at September 30, 2013, and $97.7 million as of December 31, 2012, respectively. Because there is no active, public market for the Lease Financing Obligation, the aggregate estimated fair value was based on market-based parameters of comparable term secured financing instruments. |
Asset_Retirement_Obligations_S
Asset Retirement Obligations - Schedule of Asset Retirement Obligations (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Asset Retirement Obligation Disclosure [Abstract] | ' |
Asset retirement obligation held-for-sale | $13,082 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' |
As of December 31, 2012 | 47,616 |
Liabilities incurred | 2,095 |
Liabilities settled | -824 |
Disposition of properties | -387 |
Accretion expense | 2,604 |
Revisions to estimate | 1,218 |
As of June 30, 2013 | 52,322 |
Less: current asset retirement obligations | 948 |
Long-term asset retirement obligations | $38,292 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value, Balance Sheet Grouping (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Deferred Compensation Plan | $920 | $966 | ' | ' |
Cash Equivalents - Money Market Funds | 60,530 | 79,445 | 23,933 | 57,331 |
Cash Equivalents - Money Market Funds | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash Equivalents - Money Market Funds | 53 | 53 | ' | ' |
Commodity Derivatives | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Commodity Derivatives, Assets | 16,881 | 40,432 | ' | ' |
Liabilities | ' | ' | ' | ' |
Fair value liabilities disclosure | 11,804 | 7,875 | ' | ' |
Level 1 | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Deferred Compensation Plan | 920 | 966 | ' | ' |
Level 1 | Cash Equivalents - Money Market Funds | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash Equivalents - Money Market Funds | 53 | 53 | ' | ' |
Level 1 | Commodity Derivatives | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Commodity Derivatives, Assets | 0 | 0 | ' | ' |
Liabilities | ' | ' | ' | ' |
Fair value liabilities disclosure | 0 | 0 | ' | ' |
Level 2 | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Deferred Compensation Plan | 0 | 0 | ' | ' |
Level 2 | Cash Equivalents - Money Market Funds | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash Equivalents - Money Market Funds | 0 | 0 | ' | ' |
Level 2 | Commodity Derivatives | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Commodity Derivatives, Assets | 16,881 | 40,432 | ' | ' |
Liabilities | ' | ' | ' | ' |
Fair value liabilities disclosure | 11,804 | 7,875 | ' | ' |
Level 3 | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Deferred Compensation Plan | 0 | 0 | ' | ' |
Level 3 | Cash Equivalents - Money Market Funds | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash Equivalents - Money Market Funds | 0 | 0 | ' | ' |
Level 3 | Commodity Derivatives | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Commodity Derivatives, Assets | 0 | 0 | ' | ' |
Liabilities | ' | ' | ' | ' |
Fair value liabilities disclosure | $0 | $0 | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
9.875% Senior Notes | 9.875% Senior Notes | 9.875% Senior Notes | 7.625% Senior Notes | 7.625% Senior Notes | 7.625% Senior Notes | 7.0% Senior Notes | 7.0% Senior Notes | 7.0% Senior Notes | Amended Credit Facility | Convertible Notes | Convertible Notes | Lease Financing Obligation | Lease Financing Obligation | |||
Fair Value Measurements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, stated interest rate | ' | ' | 9.88% | 9.88% | 9.88% | 7.63% | 7.63% | 7.63% | 7.00% | 7.00% | 7.00% | ' | ' | ' | ' | ' |
Debt, fair value | $800,000,000 | $1,120,700,000 | ' | $271,900,000 | ' | $410,000,000 | $435,000,000 | ' | $390,000,000 | $413,800,000 | ' | $390,000,000 | $25,200,000 | $25,300,000 | $88,100,000 | $97,700,000 |
Non-cash impairment of oil and gas properties | 216,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Lived Assets Held-for-sale, Impairment Charge | $201,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Fair_Va
Derivative Instruments - Fair Value Amounts of Derivative Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | $16,881 | $40,432 | ||
Gross Amounts Offset in the Balance Sheet | -9,533 | -7,471 | ||
Net Amounts of Assets Presented in the Balance Sheet | 7,348 | 32,961 | ||
Gross Amounts of Recognized Liabilities | -11,804 | -7,875 | ||
Gross Amounts Offset in the Balance Sheet | 9,533 | 7,471 | ||
Net Amounts of Liabilities Presented in the Balance Sheet | -2,271 | -404 | ||
Derivative Assets | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 12,217 | 34,828 | ||
Gross Amounts Offset in the Balance Sheet | -8,711 | [1] | -4,848 | [1] |
Net Amounts of Assets Presented in the Balance Sheet | 3,506 | 29,980 | ||
Deferred Financing Costs, Derivative Assets and Other Non Current Assets | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Gross Amounts of Recognized Assets | 4,664 | 5,604 | ||
Gross Amounts Offset in the Balance Sheet | -822 | [1] | -2,623 | [1] |
Net Amounts of Assets Presented in the Balance Sheet | 3,842 | [2] | 2,981 | [2] |
Derivative Liabilities | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | -10,982 | -4,848 | ||
Gross Amounts Offset in the Balance Sheet | 8,711 | [3] | 4,848 | [3] |
Net Amounts of Liabilities Presented in the Balance Sheet | -2,271 | 0 | ||
Derivative and Other Non Current Liabilities | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Gross Amounts of Recognized Liabilities | -822 | -3,027 | ||
Gross Amounts Offset in the Balance Sheet | 822 | [3] | 2,623 | [3] |
Net Amounts of Liabilities Presented in the Balance Sheet | $0 | ($404) | [4] | |
[1] | Amounts are netted against derivative asset balances with the same counterparty, and therefore, are presented as a net asset on the Unaudited Consolidated Balance Sheets. | |||
[2] | As of September 30, 2013 and December 31, 2012, this line item on the Unaudited Consolidated Balance Sheets includes $20.2 million and $26.8 million of deferred financing costs and other noncurrent assets, respectively. | |||
[3] | Amounts are netted against derivative liability balances with the same counterparty, and, therefore, are presented as a net liability on the Unaudited Consolidated Balance Sheets. | |||
[4] | As of December 31, 2012, this line item on the Unaudited Consolidated Balance Sheets includes $4.1 million of other noncurrent liabilities. |
Derivative_Instruments_Fair_Va1
Derivative Instruments - Fair Value Amounts of Derivative Instruments (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Balance included in other noncurrent liabilities excluding deferred financing costs and other noncurrent assets | $20.20 | $26.80 |
Derivative Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Balance included in other noncurrent liabilities excluding hedge instruments | ' | $4.10 |
Derivative_Instruments_Cash_Fl
Derivative Instruments - Cash Flow Hedge Gain and Losses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ||||
Effect of derivative financial instruments, taxes | $700 | $7,700 | $2,216 | $25,000 | $30,458 | ||||
Commodity Derivatives | ' | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ||||
Derivative Qualifying as Cash flow Hedges | ' | ' | 'Commodity Hedges | ' | ' | ||||
Amount of Gain (Loss) Reclassified from AOCI into Income (net of tax) | $1,186 | [1],[2] | $12,739 | [1],[2] | $3,688 | [1],[2] | $41,644 | [1],[2] | ' |
[1] | Presented net of income tax expense of $0.7 million and $7.7 million for the three months ended September 30, 2013 and 2012, respectively, and $2.2 million and $25.0 million for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||
[2] | Gains reclassified from AOCI into income are included in the oil, gas and NGL production revenues in the Unaudited Consolidated Statements of Operations. |
Derivative_Instruments_Financi
Derivative Instruments - Financial Instruments for Hedging Volume (Detail) | Sep. 30, 2013 |
MMBTU | |
bbl | |
October-December 2013 | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Oil (Bbls) | 806,300 |
Natural Gas (MMbtu) | 11,355,000 |
Natural Gas Liquids (Bbls) | 98,214 |
2014 | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Oil (Bbls) | 2,972,200 |
Natural Gas (MMbtu) | 30,415,000 |
Natural Gas Liquids (Bbls) | 35,714 |
2015 | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Oil (Bbls) | 401,200 |
Natural Gas (MMbtu) | 3,650,000 |
Natural Gas Liquids (Bbls) | 0 |
Derivative_Instruments_Realize
Derivative Instruments - Realized and Unrealized Gains and Losses on Commodity Derivative Instruments (Detail) (Oil and Natural Gas Derivative Instruments, USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Oil and Natural Gas Derivative Instruments | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Commodity derivative settlements on derivatives designated as cash flow hedges | $1,899 | [1] | $20,391 | [1] | $5,902 | [1] | $66,654 | [1] |
Total commodity derivative gain (loss) | ($25,595) | [2] | ($38,340) | [2] | ($18,607) | [2] | $53,431 | [2] |
[1] | Included in oil, gas and NGL production revenues in the Unaudited Consolidated Statements of Operations. | |||||||
[2] | Included in commodity derivative gain (loss) in the Unaudited Consolidated Statements of Operations. |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Counterparty | |
Derivative Instruments And Hedging Activities [Line Items] | ' |
Number of counterparties for hedges at period end | 11 |
Equity_Incentive_Compensation_2
Equity Incentive Compensation Plans and Other Employee Benefits - Non-Cash Stock-Based Compensation Cost Related to Equity Awards (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Non-cash stock-based compensation equity awards | $3,232,000 | $4,080,000 | $11,847,000 | $12,330,000 |
Common Stock Options | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Non-cash stock-based compensation equity awards | 681,000 | 1,626,000 | 3,898,000 | 5,299,000 |
Nonvested Equity Common Stock | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Non-cash stock-based compensation equity awards | 1,562,000 | 1,711,000 | 5,550,000 | 5,485,000 |
Nonvested Equity Common Stock Units | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Non-cash stock-based compensation equity awards | 277,000 | 371,000 | 989,000 | 371,000 |
Nonvested Performance-Based Equity | ' | ' | ' | ' |
Stock Based Compensation [Line Items] | ' | ' | ' | ' |
Non-cash stock-based compensation equity awards | $712,000 | $372,000 | $1,410,000 | $1,175,000 |
Equity_Incentive_Compensation_3
Equity Incentive Compensation Plans and Other Employee Benefits - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Feb. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2010 | Dec. 31, 2012 | Feb. 28, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 28, 2013 | Feb. 28, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Y | Performance-Based Awards | Two Thousand And Ten Performance Program (2011 Performance) | Two Thousand And Ten Performance Program (2011 Performance) | Two Thousand And Ten Performance Program (2012 Performance) | Two Thousand And Ten Performance Program (2012 Performance) | 2012 Performance Program | 2012 Performance Program | 2012 Performance Program | 2012 Performance Program | 2012 Performance Program | 2012 Performance Program | Two Thousand And Thirteen Performance Program | Two Thousand And Thirteen Performance Program | Two Thousand And Thirteen Performance Program | 2010 Performance Program | 2010 Performance Program | Two Thousand And Ten Performance Program (2013 TSR Performance) | Two Thousand And Ten Performance Program (2013 TSR Performance) | Two Thousand And Ten Performance Program (2013 Performance) | Two Thousand And Ten Performance Program (2013 Performance) | |||||||
Maximum | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | $22,200,000 | ' | $22,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period (years) | ' | ' | ' | '2 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental grant percentage of performance based shares | 26.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash stock based compensation | ' | 3,232,000 | 4,080,000 | 11,847,000 | 12,330,000 | ' | ' | ' | 0 | 200,000 | 100,000 | 300,000 | ' | 100,000 | 300,000 | 100,000 | 700,000 | ' | 400,000 | ' | 800,000 | ' | ' | 0 | 100,000 | 100,000 | 300,000 |
Weighted Percentage Of Stockholders Return Related To Performance Goals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.30% | ' | ' | ' | ' | ' | ' | 40.00% |
Performance goals percentage change in discretionary cash flow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% |
Performance goals percentage weight for proved natural gas and oil reserves per debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% |
Additional performance based nonvested equity shares | ' | ' | ' | ' | ' | ' | ' | 86,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional performance based nonvested equity shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,710 | ' | ' | ' | ' | ' |
Percentage of performance-based awards allowed to vest within a year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of performance-based awards allowed to vest within a year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Percentage of total grant that will vest for metrics met at target level | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total grant that will vest for metrics met at stretch level | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of common stock vest as percentage of performance shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance shares set as side at the end of plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,434 | 388,420 | ' | ' | ' | ' | ' | ' | ' |
Minimum age for employees to be eligible under employee directed savings plan | ' | ' | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of employee's contribution matched by the company | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of employee's pretax income | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of common stock matched by company | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and common stock contributions | ' | 400,000 | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of employee's cash compensation reached under cash matching contributions | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation Liability, Non Current | ' | 900,000 | ' | 900,000 | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation Liability, Current | ' | $500,000 | ' | $500,000 | ' | ' | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Incentive_Compensation_4
Equity Incentive Compensation Plans and Other Employee Benefits - Stock Options and Nonvested Equity Shares, Equity Awards Granted (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Options to purchase shares of common stock, Number of Options | 0 | 26,602 | 0 | 582,284 |
Options to purchase shares of common stock, Weighted Average Price Per Share | $0 | $20.23 | $0 | $27.16 |
Nonvested equity shares, Number of Shares | 57,792 | 31,664 | 615,052 | 260,778 |
Nonvested equity common stock units, Number of Shares | 2,210 | 52,917 | 54,429 | 52,917 |
Nonvested performance-based equity shares, Number of Shares | 154,314 | 3,400 | 442,300 | 179,987 |
Total shares granted | 214,316 | 87,981 | 1,111,781 | 493,682 |
Nonvested equity shareps | $22.36 | $21.64 | $17.80 | $26.06 |
Nonvested equity common stock units, Weighted Average Grant Date Fair Value | $25.11 | $18.94 | $22.17 | $18.94 |
Nonvested performance-based equity shares, Weighted Average Grant Date Fair Value | $20.86 | $23.48 | $18.08 | $26.26 |
Equity_Incentive_Compensation_5
Equity Incentive Compensation Plans and Other Employee Benefits - Stock Options and Nonvested Equity Shares, Equity Awards Granted (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Cash and common stock contributions | $0.40 | $1.60 |
Two Thousand And Thirteen Performance Program | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted Percentage Of Stockholders Return Related To Performance Goals | ' | 33.30% |
Performance Goals Percentage for Change In Discretionary Cash Flow Per Debt Adjusted Share Relative To Defined Peer Groups Percentage | ' | 33.30% |
Performance Goals Percentage Weight For Change in Proved Natural Gas And Oil Reserves Per Debt Adjusted Share | ' | 33.30% |
Equity_Incentive_Compensation_6
Equity Incentive Compensation Plans and Other Employee Benefits - Director Fees (Detail) (Director, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Director | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Director fees (shares) | 2,210 | 3,732 | 14,116 | 6,907 |
Stock-based compensation (in thousand) | $56 | $92 | $297 | $167 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Aggregate Undiscounted Minimum Future Lease Payments (Detail) (Lease Financing Obligation, USD $) | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | ||
Lease Financing Obligation | ' | |
Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations [Line Items] | ' | |
2013 | $3,034 | |
2014 | 12,139 | |
2015 | 12,139 | |
2016 | 12,139 | |
2017 | 12,139 | |
Thereafter | 32,368 | |
Total | $83,958 | [1] |
[1] | The balance shown in this table includes the approximately 51% of the Lease Financing Obligation that the purchaser will assume upon closing of the West Tavaputs Sale in December 2013. |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Agreement | ||||
Contingencies And Commitments [Line Items] | ' | ' | ' | ' |
Percent of Financing Obligation held-for-sale | 51.00% | ' | 51.00% | ' |
Transportation Demand Charges | $9.50 | $11.30 | $27.80 | $33.70 |
Firm processing charges | 1.4 | 1.6 | 3.5 | 4.6 |
Number of take-or-pay purchase agreements for supply of carbon dioxide | ' | ' | 1 | ' |
Total financial commitment on take-or-pay purchase agreements for supply of carbon dioxide | ' | ' | 1.7 | ' |
Office lease expense | $0.50 | $0.50 | $1.50 | $1.50 |
Minimum | ' | ' | ' | ' |
Contingencies And Commitments [Line Items] | ' | ' | ' | ' |
Contract term, years | '2 years | ' | '2 years | ' |
Maximum | ' | ' | ' | ' |
Contingencies And Commitments [Line Items] | ' | ' | ' | ' |
Contract term, years | '10 years | ' | '10 years | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies - Gross Future Minimum Transportation Demand and Firm Processing Charges (Detail) (USD $) | Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' | |
Transporation Demand Charges held-for-sale | $137,700,000 | |
2013 | 14,450,000 | |
2014 | 57,929,000 | |
2015 | 58,065,000 | |
2016 | 56,464,000 | |
2017 | 51,824,000 | |
Thereafter | 147,984,000 | |
Total | $386,716,000 | [1] |
[1] | The balance shown in this table includes $137.7 million of transportation demand and firm processing charges that the purchaser will assume upon closing of the West Tavaputs Sale in December 2013. See Note 13. |
Commitments_and_Contingencies_4
Commitments and Contingencies - Future Minimum Annual Payments under Drilling, Lease and Other Agreements (Detail) (Office & Equipment Leases, USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Office & Equipment Leases | ' |
Operating Leased Assets [Line Items] | ' |
2013 | $1,069 |
2014 | 4,561 |
2015 | 3,099 |
2016 | 2,593 |
2017 | 2,517 |
Thereafter | 3,158 |
Total | $16,997 |
Commitments_and_Contingencies_5
Commitments and Contingencies Commitments and Contingencies - Additional Information Parenthetical (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Office lease expense | $0.50 | $0.50 | $1.50 | $1.50 |
Guarantor_Subsidiaries_Additio
Guarantor Subsidiaries - Additional Information (Detail) | 9 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |
9.875% Senior Notes | 9.875% Senior Notes | 9.875% Senior Notes | 7.625% Senior Notes | 7.625% Senior Notes | 7.625% Senior Notes | 7.0% Senior Notes | 7.0% Senior Notes | 7.0% Senior Notes | ||
Guarantor Subsidiaries [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, stated interest rate | ' | 9.88% | 9.88% | 9.88% | 7.63% | 7.63% | 7.63% | 7.00% | 7.00% | 7.00% |
Percentage of Guarantor Subsidiaries | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor_Subsidiaries_Schedul
Guarantor Subsidiaries - Schedule of Condensed Consolidating Balance Sheets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Assets: | ' | ' | ' |
Current assets | $169,051 | $228,339 | ' |
Property and equipment, net | 2,533,145 | 2,611,337 | ' |
Intercompany receivable (payable) | 0 | 0 | ' |
Investment in subsidiaries | 0 | 0 | ' |
Noncurrent assets | 24,065 | 29,773 | ' |
Total Assets | 2,726,261 | 2,869,449 | ' |
Liabilities and Stockholders’ Equity: | ' | ' | ' |
Current liabilities | 206,237 | 213,133 | ' |
Long-term debt | 1,255,243 | 1,156,654 | ' |
Deferred income taxes | 156,034 | 266,364 | ' |
Other noncurrent liabilities | 101,749 | 50,523 | ' |
Stockholders' equity | 1,006,998 | 1,182,775 | 1,218,838 |
Total liabilities and stockholders' equity | 2,726,261 | 2,869,449 | ' |
Parent Issuer | ' | ' | ' |
Assets: | ' | ' | ' |
Current assets | 165,436 | 226,013 | ' |
Property and equipment, net | 2,410,495 | 2,514,240 | ' |
Intercompany receivable (payable) | 156,414 | 141,272 | ' |
Investment in subsidiaries | -35,826 | -47,533 | ' |
Noncurrent assets | 24,065 | 29,773 | ' |
Total Assets | 2,720,584 | 2,863,765 | ' |
Liabilities and Stockholders’ Equity: | ' | ' | ' |
Current liabilities | 205,331 | 212,117 | ' |
Long-term debt | 1,255,243 | 1,156,654 | ' |
Deferred income taxes | 153,847 | 264,113 | ' |
Other noncurrent liabilities | 99,165 | 48,106 | ' |
Stockholders' equity | 1,006,998 | 1,182,775 | ' |
Total liabilities and stockholders' equity | 2,720,584 | 2,863,765 | ' |
Guarantor Subsidiaries | ' | ' | ' |
Assets: | ' | ' | ' |
Current assets | 3,615 | 2,326 | ' |
Property and equipment, net | 122,650 | 97,097 | ' |
Intercompany receivable (payable) | -156,414 | -141,272 | ' |
Investment in subsidiaries | 0 | 0 | ' |
Noncurrent assets | 0 | 0 | ' |
Total Assets | -30,149 | -41,849 | ' |
Liabilities and Stockholders’ Equity: | ' | ' | ' |
Current liabilities | 906 | 1,016 | ' |
Long-term debt | 0 | 0 | ' |
Deferred income taxes | 2,187 | 2,251 | ' |
Other noncurrent liabilities | 2,584 | 2,417 | ' |
Stockholders' equity | -35,826 | -47,533 | ' |
Total liabilities and stockholders' equity | -30,149 | -41,849 | ' |
Intercompany Eliminations | ' | ' | ' |
Assets: | ' | ' | ' |
Current assets | 0 | 0 | ' |
Property and equipment, net | 0 | 0 | ' |
Intercompany receivable (payable) | 0 | 0 | ' |
Investment in subsidiaries | 35,826 | 47,533 | ' |
Noncurrent assets | 0 | 0 | ' |
Total Assets | 35,826 | 47,533 | ' |
Liabilities and Stockholders’ Equity: | ' | ' | ' |
Current liabilities | 0 | 0 | ' |
Long-term debt | 0 | 0 | ' |
Deferred income taxes | 0 | 0 | ' |
Other noncurrent liabilities | 0 | 0 | ' |
Stockholders' equity | 35,826 | 47,533 | ' |
Total liabilities and stockholders' equity | $35,826 | $47,533 | ' |
Guarantor_Subsidiaries_Schedul1
Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Operating and other revenues | $148,555 | $180,866 | $429,131 | $520,394 | ' |
Operating expenses | -334,223 | -185,316 | -568,437 | -475,462 | ' |
General and administrative | -14,402 | -17,965 | -48,257 | -51,441 | ' |
Interest and other income (expense) | -67,081 | -62,814 | -109,290 | -14,869 | ' |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | -267,151 | -85,229 | -296,853 | -21,378 | ' |
Provision for (Benefit from) Income Taxes | 100,495 | 32,603 | 111,319 | 7,943 | ' |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 | ' |
Net income (loss) | -166,656 | -52,626 | -185,534 | -13,435 | 582 |
Parent Issuer | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Operating and other revenues | 139,286 | 172,054 | 405,057 | 502,175 | ' |
Operating expenses | -329,791 | -179,917 | -556,070 | -461,243 | ' |
General and administrative | -14,402 | -17,965 | -48,257 | -51,441 | ' |
Interest and other income (expense) | -67,081 | -62,814 | -109,290 | -14,869 | ' |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | -271,988 | -88,642 | -308,560 | -25,378 | ' |
Provision for (Benefit from) Income Taxes | 100,495 | 32,603 | 111,319 | 7,943 | ' |
Equity in earnings (loss) of subsidiaries | 4,837 | 3,413 | 11,707 | 4,000 | ' |
Net income (loss) | -166,656 | -52,626 | -185,534 | -13,435 | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Operating and other revenues | 9,269 | 8,812 | 24,074 | 18,219 | ' |
Operating expenses | -4,432 | -5,399 | -12,367 | -14,219 | ' |
General and administrative | 0 | 0 | 0 | 0 | ' |
Interest and other income (expense) | 0 | 0 | 0 | 0 | ' |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | 4,837 | 3,413 | 11,707 | 4,000 | ' |
Provision for (Benefit from) Income Taxes | 0 | 0 | 0 | 0 | ' |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 | ' |
Net income (loss) | 4,837 | 3,413 | 11,707 | 4,000 | ' |
Intercompany Eliminations | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Operating and other revenues | 0 | 0 | 0 | 0 | ' |
Operating expenses | 0 | 0 | 0 | 0 | ' |
General and administrative | 0 | 0 | 0 | 0 | ' |
Interest and other income (expense) | 0 | 0 | 0 | 0 | ' |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 | ' |
Provision for (Benefit from) Income Taxes | 0 | 0 | 0 | 0 | ' |
Equity in earnings (loss) of subsidiaries | -4,837 | -3,413 | -11,707 | -4,000 | ' |
Net income (loss) | ($4,837) | ($3,413) | ($11,707) | ($4,000) | ' |
Guarantor_Subsidiaries_Schedul2
Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Net income (loss) | ($166,656) | ($52,626) | ($185,534) | ($13,435) | $582 |
Effect of derivative financial instruments | -1,186 | -12,739 | -3,688 | -41,644 | -50,712 |
Other comprehensive income (loss) | -1,186 | -12,739 | -3,688 | -41,644 | ' |
Comprehensive Loss | -167,842 | -65,365 | -189,222 | -55,079 | ' |
Parent Issuer | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Net income (loss) | -166,656 | -52,626 | -185,534 | -13,435 | ' |
Effect of derivative financial instruments | -1,186 | -12,739 | -3,688 | -41,644 | ' |
Other comprehensive income (loss) | -1,186 | -12,739 | -3,688 | -41,644 | ' |
Comprehensive Loss | -167,842 | -65,365 | -189,222 | -55,079 | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Net income (loss) | 4,837 | 3,413 | 11,707 | 4,000 | ' |
Effect of derivative financial instruments | 0 | 0 | 0 | 0 | ' |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ' |
Comprehensive Loss | 4,837 | 3,413 | 11,707 | 4,000 | ' |
Intercompany Eliminations | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Net income (loss) | -4,837 | -3,413 | -11,707 | -4,000 | ' |
Effect of derivative financial instruments | 0 | 0 | 0 | 0 | ' |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | ' |
Comprehensive Loss | ($4,837) | ($3,413) | ($11,707) | ($4,000) | ' |
Guarantor_Subsidiaries_Schedul3
Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities | $196,302 | $290,603 |
Cash flows from investing activities: | ' | ' |
Additions to oil and gas properties, including acquisitions | -335,597 | -751,545 |
Additions to furniture, fixtures and other | -1,506 | -5,519 |
Proceeds from sale of properties and other investing activities | 784 | 91 |
Cash flows from financing activities: | ' | ' |
Proceeds from debt | 390,000 | 785,826 |
Principal and redemption premium payments on debt | -269,125 | -343,163 |
Intercompany transfers | 0 | 0 |
Other financing activities | 227 | -9,691 |
Decrease in Cash and Cash Equivalents | -18,915 | -33,398 |
Beginning Cash and Cash Equivalents | 79,445 | 57,331 |
Ending Cash and Cash Equivalents | 60,530 | 23,933 |
Parent Issuer | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities | 179,003 | 284,188 |
Cash flows from investing activities: | ' | ' |
Additions to oil and gas properties, including acquisitions | -303,366 | -727,818 |
Additions to furniture, fixtures and other | -1,506 | -5,519 |
Proceeds from sale of properties and other investing activities | 784 | 91 |
Cash flows from financing activities: | ' | ' |
Proceeds from debt | 390,000 | 785,826 |
Principal and redemption premium payments on debt | -269,125 | -343,163 |
Intercompany transfers | -14,932 | -17,312 |
Other financing activities | 227 | -9,691 |
Decrease in Cash and Cash Equivalents | -18,915 | -33,398 |
Beginning Cash and Cash Equivalents | 79,395 | 57,281 |
Ending Cash and Cash Equivalents | 60,480 | 23,883 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities | 17,299 | 6,415 |
Cash flows from investing activities: | ' | ' |
Additions to oil and gas properties, including acquisitions | -32,231 | -23,727 |
Additions to furniture, fixtures and other | 0 | 0 |
Proceeds from sale of properties and other investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Proceeds from debt | 0 | 0 |
Principal and redemption premium payments on debt | 0 | 0 |
Intercompany transfers | 14,932 | 17,312 |
Other financing activities | 0 | 0 |
Decrease in Cash and Cash Equivalents | 0 | 0 |
Beginning Cash and Cash Equivalents | 50 | 50 |
Ending Cash and Cash Equivalents | 50 | 50 |
Intercompany Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Cash flows from operating activities | 0 | 0 |
Cash flows from investing activities: | ' | ' |
Additions to oil and gas properties, including acquisitions | 0 | 0 |
Additions to furniture, fixtures and other | 0 | 0 |
Proceeds from sale of properties and other investing activities | 0 | 0 |
Cash flows from financing activities: | ' | ' |
Proceeds from debt | 0 | 0 |
Principal and redemption premium payments on debt | 0 | 0 |
Intercompany transfers | 0 | 0 |
Other financing activities | 0 | 0 |
Decrease in Cash and Cash Equivalents | 0 | 0 |
Beginning Cash and Cash Equivalents | 0 | 0 |
Ending Cash and Cash Equivalents | $0 | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Subsequent Event [Line Items] | ' |
Proceeds from Sale of Property, Plant, and Equipment | $371.50 |
Liabilities of Assets Held-for-sale | 46 |
Long Lived Assets Held-for-sale, Impairment Charge | $201.30 |