Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 24, 2015 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BBG | |
Entity Registrant Name | BILL BARRETT CORPORATION | |
Entity Central Index Key | 1,172,139 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 49,951,010 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 35,882 | $ 165,904 |
Short-term investments | 64,963 | 0 |
Accounts receivable, net of allowance for doubtful accounts | 47,384 | 112,209 |
Derivative assets | 90,836 | 145,226 |
Prepayments and other current assets | 4,382 | 2,766 |
Total current assets | 243,447 | 426,105 |
Property and equipment - at cost, successful efforts method for oil and gas properties: | ||
Proved oil and gas properties | 2,202,649 | 2,009,292 |
Unproved oil and gas properties, excluded from amortization | 118,907 | 148,834 |
Oil and gas properties held for sale, net of amortization and impairment | 0 | 9,234 |
Furniture, equipment and other | 40,683 | 39,963 |
Property, plant and equipment, gross | 2,362,239 | 2,207,323 |
Accumulated depreciation, depletion, amortization and impairment | (559,370) | (454,202) |
Total property and equipment, net | 1,802,869 | 1,753,121 |
Derivative assets | 28,023 | 49,750 |
Deferred financing costs and other noncurrent assets | 13,362 | 15,508 |
Total | 2,087,701 | 2,244,484 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 92,857 | 126,252 |
Amounts payable to oil and gas property owners | 22,498 | 19,187 |
Production taxes payable | 24,208 | 38,060 |
Deferred income taxes | 34,840 | 55,418 |
Current portion of long-term debt | 1,012 | 25,770 |
Total current liabilities | 175,415 | 264,687 |
Long-term debt | 803,004 | 803,222 |
Asset retirement obligations | 21,858 | 21,592 |
Liabilities associated with assets held for sale | 0 | 146 |
Deferred income taxes | 108,136 | 122,350 |
Derivatives and other noncurrent liabilities | 3,293 | 2,999 |
Stockholders' equity: | ||
Common stock, $0.001 par value; authorized 150,000,000 shares; 49,957,208 and 49,526,637 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively, with 1,633,035 and 1,407,141 shares subject to restrictions, respectively | 48 | 48 |
Additional paid-in capital | 916,438 | 913,619 |
Retained earnings | 59,509 | 115,821 |
Treasury stock, at cost: zero shares at June 30, 2015 and December 31, 2014, respectively | 0 | 0 |
Total stockholders' equity | 975,995 | 1,029,488 |
Total liabilities and stockholders' equity | $ 2,087,701 | $ 2,244,484 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 49,957,208 | 49,526,637 |
Common stock, shares outstanding (in shares) | 49,957,208 | 49,526,637 |
Common stock, shares subject to restrictions (in shares) | 1,633,035 | 1,407,141 |
Treasury stock, shares (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating and Other Revenues: | ||||
Oil, gas and NGL production | $ 61,382 | $ 136,220 | $ 109,868 | $ 263,389 |
Other | 1,236 | 8,788 | 1,784 | 9,307 |
Total operating and other revenues | 62,618 | 145,008 | 111,652 | 272,696 |
Operating Expenses: | ||||
Lease operating expense | 11,405 | 15,919 | 25,196 | 32,083 |
Gathering, transportation and processing expense | 933 | 11,750 | 1,875 | 23,454 |
Production tax expense | 3,816 | 9,651 | 6,350 | 17,275 |
Exploration expense | 92 | 116 | 125 | 419 |
Impairment, dry hole costs and abandonment expense | 1,090 | 1,743 | 2,345 | 3,504 |
(Gain) Loss on divestitures | (644) | 0 | (682) | 0 |
Depreciation, depletion and amortization | 52,674 | 64,894 | 104,928 | 120,402 |
Unused commitments | 4,387 | 0 | 8,775 | 0 |
General and administrative expense | 14,672 | 14,521 | 28,001 | 29,928 |
Total operating expenses | 88,425 | 118,594 | 176,913 | 227,065 |
Operating Income (Loss) | (25,807) | 26,414 | (65,261) | 45,631 |
Other Income and Expense: | ||||
Interest and other income | 144 | 352 | 419 | 727 |
Interest expense | (17,390) | (17,821) | (33,820) | (35,252) |
Commodity derivative gain (loss) | (27,657) | (46,775) | 6,781 | (71,930) |
Gain (Loss) on extinguishment of debt | (818) | 0 | 1,749 | 0 |
Total other income and expense | (45,721) | (64,244) | (24,871) | (106,455) |
Income (Loss) before Income Taxes | (71,528) | (37,830) | (90,132) | (60,824) |
(Provision for) Benefit from Income Taxes | 26,947 | 11,244 | 33,820 | 21,489 |
Net Income (Loss) | $ (44,581) | $ (26,586) | $ (56,312) | $ (39,335) |
Net Income (Loss) Per Common Share, Basic (in dollars per share) | $ (0.92) | $ (0.55) | $ (1.17) | $ (0.82) |
Net Income (Loss) Per Common Share, Diluted (in dollars per share) | $ (0.92) | $ (0.55) | $ (1.17) | $ (0.82) |
Weighted Average Common Shares Outstanding, Basic (in shares) | 48,299,157 | 47,996,816 | 48,249,329 | 47,943,806 |
Weighted Average Common Shares Outstanding, Diluted (in shares) | 48,299,157 | 47,996,816 | 48,249,329 | 47,943,806 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||||
Net Income (Loss) | $ (44,581) | $ (26,586) | $ (56,312) | $ (39,335) | $ 15,081 |
Other Comprehensive Income (Loss), net of tax: | |||||
Effect of derivative financial instruments | 0 | (239) | 0 | (336) | $ (669) |
Other comprehensive income (loss) | 0 | (239) | 0 | (336) | |
Comprehensive Income (Loss) | $ (44,581) | $ (26,825) | $ (56,312) | $ (39,671) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities: | ||
Net Income (Loss) | $ (56,312) | $ (39,335) |
Adjustments to reconcile to net cash provided by operations: | ||
Depreciation, depletion and amortization | 104,928 | 120,402 |
Deferred income tax benefit | (33,820) | (21,531) |
Impairment, dry hole costs and abandonment expense | 2,345 | 3,504 |
Total commodity derivative (gain) loss | (6,781) | 71,930 |
Gain (Loss) on settlements of commodity derivatives | 82,898 | (18,526) |
Stock compensation and other non-cash charges | 5,213 | 6,155 |
Amortization of debt discounts and deferred financing costs | 3,350 | 2,132 |
(Gain) Loss on extinguishment of debt | (1,749) | 0 |
(Gain) Loss on sale of properties | (682) | (2,570) |
Change in operating assets and liabilities: | ||
Accounts receivable | 17,109 | 5,699 |
Prepayments and other assets | (1,139) | 1,068 |
Accounts payable, accrued and other liabilities | (13,678) | (2,795) |
Amounts payable to oil and gas property owners | 3,311 | 1,936 |
Production taxes payable | (13,852) | (651) |
Net cash provided by (used in) operating activities | 91,141 | 127,418 |
Investing Activities: | ||
Additions to oil and gas properties, including acquisitions | (194,123) | (264,345) |
Additions of furniture, equipment and other | (878) | (856) |
Proceeds from sale of properties and other investing activities | 66,518 | 8,175 |
Cash paid for short-term investments | (114,883) | 0 |
Proceeds from the sale of short-term investments | 50,000 | 0 |
Net cash provided by (used in) investing activities | (193,366) | (257,026) |
Financing Activities: | ||
Proceeds from debt | 0 | 135,000 |
Principal payments on debt | (24,976) | (2,285) |
Proceeds from stock option exercises | 0 | 126 |
Deferred financing costs and other | (2,821) | (2,049) |
Net cash provided by (used in) financing activities | (27,797) | 130,792 |
Increase (Decrease) in Cash and Cash Equivalents | (130,022) | 1,184 |
Beginning Cash and Cash Equivalents | 165,904 | 54,595 |
Ending Cash and Cash Equivalents | $ 35,882 | $ 55,779 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income |
Balance at Dec. 31, 2013 | $ 1,005,718 | $ 48 | $ 904,261 | $ 100,740 | $ 0 | $ 669 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of options, restricted stock activity and shares exchanged for exercise and tax withholding | (2,558) | 126 | (2,684) | |||
Stock-based compensation | 11,916 | 11,916 | ||||
Retirement of treasury stock | 0 | (2,684) | 2,684 | |||
Net income (loss) | 15,081 | 15,081 | ||||
Effect of derivative financial instruments, net of taxes | (669) | (669) | ||||
Balance at Dec. 31, 2014 | 1,029,488 | 48 | 913,619 | 115,821 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of options, restricted stock activity and shares exchanged for exercise and tax withholding | (1,015) | (1,015) | ||||
Stock-based compensation | 5,430 | 5,430 | ||||
Retirement of treasury stock | 0 | (1,015) | 1,015 | |||
Settlement of convertible notes | (1,596) | 0 | (1,596) | 0 | 0 | $ 0 |
Net income (loss) | (56,312) | (56,312) | ||||
Effect of derivative financial instruments, net of taxes | 0 | |||||
Balance at Jun. 30, 2015 | $ 975,995 | $ 48 | $ 916,438 | $ 59,509 | $ 0 |
CONSOLIDATED STATEMENTS OF STO8
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Effect of derivative financial instruments, taxes | $ 0 | $ 410 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2015 | |
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 Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
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. The Company's Annual Report on Form 10-K includes certain definitions and a summary of significant accounting policies and should be read in conjunction with this Quarterly Report on Form 10-Q. Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company's 2014 Annual Report on Form 10-K. 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 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 proved 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 unproved oil and gas properties, valuing deferred tax assets and estimating fair values of derivative instruments and stock-based compensation awards. Short-term Investments. Short-term investments have maturities of more than three months and less than one year. The Company's held-to-maturity securities have a carrying value of $65.0 million , which approximates fair value, as of June 30, 2015 , and all have maturity dates of less than one year. Accounts Receivable. Accounts receivable is comprised of the following: As of June 30, 2015 As of December 31, 2014 (in thousands) Accrued oil, gas and NGL sales $ 34,283 $ 35,099 Due from joint interest owners 10,476 27,937 Other (1) 2,639 49,187 Allowance for doubtful accounts (14 ) (14 ) Total accounts receivable $ 47,384 $ 112,209 (1) Other as of December 31, 2014 includes a receivable of $47.6 million (including $4.7 million due to another industry partner) related to a settlement agreement with the Department of Interior resulting in the cancellation of certain Cottonwood Gulch natural gas leases during the three months ended December 31, 2014. 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 remain 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 and remain within cash flows from investing activities in the Unaudited Consolidated Statements of Cash Flows. The costs of development wells are capitalized whether proved reserves are added or not. Oil and gas lease acquisition costs are also capitalized. Upon sale or retirement of depreciable or depletable property, the cost and related accumulated DD&A are eliminated from the accounts and the resulting gain or loss is recognized. 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. 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 June 30, 2015 As of December 31, 2014 (in thousands) Proved properties $ 407,131 $ 390,482 Wells and related equipment and facilities 1,713,569 1,537,370 Support equipment and facilities 72,643 68,371 Materials and supplies 9,306 13,069 Total proved oil and gas properties $ 2,202,649 $ 2,009,292 Unproved properties 62,667 78,898 Wells and facilities in progress 56,240 69,936 Total unproved oil and gas properties, excluded from amortization $ 118,907 $ 148,834 Assets held for sale — 9,234 Accumulated depreciation, depletion, amortization and impairment (531,770 ) (427,954 ) Total oil and gas properties, net $ 1,789,786 $ 1,739,406 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 June 30, 2015 and December 31, 2014 , 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 a quarterly 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 net cash flows of its oil and gas properties based on the Company's best estimate of development plans, future production, commodity pricing, gathering and transportation deductions, production tax rates, lease operating expenses and future development costs. The Company compares such undiscounted future net cash flows to the carrying amount of the oil and gas properties to determine if the carrying amount is recoverable. If the undiscounted future net cash flows exceed the carrying amount of the proved oil and gas properties, no impairment is to be taken. If the carrying value of a property exceeds the undiscounted future net cash flows, the Company will impair the carrying value to fair value based on an analysis of quantitative and qualitative factors existing as of the balance sheet date. The Company does not believe that the undiscounted future net 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 revenues, 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 projected cash flows. The Company recognized non-cash impairment, dry hole costs and abandonment expense in the Unaudited Consolidated Statements of Operations, as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Non-cash impairment of proved oil and gas properties $ 272 (1) $ — $ 272 (1) $ 1,038 (2) Non-cash impairment of unproved oil and gas properties 173 (1) — 231 (1) — Non-cash impairment of inventory — 340 — 340 Dry hole costs (58 ) (12 ) (43 ) 94 Abandonment expense and lease expirations 703 1,415 1,885 2,032 Total non-cash impairment, dry hole costs and abandonment expense $ 1,090 $ 1,743 $ 2,345 $ 3,504 (1) Non-cash impairment of proved and unproved oil and gas properties for the three and six months ended June 30, 2015 related to the Company's remaining Powder River Basin properties based upon a true up of previously estimated fair value relative to carrying value. These assets were classified as held for sale as of December 31, 2014 and sold in February 2015. (2) Non-cash impairment of proved oil and gas properties for the six months ended June 30, 2014 related to the Company's West Tavaputs properties based upon a true up of previously estimated fair value relative to carrying value. These assets were sold in December 2013. The provision for DD&A of oil and gas properties is calculated on a field-by-field basis using the unit-of-production method. Natural gas and NGLs are converted to an oil equivalent, Boe, at the standard rate of six Mcf to one Boe and forty-two gallons to one Boe, respectively. Estimated future dismantlement, restoration and abandonment costs are taken into consideration by this calculation. Accounts Payable and Accrued Liabilities. Accounts payable and accrued liabilities are comprised of the following: As of June 30, 2015 As of December 31, 2014 (in thousands) Accrued drilling, completion and facility costs $ 54,312 $ 68,124 Accrued lease operating, gathering, transportation and processing expenses 10,650 12,526 Accrued general and administrative expenses 8,214 8,482 Accrued interest payable 13,914 14,284 Accrued payables for property sales 97 16,296 Trade payables and other 5,670 6,540 Total accounts payable and accrued liabilities $ 92,857 $ 126,252 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. Oil, gas and NGL revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and collectability of the revenue is reasonably assured. The Company uses the sales method to account for gas and NGL imbalances. Under this method, revenues are 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' volumetric share of 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 taken into account in determining the Company's proved oil, gas and NGL reserves. Imbalances at June 30, 2015 and 2014 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 and in the Unaudited Consolidated Statements of Operations as commodity derivative gain (loss). 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. The Company does not have any uncertain tax positions recorded as of June 30, 2015 . Earnings/Loss Per Share. Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding during each period. Diluted net income per common share is calculated by dividing net income 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 six months ended June 30, 2015 and 2014 . The following table sets forth the calculation of basic and diluted income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands, except per share amounts) Net income (loss) $ (44,581 ) $ (26,586 ) $ (56,312 ) $ (39,335 ) Basic weighted-average common shares outstanding in period 48,299 47,997 48,249 47,944 Add dilutive effects of stock options and nonvested equity shares of common stock — — — — Diluted weighted-average common shares outstanding in period 48,299 47,997 48,249 47,944 Basic net income (loss) per common share $ (0.92 ) $ (0.55 ) $ (1.17 ) $ (0.82 ) Diluted net income (loss) per common share $ (0.92 ) $ (0.55 ) $ (1.17 ) $ (0.82 ) New Accounting Pronouncements. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs . The objective of this update is to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for the annual periods beginning after December 15, 2015, and for interim periods within that annual period. The adoption of the pronouncement will not have a significant impact on the Company’s disclosures and financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The objective of this update is to provide guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The standard will be adopted prospectively. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The objective of this update is to clarify the principles for recognizing revenue and to develop a common revenue standard. In July 2015, the FASB issued a one year deferral of this standard changing the effective date to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the impact of adopting this standard. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information Supplemental cash flow information is as follows: Six Months Ended June 30, 2015 2014 (in thousands) Cash paid for interest $ 30,839 $ 33,173 Cash paid for income taxes 1,052 1 Supplemental disclosures of non-cash investing and financing activities: Accrued liabilities - oil and gas properties 56,654 82,782 Accrued liabilities - equity offering costs 624 — Change in asset retirement obligations, net of disposals (138 ) 3,195 Retirement of treasury stock (1,015 ) (2,049 ) |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The Company's outstanding debt is summarized below: As of June 30, 2015 As of December 31, 2014 Maturity Date Principal Unamortized Discount Carrying Amount Principal Unamortized Discount Carrying Amount (in thousands) Amended Credit Facility April 9, 2020 $ — $ — $ — $ — $ — $ — Convertible Notes (1) March 15, 2028 (2) 579 — 579 25,344 — 25,344 7.625% Senior Notes (3) October 1, 2019 400,000 — 400,000 400,000 — 400,000 7.0% Senior Notes (4) October 15, 2022 400,000 — 400,000 400,000 — 400,000 Lease Financing Obligation (5) August 10, 2020 3,437 — 3,437 3,648 — 3,648 Total Debt $ 804,016 $ — $ 804,016 $ 828,992 $ — $ 828,992 Less: Current Portion of Long-Term Debt (6) 1,012 — 1,012 25,770 — 25,770 Total Long-Term Debt $ 803,004 $ — $ 803,004 $ 803,222 $ — $ 803,222 (1) The aggregate estimated fair value of the Convertible Notes was approximately $0.6 million and $25.1 million as of June 30, 2015 and December 31, 2014 , respectively, based on reported market trades of these instruments. On March 20, 2015, the holders put 98% of the Convertible Notes to the Company, leaving $0.6 million principal amount remaining. (2) The Company has the right at any time, with at least 30 days' notice, to call the remaining Convertible Notes, and the holders have the right to require the Company to purchase the notes on each of March 20, 2018 and March 20, 2023. (3) The aggregate estimated fair value of the 7.625% Senior Notes was approximately $382.9 million and $359.8 million as of June 30, 2015 and December 31, 2014 , respectively, based on reported market trades of these instruments. (4) The aggregate estimated fair value of the 7.0% Senior Notes was approximately $361.0 million and $366.0 million as of June 30, 2015 and December 31, 2014 , respectively, based on reported market trades of these instruments. (5) The aggregate estimated fair value of the Lease Financing Obligation was approximately $3.3 million as of June 30, 2015 and $3.5 million as of December 31, 2014 . 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. (6) The current portion of the long-term debt as of June 30, 2015 and December 31, 2014 includes the current portion of the Lease Financing Obligation and the principal amount of the Convertible Notes. Amended Credit Facility On April 9, 2015, the Company entered into a Third Amendment (the "Third Amendment") to the Third Amended and Restated Credit Agreement dated March 16, 2010 (the "Amended Credit Facility"). The Third Amendment amended the definition of "Maturity Date" in the Amended Credit Facility to mean the earliest of (a) April 9, 2020 or (b) the date 181 days prior to the maturity of certain unsecured senior or senior subordinated debt of the Company in existence as of the date of the Third Amendment or that may be incurred by the Company as of a future date, or any permitted refinancing debt in respect thereof. The Amended Credit Facility currently has commitments and a borrowing base of $375.0 million from 13 lenders. Due to the Third Amendment, the Company recognized interest expense of $1.6 million and a loss on extinguishment of debt of $0.8 million on the Unaudited Consolidated Statements of Operations related to deferred financing charges during the three and six months ended June 30, 2015. As of June 30, 2015 , the Company had no amounts outstanding under the Amended Credit Facility. As credit support for future payment under a contractual obligation, a $26.0 million letter of credit was issued under the Amended Credit Facility, which reduced the available borrowing capacity of the Amended Credit Facility as of June 30, 2015 to $349.0 million . Interest rates are LIBOR plus applicable margins of 1.5% to 2.5% or ABR plus 0.5% to 1.5% and the unused commitment fee is between 0.375% and 0.5% based on borrowing base utilization. The average annual interest rate incurred on the Amended Credit Facility was 1.9% and 1.8% for the three and six months ended June 30, 2014, respectively. The borrowing base is required to be re-determined twice per year, on or about April 1 and October 1. Future semi-annual borrowing bases will be computed based on proved oil, natural gas and NGL reserves, hedge positions and estimated future cash flows from those reserves calculated using future commodity pricing provided by our lenders, as well as any other outstanding debt of the Company. The Amended Credit Facility contains certain financial covenants. The Company is currently in compliance with all financial covenants and has complied with all financial covenants from the time it entered into the facility. 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. On March 20, 2015, $24.8 million of the remaining outstanding principal amount, or approximately 98% of the remaining outstanding Convertible Notes, were put to the Company and redeemed by the Company at par. The Company settled the notes in cash and recognized a gain on extinguishment of $2.6 million in the Unaudited Consolidated Statements of Operations for the six months ended June 30, 2015. After the redemption, $0.6 million aggregate principal amount of the Convertible Notes were outstanding as of June 30, 2015. 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, 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 of each year. 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 Convertible Notes and 7.0% Senior Notes. The 7.625% Senior Notes are redeemable at the Company's option beginning on October 1, 2015 at an initial redemption price of 103.813% of the principal amount of the 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 generally 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. 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 Convertible Notes and 7.625% Senior Notes. The 7.0% Senior Notes are redeemable at the Company's option beginning on October 15, 2017 at an initial 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 generally 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 The Company has a lease financing obligation with a balance of $3.4 million as of June 30, 2015 whereby the Company sold and subsequently leased back the 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 pursuant to which the Company may purchase the equipment for $1.8 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. The following table summarizes, for the periods indicated, the cash or accrued portion of interest expense related to the Amended Credit Facility, the outstanding Convertible Notes, the 7.625% Senior Notes, the 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Amended Credit Facility (1) Cash interest $ 437 $ 1,543 $ 870 $ 2,621 Non-cash interest (2) $ 1,783 $ 585 $ 2,369 $ 1,171 Convertible Notes (3) Cash interest $ 10 $ 324 $ 286 $ 634 Non-cash interest $ 2 $ 2 $ 5 $ 3 7.625% Senior Notes (4) Cash interest $ 7,625 $ 7,625 $ 15,250 $ 15,250 Non-cash interest $ 273 $ 272 $ 546 $ 544 7.0% Senior Notes (5) Cash interest $ 7,000 $ 7,000 $ 14,000 $ 14,000 Non-cash interest $ 204 $ 203 $ 408 $ 406 Lease Financing Obligation (6) Cash interest $ 28 $ 255 $ 57 $ 517 Non-cash interest $ 24 $ 4 $ 24 $ 8 (1) Cash interest includes amounts related to interest and commitment fees incurred on the Amended Credit Facility and participation and fronting fees paid on the letter of credit. (2) The three and six months ended June 30, 2015 includes $1.6 million related to amending the credit facility during the three months ended June 30, 2015. (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 $0.6 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. The decrease in cash interest for the three and six months ended June 30, 2015 compared to the three and six months ended June 30, 2014 was due to obligations transferring with the sale of natural gas assets in the Piceance Basin during the third quarter of 2014. |
Asset Retirement Obligations
Asset Retirement Obligations | 6 Months Ended |
Jun. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations A reconciliation of the Company's asset retirement obligations for the six months ended June 30, 2015 is as follows (in thousands): As of December 31, 2014 $ 22,852 Liabilities incurred 717 Liabilities settled (110 ) Disposition of properties (745 ) Accretion expense 724 Revisions to estimate — As of June 30, 2015 $ 23,438 Less: Current asset retirement obligations 1,580 Long-term asset retirement obligations $ 21,858 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
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 4, 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 June 30, 2015 Level 1 Level 2 Level 3 Total (in thousands) Assets Deferred Compensation Plan $ 1,123 $ — $ — $ 1,123 Cash Equivalents 53 — — 53 Commodity Derivatives — 118,859 — 118,859 As of December 31, 2014 Level 1 Level 2 Level 3 Total (in thousands) Assets Deferred Compensation Plan $ 1,069 $ — $ — $ 1,069 Cash Equivalents 75,066 — — 75,066 Commodity Derivatives — 195,176 — 195,176 Liabilities Commodity Derivatives $ — $ 200 $ — $ 200 The commodity derivatives reflected in the table above and in 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 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 in the Unaudited Consolidated Balance Sheets. The highly liquid cash equivalents are recorded at carrying value, which approximates fair value, which represent Level 1 inputs. The deferred compensation plan financial assets are reported at fair value based on active market quotes, which represent Level 1 inputs. The fair values of the Company's fixed rate 7.625% Senior Notes and 7.0% Senior Notes totaled $743.9 million as of June 30, 2015 . The fair values of the Company's fixed rate 7.625% Senior Notes and 7.0% Senior Notes totaled $725.8 million as of December 31, 2014 . 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 Amended Credit Facility, Convertible Notes or Lease Financing Obligation. The Amended Credit Facility had a balance of zero as of June 30, 2015 and December 31, 2014 . The Convertible Notes fair value of $0.6 million and $25.1 million as of June 30, 2015 and December 31, 2014 , 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 $3.3 million and $3.5 million as of June 30, 2015 and December 31, 2014 , 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 June 30, 2015 and December 31, 2014 , 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. The inputs used to determine such fair value are primarily based upon internally developed cash flow models and are classified within Level 3. See Note 2 for details related to impairment expense recognized during the three and six months ended June 30, 2015 and 2014 . |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2015 | |
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 in 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 in the Unaudited Consolidated Balance Sheets as of the dates indicated. As of June 30, 2015 Balance Sheet Gross Amounts of Recognized Derivative Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Derivative Assets Presented in the Balance Sheet (in thousands) Derivative assets (current) $ 90,836 $ — $ 90,836 Derivative assets (noncurrent) 28,023 — 28,023 Total derivative assets $ 118,859 $ — $ 118,859 As of December 31, 2014 Balance Sheet Gross Amounts of Recognized Derivative Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Derivative Assets Presented in the Balance Sheet (in thousands) Derivative assets (current) $ 145,426 $ (200 ) (1) $ 145,226 Derivative assets (noncurrent) 49,750 — 49,750 Total derivative assets $ 195,176 $ (200 ) $ 194,976 Gross Amounts of Recognized Derivative Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Derivative Liabilities Presented in the Balance Sheet (in thousands) Derivative liabilities $ (200 ) $ 200 (2) $ — Total derivative liabilities $ (200 ) $ 200 $ — (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) 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. As of June 30, 2015 , the Company had financial derivative instruments in place related to the sale of a portion of the Company's production for the following volumes for the periods indicated: July – December 2015 For the year 2016 For the year 2017 Derivative Weighted Average Price Derivative Volumes Weighted Average Price Derivative Volumes Weighted Average Price Oil (Bbls) 1,987,200 $ 89.81 2,478,600 $ 80.47 683,250 $ 75.61 Natural Gas (MMbtu) 3,680,000 $ 4.13 1,830,000 $ 4.10 — $ — 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Commodity derivative gain (loss) settlements on derivatives designated as cash flow hedges (1) $ — $ 382 $ — $ 538 Total commodity derivative gain (loss) (2) (27,657 ) (46,775 ) 6,781 (71,930 ) (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 derivatives in place with eight different counterparties as of June 30, 2015 . 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. 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 to the Company under the 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 | 6 Months Ended |
Jun. 30, 2015 | |
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. During the three and six months ended June 30, 2015 , the Company had no 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 six months ended June 30, 2015 and 2014 . Income tax benefit for the three and six months ended June 30, 2015 and 2014 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 stock-based compensation, political lobbying expense, political contributions, nondeductible officer compensation and state income taxes. |
Equity Incentive Compensation P
Equity Incentive Compensation Plans and Other Long-term Incentive Programs | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Compensation Plans and Other Long-term Incentive Programs | Equity Incentive Compensation Plans and Other Long-term Incentive Programs 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Common stock options $ 149 $ 497 $ 391 $ 1,126 Nonvested common stock 1,617 1,548 3,191 3,219 Nonvested common stock units 268 260 529 509 Nonvested performance-based shares 523 146 953 964 Total $ 2,557 $ 2,451 $ 5,064 $ 5,818 Unrecognized compensation cost as of June 30, 2015 was $16.5 million related to grants of nonvested stock options and nonvested shares of common stock that are expected to be recognized over a weighted-average period of 2.3 years . Nonvested Shares. The following table presents the equity awards granted pursuant to the Company's various stock compensation plans: Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Number of Weighted Average Number of Weighted Average Nonvested common stock 9,530 $ 9.30 23,626 $ 23.91 Nonvested common stock units 122,729 $ 8.71 700 $ 26.78 Nonvested performance-based shares — $ — 44,540 $ 20.92 Total shares granted 132,259 68,866 Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Number of Weighted Average Number of Weighted Average Nonvested common stock 632,139 $ 12.26 489,940 $ 22.54 Nonvested common stock units 124,988 $ 8.70 1,432 $ 26.18 Nonvested performance-based shares — $ — 293,115 $ 19.81 Total shares granted 757,127 784,487 Performance Cash Program 2015 Program. In February 2015, the Compensation Committee approved a performance cash program (the "2015 Program") granting performance cash units that will settle in cash. The performance-based awards contingently vest in May 2018, 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, 2017, consist of the Company's total shareholder return ("TSR") ranking relative to a defined peer group's individual TSRs ("Relative TSR") (weighted at 60% ) and 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 40% ). The Relative TSR and DCF per Debt Adjusted Share goals will vest at 25% or 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 units will be prorated based on the actual results compared to the threshold, target and stretch goals. If the threshold metrics are not met, no units will vest. In any event, the total number of units that could vest will not exceed 200% of the original number of performance cash units granted. At the end of the three year vesting period, any units that have not vested will be forfeited. A total of 405,836 units were granted under this program during the six months ended June 30, 2015 . The Company recognized $0.4 million in derivatives and other noncurrent liabilities on the Unaudited Consolidated Balance Sheets as of June 30, 2015 and $0.1 million and $0.4 million in general and administrative expense on the Unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2015 , respectively, for the 2015 Program. |
Equity Distribution Agreement (
Equity Distribution Agreement (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Distribution Agreement [Abstract] | |
Equity Distribution Agreement [Text Block] | Equity Distribution Agreement On June 10, 2015, the Company entered into an Equity Distribution Agreement (the "Agreement") with Goldman, Sachs and Co. (the "Manager"). Pursuant to the terms of the Agreement, the Company may sell, from time to time through or to the Manager, shares of its common stock having an aggregate gross sales price of up to $100.0 million . Sales of the shares, if any, will be made by means of ordinary brokers' transactions through the facilities of the New York Stock Exchange, at market prices, in block transactions, to or through a market maker, through an electronic communications network or as otherwise agreed by the Company and the Manager. As of June 30, 2015, no shares have been sold pursuant to the Agreement. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
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 4. The aggregate undiscounted minimum future lease payments, including both principal and interest components, are presented below: As of June 30, 2015 (in thousands) 2015 $ 269 2016 537 2017 537 2018 537 2019 1,825 Thereafter — Total $ 3,705 Transportation Charges . The Company entered into two firm transportation contracts to provide capacity on natural gas pipeline systems. The remaining term on these contracts is six years. The contracts require the Company to pay transportation charges regardless of the amount of pipeline capacity utilized by the Company. Beginning October 1, 2014, these transportation costs were excluded from gathering, transportation and processing expense and included in unused commitments expense in the Unaudited Consolidated Statements of Operations. As a result of previous divestitures during 2013 and 2014, the Company will likely not utilize the firm capacity on the natural gas pipelines. The amounts in the table below represent the Company's future minimum transportation charges. As of June 30, 2015 (in thousands) 2015 $ 8,961 2016 18,692 2017 18,692 2018 18,692 2019 18,692 Thereafter 29,595 Total $ 113,324 Purchase Commitments. The Company has one take-or-pay purchase agreement for supply of carbon dioxide ("CO2"), which has a total financial commitment of $1.5 million . The CO2 is for use in fracture stimulation operations. Under this contract, the Company is obligated to purchase a minimum volume of CO2 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. Lease and Other Commitments. The Company leases office space, vehicles and certain equipment under non-cancelable operating leases. Additionally, the Company has entered into various long-term agreements for telecommunication services. The Company entered into a sales throughput contract in the South Altamont area of the Uinta Oil Basin. Under this contract, the Company is obligated to sell and deliver a minimum volume commitment ("MVC") of 450.0 MMcf for the period of December 1, 2014 to November 30, 2015. If the minimum volume is not delivered, the Company must make a deficiency payment in an amount up to $0.8 million . This contract replaces the initial capital expenditures associated with the connection of South Altamont wells that would otherwise be incurred as connected. As of June 30, 2015 , the Company had satisfied approximately 132.4 MMcf of this commitment, resulting in an estimated deficiency payment of up to $0.5 million due December 1, 2015. The deficiency amounts associated with this contract are included in gathering, transportation and processing expense in the Unaudited Consolidated Statements of Operations. Future minimum annual payments under lease and other agreements are as follows: As of June 30, 2015 (in thousands) 2015 $ 2,235 2016 2,875 2017 2,747 2018 2,530 2019 632 Thereafter — Total $ 11,019 Litigation. The Company is subject to litigation, claims and governmental and regulatory proceedings arising in the ordinary course of 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 | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Guarantor Subsidiaries | Guarantor Subsidiaries In addition to the Amended Credit Facility, the 7.625% Senior Notes, 7.0% Senior Notes and 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 the Securities and Exchange Commission ("SEC") Rule 3-10 of Regulation S-X. During the six months ended June 30, 2014, Bill Barrett Corporation, as parent, merged two of the Company's 100% owned subsidiaries, CBM Production Company and GB Acquisition Corporation, into the parent company. During the six months ended June 30, 2015, Bill Barrett Corporation, as parent, merged another 100% owned subsidiary, Elk Production Uintah, LLC, into the parent company. The unaudited condensed consolidating financial statements reflect the new guarantor structure for all periods presented. 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 June 30, 2015 Parent Guarantor Intercompany Consolidated (in thousands) Assets: Current assets $ 243,394 $ 53 $ — $ 243,447 Property and equipment, net 1,781,495 21,374 — 1,802,869 Intercompany receivable (payable) 21,267 (21,267 ) — — Investment in subsidiaries 96 — (96 ) — Noncurrent assets 41,385 — — 41,385 Total assets $ 2,087,637 $ 160 $ (96 ) $ 2,087,701 Liabilities and Stockholders' Equity: Current liabilities $ 175,400 $ 15 $ — $ 175,415 Long-term debt 803,004 — — 803,004 Deferred income taxes 108,136 — — 108,136 Other noncurrent liabilities 25,102 49 — 25,151 Stockholders' equity 975,995 96 (96 ) 975,995 Total liabilities and stockholders' equity $ 2,087,637 $ 160 $ (96 ) $ 2,087,701 As of December 31, 2014 Parent Guarantor Intercompany Consolidated (in thousands) Assets: Current assets $ 426,103 $ 2 $ — $ 426,105 Property and equipment, net 1,730,074 23,047 — 1,753,121 Intercompany receivable (payable) 22,840 (22,840 ) — — Investment in subsidiaries 163 — (163 ) — Noncurrent assets 65,258 — — 65,258 Total assets $ 2,244,438 $ 209 $ (163 ) $ 2,244,484 Liabilities and Stockholders' Equity: Current liabilities $ 264,687 $ — $ — $ 264,687 Long-term debt 803,222 — — 803,222 Deferred income taxes 122,350 — — 122,350 Other noncurrent liabilities 24,691 46 — 24,737 Stockholders' equity 1,029,488 163 (163 ) 1,029,488 Total liabilities and stockholders' equity $ 2,244,438 $ 209 $ (163 ) $ 2,244,484 Condensed Consolidating Statements of Operations Three Months Ended June 30, 2015 Parent Guarantor Intercompany Consolidated (in thousands) Operating and other revenues $ 62,505 $ 113 $ — $ 62,618 Operating expenses (73,596 ) (157 ) — (73,753 ) General and administrative (14,672 ) — — (14,672 ) Interest income and other income (expense) (45,721 ) — — (45,721 ) Income (loss) before income taxes and equity in earnings of subsidiaries (71,484 ) (44 ) — (71,528 ) (Provision for) Benefit from income taxes 26,947 — — 26,947 Equity in earnings (loss) of subsidiaries (44 ) — 44 — Net income (loss) $ (44,581 ) $ (44 ) $ 44 $ (44,581 ) Six Months Ended June 30, 2015 Parent Guarantor Intercompany Consolidated (in thousands) Operating and other revenues $ 111,401 $ 251 $ — $ 111,652 Operating expenses (148,594 ) (318 ) — (148,912 ) General and administrative (28,001 ) — — (28,001 ) Interest income and other income (expense) (24,871 ) — — (24,871 ) Income (loss) before income taxes and equity in earnings of subsidiaries (90,065 ) (67 ) — (90,132 ) (Provision for) Benefit from income taxes 33,820 — — 33,820 Equity in earnings (loss) of subsidiaries (67 ) — 67 — Net income (loss) $ (56,312 ) $ (67 ) $ 67 $ (56,312 ) Three Months Ended June 30, 2014 Parent Guarantor Intercompany Consolidated (in thousands) Operating and other revenues $ 145,004 $ 4 $ — $ 145,008 Operating expenses (104,014 ) (59 ) — (104,073 ) General and administrative (14,521 ) — — (14,521 ) Interest and other income (expense) (64,279 ) 35 — (64,244 ) Income (loss) before income taxes and equity in earnings of subsidiaries (37,810 ) (20 ) — (37,830 ) (Provision for) Benefit from income taxes 11,244 — — 11,244 Equity in earnings of subsidiaries (20 ) — 20 — Net income (loss) $ (26,586 ) $ (20 ) $ 20 $ (26,586 ) Six Months Ended June 30, 2014 Parent Guarantor Intercompany Consolidated (in thousands) Operating and other revenues $ 272,705 $ (9 ) $ — $ 272,696 Operating expenses (197,007 ) (130 ) — (197,137 ) General and administrative (29,928 ) — — (29,928 ) Interest and other income (expense) (106,490 ) 35 — (106,455 ) Income (loss) before income taxes and equity in earnings of subsidiaries (60,720 ) (104 ) — (60,824 ) (Provision for) Benefit from income taxes 21,489 — — 21,489 Equity in earnings (loss) of subsidiaries (104 ) — 104 — Net income (loss) $ (39,335 ) $ (104 ) $ 104 $ (39,335 ) Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended June 30, 2015 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (44,581 ) $ (44 ) $ 44 $ (44,581 ) Other Comprehensive Income (Loss), net of tax: Effect of derivative financial instruments — — — — Other comprehensive income (loss) — — — — Comprehensive income (loss) $ (44,581 ) $ (44 ) $ 44 $ (44,581 ) Six Months Ended June 30, 2015 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (56,312 ) $ (67 ) $ 67 $ (56,312 ) Other Comprehensive Income (Loss), net of tax: Effect of derivative financial instruments — — — — Other comprehensive income (loss) — — — — Comprehensive income (loss) $ (56,312 ) $ (67 ) $ 67 $ (56,312 ) Three Months Ended June 30, 2014 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (26,586 ) $ (20 ) $ 20 $ (26,586 ) Other Comprehensive Income (Loss), net of tax: Effect of derivative financial instruments (239 ) — — (239 ) Other comprehensive income (loss) (239 ) — — (239 ) Comprehensive income (loss) $ (26,825 ) $ (20 ) $ 20 $ (26,825 ) Six Months Ended June 30, 2014 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (39,335 ) $ (104 ) $ 104 $ (39,335 ) Other Comprehensive Income (Loss), net of tax: Effect of derivative financial instruments (336 ) — — (336 ) Other comprehensive income (loss) (336 ) — — (336 ) Comprehensive income (loss) $ (39,671 ) $ (104 ) $ 104 $ (39,671 ) Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2015 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Cash flows from operating activities $ 90,952 $ 189 $ — $ 91,141 Cash flows from investing activities: Additions to oil and gas properties, including acquisitions (195,492 ) 1,369 — (194,123 ) Additions to furniture, fixtures and other (878 ) — — (878 ) Proceeds from sale of properties and other investing activities 66,518 — — 66,518 Cash paid for short-term investments (114,883 ) — — (114,883 ) Proceeds from sale of short-term investments 50,000 — — 50,000 Intercompany transfers 1,558 — (1,558 ) — Cash flows from financing activities: Proceeds from debt — — — — Principal payments on debt (24,976 ) — — (24,976 ) Intercompany transfers — (1,558 ) 1,558 — Other financing activities (2,821 ) — — (2,821 ) Change in cash and cash equivalents (130,022 ) — — (130,022 ) Beginning cash and cash equivalents 165,904 — — 165,904 Ending cash and cash equivalents $ 35,882 $ — $ — $ 35,882 Six Months Ended June 30, 2014 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Cash flows from operating activities $ 127,382 $ 36 $ — $ 127,418 Cash flows from investing activities: Additions to oil and gas properties, including acquisitions (260,783 ) (3,562 ) — (264,345 ) Additions to furniture, fixtures and other (856 ) — — (856 ) Proceeds from sale of properties and other investing activities 7,640 535 — 8,175 Intercompany transfers (2,991 ) — 2,991 — Cash flows from financing activities: Proceeds from debt 135,000 — — 135,000 Principal payments on debt (2,285 ) — — (2,285 ) Intercompany transfers — 2,991 (2,991 ) — Other financing activities (1,923 ) — — (1,923 ) Change in cash and cash equivalents 1,184 — — 1,184 Beginning cash and cash equivalents 54,595 — — 54,595 Ending cash and cash equivalents $ 55,779 $ — $ — $ 55,779 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
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. The Company's Annual Report on Form 10-K includes certain definitions and a summary of significant accounting policies and should be read in conjunction with this Quarterly Report on Form 10-Q. Except as disclosed herein, there have been no material changes to the information disclosed in the notes to the consolidated financial statements included in the Company's 2014 Annual Report on Form 10-K. |
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 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 proved 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 unproved oil and gas properties, valuing deferred tax assets and estimating fair values of derivative instruments and stock-based compensation awards. |
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 remain 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 and remain within cash flows from investing activities in the Unaudited Consolidated Statements of Cash Flows. The costs of development wells are capitalized whether proved reserves are added or not. Oil and gas lease acquisition costs are also capitalized. Upon sale or retirement of depreciable or depletable property, the cost and related accumulated DD&A are eliminated from the accounts and the resulting gain or loss is recognized. 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. 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 June 30, 2015 As of December 31, 2014 (in thousands) Proved properties $ 407,131 $ 390,482 Wells and related equipment and facilities 1,713,569 1,537,370 Support equipment and facilities 72,643 68,371 Materials and supplies 9,306 13,069 Total proved oil and gas properties $ 2,202,649 $ 2,009,292 Unproved properties 62,667 78,898 Wells and facilities in progress 56,240 69,936 Total unproved oil and gas properties, excluded from amortization $ 118,907 $ 148,834 Assets held for sale — 9,234 Accumulated depreciation, depletion, amortization and impairment (531,770 ) (427,954 ) Total oil and gas properties, net $ 1,789,786 $ 1,739,406 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 June 30, 2015 and December 31, 2014 , 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 a quarterly 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 net cash flows of its oil and gas properties based on the Company's best estimate of development plans, future production, commodity pricing, gathering and transportation deductions, production tax rates, lease operating expenses and future development costs. The Company compares such undiscounted future net cash flows to the carrying amount of the oil and gas properties to determine if the carrying amount is recoverable. If the undiscounted future net cash flows exceed the carrying amount of the proved oil and gas properties, no impairment is to be taken. If the carrying value of a property exceeds the undiscounted future net cash flows, the Company will impair the carrying value to fair value based on an analysis of quantitative and qualitative factors existing as of the balance sheet date. The Company does not believe that the undiscounted future net 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 revenues, 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 projected cash flows. The Company recognized non-cash impairment, dry hole costs and abandonment expense in the Unaudited Consolidated Statements of Operations, as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Non-cash impairment of proved oil and gas properties $ 272 (1) $ — $ 272 (1) $ 1,038 (2) Non-cash impairment of unproved oil and gas properties 173 (1) — 231 (1) — Non-cash impairment of inventory — 340 — 340 Dry hole costs (58 ) (12 ) (43 ) 94 Abandonment expense and lease expirations 703 1,415 1,885 2,032 Total non-cash impairment, dry hole costs and abandonment expense $ 1,090 $ 1,743 $ 2,345 $ 3,504 (1) Non-cash impairment of proved and unproved oil and gas properties for the three and six months ended June 30, 2015 related to the Company's remaining Powder River Basin properties based upon a true up of previously estimated fair value relative to carrying value. These assets were classified as held for sale as of December 31, 2014 and sold in February 2015. (2) Non-cash impairment of proved oil and gas properties for the six months ended June 30, 2014 related to the Company's West Tavaputs properties based upon a true up of previously estimated fair value relative to carrying value. These assets were sold in December 2013. The provision for DD&A of oil and gas properties is calculated on a field-by-field basis using the unit-of-production method. Natural gas and NGLs are converted to an oil equivalent, Boe, at the standard rate of six Mcf to one Boe and forty-two gallons to one Boe, respectively. Estimated future dismantlement, restoration and abandonment costs 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 June 30, 2015 As of December 31, 2014 (in thousands) Accrued drilling, completion and facility costs $ 54,312 $ 68,124 Accrued lease operating, gathering, transportation and processing expenses 10,650 12,526 Accrued general and administrative expenses 8,214 8,482 Accrued interest payable 13,914 14,284 Accrued payables for property sales 97 16,296 Trade payables and other 5,670 6,540 Total accounts payable and accrued liabilities $ 92,857 $ 126,252 |
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. Oil, gas and NGL revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and collectability of the revenue is reasonably assured. The Company uses the sales method to account for gas and NGL imbalances. Under this method, revenues are 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' volumetric share of 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 taken into account in determining the Company's proved oil, gas and NGL reserves. Imbalances at June 30, 2015 and 2014 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 and in the Unaudited Consolidated Statements of Operations as commodity derivative gain (loss). |
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. The Company does not have any uncertain tax positions recorded as of June 30, 2015 . |
Earnings/Loss Per Share | Earnings/Loss Per Share. Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding during each period. Diluted net income per common share is calculated by dividing net income 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 six months ended June 30, 2015 and 2014 . The following table sets forth the calculation of basic and diluted income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands, except per share amounts) Net income (loss) $ (44,581 ) $ (26,586 ) $ (56,312 ) $ (39,335 ) Basic weighted-average common shares outstanding in period 48,299 47,997 48,249 47,944 Add dilutive effects of stock options and nonvested equity shares of common stock — — — — Diluted weighted-average common shares outstanding in period 48,299 47,997 48,249 47,944 Basic net income (loss) per common share $ (0.92 ) $ (0.55 ) $ (1.17 ) $ (0.82 ) Diluted net income (loss) per common share $ (0.92 ) $ (0.55 ) $ (1.17 ) $ (0.82 ) |
New Accounting Pronouncements | New Accounting Pronouncements. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs . The objective of this update is to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for the annual periods beginning after December 15, 2015, and for interim periods within that annual period. The adoption of the pronouncement will not have a significant impact on the Company’s disclosures and financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The objective of this update is to provide guidance in GAAP about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The standard will be adopted prospectively. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The objective of this update is to clarify the principles for recognizing revenue and to develop a common revenue standard. In July 2015, the FASB issued a one year deferral of this standard changing the effective date to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the impact of adopting this standard. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Accounts Receivable | Accounts receivable is comprised of the following: As of June 30, 2015 As of December 31, 2014 (in thousands) Accrued oil, gas and NGL sales $ 34,283 $ 35,099 Due from joint interest owners 10,476 27,937 Other (1) 2,639 49,187 Allowance for doubtful accounts (14 ) (14 ) Total accounts receivable $ 47,384 $ 112,209 (1) Other as of December 31, 2014 includes a receivable of $47.6 million (including $4.7 million due to another industry partner) related to a settlement agreement with the Department of Interior resulting in the cancellation of certain Cottonwood Gulch natural gas leases during the three months ended December 31, 2014. |
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 June 30, 2015 As of December 31, 2014 (in thousands) Proved properties $ 407,131 $ 390,482 Wells and related equipment and facilities 1,713,569 1,537,370 Support equipment and facilities 72,643 68,371 Materials and supplies 9,306 13,069 Total proved oil and gas properties $ 2,202,649 $ 2,009,292 Unproved properties 62,667 78,898 Wells and facilities in progress 56,240 69,936 Total unproved oil and gas properties, excluded from amortization $ 118,907 $ 148,834 Assets held for sale — 9,234 Accumulated depreciation, depletion, amortization and impairment (531,770 ) (427,954 ) Total oil and gas properties, net $ 1,789,786 $ 1,739,406 |
Non-Cash Impairment Charges, Included within Impairment, Dry Hole Costs and Abandonment Expense in Consolidated Statements of Operations | The Company recognized non-cash impairment, dry hole costs and abandonment expense in the Unaudited Consolidated Statements of Operations, as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Non-cash impairment of proved oil and gas properties $ 272 (1) $ — $ 272 (1) $ 1,038 (2) Non-cash impairment of unproved oil and gas properties 173 (1) — 231 (1) — Non-cash impairment of inventory — 340 — 340 Dry hole costs (58 ) (12 ) (43 ) 94 Abandonment expense and lease expirations 703 1,415 1,885 2,032 Total non-cash impairment, dry hole costs and abandonment expense $ 1,090 $ 1,743 $ 2,345 $ 3,504 (1) Non-cash impairment of proved and unproved oil and gas properties for the three and six months ended June 30, 2015 related to the Company's remaining Powder River Basin properties based upon a true up of previously estimated fair value relative to carrying value. These assets were classified as held for sale as of December 31, 2014 and sold in February 2015. (2) Non-cash impairment of proved oil and gas properties for the six months ended June 30, 2014 related to the Company's West Tavaputs properties based upon a true up of previously estimated fair value relative to carrying value. These assets were sold in December 2013. |
Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities are comprised of the following: As of June 30, 2015 As of December 31, 2014 (in thousands) Accrued drilling, completion and facility costs $ 54,312 $ 68,124 Accrued lease operating, gathering, transportation and processing expenses 10,650 12,526 Accrued general and administrative expenses 8,214 8,482 Accrued interest payable 13,914 14,284 Accrued payables for property sales 97 16,296 Trade payables and other 5,670 6,540 Total accounts payable and accrued liabilities $ 92,857 $ 126,252 |
Calculation of Basic and Diluted Earnings (Loss) Per Share | The following table sets forth the calculation of basic and diluted income (loss) per share: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands, except per share amounts) Net income (loss) $ (44,581 ) $ (26,586 ) $ (56,312 ) $ (39,335 ) Basic weighted-average common shares outstanding in period 48,299 47,997 48,249 47,944 Add dilutive effects of stock options and nonvested equity shares of common stock — — — — Diluted weighted-average common shares outstanding in period 48,299 47,997 48,249 47,944 Basic net income (loss) per common share $ (0.92 ) $ (0.55 ) $ (1.17 ) $ (0.82 ) Diluted net income (loss) per common share $ (0.92 ) $ (0.55 ) $ (1.17 ) $ (0.82 ) |
Supplemental Disclosures of C23
Supplemental Disclosures of Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental cash flow information is as follows: Six Months Ended June 30, 2015 2014 (in thousands) Cash paid for interest $ 30,839 $ 33,173 Cash paid for income taxes 1,052 1 Supplemental disclosures of non-cash investing and financing activities: Accrued liabilities - oil and gas properties 56,654 82,782 Accrued liabilities - equity offering costs 624 — Change in asset retirement obligations, net of disposals (138 ) 3,195 Retirement of treasury stock (1,015 ) (2,049 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | The Company's outstanding debt is summarized below: As of June 30, 2015 As of December 31, 2014 Maturity Date Principal Unamortized Discount Carrying Amount Principal Unamortized Discount Carrying Amount (in thousands) Amended Credit Facility April 9, 2020 $ — $ — $ — $ — $ — $ — Convertible Notes (1) March 15, 2028 (2) 579 — 579 25,344 — 25,344 7.625% Senior Notes (3) October 1, 2019 400,000 — 400,000 400,000 — 400,000 7.0% Senior Notes (4) October 15, 2022 400,000 — 400,000 400,000 — 400,000 Lease Financing Obligation (5) August 10, 2020 3,437 — 3,437 3,648 — 3,648 Total Debt $ 804,016 $ — $ 804,016 $ 828,992 $ — $ 828,992 Less: Current Portion of Long-Term Debt (6) 1,012 — 1,012 25,770 — 25,770 Total Long-Term Debt $ 803,004 $ — $ 803,004 $ 803,222 $ — $ 803,222 (1) The aggregate estimated fair value of the Convertible Notes was approximately $0.6 million and $25.1 million as of June 30, 2015 and December 31, 2014 , respectively, based on reported market trades of these instruments. On March 20, 2015, the holders put 98% of the Convertible Notes to the Company, leaving $0.6 million principal amount remaining. (2) The Company has the right at any time, with at least 30 days' notice, to call the remaining Convertible Notes, and the holders have the right to require the Company to purchase the notes on each of March 20, 2018 and March 20, 2023. (3) The aggregate estimated fair value of the 7.625% Senior Notes was approximately $382.9 million and $359.8 million as of June 30, 2015 and December 31, 2014 , respectively, based on reported market trades of these instruments. (4) The aggregate estimated fair value of the 7.0% Senior Notes was approximately $361.0 million and $366.0 million as of June 30, 2015 and December 31, 2014 , respectively, based on reported market trades of these instruments. (5) The aggregate estimated fair value of the Lease Financing Obligation was approximately $3.3 million as of June 30, 2015 and $3.5 million as of December 31, 2014 . 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. (6) The current portion of the long-term debt as of June 30, 2015 and December 31, 2014 includes the current portion of the Lease Financing Obligation and the principal amount of the Convertible Notes. |
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, the outstanding Convertible Notes, the 7.625% Senior Notes, the 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Amended Credit Facility (1) Cash interest $ 437 $ 1,543 $ 870 $ 2,621 Non-cash interest (2) $ 1,783 $ 585 $ 2,369 $ 1,171 Convertible Notes (3) Cash interest $ 10 $ 324 $ 286 $ 634 Non-cash interest $ 2 $ 2 $ 5 $ 3 7.625% Senior Notes (4) Cash interest $ 7,625 $ 7,625 $ 15,250 $ 15,250 Non-cash interest $ 273 $ 272 $ 546 $ 544 7.0% Senior Notes (5) Cash interest $ 7,000 $ 7,000 $ 14,000 $ 14,000 Non-cash interest $ 204 $ 203 $ 408 $ 406 Lease Financing Obligation (6) Cash interest $ 28 $ 255 $ 57 $ 517 Non-cash interest $ 24 $ 4 $ 24 $ 8 (1) Cash interest includes amounts related to interest and commitment fees incurred on the Amended Credit Facility and participation and fronting fees paid on the letter of credit. (2) The three and six months ended June 30, 2015 includes $1.6 million related to amending the credit facility during the three months ended June 30, 2015. (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 $0.6 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. The decrease in cash interest for the three and six months ended June 30, 2015 compared to the three and six months ended June 30, 2014 was due to obligations transferring with the sale of natural gas assets in the Piceance Basin during the third quarter of 2014. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | A reconciliation of the Company's asset retirement obligations for the six months ended June 30, 2015 is as follows (in thousands): As of December 31, 2014 $ 22,852 Liabilities incurred 717 Liabilities settled (110 ) Disposition of properties (745 ) Accretion expense 724 Revisions to estimate — As of June 30, 2015 $ 23,438 Less: Current asset retirement obligations 1,580 Long-term asset retirement obligations $ 21,858 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 Level 1 Level 2 Level 3 Total (in thousands) Assets Deferred Compensation Plan $ 1,123 $ — $ — $ 1,123 Cash Equivalents 53 — — 53 Commodity Derivatives — 118,859 — 118,859 As of December 31, 2014 Level 1 Level 2 Level 3 Total (in thousands) Assets Deferred Compensation Plan $ 1,069 $ — $ — $ 1,069 Cash Equivalents 75,066 — — 75,066 Commodity Derivatives — 195,176 — 195,176 Liabilities Commodity Derivatives $ — $ 200 $ — $ 200 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 in the Unaudited Consolidated Balance Sheets as of the dates indicated. As of June 30, 2015 Balance Sheet Gross Amounts of Recognized Derivative Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Derivative Assets Presented in the Balance Sheet (in thousands) Derivative assets (current) $ 90,836 $ — $ 90,836 Derivative assets (noncurrent) 28,023 — 28,023 Total derivative assets $ 118,859 $ — $ 118,859 As of December 31, 2014 Balance Sheet Gross Amounts of Recognized Derivative Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Derivative Assets Presented in the Balance Sheet (in thousands) Derivative assets (current) $ 145,426 $ (200 ) (1) $ 145,226 Derivative assets (noncurrent) 49,750 — 49,750 Total derivative assets $ 195,176 $ (200 ) $ 194,976 Gross Amounts of Recognized Derivative Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Derivative Liabilities Presented in the Balance Sheet (in thousands) Derivative liabilities $ (200 ) $ 200 (2) $ — Total derivative liabilities $ (200 ) $ 200 $ — (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) 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. |
Financial Instruments for Hedging Volumes | As of June 30, 2015 , the Company had financial derivative instruments in place related to the sale of a portion of the Company's production for the following volumes for the periods indicated: July – December 2015 For the year 2016 For the year 2017 Derivative Weighted Average Price Derivative Volumes Weighted Average Price Derivative Volumes Weighted Average Price Oil (Bbls) 1,987,200 $ 89.81 2,478,600 $ 80.47 683,250 $ 75.61 Natural Gas (MMbtu) 3,680,000 $ 4.13 1,830,000 $ 4.10 — $ — |
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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Commodity derivative gain (loss) settlements on derivatives designated as cash flow hedges (1) $ — $ 382 $ — $ 538 Total commodity derivative gain (loss) (2) (27,657 ) (46,775 ) 6,781 (71,930 ) (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 Compensation28
Equity Incentive Compensation Plans and Other Long-term Incentive Programs (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (in thousands) Common stock options $ 149 $ 497 $ 391 $ 1,126 Nonvested common stock 1,617 1,548 3,191 3,219 Nonvested common stock units 268 260 529 509 Nonvested performance-based shares 523 146 953 964 Total $ 2,557 $ 2,451 $ 5,064 $ 5,818 |
Stock Options and Nonvested Equity Shares, Equity Awards Granted | The following table presents the equity awards granted pursuant to the Company's various stock compensation plans: Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Number of Weighted Average Number of Weighted Average Nonvested common stock 9,530 $ 9.30 23,626 $ 23.91 Nonvested common stock units 122,729 $ 8.71 700 $ 26.78 Nonvested performance-based shares — $ — 44,540 $ 20.92 Total shares granted 132,259 68,866 Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Number of Weighted Average Number of Weighted Average Nonvested common stock 632,139 $ 12.26 489,940 $ 22.54 Nonvested common stock units 124,988 $ 8.70 1,432 $ 26.18 Nonvested performance-based shares — $ — 293,115 $ 19.81 Total shares granted 757,127 784,487 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 4. The aggregate undiscounted minimum future lease payments, including both principal and interest components, are presented below: As of June 30, 2015 (in thousands) 2015 $ 269 2016 537 2017 537 2018 537 2019 1,825 Thereafter — Total $ 3,705 |
Gross Future Minimum Transportation Demand and Firm Processing Charges | The amounts in the table below represent the Company's future minimum transportation charges. As of June 30, 2015 (in thousands) 2015 $ 8,961 2016 18,692 2017 18,692 2018 18,692 2019 18,692 Thereafter 29,595 Total $ 113,324 |
Future Minimum Annual Payments Under Drilling, Lease and Other Agreements | Future minimum annual payments under lease and other agreements are as follows: As of June 30, 2015 (in thousands) 2015 $ 2,235 2016 2,875 2017 2,747 2018 2,530 2019 632 Thereafter — Total $ 11,019 |
Guarantor Subsidiaries (Tables)
Guarantor Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets As of June 30, 2015 Parent Guarantor Intercompany Consolidated (in thousands) Assets: Current assets $ 243,394 $ 53 $ — $ 243,447 Property and equipment, net 1,781,495 21,374 — 1,802,869 Intercompany receivable (payable) 21,267 (21,267 ) — — Investment in subsidiaries 96 — (96 ) — Noncurrent assets 41,385 — — 41,385 Total assets $ 2,087,637 $ 160 $ (96 ) $ 2,087,701 Liabilities and Stockholders' Equity: Current liabilities $ 175,400 $ 15 $ — $ 175,415 Long-term debt 803,004 — — 803,004 Deferred income taxes 108,136 — — 108,136 Other noncurrent liabilities 25,102 49 — 25,151 Stockholders' equity 975,995 96 (96 ) 975,995 Total liabilities and stockholders' equity $ 2,087,637 $ 160 $ (96 ) $ 2,087,701 As of December 31, 2014 Parent Guarantor Intercompany Consolidated (in thousands) Assets: Current assets $ 426,103 $ 2 $ — $ 426,105 Property and equipment, net 1,730,074 23,047 — 1,753,121 Intercompany receivable (payable) 22,840 (22,840 ) — — Investment in subsidiaries 163 — (163 ) — Noncurrent assets 65,258 — — 65,258 Total assets $ 2,244,438 $ 209 $ (163 ) $ 2,244,484 Liabilities and Stockholders' Equity: Current liabilities $ 264,687 $ — $ — $ 264,687 Long-term debt 803,222 — — 803,222 Deferred income taxes 122,350 — — 122,350 Other noncurrent liabilities 24,691 46 — 24,737 Stockholders' equity 1,029,488 163 (163 ) 1,029,488 Total liabilities and stockholders' equity $ 2,244,438 $ 209 $ (163 ) $ 2,244,484 |
Schedule of Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations Three Months Ended June 30, 2015 Parent Guarantor Intercompany Consolidated (in thousands) Operating and other revenues $ 62,505 $ 113 $ — $ 62,618 Operating expenses (73,596 ) (157 ) — (73,753 ) General and administrative (14,672 ) — — (14,672 ) Interest income and other income (expense) (45,721 ) — — (45,721 ) Income (loss) before income taxes and equity in earnings of subsidiaries (71,484 ) (44 ) — (71,528 ) (Provision for) Benefit from income taxes 26,947 — — 26,947 Equity in earnings (loss) of subsidiaries (44 ) — 44 — Net income (loss) $ (44,581 ) $ (44 ) $ 44 $ (44,581 ) Six Months Ended June 30, 2015 Parent Guarantor Intercompany Consolidated (in thousands) Operating and other revenues $ 111,401 $ 251 $ — $ 111,652 Operating expenses (148,594 ) (318 ) — (148,912 ) General and administrative (28,001 ) — — (28,001 ) Interest income and other income (expense) (24,871 ) — — (24,871 ) Income (loss) before income taxes and equity in earnings of subsidiaries (90,065 ) (67 ) — (90,132 ) (Provision for) Benefit from income taxes 33,820 — — 33,820 Equity in earnings (loss) of subsidiaries (67 ) — 67 — Net income (loss) $ (56,312 ) $ (67 ) $ 67 $ (56,312 ) Three Months Ended June 30, 2014 Parent Guarantor Intercompany Consolidated (in thousands) Operating and other revenues $ 145,004 $ 4 $ — $ 145,008 Operating expenses (104,014 ) (59 ) — (104,073 ) General and administrative (14,521 ) — — (14,521 ) Interest and other income (expense) (64,279 ) 35 — (64,244 ) Income (loss) before income taxes and equity in earnings of subsidiaries (37,810 ) (20 ) — (37,830 ) (Provision for) Benefit from income taxes 11,244 — — 11,244 Equity in earnings of subsidiaries (20 ) — 20 — Net income (loss) $ (26,586 ) $ (20 ) $ 20 $ (26,586 ) Six Months Ended June 30, 2014 Parent Guarantor Intercompany Consolidated (in thousands) Operating and other revenues $ 272,705 $ (9 ) $ — $ 272,696 Operating expenses (197,007 ) (130 ) — (197,137 ) General and administrative (29,928 ) — — (29,928 ) Interest and other income (expense) (106,490 ) 35 — (106,455 ) Income (loss) before income taxes and equity in earnings of subsidiaries (60,720 ) (104 ) — (60,824 ) (Provision for) Benefit from income taxes 21,489 — — 21,489 Equity in earnings (loss) of subsidiaries (104 ) — 104 — Net income (loss) $ (39,335 ) $ (104 ) $ 104 $ (39,335 ) |
Schedule of Condensed Consolidating Statements of Comprehensive Income (Loss) | Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended June 30, 2015 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (44,581 ) $ (44 ) $ 44 $ (44,581 ) Other Comprehensive Income (Loss), net of tax: Effect of derivative financial instruments — — — — Other comprehensive income (loss) — — — — Comprehensive income (loss) $ (44,581 ) $ (44 ) $ 44 $ (44,581 ) Six Months Ended June 30, 2015 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (56,312 ) $ (67 ) $ 67 $ (56,312 ) Other Comprehensive Income (Loss), net of tax: Effect of derivative financial instruments — — — — Other comprehensive income (loss) — — — — Comprehensive income (loss) $ (56,312 ) $ (67 ) $ 67 $ (56,312 ) Three Months Ended June 30, 2014 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (26,586 ) $ (20 ) $ 20 $ (26,586 ) Other Comprehensive Income (Loss), net of tax: Effect of derivative financial instruments (239 ) — — (239 ) Other comprehensive income (loss) (239 ) — — (239 ) Comprehensive income (loss) $ (26,825 ) $ (20 ) $ 20 $ (26,825 ) Six Months Ended June 30, 2014 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (39,335 ) $ (104 ) $ 104 $ (39,335 ) Other Comprehensive Income (Loss), net of tax: Effect of derivative financial instruments (336 ) — — (336 ) Other comprehensive income (loss) (336 ) — — (336 ) Comprehensive income (loss) $ (39,671 ) $ (104 ) $ 104 $ (39,671 ) |
Schedule of Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Six Months Ended June 30, 2015 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Cash flows from operating activities $ 90,952 $ 189 $ — $ 91,141 Cash flows from investing activities: Additions to oil and gas properties, including acquisitions (195,492 ) 1,369 — (194,123 ) Additions to furniture, fixtures and other (878 ) — — (878 ) Proceeds from sale of properties and other investing activities 66,518 — — 66,518 Cash paid for short-term investments (114,883 ) — — (114,883 ) Proceeds from sale of short-term investments 50,000 — — 50,000 Intercompany transfers 1,558 — (1,558 ) — Cash flows from financing activities: Proceeds from debt — — — — Principal payments on debt (24,976 ) — — (24,976 ) Intercompany transfers — (1,558 ) 1,558 — Other financing activities (2,821 ) — — (2,821 ) Change in cash and cash equivalents (130,022 ) — — (130,022 ) Beginning cash and cash equivalents 165,904 — — 165,904 Ending cash and cash equivalents $ 35,882 $ — $ — $ 35,882 Six Months Ended June 30, 2014 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Cash flows from operating activities $ 127,382 $ 36 $ — $ 127,418 Cash flows from investing activities: Additions to oil and gas properties, including acquisitions (260,783 ) (3,562 ) — (264,345 ) Additions to furniture, fixtures and other (856 ) — — (856 ) Proceeds from sale of properties and other investing activities 7,640 535 — 8,175 Intercompany transfers (2,991 ) — 2,991 — Cash flows from financing activities: Proceeds from debt 135,000 — — 135,000 Principal payments on debt (2,285 ) — — (2,285 ) Intercompany transfers — 2,991 (2,991 ) — Other financing activities (1,923 ) — — (1,923 ) Change in cash and cash equivalents 1,184 — — 1,184 Beginning cash and cash equivalents 54,595 — — 54,595 Ending cash and cash equivalents $ 55,779 $ — $ — $ 55,779 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Short-term investments | $ 64,963 | $ 64,963 | $ 0 | ||
Proved Oil And Gas Properties [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Non-cash impairment of oil and gas properties | 272 | $ 0 | 272 | $ 1,038 | |
Unproved Oil And Gas Properties [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Non-cash impairment of oil and gas properties | $ 173 | $ 0 | $ 231 | $ 0 | |
Less Receivable Due to Industry Partner [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Accounts Receivable, Gross | 4,700 | ||||
Receivable from Department of Interior, Gross [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Accounts Receivable, Gross | $ 47,600 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts | $ (14) | $ (14) |
Accounts receivable | 47,384 | 112,209 |
Accrued Oil, Gas, and NGL Sales | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable gross | 34,283 | 35,099 |
Due from Joint Interest Owners | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable gross | 10,476 | 27,937 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable gross | $ 2,639 | $ 49,187 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Net Capitalized Costs and Associated Accumulated Depreciation, Depletion & Amortization and Non Cash Impairments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Proved properties | $ 407,131 | $ 390,482 |
Wells and related equipment and facilities | 1,713,569 | 1,537,370 |
Support equipment and facilities | 72,643 | 68,371 |
Materials and supplies | 9,306 | 13,069 |
Total proved oil and gas properties | 2,202,649 | 2,009,292 |
Unproved properties | 62,667 | 78,898 |
Wells and facilities in progress | 56,240 | 69,936 |
Total unproved oil and gas properties, excluded from amortization | 118,907 | 148,834 |
Assets held for sale | 0 | 9,234 |
Accumulated depreciation, depletion, amortization and impairment | (531,770) | (427,954) |
Total oil and gas properties, net | $ 1,789,786 | $ 1,739,406 |
Summary of Significant Accoun34
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Non-cash impairment of inventory | $ 0 | $ 340 | $ 0 | $ 340 |
Dry hole costs | (58) | (12) | (43) | 94 |
Abandonment expense and lease expirations | 703 | 1,415 | 1,885 | 2,032 |
Impairment, dry hole costs and abandonment expense | 1,090 | 1,743 | 2,345 | 3,504 |
Proved Oil And Gas Properties [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Non-cash impairment of oil and gas properties | 272 | 0 | 272 | 1,038 |
Unproved Oil And Gas Properties [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Non-cash impairment of oil and gas properties | $ 173 | $ 0 | $ 231 | $ 0 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Accrued drilling, completion and facility costs | $ 54,312 | $ 68,124 |
Accrued lease operating, gathering, transportation and processing expenses | 10,650 | 12,526 |
Accrued general and administrative expenses | 8,214 | 8,482 |
Accrued interest payable | 13,914 | 14,284 |
Accrued payables for property sales | 97 | 16,296 |
Trade payables and other | 5,670 | 6,540 |
Total accounts payable and accrued liabilities | $ 92,857 | $ 126,252 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Calculation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||||
Net Income (Loss) | $ (44,581) | $ (26,586) | $ (56,312) | $ (39,335) | $ 15,081 |
Basic weighted-average common shares outstanding in period (in shares) | 48,299,157 | 47,996,816 | 48,249,329 | 47,943,806 | |
Add dilutive effects of stock options and nonvested equity shares of common stock (in shares) | 0 | 0 | 0 | 0 | |
Diluted weighted-average common shares outstanding in period (in shares) | 48,299,157 | 47,996,816 | 48,249,329 | 47,943,806 | |
Net Income (Loss) Per Common Share, Basic (in dollars per share) | $ (0.92) | $ (0.55) | $ (1.17) | $ (0.82) | |
Net Income (Loss) Per Common Share, Diluted (in dollars per share) | $ (0.92) | $ (0.55) | $ (1.17) | $ (0.82) |
Supplemental Disclosures of C37
Supplemental Disclosures of Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid for interest | $ 30,839 | $ 33,173 |
Cash paid for income taxes | 1,052 | 1 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Accrued liabilities - oil and gas properties | 56,654 | 82,782 |
Accrued liabilities - equity offering costs | 624 | 0 |
Change in asset retirement obligations, net of disposals | (138) | 3,195 |
Retirement of treasury stock | $ (1,015) | $ (2,049) |
Long-Term Debt - Outstanding De
Long-Term Debt - Outstanding Debt (Detail) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2015 | Dec. 31, 2014 | Mar. 12, 2012 | Sep. 27, 2011 | |
Debt Instrument [Line Items] | ||||
Principal amount of debt instrument | $ 803,004 | $ 803,222 | ||
Discount | 0 | 0 | ||
Carrying Amount | 803,004 | 803,222 | ||
Debt, fair value | $ 743,900 | 725,800 | ||
Amended Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Apr. 9, 2020 | |||
Principal amount of debt instrument | $ 0 | 0 | ||
Discount | 0 | 0 | ||
Carrying Amount | 0 | 0 | ||
Debt, fair value | $ 0 | |||
Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Mar. 15, 2028 | |||
Principal amount of debt instrument | $ 579 | 25,344 | ||
Discount | 0 | 0 | ||
Carrying Amount | 579 | 25,344 | ||
Aggregate fair value of convertible notes | $ 600 | 25,100 | ||
Debt, stated interest rate | 5.00% | |||
Debt, fair value | $ 600 | 25,100 | ||
7.625% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Oct. 1, 2019 | |||
Principal amount of debt instrument | $ 400,000 | 400,000 | $ 400,000 | |
Discount | 0 | 0 | ||
Carrying Amount | $ 400,000 | $ 400,000 | ||
Debt, stated interest rate | 7.625% | 7.625% | ||
Debt, fair value | $ 382,900 | $ 359,800 | ||
7.0% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Oct. 15, 2022 | |||
Principal amount of debt instrument | $ 400,000 | 400,000 | $ 400,000 | |
Discount | 0 | 0 | ||
Carrying Amount | $ 400,000 | $ 400,000 | ||
Debt, stated interest rate | 7.00% | 7.00% | ||
Debt, fair value | $ 361,000 | $ 366,000 | ||
Lease Financing Obligation | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Aug. 10, 2020 | |||
Principal amount of debt instrument | $ 3,437 | 3,648 | ||
Discount | 0 | 0 | ||
Carrying Amount | 3,437 | 3,648 | ||
Debt, fair value | 3,300 | 3,500 | ||
Long-term Debt | ||||
Debt Instrument [Line Items] | ||||
Principal amount of debt instrument | 804,016 | 828,992 | ||
Discount | 0 | 0 | ||
Carrying Amount | 804,016 | 828,992 | ||
Current Portion of Long-Term Debt | ||||
Debt Instrument [Line Items] | ||||
Principal amount of debt instrument | 1,012 | 25,770 | ||
Discount | 0 | 0 | ||
Carrying Amount | $ 1,012 | $ 25,770 |
Long-Term Debt Long-Term Debt -
Long-Term Debt Long-Term Debt - Additional Information (Detail) - USD ($) | Sep. 27, 2011 | Mar. 20, 2015 | Mar. 20, 2012 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Mar. 12, 2012 | Mar. 12, 2008 |
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 375,000,000 | $ 375,000,000 | ||||||||
Number of Lenders, Credit Facility | 13 | |||||||||
Average annual interest rates incurred on Amended Credit Facility | 1.90% | 1.80% | ||||||||
Line of credit facility, remaining borrowing capacity | 349,000,000 | $ 349,000,000 | ||||||||
Principal amount | 803,004,000 | 803,004,000 | $ 803,222,000 | |||||||
Gain (Loss) on extinguishment of debt | (818,000) | $ 0 | 1,749,000 | $ 0 | ||||||
Purchase of equipment | 1,800,000 | $ 1,800,000 | ||||||||
Amended Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maturity date | Apr. 9, 2020 | |||||||||
Letters of credit issued amount | 26,000,000 | $ 26,000,000 | ||||||||
Principal amount | $ 0 | $ 0 | 0 | |||||||
5% Convertible Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 172,500,000 | |||||||||
Face Amount of Outstanding Convertible Notes Repaid | $ 24,800,000 | $ 147,200,000 | ||||||||
Percentage of notes put to company | 98.00% | 85.00% | ||||||||
Debt, stated interest rate | 5.00% | 5.00% | ||||||||
Convertible Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gain (Loss) on extinguishment of debt | $ 2,600,000 | |||||||||
Convertible Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maturity date | Mar. 15, 2028 | |||||||||
Principal amount | $ 579,000 | $ 579,000 | 25,344,000 | |||||||
Debt, stated interest rate | 5.00% | 5.00% | ||||||||
Debt instrument conversion price rate of redemption | 100.00% | |||||||||
Minimum days notice to call Convertible Notes | 30 days | |||||||||
7.625% Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maturity date | Oct. 1, 2019 | |||||||||
Principal amount | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||
Debt, stated interest rate | 7.625% | 7.625% | 7.625% | |||||||
Par value of senior notes | 103.813% | |||||||||
7.0% Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maturity date | Oct. 15, 2022 | |||||||||
Principal amount | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||
Debt, stated interest rate | 7.00% | 7.00% | 7.00% | |||||||
Par value of senior notes | 103.50% | |||||||||
Lease Financing Obligation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, maturity date | Aug. 10, 2020 | |||||||||
Principal amount | $ 3,437,000 | $ 3,437,000 | $ 3,648,000 | |||||||
Weighted average implicit rate based on interest expense | 3.30% | 3.30% | ||||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving credit facility, interest rate above London Interbank Offered Rate | 1.50% | |||||||||
Revolving credit facility interest rate percent above LIBOR alternate interest rate | 0.50% | |||||||||
Commitment fee percentage | 0.375% | 0.375% | ||||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving credit facility, interest rate above London Interbank Offered Rate | 2.50% | |||||||||
Revolving credit facility interest rate percent above LIBOR alternate interest rate | 1.50% | |||||||||
Commitment fee percentage | 0.50% | 0.50% | ||||||||
Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Expense, Debt | $ 1,600,000 | |||||||||
Gain (Loss) on extinguishment of debt | $ (800,000) |
Long-Term Debt - Cash and Non-C
Long-Term Debt - Cash and Non-Cash Portion of Interest Expense Related to Long Term Debt (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Mar. 12, 2012 | Sep. 27, 2011 | |
Debt Instrument [Line Items] | |||||||
Principal amount of debt instrument | $ 803,004 | $ 803,004 | $ 803,222 | ||||
Cash interest [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amended Credit Facility interest | 437 | $ 1,543 | 870 | $ 2,621 | |||
Non-cash interest [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amended Credit Facility interest | $ 1,783 | 585 | $ 2,369 | 1,171 | |||
Convertible Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt, stated interest rate | 5.00% | 5.00% | |||||
Effective interest rate of debt instrument | 5.00% | 5.00% | |||||
Principal amount of debt instrument | $ 579 | $ 579 | $ 25,344 | ||||
Convertible Notes | Cash interest [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Convertible Notes interest | 10 | 324 | 286 | 634 | |||
Convertible Notes | Non-cash interest [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Convertible Notes interest | $ 2 | 2 | $ 5 | 3 | |||
7.625% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt, stated interest rate | 7.625% | 7.625% | 7.625% | ||||
Effective interest rate of debt instrument | 8.00% | 8.00% | |||||
Principal amount of debt instrument | $ 400,000 | $ 400,000 | $ 400,000 | $ 400,000 | |||
7.625% Senior Notes | Cash interest [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes interest | 7,625 | 7,625 | 15,250 | 15,250 | |||
7.625% Senior Notes | Non-cash interest [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes interest | $ 273 | 272 | $ 546 | 544 | |||
7.0% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt, stated interest rate | 7.00% | 7.00% | 7.00% | ||||
Effective interest rate of debt instrument | 7.20% | 7.20% | |||||
Principal amount of debt instrument | $ 400,000 | $ 400,000 | $ 400,000 | $ 400,000 | |||
7.0% Senior Notes | Cash interest [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes interest | 7,000 | 7,000 | 14,000 | 14,000 | |||
7.0% Senior Notes | Non-cash interest [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes interest | $ 204 | 203 | $ 408 | 406 | |||
Lease Financing Obligation | |||||||
Debt Instrument [Line Items] | |||||||
Effective interest rate of debt instrument | 3.30% | 3.30% | |||||
Principal amount of debt instrument | $ 3,437 | $ 3,437 | $ 3,648 | ||||
Lease Financing Obligation | Cash interest [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Financial Obligation interest | 28 | 255 | 57 | 517 | |||
Lease Financing Obligation | Non-cash interest [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Financial Obligation interest | $ 24 | $ 4 | $ 24 | $ 8 |
Asset Retirement Obligations -
Asset Retirement Obligations - Schedule of Asset Retirement Obligations (Detail) - Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
As of December 31, 2014 | $ 22,852 |
Liabilities incurred | 717 |
Liabilities settled | (110) |
Disposition of properties | (745) |
Accretion expense | 724 |
Revisions to estimate | 0 |
As of June 30, 2015 | 23,438 |
Less: Current asset retirement obligations | 1,580 |
Long-term asset retirement obligations | $ 21,858 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value, Balance Sheet Grouping (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Assets | ||||
Cash Equivalents | $ 35,882 | $ 165,904 | $ 55,779 | $ 54,595 |
Commodity Derivatives | 118,859 | 194,976 | ||
Liabilities | ||||
Commodity Derivatives | 0 | |||
Total | ||||
Assets | ||||
Deferred Compensation Plan | 1,123 | 1,069 | ||
Cash Equivalents | 53 | 75,066 | ||
Commodity Derivatives | 118,859 | 195,176 | ||
Liabilities | ||||
Commodity Derivatives | 200 | |||
Level 1 | ||||
Assets | ||||
Deferred Compensation Plan | 1,123 | 1,069 | ||
Cash Equivalents | 53 | 75,066 | ||
Commodity Derivatives | 0 | 0 | ||
Liabilities | ||||
Commodity Derivatives | 0 | |||
Level 2 | ||||
Assets | ||||
Deferred Compensation Plan | 0 | 0 | ||
Cash Equivalents | 0 | 0 | ||
Commodity Derivatives | 118,859 | 195,176 | ||
Liabilities | ||||
Commodity Derivatives | 200 | |||
Level 3 | ||||
Assets | ||||
Deferred Compensation Plan | 0 | 0 | ||
Cash Equivalents | 0 | 0 | ||
Commodity Derivatives | $ 0 | 0 | ||
Liabilities | ||||
Commodity Derivatives | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Measurements [Line Items] | ||
Debt, fair value | $ 743.9 | $ 725.8 |
7.625% Senior Notes | ||
Fair Value Measurements [Line Items] | ||
Debt, stated interest rate | 7.625% | 7.625% |
Debt, fair value | $ 382.9 | $ 359.8 |
7.0% Senior Notes | ||
Fair Value Measurements [Line Items] | ||
Debt, stated interest rate | 7.00% | 7.00% |
Debt, fair value | $ 361 | $ 366 |
Amended Credit Facility | ||
Fair Value Measurements [Line Items] | ||
Debt, fair value | $ 0 | |
Convertible Notes | ||
Fair Value Measurements [Line Items] | ||
Debt, stated interest rate | 5.00% | |
Debt, fair value | $ 0.6 | 25.1 |
Lease Financing Obligation | ||
Fair Value Measurements [Line Items] | ||
Debt, fair value | $ 3.3 | $ 3.5 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value Amounts of Derivative Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Derivative Assets | $ 118,859 | $ 195,176 |
Gross Amounts Offset in the Balance Sheet | 0 | (200) |
Net Amounts of Derivative Assets Presented in the Balance Sheet | 118,859 | 194,976 |
Gross Amounts of Recognized Derivative Liabilities | (200) | |
Gross Amounts Offset in the Balance Sheet | 200 | |
Net Amounts of Derivative Liabilities Presented in the Balance Sheet | 0 | |
Derivative assets (current) | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Derivative Assets | 90,836 | 145,426 |
Gross Amounts Offset in the Balance Sheet | 0 | (200) |
Net Amounts of Derivative Assets Presented in the Balance Sheet | 90,836 | 145,226 |
Derivative assets (noncurrent) | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Derivative Assets | 28,023 | 49,750 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Derivative Assets Presented in the Balance Sheet | $ 28,023 | 49,750 |
Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Derivative Liabilities | (200) | |
Gross Amounts Offset in the Balance Sheet | 200 | |
Net Amounts of Derivative Liabilities Presented in the Balance Sheet | $ 0 |
Derivative Instruments - Financ
Derivative Instruments - Financial Instruments for Hedging Volume (Detail) - Jun. 30, 2015 | USD ($)MMBTUbbl |
July – December 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Oil (Bbls) | bbl | 1,987,200 |
Weighted Average Price, Hedge Backed Oil Volumes | $ 89.81 |
Natural Gas (MMbtu) | MMBTU | 3,680,000 |
Weighted Average Price, Hedge Backed Gas Volumes | $ 4.13 |
For the year 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Oil (Bbls) | bbl | 2,478,600 |
Weighted Average Price, Hedge Backed Oil Volumes | $ 80.47 |
Natural Gas (MMbtu) | MMBTU | 1,830,000 |
Weighted Average Price, Hedge Backed Gas Volumes | $ 4.10 |
For the year 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Oil (Bbls) | bbl | 683,250 |
Weighted Average Price, Hedge Backed Oil Volumes | $ 75.61 |
Natural Gas (MMbtu) | MMBTU | 0 |
Weighted Average Price, Hedge Backed Gas Volumes | $ 0 |
Derivative Instruments - Realiz
Derivative Instruments - Realized and Unrealized Gains and Losses on Commodity Derivative Instruments (Detail) - Oil and Natural Gas Derivative Instruments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Commodity derivative gain settlements on derivatives designated as cash flow hedges | $ 0 | $ 382 | $ 0 | $ 538 |
Total commodity derivative gain (loss) | $ (27,657) | $ (46,775) | $ 6,781 | $ (71,930) |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015Counterparty | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Number of counterparties for hedges at period end | 8 |
Equity Incentive Compensation48
Equity Incentive Compensation Plans and Other Long-term Incentive Programs - Non-Cash Stock-Based Compensation Cost Related to Equity Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Based Compensation [Line Items] | ||||
Non-cash stock-based compensation equity awards | $ 2,557 | $ 2,451 | $ 5,064 | $ 5,818 |
Common Stock Options | ||||
Stock Based Compensation [Line Items] | ||||
Non-cash stock-based compensation equity awards | 149 | 497 | 391 | 1,126 |
Nonvested Equity Common Stock | ||||
Stock Based Compensation [Line Items] | ||||
Non-cash stock-based compensation equity awards | 1,617 | 1,548 | 3,191 | 3,219 |
Nonvested Equity Common Stock Units | ||||
Stock Based Compensation [Line Items] | ||||
Non-cash stock-based compensation equity awards | 268 | 260 | 529 | 509 |
Nonvested Performance-Based Equity | ||||
Stock Based Compensation [Line Items] | ||||
Non-cash stock-based compensation equity awards | $ 523 | $ 146 | $ 953 | $ 964 |
Equity Incentive Compensation49
Equity Incentive Compensation Plans and Other Long-term Incentive Programs - Additional Information (Detail) - Jun. 30, 2015 $ in Millions | USD ($) | USD ($) |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Unrecognized compensation cost | $ 16.5 | $ 16.5 |
Weighted-average period (years) | 2 years 3 months 18 days | |
2015 Performance Program | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Weighted Percentage Of Stockholders Return Related To Performance Goals | 60.00% | |
Performance Goals Percentage for Change In Discretionary Cash Flow Per Debt Adjusted Share Relative To Defined Peer Groups Percentage | 40.00% | |
Maximum Number Of Cash Units Vest As Percentage Of Performance Cash Units Granted | 200.00% | |
Number Of Performance Cash Units Granted | 405,836 | 405,836 |
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | $ 0.4 | $ 0.4 |
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 0.1 | $ 0.4 |
2015 Performance Program | Minimum [Member] | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Percentage Of Grant That Will Vest For Performance Met At Threshold Level | 25.00% | 25.00% |
2015 Performance Program | Maximum | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Percentage Of Grant That Will Vest For Performance Met At Threshold Level | 50.00% | 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% |
Equity Incentive Compensation50
Equity Incentive Compensation Plans and Other Long-term Incentive Programs - Stock Options and Nonvested Equity Shares, Equity Awards Granted (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Nonvested equity shares, Number of Shares | 9,530 | 23,626 | 632,139 | 489,940 |
Nonvested equity common stock units, Number of Shares | 122,729 | 700 | 124,988 | 1,432 |
Nonvested performance-based equity shares, Number of Shares | 0 | 44,540 | 0 | 293,115 |
Total shares granted | 132,259 | 68,866 | 757,127 | 784,487 |
Nonvested equity shares, Weighted Average Grant Date Fair Value | $ 9.30 | $ 23.91 | $ 12.26 | $ 22.54 |
Nonvested equity common stock units, Weighted Average Grant Date Fair Value | 8.71 | 26.78 | 8.70 | 26.18 |
Nonvested performance-based equity shares, Weighted Average Grant Date Fair Value | $ 0 | $ 20.92 | $ 0 | $ 19.81 |
Equity Distribution Agreement51
Equity Distribution Agreement (Details) - USD ($) $ in Millions | Jun. 10, 2015 | Jun. 30, 2015 |
Equity Distribution Agreement [Abstract] | ||
Maximum Aggregate Offering Price | $ 100 | |
Number of Shares Sold, Equity Distribution Agreement | 0 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Aggregate Undiscounted Minimum Future Lease Payments (Detail) - Lease Financing Obligation $ in Thousands | Jun. 30, 2015USD ($) |
Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations [Line Items] | |
2,015 | $ 269 |
2,016 | 537 |
2,017 | 537 |
2,018 | 537 |
2,019 | 1,825 |
Thereafter | 0 |
Total | $ 3,705 |
Commitments and Contingencies53
Commitments and Contingencies - Additional Information (Detail) - Jun. 30, 2015 MMcf in Millions, $ in Millions | USD ($)AgreementMMcf | USD ($)AgreementMMcf |
Contingencies And Commitments [Line Items] | ||
Number of Firm Transportation Contracts | Agreement | 2 | |
Number of take-or-pay purchase agreements for supply of carbon dioxide | Agreement | 1 | |
Total financial commitment on take-or-pay purchase agreements for supply of carbon dioxide | $ 1.5 | |
Maximum | ||
Contingencies And Commitments [Line Items] | ||
Contract term, years | 6 years | |
Commitment Ending November 30, 2015 [Member] | ||
Contingencies And Commitments [Line Items] | ||
Minimum Volume Commitment | MMcf | 450 | 450 |
Minimum Volume Commitment Deficiency Payment | $ 0.8 | $ 0.8 |
Minimum Volume Commitment, Volumes Satisfied | MMcf | 132.4 | 132.4 |
Minimum Volume Commitment, Estimated Deficiency Payment | $ 0.5 | $ 0.5 |
Commitments and Contingencies54
Commitments and Contingencies - Gross Future Minimum Transportation Demand and Firm Processing Charges (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,015 | $ 8,961 |
2,016 | 18,692 |
2,017 | 18,692 |
2,018 | 18,692 |
2,019 | 18,692 |
Thereafter | 29,595 |
Total | $ 113,324 |
Commitments and Contingencies55
Commitments and Contingencies - Future Minimum Annual Payments under Drilling, Lease and Other Agreements (Detail) - Office & Equipment Leases $ in Thousands | Jun. 30, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,015 | $ 2,235 |
2,016 | 2,875 |
2,017 | 2,747 |
2,018 | 2,530 |
2,019 | 632 |
Thereafter | 0 |
Total | $ 11,019 |
Guarantor Subsidiaries - Additi
Guarantor Subsidiaries - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||
Percentage of Guarantor Subsidiaries | 100.00% | |
7.625% Senior Notes | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt, stated interest rate | 7.625% | 7.625% |
7.0% Senior Notes | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt, stated interest rate | 7.00% | 7.00% |
Guarantor Subsidiaries - Schedu
Guarantor Subsidiaries - Schedule of Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets: | |||
Current assets | $ 243,447 | $ 426,105 | |
Property and equipment, net | 1,802,869 | 1,753,121 | |
Intercompany receivable (payable) | 0 | 0 | |
Investment in subsidiaries | 0 | 0 | |
Noncurrent assets | 41,385 | 65,258 | |
Total | 2,087,701 | 2,244,484 | |
Liabilities and Stockholders' Equity: | |||
Current liabilities | 175,415 | 264,687 | |
Long-term debt | 803,004 | 803,222 | |
Deferred income taxes | 108,136 | 122,350 | |
Other noncurrent liabilities | 25,151 | 24,737 | |
Stockholders' equity | 975,995 | 1,029,488 | $ 1,005,718 |
Total liabilities and stockholders' equity | 2,087,701 | 2,244,484 | |
Parent Issuer | |||
Assets: | |||
Current assets | 243,394 | 426,103 | |
Property and equipment, net | 1,781,495 | 1,730,074 | |
Intercompany receivable (payable) | 21,267 | 22,840 | |
Investment in subsidiaries | 96 | 163 | |
Noncurrent assets | 41,385 | 65,258 | |
Total | 2,087,637 | 2,244,438 | |
Liabilities and Stockholders' Equity: | |||
Current liabilities | 175,400 | 264,687 | |
Long-term debt | 803,004 | 803,222 | |
Deferred income taxes | 108,136 | 122,350 | |
Other noncurrent liabilities | 25,102 | 24,691 | |
Stockholders' equity | 975,995 | 1,029,488 | |
Total liabilities and stockholders' equity | 2,087,637 | 2,244,438 | |
Guarantor Subsidiaries | |||
Assets: | |||
Current assets | 53 | 2 | |
Property and equipment, net | 21,374 | 23,047 | |
Intercompany receivable (payable) | (21,267) | (22,840) | |
Investment in subsidiaries | 0 | 0 | |
Noncurrent assets | 0 | 0 | |
Total | 160 | 209 | |
Liabilities and Stockholders' Equity: | |||
Current liabilities | 15 | 0 | |
Long-term debt | 0 | 0 | |
Deferred income taxes | 0 | 0 | |
Other noncurrent liabilities | 49 | 46 | |
Stockholders' equity | 96 | 163 | |
Total liabilities and stockholders' equity | 160 | 209 | |
Intercompany Eliminations | |||
Assets: | |||
Current assets | 0 | 0 | |
Property and equipment, net | 0 | 0 | |
Intercompany receivable (payable) | 0 | 0 | |
Investment in subsidiaries | (96) | (163) | |
Noncurrent assets | 0 | 0 | |
Total | (96) | (163) | |
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 | (96) | (163) | |
Total liabilities and stockholders' equity | $ (96) | $ (163) |
Guarantor Subsidiaries - Sche58
Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Operating and other revenues | $ 62,618 | $ 145,008 | $ 111,652 | $ 272,696 | |
Operating expenses | (73,753) | (104,073) | (148,912) | (197,137) | |
General and administrative | (14,672) | (14,521) | (28,001) | (29,928) | |
Interest and other income (expense) | (45,721) | (64,244) | (24,871) | (106,455) | |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | (71,528) | (37,830) | (90,132) | (60,824) | |
(Provision for) Benefit from Income Taxes | 26,947 | 11,244 | 33,820 | 21,489 | |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 | |
Net Income (Loss) | (44,581) | (26,586) | (56,312) | (39,335) | $ 15,081 |
Parent Issuer | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Operating and other revenues | 62,505 | 145,004 | 111,401 | 272,705 | |
Operating expenses | (73,596) | (104,014) | (148,594) | (197,007) | |
General and administrative | (14,672) | (14,521) | (28,001) | (29,928) | |
Interest and other income (expense) | (45,721) | (64,279) | (24,871) | (106,490) | |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | (71,484) | (37,810) | (90,065) | (60,720) | |
(Provision for) Benefit from Income Taxes | 26,947 | 11,244 | 33,820 | 21,489 | |
Equity in earnings (loss) of subsidiaries | (44) | (20) | (67) | (104) | |
Net Income (Loss) | (44,581) | (26,586) | (56,312) | (39,335) | |
Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Operating and other revenues | 113 | 4 | 251 | (9) | |
Operating expenses | (157) | (59) | (318) | (130) | |
General and administrative | 0 | 0 | 0 | 0 | |
Interest and other income (expense) | 0 | 35 | 0 | 35 | |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | (44) | (20) | (67) | (104) | |
(Provision for) Benefit from Income Taxes | 0 | 0 | 0 | 0 | |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 | |
Net Income (Loss) | (44) | (20) | (67) | (104) | |
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 | 44 | 20 | 67 | 104 | |
Net Income (Loss) | $ 44 | $ 20 | $ 67 | $ 104 |
Guarantor Subsidiaries - Sche59
Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | $ (44,581) | $ (26,586) | $ (56,312) | $ (39,335) | $ 15,081 |
Effect of derivative financial instruments | 0 | (239) | 0 | (336) | $ (669) |
Other comprehensive income (loss) | 0 | (239) | 0 | (336) | |
Comprehensive Income (Loss) | (44,581) | (26,825) | (56,312) | (39,671) | |
Parent Issuer | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | (44,581) | (26,586) | (56,312) | (39,335) | |
Effect of derivative financial instruments | 0 | (239) | 0 | (336) | |
Other comprehensive income (loss) | 0 | (239) | 0 | (336) | |
Comprehensive Income (Loss) | (44,581) | (26,825) | (56,312) | (39,671) | |
Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | (44) | (20) | (67) | (104) | |
Effect of derivative financial instruments | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | |
Comprehensive Income (Loss) | (44) | (20) | (67) | (104) | |
Intercompany Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | 44 | 20 | 67 | 104 | |
Effect of derivative financial instruments | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | |
Comprehensive Income (Loss) | $ 44 | $ 20 | $ 67 | $ 104 |
Guarantor Subsidiaries - Sche60
Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | $ 91,141 | $ 127,418 |
Cash flows from investing activities: | ||
Additions to oil and gas properties, including acquisitions | (194,123) | (264,345) |
Additions to furniture, fixtures and other | (878) | (856) |
Proceeds from sale of properties and other investing activities | 66,518 | 8,175 |
Cash paid for short-term investments | (114,883) | 0 |
Proceeds from the sale of short-term investments | 50,000 | 0 |
Intercompany Transfers Investing Activities | 0 | 0 |
Cash flows from financing activities: | ||
Proceeds from debt | 0 | 135,000 |
Principal payments on debt | (24,976) | (2,285) |
Intercompany Transfer Financing Activities | 0 | 0 |
Other financing activities | (2,821) | (1,923) |
Increase (Decrease) in Cash and Cash Equivalents | (130,022) | 1,184 |
Beginning Cash and Cash Equivalents | 165,904 | 54,595 |
Ending Cash and Cash Equivalents | 35,882 | 55,779 |
Parent Issuer | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 90,952 | 127,382 |
Cash flows from investing activities: | ||
Additions to oil and gas properties, including acquisitions | (195,492) | (260,783) |
Additions to furniture, fixtures and other | (878) | (856) |
Proceeds from sale of properties and other investing activities | 66,518 | 7,640 |
Cash paid for short-term investments | (114,883) | |
Proceeds from the sale of short-term investments | 50,000 | |
Intercompany Transfers Investing Activities | 1,558 | (2,991) |
Cash flows from financing activities: | ||
Proceeds from debt | 0 | 135,000 |
Principal payments on debt | (24,976) | (2,285) |
Intercompany Transfer Financing Activities | 0 | 0 |
Other financing activities | (2,821) | (1,923) |
Increase (Decrease) in Cash and Cash Equivalents | (130,022) | 1,184 |
Beginning Cash and Cash Equivalents | 165,904 | 54,595 |
Ending Cash and Cash Equivalents | 35,882 | 55,779 |
Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 189 | 36 |
Cash flows from investing activities: | ||
Additions to oil and gas properties, including acquisitions | 1,369 | (3,562) |
Additions to furniture, fixtures and other | 0 | 0 |
Proceeds from sale of properties and other investing activities | 0 | 535 |
Cash paid for short-term investments | 0 | |
Proceeds from the sale of short-term investments | 0 | |
Intercompany Transfers Investing Activities | 0 | 0 |
Cash flows from financing activities: | ||
Proceeds from debt | 0 | 0 |
Principal payments on debt | 0 | 0 |
Intercompany Transfer Financing Activities | (1,558) | 2,991 |
Other financing activities | 0 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 |
Beginning Cash and Cash Equivalents | 0 | 0 |
Ending Cash and Cash Equivalents | 0 | 0 |
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 paid for short-term investments | 0 | |
Proceeds from the sale of short-term investments | 0 | |
Intercompany Transfers Investing Activities | (1,558) | 2,991 |
Cash flows from financing activities: | ||
Proceeds from debt | 0 | 0 |
Principal payments on debt | 0 | 0 |
Intercompany Transfer Financing Activities | 1,558 | (2,991) |
Other financing activities | 0 | 0 |
Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 |
Beginning Cash and Cash Equivalents | 0 | 0 |
Ending Cash and Cash Equivalents | $ 0 | $ 0 |