Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 17, 2017 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
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 | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 76,283,870 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 155,885 | $ 275,841 |
Accounts receivable, net of allowance for doubtful accounts | 42,089 | 32,837 |
Derivative assets | 5,782 | 8,398 |
Assets held for sale, net of depreciation, depletion, amortization and impairment | 145,553 | 0 |
Prepayments and other current assets | 2,209 | 1,376 |
Total current assets | 351,518 | 318,452 |
Property and equipment - at cost, successful efforts method for oil and gas properties: | ||
Proved oil and gas properties | 1,292,786 | 1,539,373 |
Unproved oil and gas properties, excluded from amortization | 70,535 | 58,830 |
Furniture, equipment and other | 17,217 | 23,636 |
Property, plant and equipment, gross | 1,380,538 | 1,621,839 |
Accumulated depreciation, depletion, amortization and impairment | (404,693) | (559,690) |
Total property and equipment, net | 975,845 | 1,062,149 |
Deferred income tax asset | 0 | 1,587 |
Deferred financing costs and other noncurrent assets | 3,143 | 3,153 |
Total | 1,330,506 | 1,385,341 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 85,678 | 49,447 |
Amounts payable to oil and gas property owners | 12,563 | 6,192 |
Production taxes payable | 22,805 | 22,992 |
Derivative liabilities | 0 | 4,346 |
Deferred income taxes | 0 | 1,587 |
Current portion of long-term debt | 465 | 454 |
Liabilities associated with assets held for sale | 4,856 | 0 |
Total current liabilities | 126,367 | 85,018 |
Long-term debt, net of debt issuance costs | 668,744 | 711,808 |
Asset retirement obligations | 15,771 | 10,703 |
Derivatives and other noncurrent liabilities | 4,610 | 6,269 |
Stockholders' equity: | ||
Common stock, $0.001 par value; authorized 300,000,000 and 150,000,000 shares at September 30, 2017 and December 31, 2016, respectively; 76,284,992 and 75,721,360 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively, with 1,391,256 and 1,325,714 shares subject to restrictions, respectively | 75 | 74 |
Additional paid-in capital | 1,118,180 | 1,113,797 |
Retained earnings (accumulated deficit) | (603,241) | (542,328) |
Treasury stock, at cost: zero shares at September 30, 2017 and December 31, 2016 | 0 | 0 |
Total stockholders' equity | 515,014 | 571,543 |
Total liabilities and stockholders' equity | $ 1,330,506 | $ 1,385,341 |
CONSOLIDATED BALANCE SHEETS (U3
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 300,000,000 | 150,000,000 |
Common Stock, Shares, Issued (in shares) | 76,284,992 | 75,721,360 |
Common stock, shares outstanding (in shares) | 76,284,992 | 75,721,360 |
Common stock, shares subject to restrictions (in shares) | 1,391,256 | 1,325,714 |
Treasury stock, shares (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Revenues: | ||||
Oil, gas and NGL production | $ 67,175 | $ 50,133 | $ 168,541 | $ 126,279 |
Other operating revenues | 690 | 348 | 926 | 920 |
Total operating revenues | 67,865 | 50,481 | 169,467 | 127,199 |
Operating Expenses: | ||||
Lease operating expense | 5,919 | 4,795 | 17,287 | 22,101 |
Gathering, transportation and processing expense | 620 | 472 | 1,644 | 1,871 |
Production tax expense | 5,384 | 3,832 | 9,140 | 7,037 |
Exploration expense | 18 | 16 | 48 | 64 |
Impairment, dry hole costs and abandonment expense | 261 | 974 | 8,336 | 1,766 |
(Gain) loss on sale of properties | 0 | 1,914 | (92) | 1,206 |
Depreciation, depletion and amortization | 41,732 | 43,083 | 119,409 | 125,491 |
Unused commitments | 4,557 | 4,567 | 13,687 | 13,703 |
General and administrative expense | 12,496 | 9,178 | 30,788 | 31,535 |
Other operating expenses, net | (282) | 0 | (1,610) | 0 |
Total operating expenses | 70,705 | 68,831 | 198,637 | 204,774 |
Operating Income (Loss) | (2,840) | (18,350) | (29,170) | (77,575) |
Other Income and Expense: | ||||
Interest and other income | 332 | 72 | 1,030 | 166 |
Interest expense | (13,926) | (13,991) | (44,014) | (45,160) |
Commodity derivative gain (loss) | (12,408) | 6,054 | 19,654 | (7,258) |
Gain (loss) on extinguishment of debt | 0 | 29 | (7,904) | 8,726 |
Total other income and expense | (26,002) | (7,836) | (31,234) | (43,526) |
Income (Loss) before Income Taxes | (28,842) | (26,186) | (60,404) | (121,101) |
(Provision for) Benefit from Income Taxes | 0 | 0 | 0 | 0 |
Net Income (Loss) | $ (28,842) | $ (26,186) | $ (60,404) | $ (121,101) |
Net Income (Loss) Per Common Share, Basic (in dollars per share) | $ (0.39) | $ (0.44) | $ (0.81) | $ (2.28) |
Net Income (Loss) Per Common Share, Diluted (in dollars per share) | $ (0.39) | $ (0.44) | $ (0.81) | $ (2.28) |
Weighted Average Common Shares Outstanding, Basic | 74,886,107 | 58,851,598 | 74,742,699 | 53,081,809 |
Weighted Average Common Shares Outstanding, Diluted | 74,886,107 | 58,851,598 | 74,742,699 | 53,081,809 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||||
Net Income (Loss) | $ (28,842) | $ (26,186) | $ (60,404) | $ (121,101) | $ (170,378) |
Other Comprehensive Income (Loss), net of tax: | |||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | |
Comprehensive Income (Loss) | $ (28,842) | $ (26,186) | $ (60,404) | $ (121,101) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Activities: | ||
Net Income (Loss) | $ (60,404) | $ (121,101) |
Adjustments to reconcile to net cash provided by operations: | ||
Depreciation, depletion and amortization | 119,409 | 125,491 |
Impairment, dry hole costs and abandonment expense | 8,336 | 1,766 |
Commodity derivative (gain) loss | (19,654) | 7,258 |
Settlements of commodity derivatives | 17,062 | 78,417 |
Stock compensation and other non-cash charges | 5,134 | 7,208 |
Amortization of deferred financing costs | 1,665 | 2,075 |
(Gain) loss on extinguishment of debt | 7,904 | (8,726) |
(Gain) loss on sale of properties | (92) | 1,206 |
Change in operating assets and liabilities: | ||
Accounts receivable | (9,252) | 13,552 |
Prepayments and other assets | (980) | (968) |
Accounts payable, accrued and other liabilities | 20,071 | 18,903 |
Amounts payable to oil and gas property owners | 6,371 | (2,894) |
Production taxes payable | (187) | (5,980) |
Net cash provided by (used in) operating activities | 95,383 | 116,207 |
Investing Activities: | ||
Additions to oil and gas properties, including acquisitions | (160,788) | (93,704) |
Additions of furniture, equipment and other | (268) | (1,184) |
Proceeds from sale of properties and other investing activities | (712) | 25,571 |
Net cash provided by (used in) investing activities | (161,768) | (69,317) |
Financing Activities: | ||
Proceeds from debt | 275,000 | 0 |
Principal payments on debt | (322,228) | (329) |
Proceeds from sale of common stock, net of offering costs | (298) | 0 |
Deferred financing costs and other | (6,045) | (1,134) |
Net cash provided by (used in) financing activities | (53,571) | (1,463) |
Increase (Decrease) in Cash and Cash Equivalents | (119,956) | 45,427 |
Beginning Cash and Cash Equivalents | 275,841 | 128,836 |
Ending Cash and Cash Equivalents | $ 155,885 | $ 174,263 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Treasury Stock |
Balance at Dec. 31, 2015 | $ 549,416,000 | $ 48,000 | $ 921,318,000 | $ (371,950,000) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of options, restricted stock activity and shares exchanged for exercise and tax withholding | (1,113,000) | 1,000 | (1,114,000) | ||
Stock-based compensation | 9,455,000 | 9,455,000 | |||
Retirement of treasury stock | 0 | (1,114,000) | 1,114,000 | ||
Exchange of senior notes for shares of common stock | 74,400,000 | 10,000 | 74,390,000 | ||
Issuance of common stock, net of offering costs | 109,763,000 | 15,000 | 109,748,000 | ||
Net income (loss) | (170,378,000) | (170,378,000) | |||
Balance at Dec. 31, 2016 | 571,543,000 | 74,000 | 1,113,797,000 | (542,328,000) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Exercise of options, restricted stock activity and shares exchanged for exercise and tax withholding | (1,245,000) | 1,000 | (1,246,000) | ||
Stock-based compensation | 5,510,000 | 5,510,000 | |||
Retirement of treasury stock | 0 | (1,246,000) | 1,246,000 | ||
Issuance of common stock, net of offering costs | (61,000) | 0 | (61,000) | ||
Net income (loss) | (60,404,000) | (60,404,000) | |||
Balance at Sep. 30, 2017 | 515,014,000 | $ 75,000 | 1,118,180,000 | (603,241,000) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative effect of accounting change (1) | $ (329,000) | $ 180,000 | $ (509,000) |
Organization
Organization | 9 Months Ended |
Sep. 30, 2017 | |
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 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 | 9 Months Ended |
Sep. 30, 2017 | |
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 consolidated 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 2016 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 2016 Annual Report on Form 10-K. Use of Estimates. In the course of preparing the Company's consolidated 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 include volumes of oil, natural gas and NGL reserves used in calculating depreciation, depletion and amortization ("DD&A"), the amount of expected future net 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 payment awards. Accounts Receivable. Accounts receivable is comprised of the following: As of September 30, 2017 As of December 31, 2016 (in thousands) Accrued oil, gas and NGL sales $ 33,170 $ 26,542 Due from joint interest owners 9,164 4,366 Other 14 1,952 Allowance for doubtful accounts (259 ) (23 ) Total accounts receivable $ 42,089 $ 32,837 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, recent sales prices of comparable properties 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. The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company's oil, natural gas and NGL producing activities: As of September 30, 2017 As of December 31, 2016 (in thousands) Proved properties $ 218,746 $ 306,075 Wells and related equipment and facilities 1,035,764 1,164,354 Support equipment and facilities 34,317 63,238 Materials and supplies 3,959 5,706 Total proved oil and gas properties (1) $ 1,292,786 $ 1,539,373 Unproved properties 33,713 27,790 Wells and facilities in progress 36,822 31,040 Total unproved oil and gas properties, excluded from amortization (1) $ 70,535 $ 58,830 Accumulated depreciation, depletion, amortization and impairment (1) (393,340 ) (543,154 ) Total oil and gas properties, net (1) $ 969,981 $ 1,055,049 (1) Excludes oil and gas properties held for sale of $145.1 million , comprised of $410.7 million of proved oil and gas properties and $0.4 million of unproved oil and gas properties, net of accumulated depreciation, depletion, amortization and impairment of $266.0 million . Held for sale balances are included in current assets as assets held for sale, net of amortization and impairment, in the Unaudited Consolidated Balance Sheet as of September 30, 2017 . See Note 4 for additional information on assets held for sale. The Company reviews oil and natural gas properties 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 using proved and risked probable and possible reserves based on the Company's development plans and best estimate of future production, commodity pricing, reserve risking, 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 oil and gas properties, no impairment is taken. If the carrying amount 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 of its oil and gas properties represent the applicable market value. The factors used to determine fair value may include, but are not limited to, recent sales prices of comparable properties, indications from marketing activities, 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. In addition, oil and gas properties are assessed for impairment once they meet the criteria to be classified as held for sale. Assets held for sale are carried at the lower of carrying cost or fair value less costs to sell. The fair value of the assets is determined using a market approach, based on an estimated selling price, as evidenced by current marketing activities, if possible. If an estimated selling price is not available, the Company utilizes the income valuation technique, which involves calculating the present value of future net cash flows as discussed above. If the carrying amount of the assets exceeds the fair value less costs to sell, an impairment will result to reduce the value of the properties down to fair value less costs to sell. The Company recognized non-cash impairment, dry hole costs and abandonment expense in the Unaudited Consolidated Statements of Operations as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Impairment of unproved oil and gas properties (1) $ — $ — $ 8,010 $ 183 Dry hole costs — 1 — 71 Abandonment expense and lease expirations 261 973 326 1,512 Total impairment, dry hole costs and abandonment expense $ 261 $ 974 $ 8,336 $ 1,766 (1) The Company recognized a non-cash impairment charge associated with unproved oil and gas properties in the Cottonwood Gulch area of the Piceance Basin during the nine months ended September 30, 2017 . The Company has no current plan to develop this acreage. The provision for DD&A of oil and gas properties is calculated on a field-by-field basis using the unit-of-production method. 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 September 30, 2017 As of December 31, 2016 (in thousands) Accrued drilling, completion and facility costs $ 33,325 $ 15,594 Accrued lease operating, gathering, transportation and processing expenses 4,589 4,261 Accrued general and administrative expenses 8,653 6,375 Accrued interest payable 23,500 12,264 Prepayments from partners 11,249 332 Trade payables 2,323 7,900 Other 2,039 2,721 Total accounts payable and accrued liabilities $ 85,678 $ 49,447 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. Recent case law in Wyoming has exposed the Company to potential obligations for plugging and abandoning wells, and associated reclamation, for assets that were sold to other industry parties in prior years. If such third parties become unable to fulfill their contractual obligations to the Company as provided for in the applicable purchase and sale agreements, regulatory agencies and landowners may demand that the Company perform such activities. The Company recognized $0.8 million associated with these obligations in other operating expenses in the Consolidated Statement of Operations for the nine months ended September 30, 2017 . 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 September 30, 2017 and 2016 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. Deferred tax assets are regularly reviewed, considering all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, taxable strategies and results of recent operations. The assumptions about future taxable income require significant judgment to determine whether it is more likely than not that the deferred tax asset will be realized. If it is determined that the deferred tax asset will not be realized, then a valuation allowance will be recorded against the deferred tax asset. The Company began recording a full valuation allowance against the deferred tax asset during the period ending September 30, 2015 and continues to do so as of September 30, 2017 . 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 September 30, 2017 . 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 and in-the-money outstanding stock options to purchase the Company's common stock. No potential common shares are included in the computation of any diluted per share amount when a net loss exists, as was the case for the three and nine months ended September 30, 2017 and 2016 . The following table sets forth the calculation of basic and diluted income (loss) per share: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands, except per share amounts) Net income (loss) $ (28,842 ) $ (26,186 ) $ (60,404 ) $ (121,101 ) Basic weighted-average common shares outstanding in period 74,886 58,852 74,743 53,082 Diluted weighted-average common shares outstanding in period 74,886 58,852 74,743 53,082 Basic net income (loss) per common share $ (0.39 ) $ (0.44 ) $ (0.81 ) $ (2.28 ) Diluted net income (loss) per common share $ (0.39 ) $ (0.44 ) $ (0.81 ) $ (2.28 ) New Accounting Pronouncements. In May 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-09, Stock Compensation-Scope of Modification Accounting . The objective of this update is to provide clarity and reduce both diversity in practice and cost and complexity when applying a change to the terms or conditions of a share-based payment award. ASU 2017-09 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company does not expect the standard to have a significant impact on the Company's financial statements or disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the definition of a business . The objective of this update is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company does not expect the standard to have a significant impact on the Company's financial statements or disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments . The objective of this update is to address eight specific cash flow issues in order to reduce the existing diversity in practice. ASU 2016-15 is effective for the annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company does not expect the standard to have a significant impact on the Company's financial statements or disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The objective of this update is to simplify the current guidance for stock compensation. The areas for simplification involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 was effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The standard was adopted effective January 1, 2017 and did not have a significant impact on the Company's disclosures or financial statements. As of January 1, 2017, the Company did not have excess tax benefits associated with its stock compensation and therefore there was no tax impact upon adoption of this standard. In addition, the employee taxes paid on the statement of cash flows when shares were withheld for taxes were already classified as a financing activity; therefore, there was no cash flow statement impact upon adoption of this standard. The Company elected to account for forfeitures as they occur as opposed to estimating the number of awards that are expected to vest. Per ASU 2016-09, the election is considered a change in accounting principle, with the cumulative effect of the change reported as an adjustment to the beginning equity balance. The Company reported an increase to accumulated deficit and additional paid in capital ("APIC") of $0.2 million related to equity award compensation and an increase to accumulated deficit and derivative and other noncurrent liabilities of $0.3 million related to liability award compensation. The cumulative effect of accounting change is reported in the Consolidated Statement of Stockholders' Equity. In February 2016, the FASB issued ASU 2016-02, Leases . The objective of this update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Company has performed an initial assessment by compiling and analyzing contracts and leasing arrangements that may be affected. The Company is still evaluating the impact of adopting this standard. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes . The objective of this update is to require deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. ASU 2015-17 was effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The standard was adopted January 1, 2017 on a prospective basis and did not have a significant impact on the Company's disclosures and financial statements. Prior periods were not retrospectively adjusted. 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. The FASB subsequently issued ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20, which provided additional implementation guidance and deferred the effective date of ASU 2014-09. The standard is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. The standard will be adopted using the modified retrospective transition method, effective January 1, 2018. The Company has performed an assessment of its current existing revenue contracts and is in the process of implementing additional control procedures. The Company does not expect the standard to have a significant impact on the Company's financial statements or disclosures. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information Supplemental cash flow information is as follows: Nine Months Ended September 30, 2017 2016 (in thousands) Cash paid for interest $ 31,113 $ 31,736 Cash paid for income taxes — — Supplemental disclosures of non-cash investing and financing activities: Accrued liabilities - oil and gas properties 37,319 8,318 Change in asset retirement obligations, net of disposals 10,453 (4,788 ) Retirement of treasury stock (1,246 ) (1,098 ) Properties exchanged in non-cash transactions 13,323 — Fair value of debt exchanged for common stock (1) — 74,400 (1) See Note 5 for additional information regarding the Debt Exchange. |
Acquisitions, Exchanges, Divest
Acquisitions, Exchanges, Divestitures and Assets Held for Sale | 9 Months Ended |
Sep. 30, 2017 | |
Mergers, Acquisitions and Dispositions Disclosures [Abstract] | |
Acquisitions, Exchanges and Divestitures | Acquisitions, Exchanges, Divestitures and Assets Held for Sale During the three months ended September 30, 2017, the Company committed to a plan to sell the Company's remaining assets in the Uinta Basin. Therefore, the related assets and liabilities were classified as held for sale in the Unaudited Consolidated Balance Sheet as of September 30, 2017. Assets held for sale are recorded at the lesser of their respective carrying value or fair value less estimated costs to sell. The fair value of the net assets held for sale was in excess of the net carrying value as of September 30, 2017. The net carrying value was presented as assets held for sale, net of depreciation, depletion, amortization and impairment, of $145.6 million and liabilities associated with assets held for sale of $4.9 million on the Unaudited Consolidated Balance Sheet as of September 30, 2017. On February 28, 2017, the Company acquired acreage in the DJ Basin for $11.6 million , after final closing adjustments. The transaction was considered an asset acquisition and therefore the properties were recorded based on the fair value of the total consideration transferred on the acquisition date and transaction costs were capitalized as a component of the cost of the assets acquired. The acquisition included $9.1 million and $11.2 million of proved and unevaluated properties, respectively, and asset retirement obligations of $8.7 million . During the nine months ended September 30, 2017, the Company completed two acreage exchange transactions to consolidate certain acreage positions in the DJ Basin. Pursuant to the transactions, the Company exchanged leasehold interests in certain proved undeveloped acreage. The Company’s future cash flows are not expected to significantly change as a result of the exchange transactions, therefore, the non-monetary exchanges were measured based on the carrying values and not on the fair values of the assets exchanged. On July 14, 2016, the Company sold certain non-core assets in the Uinta Basin. The Company received $27.8 million in cash proceeds, after final closing adjustments. In addition to the cash proceeds, the Company recognized non-cash proceeds of $4.8 million related to the relief from the Company's asset retirement obligation. Assets sold included $30.6 million in proved oil and gas properties, net of accumulated depreciation, depletion, amortization and impairment, and $2.0 million in unproved oil and gas properties. Liabilities sold included $4.8 million of asset retirement obligations. The transaction was accounted for as a cost recovery. Therefore, no gain or loss was recognized. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The Company's outstanding debt is summarized below: As of September 30, 2017 As of December 31, 2016 Maturity Date Principal Debt Issuance Costs Carrying Amount Principal Debt Issuance Costs Carrying Amount (in thousands) Amended Credit Facility April 9, 2020 $ — $ — $ — $ — $ — $ — Convertible Notes (1) March 15, 2028 — — — 579 — 579 7.625% Senior Notes (2) October 1, 2019 — — — 315,300 (2,169 ) 313,131 7.0% Senior Notes (3) October 15, 2022 400,000 (3,684 ) 396,316 400,000 (4,227 ) 395,773 8.75% Senior Notes (4) June 15, 2025 275,000 (4,548 ) 270,452 — — — Lease Financing Obligation (5) August 10, 2020 2,443 (2 ) 2,441 2,782 (3 ) 2,779 Total Debt $ 677,443 $ (8,234 ) $ 669,209 $ 718,661 $ (6,399 ) $ 712,262 Less: Current Portion of Long-Term Debt (6) 465 — 465 454 — 454 Total Long-Term Debt $ 676,978 $ (8,234 ) $ 668,744 $ 718,207 $ (6,399 ) $ 711,808 (1) The Convertible Notes were redeemed on May 30, 2017. The aggregate estimated fair value of the Convertible Notes was approximately $0.5 million as of December 31, 2016 based on reported market trades of these instruments. (2) The 7.625% Senior Notes were redeemed on May 30, 2017. The aggregate estimated fair value of the 7.625% Senior Notes was approximately $314.5 million as of December 31, 2016 based on reported market trades of these instruments. (3) The aggregate estimated fair value of the 7.0% Senior Notes was approximately $386.3 million and $384.5 million as of September 30, 2017 and December 31, 2016 , respectively, based on reported market trades of these instruments. (4) The aggregate estimated fair value of the 8.75% Senior Notes was approximately $266.8 million as of September 30, 2017 based on reported market trades of these instruments. (5) The aggregate estimated fair value of the Lease Financing Obligation was approximately $2.3 million and $2.6 million as of September 30, 2017 and December 31, 2016 , respectively. As 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 long-term debt includes the current portion of the Lease Financing Obligation. Amended Credit Facility The Company's amended revolving credit facility ("Amended Credit Facility") had commitments from 13 lenders and a borrowing base of $300.0 million as of September 30, 2017 . As credit support for future payments 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 September 30, 2017 to $274.0 million . There have not been any borrowings under the Amended Credit Facility to date in 2017 and there were no such borrowings in 2016. 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 borrowing base under the Amended Credit Facility is determined at the discretion of the lenders, based on the collateral value of the Company's proved reserves that have been mortgaged to the lenders, and is subject to regular re-determinations on or about April 1 and October 1 of each year, as well as following any property sales. In October 2017, the Company's borrowing base was re-confirmed at $300.0 million based on proved reserves and the commodity hedge position in place at June 30, 2017. Future borrowing bases will be computed based on proved oil, natural gas and NGL reserves, hedge positions and estimated future cash flows from those reserves calculated using future commodity pricing provided by the Company's lenders, as well as any other outstanding debt. Lower commodity prices could result in a decreased borrowing base. 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 since issuance. If the Company fails to comply with the covenants or other terms of any agreements governing the Company's debt, the Company's lenders and holders of the Company's senior notes may have the right to accelerate the maturity of that debt and foreclose upon the collateral, if any, securing that debt. The occurrence of any such event would adversely affect the Company's financial condition. In September 2015, the Company obtained an amendment to the Amended Credit Facility that replaced the Company's debt-to-EBITDAX (earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses) covenant in the facility with a secured debt-to-EBITDAX covenant and an EBITDAX-to-interest covenant through March 31, 2018. There can be no assurance that the Company will be able to obtain similar amendments, or waivers of covenant breaches, in the future if needed. 5% Convertible Senior Notes Due 2028 On May 30, 2017, the Company redeemed the $0.6 million of outstanding Convertible Notes with the proceeds of its 8.75% Senior Notes issued on April 28, 2017. See " 8.75% Senior Notes due 2025" below for additional information. 7.625% Senior Notes Due 2019 On May 30, 2017, the Company redeemed the $315.3 million of outstanding 7.625% Senior Notes with cash on hand and proceeds from the issuance of its 8.75% Senior Notes on April 28, 2017. See " 8.75% Senior Notes due 2025" below for additional information. Due to the redemption of the Convertible Notes and the 7.625% Senior Notes, the Company recognized a $7.9 million loss on extinguishment of debt on the Consolidated Statement of Operations for the nine months ended September 30, 2017 . The 7.625% Senior Notes were issued at $400.0 million in principal amount on September 27, 2011. On June 3, 2016, the Company completed a debt exchange with a holder of the 7.625% Senior Notes (the "Debt Exchange"). The holder exchanged $84.7 million principal amount of the 7.625% Senior Notes for 10,000,000 newly issued shares of the Company’s common stock. Based on the fair value of the shares issued, the Company recognized an $8.7 million gain on extinguishment of debt on the Consolidated Statement of Operations for the year ended December 31, 2016 . Following the Debt Exchange, the remaining aggregate principal amount was $315.3 million , which, as indicated above, was then redeemed on May 30, 2017. 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 October 15, 2022 at par. The 7.0% Senior Notes mature on October 15, 2022 unless earlier redeemed or purchased by the Company. 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 8.75% Senior Notes. The 7.0% Senior Notes became redeemable at the Company's option on October 15, 2017 at a redemption price of 103.500% of the principal amount. The redemption price will decrease to 102.333% , 101.167% and 100.000% of the principal amount in 2018, 2019 and 2022, respectively. The 7.0% Senior Notes are fully and unconditionally guaranteed by the subsidiaries that guarantee the Company's indebtedness under the Amended Credit Facility and the 8.75% 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 covenants and has complied with all covenants since issuance. 8.75% Senior Notes Due 2025 On April 28, 2017, the Company issued $275.0 million in aggregate principal amount of 8.75% Senior Notes due June 15, 2025 at par. Interest is payable in arrears semi-annually on June 15 and December 15 of each year, commencing on December 15, 2017. The 8.75% 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 7.0% Senior Notes. The 8.75% Senior Notes will become redeemable at the Company's option on or after June 15, 2020, 2021, 2022 and 2023 at redemption prices of 106.563% , 104.375% , 102.188% and 100.000% of the principal amount, respectively. Prior to June 15, 2020, the Company may use proceeds of an equity offering to redeem up to 35% of the principal amount at a redemption price of 108.750% of the principal amount. In addition, prior to June 15, 2020, the Company may redeem the notes at a redemption price equal to 100.000% of the principal amount plus a specified "make-whole" premium. The 8.75% Senior Notes are fully and unconditionally guaranteed by the subsidiaries that guarantee the Company's indebtedness under the Amended Credit Facility and the 7.0% Senior Notes. The 8.75% 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 covenants and has complied with all covenants since issuance. Nothing in the indentures governing the 7.0% Senior Notes or the 8.75% Senior Notes prohibits the Company from repurchasing any of the notes from time to time at any price in open market purchases, negotiated transactions or by tender offer or otherwise without any notice to or consent of the holders. Lease Financing Obligation Due 2020 The Company has a lease financing obligation with a balance of $2.4 million as of September 30, 2017 resulting from the Company's sale and subsequent lease back of certain compressors and related facilities owned by the Company (the "Lease Financing Obligation"). 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 12 for a discussion of aggregate minimum future lease payments. |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations A reconciliation of the Company's asset retirement obligations for the nine months ended September 30, 2017 is as follows (in thousands): As of December 31, 2016 $ 11,238 Liabilities incurred (1) 10,379 Liabilities settled (814 ) Disposition of properties (6 ) Accretion expense 765 Revisions to estimate 894 As of September 30, 2017 $ 22,456 Less: liabilities associated with assets held for sale 4,856 Less: current asset retirement obligations 1,829 Long-term asset retirement obligations $ 15,771 (1) Includes $8.7 million associated with properties acquired in the DJ Basin during the nine months ended September 30, 2017. See Note 4 for additional information regarding this acquisition. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements 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 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. 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 2 – Quoted prices are available in active markets for similar assets or liabilities and in non-active markets for identical or similar instruments. Model-derived valuations have inputs that are observable or whose significant value drivers are observable. 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. 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 assets and liabilities that were measured at fair value in the Unaudited Consolidated Balance Sheets. As of September 30, 2017 Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents (1) $ 110,772 $ — $ — $ 110,772 Deferred compensation plan (1) 1,719 — — 1,719 Commodity derivatives (1) — 8,211 — 8,211 Unproved oil and gas properties (2) — — 1,088 1,088 Liabilities Commodity derivatives (1) $ — $ 2,466 $ — $ 2,466 (1) This represents a financial asset or liability that is measured at fair value on a recurring basis. (2) This represents a non-financial asset or liability that is measured at fair value on a nonrecurring basis. As of December 31, 2016 Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents (1) $ 40,115 $ — $ — $ 40,115 Deferred compensation plan (1) 1,447 — — 1,447 Commodity derivatives (1) — 13,156 — 13,156 Liabilities Commodity derivatives (1) $ — $ 10,003 $ — $ 10,003 (1) This represents a financial asset or liability that is measured at fair value on a recurring basis. Cash equivalents – The highly liquid cash equivalents are recorded at carrying value. Carrying value approximates fair value, which represents a Level 1 input. Deferred compensation plan – 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 deferred compensation plan financial assets are reported at fair value based on active market quotes, which represent Level 1 inputs. Commodity derivatives – 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. The inputs discussed above all represent Level 2 inputs. The commodity derivatives 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. Oil and gas properties – Oil and gas property costs are evaluated for impairment and reduced to fair value when there is an indication that the carrying costs may not be recoverable. If an impairment is necessary, the fair value is estimated by using either a market approach based on recent sales prices of comparable properties and/or indications from marketing activities or by using the income valuation technique, which involves calculating the present value of future revenues. The present value, net of estimated operating and development costs, is calculated 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, predominantly all of which are designated as Level 3 inputs within the fair value hierarchy. During the nine months ended September 30, 2017 , the Company reduced its unproved Cottonwood Gulch assets in the Piceance Basin to a fair value of $1.1 million , resulting in a non-cash impairment charge of $8.0 million . During the year ended December 31, 2016 , no properties were measured at fair value. Properties classified as held for sale are recorded at the lesser of their respective carrying value or fair value less estimated costs to sell. The fair value is determined using a market approach, based on an estimated selling price, as evidenced by current marketing activities, if possible. If an estimated selling price is not available, the Company utilizes the income valuation technique discussed above. The fair value of the assets held for sale as of September 30, 2017 was in excess of the net carrying value, therefore, no impairment was necessary. See Note 4 for additional information on assets held for sale. Acquisitions of proved and unproved properties – Assets acquired and liabilities assumed under transactions that meet the criteria of a business combination under ASC Topic 805, Business Combinations are recorded at fair value on the acquisition date using an income valuation technique based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs to the valuation of acquired oil and gas properties include estimates of reserves, production rates, future operating and development costs, future commodity prices including price differentials, future cash flows and a market participant-based weighted average cost of capital rate. These inputs require significant judgments and estimates by the Company’s management at the time of the valuation. Assets acquired and liabilities assumed under transactions that do not meet the criteria of a business combination under ASC Topic 805, Business Combinations are accounted for as asset acquisitions and are recorded based on the fair value of the total consideration transferred on the acquisition date using the lowest observable inputs available. The Company acquired proved and unproved properties in the DJ Basin for total cash consideration of $11.6 million during the nine months ended September 30, 2017 . See Note 4 for additional information regarding this asset acquisition. Long-term Debt – Long-term debt is not presented at fair value on the Unaudited Consolidated Balance Sheets, as it is recorded at carrying value, net of unamortized debt issuance costs. The Company issued the 8.75% Senior Notes on April 28, 2017 and redeemed its 7.625% Senior Notes on May 30, 2017. The fair values of the Company's fixed rate 7.0% Senior Notes and 8.75% Senior Notes totaled $653.1 million as of September 30, 2017 . The fair values of the Company's fixed rate 7.625% Senior Notes and 7.0% Senior Notes totaled $699.0 million as of December 31, 2016 . The fair values of the Company's fixed rate Senior Notes are based on active market quotes, which represent Level 1 inputs. There is no active, public market for the Amended Credit Facility or Lease Financing Obligation and there was no such market for the Convertible Notes when they were outstanding. The recorded value of the Amended Credit Facility approximates its fair value due to its floating rate structure based on the LIBOR spread, secured interest, and the Company's borrowing base utilization. The Amended Credit Facility had a balance of zero as of September 30, 2017 and December 31, 2016 . The Convertible Notes were redeemed on May 30, 2017 and had a fair value of $0.5 million as of December 31, 2016 . The Lease Financing Obligation fair values of $2.3 million and $2.6 million as of September 30, 2017 and December 31, 2016 , 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. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet (in thousands) Derivative assets $ 7,608 $ (1,826 ) (1) $ 5,782 Deferred financing costs and other noncurrent assets 603 (482 ) (1) 121 Total derivative assets $ 8,211 $ (2,308 ) $ 5,903 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance Sheet (in thousands) Derivative liabilities $ (1,826 ) $ 1,826 (1) $ — Derivatives and other noncurrent liabilities (640 ) 482 (1) (158 ) Total derivative liabilities $ (2,466 ) $ 2,308 $ (158 ) As of December 31, 2016 Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet (in thousands) Derivative assets $ 13,156 $ (4,758 ) (1) $ 8,398 Deferred financing costs and other noncurrent assets — — — Total derivative assets $ 13,156 $ (4,758 ) $ 8,398 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance Sheet (in thousands) Derivative liabilities $ (9,104 ) $ 4,758 (1) $ (4,346 ) Derivatives and other noncurrent liabilities (899 ) — (899 ) Total derivative liabilities $ (10,003 ) $ 4,758 $ (5,245 ) (1) Asset and liability balances with the same counterparty are presented as a net asset or liability on the Unaudited Consolidated Balance Sheets. As of September 30, 2017 , 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: October – December 2017 For the year 2018 For the year 2019 Derivative Weighted Average Price Derivative Volumes Weighted Average Price Derivative Volumes Weighted Average Price Oil (Bbls) 747,500 $ 57.69 2,506,750 $ 52.47 547,500 $ 50.38 Natural Gas (MMbtu) 920,000 $ 2.96 1,825,000 $ 2.68 — $ — The Company's derivative financial instruments are generally executed with major financial or commodities trading institutions. The instruments 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 six different counterparties as of September 30, 2017 . 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 ongoing 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 these counterparties. It is the Company's policy to enter into derivative contracts with counterparties that are lenders in the Amended Credit Facility or affiliates of 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. 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, the Company may not be able to set-off amounts owed by it under the Amended Credit Facility, even if such counterparty is an affiliate of a lender under such facility. The Company does not have any derivative balances that are offset by cash collateral. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
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 nine months ended September 30, 2017 and 2016 , 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 nine months ended September 30, 2017 and 2016 . Income tax benefit for the three and nine months ended September 30, 2017 and 2016 differs from the amounts that would be provided by applying the U.S. statutory income tax rates to pretax income or loss principally due to the effect of deferred tax asset valuation allowances, stock-based compensation, political lobbying expense, political contributions, nondeductible officer compensation and state income taxes. For the three and nine months ended September 30, 2017 and 2016 , the effective tax rate remained at zero as a result of recording a full valuation allowance against the deferred tax asset balance. The Company considers all available evidence (both positive and negative) to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets. Such evidence includes the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment, and judgement is required in considering the relative weight of negative and positive evidence. The Company continues to monitor facts and circumstances in the reassessment of the likelihood that operating loss carryforwards, credits and other deferred tax assets will be utilized prior to their expiration. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common and Preferred Stock. The Company's authorized capital structure consists of 75,000,000 shares of preferred stock, par value of $0.001 per share, and 300,000,000 shares of common stock, par value of $0.001 per share. At the annual meeting on May 16, 2017, a proposal to increase the number of authorized shares of common stock from 150,000,000 to 300,000,000 was approved. There are no issued and outstanding shares of preferred stock. 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 September 30, 2017 , and the date of this filing, no shares have been sold pursuant to the Agreement. On June 3, 2016, the Company issued 10,000,000 shares of common stock pursuant to a debt exchange with a holder of the Company's 7.625% Senior Notes. The holder exchanged $84.7 million principal amount of the 7.625% Senior Notes for 10,000,000 newly issued shares of the Company’s common stock. |
Equity Incentive Compensation P
Equity Incentive Compensation Plans and Other Long-term Incentive Programs | 9 Months Ended |
Sep. 30, 2017 | |
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). Cash-based compensation is measured at fair value at each reporting date and is recognized on a straight-line basis over the requisite service period (usually the vesting period). The following table presents the long-term cash and equity incentive compensation related to awards for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Common stock options (1) $ — $ — $ — $ 69 Nonvested common stock (1) 1,434 1,458 4,437 5,273 Nonvested common stock units (1) 174 165 516 711 Nonvested performance-based shares (1) — 275 558 1,510 Nonvested performance cash units (2)(3) 1,073 242 (27 ) 1,088 Total $ 2,681 $ 2,140 $ 5,484 $ 8,651 (1) Unrecognized compensation cost as of September 30, 2017 was $6.8 million , which related to grants of nonvested shares of common stock that are expected to be recognized over a weighted-average period of 1.7 years . (2) The nonvested performance-based cash units are accounted for as liability awards with $1.1 million in accounts payable and accrued liabilities as of September 30, 2017 and $2.1 million and $2.9 million in derivatives and other noncurrent liabilities as of September 30, 2017 and December 31, 2016 , respectively, in the Unaudited Consolidated Balance Sheets. (3) Liability awards are fair valued at each reporting date. For the three months ended September 30, 2017 , the weighted average fair value share price increased from $3.41 as of June 30, 2017 to $4.29 as of September 30, 2017 . For the nine months ended September 30, 2017 , the weighted average fair value share price decreased from $8.89 as of December 31, 2016 to $4.29 as of September 30, 2017 . Nonvested Equity and Cash Awards. The following table presents the equity and cash awards granted pursuant to the Company's various stock compensation plans: Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Equity Awards Number of Weighted Average Number of Weighted Average Nonvested common stock 5,267 $ 3.31 — $ — Nonvested common stock units 3,787 $ 4.29 2,922 $ 5.56 Total granted 9,054 2,922 Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Cash Awards Number of Fair Value Per Unit Number of Fair Value Per Unit Nonvested performance cash units 5,267 $ 4.29 — $ — Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Equity Awards Number of Weighted Average Number of Weighted Average Nonvested common stock 782,511 $ 5.99 686,500 $ 5.11 Nonvested common stock units 190,711 $ 3.53 96,650 $ 7.02 Total granted 973,222 783,150 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Cash Awards Number of Fair Value Per Unit Number of Fair Value Per Unit Nonvested performance cash units 663,425 $ 4.29 646,572 $ 5.56 Performance Cash Program 2017 Program. In February 2017, the Compensation Committee approved a performance cash program (the "2017 Program") granting performance cash units that will settle in cash. The performance-based awards contingently vest in February 2020, depending on the level at which the performance goal is achieved. The performance goal, which will be measured over the three -year period ending December 31, 2019, will be the Company's total shareholder return ("TSR") based on a matrix measurement of (1) the Company's absolute performance and (2) the Company's ranking relative to a defined peer group's individual TSRs ("Relative TSR"). The Company's absolute performance is measured against the December 30, 2016 closing share price of $6.99 . If the Company's absolute performance is lower than the $6.99 share price, the payout is zero for this portion. If the Company's absolute performance is greater than the $6.99 share price, the performance cash units will vest 1% for each 1% in growth, up to 100% of the original grant. If the Company's Relative TSR is less than the median, the payout is zero for this portion. If the Company's Relative TSR is above the median, the payout is equal to twice the Company's percentile rank above the median, up to 100% of the original grant. The Company's combined absolute performance and Relative TSR have a maximum vest of up to 200% of the original grant. A total of 663,425 units were granted under this program during the nine months ended September 30, 2017 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Financing Obligation. The Company has a Lease Financing Obligation with Bank of America Leasing & Capital, LLC as the lead bank as discussed in Note 5 . The aggregate undiscounted minimum future lease payments, including both principal and interest components, are presented below. The Lease Financing Obligation contains an early buyout option pursuant to which the Company may purchase the equipment for $1.8 million on February 10, 2019. As of September 30, 2017 (in thousands) 2017 $ 135 2018 537 2019 1,824 Total $ 2,496 Transportation Charges . The Company is party to two firm transportation contracts, through July 2021, to provide capacity on natural gas pipeline systems. The contracts require the Company to pay transportation charges regardless of the amount of pipeline capacity utilized by the Company. These monthly transportation payments are included in unused commitments expense in the Unaudited Consolidated Statements of Operations. As a result of previous divestitures in 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 September 30, 2017 (in thousands) 2017 $ 4,634 2018 18,691 2019 18,691 2020 18,691 2021 10,902 Thereafter — Total $ 71,609 Lease and Other Commitments. The Company leases office space, vehicles and certain office equipment. In addition, the Company has various long-term agreements for telecommunication services. Future minimum annual payments under lease and other agreements are as follows: As of September 30, 2017 (in thousands) 2017 $ 951 2018 3,038 2019 1,070 2020 113 2021 6 Thereafter — Total $ 5,178 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 | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Guarantor Subsidiaries | Guarantor Subsidiaries In addition to the Amended Credit Facility, the 7.0% Senior Notes and 8.75% Senior Notes, which have been registered under the Securities Act of 1933, 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 condensed consolidating balance sheets, statements of operations, statements of other comprehensive income (loss) and statements of cash flows, as required by Securities and Exchange Commission ("SEC") Rule 3-10 of Regulation S-X. The following unaudited condensed consolidating financial statements have been prepared from the Company's financial information on the same basis of accounting as the Unaudited Consolidated Financial Statements. Investments in the subsidiaries are accounted for under the equity method. Accordingly, the entries necessary to consolidate the Company and the Guarantor Subsidiaries are reflected in the intercompany eliminations column. Condensed Consolidating Balance Sheets As of September 30, 2017 Parent Guarantor Intercompany Consolidated (in thousands) Assets: Cash and cash equivalents $ 155,885 $ — $ — $ 155,885 Accounts receivable, net of allowance for doubtful accounts 41,935 154 — 42,089 Other current assets 153,544 — — 153,544 Property and equipment, net 970,444 5,401 — 975,845 Intercompany receivable 20,304 — (20,304 ) — Investment in subsidiaries (14,811 ) — 14,811 — Noncurrent assets 3,143 — — 3,143 Total assets $ 1,330,444 $ 5,555 $ (5,493 ) $ 1,330,506 Liabilities and Stockholders' Equity: Accounts payable and accrued liabilities $ 85,678 $ — $ — $ 85,678 Other current liabilities 40,689 — — 40,689 Intercompany payable — 20,304 (20,304 ) — Long-term debt 668,744 — — 668,744 Other noncurrent liabilities 20,319 62 — 20,381 Stockholders' equity 515,014 (14,811 ) 14,811 515,014 Total liabilities and stockholders' equity $ 1,330,444 $ 5,555 $ (5,493 ) $ 1,330,506 As of December 31, 2016 Parent Guarantor Intercompany Consolidated (in thousands) Assets: Cash and cash equivalents $ 275,841 $ — $ — $ 275,841 Accounts receivable, net of allowance for doubtful accounts 32,659 178 — 32,837 Other current assets 9,774 — — 9,774 Property and equipment, net 1,056,343 5,806 — 1,062,149 Intercompany receivable 20,678 — (20,678 ) — Investment in subsidiaries (14,751 ) — 14,751 — Noncurrent assets 4,740 — — 4,740 Total assets $ 1,385,284 $ 5,984 $ (5,927 ) $ 1,385,341 Liabilities and Stockholders' Equity: Accounts payable and accrued liabilities $ 49,447 $ — $ — $ 49,447 Other current liabilities 35,571 — — 35,571 Intercompany payable — 20,678 (20,678 ) — Long-term debt 711,808 — — 711,808 Other noncurrent liabilities 16,915 57 — 16,972 Stockholders' equity 571,543 (14,751 ) 14,751 571,543 Total liabilities and stockholders' equity $ 1,385,284 $ 5,984 $ (5,927 ) $ 1,385,341 Condensed Consolidating Statements of Operations Three Months Ended September 30, 2017 Parent Guarantor Intercompany Consolidated (in thousands) Operating revenues $ 67,697 $ 168 $ — $ 67,865 Operating expenses (58,053 ) (156 ) — (58,209 ) General and administrative (12,496 ) — — (12,496 ) Interest expense (13,926 ) — — (13,926 ) Interest income and other income (expense) (12,076 ) — — (12,076 ) Income (loss) before income taxes and equity in earnings of subsidiaries (28,854 ) 12 — (28,842 ) (Provision for) Benefit from income taxes — — — — Equity in earnings (loss) of subsidiaries 12 — (12 ) — Net income (loss) $ (28,842 ) $ 12 $ (12 ) $ (28,842 ) Nine Months Ended September 30, 2017 Parent Guarantor Intercompany Consolidated (in thousands) Operating revenues $ 169,041 $ 426 $ — $ 169,467 Operating expenses (167,363 ) (486 ) — (167,849 ) General and administrative (30,788 ) — — (30,788 ) Interest expense (44,014 ) — — (44,014 ) Interest income and other income (expense) 12,780 — — 12,780 Income (loss) before income taxes and equity in earnings of subsidiaries (60,344 ) (60 ) — (60,404 ) (Provision for) benefit from income taxes — — — — Equity in earnings (loss) of subsidiaries (60 ) — 60 — Net income (loss) $ (60,404 ) $ (60 ) $ 60 $ (60,404 ) Three Months Ended September 30, 2016 Parent Guarantor Intercompany Consolidated (in thousands) Operating revenues $ 50,325 $ 156 $ — $ 50,481 Operating expenses (59,498 ) (155 ) — (59,653 ) General and administrative (9,178 ) — — (9,178 ) Interest expense (13,991 ) — — (13,991 ) Interest and other income (expense) 6,155 — — 6,155 Income (loss) before income taxes and equity in earnings of subsidiaries (26,187 ) 1 — (26,186 ) (Provision for) Benefit from income taxes — — — — Equity in earnings of subsidiaries 1 — (1 ) — Net income (loss) $ (26,186 ) $ 1 $ (1 ) $ (26,186 ) Nine Months Ended September 30, 2016 Parent Guarantor Intercompany Consolidated (in thousands) Operating revenues $ 126,730 $ 469 $ — $ 127,199 Operating expenses (172,759 ) (480 ) — (173,239 ) General and administrative (31,535 ) — — (31,535 ) Interest expense (45,160 ) — — (45,160 ) Interest and other income (expense) 1,634 — — 1,634 Income (loss) before income taxes and equity in earnings of subsidiaries (121,090 ) (11 ) — (121,101 ) (Provision for) benefit from income taxes — — — — Equity in earnings (loss) of subsidiaries (11 ) — 11 — Net income (loss) $ (121,101 ) $ (11 ) $ 11 $ (121,101 ) Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended September 30, 2017 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (28,842 ) $ 12 $ (12 ) $ (28,842 ) Other comprehensive income (loss) — — — — Comprehensive income (loss) $ (28,842 ) $ 12 $ (12 ) $ (28,842 ) Nine Months Ended September 30, 2017 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (60,404 ) $ (60 ) $ 60 $ (60,404 ) Other comprehensive income (loss) — — — — Comprehensive income (loss) $ (60,404 ) $ (60 ) $ 60 $ (60,404 ) Three Months Ended September 30, 2016 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (26,186 ) $ 1 $ (1 ) $ (26,186 ) Other comprehensive income (loss) — — — — Comprehensive income (loss) $ (26,186 ) $ 1 $ (1 ) $ (26,186 ) Nine Months Ended September 30, 2016 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (121,101 ) $ (11 ) $ 11 $ (121,101 ) Other comprehensive income (loss) — — — — Comprehensive income (loss) $ (121,101 ) $ (11 ) $ 11 $ (121,101 ) Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2017 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Cash flows from operating activities $ 95,009 $ 374 $ — $ 95,383 Cash flows from investing activities: Additions to oil and gas properties, including acquisitions (160,788 ) — — (160,788 ) Additions to furniture, fixtures and other (268 ) — — (268 ) Proceeds from sale of properties and other investing activities (712 ) — — (712 ) Intercompany transfers 374 — (374 ) — Cash flows from financing activities: Proceeds from debt 275,000 — — 275,000 Principal payments on debt (322,228 ) — — (322,228 ) Proceeds from sale of common stock, net of offering costs (298 ) — — (298 ) Intercompany transfers — (374 ) 374 — Other financing activities (6,045 ) — — (6,045 ) Change in cash and cash equivalents (119,956 ) — — (119,956 ) Beginning cash and cash equivalents 275,841 — — 275,841 Ending cash and cash equivalents $ 155,885 $ — $ — $ 155,885 Nine Months Ended September 30, 2016 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Cash flows from operating activities $ 115,695 $ 512 $ — $ 116,207 Cash flows from investing activities: Additions to oil and gas properties, including acquisitions (93,686 ) (18 ) — (93,704 ) Additions to furniture, fixtures and other (1,184 ) — — (1,184 ) Proceeds from sale of properties and other investing activities 25,571 — — 25,571 Intercompany transfers 494 — (494 ) — Cash flows from financing activities: Principal payments on debt (329 ) — — (329 ) Intercompany transfers — (494 ) 494 — Other financing activities (1,134 ) — — (1,134 ) Change in cash and cash equivalents 45,427 — — 45,427 Beginning cash and cash equivalents 128,836 — — 128,836 Ending cash and cash equivalents $ 174,263 $ — $ — $ 174,263 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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 consolidated 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 2016 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 2016 Annual Report on Form 10-K. |
Use of Estimates | Use of Estimates. In the course of preparing the Company's consolidated 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 include volumes of oil, natural gas and NGL reserves used in calculating depreciation, depletion and amortization ("DD&A"), the amount of expected future net 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 payment 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, recent sales prices of comparable properties 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. The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company's oil, natural gas and NGL producing activities: As of September 30, 2017 As of December 31, 2016 (in thousands) Proved properties $ 218,746 $ 306,075 Wells and related equipment and facilities 1,035,764 1,164,354 Support equipment and facilities 34,317 63,238 Materials and supplies 3,959 5,706 Total proved oil and gas properties (1) $ 1,292,786 $ 1,539,373 Unproved properties 33,713 27,790 Wells and facilities in progress 36,822 31,040 Total unproved oil and gas properties, excluded from amortization (1) $ 70,535 $ 58,830 Accumulated depreciation, depletion, amortization and impairment (1) (393,340 ) (543,154 ) Total oil and gas properties, net (1) $ 969,981 $ 1,055,049 (1) Excludes oil and gas properties held for sale of $145.1 million , comprised of $410.7 million of proved oil and gas properties and $0.4 million of unproved oil and gas properties, net of accumulated depreciation, depletion, amortization and impairment of $266.0 million . Held for sale balances are included in current assets as assets held for sale, net of amortization and impairment, in the Unaudited Consolidated Balance Sheet as of September 30, 2017 . See Note 4 for additional information on assets held for sale. The Company reviews oil and natural gas properties 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 using proved and risked probable and possible reserves based on the Company's development plans and best estimate of future production, commodity pricing, reserve risking, 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 oil and gas properties, no impairment is taken. If the carrying amount 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 of its oil and gas properties represent the applicable market value. The factors used to determine fair value may include, but are not limited to, recent sales prices of comparable properties, indications from marketing activities, 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. In addition, oil and gas properties are assessed for impairment once they meet the criteria to be classified as held for sale. Assets held for sale are carried at the lower of carrying cost or fair value less costs to sell. The fair value of the assets is determined using a market approach, based on an estimated selling price, as evidenced by current marketing activities, if possible. If an estimated selling price is not available, the Company utilizes the income valuation technique, which involves calculating the present value of future net cash flows as discussed above. If the carrying amount of the assets exceeds the fair value less costs to sell, an impairment will result to reduce the value of the properties down to fair value less costs to sell. The Company recognized non-cash impairment, dry hole costs and abandonment expense in the Unaudited Consolidated Statements of Operations as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Impairment of unproved oil and gas properties (1) $ — $ — $ 8,010 $ 183 Dry hole costs — 1 — 71 Abandonment expense and lease expirations 261 973 326 1,512 Total impairment, dry hole costs and abandonment expense $ 261 $ 974 $ 8,336 $ 1,766 (1) The Company recognized a non-cash impairment charge associated with unproved oil and gas properties in the Cottonwood Gulch area of the Piceance Basin during the nine months ended September 30, 2017 . The Company has no current plan to develop this acreage. The provision for DD&A of oil and gas properties is calculated on a field-by-field basis using the unit-of-production method. 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 September 30, 2017 As of December 31, 2016 (in thousands) Accrued drilling, completion and facility costs $ 33,325 $ 15,594 Accrued lease operating, gathering, transportation and processing expenses 4,589 4,261 Accrued general and administrative expenses 8,653 6,375 Accrued interest payable 23,500 12,264 Prepayments from partners 11,249 332 Trade payables 2,323 7,900 Other 2,039 2,721 Total accounts payable and accrued liabilities $ 85,678 $ 49,447 |
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. Recent case law in Wyoming has exposed the Company to potential obligations for plugging and abandoning wells, and associated reclamation, for assets that were sold to other industry parties in prior years. If such third parties become unable to fulfill their contractual obligations to the Company as provided for in the applicable purchase and sale agreements, regulatory agencies and landowners may demand that the Company perform such activities. The Company recognized $0.8 million associated with these obligations in other operating expenses in the Consolidated Statement of Operations for the nine months ended September 30, 2017 . |
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 September 30, 2017 and 2016 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. Deferred tax assets are regularly reviewed, considering all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, taxable strategies and results of recent operations. The assumptions about future taxable income require significant judgment to determine whether it is more likely than not that the deferred tax asset will be realized. If it is determined that the deferred tax asset will not be realized, then a valuation allowance will be recorded against the deferred tax asset. The Company began recording a full valuation allowance against the deferred tax asset during the period ending September 30, 2015 and continues to do so as of September 30, 2017 . 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 September 30, 2017 . |
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 and in-the-money outstanding stock options to purchase the Company's common stock. No potential common shares are included in the computation of any diluted per share amount when a net loss exists, as was the case for the three and nine months ended September 30, 2017 and 2016 . |
New Accounting Pronouncements | New Accounting Pronouncements. In May 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-09, Stock Compensation-Scope of Modification Accounting . The objective of this update is to provide clarity and reduce both diversity in practice and cost and complexity when applying a change to the terms or conditions of a share-based payment award. ASU 2017-09 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company does not expect the standard to have a significant impact on the Company's financial statements or disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the definition of a business . The objective of this update is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company does not expect the standard to have a significant impact on the Company's financial statements or disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments . The objective of this update is to address eight specific cash flow issues in order to reduce the existing diversity in practice. ASU 2016-15 is effective for the annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company does not expect the standard to have a significant impact on the Company's financial statements or disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The objective of this update is to simplify the current guidance for stock compensation. The areas for simplification involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 was effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The standard was adopted effective January 1, 2017 and did not have a significant impact on the Company's disclosures or financial statements. As of January 1, 2017, the Company did not have excess tax benefits associated with its stock compensation and therefore there was no tax impact upon adoption of this standard. In addition, the employee taxes paid on the statement of cash flows when shares were withheld for taxes were already classified as a financing activity; therefore, there was no cash flow statement impact upon adoption of this standard. The Company elected to account for forfeitures as they occur as opposed to estimating the number of awards that are expected to vest. Per ASU 2016-09, the election is considered a change in accounting principle, with the cumulative effect of the change reported as an adjustment to the beginning equity balance. The Company reported an increase to accumulated deficit and additional paid in capital ("APIC") of $0.2 million related to equity award compensation and an increase to accumulated deficit and derivative and other noncurrent liabilities of $0.3 million related to liability award compensation. The cumulative effect of accounting change is reported in the Consolidated Statement of Stockholders' Equity. In February 2016, the FASB issued ASU 2016-02, Leases . The objective of this update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Company has performed an initial assessment by compiling and analyzing contracts and leasing arrangements that may be affected. The Company is still evaluating the impact of adopting this standard. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes . The objective of this update is to require deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. ASU 2015-17 was effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The standard was adopted January 1, 2017 on a prospective basis and did not have a significant impact on the Company's disclosures and financial statements. Prior periods were not retrospectively adjusted. 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. The FASB subsequently issued ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20, which provided additional implementation guidance and deferred the effective date of ASU 2014-09. The standard is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. The standard will be adopted using the modified retrospective transition method, effective January 1, 2018. The Company has performed an assessment of its current existing revenue contracts and is in the process of implementing additional control procedures. The Company does not expect the standard to have a significant impact on the Company's financial statements or disclosures. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Accounts Receivable | Accounts receivable is comprised of the following: As of September 30, 2017 As of December 31, 2016 (in thousands) Accrued oil, gas and NGL sales $ 33,170 $ 26,542 Due from joint interest owners 9,164 4,366 Other 14 1,952 Allowance for doubtful accounts (259 ) (23 ) Total accounts receivable $ 42,089 $ 32,837 |
Net Capitalized Costs and Associated Accumulated DD&A and Non Cash Impairments | The following table sets forth the net capitalized costs and associated accumulated DD&A and non-cash impairments relating to the Company's oil, natural gas and NGL producing activities: As of September 30, 2017 As of December 31, 2016 (in thousands) Proved properties $ 218,746 $ 306,075 Wells and related equipment and facilities 1,035,764 1,164,354 Support equipment and facilities 34,317 63,238 Materials and supplies 3,959 5,706 Total proved oil and gas properties (1) $ 1,292,786 $ 1,539,373 Unproved properties 33,713 27,790 Wells and facilities in progress 36,822 31,040 Total unproved oil and gas properties, excluded from amortization (1) $ 70,535 $ 58,830 Accumulated depreciation, depletion, amortization and impairment (1) (393,340 ) (543,154 ) Total oil and gas properties, net (1) $ 969,981 $ 1,055,049 (1) Excludes oil and gas properties held for sale of $145.1 million , comprised of $410.7 million of proved oil and gas properties and $0.4 million of unproved oil and gas properties, net of accumulated depreciation, depletion, amortization and impairment of $266.0 million . Held for sale balances are included in current assets as assets held for sale, net of amortization and impairment, in the Unaudited Consolidated Balance Sheet as of September 30, 2017 . See Note 4 for additional information on assets held for sale. |
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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Impairment of unproved oil and gas properties (1) $ — $ — $ 8,010 $ 183 Dry hole costs — 1 — 71 Abandonment expense and lease expirations 261 973 326 1,512 Total impairment, dry hole costs and abandonment expense $ 261 $ 974 $ 8,336 $ 1,766 (1) The Company recognized a non-cash impairment charge associated with unproved oil and gas properties in the Cottonwood Gulch area of the Piceance Basin during the nine months ended September 30, 2017 . The Company has no current plan to develop this acreage. |
Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities are comprised of the following: As of September 30, 2017 As of December 31, 2016 (in thousands) Accrued drilling, completion and facility costs $ 33,325 $ 15,594 Accrued lease operating, gathering, transportation and processing expenses 4,589 4,261 Accrued general and administrative expenses 8,653 6,375 Accrued interest payable 23,500 12,264 Prepayments from partners 11,249 332 Trade payables 2,323 7,900 Other 2,039 2,721 Total accounts payable and accrued liabilities $ 85,678 $ 49,447 |
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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands, except per share amounts) Net income (loss) $ (28,842 ) $ (26,186 ) $ (60,404 ) $ (121,101 ) Basic weighted-average common shares outstanding in period 74,886 58,852 74,743 53,082 Diluted weighted-average common shares outstanding in period 74,886 58,852 74,743 53,082 Basic net income (loss) per common share $ (0.39 ) $ (0.44 ) $ (0.81 ) $ (2.28 ) Diluted net income (loss) per common share $ (0.39 ) $ (0.44 ) $ (0.81 ) $ (2.28 ) |
Supplemental Disclosures of C23
Supplemental Disclosures of Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental cash flow information is as follows: Nine Months Ended September 30, 2017 2016 (in thousands) Cash paid for interest $ 31,113 $ 31,736 Cash paid for income taxes — — Supplemental disclosures of non-cash investing and financing activities: Accrued liabilities - oil and gas properties 37,319 8,318 Change in asset retirement obligations, net of disposals 10,453 (4,788 ) Retirement of treasury stock (1,246 ) (1,098 ) Properties exchanged in non-cash transactions 13,323 — Fair value of debt exchanged for common stock (1) — 74,400 (1) See Note 5 for additional information regarding the Debt Exchange. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Outstanding Debt | The Company's outstanding debt is summarized below: As of September 30, 2017 As of December 31, 2016 Maturity Date Principal Debt Issuance Costs Carrying Amount Principal Debt Issuance Costs Carrying Amount (in thousands) Amended Credit Facility April 9, 2020 $ — $ — $ — $ — $ — $ — Convertible Notes (1) March 15, 2028 — — — 579 — 579 7.625% Senior Notes (2) October 1, 2019 — — — 315,300 (2,169 ) 313,131 7.0% Senior Notes (3) October 15, 2022 400,000 (3,684 ) 396,316 400,000 (4,227 ) 395,773 8.75% Senior Notes (4) June 15, 2025 275,000 (4,548 ) 270,452 — — — Lease Financing Obligation (5) August 10, 2020 2,443 (2 ) 2,441 2,782 (3 ) 2,779 Total Debt $ 677,443 $ (8,234 ) $ 669,209 $ 718,661 $ (6,399 ) $ 712,262 Less: Current Portion of Long-Term Debt (6) 465 — 465 454 — 454 Total Long-Term Debt $ 676,978 $ (8,234 ) $ 668,744 $ 718,207 $ (6,399 ) $ 711,808 (1) The Convertible Notes were redeemed on May 30, 2017. The aggregate estimated fair value of the Convertible Notes was approximately $0.5 million as of December 31, 2016 based on reported market trades of these instruments. (2) The 7.625% Senior Notes were redeemed on May 30, 2017. The aggregate estimated fair value of the 7.625% Senior Notes was approximately $314.5 million as of December 31, 2016 based on reported market trades of these instruments. (3) The aggregate estimated fair value of the 7.0% Senior Notes was approximately $386.3 million and $384.5 million as of September 30, 2017 and December 31, 2016 , respectively, based on reported market trades of these instruments. (4) The aggregate estimated fair value of the 8.75% Senior Notes was approximately $266.8 million as of September 30, 2017 based on reported market trades of these instruments. (5) The aggregate estimated fair value of the Lease Financing Obligation was approximately $2.3 million and $2.6 million as of September 30, 2017 and December 31, 2016 , respectively. As 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 long-term debt includes the current portion of the Lease Financing Obligation. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations | A reconciliation of the Company's asset retirement obligations for the nine months ended September 30, 2017 is as follows (in thousands): As of December 31, 2016 $ 11,238 Liabilities incurred (1) 10,379 Liabilities settled (814 ) Disposition of properties (6 ) Accretion expense 765 Revisions to estimate 894 As of September 30, 2017 $ 22,456 Less: liabilities associated with assets held for sale 4,856 Less: current asset retirement obligations 1,829 Long-term asset retirement obligations $ 15,771 (1) Includes $8.7 million associated with properties acquired in the DJ Basin during the nine months ended September 30, 2017. See Note 4 for additional information regarding this acquisition. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Balance Sheet Grouping | The following tables set forth by level within the fair value hierarchy the Company's assets and liabilities that were measured at fair value in the Unaudited Consolidated Balance Sheets. As of September 30, 2017 Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents (1) $ 110,772 $ — $ — $ 110,772 Deferred compensation plan (1) 1,719 — — 1,719 Commodity derivatives (1) — 8,211 — 8,211 Unproved oil and gas properties (2) — — 1,088 1,088 Liabilities Commodity derivatives (1) $ — $ 2,466 $ — $ 2,466 (1) This represents a financial asset or liability that is measured at fair value on a recurring basis. (2) This represents a non-financial asset or liability that is measured at fair value on a nonrecurring basis. As of December 31, 2016 Level 1 Level 2 Level 3 Total (in thousands) Assets Cash equivalents (1) $ 40,115 $ — $ — $ 40,115 Deferred compensation plan (1) 1,447 — — 1,447 Commodity derivatives (1) — 13,156 — 13,156 Liabilities Commodity derivatives (1) $ — $ 10,003 $ — $ 10,003 (1) This represents a financial asset or liability that is measured at fair value on a recurring basis. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet (in thousands) Derivative assets $ 7,608 $ (1,826 ) (1) $ 5,782 Deferred financing costs and other noncurrent assets 603 (482 ) (1) 121 Total derivative assets $ 8,211 $ (2,308 ) $ 5,903 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance Sheet (in thousands) Derivative liabilities $ (1,826 ) $ 1,826 (1) $ — Derivatives and other noncurrent liabilities (640 ) 482 (1) (158 ) Total derivative liabilities $ (2,466 ) $ 2,308 $ (158 ) As of December 31, 2016 Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet (in thousands) Derivative assets $ 13,156 $ (4,758 ) (1) $ 8,398 Deferred financing costs and other noncurrent assets — — — Total derivative assets $ 13,156 $ (4,758 ) $ 8,398 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance Sheet (in thousands) Derivative liabilities $ (9,104 ) $ 4,758 (1) $ (4,346 ) Derivatives and other noncurrent liabilities (899 ) — (899 ) Total derivative liabilities $ (10,003 ) $ 4,758 $ (5,245 ) (1) Asset and liability balances with the same counterparty are presented as a net asset or liability on the Unaudited Consolidated Balance Sheets. |
Financial Instruments for Hedging Volumes | As of September 30, 2017 , 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: October – December 2017 For the year 2018 For the year 2019 Derivative Weighted Average Price Derivative Volumes Weighted Average Price Derivative Volumes Weighted Average Price Oil (Bbls) 747,500 $ 57.69 2,506,750 $ 52.47 547,500 $ 50.38 Natural Gas (MMbtu) 920,000 $ 2.96 1,825,000 $ 2.68 — $ — |
Equity Incentive Compensation28
Equity Incentive Compensation Plans and Other Long-term Incentive Programs (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Non-Cash Stock-Based Compensation Cost Related to Equity Awards | The following table presents the long-term cash and equity incentive compensation related to awards for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Common stock options (1) $ — $ — $ — $ 69 Nonvested common stock (1) 1,434 1,458 4,437 5,273 Nonvested common stock units (1) 174 165 516 711 Nonvested performance-based shares (1) — 275 558 1,510 Nonvested performance cash units (2)(3) 1,073 242 (27 ) 1,088 Total $ 2,681 $ 2,140 $ 5,484 $ 8,651 (1) Unrecognized compensation cost as of September 30, 2017 was $6.8 million , which related to grants of nonvested shares of common stock that are expected to be recognized over a weighted-average period of 1.7 years . (2) The nonvested performance-based cash units are accounted for as liability awards with $1.1 million in accounts payable and accrued liabilities as of September 30, 2017 and $2.1 million and $2.9 million in derivatives and other noncurrent liabilities as of September 30, 2017 and December 31, 2016 , respectively, in the Unaudited Consolidated Balance Sheets. (3) Liability awards are fair valued at each reporting date. For the three months ended September 30, 2017 , the weighted average fair value share price increased from $3.41 as of June 30, 2017 to $4.29 as of September 30, 2017 . For the nine months ended September 30, 2017 , the weighted average fair value share price decreased from $8.89 as of December 31, 2016 to $4.29 as of September 30, 2017 . |
Stock Options and Nonvested Equity Shares, Equity Awards Granted | The following table presents the equity and cash awards granted pursuant to the Company's various stock compensation plans: Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Equity Awards Number of Weighted Average Number of Weighted Average Nonvested common stock 5,267 $ 3.31 — $ — Nonvested common stock units 3,787 $ 4.29 2,922 $ 5.56 Total granted 9,054 2,922 Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Cash Awards Number of Fair Value Per Unit Number of Fair Value Per Unit Nonvested performance cash units 5,267 $ 4.29 — $ — Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Equity Awards Number of Weighted Average Number of Weighted Average Nonvested common stock 782,511 $ 5.99 686,500 $ 5.11 Nonvested common stock units 190,711 $ 3.53 96,650 $ 7.02 Total granted 973,222 783,150 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Cash Awards Number of Fair Value Per Unit Number of Fair Value Per Unit Nonvested performance cash units 663,425 $ 4.29 646,572 $ 5.56 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Aggregate Undiscounted Minimum Future Lease Payments | The Company has a Lease Financing Obligation with Bank of America Leasing & Capital, LLC as the lead bank as discussed in Note 5 . The aggregate undiscounted minimum future lease payments, including both principal and interest components, are presented below. The Lease Financing Obligation contains an early buyout option pursuant to which the Company may purchase the equipment for $1.8 million on February 10, 2019. As of September 30, 2017 (in thousands) 2017 $ 135 2018 537 2019 1,824 Total $ 2,496 |
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 September 30, 2017 (in thousands) 2017 $ 4,634 2018 18,691 2019 18,691 2020 18,691 2021 10,902 Thereafter — Total $ 71,609 |
Future Minimum Annual Payments Under Drilling, Lease and Other Agreements | Future minimum annual payments under lease and other agreements are as follows: As of September 30, 2017 (in thousands) 2017 $ 951 2018 3,038 2019 1,070 2020 113 2021 6 Thereafter — Total $ 5,178 |
Guarantor Subsidiaries (Tables)
Guarantor Subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets As of September 30, 2017 Parent Guarantor Intercompany Consolidated (in thousands) Assets: Cash and cash equivalents $ 155,885 $ — $ — $ 155,885 Accounts receivable, net of allowance for doubtful accounts 41,935 154 — 42,089 Other current assets 153,544 — — 153,544 Property and equipment, net 970,444 5,401 — 975,845 Intercompany receivable 20,304 — (20,304 ) — Investment in subsidiaries (14,811 ) — 14,811 — Noncurrent assets 3,143 — — 3,143 Total assets $ 1,330,444 $ 5,555 $ (5,493 ) $ 1,330,506 Liabilities and Stockholders' Equity: Accounts payable and accrued liabilities $ 85,678 $ — $ — $ 85,678 Other current liabilities 40,689 — — 40,689 Intercompany payable — 20,304 (20,304 ) — Long-term debt 668,744 — — 668,744 Other noncurrent liabilities 20,319 62 — 20,381 Stockholders' equity 515,014 (14,811 ) 14,811 515,014 Total liabilities and stockholders' equity $ 1,330,444 $ 5,555 $ (5,493 ) $ 1,330,506 As of December 31, 2016 Parent Guarantor Intercompany Consolidated (in thousands) Assets: Cash and cash equivalents $ 275,841 $ — $ — $ 275,841 Accounts receivable, net of allowance for doubtful accounts 32,659 178 — 32,837 Other current assets 9,774 — — 9,774 Property and equipment, net 1,056,343 5,806 — 1,062,149 Intercompany receivable 20,678 — (20,678 ) — Investment in subsidiaries (14,751 ) — 14,751 — Noncurrent assets 4,740 — — 4,740 Total assets $ 1,385,284 $ 5,984 $ (5,927 ) $ 1,385,341 Liabilities and Stockholders' Equity: Accounts payable and accrued liabilities $ 49,447 $ — $ — $ 49,447 Other current liabilities 35,571 — — 35,571 Intercompany payable — 20,678 (20,678 ) — Long-term debt 711,808 — — 711,808 Other noncurrent liabilities 16,915 57 — 16,972 Stockholders' equity 571,543 (14,751 ) 14,751 571,543 Total liabilities and stockholders' equity $ 1,385,284 $ 5,984 $ (5,927 ) $ 1,385,341 |
Schedule of Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations Three Months Ended September 30, 2017 Parent Guarantor Intercompany Consolidated (in thousands) Operating revenues $ 67,697 $ 168 $ — $ 67,865 Operating expenses (58,053 ) (156 ) — (58,209 ) General and administrative (12,496 ) — — (12,496 ) Interest expense (13,926 ) — — (13,926 ) Interest income and other income (expense) (12,076 ) — — (12,076 ) Income (loss) before income taxes and equity in earnings of subsidiaries (28,854 ) 12 — (28,842 ) (Provision for) Benefit from income taxes — — — — Equity in earnings (loss) of subsidiaries 12 — (12 ) — Net income (loss) $ (28,842 ) $ 12 $ (12 ) $ (28,842 ) Nine Months Ended September 30, 2017 Parent Guarantor Intercompany Consolidated (in thousands) Operating revenues $ 169,041 $ 426 $ — $ 169,467 Operating expenses (167,363 ) (486 ) — (167,849 ) General and administrative (30,788 ) — — (30,788 ) Interest expense (44,014 ) — — (44,014 ) Interest income and other income (expense) 12,780 — — 12,780 Income (loss) before income taxes and equity in earnings of subsidiaries (60,344 ) (60 ) — (60,404 ) (Provision for) benefit from income taxes — — — — Equity in earnings (loss) of subsidiaries (60 ) — 60 — Net income (loss) $ (60,404 ) $ (60 ) $ 60 $ (60,404 ) Three Months Ended September 30, 2016 Parent Guarantor Intercompany Consolidated (in thousands) Operating revenues $ 50,325 $ 156 $ — $ 50,481 Operating expenses (59,498 ) (155 ) — (59,653 ) General and administrative (9,178 ) — — (9,178 ) Interest expense (13,991 ) — — (13,991 ) Interest and other income (expense) 6,155 — — 6,155 Income (loss) before income taxes and equity in earnings of subsidiaries (26,187 ) 1 — (26,186 ) (Provision for) Benefit from income taxes — — — — Equity in earnings of subsidiaries 1 — (1 ) — Net income (loss) $ (26,186 ) $ 1 $ (1 ) $ (26,186 ) Nine Months Ended September 30, 2016 Parent Guarantor Intercompany Consolidated (in thousands) Operating revenues $ 126,730 $ 469 $ — $ 127,199 Operating expenses (172,759 ) (480 ) — (173,239 ) General and administrative (31,535 ) — — (31,535 ) Interest expense (45,160 ) — — (45,160 ) Interest and other income (expense) 1,634 — — 1,634 Income (loss) before income taxes and equity in earnings of subsidiaries (121,090 ) (11 ) — (121,101 ) (Provision for) benefit from income taxes — — — — Equity in earnings (loss) of subsidiaries (11 ) — 11 — Net income (loss) $ (121,101 ) $ (11 ) $ 11 $ (121,101 ) |
Schedule of Condensed Consolidating Statements of Comprehensive Income (Loss) | Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended September 30, 2017 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (28,842 ) $ 12 $ (12 ) $ (28,842 ) Other comprehensive income (loss) — — — — Comprehensive income (loss) $ (28,842 ) $ 12 $ (12 ) $ (28,842 ) Nine Months Ended September 30, 2017 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (60,404 ) $ (60 ) $ 60 $ (60,404 ) Other comprehensive income (loss) — — — — Comprehensive income (loss) $ (60,404 ) $ (60 ) $ 60 $ (60,404 ) Three Months Ended September 30, 2016 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (26,186 ) $ 1 $ (1 ) $ (26,186 ) Other comprehensive income (loss) — — — — Comprehensive income (loss) $ (26,186 ) $ 1 $ (1 ) $ (26,186 ) Nine Months Ended September 30, 2016 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Net income (loss) $ (121,101 ) $ (11 ) $ 11 $ (121,101 ) Other comprehensive income (loss) — — — — Comprehensive income (loss) $ (121,101 ) $ (11 ) $ 11 $ (121,101 ) |
Schedule of Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2017 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Cash flows from operating activities $ 95,009 $ 374 $ — $ 95,383 Cash flows from investing activities: Additions to oil and gas properties, including acquisitions (160,788 ) — — (160,788 ) Additions to furniture, fixtures and other (268 ) — — (268 ) Proceeds from sale of properties and other investing activities (712 ) — — (712 ) Intercompany transfers 374 — (374 ) — Cash flows from financing activities: Proceeds from debt 275,000 — — 275,000 Principal payments on debt (322,228 ) — — (322,228 ) Proceeds from sale of common stock, net of offering costs (298 ) — — (298 ) Intercompany transfers — (374 ) 374 — Other financing activities (6,045 ) — — (6,045 ) Change in cash and cash equivalents (119,956 ) — — (119,956 ) Beginning cash and cash equivalents 275,841 — — 275,841 Ending cash and cash equivalents $ 155,885 $ — $ — $ 155,885 Nine Months Ended September 30, 2016 Parent Issuer Guarantor Subsidiaries Intercompany Eliminations Consolidated (in thousands) Cash flows from operating activities $ 115,695 $ 512 $ — $ 116,207 Cash flows from investing activities: Additions to oil and gas properties, including acquisitions (93,686 ) (18 ) — (93,704 ) Additions to furniture, fixtures and other (1,184 ) — — (1,184 ) Proceeds from sale of properties and other investing activities 25,571 — — 25,571 Intercompany transfers 494 — (494 ) — Cash flows from financing activities: Principal payments on debt (329 ) — — (329 ) Intercompany transfers — (494 ) 494 — Other financing activities (1,134 ) — — (1,134 ) Change in cash and cash equivalents 45,427 — — 45,427 Beginning cash and cash equivalents 128,836 — — 128,836 Ending cash and cash equivalents $ 174,263 $ — $ — $ 174,263 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | |
Oil and Gas Properties Held for Sale, Net of DD&A and Impairment | $ 145,100,000 |
Cumulative effect of accounting change | 329,000 |
Environmental Remediation Expense | 800,000 |
Oil And Gas Properties Held For Sale, Proved | 410,700,000 |
Oil And Gas Properties Held For Sale, Unproved | 400,000 |
Accumulated Depreciation, Depletion, Amortization And Impairment Associated With Assets Held For Sale | 266,000,000 |
Additional Paid-In Capital | |
Property, Plant and Equipment [Line Items] | |
Cumulative effect of accounting change | $ (180,000) |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts | $ (259) | $ (23) |
Accounts receivable | 42,089 | 32,837 |
Accrued Oil, Gas, and NGL Sales | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable gross | 33,170 | 26,542 |
Due from Joint Interest Owners | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable gross | 9,164 | 4,366 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable gross | $ 14 | $ 1,952 |
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 | Sep. 30, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Proved properties | $ 218,746 | $ 306,075 |
Wells and related equipment and facilities | 1,035,764 | 1,164,354 |
Support equipment and facilities | 34,317 | 63,238 |
Materials and supplies | 3,959 | 5,706 |
Total proved oil and gas properties (1) | 1,292,786 | 1,539,373 |
Unproved properties | 33,713 | 27,790 |
Wells and facilities in progress | 36,822 | 31,040 |
Total unproved oil and gas properties, excluded from amortization (1) | 70,535 | 58,830 |
Accumulated depreciation, depletion, amortization and impairment (1) | (393,340) | (543,154) |
Total oil and gas properties, net (1) | $ 969,981 | $ 1,055,049 |
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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Dry hole costs | $ 0 | $ 1 | $ 0 | $ 71 |
Abandonment expense and lease expirations | 261 | 973 | 326 | 1,512 |
Impairment, dry hole costs and abandonment expense | 261 | 974 | 8,336 | 1,766 |
Unproved Oil And Gas Properties | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Non-cash impairment of oil and gas properties | $ 0 | $ 0 | $ 8,010 | $ 183 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Accrued drilling, completion and facility costs | $ 33,325 | $ 15,594 |
Accrued lease operating, gathering, transportation and processing expenses | 4,589 | 4,261 |
Accrued general and administrative expenses | 8,653 | 6,375 |
Accrued interest payable | 23,500 | 12,264 |
Prepayments from partners | 11,249 | 332 |
Trade payables | 2,323 | 7,900 |
Other | 2,039 | 2,721 |
Total accounts payable and accrued liabilities | $ 85,678 | $ 49,447 |
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 | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||||
Net Income (Loss) | $ (28,842) | $ (26,186) | $ (60,404) | $ (121,101) | $ (170,378) |
Basic weighted-average common shares outstanding in period (in shares) | 74,886,107 | 58,851,598 | 74,742,699 | 53,081,809 | |
Diluted weighted-average common shares outstanding in period (in shares) | 74,886,107 | 58,851,598 | 74,742,699 | 53,081,809 | |
Net Income (Loss) Per Common Share, Basic (in dollars per share) | $ (0.39) | $ (0.44) | $ (0.81) | $ (2.28) | |
Net Income (Loss) Per Common Share, Diluted (in dollars per share) | $ (0.39) | $ (0.44) | $ (0.81) | $ (2.28) |
Supplemental Disclosures of C37
Supplemental Disclosures of Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid for interest | $ 31,113 | $ 31,736 |
Cash paid for income taxes | 0 | 0 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Accrued liabilities - oil and gas properties | 37,319 | 8,318 |
Change in asset retirement obligations, net of disposals | 10,453 | (4,788) |
Retirement of treasury stock | (1,246) | (1,098) |
Properties exchanged in non-cash transactions | 13,323 | 0 |
Fair value of debt exchanged for common stock (1) | $ 0 | $ 74,400 |
Acquisitions, Exchanges, Dive38
Acquisitions, Exchanges, Divestitures and Assets Held for Sale (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017USD ($)transaction | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Liabilities associated with assets held for sale | $ 4,856,000 | $ 0 |
Asset Retirement Obligations Acquisition of Properties | $ 8,700,000 | |
Number of acreage transactions to consolidate acreage positions | transaction | 2 | |
Proceeds from Divestiture of Businesses | 27,800,000 | |
Liabilities associated with assets sold | 4,800,000 | |
Proved Oil And Gas Properties Sold, Net Of DD&A And Impairment | 30,600,000 | |
Unproved Oil And Gas Properties Sold | 2,000,000 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 0 | |
Proved Oil And Gas Properties | ||
Property, Plant and Equipment [Line Items] | ||
Acquisition Costs, Period Cost | $ 9,100,000 | |
Unproved Oil And Gas Properties | ||
Property, Plant and Equipment [Line Items] | ||
Acquisition Costs, Period Cost | $ 11,200,000 |
Long-Term Debt - Outstanding De
Long-Term Debt - Outstanding Debt (Detail) - USD ($) | 9 Months Ended | ||||
Sep. 30, 2017 | Apr. 28, 2017 | Dec. 31, 2016 | Mar. 12, 2012 | Sep. 27, 2011 | |
Debt Instrument [Line Items] | |||||
Principal amount of debt instrument | $ 676,978,000 | $ 718,207,000 | |||
Unamortized Debt Issuance Expense | (8,234,000) | (6,399,000) | |||
Carrying Amount | 668,744,000 | 711,808,000 | |||
Debt, fair value | 653,100,000 | 699,000,000 | |||
Amended Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt instrument | 0 | 0 | |||
Unamortized Debt Issuance Expense | 0 | 0 | |||
Carrying Amount | 0 | 0 | |||
Debt, fair value | 0 | ||||
Convertible Notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt instrument | 0 | 579,000 | |||
Unamortized Debt Issuance Expense | 0 | 0 | |||
Carrying Amount | 0 | 579,000 | |||
Debt, fair value | 500,000 | ||||
Debt, fair value | 500,000 | ||||
7.625% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt instrument | 0 | 315,300,000 | $ 400,000,000 | ||
Unamortized Debt Issuance Expense | 0 | (2,169,000) | |||
Carrying Amount | $ 0 | 313,131,000 | |||
Debt, stated interest rate | 7.625% | ||||
Debt, fair value | 314,500,000 | ||||
7.0% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Maturity Date | Oct. 15, 2022 | ||||
Principal amount of debt instrument | $ 400,000,000 | 400,000,000 | $ 400,000,000 | ||
Unamortized Debt Issuance Expense | (3,684,000) | (4,227,000) | |||
Carrying Amount | $ 396,316,000 | 395,773,000 | |||
Debt, stated interest rate | 7.00% | ||||
Debt, fair value | $ 386,300,000 | 384,500,000 | |||
8.75% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Maturity Date | Jun. 15, 2025 | ||||
Principal amount of debt instrument | $ 275,000,000 | $ 275,000,000 | 0 | ||
Unamortized Debt Issuance Expense | (4,548,000) | 0 | |||
Carrying Amount | $ 270,452,000 | 0 | |||
Debt, stated interest rate | 8.75% | ||||
Debt, fair value | $ 266,800,000 | ||||
Lease Financing Obligation | |||||
Debt Instrument [Line Items] | |||||
Maturity Date | Aug. 10, 2020 | ||||
Principal amount of debt instrument | $ 2,443,000 | 2,782,000 | |||
Unamortized Debt Issuance Expense | (2,000) | (3,000) | |||
Carrying Amount | 2,441,000 | 2,779,000 | |||
Debt, fair value | 2,300,000 | 2,600,000 | |||
Long-term Debt | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt instrument | 677,443,000 | 718,661,000 | |||
Unamortized Debt Issuance Expense | (8,234,000) | (6,399,000) | |||
Carrying Amount | 669,209,000 | 712,262,000 | |||
Current Portion of Long-Term Debt | |||||
Debt Instrument [Line Items] | |||||
Principal amount of debt instrument | 465,000 | 454,000 | |||
Unamortized Debt Issuance Expense | 0 | 0 | |||
Carrying Amount | $ 465,000 | $ 454,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)Lenders | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)shares | Apr. 28, 2017USD ($) | Mar. 12, 2012USD ($) | Sep. 27, 2011USD ($) | |
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 676,978,000 | $ 676,978,000 | $ 718,207,000 | |||||
Gain (loss) on extinguishment of debt | 0 | $ 29,000 | (7,904,000) | $ 8,726,000 | ||||
Debt, fair value | 653,100,000 | 653,100,000 | 699,000,000 | |||||
Purchase of equipment | $ 1,800,000 | $ 1,800,000 | ||||||
Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility interest rate percent above LIBOR alternate interest rate | 0.50% | |||||||
Commitment fee percentage | 0.375% | 0.375% | ||||||
Revolving Credit Facility Interest Rate Percent Above Libor | 1.50% | |||||||
Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility interest rate percent above LIBOR alternate interest rate | 1.50% | |||||||
Commitment fee percentage | 0.50% | 0.50% | ||||||
Revolving Credit Facility Interest Rate Percent Above Libor | 2.50% | |||||||
Amended Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | $ 300,000,000 | ||||||
Number of Lenders, Credit Facility | Lenders | 13 | |||||||
Letters of credit issued amount | 26,000,000 | $ 26,000,000 | ||||||
Line of credit facility, remaining borrowing capacity | 274,000,000 | 274,000,000 | ||||||
Principal amount | 0 | 0 | 0 | |||||
Debt, fair value | 0 | 0 | ||||||
5% Convertible Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Face Amount of Outstanding Convertible Notes Repaid | 600,000 | 600,000 | ||||||
Convertible Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt, fair value | 500,000 | |||||||
Principal amount | 0 | 0 | 579,000 | |||||
Debt, fair value | 500,000 | |||||||
7.625% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 0 | 0 | 315,300,000 | $ 400,000,000 | ||||
Gain (loss) on extinguishment of debt | $ (7,900,000) | 8,700,000 | ||||||
Debt, stated interest rate | 7.625% | 7.625% | ||||||
Face Amount Of Outstanding 7.625% Senior Notes Repaid | $ 315,300,000 | $ 315,300,000 | ||||||
Debt, fair value | 314,500,000 | |||||||
Face Amount of Outstanding 7.625% Senior Notes Exchanged for Common Stock | $ 84,700,000 | |||||||
Shares issued for debt exchange (in shares) | shares | 10,000,000 | |||||||
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% | ||||||
Debt, fair value | $ 386,300,000 | $ 386,300,000 | 384,500,000 | |||||
8.75% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maturity date | Jun. 15, 2025 | |||||||
Principal amount | $ 275,000,000 | $ 275,000,000 | 0 | $ 275,000,000 | ||||
Debt, stated interest rate | 8.75% | 8.75% | ||||||
Debt, fair value | $ 266,800,000 | $ 266,800,000 | ||||||
Lease Financing Obligation | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maturity date | Aug. 10, 2020 | |||||||
Principal amount | 2,443,000 | $ 2,443,000 | 2,782,000 | |||||
Debt, fair value | $ 2,300,000 | $ 2,300,000 | $ 2,600,000 | |||||
Weighted average implicit rate based on interest expense | 3.30% | 3.30% | ||||||
2017 [Member] | 7.0% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Par value of senior notes | 103.50% | |||||||
2018 [Member] | 7.0% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Par value of senior notes | 102.333% | |||||||
2019 [Member] | 7.0% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Par value of senior notes | 101.167% | |||||||
2020 [Member] | 8.75% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Par value of senior notes | 106.563% | |||||||
2021 [Member] | 8.75% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Par value of senior notes | 104.375% | |||||||
2022 [Member] | 7.0% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Par value of senior notes | 100.00% | |||||||
2022 [Member] | 8.75% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Par value of senior notes | 102.188% | |||||||
2023 [Member] | 8.75% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Par value of senior notes | 100.00% | |||||||
Prior to June 15, 2020 [Member] | 8.75% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Par value of senior notes | 100.00% | |||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 35.00% | |||||||
Redemption Price As Percentage Of Principal Redeemed If Equity Offering Proceeds Used | 108.75% |
Asset Retirement Obligations -
Asset Retirement Obligations - Schedule of Asset Retirement Obligations (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations Acquisition of Properties | $ 8,700 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
As of December 31, 2016 | 11,238 |
Liabilities incurred (1) | 10,379 |
Liabilities settled | (814) |
Disposition of properties | (6) |
Accretion expense | 765 |
Revisions to estimate | 894 |
As of September 30, 2017 | 22,456 |
Less: liabilities associated with assets held for sale | 4,856 |
Less: current asset retirement obligations | 1,829 |
Long-term asset retirement obligations | $ 15,771 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value, Balance Sheet Grouping (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unproved Oil and Gas Property, Successful Effort Method | $ 70,535 | $ 58,830 | ||
Assets | ||||
Cash equivalents | 155,885 | 275,841 | $ 174,263 | $ 128,836 |
Commodity derivatives | 5,903 | 8,398 | ||
Liabilities | ||||
Commodity derivatives | 158 | 5,245 | ||
Total | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unproved Oil and Gas Property, Successful Effort Method | 1,088 | |||
Assets | ||||
Cash equivalents | 110,772 | 40,115 | ||
Deferred compensation plan | 1,719 | 1,447 | ||
Commodity derivatives | 8,211 | 13,156 | ||
Liabilities | ||||
Commodity derivatives | 2,466 | 10,003 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unproved Oil and Gas Property, Successful Effort Method | 0 | |||
Assets | ||||
Cash equivalents | 110,772 | 40,115 | ||
Deferred compensation plan | 1,719 | 1,447 | ||
Commodity derivatives | 0 | 0 | ||
Liabilities | ||||
Commodity derivatives | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unproved Oil and Gas Property, Successful Effort Method | 0 | |||
Assets | ||||
Cash equivalents | 0 | 0 | ||
Deferred compensation plan | 0 | 0 | ||
Commodity derivatives | 8,211 | 13,156 | ||
Liabilities | ||||
Commodity derivatives | 2,466 | 10,003 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unproved Oil and Gas Property, Successful Effort Method | 1,088 | |||
Assets | ||||
Cash equivalents | 0 | 0 | ||
Deferred compensation plan | 0 | 0 | ||
Commodity derivatives | 0 | 0 | ||
Liabilities | ||||
Commodity derivatives | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Fair Value Measurements [Line Items] | |||||
Unproved Oil and Gas Property, Successful Effort Method | $ 70,535,000 | $ 70,535,000 | $ 58,830,000 | ||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | ||||
Debt, fair value | 653,100,000 | 653,100,000 | 699,000,000 | ||
Gain (Loss) on Extinguishment of Debt | $ 0 | $ 29,000 | $ (7,904,000) | $ 8,726,000 | |
7.625% Senior Notes | |||||
Fair Value Measurements [Line Items] | |||||
Debt, stated interest rate | 7.625% | 7.625% | |||
Debt, fair value | 314,500,000 | ||||
Gain (Loss) on Extinguishment of Debt | $ (7,900,000) | 8,700,000 | |||
7.0% Senior Notes | |||||
Fair Value Measurements [Line Items] | |||||
Debt, stated interest rate | 7.00% | 7.00% | |||
Debt, fair value | $ 386,300,000 | $ 386,300,000 | 384,500,000 | ||
Amended Credit Facility | |||||
Fair Value Measurements [Line Items] | |||||
Debt, fair value | 0 | 0 | |||
Convertible Notes | |||||
Fair Value Measurements [Line Items] | |||||
Debt, fair value | 500,000 | ||||
Lease Financing Obligation | |||||
Fair Value Measurements [Line Items] | |||||
Debt, fair value | 2,300,000 | 2,300,000 | $ 2,600,000 | ||
Level 3 | |||||
Fair Value Measurements [Line Items] | |||||
Unproved Oil and Gas Property, Successful Effort Method | 1,088,000 | 1,088,000 | |||
Acquisition Costs, Period Cost | 11,600,000 | ||||
Unproved Oil And Gas Properties | |||||
Fair Value Measurements [Line Items] | |||||
Acquisition Costs, Period Cost | 11,200,000 | ||||
Impairment of Oil and Gas Properties | $ 0 | $ 0 | $ 8,010,000 | $ 183,000 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value Amounts of Derivative Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets | $ 8,211 | $ 13,156 |
Gross Amounts Offset in the Balance Sheet | (2,308) | (4,758) |
Net Amounts of Assets Presented in the Balance Sheet | 5,903 | 8,398 |
Gross Amounts of Recognized Liabilities | (2,466) | (10,003) |
Gross Amounts Offset in the Balance Sheet | 2,308 | 4,758 |
Net Amounts of Liabilities Presented in the Balance Sheet | (158) | (5,245) |
Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets | 7,608 | 13,156 |
Gross Amounts Offset in the Balance Sheet | (1,826) | (4,758) |
Net Amounts of Assets Presented in the Balance Sheet | 5,782 | 8,398 |
Deferred financing costs and other noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Assets | 603 | 0 |
Gross Amounts Offset in the Balance Sheet | (482) | 0 |
Net Amounts of Assets Presented in the Balance Sheet | 121 | 0 |
Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Liabilities | (1,826) | (9,104) |
Gross Amounts Offset in the Balance Sheet | 1,826 | 4,758 |
Net Amounts of Liabilities Presented in the Balance Sheet | 0 | (4,346) |
Derivatives and other noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amounts of Recognized Liabilities | (640) | (899) |
Gross Amounts Offset in the Balance Sheet | 482 | 0 |
Net Amounts of Liabilities Presented in the Balance Sheet | $ (158) | $ (899) |
Derivative Instruments - Financ
Derivative Instruments - Financial Instruments for Hedging Volume (Detail) | Sep. 30, 2017USD ($)MMBTUbbl |
October – December 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Oil (Bbls) | bbl | 747,500 |
Weighted Average Price, Hedge Backed Oil Volumes | $ 57.69 |
Natural Gas (MMbtu) | MMBTU | 920,000 |
Weighted Average Price, Hedge Backed Gas Volumes | $ 2.96 |
For the year 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Oil (Bbls) | bbl | 2,506,750 |
Weighted Average Price, Hedge Backed Oil Volumes | $ 52.47 |
Natural Gas (MMbtu) | MMBTU | 1,825,000 |
Weighted Average Price, Hedge Backed Gas Volumes | $ 2.68 |
For the year 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Oil (Bbls) | bbl | 547,500 |
Weighted Average Price, Hedge Backed Oil Volumes | $ 50.38 |
Natural Gas (MMbtu) | MMBTU | 0 |
Weighted Average Price, Hedge Backed Gas Volumes | $ 0 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017Counterparty | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Number of counterparties for hedges at period end | 6 |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Effective income tax rate (percent) | 0.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 75,000,000 | ||
Maximum Aggregate Offering Price | $ 100,000,000 | ||
Number of shares sold, equity distribution agreement (in shares) | 0 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | ||
Common Stock, Shares Authorized | 300,000,000 | 150,000,000 | 150,000,000 |
Preferred Stock, Shares Outstanding | 0 | ||
7.625% Senior Notes | |||
Class of Stock [Line Items] | |||
Shares issued for debt exchange (in shares) | 10,000,000 | ||
Debt, stated interest rate | 7.625% | ||
Face Amount of Outstanding 7.625% Senior Notes Exchanged for Common Stock | $ 84,700,000 |
Equity Incentive Compensation49
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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock Based Compensation [Line Items] | ||||
Non-cash stock-based compensation equity awards | $ 2,681 | $ 2,140 | $ 5,484 | $ 8,651 |
Common Stock Options | ||||
Stock Based Compensation [Line Items] | ||||
Non-cash stock-based compensation equity awards | 0 | 0 | 0 | 69 |
Nonvested Equity Common Stock | ||||
Stock Based Compensation [Line Items] | ||||
Non-cash stock-based compensation equity awards | 1,434 | 1,458 | 4,437 | 5,273 |
Nonvested Equity Common Stock Units | ||||
Stock Based Compensation [Line Items] | ||||
Non-cash stock-based compensation equity awards | 174 | 165 | 516 | 711 |
Nonvested Performance-Based Equity | ||||
Stock Based Compensation [Line Items] | ||||
Non-cash stock-based compensation equity awards | 0 | 275 | 558 | 1,510 |
Nonvested Performance Cash Units | ||||
Stock Based Compensation [Line Items] | ||||
Cash Unit Based Compensation Awards | $ 1,073 | $ 242 | $ (27) | $ 1,088 |
Equity Incentive Compensation50
Equity Incentive Compensation Plans and Other Long-term Incentive Programs - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017USD ($)shares$ / shares$ / unit | Sep. 30, 2016shares | Sep. 30, 2017USD ($)shares$ / shares$ / unit | Sep. 30, 2016shares | Jun. 30, 2017$ / unit | Dec. 31, 2016USD ($)$ / unit | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||
Cash program vesting period | 3 years | |||||
Closing Share Price, December 30, 2016 (in dollars per share) | $ / shares | $ 6.99 | $ 6.99 | ||||
One Percent Vest For Each One Percent Growth | 1.00% | |||||
Payout If Share Price Less Than $6.99 | 0 | |||||
Payout If Relative TSR Is Less Than Median | 0 | |||||
Weighted Average Fair Value Price Per Unit, Liability Awards (in dollars per share) | $ / unit | 4.29 | 4.29 | 3.41 | 8.89 | ||
Unrecognized compensation cost | $ 6.8 | $ 6.8 | ||||
Weighted-average period (years) | 1 year 8 months 12 days | |||||
Nonvested Performance Cash Units | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||
Deferred Compensation Cash-based Arrangements, Liability, Current | 1.1 | $ 1.1 | ||||
Deferred Compensation Cash-based Arrangements, Liability, Classified, Noncurrent | $ 2.1 | $ 2.1 | $ 2.9 | |||
Number Of Performance Cash Units Granted (in shares) | shares | 5,267 | 0 | 663,425 | 646,572 | ||
Absolute Performance | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||
Award vesting rights, percentage | 100.00% | |||||
Relative TSR | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||
Award vesting rights, percentage | 100.00% | |||||
Absolute Performance and Relative TSR | Maximum | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||||
Award vesting rights, percentage | 200.00% |
Equity Incentive Compensation51
Equity Incentive Compensation Plans and Other Long-term Incentive Programs - Stock Options and Nonvested Equity Shares, Equity Awards Granted (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017$ / shares$ / unitshares | Sep. 30, 2016$ / shares$ / unitshares | Sep. 30, 2017$ / shares$ / unitshares | Sep. 30, 2016$ / shares$ / unitshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Nonvested equity shares, Number of Shares (in shares) | 5,267 | 0 | 782,511 | 686,500 |
Nonvested equity common stock units, Number of Shares (in shares) | 3,787 | 2,922 | 190,711 | 96,650 |
Total shares granted (in shares) | 9,054 | 2,922 | 973,222 | 783,150 |
Nonvested equity shares, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 3.31 | $ 0 | $ 5.99 | $ 5.11 |
Nonvested equity common stock units, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 4.29 | $ 5.56 | $ 3.53 | $ 7.02 |
Performance Cash Unit, Fair Value Per Unit (in dollars per share) | $ / unit | 4.29 | 0 | 4.29 | 5.56 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Aggregate Undiscounted Minimum Future Lease Payments (Detail) - Lease Financing Obligation $ in Thousands | Sep. 30, 2017USD ($) |
Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations [Line Items] | |
2,017 | $ 135 |
2,018 | 537 |
2,019 | 1,824 |
Total | $ 2,496 |
Commitments and Contingencies53
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($)Agreement | |
Contingencies And Commitments [Line Items] | |
Sale Leaseback Transaction Early Buyout Option To Purchase Equipment | $ | $ 1.8 |
Number of Firm Transportation Contracts | Agreement | 2 |
Commitments and Contingencies54
Commitments and Contingencies - Gross Future Minimum Transportation Demand and Firm Processing Charges (Detail) $ in Thousands | Sep. 30, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 4,634 |
2,018 | 18,691 |
2,019 | 18,691 |
2,020 | 18,691 |
2,021 | 10,902 |
Thereafter | 0 |
Total | $ 71,609 |
Commitments and Contingencies55
Commitments and Contingencies - Future Minimum Annual Payments under Drilling, Lease and Other Agreements (Detail) - Office & Equipment Leases $ in Thousands | Sep. 30, 2017USD ($) |
Operating Leased Assets [Line Items] | |
2,017 | $ 951 |
2,018 | 3,038 |
2,019 | 1,070 |
2,020 | 113 |
2,021 | 6 |
Thereafter | 0 |
Total | $ 5,178 |
Guarantor Subsidiaries - Additi
Guarantor Subsidiaries - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017 | |
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% |
7.0% Senior Notes | |
Condensed Financial Statements, Captions [Line Items] | |
Debt, stated interest rate | 7.00% |
8.75% Senior Notes | |
Condensed Financial Statements, Captions [Line Items] | |
Debt, stated interest rate | 8.75% |
Guarantor Subsidiaries - Schedu
Guarantor Subsidiaries - Schedule of Condensed Consolidating Balance Sheets (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Assets: | ||||
Cash and cash equivalents | $ 155,885 | $ 275,841 | $ 174,263 | $ 128,836 |
Accounts receivable, net of allowance for doubtful accounts | 42,089 | 32,837 | ||
Other current assets | 153,544 | 9,774 | ||
Property and equipment, net | 975,845 | 1,062,149 | ||
Intercompany receivable (payable) | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Noncurrent assets | 3,143 | 4,740 | ||
Total | 1,330,506 | 1,385,341 | ||
Liabilities and Stockholders' Equity: | ||||
Accounts payable and accrued liabilities | 85,678 | 49,447 | ||
Current liabilities | 40,689 | 35,571 | ||
Intercompany payable | 0 | 0 | ||
Long-term debt, net of debt issuance costs | 668,744 | 711,808 | ||
Other noncurrent liabilities | 20,381 | 16,972 | ||
Stockholders' equity | 515,014 | 571,543 | 549,416 | |
Total liabilities and stockholders' equity | 1,330,506 | 1,385,341 | ||
Reportable Legal Entities | Parent Issuer | ||||
Assets: | ||||
Cash and cash equivalents | 155,885 | 275,841 | 174,263 | 128,836 |
Accounts receivable, net of allowance for doubtful accounts | 41,935 | 32,659 | ||
Other current assets | 153,544 | 9,774 | ||
Property and equipment, net | 970,444 | 1,056,343 | ||
Intercompany receivable (payable) | 20,304 | 20,678 | ||
Investment in subsidiaries | (14,811) | (14,751) | ||
Noncurrent assets | 3,143 | 4,740 | ||
Total | 1,330,444 | 1,385,284 | ||
Liabilities and Stockholders' Equity: | ||||
Accounts payable and accrued liabilities | 85,678 | 49,447 | ||
Current liabilities | 40,689 | 35,571 | ||
Intercompany payable | 0 | 0 | ||
Long-term debt, net of debt issuance costs | 668,744 | 711,808 | ||
Other noncurrent liabilities | 20,319 | 16,915 | ||
Stockholders' equity | 515,014 | 571,543 | ||
Total liabilities and stockholders' equity | 1,330,444 | 1,385,284 | ||
Reportable Legal Entities | Guarantor Subsidiaries | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net of allowance for doubtful accounts | 154 | 178 | ||
Other current assets | 0 | 0 | ||
Property and equipment, net | 5,401 | 5,806 | ||
Intercompany receivable (payable) | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | ||
Noncurrent assets | 0 | 0 | ||
Total | 5,555 | 5,984 | ||
Liabilities and Stockholders' Equity: | ||||
Accounts payable and accrued liabilities | 0 | 0 | ||
Current liabilities | 0 | 0 | ||
Intercompany payable | 20,304 | 20,678 | ||
Long-term debt, net of debt issuance costs | 0 | 0 | ||
Other noncurrent liabilities | 62 | 57 | ||
Stockholders' equity | (14,811) | (14,751) | ||
Total liabilities and stockholders' equity | 5,555 | 5,984 | ||
Intercompany Eliminations | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts receivable, net of allowance for doubtful accounts | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Intercompany receivable (payable) | (20,304) | (20,678) | ||
Investment in subsidiaries | 14,811 | 14,751 | ||
Noncurrent assets | 0 | 0 | ||
Total | (5,493) | (5,927) | ||
Liabilities and Stockholders' Equity: | ||||
Accounts payable and accrued liabilities | 0 | 0 | ||
Current liabilities | 0 | 0 | ||
Intercompany payable | (20,304) | (20,678) | ||
Long-term debt, net of debt issuance costs | 0 | 0 | ||
Other noncurrent liabilities | 0 | 0 | ||
Stockholders' equity | 14,811 | 14,751 | ||
Total liabilities and stockholders' equity | $ (5,493) | $ (5,927) |
Guarantor Subsidiaries - Sche58
Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Operating revenues | $ 67,865 | $ 50,481 | $ 169,467 | $ 127,199 | |
Operating expenses | (58,209) | (59,653) | (167,849) | (173,239) | |
General and administrative | (12,496) | (9,178) | (30,788) | (31,535) | |
Interest Expense | (13,926) | (13,991) | (44,014) | (45,160) | |
Interest income and other income (expense) | (12,076) | 6,155 | 12,780 | 1,634 | |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | (28,842) | (26,186) | (60,404) | (121,101) | |
(Provision for) Benefit from Income Taxes | 0 | 0 | 0 | 0 | |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 | |
Net Income (Loss) | (28,842) | (26,186) | (60,404) | (121,101) | $ (170,378) |
Reportable Legal Entities | Parent Issuer | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Operating revenues | 67,697 | 50,325 | 169,041 | 126,730 | |
Operating expenses | (58,053) | (59,498) | (167,363) | (172,759) | |
General and administrative | (12,496) | (9,178) | (30,788) | (31,535) | |
Interest Expense | (13,926) | (13,991) | (44,014) | (45,160) | |
Interest income and other income (expense) | (12,076) | 6,155 | 12,780 | 1,634 | |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | (28,854) | (26,187) | (60,344) | (121,090) | |
(Provision for) Benefit from Income Taxes | 0 | 0 | 0 | 0 | |
Equity in earnings (loss) of subsidiaries | 12 | 1 | (60) | (11) | |
Net Income (Loss) | (28,842) | (26,186) | (60,404) | (121,101) | |
Reportable Legal Entities | Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Operating revenues | 168 | 156 | 426 | 469 | |
Operating expenses | (156) | (155) | (486) | (480) | |
General and administrative | 0 | 0 | 0 | 0 | |
Interest Expense | 0 | 0 | 0 | 0 | |
Interest income and other income (expense) | 0 | 0 | 0 | 0 | |
Income (loss) before income taxes and equity in earnings (loss) of subsidiaries | 12 | 1 | (60) | (11) | |
(Provision for) Benefit from Income Taxes | 0 | 0 | 0 | 0 | |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 | |
Net Income (Loss) | 12 | 1 | (60) | (11) | |
Intercompany Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Operating revenues | 0 | 0 | 0 | 0 | |
Operating expenses | 0 | 0 | 0 | 0 | |
General and administrative | 0 | 0 | 0 | 0 | |
Interest Expense | 0 | 0 | 0 | 0 | |
Interest income 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 | (12) | (1) | 60 | 11 | |
Net Income (Loss) | $ (12) | $ (1) | $ 60 | $ 11 |
Guarantor Subsidiaries - Sche59
Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | $ (28,842) | $ (26,186) | $ (60,404) | $ (121,101) | $ (170,378) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | |
Comprehensive Income (Loss) | (28,842) | (26,186) | (60,404) | (121,101) | |
Reportable Legal Entities | Parent Issuer | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | (28,842) | (26,186) | (60,404) | (121,101) | |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | |
Comprehensive Income (Loss) | (28,842) | (26,186) | (60,404) | (121,101) | |
Reportable Legal Entities | Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | 12 | 1 | (60) | (11) | |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | |
Comprehensive Income (Loss) | 12 | 1 | (60) | (11) | |
Intercompany Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | (12) | (1) | 60 | 11 | |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | |
Comprehensive Income (Loss) | $ (12) | $ (1) | $ 60 | $ 11 |
Guarantor Subsidiaries - Sche60
Guarantor Subsidiaries - Schedule of Condensed Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | $ 95,383 | $ 116,207 |
Cash flows from investing activities: | ||
Additions to oil and gas properties, including acquisitions | (160,788) | (93,704) |
Additions to furniture, fixtures and other | (268) | (1,184) |
Proceeds from sale of properties and other investing activities | (712) | 25,571 |
Intercompany transfers | 0 | 0 |
Cash flows from financing activities: | ||
Proceeds from debt | 275,000 | |
Principal payments on debt | (322,228) | (329) |
Proceeds from sale of common stock, net of offering costs | (298) | 0 |
Intercompany transfers | 0 | 0 |
Other financing activities | (6,045) | (1,134) |
Increase (Decrease) in Cash and Cash Equivalents | (119,956) | 45,427 |
Beginning Cash and Cash Equivalents | 275,841 | 128,836 |
Ending Cash and Cash Equivalents | 155,885 | 174,263 |
Reportable Legal Entities | Parent Issuer | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 95,009 | 115,695 |
Cash flows from investing activities: | ||
Additions to oil and gas properties, including acquisitions | (160,788) | (93,686) |
Additions to furniture, fixtures and other | (268) | (1,184) |
Proceeds from sale of properties and other investing activities | (712) | 25,571 |
Intercompany transfers | 374 | 494 |
Cash flows from financing activities: | ||
Proceeds from debt | 275,000 | |
Principal payments on debt | (322,228) | (329) |
Proceeds from sale of common stock, net of offering costs | (298) | |
Intercompany transfers | 0 | 0 |
Other financing activities | (6,045) | (1,134) |
Increase (Decrease) in Cash and Cash Equivalents | (119,956) | 45,427 |
Beginning Cash and Cash Equivalents | 275,841 | 128,836 |
Ending Cash and Cash Equivalents | 155,885 | 174,263 |
Reportable Legal Entities | Guarantor Subsidiaries | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash flows from operating activities | 374 | 512 |
Cash flows from investing activities: | ||
Additions to oil and gas properties, including acquisitions | 0 | (18) |
Additions to furniture, fixtures and other | 0 | 0 |
Proceeds from sale of properties and other investing activities | 0 | 0 |
Intercompany transfers | 0 | 0 |
Cash flows from financing activities: | ||
Proceeds from debt | 0 | |
Principal payments on debt | 0 | 0 |
Proceeds from sale of common stock, net of offering costs | 0 | |
Intercompany transfers | (374) | (494) |
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 |
Consolidation, Eliminations [Member] | ||
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 |
Intercompany transfers | (374) | (494) |
Cash flows from financing activities: | ||
Proceeds from debt | 0 | |
Principal payments on debt | 0 | 0 |
Proceeds from sale of common stock, net of offering costs | 0 | |
Intercompany transfers | 374 | 494 |
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 |