Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 15, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | WHITING PETROLEUM CORP | |
Entity Central Index Key | 1,255,474 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 204,385,177 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 1,061 | $ 16,053 |
Accounts receivable trade, net | 261,728 | 332,428 |
Derivative assets | 127,794 | 158,729 |
Prepaid expenses and other | 28,923 | 27,980 |
Total current assets | 419,506 | 535,190 |
Property and equipment: | ||
Oil and gas properties, successful efforts method | 14,128,284 | 13,904,525 |
Other property and equipment | 165,686 | 168,277 |
Total property and equipment | 14,293,970 | 14,072,802 |
Less accumulated depreciation, depletion and amortization | (3,625,294) | (3,323,102) |
Total property and equipment, net | 10,668,676 | 10,749,700 |
Other long-term assets | 93,055 | 104,195 |
TOTAL ASSETS | 11,181,237 | 11,389,085 |
Current liabilities: | ||
Accounts payable trade | 77,170 | 77,276 |
Accrued capital expenditures | 79,356 | 94,105 |
Revenues and royalties payable | 124,133 | 179,601 |
Accrued interest | 51,528 | 62,661 |
Accrued lease operating expenses | 47,596 | 55,291 |
Accrued liabilities and other | 60,708 | 50,261 |
Taxes payable | 41,925 | 47,789 |
Accrued employee compensation and benefits | 8,766 | 32,829 |
Total current liabilities | 491,182 | 599,813 |
Long-term debt | 5,334,595 | 5,197,704 |
Deferred income taxes | 528,624 | 593,792 |
Asset retirement obligations | 153,019 | 155,550 |
Deferred gain on sale | 44,963 | 48,974 |
Other long-term liabilities | 36,154 | 34,664 |
Total liabilities | $ 6,588,537 | $ 6,630,497 |
Commitments and contingencies | ||
Equity: | ||
Common stock, $0.001 par value, 300,000,000 shares authorized; 209,701,542 issued and 204,385,177 outstanding as of March 31, 2016 and 206,441,303 issued and 204,147,647 outstanding as of December 31, 2015 | $ 210 | $ 206 |
Additional paid-in capital | 4,665,734 | 4,659,868 |
Retained earnings (accumulated deficit) | (81,218) | 90,530 |
Total Whiting shareholders' equity | 4,584,726 | 4,750,604 |
Noncontrolling interest | 7,974 | 7,984 |
Total equity | 4,592,700 | 4,758,588 |
TOTAL LIABILITIES AND EQUITY | $ 11,181,237 | $ 11,389,085 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 209,701,542 | 206,441,303 |
Common stock, shares outstanding | 204,385,177 | 204,147,647 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
REVENUES AND OTHER INCOME: | ||
Oil, NGL and natural gas sales | $ 289,697 | $ 519,848 |
Gain (loss) on sale of properties | (1,934) | 3,198 |
Amortization of deferred gain on sale | 3,849 | 5,836 |
Interest income and other | 395 | 350 |
Total revenues and other income | 292,007 | 529,232 |
COSTS AND EXPENSES: | ||
Lease operating expenses | 114,376 | 166,365 |
Production taxes | 25,927 | 44,378 |
Depreciation, depletion and amortization | 312,292 | 283,519 |
Exploration and impairment | 35,491 | 80,924 |
General and administrative | 44,796 | 43,980 |
Interest expense | 81,907 | 74,257 |
(Gain) loss on extinguishment of debt | (90,619) | 5,589 |
Derivative (gain) loss, net | 4,761 | (9,851) |
Total costs and expenses | 528,931 | 689,161 |
LOSS BEFORE INCOME TAXES | (236,924) | (159,929) |
INCOME TAX EXPENSE (BENEFIT): | ||
Current | 3 | 149 |
Deferred | (65,169) | (53,950) |
Total income tax benefit | (65,166) | (53,801) |
NET LOSS | (171,758) | (106,128) |
Net loss attributable to noncontrolling interests | 10 | 17 |
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS | $ (171,748) | $ (106,111) |
LOSS PER COMMON SHARE: | ||
Basic (in dollars per share) | $ (0.84) | $ (0.63) |
Diluted (in dollars per share) | $ (0.84) | $ (0.63) |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||
Basic (in shares) | 204,367,000 | 168,990,000 |
Diluted (in shares) | 204,367,000 | 168,990,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (171,758) | $ (106,128) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 312,292 | 283,519 |
Deferred income tax benefit | (65,169) | (53,950) |
Amortization of debt issuance costs, debt discount and debt premium | 21,369 | 1,999 |
Stock-based compensation | 6,544 | 6,655 |
Amortization of deferred gain on sale | (3,849) | (5,836) |
(Gain) loss on sale of properties | 1,934 | (3,198) |
Undeveloped leasehold and oil and gas property impairments | 14,972 | 26,417 |
Exploratory dry hole costs | 541 | |
(Gain) loss on extinguishment of debt | (90,619) | 5,589 |
Non-cash portion of derivative loss | 59,923 | 40,719 |
Other, net | (3,865) | (1,040) |
Changes in current assets and liabilities: | ||
Accounts receivable trade, net | 70,700 | 38,045 |
Prepaid expenses and other | (1,135) | 44,527 |
Accounts payable trade and accrued liabilities | (44,059) | (19,316) |
Revenues and royalties payable | (55,468) | (46,982) |
Taxes payable | (5,864) | (9,422) |
Net cash provided by operating activities | 45,948 | 202,139 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Drilling and development capital expenditures | (260,739) | (1,015,974) |
Acquisition of oil and gas properties | (403) | (11,046) |
Other property and equipment | (2,066) | (4,909) |
Proceeds from sale of oil and gas properties | 2,945 | 10,319 |
Net cash used in investing activities | (260,263) | (1,021,610) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Issuance of common stock | 1,050,000 | |
Issuance of 1.25% Convertible Senior Notes due 2020 | 1,250,000 | |
Issuance of 6.25% Senior Notes due 2023 | 750,000 | |
Borrowings under credit agreement | 400,000 | 1,600,000 |
Repayments of borrowings under credit agreement | (200,000) | (3,000,000) |
Debt and equity issuance costs | (3) | (49,162) |
Proceeds from stock options exercised | 2,919 | |
Restricted stock used for tax withholdings | (674) | (1,055) |
Net cash provided by financing activities | 199,323 | 847,286 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (14,992) | 27,815 |
CASH AND CASH EQUIVALENTS: | ||
Beginning of period | 16,053 | 78,100 |
End of period | 1,061 | 105,915 |
NONCASH INVESTING ACTIVITIES: | ||
Accrued capital expenditures related to property additions | $ 79,356 | 198,717 |
Senior Notes [Member] | 8.125% Senior Notes due 2019 [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Redemption of Senior Notes | (2,475) | |
Senior Notes [Member] | 5.5% Senior Notes due 2022 [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Redemption of Senior Notes | (349,557) | |
Senior Notes [Member] | 5.5% Senior Notes due 2021 [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Redemption of Senior Notes | $ (403,384) |
CONSOLIDATED STATEMENTS OF CAS6
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 08, 2014 |
1.25% Convertible Senior Notes due 2020 [Member] | Convertible Senior Notes [Member] | ||||
Interest Rate (as a percent) | 1.25% | 1.25% | 1.25% | |
6.25% Senior Notes due 2023 [Member] | Senior Notes [Member] | ||||
Interest Rate (as a percent) | 6.25% | 6.25% | 6.25% | |
8.125% Senior Notes due 2019 [Member] | Senior Notes [Member] | ||||
Interest Rate (as a percent) | 8.125% | 8.125% | ||
5.5% Senior Notes due 2022 [Member] | Senior Notes [Member] | ||||
Interest Rate (as a percent) | 5.50% | 5.50% | ||
5.5% Senior Notes due 2021 [Member] | Senior Notes [Member] | ||||
Interest Rate (as a percent) | 5.50% | 5.50% |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Total Whiting Shareholders' Equity [Member] | Noncontrolling Interest [Member] | Total |
BALANCES at Dec. 31, 2014 | $ 168 | $ 3,385,094 | $ 2,309,712 | $ 5,694,974 | $ 8,070 | $ 5,703,044 |
BALANCES (in shares) at Dec. 31, 2014 | 168,346 | |||||
Increase (Decrease) in Shareholders' Equity | ||||||
Net loss | (106,111) | (106,111) | (17) | (106,128) | ||
Issuance of common stock | $ 35 | 1,039,465 | 1,039,500 | 1,039,500 | ||
Issuance of common stock (in shares) | 35,000 | |||||
Equity component of 1.25% Convertible Senior Notes due 2020, net | 144,755 | 144,755 | 144,755 | |||
Exercise of stock options | 2,919 | 2,919 | 2,919 | |||
Exercise of stock options (in shares) | 145 | |||||
Restricted stock issued | $ 1 | (1) | ||||
Restricted stock issued (in shares) | 1,175 | |||||
Restricted stock forfeited (in shares) | (142) | |||||
Restricted stock used for tax withholdings | (1,055) | (1,055) | (1,055) | |||
Restricted stock used for tax withholdings (in shares) | (37) | |||||
Stock-based compensation | 6,655 | 6,655 | 6,655 | |||
BALANCES at Mar. 31, 2015 | $ 204 | 4,577,832 | 2,203,601 | 6,781,637 | 8,053 | 6,789,690 |
BALANCES (in shares) at Mar. 31, 2015 | 204,487 | |||||
BALANCES at Dec. 31, 2015 | $ 206 | 4,659,868 | 90,530 | 4,750,604 | 7,984 | 4,758,588 |
BALANCES (in shares) at Dec. 31, 2015 | 206,441 | |||||
Increase (Decrease) in Shareholders' Equity | ||||||
Net loss | (171,748) | (171,748) | (10) | (171,758) | ||
Restricted stock issued | $ 4 | (4) | ||||
Restricted stock issued (in shares) | 3,918 | |||||
Restricted stock forfeited (in shares) | (570) | |||||
Restricted stock used for tax withholdings | (674) | (674) | (674) | |||
Restricted stock used for tax withholdings (in shares) | (87) | |||||
Stock-based compensation | 6,544 | 6,544 | 6,544 | |||
BALANCES at Mar. 31, 2016 | $ 210 | $ 4,665,734 | $ (81,218) | $ 4,584,726 | $ 7,974 | $ 4,592,700 |
BALANCES (in shares) at Mar. 31, 2016 | 209,702 |
CONSOLIDATED STATEMENTS OF EQU8
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Convertible Senior Notes [Member] | 1.25% Convertible Senior Notes due 2020 [Member] | |||
Interest Rate (as a percent) | 1.25% | 1.25% | 1.25% |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2016 | |
BASIS OF PRESENTATION [Abstract] | |
BASIS OF PRESENTATION | 1. BASIS OF PRESENTATION Description of Operations —Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company engaged in the development, acquisition, exploration and production of crude oil, NGLs and natural gas primarily in the Rocky Mountains and Permian Basin regions of the United States. Unless otherwise specified or the context otherwise requires, all references in these notes to “Whiting” or the “Company” are to Whiting Petroleum Corporation and its consolidated subsidiaries, Whiting Oil and Gas Corporation (“Whiting Oil and Gas”), Whiting US Holding Company, Whiting Canadian Holding Company ULC (formerly Kodiak Oil & Gas Corp., “Kodiak”), Whiting Resources Corporation (formerly Kodiak Oil & Gas (USA) Inc.) and Whiting Programs, Inc. Consolidated Financial Statements —The unaudited consolidated financial statements include the accounts of Whiting Petroleum Corporation and its consolidated subsidiaries. Investments in entities which give Whiting significant influence, but not control, over the investee are accounted for using the equity method. Under the equity method, investments are stated at cost plus the Company’s equity in undistributed earnings and losses. All intercompany balances and transactions have been eliminated upon consolidation. These financial statements have been prepared in accordance with GAAP and the SEC rules and regulations for interim financial reporting. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals and adjustments) necessary to present fairly, in all material respects, the Company’s interim results. However, operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. The consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q should be read in conjunction with Whiting’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2015 . Except as disclosed herein, there have been no material changes to the information disclosed in the notes to consolidated financial statements included in the Company’s 2015 Annual Report on Form 10 ‑K. Earnings Per Share —Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during each period. Diluted earnings per common share is calculated by dividing adjusted net income available to common shareholders by the weighted average number of diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted earnings per share calculations consist of convertible debt to be settled in shares only , using the if-converted method , as well as unvested restricted stock awards, outstanding stock options and contingently issuable shares of convertible debt to be settled in cash, all using the treasury stock method. When a loss from continuing operations exists, all dilutive securities and potentially dilutive securities are anti-dilutive and are therefore excluded from the computation of diluted earnings per share. |
OIL AND GAS PROPERTIES
OIL AND GAS PROPERTIES | 3 Months Ended |
Mar. 31, 2016 | |
OIL AND GAS PROPERTIES [Abstract] | |
OIL AND GAS PROPERTIES | 2. OIL AND GAS PROPERTIES Net capitalized costs related to the Company’s oil and gas producing activities at March 31, 2016 and December 31, 2015 are as follows (in thousands): March 31, December 31, 2016 2015 Proved leasehold costs $ 3,261,900 $ 3,206,237 Unproved leasehold costs 619,548 689,754 Costs of completed wells and facilities 9,681,960 9,503,020 Wells and facilities in progress 564,876 505,514 Total oil and gas properties, successful efforts method 14,128,284 13,904,525 Accumulated depletion (3,579,224) (3,279,156) Oil and gas properties, net $ 10,549,060 $ 10,625,369 |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 3 Months Ended |
Mar. 31, 2016 | |
ACQUISITIONS AND DIVESTITURES [Abstract] | |
ACQUISITIONS AND DIVESTITURES | 3. ACQUISITIONS AND DIVESTITURES 2016 Acquisitions and Divestitures There were no significant acquisitions or divestitures during the three months ended March 31, 2016. 2015 Acquisitions and Divestitures In December 2015, the Company completed the sale of a fresh water delivery system, a produced water gathering system and four saltwater disposal wells located in Weld County, Colorado, effective December 16, 2015, for aggregate sales proceeds of $75 million (before closing adjustments). In June 2015, the Company completed the sale of its interests in certain non-core oil and gas wells, effective June 1, 2015, for aggregate sales proceeds of $150 million (before closing adjustments) resulting in a pre-tax loss on sale of $118 million. The properties included over 2,000 gross wells in 132 fields across 10 states. In April 2015, the Company completed the sale of its interests in certain non-core oil and gas wells, effective May 1, 2015, for aggregate sales proceeds of $108 million (before closing adjustments) resulting in a pre-tax gain on sale of $29 million. The properties are located in 187 fields across 14 states, and predominately consist of assets that were previously included in the underlying properties of Whiting USA Trust I. Also during the year ended December 31, 2015, the Company completed several immaterial divestiture transactions for the sale of its interests in certain non-core oil and gas wells and undeveloped acreage, for aggregate sales proceeds of $176 million (before closing adjustments) resulting in a pre-tax gain on sale of $28 million. There were no significant acquisitions during the year ended December 31, 2015. |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2016 | |
LONG-TERM DEBT [Abstract] | |
LONG-TERM DEBT | 4 . LONG-TERM DEBT Long-term debt consisted of the following at March 31, 2016 and December 31, 2015 (in thousands): March 31, December 31, 2016 2015 Credit agreement $ 1,000,000 $ 800,000 6.5% Senior Subordinated Notes due 2018 301,288 350,000 6.5% Convertible Senior Subordinated Notes due 2018 48,712 - 5% Senior Notes due 2019 1,003,188 1,100,000 5% Convertible Senior Notes due 2019 96,812 - 1.25% Convertible Senior Notes due 2020 1,250,000 1,250,000 5.75% Senior Notes due 2021 1,047,523 1,200,000 5.75% Convertible Senior Notes due 2021 152,477 - 6.25% Senior Notes due 2023 571,258 750,000 6.25% Convertible Senior Notes due 2023 178,742 - Total principal 5,650,000 5,450,000 Unamortized debt discounts and premiums (377,168) (203,082) Unamortized debt issuance costs on notes (49,627) (49,214) Fair value of embedded derivatives associated with convertible notes 111,390 - Total long-term debt $ 5,334,595 $ 5,197,704 Credit Agreement —Whiting Oil and Gas, the Company’s wholly-owned subsidiary, has a credit agreement with a syndicate of banks that as of March 31, 2016 had a borrowing base of $4.0 billion, with aggregate commitments of $2.5 billion. On March 25, 2016, the Company entered into an amendment to its existing credit agreement and related guaranty and collateral agreement in connection with the May 1, 2016 regular borrowing base redetermination that, among other things, (i) decreased the borrowing base under the facility from $4.0 billion to $2.75 billion, effective May 1, 2016, (ii) reduced the aggregate commitments under the credit agreement from $3.5 billion to $2.5 billion, (iii) reduced the maximum letter of credit commitment amount from $100 million to $50 million, (iv) increased the applicable margin based on the borrowing base utilization percentage by 50 basis points per annum, (v) increased the commitment fee to 50 basis points per annum, (vi) permits the Company and certain of its subsidiaries to issue second lien indebtedness up to $1.0 billion subject to various conditions and limitations, (vii) increased the permitted ratio of total senior secured debt to the last four quarters’ EBITDAX (as defined in the credit agreement) from less than 2.5 to 1.0 to less than 3.0 to 1.0 during the Interim Covenant Period, as defined below, and (viii) permits the Company and certain of its subsidiaries to dispose of their respective ownership interests in certain gas gathering and processing plants located in North Dakota without reducing the borrowing base. As of March 31, 2016 , the Company had $1.5 billion of available borrowing capacity, which was net of $1.0 billion in borrowings and $2 million in letters of credit outstanding. The borrowing base under the credit agreement is determined at the discretion of the lenders, based on the collateral value of the Company’s proved reserves that have been mortgaged to such lenders, and is subject to regular redeterminations on May 1 and November 1 of each year, as well as special redeterminations described in the credit agreement, in each case which may reduce the amount of the borrowing base. Upon a redetermination of the borrowing base, either on a periodic or special redetermination date, if borrowings in excess of the revised borrowing capacity were outstanding, the Company could be forced to immediately repay a portion of its debt outstanding under the credit agreement. A portion of the revolving credit facility in an aggregate amount not to exceed $50 million may be used to issue letters of credit for the account of Whiting Oil and Gas or other designated subsidiaries of the Company. As of March 31, 2016 , $48 million was available for additional letters of credit under the agreement. The credit agreement provides for interest only payments until December 2019, when the credit agreement expires and all outstanding borrowings are due. Interest under the revolving credit facility accrues at the Company’s option at either (i) a base rate for a base rate loan plus the margin in the table below, where the base rate is defined as the greatest of the prime rate, the federal funds rate plus 0.5% per annum, or an adjusted LIBOR rate plus 1.0% per annum, or (ii) an adjusted LIBOR rate for a Eurodollar loan plus the margin in the table below. Additionally, the Company also incurs commitment fees as set forth in the table below on the unused portion of the aggregate commitments of the lenders under the revolving credit facility, which are included as a component of interest expense. At March 31, 201 6 , the weighted average interest rate on the outstanding principal balance under the credit agreement was 2.7% . Applicable Applicable Margin for Base Margin for Commitment Ratio of Outstanding Borrowings to Borrowing Base Rate Loans Eurodollar Loans Fee Less than 0.25 to 1.0 1.00% 2.00% 0.50% Greater than or equal to 0.25 to 1.0 but less than 0.50 to 1.0 1.25% 2.25% 0.50% Greater than or equal to 0.50 to 1.0 but less than 0.75 to 1.0 1.50% 2.50% 0.50% Greater than or equal to 0.75 to 1.0 but less than 0.90 to 1.0 1.75% 2.75% 0.50% Greater than or equal to 0.90 to 1.0 2.00% 3.00% 0.50% The credit agreement contains restrictive covenants that may limit the Company’s ability to, among other things, incur additional indebtedness, sell assets, make loans to others, make investments, enter into mergers, enter into hedging contracts, incur liens and engage in certain other transactions without the prior consent of its lenders. Except for limited exceptions, the credit agreement also restricts the Company’s ability to make any dividend payments or distributions on its common stock. These restrictions apply to all of the Company’s restricted subsidiaries (as defined in the credit agreement) . As of March 31, 2016 , there were no retained earnings free from restrictions. The amended credit agreement requires the Company, as of the last day of any quarter, to maintain the following ratios (as defined in the credit agreement): (i) a consolidated current assets to consolidated current liabilities ratio (which includes an add back of the available borrowing capacity under the credit agreement) of not less than 1.0 to 1.0, (ii) a total senior secured debt to the last four quarters’ EBITDAX ratio of less than 3.0 to 1.0 during the Interim Covenant Period (defined below), and thereafter a total debt to EBITDAX ratio of less than 4.0 to 1.0 , and (iii) a ratio of the last four quarters’ EBITDAX to consolidated interest charges of not less than 2.25 to 1.0 during the Interim Covenant Period. Under the credit agreement, the “Interim Covenant Period” is defined as the period from June 30, 2015 until the earlier of (a) April 1, 2018 or (b) the commencement of an investment-grade debt rating period (as defined in the credit agreement) . The Company was in compliance with its covenants under the credit agreement as of March 31, 2016 . The obligations of Whiting Oil and Gas under the credit agreement are secured by a first lien on substantially all of Whiting Oil and Gas’ and Whiting Resource Corporation’s properties. The Company has guaranteed the obligations of Whiting Oil and Gas under the credit agreement and has pledged the stock of its subsidiaries as security for its guarantee. Senior Notes and Senior Subordinated Notes —In September 2010, the Company issued at par $350 million of 6.5% Senior Subordinated Notes due October 2018 (the “2018 Senior Subordinated Notes”). In September 2013, the Company issued at par $1.1 billion of 5% Senior Notes due March 2019 (the “2019 Senior Notes”) and $800 million of 5.75% Senior Notes due March 2021, and issued at 101% of par an additional $400 million of 5.75% Senior Notes due March 2021 (collectively, the “2021 Senior Notes”). The debt premium recorded in connection with the issuance of the 2021 Senior Notes is amortized to interest expense over the term of the notes using the effective interest method, with an effective interest rate of 5.5% per annum. In March 2015, the Company issued at par $750 million of 6.25% Senior Notes due April 2023 (the “2023 Senior Notes” and together with the 2019 Senior Notes and 2021 Senior Notes, the “Whiting Senior Notes”). Kodiak Senior Notes. In conjunction with the acquisition of Kodiak Oil & Gas Corp. (the “Kodiak Acquisition”) in December 2014 , Whiting US Holding Company, a wholly-owned subsidiary of the Company, became a co-issuer of Kodiak’s $800 million of 8.125% Senior Notes due December 2019 (the “2019 Kodiak Notes”), $350 million of 5.5% Senior Notes due January 2021 (the “2021 Kodiak Notes”), and $400 million of 5.5% Senior Notes due February 2022 (the “2022 Kodiak Notes” and together with the 2019 Kodiak Notes and the 2021 Kodiak Notes, the “Kodiak Notes”). I n January 2015, Whiting offered to repurchase at 101% of par all $1,550 million principal amount of Kodiak Notes then outstanding. I n March 2015, Whiting paid $760 million to repurchase $2 million aggregate principal amount of the 2019 Kodiak Notes, $346 million aggregate principal amount of the 2021 Kodiak Notes and $399 million aggregate principal amount of the 2022 Kodiak Notes, which payment consisted of the 101% redemption price and all accrued and unpaid interest on such notes. I n May 2015, Whiting paid an additional $5 million to repurchase the remaining $4 million aggregate principal amount of the 2021 Kodiak Notes and $1 million aggregate principal amount of the 2022 Kodiak Notes, which payment consisted of the 101% redemption price and all accrued and unpaid interest on such notes. The Company financed the repurchases with borrowings under its revolving credit facility , which borrowings were subsequently repaid with proceeds from the equity offerings discussed within the “Shareholders’ Equity and Noncontrolling Interest” footnote and the debt offerings discussed within this footnote, and with cash on hand. I n December 2015, Whiting paid $834 million to repurchase the remaining $798 million aggregate principal amount of the 2019 Kodiak Notes, which payment consisted of the 104.063% redemption price and all accrued and unpaid interest on such notes. The Company financed the December 2015 note repurchase with borrowings under its credit agreement. As a result of the repurchases, Whiting recognized a n $18 million loss on extinguishment of debt, which consisted of a $40 million cash charge related to the redemption premium on the Kodiak Notes, partially offset by a $22 million non-cash credit related to the acceleration of unamortized debt premiums on such notes. As of December 31, 2015, no Kodiak Notes remained outstanding. Exchange of Senior Notes and Senior Subordinat ed Notes for Convertible Notes – O n March 23, 2016, the Company exchanged $477 million aggregate principal amount of its senior notes and senior subordinated notes, consisting of (i) $49 million aggregate principal amount of its 2018 Senior Subordinated Notes, (ii) $97 million aggregate principal amount of its 2019 Senior Notes, (iii) $152 million aggregate principal amount of its 2021 Senior Notes , and (iv) $179 million aggregate principal amount of its 2023 Senior Notes , for (i) $49 million aggregate principal amount of new 6.5% Convertible Senior Subordinated Notes due 2018 (the “2018 Convertible Senior Subordinated Notes”), (ii) $97 million aggregate principal amount of new 5% Convertible Senior Notes due 2019 (the “2019 Convertible Senior Note s”), (iii) $152 million aggregate p rincipal amount of new 5.75% Convertible Senior Notes due 2021 (the “202 1 Convertible Senior Notes”), and (iv) $179 million aggregate principal amount of new 6.25% Convertible Senior Notes due 2023 (the “2023 Convertible Senior Notes” and, together with the 2018 Convertible Senior Subordinated Notes, the 2019 Convertible Senior Notes and the 2021 Convertible Senior Notes, the “New Convertible Notes”). The redemption provisions, covenants, interest payments and maturity terms applicable to each series of New Convertible Notes are substantially identical to those applicable to the corresponding series of the Whiting Senior Notes and the 2018 Senior Subordinated Notes. The New Convertible Notes are convertible, at the option of the holders, into shares of common stock at any time from the date of issuance up until the close of business on the earlier of (i) the fifth business day following the date of a mandatory conversion notice from the Company (see below for a discussion of the mandatory conversion terms), (ii) the business day immediately preceding the date of redemption, if Whiting were to elect to redeem all or a portion of the New Convertible Notes prior to maturity, or (iii) the business day immediately preceding the maturity date. In addition, (i) if a holder exercises its right to convert on or prior to September 23, 2016, such holder will receive an early conversion cash payment in an amount equal to 18 months of interest payable on the applicable series of notes, (ii) if a holder exercises its right to convert after September 23, 2016 but on or prior to March 23, 2017, such holder will receive an early conversion cash payment in an amount equal to 12 months of interest payable on the applicable series of notes, or (iii) if a holder exercises its right to convert after March 23, 2017 but on or prior to September 23, 2017, such holder will receive an early conversion cash payment in an amount equal to six months of interest payable on the applicable series of notes. Upon exercise of this option, the holder will also be entitled to cash payment of all accrued and unpaid interest through the conversion date. The initial conversion rate for the 2018 Convertible Senior Subordinated Notes, the 2021 Convertible Senior Notes and the 2023 Convertible Senior Notes is 86.9565 common shares per $1,000 principal amount of the notes (representing an initial conversion price of $11.50 per share), and the initial conversion rate for the 2019 Convertible Senior Notes is 90.9091 common shares per $1,000 principal amount of the notes (representing an initial conversion price of $11.00 per share). Each initial conversion rate is subject to customary adjustments if certain share transactions were to be initiated by Whiting. The Company has the right to mandatorily convert the New Convertible Notes, in whole or in part, if the volume weighted average price (as defined in the applicable indentures governing the New Convertible Notes) of the Company’s common stock exceeds 89.13% of the applicable conversion price of the 2018 Convertible Senior Subordinated Notes, the 2021 Convertible Senior Notes and the 2023 Convertible Senior Notes and 93.18% of the applicable conversion price of the 2019 Convertible Senior Notes (each representing an initial mandatory conversion trigger price of $10.25 per share) for at least 20 trading days during a 30 consecutive trading day period. No early conversion or accrued and unpaid interest payments will be made upon a mandatory conversion. As of March 31, 2016 , no mandatory conversion triggers of the New Convertible Notes had been met and no holders of the notes had exercised their conversion options. This transaction was accounted for as an extinguishment of debt for each portion of the Whiting Senior Notes and 2018 Senior Subordinated Notes that were exchanged. As a result, Whiting recognized a $91 million gain on extinguishment of debt, which included a $4 million non-cash charge for the acceleration of unamortized debt issuance costs and debt premium on the original notes. Each series of New Convertible Notes was recorded at fair value upon issuance, with the difference between the principal amount of the notes and their fair values, totaling $95 million, recorded as a debt discount. The debt discount also includes $90 million related to the fair value of the holders’ conversion options, which are embedded derivatives that meet the criteria to be bifurcated from their host contracts and accounted for separately. These embedded derivatives will be marked to market each quarter with the changes in fair value recorded as derivative (gain) loss, net in the consolidated statements of operations. Refer to the “Derivative Financial Instruments” and “Fair Value Measurements” footnotes for more information. The $185 million total debt discount will be amortized to interest expense over the respective terms of the notes using the effective interest method. Accrued transaction costs of $8 million attributable to the New Convertible Notes issuance were recorded as a reduction to the carrying value of long-term debt on the consolidated balance sheet and are being amortized to interest expense over the respective term s of the notes using the effective interest method. 2020 Convertible Senior Notes —In March 2015, the Company issued at par $1,250 million of 1.25% Convertible Senior Notes due April 2020 (the “ 2020 Convertible Senior Notes” and together with the 2019 Convertible Senior Notes, the 2021 Convertible Senior Notes and the 2023 Convertible Senior Notes, the “Convertible Senior Notes” ) for net proceeds of $1.2 billion, net of initial purchasers’ fees of $25 million. The notes will mature on April 1, 2020 unless earlier converted in accordance with their terms. The Company has the option to settle conversions of these notes with cash, shares of common stock or a combination of cash and common stock at its election. The Company’s intent is to settle the principal amount of the 2020 Convertible Senior Notes in cash upon conversion. Prior to January 1, 2020, the 2020 Convertible Senior Notes will be convertible at the holder’s option only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on June 30, 2015 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of the 2020 Convertible Senior Notes for each trading day of the measurement period is less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events. On or after January 1, 2020, the 2020 Convertible Senior Notes will be convertible at any time until the second scheduled trading day immediately preceding the April 1, 2020 maturity date of the notes. The notes will be convertible at an initial conversion rate of 25.6410 shares of Whiting’s common stock per $1,000 principal amount of the notes, which is equivalent to an initial conversion price of approximately $39.00 . The conversion rate will be subject to adjustment in some events. In addition, following certain corporate events that occur prior to the maturity date, the Company will increase, in certain circumstances, the conversion rate for a holder who elects to convert its 2020 Convertible Senior Notes in connection with such corporate event. As of March 31, 2016 , none of the contingent conditions allowing holders of the 2020 Convertible Senior Notes to convert these notes had been met. Upon issuance, the Company separately accounted for the liability and equity components of the 2020 Convertible Senior Notes. The liability component was recorded at the estimated fair value of a similar debt instrument without the conversion feature. The difference between the principal amount of the 2020 Convertible Senior Notes and the estimated fair value of the liability component was recorded as a debt discount and is being amortized to interest expense over the term of the notes using the effective interest method, with an effective interest rate of 5.6% per annum. The fair value of the 2020 Convertible Senior Notes as of the issuance date was estimated at $1.0 billion, resulting in a debt discount at inception of $238 million. The equity component, representing the value of the conversion option, was computed by deducting the fair value of the liability component from the initial proceeds of the 2020 Convertible Senior Notes issuance. This equity component was recorded, net of deferred taxes and issuance costs, in additional paid-in capital within shareholders’ equity, and will not be remeasured as long as it continues to meet the conditions for equity classification. Transaction costs related to the 2020 Convertible Senior Notes issuance were allocated to the liability and equity components based on their relative fair values. Issuance costs attributable to the liability component were recorded as a reduction to the carrying value of long-term debt on the consolidated balance sheet and are being amortized to expense over the term of the notes using the effective interest method. Issuance costs attributable to the equity component were recorded as a charge to additional paid-in capital within shareholders’ equity. The 2020 Convertible Senior Notes consist of the following at March 31, 2016 and December 31, 2015 (in thousands): March 31, December 31, 2016 2015 Liability component: Principal $ 1,250,000 $ 1,250,000 Less: unamortized note discount (194,786) (205,572) Less: unamortized debt issuance costs (16,293) (17,277) Net carrying value $ 1,038,921 $ 1,027,151 Equity component (1) $ 237,500 $ 237,500 (1) Recorded in additional paid-in capital, net of $ 5 million of issuance costs and $88 million of deferred taxes. Interest expense recognized on the 2020 Convertible Senior Notes related to the stated interest rate and amortization of the debt discount totaled $15 million and $1 million for the three months ended March 31, 2016 and 2015, respectively. The Whiting Senior Notes and the Convertible Senior Notes are unsecured obligations of Whiting Petroleum Corporation and these unsecured obligations are subordinated to all of the Company’s secured indebtedness, which consists of Whiting Oil and Gas’ credit agreement. The 2018 Senior Subordinated Notes and the 2018 Convertible Senior Subordinated Notes are also unsecured obligations of Whiting Petroleum Corporation and are subordinated to all of the Company’s senior debt, which currently consists of the Whiting Senior Notes , the Convertible Senior Notes and borrowings under Whiting Oil and Gas’ credit agreement. The Company’s obligations under the Whiting Senior Notes, the Convertible Senior Notes , the 2018 Senior Subordinated Note s and the 2018 Convertible Senior Subordinated Notes are guaranteed by the Company’s wholly-owned subsidiaries, Whiting Oil and Gas, Whiting US Holding Company, Whiting Canadian Holding Company ULC and Whiting Resources Corporation (the “Guarantors”). These guarantees are full and unconditional and joint and several among the Guarantors. Any subsidiaries other than these Guarantors are minor subsidiaries as defined by Rule 3-10(h)(6) of Regulation S ‑X of the SEC. Whiting Petroleum Corporation has no assets or operations independent of this debt and its investments in its consolidated subsidiaries. |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 3 Months Ended |
Mar. 31, 2016 | |
ASSET RETIREMENT OBLIGATIONS [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | 5 . ASSET RETIREMENT OBLIGATIONS The Company’s asset retirement obligations represent the present value of estimated future costs associated with the plugging and abandonment of oil and gas wells, removal of equipment and facilities from leased acreage, and land restoration (including removal of certain onshore and offshore facilities in California) in accordance with applicable local, state and federal laws. The Company follows FASB ASC Topic 410, Asset Retirement and Environmental Obligations , to determine its asset retirement obligation amounts by calculating the present value of the estimated future cash outflows associated with its plug and abandonment obligations. The current portions at March 31, 2016 and December 31, 2015 were $9 million and $6 million, respectively, and have been included in accrued liabilities and other. Revisions to the liability typically occur due to changes in estimated abandonment costs or well economic lives, or if federal or state regulators enact new requirements regarding the abandonment of wells. The following table provides a reconciliation of the Company’s asset retirement obligations for the three months ended March 31, 2016 (in thousands): Asset retirement obligation at January 1, 2016 $ 161,908 Additional liability incurred 443 Revisions to estimated cash flows (130) Accretion expense 3,579 Obligations on sold properties (140) Liabilities settled (3,406) Asset retirement obligation at March 31, 2016 $ 162,254 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2016 | |
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | 6 . DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to certain risks relating to its ongoing business operations, and Whiting uses derivative instruments to manage its commodity price risk. In addition, the Company has convertible notes that contain embedded conversion options which are required to be accounted for as derivatives. Whiting follows FASB ASC Topic 815, Derivatives and Hedging , to account for its derivative financial instruments. Commodity Derivative Contracts — Historically, prices received for crude oil and natural gas production have been volatile because of supply and demand factors, worldwide political factors, general economic conditions and seasonal weather patterns. Whiting enters into derivative contracts such as costless collars, swaps and crude oil sales and delivery contracts , to achieve a more predictable cash flow by reducing its exposure to commodity price volatility. Commodity derivative contracts are thereby used to ensure adequate cash flow to fund the Company’s capital programs and to manage returns on drilling programs and acquisitions. The Company does not enter into derivative contracts for speculative or trading purposes. Crude Oil Costless Collars. Costless collars are designed to establish floor and ceiling prices on anticipated future oil or gas production. While the use of these derivative instruments limits the downside risk of adverse price movements, they may also limit future revenues from favorable price movements. The table below details the Company’s costless collar derivatives entered into to hedge forecasted crude oil production revenues as of April 26, 2016 . Whiting Petroleum Corporation Derivative Contracted Crude Weighted Average NYMEX Price Instrument Period Oil Volumes (Bbl) Collar Ranges for Crude Oil (per Bbl) Three-way collars (1) Apr - Dec 2016 12,600,000 $43.75 - $53.75 - $74.40 Jan - Dec 2017 1,800,000 $30.00 - $40.00 - $59.02 Collars Apr - Dec 2016 2,250,000 $51.00 - $63.48 Jan - Dec 2017 3,000,000 $53.00 - $70.44 Total 19,650,000 (1) A three-way collar is a combination of options: a sold call, a purchased put and a sold put. The sold call establishes a maximum price (ceiling) Whiting will receive for the volumes under contract. The purchased put establishes a minimum price (floor), unless the market price falls below the sold put (sub-floor), at which point the minimum price would be NYMEX plus the difference between the purchased put and the sold put strike price. Crude Oil Sales and Delivery Contract. The Company has a long-term crude oil sales and delivery contract for oil volumes produced from its Redtail field in Colorado. Under the terms of the agreement, Whiting has committed to deliver certain fixed volumes of crude oil through 2020. The Company determined that it was not probable that future oil production from its Redtail field would be sufficient to meet the minimum volume requirement specified in this contract, and accordingly, that the Company would not settle this contract through physical delivery of crude oil volumes. As a result, Whiting determined that this contract would not qualify for the “normal purchase normal sale” exclusion and has therefore reflected the contract at fair value in the consolidated financial statements. As of March 31, 2016 , the estimated fair value of this derivative contract was a liability of $7 million. Embedded Derivative s — In March 2016, the Company issued convertible notes that contain debt holder conversion options which the Company determined were not clearly and closely related to the debt host contracts, and the Company therefore bifurcated these embedded features and reflected them at fair value in the consolidated financial statements. As of March 31, 2016 , t he estimated fair value of these embedded derivatives was a liability of $ 111 million. Derivative Instrument Reporting — All derivative instruments are recorded in the consolidated financial statements at fair value, other than derivative instruments that meet the “normal purchase normal sale” exclusion or other derivative scope exceptions . The following table summarizes the effects of derivative instruments on the consolidated statements of operations for the three months ended March 31, 2016 and 2015 (in thousands): (Gain) Loss Recognized in Income Not Designated as Statement of Operations Three Months Ended March 31, ASC 815 Hedges Classification 2016 2015 Commodity contracts Derivative (gain) loss, net $ (16,745) $ (9,851) Embedded derivatives Derivative (gain) loss, net 21,506 - Total $ 4,761 $ (9,851) Offsetting of Derivative Assets and Liabilities. The Company nets its financial derivative instrument fair value amounts executed with the same counterparty pursuant to ISDA master agreements, which pr ovide for net settlement over the term of the contract and in the event of default or termination of the contract. The following tables summarize the location and fair value amounts of all the Company’s derivative instruments in the consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the consolidated balance sheets (in thousands): March 31, 2016 (1) Net Gross Recognized Recognized Gross Fair Value Not Designated as Assets/ Amounts Assets/ ASC 815 Hedges Balance Sheet Classification Liabilities Offset Liabilities Derivative assets: Commodity contracts - current Derivative assets $ 195,248 $ (67,454) $ 127,794 Commodity contracts - non-current Other long-term assets 25,867 (2,189) 23,678 Total derivative assets $ 221,115 $ (69,643) $ 151,472 Derivative liabilities: Commodity contracts - current Accrued liabilities and other $ 69,755 $ (67,454) $ 2,301 Commodity contracts - non-current Other long-term liabilities 7,125 (2,189) 4,936 Embedded derivatives - non-current Long-term debt 111,390 - 111,390 Total derivative liabilities $ 188,270 $ (69,643) $ 118,627 December 31, 2015 (1) Net Gross Recognized Recognized Gross Fair Value Not Designated as Assets/ Amounts Assets/ ASC 815 Hedges Balance Sheet Classification Liabilities Offset Liabilities Derivative assets: Commodity contracts - current Derivative assets $ 258,778 $ (100,049) $ 158,729 Commodity contracts - non-current Other long-term assets 31,415 (3,465) 27,950 Total derivative assets $ 290,193 $ (103,514) $ 186,679 Derivative liabilities: Commodity contracts - current Accrued liabilities and other $ 101,214 $ (100,049) $ 1,165 Commodity contracts - non-current Other long-term liabilities 6,327 (3,465) 2,862 Total derivative liabilities $ 107,541 $ (103,514) $ 4,027 (1) Because counterparties to the Company’s financial derivative contracts subject to master netting arrangements are lenders under Whiting Oil and Gas’ credit agreement, which eliminates its need to post or receive collateral associated with its derivative positions, columns for cash collateral pledged or received have not been presented in the se tables. Contingent Features in Financial Derivative Instruments . None of the Company’s derivative instruments contain credit-risk-related contingent features. Counterparties to the Company’s financial derivative contracts are high credit-quality financial institutions that are lenders under Whiting’s credit agreement. The Company uses only credit agreement participants to hedge with, since these institutions are secured equally with the holders of Whiting’s bank debt, which eliminates the potential need to post collateral when Whiting is in a derivative liability position. As a result, the Company is not required to post letters of credit or corporate guarantees for its derivative counterparties in order to secure contract performance obligations. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2016 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | 7 . FAIR VALUE MEASUREMENTS The Company follows FASB ASC Topic 820, Fair Value Measurement and Disclosure , which establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: · Level 1: Quoted Prices in Active Markets for Identical Assets – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2: Significant Other Observable Inputs – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3: Significant Unobservable Inputs – inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. Cash and cash equivalents, accounts receivable and accounts payable are carried at cost, which approximates their fair value because of the short-term maturity of these instruments. The Company’s credit agreement has a recorded value that approximates its fair value since its variable interest rate is tied to current market rates. The Company’s senior n otes and senior subordinated n otes are recorded at cost , and the Company’s convertible senior notes and convertible senior subordinated notes are recorded at fair value at the date of issuance . The following table summarizes the fair values and carrying values of these instruments as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Fair Carrying Fair Carrying Value Value Value Value 6.5% Senior Subordinated Notes due 2018 $ 200,357 $ 298,823 $ 265,125 $ 346,876 6.5% Convertible Senior Subordinated Notes due 2018 (1) 40,187 39,987 - - 5% Senior Notes due 2019 694,708 996,603 830,500 1,092,219 5% Convertible Senior Notes due 2019 (1) 81,383 81,788 - - 1.25% Convertible Senior Notes due 2020 739,063 1,038,921 850,000 1,027,151 5.75% Senior Notes due 2021 699,222 1,040,646 870,000 1,191,861 5.75% Convertible Senior Notes due 2021 (1) 125,222 126,797 - - 6.25% Senior Notes due 2023 384,171 563,550 543,750 739,597 6.25% Convertible Senior Notes due 2023 (1) 148,132 147,480 - - Total $ 3,112,445 $ 4,334,595 $ 3,359,375 $ 4,397,704 (1) The carrying values of the 2018 Convertible Senior Subordinated Notes, the 2019 Convertible Senior Notes, the 2021 Convertible Senior Notes and the 2023 Convertible Senior Notes include the fair values of the debt holder conversion options of $7 million, $16 million, $34 million, and $54 million, respectively, as of March 31, 2016 . The fair values included in the table above are based on quoted market prices for these debt securities, and such fair values are therefore designated as Level 1 within the valuation hierarchy. The Company’s derivative financial instruments are recorded at fair value and include a measure of the Company’s own nonperformance risk or that of its counterpart y , as appropriate. The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 , and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values (in thousands): Total Fair Value Level 1 Level 2 Level 3 March 31, 2016 Financial Assets Commodity derivatives – current $ - $ 127,794 $ - $ 127,794 Commodity derivatives – non-current - 23,678 - 23,678 Total financial assets $ - $ 151,472 $ - $ 151,472 Financial Liabilities Commodity derivatives – current $ - $ - $ 2,301 $ 2,301 Commodity derivatives – non-current - - 4,936 4,936 Embedded derivatives – non-current - - 111,390 111,390 Total financial liabilities $ - $ - $ 118,627 $ 118,627 Total Fair Value Level 1 Level 2 Level 3 December 31, 2015 Financial Assets Commodity derivatives – current $ - $ 158,729 $ - $ 158,729 Commodity derivatives – non-current - 27,950 - 27,950 Total financial assets $ - $ 186,679 $ - $ 186,679 Financial Liabilities Commodity derivatives – current $ - $ - $ 1,165 $ 1,165 Commodity derivatives – non-current - - 2,862 2,862 Total financial liabilities $ - $ - $ 4,027 $ 4,027 The following methods and assumptions were used to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis: Commodity Derivatives . Commodity derivative instruments consist mainly of costless collars for crude oil. The Company’s costless collars are valued based on an income approach. T he option model consider s various assumptions, such as quoted forward prices for commodities, time value and volatility factors. These assumptions are observable in the marketplace throughout the full term of the contract, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace, and are therefore designated as Level 2 within the valuation hierarchy. The discount rates used in the fair values of these instruments include a measure of either the Company’s or the counterparty’s nonperformance risk, as appropriate. The Company utilizes its counterparties’ valuations to assess the reasonableness of its own valuations. In addition, the Company has a long-term crude oil sales and delivery contract, whereby it has committed to deliver certain fixed volumes of crude oil through 2020. Whiting has determined that the contract did not meet the “normal purchase normal sale” exclusion, and has therefore reflected this contract at fair value in its consolidated financial statements. This commodity derivative was valued based on an income approach which considers various assumptions, including quoted forward prices for commodities, market differentials for crude oil, U.S. Treasury rates and either the Company’s or the counterparty’s nonperformance risk, as appropriate. The assumptions used in the valuation of the crude oil sales and delivery contract include certain market differential metrics that were unobservable during the term of the contract. Such unobservable inputs were significant to the contract valuation methodology, and the contract’s fair value was therefore designated as Level 3 within the valuation hierarchy. Embedded Derivatives . The em bedded derivatives relate to the Company’s convertible notes issued in March 2016 that contain debt holder conversion options which the Company determined were not clearly and closely related to the debt host contracts and the Company therefore bifurcated these embedded features and reflected them at fair value in the consolidated financial statements . The fair values of these embedded derivatives are determined using a binomial lattice model which considers various inputs including (i) Whiting’s common stock price, (ii) risk-free rates based on U.S. Treasury rates, (iii) recovery rates in the event of default, (iv) default intensity, and (v) volatility of Whiting’s common stock. The expected volatility and default intensity used in the valuation are unobservable in the marketplace and significant to the valuation methodology, and the embedded derivatives’ fair value is therefore designated as Level 3 in the valuation hierarchy. Level 3 Fair Value Measurements. A third-party valuation specialist is utilized to determine the fair value of the Company’s derivative instruments designated as Level 3. The Company reviews these valuations , including the related model inputs and assumptions , and analyzes changes in fair value measurements between periods. The Company corroborates such inputs, calculations and fair value changes using various methodologies, and reviews unobservable inputs for reasonableness utilizing relevant information from other published sources. T he following table presents a reconciliation of changes in the fair value of financial assets or liabilities designated as Level 3 in the valuation hierarchy for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Fair value asset (liability), beginning of period $ (4,027) $ 53,530 Recognition of embedded derivatives associated with convertible note issuances (89,884) - Unrealized losses on commodity derivative contracts included in earnings (1) (3,210) (17,744) Unrealized losses on embedded derivatives included in earnings (1) (21,506) - Transfers into (out of) Level 3 - - Fair value asset (liability), end of period $ (118,627) $ 35,786 (1) Included in derivative (gain) loss, net in the consolidated statements of operations. Quantitative Information About Level 3 Fair Value Measurements. The significant unobservable inputs used in the fair value measurement of the Company’s derivative instruments designated as Level 3 are as follows: Derivative Instrument Valuation Technique Unobservable Input Amount/Range Commodity derivative contract Income approach Market differential for crude oil $5.07 per Bbl Embedded derivatives Binomial lattice model Expected volatility 25.0 % (1) Embedded derivatives Binomial lattice model Default intensity 17.3% - 27.0% (1) The trading values of convertible debt instruments do not fully incorporate stock price volatility . It is therefore necessary to derive a lower model volatility than that which is observed in historical volatility data for the Company’s common stock. Sensitivity to Changes In Significant Unobservable Inputs. As presented above, the significant unobservable inputs used in the fair value measurement of Whiting’s commodity derivative contract are the market differentials for crude oil over the term of the contract. Significant increases or decreases in these unobservable inputs in isolation would result in a significantly higher or lower, respectively, fair value liability measurement. The significant unobservable inputs used in the fair value measurement of Whiting’s embedded derivatives are the expected volatility and default intensity. Significant increases o r decreases in these unobservable inputs in isolation would result in a significantly higher or lower, respectively, fair value liability measurement. Non-recurring Fair Value Measurements . The Company applies the provisions of the fair value measurement standard on a non-recurring basis to its non-financial assets and liabilities, including proved property. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. The Company did not recognize any impairment write-downs with respect to its proved property during the 2016 or 2015 reporting periods presented. |
SHAREHOLDERS' EQUITY AND NONCON
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTEREST | 3 Months Ended |
Mar. 31, 2016 | |
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTEREST [Abstract] | |
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTEREST | 8 . SHAREHOLDERS ’ EQUITY AND NONCONTROLLING INTEREST Common Stock Offering — In March 2015, the Company completed a public offering of its common stock, selling 35,000,000 shares of common stock at a price of $30.00 per share and providing net proceeds of approximately $1.0 billion after underwriter’s fees. In addition, the Company granted the underwriter a 30 -day option to purchase up to an additional 5,250,000 shares of common stock. On April 1, 2015 , the underwriter exercised its right to purchase an additional 2,000,000 shares of common stock, providing additional net proceeds of $61 million. The Company used the net proceeds from these offerings to repay a portion of the debt outstanding under its credit agreement, as well as for general corporate purposes. Equity Incentive Plan —At the Company’s 2013 Annual Meeting held on May 7, 2013, shareholders approved the Whiting Petroleum Corporation 2013 Equity Incentive Plan (the “2013 Equity Plan”), which replaced the Whiting Petroleum Corporation 2003 Equity Incentive Plan (the “2003 Equity Plan”) and includes the authority to issue 5,300,000 shares of the Company’s common stock. Upon shareholder approval of the 2013 Equity Plan, the 2003 Equity Plan was terminated. The 2003 Equity Plan continues to govern awards that were outstanding as of the date of its termination, which remain in effect pursuant to their terms. Any shares netted or forfeited after May 7, 2013 under the 2003 Equity Plan and any shares forfeited under the 2013 Equity Plan will be available for future issuance under the 2013 Equity Plan. However, shares netted for tax withholding under the 2013 Equity Plan will be cancelled and will not be available for future issuance. Under the 2013 Equity Plan, no employee or officer participant may be granted options for more than 600,000 shares of common stock, stock appreciation rights relating to more than 600,000 shares of common stock, or more than 300,000 shares of restricted stock during any calendar year. On December 8, 2014, the Company increased the number of shares issuable under the 2013 Equity Plan by 978,161 shares to accommodate for the conversion of Kodiak’s outstanding equity awards to Whiting equity awards upon closing of the Kodiak Acquisition. Any shares netted or forfeited under this increased availability will be cancelled and will not be available for future issuance under the 2013 Equity Plan. As of March 31, 2016 , 778,343 shares of common stock remained available for grant under the 2013 Equity Plan. At the Company’s 2016 Annual Meeting scheduled for May 17, 2016, shareholders will vote on approval of an amendment and restatement of the 2013 Equity Plan which, if approved, will include the authority to issue an additional 5,500,000 shares of the Company’s common stock. For the three months ended March 31, 201 6 and 201 5 , total stock compensation expense recognized for restricted share awards and stock options was $7 million during each period . Restricted Shares . The Company grants service-based restricted stock awards to executive officers and employees, which generally vest ratably over a three -year service period, and to directors, which generally vest over a one -year service period. In addition, the Company grants restricted stock awards to executive officers that are subject to market-based vesting criteria as well as a three -year service period. The Company uses historical data and projections to estimate expected employee behaviors related to restricted stock forfeitures. The expected forfeitures are then included as part of the grant date estimate of compensation cost. The Company recognizes compensation expense for all awards subject to market -based vesting conditions regardless of whether it becomes probable that these conditions will be achieved or not, and compensation expense is not reversed if vesting does not actually occur. In January 201 6 and 2015 , 1,073,143 shares and 391,773 shares, respectively, of restricted stock subject to certain market-based vesting criteria were granted to executive officers under the 2013 Equity Plan. These market-based awards cliff vest on the third anniversary of the grant date, and the number of shares that will vest at the end of that three -year performance period will be determined based on the rank of Whiting’s cumulative stockholder return compared to the stockholder return of a peer group of companies over the same three-year period. The number of shares earned could range from zero up to two times the number of shares initially granted. For service-based restricted stock awards, the grant date fair value is determined based on the closing bid price of the Company’s common stock on the grant date. For the awards subject to market conditions, the grant date fair value was estimated using a Monte Carlo valuation model. The Monte Carlo model is based on random projections of stock price paths and must be repeated numerous times to achieve a probabilistic assessment. Expected volatility was calculated based on the historical volatility of Whiting’s common stock, and the risk-free interest rate is based on U.S. Treasury yield curve rates with maturities consistent with the three-year vesting period. The key assumptions used in valuing the market-based restricted shares were as follows: 2016 2015 Number of simulations 2,500,000 2,500,000 Expected volatility 60.8% 40.3% Risk-free interest rate 1.13% 0.99% Dividend yield - - The grant date fair value of the market-based restricted stock as determined by the Monte Carlo valuation model was $6.39 per share and $33.25 per share in January 201 6 and 201 5 , respectively. The following table shows a summary of the Company’s nonvested restricted stock as of March 31, 201 6, as well as activity during the three months then ended: Number of Shares Weighted Average Service-Based Market-Based Grant Date Restricted Stock Restricted Stock Fair Value Nonvested awards, January 1, 2016 892,693 1,400,963 $ 30.03 Granted 2,845,058 1,073,143 6.65 Vested (324,731) - 36.26 Forfeited (189,465) (381,296) 19.22 Nonvested awards, March 31, 201 6 3,223,555 2,092,810 $ 13.58 As of March 31, 201 6 , there was $36 million of total unrecognized compensation cost related to unvested restricted stock granted under the stock incentive plans. That cost is expected to be recognized over a weighted average period of 2.3 years. Stock Options . There was no significant stock option activity during the three months ended March 31, 2016 . Noncontrolling Interest —The Company’s noncontrolling interest represents an unrelated third party’s 25% ownership interest in Sustainable Water Resources, LLC. The table below summarizes the activity for the equity attributable to the noncontrolling interest (in thousands): Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 7,984 $ 8,070 Net loss (10) (17) Balance at end of period $ 7,974 $ 8,053 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2016 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 9 . INCOME TAXES Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The provision for income taxes for the three months ended March 31, 2016 and 2015 differs from the amount that would be provided by applying the statutory U.S. federal income tax rate of 35% to pre-tax income primarily because of state income taxes and estimated permanent differences. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known or as the tax environment changes. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2016 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | 10 . EARNINGS PER SHARE The reconciliations between basic and diluted loss per share are as follows (in thousands, except per share data): Three Months Ended March 31, 2016 2015 Basic Loss Per Share Numerator: Net loss available to common shareholders, basic $ (171,748) $ (106,111) Denominator: Weighted average shares outstanding, basic 204,367 168,990 Diluted Loss Per Share Numerator: Adjusted net loss available to common shareholders, diluted $ (171,748) $ (106,111) Denominator: Weighted average shares outstanding, diluted 204,367 168,990 Loss per common share, basic $ (0.84) $ (0.63) Loss per common share, diluted $ (0.84) $ (0.63) During the three months ended March 31, 2016 , the Company had a net loss and therefore the diluted earnings per share calculation for that period excludes the anti-dilutive effect of 4,137,880 shares issuable upon conversion of the New Convertible Notes and 4,144 stock options. In addition, the diluted earnings per share calculation for the three months ended March 31, 2016 excludes the dilutive effect of (i) 3,080,193 common shares for stock options that were out-of-the-money , (ii) 1,121,721 shares of restricted stock that did not meet its market-based vesting criteria as of March 31, 2016 , and (iii) 205,088 shares of service-based restricted stock. During the three months ended March 31, 2015, the Company had a net loss and therefore the diluted earnings per share calculation for that period excludes the anti-dilutive effect of 237,546 shares of restricted stock and 117,263 stock options. In addition, the diluted earnings per share calculation for the three months ended March 31, 2015 excludes (i) the anti-dilutive effect of 755,528 incremental shares of restricted stock that did not meet its market-based vesting criteria as of March 31, 2015 and (ii) the dilutive effect of 326,219 common shares for stock options that were out-of-the-money. As discussed in the “Long-Term Debt” footnote, the Company has the option to settle the 2020 Convertible Senior Notes with cash, shares of common stock or any combination thereof upon conversion. The Company’s intent is to settle the principal amount of the 2020 Convertible Senior Notes in cash upon conversion. As a result, only the amount by which the conversion value exceeds the aggregate principal amount of the notes (the “conversion spread”) is considered in the diluted earnings per share computation under the treasury stock method. As of March 31, 2016 and 2015 , the conversion value did not exceed the principal amount of the notes, and accordingly, there was no impact to diluted earnings per share or the related disclosures for th ose period s . |
ADOPTED AND RECENTLY ISSUED ACC
ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2016 | |
ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS [Abstract] | |
ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 1 1 . ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Improvements To Employee Share-Based Payment Accounting (“ASU 2016-09”). The objective of this ASU is to simplify several aspects of the accounting for employee share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities and classification in the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Portions of this ASU must be applied prospectively while other portions may be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact on its consolidated financial statements of adopting ASU 201 6 ‑0 9 . In March 2016, the FASB issued Accounting Standards Update No. 2016-06, Contingent Put and Call Options in Debt Instruments (“ASU 2016-06”). This ASU clarifies the requirements to assess whether an embedded put or call option is clearly and closely related to the debt host, solely in accordance with the four-step decision sequence in FASB ASC Topic 815, Derivatives and Hedging , as amended by ASU 2016-06. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 and should be applied using a modified retrospective approach. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 201 6 ‑0 6, however the standard is not expected to have a significant effect on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”). The objective of this ASU is to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 201 6 - 02 is effective for fiscal years , and interim periods within those fiscal years , beginning after December 15, 201 8 and should be applied using a modified retrospective approach . Early adoption is permitted. The Company is currently evaluating the impact on its consolidated financial statements of adopting ASU 201 6 ‑0 2 . In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). This ASU amends the guidance in U.S. GAAP on financial instruments specifically related to (i) the classification and measurement of investments in equity securities, (ii) the presentation of certain fair value changes for financial liabilities measured at fair value and (iii) certain disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted only for the provisions of this ASU related to FASB ASC 825, Financial Instruments . A cumulative-effect adjustment to beginning retained earnings is required as of the beginning of the fiscal year in which this ASU is adopted. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). This ASU eliminates the requirement to retrospectively apply measurement-period adjustments made to provisional amounts recognized in a business combination. Under ASU 2015-16, the cumulative impact of a measurement-period adjustment (including the impact on prior periods) should instead be recognized in the reporting period in which the adjustment is identified. ASU 2015-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. This standard should be applied prospectively, and early adoption is permitted. The Company adopted ASU 2015-16 effective January 1, 2016, which did not have an impact on the Company’s financial statements. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory (“ASU 2015-11”). This ASU requires entities to measure most inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted. The adoption of this standard will not have a material impact on the Company’s consolidated financial statements. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern (“ASU 2014-15”). The objective of ASU 2014-15 is to provide guidance on management’s responsibility to evaluate whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for fiscal years ending after December 15, 2016 and annual and interim periods thereafter. This standard is not expected to have an impact on the Company’s consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014 ‑09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The FASB subsequently issued ASU 2015-14, ASU 2016-08 and ASU 2016-10 which deferred the effective date of ASU 2014-09 and provided additional implementation guidance. These ASUs are effective for fiscal years, and interim periods within those years, beginning after December 31, 2017. The standards permit retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented or (ii) recognition of a cumulative-effect adjustment as of the date of initial application. The Company is currently evaluating the imp act of adopting these standards on its consolidated financial statements , as well as the transition method to be applied . |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
BASIS OF PRESENTATION [Abstract] | |
Consolidated Financial Statements | Consolidated Financial Statements —The unaudited consolidated financial statements include the accounts of Whiting Petroleum Corporation and its consolidated subsidiaries. Investments in entities which give Whiting significant influence, but not control, over the investee are accounted for using the equity method. Under the equity method, investments are stated at cost plus the Company’s equity in undistributed earnings and losses. All intercompany balances and transactions have been eliminated upon consolidation. These financial statements have been prepared in accordance with GAAP and the SEC rules and regulations for interim financial reporting. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals and adjustments) necessary to present fairly, in all material respects, the Company’s interim results. However, operating results for the periods presented are not necessarily indicative of the results that may be expected for the full year. The consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q should be read in conjunction with Whiting’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2015 . Except as disclosed herein, there have been no material changes to the information disclosed in the notes to consolidated financial statements included in the Company’s 2015 Annual Report on Form 10 ‑K. |
Earnings Per Share | Earnings Per Share —Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during each period. Diluted earnings per common share is calculated by dividing adjusted net income available to common shareholders by the weighted average number of diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted earnings per share calculations consist of convertible debt to be settled in shares only , using the if-converted method , as well as unvested restricted stock awards, outstanding stock options and contingently issuable shares of convertible debt to be settled in cash, all using the treasury stock method. When a loss from continuing operations exists, all dilutive securities and potentially dilutive securities are anti-dilutive and are therefore excluded from the computation of diluted earnings per share. |
FAIR VALUE MEASUREMENTS (Policy
FAIR VALUE MEASUREMENTS (Policy) | 3 Months Ended |
Mar. 31, 2016 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Fair Value of Financial Instruments | The Company follows FASB ASC Topic 820, Fair Value Measurement and Disclosure , which establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows: · Level 1: Quoted Prices in Active Markets for Identical Assets – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2: Significant Other Observable Inputs – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3: Significant Unobservable Inputs – inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company reflects transfers between the three levels at the beginning of the reporting period in which the availability of observable inputs no longer justifies classification in the original level. Cash and cash equivalents, accounts receivable and accounts payable are carried at cost, which approximates their fair value because of the short-term maturity of these instruments. The Company’s credit agreement has a recorded value that approximates its fair value since its variable interest rate is tied to current market rates. |
ADOPTED AND RECENTLY ISSUED A22
ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policy) | 3 Months Ended |
Mar. 31, 2016 | |
ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS [Abstract] | |
Adopted and Recently Issued Accounting Pronouncements | In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Improvements To Employee Share-Based Payment Accounting (“ASU 2016-09”). The objective of this ASU is to simplify several aspects of the accounting for employee share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities and classification in the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Portions of this ASU must be applied prospectively while other portions may be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact on its consolidated financial statements of adopting ASU 201 6 ‑0 9 . In March 2016, the FASB issued Accounting Standards Update No. 2016-06, Contingent Put and Call Options in Debt Instruments (“ASU 2016-06”). This ASU clarifies the requirements to assess whether an embedded put or call option is clearly and closely related to the debt host, solely in accordance with the four-step decision sequence in FASB ASC Topic 815, Derivatives and Hedging , as amended by ASU 2016-06. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 and should be applied using a modified retrospective approach. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 201 6 ‑0 6, however the standard is not expected to have a significant effect on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (“ASU 2016-02”). The objective of this ASU is to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 201 6 - 02 is effective for fiscal years , and interim periods within those fiscal years , beginning after December 15, 201 8 and should be applied using a modified retrospective approach . Early adoption is permitted. The Company is currently evaluating the impact on its consolidated financial statements of adopting ASU 201 6 ‑0 2 . In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). This ASU amends the guidance in U.S. GAAP on financial instruments specifically related to (i) the classification and measurement of investments in equity securities, (ii) the presentation of certain fair value changes for financial liabilities measured at fair value and (iii) certain disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted only for the provisions of this ASU related to FASB ASC 825, Financial Instruments . A cumulative-effect adjustment to beginning retained earnings is required as of the beginning of the fiscal year in which this ASU is adopted. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). This ASU eliminates the requirement to retrospectively apply measurement-period adjustments made to provisional amounts recognized in a business combination. Under ASU 2015-16, the cumulative impact of a measurement-period adjustment (including the impact on prior periods) should instead be recognized in the reporting period in which the adjustment is identified. ASU 2015-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. This standard should be applied prospectively, and early adoption is permitted. The Company adopted ASU 2015-16 effective January 1, 2016, which did not have an impact on the Company’s financial statements. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory (“ASU 2015-11”). This ASU requires entities to measure most inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years and should be applied prospectively. Early adoption is permitted. The adoption of this standard will not have a material impact on the Company’s consolidated financial statements. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern (“ASU 2014-15”). The objective of ASU 2014-15 is to provide guidance on management’s responsibility to evaluate whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for fiscal years ending after December 15, 2016 and annual and interim periods thereafter. This standard is not expected to have an impact on the Company’s consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014 ‑09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The FASB subsequently issued ASU 2015-14, ASU 2016-08 and ASU 2016-10 which deferred the effective date of ASU 2014-09 and provided additional implementation guidance. These ASUs are effective for fiscal years, and interim periods within those years, beginning after December 31, 2017. The standards permit retrospective application using either of the following methodologies: (i) restatement of each prior reporting period presented or (ii) recognition of a cumulative-effect adjustment as of the date of initial application. The Company is currently evaluating the imp act of adopting these standards on its consolidated financial statements , as well as the transition method to be applied . |
OIL AND GAS PROPERTIES (Tables)
OIL AND GAS PROPERTIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
OIL AND GAS PROPERTIES [Abstract] | |
Net capitalized costs related to oil and gas producing activities | March 31, December 31, 2016 2015 Proved leasehold costs $ 3,261,900 $ 3,206,237 Unproved leasehold costs 619,548 689,754 Costs of completed wells and facilities 9,681,960 9,503,020 Wells and facilities in progress 564,876 505,514 Total oil and gas properties, successful efforts method 14,128,284 13,904,525 Accumulated depletion (3,579,224) (3,279,156) Oil and gas properties, net $ 10,549,060 $ 10,625,369 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
LONG-TERM DEBT [Abstract] | |
Schedule of long-term debt | March 31, December 31, 2016 2015 Credit agreement $ 1,000,000 $ 800,000 6.5% Senior Subordinated Notes due 2018 301,288 350,000 6.5% Convertible Senior Subordinated Notes due 2018 48,712 - 5% Senior Notes due 2019 1,003,188 1,100,000 5% Convertible Senior Notes due 2019 96,812 - 1.25% Convertible Senior Notes due 2020 1,250,000 1,250,000 5.75% Senior Notes due 2021 1,047,523 1,200,000 5.75% Convertible Senior Notes due 2021 152,477 - 6.25% Senior Notes due 2023 571,258 750,000 6.25% Convertible Senior Notes due 2023 178,742 - Total principal 5,650,000 5,450,000 Unamortized debt discounts and premiums (377,168) (203,082) Unamortized debt issuance costs on notes (49,627) (49,214) Fair value of embedded derivatives associated with convertible notes 111,390 - Total long-term debt $ 5,334,595 $ 5,197,704 |
Summary of margin rates and commitment fees | Applicable Applicable Margin for Base Margin for Commitment Ratio of Outstanding Borrowings to Borrowing Base Rate Loans Eurodollar Loans Fee Less than 0.25 to 1.0 1.00% 2.00% 0.50% Greater than or equal to 0.25 to 1.0 but less than 0.50 to 1.0 1.25% 2.25% 0.50% Greater than or equal to 0.50 to 1.0 but less than 0.75 to 1.0 1.50% 2.50% 0.50% Greater than or equal to 0.75 to 1.0 but less than 0.90 to 1.0 1.75% 2.75% 0.50% Greater than or equal to 0.90 to 1.0 2.00% 3.00% 0.50% |
Schedule of convertible senior notes | March 31, December 31, 2016 2015 Liability component: Principal $ 1,250,000 $ 1,250,000 Less: unamortized note discount (194,786) (205,572) Less: unamortized debt issuance costs (16,293) (17,277) Net carrying value $ 1,038,921 $ 1,027,151 Equity component (1) $ 237,500 $ 237,500 (1) Recorded in additional paid-in capital, net of $ 5 million of issuance costs and $88 million of deferred taxes. |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
ASSET RETIREMENT OBLIGATIONS [Abstract] | |
Schedule of reconciliation of the Company's asset retirement obligations | Asset retirement obligation at January 1, 2016 $ 161,908 Additional liability incurred 443 Revisions to estimated cash flows (130) Accretion expense 3,579 Obligations on sold properties (140) Liabilities settled (3,406) Asset retirement obligation at March 31, 2016 $ 162,254 |
DERIVATIVE FINANCIAL INSTRUME26
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Financial Instruments [Line Items] | |
Schedule of effects of commodity derivative instruments | (Gain) Loss Recognized in Income Not Designated as Statement of Operations Three Months Ended March 31, ASC 815 Hedges Classification 2016 2015 Commodity contracts Derivative (gain) loss, net $ (16,745) $ (9,851) Embedded derivatives Derivative (gain) loss, net 21,506 - Total $ 4,761 $ (9,851) |
Location and fair value of derivative instruments | March 31, 2016 (1) Net Gross Recognized Recognized Gross Fair Value Not Designated as Assets/ Amounts Assets/ ASC 815 Hedges Balance Sheet Classification Liabilities Offset Liabilities Derivative assets: Commodity contracts - current Derivative assets $ 195,248 $ (67,454) $ 127,794 Commodity contracts - non-current Other long-term assets 25,867 (2,189) 23,678 Total derivative assets $ 221,115 $ (69,643) $ 151,472 Derivative liabilities: Commodity contracts - current Accrued liabilities and other $ 69,755 $ (67,454) $ 2,301 Commodity contracts - non-current Other long-term liabilities 7,125 (2,189) 4,936 Embedded derivatives - non-current Long-term debt 111,390 - 111,390 Total derivative liabilities $ 188,270 $ (69,643) $ 118,627 December 31, 2015 (1) Net Gross Recognized Recognized Gross Fair Value Not Designated as Assets/ Amounts Assets/ ASC 815 Hedges Balance Sheet Classification Liabilities Offset Liabilities Derivative assets: Commodity contracts - current Derivative assets $ 258,778 $ (100,049) $ 158,729 Commodity contracts - non-current Other long-term assets 31,415 (3,465) 27,950 Total derivative assets $ 290,193 $ (103,514) $ 186,679 Derivative liabilities: Commodity contracts - current Accrued liabilities and other $ 101,214 $ (100,049) $ 1,165 Commodity contracts - non-current Other long-term liabilities 6,327 (3,465) 2,862 Total derivative liabilities $ 107,541 $ (103,514) $ 4,027 (1) Because counterparties to the Company’s financial derivative contracts subject to master netting arrangements are lenders under Whiting Oil and Gas’ credit agreement, which eliminates its need to post or receive collateral associated with its derivative positions, columns for cash collateral pledged or received have not been presented in the se tables. |
Whiting Petroleum Corporation [Member] | |
Derivative Financial Instruments [Line Items] | |
Derivative instruments | Whiting Petroleum Corporation Derivative Contracted Crude Weighted Average NYMEX Price Instrument Period Oil Volumes (Bbl) Collar Ranges for Crude Oil (per Bbl) Three-way collars (1) Apr - Dec 2016 12,600,000 $43.75 - $53.75 - $74.40 Jan - Dec 2017 1,800,000 $30.00 - $40.00 - $59.02 Collars Apr - Dec 2016 2,250,000 $51.00 - $63.48 Jan - Dec 2017 3,000,000 $53.00 - $70.44 Total 19,650,000 (1) A three-way collar is a combination of options: a sold call, a purchased put and a sold put. The sold call establishes a maximum price (ceiling) Whiting will receive for the volumes under contract. The purchased put establishes a minimum price (floor), unless the market price falls below the sold put (sub-floor), at which point the minimum price would be NYMEX plus the difference between the purchased put and the sold put strike price. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Summary of the fair values and carrying value of debt instruments | March 31, 2016 December 31, 2015 Fair Carrying Fair Carrying Value Value Value Value 6.5% Senior Subordinated Notes due 2018 $ 200,357 $ 298,823 $ 265,125 $ 346,876 6.5% Convertible Senior Subordinated Notes due 2018 (1) 40,187 39,987 - - 5% Senior Notes due 2019 694,708 996,603 830,500 1,092,219 5% Convertible Senior Notes due 2019 (1) 81,383 81,788 - - 1.25% Convertible Senior Notes due 2020 739,063 1,038,921 850,000 1,027,151 5.75% Senior Notes due 2021 699,222 1,040,646 870,000 1,191,861 5.75% Convertible Senior Notes due 2021 (1) 125,222 126,797 - - 6.25% Senior Notes due 2023 384,171 563,550 543,750 739,597 6.25% Convertible Senior Notes due 2023 (1) 148,132 147,480 - - Total $ 3,112,445 $ 4,334,595 $ 3,359,375 $ 4,397,704 (1) The carrying values of the 2018 Convertible Senior Subordinated Notes, the 2019 Convertible Senior Notes, the 2021 Convertible Senior Notes and the 2023 Convertible Senior Notes include the fair values of the debt holder conversion options of $7 million, $16 million, $34 million, and $54 million, respectively, as of March 31, 2016 . |
Fair value assets and liabilities measured on a recurring basis | Total Fair Value Level 1 Level 2 Level 3 March 31, 2016 Financial Assets Commodity derivatives – current $ - $ 127,794 $ - $ 127,794 Commodity derivatives – non-current - 23,678 - 23,678 Total financial assets $ - $ 151,472 $ - $ 151,472 Financial Liabilities Commodity derivatives – current $ - $ - $ 2,301 $ 2,301 Commodity derivatives – non-current - - 4,936 4,936 Embedded derivatives – non-current - - 111,390 111,390 Total financial liabilities $ - $ - $ 118,627 $ 118,627 Total Fair Value Level 1 Level 2 Level 3 December 31, 2015 Financial Assets Commodity derivatives – current $ - $ 158,729 $ - $ 158,729 Commodity derivatives – non-current - 27,950 - 27,950 Total financial assets $ - $ 186,679 $ - $ 186,679 Financial Liabilities Commodity derivatives – current $ - $ - $ 1,165 $ 1,165 Commodity derivatives – non-current - - 2,862 2,862 Total financial liabilities $ - $ - $ 4,027 $ 4,027 |
Reconciliation of changes in the fair value of financial assets (liabilities) designated as Level 3 in the valuation hierarchy | Three Months Ended March 31, 2016 2015 Fair value asset (liability), beginning of period $ (4,027) $ 53,530 Recognition of embedded derivatives associated with convertible note issuances (89,884) - Unrealized losses on commodity derivative contracts included in earnings (1) (3,210) (17,744) Unrealized losses on embedded derivatives included in earnings (1) (21,506) - Transfers into (out of) Level 3 - - Fair value asset (liability), end of period $ (118,627) $ 35,786 (1) Included in derivative (gain) loss, net in the consolidated statements of operations. |
Significant unobservable inputs used in the fair value measurement | Derivative Instrument Valuation Technique Unobservable Input Amount/Range Commodity derivative contract Income approach Market differential for crude oil $5.07 per Bbl Embedded derivatives Binomial lattice model Expected volatility 25.0 % (1) Embedded derivatives Binomial lattice model Default intensity 17.3% - 27.0% (1) The trading values of convertible debt instruments do not fully incorporate stock price volatility . It is therefore necessary to derive a lower model volatility than that which is observed in historical volatility data for the Company’s common stock. |
SHAREHOLDERS' EQUITY AND NONC28
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTEREST (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTEREST [Abstract] | |
Assumption for valuing market based restricted shares | 2016 2015 Number of simulations 2,500,000 2,500,000 Expected volatility 60.8% 40.3% Risk-free interest rate 1.13% 0.99% Dividend yield - - |
Summary of nonvested restricted stock | Number of Shares Weighted Average Service-Based Market-Based Grant Date Restricted Stock Restricted Stock Fair Value Nonvested awards, January 1, 2016 892,693 1,400,963 $ 30.03 Granted 2,845,058 1,073,143 6.65 Vested (324,731) - 36.26 Forfeited (189,465) (381,296) 19.22 Nonvested awards, March 31, 201 6 3,223,555 2,092,810 $ 13.58 |
Schedule of noncontrolling interest | Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 7,984 $ 8,070 Net loss (10) (17) Balance at end of period $ 7,974 $ 8,053 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
EARNINGS PER SHARE [Abstract] | |
Reconciliations between basic and diluted earnings per share | Three Months Ended March 31, 2016 2015 Basic Loss Per Share Numerator: Net loss available to common shareholders, basic $ (171,748) $ (106,111) Denominator: Weighted average shares outstanding, basic 204,367 168,990 Diluted Loss Per Share Numerator: Adjusted net loss available to common shareholders, diluted $ (171,748) $ (106,111) Denominator: Weighted average shares outstanding, diluted 204,367 168,990 Loss per common share, basic $ (0.84) $ (0.63) Loss per common share, diluted $ (0.84) $ (0.63) |
OIL AND GAS PROPERTIES (Details
OIL AND GAS PROPERTIES (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
OIL AND GAS PROPERTIES [Abstract] | ||
Proved leasehold costs | $ 3,261,900 | $ 3,206,237 |
Unproved leasehold costs | 619,548 | 689,754 |
Costs of completed wells and facilities | 9,681,960 | 9,503,020 |
Wells and facilities in progress | 564,876 | 505,514 |
Total oil and gas properties, successful efforts method | 14,128,284 | 13,904,525 |
Accumulated depletion | (3,579,224) | (3,279,156) |
Oil and gas properties, net | $ 10,549,060 | $ 10,625,369 |
ACQUISITIONS AND DIVESTITURES (
ACQUISITIONS AND DIVESTITURES (Details) $ in Millions | Jun. 01, 2015USD ($)stateitem | May. 01, 2015USD ($)stateitem | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | ||||
Proceeds from sale | $ 150 | $ 108 | $ 75 | |
Gain (loss) on sale | $ (118) | $ 29 | ||
Number of well sold | item | 2,000 | |||
Number of fields, in which sold wells are located | item | 132 | 187 | ||
Number of states, in which sold wells are located | state | 10 | 14 | ||
Non-Core Producing Oil And Gas Wells And Undeveloped Acreage [Member] | ||||
Business Acquisition [Line Items] | ||||
Proceeds from sale | $ 176 | |||
Gain (loss) on sale | $ 28 | $ 28 |
LONG-TERM DEBT (Credit agreemen
LONG-TERM DEBT (Credit agreement) (Details) - Whiting Oil and Gas Corporation [Member] - Credit Agreement [Member] $ in Thousands | Mar. 25, 2016USD ($) | Mar. 31, 2016USD ($) | May. 01, 2016USD ($) |
Debt disclosures [Line Items] | |||
Maximum borrowing capacity of credit facility | $ 4,000,000 | ||
Maximum aggregate commitments | $ 3,500,000 | 2,500,000 | |
Borrowing capacity of credit facility, net of letter of credit | 1,500,000 | ||
Permitted issuance of second lien indebtedness maximum amount | 1,000,000 | ||
Outstanding borrowings under credit facility | 1,000,000 | ||
Letters of credit borrowings outstanding | 2,000 | ||
Portion of line of credit available for issuance of letters of credit | $ 100,000 | 50,000 | |
Amount of revolving credit agreement available for additional letters of credit under the agreement | $ 48,000 | ||
Basis points added to reference rate (as a percent) | 50.00% | ||
Commitment Fee (as a percent) | 50.00% | ||
Weighted average interest rate | 2.70% | ||
Retained earnings free from restrictions | $ 0 | ||
Minimum consolidated current assets to consolidated current liabilities ratio (percentage) | 1 | ||
Total senior secured debt to EBITDAX ratio (percentage) | 2.5 | 3 | |
EBITDAX to consolidated interest charges | 2.25 | ||
Forecast [Member] | |||
Debt disclosures [Line Items] | |||
Maximum borrowing capacity of credit facility | $ 2,750,000 | ||
April 1, 2018 Or Commencement Of An Investment-Grade Debt Rating Period [Member] | |||
Debt disclosures [Line Items] | |||
Total debt to EBITDAX ratio (percentage) | 4 | ||
Base Rate [Member] | |||
Debt disclosures [Line Items] | |||
Basis points added to reference rate (as a percent) | 0.50% | ||
Variable interest rate basis | federal funds | ||
LIBOR [Member] | |||
Debt disclosures [Line Items] | |||
Basis points added to reference rate (as a percent) | 1.00% | ||
Variable interest rate basis | LIBOR |
LONG-TERM DEBT (Schedule of lon
LONG-TERM DEBT (Schedule of long-term debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Sep. 30, 2013 | Sep. 26, 2013 | Sep. 30, 2010 |
Debt Instrument [Line Items] | ||||||
Total principal | $ 5,650,000 | $ 5,450,000 | ||||
Unamortized debt discounts and premiums | (377,168) | (203,082) | ||||
Unamortized debt issuance costs on notes | (49,627) | (49,214) | ||||
Fair value of embedded derivatives associated with convertible notes | 111,390 | |||||
Total long-term bebt | 5,334,595 | 5,197,704 | ||||
Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total principal | 1,000,000 | 800,000 | ||||
Senior Subordinated Notes [Member] | 6.5% Senior Subordinated Notes due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total principal | $ 301,288 | $ 350,000 | ||||
Interest rate on debt instrument (as a percent) | 6.50% | 6.50% | 6.50% | |||
Senior Notes [Member] | 5% Senior Notes due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total principal | $ 1,003,188 | $ 1,100,000 | ||||
Interest rate on debt instrument (as a percent) | 5.00% | 5.00% | 5.00% | |||
Senior Notes [Member] | 5.75% Senior Notes due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total principal | $ 1,047,523 | $ 1,200,000 | ||||
Interest rate on debt instrument (as a percent) | 5.75% | 5.75% | 5.75% | 5.75% | ||
Senior Notes [Member] | 6.25% Senior Notes due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total principal | $ 571,258 | $ 750,000 | ||||
Interest rate on debt instrument (as a percent) | 6.25% | 6.25% | 6.25% | |||
Convertible Senior Notes [Member] | 5% Convertible Senior Notes due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total principal | $ 96,812 | |||||
Fair value of embedded derivatives associated with convertible notes | $ 16,000 | |||||
Interest rate on debt instrument (as a percent) | 5.00% | |||||
Convertible Senior Notes [Member] | 1.25% Convertible Senior Notes due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total principal | $ 1,250,000 | $ 1,250,000 | ||||
Unamortized debt issuance costs on notes | $ (16,293) | $ (17,277) | ||||
Interest rate on debt instrument (as a percent) | 1.25% | 1.25% | 1.25% | |||
Convertible Senior Notes [Member] | 5.75% Convertible Senior Notes due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total principal | $ 152,477 | |||||
Fair value of embedded derivatives associated with convertible notes | $ 34,000 | |||||
Interest rate on debt instrument (as a percent) | 5.75% | |||||
Convertible Senior Notes [Member] | 6.25% Convertible Senior Notes due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total principal | $ 178,742 | |||||
Fair value of embedded derivatives associated with convertible notes | $ 54,000 | |||||
Interest rate on debt instrument (as a percent) | 6.25% | |||||
Convertible Senior Subordinated Notes [Member] | 6.5% Convertible Senior Subordinated Notes due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total principal | $ 48,712 | |||||
Fair value of embedded derivatives associated with convertible notes | $ 7,000 | |||||
Interest rate on debt instrument (as a percent) | 6.50% |
LONG-TERM DEBT (Summary of marg
LONG-TERM DEBT (Summary of margin rates and commitment fees) (Details) - Credit Agreement [Member] - Whiting Oil and Gas Corporation [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Debt Instrument [Line Items] | |
Applicable Margin for Loans (as percent) | 50.00% |
Commitment Fee (as a percent) | 50.00% |
Base Rate [Member] | |
Debt Instrument [Line Items] | |
Variable interest rate basis | federal funds |
Applicable Margin for Loans (as percent) | 0.50% |
Less than 0.25 to 1.0 [Member] | |
Debt Instrument [Line Items] | |
Variable interest rate basis | LIBOR |
Alternate variable interest rate basis | base loan rate |
Range, less than | 0.25 |
Commitment Fee (as a percent) | 0.50% |
Less than 0.25 to 1.0 [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Applicable Margin for Loans (as percent) | 1.00% |
Less than 0.25 to 1.0 [Member] | Eurodollar [Member] | |
Debt Instrument [Line Items] | |
Applicable Margin for Loans (as percent) | 2.00% |
Greater than or equal to 0.25 to 1.0 but less than 0.50 to 1.0 [Member] | |
Debt Instrument [Line Items] | |
Variable interest rate basis | LIBOR |
Alternate variable interest rate basis | base loan rate |
Range, greater than or equal to | 0.25 |
Range, less than | 0.50 |
Commitment Fee (as a percent) | 0.50% |
Greater than or equal to 0.25 to 1.0 but less than 0.50 to 1.0 [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Applicable Margin for Loans (as percent) | 1.25% |
Greater than or equal to 0.25 to 1.0 but less than 0.50 to 1.0 [Member] | Eurodollar [Member] | |
Debt Instrument [Line Items] | |
Applicable Margin for Loans (as percent) | 2.25% |
Greater than or equal to 0.50 to 1.0 but less than 0.75 to 1.0 [Member] | |
Debt Instrument [Line Items] | |
Variable interest rate basis | LIBOR |
Alternate variable interest rate basis | base loan rate |
Range, greater than or equal to | 0.50 |
Range, less than | 0.75 |
Commitment Fee (as a percent) | 0.50% |
Greater than or equal to 0.50 to 1.0 but less than 0.75 to 1.0 [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Applicable Margin for Loans (as percent) | 1.50% |
Greater than or equal to 0.50 to 1.0 but less than 0.75 to 1.0 [Member] | Eurodollar [Member] | |
Debt Instrument [Line Items] | |
Applicable Margin for Loans (as percent) | 2.50% |
Greater than or equal to 0.75 to 1.0 but less than 0.90 to 1.0 [Member] | |
Debt Instrument [Line Items] | |
Variable interest rate basis | LIBOR |
Alternate variable interest rate basis | base loan rate |
Range, greater than or equal to | 0.75 |
Range, less than | 0.90 |
Commitment Fee (as a percent) | 0.50% |
Greater than or equal to 0.75 to 1.0 but less than 0.90 to 1.0 [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Applicable Margin for Loans (as percent) | 1.75% |
Greater than or equal to 0.75 to 1.0 but less than 0.90 to 1.0 [Member] | Eurodollar [Member] | |
Debt Instrument [Line Items] | |
Applicable Margin for Loans (as percent) | 2.75% |
Greater than or equal to 0.90 to 1.0 [Member] | |
Debt Instrument [Line Items] | |
Variable interest rate basis | LIBOR |
Alternate variable interest rate basis | base loan rate |
Range, greater than or equal to | 0.90 |
Commitment Fee (as a percent) | 0.50% |
Greater than or equal to 0.90 to 1.0 [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Applicable Margin for Loans (as percent) | 2.00% |
Greater than or equal to 0.90 to 1.0 [Member] | Eurodollar [Member] | |
Debt Instrument [Line Items] | |
Applicable Margin for Loans (as percent) | 3.00% |
LONG-TERM DEBT (Senior notes an
LONG-TERM DEBT (Senior notes and senior subordinated notes) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||||
Dec. 31, 2015 | May. 31, 2015 | Mar. 31, 2015 | Jan. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 08, 2014 | Sep. 30, 2013 | Sep. 26, 2013 | Sep. 30, 2010 | |
Debt disclosures [Line Items] | ||||||||||
Total principal | $ 5,450,000,000 | $ 5,650,000,000 | ||||||||
(Gain) loss on extinguishment of debt | 90,619,000 | $ (5,589,000) | ||||||||
Non cash charges | $ 4,000,000 | |||||||||
Kodiak Notes [Member] | ||||||||||
Debt disclosures [Line Items] | ||||||||||
Total principal | $ 0 | |||||||||
Senior Subordinated Notes [Member] | 6.5% Senior Subordinated Notes due 2018 [Member] | ||||||||||
Debt disclosures [Line Items] | ||||||||||
Interest rate on debt instrument (as a percent) | 6.50% | 6.50% | 6.50% | |||||||
Notes Issued | $ 350,000,000 | |||||||||
Total principal | $ 350,000,000 | $ 301,288,000 | ||||||||
Senior Notes [Member] | 5% Senior Notes due 2019 [Member] | ||||||||||
Debt disclosures [Line Items] | ||||||||||
Interest rate on debt instrument (as a percent) | 5.00% | 5.00% | 5.00% | |||||||
Notes Issued | $ 1,100,000,000 | |||||||||
Total principal | $ 1,100,000,000 | $ 1,003,188,000 | ||||||||
Senior Notes [Member] | 5.75% Senior Notes due 2021 [Member] | ||||||||||
Debt disclosures [Line Items] | ||||||||||
Interest rate on debt instrument (as a percent) | 5.75% | 5.75% | 5.75% | 5.75% | ||||||
Notes Issued | $ 800,000,000 | $ 400,000,000 | ||||||||
Total principal | $ 1,200,000,000 | $ 1,047,523,000 | ||||||||
Debt, effective interest rate | 5.50% | |||||||||
Premium as a percentage of par | 101.00% | |||||||||
Senior Notes [Member] | 8.125% Senior Notes due 2019 [Member] | ||||||||||
Debt disclosures [Line Items] | ||||||||||
Interest rate on debt instrument (as a percent) | 8.125% | 8.125% | 8.125% | |||||||
Notes Issued | $ 800,000,000 | |||||||||
Notes repurchased, principal amount | 798,000,000 | $ 2,000,000 | $ 2,000,000 | |||||||
Repurchase of notes | $ 2,475,000 | |||||||||
Senior Notes [Member] | 5.5% Senior Notes due 2021 [Member] | ||||||||||
Debt disclosures [Line Items] | ||||||||||
Interest rate on debt instrument (as a percent) | 5.50% | 5.50% | 5.50% | |||||||
Notes Issued | $ 350,000,000 | |||||||||
Notes repurchased, principal amount | $ 4,000,000 | $ 346,000,000 | $ 346,000,000 | |||||||
Repurchase of notes | $ 403,384,000 | |||||||||
Senior Notes [Member] | 5.5% Senior Notes due 2022 [Member] | ||||||||||
Debt disclosures [Line Items] | ||||||||||
Interest rate on debt instrument (as a percent) | 5.50% | 5.50% | 5.50% | |||||||
Notes Issued | $ 400,000,000 | |||||||||
Notes repurchased, principal amount | 1,000,000 | $ 399,000,000 | $ 399,000,000 | |||||||
Repurchase of notes | $ 349,557,000 | |||||||||
Senior Notes [Member] | Repurchased Kodiak Notes [Member] | ||||||||||
Debt disclosures [Line Items] | ||||||||||
Notes repurchased, principal amount | $ 1,550,000,000 | |||||||||
Repurchase of notes | $ 834,000,000 | $ 5,000,000 | $ 760,000,000 | |||||||
Percentage of redemption price | 104.063% | 101.00% | 101.00% | 101.00% | ||||||
(Gain) loss on extinguishment of debt | $ 18,000,000 | |||||||||
Cash charge related to the redemption premium | 40,000,000 | |||||||||
Non cash charges | $ 22,000,000 | |||||||||
Senior Notes [Member] | 6.25% Senior Notes due 2023 [Member] | ||||||||||
Debt disclosures [Line Items] | ||||||||||
Interest rate on debt instrument (as a percent) | 6.25% | 6.25% | 6.25% | 6.25% | ||||||
Notes Issued | $ 750,000,000 | $ 750,000,000 | ||||||||
Total principal | $ 750,000,000 | $ 571,258,000 |
LONG-TERM DEBT (Exchange of sen
LONG-TERM DEBT (Exchange of senior notes and senior subordinated notes for convertible notes) (Details) $ / shares in Units, $ in Thousands | Mar. 23, 2016USD ($) | Mar. 31, 2016USD ($)item$ / shares$ / item | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2010 |
Debt Instrument [Line Items] | |||||
Aggregate principal amount exchanged | $ 477,000 | ||||
Aggregate principal amount | $ 5,650,000 | $ 5,450,000 | |||
(Gain) loss on extinguishment of debt | 90,619 | $ (5,589) | |||
Non cash charges | 4,000 | ||||
Fair value of embedded derivatives for conversion options | 111,390 | ||||
6.5% Senior Subordinated Notes due 2018 [Member] | Senior Subordinated Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount exchanged | 49,000 | ||||
Aggregate principal amount | $ 301,288 | $ 350,000 | |||
Interest Rate (as a percent) | 6.50% | 6.50% | 6.50% | ||
6.5% Convertible Senior Subordinated Notes due 2018 [Member] | Convertible Senior Subordinated Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 48,712 | ||||
Interest Rate (as a percent) | 6.50% | ||||
Conversion ratio | 86.9565 | ||||
Principal amount per conversion ratio | $ / item | 1,000 | ||||
Conversion price per share | $ / shares | $ 11.50 | ||||
Minimum conversion price percentage used to determine settlement of conversion | 89.13% | ||||
Fair value of embedded derivatives for conversion options | $ 7,000 | ||||
5% Convertible Senior Notes due 2019 [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount exchanged | 97,000 | ||||
5% Convertible Senior Notes due 2019 [Member] | Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 96,812 | ||||
Interest Rate (as a percent) | 5.00% | ||||
Conversion ratio | 90.9091 | ||||
Principal amount per conversion ratio | $ / item | 1,000 | ||||
Conversion price per share | $ / shares | $ 11 | ||||
Minimum conversion price percentage used to determine settlement of conversion | 93.18% | ||||
Fair value of embedded derivatives for conversion options | $ 16,000 | ||||
5.75% Convertible Senior Notes due 2021 [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount exchanged | 152,000 | ||||
5.75% Convertible Senior Notes due 2021 [Member] | Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 152,477 | ||||
Interest Rate (as a percent) | 5.75% | ||||
Conversion ratio | 86.9565 | ||||
Principal amount per conversion ratio | $ / item | 1,000 | ||||
Conversion price per share | $ / shares | $ 11.50 | ||||
Minimum conversion price percentage used to determine settlement of conversion | 89.13% | ||||
Fair value of embedded derivatives for conversion options | $ 34,000 | ||||
6.25% Convertible Senior Notes due 2023 [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount exchanged | 179,000 | ||||
6.25% Convertible Senior Notes due 2023 [Member] | Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 178,742 | ||||
Interest Rate (as a percent) | 6.25% | ||||
Conversion ratio | 86.9565 | ||||
Principal amount per conversion ratio | $ / item | 1,000 | ||||
Conversion price per share | $ / shares | $ 11.50 | ||||
Minimum conversion price percentage used to determine settlement of conversion | 89.13% | ||||
Fair value of embedded derivatives for conversion options | $ 54,000 | ||||
New Convertible Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Fair value of embedded derivatives for conversion options | 90,000 | ||||
Fair value difference from principal amount | 95,000 | ||||
Unamortized debt discount | 185,000 | ||||
Debt Issuance Cost | $ 8,000 | ||||
New Convertible Notes [Member] | Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Trigger price | $ / shares | $ 10.25 | ||||
Minimum days within 30 consecutive days of trading, where percent of conversion price exceed agreed upon percentage | item | 20 | ||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 days |
LONG-TERM DEBT (Convertible sen
LONG-TERM DEBT (Convertible senior notes) (Details) | 3 Months Ended | |||
Mar. 31, 2016USD ($)item$ / shares$ / item | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Mar. 27, 2015USD ($) | |
Debt Instrument [Line Items] | ||||
Interest expense | $ 81,907,000 | $ 74,257,000 | ||
1.25% Convertible Senior Notes due 2020 [Member] | Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal | $ 1,250,000,000 | $ 1,250,000,000 | $ 1,250,000,000 | |
Interest rate on debt instrument (as a percent) | 1.25% | 1.25% | 1.25% | |
Net proceeds | $ 1,200,000,000 | |||
Underwriter's fees | $ 25,000,000 | |||
Debt maturity date | Apr. 1, 2020 | |||
Principal amount per conversion ratio | $ / item | 1,000 | |||
Conversion ratio | 25.6410 | |||
Conversion price per $1,000 principal amount of notes | $ / shares | $ 39 | |||
Debt, effective interest rate | 5.60% | |||
Carrying value of convertible debt | $ 1,038,921,000 | $ 1,027,151,000 | ||
Debt discount | 194,786,000 | $ 205,572,000 | $ 238,000,000 | |
Estimated fair value of Notes | $ 1,000,000,000 | |||
Interest expense | $ 15,000,000 | $ 1,000,000 | ||
1.25% Convertible Senior Notes due 2020 [Member] | Convertible Senior Notes [Member] | Convertible Senior Notes, Conversion Scenario 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Minimum days within 30 consecutive days of trading, where percent of conversion price exceed agreed upon percentage | item | 20 | |||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 days | |||
Minimum conversion price percentage used to determine settlement of conversion | 130.00% | |||
1.25% Convertible Senior Notes due 2020 [Member] | Convertible Senior Notes [Member] | Convertible Senior Notes, Conversion Scenario 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instruments Convertible Threshold Consecutive Trading Days | 5 days | |||
Period after measurement period used for convertible senior notes | 5 days | |||
Principal amount per conversion ratio | $ / item | 1,000 | |||
Threshold percentage of product of stock price and conversion rate | 98.00% |
LONG-TERM DEBT (Schedule of con
LONG-TERM DEBT (Schedule of convertible senior notes) (Details) - USD ($) | 3 Months Ended | ||||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Mar. 27, 2015 | ||
Debt Instrument [Line Items] | |||||
Less: unamortized debt issuance costs | $ (49,627,000) | $ (49,214,000) | |||
Convertible Senior Notes [Member] | 1.25% Convertible Senior Notes due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal | 1,250,000,000 | 1,250,000,000 | $ 1,250,000,000 | ||
Less: unamortized note discount | (194,786,000) | (205,572,000) | $ (238,000,000) | ||
Less: unamortized debt issuance costs | (16,293,000) | (17,277,000) | |||
Net carrying value | 1,038,921,000 | 1,027,151,000 | |||
Equity component | [1] | 237,500,000 | $ 237,500,000 | ||
Debt Issuance Cost | 25,000,000 | ||||
Convertible Senior Notes [Member] | 1.25% Convertible Senior Notes due 2020 [Member] | Equity Component Of Convertible Senior Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Issuance Cost | 5,000,000 | ||||
Equity component of convertible debt, deferred taxes | $ 88,000,000 | ||||
[1] | Recorded in additional paid-in capital, net of $5 million of issuance costs and $88 million of deferred taxes. |
ASSET RETIREMENT OBLIGATIONS (D
ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Asset Retirement Obligations | ||
Asset retirement obligations, current portion | $ 9,000 | $ 6,000 |
Reconciliation of the Company's asset retirement obligations | ||
Balance at the beginning of the period | 161,908 | |
Additional liability incurred | 443 | |
Revisions to estimated cash flows | (130) | |
Accretion expense | 3,579 | |
Obligations on sold properties | (140) | |
Liabilities settled | (3,406) | |
Balance at the end of the period | $ 162,254 |
DERIVATIVE FINANCIAL INSTRUME40
DERIVATIVE FINANCIAL INSTRUMENTS (Derivative instruments) (Details) - Whiting Petroleum Corporation [Member] - Crude oil [Member] - Subsequent Event [Member] | Apr. 26, 2016item$ / bbl | |
Derivative Financial Instruments [Line Items] | ||
Aggregate notional amount of price risk derivatives (in Bbl) | item | 19,650,000 | |
Three-way collars [Member] | Apr - Dec 2016 [Member] | ||
Derivative Financial Instruments [Line Items] | ||
Aggregate notional amount of price risk derivatives (in Bbl) | item | 12,600,000 | |
Derivative, Floor Price (in dollars per Bbl) | 43.75 | [1] |
Derivative, Strike Price (in dollars per Bbl) | 53.75 | [1] |
Derivative, Cap Price (in dollars per Bbl) | 74.40 | [1] |
Three-way collars [Member] | Jan - Dec 2017 [Member] | ||
Derivative Financial Instruments [Line Items] | ||
Aggregate notional amount of price risk derivatives (in Bbl) | item | 1,800,000 | [1] |
Derivative, Floor Price (in dollars per Bbl) | 30 | [1] |
Derivative, Strike Price (in dollars per Bbl) | 40 | [1] |
Derivative, Cap Price (in dollars per Bbl) | 59.02 | [1] |
Collars [Member] | Apr - Dec 2016 [Member] | ||
Derivative Financial Instruments [Line Items] | ||
Aggregate notional amount of price risk derivatives (in Bbl) | item | 2,250,000 | |
Derivative, Floor Price (in dollars per Bbl) | 51 | |
Derivative, Cap Price (in dollars per Bbl) | 63.48 | |
Collars [Member] | Jan - Dec 2017 [Member] | ||
Derivative Financial Instruments [Line Items] | ||
Aggregate notional amount of price risk derivatives (in Bbl) | item | 3,000,000 | |
Derivative, Floor Price (in dollars per Bbl) | 53 | |
Derivative, Cap Price (in dollars per Bbl) | 70.44 | |
[1] | A three-way collar is a combination of options: a sold call, a purchased put and a sold put. The sold call establishes a maximum price (ceiling) Whiting will receive for the volumes under contract. The purchased put establishes a minimum price (floor), unless the market price falls below the sold put (sub-floor), at which point the minimum price would be NYMEX plus the difference between the purchased put and the sold put strike price. |
DERIVATIVE FINANCIAL INSTRUME41
DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Derivative Financial Instruments [Line Items] | ||||
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 111,390 | |||
Level 3 [Member] | ||||
Derivative Financial Instruments [Line Items] | ||||
Fair value liabilities | (118,627) | $ (4,027) | $ 35,786 | $ 53,530 |
Recurring Basis [Member] | Level 3 [Member] | Crude Oil Sales And Delivery Contract [Member] | ||||
Derivative Financial Instruments [Line Items] | ||||
Fair value liabilities | 7,000 | |||
Recurring Basis [Member] | Embedded derivatives [Member] | Level 3 [Member] | ||||
Derivative Financial Instruments [Line Items] | ||||
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 111,000 |
DERIVATIVE FINANCIAL INSTRUME42
DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of effects of commodity derivative instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Financial Instruments [Line Items] | ||
(Gain) Loss Recognized in Income | $ 4,761 | $ (9,851) |
Not Designated as ASC 815 Hedges [Member] | ||
Derivative Financial Instruments [Line Items] | ||
(Gain) Loss Recognized in Income | 4,761 | (9,851) |
Commodity contracts [Member] | Not Designated as ASC 815 Hedges [Member] | ||
Derivative Financial Instruments [Line Items] | ||
(Gain) Loss Recognized in Income | (16,745) | $ (9,851) |
Embedded derivatives [Member] | Not Designated as ASC 815 Hedges [Member] | ||
Derivative Financial Instruments [Line Items] | ||
(Gain) Loss Recognized in Income | $ 21,506 |
DERIVATIVE FINANCIAL INSTRUME43
DERIVATIVE FINANCIAL INSTRUMENTS (Location and fair value of derivative instruments, assets) (Details) - Not Designated as ASC 815 Hedges [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Gross amounts of derivative assets and gross amounts offset [Line Items] | |||
Gross Amounts of Recognized Assets | [1] | $ 221,115 | $ 290,193 |
Gross Amounts Offset | [1] | (69,643) | (103,514) |
Total financial assets | [1] | 151,472 | 186,679 |
Commodity contracts [Member] | Derivative Assets [Member] | |||
Gross amounts of derivative assets and gross amounts offset [Line Items] | |||
Gross Amounts of Recognized Assets | [1] | 195,248 | 258,778 |
Gross Amounts Offset | [1] | (67,454) | (100,049) |
Total financial assets | [1] | 127,794 | 158,729 |
Commodity contracts [Member] | Other Long Term Assets [Member] | |||
Gross amounts of derivative assets and gross amounts offset [Line Items] | |||
Gross Amounts of Recognized Assets | [1] | 25,867 | 31,415 |
Gross Amounts Offset | [1] | (2,189) | (3,465) |
Total financial assets | [1] | $ 23,678 | $ 27,950 |
[1] | Because counterparties to the Company's financial derivative contracts subject to master netting arrangements are lenders under Whiting Oil and Gas' credit agreement, which eliminates its need to post or receive collateral associated with its derivative positions, columns for cash collateral pledged or received have not been presented in these tables. |
DERIVATIVE FINANCIAL INSTRUME44
DERIVATIVE FINANCIAL INSTRUMENTS (Location and fair value of derivative instruments, liabilities) (Details) - Not Designated as ASC 815 Hedges [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Gross amounts of derivative liabilities and gross amounts offset [Line Items] | |||
Gross Amounts of Recognized Liabilities | [1] | $ 188,270 | $ 107,541 |
Gross Amounts Offset | [1] | (69,643) | (103,514) |
Total financial liabilities | [1] | 118,627 | 4,027 |
Commodity contracts [Member] | Accrued Liabilities And Other [Member] | |||
Gross amounts of derivative liabilities and gross amounts offset [Line Items] | |||
Gross Amounts of Recognized Liabilities | [1] | 69,755 | 101,214 |
Gross Amounts Offset | [1] | (67,454) | (100,049) |
Total financial liabilities | [1] | 2,301 | 1,165 |
Commodity contracts [Member] | Other Long-Term Liabilities [Member] | |||
Gross amounts of derivative liabilities and gross amounts offset [Line Items] | |||
Gross Amounts of Recognized Liabilities | [1] | 7,125 | 6,327 |
Gross Amounts Offset | [1] | (2,189) | (3,465) |
Total financial liabilities | [1] | 4,936 | $ 2,862 |
Embedded derivatives [Member] | Long-term Debt [Member] | |||
Gross amounts of derivative liabilities and gross amounts offset [Line Items] | |||
Gross Amounts of Recognized Liabilities | [1] | 111,390 | |
Total financial liabilities | [1] | $ 111,390 | |
[1] | Because counterparties to the Company's financial derivative contracts subject to master netting arrangements are lenders under Whiting Oil and Gas' credit agreement, which eliminates its need to post or receive collateral associated with its derivative positions, columns for cash collateral pledged or received have not been presented in these tables. |
FAIR VALUE MEASUREMENTS (Summar
FAIR VALUE MEASUREMENTS (Summary of the fair values of debt instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Mar. 27, 2015 | Sep. 30, 2013 | Sep. 26, 2013 | Sep. 30, 2010 | |
Debt Instrument [Line Items] | ||||||||
Fair value of embedded derivatives for conversion options | $ 111,390 | |||||||
Fair Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | 3,112,445 | $ 3,359,375 | ||||||
Carrying Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | $ 4,334,595 | $ 4,397,704 | ||||||
6.5% Senior Subordinated Notes due 2018 [Member] | Senior Subordinated Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate (as a percent) | 6.50% | 6.50% | 6.50% | |||||
6.5% Senior Subordinated Notes due 2018 [Member] | Senior Subordinated Notes [Member] | Fair Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | $ 200,357 | $ 265,125 | ||||||
6.5% Senior Subordinated Notes due 2018 [Member] | Senior Subordinated Notes [Member] | Carrying Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | $ 298,823 | $ 346,876 | ||||||
6.5% Convertible Senior Subordinated Notes due 2018 [Member] | Convertible Senior Subordinated Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate (as a percent) | 6.50% | |||||||
Fair value of embedded derivatives for conversion options | $ 7,000 | |||||||
6.5% Convertible Senior Subordinated Notes due 2018 [Member] | Convertible Senior Subordinated Notes [Member] | Fair Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | [1] | 40,187 | ||||||
6.5% Convertible Senior Subordinated Notes due 2018 [Member] | Convertible Senior Subordinated Notes [Member] | Carrying Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | [1] | $ 39,987 | ||||||
5% Senior Notes due 2019 [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate (as a percent) | 5.00% | 5.00% | 5.00% | |||||
5% Senior Notes due 2019 [Member] | Senior Notes [Member] | Fair Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | $ 694,708 | $ 830,500 | ||||||
5% Senior Notes due 2019 [Member] | Senior Notes [Member] | Carrying Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | $ 996,603 | $ 1,092,219 | ||||||
5% Convertible Senior Notes due 2019 [Member] | Convertible Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate (as a percent) | 5.00% | |||||||
Fair value of embedded derivatives for conversion options | $ 16,000 | |||||||
5% Convertible Senior Notes due 2019 [Member] | Convertible Senior Notes [Member] | Fair Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | [1] | 81,383 | ||||||
5% Convertible Senior Notes due 2019 [Member] | Convertible Senior Notes [Member] | Carrying Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | [1] | $ 81,788 | ||||||
1.25% Convertible Senior Notes due 2020 [Member] | Convertible Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | $ 1,000,000 | |||||||
Interest Rate (as a percent) | 1.25% | 1.25% | 1.25% | |||||
1.25% Convertible Senior Notes due 2020 [Member] | Convertible Senior Notes [Member] | Fair Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | $ 739,063 | $ 850,000 | ||||||
1.25% Convertible Senior Notes due 2020 [Member] | Convertible Senior Notes [Member] | Carrying Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | $ 1,038,921 | $ 1,027,151 | ||||||
5.75% Senior Notes due 2021 [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate (as a percent) | 5.75% | 5.75% | 5.75% | 5.75% | ||||
5.75% Senior Notes due 2021 [Member] | Senior Notes [Member] | Fair Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | $ 699,222 | $ 870,000 | ||||||
5.75% Senior Notes due 2021 [Member] | Senior Notes [Member] | Carrying Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | $ 1,040,646 | $ 1,191,861 | ||||||
5.75% Convertible Senior Notes due 2021 [Member] | Convertible Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate (as a percent) | 5.75% | |||||||
Fair value of embedded derivatives for conversion options | $ 34,000 | |||||||
5.75% Convertible Senior Notes due 2021 [Member] | Convertible Senior Notes [Member] | Fair Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | [1] | 125,222 | ||||||
5.75% Convertible Senior Notes due 2021 [Member] | Convertible Senior Notes [Member] | Carrying Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | [1] | $ 126,797 | ||||||
6.25% Senior Notes due 2023 [Member] | Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate (as a percent) | 6.25% | 6.25% | 6.25% | |||||
6.25% Senior Notes due 2023 [Member] | Senior Notes [Member] | Fair Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | $ 384,171 | $ 543,750 | ||||||
6.25% Senior Notes due 2023 [Member] | Senior Notes [Member] | Carrying Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | $ 563,550 | $ 739,597 | ||||||
6.25% Convertible Senior Notes due 2023 [Member] | Convertible Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate (as a percent) | 6.25% | |||||||
Fair value of embedded derivatives for conversion options | $ 54,000 | |||||||
6.25% Convertible Senior Notes due 2023 [Member] | Convertible Senior Notes [Member] | Fair Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | [1] | 148,132 | ||||||
6.25% Convertible Senior Notes due 2023 [Member] | Convertible Senior Notes [Member] | Carrying Value [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Fair Value Disclosure | [1] | $ 147,480 | ||||||
[1] | The carrying values of the 2018 Convertible Senior Subordinated Notes, the 2019 Convertible Senior Notes, the 2021 Convertible Senior Notes and the 2023 Convertible Senior Notes include the fair values of the debt holder conversion options of $7 million, $16 million, $34 million, and $54 million, respectively, as of March 31, 2016. |
FAIR VALUE MEASUREMENTS (Fair v
FAIR VALUE MEASUREMENTS (Fair value assets and liabilities measured on a recurring basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financial Assets | ||
Financial assets - current | $ 127,794 | $ 158,729 |
Recurring Basis [Member] | ||
Financial Assets | ||
Total financial assets | 151,472 | 186,679 |
Financial Liabilities | ||
Total financial liabilities | 118,627 | 4,027 |
Recurring Basis [Member] | Commodity contracts [Member] | ||
Financial Assets | ||
Financial assets - current | 127,794 | 158,729 |
Financial assets - non-current | 23,678 | 27,950 |
Financial Liabilities | ||
Financial liabilities - current | 2,301 | 1,165 |
Financial liabilities - non-current | 4,936 | 2,862 |
Recurring Basis [Member] | Embedded derivatives [Member] | ||
Financial Liabilities | ||
Financial liabilities - non-current | 111,390 | |
Recurring Basis [Member] | Level 2 [Member] | ||
Financial Assets | ||
Total financial assets | 151,472 | 186,679 |
Recurring Basis [Member] | Level 2 [Member] | Commodity contracts [Member] | ||
Financial Assets | ||
Financial assets - current | 127,794 | 158,729 |
Financial assets - non-current | 23,678 | 27,950 |
Recurring Basis [Member] | Level 3 [Member] | ||
Financial Liabilities | ||
Total financial liabilities | 118,627 | 4,027 |
Recurring Basis [Member] | Level 3 [Member] | Commodity contracts [Member] | ||
Financial Liabilities | ||
Financial liabilities - current | 2,301 | 1,165 |
Financial liabilities - non-current | 4,936 | $ 2,862 |
Recurring Basis [Member] | Level 3 [Member] | Embedded derivatives [Member] | ||
Financial Liabilities | ||
Financial liabilities - non-current | $ 111,390 |
FAIR VALUE MEASUREMENTS (Reconc
FAIR VALUE MEASUREMENTS (Reconciliation of changes in the fair value of financial assets (liabilities) designated as Level 3 in the valuation hierarchy)(Details) - Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Reconciliation of changes in the fair value of financial assets (liabilities) designated as Level 3 in the valuation hierarchy | |||
Fair value asset (liability), beginning of period | $ (4,027) | $ 53,530 | |
Fair value asset (liability), end of period | (118,627) | 35,786 | |
Commodity contracts [Member] | |||
Reconciliation of changes in the fair value of financial assets (liabilities) designated as Level 3 in the valuation hierarchy | |||
Unrealized losses on commodity derivative contracts included in earnings | [1] | (3,210) | $ (17,744) |
Embedded derivatives [Member] | |||
Reconciliation of changes in the fair value of financial assets (liabilities) designated as Level 3 in the valuation hierarchy | |||
Recognition of embedded derivatives associated with convertible note issuances | (89,884) | ||
Unrealized losses on commodity derivative contracts included in earnings | [1] | $ (21,506) | |
[1] | Included in derivative (gain) loss, net in the consolidated statements of operations. |
FAIR VALUE MEASUREMENTS (Signif
FAIR VALUE MEASUREMENTS (Significant unobservable inputs used in the fair value measurement) (Details) - Level 3 [Member] | 3 Months Ended | |
Mar. 31, 2016$ / bbl | ||
Commodity contracts [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Market Differential For Crude Oil, Amount (Per Bbl) | 5.07 | |
Embedded derivatives [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Expected volatility | 25.00% | [1] |
Embedded derivatives [Member] | Maximum [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Default intensity | 27.00% | |
Embedded derivatives [Member] | Minimum [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Default intensity | 17.30% | |
[1] | The trading values of convertible debt instruments do not fully incorporate stock price volatility. It is therefore necessary to derive a lower model volatility than that which is observed in historical volatility data for the Company's common stock. |
SHAREHOLDERS' EQUITY AND NONC49
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTEREST (Common stock offering) (Details) - Common Stock [Member] - USD ($) $ / shares in Units, $ in Millions | Apr. 01, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Shareholders' Equity And Noncontrolling Interest [Line Items] | ||||
Issuance of common stock (in shares) | 2,000,000 | 35,000,000 | 35,000,000 | |
Shares Issued, Price Per Share | $ 30 | $ 30 | ||
Issuance of common stock, net | $ 61 | $ 1,000 | ||
Over-Allotment Option [Member] | ||||
Shareholders' Equity And Noncontrolling Interest [Line Items] | ||||
Period of option to purchase additional shares, days | 30 days | |||
Number of additional shares available for purchase | 5,250,000 |
SHAREHOLDERS' EQUITY AND NONC50
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTEREST (Equity incentive plan) (Details) $ / shares in Units, $ in Millions | May. 17, 2016shares | Dec. 08, 2014shares | Jan. 31, 2016$ / sharesshares | Jan. 31, 2015$ / sharesshares | Mar. 31, 2016USD ($)item$ / sharesshares | Mar. 31, 2015USD ($) |
Share-based compensation disclosures [Line Items] | ||||||
Stock compensation expense | $ | $ 7 | $ 7 | ||||
Forecast [Member] | ||||||
Share-based compensation disclosures [Line Items] | ||||||
Increase in authorized shares | 5,500,000 | |||||
Stock Option [Member] | ||||||
Share-based compensation disclosures [Line Items] | ||||||
Maximum number of Shares per employee | 600,000 | |||||
Stock Appreciation Rights (SARs) [Member] | ||||||
Share-based compensation disclosures [Line Items] | ||||||
Maximum number of Shares per employee | 600,000 | |||||
Restricted stock [Member] | ||||||
Share-based compensation disclosures [Line Items] | ||||||
Maximum number of Shares per employee | 300,000 | |||||
Granted (in dollars per share) | $ / shares | $ 6.65 | |||||
Unrecognized compensation cost | $ | $ 36 | |||||
Weighted average period over which cost will be recognized | 2 years 3 months 18 days | |||||
2013 Equity Plan [Member] | ||||||
Share-based compensation disclosures [Line Items] | ||||||
Number of shares authorized upon shareholder's approval | 5,300,000 | |||||
Increase in authorized shares | 978,161 | |||||
Number of options available for grant | 778,343 | |||||
Executive officers and employees [Member] | Restricted stock [Member] | ||||||
Share-based compensation disclosures [Line Items] | ||||||
Vesting (service) period | 3 years | |||||
Directors [Member] | Restricted stock [Member] | ||||||
Share-based compensation disclosures [Line Items] | ||||||
Vesting (service) period | 1 year | |||||
Executive officers [Member] | Restricted stock [Member] | ||||||
Share-based compensation disclosures [Line Items] | ||||||
Vesting (service) period | 3 years | |||||
Market-based vesting criteria [Member] | 2013 Equity Plan [Member] | Restricted stock [Member] | ||||||
Share-based compensation disclosures [Line Items] | ||||||
Granted (in shares) | 1,073,143 | 391,773 | ||||
Market-based vesting criteria [Member] | Executive officers [Member] | Restricted stock [Member] | ||||||
Share-based compensation disclosures [Line Items] | ||||||
Granted (in dollars per share) | $ / shares | $ 6.39 | $ 33.25 | ||||
Market-based vesting criteria [Member] | Executive officers [Member] | 2013 Equity Plan [Member] | Restricted stock [Member] | ||||||
Share-based compensation disclosures [Line Items] | ||||||
Vesting (service) period | 3 years | |||||
Market-based vesting criteria [Member] | Minimum [Member] | Executive officers [Member] | 2013 Equity Plan [Member] | Restricted stock [Member] | ||||||
Share-based compensation disclosures [Line Items] | ||||||
Possible multiplier of shares earned | item | 0 | |||||
Market-based vesting criteria [Member] | Maximum [Member] | Executive officers [Member] | 2013 Equity Plan [Member] | Stock Appreciation Rights (SARs) [Member] | ||||||
Share-based compensation disclosures [Line Items] | ||||||
Possible multiplier of shares earned | item | 2 |
SHAREHOLDERS' EQUITY AND NONC51
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTEREST (Assumption for valuing market based restricted shares) (Details) - Market-based vesting criteria [Member] - Executive officers [Member] - Restricted stock [Member] - item | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of simulations | 2,500,000 | 2,500,000 |
Expected volatility (as a percent) | 60.80% | 40.30% |
Risk-free interest rate (as a percent) | 1.13% | 0.99% |
Dividend yield (as a percent) | 0.00% | 0.00% |
SHAREHOLDERS' EQUITY AND NONC52
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTEREST (Summary of nonvested restricted stock) (Details) - Restricted stock [Member] | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance at the beginning of the period (in dollars per share) | $ / shares | $ 30.03 |
Granted (in dollars per share) | $ / shares | 6.65 |
Vested (in dollars per share) | $ / shares | 36.26 |
Forfeited (in dollars per share) | $ / shares | 19.22 |
Balance at the end of the period (in dollars per share) | $ / shares | $ 13.58 |
Service-Based Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance at the beginning of the period (in shares) | 892,693 |
Granted (in shares) | 2,845,058 |
Vested (in shares) | (324,731) |
Forfeited (in shares) | (189,465) |
Balance at the end of the period (in shares) | 3,223,555 |
Market-Based Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance at the beginning of the period (in shares) | 1,400,963 |
Granted (in shares) | 1,073,143 |
Forfeited (in shares) | (381,296) |
Balance at the end of the period (in shares) | 2,092,810 |
SHAREHOLDERS' EQUITY AND NONC53
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTEREST (Schedule of noncontrolling interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Noncontrolling Interest disclosures [Line Items] | ||
Balance at the beginning of the period | $ 7,984 | $ 8,070 |
Net loss | (10) | (17) |
Balance at the end of the period | $ 7,974 | $ 8,053 |
Sustainable Water Resources, LLC [Member] | ||
Noncontrolling Interest disclosures [Line Items] | ||
Third party ownership interest (as a percent) | 25.00% |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
INCOME TAXES [Abstract] | ||
U.S. statutory income tax rate (as a percent) | 35.00% | 35.00% |
EARNINGS PER SHARE (Narrative)
EARNINGS PER SHARE (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restricted stock [Member] | ||
Shares excluded from Earnings Per Share calculation [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 237,546 | |
Stock options [Member] | ||
Shares excluded from Earnings Per Share calculation [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 4,144 | 117,263 |
Stock options excluded from earnings per share calculation (in shares) | 3,080,193 | 326,219 |
Convertible Debt Securities [Member] | ||
Shares excluded from Earnings Per Share calculation [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 4,137,880 | |
Service-Based Restricted Stock [Member] | Restricted stock [Member] | ||
Shares excluded from Earnings Per Share calculation [Line Items] | ||
Restricted stock excluded from earnings per share calculation (in shares) | 205,088 | |
Market-Based Restricted Stock [Member] | Restricted stock [Member] | ||
Shares excluded from Earnings Per Share calculation [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 755,528 | |
Restricted stock excluded from earnings per share calculation (in shares) | 1,121,721 |
EARNINGS PER SHARE (Reconciliat
EARNINGS PER SHARE (Reconciliation between basic and diluted earnings per share)(Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator: | ||
Net loss available to common shareholders, basic | $ (171,748,000) | $ (106,111,000) |
Denominator: | ||
Weighted average shares outstanding, basic | 204,367,000 | 168,990,000 |
Numerator: | ||
Adjusted net loss available to common shareholders, diluted | $ (171,748,000) | $ (106,111,000) |
Denominator: | ||
Weighted average shares outstanding, diluted | 204,367,000 | 168,990,000 |
Loss per common share, basic (in dollars per share) | $ (0.84) | $ (0.63) |
Loss per common share, diluted (in dollars per share) | $ (0.84) | $ (0.63) |