Rosetta Resources 10-Q 20 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 10, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	ROSE
Entity Registrant Name	ROSETTA RESOURCES INC.
Entity Central Index Key	1,340,282
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		75,734,762

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 7,688	$ 34,397
Accounts receivable	97,293	117,070
Derivative instruments	139,307	221,250
Prepaid expenses	6,881	8,142
Other current assets	3,992	3,535
Total current assets	255,161	384,394
Oil and natural gas properties using the full cost method of accounting:
Proved properties	5,566,386	5,337,537
Unproved/unevaluated properties, not subject to amortization	517,031	550,979
Gathering systems and compressor stations	281,233	285,989
Other fixed assets	31,904	34,339
Total property and equipment, gross	6,396,554	6,208,844
Accumulated depreciation, depletion and amortization, including impairment	(3,660,636)	(2,434,003)
Total property and equipment, net	2,735,918	3,774,841
Other assets:
Debt issuance costs	24,604	25,741
Deferred tax asset	46,961
Derivative instruments	35,833	65,419
Other long-term assets	68	272
Total other assets	107,466	91,432
Total assets	3,098,545	4,250,667
Current liabilities:
Accounts payable and accrued liabilities	109,555	179,353
Royalties and other payables	78,324	98,972
Deferred income taxes	46,961	72,445
Total current liabilities	234,840	350,770
Long-term liabilities:
Long-term debt	1,800,000	2,000,000
Deferred income taxes	699	207,854
Other long-term liabilities	27,499	22,930
Total liabilities	$ 2,063,038	$ 2,581,554
Commitments and Contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.001 par value; authorized 5,000,000 shares; no shares issued in 2015 or 2014
Common stock, $0.001 par value; authorized 150,000,000 shares; issued 76,532,669 shares and 62,306,601 shares at June 30, 2015 and December 31, 2014, respectively	$ 77	$ 62
Additional paid-in capital	1,440,869	1,192,836
Treasury stock, at cost; 801,651 shares and 788,493 shares at June 30, 2015 and December 31, 2014, respectively	(27,702)	(27,414)
Accumulated other comprehensive loss	(215)	(234)
(Accumulated deficit) retained earnings	(377,522)	503,863
Total stockholders' equity	1,035,507	1,669,113
Total liabilities and stockholders' equity	$ 3,098,545	$ 4,250,667

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	76,532,669	62,306,601
Treasury stock, shares	801,651	788,493

Consolidated Statement of Opera

Consolidated Statement of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Oil sales	$ 83,960	$ 162,703	$ 146,477	$ 294,380
NGL sales	26,717	55,442	52,612	110,737
Natural gas sales	32,235	52,140	69,464	103,519
Derivative instruments	(41,643)	(49,395)	5,860	(73,180)
Total revenues	101,269	220,890	274,413	435,456
Operating costs and expenses:
Lease operating expense	16,498	25,064	38,320	44,585
Treating and transportation	23,042	18,618	47,456	39,295
Taxes, other than income	9,262	12,259	17,941	22,465
Depreciation, depletion and amortization	86,825	90,640	187,582	165,415
Impairment of oil and gas properties	245,205		1,043,338
Reserve for commercial disputes			9,200
General and administrative costs	28,206	21,667	50,126	41,205
Total operating costs and expenses	409,038	168,248	1,393,963	312,965
Operating (loss) income	(307,769)	52,642	(1,119,550)	122,491
Other expense (income):
Interest expense, net of interest capitalized	21,165	17,327	43,213	32,617
Interest income	(1)	(1)	(2)	(13)
Other (income) expense, net	(362)	12,496	(547)	12,647
Total other expense	20,802	29,822	42,664	45,251
(Loss) income before provision for income taxes	(328,571)	22,820	(1,162,214)	77,240
Income tax (benefit) expense	13,140	8,376	(280,829)	27,553
Net (loss) income	$ (341,711)	$ 14,444	$ (881,385)	$ 49,687
(Loss) earnings per share:
Basic	$ (4.52)	$ 0.24	$ (12.62)	$ 0.81
Diluted	$ (4.52)	$ 0.23	$ (12.62)	$ 0.81
Weighted average shares outstanding:
Basic	75,555	61,452	69,850	61,416
Diluted	75,555	61,617	69,850	61,599

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (341,711)	$ 14,444	$ (881,385)	$ 49,687
Other comprehensive income (loss):
Other comprehensive income	9	3	19	6
Postretirement medical benefits prior service benefit, net of income taxes of ($4) and ($2) for the three months ended June 30, 2015 and 2014, respectively, and ($9) and ($4) for the six months ended June 30, 2015 and 2014, respectively	9	3	19	6
Comprehensive (loss) income	$ (341,702)	$ 14,447	$ (881,366)	$ 49,693

Consolidated Statement of Comp6

Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Postretirement medical benefits prior service benefit, income tax (expense) benefit	$ (4)	$ (2)	$ (9)	$ (4)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net (loss) income	$ (881,385)	$ 49,687
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	187,582	165,415
Impairment of oil and gas properties	1,043,338
Deferred income taxes	(280,828)	26,521
Amortization of deferred loan fees recorded as interest expense	2,141	1,900
Loss on debt extinguishment		3,101
Stock-based compensation expense	7,753	7,393
Loss due to change in fair value of derivative instruments	111,529	59,529
Change in operating assets and liabilities:
Accounts receivable	19,777	(14,840)
Prepaid expenses	1,856	2,578
Other current assets	(457)	(3,320)
Long-term assets	204	46
Accounts payable and accrued liabilities	11,948	(15,041)
Royalties and other payables	(20,648)	15,901
Other long-term liabilities	(1,154)	810
Net cash provided by operating activities	201,656	299,680
Cash flows from investing activities:
Acquisitions of oil and gas assets		(79,020)
Additions to oil and gas assets	(271,316)	(675,835)
Disposals of oil and gas assets	10,052	8
Net cash used in investing activities	(261,264)	(754,847)
Cash flows from financing activities:
Borrowings on Credit Facility	190,000	550,000
Payments on Credit Facility	(390,000)	(550,000)
Issuance of Senior Notes		500,000
Retirement of Senior Notes		(200,000)
Proceeds from issuance of common stock	234,787
Deferred loan fees	(1,600)	(8,354)
Proceeds from stock options exercised		376
Purchases of treasury stock	(288)	(2,546)
Excess tax benefit from share-based awards		101
Net cash provided by financing activities	32,899	289,577
Net decrease in cash	(26,709)	(165,590)
Cash and cash equivalents, beginning of period	34,397	193,784
Cash and cash equivalents, end of period	7,688	28,194
Supplemental disclosures:
Capital expenditures included in Accounts payable and accrued liabilities	48,050	$ 195,400
Operating liabilities settled in stock	$ 6,419

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings Accumulated Deficit [Member]
Balance at Dec. 31, 2014	$ 1,669,113	$ 62	$ 1,192,836	$ (27,414)	$ (234)	$ 503,863
Balance, Common Stock Shares at Dec. 31, 2014	62,306,601	62,306,601
Balance, Treasury Stock, Shares at Dec. 31, 2014	788,493			788,493
Issuance of common stock	$ 234,788	$ 14	234,774
Issuance of common stock, shares		13,800,000
Treasury stock - employee tax payment	(288)			$ (288)
Treasury Stock, Shares, Acquired				13,158
Tax impact of stock awards	(1,219)		(1,219)
Stock-based compensation	8,059		8,059
Vesting of restricted stock	0	$ 0	0	$ 0	0	0
Vesting of restricted stock, Shares		170,487
Operating liabilities settled in stock	6,420	$ 1	6,419
Operating liabilities settled in stock, shares		255,581
Comprehensive income (loss)	(881,366)				19	(881,385)
Balance at Jun. 30, 2015	$ 1,035,507	$ 77	$ 1,440,869	$ (27,702)	$ (215)	$ (377,522)
Balance, Common Stock Shares at Jun. 30, 2015	76,532,669	76,532,669
Balance, Treasury Stock, Shares at Jun. 30, 2015	801,651			801,651

Organization and Operations of

Organization and Operations of the Company	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations of the Company	(1) Organization and Operations of the Company Nature of Operations. These interim financial statements have not been audited. However, in the opinion of management, all adjustments, consisting of normal recurring adjustments necessary to fairly state the financial statements, have been included. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for the entire year. In addition, these financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all disclosures required for financial statements prepared in conformity with accounting principles generally accepted in the U.S. (“GAAP”). These financial statements and notes should be read in conjunction with the Company’s audited Consolidated Financial Statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (“2014 Annual Report”).

Definitive Merger Agreement

Definitive Merger Agreement	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Definitive Merger Agreement	(2) Definitive Merger Agreement On May 10, 2015, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Noble Energy, a Delaware corporation (“Noble”), and Bluebonnet Merger Sub Inc., a Delaware corporation and an indirect, wholly owned subsidiary of Noble (“Merger Sub”), pursuant to which Noble will acquire Rosetta in exchange for shares of common stock, par value $0.01 per share, of Noble. Upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will be merged with and into Rosetta (the “merger”), with Rosetta continuing as the surviving corporation in the merger and an indirect, wholly owned subsidiary of Noble. After completion of the merger, Rosetta will merge with and into its parent, NBL Texas, LLC, a Delaware limited liability company, with NBL Texas, LLC continuing as the surviving entity and an indirect, wholly owned subsidiary of Noble, in a transaction which is referred to as the second merger. Under the terms of the Merger Agreement, at the effective time of the merger, each issued and outstanding share of common stock, par value $0.001 per share, of Rosetta will be converted into the right to receive 0.542 (the “Exchange Ratio”) Noble common shares. Following the approval by Rosetta’s stockholders, the merger is expected to close July 20, 2015.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(3) Summary of Significant Accounting Policies The Company has provided a discussion of significant accounting policies, estimates and judgments in its 2014 Annual Report. There have been no changes to the Company’s significant accounting policies since December 31, 2014. Recent Accounting Developments In January 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-01, Income Statement - Extraordinary and Unusual Items In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2015
Extractive Industries [Abstract]
Property and Equipment	(4) Property and Equipment The Company’s total property and equipment consists of the following: June 30, 2015 December 31, 2014 (In thousands) Proved properties $ 5,566,386 $ 5,337,537 Unproved/unevaluated properties 517,031 550,979 Gathering systems and compressor stations 281,233 285,989 Other fixed assets 31,904 34,339 Total 6,396,554 6,208,844 Less: Accumulated depreciation, depletion and amortization, including impairment (3,660,636 ) (2,434,003 ) Total property and equipment, net $ 2,735,918 $ 3,774,841 Acquisitions 2014 Permian Acquisition. Additional Disclosures about Property and Equipment The Company capitalizes internal costs directly identified with acquisition, exploration and development activities. The Company capitalized $2.2 million and $2.1 million of internal costs for the three months ended June 30, 2015 and 2014, respectively, and $4.3 million and $3.7 million for the six months ended June 30, 2015 and 2014, respectively. Oil and gas properties include unevaluated property costs of $517.0 million and $551.0 million as of June 30, 2015 and December 31, 2014, respectively, which are not being amortized. These amounts primarily represent acquisition costs of unproved properties and unevaluated exploration projects in which the Company owns a direct interest. Such costs are periodically evaluated for impairment, and upon evaluation or impairment are transferred to the Company’s full cost pool and amortized. Pursuant to full cost accounting rules, the Company must perform a ceiling test each quarter on its proved oil and natural gas assets within each separate cost center. All of the Company’s costs are included in one cost center because all of the Company’s operations are located in the United States. The Company’s ceiling test was calculated using trailing twelve-month, unweighted-average first-day-of-the-month prices for oil and natural gas as of June 30, 2015, which were based on a West Texas Intermediate oil price of $68.17 per Bbl and a Henry Hub natural gas price of $3.39 per MMBtu (adjusted for basis and quality differentials), respectively. Utilizing these prices, the calculated ceiling amount was less than the net capitalized cost of oil and natural gas properties as of June 30, 2015, and as a result, a pre-tax write-down of $245.2 million was recorded for the three months ended June 30, 2015. For the six months ended June 30, 2015, the Company has recorded a pre-tax write-down of $1.0 billion. Additional material write-downs of the Company’s oil and gas properties will occur in subsequent quarters in the event that oil and natural gas prices remain at current depressed levels, or if the Company experiences significant downward adjustments to its estimated proved reserves.

Commodity Derivative Contracts

Commodity Derivative Contracts	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity Derivative Contracts	(5) Commodity Derivative Contracts The Company is exposed to various market risks, including volatility in oil, natural gas liquids (“NGL”) and natural gas prices, which are managed through derivative instruments. The level of derivative activity utilized depends on market conditions, operating strategies and available derivative prices. The Company utilizes various types of derivative instruments to manage commodity price risk, including fixed price swaps, basis swaps and costless collars. Forward contracts on various commodities are entered into to manage the price risk associated with forecasted sales of the Company’s oil, NGL and natural gas production. As of June 30, 2015, the following derivative contracts were outstanding with associated notional volumes and average underlying prices that represent hedged prices of commodities at various market locations: Product Settlement Derivative Notional Total Average Average Crude oil 2015 Costless Collar 8,000 1,472,000 $ 55.00 $ 84.80 Crude oil 2015 Swap 12,000 2,208,000 89.81 Crude oil 2016 Swap 6,000 2,196,000 90.28 5,876,000 Product Settlement Derivative Notional Total Average per Bbl NGL-Ethane 2015 Swap 3,476 639,619 $ 11.31 NGL-Propane 2015 Swap 1,750 322,000 43.35 NGL-Isobutane 2015 Swap 617 113,467 53.05 NGL-Normal Butane 2015 Swap 579 106,457 52.53 NGL-Pentanes Plus 2015 Swap 579 106,457 77.72 1,288,000 Product Settlement Derivative Notional Total Average Average Natural gas 2015 Costless Collar 50,000 9,200,000 $ 3.60 $ 5.04 Natural gas 2016 Costless Collar 40,000 14,640,000 3.50 5.58 Natural gas 2015 Swap 50,000 9,200,000 4.13 Natural gas 2016 Swap 30,000 10,980,000 4.04 44,020,000 As of June 30, 2015, the Company’s derivative instruments were with counterparties who are lenders under its Credit Facility. This practice allows the Company to satisfy any need for margin obligations resulting from an adverse change in the fair market value of its derivative contracts with the collateral securing its Credit Facility, thus eliminating the need for independent collateral postings. The Company’s ability to continue satisfying any applicable margin requirements in this manner may be subject to change as described in Items 1 and 2. Business and Properties – Government Regulation in the Company’s 2014 Annual Report. As of June 30, 2015, the Company had no deposits for collateral regarding commodity derivative positions. Additional Disclosures about Derivative Instruments Authoritative derivative guidance requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the Company’s financial statements. The following table sets forth information on the location and amounts of the Company’s derivative instrument fair values in the Consolidated Balance Sheet as of June 30, 2015 and December 31, 2014, respectively: Asset (Liability) Fair Value June 30, 2015 December 31, 2014 Commodity derivative contracts Location on Consolidated Balance Sheet (In thousands) Oil Derivative instruments - current assets $ 93,541 $ 151,363 Oil Derivative instruments - non-current assets 27,788 54,187 NGL Derivative instruments - current assets 17,598 35,992 Natural gas Derivative instruments - current assets 28,168 33,895 Natural gas Derivative instruments - non-current assets 8,045 11,232 Total derivative fair value, net, not designated as hedging instruments $ 175,140 $ 286,669 The following table sets forth the type and amount of derivative gains and losses included in Derivative instruments in the Consolidated Statement of Operations for the three and six months ended June 30, 2015 and 2014, respectively: Three Months Ended June 30, Six Months Ended June 30, Location on Consolidated Statement of Operations Description of Gain (Loss) 2015 2014 2015 2014 (In thousands) Derivative instruments Realized gain (loss) recognized in income $ 55,186 $ (5,714 ) $ 117,389 $ (13,651 ) Derivative instruments Unrealized loss recognized in income (96,829 ) (43,681 ) (111,529 ) (59,529 ) Total commodity derivative gain (loss) recognized in income $ (41,643 ) $ (49,395 ) $ 5,860 $ (73,180 )

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	(6) Fair Value Measurements The Company’s financial assets and liabilities are measured at fair value on a recurring basis. The Company measures its non-financial assets and liabilities, such as asset retirement obligations and other property and equipment, at fair value on a non-recurring basis. As defined in the guidance of the FASB, fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). To estimate fair value, the Company utilizes market data and assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. The FASB’s guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are as follows: • “Level 1” inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • “Level 2” inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. • “Level 3” inputs are measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources. As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities along with their placement within the fair value hierarchy levels. The Company determines the appropriate level for each financial asset and liability on a quarterly basis and recognizes any transfers at the end of the reporting period. The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis for the respective period: Fair value as of June 30, 2015 Level 1 Level 2 Level 3 Netting (1) Total (In thousands) Assets: Commodity derivative contracts $ — $ — $ 175,773 $ (633 ) $ 175,140 Liabilities: Commodity derivative contracts — — (633 ) 633 — Total fair value $ — $ — $ 175,140 $ — $ 175,140 Fair value as of December 31, 2014 Level 1 Level 2 Level 3 Netting (1) Total (In thousands) Assets: Commodity derivative contracts $ — $ — $ 289,878 $ (3,209 ) $ 286,669 Liabilities: Commodity derivative contracts — — (3,209 ) 3,209 — Total fair value $ — $ — $ 286,669 $ — $ 286,669 (1) Represents the impact of netting commodity derivative assets and liabilities with counterparties where the Company has the contractual right and intends to net settle. No margin or collateral balances are deposited with counterparties and as such, gross amounts are offset to determine the net amounts presented in the Consolidated Balance Sheet. The Company’s Level 3 instruments include commodity derivative contracts for which fair value is determined by a third-party provider. Although the Company compares the fair values derived from the third-party provider with its counterparties, the Company does not currently have sufficient corroborating market evidence to support classifying these contracts as Level 2 instruments and does not have access to the specific valuation models or certain inputs used by its third-party provider or counterparties. Therefore, these commodity derivative contracts are classified as Level 3 instruments. The following table presents a range of the unobservable inputs provided by the Company’s third-party provider utilized in the fair value measurements of the Company’s assets and liabilities classified as Level 3 instruments as of June 30, 2015 (in thousands): Level 3 Instrument Asset (Liability) Valuation Technique Unobservable Input Range Weighted Average Minimum Maximum Oil swaps $ 120,220 Discounted cash flow Forward price curve-swaps $ 59.60 $ 65.58 $ 62.58 Oil costless collars 1,109 Option model Forward price curve-costless collar option value (0.35 ) 2.11 0.75 NGL swaps 17,598 Discounted cash flow Forward price curve-swaps 0.20 1.24 0.43 Natural gas swaps 21,152 Discounted cash flow Forward price curve-swaps (0.08 ) 3.41 3.04 Natural gas costless collars 15,061 Option model Forward price curve-costless collar option value (0.06 ) 1.04 0.63 Total $ 175,140 The determination of derivative fair values by the third-party provider incorporates a credit adjustment for nonperformance risk, including the credit standing of the counterparties involved, and the impact of the Company’s nonperformance risk on its liabilities. The Company recorded a downward adjustment to the fair value of its derivative instruments in the amount of $0.3 million as of June 30, 2015 due to nonperformance risk. The significant unobservable inputs for Level 3 derivative contracts include forward price curves and option values. Significant increases (decreases) in the quoted forward prices for commodities and option values generally lead to corresponding decreases (increases) in the fair value measurement of the Company’s oil, NGL and natural gas derivative contracts. The tables below present reconciliations of financial assets and liabilities classified as Level 3 in the fair value hierarchy during the indicated periods. Derivative Asset (In thousands) Balance at January 1, 2015 $ 286,669 Total Gains (Realized or Unrealized): Included in Earnings 5,860 Purchases, Issuances and Settlements: Settlements (117,389 ) Transfers in and out of Level 3 — Balance at June 30, 2015 $ 175,140 Derivative Asset (In thousands) Balance at January 1, 2014 $ 4,419 Total Losses (Realized or Unrealized): Included in Earnings (73,180 ) Purchases, Issuances and Settlements: Settlements 13,651 Transfers in and out of Level 3 — Balance at June 30, 2014 $ (55,110 ) Fair Value of Other Financial Instruments All of the Company’s other financial instruments (excluding derivatives) are presented on the balance sheet at carrying value. As of June 30, 2015, the carrying value of cash and cash equivalents, other current assets and current liabilities reported in the Consolidated Balance Sheet approximate fair value because of their short-term nature, and all such financial instruments are considered Level 1 instruments. The Company’s debt consists of publicly traded Senior Notes (defined below) and borrowings under the Credit Facility (defined below). The fair values of the Company’s Senior Notes are based upon unadjusted quoted market prices and are considered Level 1 instruments. The Company’s borrowings under the Credit Facility approximate fair value as the interest rates are variable and reflective of current market rates, and are therefore considered a Level 1 instrument. As of June 30, 2015, the carrying amount of total debt was $1.80 billion and the estimated fair value of total debt was $1.93 billion.

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	(7) Asset Retirement Obligations The following table provides a rollforward of the Company’s asset retirement obligations (“ARO”). Liabilities incurred during the period include additions to obligations and obligations incurred from acquisitions. Liabilities settled during the period include settlement payments for obligations. Activity related to the Company’s ARO is as follows: Six Months Ended (In thousands) ARO as of December 31, 2014 $ 19,957 Liabilities incurred during period 67 Liabilities settled during period (554 ) Accretion expense 646 ARO as of June 30, 2015 $ 20,116 As of June 30, 2015, the $0.2 million current portion of the total ARO is included in Accrued liabilities, and the $19.9 million long-term portion of ARO is included in Other long-term liabilities on the Consolidated Balance Sheet.

Debt and Credit Agreements

Debt and Credit Agreements	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt and Credit Agreements	(8) Debt and Credit Agreements Senior Secured Revolving Credit Facility. 9.500% Senior Notes due 2018. 5.625% Senior Notes due 2021. 5.875% Senior Notes due 2022. 5.875% Senior Notes due 2024. Debt Exchange in Connection with the Merger. Total Indebtedness

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	(9) Income Taxes The Company’s effective tax rate for the three and six months ended June 30, 2015 was (4.0%) and 24.1%, respectively, and the effective tax rate for the three and six months ended June 30, 2014 was 36.7% and 35.7%, respectively. The provision for income taxes differs from the tax computed at the federal statutory income tax rate primarily due to the impact of state income taxes, the non-deductibility of certain incentive compensation and the impact of valuation allowances. As of June 30, 2015 and December 31, 2014, the Company had no unrecognized tax benefits. The Company does not anticipate that the balance of unrecognized tax benefits will significantly change within the next twelve months due to the settlement of audits or expiration of statutes of limitations. The Company provides for deferred income taxes on the difference between the tax basis of an asset or liability and its carrying amount in the financial statements in accordance with authoritative guidance for accounting for income taxes. This difference will result in taxable income or deductions in future years when the reported amount of the asset or liability is recovered or settled, respectively. Considerable judgment is required in determining when these events may occur and whether recovery of an asset is more likely than not. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management assessed the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. As a result of the material write-downs of the Company’s carrying value of oil and natural gas properties, the Company’s operating results for the six months June 30, 2015, and considering forecasted operating results, the Company believes it is more likely than not that the deferred tax assets will not be realized and has recorded a valuation allowance against the federal net deferred tax asset.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(10) Commitments and Contingencies Firm Oil and Natural Gas Transportation and Processing Commitments. June 30, 2015 (In thousands) 2015 $ 15,250 2016 31,739 2017 31,289 2018 18,159 2019 15,900 Thereafter 86,507 Total future obligations $ 198,844 Drilling Rig and Completion Services Commitments. Contingencies. Commercial Disputes.

Equity

Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Equity	(11) Equity Earnings per Share. The following is a calculation of basic and diluted weighted average shares outstanding: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Basic weighted average number of shares outstanding 75,555 61,452 69,850 61,416 Dilution effect of stock options and restricted shares at the end of the period (1) — 165 — 183 Diluted weighted average number of shares outstanding 75,555 61,617 69,850 61,599 Anti-dilutive stock awards and shares 238 — 199 5 (1) Because the Company recognized a net loss for the three and six months ended June 30, 2015, no unvested stock awards and options were included in computing earnings per share because the effect was anti-dilutive. Common Stock Offering.

Stock-Based Compensation and Em

Stock-Based Compensation and Employee Benefits	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation and Employee Benefits	(12) Stock-Based Compensation and Employee Benefits Stock-based compensation expense includes the expense associated with restricted stock granted to employees and directors and the expense associated with the Performance Share Units (“PSUs”) granted to management. As of the indicated dates, stock-based compensation expense consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Total stock-based compensation expense $ 4,956 $ 4,158 $ 8,059 $ 7,639 Capitalized in oil and gas properties (153 ) (123 ) (306 ) (246 ) Net stock-based compensation expense $ 4,803 $ 4,035 $ 7,753 $ 7,393 All stock-based compensation expense associated with restricted stock granted to employees and directors is recognized on a straight-line basis over the applicable remaining vesting period. For the three and six months ended June 30, 2015, the Company recorded stock-based compensation expense of approximately $3.3 million and $6.3 million, respectively, related to these equity awards. As of June 30, 2015, unrecognized stock-based compensation expense related to unvested restricted stock was approximately $19.0 million. Stock-based compensation expense associated with the PSUs granted to management is recognized over a three-year performance period. For the three and six months ended June 30, 2015, the Company recognized compensation expense of $1.6 million and $1.8 million, respectively, associated with the PSUs. At the current fair value as of June 30, 2015, and assuming the Board elects the maximum available payout of 200% for all PSU metrics, unrecognized stock-based compensation expense related to the PSUs was approximately $16.9 million. The Company’s total stock-based compensation expense will be measured and adjusted quarterly until settlement occurs, based on the Company’s performance, expected payout and quarter-end closing common stock prices. For a more detailed description of the Company’s PSU plans, including related performance conditions and structure, see the definitive proxy statement filed with respect to the Company’s 2015 annual meeting under the heading “Compensation Discussion and Analysis” and the Company’s 2014 Annual Report. Postretirement Health Care

Guarantor Subsidiaries

Guarantor Subsidiaries	6 Months Ended
	Jun. 30, 2015
Guarantees [Abstract]
Guarantor Subsidiaries	(13) Guarantor Subsidiaries The Company’s Senior Notes are guaranteed by its wholly owned subsidiaries. Rosetta Resources Inc., as the parent company, has no independent assets or operations. The guarantees are full and unconditional and joint and several. In addition, there are no restrictions on the ability of the Company to obtain funds from its subsidiaries by dividend or loan. Finally, none of the Company’s subsidiaries has restricted assets that exceed 25% of net assets as of the most recent fiscal year which may not be transferred to the Company in the form of loans, advances or cash dividends by the subsidiaries without the consent of a third party.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Recent Accounting Developments	Recent Accounting Developments In January 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-01, Income Statement - Extraordinary and Unusual Items In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2015
Extractive Industries [Abstract]
Schedule of Total Property, Plant and Equipment, Net	The Company’s total property and equipment consists of the following: June 30, 2015 December 31, 2014 (In thousands) Proved properties $ 5,566,386 $ 5,337,537 Unproved/unevaluated properties 517,031 550,979 Gathering systems and compressor stations 281,233 285,989 Other fixed assets 31,904 34,339 Total 6,396,554 6,208,844 Less: Accumulated depreciation, depletion and amortization, including impairment (3,660,636 ) (2,434,003 ) Total property and equipment, net $ 2,735,918 $ 3,774,841

Commodity Derivative Contracts

Commodity Derivative Contracts (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	As of June 30, 2015, the following derivative contracts were outstanding with associated notional volumes and average underlying prices that represent hedged prices of commodities at various market locations: Product Settlement Derivative Notional Total Average Average Crude oil 2015 Costless Collar 8,000 1,472,000 $ 55.00 $ 84.80 Crude oil 2015 Swap 12,000 2,208,000 89.81 Crude oil 2016 Swap 6,000 2,196,000 90.28 5,876,000 Product Settlement Derivative Notional Total Average per Bbl NGL-Ethane 2015 Swap 3,476 639,619 $ 11.31 NGL-Propane 2015 Swap 1,750 322,000 43.35 NGL-Isobutane 2015 Swap 617 113,467 53.05 NGL-Normal Butane 2015 Swap 579 106,457 52.53 NGL-Pentanes Plus 2015 Swap 579 106,457 77.72 1,288,000 Product Settlement Derivative Notional Total Average Average Natural gas 2015 Costless Collar 50,000 9,200,000 $ 3.60 $ 5.04 Natural gas 2016 Costless Collar 40,000 14,640,000 3.50 5.58 Natural gas 2015 Swap 50,000 9,200,000 4.13 Natural gas 2016 Swap 30,000 10,980,000 4.04 44,020,000
Schedule of Derivative Instruments in Statement of Financial Position	The following table sets forth information on the location and amounts of the Company’s derivative instrument fair values in the Consolidated Balance Sheet as of June 30, 2015 and December 31, 2014, respectively: Asset (Liability) Fair Value June 30, 2015 December 31, 2014 Commodity derivative contracts Location on Consolidated Balance Sheet (In thousands) Oil Derivative instruments - current assets $ 93,541 $ 151,363 Oil Derivative instruments - non-current assets 27,788 54,187 NGL Derivative instruments - current assets 17,598 35,992 Natural gas Derivative instruments - current assets 28,168 33,895 Natural gas Derivative instruments - non-current assets 8,045 11,232 Total derivative fair value, net, not designated as hedging instruments $ 175,140 $ 286,669
Schedule of Derivative Gains and Losses Included in Derivative Instrument in Consolidated Statement of Operations	The following table sets forth the type and amount of derivative gains and losses included in Derivative instruments in the Consolidated Statement of Operations for the three and six months ended June 30, 2015 and 2014, respectively: Three Months Ended June 30, Six Months Ended June 30, Location on Consolidated Statement of Operations Description of Gain (Loss) 2015 2014 2015 2014 (In thousands) Derivative instruments Realized gain (loss) recognized in income $ 55,186 $ (5,714 ) $ 117,389 $ (13,651 ) Derivative instruments Unrealized loss recognized in income (96,829 ) (43,681 ) (111,529 ) (59,529 ) Total commodity derivative gain (loss) recognized in income $ (41,643 ) $ (49,395 ) $ 5,860 $ (73,180 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis	The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis for the respective period: Fair value as of June 30, 2015 Level 1 Level 2 Level 3 Netting (1) Total (In thousands) Assets: Commodity derivative contracts $ — $ — $ 175,773 $ (633 ) $ 175,140 Liabilities: Commodity derivative contracts — — (633 ) 633 — Total fair value $ — $ — $ 175,140 $ — $ 175,140 Fair value as of December 31, 2014 Level 1 Level 2 Level 3 Netting (1) Total (In thousands) Assets: Commodity derivative contracts $ — $ — $ 289,878 $ (3,209 ) $ 286,669 Liabilities: Commodity derivative contracts — — (3,209 ) 3,209 — Total fair value $ — $ — $ 286,669 $ — $ 286,669 (1) Represents the impact of netting commodity derivative assets and liabilities with counterparties where the Company has the contractual right and intends to net settle. No margin or collateral balances are deposited with counterparties and as such, gross amounts are offset to determine the net amounts presented in the Consolidated Balance Sheet.
Schedule of Valuation Process and Unobservable Inputs	The following table presents a range of the unobservable inputs provided by the Company’s third-party provider utilized in the fair value measurements of the Company’s assets and liabilities classified as Level 3 instruments as of June 30, 2015 (in thousands): Level 3 Instrument Asset (Liability) Valuation Technique Unobservable Input Range Weighted Average Minimum Maximum Oil swaps $ 120,220 Discounted cash flow Forward price curve-swaps $ 59.60 $ 65.58 $ 62.58 Oil costless collars 1,109 Option model Forward price curve-costless collar option value (0.35 ) 2.11 0.75 NGL swaps 17,598 Discounted cash flow Forward price curve-swaps 0.20 1.24 0.43 Natural gas swaps 21,152 Discounted cash flow Forward price curve-swaps (0.08 ) 3.41 3.04 Natural gas costless collars 15,061 Option model Forward price curve-costless collar option value (0.06 ) 1.04 0.63 Total $ 175,140
Schedule of Fair Value Assets and Liabilities Classified	The tables below present reconciliations of financial assets and liabilities classified as Level 3 in the fair value hierarchy during the indicated periods. Derivative Asset (In thousands) Balance at January 1, 2015 $ 286,669 Total Gains (Realized or Unrealized): Included in Earnings 5,860 Purchases, Issuances and Settlements: Settlements (117,389 ) Transfers in and out of Level 3 — Balance at June 30, 2015 $ 175,140 Derivative Asset (In thousands) Balance at January 1, 2014 $ 4,419 Total Losses (Realized or Unrealized): Included in Earnings (73,180 ) Purchases, Issuances and Settlements: Settlements 13,651 Transfers in and out of Level 3 — Balance at June 30, 2014 $ (55,110 )

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	Activity related to the Company’s ARO is as follows: Six Months Ended (In thousands) ARO as of December 31, 2014 $ 19,957 Liabilities incurred during period 67 Liabilities settled during period (554 ) Accretion expense 646 ARO as of June 30, 2015 $ 20,116

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Future Obligations Under Firm Gas and Oil Transportation Agreements	Future obligations under firm oil and natural gas transportation and processing agreements as of June 30, 2015 are as follows: June 30, 2015 (In thousands) 2015 $ 15,250 2016 31,739 2017 31,289 2018 18,159 2019 15,900 Thereafter 86,507 Total future obligations $ 198,844

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Basic and Diluted Weighted Average Shares Outstanding	The following is a calculation of basic and diluted weighted average shares outstanding: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Basic weighted average number of shares outstanding 75,555 61,452 69,850 61,416 Dilution effect of stock options and restricted shares at the end of the period (1) — 165 — 183 Diluted weighted average number of shares outstanding 75,555 61,617 69,850 61,599 Anti-dilutive stock awards and shares 238 — 199 5 (1) Because the Company recognized a net loss for the three and six months ended June 30, 2015, no unvested stock awards and options were included in computing earnings per share because the effect was anti-dilutive.

Stock-Based Compensation and 29

Stock-Based Compensation and Employee Benefits (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock-Based Compensation Expense	As of the indicated dates, stock-based compensation expense consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Total stock-based compensation expense $ 4,956 $ 4,158 $ 8,059 $ 7,639 Capitalized in oil and gas properties (153 ) (123 ) (306 ) (246 ) Net stock-based compensation expense $ 4,803 $ 4,035 $ 7,753 $ 7,393

Definitive Merger Agreement - A

Definitive Merger Agreement - Additional Information (Detail)	May. 10, 2015$ / shares	Jun. 30, 2015$ / shares	Dec. 31, 2014$ / shares
Business Acquisition [Line Items]
Common stock, par value		$ 0.001	$ 0.001
Merger agreement closing date	Jul. 20, 2015
Merger Agreement [Member]
Business Acquisition [Line Items]
Common stock, par value	$ 0.001
Business acquisition, exchange ratio	0.542
Noble Energy [Member]
Business Acquisition [Line Items]
Common stock, par value	$ 0.01

Property and Equipment - Schedu

Property and Equipment - Schedule of Total Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Capitalized Costs, Oil and Gas Producing Activities, Net [Abstract]
Proved properties	$ 5,566,386	$ 5,337,537
Unproved/unevaluated properties	517,031	550,979
Gathering systems and compressor stations	281,233	285,989
Other fixed assets	31,904	34,339
Total property and equipment, gross	6,396,554	6,208,844
Less: Accumulated depreciation, depletion and amortization, including impairment	(3,660,636)	(2,434,003)
Total property and equipment, net	$ 2,735,918	$ 3,774,841

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) $ in Millions	Dec. 30, 2013USD ($)aWell	Jun. 30, 2015USD ($)$ / MMBTU$ / bbl	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)$ / MMBTU$ / bbl	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Property, Plant and Equipment [Line Items]
Capitalized internal expense		$ 2.2	$ 2.1	$ 4.3	$ 3.7
Oil and natural gas properties excluded from amortization, full cost method				517		$ 551
Pre-tax write-down of assets		$ 245.2		$ 1,000
Adjusted For Basis And Quality Differentials [Member]
Property, Plant and Equipment [Line Items]
West Texas Intermediate oil price (per Bbl) | $ / bbl		68.17		68.17
Henry Hub natural gas price (per MMBtu) | $ / MMBTU		3.39		3.39
Delaware Basin [Member]
Property, Plant and Equipment [Line Items]
Area of land acquired | a	5,034
Number of wells acquired | Well	13
Number of operating wells | Well	11
Payments to acquire businesses	$ 83.8
Acquisition date				Feb. 28, 2014
Acquisition effective date				Dec. 1, 2013

Commodity Derivative Contract33

Commodity Derivative Contracts - Schedule of Derivative Instruments (Detail) - Jun. 30, 2015	MMBTU$ / MMBTU$ / bblbbl
Crude Oil [Member]
Derivative [Line Items]
Total Notional Volume	5,876,000
NGL-Product [Member]
Derivative [Line Items]
Total Notional Volume	1,288,000
Natural Gas [Member]
Derivative [Line Items]
Total Notional Volume MMBtu | MMBTU	44,020,000
Costless Collar [Member] | 2015 Settlement Period [Member] | Crude Oil [Member]
Derivative [Line Items]
Notional Daily Volume	8,000
Total Notional Volume	1,472,000
Average Floor/Fixed Prices | $ / bbl	55
Average Ceiling/Fixed Prices | $ / bbl	84.80
Costless Collar [Member] | 2015 Settlement Period [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional Daily Volume MMBtu | MMBTU	50,000
Total Notional Volume MMBtu | MMBTU	9,200,000
Average Floor/Fixed Prices | $ / MMBTU	3.60
Average Ceiling/Fixed Prices | $ / MMBTU	5.04
Costless Collar [Member] | 2016 Settlement Period [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional Daily Volume MMBtu | MMBTU	40,000
Total Notional Volume MMBtu | MMBTU	14,640,000
Average Floor/Fixed Prices | $ / MMBTU	3.50
Average Ceiling/Fixed Prices | $ / MMBTU	5.58
Swap [Member] | 2015 Settlement Period [Member] | Crude Oil [Member]
Derivative [Line Items]
Notional Daily Volume	12,000
Total Notional Volume	2,208,000
Average Floor/Fixed Prices | $ / bbl	89.81
Swap [Member] | 2015 Settlement Period [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional Daily Volume MMBtu | MMBTU	50,000
Total Notional Volume MMBtu | MMBTU	9,200,000
Average Floor/Fixed Prices | $ / MMBTU	4.13
Swap [Member] | 2015 Settlement Period [Member] | NGL-Ethane [Member]
Derivative [Line Items]
Notional Daily Volume	3,476
Total Notional Volume	639,619
Average Floor/Fixed Prices | $ / bbl	11.31
Swap [Member] | 2015 Settlement Period [Member] | NGL-Propane [Member]
Derivative [Line Items]
Notional Daily Volume	1,750
Total Notional Volume	322,000
Average Floor/Fixed Prices | $ / bbl	43.35
Swap [Member] | 2015 Settlement Period [Member] | NGL-Isobutane [Member]
Derivative [Line Items]
Notional Daily Volume	617
Total Notional Volume	113,467
Average Floor/Fixed Prices | $ / bbl	53.05
Swap [Member] | 2015 Settlement Period [Member] | NGL-Normal Butane [Member]
Derivative [Line Items]
Notional Daily Volume	579
Total Notional Volume	106,457
Average Floor/Fixed Prices | $ / bbl	52.53
Swap [Member] | 2015 Settlement Period [Member] | NGL-Pentanes Plus [Member]
Derivative [Line Items]
Notional Daily Volume	579
Total Notional Volume	106,457
Average Floor/Fixed Prices | $ / bbl	77.72
Swap [Member] | 2016 Settlement Period [Member] | Crude Oil [Member]
Derivative [Line Items]
Notional Daily Volume	6,000
Total Notional Volume	2,196,000
Average Floor/Fixed Prices | $ / bbl	90.28
Swap [Member] | 2016 Settlement Period [Member] | Natural Gas [Member]
Derivative [Line Items]
Notional Daily Volume MMBtu | MMBTU	30,000
Total Notional Volume MMBtu | MMBTU	10,980,000
Average Floor/Fixed Prices | $ / MMBTU	4.04

Commodity Derivative Contract34

Commodity Derivative Contracts - Schedule of Derivative Instruments in Statement of Financial Position (Detail) - Commodity Contracts [Member] - Derivatives Not Designated As Hedging Instruments [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivatives Fair Value [Line Items]
Fair value of derivative instruments	$ 175,140	$ 286,669
Current Assets [Member] | Crude Oil [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative instruments	93,541	151,363
Current Assets [Member] | NGL [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative instruments	17,598	35,992
Current Assets [Member] | Natural Gas [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative instruments	28,168	33,895
Non-Current Assets [Member] | Crude Oil [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative instruments	27,788	54,187
Non-Current Assets [Member] | Natural Gas [Member]
Derivatives Fair Value [Line Items]
Fair value of derivative instruments	$ 8,045	$ 11,232

Commodity Derivative Contract35

Commodity Derivative Contracts - Schedule of Derivative Gains and Losses Included in Derivative Instrument in Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Realized gain (loss) recognized in income	$ 55,186	$ (5,714)	$ 117,389	$ (13,651)
Unrealized loss recognized in income	(96,829)	(43,681)	(111,529)	(59,529)
Total commodity derivative gain (loss) recognized in income	$ (41,643)	$ (49,395)	$ 5,860	$ (73,180)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets and liabilities measured on recurring basis	$ 175,140	$ 286,669
Commodity Derivative Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets and liabilities measured on recurring basis	175,140	286,669
Commodity Derivative Contracts Asset [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets and liabilities measured on recurring basis	(633)	(3,209)
Commodity Derivative Contracts Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets and liabilities measured on recurring basis	633	3,209
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets and liabilities measured on recurring basis	175,140	286,669
Level 3 [Member] | Commodity Derivative Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets and liabilities measured on recurring basis	175,773	289,878
Fair value of assets and liabilities measured on recurring basis	(633)	(3,209)
Netting [Member] | Commodity Derivative Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets and liabilities measured on recurring basis	(633)	(3,209)
Fair value of assets and liabilities measured on recurring basis	$ 633	$ 3,209

Fair Value Measurements - Sch37

Fair Value Measurements - Schedule of Valuation Process and Unobservable Inputs (Detail) - Jun. 30, 2015 - Level 3 [Member] $ in Thousands	USD ($)$ / MMBTU
Derivative assets, Valuation Technique
Fair Value, Derivative Asset (Liability) | $	$ 175,140
Bbl [Member] | Derivative Assets [Member] | Crude Oil [Member] | Swap [Member]
Derivative assets, Valuation Technique
Fair Value, Derivative Asset (Liability) | $	120,220
Bbl [Member] | Derivative Assets [Member] | Crude Oil [Member] | Costless Collar [Member]
Derivative assets, Valuation Technique
Fair Value, Derivative Asset (Liability) | $	$ 1,109
Bbl [Member] | Derivative Assets [Member] | Minimum [Member] | Crude Oil [Member] | Swap [Member]
Derivative assets, Valuation Technique
Forward Price Curve	59.60
Bbl [Member] | Derivative Assets [Member] | Minimum [Member] | Crude Oil [Member] | Costless Collar [Member]
Derivative assets, Valuation Technique
Forward Price Curve	(0.35)
Bbl [Member] | Derivative Assets [Member] | Maximum [Member] | Crude Oil [Member] | Swap [Member]
Derivative assets, Valuation Technique
Forward Price Curve	65.58
Bbl [Member] | Derivative Assets [Member] | Maximum [Member] | Crude Oil [Member] | Costless Collar [Member]
Derivative assets, Valuation Technique
Forward Price Curve	2.11
Bbl [Member] | Derivative Assets [Member] | Weighted Average [Member] | Crude Oil [Member] | Swap [Member]
Derivative assets, Valuation Technique
Forward Price Curve	62.58
Bbl [Member] | Derivative Assets [Member] | Weighted Average [Member] | Crude Oil [Member] | Costless Collar [Member]
Derivative assets, Valuation Technique
Forward Price Curve	0.75
MMBtu [Member] | Derivative Assets [Member] | NGL [Member] | Swap [Member]
Derivative assets, Valuation Technique
Fair Value, Derivative Asset (Liability) | $	$ 17,598
MMBtu [Member] | Derivative Assets [Member] | Natural Gas [Member] | Swap [Member]
Derivative assets, Valuation Technique
Fair Value, Derivative Asset (Liability) | $	21,152
MMBtu [Member] | Derivative Assets [Member] | Natural Gas [Member] | Costless Collar [Member]
Derivative assets, Valuation Technique
Fair Value, Derivative Asset (Liability) | $	$ 15,061
MMBtu [Member] | Derivative Assets [Member] | Minimum [Member] | NGL [Member] | Swap [Member]
Derivative assets, Valuation Technique
Forward Price Curve	0.20
MMBtu [Member] | Derivative Assets [Member] | Minimum [Member] | Natural Gas [Member] | Swap [Member]
Derivative assets, Valuation Technique
Forward Price Curve	(0.08)
MMBtu [Member] | Derivative Assets [Member] | Minimum [Member] | Natural Gas [Member] | Costless Collar [Member]
Derivative assets, Valuation Technique
Forward Price Curve	(0.06)
MMBtu [Member] | Derivative Assets [Member] | Maximum [Member] | NGL [Member] | Swap [Member]
Derivative assets, Valuation Technique
Forward Price Curve	1.24
MMBtu [Member] | Derivative Assets [Member] | Maximum [Member] | Natural Gas [Member] | Swap [Member]
Derivative assets, Valuation Technique
Forward Price Curve	3.41
MMBtu [Member] | Derivative Assets [Member] | Maximum [Member] | Natural Gas [Member] | Costless Collar [Member]
Derivative assets, Valuation Technique
Forward Price Curve	1.04
MMBtu [Member] | Derivative Assets [Member] | Weighted Average [Member] | NGL [Member] | Swap [Member]
Derivative assets, Valuation Technique
Forward Price Curve	0.43
MMBtu [Member] | Derivative Assets [Member] | Weighted Average [Member] | Natural Gas [Member] | Swap [Member]
Derivative assets, Valuation Technique
Forward Price Curve	3.04
MMBtu [Member] | Derivative Assets [Member] | Weighted Average [Member] | Natural Gas [Member] | Costless Collar [Member]
Derivative assets, Valuation Technique
Forward Price Curve	0.63

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair value of derivative instruments	$ 300
Fair market value of total debt	1,930,000
Carrying amount of debt	$ 1,800,000	$ 2,000,000

Fair Value Measurements - Sch39

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Classified (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Fair Value Disclosures [Abstract]
Derivative Asset (Liability) Balance, Beginning	$ 286,669	$ 4,419
Derivative Asset (Liability) Included in Earnings	5,860	(73,180)
Derivative Asset (Liability) Settlements	(117,389)	13,651
Derivative Asset (Liability) Transfers in and out of Level 3	0	0
Derivative Asset (Liability) Balance, Ending	$ 175,140	$ (55,110)

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Asset Retirement Obligations (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Asset Retirement Obligation Disclosure [Abstract]
ARO at the beginning of the period	$ 19,957
Liabilities incurred during period	67
Liabilities settled during period	(554)
Accretion expense	646
ARO at the end of the period	$ 20,116

Asset Retirement Obligations 41

Asset Retirement Obligations - Additional Information (Detail) $ in Millions	Jun. 30, 2015USD ($)
Asset Retirement Obligation Disclosure [Abstract]
Current portion of ARO	$ 0.2
Long-term portion of ARO	$ 19.9

Debt and Credit Agreements - Ad

Debt and Credit Agreements - Additional Information (Detail) - USD ($) $ in Thousands	May. 05, 2014	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	May. 29, 2014	Nov. 15, 2013	May. 02, 2013
Line of Credit Facility [Line Items]
Credit Facility, expiration date			Apr. 30, 2018
Weighted average borrowing rate under Restated Revolver		3.09%	2.05%
Pre-tax SEC PV-10 reserve value, percentage			80.00%
Pledge of membership and limited partnership interests percentage			100.00%
Current ratio			3.90%
Senior secured leverage ratio		0.00%	0.00%
Interest coverage ratio		5.40%	5.40%
Total outstanding borrowings		$ 1,800,000	$ 1,800,000	$ 2,000,000
Weighted average borrowing rate		5.73%	5.73%
5.625% Senior Notes due 2021 [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage							5.625%
Debt maturity date			Senior Notes due 2021
Issuance of aggregate principal amount							$ 700,000
5.875% Senior Notes due 2022 [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage						5.875%
Debt maturity date			Senior Notes due 2022
Issuance of aggregate principal amount						$ 600,000
5.875% Senior Notes due 2024 [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage					5.875%
Debt maturity date			Senior Notes due 2024
Issuance of aggregate principal amount					$ 500,000
9.500% Senior Notes due 2018 [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage	9.50%
Debt maturity date			Senior Notes due 2018
Redemption term of long-term debt			104.75% of the principal amount, plus accrued and unpaid interest
Redemption of debt instrument	$ 210,600
Redemption of debt instrument (call premium)	9,500
9.500% Senior Notes due 2018 [Member] | Accounts Payable and Accrued Liabilities [Member]
Line of Credit Facility [Line Items]
Accrued and unpaid interest	$ 1,100
Minimum [Member]
Line of Credit Facility [Line Items]
Current ratio			1.00%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage		2.50%	2.50%
Alternative Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage		0.50%	0.50%
Alternative Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage		1.50%	1.50%
Amended and Restated Senior Revolving Credit Agreement [Member]
Line of Credit Facility [Line Items]
Amount outstanding		$ 0	$ 0
Available borrowing capacity		$ 800,000	$ 800,000
Amended and Restated Senior Revolving Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Debt instrument, interest rate, stated percentage		1.50%	1.50%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest expense on Credit Facility		$ 100	$ 1,200
Commitment fees on Credit Facility		$ 800	$ 1,300

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Effective tax rate	4.00%	36.70%	24.10%	35.70%
Unrecognized tax benefits	$ 0		$ 0		$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - Jun. 30, 2015 $ in Thousands, MMBTU in Millions	USD ($)MBbls	USD ($)MMBTUDrilling_RigMBbls
Oil and Gas Delivery Commitments and Contracts [Line Items]
Accrued deficiency fees	$ 9,200	$ 9,200
Number of outstanding drilling rig commitments | Drilling_Rig		0
Outstanding commitments		$ 2,800
Minimum remaining contractual commitment for other field services		5,100
Rig termination fees	6,700	21,800
Reserve for commercial disputes		9,200
Total reserve related to dispute	$ 15,000	$ 15,000
Oil Commitments (MMBbls) [Member]
Oil and Gas Delivery Commitments and Contracts [Line Items]
Oil and gas delivery transportation commitments | MBbls	8.2	8.2
Natural Gas Commitments (MMBtus) [Member]
Oil and Gas Delivery Commitments and Contracts [Line Items]
Oil and gas delivery transportation commitments | MMBTU		561

Commitments and Contingencies45

Commitments and Contingencies - Future Obligations Under Firm Gas and Oil Transportation Agreements (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Oil and Gas Delivery Commitments and Contracts Additional Information [Abstract]
2,015	$ 15,250
2,016	31,739
2,017	31,289
2,018	18,159
2,019	15,900
Thereafter	86,507
Total future obligations	$ 198,844

Equity - Schedule of Basic and

Equity - Schedule of Basic and Diluted Weighted Average Shares Outstanding (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Basic weighted average number of shares outstanding	75,555	61,452	69,850	61,416
Dilution effect of stock options and restricted shares at the end of the period		165		183
Diluted weighted average number of shares outstanding	75,555	61,617	69,850	61,599
Anti-dilutive stock awards and shares	238		199	5

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Apr. 08, 2015	Mar. 13, 2015	Jun. 30, 2015
Equity [Line Items]
Common stock price per share		$ 17.20
Selling price per share net of underwriting discount		$ 17.04
Net proceeds from equity issue			$ 234,787
Underwriters Over-Allotment Option [Member]
Equity [Line Items]
Public offering of common stock	1,800,000
Common Stock [Member]
Equity [Line Items]
Public offering of common stock		12,000,000	13,800,000
Net proceeds from equity issue		$ 204,500
Common Stock [Member] | Underwriters Over-Allotment Option [Member]
Equity [Line Items]
Net proceeds from equity issue	$ 30,700

Stock-Based Compensation and 48

Stock-Based Compensation and Employee Benefits - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total stock-based compensation expense	$ 4,956	$ 4,158	$ 8,059	$ 7,639
Capitalized in oil and gas properties	(153)	(123)	(306)	(246)
Net stock-based compensation expense	$ 4,803	$ 4,035	$ 7,753	$ 7,393

Stock-Based Compensation and 49

Stock-Based Compensation and Employee Benefits - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 4,803	$ 4,035	$ 7,753	$ 7,393
Stock-based compensation expense associated with PSUs	4,956	$ 4,158	8,059	$ 7,639
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3,300		6,300
Unrecognized stock-based compensation expense	19,000		19,000
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	16,900		$ 16,900
PSUs performance period, in years			3 years
Stock-based compensation expense associated with PSUs	$ 1,600		$ 1,800
Number of shares vested range, percentage of targeted amounts			200.00%

Guarantor Subsidiaries - Additi

Guarantor Subsidiaries - Additional Information (Detail) - 6 months ended Jun. 30, 2015	Total
Guarantees [Abstract]
Number of subsidiaries with restricted assets that exceed 25% of net assets	none
Maximum percentage of non-transferrable net assets	25.00%