Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 24, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ROSE | ' |
Entity Registrant Name | 'ROSETTA RESOURCES INC. | ' |
Entity Central Index Key | '0001340282 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 61,489,705 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $23,627 | $193,784 |
Accounts receivable | 154,268 | 122,677 |
Derivative instruments | 14,249 | 4,307 |
Prepaid expenses | 9,050 | 9,860 |
Deferred income taxes | 1,524 | 27,976 |
Other current assets | 5,032 | 1,284 |
Total current assets | 207,750 | 359,888 |
Oil and natural gas properties using the full cost method of accounting: | ' | ' |
Proved properties | 5,172,365 | 3,951,397 |
Unproved/unevaluated properties, not subject to amortization | 535,041 | 755,438 |
Gathering systems and compressor stations | 278,045 | 168,730 |
Other fixed assets | 29,794 | 26,362 |
Total property and equipment, gross | 6,015,245 | 4,901,927 |
Accumulated depreciation, depletion and amortization, including impairment | -2,313,109 | -2,020,879 |
Total property and equipment, net | 3,702,136 | 2,881,048 |
Other assets: | ' | ' |
Debt issuance costs | 26,756 | 25,602 |
Derivative instruments | 8,347 | 5,458 |
Other long-term assets | 281 | 4,622 |
Total other assets | 35,384 | 35,682 |
Total assets | 3,945,270 | 3,276,618 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 236,058 | 190,950 |
Royalties and other payables | 114,164 | 78,264 |
Derivative instruments | ' | 4,913 |
Total current liabilities | 350,222 | 274,127 |
Long-term liabilities: | ' | ' |
Derivative instruments | 966 | 433 |
Long-term debt | 1,910,000 | 1,500,000 |
Deferred income taxes | 179,833 | 136,407 |
Other long-term liabilities | 19,705 | 17,317 |
Total liabilities | 2,460,726 | 1,928,284 |
Commitments and Contingencies (Note 9) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value; authorized 5,000,000 shares; no shares issued in 2014 or 2013 | 0 | 0 |
Common stock, $0.001 par value; authorized 150,000,000 shares; issued 62,272,702 shares and 62,032,162 shares at September 30, 2014 and December 31, 2013, respectively | 62 | 61 |
Additional paid-in capital | 1,193,492 | 1,182,672 |
Treasury stock, at cost; 785,185 shares and 724,755 shares at September 30, 2014 and December 31, 2013, respectively | -27,308 | -24,592 |
Accumulated other comprehensive loss | -98 | -108 |
Retained earnings | 318,396 | 190,301 |
Total stockholders' equity | 1,484,544 | 1,348,334 |
Total liabilities and stockholders' equity | $3,945,270 | $3,276,618 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 62,272,702 | 62,032,162 |
Treasury stock, shares | 785,185 | 724,755 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Oil sales | $168,016 | $140,172 | $462,396 | $353,119 |
NGL sales | 66,003 | 50,857 | 176,740 | 144,236 |
Natural gas sales | 54,359 | 34,136 | 157,878 | 108,369 |
Derivative instruments | 77,215 | -30,597 | 4,035 | 3,484 |
Total revenues | 365,593 | 194,568 | 801,049 | 609,208 |
Operating costs and expenses: | ' | ' | ' | ' |
Lease operating expense | 26,952 | 15,854 | 71,537 | 35,982 |
Treating and transportation | 23,638 | 18,807 | 62,933 | 52,414 |
Taxes, other than income | 13,191 | 7,896 | 35,656 | 24,286 |
Depreciation, depletion and amortization | 128,255 | 60,915 | 293,670 | 153,382 |
Reserve for commercial disputes | 5,800 | ' | 5,800 | ' |
General and administrative costs | 23,438 | 18,790 | 64,643 | 52,830 |
Total operating costs and expenses | 221,274 | 122,262 | 534,239 | 318,894 |
Operating income | 144,319 | 72,306 | 266,810 | 290,314 |
Other expense (income): | ' | ' | ' | ' |
Interest expense, net of interest capitalized | 21,011 | 6,907 | 53,628 | 26,009 |
Interest income | -1 | ' | -14 | ' |
Other expense | -116 | 620 | 12,531 | 1,061 |
Total other expense | 20,894 | 7,527 | 66,145 | 27,070 |
Income before provision for income taxes | 123,425 | 64,779 | 200,665 | 263,244 |
Income tax expense | 45,017 | 23,754 | 72,570 | 93,387 |
Net income | $78,408 | $41,025 | $128,095 | $169,857 |
Earnings per share: | ' | ' | ' | ' |
Basic | $1.28 | $0.67 | $2.08 | $2.95 |
Diluted | $1.27 | $0.67 | $2.08 | $2.93 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 61,484 | 61,152 | 61,439 | 57,656 |
Diluted | 61,675 | 61,364 | 61,636 | 57,924 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $78,408 | $41,025 | $128,095 | $169,857 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Amortization of accumulated other comprehensive gain (loss) related to de-designated hedges, net of income taxes of $58 and ($97) for the three and nine months ended September 30, 2013, respectively | ' | -102 | ' | 171 |
Postretirement medical benefits prior service benefit (cost), net of income taxes of ($2) and ($3) for the three months ended September 30, 2014 and 2013, respectively, and ($6) and $98 for the nine months ended September 30, 2014 and 2013, respectively | 4 | 6 | 10 | -173 |
Other comprehensive income (loss) | 4 | -96 | 10 | -2 |
Comprehensive income | $78,412 | $40,929 | $128,105 | $169,855 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Amortization of accumulated other comprehensive gain (loss) related to de-designated hedges, income taxes expense (benefit) | ' | $58 | ' | ($97) |
Postretirement medical benefits prior service cost, tax (expense) benefit | ($2) | ($3) | ($6) | $98 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $128,095 | $169,857 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 293,670 | 153,382 |
Deferred income taxes | 69,914 | 89,358 |
Amortization of deferred loan fees recorded as interest expense | 2,866 | 7,674 |
Loss on debt extinguishment | 3,101 | ' |
Stock-based compensation expense | 9,821 | 8,293 |
(Gain) loss due to change in fair value of derivative instruments | -17,211 | 3,280 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | -31,592 | -11,230 |
Prepaid expenses | 2,053 | -652 |
Other current assets | -3,749 | 171 |
Long-term assets | 90 | -105 |
Accounts payable and accrued liabilities | 17,848 | 32,347 |
Royalties and other payables | 35,899 | 19,201 |
Other long-term liabilities | -14 | 4,189 |
Excess tax benefit from share-based awards | ' | -6,342 |
Net cash provided by operating activities | 510,791 | 469,423 |
Cash flows from investing activities: | ' | ' |
Acquisitions of oil and gas assets | -79,600 | -952,703 |
Additions to oil and gas assets | -1,000,816 | -568,140 |
Disposals of oil and gas assets | 8 | -1,402 |
Net cash used in investing activities | -1,080,408 | -1,522,245 |
Cash flows from financing activities: | ' | ' |
Borrowings on Credit Facility | 795,000 | 580,000 |
Payments on Credit Facility | -685,000 | -515,000 |
Issuance of Senior Notes | 500,000 | 700,000 |
Retirement of Senior Notes | -200,000 | ' |
Proceeds from issuance of common stock | ' | 329,008 |
Deferred loan fees | -8,364 | -18,102 |
Proceeds from stock options exercised | 375 | 4,582 |
Purchases of treasury stock | -2,716 | -6,838 |
Excess tax benefit from share-based awards | 165 | 6,342 |
Net cash provided by financing activities | 399,460 | 1,079,992 |
Net (decrease) increase in cash | -170,157 | 27,170 |
Cash and cash equivalents, beginning of period | 193,784 | 36,786 |
Cash and cash equivalents, end of period | 23,627 | 63,956 |
Supplemental disclosures: | ' | ' |
Capital expenditures included in Accounts payable and accrued liabilities | $145,956 | $126,780 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2013 | $1,348,334 | $61 | $1,182,672 | ($24,592) | ($108) | $190,301 |
Balance, Common Stock Shares at Dec. 31, 2013 | 62,032,162 | 62,032,162 | ' | ' | ' | ' |
Balance, Treasury Stock, Shares at Dec. 31, 2013 | 724,755 | ' | ' | 724,755 | ' | ' |
Excess tax benefit from share-based awards | 165 | ' | 165 | ' | ' | ' |
Stock options exercised | 376 | 1 | 375 | ' | ' | ' |
Stock options exercised, shares | ' | 19,000 | ' | ' | ' | ' |
Treasury stock - employee tax payment | -2,716 | ' | ' | -2,716 | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | ' | 60,430 | ' | ' |
Stock-based compensation | 10,280 | ' | 10,280 | ' | ' | ' |
Vesting of restricted stock, Shares | ' | 221,540 | ' | ' | ' | ' |
Comprehensive income | 128,105 | ' | ' | ' | 10 | 128,095 |
Balance at Sep. 30, 2014 | $1,484,544 | $62 | $1,193,492 | ($27,308) | ($98) | $318,396 |
Balance, Common Stock, Shares at Sep. 30, 2014 | 62,272,702 | 62,272,702 | ' | ' | ' | ' |
Balance, Treasury Stock, Shares at Sep. 30, 2014 | 785,185 | ' | ' | 785,185 | ' | ' |
Organization_and_Operations_of
Organization and Operations of the Company | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization and Operations of the Company | ' |
(1) Organization and Operations of the Company | |
Nature of Operations. Rosetta Resources Inc. (together with its consolidated subsidiaries, the “Company”) is an independent exploration and production company engaged in the acquisition and development of onshore energy resources in the United States of America. The Company’s operations are located in the Eagle Ford shale in South Texas and the Permian Basin in West Texas. | |
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, 2013 (“2013 Annual Report”). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
(2) Summary of Significant Accounting Policies | |
The Company has provided a discussion of significant accounting policies, estimates and judgments in its 2013 Annual Report. There have been no changes to the Company’s significant accounting policies since December 31, 2013. | |
Recent Accounting Developments | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. The ASU will supersede most of the existing revenue recognition requirements in GAAP and will require entities to recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. The new standard also requires disclosures sufficient to enable users to understand an entity’s nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The pronouncement is effective for annual and interim reporting periods beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. This guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations, or cash flows. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Extractive Industries [Abstract] | ' | ||||||||||||||||
Property and Equipment | ' | ||||||||||||||||
(3) Property and Equipment | |||||||||||||||||
The Company’s Total property and equipment, net consists of the following: | |||||||||||||||||
30-Sep-14 | December 31, 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Proved properties | $ | 5,172,365 | $ | 3,951,397 | |||||||||||||
Unproved/unevaluated properties | 535,041 | 755,438 | |||||||||||||||
Gathering systems and compressor stations | 278,045 | 168,730 | |||||||||||||||
Other fixed assets | 29,794 | 26,362 | |||||||||||||||
Total | 6,015,245 | 4,901,927 | |||||||||||||||
Less: Accumulated depreciation, depletion and amortization | (2,313,109 | ) | (2,020,879 | ) | |||||||||||||
Total property and equipment, net | $ | 3,702,136 | $ | 2,881,048 | |||||||||||||
Acquisitions | |||||||||||||||||
2014 Permian Acquisition. On December 30, 2013, the Company entered into a definitive agreement with several private parties to acquire Delaware Basin assets covering 5,034 net acres located in Reeves County (the “2014 Permian Acquisition”). These assets include 13 gross producing wells, of which 11 are operated by the Company. The Company completed the 2014 Permian Acquisition on February 28, 2014, with an effective date of December 1, 2013, for total cash consideration of $83.8 million. | |||||||||||||||||
Gates Ranch Acquisition. In the second quarter of 2013, the Company acquired the remaining 10% working interest in certain producing wells along with a third party’s option to participate in future wells in certain leases of its Gates Ranch leasehold located in the Eagle Ford shale (the “Gates Acquisition”) in Webb County for total cash consideration of approximately $128.1 million. The transaction closed on June 5, 2013 (the “Gates Acquisition Date”) and was financed with borrowings under the Company’s senior secured revolving credit facility (the “Credit Facility”), as described in Note 7 – Debt and Credit Agreements. As of the Gates Acquisition Date, the Company owns a 100% working interest in the entire Gates Ranch leasehold. | |||||||||||||||||
2013 Permian Acquisition. On March 14, 2013, the Company entered into a purchase and sale agreement with Comstock Oil & Gas, LP to purchase producing and undeveloped oil and natural gas interests in the Permian Basin in Gaines and Reeves Counties, Texas (the “2013 Permian Acquisition”). The Company completed the 2013 Permian Acquisition on May 14, 2013, with an effective date of January 1, 2013, for total cash consideration of $825.2 million. The 2013 Permian Acquisition was financed with the proceeds from the Company’s issuance of the 5.625% Senior Notes, as described in Note 7 – Debt and Credit Agreements, and the common stock offering described in Note 10 – Equity. In connection with the 2013 Permian Acquisition and related financings, the Company incurred total transaction costs of approximately $31.0 million, including (i) $5.6 million of commitment fees and related expenses associated with a bridge credit facility (“Bridge Credit Facility”), which were recorded as Interest expense since the Company did not borrow under the Bridge Credit Facility, (ii) $10.0 million of debt issuance costs paid in connection with the issuance of the 5.625% Senior Notes, which were deferred and are being amortized over the term of these senior notes, (iii) $13.1 million of equity issuance costs and related expenses associated with the common stock offering, which were reflected as a reduction of equity proceeds, and (iv) $2.3 million of consulting, investment, advisory, legal and other acquisition-related fees, which were expensed and are included in General and administrative costs. | |||||||||||||||||
The above transactions were accounted for under the acquisition method of accounting, whereby each respective purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values, with any excess of the purchase price over the estimated fair value of the identifiable net assets acquired recorded as goodwill (or shortfall of purchase price versus net fair value recorded as bargain purchase). Based on the final purchase price allocations for these acquisitions, no goodwill or bargain purchase was recognized. The final purchase price allocations for these transactions, representing consideration paid, assets acquired and liabilities assumed as of the respective acquisition dates, are shown in the tables below. | |||||||||||||||||
2014 Permian Acquisition | |||||||||||||||||
Final Total Purchase Price Allocation | |||||||||||||||||
(In thousands) | |||||||||||||||||
Cash consideration | $ | 83,752 | |||||||||||||||
Fair value of assets acquired: | |||||||||||||||||
Oil and natural gas properties | |||||||||||||||||
Proved properties | $ | 61,520 | |||||||||||||||
Unproved/unevaluated properties | 22,525 | ||||||||||||||||
Total assets acquired | $ | 84,045 | |||||||||||||||
Fair value of liabilities assumed: | |||||||||||||||||
Asset retirement obligations | $ | 293 | |||||||||||||||
Net assets acquired | $ | 83,752 | |||||||||||||||
2013 Permian Acquisition and Gates Ranch Acquisition | |||||||||||||||||
Final Total Purchase Price Allocation | |||||||||||||||||
(In thousands) | |||||||||||||||||
Cash consideration | $ | 953,242 | |||||||||||||||
Fair value of assets acquired: | |||||||||||||||||
Other fixed assets | $ | 600 | |||||||||||||||
Oil and natural gas properties | |||||||||||||||||
Proved properties | 290,273 | ||||||||||||||||
Unproved/unevaluated properties | 663,300 | ||||||||||||||||
Total assets acquired | $ | 954,173 | |||||||||||||||
Fair value of liabilities assumed: | |||||||||||||||||
Asset retirement obligations | $ | 931 | |||||||||||||||
Net assets acquired | $ | 953,242 | |||||||||||||||
The fair value measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and therefore represent Level 3 inputs. The fair values of oil and natural gas properties and asset retirement obligations were measured using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs to the valuation of oil and natural gas properties included estimates of: (i) future production, including adjustments for risk; (ii) production rates; (iii) future operating and development costs; (iv) future commodity prices; (v) future cash flows; and (vi) a market-based weighted average cost of capital rate. These inputs required significant judgments and estimates by the Company’s management at the time of the valuation and are the most sensitive and subject to change. See Note 5 – Fair Value Measurements for additional information. | |||||||||||||||||
The results of operations attributable to the 2014 Permian Acquisition were included in the Company’s Consolidated Statement of Operations beginning on March 1, 2014 and increased Total revenues by $3.3 million and $9.2 million, respectively, and Operating income by $0.9 million and $3.2 million, respectively, for the three and nine months ended September 30, 2014. | |||||||||||||||||
The following unaudited pro forma information assumes the transactions and related financings for the 2013 Permian Acquisition and the Gates Acquisition occurred on January 1, 2012 and the 2014 Permian Acquisition occurred on January 1, 2013. The unaudited pro forma information includes the effects of issuing the 5.625% Senior Notes, the issuance of common stock in the equity offering and the use of proceeds from the debt and equity offerings as discussed above. The pro forma results of operations have been prepared by adjusting the Company’s historical results to include the historical results of the acquired assets based on information provided by the sellers, the Company’s knowledge of the acquired properties and the impact of the Company’s purchase price allocation. The Company believes the assumptions used provide a reasonable basis for reflecting the pro forma significant effects directly attributable to the acquisitions and associated financings. The pro forma results of operations do not include any cost savings or other synergies that may result from the acquisitions, or any estimated costs that have been or will be incurred by the Company to integrate these assets. The pro forma information does not purport to represent what the Company’s results of operations would have been if the 2013 Permian Acquisition and Gates Acquisition had occurred on January 1, 2012, and the 2014 Permian Acquisition had occurred on January 1, 2013. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 (1) | 2013 (2) | 2014 (2) | 2013 | ||||||||||||||
(In thousands, except per share and share data) | (In thousands, except per share and share data) | ||||||||||||||||
Total revenues | $ | 365,593 | $ | 200,525 | $ | 804,146 | $ | 658,037 | |||||||||
Net income | 78,408 | 43,284 | 128,840 | 185,049 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 1.28 | $ | 0.71 | $ | 2.1 | $ | 3.03 | |||||||||
Diluted | $ | 1.27 | $ | 0.71 | $ | 2.09 | $ | 3.02 | |||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 61,484 | 61,152 | 61,439 | 61,011 | |||||||||||||
Diluted | 61,675 | 61,364 | 61,636 | 61,279 | |||||||||||||
-1 | No pro forma adjustments were made for the period as all acquisitions and related financings are included in the Company’s historical results. | ||||||||||||||||
-2 | No pro forma adjustments were made related to the 2013 Permian Acquisition and Gates Acquisition for the period as the acquisitions are included in the Company’s historical results. | ||||||||||||||||
Additional Disclosures about Property and Equipment | |||||||||||||||||
The Company capitalizes internal costs directly identified with acquisition, exploration and development activities. The Company capitalized $1.9 million and $1.6 million of internal costs for the three months ended September 30, 2014 and 2013, respectively, and $5.6 million and $5.5 million for the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||
Oil and gas properties include unevaluated property costs of $535.0 million and $755.4 million as of September 30, 2014 and December 31, 2013, 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. During the nine months ended September 30, 2014, the Company transferred $162.9 million of Permian acquisition costs to the full cost pool as a result of development activities in this area. | |||||||||||||||||
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 September 30, 2014, which were based on a West Texas Intermediate oil price of $95.56 per Bbl and a Henry Hub natural gas price of $4.24 per MMBtu (adjusted for basis and quality differentials), respectively. Utilizing these prices, the calculated ceiling amount exceeded the net capitalized cost of oil and natural gas properties as of September 30, 2014, and as a result, no write-down was recorded. It is possible that a write-down of the Company’s oil and gas properties could occur in future periods in the event that oil and natural gas prices significantly decline or the Company experiences significant downward adjustments to its estimated proved reserves. |
Commodity_Derivative_Contracts
Commodity Derivative Contracts | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Commodity Derivative Contracts | ' | ||||||||||||||||||||
(4) 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 September 30, 2014, the following derivative contracts were outstanding with associated notional volumes and average underlying prices that represent hedged prices of commodities at various market locations: | |||||||||||||||||||||
Notional | Total | ||||||||||||||||||||
Daily | Notional | Average | Average | ||||||||||||||||||
Settlement | Derivative | Volume | Volume | Floor/Fixed Prices | Ceiling Prices | ||||||||||||||||
Product | Period | Instrument | (Bbls) | (Bbls) | per Bbl | per Bbl | |||||||||||||||
Crude oil | 2014 | Costless Collar | 3,000 | 276,000 | $ | 83.33 | $ | 109.63 | |||||||||||||
Crude oil | 2014 | Swap | 6,000 | 552,000 | 93.13 | ||||||||||||||||
Crude oil | 2015 | Swap | 12,000 | 4,380,000 | 89.81 | ||||||||||||||||
Crude oil | 2016 | Swap | 6,000 | 2,196,000 | 90.28 | ||||||||||||||||
7,404,000 | |||||||||||||||||||||
Notional | Total | ||||||||||||||||||||
Daily | Notional | Average | |||||||||||||||||||
Settlement | Derivative | Volume | Volume | Fixed Prices | |||||||||||||||||
Product | Period | Instrument | (Bbls) | (Bbls) | per Bbl | ||||||||||||||||
NGL-Ethane | 2014 | Swap | 4,500 | 414,000 | $ | 13.21 | |||||||||||||||
NGL-Propane | 2014 | Swap | 2,785 | 256,220 | 44.71 | ||||||||||||||||
NGL-Isobutane | 2014 | Swap | 930 | 85,560 | 61.26 | ||||||||||||||||
NGL-Normal Butane | 2014 | Swap | 875 | 80,500 | 60.29 | ||||||||||||||||
NGL-Pentanes Plus | 2014 | Swap | 910 | 83,720 | 84.97 | ||||||||||||||||
NGL-Ethane | 2015 | Swap | 3,476 | 1,268,810 | 11.31 | ||||||||||||||||
NGL-Propane | 2015 | Swap | 1,750 | 638,750 | 43.35 | ||||||||||||||||
NGL-Isobutane | 2015 | Swap | 617 | 225,082 | 53.05 | ||||||||||||||||
NGL-Normal Butane | 2015 | Swap | 579 | 211,179 | 52.53 | ||||||||||||||||
NGL-Pentanes Plus | 2015 | Swap | 579 | 211,179 | 77.72 | ||||||||||||||||
3,475,000 | |||||||||||||||||||||
Notional | Total | ||||||||||||||||||||
Daily | Notional | Average | Average | ||||||||||||||||||
Settlement | Derivative | Volume | Volume | Floor/Fixed Prices | Ceiling Prices | ||||||||||||||||
Product | Period | Instrument | (MMBtu) | (MMBtu) | per MMBtu | per MMBtu | |||||||||||||||
Natural gas | 2014 | Costless Collar | 50,000 | 4,600,000 | 3.6 | 4.94 | |||||||||||||||
Natural gas | 2015 | Costless Collar | 50,000 | 18,250,000 | 3.6 | 5.04 | |||||||||||||||
Natural gas | 2016 | Costless Collar | 40,000 | 14,640,000 | 3.5 | 5.58 | |||||||||||||||
Natural gas | 2014 | Swap | 30,000 | 2,760,000 | 4.07 | ||||||||||||||||
Natural gas | 2015 | Swap | 50,000 | 18,250,000 | 4.13 | ||||||||||||||||
Natural gas | 2016 | Swap | 30,000 | 10,980,000 | 4.04 | ||||||||||||||||
69,480,000 | |||||||||||||||||||||
As of September 30, 2014, 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 2013 Annual Report. As of September 30, 2014, the Company had no deposits for collateral regarding commodity derivative positions. | |||||||||||||||||||||
Discontinuance of Hedge Accounting | |||||||||||||||||||||
Effective January 1, 2012, the Company elected to de-designate all commodity contracts previously designated as cash flow hedges as of December 31, 2011 and discontinue hedge accounting prospectively. As of December 31, 2013, all frozen mark-to-market values included in Accumulated other comprehensive income were reclassified into earnings. With the election to de-designate hedging instruments, all of the Company’s derivative instruments are recorded at fair value with unrealized gains and losses recognized immediately in earnings rather than in Accumulated other comprehensive income. These mark-to-market adjustments produce a degree of earnings volatility that can be significant from period to period, but such adjustments have no cash flow impact in the current period. The cash flow impact occurs upon settlement of the underlying contract. | |||||||||||||||||||||
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 September 30, 2014 and December 31, 2013, respectively: | |||||||||||||||||||||
Asset (Liability) Fair Value | |||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||
Commodity derivative contracts | Location on Consolidated Balance Sheet | (In thousands) | |||||||||||||||||||
Oil | Derivative instruments - current assets | $ | 5,853 | $ | 1,299 | ||||||||||||||||
Oil | Derivative instruments - non-current assets | 6,895 | 2,117 | ||||||||||||||||||
Oil | Derivative instruments - current liabilities | — | (5,629 | ) | |||||||||||||||||
Oil | Derivative instruments - non-current liabilities | (545 | ) | — | |||||||||||||||||
NGL | Derivative instruments - current assets | 4,675 | 2,834 | ||||||||||||||||||
NGL | Derivative instruments - non-current assets | 199 | (129 | ) | |||||||||||||||||
NGL | Derivative instruments - current liabilities | — | 461 | ||||||||||||||||||
NGL | Derivative instruments - non-current liabilities | — | (433 | ) | |||||||||||||||||
Natural gas | Derivative instruments - current assets | 3,721 | 174 | ||||||||||||||||||
Natural gas | Derivative instruments - non-current assets | 1,253 | 3,470 | ||||||||||||||||||
Natural gas | Derivative instruments - current liabilities | — | 255 | ||||||||||||||||||
Natural gas | Derivative instruments - non-current liabilities | (421 | ) | — | |||||||||||||||||
Total derivative fair value, net, not designated as hedging instruments | $ | 21,630 | $ | 4,419 | |||||||||||||||||
The following table sets forth information on the location and amounts of derivative gains and losses in the Consolidated Statement of Operations for the three and nine months ended September 30, 2014 and 2013, respectively: | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended | ||||||||||||||||||||
September 30, | |||||||||||||||||||||
Location on Consolidated | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Statement of Operations | Description of (Loss) Gain | (In thousands) | |||||||||||||||||||
Derivative instruments | Gain (loss) recognized in income | 475 | 1,473 | (13,176 | ) | 6,764 | |||||||||||||||
Realized gain (loss) recognized in income | $ | 475 | $ | 1,473 | $ | (13,176 | ) | $ | 6,764 | ||||||||||||
Derivative instruments | Gain (loss) recognized in income due to changes in fair value | $ | 76,740 | $ | (32,229 | ) | $ | 17,211 | $ | (3,012 | ) | ||||||||||
Derivative instruments | Gain (loss) reclassified from Accumulated OCI | — | 159 | — | (268 | ) | |||||||||||||||
Unrealized gain (loss) recognized in income | $ | 76,740 | $ | (32,070 | ) | $ | 17,211 | $ | (3,280 | ) | |||||||||||
Total commodity derivative gain (loss) recognized in income | $ | 77,215 | $ | (30,597 | ) | $ | 4,035 | $ | 3,484 | ||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
(5) 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. See Note 3 – Property and Equipment for more information on the Company’s fair value measurement of non-recurring assets and liabilities related to the 2014 Permian Acquisition. | |||||||||||||||||||||
As defined in the guidance of the Financial Accounting Standards Board (“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 September 30, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (1) | Total | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Money market funds | $ | — | $ | 1,035 | $ | — | $ | — | $ | 1,035 | |||||||||||
Commodity derivative contracts | — | — | 29,724 | (7,128 | ) | 22,596 | |||||||||||||||
Liabilities: | |||||||||||||||||||||
Commodity derivative contracts | — | — | (8,094 | ) | 7,128 | (966 | ) | ||||||||||||||
Total fair value | $ | — | $ | 1,035 | $ | 21,630 | $ | — | $ | 22,665 | |||||||||||
Fair value as of December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (1) | Total | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Money market funds | $ | — | $ | 1,035 | $ | — | $ | — | $ | 1,035 | |||||||||||
Commodity derivative contracts | — | — | 21,675 | (11,910 | ) | 9,765 | |||||||||||||||
Liabilities: | |||||||||||||||||||||
Commodity derivative contracts | — | — | (17,256 | ) | 11,910 | (5,346 | ) | ||||||||||||||
Total fair value | $ | — | $ | 1,035 | $ | 4,419 | $ | — | $ | 5,454 | |||||||||||
-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 September 30, 2014 (in thousands): | |||||||||||||||||||||
Asset (Liability) | Valuation | Range | Weighted | ||||||||||||||||||
Level 3 Instrument | (In thousands) | Technique | Unobservable Input | Minimum | Maximum | Average | |||||||||||||||
Oil swaps | $ | 12,042 | Discounted cash flow | Forward price curve-swaps | $ | 85.3 | $ | 92.73 | $ | 88.51 | |||||||||||
Oil costless collars | 161 | Option model | Forward price curve-costless collar option value | (0.12 | ) | 1.4 | (0.58 | ) | |||||||||||||
NGL swaps | 5,006 | Discounted cash flow | Forward price curve-swaps | 0.24 | 1.95 | 0.76 | |||||||||||||||
NGL swaps | (132 | ) | Discounted cash flow | Forward price curve-swaps | 1.83 | 1.93 | 1.87 | ||||||||||||||
Natural gas swaps | 2,453 | Discounted cash flow | Forward price curve-swaps | (0.02 | ) | 4.35 | 4.05 | ||||||||||||||
Natural gas swaps | (1,120 | ) | Discounted cash flow | Forward price curve-swaps | 4.01 | 4.35 | 4.15 | ||||||||||||||
Natural gas costless collars | 3,220 | Option model | Forward price curve-costless collar option value | (0.22 | ) | 0.37 | (0.09 | ) | |||||||||||||
Total | $ | 21,630 | |||||||||||||||||||
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 $0.1 million as of September 30, 2014. | |||||||||||||||||||||
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 (Liability) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at January 1, 2014 | $ | 4,419 | |||||||||||||||||||
Total Gains (Realized or Unrealized): | |||||||||||||||||||||
Included in Earnings | 4,035 | ||||||||||||||||||||
Purchases, Issuances and Settlements: | |||||||||||||||||||||
Settlements | 13,176 | ||||||||||||||||||||
Transfers in and out of Level 3 | — | ||||||||||||||||||||
Balance at September 30, 2014 | $ | 21,630 | |||||||||||||||||||
Derivative Asset (Liability) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at January 1, 2013 | $ | 20,664 | |||||||||||||||||||
Total Gains (Realized or Unrealized): | |||||||||||||||||||||
Included in Earnings | 3,752 | ||||||||||||||||||||
Purchases, Issuances and Settlements: | |||||||||||||||||||||
Settlements | (6,764 | ) | |||||||||||||||||||
Transfers in and out of Level 3 | — | ||||||||||||||||||||
Balance at September 30, 2013 | $ | 17,652 | |||||||||||||||||||
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 September 30, 2014, the carrying value of cash and cash equivalents (excluding money market funds), 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 September 30, 2014, the carrying amount of total debt was $1.91 billion and the estimated fair value of total debt was $1.89 billion. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||
Asset Retirement Obligations | ' | ||||
(6) 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: | |||||
Nine Months Ended September 30, 2014 | |||||
(In thousands) | |||||
ARO as of December 31, 2013 | $ | 13,057 | |||
Liabilities incurred during period | 2,807 | ||||
Liabilities settled during period | (1,347 | ) | |||
Accretion expense | 741 | ||||
ARO as of September 30, 2014 | $ | 15,258 | |||
As of September 30, 2014, the $4.0 million current portion of the total ARO is included in Accrued liabilities, and the $11.3 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 | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt and Credit Agreements | ' |
(7) Debt and Credit Agreements | |
Senior Secured Revolving Credit Facility. On April 2, 2014, the Company entered into the Omnibus Eighth Amendment to Amended and Restated Senior Revolving Credit Agreement (the “Amendment”) with Wells Fargo Bank, National Association, as administrative agent, and the lenders signatory thereto. The Amendment, among other things, (i) authorized the redemption of the Company’s 9.500% Senior Notes due 2018 (the “9.500% Senior Notes”), (ii) increased the borrowing base from $800.0 million to $950.0 million and (iii) reconfirmed the committed amount under the Credit Facility at $800 million with a maximum credit amount of $1.5 billion. On September 30, 2014, the Company’s semi-annual borrowing base redetermination was completed and the borrowing base and committed amounts under the Credit Facility were reconfirmed by the lenders at $950.0 million and $800.0 million, respectively. | |
As of September 30, 2014, the Company had $110.0 million outstanding with $690.0 million of available borrowing capacity under its Credit Facility. Amounts outstanding under the Credit Facility bear interest at specified margins over the London Interbank Offered Rate (“LIBOR”) of 1.50% to 2.50% and mature in April 2018. Additionally, the Company can borrow under the Credit Facility at the Alternative Base Rate (“ABR”), which is based upon the Prime Rate in effect on such day plus a margin of 0.5% to 1.5% depending on the Company’s utilization percentage. The weighted average borrowing rate under the Credit Facility for the three and nine months ended September 30, 2014 was 1.92% and 2.08%, respectively, exclusive of commitment fees. For the three and nine months ended September 30, 2014, interest expense was $0.4 million and $1.4 million, respectively, and commitment fees were $0.7 million and $2.0 million, respectively, under the Credit Facility. Borrowings under the Credit Facility are collateralized by liens and security interests on substantially all of the Company’s assets, including a mortgage lien on oil and natural gas properties having at least 80% of the pre-tax SEC PV-10 proved reserve value, a guaranty by all of the Company’s domestic subsidiaries and a pledge of 100% of the membership and limited partnership interests of the Company’s domestic subsidiaries. Collateralized amounts under the mortgages are subject to semi-annual reviews based on updated reserve information. The Company is also subject to certain financial covenants, including the requirement to maintain a minimum current ratio of consolidated current assets, including the unused amount of available borrowing capacity, to consolidated current liabilities, excluding certain non-cash obligations, of not less than 1.0 to 1.0 as of the end of each fiscal quarter. The terms of the credit agreement also require the maintenance of a maximum leverage ratio of total debt to earnings before interest expense, income taxes and noncash items, such as depreciation, depletion, amortization and impairment, of not greater than 4.0 to 1.0, calculated at the end of each fiscal quarter for the four fiscal quarters then ended, measured quarterly after giving pro forma effect to acquisitions and divestitures. As of September 30, 2014, the Company’s current ratio was 2.6 and leverage ratio was 2.8. In addition, the Company is subject to covenants limiting dividends and other restricted payments, transactions with affiliates, incurrence of debt, changes of control, asset sales and liens on properties. | |
9.500% Senior Notes due 2018. In accordance with the provisions of the indenture governing the Company’s 9.500% Senior Notes, on May 5, 2014, the Company redeemed all of the outstanding notes in full at a price of 104.75% of the principal amount, plus accrued and unpaid interest. The Company paid an aggregate amount of $210.6 million for such redemption, consisting of a call premium of $9.5 million and $1.1 million of accrued and unpaid interest. The call premium of $9.5 million and remaining unamortized debt issuance costs of $3.1 million were included in Other expense in the Company’s Consolidated Statement of Operations for the nine months ended September 30, 2014. | |
5.625% Senior Notes due 2021. On May 2, 2013, the Company completed its public offering of $700.0 million in aggregate principal amount of 5.625% Senior Notes due 2021 (the “5.625% Senior Notes”). Interest is payable on the 5.625% Senior Notes semi-annually on May 1 and November 1. The 5.625% Senior Notes were issued under an indenture (the “Base Indenture”), as supplemented by a first supplemental indenture (as so supplemented, the “5.625% Senior Notes Indenture”) with Wells Fargo Bank, National Association, as trustee. Provisions of the 5.625% Senior Notes Indenture limit the Company’s ability to, among other things, incur additional indebtedness; pay dividends on capital stock or purchase, repurchase, redeem, defease or retire capital stock or subordinated indebtedness; make investments; incur liens; create any consensual restriction on the ability of the Company’s restricted subsidiaries to pay dividends, make loans or transfer property to the Company; engage in transactions with affiliates; sell assets; and consolidate, merge or transfer assets. The 5.625% Senior Notes Indenture also contains customary events of default. | |
5.875% Senior Notes due 2022. On November 15, 2013, the Company completed its public offering of $600.0 million in aggregate principal amount of 5.875% Senior Notes due 2022 (the “5.875% Senior Notes due 2022”). Interest is payable on the 5.875% Senior Notes due 2022 semi-annually on June 1 and December 1. The 5.875% Senior Notes due 2022 were issued under the Base Indenture, as supplemented by a second supplemental indenture with Wells Fargo Bank, National Association, as trustee, which contains covenants and events of default substantially similar to those in the 5.625% Senior Notes Indenture. | |
5.875% Senior Notes due 2024. On May 29, 2014, the Company completed its public offering of $500.0 million in aggregate principal amount of 5.875% Senior Notes due 2024 (the “5.875% Senior Notes due 2024” and, together with the 5.625% Senior Notes and the 5.875% Senior Notes due 2022, the “Senior Notes”). Interest is payable on the 5.875% Senior Notes due 2024 semi-annually on June 1 and December 1. The 5.875% Senior Notes due 2024 were issued under the Base Indenture, as supplemented by a third supplemental indenture with Wells Fargo Bank, National Association, as trustee, which contains covenants and events of default substantially similar to those in the 5.625% Senior Notes Indenture. | |
Total Indebtedness. As of September 30, 2014, the Company had total outstanding borrowings of $1.91 billion, and for the nine months ended September 30, 2014, the Company’s weighted average borrowing rate was 5.93%, inclusive of interest and commitment fees. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
(8) Income Taxes | |
The Company’s effective tax rate for the three and nine months ended September 30, 2014 was 36.5% and 36.2%, respectively, and the effective tax rate for the three and nine months ended September 30, 2013 was 36.7% and 35.5%, respectively. The provision for income taxes for the three and nine months ended September 30, 2014 differs from the tax computed at the federal statutory income tax rate primarily due to the impact of state income taxes and the non-deductibility of certain incentive compensation. As of September 30, 2014 and December 31, 2013, the Company had no unrecognized tax benefits. The Company does not anticipate that total unrecognized tax benefits will significantly change due to the settlement of audits or the expiration of statutes of limitation within the next twelve months. | |
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. As of September 30, 2014, the Company had a net deferred tax liability of $178.3 million resulting primarily from the differences between the book basis and tax basis of the Company’s oil and natural gas properties, partially offset by net operating loss carryforwards. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
(9) Commitments and Contingencies | |||||
Firm Oil and Natural Gas Transportation and Processing Commitments. The Company has commitments for the transportation and processing of its production in the Eagle Ford area and has an aggregate minimum commitment to deliver 4.9 MMBbls of oil by the end of 2017 and 601 million MMBtus of natural gas by mid-year 2028. The Company is required to make periodic deficiency payments for any shortfalls in delivering the minimum volumes under these commitments. Currently, the Company has insufficient production to meet all of these contractual commitments. As the Company develops additional reserves in the Eagle Ford area, it anticipates exceeding its current minimum volume commitments and therefore intends to enter into additional transportation and processing commitments in the future. These future transportation and processing commitments could expose the Company to additional volume deficiency payments. As of September 30, 2014, the Company has accrued deficiency fees of $6.5 million and expects to continue to accrue deficiency fees under its commitments. Future obligations under firm oil and natural gas transportation and processing agreements as of September 30, 2014 are as follows: | |||||
30-Sep-14 | |||||
(In thousands) | |||||
2014 | $ | 5,575 | |||
2015 | 22,120 | ||||
2016 | 22,132 | ||||
2017 | 21,708 | ||||
2018 | 18,159 | ||||
Thereafter | 102,406 | ||||
Total future obligations | $ | 192,100 | |||
Drilling Rig and Completion Services Commitments. Drilling rig and completion services commitments represent obligations with certain contractors to execute the Company’s Eagle Ford and Permian Basin drilling programs. As of September 30, 2014, the Company had four outstanding drilling rig commitments with terms greater than one year that will expire by the end of 2016, and the minimum contractual commitments due in the next twelve months were $25.9 million. Payments under these commitments are accounted for as capital additions to oil and gas properties. As of September 30, 2014, the Company’s minimum contractual commitments due in the next twelve months for completion services agreements for the stimulation, cementing and delivery of drilling fluids and other field service commitments were $9.0 million. Payments under these commitments are accounted for as capital additions to oil and gas properties or as Lease operating expense, depending on the nature of the related expenditures. | |||||
Contingencies. The Company is party to various legal and regulatory proceedings and commercial disputes arising in the normal course of business. The ultimate outcome of each of these matters cannot be absolutely determined, and in the event of a negative outcome as to any proceeding, the liability the Company may ultimately incur with respect to any such proceeding may be in excess of amounts currently accrued, if any. After considering the Company’s available insurance and, to the extent applicable, that of third parties, and the performance of contractual defense and indemnity rights and obligations, where applicable, the Company does not believe any such matter will have a material adverse effect on its financial position, results of operations or cash flows. | |||||
Commercial Disputes. The Company recorded a reserve of $5.8 million related to a dispute that arose during the third quarter of 2014. The Company continues to work to settle the dispute, however no certainty exists that a settlement will be reached or, if so, the amount of such settlement. Therefore, the ultimate loss could be greater or less than the amount accrued. The reserve for this contingency is reported in Reserve for commercial disputes in the Consolidated Statement of Operations for the three and nine months ended September 30, 2014. |
Equity
Equity | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Equity | ' | ||||||||||||||||
(10) Equity | |||||||||||||||||
Earnings per Share. Basic earnings per share (“EPS”) is calculated by dividing net income (the numerator) by the weighted-average number of shares of common stock (excluding unvested restricted stock awards) outstanding during the period (the denominator). Diluted EPS incorporates the dilutive impact of outstanding stock options and unvested restricted stock awards using the treasury stock method. | |||||||||||||||||
The following is a calculation of basic and diluted weighted average shares outstanding: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Basic weighted average number of shares outstanding | 61,484 | 61,152 | 61,439 | 57,656 | |||||||||||||
Dilution effect of stock option and restricted shares at the end of the period | 191 | 212 | 197 | 268 | |||||||||||||
Diluted weighted average number of shares outstanding | 61,675 | 61,364 | 61,636 | 57,924 | |||||||||||||
Anti-dilutive stock awards and shares | 5 | — | 3 | — | |||||||||||||
Common Stock Offering. On April 23, 2013, the Company completed its public offering of 7,000,000 shares of common stock at a price to the public of $42.50 per share for net proceeds of approximately $286.3 million ($40.80 per share, net of underwriting discounts and commissions), including offering expenses and reimbursements by the underwriters of certain expenses incurred in connection with the offering. The Company also received net proceeds of approximately $43.0 million in connection with the underwriters’ full exercise of their over-allotment option to purchase 1,050,000 additional shares of common stock, which closed on April 29, 2013. |
StockBased_Compensation_and_Em
Stock-Based Compensation and Employee Benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation and Employee Benefits | ' | ||||||||||||||||
(11) 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Total stock-based compensation expense | $ | 2,640 | $ | 3,621 | $ | 10,280 | $ | 8,662 | |||||||||
Capitalized in oil and gas properties | (212 | ) | (221 | ) | (459 | ) | (369 | ) | |||||||||
Net stock-based compensation expense | $ | 2,428 | $ | 3,400 | $ | 9,821 | $ | 8,293 | |||||||||
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 nine months ended September 30, 2014, the Company recorded compensation expense of approximately $2.7 million and $7.8 million, respectively, related to these equity awards. As of September 30, 2014, unrecognized stock-based compensation expense related to unvested restricted stock was approximately $14.7 million. | |||||||||||||||||
Stock-based compensation expense associated with the PSUs granted to management is recognized over a three-year performance period. For the three and nine months ended September 30, 2014, the Company recognized compensation expense of ($0.1) million and $2.5 million, respectively, associated with the PSUs. At the current fair value as of September 30, 2014, 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 $15.5 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 2014 annual meeting under the heading “Compensation Discussion and Analysis” and the Company’s 2013 Annual Report. | |||||||||||||||||
Postretirement Health Care. Effective January 1, 2013, the Company enacted a postretirement medical benefit plan covering eligible employees and their eligible dependents. Upon enactment, the Company recognized a $0.3 million liability related to the prior service of employees, which is included as a component of Other comprehensive income. The Company recognizes periodic postretirement benefits cost as a component of General and administrative costs. For both the three and nine months ended September 30, 2014, this expense was immaterial. |
Guarantor_Subsidiaries
Guarantor Subsidiaries | 9 Months Ended |
Sep. 30, 2014 | |
Guarantees [Abstract] | ' |
Guarantor Subsidiaries | ' |
(12) 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_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Developments | ' |
Recent Accounting Developments | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. The ASU will supersede most of the existing revenue recognition requirements in GAAP and will require entities to recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. The new standard also requires disclosures sufficient to enable users to understand an entity’s nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The pronouncement is effective for annual and interim reporting periods beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. This guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations, or cash flows. |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Extractive Industries [Abstract] | ' | ||||||||||||||||
Schedule of Total Property, Plant and Equipment, Net | ' | ||||||||||||||||
The Company’s Total property and equipment, net consists of the following: | |||||||||||||||||
30-Sep-14 | December 31, 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Proved properties | $ | 5,172,365 | $ | 3,951,397 | |||||||||||||
Unproved/unevaluated properties | 535,041 | 755,438 | |||||||||||||||
Gathering systems and compressor stations | 278,045 | 168,730 | |||||||||||||||
Other fixed assets | 29,794 | 26,362 | |||||||||||||||
Total | 6,015,245 | 4,901,927 | |||||||||||||||
Less: Accumulated depreciation, depletion and amortization | (2,313,109 | ) | (2,020,879 | ) | |||||||||||||
Total property and equipment, net | $ | 3,702,136 | $ | 2,881,048 | |||||||||||||
Schedule of Consideration Paid Assets Acquired and Liabilities Assumed | ' | ||||||||||||||||
The final purchase price allocations for these transactions, representing consideration paid, assets acquired and liabilities assumed as of the respective acquisition dates, are shown in the tables below. | |||||||||||||||||
2014 Permian Acquisition | |||||||||||||||||
Final Total Purchase Price Allocation | |||||||||||||||||
(In thousands) | |||||||||||||||||
Cash consideration | $ | 83,752 | |||||||||||||||
Fair value of assets acquired: | |||||||||||||||||
Oil and natural gas properties | |||||||||||||||||
Proved properties | $ | 61,520 | |||||||||||||||
Unproved/unevaluated properties | 22,525 | ||||||||||||||||
Total assets acquired | $ | 84,045 | |||||||||||||||
Fair value of liabilities assumed: | |||||||||||||||||
Asset retirement obligations | $ | 293 | |||||||||||||||
Net assets acquired | $ | 83,752 | |||||||||||||||
2013 Permian Acquisition and Gates Ranch Acquisition | |||||||||||||||||
Final Total Purchase Price Allocation | |||||||||||||||||
(In thousands) | |||||||||||||||||
Cash consideration | $ | 953,242 | |||||||||||||||
Fair value of assets acquired: | |||||||||||||||||
Other fixed assets | $ | 600 | |||||||||||||||
Oil and natural gas properties | |||||||||||||||||
Proved properties | 290,273 | ||||||||||||||||
Unproved/unevaluated properties | 663,300 | ||||||||||||||||
Total assets acquired | $ | 954,173 | |||||||||||||||
Fair value of liabilities assumed: | |||||||||||||||||
Asset retirement obligations | $ | 931 | |||||||||||||||
Net assets acquired | $ | 953,242 | |||||||||||||||
Schedule of Results of Operations at the Time of Transactions | ' | ||||||||||||||||
The pro forma results of operations do not include any cost savings or other synergies that may result from the acquisitions, or any estimated costs that have been or will be incurred by the Company to integrate these assets. The pro forma information does not purport to represent what the Company’s results of operations would have been if the 2013 Permian Acquisition and Gates Acquisition had occurred on January 1, 2012, and the 2014 Permian Acquisition had occurred on January 1, 2013. | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 (1) | 2013 (2) | 2014 (2) | 2013 | ||||||||||||||
(In thousands, except per share and share data) | (In thousands, except per share and share data) | ||||||||||||||||
Total revenues | $ | 365,593 | $ | 200,525 | $ | 804,146 | $ | 658,037 | |||||||||
Net income | 78,408 | 43,284 | 128,840 | 185,049 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 1.28 | $ | 0.71 | $ | 2.1 | $ | 3.03 | |||||||||
Diluted | $ | 1.27 | $ | 0.71 | $ | 2.09 | $ | 3.02 | |||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 61,484 | 61,152 | 61,439 | 61,011 | |||||||||||||
Diluted | 61,675 | 61,364 | 61,636 | 61,279 | |||||||||||||
-1 | No pro forma adjustments were made for the period as all acquisitions and related financings are included in the Company’s historical results. | ||||||||||||||||
-2 | No pro forma adjustments were made related to the 2013 Permian Acquisition and Gates Acquisition for the period as the acquisitions are included in the Company’s historical results. |
Commodity_Derivative_Contracts1
Commodity Derivative Contracts (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Derivative Instruments | ' | ||||||||||||||||||||
As of September 30, 2014, the following derivative contracts were outstanding with associated notional volumes and average underlying prices that represent hedged prices of commodities at various market locations: | |||||||||||||||||||||
Notional | Total | ||||||||||||||||||||
Daily | Notional | Average | Average | ||||||||||||||||||
Settlement | Derivative | Volume | Volume | Floor/Fixed Prices | Ceiling Prices | ||||||||||||||||
Product | Period | Instrument | (Bbls) | (Bbls) | per Bbl | per Bbl | |||||||||||||||
Crude oil | 2014 | Costless Collar | 3,000 | 276,000 | $ | 83.33 | $ | 109.63 | |||||||||||||
Crude oil | 2014 | Swap | 6,000 | 552,000 | 93.13 | ||||||||||||||||
Crude oil | 2015 | Swap | 12,000 | 4,380,000 | 89.81 | ||||||||||||||||
Crude oil | 2016 | Swap | 6,000 | 2,196,000 | 90.28 | ||||||||||||||||
7,404,000 | |||||||||||||||||||||
Notional | Total | ||||||||||||||||||||
Daily | Notional | Average | |||||||||||||||||||
Settlement | Derivative | Volume | Volume | Fixed Prices | |||||||||||||||||
Product | Period | Instrument | (Bbls) | (Bbls) | per Bbl | ||||||||||||||||
NGL-Ethane | 2014 | Swap | 4,500 | 414,000 | $ | 13.21 | |||||||||||||||
NGL-Propane | 2014 | Swap | 2,785 | 256,220 | 44.71 | ||||||||||||||||
NGL-Isobutane | 2014 | Swap | 930 | 85,560 | 61.26 | ||||||||||||||||
NGL-Normal Butane | 2014 | Swap | 875 | 80,500 | 60.29 | ||||||||||||||||
NGL-Pentanes Plus | 2014 | Swap | 910 | 83,720 | 84.97 | ||||||||||||||||
NGL-Ethane | 2015 | Swap | 3,476 | 1,268,810 | 11.31 | ||||||||||||||||
NGL-Propane | 2015 | Swap | 1,750 | 638,750 | 43.35 | ||||||||||||||||
NGL-Isobutane | 2015 | Swap | 617 | 225,082 | 53.05 | ||||||||||||||||
NGL-Normal Butane | 2015 | Swap | 579 | 211,179 | 52.53 | ||||||||||||||||
NGL-Pentanes Plus | 2015 | Swap | 579 | 211,179 | 77.72 | ||||||||||||||||
3,475,000 | |||||||||||||||||||||
Notional | Total | ||||||||||||||||||||
Daily | Notional | Average | Average | ||||||||||||||||||
Settlement | Derivative | Volume | Volume | Floor/Fixed Prices | Ceiling Prices | ||||||||||||||||
Product | Period | Instrument | (MMBtu) | (MMBtu) | per MMBtu | per MMBtu | |||||||||||||||
Natural gas | 2014 | Costless Collar | 50,000 | 4,600,000 | 3.6 | 4.94 | |||||||||||||||
Natural gas | 2015 | Costless Collar | 50,000 | 18,250,000 | 3.6 | 5.04 | |||||||||||||||
Natural gas | 2016 | Costless Collar | 40,000 | 14,640,000 | 3.5 | 5.58 | |||||||||||||||
Natural gas | 2014 | Swap | 30,000 | 2,760,000 | 4.07 | ||||||||||||||||
Natural gas | 2015 | Swap | 50,000 | 18,250,000 | 4.13 | ||||||||||||||||
Natural gas | 2016 | Swap | 30,000 | 10,980,000 | 4.04 | ||||||||||||||||
69,480,000 | |||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position | ' | ||||||||||||||||||||
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 September 30, 2014 and December 31, 2013, respectively: | |||||||||||||||||||||
Asset (Liability) Fair Value | |||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||
Commodity derivative contracts | Location on Consolidated Balance Sheet | (In thousands) | |||||||||||||||||||
Oil | Derivative instruments - current assets | $ | 5,853 | $ | 1,299 | ||||||||||||||||
Oil | Derivative instruments - non-current assets | 6,895 | 2,117 | ||||||||||||||||||
Oil | Derivative instruments - current liabilities | — | (5,629 | ) | |||||||||||||||||
Oil | Derivative instruments - non-current liabilities | (545 | ) | — | |||||||||||||||||
NGL | Derivative instruments - current assets | 4,675 | 2,834 | ||||||||||||||||||
NGL | Derivative instruments - non-current assets | 199 | (129 | ) | |||||||||||||||||
NGL | Derivative instruments - current liabilities | — | 461 | ||||||||||||||||||
NGL | Derivative instruments - non-current liabilities | — | (433 | ) | |||||||||||||||||
Natural gas | Derivative instruments - current assets | 3,721 | 174 | ||||||||||||||||||
Natural gas | Derivative instruments - non-current assets | 1,253 | 3,470 | ||||||||||||||||||
Natural gas | Derivative instruments - current liabilities | — | 255 | ||||||||||||||||||
Natural gas | Derivative instruments - non-current liabilities | (421 | ) | — | |||||||||||||||||
Total derivative fair value, net, not designated as hedging instruments | $ | 21,630 | $ | 4,419 | |||||||||||||||||
Schedule of Derivative Gains and Losses in Consolidated Statement of Operations | ' | ||||||||||||||||||||
The following table sets forth information on the location and amounts of derivative gains and losses in the Consolidated Statement of Operations for the three and nine months ended September 30, 2014 and 2013, respectively: | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended | ||||||||||||||||||||
September 30, | |||||||||||||||||||||
Location on Consolidated | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Statement of Operations | Description of (Loss) Gain | (In thousands) | |||||||||||||||||||
Derivative instruments | Gain (loss) recognized in income | 475 | 1,473 | (13,176 | ) | 6,764 | |||||||||||||||
Realized gain (loss) recognized in income | $ | 475 | $ | 1,473 | $ | (13,176 | ) | $ | 6,764 | ||||||||||||
Derivative instruments | Gain (loss) recognized in income due to changes in fair value | $ | 76,740 | $ | (32,229 | ) | $ | 17,211 | $ | (3,012 | ) | ||||||||||
Derivative instruments | Gain (loss) reclassified from Accumulated OCI | — | 159 | — | (268 | ) | |||||||||||||||
Unrealized gain (loss) recognized in income | $ | 76,740 | $ | (32,070 | ) | $ | 17,211 | $ | (3,280 | ) | |||||||||||
Total commodity derivative gain (loss) recognized in income | $ | 77,215 | $ | (30,597 | ) | $ | 4,035 | $ | 3,484 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
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 September 30, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (1) | Total | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Money market funds | $ | — | $ | 1,035 | $ | — | $ | — | $ | 1,035 | |||||||||||
Commodity derivative contracts | — | — | 29,724 | (7,128 | ) | 22,596 | |||||||||||||||
Liabilities: | |||||||||||||||||||||
Commodity derivative contracts | — | — | (8,094 | ) | 7,128 | (966 | ) | ||||||||||||||
Total fair value | $ | — | $ | 1,035 | $ | 21,630 | $ | — | $ | 22,665 | |||||||||||
Fair value as of December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (1) | Total | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Money market funds | $ | — | $ | 1,035 | $ | — | $ | — | $ | 1,035 | |||||||||||
Commodity derivative contracts | — | — | 21,675 | (11,910 | ) | 9,765 | |||||||||||||||
Liabilities: | |||||||||||||||||||||
Commodity derivative contracts | — | — | (17,256 | ) | 11,910 | (5,346 | ) | ||||||||||||||
Total fair value | $ | — | $ | 1,035 | $ | 4,419 | $ | — | $ | 5,454 | |||||||||||
-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 September 30, 2014 (in thousands): | |||||||||||||||||||||
Asset (Liability) | Valuation | Range | Weighted | ||||||||||||||||||
Level 3 Instrument | (In thousands) | Technique | Unobservable Input | Minimum | Maximum | Average | |||||||||||||||
Oil swaps | $ | 12,042 | Discounted cash flow | Forward price curve-swaps | $ | 85.3 | $ | 92.73 | $ | 88.51 | |||||||||||
Oil costless collars | 161 | Option model | Forward price curve-costless collar option value | (0.12 | ) | 1.4 | (0.58 | ) | |||||||||||||
NGL swaps | 5,006 | Discounted cash flow | Forward price curve-swaps | 0.24 | 1.95 | 0.76 | |||||||||||||||
NGL swaps | (132 | ) | Discounted cash flow | Forward price curve-swaps | 1.83 | 1.93 | 1.87 | ||||||||||||||
Natural gas swaps | 2,453 | Discounted cash flow | Forward price curve-swaps | (0.02 | ) | 4.35 | 4.05 | ||||||||||||||
Natural gas swaps | (1,120 | ) | Discounted cash flow | Forward price curve-swaps | 4.01 | 4.35 | 4.15 | ||||||||||||||
Natural gas costless collars | 3,220 | Option model | Forward price curve-costless collar option value | (0.22 | ) | 0.37 | (0.09 | ) | |||||||||||||
Total | $ | 21,630 | |||||||||||||||||||
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 (Liability) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at January 1, 2014 | $ | 4,419 | |||||||||||||||||||
Total Gains (Realized or Unrealized): | |||||||||||||||||||||
Included in Earnings | 4,035 | ||||||||||||||||||||
Purchases, Issuances and Settlements: | |||||||||||||||||||||
Settlements | 13,176 | ||||||||||||||||||||
Transfers in and out of Level 3 | — | ||||||||||||||||||||
Balance at September 30, 2014 | $ | 21,630 | |||||||||||||||||||
Derivative Asset (Liability) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at January 1, 2013 | $ | 20,664 | |||||||||||||||||||
Total Gains (Realized or Unrealized): | |||||||||||||||||||||
Included in Earnings | 3,752 | ||||||||||||||||||||
Purchases, Issuances and Settlements: | |||||||||||||||||||||
Settlements | (6,764 | ) | |||||||||||||||||||
Transfers in and out of Level 3 | — | ||||||||||||||||||||
Balance at September 30, 2013 | $ | 17,652 | |||||||||||||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||
Schedule of Asset Retirement Obligations | ' | ||||
Activity related to the Company’s ARO is as follows: | |||||
Nine Months Ended September 30, 2014 | |||||
(In thousands) | |||||
ARO as of December 31, 2013 | $ | 13,057 | |||
Liabilities incurred during period | 2,807 | ||||
Liabilities settled during period | (1,347 | ) | |||
Accretion expense | 741 | ||||
ARO as of September 30, 2014 | $ | 15,258 | |||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
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 September 30, 2014 are as follows: | |||||
30-Sep-14 | |||||
(In thousands) | |||||
2014 | $ | 5,575 | |||
2015 | 22,120 | ||||
2016 | 22,132 | ||||
2017 | 21,708 | ||||
2018 | 18,159 | ||||
Thereafter | 102,406 | ||||
Total future obligations | $ | 192,100 | |||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [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 September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Basic weighted average number of shares outstanding | 61,484 | 61,152 | 61,439 | 57,656 | |||||||||||||
Dilution effect of stock option and restricted shares at the end of the period | 191 | 212 | 197 | 268 | |||||||||||||
Diluted weighted average number of shares outstanding | 61,675 | 61,364 | 61,636 | 57,924 | |||||||||||||
Anti-dilutive stock awards and shares | 5 | — | 3 | — | |||||||||||||
StockBased_Compensation_and_Em1
Stock-Based Compensation and Employee Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Schedule of Stock-Based Compensation Expense | ' | ||||||||||||||||
As of the indicated dates, stock-based compensation expense consisted of the following: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Total stock-based compensation expense | $ | 2,640 | $ | 3,621 | $ | 10,280 | $ | 8,662 | |||||||||
Capitalized in oil and gas properties | (212 | ) | (221 | ) | (459 | ) | (369 | ) | |||||||||
Net stock-based compensation expense | $ | 2,428 | $ | 3,400 | $ | 9,821 | $ | 8,293 | |||||||||
Property_and_Equipment_Schedul
Property and Equipment - Schedule of Total Property, Plant and Equipment, Net (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Capitalized Costs Oil And Gas Producing Activities Net [Abstract] | ' | ' |
Proved properties | $5,172,365 | $3,951,397 |
Unproved/unevaluated properties | 535,041 | 755,438 |
Gathering systems and compressor stations | 278,045 | 168,730 |
Other fixed assets | 29,794 | 26,362 |
Total property and equipment, gross | 6,015,245 | 4,901,927 |
Less: Accumulated depreciation, depletion and amortization | -2,313,109 | -2,020,879 |
Total property and equipment, net | $3,702,136 | $2,881,048 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 30, 2013 | Sep. 30, 2014 | Jun. 05, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
Adjusted For Basis And Quality Differentials [Member] | Bridge Loan [Member] | Senior Notes [Member] | Eagle Ford Shale [Member] | Eagle Ford Shale [Member] | Texas [Member] | Delaware bBasinb [Member] | Delaware bBasinb [Member] | South Texas Gates Ranch [Member] | 2014 Permian Acquisition [Member] | 2014 Permian Acquisition [Member] | ||||||
Well | Eagle Ford Shale [Member] | |||||||||||||||
acre | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of land acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,034 | ' | ' | ' | ' |
Number of wells acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' |
Number of operating wells | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' |
Payments to acquire businesses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $825.20 | $83.80 | ' | ' | ' | ' |
Acquisition date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Feb-14 | ' | ' | ' |
Acquisition effective date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jan-13 | ' | 1-Dec-13 | ' | ' | ' |
Percentage of working interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | 100.00% | ' | ' |
Working interest acquisition, total consideration | ' | ' | ' | ' | ' | ' | ' | ' | 128.1 | ' | ' | ' | ' | ' | ' | ' |
Acquisition date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5-Jun-13 | 14-May-13 | ' | ' | ' | ' | ' |
Senior notes, percentage | ' | ' | ' | ' | ' | ' | ' | 5.63% | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction cost | 31 | ' | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fees and related expenses | ' | ' | ' | ' | ' | ' | 5.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' |
Equity issuance costs and related expenses | ' | ' | 13.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition related fees, included in general and administrative costs | ' | ' | 2.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.3 | 9.2 |
Increase in operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 3.2 |
Capitalized internal cost | 1.9 | 1.6 | 5.6 | 5.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and natural gas properties excluded from amortization, full cost method | ' | ' | 535 | ' | 755.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges related to of unproved properties and unevaluated exploration projects transferred to full cost pool | ' | ' | $162.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
West Texas Intermediate oil price (per Bbl) | ' | ' | ' | ' | ' | 95.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Henry Hub natural gas price (per MMBtu) | ' | ' | ' | ' | ' | 4.24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_and_Equipment_Schedul1
Property and Equipment - Schedule of Consideration Paid Asset Acquired and Liabilities Assumed (Detail) (Level 3 [Member], USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
2014 Permian Acquisition [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Cash consideration | $83,752 |
Oil and natural gas properties | ' |
Proved properties | 61,520 |
Unproved/unevaluated properties | 22,525 |
Total assets acquired | 84,045 |
Fair value of liabilities assumed: | ' |
Asset retirement obligations | 293 |
Net assets acquired | 83,752 |
2013 Permian Acquisition and Gates Ranch Acquisition [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Cash consideration | 953,242 |
Fair value of assets acquired: | ' |
Other fixed assets | 600 |
Oil and natural gas properties | ' |
Proved properties | 290,273 |
Unproved/unevaluated properties | 663,300 |
Total assets acquired | 954,173 |
Fair value of liabilities assumed: | ' |
Asset retirement obligations | 931 |
Net assets acquired | $953,242 |
Property_and_Equipment_Schedul2
Property and Equipment - Schedule of Results of Operations at the Time of Transactions (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' | ' | ' |
Total revenues | $365,593 | $200,525 | $804,146 | $658,037 |
Net income | $78,408 | $43,284 | $128,840 | $185,049 |
Earnings per share: | ' | ' | ' | ' |
Basic | $1.28 | $0.71 | $2.10 | $3.03 |
Diluted | $1.27 | $0.71 | $2.09 | $3.02 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 61,484 | 61,152 | 61,439 | 61,011 |
Diluted | 61,675 | 61,364 | 61,636 | 61,279 |
Commodity_Derivative_Contracts2
Commodity Derivative Contracts - Schedule of Derivative Instruments (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
bbl | |
Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Total Notional Volume | 7,404,000 |
NGL-Product [Member] | ' |
Derivative [Line Items] | ' |
Total Notional Volume | 3,475,000 |
Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Total Notional Volume | 69,480,000 |
Costless Collar [Member] | 2014 Settlement Period [Member] | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Notional Daily Volume | 3,000 |
Total Notional Volume | 276,000 |
Average Fixed Prices per Bbl | 83.33 |
Average Ceiling Prices per Bbl | 109.63 |
Costless Collar [Member] | 2014 Settlement Period [Member] | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Average Fixed Prices per Bbl | 3.6 |
Average Ceiling Prices per Bbl | 4.94 |
Notional Daily Volume | 50,000 |
Total Notional Volume | 4,600,000 |
Costless Collar [Member] | 2015 Settlement Period [Member] | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Average Fixed Prices per Bbl | 3.6 |
Average Ceiling Prices per Bbl | 5.04 |
Notional Daily Volume | 50,000 |
Total Notional Volume | 18,250,000 |
Costless Collar [Member] | 2016 Settlement Period [Member] | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Average Fixed Prices per Bbl | 3.5 |
Average Ceiling Prices per Bbl | 5.58 |
Notional Daily Volume | 40,000 |
Total Notional Volume | 14,640,000 |
Swap [Member] | 2014 Settlement Period [Member] | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Notional Daily Volume | 6,000 |
Total Notional Volume | 552,000 |
Average Fixed Prices per Bbl | 93.13 |
Swap [Member] | 2014 Settlement Period [Member] | NGL-Ethane [Member] | ' |
Derivative [Line Items] | ' |
Notional Daily Volume | 4,500 |
Total Notional Volume | 414,000 |
Average Fixed Prices per Bbl | 13.21 |
Swap [Member] | 2014 Settlement Period [Member] | NGL-Propane [Member] | ' |
Derivative [Line Items] | ' |
Notional Daily Volume | 2,785 |
Total Notional Volume | 256,220 |
Average Fixed Prices per Bbl | 44.71 |
Swap [Member] | 2014 Settlement Period [Member] | NGL-Isobutane [Member] | ' |
Derivative [Line Items] | ' |
Notional Daily Volume | 930 |
Total Notional Volume | 85,560 |
Average Fixed Prices per Bbl | 61.26 |
Swap [Member] | 2014 Settlement Period [Member] | NGL-Normal Butane [Member] | ' |
Derivative [Line Items] | ' |
Notional Daily Volume | 875 |
Total Notional Volume | 80,500 |
Average Fixed Prices per Bbl | 60.29 |
Swap [Member] | 2014 Settlement Period [Member] | NGL-Pentanes Plus [Member] | ' |
Derivative [Line Items] | ' |
Notional Daily Volume | 910 |
Total Notional Volume | 83,720 |
Average Fixed Prices per Bbl | 84.97 |
Swap [Member] | 2014 Settlement Period [Member] | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Average Fixed Prices per Bbl | 4.07 |
Notional Daily Volume | 30,000 |
Total Notional Volume | 2,760,000 |
Swap [Member] | 2015 Settlement Period [Member] | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Notional Daily Volume | 12,000 |
Total Notional Volume | 4,380,000 |
Average Fixed Prices per Bbl | 89.81 |
Swap [Member] | 2015 Settlement Period [Member] | NGL-Ethane [Member] | ' |
Derivative [Line Items] | ' |
Notional Daily Volume | 3,476 |
Total Notional Volume | 1,268,810 |
Average Fixed Prices per Bbl | 11.31 |
Swap [Member] | 2015 Settlement Period [Member] | NGL-Propane [Member] | ' |
Derivative [Line Items] | ' |
Notional Daily Volume | 1,750 |
Total Notional Volume | 638,750 |
Average Fixed Prices per Bbl | 43.35 |
Swap [Member] | 2015 Settlement Period [Member] | NGL-Isobutane [Member] | ' |
Derivative [Line Items] | ' |
Notional Daily Volume | 617 |
Total Notional Volume | 225,082 |
Average Fixed Prices per Bbl | 53.05 |
Swap [Member] | 2015 Settlement Period [Member] | NGL-Normal Butane [Member] | ' |
Derivative [Line Items] | ' |
Notional Daily Volume | 579 |
Total Notional Volume | 211,179 |
Average Fixed Prices per Bbl | 52.53 |
Swap [Member] | 2015 Settlement Period [Member] | NGL-Pentanes Plus [Member] | ' |
Derivative [Line Items] | ' |
Notional Daily Volume | 579 |
Total Notional Volume | 211,179 |
Average Fixed Prices per Bbl | 77.72 |
Swap [Member] | 2015 Settlement Period [Member] | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Average Fixed Prices per Bbl | 4.13 |
Notional Daily Volume | 50,000 |
Total Notional Volume | 18,250,000 |
Swap [Member] | 2016 Settlement Period [Member] | Crude Oil [Member] | ' |
Derivative [Line Items] | ' |
Notional Daily Volume | 6,000 |
Total Notional Volume | 2,196,000 |
Average Fixed Prices per Bbl | 90.28 |
Swap [Member] | 2016 Settlement Period [Member] | Natural Gas [Member] | ' |
Derivative [Line Items] | ' |
Average Fixed Prices per Bbl | 4.04 |
Notional Daily Volume | 30,000 |
Total Notional Volume | 10,980,000 |
Commodity_Derivative_Contracts3
Commodity Derivative Contracts - Schedule of Derivative Instruments in Statement of Financial Position (Detail) (Derivatives Not Designated As Hedging Instruments [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments | $21,630 | $4,419 |
Commodity Contracts [Member] | Current Assets [Member] | Crude Oil [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments | 5,853 | 1,299 |
Commodity Contracts [Member] | Current Assets [Member] | NGL [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments | 4,675 | 2,834 |
Commodity Contracts [Member] | Current Assets [Member] | Natural Gas [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments | 3,721 | 174 |
Commodity Contracts [Member] | Non-Current Assets [Member] | Crude Oil [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments | 6,895 | 2,117 |
Commodity Contracts [Member] | Non-Current Assets [Member] | NGL [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments | 199 | -129 |
Commodity Contracts [Member] | Non-Current Assets [Member] | Natural Gas [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments | 1,253 | 3,470 |
Commodity Contracts [Member] | Current Liabilities [Member] | Crude Oil [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments | ' | -5,629 |
Commodity Contracts [Member] | Current Liabilities [Member] | NGL [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments | ' | 461 |
Commodity Contracts [Member] | Current Liabilities [Member] | Natural Gas [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments | ' | 255 |
Commodity Contracts [Member] | Noncurrent Liabilities [Member] | Crude Oil [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments | -545 | ' |
Commodity Contracts [Member] | Noncurrent Liabilities [Member] | NGL [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments | ' | -433 |
Commodity Contracts [Member] | Noncurrent Liabilities [Member] | Natural Gas [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Fair value of derivative instruments | ($421) | ' |
Commodity_Derivative_Contracts4
Commodity Derivative Contracts - Schedule of Derivative Gains and Losses in Consolidated Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Realized gain (loss) recognized in income | $475 | $1,473 | ($13,176) | $6,764 |
Unrealized gain (loss) recognized in income | 76,740 | -32,070 | 17,211 | -3,280 |
Total commodity derivative gain (loss) recognized in income | 77,215 | -30,597 | 4,035 | 3,484 |
Derivative Instruments [Member] | ' | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' | ' |
Gain (loss) recognized in income | 475 | 1,473 | -13,176 | 6,764 |
Unrealized gain (loss) recognized in income | 76,740 | -32,229 | 17,211 | -3,012 |
Gain (loss) reclassified from Accumulated OCI | ' | $159 | ' | ($268) |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets and liabilities measured on recurring basis | $22,665 | $5,454 |
Money Market Funds Asset (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 | 1,035 | 1,035 |
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 | 22,596 | 9,765 |
Fair value of assets and liabilities measured on recurring basis | -966 | -5,346 |
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 | -7,128 | -11,910 |
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 | 7,128 | 11,910 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets and liabilities measured on recurring basis | 1,035 | 1,035 |
Level 2 [Member] | Money Market Funds Asset (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 | 1,035 | 1,035 |
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 | 21,630 | 4,419 |
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 | 29,724 | 21,675 |
Fair value of assets and liabilities measured on recurring basis | ($8,094) | ($17,256) |
Fair_Value_Measurements_Schedu1
Fair Value Measurements - Schedule of Valuation Process and Unobservable Inputs (Detail) (Level 3 [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Fair Value, Derivative Asset (Liability) | $21,630 |
Bbl [Member] | Derivative Financial Instruments, Assets | Crude Oil [Member] | Swap [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Fair Value, Derivative Asset (Liability) | 12,042 |
Derivative assets, Valuation Technique | 'Discounted cash flow |
Unobservable Input | 'Forward price curve-swaps |
Bbl [Member] | Derivative Financial Instruments, Assets | Crude Oil [Member] | Costless Collar [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Fair Value, Derivative Asset (Liability) | 161 |
Derivative assets, Valuation Technique | 'Option model |
Unobservable Input | 'Forward price curve-costless collar option value |
MMBtu [Member] | Derivative Liabilities [Member] | NGL [Member] | Swap [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Fair Value, Derivative Asset (Liability) | -132 |
Derivative assets, Valuation Technique | 'Discounted cash flow |
Unobservable Input | 'Forward price curve-swaps |
MMBtu [Member] | Derivative Liabilities [Member] | Natural Gas [Member] | Natural Gas Swaps [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Fair Value, Derivative Asset (Liability) | -1,120 |
Derivative assets, Valuation Technique | 'Discounted cash flow |
Unobservable Input | 'Forward price curve-swaps |
MMBtu [Member] | Derivative Financial Instruments, Assets | NGL [Member] | Swap [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Fair Value, Derivative Asset (Liability) | 5,006 |
Derivative assets, Valuation Technique | 'Discounted cash flow |
Unobservable Input | 'Forward price curve-swaps |
MMBtu [Member] | Derivative Financial Instruments, Assets | Natural Gas [Member] | Costless Collar [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Fair Value, Derivative Asset (Liability) | 3,220 |
Derivative assets, Valuation Technique | 'Option model |
Unobservable Input | 'Forward price curve-costless collar option value |
MMBtu [Member] | Derivative Financial Instruments, Assets | Natural Gas [Member] | Natural Gas Swaps [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Fair Value, Derivative Asset (Liability) | $2,453 |
Derivative assets, Valuation Technique | 'Discounted cash flow |
Unobservable Input | 'Forward price curve-swaps |
Minimum [Member] | Bbl [Member] | Derivative Financial Instruments, Assets | Crude Oil [Member] | Swap [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 85.3 |
Minimum [Member] | Bbl [Member] | Derivative Financial Instruments, Assets | Crude Oil [Member] | Costless Collar [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | -0.12 |
Minimum [Member] | MMBtu [Member] | Derivative Liabilities [Member] | NGL [Member] | Swap [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 1.83 |
Minimum [Member] | MMBtu [Member] | Derivative Liabilities [Member] | Natural Gas [Member] | Natural Gas Swaps [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 4.01 |
Minimum [Member] | MMBtu [Member] | Derivative Financial Instruments, Assets | NGL [Member] | Swap [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 0.24 |
Minimum [Member] | MMBtu [Member] | Derivative Financial Instruments, Assets | Natural Gas [Member] | Costless Collar [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | -0.22 |
Minimum [Member] | MMBtu [Member] | Derivative Financial Instruments, Assets | Natural Gas [Member] | Natural Gas Swaps [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | -0.02 |
Maximum [Member] | Bbl [Member] | Derivative Financial Instruments, Assets | Crude Oil [Member] | Swap [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 92.73 |
Maximum [Member] | Bbl [Member] | Derivative Financial Instruments, Assets | Crude Oil [Member] | Costless Collar [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 1.4 |
Maximum [Member] | MMBtu [Member] | Derivative Liabilities [Member] | NGL [Member] | Swap [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 1.93 |
Maximum [Member] | MMBtu [Member] | Derivative Liabilities [Member] | Natural Gas [Member] | Natural Gas Swaps [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 4.35 |
Maximum [Member] | MMBtu [Member] | Derivative Financial Instruments, Assets | NGL [Member] | Swap [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 1.95 |
Maximum [Member] | MMBtu [Member] | Derivative Financial Instruments, Assets | Natural Gas [Member] | Costless Collar [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 0.37 |
Maximum [Member] | MMBtu [Member] | Derivative Financial Instruments, Assets | Natural Gas [Member] | Natural Gas Swaps [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 4.35 |
Weighted Average [Member] | Bbl [Member] | Derivative Financial Instruments, Assets | Crude Oil [Member] | Swap [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 88.51 |
Weighted Average [Member] | Bbl [Member] | Derivative Financial Instruments, Assets | Crude Oil [Member] | Costless Collar [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | -0.58 |
Weighted Average [Member] | MMBtu [Member] | Derivative Liabilities [Member] | NGL [Member] | Swap [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 1.87 |
Weighted Average [Member] | MMBtu [Member] | Derivative Liabilities [Member] | Natural Gas [Member] | Natural Gas Swaps [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 4.15 |
Weighted Average [Member] | MMBtu [Member] | Derivative Financial Instruments, Assets | NGL [Member] | Swap [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 0.76 |
Weighted Average [Member] | MMBtu [Member] | Derivative Financial Instruments, Assets | Natural Gas [Member] | Costless Collar [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | -0.09 |
Weighted Average [Member] | MMBtu [Member] | Derivative Financial Instruments, Assets | Natural Gas [Member] | Natural Gas Swaps [Member] | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Forward Price Curve | 4.05 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair value of its derivative instruments | $100,000 |
Carrying amount of debt | 1,910,000,000 |
Fair market value of total debt | $1,890,000,000 |
Fair_Value_Measurements_Schedu2
Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Classified (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Derivative Asset (Liability) Balance, Beginning | $4,419 | $20,664 |
Derivative Asset (Liability) Included in Earnings | 4,035 | 3,752 |
Derivative Asset (Liability) Settlements | 13,176 | -6,764 |
Derivative Asset (Liability) Transfers in and out of Level 3 | 0 | 0 |
Derivative Asset (Liability) Balance, Ending | $21,630 | $17,652 |
Asset_Retirement_Obligations_S
Asset Retirement Obligations - Schedule of Asset Retirement Obligations (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Asset Retirement Obligation Disclosure [Abstract] | ' |
ARO at the beginning of the period | $13,057 |
Liabilities incurred during period | 2,807 |
Liabilities settled during period | -1,347 |
Accretion expense | 741 |
ARO at the end of the period | $15,258 |
Asset_Retirement_Obligations_A
Asset Retirement Obligations - Additional Information (Detail) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Asset Retirement Obligation Disclosure [Abstract] | ' |
Current portion of ARO | $4 |
Long-term portion of ARO | $11.30 |
Debt_and_Credit_Agreements_Add
Debt and Credit Agreements - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | 5-May-14 | Sep. 30, 2014 | Apr. 02, 2014 | 5-May-14 | Apr. 02, 2014 | Sep. 30, 2014 | 2-May-13 | Sep. 30, 2014 | Nov. 15, 2013 | Sep. 30, 2014 | 29-May-14 | |
Minimum [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Alternative Base Rate [Member] | Alternative Base Rate [Member] | Amended and Restated Senior Revolving Credit Agreement [Member] | Amended and Restated Senior Revolving Credit Agreement [Member] | Credit Facilities [Member] | Credit Facilities [Member] | 9.500% Senior Notes due 2018 [Member] | 9.500% Senior Notes due 2018 [Member] | 9.500% Senior Notes due 2018 [Member] | 9.500% Senior Notes due 2018 [Member] | 9.500% Senior Notes due 2018 [Member] | 5.625% Senior Notes due 2021 [Member] | 5.625% Senior Notes due 2021 [Member] | 5.875% Senior Notes due 2022 [Member] | 5.875% Senior Notes due 2022 [Member] | 5.875% Senior Notes due 2024 [Member] | 5.875% Senior Notes due 2024 [Member] | ||||
Maximum [Member] | Minimum [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Accounts Payable and Accrued Liabilities [Member] | Amended and Restated Senior Revolving Credit Agreement [Member] | ||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current borrowing base | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800,000,000 | ' | $950,000,000 | ' | ' | ' | ' | ' | ' |
Maximum credit amount increased under credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 690,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate, stated percentage | ' | ' | ' | ' | ' | 2.50% | 0.50% | 1.50% | ' | 1.50% | ' | ' | 9.50% | ' | ' | ' | ' | ' | 5.63% | ' | 5.88% | ' | 5.88% |
Weighted average borrowing rate under Restated Revolver | 1.92% | 2.08% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense on Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fees on Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax SEC PV-10 reserve value, percentage | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pledge of membership and limited partnership interests percentage | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current ratio | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum leverage ratio of total debt to earnings before interest expense, income taxes and noncash items, such as depreciation, depletion, amortization and impairment | ' | ' | ' | ' | 0.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current ratio | ' | 2.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio | ' | 2.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Senior Notes due 2018 | ' | ' | ' | 'Senior Notes due 2021 | ' | 'Senior Notes due 2022 | ' | 'Senior Notes due 2024 | ' |
Redemption term of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '104.75% of the principal amount, plus accrued and unpaid interest | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 210,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of debt instrument (Call premium) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued and unpaid interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt issuance cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | 600,000,000 | ' | 500,000,000 |
Total outstanding borrowings | $1,910,000,000 | $1,910,000,000 | $1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average borrowing rate | 5.93% | 5.93% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Effective tax rate | 36.50% | 36.70% | 36.20% | 35.50% | ' |
Unrecognized tax benefits | $0 | ' | $0 | ' | $0 |
Deferred tax liability | $178,300,000 | ' | $178,300,000 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Drilling_Rig | ||
Oil and Gas Delivery Commitments and Contracts [Line Items] | ' | ' |
Accrued deficiency fees | $6,500,000 | $6,500,000 |
Outstanding commitments | ' | 25,900,000 |
Minimum remaining contractual commitment | ' | 9,000,000 |
Number of outstanding drilling rig commitments | ' | 4 |
Drilling rig commitments, expiry date | ' | '2016 |
Reserve for commercial disputes | $5,800,000 | $5,800,000 |
Oil Commitments (MMBbls) [Member] | ' | ' |
Oil and Gas Delivery Commitments and Contracts [Line Items] | ' | ' |
Oil and gas delivery transportation commitments | 4.9 | 4.9 |
Natural Gas Commitments (MMBtus) [Member] | ' | ' |
Oil and Gas Delivery Commitments and Contracts [Line Items] | ' | ' |
Oil and gas delivery transportation commitments | ' | 601,000,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Obligations Under Firm Gas and Oil Transportation Agreements (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Oil And Gas Delivery Commitments And Contracts Additional Information [Abstract] | ' |
2014 | $5,575 |
2015 | 22,120 |
2016 | 22,132 |
2017 | 21,708 |
2018 | 18,159 |
Thereafter | 102,406 |
Total future obligations | $192,100 |
Equity_Schedule_of_Basic_and_D
Equity - Schedule of Basic and Diluted Weighted Average Shares Outstanding (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Equity [Abstract] | ' | ' | ' | ' |
Basic weighted average number of shares outstanding | 61,484 | 61,152 | 61,439 | 57,656 |
Dilution effect of stock option and restricted shares at the end of the period | 191 | 212 | 197 | 268 |
Diluted weighted average number of shares outstanding | 61,675 | 61,364 | 61,636 | 57,924 |
Anti-dilutive stock awards and shares | 5 | ' | 3 | ' |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Apr. 23, 2013 | Sep. 30, 2013 | Apr. 29, 2013 | Apr. 23, 2013 | Apr. 29, 2013 |
Underwriters Over-Allotment Option [Member] | Common Stock [Member] | Common Stock [Member] | |||
Underwriters Over-Allotment Option [Member] | |||||
Equity [Line Items] | ' | ' | ' | ' | ' |
Public offering of common stock | ' | ' | 1,050,000 | 7,000,000 | ' |
Common stock price per share | $42.50 | ' | ' | ' | ' |
Selling price per share net of underwriting discount and commissions | $40.80 | ' | ' | ' | ' |
Net proceeds from equity issue | ' | $329,008 | ' | $286,300 | $43,000 |
StockBased_Compensation_and_Em2
Stock-Based Compensation and Employee Benefits - Schedule of Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Total stock-based compensation expense | $2,640 | $3,621 | $10,280 | $8,662 |
Capitalized in oil and gas properties | -212 | -221 | -459 | -369 |
Net stock-based compensation expense | $2,428 | $3,400 | $9,821 | $8,293 |
StockBased_Compensation_and_Em3
Stock-Based Compensation and Employee Benefits - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock compensation expense recorded | $2,428,000 | $3,400,000 | $9,821,000 | $8,293,000 |
Stock-based compensation expense associated with PSU | 2,640,000 | 3,621,000 | 10,280,000 | 8,662,000 |
Postretirement Health Care Plans [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Liability related to prior service of employees | ' | ' | 300,000 | ' |
Employee Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock compensation expense recorded | 2,700,000 | ' | 7,800,000 | ' |
Unrecognized compensation expense | 14,700,000 | ' | 14,700,000 | ' |
Performance Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unrecognized compensation expense | 15,500,000 | ' | 15,500,000 | ' |
Stock-based compensation expense associated with PSU | $100,000 | ' | $2,500,000 | ' |
Number of shares vested range, percentage of targeted amounts | ' | ' | 200.00% | ' |
PSUs performance period, in years | ' | ' | '3 years | ' |
Guarantor_Subsidiaries_Additio
Guarantor Subsidiaries - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Guarantees [Abstract] | ' |
Number of subsidiaries with restricted assets that exceed 25% of net assets | 'none |
Maximum percentage of non-transferrable net assets | 25.00% |