Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | ||||||
Mar. 31, 2014 | 5-May-14 | 5-May-14 | 5-May-14 | 5-May-14 | 5-May-14 | 5-May-14 | |
Common Class A | Common Class B | Common Class C | Common Class E | Common Class F | Common Class G | ||
Entity Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Entity Registrant Name | 'Chaparral Energy, Inc. | ' | ' | ' | ' | ' | ' |
Entity Central Index Key | '0001346980 | ' | ' | ' | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' | ' | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' | ' | ' | ' | ' |
Document Type | '10-Q | ' | ' | ' | ' | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' | ' | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' | ' | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 366,685 | 344,859 | 209,882 | 504,276 | 1 | 2 |
Consolidated_balance_sheets
Consolidated balance sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $38,657 | $48,595 |
Accounts receivable, net | 116,387 | 96,515 |
Inventories, net | 22,078 | 16,137 |
Prepaid expenses | 3,268 | 3,998 |
Derivative instruments | 0 | 2,152 |
Deferred income taxes | 15,599 | 9,260 |
Total current assets | 195,989 | 176,657 |
Property and equipmentbat cost, net | 69,775 | 69,426 |
Oil and natural gas properties, using the full cost method: | ' | ' |
Proved | 3,372,416 | 3,258,661 |
Unevaluated (excluded from the amortization base) | 346,372 | 321,477 |
Accumulated depreciation, depletion, amortization and impairment | -1,522,249 | -1,470,090 |
Total oil and natural gas properties | 2,196,539 | 2,110,048 |
Derivative instruments | 2,847 | 6,403 |
Other assets | 34,285 | 35,348 |
Total assets | 2,499,435 | 2,397,882 |
Liabilities and stockholders' equity | ' | ' |
Accounts payable and accrued liabilities | 157,911 | 134,811 |
Accrued payroll and benefits payable | 19,196 | 24,246 |
Accrued interest payable | 33,441 | 24,225 |
Revenue distribution payable | 23,458 | 25,138 |
Current maturities of long-term debt and capital leases | 5,502 | 5,334 |
Derivative instruments | 22,830 | 8,234 |
Total current liabilities | 262,338 | 221,988 |
Long-term debt and capital leases, less current maturities | 1,603,532 | 1,557,528 |
Derivative instruments | 140 | 0 |
Stock-based compensation | 3,514 | 4,942 |
Asset retirement obligations, net of current portion | 54,348 | 53,305 |
Deferred income taxes | 71,680 | 62,855 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, 600,000 shares authorized, none issued and outstanding | 0 | 0 |
Additional paid in capital | 426,591 | 424,377 |
Retained earnings | 77,278 | 72,873 |
Total stockholders' equity | 503,883 | 497,264 |
Total liabilities and stockholders' equity | 2,499,435 | 2,397,882 |
Common Class A | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 4 | 0 |
Common Class B | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 3 | 4 |
Common Class C | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 2 | 2 |
Common Class D | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 0 | 3 |
Common Class E | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 5 | 5 |
Common Class F | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 0 | 0 |
Common Class G | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | $0 | $0 |
Consolidated_balance_sheets_Pa
Consolidated balance sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Preferred stock, shares authorized | 600,000 | 600,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Class A | ' | ' |
Common stock, par value | 0.01 | 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 366,685 | 70,117 |
Common stock, shares outstanding | 366,685 | 70,117 |
Common Class B | ' | ' |
Common stock, par value | 0.01 | 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 344,859 | 357,882 |
Common stock, shares outstanding | 344,859 | 357,882 |
Common Class C | ' | ' |
Common stock, par value | 0.01 | 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 209,882 | 209,882 |
Common stock, shares outstanding | 209,882 | 209,882 |
Common Class D | ' | ' |
Common stock, par value | 0.01 | 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 0 | 279,999 |
Common stock, shares outstanding | 0 | 279,999 |
Common Class E | ' | ' |
Common stock, par value | 0.01 | 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 504,276 | 504,276 |
Common stock, shares outstanding | 504,276 | 504,276 |
Common Class F | ' | ' |
Common stock, par value | 0.01 | 0.01 |
Common stock, shares authorized | 1 | 1 |
Common stock, shares issued | 1 | 1 |
Common stock, shares outstanding | 1 | 1 |
Common Class G | ' | ' |
Common stock, par value | 0.01 | 0.01 |
Common stock, shares authorized | 3 | 3 |
Common stock, shares issued | 2 | 3 |
Common stock, shares outstanding | 2 | 3 |
Consolidated_statements_of_ope
Consolidated statements of operations (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Commodity sales | $173,339 | $127,512 |
Gain from oil hedging activities | 0 | 10,003 |
Total revenues | 173,339 | 137,515 |
Costs and expenses: | ' | ' |
Lease operating | 35,021 | 33,977 |
Production taxes | 6,643 | 7,880 |
Depreciation, depletion & amortization | 55,750 | 43,916 |
General and administrative | 13,387 | 14,008 |
Total costs and expenses | 110,801 | 99,781 |
Operating income | 62,538 | 37,734 |
Non-operating income (expense): | ' | ' |
Interest expense | -26,459 | -24,291 |
Non-hedge derivative losses | -29,199 | -15,546 |
Other income, net | 160 | 226 |
Net non-operating expense | -55,498 | -39,611 |
Income (loss) before income taxes | 7,040 | -1,877 |
Income tax expense (benefit) | 2,635 | -687 |
Net income (loss) | $4,405 | ($1,190) |
Consolidated_statements_of_com
Consolidated statements of comprehensive (loss) income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Comprehensive income | ' | ' |
Net income (loss) | $4,405 | ($1,190) |
Other comprehensive loss | ' | ' |
Reclassification adjustment for hedge gains included in gain from oil hedging activities in the consolidated statements of operations | 0 | -10,003 |
Income tax benefit related to other comprehensive loss | 0 | 3,818 |
Other comprehensive loss, net of tax | 0 | -6,185 |
Comprehensive income (loss) | $4,405 | ($7,375) |
Consolidated_statements_of_cas
Consolidated statements of cash flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Net income (loss) | $4,405 | ($1,190) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ' | ' |
Depreciation, depletion & amortization | 55,750 | 43,916 |
Deferred income taxes | 2,485 | -746 |
Gain on hedge reclassification adjustments | 0 | -10,003 |
Non-hedge derivative losses | 29,199 | 15,546 |
Gain on sale of assets | -84 | -95 |
Other | 492 | 1,197 |
Change in assets and liabilities | ' | ' |
Accounts receivable | -15,762 | -210 |
Inventories | -4,234 | -4,985 |
Prepaid expenses and other assets | 669 | 923 |
Accounts payable and accrued liabilities | 2,303 | 1,879 |
Revenue distribution payable | -1,679 | 699 |
Stock-based compensation | 695 | 1,245 |
Net cash provided by operating activities | 74,239 | 48,176 |
Cash flows from investing activities | ' | ' |
Expenditures for property, plant, and equipment | -138,669 | -109,779 |
Proceeds from asset dispositions | 16,997 | 6,833 |
Settlement of non-hedge derivative instruments | -8,755 | 9,896 |
Net cash used in investing activities | -130,427 | -93,050 |
Cash flows from financing activities | ' | ' |
Proceeds from long-term debt | 50,603 | 24,868 |
Repayment of long-term debt | -3,783 | -1,752 |
Principal payments under capital lease obligations | -570 | 0 |
Net cash provided by financing activities | 46,250 | 23,116 |
Net decrease in cash and cash equivalents | -9,938 | -21,758 |
Cash and cash equivalents at beginning of period | 48,595 | 29,819 |
Cash and cash equivalents at end of period | $38,657 | $8,061 |
Nature_of_operations_and_summa
Nature of operations and summary of significant accounting policies | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Nature of operations and summary of significant accounting policies | ' | ||||||||
Nature of operations and summary of significant accounting policies | |||||||||
Nature of operations | |||||||||
Chaparral Energy, Inc. and its subsidiaries, (collectively, “we”, “our”, “us”, or the “Company”) are involved in the acquisition, exploration, development, production and operation of oil and natural gas properties. Properties are located primarily in Oklahoma, Texas, New Mexico, Louisiana, Arkansas, and Kansas. | |||||||||
Interim financial statements | |||||||||
The accompanying unaudited consolidated interim financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC and do not include all of the financial information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These financial statements and the notes thereto should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||
The financial information as of March 31, 2014, and for the three months ended March 31, 2014 and 2013, is unaudited. The financial information as of December 31, 2013 has been derived from the audited financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2013. In management’s opinion, such information contains all adjustments, consisting only of normal recurring accruals, considered necessary for a fair presentation of the results of the interim periods. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results of operations that will be realized for the year ended December 31, 2014. | |||||||||
Certain reclassifications have been made to prior period financial statements to conform to current period presentation. The reclassifications had no effect on our previously reported results of operations. | |||||||||
Cash and cash equivalents | |||||||||
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. We maintain cash and cash equivalents in bank deposit accounts and money market funds which may not be federally insured. As of March 31, 2014, cash with a recorded balance totaling $36,695 was held at JP Morgan Chase Bank, N.A. We have not experienced any losses in such accounts and believe we are not exposed to any significant credit risk on such accounts. | |||||||||
Accounts receivable | |||||||||
We have receivables from joint interest owners and oil and natural gas purchasers which are generally uncollateralized. We generally review our oil and natural gas purchasers for credit worthiness and general financial condition. We may have the ability to withhold future revenue disbursements to recover non-payment of joint interest billings on properties of which we are the operator. Accounts receivable from joint interest owners are stated at amounts due, net of an allowance for doubtful accounts. Accounts receivable are generally due within 30 days and accounts outstanding longer than 60 days are considered past due. We establish our allowance for doubtful accounts by considering the length of time past due, previous loss history, future net revenues of the debtor’s ownership interest in oil and natural gas properties we operate, and the owner’s ability to pay its obligation, among other things. | |||||||||
We write off accounts receivable when they are determined to be uncollectible. Bad debt expense was $(553) and $250 for the three months ended March 31, 2014 and 2013, respectively. Recovered amounts previously written off are offset against the allowance and reduce expense in the year of recovery. During the first quarter, we recovered $755 of amounts previously deemed uncollectible in conjunction with a settlement with the counterparty. Accounts receivable consisted of the following at March 31, 2014 and December 31, 2013: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Joint interests | $ | 40,454 | $ | 31,335 | |||||
Accrued commodity sales | 73,370 | 60,768 | |||||||
Derivative settlements | 156 | 4,616 | |||||||
Other | 2,913 | 1,392 | |||||||
Allowance for doubtful accounts | (506 | ) | (1,596 | ) | |||||
$ | 116,387 | $ | 96,515 | ||||||
Inventories | |||||||||
Inventories are comprised of equipment used in developing oil and natural gas properties, oil and natural gas product inventories, and equipment for resale. Inventory and equipment for resale are carried at the lower of cost or market using the average cost method. Oil and natural gas product inventories are stated at the lower of production cost or market. Inventories are shown net of a provision for obsolescence, commensurate with known or estimated exposure, which is reflected in the valuation allowance disclosed below. Inventories at March 31, 2014 and December 31, 2013 consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Equipment inventory | $ | 19,437 | $ | 13,657 | |||||
Commodities | 3,347 | 3,186 | |||||||
Inventory valuation allowance | (706 | ) | (706 | ) | |||||
$ | 22,078 | $ | 16,137 | ||||||
Oil and natural gas properties | |||||||||
Capitalized Costs. We use the full cost method of accounting for oil and natural gas properties and activities. Accordingly, we capitalize all costs incurred in connection with the exploration for and development of oil and natural gas reserves. Proceeds from the disposition of oil and natural gas properties are accounted for as a reduction in capitalized costs, with no gain or loss generally recognized unless such dispositions involve a significant alteration in the depletion rate. We capitalize internal costs that can be directly identified with exploration and development activities, but do not include any costs related to production, general corporate overhead or similar activities. Capitalized costs include geological and geophysical work, 3D seismic, delay rentals, drilling and completing and equipping oil and natural gas wells, including salaries, benefits and other internal costs directly attributable to these activities. | |||||||||
The costs of unevaluated oil and natural gas properties are excluded from amortization until the properties are evaluated. Costs are transferred into the amortization base on an ongoing basis as the properties are evaluated and proved reserves are established or impairment is determined. Work-in-progress costs are included in unevaluated oil and natural gas properties and as of March 31, 2014, include $218,369 of capital costs incurred for undeveloped acreage, $117,018 for the construction of CO2 delivery pipelines and facilities for which there are no reserves, and $10,985 for wells and facilities in progress pending determination. As of December 31, 2013, work-in-progress costs included capital costs incurred of $196,227 for undeveloped acreage, $115,828 for the construction of CO2 delivery pipelines and facilities for which there are no reserves, and $9,422 for wells and facilities in progress pending determination. | |||||||||
Divestitures and acquisitions.We have entered into three separate purchase and sale agreements (the “Agreements”) during April 2014 with Scout Energy Group I, LP, RKI Exploration & Production, LLC, and RAM Energy, LLC, whereby we will sell, in aggregate, our ownership interests in our Delaware Basin, Ft. Worth Basin and Arkansas-Louisiana-Texas (“Ark-La-Tex”) properties. Under the Agreements, the total sales price for the divested properties is approximately $201,150 subject to customary pre- and post-closing adjustments as described in the Agreements. The sale and purchase of the divested properties are expected to close in late May and June 2014 and are effective as of March 1, 2014. We have received a total of approximately $17,015 as performance deposits which will be applied to the various purchase prices at closing or released to us or the buyer(s), as the case may be, if a closing fails to occur and either the buyer(s) or we terminate the Agreements. Based on the amount of oil and natural gas reserves associated with these properties, we do not anticipate these divestitures to significantly alter the relationship between capitalized costs and proved reserves, and hence, do not expect to record any gain or loss upon the sale of the properties. | |||||||||
In December 2013, we acquired certain oil and natural gas properties in the Panhandle Marmaton play from Cabot Oil & Gas Corporation (the “Cabot Acquisition”). The acquisition qualified as a business combination for accounting purposes and, as such, we estimated the fair value of the acquired properties as of the acquisition date and allocated the purchase price to the assets and liabilities acquired based on their fair values. During the second quarter of 2014, we finalized the post closing adjustments related to the Cabot Acquisition with no material changes to the purchase price allocation. | |||||||||
Depreciation, depletion and amortization. Depreciation, depletion and amortization (“DD&A”) of oil and natural gas properties are provided using the units-of-production method based on estimates of proved oil and natural gas reserves and production, which are converted to a common unit of measure based upon their relative energy content. Our cost basis for depletion includes estimated future development costs to be incurred on proved undeveloped properties. The computation of DD&A takes into consideration restoration, dismantlement, and abandonment costs, and the anticipated proceeds from salvaging equipment. | |||||||||
Ceiling Test. In accordance with the full cost method of accounting, the net capitalized costs of oil and natural gas properties are not to exceed their related PV-10 value, net of tax considerations, plus the cost of unproved properties not being amortized. | |||||||||
Our estimates of oil and natural gas reserves as of March 31, 2014 were prepared using an average price for oil and natural gas of each month for the prior twelve months as required by the Securities Exchange Commission (“SEC”). The cost center ceiling exceeded the net capitalized cost of our oil and natural gas properties as of March 31, 2014, and no ceiling test impairment was recorded. | |||||||||
A decline in oil and natural gas prices subsequent to March 31, 2014 could result in ceiling test write-downs in future periods. The amount of any future impairment is difficult to predict, and will depend on the average oil and natural gas prices during each period, the incremental proved reserves added during each period, and additional capital spent. | |||||||||
Stock-based compensation | |||||||||
Our stock-based compensation programs consist of phantom stock, restricted stock units (“RSU”), and restricted stock awards issued to employees. Generally, we use new shares to grant restricted stock awards, and we cancel restricted shares forfeited or repurchased for tax withholding. Canceled shares are available to be issued as new grants under our 2010 Equity Incentive Plan. | |||||||||
The estimated fair value of the phantom stock and RSU awards are remeasured at the end of each reporting period until settlement. The estimated fair market value of these awards is calculated based on our total asset value less total liabilities, with both assets and liabilities being adjusted to fair value in accordance with the terms of the Phantom Stock Plan and the Non-Officer Restricted Stock Unit Plan. The primary adjustment required is the adjustment of oil and natural gas properties from net book value to the discounted and risk-adjusted reserve value based on internal reserve reports priced on NYMEX forward strips. Compensation cost associated with the phantom stock awards and RSU awards is recognized over the vesting period using the straight-line method and the accelerated method, respectively. The fair value of our restricted stock awards that include a service condition is based upon the estimated fair market value of our common equity per share on a minority, non-marketable basis on the date of grant, and is remeasured at the end of each reporting period until settlement. We recognize compensation cost over the requisite service period using the accelerated method for awards with graded vesting. | |||||||||
We use a Monte Carlo model to estimate the grant date fair value of restricted stock awards that include a market condition. This model includes various significant assumptions, including the expected volatility of the share awards and the probabilities of certain vesting conditions. Compensation cost associated with restricted stock awards that include a market condition is recognized over the requisite service period using the straight-line method. The assumptions used to value our stock-based compensation awards reflect our best estimates, but they involve inherent uncertainties based on market conditions generally outside of our control. As a result, if other assumptions had been used, stock-based compensation expense could have been significantly impacted. | |||||||||
The costs associated with our stock-based compensation programs is calculated net of forfeitures, which are estimated based on our historical and expected turnover rates. If our actual forfeiture rate is materially different from our estimate, the stock-based compensation cost could be different from what we have recorded in the current period. | |||||||||
Recently adopted accounting pronouncements | |||||||||
In July 2011, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding how health insurers should recognize and classify in their income statements the fees mandated by the Health Care and Education Reconciliation Act (“HCERA”). The HCERA imposes an annual fee upon health insurers for each calendar year beginning on or after January 1, 2014. The annual fee will be allocated to individual entities providing health insurance to employees based on a ratio, as provided for in the HCERA, and is not tax deductible. This guidance specifies that once the entity has provided qualifying health insurance in the calendar year in which the fee is payable, the liability for the entity’s fee should be estimated and recorded in full with a corresponding deferred cost that is amortized to expense on a straight line basis, unless another method better allocates the fee over the calendar year that it is payable. This guidance, which was effective and adopted by us in the first quarter of 2014, did not have a material impact on our financial statements and results of operations. |
Supplemental_disclosures_to_th
Supplemental disclosures to the consolidated statements of cash flows | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Supplemental disclosures to the consolidated statements of cash flows | ' | ||||||||
Supplemental disclosures to the consolidated statements of cash flows | |||||||||
Supplemental disclosures to the consolidated statements of cash flows are presented below: | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Net cash provided by operating activities included: | |||||||||
Cash payments for interest | $ | 18,794 | $ | 16,787 | |||||
Interest capitalized | (2,942 | ) | (3,628 | ) | |||||
Cash payments for interest, net of amounts capitalized | $ | 15,852 | $ | 13,159 | |||||
Non-cash investing activities included: | |||||||||
Asset retirement obligation additions and revisions | $ | 139 | $ | 76 | |||||
Oil and natural gas properties acquired through increase in accounts payable and accrued liabilities | $ | 18,629 | $ | 18,502 | |||||
Longterm_debt
Long-term debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term debt | ' | ||||||||
Long-term debt | |||||||||
As of the dates indicated, long-term debt consisted of the following: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
9.875% Senior Notes due 2020, net of discount of $5,304 and $5,444, respectively | $ | 294,695 | $ | 294,556 | |||||
8.25% Senior Notes due 2021 | 400,000 | 400,000 | |||||||
7.625% Senior Notes due 2022, including premium of $5,501 and $5,719, respectively | 555,501 | 555,719 | |||||||
Senior secured revolving credit facility | 319,000 | 272,000 | |||||||
Real estate mortgage notes, principal and interest payable monthly, bearing interest at rates ranging from 2.54% to 5.46%, due August 2021 through December 2028; collateralized by real property | 11,081 | 11,202 | |||||||
Installment notes payable, principal and interest payable monthly, bearing interest at rates ranging from 2.85% to 5.99%, due April 2014 through February 2018 collateralized by automobiles, machinery and equipment | 5,178 | 5,235 | |||||||
Capital lease obligations | 23,579 | 24,150 | |||||||
1,609,034 | 1,562,862 | ||||||||
Less current maturities | 5,502 | 5,334 | |||||||
$ | 1,603,532 | $ | 1,557,528 | ||||||
Senior Notes | |||||||||
The senior notes, which, as of March 31, 2014, include our 9.875% senior notes due 2020, our 8.25% senior notes due 2021, and our 7.625% senior notes due 2022 (collectively, our “Senior Notes”) are our senior unsecured obligations, rank equally in right of payment with all our existing and future senior debt, and rank senior to all of our existing and future subordinated debt. | |||||||||
Senior secured revolving credit facility | |||||||||
In April 2010, we entered into an Eighth Restated Credit Agreement (our “senior secured revolving credit facility”), which is collateralized by our oil and natural gas properties and, as amended, matures on November 1, 2017. During the three months ended March 31, 2014, we had borrowings of $50,000 and repayments of $3,000 on our senior secured revolving credit facility. The increased borrowings were utilized to fund our capital expenditures and for general corporate purposes. | |||||||||
Availability under our senior secured revolving credit facility is subject to a borrowing base which is set by the banks semiannually on May 1 and November 1 of each year. In addition, the lenders may request a borrowing base redetermination once between each scheduled redetermination and in the event of early termination of our derivative contracts. Effective April 22, 2014, our borrowing base was reaffirmed at $600,000. | |||||||||
We believe we were in compliance with all covenants under our senior secured revolving credit facility as of March 31, 2014. | |||||||||
Capital Leases | |||||||||
During 2013, we entered into lease financing agreements with U.S. Bank National Association for $24,500 through the sale and subsequent leaseback of existing compressors owned by us. The carrying value of these compressors is included in our oil and gas full cost pool. The lease financing obligations are for 84-month terms and include the option to purchase the equipment for a specified price at 72 months as well as an option to purchase the equipment at the end of the lease term for its then-current fair market value. Lease payments related to the equipment are recognized as principal and interest expense based on a weighted average implicit interest rate of 3.8%. Minimum lease payments are approximately $3,181 annually. |
Derivative_instruments
Derivative instruments | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivative instruments | ' | |||||||||||||||||||||||
Derivative instruments | ||||||||||||||||||||||||
Overview | ||||||||||||||||||||||||
Our results of operations, financial condition and capital resources are highly dependent upon the prevailing market prices of, and demand for, oil and natural gas. These commodity prices are subject to wide fluctuations and market uncertainties. To mitigate a portion of this exposure, we enter into various types of derivative instruments, including commodity price swaps, enhanced price swaps, costless collars, put options, and basis protection swaps. | ||||||||||||||||||||||||
For commodity price swaps, we receive a fixed price for the hedged commodity and pay a floating market price to the counterparty. The fixed-price payment and the floating-price payment are netted, resulting in a net amount due to or from the counterparty. | ||||||||||||||||||||||||
Collars contain a fixed floor price (purchased put) and ceiling price (sold call). If the market price exceeds the call strike price or falls below the put strike price, we receive the fixed price and pay the market price. If the market price is between the call and the put strike price, no payments are due from either party. A three-way collar contract consists of a standard collar contract plus a sold put with a price below the floor price of the collar. The sold put option requires us to make a payment to the counterparty if the market price is below the sold put option price. If the market price is greater than the sold put option price, the result is the same as it would have been with a standard collar contract only. By combining the collar contract with the sold put option, we are entitled to a net payment equal to the difference between the floor price of the standard collar and the sold put option price if the market price falls below the sold put option price. This strategy enables us to increase the floor and the ceiling price of the collar beyond the range of a traditional costless collar utilizing the value associated with the sale of a put option. | ||||||||||||||||||||||||
Put options may be purchased from the counterparty by our payment of a cash premium. If the market price is below the put strike price at the settlement date, we will receive a payment from the counterparty. Purchased put options are designed to provide a fixed price floor with the opportunity for upside if commodity prices increase. | ||||||||||||||||||||||||
We enhance the value of certain oil swaps by combining them with sold puts or put spread contracts. Sold puts require us to make a payment to the counterparty if the market price is below the put strike price at the settlement date. If the market price is greater than the sold put price, the result is the same as it would have been with a swap contract only. A put spread is a combination of a sold put and a purchased put. If the market price falls below the purchased put option price, we will receive the spread between the sold put option price and the purchased put option price from the counterparty. The use of a sold put allows us to receive an above-market swap price while the purchased put provides a measure of downside protection. | ||||||||||||||||||||||||
We use basis protection swaps to reduce basis risk. Basis is the difference between the physical commodity being hedged and the price of the futures contract used for hedging. Basis risk is the risk that an adverse change in the futures market will not be completely offset by an equal and opposite change in the cash price of the commodity being hedged. Basis risk exists in natural gas primarily due to the geographic price differentials between cash market locations and futures contract delivery locations. Natural gas basis protection swaps are arrangements that guarantee a price differential for natural gas from a specified pricing point. We receive a payment from the counterparty if the price differential is greater than the stated terms of the contract and pay the counterparty if the price differential is less than the stated terms of the contract. | ||||||||||||||||||||||||
We enter into crude oil derivative contracts for a portion of our natural gas liquids production. The following table summarizes our crude oil derivatives outstanding as of March 31, 2014: | ||||||||||||||||||||||||
Weighted average fixed price per Bbl | ||||||||||||||||||||||||
Period and type of contract | Volume | Swaps | Sold puts | Purchased puts | Sold calls | |||||||||||||||||||
MBbls | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Swaps | 581 | $ | 92.3 | $ | — | $ | — | $ | — | |||||||||||||||
Three-way collars | 1,800 | $ | — | $ | 75.5 | $ | 93.25 | $ | 101.94 | |||||||||||||||
Enhanced swaps | 630 | $ | 98.24 | $ | 80 | $ | — | $ | — | |||||||||||||||
Put spread enhanced swaps | 2,072 | $ | 93.85 | $ | 80 | $ | 60 | $ | — | |||||||||||||||
Purchased puts | 630 | $ | — | $ | — | $ | 60 | $ | — | |||||||||||||||
2015 | ||||||||||||||||||||||||
Enhanced swaps | 6,058 | $ | 92.92 | $ | 80 | $ | — | $ | — | |||||||||||||||
The following tables summarize our natural gas derivative instruments outstanding as of March 31, 2014: | ||||||||||||||||||||||||
Period and type of contract | Volume | Weighted | ||||||||||||||||||||||
BBtu | average | |||||||||||||||||||||||
fixed price | ||||||||||||||||||||||||
per MMBtu | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Natural gas swaps | 15,640 | $ | 4.01 | |||||||||||||||||||||
Natural gas basis protection swaps | 16,120 | $ | 0.24 | |||||||||||||||||||||
2015 | ||||||||||||||||||||||||
Natural gas swaps | 22,170 | $ | 4.2 | |||||||||||||||||||||
Natural gas basis protection swaps | 2,400 | $ | 0.18 | |||||||||||||||||||||
Effect of derivative instruments on the consolidated balance sheets | ||||||||||||||||||||||||
All derivative financial instruments are recorded on the balance sheet at fair value. See Note 5—Fair value measurements for additional information regarding fair value measurements. The estimated fair values of derivative instruments are provided below. The carrying amounts of these instruments are equal to the estimated fair values. | ||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Assets | Liabilities | Net value | Assets | Liabilities | Net value | |||||||||||||||||||
Natural gas swaps | $ | 665 | $ | (7,457 | ) | $ | (6,792 | ) | $ | 1,457 | $ | (3,706 | ) | $ | (2,249 | ) | ||||||||
Oil swaps | — | (3,345 | ) | (3,345 | ) | 112 | (2,807 | ) | (2,695 | ) | ||||||||||||||
Oil collars | 733 | (824 | ) | (91 | ) | 2,776 | (4 | ) | 2,772 | |||||||||||||||
Oil enhanced swaps | 1,621 | (11,308 | ) | (9,687 | ) | 6,988 | (6,212 | ) | 776 | |||||||||||||||
Oil purchased puts | 10 | — | 10 | 74 | — | 74 | ||||||||||||||||||
Natural gas basis differential swaps | 71 | (289 | ) | (218 | ) | 1,706 | (63 | ) | 1,643 | |||||||||||||||
Total derivative instruments | 3,100 | (23,223 | ) | (20,123 | ) | 13,113 | (12,792 | ) | 321 | |||||||||||||||
Less: | ||||||||||||||||||||||||
Netting adjustments (1) | 253 | (253 | ) | — | 4,558 | (4,558 | ) | — | ||||||||||||||||
Current portion asset (liability) | — | (22,830 | ) | (22,830 | ) | 2,152 | (8,234 | ) | (6,082 | ) | ||||||||||||||
$ | 2,847 | $ | (140 | ) | $ | 2,707 | $ | 6,403 | $ | — | $ | 6,403 | ||||||||||||
___________ | ||||||||||||||||||||||||
-1 | Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty. Positive and negative positions with a counterparty are netted only to the extent that they relate to the same current versus noncurrent classification on the balance sheet. | |||||||||||||||||||||||
We discontinued hedge accounting effective April 1, 2010. Net derivative gains (losses) attributable to derivatives previously subject to hedge accounting were deferred through accumulated other comprehensive income (loss) (“AOCI”). As of December 31, 2013, there are no longer any deferred gains in AOCI as all the previously deferred gains (losses) have been reclassified into earnings upon the sale of the hedged production. | ||||||||||||||||||||||||
Derivative settlements outstanding at March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Derivative settlements receivable included in accounts receivable | $ | 156 | $ | 4,616 | ||||||||||||||||||||
Derivative settlements payable included in accounts payable and accrued liabilities | $ | 5,339 | $ | 377 | ||||||||||||||||||||
Effect of derivative instruments on the consolidated statements of operations | ||||||||||||||||||||||||
We do not apply hedge accounting to any of our derivative instruments. As a result, all gains and losses associated with our derivative contracts are recognized immediately as non-hedge derivative gains (losses) in the consolidated statements of operations. Gain from oil hedging activities, which is a component of total revenues in the consolidated statements of operations, consists of the reclassification of hedge gains on discontinued oil hedges from AOCI into net income upon settlement of the contracts. | ||||||||||||||||||||||||
Non-hedge derivative (losses) gains in the consolidated statements of operations are comprised of the following: | ||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Change in fair value of commodity price swaps | $ | (5,193 | ) | $ | (19,364 | ) | ||||||||||||||||||
Change in fair value of collars | (2,863 | ) | (8,285 | ) | ||||||||||||||||||||
Change in fair value of enhanced swaps and put options | (10,361 | ) | 2,031 | |||||||||||||||||||||
Change in fair value of natural gas basis differential contracts | (1,861 | ) | 176 | |||||||||||||||||||||
Amortization of premium | (166 | ) | — | |||||||||||||||||||||
(Payments on) receipts from settlement of commodity price swaps | (5,850 | ) | 4,525 | |||||||||||||||||||||
(Payments on) receipts from settlement of collars | (41 | ) | 5,731 | |||||||||||||||||||||
(Payments on) receipts from settlement enhanced swaps | (1,992 | ) | — | |||||||||||||||||||||
Payments on settlement of natural gas basis differential contracts | (872 | ) | (360 | ) | ||||||||||||||||||||
$ | (29,199 | ) | $ | (15,546 | ) |
Fair_value_measurements
Fair value measurements | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair value measurements | ' | |||||||||||||||||||||||
Fair value measurements | ||||||||||||||||||||||||
Fair value is defined by the FASB as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. | ||||||||||||||||||||||||
Fair value measurements are categorized according to the fair value hierarchy defined by the FASB. The hierarchical levels are based upon the level of judgment associated with the inputs used to measure the fair value of the assets and liabilities as follows: | ||||||||||||||||||||||||
• | Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. | |||||||||||||||||||||||
• | Level 2 inputs include quoted prices for identical or similar instruments in markets that are not active and inputs other than quoted prices that are observable for the asset or liability. | |||||||||||||||||||||||
• | Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. | |||||||||||||||||||||||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the asset or liability is categorized based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. | ||||||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||||||
Our financial instruments recorded at fair value on a recurring basis consist of commodity derivative contracts (see Note 4—Derivative instruments). We have no Level 1 assets or liabilities as of March 31, 2014 or December 31, 2013. Our derivative contracts classified as Level 2 as of March 31, 2014 and December 31, 2013 consist of commodity price swaps and basis protection swaps, which are valued using an income approach. Future cash flows from the derivatives are estimated based on the difference between the fixed contract price and the underlying published forward market price, and are discounted at the LIBOR swap rate. | ||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, our derivative contracts classified as Level 3 consisted of three-way collars, enhanced swaps, and purchased puts. The fair value of these contracts is developed by a third-party pricing service using a proprietary valuation model, which we believe incorporates the assumptions that market participants would have made at the end of each period. Observable inputs include contractual terms, published forward pricing curves, and yield curves. Significant unobservable inputs are implied volatilities. Significant increases (decreases) in implied volatilities in isolation would result in a significantly higher (lower) fair value measurement. We review these valuations and the changes in the fair value measurements for reasonableness. | ||||||||||||||||||||||||
All derivative instruments are discounted further using a rate that incorporates our nonperformance risk for derivative liabilities and our counterparties’ nonperformance risk for derivative assets. If available, we use our counterparties’ credit default swap values or the spread between the risk-free interest rate and the yield on our counterparties’ publicly traded debt having comparable maturities to our derivative contracts as the measure of our counterparties’ nonperformance risk. As of March 31, 2014 and December 31, 2013, the rate reflecting our nonperformance risk was 2.00% and 1.75%, respectively. The weighted average rate reflecting our counterparties’ nonperformance risk was approximately 0.25% and 0.31% as of March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||
The fair value hierarchy for our financial assets and liabilities is shown by the following table: | ||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Derivative | Derivative | Net assets | Derivative | Derivative | Net assets | |||||||||||||||||||
assets | liabilities | (liabilities) | assets | liabilities | (liabilities) | |||||||||||||||||||
Significant other observable inputs (Level 2) | $ | 736 | $ | (11,091 | ) | $ | (10,355 | ) | $ | 3,275 | $ | (6,576 | ) | $ | (3,301 | ) | ||||||||
Significant unobservable inputs (Level 3) | 2,364 | (12,132 | ) | (9,768 | ) | 9,838 | (6,216 | ) | 3,622 | |||||||||||||||
Netting adjustments (1) | (253 | ) | 253 | — | (4,558 | ) | 4,558 | — | ||||||||||||||||
$ | 2,847 | $ | (22,970 | ) | $ | (20,123 | ) | $ | 8,555 | $ | (8,234 | ) | $ | 321 | ||||||||||
___________ | ||||||||||||||||||||||||
-1 | Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty. | |||||||||||||||||||||||
Changes in the fair value of our derivative instruments classified as Level 3 in the fair value hierarchy during the three months ended March 31, 2014 and 2013 were: | ||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
Net derivative assets (liabilities) | 2014 | 2013 | ||||||||||||||||||||||
Beginning balance | $ | 3,622 | $ | 26,231 | ||||||||||||||||||||
Realized and unrealized losses included in non-hedge derivative losses | (15,423 | ) | (523 | ) | ||||||||||||||||||||
Settlements paid (received) | 2,033 | (5,731 | ) | |||||||||||||||||||||
Ending balance | $ | (9,768 | ) | $ | 19,977 | |||||||||||||||||||
(Losses) gains relating to instruments still held at the reporting date included in non-hedge derivative (losses) gains for the period | $ | (15,324 | ) | $ | 1,393 | |||||||||||||||||||
Nonrecurring fair value measurements | ||||||||||||||||||||||||
Additions to the asset and liability associated with our asset retirement obligations are measured at fair value on a nonrecurring basis. Our asset retirement obligations consist of the estimated present value of future costs to plug and abandon or otherwise dispose of our oil and natural gas properties and related facilities. Significant inputs used in determining such obligations include estimates of plugging and abandonment costs, inflation rates, discount rates, and well life, all of which are Level 3 inputs according to the fair value hierarchy. The estimated future costs to dispose of properties added during the first three months of 2014 and 2013 were escalated using an annual inflation rate of 2.95% and 2.95%, respectively, and discounted using our credit-adjusted risk-free interest rate of 5.80% and 6.40%, respectively. These estimates may change based upon future inflation rates and changes in statutory remediation rules. During the three months ended March 31, 2014 and 2013, additions to our asset retirement obligations were $139 and $76, respectively. See Note 6—Asset retirement obligations for additional information regarding our asset retirement obligations. | ||||||||||||||||||||||||
Fair value of other financial instruments | ||||||||||||||||||||||||
Our significant financial instruments, other than derivatives, consist primarily of cash and cash equivalents, accounts receivable, accounts payable, and long-term debt. We believe the carrying values of cash and cash equivalents, accounts receivable, and accounts payable approximate fair values due to the short-term maturities of these instruments. | ||||||||||||||||||||||||
The carrying value and estimated fair value of our long-term debt at March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Level 2 | Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||||
value | fair value | value | fair value | |||||||||||||||||||||
9.875% Senior Notes due 2020 | $ | 294,695 | $ | 342,750 | $ | 294,556 | $ | 340,140 | ||||||||||||||||
8.25% Senior Notes due 2021 | 400,000 | 437,872 | 400,000 | 437,000 | ||||||||||||||||||||
7.625% Senior Notes due 2022 | 555,501 | 598,125 | 555,719 | 583,275 | ||||||||||||||||||||
Senior secured revolving credit facility | 319,000 | 319,000 | 272,000 | 272,000 | ||||||||||||||||||||
Other secured long-term debt | 16,259 | 16,259 | 16,437 | 16,437 | ||||||||||||||||||||
$ | 1,585,455 | $ | 1,714,006 | $ | 1,538,712 | $ | 1,648,852 | |||||||||||||||||
The fair value of our Senior Notes was estimated based on quoted market prices. The carrying value of our senior secured revolving credit facility approximates fair value because it has a variable interest rate and incorporates a measure of our credit risk. The carrying value of our other secured long-term debt approximates fair value because the rates are comparable to those at which we could currently borrow under similar terms. | ||||||||||||||||||||||||
Counterparty credit risk | ||||||||||||||||||||||||
Our derivative contracts are executed with institutions, or affiliates of institutions, that are parties to our senior secured revolving credit facility at the time of execution, and we believe the credit risks associated with all of these institutions are acceptable. We do not require collateral or other security from counterparties to support derivative instruments. Master agreements are in place with each of our derivative counterparties which provide for net settlement in the event of default or termination of the contracts under each respective agreement. As a result of the netting provisions, our maximum amount of loss under derivative transactions due to credit risk is limited to the net amounts due from the counterparties under the derivatives. Our loss is further limited as any amounts due from a defaulting counterparty that is a lender, or an affiliate of a lender, under our senior secured revolving credit facility can be offset against amounts owed to such counterparty lender under our senior secured revolving credit facility. As of March 31, 2014, the counterparties to our open derivative contracts consisted of twelve financial institutions, of which eleven were subject to our rights of offset under our senior secured revolving credit facility. | ||||||||||||||||||||||||
The following table summarizes our derivative assets and liabilities which are offset in the consolidated balance sheets under our master netting agreements. It also reflects the amounts outstanding under our senior secured revolving credit facility that are available to offset our net derivative assets due from counterparties that are lenders under our senior secured revolving credit facility. | ||||||||||||||||||||||||
Offset in the consolidated balance sheets | Gross amounts not offset in the consolidated balance sheets | |||||||||||||||||||||||
Gross assets (liabilities) | Offsetting assets (liabilities) | Net assets (liabilities) | Amounts outstanding under senior secured revolving credit facility | Net amount | ||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Derivative assets | $ | 3,100 | $ | (3,100 | ) | $ | — | $ | — | $ | — | |||||||||||||
Derivative liabilities | (23,223 | ) | 3,100 | (20,123 | ) | — | (20,123 | ) | ||||||||||||||||
$ | (20,123 | ) | $ | — | $ | (20,123 | ) | $ | — | $ | (20,123 | ) | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Derivative assets | $ | 13,113 | $ | (8,042 | ) | $ | 5,071 | $ | (4,211 | ) | $ | 860 | ||||||||||||
Derivative liabilities | (12,792 | ) | 8,042 | (4,750 | ) | — | (4,750 | ) | ||||||||||||||||
$ | 321 | $ | — | $ | 321 | $ | (4,211 | ) | $ | (3,890 | ) | |||||||||||||
We did not post additional collateral under any of these contracts as all of our counterparties are secured by the collateral under our senior secured revolving credit facility. Payment on our derivative contracts would be accelerated in the event of a default on our senior secured revolving credit facility. The aggregate fair value of our derivative liabilities subject to acceleration in the event of default was $23,223 at March 31, 2014. |
Asset_retirement_obligations
Asset retirement obligations | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Asset retirement obligations | ' | ||||||||
Asset retirement obligations | |||||||||
The following table provides a summary of our asset retirement obligation activity during the three months ended March 31, 2014 and 2013. | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 55,179 | $ | 49,214 | |||||
Liabilities incurred in current period | 139 | 76 | |||||||
Liabilities settled and disposed in current period | (170 | ) | (811 | ) | |||||
Accretion expense | 1,074 | 1,007 | |||||||
Ending balance | 56,222 | 49,486 | |||||||
Less current portion | 1,874 | 2,900 | |||||||
$ | 54,348 | $ | 46,586 | ||||||
See Note 5—Fair value measurements for additional information regarding fair value measurements. |
Stockbased_compensation
Stock-based compensation | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||||||
Stock-based compensation | ' | |||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||
Phantom Stock Plan and Restricted Stock Unit Plan | ||||||||||||||||||||||
Effective January 1, 2004, we implemented a Phantom Unit Plan, which was revised on December 31, 2008 as the Second Amended and Restated Phantom Stock Plan (the “Phantom Plan”), to provide deferred compensation to certain key employees (the “Participants”). Under the Phantom Plan, awards vest at the end of five years, but may also vest on a pro-rata basis following a Participant’s termination of employment with us due to death, disability, retirement or termination by us without cause. Also, phantom stock will vest if a change of control event occurs. Phantom shares are cash-settled within 120 days of the vesting date. | ||||||||||||||||||||||
Effective March 1, 2012, we implemented a Non-Officer Restricted Stock Unit Plan (the “RSU Plan”) to create incentives to motivate Participants to put forth maximum effort toward the success and growth of the Company and to enable us to attract and retain experienced individuals who by their position, ability and diligence are able to make important contributions to the Company’s success. The RSU Plan is intended to replace the Phantom Plan. Although the Phantom Plan remains in effect, we do not expect to make any further awards under the Phantom Plan. | ||||||||||||||||||||||
Restricted stock units may be awarded to Participants in total up to 2% of the fair market value of the Company. Under the RSU Plan, awards generally vest in equal annual increments over a three-year period. RSU awards may also vest following a Participant’s termination of employment in combination with the occurrence of a change of control event, as specified in the RSU Plan. RSU awards are cash-settled, generally within 120 days of the vesting date. | ||||||||||||||||||||||
A summary of our phantom stock and RSU activity during the three months ended March 31, 2014 is presented in the following table: | ||||||||||||||||||||||
Phantom Plan | RSU Plan | |||||||||||||||||||||
Weighted | Phantom | Vest | Weighted | Restricted Stock Units | Vest | |||||||||||||||||
average | shares | date | average | date | ||||||||||||||||||
grant date | fair | grant date | fair | |||||||||||||||||||
fair value | value | fair value | value | |||||||||||||||||||
($ per share) | ($ per share) | |||||||||||||||||||||
Unvested and outstanding at January 1, 2014 | $ | 17.01 | 53,162 | $ | 13.53 | 325,297 | ||||||||||||||||
Granted | — | — | 8.11 | 474,337 | ||||||||||||||||||
Vested | 10.08 | (15,996 | ) | $ | 128 | 14.52 | (99,754 | ) | $ | 801 | ||||||||||||
Forfeited | 18.76 | (897 | ) | 13.08 | (4,500 | ) | ||||||||||||||||
Unvested and outstanding at March 31, 2014 | 20.02 | 36,269 | 9.69 | 695,380 | ||||||||||||||||||
Based on an estimated fair value of $8.28 per phantom share and RSU as of March 31, 2014, the aggregate intrinsic value of the unvested phantom shares and RSUs outstanding was $6,058. | ||||||||||||||||||||||
2010 Equity Incentive Plan | ||||||||||||||||||||||
We adopted the Chaparral Energy, Inc. 2010 Equity Incentive Plan (the “2010 Plan”) on April 12, 2010. The 2010 Plan reserves a total of 86,301 shares of our class A common stock for awards issued under the 2010 Plan. All of our or our affiliates’ employees, officers, directors, and consultants, as defined in the 2010 Plan, are eligible to participate in the 2010 Plan. | ||||||||||||||||||||||
The awards granted under the 2010 Plan consist of shares that are subject to service vesting conditions (the “Time Vested” awards) and shares that are subject to market and performance vested conditions (the “Performance Vested” awards). The Time Vested awards vest in equal annual installments over the five-year vesting period, but may also vest on an accelerated basis in the event of a Transaction (as defined in the 2010 Plan). The Performance Vested awards vest in the event of a Transaction that achieves certain market targets as defined in the 2010 Plan. Any shares of Performance Vested awards not vested on a Separation Date (as defined in the 2010 Plan) will be forfeited as of the Separation Date. | ||||||||||||||||||||||
A summary of our restricted stock activity during the three months ended March 31, 2014 is presented below: | ||||||||||||||||||||||
Time Vested | Performance Vested | |||||||||||||||||||||
Weighted | Restricted | Vest | Weighted | Restricted | ||||||||||||||||||
average | shares | date | average | shares | ||||||||||||||||||
grant date | fair | grant date | ||||||||||||||||||||
fair value | value | fair value | ||||||||||||||||||||
($ per share) | ($ per share) | |||||||||||||||||||||
Unvested and outstanding at January 1, 2014 | $ | 634.67 | 19,246 | $ | 307.45 | 46,701 | ||||||||||||||||
Granted | 818.5 | 1,615 | 204.9 | 2,998 | ||||||||||||||||||
Vested | 633.14 | (2,721 | ) | $ | 2,227 | — | — | |||||||||||||||
Unvested and total outstanding at March 31, 2014 | 651.27 | 18,140 | 301.26 | 49,699 | ||||||||||||||||||
During the three months ended March 31, 2014 and 2013, respectively, we repurchased and canceled 1,068 and 123 vested shares, primarily for tax withholding, and we expect to repurchase approximately 2,000 restricted shares vesting during the next twelve months. Based on an estimated fair value of $818.50 per Time Vested restricted share, the aggregate intrinsic value of the unvested Time Vested restricted shares outstanding was $14,848 as of March 31, 2014. | ||||||||||||||||||||||
Stock-based compensation cost | ||||||||||||||||||||||
Compensation cost is calculated net of forfeitures, which are estimated based on our historical and expected turnover rates. If our actual forfeiture rate is materially different from our estimate, the stock-based compensation cost could be different from what we have recorded in the current period. | ||||||||||||||||||||||
A portion of stock-based compensation cost associated with employees involved in our acquisition, exploration, and development activities has been capitalized as part of our oil and natural gas properties. The remaining cost is reflected in lease operating and general and administrative expenses in the consolidated statements of operations. We recognized stock-based compensation expense as follows for the periods indicated: | ||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||
March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Stock-based compensation cost | $ | 2,531 | $ | 1,893 | ||||||||||||||||||
Less: stock-based compensation cost capitalized | (962 | ) | (579 | ) | ||||||||||||||||||
Stock-based compensation expense | $ | 1,569 | $ | 1,314 | ||||||||||||||||||
Payments for stock-based compensation were $874 and $69 during the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014 and December 31, 2013, accrued payroll and benefits payable included $5,951 and $5,080, respectively, for stock-based compensation costs expected to be settled within the next twelve months. Unrecognized compensation cost of approximately $19,103 is expected to be recognized over a weighted average period of 2.7 years. |
Common_stock
Common stock | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Common stock | ' | |||||||||||||||||||||||
Common stock | ||||||||||||||||||||||||
The following is a summary of the changes in our common shares outstanding during the three months ended March 31, 2014: | ||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||
Class A | Class B | Class C | Class D | Class E | Class F | Class G | Total | |||||||||||||||||
Shares outstanding at January 1, 2014 | 70,117 | 357,882 | 209,882 | 279,999 | 504,276 | 1 | 3 | 1,422,160 | ||||||||||||||||
Stock transfers (1) | 293,023 | (13,023 | ) | — | (279,999 | ) | — | — | (1 | ) | — | |||||||||||||
Restricted stock issuances | 4,613 | — | — | — | — | — | — | 4,613 | ||||||||||||||||
Restricted stock repurchased | (1,068 | ) | — | — | — | — | — | — | (1,068 | ) | ||||||||||||||
Shares outstanding at March 31, 2014 | 366,685 | 344,859 | 209,882 | — | 504,276 | 1 | 2 | 1,425,705 | ||||||||||||||||
_______________ | ||||||||||||||||||||||||
-1 | In this transaction, Healthcare of Ontario Pension Plan Trust Fund (“HOOPP”) purchased 280,000 shares of Class A common stock converted from Class D and Class G common stock held by CHK Energy Holdings, Inc. (“CHK Energy Holdings”) effective January 13, 2014. An additional 15,078 shares of Class A common stock was purchased by HOOPP from various other stockholders of which 13,023 shares were converted from Class B common stock. |
Related_party_transactions
Related party transactions | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Related Party Transactions [Abstract] | ' | |||
Related party transactions | ' | |||
Related party transactions | ||||
CHK Energy Holdings, an indirect wholly owned subsidiary of Chesapeake Energy Corporation (“Chesapeake”), previously owned approximately 20% of our outstanding common stock. We participate in ownership of properties operated by Chesapeake, and we received revenues and incurred joint interest billings on these properties as follows: | ||||
Three months ended | ||||
March 31, 2013 | ||||
Revenues | $ | 1,380 | ||
Joint interest billings | $ | (923 | ) | |
In addition, Chesapeake participates in ownership of properties operated by us, and we paid revenues and recorded joint interest billings to Chesapeake on these properties as follows: | ||||
Three months ended | ||||
March 31, 2013 | ||||
Revenues | $ | (503 | ) | |
Joint interest billings | $ | 4,267 | ||
Amounts receivable from and payable to Chesapeake at December 31, 2013 were as follows: | ||||
December 31, 2013 | ||||
Amounts receivable from Chesapeake | $ | 466 | ||
Amounts payable to Chesapeake | $ | 64 | ||
On January 13, 2014, CHK Energy Holdings sold all of its equity interest in us to Healthcare of Ontario Pension Plan Trust Fund. The sale by CHK Energy Holdings was in compliance with terms and conditions of the Stockholders Agreement implemented on April 12, 2010. |
Commitments_and_contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and contingencies | ' |
Commitments and contingencies | |
Standby letters of credit (“Letters”) available under our senior secured revolving credit facility are used in lieu of surety bonds with various organizations for liabilities relating to the operation of oil and natural gas properties. We had various Letters outstanding totaling $920 and $920 as of March 31, 2014 and December 31, 2013, respectively. Interest on each Letter accrues at the lender’s prime rate plus applicable margin for all amounts paid by the lenders under the Letters. No amounts were paid by the lenders under the Letters, therefore we paid no interest on the Letters during the three months ended March 31, 2014 or 2013. | |
Naylor Farms, Inc., individually and as class representative on behalf of all similarly situated persons v. Chaparral Energy, L.L.C. | |
On June 7, 2011, Naylor Farms, Inc. (the “Plaintiff”), filed a complaint against us in the United States District Court for the Western District of Oklahoma, alleging claims on behalf of itself and non-governmental royalty interest owners in oil and natural gas wells we operate in Oklahoma. The Plaintiff asserts class claims seeking recovery for underpayment of royalties, alleging damages in excess of $5,000. The Plaintiff also requests allowable interest, punitive damages, cancellation of leases, other equitable relief, and an award of attorney fees and costs. We have denied liability on the claims and raised arguments and defenses that, if accepted by the Court, will result in no loss to us. The case was stayed on August 9, 2012 to allow the U.S. Court of Appeals for the Tenth Circuit to decide two unrelated cases that had issues similar to this case. The Tenth Circuit issued its opinions in those unrelated cases on July 9, 2013 and mandates were issued July 31, 2013. On or about October 1, 2013, the Court lifted the stay and entered a new scheduling order. The parties are conducting additional discovery and Plaintiff’s Motion for Class Certification is due August 10, 2014. Because a class has not been certified, we are not yet able to estimate a possible loss, or range of possible loss, if any. | |
Amanda Dodson, individually and as class representative on behalf of all similarly situated persons v. Chaparral Energy, L.L.C. | |
On May 10, 2013, Amanda Dodson (the “Plaintiff”), filed a complaint against us in the District Court of Mayes County, Oklahoma, alleging claims on behalf of herself and all non-governmental Oklahoma citizens who are royalty interest owners in oil and natural gas wells we operate in Oklahoma. The Petition was not served until July 2, 2013. The Plaintiff asserts class claims seeking recovery for underpayment of royalties, alleging entitlement to actual damages in an unspecified amount. The Plaintiff also requests allowable interest, punitive damages, injunctive relief, an accounting, disgorgement damages, and an award of attorney fees and costs. We have denied liability on the claims and raised arguments and defenses that, if accepted by the Court, will result in no loss to us. At this time, a class has not been certified and discovery has yet to begin. As such, we are not yet able to estimate a possible loss, or range of possible loss, if any. | |
In our opinion, there are no other material pending legal proceedings to which we are a party or of which any of our property is the subject. However, due to the nature of our business, certain legal or administrative proceedings may arise from time to time in the ordinary course of business. While the outcome of these legal matters cannot be predicted with certainty, we do not expect them to have a material adverse effect on our financial condition, results of operations or cash flows. | |
We have numerous contractual commitments in the ordinary course of business including debt service requirements, operating leases, capital leases and purchase obligations. Our operating leases primarily relate to office equipment while our capital leases are related to the sale and subsequent leaseback of compressors. Our purchase obligations primarily relate to contracts for the purchase of CO2, drilling rig services, pipe and equipment. Other than additional debt borrowings during the three months ended March 31, 2014, there were no material changes to our contractual commitments since December 31, 2013. |
Nature_of_operations_and_summa1
Nature of operations and summary of significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Nature of operations | ' |
Nature of operations | |
Chaparral Energy, Inc. and its subsidiaries, (collectively, “we”, “our”, “us”, or the “Company”) are involved in the acquisition, exploration, development, production and operation of oil and natural gas properties. Properties are located primarily in Oklahoma, Texas, New Mexico, Louisiana, Arkansas, and Kansas. | |
Interim financial statements | ' |
Interim financial statements | |
The accompanying unaudited consolidated interim financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC and do not include all of the financial information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These financial statements and the notes thereto should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013. | |
The financial information as of March 31, 2014, and for the three months ended March 31, 2014 and 2013, is unaudited. The financial information as of December 31, 2013 has been derived from the audited financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2013. In management’s opinion, such information contains all adjustments, consisting only of normal recurring accruals, considered necessary for a fair presentation of the results of the interim periods. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results of operations that will be realized for the year ended December 31, 2014. | |
Reclassifications | ' |
Certain reclassifications have been made to prior period financial statements to conform to current period presentation. The reclassifications had no effect on our previously reported results of operations. | |
Cash and cash equivalents | ' |
Cash and cash equivalents | |
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. We maintain cash and cash equivalents in bank deposit accounts and money market funds which may not be federally insured. | |
Accounts receivable | ' |
Accounts receivable | |
We have receivables from joint interest owners and oil and natural gas purchasers which are generally uncollateralized. We generally review our oil and natural gas purchasers for credit worthiness and general financial condition. We may have the ability to withhold future revenue disbursements to recover non-payment of joint interest billings on properties of which we are the operator. Accounts receivable from joint interest owners are stated at amounts due, net of an allowance for doubtful accounts. Accounts receivable are generally due within 30 days and accounts outstanding longer than 60 days are considered past due. We establish our allowance for doubtful accounts by considering the length of time past due, previous loss history, future net revenues of the debtor’s ownership interest in oil and natural gas properties we operate, and the owner’s ability to pay its obligation, among other things. | |
We write off accounts receivable when they are determined to be uncollectible. | |
Inventories | ' |
Inventories | |
Inventories are comprised of equipment used in developing oil and natural gas properties, oil and natural gas product inventories, and equipment for resale. Inventory and equipment for resale are carried at the lower of cost or market using the average cost method. Oil and natural gas product inventories are stated at the lower of production cost or market. Inventories are shown net of a provision for obsolescence, commensurate with known or estimated exposure, which is reflected in the valuation allowance disclosed below | |
Oil and natural gas properties | ' |
Oil and natural gas properties | |
Capitalized Costs. We use the full cost method of accounting for oil and natural gas properties and activities. Accordingly, we capitalize all costs incurred in connection with the exploration for and development of oil and natural gas reserves. Proceeds from the disposition of oil and natural gas properties are accounted for as a reduction in capitalized costs, with no gain or loss generally recognized unless such dispositions involve a significant alteration in the depletion rate. We capitalize internal costs that can be directly identified with exploration and development activities, but do not include any costs related to production, general corporate overhead or similar activities. Capitalized costs include geological and geophysical work, 3D seismic, delay rentals, drilling and completing and equipping oil and natural gas wells, including salaries, benefits and other internal costs directly attributable to these activities. | |
The costs of unevaluated oil and natural gas properties are excluded from amortization until the properties are evaluated. Costs are transferred into the amortization base on an ongoing basis as the properties are evaluated and proved reserves are established or impairment is determined. Work-in-progress costs are included in unevaluated oil and natural gas properties and as of March 31, 2014, include $218,369 of capital costs incurred for undeveloped acreage, $117,018 for the construction of CO2 delivery pipelines and facilities for which there are no reserves, and $10,985 for wells and facilities in progress pending determination. As of December 31, 2013, work-in-progress costs included capital costs incurred of $196,227 for undeveloped acreage, $115,828 for the construction of CO2 delivery pipelines and facilities for which there are no reserves, and $9,422 for wells and facilities in progress pending determination. | |
Divestitures and acquisitions.We have entered into three separate purchase and sale agreements (the “Agreements”) during April 2014 with Scout Energy Group I, LP, RKI Exploration & Production, LLC, and RAM Energy, LLC, whereby we will sell, in aggregate, our ownership interests in our Delaware Basin, Ft. Worth Basin and Arkansas-Louisiana-Texas (“Ark-La-Tex”) properties. Under the Agreements, the total sales price for the divested properties is approximately $201,150 subject to customary pre- and post-closing adjustments as described in the Agreements. The sale and purchase of the divested properties are expected to close in late May and June 2014 and are effective as of March 1, 2014. We have received a total of approximately $17,015 as performance deposits which will be applied to the various purchase prices at closing or released to us or the buyer(s), as the case may be, if a closing fails to occur and either the buyer(s) or we terminate the Agreements. Based on the amount of oil and natural gas reserves associated with these properties, we do not anticipate these divestitures to significantly alter the relationship between capitalized costs and proved reserves, and hence, do not expect to record any gain or loss upon the sale of the properties. | |
In December 2013, we acquired certain oil and natural gas properties in the Panhandle Marmaton play from Cabot Oil & Gas Corporation (the “Cabot Acquisition”). The acquisition qualified as a business combination for accounting purposes and, as such, we estimated the fair value of the acquired properties as of the acquisition date and allocated the purchase price to the assets and liabilities acquired based on their fair values. During the second quarter of 2014, we finalized the post closing adjustments related to the Cabot Acquisition with no material changes to the purchase price allocation. | |
Depreciation, depletion and amortization. Depreciation, depletion and amortization (“DD&A”) of oil and natural gas properties are provided using the units-of-production method based on estimates of proved oil and natural gas reserves and production, which are converted to a common unit of measure based upon their relative energy content. Our cost basis for depletion includes estimated future development costs to be incurred on proved undeveloped properties. The computation of DD&A takes into consideration restoration, dismantlement, and abandonment costs, and the anticipated proceeds from salvaging equipment. | |
Ceiling Test. In accordance with the full cost method of accounting, the net capitalized costs of oil and natural gas properties are not to exceed their related PV-10 value, net of tax considerations, plus the cost of unproved properties not being amortized. | |
Our estimates of oil and natural gas reserves as of March 31, 2014 were prepared using an average price for oil and natural gas of each month for the prior twelve months as required by the Securities Exchange Commission (“SEC”). The cost center ceiling exceeded the net capitalized cost of our oil and natural gas properties as of March 31, 2014, and no ceiling test impairment was recorded. | |
A decline in oil and natural gas prices subsequent to March 31, 2014 could result in ceiling test write-downs in future periods. The amount of any future impairment is difficult to predict, and will depend on the average oil and natural gas prices during each period, the incremental proved reserves added during each period, and additional capital spent. | |
Stock-based compensation | ' |
Stock-based compensation | |
Our stock-based compensation programs consist of phantom stock, restricted stock units (“RSU”), and restricted stock awards issued to employees. Generally, we use new shares to grant restricted stock awards, and we cancel restricted shares forfeited or repurchased for tax withholding. Canceled shares are available to be issued as new grants under our 2010 Equity Incentive Plan. | |
The estimated fair value of the phantom stock and RSU awards are remeasured at the end of each reporting period until settlement. The estimated fair market value of these awards is calculated based on our total asset value less total liabilities, with both assets and liabilities being adjusted to fair value in accordance with the terms of the Phantom Stock Plan and the Non-Officer Restricted Stock Unit Plan. The primary adjustment required is the adjustment of oil and natural gas properties from net book value to the discounted and risk-adjusted reserve value based on internal reserve reports priced on NYMEX forward strips. Compensation cost associated with the phantom stock awards and RSU awards is recognized over the vesting period using the straight-line method and the accelerated method, respectively. The fair value of our restricted stock awards that include a service condition is based upon the estimated fair market value of our common equity per share on a minority, non-marketable basis on the date of grant, and is remeasured at the end of each reporting period until settlement. We recognize compensation cost over the requisite service period using the accelerated method for awards with graded vesting. | |
We use a Monte Carlo model to estimate the grant date fair value of restricted stock awards that include a market condition. This model includes various significant assumptions, including the expected volatility of the share awards and the probabilities of certain vesting conditions. Compensation cost associated with restricted stock awards that include a market condition is recognized over the requisite service period using the straight-line method. The assumptions used to value our stock-based compensation awards reflect our best estimates, but they involve inherent uncertainties based on market conditions generally outside of our control. As a result, if other assumptions had been used, stock-based compensation expense could have been significantly impacted. | |
The costs associated with our stock-based compensation programs is calculated net of forfeitures, which are estimated based on our historical and expected turnover rates. If our actual forfeiture rate is materially different from our estimate, the stock-based compensation cost could be different from what we have recorded in the current period. | |
Recently adopted and issued accounting pronouncements | ' |
Recently adopted accounting pronouncements | |
In July 2011, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance regarding how health insurers should recognize and classify in their income statements the fees mandated by the Health Care and Education Reconciliation Act (“HCERA”). The HCERA imposes an annual fee upon health insurers for each calendar year beginning on or after January 1, 2014. The annual fee will be allocated to individual entities providing health insurance to employees based on a ratio, as provided for in the HCERA, and is not tax deductible. This guidance specifies that once the entity has provided qualifying health insurance in the calendar year in which the fee is payable, the liability for the entity’s fee should be estimated and recorded in full with a corresponding deferred cost that is amortized to expense on a straight line basis, unless another method better allocates the fee over the calendar year that it is payable. This guidance, which was effective and adopted by us in the first quarter of 2014, did not have a material impact on our financial statements and results of operations. |
Nature_of_operations_and_summa2
Nature of operations and summary of significant accounting policies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Accounts receivable | ' | ||||||||
Accounts receivable consisted of the following at March 31, 2014 and December 31, 2013: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Joint interests | $ | 40,454 | $ | 31,335 | |||||
Accrued commodity sales | 73,370 | 60,768 | |||||||
Derivative settlements | 156 | 4,616 | |||||||
Other | 2,913 | 1,392 | |||||||
Allowance for doubtful accounts | (506 | ) | (1,596 | ) | |||||
$ | 116,387 | $ | 96,515 | ||||||
Inventories | ' | ||||||||
Inventories at March 31, 2014 and December 31, 2013 consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Equipment inventory | $ | 19,437 | $ | 13,657 | |||||
Commodities | 3,347 | 3,186 | |||||||
Inventory valuation allowance | (706 | ) | (706 | ) | |||||
$ | 22,078 | $ | 16,137 | ||||||
Supplemental_disclosures_to_th1
Supplemental disclosures to the consolidated statements of cash flows (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Supplemental disclosures to the consolidated statements of cash flows | ' | ||||||||
Supplemental disclosures to the consolidated statements of cash flows are presented below: | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Net cash provided by operating activities included: | |||||||||
Cash payments for interest | $ | 18,794 | $ | 16,787 | |||||
Interest capitalized | (2,942 | ) | (3,628 | ) | |||||
Cash payments for interest, net of amounts capitalized | $ | 15,852 | $ | 13,159 | |||||
Non-cash investing activities included: | |||||||||
Asset retirement obligation additions and revisions | $ | 139 | $ | 76 | |||||
Oil and natural gas properties acquired through increase in accounts payable and accrued liabilities | $ | 18,629 | $ | 18,502 | |||||
Longterm_debt_Tables
Long-term debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Components of long-term debt | ' | ||||||||
As of the dates indicated, long-term debt consisted of the following: | |||||||||
March 31, 2014 | December 31, 2013 | ||||||||
9.875% Senior Notes due 2020, net of discount of $5,304 and $5,444, respectively | $ | 294,695 | $ | 294,556 | |||||
8.25% Senior Notes due 2021 | 400,000 | 400,000 | |||||||
7.625% Senior Notes due 2022, including premium of $5,501 and $5,719, respectively | 555,501 | 555,719 | |||||||
Senior secured revolving credit facility | 319,000 | 272,000 | |||||||
Real estate mortgage notes, principal and interest payable monthly, bearing interest at rates ranging from 2.54% to 5.46%, due August 2021 through December 2028; collateralized by real property | 11,081 | 11,202 | |||||||
Installment notes payable, principal and interest payable monthly, bearing interest at rates ranging from 2.85% to 5.99%, due April 2014 through February 2018 collateralized by automobiles, machinery and equipment | 5,178 | 5,235 | |||||||
Capital lease obligations | 23,579 | 24,150 | |||||||
1,609,034 | 1,562,862 | ||||||||
Less current maturities | 5,502 | 5,334 | |||||||
$ | 1,603,532 | $ | 1,557,528 | ||||||
Derivative_instruments_Tables
Derivative instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Outstanding derivative instruments | ' | |||||||||||||||||||||||
The following table summarizes our crude oil derivatives outstanding as of March 31, 2014: | ||||||||||||||||||||||||
Weighted average fixed price per Bbl | ||||||||||||||||||||||||
Period and type of contract | Volume | Swaps | Sold puts | Purchased puts | Sold calls | |||||||||||||||||||
MBbls | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Swaps | 581 | $ | 92.3 | $ | — | $ | — | $ | — | |||||||||||||||
Three-way collars | 1,800 | $ | — | $ | 75.5 | $ | 93.25 | $ | 101.94 | |||||||||||||||
Enhanced swaps | 630 | $ | 98.24 | $ | 80 | $ | — | $ | — | |||||||||||||||
Put spread enhanced swaps | 2,072 | $ | 93.85 | $ | 80 | $ | 60 | $ | — | |||||||||||||||
Purchased puts | 630 | $ | — | $ | — | $ | 60 | $ | — | |||||||||||||||
2015 | ||||||||||||||||||||||||
Enhanced swaps | 6,058 | $ | 92.92 | $ | 80 | $ | — | $ | — | |||||||||||||||
The following tables summarize our natural gas derivative instruments outstanding as of March 31, 2014: | ||||||||||||||||||||||||
Period and type of contract | Volume | Weighted | ||||||||||||||||||||||
BBtu | average | |||||||||||||||||||||||
fixed price | ||||||||||||||||||||||||
per MMBtu | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Natural gas swaps | 15,640 | $ | 4.01 | |||||||||||||||||||||
Natural gas basis protection swaps | 16,120 | $ | 0.24 | |||||||||||||||||||||
2015 | ||||||||||||||||||||||||
Natural gas swaps | 22,170 | $ | 4.2 | |||||||||||||||||||||
Natural gas basis protection swaps | 2,400 | $ | 0.18 | |||||||||||||||||||||
Derivative instruments recorded on the balance sheet at fair value | ' | |||||||||||||||||||||||
The estimated fair values of derivative instruments are provided below. The carrying amounts of these instruments are equal to the estimated fair values. | ||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Assets | Liabilities | Net value | Assets | Liabilities | Net value | |||||||||||||||||||
Natural gas swaps | $ | 665 | $ | (7,457 | ) | $ | (6,792 | ) | $ | 1,457 | $ | (3,706 | ) | $ | (2,249 | ) | ||||||||
Oil swaps | — | (3,345 | ) | (3,345 | ) | 112 | (2,807 | ) | (2,695 | ) | ||||||||||||||
Oil collars | 733 | (824 | ) | (91 | ) | 2,776 | (4 | ) | 2,772 | |||||||||||||||
Oil enhanced swaps | 1,621 | (11,308 | ) | (9,687 | ) | 6,988 | (6,212 | ) | 776 | |||||||||||||||
Oil purchased puts | 10 | — | 10 | 74 | — | 74 | ||||||||||||||||||
Natural gas basis differential swaps | 71 | (289 | ) | (218 | ) | 1,706 | (63 | ) | 1,643 | |||||||||||||||
Total derivative instruments | 3,100 | (23,223 | ) | (20,123 | ) | 13,113 | (12,792 | ) | 321 | |||||||||||||||
Less: | ||||||||||||||||||||||||
Netting adjustments (1) | 253 | (253 | ) | — | 4,558 | (4,558 | ) | — | ||||||||||||||||
Current portion asset (liability) | — | (22,830 | ) | (22,830 | ) | 2,152 | (8,234 | ) | (6,082 | ) | ||||||||||||||
$ | 2,847 | $ | (140 | ) | $ | 2,707 | $ | 6,403 | $ | — | $ | 6,403 | ||||||||||||
___________ | ||||||||||||||||||||||||
-1 | Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty. Positive and negative positions with a counterparty are netted only to the extent that they relate to the same current versus noncurrent classification on the balance sheet. | |||||||||||||||||||||||
Derivative settlements outstanding | ' | |||||||||||||||||||||||
Derivative settlements outstanding at March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Derivative settlements receivable included in accounts receivable | $ | 156 | $ | 4,616 | ||||||||||||||||||||
Derivative settlements payable included in accounts payable and accrued liabilities | $ | 5,339 | $ | 377 | ||||||||||||||||||||
Non-hedge derivative gains (losses) in the consolidated statements of operations | ' | |||||||||||||||||||||||
Non-hedge derivative (losses) gains in the consolidated statements of operations are comprised of the following: | ||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Change in fair value of commodity price swaps | $ | (5,193 | ) | $ | (19,364 | ) | ||||||||||||||||||
Change in fair value of collars | (2,863 | ) | (8,285 | ) | ||||||||||||||||||||
Change in fair value of enhanced swaps and put options | (10,361 | ) | 2,031 | |||||||||||||||||||||
Change in fair value of natural gas basis differential contracts | (1,861 | ) | 176 | |||||||||||||||||||||
Amortization of premium | (166 | ) | — | |||||||||||||||||||||
(Payments on) receipts from settlement of commodity price swaps | (5,850 | ) | 4,525 | |||||||||||||||||||||
(Payments on) receipts from settlement of collars | (41 | ) | 5,731 | |||||||||||||||||||||
(Payments on) receipts from settlement enhanced swaps | (1,992 | ) | — | |||||||||||||||||||||
Payments on settlement of natural gas basis differential contracts | (872 | ) | (360 | ) | ||||||||||||||||||||
$ | (29,199 | ) | $ | (15,546 | ) |
Fair_value_measurements_Tables
Fair value measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair value hierarchy for financial instruments measured at fair value on a recurring basis | ' | |||||||||||||||||||||||
The fair value hierarchy for our financial assets and liabilities is shown by the following table: | ||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Derivative | Derivative | Net assets | Derivative | Derivative | Net assets | |||||||||||||||||||
assets | liabilities | (liabilities) | assets | liabilities | (liabilities) | |||||||||||||||||||
Significant other observable inputs (Level 2) | $ | 736 | $ | (11,091 | ) | $ | (10,355 | ) | $ | 3,275 | $ | (6,576 | ) | $ | (3,301 | ) | ||||||||
Significant unobservable inputs (Level 3) | 2,364 | (12,132 | ) | (9,768 | ) | 9,838 | (6,216 | ) | 3,622 | |||||||||||||||
Netting adjustments (1) | (253 | ) | 253 | — | (4,558 | ) | 4,558 | — | ||||||||||||||||
$ | 2,847 | $ | (22,970 | ) | $ | (20,123 | ) | $ | 8,555 | $ | (8,234 | ) | $ | 321 | ||||||||||
___________ | ||||||||||||||||||||||||
-1 | Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty. | |||||||||||||||||||||||
Level 3 rollforward | ' | |||||||||||||||||||||||
Changes in the fair value of our derivative instruments classified as Level 3 in the fair value hierarchy during the three months ended March 31, 2014 and 2013 were: | ||||||||||||||||||||||||
Three months ended March 31, | ||||||||||||||||||||||||
Net derivative assets (liabilities) | 2014 | 2013 | ||||||||||||||||||||||
Beginning balance | $ | 3,622 | $ | 26,231 | ||||||||||||||||||||
Realized and unrealized losses included in non-hedge derivative losses | (15,423 | ) | (523 | ) | ||||||||||||||||||||
Settlements paid (received) | 2,033 | (5,731 | ) | |||||||||||||||||||||
Ending balance | $ | (9,768 | ) | $ | 19,977 | |||||||||||||||||||
(Losses) gains relating to instruments still held at the reporting date included in non-hedge derivative (losses) gains for the period | $ | (15,324 | ) | $ | 1,393 | |||||||||||||||||||
Fair value of other financial instruments | ' | |||||||||||||||||||||||
The carrying value and estimated fair value of our long-term debt at March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Level 2 | Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||||
value | fair value | value | fair value | |||||||||||||||||||||
9.875% Senior Notes due 2020 | $ | 294,695 | $ | 342,750 | $ | 294,556 | $ | 340,140 | ||||||||||||||||
8.25% Senior Notes due 2021 | 400,000 | 437,872 | 400,000 | 437,000 | ||||||||||||||||||||
7.625% Senior Notes due 2022 | 555,501 | 598,125 | 555,719 | 583,275 | ||||||||||||||||||||
Senior secured revolving credit facility | 319,000 | 319,000 | 272,000 | 272,000 | ||||||||||||||||||||
Other secured long-term debt | 16,259 | 16,259 | 16,437 | 16,437 | ||||||||||||||||||||
$ | 1,585,455 | $ | 1,714,006 | $ | 1,538,712 | $ | 1,648,852 | |||||||||||||||||
Offsetting Assets and Liabilities | ' | |||||||||||||||||||||||
The following table summarizes our derivative assets and liabilities which are offset in the consolidated balance sheets under our master netting agreements. It also reflects the amounts outstanding under our senior secured revolving credit facility that are available to offset our net derivative assets due from counterparties that are lenders under our senior secured revolving credit facility. | ||||||||||||||||||||||||
Offset in the consolidated balance sheets | Gross amounts not offset in the consolidated balance sheets | |||||||||||||||||||||||
Gross assets (liabilities) | Offsetting assets (liabilities) | Net assets (liabilities) | Amounts outstanding under senior secured revolving credit facility | Net amount | ||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
Derivative assets | $ | 3,100 | $ | (3,100 | ) | $ | — | $ | — | $ | — | |||||||||||||
Derivative liabilities | (23,223 | ) | 3,100 | (20,123 | ) | — | (20,123 | ) | ||||||||||||||||
$ | (20,123 | ) | $ | — | $ | (20,123 | ) | $ | — | $ | (20,123 | ) | ||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
Derivative assets | $ | 13,113 | $ | (8,042 | ) | $ | 5,071 | $ | (4,211 | ) | $ | 860 | ||||||||||||
Derivative liabilities | (12,792 | ) | 8,042 | (4,750 | ) | — | (4,750 | ) | ||||||||||||||||
$ | 321 | $ | — | $ | 321 | $ | (4,211 | ) | $ | (3,890 | ) | |||||||||||||
Asset_retirement_obligations_T
Asset retirement obligations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||||||
Asset retirement obligations | ' | ||||||||
The following table provides a summary of our asset retirement obligation activity during the three months ended March 31, 2014 and 2013. | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Beginning balance | $ | 55,179 | $ | 49,214 | |||||
Liabilities incurred in current period | 139 | 76 | |||||||
Liabilities settled and disposed in current period | (170 | ) | (811 | ) | |||||
Accretion expense | 1,074 | 1,007 | |||||||
Ending balance | 56,222 | 49,486 | |||||||
Less current portion | 1,874 | 2,900 | |||||||
$ | 54,348 | $ | 46,586 | ||||||
Stockbased_compensation_Tables
Stock-based compensation (Tables) | 3 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||||||||
Rollforward of unvested stock-based compensation awards | ' | |||||||||||||||||||||
A summary of our phantom stock and RSU activity during the three months ended March 31, 2014 is presented in the following table: | ||||||||||||||||||||||
Phantom Plan | RSU Plan | |||||||||||||||||||||
Weighted | Phantom | Vest | Weighted | Restricted Stock Units | Vest | |||||||||||||||||
average | shares | date | average | date | ||||||||||||||||||
grant date | fair | grant date | fair | |||||||||||||||||||
fair value | value | fair value | value | |||||||||||||||||||
($ per share) | ($ per share) | |||||||||||||||||||||
Unvested and outstanding at January 1, 2014 | $ | 17.01 | 53,162 | $ | 13.53 | 325,297 | ||||||||||||||||
Granted | — | — | 8.11 | 474,337 | ||||||||||||||||||
Vested | 10.08 | (15,996 | ) | $ | 128 | 14.52 | (99,754 | ) | $ | 801 | ||||||||||||
Forfeited | 18.76 | (897 | ) | 13.08 | (4,500 | ) | ||||||||||||||||
Unvested and outstanding at March 31, 2014 | 20.02 | 36,269 | 9.69 | 695,380 | ||||||||||||||||||
A summary of our restricted stock activity during the three months ended March 31, 2014 is presented below: | ||||||||||||||||||||||
Time Vested | Performance Vested | |||||||||||||||||||||
Weighted | Restricted | Vest | Weighted | Restricted | ||||||||||||||||||
average | shares | date | average | shares | ||||||||||||||||||
grant date | fair | grant date | ||||||||||||||||||||
fair value | value | fair value | ||||||||||||||||||||
($ per share) | ($ per share) | |||||||||||||||||||||
Unvested and outstanding at January 1, 2014 | $ | 634.67 | 19,246 | $ | 307.45 | 46,701 | ||||||||||||||||
Granted | 818.5 | 1,615 | 204.9 | 2,998 | ||||||||||||||||||
Vested | 633.14 | (2,721 | ) | $ | 2,227 | — | — | |||||||||||||||
Unvested and total outstanding at March 31, 2014 | 651.27 | 18,140 | 301.26 | 49,699 | ||||||||||||||||||
Stock-based compensation cost | ' | |||||||||||||||||||||
We recognized stock-based compensation expense as follows for the periods indicated: | ||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||
March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Stock-based compensation cost | $ | 2,531 | $ | 1,893 | ||||||||||||||||||
Less: stock-based compensation cost capitalized | (962 | ) | (579 | ) | ||||||||||||||||||
Stock-based compensation expense | $ | 1,569 | $ | 1,314 | ||||||||||||||||||
Common_stock_Tables
Common stock (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||
Common stock rollforward | ' | |||||||||||||||||||||||
The following is a summary of the changes in our common shares outstanding during the three months ended March 31, 2014: | ||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||
Class A | Class B | Class C | Class D | Class E | Class F | Class G | Total | |||||||||||||||||
Shares outstanding at January 1, 2014 | 70,117 | 357,882 | 209,882 | 279,999 | 504,276 | 1 | 3 | 1,422,160 | ||||||||||||||||
Stock transfers (1) | 293,023 | (13,023 | ) | — | (279,999 | ) | — | — | (1 | ) | — | |||||||||||||
Restricted stock issuances | 4,613 | — | — | — | — | — | — | 4,613 | ||||||||||||||||
Restricted stock repurchased | (1,068 | ) | — | — | — | — | — | — | (1,068 | ) | ||||||||||||||
Shares outstanding at March 31, 2014 | 366,685 | 344,859 | 209,882 | — | 504,276 | 1 | 2 | 1,425,705 | ||||||||||||||||
_______________ | ||||||||||||||||||||||||
-1 | In this transaction, Healthcare of Ontario Pension Plan Trust Fund (“HOOPP”) purchased 280,000 shares of Class A common stock converted from Class D and Class G common stock held by CHK Energy Holdings, Inc. (“CHK Energy Holdings”) effective January 13, 2014. An additional 15,078 shares of Class A common stock was purchased by HOOPP from various other stockholders of which 13,023 shares were converted from Class B common stock. |
Related_party_transactions_Tab
Related party transactions (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Related Party Transactions [Abstract] | ' | |||
Related party transactions | ' | |||
We participate in ownership of properties operated by Chesapeake, and we received revenues and incurred joint interest billings on these properties as follows: | ||||
Three months ended | ||||
March 31, 2013 | ||||
Revenues | $ | 1,380 | ||
Joint interest billings | $ | (923 | ) | |
In addition, Chesapeake participates in ownership of properties operated by us, and we paid revenues and recorded joint interest billings to Chesapeake on these properties as follows: | ||||
Three months ended | ||||
March 31, 2013 | ||||
Revenues | $ | (503 | ) | |
Joint interest billings | $ | 4,267 | ||
Amounts receivable from and payable to Chesapeake at December 31, 2013 were as follows: | ||||
December 31, 2013 | ||||
Amounts receivable from Chesapeake | $ | 466 | ||
Amounts payable to Chesapeake | $ | 64 | ||
Nature_of_operations_and_summa3
Nature of operations and summary of significant accounting policies Nature of Operations and Summary of Significant Accounting Policies--Cash and Accounts Receivable (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Period within which joint interest accounts receivable are due | '30 days | ' | ' |
Period within which joint interest accounts receivable are past due | '60 days | ' | ' |
Bad debt expense | ($553) | $250 | ' |
Recovery of bad debts | 755 | ' | ' |
Receivables [Abstract] | ' | ' | ' |
Joint interests | 40,454 | ' | 31,335 |
Accrued commodity sales | 73,370 | ' | 60,768 |
Derivative settlements | 156 | ' | 4,616 |
Other | 2,913 | ' | 1,392 |
Allowance for doubtful accounts | -506 | ' | -1,596 |
Accounts receivable, net | 116,387 | ' | 96,515 |
JP Morgan Chase Bank, N.A. | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Cash held at JP Morgan Chase Bank, N. A. | $36,695 | ' | ' |
Nature_of_operations_and_summa4
Nature of operations and summary of significant accounting policies Nature of Operations and Summary of Significant Accounting Policies--Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Equipment inventory | $19,437 | $13,657 |
Commodities | 3,347 | 3,186 |
Inventory valuation allowance | -706 | -706 |
Inventories, net | $22,078 | $16,137 |
Nature_of_operations_and_summa5
Nature of operations and summary of significant accounting policies Nature of Operations and Summary of Significant Accounting Policies--Oil and Natural Gas Properties (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Subsequent Event | Uncompleted Wells Equipment and Facilities | Uncompleted Wells Equipment and Facilities | CO2 Delivery Pipelines and Facilities | CO2 Delivery Pipelines and Facilities | ||
Delaware Basin, Ft. Worth Basin, and Ark-La-Tex | |||||||
Scout Energy Group I, LP, RKI Exploration and Production, LLC, and RAM Energy, LLC | |||||||
contract | |||||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Capital costs for undeveloped acreage | $218,369 | $196,227 | ' | ' | ' | ' | ' |
Exploration and development costs excluded from amortization | ' | ' | ' | 10,985 | 9,422 | 117,018 | 115,828 |
Number of purchase and sale agreements | ' | ' | 3 | ' | ' | ' | ' |
Price of divested properties | ' | ' | 201,150 | ' | ' | ' | ' |
Proceeds from performance deposits | ' | ' | $17,015 | ' | ' | ' | ' |
Recovered_Sheet1
Supplemental Disclosures to the Consolidated Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net cash provided by operating activities included: | ' | ' |
Cash payments for interest | $18,794 | $16,787 |
Interest capitalized | -2,942 | -3,628 |
Cash payments for interest, net of amounts capitalized | 15,852 | 13,159 |
Non-cash investing activities included: | ' | ' |
Asset retirement obligation additions and revisions | 139 | 76 |
Oil and natural gas properties acquired through increase in accounts payable and accrued liabilities | $18,629 | $18,502 |
LongTerm_DebtComponents_of_Lon
Long-Term Debt--Components of Long-Term Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | 9.875% Senior Notes due 2020 | 9.875% Senior Notes due 2020 | 9.875% Senior Notes due 2020 | 8.25% Senior Notes due 2021 | 8.25% Senior Notes due 2021 | 8.25% Senior Notes due 2021 | 7.625% Senior Notes due 2022 | 7.625% Senior Notes due 2022 | 7.625% Senior Notes due 2022 | Minimum | Minimum | Maximum | Maximum | ||
Senior Notes | Senior Notes | Senior Notes | Mortgages | Secured Debt | Mortgages | Secured Debt | |||||||||
Long-term debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | $294,695 | $294,556 | ' | $400,000 | $400,000 | ' | $555,501 | $555,719 | ' | ' | ' | ' | ' |
Senior secured revolving credit facility | 319,000 | 272,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate mortgage notes payable | 11,081 | 11,202 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Installment notes payable | 5,178 | 5,235 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations | 23,579 | 24,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt and capital lease obligations | 1,609,034 | 1,562,862 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current maturities | 5,502 | 5,334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt and capital leases, less current maturities | 1,603,532 | 1,557,528 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | 9.88% | ' | ' | 8.25% | ' | ' | 7.63% | 2.54% | 2.85% | 5.46% | 5.99% |
Maturity date (year) | ' | ' | ' | ' | '2020 | ' | ' | '2021 | ' | ' | '2022 | ' | ' | ' | ' |
Maturity date (month and year) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2021-08 | '2014-04 | '2028-12 | '2018-02 |
Unamortized discount | ' | ' | 5,304 | 5,444 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized premium | ' | ' | ' | ' | ' | ' | ' | ' | $5,501 | $5,719 | ' | ' | ' | ' | ' |
LongTerm_DebtSenior_Secured_Re
Long-Term Debt--Senior Secured Revolving Credit Facility (Details) (Line of Credit, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Apr. 22, 2014 |
Subsequent Event | ||
Line of Credit Facility [Line Items] | ' | ' |
Maturity date | 1-Nov-17 | ' |
Proceeds from senior secured revolving credit facility | $50,000 | ' |
Repayments on senior secured revolving credit facility | 3,000 | ' |
Borrowing base amount | ' | $600,000 |
Longterm_debt_LongTerm_DebtCap
Long-term debt Long-Term Debt--Capital Leases (Details) (U.S. Bank National Association, Capital Lease Obligations, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
U.S. Bank National Association | Capital Lease Obligations | ' |
Debt Instrument [Line Items] | ' |
Proceeds from sale leaseback | $24,500 |
Lease term | '84 months |
Purchase option period | '72 months |
Implicit interest rate | 3.80% |
Minimum lease payments | $3,181 |
Derivative_InstrumentsOutstand
Derivative Instruments--Outstanding Derivatives (Details) | Mar. 31, 2014 |
bbl | |
Swaps | Derivatives Maturing In 2014 | Oil Derivative | ' |
Derivative [Line Items] | ' |
Volume of derivative instruments held | 581,000 |
Weighted average fixed price per unit, swaps | 92.3 |
Swaps | Derivatives Maturing In 2014 | Natural Gas Derivative | ' |
Derivative [Line Items] | ' |
Volume of derivative instruments held | 15,640,000 |
Weighted average fixed price per unit, swaps | 4.01 |
Swaps | Derivatives maturing in 2015 | Natural Gas Derivative | ' |
Derivative [Line Items] | ' |
Volume of derivative instruments held | 22,170,000 |
Weighted average fixed price per unit, swaps | 4.2 |
Costless Collars | Derivatives Maturing In 2014 | Oil Derivative | ' |
Derivative [Line Items] | ' |
Volume of derivative instruments held | 1,800,000 |
Weighted average fixed price per Bbl, sold puts | 75.5 |
Weighted average fixed price per Bbl, purchased puts | 93.25 |
Weighted average fixed price per Bbl, sold calls | 101.94 |
Enhanced Swaps | Derivatives Maturing In 2014 | Oil Derivative | ' |
Derivative [Line Items] | ' |
Volume of derivative instruments held | 630,000 |
Weighted average fixed price per unit, swaps | 98.24 |
Weighted average fixed price per Bbl, sold puts | 80 |
Enhanced Swaps | Derivatives maturing in 2015 | Oil Derivative | ' |
Derivative [Line Items] | ' |
Volume of derivative instruments held | 6,058,000 |
Weighted average fixed price per unit, swaps | 92.92 |
Weighted average fixed price per Bbl, sold puts | 80 |
Put Spread Enhanced Swaps | Derivatives Maturing In 2014 | Oil Derivative | ' |
Derivative [Line Items] | ' |
Volume of derivative instruments held | 2,072,000 |
Weighted average fixed price per unit, swaps | 93.85 |
Weighted average fixed price per Bbl, sold puts | 80 |
Weighted average fixed price per Bbl, purchased puts | 60 |
Put Options Purchased | Derivatives Maturing In 2014 | Oil Derivative | ' |
Derivative [Line Items] | ' |
Volume of derivative instruments held | 630,000 |
Weighted average fixed price per Bbl, purchased puts | 60 |
Basis Protection Swaps | Derivatives Maturing In 2014 | Natural Gas Derivative | ' |
Derivative [Line Items] | ' |
Volume of derivative instruments held | 16,120,000 |
Weighted average fixed price per unit, swaps | 0.24 |
Basis Protection Swaps | Derivatives maturing in 2015 | Natural Gas Derivative | ' |
Derivative [Line Items] | ' |
Volume of derivative instruments held | 2,400,000 |
Weighted average fixed price per unit, swaps | 0.18 |
Derivative_InstrumentsEffect_o
Derivative Instruments--Effect of Derivative Instruments on the Consolidated Balance Sheets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative assets, gross | $3,100 | $13,113 | ||
Current derivative assets, net | 0 | 2,152 | ||
Long-term derivative assets, net | 2,847 | 6,403 | ||
Derivative liabilities, gross | -23,223 | -12,792 | ||
Current derivative liabilities, net | -22,830 | -8,234 | ||
Long-term derivative liabilities, net | -140 | 0 | ||
Derivative assets (liabilities), net | -20,123 | 321 | ||
Current derivative assets (liabilities), net | -22,830 | -6,082 | ||
Long-term derivative assets (liabilities), net | 2,707 | 6,403 | ||
Derivative settlements receivable | 156 | 4,616 | ||
Derivative settlements payable | 5,339 | 377 | ||
Oil Derivative | Swaps | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative assets, gross | 0 | 112 | ||
Derivative liabilities, gross | -3,345 | -2,807 | ||
Derivative assets (liabilities), net | -3,345 | -2,695 | ||
Oil Derivative | Costless Collars | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative assets, gross | 733 | 2,776 | ||
Derivative liabilities, gross | -824 | -4 | ||
Derivative assets (liabilities), net | -91 | 2,772 | ||
Oil Derivative | Enhanced Swaps | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative assets, gross | 1,621 | 6,988 | ||
Derivative liabilities, gross | -11,308 | -6,212 | ||
Derivative assets (liabilities), net | -9,687 | 776 | ||
Oil Derivative | Put Options Purchased | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative assets, gross | 10 | 74 | ||
Derivative liabilities, gross | 0 | 0 | ||
Derivative assets (liabilities), net | 10 | 74 | ||
Natural Gas Derivative | Swaps | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative assets, gross | 665 | 1,457 | ||
Derivative liabilities, gross | -7,457 | -3,706 | ||
Derivative assets (liabilities), net | -6,792 | -2,249 | ||
Natural Gas Derivative | Basis Protection Swaps | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative assets, gross | 71 | 1,706 | ||
Derivative liabilities, gross | -289 | -63 | ||
Derivative assets (liabilities), net | -218 | 1,643 | ||
Netting adjustments | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative assets, gross | -253 | [1] | -4,558 | [1] |
Derivative liabilities, gross | 253 | [1] | 4,558 | [1] |
Derivative assets (liabilities), net | $0 | [1] | $0 | [1] |
[1] | Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty. Positive and negative positions with a counterparty are netted only to the extent that they relate to the same current versus noncurrent classification on the balance sheet. |
Derivative_InstrumentsEffect_o1
Derivative Instruments--Effect of Derivative Instruments on the Consolidated Statements of Operations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Non-Hedge Derivative Gains (Losses) [Line Items] | ' | ' |
Amortization of premium | ($166) | $0 |
Non-hedge derivative losses | -29,199 | -15,546 |
Swaps | ' | ' |
Non-Hedge Derivative Gains (Losses) [Line Items] | ' | ' |
Change in fair value of non-hedge derivatives | -5,193 | -19,364 |
(Payments on) receipts from settlement of non-hedge derivative instruments | -5,850 | 4,525 |
Costless Collars | ' | ' |
Non-Hedge Derivative Gains (Losses) [Line Items] | ' | ' |
Change in fair value of non-hedge derivatives | -2,863 | -8,285 |
(Payments on) receipts from settlement of non-hedge derivative instruments | -41 | 5,731 |
Enhanced Swaps | ' | ' |
Non-Hedge Derivative Gains (Losses) [Line Items] | ' | ' |
(Payments on) receipts from settlement of non-hedge derivative instruments | -1,992 | 0 |
Enhanced Swaps and Put Options | ' | ' |
Non-Hedge Derivative Gains (Losses) [Line Items] | ' | ' |
Change in fair value of non-hedge derivatives | -10,361 | 2,031 |
Basis Protection Swaps | ' | ' |
Non-Hedge Derivative Gains (Losses) [Line Items] | ' | ' |
Change in fair value of non-hedge derivatives | -1,861 | 176 |
(Payments on) receipts from settlement of non-hedge derivative instruments | ($872) | ($360) |
Fair_Value_MeasurementsRecurri
Fair Value Measurements--Recurring Fair Value Measurements (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Fair Value Disclosures [Abstract] | ' | ' | ||
Rate reflecting our nonperformance risk | 2.00% | 1.75% | ||
Weighted-average rate reflecting our counterparties' nonperformance risk | 0.25% | 0.31% | ||
Fair Value Hierarchy for Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' | ||
Derivative assets, gross | $3,100 | $13,113 | ||
Derivative liabilities, gross | -23,223 | -12,792 | ||
Derivative assets (liabilities), net | -20,123 | 321 | ||
Netting adjustments | ' | ' | ||
Fair Value Hierarchy for Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' | ||
Derivative assets, gross | -253 | [1] | -4,558 | [1] |
Derivative liabilities, gross | 253 | [1] | 4,558 | [1] |
Derivative assets (liabilities), net | 0 | [1] | 0 | [1] |
Recurring Fair Value Measurements | ' | ' | ||
Fair Value Hierarchy for Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' | ||
Derivative assets, net | 2,847 | 8,555 | ||
Derivative liabilities, net | -22,970 | -8,234 | ||
Derivative assets (liabilities), net | -20,123 | 321 | ||
Recurring Fair Value Measurements | Significant other observable inputs (Level 2) | ' | ' | ||
Fair Value Hierarchy for Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' | ||
Derivative assets, gross | 736 | 3,275 | ||
Derivative liabilities, gross | -11,091 | -6,576 | ||
Derivative assets (liabilities), net | -10,355 | -3,301 | ||
Recurring Fair Value Measurements | Significant unobservable inputs (Level 3) | ' | ' | ||
Fair Value Hierarchy for Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' | ||
Derivative assets, gross | 2,364 | 9,838 | ||
Derivative liabilities, gross | -12,132 | -6,216 | ||
Derivative assets (liabilities), net | -9,768 | 3,622 | ||
Recurring Fair Value Measurements | Netting adjustments | ' | ' | ||
Fair Value Hierarchy for Financial Instruments Measured at Fair Value on a Recurring Basis [Line Items] | ' | ' | ||
Derivative assets, gross | -253 | [2] | -4,558 | [2] |
Derivative liabilities, gross | 253 | [2] | 4,558 | [2] |
Derivative assets (liabilities), net | $0 | [2] | $0 | [2] |
[1] | Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty. Positive and negative positions with a counterparty are netted only to the extent that they relate to the same current versus noncurrent classification on the balance sheet. | |||
[2] | Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty. |
Fair_Value_MeasurementsLevel_3
Fair Value Measurements--Level 3 Rollforward (Details) (Significant unobservable inputs (Level 3), Derivative, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Significant unobservable inputs (Level 3) | Derivative | ' | ' |
Level 3 Rollforward | ' | ' |
Beginning balance | $3,622 | $26,231 |
Realized and unrealized losses included in non-hedge derivative losses | -15,423 | -523 |
Settlements paid (received) | 2,033 | -5,731 |
Ending balance | -9,768 | 19,977 |
(Losses) gains relating to instruments still held at the reporting date included in non-hedge derivative (losses) gains for the period | ($15,324) | $1,393 |
Fair_Value_MeasurementsNonrecu
Fair Value Measurements--Nonrecurring Fair Value Measurements (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Nonrecurring Fair Value Measurements [Line Items] | ' | ' |
Liabilities incurred in current period | $139 | $76 |
Significant unobservable inputs (Level 3) | Nonrecurring fair value measurements | ' | ' |
Nonrecurring Fair Value Measurements [Line Items] | ' | ' |
Annual inflation rate | 2.95% | 2.95% |
Credit-adjusted risk-free interest rate | 5.80% | 6.40% |
Liabilities incurred in current period | $139 | $76 |
Fair_Value_MeasurementsFair_Va
Fair Value Measurements--Fair Value of Other Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior secured revolving credit facility | $319,000 | $272,000 |
9.875% Senior Notes due 2020 | ' | ' |
Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior Notes | 294,695 | 294,556 |
8.25% Senior Notes due 2021 | ' | ' |
Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior Notes | 400,000 | 400,000 |
7.625% Senior Notes due 2022 | ' | ' |
Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior Notes | 555,501 | 555,719 |
Significant other observable inputs (Level 2) | Carrying value | ' | ' |
Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior secured revolving credit facility | 319,000 | 272,000 |
Other secured long-term debt | 16,259 | 16,437 |
Total long-term debt | 1,585,455 | 1,538,712 |
Significant other observable inputs (Level 2) | Carrying value | 9.875% Senior Notes due 2020 | ' | ' |
Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior Notes | 294,695 | 294,556 |
Significant other observable inputs (Level 2) | Carrying value | 8.25% Senior Notes due 2021 | ' | ' |
Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior Notes | 400,000 | 400,000 |
Significant other observable inputs (Level 2) | Carrying value | 7.625% Senior Notes due 2022 | ' | ' |
Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior Notes | 555,501 | 555,719 |
Significant other observable inputs (Level 2) | Estimated fair value | ' | ' |
Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior secured revolving credit facility | 319,000 | 272,000 |
Other secured long-term debt | 16,259 | 16,437 |
Total long-term debt | 1,714,006 | 1,648,852 |
Significant other observable inputs (Level 2) | Estimated fair value | 9.875% Senior Notes due 2020 | ' | ' |
Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior Notes | 342,750 | 340,140 |
Significant other observable inputs (Level 2) | Estimated fair value | 8.25% Senior Notes due 2021 | ' | ' |
Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior Notes | 437,872 | 437,000 |
Significant other observable inputs (Level 2) | Estimated fair value | 7.625% Senior Notes due 2022 | ' | ' |
Fair Value of Other Financial Instruments [Line Items] | ' | ' |
Senior Notes | $598,125 | $583,275 |
Fair_Value_MeasurementsCounter
Fair Value Measurements--Counterparty Credit Risk (Details) (Concentration of Counterparty Credit Risk) | Mar. 31, 2014 |
financial_institutions | |
Concentration of Counterparty Credit Risk | ' |
Concentration Risk [Line Items] | ' |
Derivative contracts, number of counterparties | 12 |
Derivative contracts, number of counterparties subject to offset under credit facility | 11 |
Fair_value_measurements_Fair_V
Fair value measurements Fair Value Measurements--Derivatives Offset in the Consolidated Balance Sheets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Derivative assets, gross | $3,100 | $13,113 |
Derivative assets, amounts offset | -3,100 | -8,042 |
Derivative assets, net of offsetting liabilities | 0 | 5,071 |
Credit facility balance available to offset net derivative assets | 0 | -4,211 |
Derivative assets, net of offsetting amounts outstanding under credit facility, not offset | 0 | 860 |
Derivative liabilities, gross | -23,223 | -12,792 |
Derivative liabilities, amounts offset | 3,100 | 8,042 |
Derivative liabilities, net of offsetting amounts | -20,123 | -4,750 |
Derivative assets (liabilities), net | -20,123 | 321 |
Derivative assets (liabilities), net of offsetting amounts outstanding under credit facility, not offset | ($20,123) | ($3,890) |
Asset_retirement_obligations_D
Asset retirement obligations (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' | ' |
Beginning balance | $55,179 | $49,214 | ' |
Liabilities incurred in current period | 139 | 76 | ' |
Liabilities settled and disposed in current period | -170 | -811 | ' |
Accretion expense | 1,074 | 1,007 | ' |
Ending balance | 56,222 | 49,486 | ' |
Less current portion | 1,874 | 2,900 | ' |
Asset retirement obligations, net of current portion | $54,348 | $46,586 | $53,305 |
StockBased_CompensationPhantom
Stock-Based Compensation--Phantom Stock Plan and Restricted Stock Unit Plan (Details) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Phantom Stock Plan | Phantom Shares | ' |
Stock-Based Compensation [Line Items] | ' |
Award vesting period | '5 years |
Days from vesting date to cash settlement | '120 days |
Weighted average grant date fair value ($ per share) | ' |
Unvested and outstanding at beginning of period | $17.01 |
Granted | $0 |
Vested | $10.08 |
Forfeited | $18.76 |
Unvested and outstanding at end of period | $20.02 |
Shares | ' |
Unvested and outstanding at beginning of period (in shares) | 53,162 |
Granted (in shares) | 0 |
Vested (in shares) | -15,996 |
Forfeited (in shares) | -897 |
Unvested and outstanding at end of period (in shares) | 36,269 |
Vest date fair value | ' |
Vest date fair value | $128 |
Non-Officer Restricted Stock Unit Plan | Restricted Stock Units (RSU) | ' |
Stock-Based Compensation [Line Items] | ' |
Days from vesting date to cash settlement | '120 days |
Maximum percentage of fair market value of the Company available for share-based awards | 2.00% |
Weighted average grant date fair value ($ per share) | ' |
Unvested and outstanding at beginning of period | $13.53 |
Granted | $8.11 |
Vested | $14.52 |
Forfeited | $13.08 |
Unvested and outstanding at end of period | $9.69 |
Shares | ' |
Unvested and outstanding at beginning of period (in shares) | 325,297 |
Granted (in shares) | 474,337 |
Vested (in shares) | -99,754 |
Forfeited (in shares) | -4,500 |
Unvested and outstanding at end of period (in shares) | 695,380 |
Vest date fair value | ' |
Vest date fair value | 801 |
Non-Officer Restricted Stock Unit Plan | Restricted Stock Units (RSU) | Maximum | ' |
Stock-Based Compensation [Line Items] | ' |
Award vesting period | '3 years |
Phantom Stock Plan And Restricted Stock Unit Plan | Phantom Stock and RSU | ' |
Vest date fair value | ' |
Estimated fair value per share at end of period | $8.28 |
Aggregate intrinsic value of unvested phantom shares and RSUs outstanding | $6,058 |
StockBased_Compensation2010_Eq
Stock-Based Compensation--2010 Equity Incentive Plan (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Vest date fair value | ' | ' |
Restricted stock used for tax withholding | 1,068 | ' |
Maximum | Time Vested | 2010 Equity Incentive Plan | Restricted Stock | ' | ' |
Stock-Based Compensation [Line Items] | ' | ' |
Award vesting period | '5 years | ' |
Common Class A | ' | ' |
Vest date fair value | ' | ' |
Restricted stock used for tax withholding | 1,068 | ' |
Common Class A | 2010 Equity Incentive Plan | Restricted Stock | ' | ' |
Stock-Based Compensation [Line Items] | ' | ' |
Shares reserved for issuance under the 2010 Plan | 86,301 | ' |
Common Class A | Time Vested | 2010 Equity Incentive Plan | Restricted Stock | ' | ' |
Weighted average grant date fair value ($ per share) | ' | ' |
Unvested and outstanding at beginning of period | $634.67 | ' |
Granted | $818.50 | ' |
Vested | $633.14 | ' |
Unvested and outstanding at end of period | $651.27 | ' |
Shares | ' | ' |
Unvested and outstanding at beginning of period (in shares) | 19,246 | ' |
Granted (in shares) | 1,615 | ' |
Vested (in shares) | -2,721 | ' |
Unvested and outstanding at end of period (in shares) | 18,140 | ' |
Vest date fair value | ' | ' |
Vest date fair value | $2,227 | ' |
Restricted stock used for tax withholding | 1,068 | 123 |
Shares expected to be repurchased during the next twelve months | 2,000 | ' |
Estimated fair value per share at end of period | $818.50 | ' |
Aggregate intrinsic value of unvested Time Vested restricted shares outstanding | $14,848 | ' |
Common Class A | Performance Vested | 2010 Equity Incentive Plan | Restricted Stock | ' | ' |
Weighted average grant date fair value ($ per share) | ' | ' |
Unvested and outstanding at beginning of period | $307.45 | ' |
Granted | $204.90 | ' |
Vested | $0 | ' |
Unvested and outstanding at end of period | $301.26 | ' |
Shares | ' | ' |
Unvested and outstanding at beginning of period (in shares) | 46,701 | ' |
Granted (in shares) | 2,998 | ' |
Vested (in shares) | 0 | ' |
Unvested and outstanding at end of period (in shares) | 49,699 | ' |
Stockbased_compensation_cost_D
Stock-based compensation cost (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Stock-Based Compensation Expense [Abstract] | ' | ' | ' |
Stock-based compensation cost | $2,531 | $1,893 | ' |
Less: stock-based compensation cost capitalized | -962 | -579 | ' |
Stock-based compensation expense | 1,569 | 1,314 | ' |
Payments for stock-based compensation | 874 | 69 | ' |
Stock-based compensation costs included in accrued payroll and benefits payable | 5,951 | ' | 5,080 |
Unrecognized compensation cost | $19,103 | ' | ' |
Years over which unrecognized compensation cost is expected to be recognized | '2 years 8 months 10 days | ' | ' |
Common_stock_Details
Common stock (Details) | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||||
Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Jan. 13, 2014 | Mar. 31, 2014 | Jan. 13, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Jan. 13, 2014 | ||||||
Common Stock | Common Stock | Common Class A | Common Class A | Common Class B | Common Class B | Common Class C | Common Class C | Common Class D | Common Class E | Common Class E | Common Class F | Common Class F | Common Class G | C H K Energy Holdings Inc. | |||||||
Healthcare of Ontario Pension Plan Trust Fund | Healthcare of Ontario Pension Plan Trust Fund | Common Class A | |||||||||||||||||||
Healthcare of Ontario Pension Plan Trust Fund | |||||||||||||||||||||
Common stock rollforward | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Shares outstanding at January 1, 2014 | ' | 1,425,705 | 1,422,160 | 70,117 | ' | 357,882 | ' | 209,882 | 209,882 | 279,999 | 504,276 | 504,276 | 1 | 1 | 3 | ' | |||||
Stock transfers | ' | ' | ' | 293,023 | [1] | ' | -13,023 | [1] | -13,023 | [1] | ' | ' | -279,999 | [1] | ' | ' | ' | ' | -1 | [1] | ' |
Restricted stock issuances | 4,613 | ' | ' | 4,613 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Restricted stock repurchased | -1,068 | ' | ' | -1,068 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Shares outstanding at March 31, 2014 | ' | 1,425,705 | 1,422,160 | 366,685 | ' | 344,859 | ' | 209,882 | 209,882 | 0 | 504,276 | 504,276 | 1 | 1 | 2 | ' | |||||
Company shares bought and sold by Company stockholders | ' | ' | ' | ' | 15,078 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,000 | |||||
[1] | In this transaction, Healthcare of Ontario Pension Plan Trust Fund (bHOOPPb) purchased 280,000 shares of Class A common stock converted from Class D and Class G common stock held by CHK Energy Holdings, Inc. (bCHK Energy Holdingsb) effective JanuaryB 13, 2014. An additional 15,078 shares of Class A common stock was purchased by HOOPP from various other stockholders of which 13,023 shares were converted from Class B common stock. |
Related_party_transactions_Det
Related party transactions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Chesapeake | Chesapeake Holdings Corporation | Properties Operated by Chesapeake | Properties Operated by Chaparral |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Chaparral common stock owned by Chesapeake | ' | 20.00% | ' | ' |
Revenue from jointly owned properties | ' | ' | $1,380 | ($503) |
Joint interest billings | ' | ' | -923 | 4,267 |
Amounts receivable from Chesapeake | 466 | ' | ' | ' |
Amounts payable to Chesapeake | $64 | ' | ' | ' |
Commitments_and_contingencies_
Commitments and contingencies (Details) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Aug. 09, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Jun. 07, 2011 | Mar. 31, 2014 | Mar. 31, 2013 |
court_case | Pending Litigation | Letter of Credit | Letter of Credit | ||||
Minimum | |||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | $920 | ' | $920 | ' | ' | ' |
Interest paid | ' | 18,794 | 16,787 | ' | ' | 0 | 0 |
Damages sought | ' | ' | ' | ' | $5,000 | ' | ' |
Number of court cases | 2 | ' | ' | ' | ' | ' | ' |