Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Breitburn Energy Partners LP | ' |
Entity Central Index Key | '0001357371 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 120,473,366 |
Unaudited_Consolidated_Balance
Unaudited Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash | $9,015 | $2,458 |
Accounts and other receivables, net | 97,630 | 96,862 |
Derivative instruments | 2,240 | 7,914 |
Related party receivables | 1,282 | 2,604 |
Inventory | 9,237 | 3,890 |
Prepaid expenses | 393 | 3,334 |
Total current assets | 119,797 | 117,062 |
Equity investments | 6,360 | 6,641 |
Property, plant and equipment | ' | ' |
Oil and gas properties | 4,988,859 | 4,818,639 |
Non-oil and gas assets | 30,932 | 21,338 |
Property, Plant and Equipment, Gross | 5,019,791 | 4,839,977 |
Accumulated depletion and depreciation | -1,049,498 | -924,601 |
Net property, plant and equipment | 3,970,293 | 3,915,376 |
Other long-term assets | ' | ' |
Intangibles | 10,282 | 11,679 |
Derivative instruments | 3,631 | 71,319 |
Other long-term assets | 75,489 | 74,205 |
Total assets | 4,185,852 | 4,196,282 |
Current liabilities | ' | ' |
Accounts payable | 64,329 | 69,809 |
Derivative instruments | 48,827 | 24,876 |
Distributions payable | 1,833 | 0 |
Revenue and royalties payable | 36,308 | 26,233 |
Wages and salaries payable | 10,817 | 15,359 |
Accrued interest payable | 19,515 | 19,690 |
Accrued liabilities | 33,743 | 26,922 |
Total current liabilities | 215,372 | 182,889 |
Credit facility | 655,500 | 733,000 |
Senior notes, net | 1,156,618 | 1,156,675 |
Deferred income taxes | 2,468 | 2,749 |
Asset retirement obligation | 129,394 | 123,769 |
Derivative instruments | 41,951 | 2,560 |
Other long-term liabilities | 4,922 | 4,820 |
Total liabilities | 2,206,225 | 2,206,462 |
Commitments and Contingencies | ' | ' |
Equity | ' | ' |
Partners' equity | 1,979,627 | 1,989,820 |
Series A cumulative redeemable preferred units, 8.0 million units issued and outstanding at June 30, 2014 and 0 at December 31, 2013 (note 12) | 193,226 | 0 |
Common units, 120.2 million units issued and outstanding at June 30, 2014 and 119.2 million at December 31, 2013 (note 12) | 1,786,401 | 1,989,820 |
Total liabilities and equity | $4,185,852 | $4,196,282 |
Preferred Units [Member] | ' | ' |
Equity | ' | ' |
Common units issued and outstanding | 8,000 | 0 |
Common Units [Member] | ' | ' |
Equity | ' | ' |
Common units issued and outstanding | 120,200 | 119,200 |
Unaudited_Consolidated_Stateme
Unaudited Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues and other income items | ' | ' | ' | ' |
Oil, natural gas and natural gas liquid sales | $219,051 | $149,286 | $442,607 | $269,648 |
Gain (loss) on commodity derivative instruments, net | -127,000 | 66,993 | -167,228 | 42,817 |
Other revenue, net | 1,071 | 702 | 2,655 | 1,460 |
Total revenues and other income items | 93,122 | 216,981 | 278,034 | 313,925 |
Operating costs and expenses | ' | ' | ' | ' |
Operating costs | 83,060 | 61,234 | 165,257 | 113,387 |
Depletion, depreciation and amortization | 68,245 | 46,541 | 131,746 | 94,331 |
General and Administrative Expense | 16,420 | 13,716 | 35,149 | 28,579 |
Loss on sale of assets | 334 | 71 | 420 | 62 |
Total operating costs and expenses | 168,059 | 121,562 | 332,572 | 236,359 |
Operating income (loss) | -74,937 | 95,419 | -54,538 | 77,566 |
Interest expense, net of capitalized interest | 30,208 | 18,420 | 60,866 | 36,839 |
Other income, net | -261 | -7 | -773 | -9 |
Income (loss) before taxes | -104,884 | 77,006 | -114,631 | 40,736 |
Income tax expense (benefit) | -159 | 574 | -148 | 604 |
Net income (loss) | -104,725 | 76,432 | -114,483 | 40,132 |
Less: distributions to preferred unitholders | 1,833 | 0 | 1,833 | 0 |
Net Income (Loss) Available to Common Unitholders | ($106,558) | $76,432 | ($116,316) | $40,132 |
Basic net income (loss) per unit (in dollars per unit) | -0.89 | 0.75 | -0.97 | 0.41 |
Diluted net income (loss) per unit (in dollars per unit) | -0.89 | 0.75 | -0.97 | 0.41 |
Unaudited_Consolidated_Stateme1
Unaudited Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income (loss) | ($114,483) | $40,132 |
Adjustments to reconcile to cash flow from operating activities: | ' | ' |
Depletion, depreciation and amortization | 131,746 | 94,331 |
Unit-based compensation expense | 12,647 | 9,797 |
Loss (gain) on derivative instruments | 167,228 | -42,817 |
Derivative instrument settlements receipts (payments) | -30,524 | 9,956 |
Income from equity affiliates, net | 281 | -1 |
Deferred income taxes | -281 | 297 |
Loss (gain) on sale of assets | 420 | 62 |
Other | 3,487 | 2,239 |
Changes in net assets and liabilities | ' | ' |
Accounts receivable and other assets | 2,097 | -13,050 |
Inventory | -5,347 | -1,801 |
Net change in related party receivables and payables | 1,322 | 649 |
Accounts payable and other liabilities | 22,516 | -2,372 |
Net cash provided by operating activities | 191,109 | 97,422 |
Cash flows from investing activities | ' | ' |
Property acquisitions | -2,684 | 598 |
Capital expenditures | -188,758 | -100,211 |
Proceeds from sale of assets | 542 | 160 |
Deposits for Oil and Gas Property | 0 | -85,980 |
Other | -5,706 | 0 |
Net cash used in investing activities | -196,606 | -185,433 |
Cash flows from financing activities | ' | ' |
Proceeds from Issuance of Preferred Units, net | 193,397 | 0 |
Proceeds from Issuance of common units, net | 20,273 | 285,016 |
Distributions to common unitholders | -120,059 | -88,757 |
Proceeds from long-term debt | 466,000 | 397,000 |
Repayments of long-term debt | -543,500 | -507,000 |
Change in bank overdraft | -2,425 | -291 |
Debt issuance costs | -1,632 | -328 |
Net cash provided by financing activities | 12,054 | 85,640 |
Increase (decrease) in cash | 6,557 | -2,371 |
Cash beginning of period | 2,458 | 4,507 |
Cash end of period | $9,015 | $2,136 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Basis of Presentation | ' |
Organization and Basis of Presentation | |
The accompanying unaudited consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2013 Annual Report. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair statement of our financial position at June 30, 2014, our operating results for the three months and six months ended June 30, 2014 and 2013 and our cash flows for the six months ended June 30, 2014 and 2013 have been included. Operating results for the three months and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ended December 31, 2014. The consolidated balance sheet at December 31, 2013 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in our 2013 Annual Report. | |
We follow the successful efforts method of accounting for oil and natural gas activities. Depletion, depreciation and amortization (“DD&A”) of proved oil and natural gas properties is computed using the units-of-production method, net of any estimated residual salvage values. | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. The ASU will supersede most of the existing revenue recognition requirements in GAAP and will require entities to recognize revenue at an amount that reflects the consideration to which it expects to be entitled in exchange for transferring goods or services to a customer. The new standard also requires disclosures sufficient to enable users to understand an entity’s nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The pronouncement is effective for annual and interim reporting periods beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. We are evaluating the impact, if any, that ASU 2014-09 will have on our financial statements. |
Acquisitions_Notes
Acquisitions (Notes) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
Acquisitions | |||||||||
We account for all business combinations using the acquisition method of accounting. The initial accounting applied to our acquisitions at the time of the purchase may not be complete and adjustment to provisional accounts, or recognition of additional assets acquired or liabilities assumed, may occur as more detailed analyses are completed and additional information is obtained about the facts and circumstances that existed as of the acquisition date prior to concluding the final purchase price of an acquisition. | |||||||||
Our purchase price allocations are based on discounted cash flows, quoted market prices and estimates made by management, and the most significant assumptions are those related to the estimated fair values assigned to oil and natural gas properties with proved reserves. To estimate the fair values of acquired properties, estimates of oil and natural gas reserves are prepared by management in consultation with independent engineers. We apply estimated future prices to the estimated reserve quantities acquired and estimate future operating and development costs to arrive at estimates of future net revenues. For estimated proved reserves, the future net revenues are discounted using a market-based weighted average cost of capital. We also periodically employ third-party valuation firms to assist in the valuation of complex facilities, including pipelines, gathering lines and processing facilities. | |||||||||
We conducted assessments of net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while transaction and integration costs associated with the acquisitions are expensed as incurred. | |||||||||
The fair value measurements of oil and natural gas properties, other assets and asset retirement obligations (“ARO”) are based on inputs that are not observable in the market and therefore represent Level 3 inputs. The fair values of oil and natural gas properties, other assets and ARO were measured using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs to the valuation of oil and natural gas properties include estimates of reserves, future operating and development costs, future commodity prices, estimated future cash flows and a market-based weighted average cost of capital rate. ARO assumptions include inputs such as expected economic recoveries of oil and natural gas and time to abandonment. These inputs require significant judgments and estimates by management at the time of the valuation and are subject to change. | |||||||||
Oklahoma Panhandle Acquisitions | |||||||||
On July 15, 2013, we completed the acquisition of certain oil and natural gas and midstream assets located in Oklahoma, New Mexico and Texas, certain CO2 supply contracts, certain crude oil swaps and interests in certain entities from Whiting Oil and Gas Corporation (“Whiting”) for approximately $845 million in cash (the “Whiting Acquisition”), including post-closing adjustments. The purchase price for this acquisition was allocated to the assets acquired and liabilities assumed as follows: | |||||||||
Thousands of dollars | |||||||||
Oil and gas properties - proved | $ | 700,963 | |||||||
Oil and gas properties - unproved | 43,492 | ||||||||
Pipeline and processing facilities | 74,537 | ||||||||
Derivative assets - current | 15 | ||||||||
Intangibles | 14,739 | ||||||||
Derivative assets - long-term | 16,183 | ||||||||
Other long-term assets | 10,936 | ||||||||
Derivative liabilities - current | (6,347 | ) | |||||||
Accrued liabilities | (1,115 | ) | |||||||
Asset retirement obligations | (8,102 | ) | |||||||
$ | 845,301 | ||||||||
Whiting novated to us derivative contracts, with a counterparty that is a participant in our current credit facility, consisting of NYMEX West Texas Intermediate (“WTI”) fixed price crude oil swaps covering a total of approximately 5.4 million barrels of future production in 2013 through 2016 at a weighted average hedge price of $95.44 per Bbl, which were valued as a net asset of $9.9 million at the acquisition date. The preliminary purchase price allocation also included finite-lived intangibles valued at $14.7 million relating to two CO2 purchase contracts that we received in the acquisition. We amortize the CO2 contracts based on the amount of CO2 purchases made in each period over the contracts’ respective lives. | |||||||||
During the three months and six months ended June 30, 2014, we recorded $1.0 million and $2.0 million, respectively, in amortization for these contracts. We were also novated a $10.9 million long-term advance relating to future CO2 supply contract arrangements. | |||||||||
We also completed the acquisition of additional interests in certain of the acquired assets in the Oklahoma Panhandle from other sellers for an additional $30 million in July 2013, subject to customary post-closing adjustments (together with the Whiting Acquisition, the “Oklahoma Panhandle Acquisitions”). The additional interests were allocated $17.8 million to oil and gas properties and $12.4 million to pipeline facilities. | |||||||||
We used borrowings under our credit facility to fund the Oklahoma Panhandle Acquisitions. | |||||||||
Acquisition-related costs for the Oklahoma Panhandle Acquisitions were $3.3 million ($3.2 million recorded in 2013), included in general and administrative (“G&A”) expenses on the consolidated statements of operations. During the three months and six months ended June 30, 2014, we recorded approximately $55.0 million and $109.5 million, respectively, in revenue and $16.7 million and $32.5 million, respectively, in lease operating expenses, including production and property taxes, from our Oklahoma Panhandle Acquisitions. | |||||||||
Permian Basin Acquisitions | |||||||||
On December 30, 2013, we completed acquisitions of oil and natural gas properties located in the Permian Basin in Texas from CrownRock, L.P. for approximately $282 million in cash (the “CrownRock III Acquisition”). We also completed the acquisition of additional interests in certain of the acquired assets in the Permian Basin from other sellers for an additional $20 million in December 2013 (together with the CrownRock III Acquisition, the “Permian Basin Acquisitions”). | |||||||||
The preliminary purchase price for the Permian Basin Acquisitions was allocated to the assets acquired and liabilities assumed as follows: | |||||||||
Thousands of dollars | |||||||||
Oil and gas properties - proved | $ | 258,728 | |||||||
Oil and gas properties - unproved | 44,451 | ||||||||
Asset retirement obligation | (1,069 | ) | |||||||
$ | 302,110 | ||||||||
During the three months and six months ended June 30, 2014, we recorded acquisition-related costs for the Permian Basin Acquisitions of $0.1 million and $0.5 million, respectively, included in G&A expenses on the consolidated statements of operations. During the three months and six months ended June 30, 2014, we recorded approximately $16.4 million and $31.5 million, respectively, in sales revenue and $4.5 million and $6.9 million, respectively, in lease operating expenses, including production and property taxes, from the Permian Basin Acquisitions. | |||||||||
Pro Forma | |||||||||
The following unaudited pro forma financial information presents a summary of our combined statements of operations for the three months and six months ended June 30, 2013, assuming the Oklahoma Panhandle Acquisitions and the Permian Basin Acquisitions had been completed on January 1, 2013. The pro forma results reflect the results of combining our statements of operations with the results of operations from all of our 2013 acquisitions, adjusted for (1) the assumption of ARO and accretion expense for the properties acquired, (2) depletion and depreciation expense applied to the adjusted purchase price of the properties acquired, (3) interest expense on additional borrowings necessary to finance the acquisitions, including the amortization of debt issuance costs, and (4) the effect on the denominator for calculating net income (loss) per unit of common unit issuances necessary to finance the acquisitions. The pro forma financial information is not necessarily indicative of the results of operations if these acquisitions had been effective January 1, 2013. | |||||||||
2013 Pro Forma | |||||||||
Three Months Ended | Six Months Ended | ||||||||
Thousands of dollars, except per unit amounts | 30-Jun-13 | 30-Jun-13 | |||||||
Revenues | $ | 292,461 | $ | 457,259 | |||||
Net income | 102,609 | 89,086 | |||||||
Net income per common unit: | |||||||||
Basic | $ | 1.04 | $ | 0.9 | |||||
Diluted | $ | 1.04 | $ | 0.9 | |||||
Financial_Instruments
Financial Instruments | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Financial Instruments and Fair Value Measurement | ' | ||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||
Our risk management programs are intended to reduce our exposure to commodity price volatilities and to assist with stabilizing cash flows and distributions. Routinely, we utilize derivative financial instruments to reduce this volatility. To the extent we have entered into economic hedges for a significant portion of our expected production through commodity derivative instruments and the cost for goods and services increases, our margins would be adversely affected. | |||||||||||||||||||||
Commodity Activities | |||||||||||||||||||||
The derivative instruments we utilize are based on index prices that may and often do differ from the actual crude oil and natural gas prices realized in our operations. These differentials often result in a lack of adequate correlation to enable these derivative instruments to qualify as cash flow hedges under FASB Accounting Standards. Accordingly, we do not attempt to account for our derivative instruments as cash flow hedges for financial reporting purposes, and instead we recognize changes in fair value immediately in earnings. | |||||||||||||||||||||
We had the following commodity derivative contracts in place at June 30, 2014: | |||||||||||||||||||||
Year | |||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
Oil Positions: | |||||||||||||||||||||
Fixed Price Swaps - NYMEX WTI | |||||||||||||||||||||
Hedged Volume (Bbl/d) | 14,911 | 13,059 | 9,211 | 7,971 | 493 | ||||||||||||||||
Average Price ($/Bbl) | $ | 92.73 | $ | 93.05 | $ | 86.73 | $ | 84.23 | $ | 82.2 | |||||||||||
Fixed Price Swaps - ICE Brent | |||||||||||||||||||||
Hedged Volume (Bbl/d) | 4,950 | 3,374 | 4,300 | 298 | — | ||||||||||||||||
Average Price ($/Bbl) | $ | 99.05 | $ | 97.89 | $ | 95.17 | $ | 97.5 | $ | — | |||||||||||
Collars - NYMEX WTI | |||||||||||||||||||||
Hedged Volume (Bbl/d) | 1,000 | 1,000 | — | — | — | ||||||||||||||||
Average Floor Price ($/Bbl) | $ | 90 | $ | 90 | $ | — | $ | — | $ | — | |||||||||||
Average Ceiling Price ($/Bbl) | $ | 112 | $ | 113.5 | $ | — | $ | — | $ | — | |||||||||||
Collars - ICE Brent | |||||||||||||||||||||
Hedged Volume (Bbl/d) | — | 500 | 500 | — | — | ||||||||||||||||
Average Floor Price ($/Bbl) | $ | — | $ | 90 | $ | 90 | $ | — | $ | — | |||||||||||
Average Ceiling Price ($/Bbl) | $ | — | $ | 109.5 | $ | 101.25 | $ | — | $ | — | |||||||||||
Puts - NYMEX WTI | |||||||||||||||||||||
Hedged Volume (Bbl/d) | 500 | 500 | 1,000 | — | — | ||||||||||||||||
Average Price ($/Bbl) | $ | 90 | $ | 90 | $ | 90 | $ | — | $ | — | |||||||||||
Total: | |||||||||||||||||||||
Hedged Volume (Bbl/d) | 21,361 | 18,433 | 15,011 | 8,269 | 493 | ||||||||||||||||
Average Price ($/Bbl) | $ | 94 | $ | 93.61 | $ | 89.48 | $ | 84.71 | $ | 82.2 | |||||||||||
Gas Positions: | |||||||||||||||||||||
Fixed Price Swaps - MichCon City-Gate | |||||||||||||||||||||
Hedged Volume (MMBtu/d) | 7,500 | 7,500 | 17,000 | 10,000 | — | ||||||||||||||||
Average Price ($/MMBtu) | $ | 6 | $ | 6 | $ | 4.46 | $ | 4.48 | $ | — | |||||||||||
Fixed Price Swaps - Henry Hub | |||||||||||||||||||||
Hedged Volume (MMBtu/d) | 41,600 | 47,700 | 24,700 | 8,571 | 1,870 | ||||||||||||||||
Average Price ($/MMBtu) | $ | 4.75 | $ | 4.77 | $ | 4.23 | $ | 4.39 | $ | 4.15 | |||||||||||
Puts - Henry Hub | |||||||||||||||||||||
Hedged Volume (MMBtu/d) | 6,000 | 1,500 | — | — | — | ||||||||||||||||
Average Price ($/MMBtu) | $ | 5 | $ | 5 | $ | — | $ | — | $ | — | |||||||||||
Total: | |||||||||||||||||||||
Hedged Volume (MMBtu/d) | 55,100 | 56,700 | 41,700 | 18,571 | 1,870 | ||||||||||||||||
Average Price ($/MMBtu) | $ | 4.95 | $ | 4.94 | $ | 4.32 | $ | 4.44 | $ | 4.15 | |||||||||||
Calls - Henry Hub | |||||||||||||||||||||
Hedged Volume (MMBtu/d) | 15,000 | — | — | — | — | ||||||||||||||||
Average Price ($/MMBtu) | $ | 9 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Deferred Premium ($/MMBtu) | $ | 0.12 | $ | — | $ | — | $ | — | $ | — | |||||||||||
During the three months and six months ended June 30, 2014 and 2013, we did not enter into any derivative instruments that required pre-paid premiums. | |||||||||||||||||||||
As of June 30, 2014, premiums paid in 2012 related to oil and natural gas derivatives to be settled in the third quarter of 2014 and beyond were as follows: | |||||||||||||||||||||
Year | |||||||||||||||||||||
Thousands of dollars | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
Oil | $ | 2,258 | $ | 4,683 | $ | 7,438 | $ | 734 | $ | — | |||||||||||
Natural gas | $ | 2,024 | $ | 1,989 | $ | 952 | $ | — | $ | — | |||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The following table presents the fair value of our derivative instruments, none of which are designated as hedging instruments: | |||||||||||||||||||||
Balance sheet location, thousands of dollars | Oil Commodity Derivatives | Natural Gas | Commodity Derivatives Netting (a) | Total Financial Instruments | |||||||||||||||||
Commodity Derivatives | |||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets - derivative instruments | $ | 1,051 | $ | 12,429 | $ | (11,240 | ) | $ | 2,240 | ||||||||||||
Other long-term assets - derivative instruments | 6,875 | 11,014 | (14,258 | ) | 3,631 | ||||||||||||||||
Total assets | 7,926 | 23,443 | (25,498 | ) | 5,871 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Current liabilities - derivative instruments | (57,951 | ) | (2,116 | ) | 11,240 | (48,827 | ) | ||||||||||||||
Long-term liabilities - derivative instruments | (54,859 | ) | (1,350 | ) | 14,258 | (41,951 | ) | ||||||||||||||
Total liabilities | (112,810 | ) | (3,466 | ) | 25,498 | (90,778 | ) | ||||||||||||||
Net assets (liabilities) | $ | (104,884 | ) | $ | 19,977 | $ | — | $ | (84,907 | ) | |||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets - derivative instruments | $ | 4,373 | $ | 15,419 | $ | (11,878 | ) | $ | 7,914 | ||||||||||||
Other long-term assets - derivative instruments | 59,412 | 23,750 | (11,843 | ) | 71,319 | ||||||||||||||||
Total assets | 63,785 | 39,169 | (23,721 | ) | 79,233 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Current liabilities - derivative instruments | (35,634 | ) | (1,120 | ) | 11,878 | (24,876 | ) | ||||||||||||||
Long-term liabilities - derivative instruments | (13,620 | ) | (783 | ) | 11,843 | (2,560 | ) | ||||||||||||||
Total liabilities | (49,254 | ) | (1,903 | ) | 23,721 | (27,436 | ) | ||||||||||||||
Net assets | $ | 14,531 | $ | 37,266 | $ | — | $ | 51,797 | |||||||||||||
(a) Represents counterparty netting under derivative master agreements. The agreements allow for netting of oil and natural gas commodity derivative instruments. These derivative instruments are reflected net on the balance sheet. | |||||||||||||||||||||
The following table presents gains and losses on derivative instruments not designated as hedging instruments: | |||||||||||||||||||||
Thousands of dollars | Oil Commodity | Natural Gas | Total Financial Instruments | ||||||||||||||||||
Derivatives (a) | Commodity Derivatives (a) | ||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||
Net loss | $ | (121,326 | ) | $ | (5,674 | ) | $ | (127,000 | ) | ||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
Net gain | $ | 52,013 | $ | 14,980 | $ | 66,993 | |||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
Net loss | $ | (149,219 | ) | $ | (18,009 | ) | $ | (167,228 | ) | ||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
Net gain | $ | 40,698 | $ | 2,119 | $ | 42,817 | |||||||||||||||
(a) Included in gain (loss) on commodity derivative instruments, net on the consolidated statements of operations. | |||||||||||||||||||||
FASB Accounting Standards define fair value, establish a framework for measuring fair value and establish required disclosures about fair value measurements. They also establish a fair value hierarchy that prioritizes the inputs to valuation techniques into three broad levels based upon how observable those inputs are. We use valuation techniques that maximize the use of observable inputs and obtain the majority of our inputs from published objective sources or third-party market participants. We incorporate the impact of nonperformance risk, including credit risk, into our fair value measurements. The fair value hierarchy gives the highest priority of Level 1 to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority of Level 3 to unobservable inputs. We categorize our fair value financial instruments based upon the objectivity of the inputs and how observable those inputs are. The three levels of inputs are described further as follows: | |||||||||||||||||||||
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities as of the reporting date. Level 2 – Inputs that are observable other than quoted prices that are included within Level 1. Level 2 includes financial instruments that are actively traded but are valued using models or other valuation methodologies. We consider the over-the-counter (“OTC”) commodity and interest rate swaps in our portfolio to be Level 2. Level 3 – Inputs that are not directly observable for the asset or liability and are significant to the fair value of the asset or liability. Level 3 includes financial instruments that are not actively traded and have little or no observable data for input into industry standard models. Certain OTC derivative instruments that trade in less liquid markets or contain limited observable model inputs are currently included in Level 3. As of June 30, 2014, and December 31, 2013, our Level 3 derivative assets and liabilities consisted entirely of OTC commodity put and call options. | |||||||||||||||||||||
Financial assets and liabilities that are categorized in Level 3 may later be reclassified to the Level 2 category at the point we are able to obtain sufficient binding market data. We had no transfers in or out of Levels 1, 2 or 3 during the three months and six months ended June 30, 2014 and 2013. Our policy is to recognize transfers between levels as of the end of the period. | |||||||||||||||||||||
Our Treasury/Risk Management group calculates the fair value of our commodity and interest rate swaps and options. We compare these fair value amounts to the fair value amounts we receive from counterparties on a monthly basis. Any differences are resolved and any required changes are recorded prior to the issuance of our financial statements. | |||||||||||||||||||||
The model we utilize to calculate the fair value of our commodity derivative instruments is a standard option pricing model. Inputs to the option pricing model include fixed monthly commodity strike prices and volumes from each specific contract, commodity prices from commodity forward price curves, volatility, interest rate factors and time to expiry. Model inputs are obtained from our counterparties and third-party data providers and are verified against published data when available (e.g., NYMEX). Additional inputs to our Level 3 derivative instruments include option volatility, forward commodity prices and risk-free interest rates for present value discounting. We use the standard swap contract valuation method to value our interest rate derivative instruments, and inputs include LIBOR forward interest rates, 1-month LIBOR rates and risk-free interest rates for present value discounting. | |||||||||||||||||||||
Assumed credit risk adjustments, based on published credit ratings and credit default swap rates, are applied to our derivative instruments. | |||||||||||||||||||||
Our assessment of the significance of an input to its fair value measurement requires judgment and can affect the valuation of the assets and liabilities as well as the category within which they are classified. Financial assets and liabilities carried at fair value on a recurring basis are presented in the following table: | |||||||||||||||||||||
Thousands of dollars | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||
Assets (liabilities) | |||||||||||||||||||||
Crude Oil | |||||||||||||||||||||
Crude oil swaps | $ | — | $ | (106,424 | ) | $ | — | $ | (106,424 | ) | |||||||||||
Crude oil collars | — | — | (1,188 | ) | (1,188 | ) | |||||||||||||||
Crude oil puts | — | — | 2,728 | 2,728 | |||||||||||||||||
Natural Gas | |||||||||||||||||||||
Natural gas swaps | — | 19,137 | — | 19,137 | |||||||||||||||||
Natural gas calls | — | — | (314 | ) | (314 | ) | |||||||||||||||
Natural gas puts | — | — | 1,154 | 1,154 | |||||||||||||||||
Net assets (liabilities) | $ | — | $ | (87,287 | ) | $ | 2,380 | $ | (84,907 | ) | |||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Assets (liabilities) | |||||||||||||||||||||
Crude Oil | |||||||||||||||||||||
Crude oil swaps | $ | — | $ | 5,573 | $ | — | $ | 5,573 | |||||||||||||
Crude oil collars | — | — | 2,683 | 2,683 | |||||||||||||||||
Crude oil puts | — | — | 6,275 | 6,275 | |||||||||||||||||
Natural Gas | |||||||||||||||||||||
Natural gas swaps | — | 35,419 | — | 35,419 | |||||||||||||||||
Natural gas calls | — | — | (650 | ) | (650 | ) | |||||||||||||||
Natural gas puts | — | — | 2,497 | 2,497 | |||||||||||||||||
Net assets | $ | — | $ | 40,992 | $ | 10,805 | $ | 51,797 | |||||||||||||
The following table sets forth a reconciliation of changes in fair value of our derivative instruments classified as Level 3: | |||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Thousands of dollars | Oil | Natural Gas | Oil | Natural Gas | |||||||||||||||||
Assets (a): | |||||||||||||||||||||
Beginning balance | $ | 7,093 | $ | 1,152 | $ | 11,784 | $ | 1,426 | |||||||||||||
Derivative instrument settlements (b) | — | 99 | — | (222 | ) | ||||||||||||||||
Gain (loss) (b)(c) | (5,553 | ) | (411 | ) | 3,628 | 850 | |||||||||||||||
Ending balance | $ | 1,540 | $ | 840 | $ | 15,412 | $ | 2,054 | |||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Thousands of dollars | Oil | Natural Gas | Oil | Natural Gas | |||||||||||||||||
Assets (a): | |||||||||||||||||||||
Beginning balance | $ | 8,957 | $ | 1,848 | $ | 15,169 | $ | 1,672 | |||||||||||||
Derivative instrument settlements (b) | — | 42 | — | (442 | ) | ||||||||||||||||
Gain (loss) (b)(c) | (7,417 | ) | (1,050 | ) | 243 | 824 | |||||||||||||||
Ending balance | $ | 1,540 | $ | 840 | $ | 15,412 | $ | 2,054 | |||||||||||||
(a) We had no changes in fair value of our derivative instruments classified as Level 3 related to sales, purchases or issuances. | |||||||||||||||||||||
(b) Included in gain (loss) on commodity derivative instruments, net on the consolidated statements of operations. | |||||||||||||||||||||
(c) Represents gain (loss) on mark-to-market of derivative instruments. | |||||||||||||||||||||
For Level 3 derivative instruments measured at fair value on a recurring basis as of June 30, 2014, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||
Fair Value at | Valuation | ||||||||||||||||||||
Thousands of dollars | June 30, 2014 | Technique | Unobservable Input | Range | |||||||||||||||||
Oil Options | $ | 1,540 | Option Pricing Model | Oil forward commodity prices | $90.10/Bbl - $109.66/Bbl | ||||||||||||||||
Oil volatility | 13.57% - 14.87% | ||||||||||||||||||||
Own credit risk | 5% | ||||||||||||||||||||
Natural Gas Options | 840 | Option Pricing Model | Gas forward commodity prices | $4.04/MMBtu - $4.59/MMBtu | |||||||||||||||||
Gas volatility | 20.86% - 31.39% | ||||||||||||||||||||
Own credit risk | 5% | ||||||||||||||||||||
Total | $ | 2,380 | |||||||||||||||||||
For Level 3 derivative instruments measured at fair value on a recurring basis as of December 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||
Fair Value at | Valuation | ||||||||||||||||||||
Thousands of dollars | December 31, 2013 | Technique | Unobservable Input | Range | |||||||||||||||||
Oil Options | $ | 8,957 | Option Pricing Model | Oil forward commodity prices | $81.95/Bbl - $105.14/Bbl | ||||||||||||||||
Oil volatility | 15.51% - 17.59% | ||||||||||||||||||||
Own credit risk | 5% | ||||||||||||||||||||
Natural Gas Options | 1,848 | Option Pricing Model | Gas forward commodity prices | $4.01/MMBtu - $4.41/MMBtu | |||||||||||||||||
Gas volatility | 18.87% - 35.13% | ||||||||||||||||||||
Own credit risk | 5% | ||||||||||||||||||||
Total | $ | 10,805 | |||||||||||||||||||
Credit and Counterparty Risk | |||||||||||||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of derivative instruments and accounts receivable. Our derivative instruments expose us to credit risk from counterparties. As of June 30, 2014, our derivative counterparties were Barclays Bank PLC, Bank of Montreal, Citibank, N.A, Credit Suisse Energy LLC, Union Bank N.A, Wells Fargo Bank, National Association, JP Morgan Chase Bank N.A., The Royal Bank of Scotland plc, The Bank of Nova Scotia, BNP Paribas, Royal Bank of Canada and Toronto-Dominion Bank. We periodically obtain credit default swap information on our counterparties. As of June 30, 2014, each of these financial institutions had an investment grade credit rating. Although we currently do not believe we have a specific counterparty risk with any party, our loss could be substantial if any of these parties were to default. As of June 30, 2014, our largest derivative asset balances were with Toronto-Dominion Bank, Bank of Montreal and Barclays Bank PLC, which accounted for approximately 43%, 26% and 14% of our net derivative asset balances, respectively. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Breitburn Management Company, LLC (“Breitburn Management”), our wholly-owned subsidiary, operates our assets and performs other administrative services for us such as accounting, corporate development, finance, land administration, legal and engineering. All of our employees, including our executives, are employees of Breitburn Management. | |
Breitburn Management also provides administrative services to Pacific Coast Energy Company LP, formerly named BreitBurn Energy Company L.P. (“PCEC”), our predecessor, under an administrative services agreement, in exchange for a monthly fee for indirect expenses and reimbursement for all direct expenses, including incentive compensation plan costs and direct payroll and administrative costs related to PCEC properties and operations. For the three months and six months ended June 30, 2014, the monthly fee paid by PCEC for indirect expenses was $700,000. In March 2014, the expiration of the term for the current monthly fee of $700,000 was extended from August 31, 2014 to December 31, 2014 and, to the extent the term of the administrative services agreement is renewed past December 31, 2014, the monthly fee will be redetermined biannually thereafter. | |
At June 30, 2014 and December 31, 2013, we had current receivables of $1.2 million and $2.5 million, respectively, due from PCEC related to the administrative services agreement, employee-related costs and oil and natural gas sales made by PCEC on our behalf from certain properties. For the three months ended June 30, 2014 and 2013, the monthly charges to PCEC for indirect expenses totaled $2.1 million and $2.1 million, respectively, and charges for direct expenses including payroll and administrative costs totaled $2.6 million and $2.3 million, respectively. For the six months ended June 30, 2014 and 2013, the monthly charges to PCEC for indirect expenses totaled $4.2 million and $4.2 million, respectively, and charges for direct expenses including payroll and administrative costs totaled $5.1 million and $4.3 million, respectively. | |
At each of June 30, 2014 and December 31, 2013, we had receivables of $0.1 million due from certain of our other affiliates, primarily representing investments in natural gas processing facilities, for management fees due from them and operational expenses incurred on their behalf. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2014 | |
Inventory Disclosure [Abstract] | ' |
Inventory | ' |
Inventory | |
Our crude oil inventory from our Florida operations was $9.2 million and $3.9 million at June 30, 2014 and December 31, 2013, respectively. In the six months ended June 30, 2014, we sold 263 gross MBbls and produced 340 gross MBbls of crude oil from our Florida operations. Crude oil sales are a function of the number and size of crude oil shipments in each quarter, and thus, crude oil sales do not always coincide with volumes produced in a given quarter. Crude oil inventory additions are valued at the lower of cost or market, with cost based on our actual production costs. We match production expenses with crude oil sales. Production expenses associated with unsold crude oil inventory are recorded to inventory. |
Other_Assets_Other_Assets
Other Assets Other Assets | 6 Months Ended |
Jun. 30, 2014 | |
Other Assets [Abstract] | ' |
Other Assets Disclosure [Text Block] | ' |
Other Assets | |
Intangible Assets | |
In connection with the Whiting Acquisition in July 2013, we acquired two CO2 purchase contracts, priced below market, which were valued at $14.7 million at the acquisition date. These contracts were recorded as finite-lived intangibles. We amortize intangible assets with finite lives over their estimated useful lives. We are amortizing these contracts based on the amount of CO2 purchases made in each period over the contracts’ respective lives. The contracts expire in December 2015 and September 2023, respectively. For the three months and six months ended June 30, 2014, we recorded $1.0 million and $2.0 million respectively, in amortization expense related to these contracts. As of June 30, 2014, and December 31, 2013, we had a remaining unamortized value of $9.2 million and $11.2 million, respectively. | |
In connection with our compliance with the California Greenhouse Gas (“GHG”) Cap-and-Trade Regulation, as of June 30, 2014, and December 31, 2013, we had $1.1 million and $0.5 million, respectively, of GHG allowances, purchased at auction. We recognize the purchase of these allowances as intangibles until they are surrendered in compliance with regulations promulgated by the California Air Resources Board. | |
Other long-term assets | |
As of June 30, 2014, and December 31, 2013, our other long-term assets were $75.5 million and $74.2 million, respectively, including $33.1 million and $35.6 million, respectively, in debt issuance costs, $41.2 million and $36.6 million, respectively, in CO2 supply advances and deposits for our Oklahoma properties and $1.2 million and $2.0 million, respectively, in other long-term assets. |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||
Long-Term Debt | |||||||||||||||||
Credit Facility | |||||||||||||||||
As of June 30, 2014, Breitburn Operating LP (“BOLP”), as borrower, and we and our wholly-owned subsidiaries, as guarantors, had a $3.0 billion revolving credit facility with Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and Issuing Lender, and a syndicate of banks (as amended, the “Second Amended and Restated Credit Agreement”). | |||||||||||||||||
On April 25, 2014, in connection with the regularly scheduled borrowing base redetermination, we entered into the Twelfth Amendment to the Second Amended and Restated Credit Agreement, which provides for an increased borrowing base of $1.6 billion with a total lender commitment of $1.4 billion and an extension of the term of the credit facility for one year until May 9, 2017. | |||||||||||||||||
Our credit facility limits the amounts we can borrow to a borrowing base amount, determined by the lenders in their sole discretion based on their valuation of our proved reserves and their internal criteria. The borrowing base is redetermined semi-annually. As of June 30, 2014, our borrowing base for our credit facility was $1.6 billion and the aggregate commitment of all lenders was $1.4 billion, with the ability to increase our total commitments up to the $1.6 billion borrowing base upon lender approval. At December 31, 2013, our borrowing base was $1.5 billion, and the aggregate commitment of all lenders was $1.4 billion. | |||||||||||||||||
Our next regularly scheduled borrowing base redetermination is in October 2014. | |||||||||||||||||
As of June 30, 2014, and December 31, 2013, we had $655.5 million and $733.0 million, respectively, in indebtedness outstanding under our credit facility. At June 30, 2014, the 1-month LIBOR interest rate plus an applicable spread was 2.1524% on the 1-month LIBOR portion of $641 million and the prime rate plus an applicable spread was 4.50% on the prime portion of $14.5 million. At June 30, 2014, we had $12.5 million of unamortized debt issuance costs related to our credit facility. | |||||||||||||||||
As of June 30, 2014, and December 31, 2013, we were in compliance with our credit facility’s covenants. | |||||||||||||||||
Senior Notes | |||||||||||||||||
We have $305 million in aggregate principal amount of 8.625% senior notes due 2020 (the “2020 Senior Notes”), which had a carrying value of $301.9 million, net of unamortized discount of $3.1 million, as of June 30, 2014. In addition, we have $850 million in aggregate principal amount of 7.875% senior notes due 2022 (the “2022 Senior Notes”), which had a carrying value of $854.8 million, net of unamortized premium of $4.8 million, as of June 30, 2014. At June 30, 2014, we had $20.6 million of unamortized debt issuance costs related to our senior notes. | |||||||||||||||||
Interest on our senior notes is payable twice a year in April and October. | |||||||||||||||||
As of June 30, 2014, the fair value of our 2020 Senior Notes and 2022 Senior Notes was estimated to be $334.4 million and $921.2 million, respectively, based on prices quoted from third-party financial institutions. We consider the inputs to the valuation of our senior notes to be Level 2, as fair value was estimated based on prices quoted from third-party financial institutions. | |||||||||||||||||
As of June 30, 2014 and December 31, 2013, we were in compliance with the covenants under our senior notes. | |||||||||||||||||
Interest Expense | |||||||||||||||||
Our interest expense is detailed as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Thousands of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Credit agreement (including commitment fees) | $ | 5,087 | $ | 1,636 | $ | 10,347 | $ | 3,405 | |||||||||
Senior notes | 23,311 | 15,436 | 46,622 | 30,872 | |||||||||||||
Amortization of net premium and deferred issuance costs | 1,866 | 1,359 | 4,014 | 2,597 | |||||||||||||
Capitalized interest | (56 | ) | (11 | ) | (117 | ) | (35 | ) | |||||||||
Total | $ | 30,208 | $ | 18,420 | $ | 60,866 | $ | 36,839 | |||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 6 Months Ended | |
Jun. 30, 2014 | ||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |
Condensed Consolidating Financial Statements | ' | |
Condensed Consolidating Financial Statements | ||
We and Breitburn Finance Corporation, as co-issuers, and certain of our subsidiaries, as guarantors, issued the 2020 Senior Notes and the 2022 Senior Notes. All but one of our subsidiaries have guaranteed our senior notes, and our only non-guarantor subsidiary, Breitburn Collingwood Utica LLC, is a minor subsidiary. | ||
In accordance with Rule 3-10 of Regulation S-X, we are not presenting condensed consolidating financial statements as we have no independent assets or operations; Breitburn Finance Corporation, the subsidiary co-issuer that does not guarantee our senior notes, is a 100% owned finance subsidiary; all of our material subsidiaries are 100% owned and have guaranteed our senior notes; and all of the guarantees are full, unconditional, joint and several. | ||
Each guarantee of each of the 2020 Senior Notes and the 2022 Senior Notes is subject to release in the following customary circumstances: | ||
-1 | a disposition of all or substantially all the assets of the guarantor subsidiary (including by way of merger or consolidation) to a third person, provided the disposition complies with the applicable indenture, | |
-2 | a disposition of the capital stock of the guarantor subsidiary to a third person, if the disposition complies with the applicable indenture and as a result the guarantor subsidiary ceases to be our subsidiary, | |
-3 | the designation by us of the guarantor subsidiary as an Unrestricted Subsidiary as defined in the applicable indenture, | |
-4 | legal or covenant defeasance of such series of senior notes or satisfaction and discharge of the related indenture, | |
-5 | the liquidation or dissolution of the guarantor subsidiary, provided no default under the applicable indenture exists, or | |
-6 | the guarantor subsidiary ceases both (a) to guarantee any other indebtedness of ours or any other guarantor subsidiary and (b) to be an obligor under any bank credit facility. |
Income_Taxes
Income Taxes | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | |||||||||||||||||
We, and all of our subsidiaries, with the exception of Phoenix Production Company (“Phoenix”), Alamitos Company, Breitburn Management and Breitburn Finance Corporation, are partnerships or limited liability companies treated as partnerships for federal and state income tax purposes. Essentially all of our taxable income or loss, which may differ considerably from the net income or loss reported for financial reporting purposes, is passed through to the federal income tax returns of our partners. As such, we have not recorded any federal income tax expense for those pass-through entities. | |||||||||||||||||
Our deferred federal income tax liability was $2.5 million and $2.7 million as of June 30, 2014, and December 31, 2013, respectively. The following table presents our income tax expense (benefit) for the three months and six months ended June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Thousands of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Federal income tax expense (benefit) | |||||||||||||||||
Current | $ | 90 | $ | 24 | $ | 156 | $ | 26 | |||||||||
Deferred (a) | (248 | ) | 318 | (281 | ) | 297 | |||||||||||
State income tax expense (benefit) (b) | (1 | ) | 232 | (23 | ) | 281 | |||||||||||
Total | $ | (159 | ) | $ | 574 | $ | (148 | ) | $ | 604 | |||||||
(a) Related to Phoenix, our wholly-owned subsidiary. | |||||||||||||||||
(b) Primarily in California and Michigan. |
Asset_Retirement_Obligation
Asset Retirement Obligation | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Asset Retirement Obligation [Abstract] | ' | ||||||||
Asset Retirement Obligation | ' | ||||||||
Asset Retirement Obligations | |||||||||
ARO is based on our net ownership in wells and facilities and our estimate of the costs to abandon and remediate those wells and facilities together with our estimate of the future timing of the costs to be incurred. Payments to settle ARO occur over the operating lives of the assets, estimated to range from less than one year to 50 years. Estimated cash flows have been discounted at our credit-adjusted risk-free rate of 7% and adjusted for inflation using a rate of 2%. Our credit-adjusted risk-free rate is calculated based on our cost of borrowing adjusted for the effect of our credit standing and specific industry and business risk. | |||||||||
We consider the inputs to our ARO valuation to be Level 3, as fair value is determined using discounted cash flow methodologies based on standardized inputs that are not readily observable in public markets. | |||||||||
Changes in ARO for the period ended June 30, 2014, and the year ended December 31, 2013 are presented in the following table: | |||||||||
Six Months Ended | Year Ended | ||||||||
Thousands of dollars | June 30, 2014 | December 31, 2013 | |||||||
Carrying amount, beginning of period | $ | 123,769 | $ | 98,480 | |||||
Acquisitions | — | 9,287 | |||||||
Liabilities incurred | 1,739 | 5,313 | |||||||
Liabilities settled | (492 | ) | (893 | ) | |||||
Revisions | — | 4,299 | |||||||
Accretion expense | 4,378 | 7,283 | |||||||
Carrying amount, end of period | $ | 129,394 | $ | 123,769 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||||||||
In the normal course of business, we have performance obligations that are secured, in whole or in part, by surety bonds or letters of credit. These obligations primarily cover self-insurance and other programs where governmental organizations require such support. These surety bonds and letters of credit are issued by financial institutions and are required to be reimbursed by us if drawn upon. At each of June 30, 2014 and December 31, 2013, we had approximately $17.5 million of surety bonds and approximately $2.8 million in letters of credit outstanding. | |||||||||||||||||||||||||||
Purchase Contracts | |||||||||||||||||||||||||||
On July 15, 2013, we completed the acquisition of the Whiting Assets. The Whiting Assets include the Postle Field, which currently has active CO2 enhanced recovery projects, and the Northeast Hardesty Unit, both of which are located in Texas County, Oklahoma. We have a contracted supply of CO2 in the Bravo Dome Field in New Mexico, with step-in rights, for 129 Bcf over 10 to 15 years, which we expect to provide volumes in excess of those required to produce our estimated proved reserves when coupled with recycled CO2. Under the take-or-pay provisions of these purchase agreements, we are committed to buying certain volumes of CO2 for use in our enhanced recovery project being carried out at the Postle field. We are obligated to purchase a minimum daily volume of CO2 (as calculated on an annual basis) or else pay for any deficiencies at the price in effect when the minimum delivery was to have occurred. The CO2 volumes planned for use in our enhanced recovery projects in the Postle Field currently exceed the minimum daily volumes specified in these agreements. Therefore, we expect to avoid any payments for deficiencies. The table below shows our future minimum commitments under these purchase agreements as of June 30, 2014: | |||||||||||||||||||||||||||
Six Months Ending | Year Ending December 31, | ||||||||||||||||||||||||||
Thousands of dollars | December 31, 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||
Purchase contracts | $ | 7,870 | $ | 28,942 | $ | 14,638 | $ | 15,663 | $ | 21,487 | $ | 45,353 | $133,953 | ||||||||||||||
Partners_Equity
Partners' Equity | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Partners' Capital [Abstract] | ' | ||||||||||||||||
Partners' Equity | ' | ||||||||||||||||
Partners’ Equity | |||||||||||||||||
Preferred Units | |||||||||||||||||
On May 21, 2014, we sold 8.0 million 8.25% Series A Cumulative Redeemable Perpetual Preferred Units (“Preferred Units”) in a public offering at a price of $25.00 per Preferred Unit, resulting in proceeds of $193.2 million net of underwriting discount and offering expenses of $6.8 million. We used the net proceeds from this offering to repay indebtedness outstanding under our credit facility. | |||||||||||||||||
The Preferred Units rank senior to the Common Units with respect to the payment of current distributions. Distributions on Preferred Units are cumulative from the date of original issue and will be payable monthly in arrears on the 15th day of each month of each year, when, as and if declared by our board of directors out of legally available funds for such purpose. We will pay cumulative distributions in cash on the Preferred Units on a monthly basis at a monthly rate of $0.171875 per Preferred Unit. During the three months ended June 30, 2014, we recognized $1.8 million of accrued distributions on the Preferred Units, which were calculated from the date of issuance to June 30, 2014 and are included in the distributions to preferred unitholders on the consolidated statements of operations. The initial distribution of $0.309375 per Preferred Unit was paid on July 15, 2014. | |||||||||||||||||
The Preferred Units have no stated maturity and are not subject to mandatory redemption or any sinking fund and will remain outstanding indefinitely unless repurchased or redeemed by the Partnership or converted into Common Units in connection with a change in control. At any time on or after May 15, 2019, we may, at our option, redeem the Preferred Units, in whole or in part, at a redemption price of $25.00 per unit plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption. In addition, we may redeem the Preferred Units at the same redemption price following certain changes of control, as described in the Partnership Agreement; if we do not exercise this option, then the holders of the Preferred Units have the option to convert the Series A Preferred Units into a number of Common Units per Preferred Unit as set forth in the Partnership Agreement. If we exercise the right to redeem all outstanding Preferred Units, the holders of Preferred Units will not have the conversion right described above. | |||||||||||||||||
Common Units | |||||||||||||||||
Pursuant to an Equity Distribution Agreement dated as of March 19, 2014 (the “Equity Distribution Agreement”), we may sell, from time to time up to $200 million in common units representing limited partner interests (“Common Units”). We intend to use the net proceeds of any sales pursuant to the Equity Distribution Agreement, after deducting commissions and offering expenses, for general purposes, which may include, among other things, repayment of indebtedness, acquisitions, capital expenditures and additions to working capital. The Common Units to be issued are registered under a previously filed shelf registration statement on Form S-3, which was declared effective by the SEC on January 22, 2014. During the three months ended March 31, 2014 and June 30, 2014, we sold 25,300 Common Units and 976,611 Common Units, respectively, under the Equity Distribution Agreement for net proceeds of $0.5 million and $19.7 million, respectively. | |||||||||||||||||
During the three months and six months ended June 30, 2014, we issued no Common Units and less than 0.1 million Common Units, respectively, to non-employee directors for Restricted Phantom Units (“RPUs”) that vested in January 2014. | |||||||||||||||||
At June 30, 2014 and December 31, 2013, we had approximately 120.2 million and 119.2 million Common Units outstanding, respectively. At June 30, 2014 and December 31, 2013, there were approximately 2.7 million and 1.3 million, respectively, of units outstanding under our Long-term Incentive Plan (“LTIP”) that were eligible to be paid in Common Units upon vesting. | |||||||||||||||||
Pursuant to our Second Amended and Restated Agreement of Limited Partnership, we may pay distributions on our Common Units within 45 days following the end of each quarter or in three equal monthly payments within 17, 45 and 75 days following the end of each quarter. We changed our Common Unit distribution payment policy from a quarterly payment schedule to a monthly payment schedule beginning with the distributions relating to the fourth quarter of 2013. | |||||||||||||||||
During the three months ended June 30, 2014, we paid three monthly cash distributions totaling approximately $59.5 million, or $0.497 per Common Unit. During the six months ended June 30, 2014, we paid six monthly cash distributions totaling approximately $118.2 million, or $0.990 per Common Unit. | |||||||||||||||||
During the three months ended June 30, 2013, we paid a cash distribution of approximately $47.3 million, or $0.475 per Common Unit. During the six months ended June 30, 2013, we paid cash distributions of approximately $87.2 million, or $0.945 per Common unit. | |||||||||||||||||
During the three months ended June 30, 2014 and 2013, we also paid $1.0 million and $0.8 million, respectively, in cash at a rate equal to the distributions paid to our holders of Common Units to holders of outstanding unvested RPUs issued under our LTIP. During the six months ended June 30, 2014 and 2013, we paid $1.9 million and $1.6 million, respectively, in cash at a rate equal to the distributions paid to our holders of Common Units to holders of outstanding unvested RPUs issued under our LTIP. | |||||||||||||||||
Income per Unit | |||||||||||||||||
FASB Accounting Standards require use of the “two-class” method of computing earnings per unit for all periods presented. The “two-class” method is an earnings allocation formula that determines earnings per unit for each class of common unit and participating security as if all earnings for the period had been distributed. Unvested restricted unit awards that earn non-forfeitable dividend rights qualify as participating securities and, accordingly, are included in the basic computation. Our unvested RPUs and Convertible Phantom Units (“CPUs”) participate in distributions on an equal basis with Common Units. Accordingly, the presentation below is prepared on a combined basis and is presented as net income (loss) per common unit. | |||||||||||||||||
The following is a reconciliation of net income (loss) and weighted average units for calculating basic net income (loss) per common unit and diluted net income (loss) per common unit. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Thousands, except per unit amounts | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income (loss) | $ | (104,725 | ) | $ | 76,432 | $ | (114,483 | ) | $ | 40,132 | |||||||
Distributions on participating units not expected to vest | 38 | 11 | 38 | 11 | |||||||||||||
Distributions to preferred unitholders | (1,833 | ) | — | (1,833 | ) | — | |||||||||||
Net income (loss) attributable to holders of Common Units and participating securities | $ | (106,520 | ) | $ | 76,443 | $ | (116,278 | ) | $ | 40,143 | |||||||
Weighted average number of units used to calculate basic and diluted net income per unit: | |||||||||||||||||
Common Units | 119,724 | 99,680 | 119,466 | 97,119 | |||||||||||||
Participating securities (a) | — | 1,700 | — | 1,613 | |||||||||||||
Denominator for basic income (loss) per common unit | 119,724 | 101,380 | 119,466 | 98,732 | |||||||||||||
Dilutive units (b) | — | 374 | — | 340 | |||||||||||||
Denominator for diluted income (loss) per common unit | 119,724 | 101,754 | 119,466 | 99,072 | |||||||||||||
Net income (loss) per common unit | |||||||||||||||||
Basic | $ | (0.89 | ) | $ | 0.75 | $ | (0.97 | ) | $ | 0.41 | |||||||
Diluted | $ | (0.89 | ) | $ | 0.75 | $ | (0.97 | ) | $ | 0.41 | |||||||
(a) The three months and six months ended June 30, 2014 exclude 1,885 and 1,799, respectively, of potentially issuable weighted average RPUs from participating securities, as they were anti-dilutive. | |||||||||||||||||
(b) The three months and six months ended June 30, 2014 exclude non-participating securities of 757 and 719, respectively, of weighted average units from the calculation of the denominator for diluted earnings per common unit, as they were anti-dilutive. |
Unit_and_Other_ValuationBased_
Unit and Other Valuation-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation [Abstract] | ' |
Unit and Other Valuation-Based Compensation Plans | ' |
Unit Based Compensation Plans | |
Unit-based compensation expense for the three months ended June 30, 2014 and 2013 was $6.1 million and $5.0 million, respectively, and for the six months ended June 30, 2014 and 2013 was $12.6 million and $9.8 million, respectively. Unit based compensation expense for the three months ended March 31, 2014 included $0.6 million related to an increase in the performance factor for the 2013 CPU grants from 1.0 to 1.25. The current multiplier was achieved based on the actual distribution made to common unitholders during the quarter. | |
During the six months ended June 30, 2014, the board of directors of Breitburn GP LLC (our “General Partner”) approved the grant of approximately 1.3 million RPUs and CPUs to employees of Breitburn Management under our LTIP. Our outside directors were issued less than 0.1 million RPUs under our LTIP during the six months ended June 30, 2014. The fair market value of the RPUs granted during 2014 for computing compensation expense under FASB Accounting Standards averaged $20.29 per unit. | |
During the three months ended June 30, 2014 and 2013, we paid nothing for taxes withheld on RPUs, which was the result of no units vesting during the periods. During the six months ended June 30, 2014 and 2013, we paid zero and $0.6 million, respectively, for taxes withheld on RPUs that vested during the period. | |
As of June 30, 2014, we had $39.4 million of unrecognized compensation costs for all outstanding awards, which is expected to be recognized over the period from July 1, 2014 to December 31, 2016. | |
For detailed information on our various compensation plans, see Note 17 to the consolidated financial statements included in our 2013 Annual Report. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On July 1, 2014, we announced a cash distribution to unitholders for the first monthly payment attributable to the second quarter of 2014 at the rate of $0.1675 per Common Unit, which was paid on July 16, 2014 to the record holders of Common Units at the close of business on July 11, 2014. On July 30, 2014, we announced a cash distribution to unitholders for the second monthly payment attributable to the first quarter of 2014 at the rate of $0.1675 per Common Unit, to be paid on August 14, 2014 to the record holders of Common Units at the close of business on August 11, 2014. | |
On July 1, 2014, we declared a cash distribution for our Preferred Units of $0.171875 per Preferred Unit expected to be paid on August 15, 2014 to preferred unitholders of record at the close of business on July 31, 2014. On July 30, 2014, we declared a cash distribution for our Preferred Units of $0.171875 per Preferred Unit expected to be paid on September 15, 2014 to preferred unitholders of record at the close of business on August 29, 2014. The monthly distribution rate is equal to an annual distribution of $2.0625 per Preferred Unit. | |
Merger with QR Energy | |
On July 23, 2014, we, our General Partner and Boom Merger Sub, LLC, a direct wholly owned subsidiary of the Partnership (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with QR Energy, LP (“QR Energy”) and QRE GP, LLC (“QRE”). | |
QR Energy is a publicly traded, Delaware limited partnership engaged in the acquisition, exploitation, development and production of oil and natural gas properties located in Alabama, Arkansas, Florida, Kansas, Louisiana, Michigan, New Mexico, Oklahoma and Texas. As of December 31, 2013, their total estimated proved reserves were approximately 109.1 MMBoe, of which approximately 77% were oil and NGLs and 85% were classified as proved developed reserves. Their average production for the year ended December 31, 2013 was 17.9 MBoe/d. | |
Pursuant to the Merger Agreement, we will acquire QR Energy in exchange for our Common Units, implying a transaction value of approximately $3.0 billion, including the assumption of approximately $1,012 million of QR Energy’s existing net debt and the payment of $350 million cash to the holders of the outstanding Class C Convertible Preferred Units of QR Energy (each, a “Class C Unit”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will be merged with and into QR Energy, with QR Energy continuing as the surviving entity and a direct wholly owned subsidiary of the Partnership (the “Merger”). | |
Under the terms of the Merger Agreement, each outstanding common unit representing a limited partner interest in QR Energy (a “QR Energy Common Unit”) and Class B Unit representing a limited partner interest in QR Energy (a “Class B Unit”) will be converted into the right to receive 0.9856 newly issued Breitburn Common Units (the “Merger Consideration”). A number of Class B Units issuable upon a change of control of QR Energy equal to (i) 6,748,067, minus (ii) the excess of (A) the number of performance units that vest and are settled in QR Energy Common Units in connection with the Merger over (B) 383,900 will be issued and treated as outstanding Class B Units and converted into the right to receive the Merger Consideration. Each outstanding Class C Unit of QR Energy will be converted into the right to receive cash in an amount equal to $350 million divided by the number of Class C Units outstanding immediately prior to the effective time of the Merger. In no event will we be obligated to issue in excess of 72,001,686 Breitburn Common Units as part of the Merger Consideration. | |
In connection with the Merger Agreement, each award of restricted QR Energy Common Units issued under QR Energy’s equity plans that is subject to vesting or forfeiture, that is subject to time-based vesting and that is outstanding and unvested immediately prior to the effective time of the Merger will become fully vested and will be converted into the right to receive the Merger Consideration. Each award of performance units with respect to QR Energy Common Units issued under QR Energy’s equity plans that is outstanding immediately prior to the effective time of the Merger will vest and be settled in a number of QR Energy Common Units determined based on actual attainment of the applicable performance | |
goal(s) as of two business days prior to the effective time of the Merger, and the resulting QR Energy Common Units will be converted into the right to receive the Merger Consideration. | |
The completion of the Merger is subject to satisfaction or waiver of customary closing conditions, including (1) the adoption of the Merger Agreement by holders of a majority of the outstanding QR Energy Common Units, Class B Units and Class C Units, voting as a single class, (2) the effectiveness of a registration statement on Form S-4, (3) the approval for listing of the Partnership Common Units issuable as part of the Merger Consideration on the NASDAQ and (4) other customary conditions such as expiration of the waiting period under the Hart-Scott-Rodino Act. | |
The Merger Agreement contains certain termination rights for both the Partnership and QR Energy and further provides that, upon termination of the Merger Agreement, under certain circumstances, either party may be required to reimburse the other party’s expenses up to $16,425,000, and QR Energy may be required to pay the Partnership a termination fee equal to $64,875,000 less any previous expense reimbursement by QR Energy. | |
On July 23, 2014, we also entered into a Transaction, Voting and Support Agreement (the “Voting Agreement”) with each of Quantum Resources A1, LP, Quantum Resources B, LP, Quantum Resources C, LP, QAB Carried WI, LP, QAC Carried WI, LP and Black Diamond Resources, LLC (collectively, the “Fund Unitholders”), and each of QR Holdings (QRE), LLC and QR Energy Holdings, LLC (collectively, the “Management Unitholders” and, together with the Fund Unitholders, the “QR Energy Unitholders”) with respect to the Merger Agreement. The Voting Agreement generally requires that the QR Energy Unitholders vote or cause to be voted all QR Energy Common Units, Class B Units and Class C Units owned by such QR Energy Unitholder in favor of the merger and against alternative transactions. The Voting Agreement also provides that, upon termination of the Merger Agreement and QR Energy’s acceptance of an alternative transaction, each QR Energy Unitholder may be required to pay the Partnership a termination fee equal to the lesser of (1) such QR Energy Unitholder’s pro rata share of 2% of the equity value of such alternative transaction or (2) the excess of the aggregate consideration paid to such QR Energy Unitholder in such alternative transaction over the aggregate consideration that would have been received by such QR Energy Unitholder under the Merger Agreement. Subject to certain exceptions, the Voting Agreement will terminate upon the earlier of (i) the consummation of the Merger and (ii) the termination of the Merger Agreement. | |
On July 23, 2014, we also entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with each of QR Holdings (QRE), LLC, QR Energy Holdings, LLC, Quantum Resources B, LP, Quantum Resources A1, LP, Quantum Resources C, LP, QAB Carried WI, LP, QAC Carried WI, LP and Black Diamond Resources, LLC (collectively, the “Fund”). Under the Registration Rights Agreement, we are required to file or cause to be filed with the SEC a registration statement with respect to the public resale of our Common Units issued to the Fund as part of the Merger Consideration. We are required to file or cause to be filed the registration statement within 90 days following the closing under the Merger Agreement and are required to cause the registration statement to become effective as soon as reasonably practicable thereafter but in no event later than 120 days after the closing under the Merger Agreement. | |
The Merger Agreement, the Voting Agreement and the Registration Rights Agreement and the above descriptions have been included to provide investors and security holders with information regarding the terms of the Merger Agreement, the Voting Agreement and the Registration Rights Agreement. They are not intended to provide any other factual information about the Partnership, QR Energy or their respective subsidiaries or affiliates or equityholders. | |
In connection with the closing of the Merger, we intend to refinance the outstanding debt of QR Energy under its credit facility, which was approximately $715 million as of June 30, 2014, and are also considering refinancing options for QR Energy’s 9.25% senior notes due in 2020 with an aggregate principal amount of $300 million. We have received a firm commitment from Wells Fargo Bank, N.A. to increase the borrowing base under our credit facility to $2.5 billion in connection with the Merger. |
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||||||
Permian Basin Acquisitions | |||||||||
On December 30, 2013, we completed acquisitions of oil and natural gas properties located in the Permian Basin in Texas from CrownRock, L.P. for approximately $282 million in cash (the “CrownRock III Acquisition”). We also completed the acquisition of additional interests in certain of the acquired assets in the Permian Basin from other sellers for an additional $20 million in December 2013 (together with the CrownRock III Acquisition, the “Permian Basin Acquisitions”). | |||||||||
The preliminary purchase price for the Permian Basin Acquisitions was allocated to the assets acquired and liabilities assumed as follows: | |||||||||
Thousands of dollars | |||||||||
Oil and gas properties - proved | $ | 258,728 | |||||||
Oil and gas properties - unproved | 44,451 | ||||||||
Asset retirement obligation | (1,069 | ) | |||||||
$ | 302,110 | ||||||||
During the three months and six months ended June 30, 2014, we recorded acquisition-related costs for the Permian Basin Acquisitions of $0.1 million and $0.5 million, respectively, included in G&A expenses on the consolidated statements of operations. During the three months and six months ended June 30, 2014, we recorded approximately $16.4 million and $31.5 million, respectively, in sales revenue and $4.5 million and $6.9 million, respectively, in lease operating expenses, including production and property taxes, from the Permian Basin Acquisitions. | |||||||||
Oklahoma Panhandle Acquisitions | |||||||||
On July 15, 2013, we completed the acquisition of certain oil and natural gas and midstream assets located in Oklahoma, New Mexico and Texas, certain CO2 supply contracts, certain crude oil swaps and interests in certain entities from Whiting Oil and Gas Corporation (“Whiting”) for approximately $845 million in cash (the “Whiting Acquisition”), including post-closing adjustments. The purchase price for this acquisition was allocated to the assets acquired and liabilities assumed as follows: | |||||||||
Thousands of dollars | |||||||||
Oil and gas properties - proved | $ | 700,963 | |||||||
Oil and gas properties - unproved | 43,492 | ||||||||
Pipeline and processing facilities | 74,537 | ||||||||
Derivative assets - current | 15 | ||||||||
Intangibles | 14,739 | ||||||||
Derivative assets - long-term | 16,183 | ||||||||
Other long-term assets | 10,936 | ||||||||
Derivative liabilities - current | (6,347 | ) | |||||||
Accrued liabilities | (1,115 | ) | |||||||
Asset retirement obligations | (8,102 | ) | |||||||
$ | 845,301 | ||||||||
Whiting novated to us derivative contracts, with a counterparty that is a participant in our current credit facility, consisting of NYMEX West Texas Intermediate (“WTI”) fixed price crude oil swaps covering a total of approximately 5.4 million barrels of future production in 2013 through 2016 at a weighted average hedge price of $95.44 per Bbl, which were valued as a net asset of $9.9 million at the acquisition date. The preliminary purchase price allocation also included finite-lived intangibles valued at $14.7 million relating to two CO2 purchase contracts that we received in the acquisition. We amortize the CO2 contracts based on the amount of CO2 purchases made in each period over the contracts’ respective lives. | |||||||||
During the three months and six months ended June 30, 2014, we recorded $1.0 million and $2.0 million, respectively, in amortization for these contracts. We were also novated a $10.9 million long-term advance relating to future CO2 supply contract arrangements. | |||||||||
We also completed the acquisition of additional interests in certain of the acquired assets in the Oklahoma Panhandle from other sellers for an additional $30 million in July 2013, subject to customary post-closing adjustments (together with the Whiting Acquisition, the “Oklahoma Panhandle Acquisitions”). The additional interests were allocated $17.8 million to oil and gas properties and $12.4 million to pipeline facilities. | |||||||||
We used borrowings under our credit facility to fund the Oklahoma Panhandle Acquisitions. | |||||||||
Acquisition-related costs for the Oklahoma Panhandle Acquisitions were $3.3 million ($3.2 million recorded in 2013), included in general and administrative (“G&A”) expenses on the consolidated statements of operations. During the three months and six months ended June 30, 2014, we recorded approximately $55.0 million and $109.5 million, respectively, in revenue and $16.7 million and $32.5 million, respectively, in lease operating expenses, including production and property taxes, from our Oklahoma Panhandle Acquisitions. | |||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||
Pro Forma | |||||||||
The following unaudited pro forma financial information presents a summary of our combined statements of operations for the three months and six months ended June 30, 2013, assuming the Oklahoma Panhandle Acquisitions and the Permian Basin Acquisitions had been completed on January 1, 2013. The pro forma results reflect the results of combining our statements of operations with the results of operations from all of our 2013 acquisitions, adjusted for (1) the assumption of ARO and accretion expense for the properties acquired, (2) depletion and depreciation expense applied to the adjusted purchase price of the properties acquired, (3) interest expense on additional borrowings necessary to finance the acquisitions, including the amortization of debt issuance costs, and (4) the effect on the denominator for calculating net income (loss) per unit of common unit issuances necessary to finance the acquisitions. The pro forma financial information is not necessarily indicative of the results of operations if these acquisitions had been effective January 1, 2013. | |||||||||
2013 Pro Forma | |||||||||
Three Months Ended | Six Months Ended | ||||||||
Thousands of dollars, except per unit amounts | 30-Jun-13 | 30-Jun-13 | |||||||
Revenues | $ | 292,461 | $ | 457,259 | |||||
Net income | 102,609 | 89,086 | |||||||
Net income per common unit: | |||||||||
Basic | $ | 1.04 | $ | 0.9 | |||||
Diluted | $ | 1.04 | $ | 0.9 | |||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Prepaid Derivative Premiums [Table Text Block] | ' | ||||||||||||||||||||
As of June 30, 2014, premiums paid in 2012 related to oil and natural gas derivatives to be settled in the third quarter of 2014 and beyond were as follows: | |||||||||||||||||||||
Year | |||||||||||||||||||||
Thousands of dollars | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
Oil | $ | 2,258 | $ | 4,683 | $ | 7,438 | $ | 734 | $ | — | |||||||||||
Natural gas | $ | 2,024 | $ | 1,989 | $ | 952 | $ | — | $ | — | |||||||||||
Schedule of Price Risk Derivatives | ' | ||||||||||||||||||||
We had the following commodity derivative contracts in place at June 30, 2014: | |||||||||||||||||||||
Year | |||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
Oil Positions: | |||||||||||||||||||||
Fixed Price Swaps - NYMEX WTI | |||||||||||||||||||||
Hedged Volume (Bbl/d) | 14,911 | 13,059 | 9,211 | 7,971 | 493 | ||||||||||||||||
Average Price ($/Bbl) | $ | 92.73 | $ | 93.05 | $ | 86.73 | $ | 84.23 | $ | 82.2 | |||||||||||
Fixed Price Swaps - ICE Brent | |||||||||||||||||||||
Hedged Volume (Bbl/d) | 4,950 | 3,374 | 4,300 | 298 | — | ||||||||||||||||
Average Price ($/Bbl) | $ | 99.05 | $ | 97.89 | $ | 95.17 | $ | 97.5 | $ | — | |||||||||||
Collars - NYMEX WTI | |||||||||||||||||||||
Hedged Volume (Bbl/d) | 1,000 | 1,000 | — | — | — | ||||||||||||||||
Average Floor Price ($/Bbl) | $ | 90 | $ | 90 | $ | — | $ | — | $ | — | |||||||||||
Average Ceiling Price ($/Bbl) | $ | 112 | $ | 113.5 | $ | — | $ | — | $ | — | |||||||||||
Collars - ICE Brent | |||||||||||||||||||||
Hedged Volume (Bbl/d) | — | 500 | 500 | — | — | ||||||||||||||||
Average Floor Price ($/Bbl) | $ | — | $ | 90 | $ | 90 | $ | — | $ | — | |||||||||||
Average Ceiling Price ($/Bbl) | $ | — | $ | 109.5 | $ | 101.25 | $ | — | $ | — | |||||||||||
Puts - NYMEX WTI | |||||||||||||||||||||
Hedged Volume (Bbl/d) | 500 | 500 | 1,000 | — | — | ||||||||||||||||
Average Price ($/Bbl) | $ | 90 | $ | 90 | $ | 90 | $ | — | $ | — | |||||||||||
Total: | |||||||||||||||||||||
Hedged Volume (Bbl/d) | 21,361 | 18,433 | 15,011 | 8,269 | 493 | ||||||||||||||||
Average Price ($/Bbl) | $ | 94 | $ | 93.61 | $ | 89.48 | $ | 84.71 | $ | 82.2 | |||||||||||
Gas Positions: | |||||||||||||||||||||
Fixed Price Swaps - MichCon City-Gate | |||||||||||||||||||||
Hedged Volume (MMBtu/d) | 7,500 | 7,500 | 17,000 | 10,000 | — | ||||||||||||||||
Average Price ($/MMBtu) | $ | 6 | $ | 6 | $ | 4.46 | $ | 4.48 | $ | — | |||||||||||
Fixed Price Swaps - Henry Hub | |||||||||||||||||||||
Hedged Volume (MMBtu/d) | 41,600 | 47,700 | 24,700 | 8,571 | 1,870 | ||||||||||||||||
Average Price ($/MMBtu) | $ | 4.75 | $ | 4.77 | $ | 4.23 | $ | 4.39 | $ | 4.15 | |||||||||||
Puts - Henry Hub | |||||||||||||||||||||
Hedged Volume (MMBtu/d) | 6,000 | 1,500 | — | — | — | ||||||||||||||||
Average Price ($/MMBtu) | $ | 5 | $ | 5 | $ | — | $ | — | $ | — | |||||||||||
Total: | |||||||||||||||||||||
Hedged Volume (MMBtu/d) | 55,100 | 56,700 | 41,700 | 18,571 | 1,870 | ||||||||||||||||
Average Price ($/MMBtu) | $ | 4.95 | $ | 4.94 | $ | 4.32 | $ | 4.44 | $ | 4.15 | |||||||||||
Calls - Henry Hub | |||||||||||||||||||||
Hedged Volume (MMBtu/d) | 15,000 | — | — | — | — | ||||||||||||||||
Average Price ($/MMBtu) | $ | 9 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Deferred Premium ($/MMBtu) | $ | 0.12 | $ | — | $ | — | $ | — | $ | — | |||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The following table presents the fair value of our derivative instruments, none of which are designated as hedging instruments: | |||||||||||||||||||||
Balance sheet location, thousands of dollars | Oil Commodity Derivatives | Natural Gas | Commodity Derivatives Netting (a) | Total Financial Instruments | |||||||||||||||||
Commodity Derivatives | |||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets - derivative instruments | $ | 1,051 | $ | 12,429 | $ | (11,240 | ) | $ | 2,240 | ||||||||||||
Other long-term assets - derivative instruments | 6,875 | 11,014 | (14,258 | ) | 3,631 | ||||||||||||||||
Total assets | 7,926 | 23,443 | (25,498 | ) | 5,871 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Current liabilities - derivative instruments | (57,951 | ) | (2,116 | ) | 11,240 | (48,827 | ) | ||||||||||||||
Long-term liabilities - derivative instruments | (54,859 | ) | (1,350 | ) | 14,258 | (41,951 | ) | ||||||||||||||
Total liabilities | (112,810 | ) | (3,466 | ) | 25,498 | (90,778 | ) | ||||||||||||||
Net assets (liabilities) | $ | (104,884 | ) | $ | 19,977 | $ | — | $ | (84,907 | ) | |||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets - derivative instruments | $ | 4,373 | $ | 15,419 | $ | (11,878 | ) | $ | 7,914 | ||||||||||||
Other long-term assets - derivative instruments | 59,412 | 23,750 | (11,843 | ) | 71,319 | ||||||||||||||||
Total assets | 63,785 | 39,169 | (23,721 | ) | 79,233 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Current liabilities - derivative instruments | (35,634 | ) | (1,120 | ) | 11,878 | (24,876 | ) | ||||||||||||||
Long-term liabilities - derivative instruments | (13,620 | ) | (783 | ) | 11,843 | (2,560 | ) | ||||||||||||||
Total liabilities | (49,254 | ) | (1,903 | ) | 23,721 | (27,436 | ) | ||||||||||||||
Net assets | $ | 14,531 | $ | 37,266 | $ | — | $ | 51,797 | |||||||||||||
(a) Represents counterparty netting under derivative master agreements. The agreements allow for netting of oil and natural gas commodity derivative instruments. These derivative instruments are reflected net on the balance sheet. | |||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||||||||||
The following table presents gains and losses on derivative instruments not designated as hedging instruments: | |||||||||||||||||||||
Thousands of dollars | Oil Commodity | Natural Gas | Total Financial Instruments | ||||||||||||||||||
Derivatives (a) | Commodity Derivatives (a) | ||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||
Net loss | $ | (121,326 | ) | $ | (5,674 | ) | $ | (127,000 | ) | ||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||
Net gain | $ | 52,013 | $ | 14,980 | $ | 66,993 | |||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||
Net loss | $ | (149,219 | ) | $ | (18,009 | ) | $ | (167,228 | ) | ||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||
Net gain | $ | 40,698 | $ | 2,119 | $ | 42,817 | |||||||||||||||
(a) Included in gain (loss) on commodity derivative instruments, net on the consolidated statements of operations. | |||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||||||
Financial assets and liabilities carried at fair value on a recurring basis are presented in the following table: | |||||||||||||||||||||
Thousands of dollars | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||
Assets (liabilities) | |||||||||||||||||||||
Crude Oil | |||||||||||||||||||||
Crude oil swaps | $ | — | $ | (106,424 | ) | $ | — | $ | (106,424 | ) | |||||||||||
Crude oil collars | — | — | (1,188 | ) | (1,188 | ) | |||||||||||||||
Crude oil puts | — | — | 2,728 | 2,728 | |||||||||||||||||
Natural Gas | |||||||||||||||||||||
Natural gas swaps | — | 19,137 | — | 19,137 | |||||||||||||||||
Natural gas calls | — | — | (314 | ) | (314 | ) | |||||||||||||||
Natural gas puts | — | — | 1,154 | 1,154 | |||||||||||||||||
Net assets (liabilities) | $ | — | $ | (87,287 | ) | $ | 2,380 | $ | (84,907 | ) | |||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Assets (liabilities) | |||||||||||||||||||||
Crude Oil | |||||||||||||||||||||
Crude oil swaps | $ | — | $ | 5,573 | $ | — | $ | 5,573 | |||||||||||||
Crude oil collars | — | — | 2,683 | 2,683 | |||||||||||||||||
Crude oil puts | — | — | 6,275 | 6,275 | |||||||||||||||||
Natural Gas | |||||||||||||||||||||
Natural gas swaps | — | 35,419 | — | 35,419 | |||||||||||||||||
Natural gas calls | — | — | (650 | ) | (650 | ) | |||||||||||||||
Natural gas puts | — | — | 2,497 | 2,497 | |||||||||||||||||
Net assets | $ | — | $ | 40,992 | $ | 10,805 | $ | 51,797 | |||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||||||||||
The following table sets forth a reconciliation of changes in fair value of our derivative instruments classified as Level 3: | |||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Thousands of dollars | Oil | Natural Gas | Oil | Natural Gas | |||||||||||||||||
Assets (a): | |||||||||||||||||||||
Beginning balance | $ | 7,093 | $ | 1,152 | $ | 11,784 | $ | 1,426 | |||||||||||||
Derivative instrument settlements (b) | — | 99 | — | (222 | ) | ||||||||||||||||
Gain (loss) (b)(c) | (5,553 | ) | (411 | ) | 3,628 | 850 | |||||||||||||||
Ending balance | $ | 1,540 | $ | 840 | $ | 15,412 | $ | 2,054 | |||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Thousands of dollars | Oil | Natural Gas | Oil | Natural Gas | |||||||||||||||||
Assets (a): | |||||||||||||||||||||
Beginning balance | $ | 8,957 | $ | 1,848 | $ | 15,169 | $ | 1,672 | |||||||||||||
Derivative instrument settlements (b) | — | 42 | — | (442 | ) | ||||||||||||||||
Gain (loss) (b)(c) | (7,417 | ) | (1,050 | ) | 243 | 824 | |||||||||||||||
Ending balance | $ | 1,540 | $ | 840 | $ | 15,412 | $ | 2,054 | |||||||||||||
(a) We had no changes in fair value of our derivative instruments classified as Level 3 related to sales, purchases or issuances. | |||||||||||||||||||||
(b) Included in gain (loss) on commodity derivative instruments, net on the consolidated statements of operations. | |||||||||||||||||||||
(c) Represents gain (loss) on mark-to-market of derivative instruments. | |||||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | ||||||||||||||||||||
For Level 3 derivative instruments measured at fair value on a recurring basis as of June 30, 2014, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||
Fair Value at | Valuation | ||||||||||||||||||||
Thousands of dollars | June 30, 2014 | Technique | Unobservable Input | Range | |||||||||||||||||
Oil Options | $ | 1,540 | Option Pricing Model | Oil forward commodity prices | $90.10/Bbl - $109.66/Bbl | ||||||||||||||||
Oil volatility | 13.57% - 14.87% | ||||||||||||||||||||
Own credit risk | 5% | ||||||||||||||||||||
Natural Gas Options | 840 | Option Pricing Model | Gas forward commodity prices | $4.04/MMBtu - $4.59/MMBtu | |||||||||||||||||
Gas volatility | 20.86% - 31.39% | ||||||||||||||||||||
Own credit risk | 5% | ||||||||||||||||||||
Total | $ | 2,380 | |||||||||||||||||||
For Level 3 derivative instruments measured at fair value on a recurring basis as of December 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||
Fair Value at | Valuation | ||||||||||||||||||||
Thousands of dollars | December 31, 2013 | Technique | Unobservable Input | Range | |||||||||||||||||
Oil Options | $ | 8,957 | Option Pricing Model | Oil forward commodity prices | $81.95/Bbl - $105.14/Bbl | ||||||||||||||||
Oil volatility | 15.51% - 17.59% | ||||||||||||||||||||
Own credit risk | 5% | ||||||||||||||||||||
Natural Gas Options | 1,848 | Option Pricing Model | Gas forward commodity prices | $4.01/MMBtu - $4.41/MMBtu | |||||||||||||||||
Gas volatility | 18.87% - 35.13% | ||||||||||||||||||||
Own credit risk | 5% | ||||||||||||||||||||
Total | $ | 10,805 | |||||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||||||||||||
Schedule of Interest Expense | ' | ||||||||||||||||
Our interest expense is detailed as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Thousands of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Credit agreement (including commitment fees) | $ | 5,087 | $ | 1,636 | $ | 10,347 | $ | 3,405 | |||||||||
Senior notes | 23,311 | 15,436 | 46,622 | 30,872 | |||||||||||||
Amortization of net premium and deferred issuance costs | 1,866 | 1,359 | 4,014 | 2,597 | |||||||||||||
Capitalized interest | (56 | ) | (11 | ) | (117 | ) | (35 | ) | |||||||||
Total | $ | 30,208 | $ | 18,420 | $ | 60,866 | $ | 36,839 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||||||
The following table presents our income tax expense (benefit) for the three months and six months ended June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Thousands of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Federal income tax expense (benefit) | |||||||||||||||||
Current | $ | 90 | $ | 24 | $ | 156 | $ | 26 | |||||||||
Deferred (a) | (248 | ) | 318 | (281 | ) | 297 | |||||||||||
State income tax expense (benefit) (b) | (1 | ) | 232 | (23 | ) | 281 | |||||||||||
Total | $ | (159 | ) | $ | 574 | $ | (148 | ) | $ | 604 | |||||||
(a) Related to Phoenix, our wholly-owned subsidiary. | |||||||||||||||||
(b) Primarily in California and Michigan. |
Asset_Retirement_Obligation_Ta
Asset Retirement Obligation (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Asset Retirement Obligation [Abstract] | ' | ||||||||
Schedule of Change in Asset Retirement Obligation | ' | ||||||||
Changes in ARO for the period ended June 30, 2014, and the year ended December 31, 2013 are presented in the following table: | |||||||||
Six Months Ended | Year Ended | ||||||||
Thousands of dollars | June 30, 2014 | December 31, 2013 | |||||||
Carrying amount, beginning of period | $ | 123,769 | $ | 98,480 | |||||
Acquisitions | — | 9,287 | |||||||
Liabilities incurred | 1,739 | 5,313 | |||||||
Liabilities settled | (492 | ) | (893 | ) | |||||
Revisions | — | 4,299 | |||||||
Accretion expense | 4,378 | 7,283 | |||||||
Carrying amount, end of period | $ | 129,394 | $ | 123,769 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies Purchase Contract (Tables) | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Long-term Purchase Commitment [Line Items] | ' | ||||||||||||||||||||||||||
Long-term Purchase Commitment [Table Text Block] | ' | ||||||||||||||||||||||||||
The table below shows our future minimum commitments under these purchase agreements as of June 30, 2014: | |||||||||||||||||||||||||||
Six Months Ending | Year Ending December 31, | ||||||||||||||||||||||||||
Thousands of dollars | December 31, 2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||
Purchase contracts | $ | 7,870 | $ | 28,942 | $ | 14,638 | $ | 15,663 | $ | 21,487 | $ | 45,353 | $133,953 | ||||||||||||||
Partners_Equity_Tables
Partners' Equity (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Partners' Capital [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||
The following is a reconciliation of net income (loss) and weighted average units for calculating basic net income (loss) per common unit and diluted net income (loss) per common unit. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Thousands, except per unit amounts | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income (loss) | $ | (104,725 | ) | $ | 76,432 | $ | (114,483 | ) | $ | 40,132 | |||||||
Distributions on participating units not expected to vest | 38 | 11 | 38 | 11 | |||||||||||||
Distributions to preferred unitholders | (1,833 | ) | — | (1,833 | ) | — | |||||||||||
Net income (loss) attributable to holders of Common Units and participating securities | $ | (106,520 | ) | $ | 76,443 | $ | (116,278 | ) | $ | 40,143 | |||||||
Weighted average number of units used to calculate basic and diluted net income per unit: | |||||||||||||||||
Common Units | 119,724 | 99,680 | 119,466 | 97,119 | |||||||||||||
Participating securities (a) | — | 1,700 | — | 1,613 | |||||||||||||
Denominator for basic income (loss) per common unit | 119,724 | 101,380 | 119,466 | 98,732 | |||||||||||||
Dilutive units (b) | — | 374 | — | 340 | |||||||||||||
Denominator for diluted income (loss) per common unit | 119,724 | 101,754 | 119,466 | 99,072 | |||||||||||||
Net income (loss) per common unit | |||||||||||||||||
Basic | $ | (0.89 | ) | $ | 0.75 | $ | (0.97 | ) | $ | 0.41 | |||||||
Diluted | $ | (0.89 | ) | $ | 0.75 | $ | (0.97 | ) | $ | 0.41 | |||||||
(a) The three months and six months ended June 30, 2014 exclude 1,885 and 1,799, respectively, of potentially issuable weighted average RPUs from participating securities, as they were anti-dilutive. | |||||||||||||||||
(b) The three months and six months ended June 30, 2014 exclude non-participating securities of 757 and 719, respectively, of weighted average units from the calculation of the denominator for diluted earnings per common unit, as they were anti-dilutive. |
Acquisitions_Details
Acquisitions (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 15, 2013 | Jul. 15, 2013 | Jul. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 15, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 15, 2013 | Jul. 15, 2013 | Jul. 15, 2013 | Jul. 15, 2013 |
2013 Acquisitions [Member] | 2013 Acquisitions [Member] | 2013 Permian Basin Acquisitions [Member] | 2013 Permian Basin Acquisitions [Member] | 2013 Permian Basin Acquisitions [Member] | Whiting [Domain] | Whiting [Domain] | Whiting [Domain] | Whiting [Domain] | Whiting [Domain] | Oklahoma Panhandle - Whiting only [Domain] | Oklahoma Panhandle - Others [Domain] | Oklahoma Panhandle [Member] | Oklahoma Panhandle [Member] | Oklahoma Panhandle [Member] | Oklahoma Panhandle [Member] | 2013 Permian Basin Acquisitions-CrownRock [Domain] | 2013 Permian Basin Acquisitions-Others [Domain] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Crude Oil [Member] | Crude Oil [Member] | Crude Oil [Member] | Crude Oil [Member] | Crude Oil [Member] | Oil and Gas Properties [Member] | Pipelines [Member] | |||
Whiting [Domain] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Swap [Member] | Swap [Member] | Oklahoma Panhandle - Others [Domain] | Oklahoma Panhandle - Others [Domain] | |||||||||||||||||||||||
Term of Calendar 2013-2016 [Member] | Term of Calendar 2013 [Member] | ||||||||||||||||||||||||||||
NYMEX WTI [Member] | NYMEX WTI [Member] | ||||||||||||||||||||||||||||
Whiting [Domain] | Whiting [Domain] | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | ' | $845,000,000 | ' | ' | ' | ' | $30,000,000 | ' | ' | ' | ' | $282,000,000 | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proved Oil and Gas Property, Successful Effort Method | ' | ' | ' | ' | ' | ' | 258,728,000 | ' | ' | ' | ' | 700,963,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory, Amount of Volume Produced | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,400,000 | ' | ' | ' |
Derivative, Swap Type, Average Fixed Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.44 | ' | ' |
Unproved Oil and Gas Property, Successful Effort Method | ' | ' | ' | ' | ' | ' | 44,451,000 | ' | ' | ' | ' | 43,492,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Other | 30,932,000 | 21,338,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,537,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative instruments | 2,240,000 | 7,914,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,240,000 | 7,914,000 | ' | 1,051,000 | 4,373,000 | ' | ' | ' | ' |
Derivative Asset, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,900,000 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | ' | 9,200,000 | 11,200,000 | 14,739,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative instruments | 3,631,000 | 71,319,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,183,000 | ' | ' | ' | ' | ' | ' | ' | ' | 3,631,000 | 71,319,000 | ' | 6,875,000 | 59,412,000 | ' | ' | ' | ' |
Other long-term assets | 75,489,000 | 74,205,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,936,000 | 10,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative instruments | -48,827,000 | -24,876,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,347,000 | ' | ' | ' | ' | ' | ' | ' | ' | -48,827,000 | -24,876,000 | ' | -57,951,000 | -35,634,000 | ' | ' | ' | ' |
Accrued liabilities | -33,743,000 | -26,922,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,115,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset retirement obligation | -129,394,000 | -123,769,000 | ' | ' | ' | ' | -1,069,000 | ' | ' | ' | ' | -8,102,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | ' | ' | ' | ' | 100,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma revenue | ' | ' | 292,461,000 | 457,259,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma net loss attributable to partnership | ' | ' | 102,609,000 | 89,086,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss per unit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | ' | ' | $1.04 | $0.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted (in dollars per share) | ' | ' | $1.04 | $0.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | ' | ' | ' | ' | 16,400,000 | 31,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | 109,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination operating lease expense | ' | ' | ' | ' | 4,500,000 | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | 16,700,000 | 32,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net | 3,970,293,000 | 3,915,376,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,800,000 | 12,400,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | $302,110,000 | ' | ' | ' | ' | $845,301,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements - Oil and Natural Gas Contracts (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Crude Oil [Member] | Term of Calendar 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 21,361 |
Derivative, Swap Type, Average Fixed Price | 94 |
Prepaid Derivative Premium | $2,258 |
Crude Oil [Member] | Term of Calendar 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 18,433 |
Derivative, Swap Type, Average Fixed Price | 93.61 |
Prepaid Derivative Premium | 4,683 |
Crude Oil [Member] | Term of Calendar 2016 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 15,011 |
Derivative, Swap Type, Average Fixed Price | 89.48 |
Prepaid Derivative Premium | 7,438 |
Crude Oil [Member] | Term of Calendar 2017 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 8,269 |
Derivative, Swap Type, Average Fixed Price | 84.71 |
Prepaid Derivative Premium | 734 |
Crude Oil [Member] | Term of Calendar 2018 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 493 |
Derivative, Swap Type, Average Fixed Price | 82.2 |
Prepaid Derivative Premium | 0 |
Natural Gas [Member] | Term of Calendar 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 55,100 |
Derivative, Average Price Risk Option Strike Price | 4.95 |
Prepaid Derivative Premium | 2,024 |
Natural Gas [Member] | Term of Calendar 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 56,700 |
Derivative, Average Price Risk Option Strike Price | 4.94 |
Prepaid Derivative Premium | 1,989 |
Natural Gas [Member] | Term of Calendar 2016 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 41,700 |
Derivative, Average Price Risk Option Strike Price | 4.32 |
Prepaid Derivative Premium | 952 |
Natural Gas [Member] | Term of Calendar 2017 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 18,571 |
Derivative, Average Price Risk Option Strike Price | 4.44 |
Prepaid Derivative Premium | 0 |
Natural Gas [Member] | Term of Calendar 2018 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 1,870 |
Derivative, Average Price Risk Option Strike Price | 4.15 |
Prepaid Derivative Premium | $0 |
NYMEX WTI [Member] | Crude Oil [Member] | Swap [Member] | Term of Calendar 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 14,911 |
Derivative, Swap Type, Average Fixed Price | 92.73 |
NYMEX WTI [Member] | Crude Oil [Member] | Swap [Member] | Term of Calendar 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 13,059 |
Derivative, Swap Type, Average Fixed Price | 93.05 |
NYMEX WTI [Member] | Crude Oil [Member] | Swap [Member] | Term of Calendar 2016 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 9,211 |
Derivative, Swap Type, Average Fixed Price | 86.73 |
NYMEX WTI [Member] | Crude Oil [Member] | Swap [Member] | Term of Calendar 2017 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 7,971 |
Derivative, Swap Type, Average Fixed Price | 84.23 |
NYMEX WTI [Member] | Crude Oil [Member] | Swap [Member] | Term of Calendar 2018 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 493 |
Derivative, Swap Type, Average Fixed Price | 82.2 |
NYMEX WTI [Member] | Crude Oil [Member] | Collars [Member] | Term of Calendar 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 1,000 |
Derivative, Average floor price | 90 |
Derivative, Average ceiling price | 112 |
NYMEX WTI [Member] | Crude Oil [Member] | Collars [Member] | Term of Calendar 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 1,000 |
Derivative, Average floor price | 90 |
Derivative, Average ceiling price | 113.5 |
NYMEX WTI [Member] | Crude Oil [Member] | Collars [Member] | Term of Calendar 2016 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average floor price | 0 |
Derivative, Average ceiling price | 0 |
NYMEX WTI [Member] | Crude Oil [Member] | Collars [Member] | Term of Calendar 2017 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average floor price | 0 |
Derivative, Average ceiling price | 0 |
NYMEX WTI [Member] | Crude Oil [Member] | Collars [Member] | Term of Calendar 2018 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average floor price | 0 |
Derivative, Average ceiling price | 0 |
NYMEX WTI [Member] | Crude Oil [Member] | Put Option [Member] | Term of Calendar 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 500 |
Derivative, Average Price Risk Option Strike Price | 90 |
NYMEX WTI [Member] | Crude Oil [Member] | Put Option [Member] | Term of Calendar 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 500 |
Derivative, Average Price Risk Option Strike Price | 90 |
NYMEX WTI [Member] | Crude Oil [Member] | Put Option [Member] | Term of Calendar 2016 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 1,000 |
Derivative, Average Price Risk Option Strike Price | 90 |
NYMEX WTI [Member] | Crude Oil [Member] | Put Option [Member] | Term of Calendar 2017 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average Price Risk Option Strike Price | 0 |
NYMEX WTI [Member] | Crude Oil [Member] | Put Option [Member] | Term of Calendar 2018 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average Price Risk Option Strike Price | 0 |
IPE Brent [Member] | Crude Oil [Member] | Swap [Member] | Term of Calendar 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 4,950 |
Derivative, Swap Type, Average Fixed Price | 99.05 |
IPE Brent [Member] | Crude Oil [Member] | Swap [Member] | Term of Calendar 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 3,374 |
Derivative, Swap Type, Average Fixed Price | 97.89 |
IPE Brent [Member] | Crude Oil [Member] | Swap [Member] | Term of Calendar 2016 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 4,300 |
Derivative, Swap Type, Average Fixed Price | 95.17 |
IPE Brent [Member] | Crude Oil [Member] | Swap [Member] | Term of Calendar 2017 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 298 |
Derivative, Swap Type, Average Fixed Price | 97.5 |
IPE Brent [Member] | Crude Oil [Member] | Swap [Member] | Term of Calendar 2018 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Swap Type, Average Fixed Price | 0 |
IPE Brent [Member] | Crude Oil [Member] | Collars [Member] | Term of Calendar 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average floor price | 0 |
Derivative, Average ceiling price | 0 |
IPE Brent [Member] | Crude Oil [Member] | Collars [Member] | Term of Calendar 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 500 |
Derivative, Average floor price | 90 |
Derivative, Average ceiling price | 109.5 |
IPE Brent [Member] | Crude Oil [Member] | Collars [Member] | Term of Calendar 2016 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 500 |
Derivative, Average floor price | 90 |
Derivative, Average ceiling price | 101.25 |
IPE Brent [Member] | Crude Oil [Member] | Collars [Member] | Term of Calendar 2017 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average floor price | 0 |
Derivative, Average ceiling price | 0 |
IPE Brent [Member] | Crude Oil [Member] | Collars [Member] | Term of Calendar 2018 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average floor price | 0 |
Derivative, Average ceiling price | 0 |
Mich Con City-Gate [Member] | Natural Gas [Member] | Swap [Member] | Term of Calendar 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 7,500 |
Derivative, Swap Type, Average Fixed Price | 6 |
Mich Con City-Gate [Member] | Natural Gas [Member] | Swap [Member] | Term of Calendar 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 7,500 |
Derivative, Swap Type, Average Fixed Price | 6 |
Mich Con City-Gate [Member] | Natural Gas [Member] | Swap [Member] | Term of Calendar 2016 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 17,000 |
Derivative, Swap Type, Average Fixed Price | 4.46 |
Mich Con City-Gate [Member] | Natural Gas [Member] | Swap [Member] | Term of Calendar 2017 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 10,000 |
Derivative, Swap Type, Average Fixed Price | 4.48 |
Mich Con City-Gate [Member] | Natural Gas [Member] | Swap [Member] | Term of Calendar 2018 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Swap Type, Average Fixed Price | 0 |
Henry Hub [Member] | Natural Gas [Member] | Swap [Member] | Term of Calendar 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 41,600 |
Derivative, Swap Type, Average Fixed Price | 4.75 |
Henry Hub [Member] | Natural Gas [Member] | Swap [Member] | Term of Calendar 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 47,700 |
Derivative, Swap Type, Average Fixed Price | 4.77 |
Henry Hub [Member] | Natural Gas [Member] | Swap [Member] | Term of Calendar 2016 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 24,700 |
Derivative, Swap Type, Average Fixed Price | 4.23 |
Henry Hub [Member] | Natural Gas [Member] | Swap [Member] | Term of Calendar 2017 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 8,571 |
Derivative, Swap Type, Average Fixed Price | 4.39 |
Henry Hub [Member] | Natural Gas [Member] | Swap [Member] | Term of Calendar 2018 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 1,870 |
Derivative, Swap Type, Average Fixed Price | 4.15 |
Henry Hub [Member] | Natural Gas [Member] | Put Option [Member] | Term of Calendar 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 6,000 |
Derivative, Average Price Risk Option Strike Price | 5 |
Henry Hub [Member] | Natural Gas [Member] | Put Option [Member] | Term of Calendar 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 1,500 |
Derivative, Average Price Risk Option Strike Price | 5 |
Henry Hub [Member] | Natural Gas [Member] | Put Option [Member] | Term of Calendar 2016 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average Price Risk Option Strike Price | 0 |
Henry Hub [Member] | Natural Gas [Member] | Put Option [Member] | Term of Calendar 2017 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average Price Risk Option Strike Price | 0 |
Henry Hub [Member] | Natural Gas [Member] | Put Option [Member] | Term of Calendar 2018 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average Price Risk Option Strike Price | 0 |
Henry Hub [Member] | Natural Gas [Member] | Call Option [Member] | Term of Calendar 2014 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 15,000 |
Derivative, Average Price Risk Option Strike Price | 9 |
Derivative, Premium | 0.12 |
Henry Hub [Member] | Natural Gas [Member] | Call Option [Member] | Term of Calendar 2015 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average Price Risk Option Strike Price | 0 |
Derivative, Premium | 0 |
Henry Hub [Member] | Natural Gas [Member] | Call Option [Member] | Term of Calendar 2016 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average Price Risk Option Strike Price | 0 |
Derivative, Premium | 0 |
Henry Hub [Member] | Natural Gas [Member] | Call Option [Member] | Term of Calendar 2017 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average Price Risk Option Strike Price | 0 |
Derivative, Premium | 0 |
Henry Hub [Member] | Natural Gas [Member] | Call Option [Member] | Term of Calendar 2018 [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Derivative, Average Price Risk Option Strike Price | 0 |
Derivative, Premium | 0 |
Financial_Instruments_Financia
Financial Instruments Financial Intruments and Fair Value Measurements - Prepaid Derivative Premiums (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Crude Oil [Member] | Term of Calendar 2014 [Member] | ' |
Prepaid Derivative Premiums [Line Items] | ' |
Prepaid Derivative Premium | $2,258 |
Crude Oil [Member] | Term of Calendar 2015 [Member] | ' |
Prepaid Derivative Premiums [Line Items] | ' |
Prepaid Derivative Premium | 4,683 |
Crude Oil [Member] | Term of Calendar 2016 [Member] | ' |
Prepaid Derivative Premiums [Line Items] | ' |
Prepaid Derivative Premium | 7,438 |
Crude Oil [Member] | Term of Calendar 2017 [Member] | ' |
Prepaid Derivative Premiums [Line Items] | ' |
Prepaid Derivative Premium | 734 |
Crude Oil [Member] | Term of Calendar 2018 [Member] | ' |
Prepaid Derivative Premiums [Line Items] | ' |
Prepaid Derivative Premium | 0 |
Natural Gas [Member] | Term of Calendar 2014 [Member] | ' |
Prepaid Derivative Premiums [Line Items] | ' |
Prepaid Derivative Premium | 2,024 |
Natural Gas [Member] | Term of Calendar 2015 [Member] | ' |
Prepaid Derivative Premiums [Line Items] | ' |
Prepaid Derivative Premium | 1,989 |
Natural Gas [Member] | Term of Calendar 2016 [Member] | ' |
Prepaid Derivative Premiums [Line Items] | ' |
Prepaid Derivative Premium | 952 |
Natural Gas [Member] | Term of Calendar 2017 [Member] | ' |
Prepaid Derivative Premiums [Line Items] | ' |
Prepaid Derivative Premium | 0 |
Natural Gas [Member] | Term of Calendar 2018 [Member] | ' |
Prepaid Derivative Premiums [Line Items] | ' |
Prepaid Derivative Premium | $0 |
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements - Not Designated As Hedging Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Current assets - derivative instruments | $2,240,000 | $7,914,000 | ||
Other long-term assets - derivative instruments | 3,631,000 | 71,319,000 | ||
Current liabilities - derivative instruments | -48,827,000 | -24,876,000 | ||
Long-term liabilities - derivative instruments | -41,951,000 | -2,560,000 | ||
Net assets (liabilities) | -84,907,000 | 51,797,000 | ||
Not Designated as Hedging Instrument [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Current assets - derivative instruments | 2,240,000 | 7,914,000 | ||
Other long-term assets - derivative instruments | 3,631,000 | 71,319,000 | ||
Total assets | 5,871,000 | 79,233,000 | ||
Current liabilities - derivative instruments | -48,827,000 | -24,876,000 | ||
Long-term liabilities - derivative instruments | -41,951,000 | -2,560,000 | ||
Total liabilities | -90,778,000 | -27,436,000 | ||
Net assets (liabilities) | -84,907,000 | 51,797,000 | ||
Crude Oil [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Current assets - derivative instruments | 1,051,000 | 4,373,000 | ||
Other long-term assets - derivative instruments | 6,875,000 | 59,412,000 | ||
Total assets | 7,926,000 | 63,785,000 | ||
Current liabilities - derivative instruments | -57,951,000 | -35,634,000 | ||
Long-term liabilities - derivative instruments | -54,859,000 | -13,620,000 | ||
Total liabilities | -112,810,000 | -49,254,000 | ||
Net assets (liabilities) | -104,884,000 | 14,531,000 | ||
Natural Gas [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Current assets - derivative instruments | 12,429,000 | 15,419,000 | ||
Other long-term assets - derivative instruments | 11,014,000 | 23,750,000 | ||
Total assets | 23,443,000 | 39,169,000 | ||
Current liabilities - derivative instruments | -2,116,000 | -1,120,000 | ||
Long-term liabilities - derivative instruments | -1,350,000 | -783,000 | ||
Total liabilities | -3,466,000 | -1,903,000 | ||
Net assets (liabilities) | 19,977,000 | 37,266,000 | ||
Netting and Collateral [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Current assets - derivative instruments | -11,240,000 | [1] | -11,878,000 | [1] |
Other long-term assets - derivative instruments | -14,258,000 | [1] | -11,843,000 | [1] |
Total assets | -25,498,000 | [1] | -23,721,000 | [1] |
Current liabilities - derivative instruments | 11,240,000 | [1] | 11,878,000 | [1] |
Long-term liabilities - derivative instruments | 14,258,000 | [1] | 11,843,000 | [1] |
Total liabilities | 25,498,000 | [1] | 23,721,000 | [1] |
Net assets (liabilities) | $0 | [1] | $0 | [1] |
[1] | Represents counterparty netting under derivative master agreements. The agreements allow for netting of oil and natural gas commodity derivative instruments. These derivative instruments are reflected net on the balance sheet. |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements - Gains and Losses on Derivative Instruments Not Designated As Hedging Instruments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||||
Loss (gain) on derivative instruments | ' | ' | $167,228 | ($42,817) | ||||
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||||
Loss (gain) on derivative instruments | 127,000 | -66,993 | 167,228 | -42,817 | ||||
Crude Oil [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||||
Loss (gain) on derivative instruments | 121,326 | [1] | -52,013 | [1] | 149,219 | [1] | -40,698 | [1] |
Natural Gas [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||||
Loss (gain) on derivative instruments | $5,674 | [1] | ($14,980) | [1] | $18,009 | [1] | ($2,119) | [1] |
[1] | Included in gain (loss) on commodity derivative instruments, net on the consolidated statements of operations. |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurements - Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | ($84,907,000) | $51,797,000 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | -87,287,000 | 40,992,000 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 2,380,000 | 10,805,000 |
Swap [Member] | Crude Oil [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | -106,424,000 | 5,573,000 |
Swap [Member] | Crude Oil [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Swap [Member] | Crude Oil [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | -106,424,000 | 5,573,000 |
Swap [Member] | Crude Oil [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Swap [Member] | Natural Gas [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 19,137,000 | 35,419,000 |
Swap [Member] | Natural Gas [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Swap [Member] | Natural Gas [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 19,137,000 | 35,419,000 |
Swap [Member] | Natural Gas [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Call Option [Member] | Natural Gas [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | -314,000 | -650,000 |
Call Option [Member] | Natural Gas [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Call Option [Member] | Natural Gas [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Call Option [Member] | Natural Gas [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | -314,000 | -650,000 |
Put Option [Member] | Crude Oil [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 2,728,000 | 6,275,000 |
Put Option [Member] | Crude Oil [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Put Option [Member] | Crude Oil [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Put Option [Member] | Crude Oil [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 2,728,000 | 6,275,000 |
Put Option [Member] | Natural Gas [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 1,154,000 | 2,497,000 |
Put Option [Member] | Natural Gas [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Put Option [Member] | Natural Gas [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Put Option [Member] | Natural Gas [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 1,154,000 | 2,497,000 |
Collars [Member] | Crude Oil [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | -1,188,000 | 2,683,000 |
Collars [Member] | Crude Oil [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Collars [Member] | Crude Oil [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Collars [Member] | Crude Oil [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net | ($1,188,000) | $2,683,000 |
Financial_Instruments_and_Fair4
Financial Instruments and Fair Value Measurements - Reconciliation of Changes in Fair Value (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||||||
Level 3 [Member] | Level 3 [Member] | Crude Oil [Member] | Crude Oil [Member] | Crude Oil [Member] | Crude Oil [Member] | Natural Gas [Member] | Natural Gas [Member] | Natural Gas [Member] | Natural Gas [Member] | |||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||
Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Beginning Balance Derivative Assets (Liabilities), at Fair Value, Net | ($84,907,000) | $51,797,000 | $2,380,000 | $10,805,000 | $7,093,000 | [1] | $11,784,000 | [1] | $8,957,000 | [1] | $15,169,000 | [1] | $1,152,000 | [1] | $1,426,000 | [1] | $1,848,000 | [1] | $1,672,000 | [1] |
Derivative instrument settlements | ' | ' | ' | ' | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 0 | [1],[2] | 99,000 | [1],[2] | -222,000 | [1],[2] | -42,000 | [1],[2] | 442,000 | [1],[2] |
Gain (loss) | ' | ' | ' | ' | -5,553,000 | [1],[2],[3] | 3,628,000 | [1],[2],[3] | -7,417,000 | [1],[2],[3] | 243,000 | [1],[2],[3] | -411,000 | [1],[2],[3] | 850,000 | [1],[2],[3] | -1,050,000 | [1],[2],[3] | 824,000 | [1],[2],[3] |
Ending Balance Derivative Assets (Liabilities), at FV | ($84,907,000) | $51,797,000 | $2,380,000 | $10,805,000 | $1,540,000 | [1] | $15,412,000 | [1] | $1,540,000 | [1] | $15,412,000 | [1] | $840,000 | [1] | $2,054,000 | [1] | $840,000 | [1] | $2,054,000 | [1] |
[1] | We had no changes in fair value of our derivative instruments classified as Level 3 related to sales, purchases or issuances. | |||||||||||||||||||
[2] | Included in gain (loss) on commodity derivative instruments, net on the consolidated statements of operations. | |||||||||||||||||||
[3] | Represents gain (loss) on mark-to-market of derivative instruments. |
Financial_Instruments_Financia1
Financial Instruments Financial Instruments and Fair Value Measurements - Significant Unobservable Inputs Used in the Fair Value Measurements (Details) (Option Pricing Model Valuation Technique [Member], Level 3 [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure | $2,380 | ' |
Derivative Financial Instruments, Assets [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure | ' | 10,805 |
Fair Value Inputs, Counterparty Credit Risk | 5.00% | 5.00% |
Crude Oil [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 1,540 | ' |
Crude Oil [Member] | Derivative Financial Instruments, Assets [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure | ' | 8,957 |
Crude Oil [Member] | Derivative Financial Instruments, Assets [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value Inputs, Offered Quotes | $109.66 | $105.14 |
Fair Value Assumptions, Expected Volatility Rate | 14.87% | 17.59% |
Crude Oil [Member] | Derivative Financial Instruments, Assets [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value Inputs, Offered Quotes | $90.10 | $81.95 |
Fair Value Assumptions, Expected Volatility Rate | 13.57% | 15.51% |
Natural Gas [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure | 840 | ' |
Natural Gas [Member] | Derivative Financial Instruments, Assets [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Assets, Fair Value Disclosure | ' | $1,848 |
Natural Gas [Member] | Derivative Financial Instruments, Assets [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value Inputs, Offered Quotes | $4.59 | $4.41 |
Fair Value Assumptions, Expected Volatility Rate | 31.39% | 35.13% |
Natural Gas [Member] | Derivative Financial Instruments, Assets [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value Inputs, Offered Quotes | $4.04 | $4.01 |
Fair Value Assumptions, Expected Volatility Rate | 20.86% | 18.87% |
Financial_Instruments_and_Fair5
Financial Instruments and Fair Value Measurements - Narrative (Details) (Derivative Financial Instruments, Assets [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Bank of Montreal [Member] | ' |
Derivative [Line Items] | ' |
Credit Risk Derivative Assets, at Fair Value | 26.00% |
Toronto-Dominion Bank [Member] | ' |
Derivative [Line Items] | ' |
Credit Risk Derivative Assets, at Fair Value | 43.00% |
Barclays Bank PLC [Member] | ' |
Derivative [Line Items] | ' |
Credit Risk Derivative Assets, at Fair Value | 14.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
General and Administrative Expense | $16,420,000 | $13,716,000 | $35,149,000 | $28,579,000 | ' |
PCEC [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Monthly Fee for Indirect Costs | 700,000 | ' | 700,000 | ' | ' |
Current receivables | 1,200,000 | ' | 1,200,000 | ' | 2,500,000 |
Indirect expenses | 2,100,000 | 2,100,000 | 4,200,000 | 4,200,000 | ' |
General and Administrative Expense | 2,600,000 | 2,300,000 | 5,100,000 | 4,300,000 | ' |
Other Affiliates [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Current receivables | $100,000 | ' | $100,000 | ' | $100,000 |
Inventory_Details
Inventory (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Crude Oil [Member] | ||
MMBbls | |||
Inventory [Line Items] | ' | ' | ' |
Inventory, sold | ' | ' | 263 |
Inventory, Amount of Volume Produced | ' | ' | 340 |
Crude oil inventory | $9,237 | $3,890 | ' |
Other_Assets_Other_Assets_Deta
Other Assets Other Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jul. 15, 2013 | |
Other long-term assets | $75,489,000 | $75,489,000 | $74,205,000 | ' |
Unamortized Debt Issuance Expense | 33,100,000 | 33,100,000 | 35,600,000 | ' |
Deposits Assets, Noncurrent | 41,200,000 | 41,200,000 | 36,600,000 | ' |
Other Assets, Miscellaneous, Noncurrent | 1,200,000 | 1,200,000 | 2,000,000 | ' |
Oklahoma Panhandle - Whiting only [Domain] | ' | ' | ' | ' |
Other long-term assets | ' | ' | ' | 10,900,000 |
Whiting [Domain] | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Net | 9,200,000 | 9,200,000 | 11,200,000 | 14,739,000 |
Amortization of Intangible Assets | 1,000,000 | 2,000,000 | ' | ' |
Other long-term assets | ' | ' | ' | 10,936,000 |
Contract-Based Intangible Assets [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | $1,100,000 | $1,100,000 | $500,000 | ' |
LongTerm_Debt_Credit_Facility_
Long-Term Debt - Credit Facility (Details) (USD $) | Jun. 30, 2014 | Apr. 25, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | $3,000,000,000 | ' | ' |
Line of credit facility, current borrowing base | 1,600,000,000 | 1,600,000,000 | 1,500,000,000 |
Line of credit facility, amount outstanding | 655,500,000 | ' | 733,000,000 |
Commitment from existing lenders, borrowing base | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 |
Unamortized Debt Issuance Expense | 33,100,000 | ' | 35,600,000 |
London Interbank Offered Rate (LIBOR) [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of credit facility, amount outstanding | 641,000,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.15% | ' | ' |
Prime Rate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Line of credit facility, amount outstanding | 14,500,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ' | ' |
Well Fargo Bank [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unamortized Debt Issuance Expense | $12,500,000 | ' | ' |
LongTerm_Debt_Senior_Notes_Det
Long-Term Debt - Senior Notes (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Subordinated long-term debt, noncurrent | $1,156,618,000 | $1,156,675,000 |
Unamortized Debt Issuance Expense | 33,100,000 | 35,600,000 |
Senior Notes One [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, face amount | 305,000,000 | ' |
Interest rate, stated percentage | 8.63% | ' |
Subordinated long-term debt, noncurrent | 301,900,000 | ' |
Debt Instrument, Unamortized Discount | 3,100,000 | ' |
Fair value of debt instrument | 334,400,000 | ' |
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unamortized Debt Issuance Expense | 20,600,000 | ' |
Senior Notes Two [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument, face amount | 850,000,000 | ' |
Interest rate, stated percentage | 7.88% | ' |
Subordinated long-term debt, noncurrent | 854,800,000 | ' |
Debt Instrument, Unamortized Premium | -4,800,000 | ' |
Fair value of debt instrument | $921,200,000 | ' |
LongTerm_Debt_Interest_Expense
Long-Term Debt - Interest Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Amortization of discount and deferred issuance costs | $1,866 | $1,359 | $4,014 | $2,597 |
Capitalized interest | -56 | -11 | -117 | -35 |
Interest expense, net of capitalized interest | 30,208 | 18,420 | 60,866 | 36,839 |
Senior Notes [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Interest Expense, Debt, Excluding Amortization | 23,311 | 15,436 | 46,622 | 30,872 |
Line of Credit [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Interest Expense, Debt, Excluding Amortization | $5,087 | $1,636 | $10,347 | $3,405 |
LongTerm_Debt_Amended_Credit_A
Long-Term Debt Amended Credit Agreement (Details) (USD $) | Jun. 30, 2014 | Apr. 25, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | $1.60 | $1.60 | $1.50 |
Commitment from existing lenders, borrowing base | $1.40 | $1.40 | $1.40 |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements Condenced Financial Information (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ' |
Subsidiary of Limited Liability Company or Limited Partnership, Managing Member or General Partner | 'one |
BreitBurn Finance Corporation | 100.00% |
Non-Guarantor Subsidiaries [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
BreitBurn Finance Corporation | 100.00% |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ||
Deferred Tax Liabilities, Net | $2,468 | ' | $2,468 | ' | $2,749 | ||
Current | 90 | 24 | 156 | 26 | ' | ||
Deferred | -248 | [1] | 318 | [1] | -281 | 297 | ' |
State income tax expense (benefit) | -1 | [2] | 232 | [2] | -23 | 281 | ' |
Total | ($159) | $574 | ($148) | $604 | ' | ||
[1] | Related to Phoenix, our wholly-owned subsidiary. | ||||||
[2] | Primarily in California and Michigan. |
Asset_Retirement_Obligation_De
Asset Retirement Obligation (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' |
Carrying amount, beginning of period | $123,769,000 | $98,480,000 |
Acquisitions | 0 | 9,287,000 |
Liabilities incurred | 1,739,000 | 5,313,000 |
Liabilities settled | -492,000 | -893,000 |
Revisions (a) | 0 | 4,299,000 |
Accretion expense | 4,378,000 | 7,283,000 |
Carrying amount, end of period | $129,394,000 | $123,769,000 |
Wells and Related Equipment and Facilities [Member] | ' | ' |
Asset Retirement Obligations [Line Items] | ' | ' |
Credit adjusted risk free rate | 7.00% | ' |
Inflation adjustment rate | 2.00% | ' |
Maximum [Member] | ' | ' |
Asset Retirement Obligations [Line Items] | ' | ' |
Asset retirement obligations, assets, useful lives, minimum | '50 years | ' |
Minimum [Member] | ' | ' |
Asset Retirement Obligations [Line Items] | ' | ' |
Asset retirement obligations, assets, useful lives, minimum | '1 year | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Mcf | ||
Long-term Purchase Commitment [Line Items] | ' | ' |
Long-term Purchase Commitment, Amount | $133,953,000 | ' |
Purchase Commitment, Remaining Minimum Amount Committed | 129,000 | ' |
Letters of credit outstanding, amount | 2,800,000 | 2,800,000 |
Surety bonds, current carrying value | 17,500,000 | 17,500,000 |
Term of Calendar 2014 [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Long-term Purchase Commitment, Amount | 7,870,000 | ' |
Term of Calendar 2015 [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Long-term Purchase Commitment, Amount | 28,942,000 | ' |
Term of Calendar 2016 [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Long-term Purchase Commitment, Amount | 14,638,000 | ' |
Term of Calendar 2017 [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Long-term Purchase Commitment, Amount | 15,663,000 | ' |
Term of Calendar 2018 [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Long-term Purchase Commitment, Amount | 21,487,000 | ' |
Term of Calendar - After 2018 [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Long-term Purchase Commitment, Amount | $45,353,000 | ' |
Minimum [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Long-term Purchase Commitment, Time Period | 'P10Y | ' |
Maximum [Member] | ' | ' |
Long-term Purchase Commitment [Line Items] | ' | ' |
Long-term Purchase Commitment, Time Period | 'P15Y | ' |
Partners_Equity_Details
Partners' Equity (Details) (USD $) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | 21-May-14 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 30, 2014 | Jul. 01, 2014 | Jul. 30, 2014 | Jul. 01, 2014 | |
Preferred Units [Member] | Preferred Units [Member] | Common Units [Member] | Common Units [Member] | Common Units [Member] | Common Units [Member] | Common Units [Member] | Equity Distribution Agreement [Member] | Equity Distribution Agreement [Member] | Equivalent Units [Member] | Equivalent Units [Member] | Equivalent Units [Member] | Equivalent Units [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||
Preferred Units [Member] | Preferred Units [Member] | Common Units [Member] | Common Units [Member] | ||||||||||||||||||||||
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 1,885,000 | ' | 1,799,000 | ' | ' | ' | ' | ' | 757,000 | ' | 719,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Units, Issued | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital | ' | $1,979,627,000 | $1,979,627,000 | ' | $1,979,627,000 | ' | ' | $1,989,820,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Units, Offering Costs | ' | 6,800,000 | 6,800,000 | ' | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | ' | ' | $0.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Partners' Capital Account, Units Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 976,611 | 25,300 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of common units, net | ' | ' | ' | ' | 20,273,000 | 285,016,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,700,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Units issued pursuant to vest grants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common units issued and outstanding (in units) | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | 0 | 120,200,000 | ' | 120,200,000 | ' | 119,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term incentive compensation plans, number of shares eligible to be issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | 2,700,000 | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital, Distribution Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital, 2nd Monthly Installment Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '45 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital, 1st Monthly Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '17 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital, 3rd Monthly Installment Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '75 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution paid to unitholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.17 | $0.17 | $0.17 | $0.17 |
Redeemable Preferred Stock Dividends | ' | ' | 1,833,000 | 0 | 1,833,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividends, Per Share, Cash Paid | ' | $0.31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions | ' | ' | ' | ' | 120,059,000 | 88,757,000 | ' | ' | ' | ' | 59,500,000 | 47,300,000 | 118,200,000 | 87,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash equivalent to the distribution paid to unitholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | $800,000 | $1,900,000 | $1,600,000 | ' | ' | ' | ' |
Distribution Made to Limited Partner, Distributions Paid, Per Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | $0.48 | $0.99 | $0.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | 8.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Redemption Price Per Share | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners_Equity_Earnings_Per_S
Partners' Equity - Earnings Per Share Reconciliation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ||||
Net income (loss) | ($104,725) | $76,432 | ($114,483) | $40,132 | ||||
Distributions on participating units not expected to vest | 38 | 11 | 38 | 11 | ||||
Distributions to preferred unitholders | -1,833 | 0 | -1,833 | 0 | ||||
Net income (loss) attributable to common unitholders and participating securities | ($106,520) | $76,443 | ($116,278) | $40,143 | ||||
Weighted Partners' Capital Account, Units | 119,724,000 | 99,680,000 | 119,466,000 | 97,119,000 | ||||
Weighted average number of units used to calculate basic and diluted net loss per unit: | ' | ' | ' | ' | ||||
Participating Securities | ' | 1,700,000 | [1] | ' | 1,613,000 | [1] | ||
Denominator for basic income (loss) per common unit (in shares) | 119,724,000 | 101,380,000 | 119,466,000 | 98,732,000 | ||||
Dilutive units (b) (in shares) | 0 | [2] | 374,000 | [2] | 0 | [2] | 340,000 | [2] |
Denominator for diluted income (loss) per common unit (in shares) | 119,724,000 | 101,754,000 | 119,466,000 | 99,072,000 | ||||
Net income (loss) per common unit | ' | ' | ' | ' | ||||
Basic income (in dollars per share) | ($0.89) | $0.75 | ($0.97) | $0.41 | ||||
Diluted income (in dollars per share) | ($0.89) | $0.75 | ($0.97) | $0.41 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,885,000 | ' | 1,799,000 | ' | ||||
Common Units [Member] | ' | ' | ' | ' | ||||
Net income (loss) per common unit | ' | ' | ' | ' | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 757,000 | ' | 719,000 | ' | ||||
[1] | The three months and six months ended June 30, 2014 exclude 1,885 and 1,799, respectively, of potentially issuable weighted average RPUs from participating securities, as they were anti-dilutive. | |||||||
[2] | The three months and six months ended June 30, 2014 exclude non-participating securities of 757 and 719, respectively, of weighted average units from the calculation of the denominator for diluted earnings per common unit, as they were anti-dilutive. |
Unit_and_Other_ValuationBased_1
Unit and Other Valuation-Based Compensation Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | |||||
Share data in Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Unit Based Compensation [Member] | Unit Based Compensation [Member] | Unit Based Compensation [Member] | Unit Based Compensation [Member] | 2013 Convertible Phantom Units (CPUs) [Member] [Member] | 2013 Convertible Phantom Units (CPUs) [Member] [Member] | 2013 Convertible Phantom Units (CPUs) [Member] [Member] | Employee [Member] | Director [Member] | |||||
Restricted Phantom Units (RPUs) [Member] | Restricted Phantom Units (RPUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance Factor | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25 | 1 | ' | ' |
Compensation expense | ' | ' | $12,647,000 | $9,797,000 | $6,100,000 | $5,000,000 | $12,600,000 | $9,800,000 | $600,000 | ' | ' | ' | ' |
Grants in the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | 0.1 |
Fair market value of RPUs granted, average (in dollars per share) | $20.29 | ' | $20.29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments related to taxes withheld on RPUs vested during the period | 0 | 0 | 0 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation costs | $39,400,000 | ' | $39,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Jun. 30, 2014 | Apr. 25, 2014 | Dec. 31, 2013 | Jul. 23, 2014 | Jul. 30, 2014 | Jul. 01, 2014 | Jul. 30, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Jul. 23, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jul. 23, 2014 | Jul. 23, 2014 | Jul. 23, 2014 | Dec. 31, 2013 | Jul. 23, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Senior Notes One [Member] | Senior Notes One [Member] | QRE [Member] | QRE [Member] | QRE [Member] | QRE [Member] | QRE [Member] | Crude Oil and NGL [Member] | Preferred Class B [Member] | ||||
Common Units [Member] | Common Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Subsequent Event [Member] | MMBbls | Subsequent Event [Member] | Subsequent Event [Member] | Senior Notes [Member] | QRE [Member] | QRE [Member] | |||||||
Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution paid to unitholders (in dollars per share) | ' | ' | ' | ' | $0.17 | $0.17 | $0.17 | $0.17 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | $1,600,000,000 | $1,600,000,000 | $1,500,000,000 | $2,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proved Developed and Undeveloped Reserves, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109,100,000 | ' | ' | ' | ' | ' | ' |
Daily Average Production | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,900 | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000,000 | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' |
Common Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9856 | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'A number of Class B Units issuable upon a change of control of QR Energy equal to (i) 6,748,067, minus (ii) the excess of (A) the number of performance units that vest and are settled in QR Energy Common Units in connection with the Merger over (B) 383,900 will be issued and treated as outstanding Class B Units and converted into the right to receive the Merger Consideration. |
Noncash or Part Noncash Acquisition, Debt Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 715,000,000 | ' | 1,012,000,000 | 300,000,000 | ' | ' |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,001,686 | ' | ' | ' | ' |
Loss on Contract Termination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,425,000 | ' | ' | ' | ' |
Loss on Contract Termination for Default | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $64,875,000 | ' | ' | ' | ' |
Termination fee, percent of equity value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' |
Time to register securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90 | ' | ' | ' | ' |
Time for registration to become effective | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 8.63% | 9.25% | ' | ' | ' | ' | ' | ' | ' |
Oil and NGL Proved Reserves (Percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77.00% | ' |
Proved Developed Reserves (Percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' |
Distribution Made to Limited Partner, Annual Distribution, Per Unit | ' | ' | ' | ' | ' | ' | $2.06 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |