Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 7-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | REXX | |
Entity Registrant Name | REX ENERGY CORP | |
Entity Central Index Key | 1397516 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 55,274,519 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets | ||
Cash and Cash Equivalents | $4,964 | $17,978 |
Accounts Receivable | 33,386 | 43,936 |
Taxes Receivable | 2 | 504 |
Short-Term Derivative Instruments | 32,849 | 29,265 |
Inventory, Prepaid Expenses and Other | 2,737 | 3,403 |
Assets Held for Sale | 42,696 | 34,257 |
Total Current Assets | 116,634 | 129,343 |
Property and Equipment (Successful Efforts Method) | ||
Evaluated Oil and Gas Properties | 1,147,468 | 1,079,039 |
Unevaluated Oil and Gas Properties | 335,279 | 322,413 |
Other Property and Equipment | 46,732 | 46,361 |
Wells and Facilities in Progress | 101,993 | 127,655 |
Pipelines | 15,657 | 15,657 |
Total Property and Equipment | 1,647,129 | 1,591,125 |
Less: Accumulated Depreciation, Depletion and Amortization | -395,337 | -366,917 |
Net Property and Equipment | 1,251,792 | 1,224,208 |
Deferred Financing Costs and Other Assets – Net | 17,058 | 17,070 |
Equity Method Investments | 17,692 | 17,895 |
Long-Term Derivative Instruments | 10,040 | 4,904 |
Long-Term Deferred Tax Asset | 8,301 | 8,301 |
Total Assets | 1,421,517 | 1,401,721 |
Current Liabilities | ||
Accounts Payable | 45,116 | 53,340 |
Current Maturities of Long-Term Debt | 1,056 | 1,176 |
Accrued Liabilities | 56,559 | 59,478 |
Short-Term Derivative Instruments | 1,393 | 421 |
Current Deferred Tax Liability | 8,301 | 8,301 |
Liabilities Related to Assets Held for Sale | 31,519 | 25,115 |
Total Current Liabilities | 143,944 | 147,831 |
Noncurrent Liabilities | ||
Long-Term Derivative Instruments | 4,086 | 2,377 |
Senior Secured Line of Credit and Long-Term Debt | 38,137 | 251 |
Senior Notes | 675,000 | |
Premium on Senior Notes, Net | 2,632 | 2,725 |
Other Deposits and Liabilities | 3,812 | 4,018 |
Future Abandonment Cost | 39,040 | 38,146 |
Total Liabilities | 906,651 | 870,348 |
Commitments and Contingencies (See Note 12) | ||
Stockholders’ Equity | ||
Preferred Stock | 1 | 1 |
Common Stock | 54 | 54 |
Additional Paid-In Capital | 620,782 | 617,826 |
Accumulated Deficit | -110,978 | -90,749 |
Rex Energy Stockholders’ Equity | 509,859 | 527,132 |
Noncontrolling Interests | 5,007 | 4,241 |
Total Stockholders’ Equity | 514,866 | 531,373 |
Total Liabilities and Stockholders’ Equity | 1,421,517 | 1,401,721 |
8.875% Senior Notes | ||
Noncurrent Liabilities | ||
Senior Notes | 350,000 | 350,000 |
6.25% Senior Notes | ||
Noncurrent Liabilities | ||
Senior Notes | $325,000 | $325,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Preferred Stock, par value | 0.001 | 0.001 |
Preferred Stock, shares authorized | 100,000 | 100,000 |
Preferred Stock, shares issued | 16,100 | 16,100 |
Preferred Stock, shares outstanding | 16,100 | 16,100 |
Common Stock, par value | 0.001 | 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 55,266,519 | 54,174,763 |
Common Stock, shares outstanding | 55,266,519 | 54,174,763 |
8.875% Senior Notes | ||
Interest rate | 8.88% | 8.88% |
Due date | 2020 | 2020 |
6.25% Senior Notes | ||
Interest rate | 6.25% | 6.25% |
Due date | 2022 | 2022 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING REVENUE | ||
Oil, Natural Gas and NGL Sales | $54,111 | $81,299 |
Other Revenue | 11 | 44 |
TOTAL OPERATING REVENUE | 54,122 | 81,343 |
OPERATING EXPENSES | ||
Production and Lease Operating Expense | 29,052 | 20,033 |
General and Administrative Expense | 9,651 | 9,562 |
Loss on Disposal of Asset | 65 | 72 |
Impairment Expense | 7,023 | 25 |
Exploration Expense | 518 | 2,060 |
Depreciation, Depletion, Amortization and Accretion | 26,126 | 19,723 |
Other Operating Expense (Income) | 5,191 | 83 |
TOTAL OPERATING EXPENSES | 77,626 | 51,558 |
INCOME (LOSS) FROM OPERATIONS | -23,504 | 29,785 |
OTHER EXPENSE | ||
Interest Expense | -12,017 | -6,933 |
Gain (Loss) on Derivatives, Net | 17,119 | -9,750 |
Other Income (Expense) | 34 | -37 |
Loss on Equity Method Investments | -203 | -200 |
TOTAL OTHER INCOME (EXPENSE) | 4,933 | -16,920 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX | -18,571 | 12,865 |
Income Tax (Expense) Benefit | 92 | -4,110 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | -18,479 | 8,755 |
Income From Discontinued Operations, Net of Income Taxes | 1,962 | 1,682 |
NET INCOME | -16,517 | 10,437 |
Net Income Attributable to Noncontrolling Interests | 1,297 | 1,569 |
NET INCOME (LOSS) ATTRIBUTABLE TO REX ENERGY | -17,814 | 8,868 |
Preferred Stock Dividends | 2,415 | |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | ($20,229) | $8,868 |
Earnings per common share: | ||
Basic – Net Income (Loss) From Continuing Operations Attributable to Rex Energy Common Shareholders | ($0.38) | $0.17 |
Basic – Net Income From Discontinued Operations Attributable to Rex Energy Common Shareholders | $0.01 | $0 |
Basic – Net Income (Loss) Attributable to Rex Energy Common Shareholders | ($0.37) | $0.17 |
Basic – Weighted Average Shares of Common Stock Outstanding | 54,370 | 52,984 |
Diluted – Net Income (Loss) From Continuing Operations Attributable to Rex Energy Common Shareholders | ($0.38) | $0.17 |
Diluted – Net Income From Discontinued Operations Attributable to Rex Energy Common Shareholders | $0.01 | $0 |
Diluted – Net Income (Loss) Attributable to Rex Energy Common Shareholders | ($0.37) | $0.17 |
Diluted – Weighted Average Shares of Common Stock Outstanding | 54,370 | 53,503 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Noncontrolling Interests and Stockholders' Equity (USD $) | Total | Common Stock | Preferred Stock | Additional Paid-in Capital | Accumulated Deficit | Rex Energy Stockholders' Equity | Noncontrolling Interest |
In Thousands | |||||||
Balance at Dec. 31, 2014 | $531,373 | $54 | $1 | $617,826 | ($90,749) | $527,132 | $4,241 |
Balance (in shares) at Dec. 31, 2014 | 54,175 | 16 | |||||
Non-Cash Compensation | 2,956 | 2,956 | 2,956 | ||||
Issuance of Restricted Stock, Net of Forfeitures (in shares) | 1,092 | ||||||
Dividends Declared on Preferred Stock ($150.00 per preferred share) | -2,415 | -2,415 | -2,415 | ||||
Capital Distributions | -531 | -531 | |||||
Net Income (Loss) | -16,517 | -17,814 | -17,814 | 1,297 | |||
Balance at Mar. 31, 2015 | $514,866 | $54 | $1 | $620,782 | ($110,978) | $509,859 | $5,007 |
Balance (in shares) at Mar. 31, 2015 | 55,267 | 16 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Noncontrolling Interests and Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Statement Of Stockholders Equity [Abstract] | |
Dividend declared, per preferred share | $150 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | ($16,517) | $10,437 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | ||
Loss from Equity Method Investments | 203 | 200 |
Non-cash Expenses | 3,377 | 1,998 |
Depreciation, Depletion, Amortization and Accretion | 26,165 | 20,424 |
(Gain) Loss on Derivatives | -17,119 | 9,750 |
Cash Settlements of Derivatives | 11,079 | -4,877 |
Dry Hole Expense | -1 | 86 |
Deferred Income Tax Expense | 4,151 | |
Impairment Expense | 7,023 | 25 |
Loss on Sale of Asset | 33 | 71 |
Changes in operating assets and liabilities | ||
Accounts Receivable | 10,029 | -15,921 |
Inventory, Prepaid Expenses and Other Assets | 328 | -144 |
Accounts Payable and Accrued Liabilities | -12,929 | -9,792 |
Other Assets and Liabilities | -305 | -348 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 11,366 | 16,060 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from Joint Venture Acreage Management | 39 | 67 |
Proceeds from the Sale of Oil and Gas Properties, Prospects and Other Assets | 672 | 15 |
Proceeds from Joint Venture | 16,611 | |
Acquisitions of Undeveloped Acreage | -17,459 | -15,534 |
Capital Expenditures for Development of Oil & Gas Properties and Equipment | -67,013 | -66,481 |
NET CASH USED IN INVESTING ACTIVITIES | -67,150 | -81,933 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of Long-Term Debt and Line of Credit | -25,761 | -19 |
Proceeds from Long-Term Debt and Line of Credit | 72,826 | 66,922 |
Repayments of Loans and Other Notes Payable | -686 | -528 |
Debt Issuance Costs | -459 | -252 |
Dividends Paid on Preferred Stock | -2,415 | |
Distributions by the Partners of Consolidated Joint Ventures | -531 | -360 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 42,974 | 65,763 |
NET DECREASE IN CASH | -12,810 | -110 |
CASH – BEGINNING | 18,096 | 1,900 |
CASH – ENDING | 5,286 | 1,790 |
CASH AND CASH EQUIVALENTS ATTRIBUTABLE TO CONTINUING OPERATIONS | 4,964 | 1,123 |
CASH AND CASH EQUIVALENTS ATTRIBUTABLE TO ASSETS HELD FOR SALE | 322 | 667 |
SUPPLEMENTAL DISCLOSURES | ||
Interest Paid, net of capitalized interest | 9,895 | 739 |
Cash Paid (Received) for Income Taxes | -502 | 32 |
NON-CASH ACTIVITIES | ||
Increase (Decrease) in Accrued Liabilities for Capital Expenditures | ($602) | $29,153 |
Basis_of_Presentation_and_Prin
Basis of Presentation and Principles of Consolidation | 3 Months Ended |
Mar. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | 1. BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION |
Rex Energy Corporation, together with our subsidiaries (the “Company”), is an independent oil, natural gas liquid (“NGL”) and natural gas company with operations currently focused in the Appalachian and Illinois Basins. In the Appalachian Basin, we are focused on our Marcellus Shale, Utica Shale and Upper Devonian (“Burkett”) Shale drilling and exploration activities. In the Illinois Basin, we are focused on developmental oil drilling and the implementation of enhanced oil recovery (“EOR”) on our properties. We pursue a balanced growth strategy of exploiting our sizable inventory of high potential exploration drilling prospects while actively seeking to acquire complementary oil and natural gas properties. | |
The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of all of our wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated. Unless otherwise indicated, all references to “Rex Energy Corporation,” “our,” “we,” “us” and similar terms refer to Rex Energy Corporation and its subsidiaries together. In preparing the accompanying financial statements, management has made certain estimates and assumptions that affect reported amounts in the financial statements and disclosures of contingencies. | |
The interim Consolidated Financial Statements of the Company are unaudited and contain all adjustments (consisting primarily of normal recurring accruals) necessary for a fair statement of the results for the interim periods presented. Actual results may differ from those estimates and results for interim periods are not necessarily indicative of results to be expected for a full year or for previously reported periods due in part, but not limited to, the volatility in prices for crude oil, NGLs and natural gas, future impact of financial derivative instruments, interest rates, estimates of reserves, drilling risks, geological risks, transportation restrictions, the timing of acquisitions, product demand, market consumption, interruption in production, our ability to obtain additional capital, and the success of oil, NGL and natural gas recovery techniques. | |
Certain amounts and disclosures have been condensed or omitted from these Consolidated Financial Statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Therefore, these interim financial statements should be read in conjunction with the audited Consolidated Financial Statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014. | |
Discontinued Operations | |
Unless otherwise noted, all disclosures and tables reflect the results of continuing operations and exclude any assets, liabilities or results from our discontinued operations. For addition information see Note 3, Discontinued Operations/Assets Held for Sale, to our Consolidated Financial Statements. | |
During December 2014, our board of directors approved and committed to a plan to sell Water Solutions Holdings, LLC and its related subsidiaries (“Water Solutions”), of which we own a 60% interest. As a result, the assets and liabilities of Water Solutions have been classified as held for sale in the accompanying Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014, and the results of operations have been classified as discontinued operations in the accompanying Consolidated Statements of Operations as of March 31, 2015 and 2014. | |
Future_Abandonment_Cost
Future Abandonment Cost | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Asset Retirement Obligation Disclosure [Abstract] | ||||
Future Abandonment Cost | 2. FUTURE ABANDONMENT COST | |||
Future abandonment costs are recognized as obligations associated with the retirement of tangible long-lived assets that result from the acquisition and development of the asset. We recognize the fair value of a liability for a retirement obligation in the period in which the liability is incurred. For natural gas and oil properties, this is the period in which the natural gas or oil well is acquired or drilled. The future abandonment cost is capitalized as part of the carrying amount of our natural gas and oil properties at its discounted fair value. The liability is then accreted each period until the liability is settled or the natural gas or oil well is sold, at which time the liability is reversed. If the fair value of a recorded future abandonment cost changes, a revision is recorded to both the asset retirement obligation and the asset retirement cost. | ||||
Accretion expense for the three-month periods ended March 31, 2015 and 2014 totaled approximately $0.9 million and $0.8 million, respectively. These amounts are recorded as depreciation, depletion, amortization and accretion (“DD&A”) expense on our Consolidated Statements of Operations. We account for future abandonment costs that relate to wells that are drilled jointly based on our working interest in those wells. | ||||
($ in Thousands) | Three Months Ended March 31, 2015 | |||
Beginning Balance at January 1, 2015 | $ | 40,099 | ||
Future Abandonment Obligation Incurred | 249 | |||
Future Abandonment Obligation Settled | (266 | ) | ||
Future Abandonment Obligation Cancelled or Sold | (34 | ) | ||
Future Abandonment Obligation Revision of Estimated Obligation | (2 | ) | ||
Future Abandonment Obligation Accretion Expense | 921 | |||
Total Future Abandonment Cost1 | $ | 40,967 | ||
1 Includes approximately $1.9 million of short-term future abandonment costs, which are classified as Accrued Liabilities on our Consolidated Balance Sheet. | ||||
Discontinued_OperationsAssets_
Discontinued Operations/Assets Held For Sale | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||
Discontinued Operations/Assets Held For Sale | 3. DISCONTINUED OPERATIONS/ASSETS HELD FOR SALE | ||||||||
In December 2014, our board of directors approved a formal plan to sell Water Solutions, of which we own a 60% interest. The sale of Water Solutions is being actively marketed and we believe the sale will take place within the next 12 months. Water Solutions operates and manages water sourcing, water transfer, equipment rental, trucking and water disposal services, primarily in the Appalachian Basin. | |||||||||
The carrying value of the assets and liabilities of Water Solutions that are classified as held for sale in the accompanying Consolidated Balance Sheets at March 31, 2015 and December 31, 2014 are as follows: | |||||||||
March 31, | December 31, | ||||||||
($ in Thousands) | 2015 | 2014 | |||||||
Assets: | |||||||||
Cash and Cash Equivalents | $ | 322 | $ | 118 | |||||
Accounts Receivable | 14,223 | 13,226 | |||||||
Inventory, Prepaid Expenses and Other | 484 | 163 | |||||||
Total Current Assets | 15,029 | 13,507 | |||||||
Other Property and Equipment, Net | 26,681 | 19,690 | |||||||
Wells and Facilities in Progress | 628 | 688 | |||||||
Intangible Assets, Net | 358 | 372 | |||||||
Total Long-Term Assets | 27,667 | 20,750 | |||||||
Total Assets Held for Sale | $ | 42,696 | $ | 34,257 | |||||
Liabilities: | |||||||||
Accounts Payable | $ | 3,475 | $ | 3,694 | |||||
Current Maturities of Long-Term Debt | 14,344 | 6,236 | |||||||
Accrued Liabilities | 3,892 | 6,304 | |||||||
Total Current Liabilities | 21,711 | 16,234 | |||||||
Senior Secured Line of Credit and Long-Term Debt | 9,808 | 8,881 | |||||||
Total Long-Term Liabilities | 9,808 | 8,881 | |||||||
Total Liabilities Related to Assets Held for Sale | $ | 31,519 | $ | 25,115 | |||||
Net Assets Held for Sale | $ | 11,177 | $ | 9,142 | |||||
Summarized financial information for Discontinued Operations related to Water Solutions is set forth in the table below, and does not reflect the costs of certain services provided. Such indirect costs, which were not allocated to the Discontinued Operations, were for services, including legal counsel, insurance, external audit fees, payroll processing, certain human resource services and information technology systems support. | |||||||||
Three Months Ended March 31, | |||||||||
($ in Thousands) | 2015 | 2014 | |||||||
Revenues: | |||||||||
Field Services Revenue | $ | 14,964 | $ | 15,304 | |||||
Total Operating Revenue | 14,964 | 15,304 | |||||||
Costs and Expenses: | |||||||||
General and Administrative Expense | 977 | 830 | |||||||
Depreciation, Depletion, Amortization and Accretion | 39 | 701 | |||||||
Field Services Operating Expense | 11,289 | 11,796 | |||||||
Gain on Sale of Asset | (32 | ) | — | ||||||
Interest Expense | 191 | 202 | |||||||
Other Expense | 103 | 11 | |||||||
Total Costs and Expenses | 12,567 | 13,540 | |||||||
Income from Discontinued Operations Before Income Taxes | 2,397 | 1,764 | |||||||
Income Tax Expense | (435 | ) | (82 | ) | |||||
Income from Discontinued Operations, net of taxes | $ | 1,962 | $ | 1,682 | |||||
Business_and_Oil_and_Gas_Prope
Business and Oil and Gas Property Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Business and Oil and Gas Property Acquisitions and Dispositions | 4. BUSINESS AND OIL AND GAS PROPERTY ACQUISITIONS AND DISPOSITIONS |
On March 31, 2015, we entered into a joint venture agreement with an affiliate of ArcLight Capital Partners, LLC (“ArcLight”) to jointly develop 32 specifically designated wells in our Butler County, Pennsylvania operated area. ArcLight will participate and fund 35.0% of the estimated well costs for the designated wells. Total consideration for the transaction will total approximately $67.0 million, with $16.6 million received at closing for wells that had previously been completed or are in the process of being drilled and completed. Upon the attainment of certain return on investment and internal rate of return thresholds, 50.0% of ArcLight’s 35.0% working interest will revert back to us, leaving ArcLight with a 17.5% working interest. | |
The ArcLight transaction constitutes a pooling of assets in a joint undertaking to develop these specific properties for which there is substantial uncertainty about the ability to recover the costs applicable to our interest in the properties. Under the terms of the agreement, we hold a substantial obligation for future performance, which may not be proportionally reimbursed by ArcLight. Due to the uncertainty that exists on the recoverability of costs associated with our retained interest, proceeds received from ArcLight are considered a recovery of costs and no gain or loss is recognized. | |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | 5. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposal of Components of an Entity. The amendments in this ASU change the criteria for reporting discontinued operations while enhancing the disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. The amendments in this ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. We adopted this ASU on January 1, 2015. | |
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The amendments in this ASU intend to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations and securitization structures. The ASU focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. In addition to reducing the number of consolidation models from four to two, the new standard places more emphasis on risk of loss when determining a controlling financial interest, reduces the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity and changes consolidation conclusions in several industries that typically make use of limited partnerships or variable interest entities. This ASU will be effective for periods beginning after December 15, 2015, for public companies, and early adoption is permitted, including adoption in an interim period. We are currently evaluating the potential effect of this ASU but do not believe that it will have a material impact on our Consolidated Financial Statements. | |
In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The standard requires an entity to present debt issuance costs related to a recognized liability as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance in the ASU is effective for public entities for annual reporting periods beginning after December 15, 2015, including interim periods therein. Early adoption is permitted. We are currently evaluating the potential effect of this ASU and the related impact on our Consolidated Financial Statements. As of March 31, 2015, we had approximately $14.6 million in net deferred financing costs that would be potentially reclassified to reduce the debt carrying balance. | |
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 3 Months Ended |
Mar. 31, 2015 | |
Risks And Uncertainties [Abstract] | |
Concentrations of Credit Risk | 6. CONCENTRATIONS OF CREDIT RISK |
By using derivative instruments to hedge exposure to changes in commodity prices, we are exposed to credit risk and market risk. Credit risk is the failure of the counterparties to perform under the terms of the derivative contract. When the fair value of the derivative is positive, the counterparty owes us, which creates repayment risk. We minimize the credit or repayment risk in derivative instruments by entering into transactions with high-quality counterparties. Our counterparties are investment grade financial institutions and lenders in our Senior Credit Facility (see Note 7, Long-Term Debt, to our Consolidated Financial Statements). We have a master netting agreement in place with our counterparties that provides for the offsetting of payables against receivables from separate derivative contracts. None of our derivative contracts have a collateral provision that would require funding prior to the scheduled cash settlement date. For additional information, see Note 8, Fair Value of Financial and Derivative Instruments, to our Consolidated Financial Statements. | |
We also depend on a relatively small number of purchasers for a substantial portion of our revenue. For the three months ended March 31, 2015, approximately 92.7% of our commodity sales came from five purchasers, with the largest single purchaser accounting for 45.2% of commodity sales. We believe the continued growth in our Appalachian Basin operations will help us to minimize our future risks by diversifying our ratio of oil, NGLs and natural gas sales as well as the quantity of purchasers. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | 7. LONG-TERM DEBT | |||||||
Senior Credit Facility | ||||||||
We maintain a revolving credit facility evidenced by a credit agreement, dated March 27, 2013 and most recently amended on March 27, 2015 (the “Senior Credit Facility”). As of March 31, 2015, the borrowing base under the Senior Credit Facility was $350.0 million; however, the Senior Credit Facility may be increased to up to $500.0 million upon re-determinations of the borrowing base, consent of the lenders and other conditions prescribed by the agreement. Within the Senior Credit Facility, a letter of credit subfacility exists for up to $60.0 million of letters of credit. As of March 31, 2015, loans made under the Senior Credit Facility were set to mature on September 12, 2019. In certain circumstances, we may be required to prepay the loans. Management does not believe that a prepayment will be required within the next twelve months. As of March 31, 2015, we had $38.0 million in outstanding borrowings, and at December 31, 2014, we had no outstanding borrowings under the Senior Credit Facility. | ||||||||
The Senior Credit Facility requires we meet, on a quarterly basis, minimum financial requirements of consolidated current ratio and net senior secured debt to EBITDAX. EBITDAX is a non-GAAP financial measure used by our management team and by other users of our financial statements, such as our commercial bank lenders, which adds to or subtracts from net income the following expenses or income for a given period to the extent deducted from or added to net income in such period: interest, income taxes, depreciation, depletion, amortization, unrealized gains and losses from derivatives, exploration expense and other similar non-cash activity. The Senior Credit Facility requires that as of the last day of any fiscal quarter, our ratio of consolidated current assets, which includes the unused portion of our borrowing base, as of such day to consolidated current liabilities as of such day, known as our current ratio, must not be less than 1.0 to 1.0. Our current ratio as of March 31, 2015 was approximately 2.7 to 1.0. Additionally, as of the last day of any fiscal quarter, our ratio of net senior secured debt to EBITDAX for the trailing twelve months must not exceed 3.0 to 1.0. Our ratio of net senior secured debt to EBITDAX as of March 31, 2015 was approximately 0.4 to 1.0. Prior to our most recent re-determination, our net senior secured debt to EBITDAX for the trailing twelve months was not allowed to exceed 1.75 to 1.0. | ||||||||
2020 Senior Notes and 2022 Senior Notes | ||||||||
As of March 31, 2015 and December 31, 2014, we had recorded on our Consolidated Balance Sheets approximately $350.0 million of 8.875% senior notes due 2020 (the “2020 Senior Notes”) and approximately $325.0 million of 6.25% senior notes due 2022 (the “2022 Senior Notes”) (collectively, the “Senior Notes”). As of March 31, 2015 and December 31, 2014, we had recorded on our Consolidated Balance Sheets approximately $2.6 million and $2.7 million of a net premium related to the Senior Notes. The amortization of our net premium during the first three months of 2015, which follows the effective interest method, was approximately $0.1 million and was recorded as a credit to Interest Expense on our Consolidated Statement of Operations. Interest is payable semi-annually on our Senior Notes. The 2020 Senior Notes are paid at a rate of 8.875% per annum on June 1 and December 1 of each year while the 2022 Senior Notes are paid at a rate of 6.25% per annum on February 1 and August 1 of each year. | ||||||||
In addition to the Senior Credit Facility and the Senior Notes, we may, from time to time in the normal course of business finance assets such as vehicles, office equipment and leasehold improvements through debt financing at favorable terms. Long-term debt and other obligations consisted of the following at March 31, 2015 and December 31, 2014: | ||||||||
($ in Thousands) | March 31, 2015 (Unaudited) | 31-Dec-14 | ||||||
8.875% Senior Notes Due 2020 | $ | 350,000 | $ | 350,000 | ||||
6.25% Senior Notes Due 2022 | 325,000 | 325,000 | ||||||
Premium on Senior Notes, Net | 2,632 | 2,725 | ||||||
Senior Line of Credit(a) | 38,000 | — | ||||||
Capital Leases and Other Obligations(a) | 1,193 | 1,427 | ||||||
Total Debt | 716,825 | 679,152 | ||||||
Less Current Portion of Long-Term Debt | (1,056 | ) | (1,176 | ) | ||||
Total Long-Term Debt | $ | 715,769 | $ | 677,976 | ||||
(a) | The Senior Credit Facility requires us to make monthly payments of interest on the outstanding balance of loans made under the agreement. The weighted average interest rate on borrowings under our Senior Credit Facility for the three months ended March 31, 2015 and the year ended December 31, 2014, was approximately 1.7% and 2.2%, respectively. The average interest rate on our capital leases and other obligations for the three months ended March 31, 2015 and the year ended December 31, 2014, was approximately 4.2% and 4.0%, respectively. | |||||||
The following is the principal maturity schedule for debt outstanding as of March 31, 2015: | ||||||||
2015 | $ | 868 | ||||||
2016 | 325 | |||||||
2017 | — | |||||||
2018 | — | |||||||
2019 | 38,000 | |||||||
Thereafter | 675,000 | |||||||
Total(a) | $ | 714,193 | ||||||
(a) | Excludes $2.6 million net premium on Senior Notes. |
Fair_Value_Of_Financial_And_De
Fair Value Of Financial And Derivative Instruments | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
Fair Value Of Financial Instruments And Derivative Instruments [Abstract] | |||||||||||||||||||||||||||
Fair Value Of Financial And Derivative Instruments | 8. FAIR VALUE OF FINANCIAL AND DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||||
Our results of operations and operating cash flows are impacted by changes in market prices for oil, natural gas and NGLs. To mitigate a portion of the exposure to adverse market changes, we enter into oil, natural gas and NGL commodity derivative instruments to establish price floor protection. As such, when commodity prices decline to levels that are less than our average price floor, we receive payments that supplement our cash flows. Conversely, when commodity prices increase to levels that are above our average price ceiling, we make payments to our counterparties. We do not enter into these arrangements for speculative trading purposes. As of March 31, 2015 and December 31, 2014, our commodity derivative instruments consisted of fixed rate swap contracts, puts, collars, swaptions, deferred put spreads, cap swaps, calls, call protected swaps, basis swaps and three-way collars. We did not designate these instruments as cash flow hedges for accounting purposes. Accordingly, associated unrealized gains and losses are recorded directly as Gain (Loss) on Derivatives, Net. | |||||||||||||||||||||||||||
We enter into the majority of our derivative arrangements with five counterparties and have a netting agreement in place with these counterparties. We do not obtain collateral to support the agreements, but we believe our credit risk is currently minimal on these transactions. For additional information on the credit risk regarding our counterparties, see Note 6, Concentrations of Credit Risk, to our Consolidated Financial Statements. | |||||||||||||||||||||||||||
None of our commodity derivatives are designated for hedge accounting but are, to a degree, an economic offset to our commodity price exposure. We utilize the mark-to-market accounting method to account for these contracts. We recognize all gains and losses related to these contracts in the Consolidated Statements of Operations as Gain (Loss) on Derivatives, Net under Other Expense. We received net cash settlements of $10.6 million and paid net cash settlements of $5.2 million in relation to our commodity derivatives during the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||||
As of March 31, 2015, we had over 75.0% of our annualized oil production hedged through the remainder of 2015, over 95.0% and 40.0% of our annualized natural gas production hedged through the remainder of 2015 and 2016, respectively, and over 35.0% of our annualized NGL production hedged through the remainder of 2015. These percentages exclude the effects of our basis swaps and do not include any estimated impact of increased production from future and completion or the natural decline of our oil and gas production. | |||||||||||||||||||||||||||
Interest Rate Derivatives | |||||||||||||||||||||||||||
We are exposed to interest rate risk on our long-term fixed and variable interest rate borrowings. Fixed rate debt, where the interest rate is fixed over the life of the instrument, exposes us to changes in the market interest rates which are lower than our current fixed rate. Variable rate debt, where the interest rate fluctuates, exposes us to changes in market interest rates, which may increase over time. As of March 31, 2015 and December 31, 2014, we had $38.0 million and none outstanding under our Senior Credit Facility, respectively, which is subject to variable rates of interest and $675.0 million of Senior Notes outstanding subject to fixed interest rates. See Note 7, Long-Term Debt, to our Consolidated Financial Statements for additional information on our Senior Credit Facility and Senior Notes. | |||||||||||||||||||||||||||
As of March 31, 2015, we had a $40.0 million notional fixed-to-variable interest rate swap to manage our interest rate exposure related to the Senior Notes in addition to $120.0 million notional fixed-to-variable interest rate swaptions outstanding. We did not have any interest rate derivatives in place as of December 31, 2014. During the second quarter of 2014, we terminated an interest rate swap for net proceeds of approximately $0.6 million. We utilized the mark-to-market accounting method to account for our interest rate swap and swaptions. We recognized all gains and losses related to this contract in the Consolidated Statements of Operations as Gain (Loss) on Derivatives, Net under Other Expense. During the three months ended March 31, 2015, we received cash payments of approximately $0.5 million related to our interest rate swaptions. The fair value of our interest rate swaps as of March 31, 2015, was a net liability of approximately $0.2 million. | |||||||||||||||||||||||||||
The following table summarizes the location and amounts of gains and losses on our derivative instruments from continuing operations, none of which are designated as hedges for accounting purposes, in our accompanying Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||
($ in Thousands) | 2015 | 2014 | |||||||||||||||||||||||||
Oil | $ | 2,876 | $ | (1,168 | ) | ||||||||||||||||||||||
Natural Gas | 13,600 | (8,928 | ) | ||||||||||||||||||||||||
NGLs | 435 | (343 | ) | ||||||||||||||||||||||||
Refined Products | (55 | ) | — | ||||||||||||||||||||||||
Interest Rate | 263 | 689 | |||||||||||||||||||||||||
Gain (Loss) on Derivatives, Net | $ | 17,119 | $ | (9,750 | ) | ||||||||||||||||||||||
Our derivative instruments are recorded on the balance sheet as either an asset or a liability, in either case measured at fair value. The fair value associated with our derivative instruments was a net asset of approximately $37.4 million and $31.4 million at March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||||
Our open asset/(liability) financial commodity derivative instrument positions at March 31, 2015 consisted of: | |||||||||||||||||||||||||||
Period | Volume | Put Option | Floor | Ceiling | Swap | Long Call | Fair Market Value ($ in Thousands) | ||||||||||||||||||||
Oil | |||||||||||||||||||||||||||
2015 - Deferred Put Spreads | 90,000 Bbls | $ | 73.08 | $ | 83.33 | $ | — | $ | — | $ | — | $ | 739 | ||||||||||||||
2015 - Collars | 180,000 Bbls | — | 52.58 | 62.89 | — | — | 480 | ||||||||||||||||||||
2015 - Call Protected Swaps | 15,000 Bbls | — | — | — | 95.76 | 110 | 691 | ||||||||||||||||||||
2015 - Three-Way Collars | 450,000 Bbls | 50 | 65 | 72.5 | — | — | 4,232 | ||||||||||||||||||||
2016 - Collars | 60,000 Bbls | — | 53.75 | 63.81 | — | — | 144 | ||||||||||||||||||||
2016 - Deferred Put Spreads | 120,000 Bbls | 50 | 65 | — | — | — | 83 | ||||||||||||||||||||
915,000 Bbls | $ | 6,369 | |||||||||||||||||||||||||
Natural Gas | |||||||||||||||||||||||||||
2015 - Swaps | 17,275,000 Mcf | $ | — | $ | — | $ | — | $ | 3.38 | $ | — | $ | 10,563 | ||||||||||||||
2015 - Swaptions | 2,650,000 Mcf | — | — | — | 3.54 | — | 1,700 | ||||||||||||||||||||
2015 - Cap Swaps | 5,850,000 Mcf | 3.43 | — | — | 4.12 | — | 3,026 | ||||||||||||||||||||
2015 - Three-Way Collars | 3,400,000 Mcf | 2.64 | 3.32 | 3.88 | — | — | 769 | ||||||||||||||||||||
2015 - Put Spreads | 4,550,000 Mcf | 2.56 | 3.32 | — | — | — | 1,873 | ||||||||||||||||||||
2015 - Calls | 2,850,000 Mcf | — | — | 3.94 | — | — | (99 | ) | |||||||||||||||||||
2015 - Basis Swaps - Dominion South | 9,780,000 Mcf | — | — | — | (0.79 | ) | — | 1,174 | |||||||||||||||||||
2016 - Swaps | 6,630,000 Mcf | — | — | — | 3.69 | — | 3,679 | ||||||||||||||||||||
2016 - Swaptions | 0 Mcf | — | — | — | — | — | (692 | ) | |||||||||||||||||||
2016 - Cap Swaps | 3,600,000 Mcf | 3.45 | — | — | 4.11 | — | 1,454 | ||||||||||||||||||||
2016 - Collars | 900,000 Mcf | — | 3.2 | 4.04 | — | — | 223 | ||||||||||||||||||||
2016 - Three-Way Collars | 8,850,000 Mcf | 2.66 | 3.42 | 4.29 | — | — | 1,845 | ||||||||||||||||||||
2016 - Put Spreads | 2,100,000 Mcf | 2.25 | 3 | — | — | — | (18 | ) | |||||||||||||||||||
2016 - Calls | 9,120,000 Mcf | — | — | 4.23 | — | — | (988 | ) | |||||||||||||||||||
2016 - Basis Swaps - Dominion South | 7,320,000 Mcf | — | — | — | (0.83 | ) | — | (207 | ) | ||||||||||||||||||
2017 - Swaps | 1,800,000 Mcf | — | — | — | 3.64 | — | 577 | ||||||||||||||||||||
2017 - Cap Swaps | 2,100,000 Mcf | 3.34 | — | — | 4.07 | — | 811 | ||||||||||||||||||||
2017 - Three-Way Collars | 6,600,000 Mcf | 2.37 | 3.19 | 4.26 | — | — | 1,089 | ||||||||||||||||||||
2017 - Calls | 1,440,000 Mcf | — | — | 3.9 | — | — | (283 | ) | |||||||||||||||||||
2017 - Basis Swaps - Dominion South | 7,300,000 Mcf | — | — | — | (0.83 | ) | — | (207 | ) | ||||||||||||||||||
2017 - Basis Swaps - Texas Gas | 14,600,000 Mcf | — | — | — | (0.13 | ) | — | (172 | ) | ||||||||||||||||||
2018 - Swaps | 1,200,000 Mcf | — | — | — | 3.61 | — | 273 | ||||||||||||||||||||
2018 - Cap Swaps | 1,800,000 Mcf | 3.3 | — | — | 4.05 | — | 683 | ||||||||||||||||||||
2018 - Basis Swaps - Dominion South | 7,300,000 Mcf | — | — | — | (0.83 | ) | — | (207 | ) | ||||||||||||||||||
2018 - Basis Swaps - Texas Gas | 14,600,000 Mcf | — | — | — | (0.13 | ) | — | (172 | ) | ||||||||||||||||||
2019 - Basis Swaps - Dominion South | 7,300,000 Mcf | — | — | — | (0.83 | ) | — | (207 | ) | ||||||||||||||||||
2020 - Basis Swaps - Dominion South | 7,320,000 Mcf | — | — | — | (0.83 | ) | — | (207 | ) | ||||||||||||||||||
158,235,000 Mcf | $ | 26,280 | |||||||||||||||||||||||||
NGLs | |||||||||||||||||||||||||||
2015 - C3+ NGL Swaps | 732,000 Bbls | $ | — | $ | — | $ | — | $ | 32.9 | $ | — | $ | 3,934 | ||||||||||||||
2015 - Ethane Swaps | 277,500 Bbls | — | — | — | 8.5 | — | 234 | ||||||||||||||||||||
2016 - C3+ NGL Swaps | 375,000 Bbls | — | — | — | 31.08 | — | 887 | ||||||||||||||||||||
2016 - Ethane Swaps | 120,000 Bbls | — | — | — | 8.09 | — | (2 | ) | |||||||||||||||||||
1,504,500 Bbls | $ | 5,053 | |||||||||||||||||||||||||
Refined Product (Heating Oil) | |||||||||||||||||||||||||||
2016 - Swaps | 12,000 Bbls | $ | — | $ | — | $ | — | $ | 42 | $ | — | (55 | ) | ||||||||||||||
12,000 Bbls | $ | (55 | ) | ||||||||||||||||||||||||
The combined fair value of derivatives, none of which are designated or qualifying as hedges, included in our Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014 is summarized below: | |||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||
($ in Thousands) | 2015 | 2014 | |||||||||||||||||||||||||
Short-Term Derivative Assets: | |||||||||||||||||||||||||||
Crude Oil—Collars | $ | 552 | $ | — | |||||||||||||||||||||||
Crude Oil—Deferred Put Spread | 760 | 1,413 | |||||||||||||||||||||||||
Crude Oil—Call Protected Swap | 691 | 1,227 | |||||||||||||||||||||||||
Crude Oil—Three-Way Collars | 4,232 | 4,596 | |||||||||||||||||||||||||
NGL—Swaps | 5,008 | 6,181 | |||||||||||||||||||||||||
Natural Gas—Swaps | 11,232 | 4,522 | |||||||||||||||||||||||||
Natural Gas—Cap Swaps | 3,585 | 3,430 | |||||||||||||||||||||||||
Natural Gas—Basis Swaps | 1,329 | 2,815 | |||||||||||||||||||||||||
Natural Gas—Three-Way Collars | 1,263 | 5,081 | |||||||||||||||||||||||||
Natural Gas—Swaption | 1,755 | — | |||||||||||||||||||||||||
Natural Gas—Collars | 223 | — | |||||||||||||||||||||||||
Natural Gas—Call | (80 | ) | — | ||||||||||||||||||||||||
Natural Gas—Put Spread | 1,872 | — | |||||||||||||||||||||||||
Interest Rate—Swap | 427 | — | |||||||||||||||||||||||||
Total Short-Term Derivative Assets | $ | 32,849 | $ | 29,265 | |||||||||||||||||||||||
Long-Term Derivative Assets: | |||||||||||||||||||||||||||
NGL—Swaps | $ | 838 | $ | — | |||||||||||||||||||||||
Crude Oil—Collars | 72 | — | |||||||||||||||||||||||||
Crude Oil—Deferred Put Spread | 62 | — | |||||||||||||||||||||||||
Natural Gas—Cap Swaps | 2,389 | 1,617 | |||||||||||||||||||||||||
Natural Gas—Swaps | 3,890 | 1,554 | |||||||||||||||||||||||||
Natural Gas—Basis Swaps | 41 | — | |||||||||||||||||||||||||
Natural Gas—Three-Way Collars | 2,440 | 1,733 | |||||||||||||||||||||||||
Interest Rate—Swap | 308 | — | |||||||||||||||||||||||||
Total Long-Term Derivative Assets | $ | 10,040 | $ | 4,904 | |||||||||||||||||||||||
Total Derivative Assets | $ | 42,889 | $ | 34,169 | |||||||||||||||||||||||
Short-Term Derivative Liabilities: | |||||||||||||||||||||||||||
NGL—Swaps | $ | (791 | ) | $ | — | ||||||||||||||||||||||
Refined Product—Swaps | (13 | ) | — | ||||||||||||||||||||||||
Natural Gas—Call | (174 | ) | (74 | ) | |||||||||||||||||||||||
Natural Gas—Swaps | (30 | ) | — | ||||||||||||||||||||||||
Natural Gas—Swaption | (55 | ) | (154 | ) | |||||||||||||||||||||||
Natural Gas—Basis Swaps | (207 | ) | (193 | ) | |||||||||||||||||||||||
Interest Rate—Swaption | (123 | ) | — | ||||||||||||||||||||||||
Total Short - Term Derivative Liabilities | $ | (1,393 | ) | $ | (421 | ) | |||||||||||||||||||||
Long-Term Derivative Liabilities: | |||||||||||||||||||||||||||
NGL—Swaps | $ | (2 | ) | $ | — | ||||||||||||||||||||||
Refined Product—Swaps | (42 | ) | — | ||||||||||||||||||||||||
Natural Gas—Put Spread | (17 | ) | — | ||||||||||||||||||||||||
Natural Gas—Basis Swaps | (1,368 | ) | (1,281 | ) | |||||||||||||||||||||||
Natural Gas—Swaption | (692 | ) | — | ||||||||||||||||||||||||
Natural Gas—Call | (1,116 | ) | (1,096 | ) | |||||||||||||||||||||||
Interest Rate—Swap | (849 | ) | — | ||||||||||||||||||||||||
Total Long-Term Derivative Liabilities | $ | (4,086 | ) | $ | (2,377 | ) | |||||||||||||||||||||
Total Derivative Liabilities | $ | (5,479 | ) | $ | (2,798 | ) | |||||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We utilize market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We primarily apply the market approach for recurring fair value measurements and attempt to utilize the best available information. We utilize a fair value hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and lowest priority to unobservable inputs (Level 3 measurement). The three levels of fair value hierarchy are as follows: | |||||||||||||||||||||||||||
Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities as of the reporting date. | |||||||||||||||||||||||||||
Level 2—Observable inputs other than quoted prices within Level 1 for similar assets and liabilities. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Our derivatives, which consist primarily of commodity swaps and collars and other like derivative contracts, are valued using commodity market data which is derived by combining raw inputs and quantitative models and processes to generate forward curves. Where observable inputs are available, directly or indirectly, for substantially the full term of the asset or liability, the instrument is categorized in Level 2. | |||||||||||||||||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity. Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. | |||||||||||||||||||||||||||
Our Level 2 fair value measurements are comprised of our derivative contracts, excluding our basis swap derivatives, and are based upon inputs that are either readily available in the public market, such as oil and natural gas futures prices, volatility factors, interest rates and discount rates, or can be confirmed from other active markets. The fair values recorded as of March 31 2015, and December 31, 2014, were based upon quotes obtained from the counterparties to these contracts and verified by an independent third party. | |||||||||||||||||||||||||||
Our Level 3 fair value measurements are comprised of our natural gas basis swap contracts. The fair values recorded as of March 31, 2015 and December 31, 2014, were based upon quotes obtained from the counterparties to these contracts and verified by an independent third party. The significant unobservable input used in the fair value measurement of our natural gas basis swaps was the estimate of future natural gas basis differentials. Significant variations in price differentials could result in a significantly different fair value measurement. The significant unobservable inputs and the range and weighted average of these inputs used in the fair value measurements of our natural gas basis swaps as of March 31, 2015 and December 31, 2014 are included in the table below. | |||||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||||
Range | Weighted Average | Fair Value | |||||||||||||||||||||||||
(price per Mcf) | (price per Mcf) | (in thousands) | |||||||||||||||||||||||||
Natural Gas Basis Differential Forward Curve - Dominion South | ($0.38) - ($1.23) | $ | (0.82 | ) | $ | 139 | |||||||||||||||||||||
Natural Gas Basis Differential Forward Curve - Texas Gas | ($0.10) - ($0.13) | $ | (0.11 | ) | $ | (344 | ) | ||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||
Range | Weighted Average | Fair Value | |||||||||||||||||||||||||
(price per Mcf) | (price per Mcf) | (in thousands) | |||||||||||||||||||||||||
Natural Gas Basis Differential Forward Curve - Dominion South | ($0.27) - ($1.39) | $ | (0.84 | ) | $ | 1,341 | |||||||||||||||||||||
The fair value of our derivative instruments may be different from the settlement value based on company-specific inputs, such as credit ratings, futures markets and forward curves, and readily available buyers and sellers for such assets and liabilities. During the three months ended March 31, 2015 and for the twelve months ended December 31, 2014, there were no transfers into or out of Level 1 or Level 2 measurements. The following table presents the fair value hierarchy table for assets and liabilities measured at fair value: | |||||||||||||||||||||||||||
Fair Value Measurements at March 31, 2015 Using: | |||||||||||||||||||||||||||
($ in Thousands) | Total Carrying Value as of March 31, 2015 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||
Commodity Derivatives | $ | 37,647 | $ | — | $ | 37,852 | $ | (205 | ) | ||||||||||||||||||
Interest Rate Swap | (114 | ) | — | (114 | ) | — | |||||||||||||||||||||
Interest Rate Swaption | (123 | ) | — | (123 | ) | — | |||||||||||||||||||||
Fair Value Measurements at December 31, 2014 Using: | |||||||||||||||||||||||||||
($ in Thousands) | Total Carrying Value as of December 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||
Commodity Derivatives | $ | 31,371 | $ | — | $ | 30,030 | $ | 1,341 | |||||||||||||||||||
Net derivative asset values are determined primarily by quoted futures and options prices and utilization of the counterparties’ credit default risk and net derivative liabilities are determined primarily by quoted futures and options prices and utilization of our credit default risk. The credit default risk of our counterparties and us are based on metrics such as interest coverage, operating cash flow and leverage ratios that calculate the likelihood that a firm will be unable to repay its lenders or fulfill payment obligations. | |||||||||||||||||||||||||||
The value of our oil derivatives are comprised of three-way collar, call protected swap and deferred put spread contracts for notional barrels of oil at interval New York Mercantile Exchange (“NYMEX”) West Texas Intermediate (“WTI”) oil prices. The fair value of our oil derivatives as of March 31, 2015 are based on (i) the contracted notional volumes, (ii) independent active NYMEX futures price quotes for WTI oil and (iii) the implied rate of volatility inherent in the contracts. The implied rates of volatility inherent in our contracts were determined based on market-quoted volatility factors. Our gas derivatives are comprised of swap, collars, swaption, three way collar, basis swap, cap swap, call and put spread contracts for notional volumes of gas contracted at NYMEX Henry Hub (“HH”). The fair values attributable to our gas derivative contracts as of March 31, 2015 are based on (i) the contracted notional volumes, (ii) independent active NYMEX futures price quotes for HH gas, (iii) independent market-quoted forward index prices and (iv) the implied rate of volatility inherent in the contracts. The implied rates of volatility inherent in our contracts were determined based on market-quoted volatility factors. Our NGL derivatives are comprised of swaps for notional volumes of NGLs contracted at NYMEX Mont Belvieu. The fair values attributable to our NGL derivative contracts as of March 31, 2015 are based on (i) the contracted notional volumes, (ii) independent active NYMEX futures price quotes for Mont Belvieu, (iii) independent market-quoted forward index prices and (iv) the implied rate of volatility inherent in the contracts. The implied rates of volatility inherent in our contracts were determined based on market-quoted volatility factors. We classify our derivatives as Level 2 if the inputs used in the valuation models are directly observable for substantially the full term of the instrument; however, if the significant inputs were not observable for substantially the full term of the instrument, we would classify those derivatives as Level 3. We categorize our measurements as Level 2 because the valuation of our derivative instruments are based on similar transactions observable in active markets or industry standard models that primarily rely on market observable inputs. Substantially all of the assumptions for industry standard models are observable in active markets throughout the full term of the instruments. | |||||||||||||||||||||||||||
The table below sets forth a reconciliation of our commodity derivative contracts at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||
($ in Thousands) | 2015 | 2014 | |||||||||||||||||||||||||
Beginning Balance of Level 3 | $ | 1,341 | $ | 4,323 | |||||||||||||||||||||||
Changes in Fair Value | (1,955 | ) | (2,356 | ) | |||||||||||||||||||||||
Purchases | — | — | |||||||||||||||||||||||||
Settlements Received | 409 | 284 | |||||||||||||||||||||||||
Ending Balance of Level 3 | $ | (205 | ) | $ | 2,251 | ||||||||||||||||||||||
Changes in fair value on our Level 3 commodity derivative contracts outstanding for the three months ended March 31, 2015 and 2014, resulted in losses of approximately $2.0 million and $2.4 million, respectively. This amount has been included in Gain (Loss) on Derivatives, Net in our Consolidated Statements of Operations. | |||||||||||||||||||||||||||
Future Abandonment Cost | |||||||||||||||||||||||||||
We report the fair value of asset retirement obligations on a nonrecurring basis in our Consolidated Balance Sheets. We estimate the fair value of asset retirement obligations based on discounted cash flow projections using numerous estimates, assumptions and judgments regarding such factors as the existence of a legal obligation for an asset retirement obligation; amounts and timing of settlements; the credit-adjusted risk-free rate to be used; and inflation rates. These inputs are unobservable, and thus result in a Level 3 classification. See Note 2, Future Abandonment Costs, to our Consolidated Financial Statements for further information on asset retirement obligations, which includes a reconciliation of the beginning and ending balances. | |||||||||||||||||||||||||||
Financial Instruments Not Recorded at Fair Value | |||||||||||||||||||||||||||
The following table sets forth the fair values of financial instruments that are not recorded at fair value in our Consolidated Financial Statements: | |||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||
($ in Thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
8.875% Senior Notes due 2020 | $ | 350,000 | $ | 269,500 | $ | 350,000 | $ | 311,955 | |||||||||||||||||||
6.25% Senior Notes due 2022 | $ | 325,000 | $ | 217,360 | 325,000 | 241,313 | |||||||||||||||||||||
Secured Lines of Credit | 38,000 | 38,000 | — | — | |||||||||||||||||||||||
Capital Leases and Other Obligations | 1,193 | 1,167 | 1,427 | 1,393 | |||||||||||||||||||||||
Total | $ | 714,193 | $ | 526,027 | $ | 676,427 | $ | 554,661 | |||||||||||||||||||
The fair value of the secured lines of credit approximates carrying value based on borrowing rates available to us for bank loans with similar terms and maturities and would be classified as Level 2 in the fair value hierarchy. | |||||||||||||||||||||||||||
The fair value of the Senior Notes uses pricing that is readily available in the public market. Accordingly, the fair value of the Senior Notes would be classified as Level 1 in the fair value hierarchy. The fair value of our capital leases and other obligations are determined using a discounted cash flow approach based on the interest rate and payment terms of the obligations and assumed discount rate. The fair values of the obligations could be significantly influenced by the discount rate assumptions, which is unobservable. Accordingly, the fair value of the capital leases and other obligations would be classified as Level 3 in the fair value hierarchy. | |||||||||||||||||||||||||||
The carrying values of all classes of cash and cash equivalents, accounts receivables and accounts payables are considered to be representative of their respective fair values due to the short term maturities of those instruments. | |||||||||||||||||||||||||||
Other Fair Value Measurements | |||||||||||||||||||||||||||
We recorded an other than temporary impairment of $7.0 million related to proved properties and unproved properties. We utilize quoted futures prices and other observable market data in determining the fair value. The inputs used in determining fair value as a part of the impairment calculation are considered to be Level 2 within the fair value hierarchy. For additional information on our impairment, see Note 15, Impairment Expense, to our Consolidated Financial Statements. | |||||||||||||||||||||||||||
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Taxes | 9. INCOME TAXES | |||||||
We recognize deferred income taxes for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of any tax rate change on deferred taxes is recognized in the period that includes the enactment date of the tax rate change. Realization of deferred tax assets is assessed and, if not more likely than not, a valuation allowance is recorded to write down the deferred tax assets to their net realizable value. | ||||||||
Income tax included in continuing operations was as follows: | ||||||||
Three Months Ended March 31, | ||||||||
($ in Thousands) | 2015 | 2014 | ||||||
Income (Expense) Benefit | $ | 92 | $ | (4,110 | ) | |||
Effective Tax Rate | 0.5 | % | 31.9 | % | ||||
For the three months ended March 31, 2015, our overall effective tax rate on pre-tax income from continuing operations was different than the statutory rate of 35% due to the recording of a valuation allowance. As of March 31, 2015, we had a significant level of estimated future tax benefits that, given our past and future expectations of net losses, we do not expect to be able to fully utilize, thus limiting our ability to recognize future tax benefits. For the three months ended March 31, 2014, our overall effective tax rate on pretax losses from continuing operations was different than the statutory rate of 35% due primarily to changes in state taxes, partially offset by section 162(m) limitations. | ||||||||
Income tax payments made during the three months ended March 31, 2015 and 2014 were negligible. We received tax refunds during the three months ended March 31, 2015 of approximately $0.5 million. |
Capital_Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Capital Stock | 10. CAPITAL STOCK |
Common Stock | |
We have authorized capital stock of 100,000,000 shares of common stock and 100,000 shares of preferred stock. As of March 31, 2015 and December 31, 2014, shares of common stock issued and outstanding totaled 55,266,519 and 54,174,763, respectively. | |
Preferred Stock | |
On August 18, 2014, we completed a registered offering of 16,100 shares of 6.0% Convertible Perpetual Preferred Stock, Series A, par value $0.001 per share (the “Series A Preferred Stock”) that are represented by 1,610,000 depositary shares. The net proceeds of the offering were approximately $155.0 million, after deducting underwriting discounts, commissions and other offering expenses. We utilized a portion of the net proceeds to fund the acquisition of assets from SWEPI, LP, an affiliate of Royal Dutch Shell, plc, and intend to use the remaining proceeds to fund our capital expenditures program and for general corporate purposes. | |
The annual dividend on each share of the Series A Preferred Stock is 6.0% per annum on the liquidation preference of $10,000 per share and is payable quarterly, in arrears, on each February 15, May 15, August 15 and November 15 of each year, commencing on November 15, 2014. | |
We will pay cumulative dividends, when and if declared, in cash, stock or a combination thereof, on a quarterly basis at a rate of $600 per share, or 6.0%, per year. In February 2015, we paid a quarterly cash dividend of $150.00 per share for the period of November 15, 2014 to February 15, 2015 in the amount of $2.4 million. |
Employee_Benefit_and_Equity_Pl
Employee Benefit and Equity Plans | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||
Employee Benefit and Equity Plans | 11. EMPLOYEE BENEFIT AND EQUITY PLANS | ||||||||||||||||||
Equity Plans | |||||||||||||||||||
We recognize all share-based payments to employees, including grants of employee stock options, in our Consolidated Statements of Operations based on their grant-date fair values, using prescribed option-pricing models where applicable. The fair value is expensed over the requisite service period of the individual grantees, which generally equals one vesting period. We report any benefits of income tax deductions in excess of recognized financial accounting compensation as cash flows from financing activities, rather than as cash flows from operating activities. | |||||||||||||||||||
Stock Options | |||||||||||||||||||
During the three-month period ended March 31, 2015, we issued 80,000 options to purchase shares of our common stock to three employees. We did not issue options to purchase shares of our common stock for the three-month period ended March 31, 2014. Stock-based compensation expense relating to stock options outstanding for the three months ended March 31, 2015 and 2014 was negligible. The expense related to stock option grants was recorded on our Consolidated Statements of Operations under the heading of General and Administrative Expense. There were no stock options exercised for the three months ended March 31, 2015 and 2014. There was no total tax benefit for the three-month periods ended March 31, 2015 and 2014. | |||||||||||||||||||
A summary of the status of our issued and outstanding stock options as of March 31, 2015 is as follows: | |||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||
Exercise Price | Number Outstanding At 3/31/15 | Weighted-Average Exercise Price | Number Exercisable At 3/31/15 | Weighted-Average Exercise Price | |||||||||||||||
$ | 4.05 | 40,000 | $ | 4.05 | — | $ | — | ||||||||||||
$ | 4.9 | 40,000 | $ | 4.9 | — | $ | — | ||||||||||||
$ | 5.04 | 46,041 | $ | 5.04 | 46,041 | $ | 5.04 | ||||||||||||
$ | 9.5 | 75,000 | $ | 9.5 | 75,000 | $ | 9.5 | ||||||||||||
$ | 9.99 | 149,333 | $ | 9.99 | 149,333 | $ | 9.99 | ||||||||||||
$ | 10.42 | 29,548 | $ | 10.42 | 29,548 | $ | 10.42 | ||||||||||||
$ | 11.87 | 3,500 | $ | 11.87 | 3,500 | $ | 11.87 | ||||||||||||
$ | 12.5 | 19,139 | $ | 12.5 | 19,139 | $ | 12.5 | ||||||||||||
$ | 13.19 | 50,000 | $ | 13.19 | 50,000 | $ | 13.19 | ||||||||||||
$ | 22.34 | 30,000 | $ | 22.34 | 30,000 | $ | 22.34 | ||||||||||||
482,561 | $ | 9.77 | 402,561 | $ | 10.82 | ||||||||||||||
The weighted average remaining contractual term for options outstanding at March 31, 2015 were 3.3 years and there was no aggregate intrinsic value. The weighted average remaining contractual term for options exercisable at March 31, 2015 were 2.6 years and there was no aggregate intrinsic value. As of March 31, 2015, unrecognized compensation expense related to stock options was $0.1 million. | |||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||
During the three-month period ended March 31, 2015, the Compensation Committee approved the issuance of an aggregate of 1,336,295 shares of restricted common stock to 126 employees and one non-employee contractor. During the three-month period ended March 31, 2014, the Compensation Committee approved the issuance of an aggregate of 3,315 shares of restricted stock to three employees. Certain of our outstanding restricted stock awards granted in 2015, 2014 and 2013 are subject to market-based vesting through a calculation of total shareholder return (“TSR”) of our common stock relative to a pre-defined peer group over a three-year period. | |||||||||||||||||||
The weighted average fair value of the TSR awards granted as of March 31, 2015 and December 31, 2014 were $2.56 and $10.15 per share, respectively. Average fair values were estimated on the date of each grant using a Monte Carlo Simulation model that estimates the most likely outcome based on the terms of the award and used the following assumptions: | |||||||||||||||||||
Three Months Ended March 31, 2015 | Year Ended December 31, 2014 | ||||||||||||||||||
Expected Dividend Yield | 0 | % | 0 | % | |||||||||||||||
Risk-Free Interest Rate | 1 | % | 0.8 | % | |||||||||||||||
Expected Volatility – Rex Energy | 58.6 | % | 50.4 | % | |||||||||||||||
Expected Volatility – Peer Group | 29.8%-85.0 | % | 28.4%-65.7 | % | |||||||||||||||
Market Index | 35.6 | % | 35.3 | % | |||||||||||||||
Expected Life | Three Years | Three Years | |||||||||||||||||
Compensation expense associated with restricted stock awards totaled $3.0 million and $1.6 million for the three-month periods ended March 31, 2015 and 2014, respectively. During the first quarter of 2015, the board of directors approved a waiver to certain performance factors for restricted stock awards that vested in March 2015. This waiver resulted in the vesting of approximately 189,872 restricted stock awards with associated expense of approximately $2.5 million. As of March 31, 2015, total unrecognized compensation cost related to restricted common stock grants was approximately $6.7 million, which will be recognized over a weighted average period of 1.9 years. | |||||||||||||||||||
A summary of the restricted stock activity for the three months ended March 31, 2015 is as follows: | |||||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||||
Restricted stock awards, as of December 31, 2014 | 1,519,301 | $ | 14.05 | ||||||||||||||||
Awards | 1,336,295 | 4.04 | |||||||||||||||||
Forfeitures | (244,539 | ) | 12.55 | ||||||||||||||||
Vested | (202,492 | ) | 12.52 | ||||||||||||||||
Restricted stock awards, as of March 31, 2015 | 2,408,565 | $ | 8.65 | ||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ||||||||||||||||||||
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||
Legal Reserves | ||||||||||||||||||||
We are involved in various legal proceedings that arise in the ordinary course of our business. Although we cannot predict the outcome of these proceedings with certainty, we do not currently expect these matters to have a material adverse effect on our consolidated financial position or results of operations. | ||||||||||||||||||||
The accrual of reserves for legal matters is included in Accrued Liabilities on our Consolidated Balance Sheets. The establishment of a reserve involves an estimation process that includes the advice of legal counsel and the subjective judgment of management. While we believe that these reserves are adequate, there are uncertainties associated with legal proceedings and we can give no assurance that our estimate of any related liability will not increase or decrease in the future. The reserved and unreserved exposures for our legal proceedings could change based upon developments in those proceedings or changes in the facts and circumstances. It is possible that we could incur losses in excess of the amounts currently accrued. Based on currently available information, we believe that it is remote that future costs related to known contingent liability exposures for legal proceedings will exceed our current accruals by an amount that would have a material adverse effect on our consolidated financial position, although cash flow could be significantly impacted in the reporting periods in which such costs are incurred. | ||||||||||||||||||||
There have been no significant changes with respect to the legal matters disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014. | ||||||||||||||||||||
Environmental | ||||||||||||||||||||
Due to the nature of the oil and natural gas business, we are exposed to possible environmental risks. We have implemented various policies and procedures to avoid environmental contamination and risks from environmental contamination. We conduct periodic reviews of our policies and properties to identify changes in the environmental risk profile. In these reviews we evaluate whether there is a probable liability, its amount and the likelihood that the liability will be incurred. The amount of any potential liability is determined by considering, among other matters, incremental direct costs of any likely remediation and the proportionate cost of employees who are expected to devote a significant amount of time directly to any remediation effort. | ||||||||||||||||||||
We manage our exposure to environmental liabilities on properties to be acquired by identifying existing problems and assessing the potential liability. As of March 31, 2015, we know of no significant probable or possible environmental contingent liabilities. | ||||||||||||||||||||
Letters of Credit | ||||||||||||||||||||
At March 31, 2015, we had posted $7.0 million in various letters of credit to secure our drilling and related operations. | ||||||||||||||||||||
Lease Commitments | ||||||||||||||||||||
As of March 31, 2015, we have lease commitments for various real estate leases. Rent expense is recognized on a straight-line basis and has been recorded in General and Administrative expense on our Consolidated Statements of Operations. Rent expense for each of the three months ended March 31, 2015 and 2014 was approximately $0.2 million. Lease commitments by year for each of the next five years are presented in the table below: | ||||||||||||||||||||
($ in Thousands) | ||||||||||||||||||||
2015 | $ | 848 | ||||||||||||||||||
2016 | 1,129 | |||||||||||||||||||
2017 | 1,143 | |||||||||||||||||||
2018 | 721 | |||||||||||||||||||
2019 | 721 | |||||||||||||||||||
Thereafter | 180 | |||||||||||||||||||
Total | $ | 4,742 | ||||||||||||||||||
Capacity Reservation | ||||||||||||||||||||
We have a capacity reservation arrangement with a subsidiary of MarkWest Energy Partners, L.P. (“MarkWest”) to ensure sufficient capacity at the cryogenic gas processing plants owned by MarkWest in Butler County, Pennsylvania to process our produced natural gas. In the event that we do not process any gas through the cryogenic gas processing plants, we may be obligated to pay approximately $12.1 million in 2015, $25.8 million in 2016, $31.0 million in 2017, $31.0 million in 2018, $31.0 million in 2019 and $214.7 million thereafter, assuming our average working interest in the region of approximately 70%. Charges incurred for processing capacity with MarkWest were negligible during the three-month periods ended March 31, 2015 and 2014. | ||||||||||||||||||||
Operational Commitments | ||||||||||||||||||||
We have contracted drilling rig services on one rig to support our Appalachian Basin operations. The minimum cost to retain this rig would require gross payments of approximately $1.7 million in 2015, $2.2 million in 2016 and $2.2 million in 2017, which would be partially offset by other working interest owners, which vary from well to well. During the first quarter of 2015, we terminated two rig contracts earlier than their original term. To satisfy the early release, we incurred approximately $5.0 million in early termination fees, which were classified as Other Operating Expense in our Consolidated Statement of Operations as of March 31, 2015. Approximately $2.5 million of this amount was paid in January 2015 with the remaining amount due in January 2016. We also have agreements for contracted completion services in the Appalachian Basin. The minimum gross cost to retain the completion services is approximately $11.0 million in 2015, which would be partially offset by other working interest owners, which vary from well to well. | ||||||||||||||||||||
Natural Gas Gathering, Processing and Sales Agreements | ||||||||||||||||||||
During the normal course of business, we have entered into certain agreements to ensure the gathering, transportation, processing and sales of specified quantities of our oil, natural gas and NGLs. In some instances, we are obligated to pay shortfall fees, whereby we would pay a fee for any difference between actual volumes provided as compared to volumes that have been committed. In other instances, we are obligated to pay a fee on all volumes that are subject to the related agreement. In connection with our entry into certain of these agreements, we concurrently entered into a guaranty whereby we have guaranteed the payment of obligations under the specified agreements up to a maximum of $414.8 million, which is larger than our estimated minimum obligations due to certain contracts which have minimum commitment volumes and other contracts which contain provisions that require payment on all volumes delivered. | ||||||||||||||||||||
For the three months ended March 31, 2015 and 2014, we incurred expenses related to the transportation, processing and marketing of our oil, natural gas and NGLs of approximately $18.8 million and $9.4 million, respectively. Expense related to these agreements makes up a substantial portion of our Lease Operating Expense, which we expect to continue as existing agreements commence and new transportation, processing and marketing agreements are entered that will enable us to sell our product. During the first quarter of 2015, we incurred approximately $0.9 million in fees related to unutilized capacity commitments. The unutilized commitment fees are related to undeveloped properties that we acquired during 2014. Minimum net obligations under these sales, gathering and transportation agreements for the next five years are as follows: | ||||||||||||||||||||
($ in Thousands) | Total | |||||||||||||||||||
2015 | $ | 16,516 | ||||||||||||||||||
2016 | 32,656 | |||||||||||||||||||
2017 | 51,581 | |||||||||||||||||||
2018 | 54,267 | |||||||||||||||||||
2019 | 53,181 | |||||||||||||||||||
Thereafter | 624,195 | |||||||||||||||||||
Total | $ | 832,396 | ||||||||||||||||||
Pennsylvania Impact Fee | ||||||||||||||||||||
In 2012, Pennsylvania state legislators instituted a natural gas impact fee on producers of unconventional natural gas. The fee will be imposed on every producer of unconventional gas and applies to unconventional wells spud in Pennsylvania regardless of when spudding occurred. The fee for each unconventional gas well is determined using the following matrix, with vertical unconventional gas wells being charged 20% of the applicable rates: | ||||||||||||||||||||
<$2.25(a) | $2.26 - $2.99(a) | $3.00 - $4.99(a) | $5.00 - $5.99(a) | >$5.99(a) | ||||||||||||||||
Year One | $ | 40,200 | $ | 45,300 | $ | 50,300 | $ | 55,300 | $ | 60,400 | ||||||||||
Year Two | $ | 30,200 | $ | 35,000 | $ | 40,200 | $ | 45,300 | $ | 55,300 | ||||||||||
Year Three | $ | 25,200 | $ | 30,200 | $ | 30,200 | $ | 40,200 | $ | 50,300 | ||||||||||
Year 4 – 10 | $ | 10,100 | $ | 15,100 | $ | 20,100 | $ | 20,100 | $ | 20,100 | ||||||||||
Year 11 – 15 | $ | 5,000 | $ | 5,000 | $ | 10,100 | $ | 10,100 | $ | 10,100 | ||||||||||
(a) Pricing utilized for determining annual fee is based on the arithmetic mean of the NYMEX settled price for the near-month contract as reported by the Wall Street Journal for the last trading day of each month of a calendar year for the 12-month period ending December 31. | ||||||||||||||||||||
All fees owed will be due on April 1 of each year. For each of the three months ended March 31, 2015 and 2014, we recorded expense of approximately $0.6 million. We record expenses related to the impact fees as Production and Lease Operating Expense. As of March 31, 2015, approximately $6.2 million was accrued for the 2014 impact fees and a portion of the 2015 impact fees. |
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Common Share | 13. EARNINGS PER COMMON SHARE | |||||||
Basic income (loss) per common share is calculated based on the weighted average number of common shares outstanding at the end of the period, excluding restricted stock with performance-based and market-based vesting criteria. Diluted income per common share includes the speculative exercise of stock options and performance-based restricted stock which contain conditions that are not earnings or market-based, given that the hypothetical effect is not anti-dilutive. For the three months ended March 31, 2015, we excluded stock options to purchase 0.5 million shares due to our Net Loss from Continuing Operations. For the three months ended March 31, 2014, we excluded stock options to purchase 0.3 million shares of our common stock due to the estimate of shares that would be repurchased using the treasury method. For the three months ended March 31, 2015 and 2014, we excluded performance-based restricted stock of 1.3 million shares and 1.0 million shares due to performance metrics that have not yet been attained (for additional information on our non-cash compensation plans, see Note 11, Employee Benefit and Equity Plans, to our Consolidated Financial Statements). We utilize the if-converted method for calculating the impact of our 6.0% Convertible Perpetual Preferred Stock on diluted earnings per share. Under the if-converted method, convertible preferred stock is assumed as converted to common shares for the weighted average period outstanding. For the three months ended March 31, 2015, we excluded the assumed conversion of preferred stock equating to approximately 8.9 million shares due to our Net Loss from Continuing Operations. The following table sets forth the computation of basic and diluted earnings per common share: | ||||||||
(in thousands, except per share amounts) | Three Months Ended March 31, | |||||||
Numerator: | 2015 | 2014 | ||||||
Net Income (Loss) From Continuing Operations | $ | (18,479 | ) | $ | 8,755 | |||
Net Income From Discontinued Operations, Less Noncontrolling Interests | 665 | 113 | ||||||
Less: Preferred Stock Dividends | (2,415 | ) | — | |||||
Net Income (Loss) Attributable to Common Shareholders | $ | (20,229 | ) | $ | 8,868 | |||
Denominator: | ||||||||
Weighted Average Common Shares Outstanding - Basic | 54,370 | 52,984 | ||||||
Effect of Dilutive Securities: | ||||||||
Employee Stock Options | — | 150 | ||||||
Employee Performance-Based Restricted Stock Awards | — | 369 | ||||||
Effect of Assumed Conversions of Preferred Stock | — | — | ||||||
Weighted Average Common Shares Outstanding - Diluted | 54,370 | 53,503 | ||||||
Earnings per Common Share Attributable to Rex Energy Common Shareholders: | ||||||||
Basic — Net Income (Loss) From Continuing Operations | $ | (0.38 | ) | $ | 0.17 | |||
— Net Income From Discontinued Operations | 0.01 | 0 | ||||||
— Net Income (Loss) Attributable to Rex Energy Common Shareholders | $ | (0.37 | ) | $ | 0.17 | |||
Diluted — Net Income (Loss) From Continuing Operations | $ | (0.38 | ) | $ | 0.17 | |||
— Net Income From Discontinued Operations | 0.01 | 0 | ||||||
— Net Income (Loss) Attributable to Rex Energy Common Shareholders | $ | (0.37 | ) | $ | 0.17 | |||
Equity_Method_Investments
Equity Method Investments | 3 Months Ended |
Mar. 31, 2015 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Method Investments | 14. EQUITY METHOD INVESTMENTS |
RW Gathering, LLC | |
We own a 40% non-operated interest in RW Gathering, LLC (“RW Gathering”), which owns gas-gathering assets to facilitate development in our Appalachian Basin operations. We recorded our investment in RW Gathering of approximately $17.7 million and $17.9 million as of March 31, 2015 and December 31, 2014, respectively, on our Consolidated Balance Sheets as Equity Method Investments. We did not make any capital contributions to RW Gathering during the first three months of 2015 and 2014. RW Gathering recorded net losses from continuing operations of $0.5 million for each of the three-month periods ended March 31, 2015 and 2014. The losses incurred were due to insurance fees, bank fees, rent expenses and depreciation expense. Our share of the net loss is recorded on the Statements of Operations as Loss on Equity Method Investments. | |
During each of the three-month periods ended March 31, 2015 and 2014, we incurred approximately $0.2 million in compression expenses that were charged to us from Williams Production Appalachia, LLC. These costs are in relation to compression costs incurred by RW Gathering and are recorded as Production and Lease Operating Expense on our Consolidated Statement of Operations. As of March 31, 2015 and December 31, 2014, there were no receivables due from RW Gathering to us. |
Impairment_Expense
Impairment Expense | 3 Months Ended |
Mar. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Impairment Expense | 15. IMPAIRMENT EXPENSE |
For the three months ended March 31, 2015, impairment expenses incurred were approximately $7.0 million while impairment expenses incurred during the three months ended March 31, 2014 were negligible. We continually monitor the carrying value of our oil and gas properties and make evaluations of their recoverability when circumstances arise that may contribute to impairment. The expense incurred during the first quarter of 2015 included approximately $4.0 million related to proved properties in our non-operated dry gas region of Clearfield County, Pennsylvania. This impairment was identified in relation to the continued decrease of natural gas prices since December 31, 2014. Approximately $3.0 million of impairment expense was incurred in relation to undeveloped leases that have expired or are expected to expire without development, primarily in the Appalachian Basin. As of March 31, 2015, we continued to carry the costs of undeveloped properties of approximately $335.3 million on our Consolidated Balance Sheet, which is primarily related to the Marcellus and Utica Shale in the Appalachian Basin and for which we have development, trade or lease extension plans. |
Exploration_Expense
Exploration Expense | 3 Months Ended |
Mar. 31, 2015 | |
Extractive Industries [Abstract] | |
Exploration Expense | 16. EXPLORATION EXPENSE |
For the three months ended March 31, 2015, we incurred approximately $0.5 million in exploration expenses as compared to $2.1 million in exploration expenses for the same period in 2014. The expense incurred in 2015 was primarily due to geological and geophysical type expenditures. Approximately $1.6 million of the expense incurred in 2014 was due to geological and geophysical type expenditures. An additional $0.4 million of expense was incurred through the payment of delay rentals, predominately in the Appalachian Basin. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Financial Information | 17. CONDENSED CONSOLIDATING FINANCIAL INFORMATION | |||||||||||||||||||
As of March 31, 2015, we had $675.0 million of outstanding Senior Notes, as shown in Note 7, Long-Term Debt, to our Consolidated Financial Statements. The Senior Notes are guaranteed by certain of our wholly-owned subsidiaries, or guarantor subsidiaries. Unless otherwise noted below, each of the following guarantor subsidiaries are wholly-owned by Rex Energy Corporation and have provided guarantees of the Senior Notes that are joint and several and full and unconditional as of March 31, 2015: | ||||||||||||||||||||
— | Rex Energy I, LLC | |||||||||||||||||||
— | Rex Energy Operating Corporation | |||||||||||||||||||
— | Rex Energy IV, LLC | |||||||||||||||||||
— | PennTex Resources Illinois, Inc. | |||||||||||||||||||
— | R.E. Gas Development, LLC | |||||||||||||||||||
The non-guarantor subsidiaries include certain consolidated subsidiaries, including Water Solutions, R.E. Disposal, LLC, Rex Energy Marketing, LLC and R.E. Ventures Holdings, LLC. We derive much of our business through and derive much of our income through our subsidiaries. Therefore, our ability to make required payments with respect to indebtedness and other obligations depends on the financial results and condition of our subsidiaries and our ability to receive funds from our subsidiaries. As of March 31, 2015, there were no restrictions on the ability of any of the guarantor subsidiaries to transfer funds to us. There may be restrictions for certain non-guarantor subsidiaries. | ||||||||||||||||||||
The following financial statements present condensed consolidating financial data for (i) Rex Energy Corporation, the issuer of the notes, (ii) the combined Guarantors, (iii) the combined other subsidiaries of the Company that did not guarantee the Notes, and (iv) eliminations necessary to arrive at our consolidated financial statements, which include condensed consolidated balance sheets as of March 31, 2015 and December 31, 2014, the condensed consolidating statements of operations for each of the three-month periods ended March 31, 2015 and 2014, and the condensed consolidating statements of cash flows for each of the three-month periods ended March 31, 2015 and 2014. | ||||||||||||||||||||
REX ENERGY CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
AS OF MARCH 31, 2015 | ||||||||||||||||||||
($ in Thousands, Except Share and Per Share Data) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Rex Energy Corporation (Note Issuer) | Eliminations | Consolidated Balance | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 5,014 | $ | (55 | ) | $ | 5 | $ | — | $ | 4,964 | |||||||||
Accounts Receivable | 33,289 | 50 | 47 | — | 33,386 | |||||||||||||||
Taxes Receivable | — | — | 2 | — | 2 | |||||||||||||||
Short-Term Derivative Instruments | 32,422 | — | 427 | — | 32,849 | |||||||||||||||
Assets Held for Sale | 54,452 | (11,756 | ) | 42,696 | ||||||||||||||||
Inventory, Prepaid Expenses and Other | 2,662 | — | 75 | — | 2,737 | |||||||||||||||
Total Current Assets | 73,387 | 54,447 | 556 | (11,756 | ) | 116,634 | ||||||||||||||
Property and Equipment (Successful Efforts Method) | ||||||||||||||||||||
Evaluated Oil and Gas Properties | 1,153,433 | 524 | — | (6,489 | ) | 1,147,468 | ||||||||||||||
Unevaluated Oil and Gas Properties | 334,581 | 698 | — | — | 335,279 | |||||||||||||||
Other Property and Equipment | 45,837 | 895 | — | — | 46,732 | |||||||||||||||
Wells and Facilities in Progress | 102,236 | 428 | — | (671 | ) | 101,993 | ||||||||||||||
Pipelines | 17,555 | — | — | (1,898 | ) | 15,657 | ||||||||||||||
Total Property and Equipment | 1,653,642 | 2,545 | — | (9,058 | ) | 1,647,129 | ||||||||||||||
Less: Accumulated Depreciation, Depletion and Amortization | (395,810 | ) | (798 | ) | — | 1,271 | (395,337 | ) | ||||||||||||
Net Property and Equipment | 1,257,832 | 1,747 | — | (7,787 | ) | 1,251,792 | ||||||||||||||
Deferred Financing Costs and Other Assets—Net | 2,421 | — | 14,637 | — | 17,058 | |||||||||||||||
Equity Method Investments | 17,692 | — | — | — | 17,692 | |||||||||||||||
Long-Term Deferred Tax Asset | — | — | 8,301 | — | 8,301 | |||||||||||||||
Intercompany Receivables | — | — | 978,279 | (978,279 | ) | — | ||||||||||||||
Investment in Subsidiaries – Net | (1,909 | ) | — | 249,967 | (248,058 | ) | — | |||||||||||||
Long-Term Derivative Instruments | 9,732 | — | 308 | — | 10,040 | |||||||||||||||
Total Assets | $ | 1,359,155 | $ | 56,194 | $ | 1,252,048 | $ | (1,245,880 | ) | $ | 1,421,517 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts Payable | $ | 47,472 | $ | 55 | $ | — | $ | (2,411 | ) | $ | 45,116 | |||||||||
Current Maturities of Long-Term Debt | 1,056 | — | — | — | 1,056 | |||||||||||||||
Accrued Liabilities | 41,799 | 274 | 14,486 | — | 56,559 | |||||||||||||||
Short-Term Derivative Instruments | 1,271 | — | 122 | — | 1,393 | |||||||||||||||
Current Deferred Tax Liability | — | — | 8,301 | — | 8,301 | |||||||||||||||
Liabilities Related to Assets Held for Sale | — | 31,895 | — | (376 | ) | 31,519 | ||||||||||||||
Total Current Liabilities | 91,598 | 32,224 | 22,909 | (2,787 | ) | 143,944 | ||||||||||||||
Long-Term Derivative Instruments | 3,237 | — | 849 | — | 4,086 | |||||||||||||||
Senior Secured Line of Credit and Other Long-Term Debt | 137 | — | 38,000 | — | 38,137 | |||||||||||||||
8.875% Senior Notes Due 2020 | — | — | 350,000 | — | 350,000 | |||||||||||||||
6.25% Senior Notes Due 2022 | — | — | 325,000 | — | 325,000 | |||||||||||||||
Premium on Senior Notes – Net | — | — | 2,632 | — | 2,632 | |||||||||||||||
Other Deposits and Liabilities | 3,812 | — | — | — | 3,812 | |||||||||||||||
Future Abandonment Cost | 38,987 | 53 | — | — | 39,040 | |||||||||||||||
Intercompany Payables | 974,363 | 3,916 | — | (978,279 | ) | — | ||||||||||||||
Total Liabilities | 1,112,134 | 36,193 | 739,390 | (981,066 | ) | 906,651 | ||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||
Preferred Stock | — | — | 1 | — | 1 | |||||||||||||||
Common Stock | — | — | 54 | — | 54 | |||||||||||||||
Additional Paid-In Capital | 177,143 | 15,511 | 620,782 | (192,654 | ) | 620,782 | ||||||||||||||
Accumulated Earnings (Deficit) | 69,878 | (517 | ) | (108,179 | ) | (72,160 | ) | (110,978 | ) | |||||||||||
Rex Energy Stockholders’ Equity | 247,021 | 14,994 | 512,658 | (264,814 | ) | 509,859 | ||||||||||||||
Noncontrolling Interests | — | 5,007 | — | — | 5,007 | |||||||||||||||
Total Stockholders’ Equity | 247,021 | 20,001 | 512,658 | (264,814 | ) | 514,866 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,359,155 | $ | 56,194 | $ | 1,252,048 | $ | (1,245,880 | ) | $ | 1,421,517 | |||||||||
REX ENERGY CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2015 | ||||||||||||||||||||
($ in Thousands) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Rex Energy Corporation (Note Issuer) | Eliminations | Consolidated Balance | ||||||||||||||||
OPERATING REVENUE | ||||||||||||||||||||
Oil, Natural Gas and NGL Sales | $ | 54,000 | $ | 111 | $ | — | $ | — | $ | 54,111 | ||||||||||
Other Revenue | 11 | — | — | — | 11 | |||||||||||||||
TOTAL OPERATING REVENUE | 54,011 | 111 | — | — | 54,122 | |||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Production and Lease Operating Expense | 29,014 | 38 | — | — | 29,052 | |||||||||||||||
General and Administrative Expense | 6,659 | 16 | 2,976 | — | 9,651 | |||||||||||||||
Loss on Disposal of Asset | 65 | — | — | — | 65 | |||||||||||||||
Impairment Expense | 7,012 | 11 | — | — | 7,023 | |||||||||||||||
Exploration Expense | 518 | — | — | — | 518 | |||||||||||||||
Depreciation, Depletion, Amortization and Accretion | 26,292 | 69 | — | (235 | ) | 26,126 | ||||||||||||||
Other Operating Expense | 5,191 | — | — | — | 5,191 | |||||||||||||||
TOTAL OPERATING EXPENSES | 74,751 | 134 | 2,976 | (235 | ) | 77,626 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (20,740 | ) | (23 | ) | (2,976 | ) | 235 | (23,504 | ) | |||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||
Interest Expense | (58 | ) | — | (11,959 | ) | — | (12,017 | ) | ||||||||||||
Gain on Derivatives, Net | 16,856 | — | 263 | — | 17,119 | |||||||||||||||
Other Expense | 34 | — | — | — | 34 | |||||||||||||||
Loss From Equity Method Investments | (203 | ) | — | — | — | (203 | ) | |||||||||||||
Income (Loss) From Equity in Consolidated Subsidiaries | (23 | ) | 23 | (3,214 | ) | 3,214 | — | |||||||||||||
TOTAL OTHER INCOME (EXPENSE) | 16,606 | 23 | (14,910 | ) | 3,214 | 4,933 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME | (4,134 | ) | — | (17,886 | ) | 3,449 | (18,571 | ) | ||||||||||||
TAX | ||||||||||||||||||||
Income Tax Benefit | 20 | — | 72 | — | 92 | |||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (4,114 | ) | — | (17,814 | ) | 3,449 | (18,479 | ) | ||||||||||||
Income From Discontinued Operations, Net of Income Tax | — | 2,826 | — | (864 | ) | 1,962 | ||||||||||||||
Net Income (Loss) | (4,114 | ) | 2,826 | (17,814 | ) | 2,585 | (16,517 | ) | ||||||||||||
Net Income Attributable to Noncontrolling Interests of Discontinued Operations | — | 1,297 | — | — | 1,297 | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO REX ENERGY | $ | (4,114 | ) | $ | 1,529 | $ | (17,814 | ) | $ | 2,585 | $ | (17,814 | ) | |||||||
REX ENERGY CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDING MARCH 31, 2015 | ||||||||||||||||||||
($ in Thousands) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Rex Energy Corporation (Note Issuer) | Eliminations | Consolidated Balance | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net Income (Loss) | $ | (4,114 | ) | $ | 2,826 | $ | (17,814 | ) | $ | 2,585 | $ | (16,517 | ) | |||||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating | ||||||||||||||||||||
Activities | ||||||||||||||||||||
Loss From Equity Method Investments | 203 | — | — | — | 203 | |||||||||||||||
Non-Cash Expenses (Income) | (70 | ) | 44 | 3,403 | — | 3,377 | ||||||||||||||
Depreciation, Depletion, Amortization and Accretion | 26,292 | 1,480 | — | (1,607 | ) | 26,165 | ||||||||||||||
Gain on Derivatives | (16,856 | ) | — | (263 | ) | — | (17,119 | ) | ||||||||||||
Cash Settlements of Derivatives | 10,579 | — | 500 | — | 11,079 | |||||||||||||||
Dry Hole Expense | (1 | ) | — | — | — | (1 | ) | |||||||||||||
(Gain) Loss on Sale of Asset | 65 | (32 | ) | — | — | 33 | ||||||||||||||
Impairment Expense | 7,012 | 11 | — | — | 7,023 | |||||||||||||||
Changes in operating assets and liabilities | ||||||||||||||||||||
Accounts Receivable | 10,437 | (1,087 | ) | 428 | 251 | 10,029 | ||||||||||||||
Inventory, Prepaid Expenses and Other Assets | 712 | (322 | ) | (62 | ) | — | 328 | |||||||||||||
Accounts Payable and Accrued Liabilities | (12,518 | ) | (2,496 | ) | 2,336 | (251 | ) | (12,929 | ) | |||||||||||
Other Assets and Liabilities | (199 | ) | (133 | ) | 27 | — | (305 | ) | ||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 21,542 | 291 | (11,445 | ) | 978 | 11,366 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Intercompany loans to subsidiaries | 27,192 | (1,688 | ) | (23,681 | ) | (1,823 | ) | — | ||||||||||||
Proceeds from Joint Venture Acreage Management | 39 | — | — | — | 39 | |||||||||||||||
Proceeds from the Sale of Oil and Gas Properties, Prospects and Other Assets | 217 | 455 | — | — | 672 | |||||||||||||||
Proceeds from Joint Venture | 16,611 | — | — | — | 16,611 | |||||||||||||||
Acquisitions of Undeveloped Acreage | (17,454 | ) | (5 | ) | — | — | (17,459 | ) | ||||||||||||
Capital Expenditures for Development of Oil and Gas Properties and Equipment | (60,719 | ) | (7,139 | ) | — | 845 | (67,013 | ) | ||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | (34,114 | ) | (8,377 | ) | (23,681 | ) | (978 | ) | (67,150 | ) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from Long-Term Debt and Lines of Credit | — | 18,826 | 54,000 | — | 72,826 | |||||||||||||||
Repayments of Long-Term Debt and Lines of Credit | — | (9,761 | ) | (16,000 | ) | — | (25,761 | ) | ||||||||||||
Repayments of Loans and Other Long-Term Debt | (392 | ) | (294 | ) | — | — | (686 | ) | ||||||||||||
Debt Issuance Costs | — | — | (459 | ) | — | (459 | ) | |||||||||||||
Dividends Paid | — | — | (2,415 | ) | — | (2,415 | ) | |||||||||||||
Distributions by the Partners of Consolidated Subsidiaries | — | (531 | ) | — | — | (531 | ) | |||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (392 | ) | 8,240 | 35,126 | — | 42,974 | ||||||||||||||
NET INCREASE (DECREASE) IN CASH | (12,964 | ) | 154 | — | — | (12,810 | ) | |||||||||||||
CASH – BEGINNING | 17,978 | 113 | 5 | — | 18,096 | |||||||||||||||
CASH - ENDING | $ | 5,014 | $ | 267 | $ | 5 | $ | — | $ | 5,286 | ||||||||||
REX ENERGY CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
AS OF DECEMBER 31, 2014 | ||||||||||||||||||||
($ in Thousands, Except Share and Per Share Data) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Rex Energy Corporation (Note Issuer) | Eliminations | Consolidated Balance | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 17,978 | $ | — | $ | — | $ | — | $ | 17,978 | ||||||||||
Accounts Receivable | 43,726 | 210 | — | — | 43,936 | |||||||||||||||
Taxes Receivable | — | — | 504 | — | 504 | |||||||||||||||
Short-Term Derivative Instruments | 29,265 | — | — | — | 29,265 | |||||||||||||||
Assets Held for Sale | — | 36,794 | — | (2,537 | ) | 34,257 | ||||||||||||||
Inventory, Prepaid Expenses and Other | 3,374 | — | 29 | — | 3,403 | |||||||||||||||
Total Current Assets | 94,343 | 37,004 | 533 | (2,537 | ) | 129,343 | ||||||||||||||
Property and Equipment (Successful Efforts Method) | ||||||||||||||||||||
Evaluated Oil and Gas Properties | 1,084,332 | 467 | — | (5,760 | ) | 1,079,039 | ||||||||||||||
Unevaluated Oil and Gas Properties | 321,708 | 705 | — | — | 322,413 | |||||||||||||||
Other Property and Equipment | 45,466 | 895 | — | — | 46,361 | |||||||||||||||
Wells and Facilities in Progress | 127,759 | 456 | — | (560 | ) | 127,655 | ||||||||||||||
Pipelines | 17,555 | — | — | (1,898 | ) | 15,657 | ||||||||||||||
Total Property and Equipment | 1,596,820 | 2,523 | — | (8,218 | ) | 1,591,125 | ||||||||||||||
Less: Accumulated Depreciation, Depletion and Amortization | (367,224 | ) | (730 | ) | — | 1,037 | (366,917 | ) | ||||||||||||
Net Property and Equipment | 1,229,596 | 1,793 | — | (7,181 | ) | 1,224,208 | ||||||||||||||
Deferred Financing Costs and Other Assets—Net | 2,421 | — | 14,649 | — | 17,070 | |||||||||||||||
Equity Method Investments | 17,895 | — | — | — | 17,895 | |||||||||||||||
Long-Term Deferred Tax Asset | — | — | 8,301 | — | 8,301 | |||||||||||||||
Intercompany Receivables | — | — | 951,025 | (951,025 | ) | — | ||||||||||||||
Investment in Subsidiaries – Net | 4,161 | 1,541 | 258,448 | (264,150 | ) | — | ||||||||||||||
Long-Term Derivative Instruments | 4,904 | — | — | — | 4,904 | |||||||||||||||
Total Assets | $ | 1,353,320 | $ | 40,338 | $ | 1,232,956 | $ | (1,224,893 | ) | $ | 1,401,721 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts Payable | $ | 55,877 | $ | — | $ | — | $ | (2,537 | ) | $ | 53,340 | |||||||||
Current Maturities of Long-Term Debt | 1,176 | — | — | — | 1,176 | |||||||||||||||
Accrued Liabilities | 46,783 | 571 | 12,124 | — | 59,478 | |||||||||||||||
Short-Term Derivative Instruments | 421 | — | — | — | 421 | |||||||||||||||
Current Deferred Tax Liability | — | — | 8,301 | — | 8,301 | |||||||||||||||
Liabilities Related to Assets Held for Sale | — | 25,115 | — | — | 25,115 | |||||||||||||||
Total Current Liabilities | 104,257 | 25,686 | 20,425 | (2,537 | ) | 147,831 | ||||||||||||||
Long-Term Derivative Instruments | 2,377 | — | — | — | 2,377 | |||||||||||||||
Senior Secured Line of Credit and Other Long-Term Debt | 251 | — | — | — | 251 | |||||||||||||||
8.875% Senior Notes Due 2020 | — | — | 350,000 | — | 350,000 | |||||||||||||||
6.25% Senior Notes Due 2022 | — | — | 325,000 | — | 325,000 | |||||||||||||||
Premium (Discount) on Senior Notes – Net | — | — | 2,725 | — | 2,725 | |||||||||||||||
Other Deposits and Liabilities | 4,018 | — | — | — | 4,018 | |||||||||||||||
Future Abandonment Cost | 38,097 | 49 | — | — | 38,146 | |||||||||||||||
Intercompany Payables | 947,114 | 3,911 | — | (951,025 | ) | — | ||||||||||||||
Total Liabilities | 1,096,114 | 29,646 | 698,150 | (953,562 | ) | 870,348 | ||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||
Preferred Stock | — | — | 1 | — | 1 | |||||||||||||||
Common Stock | — | — | 54 | — | 54 | |||||||||||||||
Additional Paid-In Capital | 177,144 | 79,743 | 617,826 | (256,887 | ) | 617,826 | ||||||||||||||
Accumulated Earnings (Deficit) | 80,062 | (69,253 | ) | (83,075 | ) | (18,483 | ) | (90,749 | ) | |||||||||||
Rex Energy Stockholders’ Equity | 257,206 | 10,490 | 534,806 | (275,370 | ) | 527,132 | ||||||||||||||
Noncontrolling Interests | — | 202 | — | 4,039 | 4,241 | |||||||||||||||
Total Stockholders’ Equity | 257,206 | 10,692 | 534,806 | (271,331 | ) | 531,373 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,353,320 | $ | 40,338 | $ | 1,232,956 | $ | (1,224,893 | ) | $ | 1,401,721 | |||||||||
REX ENERGY CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||
($ in Thousands) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Rex Energy Corporation (Note Issuer) | Eliminations | Consolidated Balance | ||||||||||||||||
OPERATING REVENUE | ||||||||||||||||||||
Oil, Natural Gas and NGL Sales | $ | 81,299 | $ | — | $ | — | $ | — | $ | 81,299 | ||||||||||
Other Revenue | 44 | — | — | — | 44 | |||||||||||||||
TOTAL OPERATING REVENUE | 81,343 | — | — | — | 81,343 | |||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Production and Lease Operating Expense | 20,030 | 3 | — | — | 20,033 | |||||||||||||||
General and Administrative Expense | 7,880 | 23 | 1,659 | — | 9,562 | |||||||||||||||
Loss on Disposal of Asset | 72 | — | — | — | 72 | |||||||||||||||
Impairment Expense | 25 | — | — | — | 25 | |||||||||||||||
Exploration Expense | 2,060 | — | — | — | 2,060 | |||||||||||||||
Depreciation, Depletion, Amortization and Accretion | 19,823 | 11 | — | (111 | ) | 19,723 | ||||||||||||||
Other Operating Expense | 83 | — | — | — | 83 | |||||||||||||||
TOTAL OPERATING EXPENSES | 49,973 | 37 | 1,659 | (111 | ) | 51,558 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS | 31,370 | (37 | ) | (1,659 | ) | 111 | 29,785 | |||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||
Interest Expense | (15 | ) | — | (6,918 | ) | — | (6,933 | ) | ||||||||||||
Gain (Loss) on Derivatives, Net | (10,439 | ) | — | 689 | — | (9,750 | ) | |||||||||||||
Other Expense | (37 | ) | — | — | — | (37 | ) | |||||||||||||
Loss From Equity Method Investments | (200 | ) | — | — | — | (200 | ) | |||||||||||||
Income (Loss) From Equity in Consolidated Subsidiaries | (25 | ) | 25 | 13,567 | (13,567 | ) | — | |||||||||||||
TOTAL OTHER INCOME (EXPENSE) | (10,716 | ) | 25 | 7,338 | (13,567 | ) | (16,920 | ) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE | 20,654 | (12 | ) | 5,679 | (13,456 | ) | 12,865 | |||||||||||||
INCOME TAX | ||||||||||||||||||||
Income Tax (Expense) Benefit | (6,637 | ) | (662 | ) | 3,189 | — | (4,110 | ) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 14,017 | (674 | ) | 8,868 | (13,456 | ) | 8,755 | |||||||||||||
Loss From Discontinued Operations, Net of Income Tax | — | 3,840 | — | (2,158 | ) | 1,682 | ||||||||||||||
Net Income (Loss) | 14,017 | 3,166 | 8,868 | (15,614 | ) | 10,437 | ||||||||||||||
Net Income Attributable to Noncontrolling Interests of Discontinued Operations | — | 1,569 | — | — | 1,569 | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO REX ENERGY | $ | 14,017 | $ | 1,597 | $ | 8,868 | $ | (15,614 | ) | $ | 8,868 | |||||||||
Preferred Stock Dividends | — | — | — | — | — | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 14,017 | $ | 1,597 | $ | 8,868 | $ | (15,614 | ) | $ | 8,868 | |||||||||
REX ENERGY CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDING MARCH 31, 2014 | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Rex Energy Corporation (Note Issuer) | Eliminations | Consolidated Balance | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net Income (Loss) | $ | 14,017 | $ | 3,166 | $ | 8,868 | $ | (15,614 | ) | $ | 10,437 | |||||||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by | ||||||||||||||||||||
Operating Activities | ||||||||||||||||||||
Loss From Equity Method Investments | 200 | — | — | — | 200 | |||||||||||||||
Non-Cash Expenses | (63 | ) | 139 | 1,922 | — | 1,998 | ||||||||||||||
Depreciation, Depletion, Amortization and Accretion | 19,823 | 712 | — | (111 | ) | 20,424 | ||||||||||||||
Deferred Income Tax Expense (Benefit) | 6,597 | 743 | (3,189 | ) | — | 4,151 | ||||||||||||||
Gain on Derivatives | 10,439 | — | (689 | ) | — | 9,750 | ||||||||||||||
Cash Settlements of Derivatives | (5,245 | ) | — | 368 | — | (4,877 | ) | |||||||||||||
Dry Hole Expense | 86 | — | — | — | 86 | |||||||||||||||
(Gain) Loss on Sale of Asset | 71 | — | — | — | 71 | |||||||||||||||
Impairment Expense | 25 | — | — | — | 25 | |||||||||||||||
Changes in operating assets and liabilities | ||||||||||||||||||||
Accounts Receivable | (8,921 | ) | (10,439 | ) | (50 | ) | 3,489 | (15,921 | ) | |||||||||||
Inventory, Prepaid Expenses and Other Assets | 31 | 14 | (189 | ) | — | (144 | ) | |||||||||||||
Accounts Payable and Accrued Liabilities | (16,986 | ) | 2,878 | 7,805 | (3,489 | ) | (9,792 | ) | ||||||||||||
Other Assets and Liabilities | (307 | ) | — | (41 | ) | — | (348 | ) | ||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 19,767 | (2,787 | ) | 14,805 | (15,725 | ) | 16,060 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Intercompany loans to subsidiaries | 62,160 | (175 | ) | (75,553 | ) | 13,568 | — | |||||||||||||
Proceeds from Joint Venture Acreage Management | 67 | — | — | — | 67 | |||||||||||||||
Proceeds from the Sale of Oil and Gas Properties, Prospects and Other Assets | 15 | — | — | — | 15 | |||||||||||||||
Acquisitions of Undeveloped Acreage | (15,077 | ) | (457 | ) | — | — | (15,534 | ) | ||||||||||||
Capital Expenditures for Development of Oil and Gas Properties and Equipment | (66,618 | ) | (2,020 | ) | — | 2,157 | (66,481 | ) | ||||||||||||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (19,453 | ) | (2,652 | ) | (75,553 | ) | 15,725 | (81,933 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from Long-Term Debt and Lines of Credit | — | 5,922 | 61,000 | — | 66,922 | |||||||||||||||
Repayments of Long-Term Debt and Lines of Credit | — | (19 | ) | — | — | (19 | ) | |||||||||||||
Repayments of Loans and Other Notes Payable | (399 | ) | (129 | ) | — | — | (528 | ) | ||||||||||||
Debt Issuance Costs | — | — | (252 | ) | — | (252 | ) | |||||||||||||
Distributions by the Partners of Consolidated Subsidiaries | — | (360 | ) | — | — | (360 | ) | |||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (399 | ) | 5,414 | 60,748 | — | 65,763 | ||||||||||||||
NET INCREASE (DECREASE) IN CASH | (85 | ) | (25 | ) | — | — | (110 | ) | ||||||||||||
CASH – BEGINNING | 1,386 | 509 | 5 | — | 1,900 | |||||||||||||||
CASH - ENDING | $ | 1,301 | $ | 484 | $ | 5 | $ | — | $ | 1,790 | ||||||||||
Recently_Issued_Accounting_Pro1
Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposal of Components of an Entity. The amendments in this ASU change the criteria for reporting discontinued operations while enhancing the disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. The amendments in this ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. We adopted this ASU on January 1, 2015. |
In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The amendments in this ASU intend to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations and securitization structures. The ASU focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. In addition to reducing the number of consolidation models from four to two, the new standard places more emphasis on risk of loss when determining a controlling financial interest, reduces the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity and changes consolidation conclusions in several industries that typically make use of limited partnerships or variable interest entities. This ASU will be effective for periods beginning after December 15, 2015, for public companies, and early adoption is permitted, including adoption in an interim period. We are currently evaluating the potential effect of this ASU but do not believe that it will have a material impact on our Consolidated Financial Statements. | |
In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The standard requires an entity to present debt issuance costs related to a recognized liability as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance in the ASU is effective for public entities for annual reporting periods beginning after December 15, 2015, including interim periods therein. Early adoption is permitted. We are currently evaluating the potential effect of this ASU and the related impact on our Consolidated Financial Statements. As of March 31, 2015, we had approximately $14.6 million in net deferred financing costs that would be potentially reclassified to reduce the debt carrying balance. |
Future_Abandonment_Cost_Tables
Future Abandonment Cost (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Asset Retirement Obligation Disclosure [Abstract] | ||||
Future Abandonment Costs | We account for future abandonment costs that relate to wells that are drilled jointly based on our working interest in those wells. | |||
($ in Thousands) | Three Months Ended March 31, 2015 | |||
Beginning Balance at January 1, 2015 | $ | 40,099 | ||
Future Abandonment Obligation Incurred | 249 | |||
Future Abandonment Obligation Settled | (266 | ) | ||
Future Abandonment Obligation Cancelled or Sold | (34 | ) | ||
Future Abandonment Obligation Revision of Estimated Obligation | (2 | ) | ||
Future Abandonment Obligation Accretion Expense | 921 | |||
Total Future Abandonment Cost1 | $ | 40,967 | ||
1 Includes approximately $1.9 million of short-term future abandonment costs, which are classified as Accrued Liabilities on our Consolidated Balance Sheet. |
Discontinued_OperationsAssets_1
Discontinued Operations/Assets Held For Sale (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Summary of Financial Information for Discontinued Operations | The carrying value of the assets and liabilities of Water Solutions that are classified as held for sale in the accompanying Consolidated Balance Sheets at March 31, 2015 and December 31, 2014 are as follows: | ||||||||
March 31, | December 31, | ||||||||
($ in Thousands) | 2015 | 2014 | |||||||
Assets: | |||||||||
Cash and Cash Equivalents | $ | 322 | $ | 118 | |||||
Accounts Receivable | 14,223 | 13,226 | |||||||
Inventory, Prepaid Expenses and Other | 484 | 163 | |||||||
Total Current Assets | 15,029 | 13,507 | |||||||
Other Property and Equipment, Net | 26,681 | 19,690 | |||||||
Wells and Facilities in Progress | 628 | 688 | |||||||
Intangible Assets, Net | 358 | 372 | |||||||
Total Long-Term Assets | 27,667 | 20,750 | |||||||
Total Assets Held for Sale | $ | 42,696 | $ | 34,257 | |||||
Liabilities: | |||||||||
Accounts Payable | $ | 3,475 | $ | 3,694 | |||||
Current Maturities of Long-Term Debt | 14,344 | 6,236 | |||||||
Accrued Liabilities | 3,892 | 6,304 | |||||||
Total Current Liabilities | 21,711 | 16,234 | |||||||
Senior Secured Line of Credit and Long-Term Debt | 9,808 | 8,881 | |||||||
Total Long-Term Liabilities | 9,808 | 8,881 | |||||||
Total Liabilities Related to Assets Held for Sale | $ | 31,519 | $ | 25,115 | |||||
Net Assets Held for Sale | $ | 11,177 | $ | 9,142 | |||||
Water Solutions Holdings, LLC | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Summary of Financial Information for Discontinued Operations | Summarized financial information for Discontinued Operations related to Water Solutions is set forth in the table below, and does not reflect the costs of certain services provided. Such indirect costs, which were not allocated to the Discontinued Operations, were for services, including legal counsel, insurance, external audit fees, payroll processing, certain human resource services and information technology systems support. | ||||||||
Three Months Ended March 31, | |||||||||
($ in Thousands) | 2015 | 2014 | |||||||
Revenues: | |||||||||
Field Services Revenue | $ | 14,964 | $ | 15,304 | |||||
Total Operating Revenue | 14,964 | 15,304 | |||||||
Costs and Expenses: | |||||||||
General and Administrative Expense | 977 | 830 | |||||||
Depreciation, Depletion, Amortization and Accretion | 39 | 701 | |||||||
Field Services Operating Expense | 11,289 | 11,796 | |||||||
Gain on Sale of Asset | (32 | ) | — | ||||||
Interest Expense | 191 | 202 | |||||||
Other Expense | 103 | 11 | |||||||
Total Costs and Expenses | 12,567 | 13,540 | |||||||
Income from Discontinued Operations Before Income Taxes | 2,397 | 1,764 | |||||||
Income Tax Expense | (435 | ) | (82 | ) | |||||
Income from Discontinued Operations, net of taxes | $ | 1,962 | $ | 1,682 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Components of Long-Term Debt and Lines of Credit | In addition to the Senior Credit Facility and the Senior Notes, we may, from time to time in the normal course of business finance assets such as vehicles, office equipment and leasehold improvements through debt financing at favorable terms. Long-term debt and other obligations consisted of the following at March 31, 2015 and December 31, 2014: | |||||||
($ in Thousands) | March 31, 2015 (Unaudited) | 31-Dec-14 | ||||||
8.875% Senior Notes Due 2020 | $ | 350,000 | $ | 350,000 | ||||
6.25% Senior Notes Due 2022 | 325,000 | 325,000 | ||||||
Premium on Senior Notes, Net | 2,632 | 2,725 | ||||||
Senior Line of Credit(a) | 38,000 | — | ||||||
Capital Leases and Other Obligations(a) | 1,193 | 1,427 | ||||||
Total Debt | 716,825 | 679,152 | ||||||
Less Current Portion of Long-Term Debt | (1,056 | ) | (1,176 | ) | ||||
Total Long-Term Debt | $ | 715,769 | $ | 677,976 | ||||
(a) | The Senior Credit Facility requires us to make monthly payments of interest on the outstanding balance of loans made under the agreement. The weighted average interest rate on borrowings under our Senior Credit Facility for the three months ended March 31, 2015 and the year ended December 31, 2014, was approximately 1.7% and 2.2%, respectively. The average interest rate on our capital leases and other obligations for the three months ended March 31, 2015 and the year ended December 31, 2014, was approximately 4.2% and 4.0%, respectively. | |||||||
Principal Maturity Schedule for Total Debt Outstanding | The following is the principal maturity schedule for debt outstanding as of March 31, 2015: | |||||||
2015 | $ | 868 | ||||||
2016 | 325 | |||||||
2017 | — | |||||||
2018 | — | |||||||
2019 | 38,000 | |||||||
Thereafter | 675,000 | |||||||
Total(a) | $ | 714,193 | ||||||
— | Excludes $2.6 million net premium on Senior Notes. |
Fair_Value_Of_Financial_And_De1
Fair Value Of Financial And Derivative Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
Fair Value Of Financial Instruments And Derivative Instruments [Abstract] | |||||||||||||||||||||||||||
Schedule of Location and Amounts of Gains and Losses on Derivative Instruments | The following table summarizes the location and amounts of gains and losses on our derivative instruments from continuing operations, none of which are designated as hedges for accounting purposes, in our accompanying Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||
($ in Thousands) | 2015 | 2014 | |||||||||||||||||||||||||
Oil | $ | 2,876 | $ | (1,168 | ) | ||||||||||||||||||||||
Natural Gas | 13,600 | (8,928 | ) | ||||||||||||||||||||||||
NGLs | 435 | (343 | ) | ||||||||||||||||||||||||
Refined Products | (55 | ) | — | ||||||||||||||||||||||||
Interest Rate | 263 | 689 | |||||||||||||||||||||||||
Gain (Loss) on Derivatives, Net | $ | 17,119 | $ | (9,750 | ) | ||||||||||||||||||||||
Asset or Liability Financial Commodity Derivative Instrument Positions | Our open asset/(liability) financial commodity derivative instrument positions at March 31, 2015 consisted of: | ||||||||||||||||||||||||||
Period | Volume | Put Option | Floor | Ceiling | Swap | Long Call | Fair Market Value ($ in Thousands) | ||||||||||||||||||||
Oil | |||||||||||||||||||||||||||
2015 - Deferred Put Spreads | 90,000 Bbls | $ | 73.08 | $ | 83.33 | $ | — | $ | — | $ | — | $ | 739 | ||||||||||||||
2015 - Collars | 180,000 Bbls | — | 52.58 | 62.89 | — | — | 480 | ||||||||||||||||||||
2015 - Call Protected Swaps | 15,000 Bbls | — | — | — | 95.76 | 110 | 691 | ||||||||||||||||||||
2015 - Three-Way Collars | 450,000 Bbls | 50 | 65 | 72.5 | — | — | 4,232 | ||||||||||||||||||||
2016 - Collars | 60,000 Bbls | — | 53.75 | 63.81 | — | — | 144 | ||||||||||||||||||||
2016 - Deferred Put Spreads | 120,000 Bbls | 50 | 65 | — | — | — | 83 | ||||||||||||||||||||
915,000 Bbls | $ | 6,369 | |||||||||||||||||||||||||
Natural Gas | |||||||||||||||||||||||||||
2015 - Swaps | 17,275,000 Mcf | $ | — | $ | — | $ | — | $ | 3.38 | $ | — | $ | 10,563 | ||||||||||||||
2015 - Swaptions | 2,650,000 Mcf | — | — | — | 3.54 | — | 1,700 | ||||||||||||||||||||
2015 - Cap Swaps | 5,850,000 Mcf | 3.43 | — | — | 4.12 | — | 3,026 | ||||||||||||||||||||
2015 - Three-Way Collars | 3,400,000 Mcf | 2.64 | 3.32 | 3.88 | — | — | 769 | ||||||||||||||||||||
2015 - Put Spreads | 4,550,000 Mcf | 2.56 | 3.32 | — | — | — | 1,873 | ||||||||||||||||||||
2015 - Calls | 2,850,000 Mcf | — | — | 3.94 | — | — | (99 | ) | |||||||||||||||||||
2015 - Basis Swaps - Dominion South | 9,780,000 Mcf | — | — | — | (0.79 | ) | — | 1,174 | |||||||||||||||||||
2016 - Swaps | 6,630,000 Mcf | — | — | — | 3.69 | — | 3,679 | ||||||||||||||||||||
2016 - Swaptions | 0 Mcf | — | — | — | — | — | (692 | ) | |||||||||||||||||||
2016 - Cap Swaps | 3,600,000 Mcf | 3.45 | — | — | 4.11 | — | 1,454 | ||||||||||||||||||||
2016 - Collars | 900,000 Mcf | — | 3.2 | 4.04 | — | — | 223 | ||||||||||||||||||||
2016 - Three-Way Collars | 8,850,000 Mcf | 2.66 | 3.42 | 4.29 | — | — | 1,845 | ||||||||||||||||||||
2016 - Put Spreads | 2,100,000 Mcf | 2.25 | 3 | — | — | — | (18 | ) | |||||||||||||||||||
2016 - Calls | 9,120,000 Mcf | — | — | 4.23 | — | — | (988 | ) | |||||||||||||||||||
2016 - Basis Swaps - Dominion South | 7,320,000 Mcf | — | — | — | (0.83 | ) | — | (207 | ) | ||||||||||||||||||
2017 - Swaps | 1,800,000 Mcf | — | — | — | 3.64 | — | 577 | ||||||||||||||||||||
2017 - Cap Swaps | 2,100,000 Mcf | 3.34 | — | — | 4.07 | — | 811 | ||||||||||||||||||||
2017 - Three-Way Collars | 6,600,000 Mcf | 2.37 | 3.19 | 4.26 | — | — | 1,089 | ||||||||||||||||||||
2017 - Calls | 1,440,000 Mcf | — | — | 3.9 | — | — | (283 | ) | |||||||||||||||||||
2017 - Basis Swaps - Dominion South | 7,300,000 Mcf | — | — | — | (0.83 | ) | — | (207 | ) | ||||||||||||||||||
2017 - Basis Swaps - Texas Gas | 14,600,000 Mcf | — | — | — | (0.13 | ) | — | (172 | ) | ||||||||||||||||||
2018 - Swaps | 1,200,000 Mcf | — | — | — | 3.61 | — | 273 | ||||||||||||||||||||
2018 - Cap Swaps | 1,800,000 Mcf | 3.3 | — | — | 4.05 | — | 683 | ||||||||||||||||||||
2018 - Basis Swaps - Dominion South | 7,300,000 Mcf | — | — | — | (0.83 | ) | — | (207 | ) | ||||||||||||||||||
2018 - Basis Swaps - Texas Gas | 14,600,000 Mcf | — | — | — | (0.13 | ) | — | (172 | ) | ||||||||||||||||||
2019 - Basis Swaps - Dominion South | 7,300,000 Mcf | — | — | — | (0.83 | ) | — | (207 | ) | ||||||||||||||||||
2020 - Basis Swaps - Dominion South | 7,320,000 Mcf | — | — | — | (0.83 | ) | — | (207 | ) | ||||||||||||||||||
158,235,000 Mcf | $ | 26,280 | |||||||||||||||||||||||||
NGLs | |||||||||||||||||||||||||||
2015 - C3+ NGL Swaps | 732,000 Bbls | $ | — | $ | — | $ | — | $ | 32.9 | $ | — | $ | 3,934 | ||||||||||||||
2015 - Ethane Swaps | 277,500 Bbls | — | — | — | 8.5 | — | 234 | ||||||||||||||||||||
2016 - C3+ NGL Swaps | 375,000 Bbls | — | — | — | 31.08 | — | 887 | ||||||||||||||||||||
2016 - Ethane Swaps | 120,000 Bbls | — | — | — | 8.09 | — | (2 | ) | |||||||||||||||||||
1,504,500 Bbls | $ | 5,053 | |||||||||||||||||||||||||
Refined Product (Heating Oil) | |||||||||||||||||||||||||||
2016 - Swaps | 12,000 Bbls | $ | — | $ | — | $ | — | $ | 42 | $ | — | (55 | ) | ||||||||||||||
12,000 Bbls | $ | (55 | ) | ||||||||||||||||||||||||
Combined Fair Value of Derivatives | The combined fair value of derivatives, none of which are designated or qualifying as hedges, included in our Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014 is summarized below: | ||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||
($ in Thousands) | 2015 | 2014 | |||||||||||||||||||||||||
Short-Term Derivative Assets: | |||||||||||||||||||||||||||
Crude Oil—Collars | $ | 552 | $ | — | |||||||||||||||||||||||
Crude Oil—Deferred Put Spread | 760 | 1,413 | |||||||||||||||||||||||||
Crude Oil—Call Protected Swap | 691 | 1,227 | |||||||||||||||||||||||||
Crude Oil—Three-Way Collars | 4,232 | 4,596 | |||||||||||||||||||||||||
NGL—Swaps | 5,008 | 6,181 | |||||||||||||||||||||||||
Natural Gas—Swaps | 11,232 | 4,522 | |||||||||||||||||||||||||
Natural Gas—Cap Swaps | 3,585 | 3,430 | |||||||||||||||||||||||||
Natural Gas—Basis Swaps | 1,329 | 2,815 | |||||||||||||||||||||||||
Natural Gas—Three-Way Collars | 1,263 | 5,081 | |||||||||||||||||||||||||
Natural Gas—Swaption | 1,755 | — | |||||||||||||||||||||||||
Natural Gas—Collars | 223 | — | |||||||||||||||||||||||||
Natural Gas—Call | (80 | ) | — | ||||||||||||||||||||||||
Natural Gas—Put Spread | 1,872 | — | |||||||||||||||||||||||||
Interest Rate—Swap | 427 | — | |||||||||||||||||||||||||
Total Short-Term Derivative Assets | $ | 32,849 | $ | 29,265 | |||||||||||||||||||||||
Long-Term Derivative Assets: | |||||||||||||||||||||||||||
NGL—Swaps | $ | 838 | $ | — | |||||||||||||||||||||||
Crude Oil—Collars | 72 | — | |||||||||||||||||||||||||
Crude Oil—Deferred Put Spread | 62 | — | |||||||||||||||||||||||||
Natural Gas—Cap Swaps | 2,389 | 1,617 | |||||||||||||||||||||||||
Natural Gas—Swaps | 3,890 | 1,554 | |||||||||||||||||||||||||
Natural Gas—Basis Swaps | 41 | — | |||||||||||||||||||||||||
Natural Gas—Three-Way Collars | 2,440 | 1,733 | |||||||||||||||||||||||||
Interest Rate—Swap | 308 | — | |||||||||||||||||||||||||
Total Long-Term Derivative Assets | $ | 10,040 | $ | 4,904 | |||||||||||||||||||||||
Total Derivative Assets | $ | 42,889 | $ | 34,169 | |||||||||||||||||||||||
Short-Term Derivative Liabilities: | |||||||||||||||||||||||||||
NGL—Swaps | $ | (791 | ) | $ | — | ||||||||||||||||||||||
Refined Product—Swaps | (13 | ) | — | ||||||||||||||||||||||||
Natural Gas—Call | (174 | ) | (74 | ) | |||||||||||||||||||||||
Natural Gas—Swaps | (30 | ) | — | ||||||||||||||||||||||||
Natural Gas—Swaption | (55 | ) | (154 | ) | |||||||||||||||||||||||
Natural Gas—Basis Swaps | (207 | ) | (193 | ) | |||||||||||||||||||||||
Interest Rate—Swaption | (123 | ) | — | ||||||||||||||||||||||||
Total Short - Term Derivative Liabilities | $ | (1,393 | ) | $ | (421 | ) | |||||||||||||||||||||
Long-Term Derivative Liabilities: | |||||||||||||||||||||||||||
NGL—Swaps | $ | (2 | ) | $ | — | ||||||||||||||||||||||
Refined Product—Swaps | (42 | ) | — | ||||||||||||||||||||||||
Natural Gas—Put Spread | (17 | ) | — | ||||||||||||||||||||||||
Natural Gas—Basis Swaps | (1,368 | ) | (1,281 | ) | |||||||||||||||||||||||
Natural Gas—Swaption | (692 | ) | — | ||||||||||||||||||||||||
Natural Gas—Call | (1,116 | ) | (1,096 | ) | |||||||||||||||||||||||
Interest Rate—Swap | (849 | ) | — | ||||||||||||||||||||||||
Total Long-Term Derivative Liabilities | $ | (4,086 | ) | $ | (2,377 | ) | |||||||||||||||||||||
Total Derivative Liabilities | $ | (5,479 | ) | $ | (2,798 | ) | |||||||||||||||||||||
Significant Unobservable Inputs Used in Fair Value Measurements of Natural Gas Basis Swaps | The significant unobservable inputs and the range and weighted average of these inputs used in the fair value measurements of our natural gas basis swaps as of March 31, 2015 and December 31, 2014 are included in the table below. | ||||||||||||||||||||||||||
As of March 31, 2015 | |||||||||||||||||||||||||||
Range | Weighted Average | Fair Value | |||||||||||||||||||||||||
(price per Mcf) | (price per Mcf) | (in thousands) | |||||||||||||||||||||||||
Natural Gas Basis Differential Forward Curve - Dominion South | ($0.38) - ($1.23) | $ | (0.82 | ) | $ | 139 | |||||||||||||||||||||
Natural Gas Basis Differential Forward Curve - Texas Gas | ($0.10) - ($0.13) | $ | (0.11 | ) | $ | (344 | ) | ||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||
Range | Weighted Average | Fair Value | |||||||||||||||||||||||||
(price per Mcf) | (price per Mcf) | (in thousands) | |||||||||||||||||||||||||
Natural Gas Basis Differential Forward Curve - Dominion South | ($0.27) - ($1.39) | $ | (0.84 | ) | $ | 1,341 | |||||||||||||||||||||
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value | The following table presents the fair value hierarchy table for assets and liabilities measured at fair value: | ||||||||||||||||||||||||||
Fair Value Measurements at March 31, 2015 Using: | |||||||||||||||||||||||||||
($ in Thousands) | Total Carrying Value as of March 31, 2015 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||
Commodity Derivatives | $ | 37,647 | $ | — | $ | 37,852 | $ | (205 | ) | ||||||||||||||||||
Interest Rate Swap | (114 | ) | — | (114 | ) | — | |||||||||||||||||||||
Interest Rate Swaption | (123 | ) | — | (123 | ) | — | |||||||||||||||||||||
Fair Value Measurements at December 31, 2014 Using: | |||||||||||||||||||||||||||
($ in Thousands) | Total Carrying Value as of December 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||
Commodity Derivatives | $ | 31,371 | $ | — | $ | 30,030 | $ | 1,341 | |||||||||||||||||||
Reconciliation of Commodity Derivative Contracts Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | The table below sets forth a reconciliation of our commodity derivative contracts at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2015 and 2014: | ||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||
($ in Thousands) | 2015 | 2014 | |||||||||||||||||||||||||
Beginning Balance of Level 3 | $ | 1,341 | $ | 4,323 | |||||||||||||||||||||||
Changes in Fair Value | (1,955 | ) | (2,356 | ) | |||||||||||||||||||||||
Purchases | — | — | |||||||||||||||||||||||||
Settlements Received | 409 | 284 | |||||||||||||||||||||||||
Ending Balance of Level 3 | $ | (205 | ) | $ | 2,251 | ||||||||||||||||||||||
Financial Instruments Not Recorded at Fair Value | The following table sets forth the fair values of financial instruments that are not recorded at fair value in our Consolidated Financial Statements: | ||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||
($ in Thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
8.875% Senior Notes due 2020 | $ | 350,000 | $ | 269,500 | $ | 350,000 | $ | 311,955 | |||||||||||||||||||
6.25% Senior Notes due 2022 | $ | 325,000 | $ | 217,360 | 325,000 | 241,313 | |||||||||||||||||||||
Secured Lines of Credit | 38,000 | 38,000 | — | — | |||||||||||||||||||||||
Capital Leases and Other Obligations | 1,193 | 1,167 | 1,427 | 1,393 | |||||||||||||||||||||||
Total | $ | 714,193 | $ | 526,027 | $ | 676,427 | $ | 554,661 | |||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Schedule of Income Tax Included in Continuing Operations | Income tax included in continuing operations was as follows: | |||||||
Three Months Ended March 31, | ||||||||
($ in Thousands) | 2015 | 2014 | ||||||
Income (Expense) Benefit | $ | 92 | $ | (4,110 | ) | |||
Effective Tax Rate | 0.5 | % | 31.9 | % | ||||
Recovered_Sheet1
Employee Benefit And Equity Plans (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||
Summary of Issued and Outstanding Stock Options | A summary of the status of our issued and outstanding stock options as of March 31, 2015 is as follows: | ||||||||||||||||||
Outstanding | Exercisable | ||||||||||||||||||
Exercise Price | Number Outstanding At 3/31/15 | Weighted-Average Exercise Price | Number Exercisable At 3/31/15 | Weighted-Average Exercise Price | |||||||||||||||
$ | 4.05 | 40,000 | $ | 4.05 | — | $ | — | ||||||||||||
$ | 4.9 | 40,000 | $ | 4.9 | — | $ | — | ||||||||||||
$ | 5.04 | 46,041 | $ | 5.04 | 46,041 | $ | 5.04 | ||||||||||||
$ | 9.5 | 75,000 | $ | 9.5 | 75,000 | $ | 9.5 | ||||||||||||
$ | 9.99 | 149,333 | $ | 9.99 | 149,333 | $ | 9.99 | ||||||||||||
$ | 10.42 | 29,548 | $ | 10.42 | 29,548 | $ | 10.42 | ||||||||||||
$ | 11.87 | 3,500 | $ | 11.87 | 3,500 | $ | 11.87 | ||||||||||||
$ | 12.5 | 19,139 | $ | 12.5 | 19,139 | $ | 12.5 | ||||||||||||
$ | 13.19 | 50,000 | $ | 13.19 | 50,000 | $ | 13.19 | ||||||||||||
$ | 22.34 | 30,000 | $ | 22.34 | 30,000 | $ | 22.34 | ||||||||||||
482,561 | $ | 9.77 | 402,561 | $ | 10.82 | ||||||||||||||
Monte Carlo Simulation Model Assumptions Used to Estimate Fair Value of Restricted Stock | Average fair values were estimated on the date of each grant using a Monte Carlo Simulation model that estimates the most likely outcome based on the terms of the award and used the following assumptions: | ||||||||||||||||||
Three Months Ended March 31, 2015 | Year Ended December 31, 2014 | ||||||||||||||||||
Expected Dividend Yield | 0 | % | 0 | % | |||||||||||||||
Risk-Free Interest Rate | 1 | % | 0.8 | % | |||||||||||||||
Expected Volatility – Rex Energy | 58.6 | % | 50.4 | % | |||||||||||||||
Expected Volatility – Peer Group | 29.8%-85.0 | % | 28.4%-65.7 | % | |||||||||||||||
Market Index | 35.6 | % | 35.3 | % | |||||||||||||||
Expected Life | Three Years | Three Years | |||||||||||||||||
Summary of Nonvested Restricted Stock Activity | A summary of the restricted stock activity for the three months ended March 31, 2015 is as follows: | ||||||||||||||||||
Number of Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||||
Restricted stock awards, as of December 31, 2014 | 1,519,301 | $ | 14.05 | ||||||||||||||||
Awards | 1,336,295 | 4.04 | |||||||||||||||||
Forfeitures | (244,539 | ) | 12.55 | ||||||||||||||||
Vested | (202,492 | ) | 12.52 | ||||||||||||||||
Restricted stock awards, as of March 31, 2015 | 2,408,565 | $ | 8.65 | ||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ||||||||||||||||||||
Lease Commitments for Each of Next Five Years | As of March 31, 2015, we have lease commitments for various real estate leases. Rent expense is recognized on a straight-line basis and has been recorded in General and Administrative expense on our Consolidated Statements of Operations. Rent expense for each of the three months ended March 31, 2015 and 2014 was approximately $0.2 million. Lease commitments by year for each of the next five years are presented in the table below: | |||||||||||||||||||
($ in Thousands) | ||||||||||||||||||||
2015 | $ | 848 | ||||||||||||||||||
2016 | 1,129 | |||||||||||||||||||
2017 | 1,143 | |||||||||||||||||||
2018 | 721 | |||||||||||||||||||
2019 | 721 | |||||||||||||||||||
Thereafter | 180 | |||||||||||||||||||
Total | $ | 4,742 | ||||||||||||||||||
Minimum Net Obligations under Sales, Gathering and Transportation Agreements | Minimum net obligations under these sales, gathering and transportation agreements for the next five years are as follows: | |||||||||||||||||||
($ in Thousands) | Total | |||||||||||||||||||
2015 | $ | 16,516 | ||||||||||||||||||
2016 | 32,656 | |||||||||||||||||||
2017 | 51,581 | |||||||||||||||||||
2018 | 54,267 | |||||||||||||||||||
2019 | 53,181 | |||||||||||||||||||
Thereafter | 624,195 | |||||||||||||||||||
Total | $ | 832,396 | ||||||||||||||||||
Fee for Unconventional Gas Wells | In 2012, Pennsylvania state legislators instituted a natural gas impact fee on producers of unconventional natural gas. The fee will be imposed on every producer of unconventional gas and applies to unconventional wells spud in Pennsylvania regardless of when spudding occurred. The fee for each unconventional gas well is determined using the following matrix, with vertical unconventional gas wells being charged 20% of the applicable rates: | |||||||||||||||||||
<$2.25(a) | $2.26 - $2.99(a) | $3.00 - $4.99(a) | $5.00 - $5.99(a) | >$5.99(a) | ||||||||||||||||
Year One | $ | 40,200 | $ | 45,300 | $ | 50,300 | $ | 55,300 | $ | 60,400 | ||||||||||
Year Two | $ | 30,200 | $ | 35,000 | $ | 40,200 | $ | 45,300 | $ | 55,300 | ||||||||||
Year Three | $ | 25,200 | $ | 30,200 | $ | 30,200 | $ | 40,200 | $ | 50,300 | ||||||||||
Year 4 – 10 | $ | 10,100 | $ | 15,100 | $ | 20,100 | $ | 20,100 | $ | 20,100 | ||||||||||
Year 11 – 15 | $ | 5,000 | $ | 5,000 | $ | 10,100 | $ | 10,100 | $ | 10,100 | ||||||||||
(a) Pricing utilized for determining annual fee is based on the arithmetic mean of the NYMEX settled price for the near-month contract as reported by the Wall Street Journal for the last trading day of each month of a calendar year for the 12-month period ending December 31. |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Computation of Basic and Diluted Earning Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: | |||||||
(in thousands, except per share amounts) | Three Months Ended March 31, | |||||||
Numerator: | 2015 | 2014 | ||||||
Net Income (Loss) From Continuing Operations | $ | (18,479 | ) | $ | 8,755 | |||
Net Income From Discontinued Operations, Less Noncontrolling Interests | 665 | 113 | ||||||
Less: Preferred Stock Dividends | (2,415 | ) | — | |||||
Net Income (Loss) Attributable to Common Shareholders | $ | (20,229 | ) | $ | 8,868 | |||
Denominator: | ||||||||
Weighted Average Common Shares Outstanding - Basic | 54,370 | 52,984 | ||||||
Effect of Dilutive Securities: | ||||||||
Employee Stock Options | — | 150 | ||||||
Employee Performance-Based Restricted Stock Awards | — | 369 | ||||||
Effect of Assumed Conversions of Preferred Stock | — | — | ||||||
Weighted Average Common Shares Outstanding - Diluted | 54,370 | 53,503 | ||||||
Earnings per Common Share Attributable to Rex Energy Common Shareholders: | ||||||||
Basic — Net Income (Loss) From Continuing Operations | $ | (0.38 | ) | $ | 0.17 | |||
— Net Income From Discontinued Operations | 0.01 | 0 | ||||||
— Net Income (Loss) Attributable to Rex Energy Common Shareholders | $ | (0.37 | ) | $ | 0.17 | |||
Diluted — Net Income (Loss) From Continuing Operations | $ | (0.38 | ) | $ | 0.17 | |||
— Net Income From Discontinued Operations | 0.01 | 0 | ||||||
— Net Income (Loss) Attributable to Rex Energy Common Shareholders | $ | (0.37 | ) | $ | 0.17 | |||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | REX ENERGY CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
AS OF MARCH 31, 2015 | ||||||||||||||||||||
($ in Thousands, Except Share and Per Share Data) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Rex Energy Corporation (Note Issuer) | Eliminations | Consolidated Balance | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 5,014 | $ | (55 | ) | $ | 5 | $ | — | $ | 4,964 | |||||||||
Accounts Receivable | 33,289 | 50 | 47 | — | 33,386 | |||||||||||||||
Taxes Receivable | — | — | 2 | — | 2 | |||||||||||||||
Short-Term Derivative Instruments | 32,422 | — | 427 | — | 32,849 | |||||||||||||||
Assets Held for Sale | 54,452 | (11,756 | ) | 42,696 | ||||||||||||||||
Inventory, Prepaid Expenses and Other | 2,662 | — | 75 | — | 2,737 | |||||||||||||||
Total Current Assets | 73,387 | 54,447 | 556 | (11,756 | ) | 116,634 | ||||||||||||||
Property and Equipment (Successful Efforts Method) | ||||||||||||||||||||
Evaluated Oil and Gas Properties | 1,153,433 | 524 | — | (6,489 | ) | 1,147,468 | ||||||||||||||
Unevaluated Oil and Gas Properties | 334,581 | 698 | — | — | 335,279 | |||||||||||||||
Other Property and Equipment | 45,837 | 895 | — | — | 46,732 | |||||||||||||||
Wells and Facilities in Progress | 102,236 | 428 | — | (671 | ) | 101,993 | ||||||||||||||
Pipelines | 17,555 | — | — | (1,898 | ) | 15,657 | ||||||||||||||
Total Property and Equipment | 1,653,642 | 2,545 | — | (9,058 | ) | 1,647,129 | ||||||||||||||
Less: Accumulated Depreciation, Depletion and Amortization | (395,810 | ) | (798 | ) | — | 1,271 | (395,337 | ) | ||||||||||||
Net Property and Equipment | 1,257,832 | 1,747 | — | (7,787 | ) | 1,251,792 | ||||||||||||||
Deferred Financing Costs and Other Assets—Net | 2,421 | — | 14,637 | — | 17,058 | |||||||||||||||
Equity Method Investments | 17,692 | — | — | — | 17,692 | |||||||||||||||
Long-Term Deferred Tax Asset | — | — | 8,301 | — | 8,301 | |||||||||||||||
Intercompany Receivables | — | — | 978,279 | (978,279 | ) | — | ||||||||||||||
Investment in Subsidiaries – Net | (1,909 | ) | — | 249,967 | (248,058 | ) | — | |||||||||||||
Long-Term Derivative Instruments | 9,732 | — | 308 | — | 10,040 | |||||||||||||||
Total Assets | $ | 1,359,155 | $ | 56,194 | $ | 1,252,048 | $ | (1,245,880 | ) | $ | 1,421,517 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts Payable | $ | 47,472 | $ | 55 | $ | — | $ | (2,411 | ) | $ | 45,116 | |||||||||
Current Maturities of Long-Term Debt | 1,056 | — | — | — | 1,056 | |||||||||||||||
Accrued Liabilities | 41,799 | 274 | 14,486 | — | 56,559 | |||||||||||||||
Short-Term Derivative Instruments | 1,271 | — | 122 | — | 1,393 | |||||||||||||||
Current Deferred Tax Liability | — | — | 8,301 | — | 8,301 | |||||||||||||||
Liabilities Related to Assets Held for Sale | — | 31,895 | — | (376 | ) | 31,519 | ||||||||||||||
Total Current Liabilities | 91,598 | 32,224 | 22,909 | (2,787 | ) | 143,944 | ||||||||||||||
Long-Term Derivative Instruments | 3,237 | — | 849 | — | 4,086 | |||||||||||||||
Senior Secured Line of Credit and Other Long-Term Debt | 137 | — | 38,000 | — | 38,137 | |||||||||||||||
8.875% Senior Notes Due 2020 | — | — | 350,000 | — | 350,000 | |||||||||||||||
6.25% Senior Notes Due 2022 | — | — | 325,000 | — | 325,000 | |||||||||||||||
Premium on Senior Notes – Net | — | — | 2,632 | — | 2,632 | |||||||||||||||
Other Deposits and Liabilities | 3,812 | — | — | — | 3,812 | |||||||||||||||
Future Abandonment Cost | 38,987 | 53 | — | — | 39,040 | |||||||||||||||
Intercompany Payables | 974,363 | 3,916 | — | (978,279 | ) | — | ||||||||||||||
Total Liabilities | 1,112,134 | 36,193 | 739,390 | (981,066 | ) | 906,651 | ||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||
Preferred Stock | — | — | 1 | — | 1 | |||||||||||||||
Common Stock | — | — | 54 | — | 54 | |||||||||||||||
Additional Paid-In Capital | 177,143 | 15,511 | 620,782 | (192,654 | ) | 620,782 | ||||||||||||||
Accumulated Earnings (Deficit) | 69,878 | (517 | ) | (108,179 | ) | (72,160 | ) | (110,978 | ) | |||||||||||
Rex Energy Stockholders’ Equity | 247,021 | 14,994 | 512,658 | (264,814 | ) | 509,859 | ||||||||||||||
Noncontrolling Interests | — | 5,007 | — | — | 5,007 | |||||||||||||||
Total Stockholders’ Equity | 247,021 | 20,001 | 512,658 | (264,814 | ) | 514,866 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,359,155 | $ | 56,194 | $ | 1,252,048 | $ | (1,245,880 | ) | $ | 1,421,517 | |||||||||
REX ENERGY CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
AS OF DECEMBER 31, 2014 | ||||||||||||||||||||
($ in Thousands, Except Share and Per Share Data) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Rex Energy Corporation (Note Issuer) | Eliminations | Consolidated Balance | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 17,978 | $ | — | $ | — | $ | — | $ | 17,978 | ||||||||||
Accounts Receivable | 43,726 | 210 | — | — | 43,936 | |||||||||||||||
Taxes Receivable | — | — | 504 | — | 504 | |||||||||||||||
Short-Term Derivative Instruments | 29,265 | — | — | — | 29,265 | |||||||||||||||
Assets Held for Sale | — | 36,794 | — | (2,537 | ) | 34,257 | ||||||||||||||
Inventory, Prepaid Expenses and Other | 3,374 | — | 29 | — | 3,403 | |||||||||||||||
Total Current Assets | 94,343 | 37,004 | 533 | (2,537 | ) | 129,343 | ||||||||||||||
Property and Equipment (Successful Efforts Method) | ||||||||||||||||||||
Evaluated Oil and Gas Properties | 1,084,332 | 467 | — | (5,760 | ) | 1,079,039 | ||||||||||||||
Unevaluated Oil and Gas Properties | 321,708 | 705 | — | — | 322,413 | |||||||||||||||
Other Property and Equipment | 45,466 | 895 | — | — | 46,361 | |||||||||||||||
Wells and Facilities in Progress | 127,759 | 456 | — | (560 | ) | 127,655 | ||||||||||||||
Pipelines | 17,555 | — | — | (1,898 | ) | 15,657 | ||||||||||||||
Total Property and Equipment | 1,596,820 | 2,523 | — | (8,218 | ) | 1,591,125 | ||||||||||||||
Less: Accumulated Depreciation, Depletion and Amortization | (367,224 | ) | (730 | ) | — | 1,037 | (366,917 | ) | ||||||||||||
Net Property and Equipment | 1,229,596 | 1,793 | — | (7,181 | ) | 1,224,208 | ||||||||||||||
Deferred Financing Costs and Other Assets—Net | 2,421 | — | 14,649 | — | 17,070 | |||||||||||||||
Equity Method Investments | 17,895 | — | — | — | 17,895 | |||||||||||||||
Long-Term Deferred Tax Asset | — | — | 8,301 | — | 8,301 | |||||||||||||||
Intercompany Receivables | — | — | 951,025 | (951,025 | ) | — | ||||||||||||||
Investment in Subsidiaries – Net | 4,161 | 1,541 | 258,448 | (264,150 | ) | — | ||||||||||||||
Long-Term Derivative Instruments | 4,904 | — | — | — | 4,904 | |||||||||||||||
Total Assets | $ | 1,353,320 | $ | 40,338 | $ | 1,232,956 | $ | (1,224,893 | ) | $ | 1,401,721 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | ||||||||||||||||||||
Accounts Payable | $ | 55,877 | $ | — | $ | — | $ | (2,537 | ) | $ | 53,340 | |||||||||
Current Maturities of Long-Term Debt | 1,176 | — | — | — | 1,176 | |||||||||||||||
Accrued Liabilities | 46,783 | 571 | 12,124 | — | 59,478 | |||||||||||||||
Short-Term Derivative Instruments | 421 | — | — | — | 421 | |||||||||||||||
Current Deferred Tax Liability | — | — | 8,301 | — | 8,301 | |||||||||||||||
Liabilities Related to Assets Held for Sale | — | 25,115 | — | — | 25,115 | |||||||||||||||
Total Current Liabilities | 104,257 | 25,686 | 20,425 | (2,537 | ) | 147,831 | ||||||||||||||
Long-Term Derivative Instruments | 2,377 | — | — | — | 2,377 | |||||||||||||||
Senior Secured Line of Credit and Other Long-Term Debt | 251 | — | — | — | 251 | |||||||||||||||
8.875% Senior Notes Due 2020 | — | — | 350,000 | — | 350,000 | |||||||||||||||
6.25% Senior Notes Due 2022 | — | — | 325,000 | — | 325,000 | |||||||||||||||
Premium (Discount) on Senior Notes – Net | — | — | 2,725 | — | 2,725 | |||||||||||||||
Other Deposits and Liabilities | 4,018 | — | — | — | 4,018 | |||||||||||||||
Future Abandonment Cost | 38,097 | 49 | — | — | 38,146 | |||||||||||||||
Intercompany Payables | 947,114 | 3,911 | — | (951,025 | ) | — | ||||||||||||||
Total Liabilities | 1,096,114 | 29,646 | 698,150 | (953,562 | ) | 870,348 | ||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||
Preferred Stock | — | — | 1 | — | 1 | |||||||||||||||
Common Stock | — | — | 54 | — | 54 | |||||||||||||||
Additional Paid-In Capital | 177,144 | 79,743 | 617,826 | (256,887 | ) | 617,826 | ||||||||||||||
Accumulated Earnings (Deficit) | 80,062 | (69,253 | ) | (83,075 | ) | (18,483 | ) | (90,749 | ) | |||||||||||
Rex Energy Stockholders’ Equity | 257,206 | 10,490 | 534,806 | (275,370 | ) | 527,132 | ||||||||||||||
Noncontrolling Interests | — | 202 | — | 4,039 | 4,241 | |||||||||||||||
Total Stockholders’ Equity | 257,206 | 10,692 | 534,806 | (271,331 | ) | 531,373 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 1,353,320 | $ | 40,338 | $ | 1,232,956 | $ | (1,224,893 | ) | $ | 1,401,721 | |||||||||
Condensed Consolidating Statements of Operations | REX ENERGY CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2015 | ||||||||||||||||||||
($ in Thousands) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Rex Energy Corporation (Note Issuer) | Eliminations | Consolidated Balance | ||||||||||||||||
OPERATING REVENUE | ||||||||||||||||||||
Oil, Natural Gas and NGL Sales | $ | 54,000 | $ | 111 | $ | — | $ | — | $ | 54,111 | ||||||||||
Other Revenue | 11 | — | — | — | 11 | |||||||||||||||
TOTAL OPERATING REVENUE | 54,011 | 111 | — | — | 54,122 | |||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Production and Lease Operating Expense | 29,014 | 38 | — | — | 29,052 | |||||||||||||||
General and Administrative Expense | 6,659 | 16 | 2,976 | — | 9,651 | |||||||||||||||
Loss on Disposal of Asset | 65 | — | — | — | 65 | |||||||||||||||
Impairment Expense | 7,012 | 11 | — | — | 7,023 | |||||||||||||||
Exploration Expense | 518 | — | — | — | 518 | |||||||||||||||
Depreciation, Depletion, Amortization and Accretion | 26,292 | 69 | — | (235 | ) | 26,126 | ||||||||||||||
Other Operating Expense | 5,191 | — | — | — | 5,191 | |||||||||||||||
TOTAL OPERATING EXPENSES | 74,751 | 134 | 2,976 | (235 | ) | 77,626 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (20,740 | ) | (23 | ) | (2,976 | ) | 235 | (23,504 | ) | |||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||
Interest Expense | (58 | ) | — | (11,959 | ) | — | (12,017 | ) | ||||||||||||
Gain on Derivatives, Net | 16,856 | — | 263 | — | 17,119 | |||||||||||||||
Other Expense | 34 | — | — | — | 34 | |||||||||||||||
Loss From Equity Method Investments | (203 | ) | — | — | — | (203 | ) | |||||||||||||
Income (Loss) From Equity in Consolidated Subsidiaries | (23 | ) | 23 | (3,214 | ) | 3,214 | — | |||||||||||||
TOTAL OTHER INCOME (EXPENSE) | 16,606 | 23 | (14,910 | ) | 3,214 | 4,933 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME | (4,134 | ) | — | (17,886 | ) | 3,449 | (18,571 | ) | ||||||||||||
TAX | ||||||||||||||||||||
Income Tax Benefit | 20 | — | 72 | — | 92 | |||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | (4,114 | ) | — | (17,814 | ) | 3,449 | (18,479 | ) | ||||||||||||
Income From Discontinued Operations, Net of Income Tax | — | 2,826 | — | (864 | ) | 1,962 | ||||||||||||||
Net Income (Loss) | (4,114 | ) | 2,826 | (17,814 | ) | 2,585 | (16,517 | ) | ||||||||||||
Net Income Attributable to Noncontrolling Interests of Discontinued Operations | — | 1,297 | — | — | 1,297 | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO REX ENERGY | $ | (4,114 | ) | $ | 1,529 | $ | (17,814 | ) | $ | 2,585 | $ | (17,814 | ) | |||||||
REX ENERGY CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||
($ in Thousands) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Rex Energy Corporation (Note Issuer) | Eliminations | Consolidated Balance | ||||||||||||||||
OPERATING REVENUE | ||||||||||||||||||||
Oil, Natural Gas and NGL Sales | $ | 81,299 | $ | — | $ | — | $ | — | $ | 81,299 | ||||||||||
Other Revenue | 44 | — | — | — | 44 | |||||||||||||||
TOTAL OPERATING REVENUE | 81,343 | — | — | — | 81,343 | |||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Production and Lease Operating Expense | 20,030 | 3 | — | — | 20,033 | |||||||||||||||
General and Administrative Expense | 7,880 | 23 | 1,659 | — | 9,562 | |||||||||||||||
Loss on Disposal of Asset | 72 | — | — | — | 72 | |||||||||||||||
Impairment Expense | 25 | — | — | — | 25 | |||||||||||||||
Exploration Expense | 2,060 | — | — | — | 2,060 | |||||||||||||||
Depreciation, Depletion, Amortization and Accretion | 19,823 | 11 | — | (111 | ) | 19,723 | ||||||||||||||
Other Operating Expense | 83 | — | — | — | 83 | |||||||||||||||
TOTAL OPERATING EXPENSES | 49,973 | 37 | 1,659 | (111 | ) | 51,558 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS | 31,370 | (37 | ) | (1,659 | ) | 111 | 29,785 | |||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||
Interest Expense | (15 | ) | — | (6,918 | ) | — | (6,933 | ) | ||||||||||||
Gain (Loss) on Derivatives, Net | (10,439 | ) | — | 689 | — | (9,750 | ) | |||||||||||||
Other Expense | (37 | ) | — | — | — | (37 | ) | |||||||||||||
Loss From Equity Method Investments | (200 | ) | — | — | — | (200 | ) | |||||||||||||
Income (Loss) From Equity in Consolidated Subsidiaries | (25 | ) | 25 | 13,567 | (13,567 | ) | — | |||||||||||||
TOTAL OTHER INCOME (EXPENSE) | (10,716 | ) | 25 | 7,338 | (13,567 | ) | (16,920 | ) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE | 20,654 | (12 | ) | 5,679 | (13,456 | ) | 12,865 | |||||||||||||
INCOME TAX | ||||||||||||||||||||
Income Tax (Expense) Benefit | (6,637 | ) | (662 | ) | 3,189 | — | (4,110 | ) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 14,017 | (674 | ) | 8,868 | (13,456 | ) | 8,755 | |||||||||||||
Loss From Discontinued Operations, Net of Income Tax | — | 3,840 | — | (2,158 | ) | 1,682 | ||||||||||||||
Net Income (Loss) | 14,017 | 3,166 | 8,868 | (15,614 | ) | 10,437 | ||||||||||||||
Net Income Attributable to Noncontrolling Interests of Discontinued Operations | — | 1,569 | — | — | 1,569 | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO REX ENERGY | $ | 14,017 | $ | 1,597 | $ | 8,868 | $ | (15,614 | ) | $ | 8,868 | |||||||||
Preferred Stock Dividends | — | — | — | — | — | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 14,017 | $ | 1,597 | $ | 8,868 | $ | (15,614 | ) | $ | 8,868 | |||||||||
Condensed Consolidating Statements of Cash Flows | REX ENERGY CORPORATION AND SUBSIDIARIES | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDING MARCH 31, 2015 | ||||||||||||||||||||
($ in Thousands) | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Rex Energy Corporation (Note Issuer) | Eliminations | Consolidated Balance | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net Income (Loss) | $ | (4,114 | ) | $ | 2,826 | $ | (17,814 | ) | $ | 2,585 | $ | (16,517 | ) | |||||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating | ||||||||||||||||||||
Activities | ||||||||||||||||||||
Loss From Equity Method Investments | 203 | — | — | — | 203 | |||||||||||||||
Non-Cash Expenses (Income) | (70 | ) | 44 | 3,403 | — | 3,377 | ||||||||||||||
Depreciation, Depletion, Amortization and Accretion | 26,292 | 1,480 | — | (1,607 | ) | 26,165 | ||||||||||||||
Gain on Derivatives | (16,856 | ) | — | (263 | ) | — | (17,119 | ) | ||||||||||||
Cash Settlements of Derivatives | 10,579 | — | 500 | — | 11,079 | |||||||||||||||
Dry Hole Expense | (1 | ) | — | — | — | (1 | ) | |||||||||||||
(Gain) Loss on Sale of Asset | 65 | (32 | ) | — | — | 33 | ||||||||||||||
Impairment Expense | 7,012 | 11 | — | — | 7,023 | |||||||||||||||
Changes in operating assets and liabilities | ||||||||||||||||||||
Accounts Receivable | 10,437 | (1,087 | ) | 428 | 251 | 10,029 | ||||||||||||||
Inventory, Prepaid Expenses and Other Assets | 712 | (322 | ) | (62 | ) | — | 328 | |||||||||||||
Accounts Payable and Accrued Liabilities | (12,518 | ) | (2,496 | ) | 2,336 | (251 | ) | (12,929 | ) | |||||||||||
Other Assets and Liabilities | (199 | ) | (133 | ) | 27 | — | (305 | ) | ||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 21,542 | 291 | (11,445 | ) | 978 | 11,366 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Intercompany loans to subsidiaries | 27,192 | (1,688 | ) | (23,681 | ) | (1,823 | ) | — | ||||||||||||
Proceeds from Joint Venture Acreage Management | 39 | — | — | — | 39 | |||||||||||||||
Proceeds from the Sale of Oil and Gas Properties, Prospects and Other Assets | 217 | 455 | — | — | 672 | |||||||||||||||
Proceeds from Joint Venture | 16,611 | — | — | — | 16,611 | |||||||||||||||
Acquisitions of Undeveloped Acreage | (17,454 | ) | (5 | ) | — | — | (17,459 | ) | ||||||||||||
Capital Expenditures for Development of Oil and Gas Properties and Equipment | (60,719 | ) | (7,139 | ) | — | 845 | (67,013 | ) | ||||||||||||
NET CASH USED IN INVESTING ACTIVITIES | (34,114 | ) | (8,377 | ) | (23,681 | ) | (978 | ) | (67,150 | ) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from Long-Term Debt and Lines of Credit | — | 18,826 | 54,000 | — | 72,826 | |||||||||||||||
Repayments of Long-Term Debt and Lines of Credit | — | (9,761 | ) | (16,000 | ) | — | (25,761 | ) | ||||||||||||
Repayments of Loans and Other Long-Term Debt | (392 | ) | (294 | ) | — | — | (686 | ) | ||||||||||||
Debt Issuance Costs | — | — | (459 | ) | — | (459 | ) | |||||||||||||
Dividends Paid | — | — | (2,415 | ) | — | (2,415 | ) | |||||||||||||
Distributions by the Partners of Consolidated Subsidiaries | — | (531 | ) | — | — | (531 | ) | |||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (392 | ) | 8,240 | 35,126 | — | 42,974 | ||||||||||||||
NET INCREASE (DECREASE) IN CASH | (12,964 | ) | 154 | — | — | (12,810 | ) | |||||||||||||
CASH – BEGINNING | 17,978 | 113 | 5 | — | 18,096 | |||||||||||||||
CASH - ENDING | $ | 5,014 | $ | 267 | $ | 5 | $ | — | $ | 5,286 | ||||||||||
REX ENERGY CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDING MARCH 31, 2014 | ||||||||||||||||||||
Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Rex Energy Corporation (Note Issuer) | Eliminations | Consolidated Balance | ||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||||||||
Net Income (Loss) | $ | 14,017 | $ | 3,166 | $ | 8,868 | $ | (15,614 | ) | $ | 10,437 | |||||||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by | ||||||||||||||||||||
Operating Activities | ||||||||||||||||||||
Loss From Equity Method Investments | 200 | — | — | — | 200 | |||||||||||||||
Non-Cash Expenses | (63 | ) | 139 | 1,922 | — | 1,998 | ||||||||||||||
Depreciation, Depletion, Amortization and Accretion | 19,823 | 712 | — | (111 | ) | 20,424 | ||||||||||||||
Deferred Income Tax Expense (Benefit) | 6,597 | 743 | (3,189 | ) | — | 4,151 | ||||||||||||||
Gain on Derivatives | 10,439 | — | (689 | ) | — | 9,750 | ||||||||||||||
Cash Settlements of Derivatives | (5,245 | ) | — | 368 | — | (4,877 | ) | |||||||||||||
Dry Hole Expense | 86 | — | — | — | 86 | |||||||||||||||
(Gain) Loss on Sale of Asset | 71 | — | — | — | 71 | |||||||||||||||
Impairment Expense | 25 | — | — | — | 25 | |||||||||||||||
Changes in operating assets and liabilities | ||||||||||||||||||||
Accounts Receivable | (8,921 | ) | (10,439 | ) | (50 | ) | 3,489 | (15,921 | ) | |||||||||||
Inventory, Prepaid Expenses and Other Assets | 31 | 14 | (189 | ) | — | (144 | ) | |||||||||||||
Accounts Payable and Accrued Liabilities | (16,986 | ) | 2,878 | 7,805 | (3,489 | ) | (9,792 | ) | ||||||||||||
Other Assets and Liabilities | (307 | ) | — | (41 | ) | — | (348 | ) | ||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 19,767 | (2,787 | ) | 14,805 | (15,725 | ) | 16,060 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||||||||
Intercompany loans to subsidiaries | 62,160 | (175 | ) | (75,553 | ) | 13,568 | — | |||||||||||||
Proceeds from Joint Venture Acreage Management | 67 | — | — | — | 67 | |||||||||||||||
Proceeds from the Sale of Oil and Gas Properties, Prospects and Other Assets | 15 | — | — | — | 15 | |||||||||||||||
Acquisitions of Undeveloped Acreage | (15,077 | ) | (457 | ) | — | — | (15,534 | ) | ||||||||||||
Capital Expenditures for Development of Oil and Gas Properties and Equipment | (66,618 | ) | (2,020 | ) | — | 2,157 | (66,481 | ) | ||||||||||||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (19,453 | ) | (2,652 | ) | (75,553 | ) | 15,725 | (81,933 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||||||||
Proceeds from Long-Term Debt and Lines of Credit | — | 5,922 | 61,000 | — | 66,922 | |||||||||||||||
Repayments of Long-Term Debt and Lines of Credit | — | (19 | ) | — | — | (19 | ) | |||||||||||||
Repayments of Loans and Other Notes Payable | (399 | ) | (129 | ) | — | — | (528 | ) | ||||||||||||
Debt Issuance Costs | — | — | (252 | ) | — | (252 | ) | |||||||||||||
Distributions by the Partners of Consolidated Subsidiaries | — | (360 | ) | — | — | (360 | ) | |||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (399 | ) | 5,414 | 60,748 | — | 65,763 | ||||||||||||||
NET INCREASE (DECREASE) IN CASH | (85 | ) | (25 | ) | — | — | (110 | ) | ||||||||||||
CASH – BEGINNING | 1,386 | 509 | 5 | — | 1,900 | |||||||||||||||
CASH - ENDING | $ | 1,301 | $ | 484 | $ | 5 | $ | — | $ | 1,790 | ||||||||||
Basis_of_Presentation_and_Prin1
Basis of Presentation and Principles of Consolidation - Additional Information (Details) (Water Solutions Holdings, LLC) | Dec. 31, 2014 |
Water Solutions Holdings, LLC | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Ownership percentage by parent | 60.00% |
Future_Abandonment_Cost_Additi
Future Abandonment Cost - Additional Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Asset Retirement Obligation Disclosure [Abstract] | ||
Accretion expense | $921 | $800 |
Future_Abandonment_Cost_Detail
Future Abandonment Cost (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Beginning Balance at January 1, 2015 | $40,099 | ||
Future Abandonment Obligation Incurred | 249 | ||
Future Abandonment Obligation Settled | -266 | ||
Future Abandonment Obligation Cancelled or Sold | -34 | ||
Future Abandonment Obligation Revision of Estimated Obligation | -2 | ||
Future Abandonment Obligation Accretion Expense | 921 | 800 | |
Total Future Abandonment Cost | $40,967 | [1] | |
[1] | Includes approximately $1.9 million of short-term future abandonment costs, which are classified as Accrued Liabilities on our Consolidated Balance Sheet. |
Future_Abandonment_Cost_Parent
Future Abandonment Cost (Parenthetical) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Asset Retirement Obligations [Line Items] | ||
Accrued Liabilities | $56,559 | $59,478 |
Remediation Property for Sale, Abandonment or Disposal | ||
Asset Retirement Obligations [Line Items] | ||
Accrued Liabilities | $1,900 |
Discontinued_Operations_Assets
Discontinued Operations/ Assets Held for Sale - Additional Information (Details) (Water Solutions Holdings, LLC) | Dec. 31, 2014 |
Water Solutions Holdings, LLC | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Ownership percentage by parent | 60.00% |
Summary_of_Carrying_Value_of_A
Summary of Carrying Value of Assets and Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Assets: | |||
Cash and Cash Equivalents | $322 | $667 | |
Total Current Assets | 42,696 | 34,257 | |
Liabilities: | |||
Total Liabilities Related to Assets Held for Sale | 31,519 | 25,115 | |
Water Solutions Holdings, LLC | |||
Assets: | |||
Cash and Cash Equivalents | 322 | 118 | |
Accounts Receivable | 14,223 | 13,226 | |
Inventory, Prepaid Expenses and Other | 484 | 163 | |
Total Current Assets | 15,029 | 13,507 | |
Other Property and Equipment, Net | 26,681 | 19,690 | |
Wells and Facilities in Progress | 628 | 688 | |
Intangible Assets, Net | 358 | 372 | |
Total Long-Term Assets | 27,667 | 20,750 | |
Total Assets Held for Sale | 42,696 | 34,257 | |
Liabilities: | |||
Accounts Payable | 3,475 | 3,694 | |
Current Maturities of Long-Term Debt | 14,344 | 6,236 | |
Accrued Liabilities | 3,892 | 6,304 | |
Total Current Liabilities | 21,711 | 16,234 | |
Senior Secured Line of Credit and Long-Term Debt | 9,808 | 8,881 | |
Total Long-Term Liabilities | 9,808 | 8,881 | |
Total Liabilities Related to Assets Held for Sale | 31,519 | 25,115 | |
Net Assets Held for Sale | $11,177 | $9,142 |
Summary_of_Financial_Informati
Summary of Financial Information for Discontinued Operations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Total Operating Revenue | $54,122 | $81,343 |
Costs and Expenses: | ||
General and Administrative Expense | 9,651 | 9,562 |
Depreciation, Depletion, Amortization and Accretion | 26,126 | 19,723 |
Gain on Sale of Asset | 65 | 72 |
Interest Expense | 12,017 | 6,933 |
Other Expense | -34 | 37 |
Income from Discontinued Operations, net of taxes | 1,962 | 1,682 |
Discontinued Operations Assets Held For Sale | Water Solutions Holdings, LLC | ||
Revenues: | ||
Field Services Revenue | 14,964 | 15,304 |
Total Operating Revenue | 14,964 | 15,304 |
Costs and Expenses: | ||
General and Administrative Expense | 977 | 830 |
Depreciation, Depletion, Amortization and Accretion | 39 | 701 |
Field Services Operating Expense | 11,289 | 11,796 |
Gain on Sale of Asset | -32 | |
Interest Expense | 191 | 202 |
Other Expense | 103 | 11 |
Total Costs and Expenses | 12,567 | 13,540 |
Income from Discontinued Operations Before Income Taxes | 2,397 | 1,764 |
Income Tax Expense | -435 | -82 |
Income from Discontinued Operations, net of taxes | $1,962 | $1,682 |
Business_and_Oil_and_Gas_Prope1
Business and Oil and Gas Property Acquisitions and Dispositions - Additional Information (Details) (USD $) | 3 Months Ended | 0 Months Ended |
Mar. 31, 2015 | Mar. 31, 2015 | |
Significant Acquisitions And Disposals [Line Items] | ||
Total consideration for the transaction | ($16,611,000) | |
ArcLight Capital Partners, LLC | ||
Significant Acquisitions And Disposals [Line Items] | ||
Percentage of estimated well costs | 35.00% | |
Total consideration for the transaction | 67,000,000 | |
Amount received at closing of wells | $16,600,000 | |
Percentage of working interest | 50.00% | |
Percentage of working interest attained through return on investment and internal rate of return | 35.00% | |
Percentage of remaining working interest | 17.50% | |
ArcLight Capital Partners, LLC | Butler County, Pennsylvania | ||
Significant Acquisitions And Disposals [Line Items] | ||
Number of specifically designated wells for development | 32 |
Recently_Issued_Accounting_Pro2
Recently Issued Accounting Pronouncements - Additional Information (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Accounting Policies [Abstract] | |
Net deferred financing costs | $14.60 |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk - Additional Information (Details) (Sales, Customer Concentration Risk) | 3 Months Ended |
Mar. 31, 2015 | |
Customer | |
Purchaser | |
Concentration Risk [Line Items] | |
Percentage of revenue from major customers | 92.70% |
Number of major customers | 5 |
Largest single purchaser | |
Concentration Risk [Line Items] | |
Percentage of revenue from major customers | 45.20% |
Long_Term_Debt_Senior_Credit_F
Long Term Debt - Senior Credit Facility - Additional Information (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | |||
Line of credit facility, amount outstanding | $38,000,000 | [1] | $0 |
Senior Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility, current borrowing capacity | 350,000,000 | ||
Line of credit facility, maturity date | 12-Sep-19 | ||
Current ratio | 2.70% | ||
Net senior secured to EBITAX | 0.40% | ||
Senior Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Criteria Current ratio | 1.00% | ||
Senior Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Criteria Total debt to EBITAX" | 3.00% | ||
Senior Credit Facility | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 500,000,000 | ||
Senior Credit Facility | Letter of Credit | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $60,000,000 | ||
Prior to redetermination | Maximum | |||
Debt Instrument [Line Items] | |||
Criteria Total debt to EBITAX" | 1.75% | ||
[1] | The Senior Credit Facility requires us to make monthly payments of interest on the outstanding balance of loans made under the agreement. The weighted average interest rate on borrowings under our Senior Credit Facility for the three months ended March 31, 2015 and the year ended December 31, 2014, was approximately 1.7% and 2.2%, respectively. The average interest rate on our capital leases and other obligations for the three months ended March 31, 2015 and the year ended December 31, 2014, was approximately 4.2% and 4.0%, respectively. |
LongTerm_Debt_Senior_Notes_Due
Long-Term Debt - Senior Notes Due Twenty Twenty and Senior Notes Due Twenty Twenty Two - Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Premium on Senior Notes, Net | $2,632,000 | $2,725,000 |
Amortization of net premium | 100,000 | |
8.875% Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes | 350,000,000 | |
Interest rate | 8.88% | 8.88% |
6.25% Senior Notes | ||
Debt Instrument [Line Items] | ||
Senior notes | $325,000,000 | |
Interest rate | 6.25% | 6.25% |
Components_of_LongTerm_Debt_an
Components of Long-Term Debt and Lines of Credit (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | ||||
Senior Notes | $675,000,000 | |||
Premium on Senior Notes, Net | 2,632,000 | 2,725,000 | ||
Senior Line of Credit | 38,000,000 | [1] | 0 | |
Capital Leases and Other Obligations | 1,193,000 | [1] | 1,427,000 | [1] |
Total Debt | 716,825,000 | 679,152,000 | ||
Less Current Portion of Long-Term Debt | -1,056,000 | -1,176,000 | ||
Total Long-Term Debt | 715,769,000 | 677,976,000 | ||
8.875% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | 350,000,000 | 350,000,000 | ||
6.25% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $325,000,000 | $325,000,000 | ||
[1] | The Senior Credit Facility requires us to make monthly payments of interest on the outstanding balance of loans made under the agreement. The weighted average interest rate on borrowings under our Senior Credit Facility for the three months ended March 31, 2015 and the year ended December 31, 2014, was approximately 1.7% and 2.2%, respectively. The average interest rate on our capital leases and other obligations for the three months ended March 31, 2015 and the year ended December 31, 2014, was approximately 4.2% and 4.0%, respectively. |
Components_of_LongTerm_Debt_an1
Components of Long-Term Debt and Lines of Credit (Parenthetical) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Senior Credit Facility | ||
Debt Instrument [Line Items] | ||
Average interest rate | 1.70% | 2.20% |
Other Loans and Notes Payable | ||
Debt Instrument [Line Items] | ||
Average interest rate | 4.20% | 4.00% |
8.875% Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 8.88% | 8.88% |
Debt instrument maturity date | 1-Dec-20 | 1-Dec-20 |
6.25% Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.25% | 6.25% |
Debt instrument maturity date | 1-Aug-22 | 1-Aug-22 |
Principal_Maturity_Schedule_fo
Principal Maturity Schedule for Debt Outstanding (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | |||
Debt Disclosure [Abstract] | |||
2015 | $868 | ||
2016 | 325 | ||
2019 | 38,000 | ||
Thereafter | 675,000 | ||
Total | $714,193 | [1] | $676,427 |
[1] | Excludes $2.6 million net premium on Senior Notes |
Principal_Maturity_Schedule_fo1
Principal Maturity Schedule for Debt Outstanding (Parenthetical) (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | |
Senior notes, net premium | $2.60 |
Recovered_Sheet2
Fair Value of Financial and Derivative Instruments - Additional Information (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Derivatives Fair Value [Line Items] | |||||
Cash Settlements of Derivatives | ($11,079,000) | $4,877,000 | |||
Senior Line of Credit | 38,000,000 | [1] | 0 | ||
Senior Notes | 675,000,000 | ||||
Fair value of interest rate swap, net liability | 200,000 | ||||
Derivatives asset (liability) | 37,400,000 | 31,400,000 | |||
Unrealized loss on commodity derivative contracts | -2,000,000 | -2,400,000 | |||
Impairment Expense | 7,023,000 | 25,000 | |||
Other Than Temporary Impairment | |||||
Derivatives Fair Value [Line Items] | |||||
Impairment Expense | 7,000,000 | ||||
Crude Oil | |||||
Derivatives Fair Value [Line Items] | |||||
Derivatives asset (liability) | 6,369,000 | ||||
Crude Oil | Minimum | |||||
Derivatives Fair Value [Line Items] | |||||
Commodity hedged on annualized basis hedge through 2015 | 75.00% | ||||
Natural Gas | |||||
Derivatives Fair Value [Line Items] | |||||
Derivatives asset (liability) | 26,280,000 | ||||
Natural Gas | Minimum | |||||
Derivatives Fair Value [Line Items] | |||||
Commodity hedged on annualized basis hedge through 2015 | 95.00% | ||||
Commodity hedged on annualized basis hedge through 2016 | 40.00% | ||||
Natural Gas Liquids | |||||
Derivatives Fair Value [Line Items] | |||||
Derivatives asset (liability) | 5,053,000 | ||||
Natural Gas Liquids | Minimum | |||||
Derivatives Fair Value [Line Items] | |||||
Commodity hedged on annualized basis hedge through 2015 | 35.00% | ||||
Commodity derivatives | |||||
Derivatives Fair Value [Line Items] | |||||
Cash Settlements of Derivatives | -10,600,000 | 5,200,000 | |||
Derivatives asset (liability) | 37,647,000 | 31,371,000 | |||
Fixed To Floating Interest Rate Swap | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative, amount of hedged item | 40,000,000 | ||||
Fixed-To-Variable Interest Rate Swaptions | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative, amount of hedged item | 120,000,000 | ||||
Interest Rate Swap | |||||
Derivatives Fair Value [Line Items] | |||||
Proceeds from interest rate swaps | 600,000 | ||||
Derivatives asset (liability) | -114,000 | ||||
Interest Rate Swaption | |||||
Derivatives Fair Value [Line Items] | |||||
Cash Settlements of Derivatives | 500,000 | ||||
Derivatives asset (liability) | ($123,000) | ||||
[1] | The Senior Credit Facility requires us to make monthly payments of interest on the outstanding balance of loans made under the agreement. The weighted average interest rate on borrowings under our Senior Credit Facility for the three months ended March 31, 2015 and the year ended December 31, 2014, was approximately 1.7% and 2.2%, respectively. The average interest rate on our capital leases and other obligations for the three months ended March 31, 2015 and the year ended December 31, 2014, was approximately 4.2% and 4.0%, respectively. |
Schedule_of_Location_and_Amoun
Schedule of Location and Amounts of Gains and Losses on Derivative Instruments (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) on Derivatives, Net | $17,119 | ($9,750) |
Crude Oil | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) on Derivatives, Net | 2,876 | -1,168 |
Natural Gas | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) on Derivatives, Net | 13,600 | -8,928 |
Natural Gas Liquids | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) on Derivatives, Net | 435 | -343 |
Interest Rate Swap | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) on Derivatives, Net | 263 | 689 |
Refined Products | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) on Derivatives, Net | ($55) |
Asset_or_Liability_Financial_C
Asset or Liability Financial Commodity Derivative Instrument Positions (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
bbl | ||
Derivatives Fair Value [Line Items] | ||
Derivatives asset (liability) | $37,400 | $31,400 |
Crude Oil | ||
Derivatives Fair Value [Line Items] | ||
Volume | 915,000 | |
Derivatives asset (liability) | 6,369 | |
Crude Oil | 2015 | Deferred Put Spreads | ||
Derivatives Fair Value [Line Items] | ||
Volume | 90,000 | |
Put Option | 73.08 | |
Floor | 83.33 | |
Derivatives asset (liability) | 739 | |
Crude Oil | 2015 | Collars | ||
Derivatives Fair Value [Line Items] | ||
Volume | 180,000 | |
Floor | 52.58 | |
Ceiling | 62.89 | |
Derivatives asset (liability) | 480 | |
Crude Oil | 2015 | Call Protected Swaps | ||
Derivatives Fair Value [Line Items] | ||
Volume | 15,000 | |
Swap | 95.76 | |
Long Call | 110 | |
Derivatives asset (liability) | 691 | |
Crude Oil | 2015 | Three Way Collars | ||
Derivatives Fair Value [Line Items] | ||
Volume | 450,000 | |
Put Option | 50 | |
Floor | 65 | |
Ceiling | 72.5 | |
Derivatives asset (liability) | 4,232 | |
Crude Oil | 2016 | Deferred Put Spreads | ||
Derivatives Fair Value [Line Items] | ||
Volume | 120,000 | |
Put Option | 50 | |
Floor | 65 | |
Derivatives asset (liability) | 83 | |
Crude Oil | 2016 | Collars | ||
Derivatives Fair Value [Line Items] | ||
Volume | 60,000 | |
Floor | 53.75 | |
Ceiling | 63.81 | |
Derivatives asset (liability) | 144 | |
Natural Gas | ||
Derivatives Fair Value [Line Items] | ||
Volume | 158,235,000 | |
Derivatives asset (liability) | 26,280 | |
Natural Gas | Basis Swaps Dominion South | ||
Derivatives Fair Value [Line Items] | ||
Derivatives asset (liability) | 139 | 1,341 |
Natural Gas | Basis Swaps Texas Gas | ||
Derivatives Fair Value [Line Items] | ||
Derivatives asset (liability) | -344 | |
Natural Gas | 2015 | Three Way Collars | ||
Derivatives Fair Value [Line Items] | ||
Volume | 3,400,000 | |
Put Option | 2.64 | |
Floor | 3.32 | |
Ceiling | 3.88 | |
Derivatives asset (liability) | 769 | |
Natural Gas | 2015 | Swaps | ||
Derivatives Fair Value [Line Items] | ||
Volume | 17,275,000 | |
Swap | 3.38 | |
Derivatives asset (liability) | 10,563 | |
Natural Gas | 2015 | Swaptions | ||
Derivatives Fair Value [Line Items] | ||
Volume | 2,650,000 | |
Swap | 3.54 | |
Derivatives asset (liability) | 1,700 | |
Natural Gas | 2015 | Cap Swaps | ||
Derivatives Fair Value [Line Items] | ||
Volume | 5,850,000 | |
Put Option | 3.43 | |
Swap | 4.12 | |
Derivatives asset (liability) | 3,026 | |
Natural Gas | 2015 | Put Spreads | ||
Derivatives Fair Value [Line Items] | ||
Volume | 4,550,000 | |
Put Option | 2.56 | |
Floor | 3.32 | |
Derivatives asset (liability) | 1,873 | |
Natural Gas | 2015 | Calls Option | ||
Derivatives Fair Value [Line Items] | ||
Volume | 2,850,000 | |
Ceiling | 3.94 | |
Derivatives asset (liability) | -99 | |
Natural Gas | 2015 | Basis Swaps Dominion South | ||
Derivatives Fair Value [Line Items] | ||
Volume | 9,780,000 | |
Swap | -0.79 | |
Derivatives asset (liability) | 1,174 | |
Natural Gas | 2016 | Collars | ||
Derivatives Fair Value [Line Items] | ||
Volume | 900,000 | |
Floor | 3.2 | |
Ceiling | 4.04 | |
Derivatives asset (liability) | 223 | |
Natural Gas | 2016 | Three Way Collars | ||
Derivatives Fair Value [Line Items] | ||
Volume | 8,850,000 | |
Put Option | 2.66 | |
Floor | 3.42 | |
Ceiling | 4.29 | |
Derivatives asset (liability) | 1,845 | |
Natural Gas | 2016 | Swaps | ||
Derivatives Fair Value [Line Items] | ||
Volume | 6,630,000 | |
Swap | 3.69 | |
Derivatives asset (liability) | 3,679 | |
Natural Gas | 2016 | Swaptions | ||
Derivatives Fair Value [Line Items] | ||
Volume | 0 | |
Derivatives asset (liability) | -692 | |
Natural Gas | 2016 | Cap Swaps | ||
Derivatives Fair Value [Line Items] | ||
Volume | 3,600,000 | |
Put Option | 3.45 | |
Swap | 4.11 | |
Derivatives asset (liability) | 1,454 | |
Natural Gas | 2016 | Put Spreads | ||
Derivatives Fair Value [Line Items] | ||
Volume | 2,100,000 | |
Put Option | 2.25 | |
Floor | 3 | |
Derivatives asset (liability) | -18 | |
Natural Gas | 2016 | Calls Option | ||
Derivatives Fair Value [Line Items] | ||
Volume | 9,120,000 | |
Ceiling | 4.23 | |
Derivatives asset (liability) | -988 | |
Natural Gas | 2016 | Basis Swaps Dominion South | ||
Derivatives Fair Value [Line Items] | ||
Volume | 7,320,000 | |
Swap | -0.83 | |
Derivatives asset (liability) | -207 | |
Natural Gas | 2017 | Three Way Collars | ||
Derivatives Fair Value [Line Items] | ||
Volume | 6,600,000 | |
Put Option | 2.37 | |
Floor | 3.19 | |
Ceiling | 4.26 | |
Derivatives asset (liability) | 1,089 | |
Natural Gas | 2017 | Swaps | ||
Derivatives Fair Value [Line Items] | ||
Volume | 1,800,000 | |
Swap | 3.64 | |
Derivatives asset (liability) | 577 | |
Natural Gas | 2017 | Cap Swaps | ||
Derivatives Fair Value [Line Items] | ||
Volume | 2,100,000 | |
Put Option | 3.34 | |
Swap | 4.07 | |
Derivatives asset (liability) | 811 | |
Natural Gas | 2017 | Calls Option | ||
Derivatives Fair Value [Line Items] | ||
Volume | 1,440,000 | |
Ceiling | 3.9 | |
Derivatives asset (liability) | -283 | |
Natural Gas | 2017 | Basis Swaps Dominion South | ||
Derivatives Fair Value [Line Items] | ||
Volume | 7,300,000 | |
Swap | -0.83 | |
Derivatives asset (liability) | -207 | |
Natural Gas | 2017 | Basis Swaps Texas Gas | ||
Derivatives Fair Value [Line Items] | ||
Volume | 14,600,000 | |
Swap | -0.13 | |
Derivatives asset (liability) | -172 | |
Natural Gas | 2018 | Swaps | ||
Derivatives Fair Value [Line Items] | ||
Volume | 1,200,000 | |
Swap | 3.61 | |
Derivatives asset (liability) | 273 | |
Natural Gas | 2018 | Cap Swaps | ||
Derivatives Fair Value [Line Items] | ||
Volume | 1,800,000 | |
Put Option | 3.3 | |
Swap | 4.05 | |
Derivatives asset (liability) | 683 | |
Natural Gas | 2018 | Basis Swaps Dominion South | ||
Derivatives Fair Value [Line Items] | ||
Volume | 7,300,000 | |
Swap | -0.83 | |
Derivatives asset (liability) | -207 | |
Natural Gas | 2018 | Basis Swaps Texas Gas | ||
Derivatives Fair Value [Line Items] | ||
Volume | 14,600,000 | |
Swap | -0.13 | |
Derivatives asset (liability) | -172 | |
Natural Gas | 2019 | Basis Swaps Dominion South | ||
Derivatives Fair Value [Line Items] | ||
Volume | 7,300,000 | |
Swap | -0.83 | |
Derivatives asset (liability) | -207 | |
Natural Gas | 2020 | Basis Swaps Dominion South | ||
Derivatives Fair Value [Line Items] | ||
Volume | 7,320,000 | |
Swap | -0.83 | |
Derivatives asset (liability) | -207 | |
Natural Gas Liquids | ||
Derivatives Fair Value [Line Items] | ||
Volume | 1,504,500 | |
Derivatives asset (liability) | 5,053 | |
Natural Gas Liquids | 2015 | C3+ NGL Swaps | ||
Derivatives Fair Value [Line Items] | ||
Volume | 732,000 | |
Swap | 32.9 | |
Derivatives asset (liability) | 3,934 | |
Natural Gas Liquids | 2015 | Ethane Swaps | ||
Derivatives Fair Value [Line Items] | ||
Volume | 277,500 | |
Swap | 8.5 | |
Derivatives asset (liability) | 234 | |
Natural Gas Liquids | 2016 | C3+ NGL Swaps | ||
Derivatives Fair Value [Line Items] | ||
Volume | 375,000 | |
Swap | 31.08 | |
Derivatives asset (liability) | 887 | |
Natural Gas Liquids | 2016 | Ethane Swaps | ||
Derivatives Fair Value [Line Items] | ||
Volume | 120,000 | |
Swap | 8.09 | |
Derivatives asset (liability) | -2 | |
Refined Product (Heating Oil) | ||
Derivatives Fair Value [Line Items] | ||
Volume | 12,000 | |
Derivatives asset (liability) | -55 | |
Refined Product (Heating Oil) | 2016 | Swaps | ||
Derivatives Fair Value [Line Items] | ||
Volume | 12,000 | |
Swap | 42 | |
Derivatives asset (liability) | ($55) |
Combined_Fair_Value_of_Derivat
Combined Fair Value of Derivatives (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | $32,849 | $29,265 |
Long-Term Derivative Assets: | ||
Total Long-Term Derivative Assets | 10,040 | 4,904 |
Total Derivative Assets | 42,889 | 34,169 |
Short-Term Derivative Liabilities: | ||
Total Short - Term Derivative Liabilities | -1,393 | -421 |
Long-Term Derivative Liabilities: | ||
Total Long-Term Derivative Liabilities | -4,086 | -2,377 |
Total Derivative Liabilities | -5,479 | -2,798 |
Interest Rate Swap | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | 427 | |
Long-Term Derivative Assets: | ||
Total Long-Term Derivative Assets | 308 | |
Short-Term Derivative Liabilities: | ||
Total Short - Term Derivative Liabilities | -123 | |
Long-Term Derivative Liabilities: | ||
Total Long-Term Derivative Liabilities | -849 | |
Crude Oil | Collars | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | 552 | |
Long-Term Derivative Assets: | ||
Total Long-Term Derivative Assets | 72 | |
Crude Oil | Deferred Put Spreads | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | 760 | 1,413 |
Long-Term Derivative Assets: | ||
Total Long-Term Derivative Assets | 62 | |
Crude Oil | Call Protected Swaps | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | 691 | 1,227 |
Crude Oil | Three Way Collars | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | 4,232 | 4,596 |
Natural Gas Liquids | Swaps | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | 5,008 | 6,181 |
Long-Term Derivative Assets: | ||
Total Long-Term Derivative Assets | 838 | |
Short-Term Derivative Liabilities: | ||
Total Short - Term Derivative Liabilities | -791 | |
Long-Term Derivative Liabilities: | ||
Total Long-Term Derivative Liabilities | -2 | |
Natural Gas | Collars | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | 223 | |
Natural Gas | Three Way Collars | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | 1,263 | 5,081 |
Long-Term Derivative Assets: | ||
Total Long-Term Derivative Assets | 2,440 | 1,733 |
Natural Gas | Swaps | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | 11,232 | 4,522 |
Long-Term Derivative Assets: | ||
Total Long-Term Derivative Assets | 3,890 | 1,554 |
Short-Term Derivative Liabilities: | ||
Total Short - Term Derivative Liabilities | -30 | |
Natural Gas | Cap Swaps | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | 3,585 | 3,430 |
Long-Term Derivative Assets: | ||
Total Long-Term Derivative Assets | 2,389 | 1,617 |
Natural Gas | Basis Swaps | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | 1,329 | 2,815 |
Long-Term Derivative Assets: | ||
Total Long-Term Derivative Assets | 41 | |
Short-Term Derivative Liabilities: | ||
Total Short - Term Derivative Liabilities | -207 | -193 |
Long-Term Derivative Liabilities: | ||
Total Long-Term Derivative Liabilities | -1,368 | -1,281 |
Natural Gas | Swaptions | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | 1,755 | |
Short-Term Derivative Liabilities: | ||
Total Short - Term Derivative Liabilities | -55 | -154 |
Long-Term Derivative Liabilities: | ||
Total Long-Term Derivative Liabilities | -692 | |
Natural Gas | Calls Option | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | -80 | |
Short-Term Derivative Liabilities: | ||
Total Short - Term Derivative Liabilities | -174 | -74 |
Long-Term Derivative Liabilities: | ||
Total Long-Term Derivative Liabilities | -1,116 | -1,096 |
Natural Gas | Put Spreads | ||
Short-Term Derivative Assets: | ||
Total Short-Term Derivative Assets | 1,872 | |
Long-Term Derivative Liabilities: | ||
Total Long-Term Derivative Liabilities | -17 | |
Refined Product (Heating Oil) | Swaps | ||
Short-Term Derivative Liabilities: | ||
Total Short - Term Derivative Liabilities | -13 | |
Long-Term Derivative Liabilities: | ||
Total Long-Term Derivative Liabilities | ($42) |
Significant_Unobservable_Input
Significant Unobservable Inputs Used in Fair Value Measurements of Natural Gas Basis Swaps (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Derivatives asset (liability) | $37,400 | $31,400 |
Natural Gas | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Derivatives asset (liability) | 26,280 | |
Natural Gas | Basis Swaps Dominion South | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average (price per Mcf) | -0.82 | -0.84 |
Derivatives asset (liability) | 139 | 1,341 |
Natural Gas | Basis Swaps Dominion South | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Range (price per Mcf) | -0.38 | -0.27 |
Natural Gas | Basis Swaps Dominion South | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Range (price per Mcf) | -1.23 | -1.39 |
Natural Gas | Basis Swaps Texas Gas | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Weighted Average (price per Mcf) | -0.11 | |
Derivatives asset (liability) | ($344) | |
Natural Gas | Basis Swaps Texas Gas | Minimum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Range (price per Mcf) | -0.1 | |
Natural Gas | Basis Swaps Texas Gas | Maximum | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Range (price per Mcf) | -0.13 |
Fair_Value_Hierarchy_Table_for
Fair Value Hierarchy Table for Assets and Liabilities Measured at Fair Value (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives asset (liability) | $37,400 | $31,400 |
Commodity derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives asset (liability) | 37,647 | 31,371 |
Commodity derivatives | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives asset (liability) | 37,852 | 30,030 |
Commodity derivatives | Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives asset (liability) | -205 | 1,341 |
Interest Rate Swap | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives asset (liability) | -114 | |
Interest Rate Swap | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives asset (liability) | -114 | |
Interest Rate Swaption | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives asset (liability) | -123 | |
Interest Rate Swaption | Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivatives asset (liability) | ($123) |
Reconciliation_of_Commodity_De
Reconciliation of Commodity Derivative Contracts Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) (Commodity derivatives, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Commodity derivatives | ||
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance of Level 3 | $1,341 | $4,323 |
Changes in Fair Value | -1,955 | -2,356 |
Settlements Received | 409 | 284 |
Ending Balance of Level 3 | ($205) | $2,251 |
Financial_Instruments_Not_Reco
Financial Instruments Not Recorded at Fair Value (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Derivatives Fair Value [Line Items] | ||||
Senior Notes | $675,000,000 | |||
Senior Line of Credit | 38,000,000 | [1] | 0 | |
Capital Leases and Other Obligations | 1,193,000 | [1] | 1,427,000 | [1] |
Total | 714,193,000 | [2] | 676,427,000 | |
Fair Value | ||||
Derivatives Fair Value [Line Items] | ||||
Secured Lines of Credit | 38,000,000 | |||
Capital Leases and Other Obligations | 1,167,000 | 1,393,000 | ||
Total | 526,027,000 | 554,661,000 | ||
8.875% Senior Notes | ||||
Derivatives Fair Value [Line Items] | ||||
Senior Notes | 350,000,000 | 350,000,000 | ||
8.875% Senior Notes | Fair Value | ||||
Derivatives Fair Value [Line Items] | ||||
Senior Notes | 269,500,000 | 311,955,000 | ||
6.25% Senior Notes | ||||
Derivatives Fair Value [Line Items] | ||||
Senior Notes | 325,000,000 | 325,000,000 | ||
6.25% Senior Notes | Fair Value | ||||
Derivatives Fair Value [Line Items] | ||||
Senior Notes | $217,360,000 | $241,313,000 | ||
[1] | The Senior Credit Facility requires us to make monthly payments of interest on the outstanding balance of loans made under the agreement. The weighted average interest rate on borrowings under our Senior Credit Facility for the three months ended March 31, 2015 and the year ended December 31, 2014, was approximately 1.7% and 2.2%, respectively. The average interest rate on our capital leases and other obligations for the three months ended March 31, 2015 and the year ended December 31, 2014, was approximately 4.2% and 4.0%, respectively. | |||
[2] | Excludes $2.6 million net premium on Senior Notes |
Financial_Instruments_Not_Reco1
Financial Instruments Not Recorded at Fair Value (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
8.875% Senior Notes | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes, interest rate | 8.88% | 8.88% |
Due date | 2020 | 2020 |
8.875% Senior Notes | Carrying Amount | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes, interest rate | 8.88% | 8.88% |
Due date | 2020 | 2020 |
8.875% Senior Notes | Fair Value | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes, interest rate | 8.88% | 8.88% |
Due date | 2020 | 2020 |
6.25% Senior Notes | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes, interest rate | 6.25% | 6.25% |
Due date | 2022 | 2022 |
6.25% Senior Notes | Carrying Amount | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes, interest rate | 6.25% | 6.25% |
Due date | 2022 | 2022 |
6.25% Senior Notes | Fair Value | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes, interest rate | 6.25% | 6.25% |
Due date | 2022 | 2022 |
Schedule_of_Income_Tax_Include
Schedule of Income Tax Included in Continuing Operations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Income Tax (Expense) Benefit | $92 | ($4,110) |
Effective Tax Rate | 0.50% | 31.90% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Statutory rate | 35.00% | 35.00% |
Income tax refunds | $0.50 |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Details) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Aug. 18, 2014 | Feb. 28, 2015 | Dec. 31, 2014 | |
Schedule Of Capitalization Equity [Line Items] | ||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred Stock, shares authorized | 100,000 | 100,000 | ||
Common Stock, shares issued | 55,266,519 | 54,174,763 | ||
Common Stock, shares outstanding | 55,266,519 | 54,174,763 | ||
Preferred Stock, shares issued | 16,100 | 16,100 | ||
Preferred Stock, par value | $0.00 | $0.00 | ||
Dividend declared, per preferred share | $150 | |||
Dividends declared on preferred stock | $2,415,000 | |||
6.0% convertible perpetual preferred stock, Series A | ||||
Schedule Of Capitalization Equity [Line Items] | ||||
Preferred Stock, shares issued | 16,100 | |||
Preferred Stock, par value | $0.00 | |||
Proceeds from the Issuance of Preferred Stock, Net | 155,000,000 | |||
Dividend per share in amount | $600 | |||
Dividend per share percentage | 6.00% | |||
Dividend declared, per preferred share | $150 | |||
Dividends declared on preferred stock | $2,400,000 | |||
Depositary shares | ||||
Schedule Of Capitalization Equity [Line Items] | ||||
Preferred Stock, shares issued | 1,610,000 | |||
Liquidation preference per share | $10,000 |
Employee_Benefit_and_Equity_Pl1
Employee Benefit and Equity Plans - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of option issued to purchase common stock | 80,000 | 0 | |
Stock options exercised | 0 | 0 | |
Total tax benefit | $0 | $0 | |
Outstanding weighted average remaining term (in years) | 3 years 3 months 18 days | ||
Weighted average remaining term of options exercisable (in years) | 2 years 7 months 6 days | ||
Aggregate intrinsic value of options outstanding | 0 | ||
Aggregate intrinsic value of options exercisable | 0 | ||
Unrecognized compensation expense | 100,000 | ||
Restricted Stock or Unit Expense | 2,500,000 | ||
Employee Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of employees | 3 | ||
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense | 6,700,000 | ||
Common stock issued by compensation committee | 1,336,295 | 3,315 | |
Number of employees subjected to issuance of common stock | 126 | 3 | |
Fair value of TSR awards of per share estimated on date of grant | $4.04 | ||
Share-based compensation | $3,000,000 | $1,600,000 | |
Unrecognized compensation expense weighted average period, in years | 1 year 10 months 24 days | ||
Vested stock | 202,492 | ||
Restricted Stock | TSR | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Fair value of TSR awards of per share estimated on date of grant | $2.56 | $10.15 | |
Restricted Stock | Certain Performance Factors Waived | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Vested stock | 189,872 |
Summary_of_Issued_and_Outstand
Summary of Issued and Outstanding Stock Options (Details) (USD $) | Mar. 31, 2015 |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Number Outstanding | 482,561 |
Weighted-Average Exercise Price, Outstanding | $9.77 |
Number Exercisable | 402,561 |
Weighted-Average Exercise Price, Exercisable | $10.82 |
Exercise Price Range 4.05 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price | $4.05 |
Number Outstanding | 40,000 |
Weighted-Average Exercise Price, Outstanding | $4.05 |
Exercise Price Range 4.90 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price | $4.90 |
Number Outstanding | 40,000 |
Weighted-Average Exercise Price, Outstanding | $4.90 |
Exercise Price Range 5.04 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price | $5.04 |
Number Outstanding | 46,041 |
Weighted-Average Exercise Price, Outstanding | $5.04 |
Number Exercisable | 46,041 |
Weighted-Average Exercise Price, Exercisable | $5.04 |
Exercise Price Range 9.50 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price | $9.50 |
Number Outstanding | 75,000 |
Weighted-Average Exercise Price, Outstanding | $9.50 |
Number Exercisable | 75,000 |
Weighted-Average Exercise Price, Exercisable | $9.50 |
Exercise Price Range 9.99 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price | $9.99 |
Number Outstanding | 149,333 |
Weighted-Average Exercise Price, Outstanding | $9.99 |
Number Exercisable | 149,333 |
Weighted-Average Exercise Price, Exercisable | $9.99 |
Exercise Price Range 10.42 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price | $10.42 |
Number Outstanding | 29,548 |
Weighted-Average Exercise Price, Outstanding | $10.42 |
Number Exercisable | 29,548 |
Weighted-Average Exercise Price, Exercisable | $10.42 |
Exercise Price Range 11.87 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price | $11.87 |
Number Outstanding | 3,500 |
Weighted-Average Exercise Price, Outstanding | $11.87 |
Number Exercisable | 3,500 |
Weighted-Average Exercise Price, Exercisable | $11.87 |
Exercise Price Range 12.50 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price | $12.50 |
Number Outstanding | 19,139 |
Weighted-Average Exercise Price, Outstanding | $12.50 |
Number Exercisable | 19,139 |
Weighted-Average Exercise Price, Exercisable | $12.50 |
Exercise Price Range 13.19 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price | $13.19 |
Number Outstanding | 50,000 |
Weighted-Average Exercise Price, Outstanding | $13.19 |
Number Exercisable | 50,000 |
Weighted-Average Exercise Price, Exercisable | $13.19 |
Exercise Price Range 22.34 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price | $22.34 |
Number Outstanding | 30,000 |
Weighted-Average Exercise Price, Outstanding | $22.34 |
Number Exercisable | 30,000 |
Weighted-Average Exercise Price, Exercisable | $22.34 |
Monte_Carlo_Simulation_Model_A
Monte Carlo Simulation Model Assumptions Used to Estimate Fair Value of Restricted Stock (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected Dividend Yield | 0.00% | 0.00% |
Risk-Free Interest Rate | 1.00% | 0.80% |
Expected Volatility | 58.60% | 50.40% |
Market Index | 35.60% | 35.30% |
Expected Life | 3 years | 3 years |
Peer Group | Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected Volatility | 29.80% | 28.40% |
Peer Group | Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected Volatility | 85.00% | 65.70% |
Summary_of_Nonvested_Stock_Act
Summary of Nonvested Stock Activity (Details) (Restricted Stock, USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Restricted Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock awards, beginning balance, Number of Shares | 1,519,301 | |
Awards, Number of Shares | 1,336,295 | 3,315 |
Forfeitures, Number of Shares | -244,539 | |
Vested, Number of Shares | -202,492 | |
Stock awards, ending balance, Number of Shares | 2,408,565 | |
Stock awards, beginning balance, Weighted Average Grant Date Fair Value | $14.05 | |
Awards, Weighted Average Grant Date Fair Value | $4.04 | |
Forfeitures, Weighted Average Grant Date Fair Value | $12.55 | |
Vested, Weighted Average Grant Date Fair Value | $12.52 | |
Stock awards, ending balance, Weighted Average Grant Date Fair Value | $8.65 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | ||||
Significant probable or possible environmental contingent liabilities | $0 | |||
Letters of credit | 7,000,000 | |||
Rent expense | 200,000 | 200,000 | ||
Termination fees incurred | 5,000,000 | |||
Maximum guarantee of payment of obligations | 414,800,000 | |||
Transportation, processing and marketing expenses of oil natural gas and natural gas liquids | 18,800,000 | 9,400,000 | ||
Fees related to unutilized capacity commitments | 900,000 | |||
Production and Lease Operating Expense | 29,052,000 | 20,033,000 | ||
Accrued Liabilities | 56,559,000 | 59,478,000 | ||
Forecast | ||||
Loss Contingencies [Line Items] | ||||
Termination fees paid | 2,500,000 | |||
Capacity Reservation | ||||
Loss Contingencies [Line Items] | ||||
Estimated working interest | 70.00% | |||
Capacity Reservation | 2015 | ||||
Loss Contingencies [Line Items] | ||||
Obligation for the cryogenic gas processing plant if gas is not processed | 12,100,000 | |||
Capacity Reservation | 2016 | ||||
Loss Contingencies [Line Items] | ||||
Obligation for the cryogenic gas processing plant if gas is not processed | 25,800,000 | |||
Capacity Reservation | 2017 | ||||
Loss Contingencies [Line Items] | ||||
Obligation for the cryogenic gas processing plant if gas is not processed | 31,000,000 | |||
Capacity Reservation | 2018 | ||||
Loss Contingencies [Line Items] | ||||
Obligation for the cryogenic gas processing plant if gas is not processed | 31,000,000 | |||
Capacity Reservation | 2019 | ||||
Loss Contingencies [Line Items] | ||||
Obligation for the cryogenic gas processing plant if gas is not processed | 31,000,000 | |||
Capacity Reservation | Thereafter | ||||
Loss Contingencies [Line Items] | ||||
Obligation for the cryogenic gas processing plant if gas is not processed | 214,700,000 | |||
Drilling Commitments | ||||
Loss Contingencies [Line Items] | ||||
Number of rigs to support Appalachian Basin operations | 1 | |||
Number of contracts terminated | 2 | |||
Drilling Commitments | 2015 | ||||
Loss Contingencies [Line Items] | ||||
Minimum cost to retain drilling rigs | 1,700,000 | |||
Minimum gross cost to retain the completion services | 11,000,000 | |||
Drilling Commitments | 2016 | ||||
Loss Contingencies [Line Items] | ||||
Minimum cost to retain drilling rigs | 2,200,000 | |||
Drilling Commitments | 2017 | ||||
Loss Contingencies [Line Items] | ||||
Minimum cost to retain drilling rigs | 2,200,000 | |||
Pennsylvania Impact Fee | ||||
Loss Contingencies [Line Items] | ||||
Rate in which unconventional wells are charged | 20.00% | |||
Production and Lease Operating Expense | 600,000 | 600,000 | ||
Pennsylvania Impact Fee | 2014 Impact Fees | ||||
Loss Contingencies [Line Items] | ||||
Accrued Liabilities | $6,200,000 |
Lease_Commitments_for_Each_of_
Lease Commitments for Each of Next Five Years (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
2015 | $848 |
2016 | 1,129 |
2017 | 1,143 |
2018 | 721 |
2019 | 721 |
Thereafter | 180 |
Total | $4,742 |
Minimum_Net_Obligations_under_
Minimum Net Obligations under Sales, Gathering and Transportation Agreements (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
2015 | $16,516 |
2016 | 32,656 |
2017 | 51,581 |
2018 | 54,267 |
2019 | 53,181 |
Thereafter | 624,195 |
Total | $832,396 |
Fee_for_Unconventional_Gas_Wel
Fee for Unconventional Gas Wells (Details) (Pennsylvania Impact Fee, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | |
Less than $2.25 | ||
Unconventional Gas Wells [Line Items] | ||
Year One | $40,200 | [1] |
Year Two | 30,200 | [1] |
Year Three | 25,200 | [1] |
Year 4 – 10 | 10,100 | [1] |
Year 11 – 15 | 5,000 | [1] |
$2.26 - $2.99 | ||
Unconventional Gas Wells [Line Items] | ||
Year One | 45,300 | [1] |
Year Two | 35,000 | [1] |
Year Three | 30,200 | [1] |
Year 4 – 10 | 15,100 | [1] |
Year 11 – 15 | 5,000 | [1] |
$3.00 - $4.99 | ||
Unconventional Gas Wells [Line Items] | ||
Year One | 50,300 | [1] |
Year Two | 40,200 | [1] |
Year Three | 30,200 | [1] |
Year 4 – 10 | 20,100 | [1] |
Year 11 – 15 | 10,100 | [1] |
$5.00 - $5.99 | ||
Unconventional Gas Wells [Line Items] | ||
Year One | 55,300 | [1] |
Year Two | 45,300 | [1] |
Year Three | 40,200 | [1] |
Year 4 – 10 | 20,100 | [1] |
Year 11 – 15 | 10,100 | [1] |
More than $5.99 | ||
Unconventional Gas Wells [Line Items] | ||
Year One | 60,400 | [1] |
Year Two | 55,300 | [1] |
Year Three | 50,300 | [1] |
Year 4 – 10 | 20,100 | [1] |
Year 11 – 15 | $10,100 | [1] |
[1] | Pricing utilized for determining annual fee is based on the arithmetic mean of the NYMEX settled price for the near-month contract as reported by the Wall Street Journal for the last trading day of each month of a calendar year for the 12-month period ending December 31. |
Earnings_Per_Common_Share_Addi
Earnings Per Common Share - Additional Information (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
6.0% convertible perpetual preferred stock, Series A | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Dividend per share percentage | 6.00% | |
Conversion of Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share | 8.9 | |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share | 0.5 | 0.3 |
Performance Based Restricted Stock Awards | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share | 1.3 | 1 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earning Per Common Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net Income (Loss) From Continuing Operations | ($18,479) | $8,755 |
Net Income From Discontinued Operations, Less Noncontrolling Interests | 665 | 113 |
Less: Preferred Stock Dividends | -2,415 | |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | ($20,229) | $8,868 |
Denominator: | ||
Weighted Average Common Shares Outstanding - Basic | 54,370 | 52,984 |
Effect of Dilutive Securities: | ||
Employee Stock Options | 150 | |
Employee Performance-Based Restricted Stock Awards | 369 | |
Weighted Average Common Shares Outstanding - Diluted | 54,370 | 53,503 |
Earnings per Common Share Attributable to Rex Energy Common Shareholders: | ||
Basic — Net Income (Loss) From Continuing Operations | ($0.38) | $0.17 |
Basic — Net Income From Discontinued Operations | $0.01 | $0 |
Basic – Net Income (Loss) Attributable to Rex Energy Common Shareholders | ($0.37) | $0.17 |
Diluted — Net Income (Loss) From Continuing Operations | ($0.38) | $0.17 |
Diluted — Net Income From Discontinued Operations | $0.01 | $0 |
Diluted – Net Income (Loss) Attributable to Rex Energy Common Shareholders | ($0.37) | $0.17 |
Equity_Method_Investments_Addi
Equity Method Investments - Additional Information (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Schedule Of Equity Method Investments [Line Items] | |||
Equity Method Investments | $17,692,000 | $17,895,000 | |
Loss on Equity Method Investments | -203,000 | -200,000 | |
Production and Lease Operating Expense | 29,052,000 | 20,033,000 | |
RW Gathering, LLC | |||
Schedule Of Equity Method Investments [Line Items] | |||
Ownership percentage | 40.00% | ||
Contributions to Equity Method Investments | 0 | 0 | |
Loss on Equity Method Investments | -500,000 | -500,000 | |
Production and Lease Operating Expense | 200,000 | 200,000 | |
Receivables | $0 | $0 |
Impairment_Expense_Additional_
Impairment Expense - Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Amortization Expense Per Equivalent Unit Of Production Or Per Dollar Of Gross Revenue [Line Items] | ||
Impairment Expense | $7,023,000 | $25,000 |
Proved Properties in Clearfield Country, Pennsylvania | ||
Amortization Expense Per Equivalent Unit Of Production Or Per Dollar Of Gross Revenue [Line Items] | ||
Impairment Expense | 4,000,000 | |
Appalachian Basin | ||
Amortization Expense Per Equivalent Unit Of Production Or Per Dollar Of Gross Revenue [Line Items] | ||
Undeveloped properties, cost | 335,300,000 | |
Appalachian Basin | Undeveloped Leases | ||
Amortization Expense Per Equivalent Unit Of Production Or Per Dollar Of Gross Revenue [Line Items] | ||
Impairment Expense | $3,000,000 |
Exploration_Expense_Additional
Exploration Expense - Additional Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Exploration Expense [Line Items] | ||
Exploration Expense | $518 | $2,060 |
Geological and Geophysical Type Expenditures | ||
Exploration Expense [Line Items] | ||
Exploration Expense | 1,600 | |
Payment of Delay Rentals | Appalachian Basin | ||
Exploration Expense [Line Items] | ||
Exploration Expense | $400 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Additional Information (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Senior Notes | $675 |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Current Assets | |||
Cash and Cash Equivalents | $4,964 | $17,978 | $1,123 |
Accounts Receivable | 33,386 | 43,936 | |
Taxes Receivable | 2 | 504 | |
Total Short-Term Derivative Assets | 32,849 | 29,265 | |
Assets Held for Sale | 42,696 | 34,257 | |
Inventory, Prepaid Expenses and Other | 2,737 | 3,403 | |
Total Current Assets | 116,634 | 129,343 | |
Property and Equipment (Successful Efforts Method) | |||
Evaluated Oil and Gas Properties | 1,147,468 | 1,079,039 | |
Unevaluated Oil and Gas Properties | 335,279 | 322,413 | |
Other Property and Equipment | 46,732 | 46,361 | |
Wells and Facilities in Progress | 101,993 | 127,655 | |
Pipelines | 15,657 | 15,657 | |
Total Property and Equipment | 1,647,129 | 1,591,125 | |
Less: Accumulated Depreciation, Depletion and Amortization | -395,337 | -366,917 | |
Net Property and Equipment | 1,251,792 | 1,224,208 | |
Deferred Financing Costs and Other Assets—Net | 17,058 | 17,070 | |
Equity Method Investments | 17,692 | 17,895 | |
Long-Term Deferred Tax Asset | 8,301 | 8,301 | |
Long-Term Derivative Instruments | 10,040 | 4,904 | |
Total Assets | 1,421,517 | 1,401,721 | |
Current Liabilities | |||
Accounts Payable | 45,116 | 53,340 | |
Current Maturities of Long-Term Debt | 1,056 | 1,176 | |
Accrued Liabilities | 56,559 | 59,478 | |
Short-Term Derivative Instruments | 1,393 | 421 | |
Current Deferred Tax Liability | 8,301 | 8,301 | |
Liabilities Related to Assets Held for Sale | 31,519 | 25,115 | |
Total Current Liabilities | 143,944 | 147,831 | |
Long-Term Derivative Instruments | 4,086 | 2,377 | |
Senior Secured Line of Credit and Long-Term Debt | 38,137 | 251 | |
Senior Notes | 675,000 | ||
Premium on Senior Notes, Net | 2,632 | 2,725 | |
Other Deposits and Liabilities | 3,812 | 4,018 | |
Future Abandonment Cost | 39,040 | 38,146 | |
Total Liabilities | 906,651 | 870,348 | |
Stockholders’ Equity | |||
Preferred Stock | 1 | 1 | |
Common Stock | 54 | 54 | |
Additional Paid-In Capital | 620,782 | 617,826 | |
Accumulated Earnings (Deficit) | -110,978 | -90,749 | |
Rex Energy Stockholders’ Equity | 509,859 | 527,132 | |
Noncontrolling Interests | 5,007 | 4,241 | |
Total Stockholders’ Equity | 514,866 | 531,373 | |
Total Liabilities and Stockholders’ Equity | 1,421,517 | 1,401,721 | |
Eliminations | |||
Current Assets | |||
Assets Held for Sale | -11,756 | -2,537 | |
Total Current Assets | -11,756 | -2,537 | |
Property and Equipment (Successful Efforts Method) | |||
Evaluated Oil and Gas Properties | -6,489 | -5,760 | |
Wells and Facilities in Progress | -671 | -560 | |
Pipelines | -1,898 | -1,898 | |
Total Property and Equipment | -9,058 | -8,218 | |
Less: Accumulated Depreciation, Depletion and Amortization | 1,271 | 1,037 | |
Net Property and Equipment | -7,787 | -7,181 | |
Intercompany Receivables | -978,279 | -951,025 | |
Investment in Subsidiaries – Net | -248,058 | -264,150 | |
Total Assets | -1,245,880 | -1,224,893 | |
Current Liabilities | |||
Accounts Payable | -2,411 | -2,537 | |
Liabilities Related to Assets Held for Sale | -376 | ||
Total Current Liabilities | -2,787 | -2,537 | |
Intercompany Payables | -978,279 | -951,025 | |
Total Liabilities | -981,066 | -953,562 | |
Stockholders’ Equity | |||
Additional Paid-In Capital | -192,654 | -256,887 | |
Accumulated Earnings (Deficit) | -72,160 | -18,483 | |
Rex Energy Stockholders’ Equity | -264,814 | -275,370 | |
Noncontrolling Interests | 4,039 | ||
Total Stockholders’ Equity | -264,814 | -271,331 | |
Total Liabilities and Stockholders’ Equity | -1,245,880 | -1,224,893 | |
Guarantor Subsidiaries | |||
Current Assets | |||
Cash and Cash Equivalents | 5,014 | 17,978 | |
Accounts Receivable | 33,289 | 43,726 | |
Total Short-Term Derivative Assets | 32,422 | 29,265 | |
Inventory, Prepaid Expenses and Other | 2,662 | 3,374 | |
Total Current Assets | 73,387 | 94,343 | |
Property and Equipment (Successful Efforts Method) | |||
Evaluated Oil and Gas Properties | 1,153,433 | 1,084,332 | |
Unevaluated Oil and Gas Properties | 334,581 | 321,708 | |
Other Property and Equipment | 45,837 | 45,466 | |
Wells and Facilities in Progress | 102,236 | 127,759 | |
Pipelines | 17,555 | 17,555 | |
Total Property and Equipment | 1,653,642 | 1,596,820 | |
Less: Accumulated Depreciation, Depletion and Amortization | -395,810 | -367,224 | |
Net Property and Equipment | 1,257,832 | 1,229,596 | |
Deferred Financing Costs and Other Assets—Net | 2,421 | 2,421 | |
Equity Method Investments | 17,692 | 17,895 | |
Investment in Subsidiaries – Net | -1,909 | 4,161 | |
Long-Term Derivative Instruments | 9,732 | 4,904 | |
Total Assets | 1,359,155 | 1,353,320 | |
Current Liabilities | |||
Accounts Payable | 47,472 | 55,877 | |
Current Maturities of Long-Term Debt | 1,056 | 1,176 | |
Accrued Liabilities | 41,799 | 46,783 | |
Short-Term Derivative Instruments | 1,271 | 421 | |
Total Current Liabilities | 91,598 | 104,257 | |
Long-Term Derivative Instruments | 3,237 | 2,377 | |
Senior Secured Line of Credit and Long-Term Debt | 137 | 251 | |
Other Deposits and Liabilities | 3,812 | 4,018 | |
Future Abandonment Cost | 38,987 | 38,097 | |
Intercompany Payables | 974,363 | 947,114 | |
Total Liabilities | 1,112,134 | 1,096,114 | |
Stockholders’ Equity | |||
Additional Paid-In Capital | 177,143 | 177,144 | |
Accumulated Earnings (Deficit) | 69,878 | 80,062 | |
Rex Energy Stockholders’ Equity | 247,021 | 257,206 | |
Total Stockholders’ Equity | 247,021 | 257,206 | |
Total Liabilities and Stockholders’ Equity | 1,359,155 | 1,353,320 | |
Non-Guarantor Subsidiaries | |||
Current Assets | |||
Cash and Cash Equivalents | -55 | ||
Accounts Receivable | 50 | 210 | |
Assets Held for Sale | 54,452 | 36,794 | |
Total Current Assets | 54,447 | 37,004 | |
Property and Equipment (Successful Efforts Method) | |||
Evaluated Oil and Gas Properties | 524 | 467 | |
Unevaluated Oil and Gas Properties | 698 | 705 | |
Other Property and Equipment | 895 | 895 | |
Wells and Facilities in Progress | 428 | 456 | |
Total Property and Equipment | 2,545 | 2,523 | |
Less: Accumulated Depreciation, Depletion and Amortization | -798 | -730 | |
Net Property and Equipment | 1,747 | 1,793 | |
Investment in Subsidiaries – Net | 1,541 | ||
Total Assets | 56,194 | 40,338 | |
Current Liabilities | |||
Accounts Payable | 55 | ||
Accrued Liabilities | 274 | 571 | |
Liabilities Related to Assets Held for Sale | 31,895 | 25,115 | |
Total Current Liabilities | 32,224 | 25,686 | |
Future Abandonment Cost | 53 | 49 | |
Intercompany Payables | 3,916 | 3,911 | |
Total Liabilities | 36,193 | 29,646 | |
Stockholders’ Equity | |||
Additional Paid-In Capital | 15,511 | 79,743 | |
Accumulated Earnings (Deficit) | -517 | -69,253 | |
Rex Energy Stockholders’ Equity | 14,994 | 10,490 | |
Noncontrolling Interests | 5,007 | 202 | |
Total Stockholders’ Equity | 20,001 | 10,692 | |
Total Liabilities and Stockholders’ Equity | 56,194 | 40,338 | |
Parent Company | |||
Current Assets | |||
Cash and Cash Equivalents | 5 | ||
Accounts Receivable | 47 | ||
Taxes Receivable | 2 | 504 | |
Total Short-Term Derivative Assets | 427 | ||
Inventory, Prepaid Expenses and Other | 75 | 29 | |
Total Current Assets | 556 | 533 | |
Property and Equipment (Successful Efforts Method) | |||
Deferred Financing Costs and Other Assets—Net | 14,637 | 14,649 | |
Long-Term Deferred Tax Asset | 8,301 | 8,301 | |
Intercompany Receivables | 978,279 | 951,025 | |
Investment in Subsidiaries – Net | 249,967 | 258,448 | |
Long-Term Derivative Instruments | 308 | ||
Total Assets | 1,252,048 | 1,232,956 | |
Current Liabilities | |||
Accrued Liabilities | 14,486 | 12,124 | |
Short-Term Derivative Instruments | 122 | ||
Current Deferred Tax Liability | 8,301 | 8,301 | |
Total Current Liabilities | 22,909 | 20,425 | |
Long-Term Derivative Instruments | 849 | ||
Senior Secured Line of Credit and Long-Term Debt | 38,000 | ||
Premium on Senior Notes, Net | 2,632 | 2,725 | |
Total Liabilities | 739,390 | 698,150 | |
Stockholders’ Equity | |||
Preferred Stock | 1 | 1 | |
Common Stock | 54 | 54 | |
Additional Paid-In Capital | 620,782 | 617,826 | |
Accumulated Earnings (Deficit) | -108,179 | -83,075 | |
Rex Energy Stockholders’ Equity | 512,658 | 534,806 | |
Total Stockholders’ Equity | 512,658 | 534,806 | |
Total Liabilities and Stockholders’ Equity | 1,252,048 | 1,232,956 | |
8.875% Senior Notes | |||
Current Liabilities | |||
Senior Notes | 350,000 | 350,000 | |
8.875% Senior Notes | Parent Company | |||
Current Liabilities | |||
Senior Notes | 350,000 | 350,000 | |
6.25% Senior Notes | |||
Current Liabilities | |||
Senior Notes | 325,000 | 325,000 | |
6.25% Senior Notes | Parent Company | |||
Current Liabilities | |||
Senior Notes | $325,000 | $325,000 |
Condensed_Consolidating_Balanc1
Condensed Consolidating Balance Sheets (Parenthetical) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
8.875% Senior Notes | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Interest rate | 8.88% | 8.88% |
Due date | 2020 | 2020 |
6.25% Senior Notes | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Interest rate | 6.25% | 6.25% |
Due date | 2022 | 2022 |
Condensed_Consolidating_Statem
Condensed Consolidating Statements of Operations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
OPERATING REVENUE | ||
Oil, Natural Gas and NGL Sales | $54,111 | $81,299 |
Other Revenue | 11 | 44 |
TOTAL OPERATING REVENUE | 54,122 | 81,343 |
OPERATING EXPENSES | ||
Production and Lease Operating Expense | 29,052 | 20,033 |
General and Administrative Expense | 9,651 | 9,562 |
Loss on Disposal of Asset | 65 | 72 |
Impairment Expense | 7,023 | 25 |
Exploration Expense | 518 | 2,060 |
Depreciation, Depletion, Amortization and Accretion | 26,126 | 19,723 |
Other Operating Expense (Income) | 5,191 | 83 |
TOTAL OPERATING EXPENSES | 77,626 | 51,558 |
INCOME (LOSS) FROM OPERATIONS | -23,504 | 29,785 |
OTHER INCOME (EXPENSE) | ||
Interest Expense | -12,017 | -6,933 |
Gain (Loss) on Derivatives, Net | 17,119 | -9,750 |
Other Expense | 34 | -37 |
Loss on Equity Method Investments | -203 | -200 |
TOTAL OTHER INCOME (EXPENSE) | 4,933 | -16,920 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX | -18,571 | 12,865 |
Income Tax (Expense) Benefit | 92 | -4,110 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | -18,479 | 8,755 |
Income (Loss) From Discontinued Operations, Net of Income Tax | 1,962 | 1,682 |
NET INCOME | -16,517 | 10,437 |
Net Income Attributable to Noncontrolling Interests | 1,297 | 1,569 |
NET INCOME (LOSS) ATTRIBUTABLE TO REX ENERGY | -17,814 | 8,868 |
Preferred Stock Dividends | 2,415 | |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | -20,229 | 8,868 |
Eliminations | ||
OPERATING EXPENSES | ||
Depreciation, Depletion, Amortization and Accretion | -235 | -111 |
TOTAL OPERATING EXPENSES | -235 | -111 |
INCOME (LOSS) FROM OPERATIONS | 235 | 111 |
OTHER INCOME (EXPENSE) | ||
Income (Loss) From Equity in Consolidated Subsidiaries | 3,214 | -13,567 |
TOTAL OTHER INCOME (EXPENSE) | 3,214 | -13,567 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX | 3,449 | -13,456 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | 3,449 | -13,456 |
Income (Loss) From Discontinued Operations, Net of Income Tax | -864 | -2,158 |
NET INCOME | 2,585 | -15,614 |
NET INCOME (LOSS) ATTRIBUTABLE TO REX ENERGY | 2,585 | -15,614 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | -15,614 | |
Guarantor Subsidiaries | ||
OPERATING REVENUE | ||
Oil, Natural Gas and NGL Sales | 54,000 | 81,299 |
Other Revenue | 11 | 44 |
TOTAL OPERATING REVENUE | 54,011 | 81,343 |
OPERATING EXPENSES | ||
Production and Lease Operating Expense | 29,014 | 20,030 |
General and Administrative Expense | 6,659 | 7,880 |
Loss on Disposal of Asset | 65 | 72 |
Impairment Expense | 7,012 | 25 |
Exploration Expense | 518 | 2,060 |
Depreciation, Depletion, Amortization and Accretion | 26,292 | 19,823 |
Other Operating Expense (Income) | 5,191 | 83 |
TOTAL OPERATING EXPENSES | 74,751 | 49,973 |
INCOME (LOSS) FROM OPERATIONS | -20,740 | 31,370 |
OTHER INCOME (EXPENSE) | ||
Interest Expense | -58 | -15 |
Gain (Loss) on Derivatives, Net | 16,856 | -10,439 |
Other Expense | 34 | -37 |
Loss on Equity Method Investments | -203 | -200 |
Income (Loss) From Equity in Consolidated Subsidiaries | -23 | -25 |
TOTAL OTHER INCOME (EXPENSE) | 16,606 | -10,716 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX | -4,134 | 20,654 |
Income Tax (Expense) Benefit | 20 | -6,637 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | -4,114 | 14,017 |
NET INCOME | -4,114 | 14,017 |
NET INCOME (LOSS) ATTRIBUTABLE TO REX ENERGY | -4,114 | 14,017 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | 14,017 | |
Non-Guarantor Subsidiaries | ||
OPERATING REVENUE | ||
Oil, Natural Gas and NGL Sales | 111 | |
TOTAL OPERATING REVENUE | 111 | |
OPERATING EXPENSES | ||
Production and Lease Operating Expense | 38 | 3 |
General and Administrative Expense | 16 | 23 |
Impairment Expense | 11 | |
Depreciation, Depletion, Amortization and Accretion | 69 | 11 |
TOTAL OPERATING EXPENSES | 134 | 37 |
INCOME (LOSS) FROM OPERATIONS | -23 | -37 |
OTHER INCOME (EXPENSE) | ||
Income (Loss) From Equity in Consolidated Subsidiaries | 23 | 25 |
TOTAL OTHER INCOME (EXPENSE) | 23 | 25 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX | -12 | |
Income Tax (Expense) Benefit | -662 | |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | -674 | |
Income (Loss) From Discontinued Operations, Net of Income Tax | 2,826 | 3,840 |
NET INCOME | 2,826 | 3,166 |
Net Income Attributable to Noncontrolling Interests | 1,297 | 1,569 |
NET INCOME (LOSS) ATTRIBUTABLE TO REX ENERGY | 1,529 | 1,597 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | 1,597 | |
Parent Company | ||
OPERATING EXPENSES | ||
General and Administrative Expense | 2,976 | 1,659 |
TOTAL OPERATING EXPENSES | 2,976 | 1,659 |
INCOME (LOSS) FROM OPERATIONS | -2,976 | -1,659 |
OTHER INCOME (EXPENSE) | ||
Interest Expense | -11,959 | -6,918 |
Gain (Loss) on Derivatives, Net | 263 | 689 |
Income (Loss) From Equity in Consolidated Subsidiaries | -3,214 | 13,567 |
TOTAL OTHER INCOME (EXPENSE) | -14,910 | 7,338 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX | -17,886 | 5,679 |
Income Tax (Expense) Benefit | 72 | 3,189 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | -17,814 | 8,868 |
NET INCOME | -17,814 | 8,868 |
NET INCOME (LOSS) ATTRIBUTABLE TO REX ENERGY | -17,814 | 8,868 |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $8,868 |
Condensed_Consolidating_Statem1
Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | ($16,517) | $10,437 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | ||
Loss from Equity Method Investments | 203 | 200 |
Non-cash Expenses | 3,377 | 1,998 |
Depreciation, Depletion, Amortization and Accretion | 26,165 | 20,424 |
Deferred Income Tax Expense (Benefit) | 4,151 | |
(Gain) Loss on Derivatives | -17,119 | 9,750 |
Cash Settlements of Derivatives | 11,079 | -4,877 |
Dry Hole Expense | -1 | 86 |
(Gain) Loss on Sale of Asset | 33 | 71 |
Impairment Expense | 7,023 | 25 |
Changes in operating assets and liabilities | ||
Accounts Receivable | 10,029 | -15,921 |
Inventory, Prepaid Expenses and Other Assets | 328 | -144 |
Accounts Payable and Accrued Liabilities | -12,929 | -9,792 |
Other Assets and Liabilities | -305 | -348 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 11,366 | 16,060 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from Joint Venture Acreage Management | 39 | 67 |
Proceeds from the Sale of Oil and Gas Properties, Prospects and Other Assets | 672 | 15 |
Proceeds from Joint Venture | 16,611 | |
Acquisitions of Undeveloped Acreage | -17,459 | -15,534 |
Capital Expenditures for Development of Oil & Gas Properties and Equipment | -67,013 | -66,481 |
NET CASH USED IN INVESTING ACTIVITIES | -67,150 | -81,933 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Long-Term Debt and Line of Credit | 72,826 | 66,922 |
Repayments of Long-Term Debt and Line of Credit | -25,761 | -19 |
Repayments of Loans and Other Notes Payable | -686 | -528 |
Debt Issuance Costs | -459 | -252 |
Dividends Paid | -2,415 | |
Distributions by the Partners of Consolidated Joint Ventures | -531 | -360 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 42,974 | 65,763 |
NET DECREASE IN CASH | -12,810 | -110 |
CASH – BEGINNING | 18,096 | 1,900 |
CASH – ENDING | 5,286 | 1,790 |
Eliminations | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | 2,585 | -15,614 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | ||
Depreciation, Depletion, Amortization and Accretion | -1,607 | -111 |
Changes in operating assets and liabilities | ||
Accounts Receivable | 251 | 3,489 |
Accounts Payable and Accrued Liabilities | -251 | -3,489 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 978 | -15,725 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Intercompany loans to subsidiaries | -1,823 | 13,568 |
Capital Expenditures for Development of Oil & Gas Properties and Equipment | 845 | 2,157 |
NET CASH USED IN INVESTING ACTIVITIES | -978 | 15,725 |
Guarantor Subsidiaries | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | -4,114 | 14,017 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | ||
Loss from Equity Method Investments | 203 | 200 |
Non-cash Expenses | -70 | -63 |
Depreciation, Depletion, Amortization and Accretion | 26,292 | 19,823 |
Deferred Income Tax Expense (Benefit) | 6,597 | |
(Gain) Loss on Derivatives | -16,856 | 10,439 |
Cash Settlements of Derivatives | 10,579 | -5,245 |
Dry Hole Expense | -1 | 86 |
(Gain) Loss on Sale of Asset | 65 | 71 |
Impairment Expense | 7,012 | 25 |
Changes in operating assets and liabilities | ||
Accounts Receivable | 10,437 | -8,921 |
Inventory, Prepaid Expenses and Other Assets | 712 | 31 |
Accounts Payable and Accrued Liabilities | -12,518 | -16,986 |
Other Assets and Liabilities | -199 | -307 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 21,542 | 19,767 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Intercompany loans to subsidiaries | 27,192 | 62,160 |
Proceeds from Joint Venture Acreage Management | 39 | 67 |
Proceeds from the Sale of Oil and Gas Properties, Prospects and Other Assets | 217 | 15 |
Proceeds from Joint Venture | 16,611 | |
Acquisitions of Undeveloped Acreage | -17,454 | -15,077 |
Capital Expenditures for Development of Oil & Gas Properties and Equipment | -60,719 | -66,618 |
NET CASH USED IN INVESTING ACTIVITIES | -34,114 | -19,453 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of Loans and Other Notes Payable | -392 | -399 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | -392 | -399 |
NET DECREASE IN CASH | -12,964 | -85 |
CASH – BEGINNING | 17,978 | 1,386 |
CASH – ENDING | 5,014 | 1,301 |
Non-Guarantor Subsidiaries | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | 2,826 | 3,166 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | ||
Non-cash Expenses | 44 | 139 |
Depreciation, Depletion, Amortization and Accretion | 1,480 | 712 |
Deferred Income Tax Expense (Benefit) | 743 | |
(Gain) Loss on Sale of Asset | -32 | |
Impairment Expense | 11 | |
Changes in operating assets and liabilities | ||
Accounts Receivable | -1,087 | -10,439 |
Inventory, Prepaid Expenses and Other Assets | -322 | 14 |
Accounts Payable and Accrued Liabilities | -2,496 | 2,878 |
Other Assets and Liabilities | -133 | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 291 | -2,787 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Intercompany loans to subsidiaries | -1,688 | -175 |
Proceeds from the Sale of Oil and Gas Properties, Prospects and Other Assets | 455 | |
Acquisitions of Undeveloped Acreage | -5 | -457 |
Capital Expenditures for Development of Oil & Gas Properties and Equipment | -7,139 | -2,020 |
NET CASH USED IN INVESTING ACTIVITIES | -8,377 | -2,652 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Long-Term Debt and Line of Credit | 18,826 | 5,922 |
Repayments of Long-Term Debt and Line of Credit | -9,761 | -19 |
Repayments of Loans and Other Notes Payable | -294 | -129 |
Distributions by the Partners of Consolidated Joint Ventures | -531 | -360 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 8,240 | 5,414 |
NET DECREASE IN CASH | 154 | -25 |
CASH – BEGINNING | 113 | 509 |
CASH – ENDING | 267 | 484 |
Parent Company | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | -17,814 | 8,868 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities | ||
Non-cash Expenses | 3,403 | 1,922 |
Deferred Income Tax Expense (Benefit) | -3,189 | |
(Gain) Loss on Derivatives | -263 | -689 |
Cash Settlements of Derivatives | 500 | 368 |
Changes in operating assets and liabilities | ||
Accounts Receivable | 428 | -50 |
Inventory, Prepaid Expenses and Other Assets | -62 | -189 |
Accounts Payable and Accrued Liabilities | 2,336 | 7,805 |
Other Assets and Liabilities | 27 | -41 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | -11,445 | 14,805 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Intercompany loans to subsidiaries | -23,681 | -75,553 |
NET CASH USED IN INVESTING ACTIVITIES | -23,681 | -75,553 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Long-Term Debt and Line of Credit | 54,000 | 61,000 |
Repayments of Long-Term Debt and Line of Credit | -16,000 | |
Debt Issuance Costs | -459 | -252 |
Dividends Paid | -2,415 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 35,126 | 60,748 |
CASH – BEGINNING | 5 | 5 |
CASH – ENDING | $5 | $5 |