Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 4-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 | |
Entity Registrant Name | Gastar Exploration Inc. | |
Entity Central Index Key | 1431372 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 81,145,775 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $12,143 | $11,008 |
Accounts receivable, net of allowance for doubtful accounts of $0, respectively | 18,187 | 30,841 |
Commodity derivative contracts | 18,815 | 19,687 |
Prepaid expenses | 1,808 | 2,083 |
Total current assets | 50,953 | 63,619 |
Oil and natural gas properties, full cost method of accounting: | ||
Unproved properties, excluded from amortization | 120,341 | 128,274 |
Proved properties | 1,174,581 | 1,124,367 |
Total oil and natural gas properties | 1,294,922 | 1,252,641 |
Furniture and equipment | 3,013 | 3,010 |
Total property, plant and equipment | 1,297,935 | 1,255,651 |
Accumulated depreciation, depletion and amortization | -577,822 | -563,351 |
Total property, plant and equipment, net | 720,113 | 692,300 |
OTHER ASSETS: | ||
Commodity derivative contracts | 13,404 | 7,815 |
Deferred charges, net | 2,682 | 2,586 |
Advances to operators and other assets | 2,770 | 9,474 |
Total other assets | 18,856 | 19,875 |
TOTAL ASSETS | 789,922 | 775,794 |
CURRENT LIABILITIES: | ||
Accounts payable | 19,780 | 28,843 |
Revenue payable | 8,258 | 9,122 |
Accrued interest | 10,550 | 3,528 |
Accrued drilling and operating costs | 6,598 | 5,977 |
Advances from non-operators | 1,025 | 1,820 |
Commodity derivative contracts | 56 | 0 |
Commodity derivative premium payable | 2,472 | 2,481 |
Asset retirement obligation | 84 | 82 |
Other accrued liabilities | 1,975 | 3,175 |
Total current liabilities | 50,798 | 55,028 |
LONG-TERM LIABILITIES: | ||
Long-term debt | 380,916 | 360,303 |
Commodity derivative contracts | 340 | 0 |
Commodity derivative premium payable | 4,809 | 4,702 |
Asset retirement obligation | 5,676 | 5,475 |
Total long-term liabilities | 391,741 | 370,480 |
Commitments and contingencies (Note 11) | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock | 78 | 78 |
Additional paid-in capital | 568,541 | 568,440 |
Accumulated deficit | -221,298 | -218,294 |
Total stockholders’ equity | 347,383 | 350,286 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 789,922 | 775,794 |
Series A Preferred Stock | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock | 41 | 41 |
Series B Preferred Stock | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock | $21 | $21 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, net of allowance for doubtful accounts | $0 | $0 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred stock, par value | $0.01 | |
Liquidation Preference | $25 | |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 275,000,000 | 275,000,000 |
Common stock, shares issued | 80,145,775 | 78,632,810 |
Common stock, shares outstanding | 80,145,775 | 78,632,810 |
Series A Preferred Stock | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares issued | 4,045,000 | 4,045,000 |
Preferred stock, shares outstanding | 4,045,000 | 4,045,000 |
Liquidation Preference | $25 | $25 |
Series B Preferred Stock | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares issued | 2,140,000 | 2,140,000 |
Preferred stock, shares outstanding | 2,140,000 | 2,140,000 |
Liquidation Preference | $25 | $25 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
REVENUES: | ||
Oil and condensate | $15,353 | $16,778 |
Natural gas | 6,700 | 15,419 |
NGLs | 2,096 | 6,644 |
Total oil, condensate, natural gas and NGLs revenues | 24,149 | 38,841 |
Gain (loss) on commodity derivatives contracts | 10,223 | -6,514 |
Total revenues | 34,372 | 32,327 |
EXPENSES: | ||
Production taxes | 840 | 1,894 |
Lease operating expenses | 6,019 | 4,044 |
Transportation, treating and gathering | 497 | 625 |
Depreciation, depletion and amortization | 14,471 | 12,382 |
Accretion of asset retirement obligation | 125 | 122 |
General and administrative expense | 4,248 | 4,763 |
Total expenses | 26,200 | 23,830 |
INCOME FROM OPERATIONS | 8,172 | 8,497 |
OTHER INCOME (EXPENSE): | ||
Interest expense | -7,561 | -6,891 |
Investment income and other | 3 | 7 |
Foreign transaction loss | 0 | -2 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 614 | 1,611 |
Provision for income taxes | 0 | 0 |
NET INCOME | 614 | 1,611 |
Dividends on preferred stock | -3,618 | -3,576 |
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | ($3,004) | ($1,965) |
NET LOSS PER SHARE OF COMMON STOCK ATTRIBUTABLE TO COMMON STOCKHOLDERS: | ||
Basic (in dollars per share) | ($0.04) | ($0.03) |
Diluted (in dollars per share) | ($0.04) | ($0.03) |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | ||
Basic (shares) | 77,114,826 | 58,204,532 |
Diluted (shares) | 77,114,826 | 58,204,532 |
Condensed_Consolidated_Stateme1
Condensed 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 | $614 | $1,611 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, depletion and amortization | 14,471 | 12,382 | ||
Stock-based compensation | 1,526 | 1,533 | ||
Total (gain) loss on commodity derivatives contracts | -10,223 | 6,514 | ||
Cash settlements of matured commodity derivatives contracts, net | 5,277 | -3,015 | ||
Cash premiums paid for commodity derivatives contracts | 0 | -71 | ||
Amortization of deferred financing costs | 822 | [1] | 733 | [1] |
Accretion of asset retirement obligation | 125 | 122 | ||
Settlement of asset retirement obligation | 0 | -257 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 14,279 | -750 | ||
Prepaid expenses | 275 | 81 | ||
Accounts payable and accrued liabilities | 5,957 | 4,169 | ||
Net cash provided by operating activities | 33,123 | 23,052 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Development and purchase of oil and natural gas properties | -46,121 | -25,812 | ||
Advances to operators | -1,753 | -5,001 | ||
Acquisition of oil and natural gas properties - refund | 0 | 4,209 | ||
Proceeds from (payment related to) sale of oil and natural gas properties | 2,008 | -341 | ||
(Payments to) proceeds from non-operators | -795 | 4,930 | ||
Purchase of furniture and equipment | -3 | -148 | ||
Net cash used in investing activities | -46,664 | -22,163 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from revolving credit facility | 25,000 | 0 | ||
Repayment of revolving credit facility | -5,000 | 0 | ||
Proceeds from issuance of preferred stock, net of issuance costs | 0 | 886 | ||
Dividends on preferred stock | -3,618 | -3,576 | ||
Deferred financing charges | -281 | -135 | ||
Tax withholding related to restricted stock and PBU vestings | -1,425 | -3,544 | ||
Net cash provided by (used in) financing activities | 14,676 | -6,369 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,135 | -5,480 | ||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 11,008 | 32,393 | ||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $12,143 | $26,913 | ||
[1] | The three months ended March 31, 2015 and 2014 includes $613,000 and $556,000, respectively, of debt discount accretion related to the Notes. |
Description_Of_Business
Description Of Business | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of business | Description of Business |
Gastar Exploration Inc. (the “Company” or “Gastar,” and before January 31, 2014, “Gastar USA”) is an independent energy company engaged in the exploration, development and production of oil, condensate, natural gas and NGLs in the U.S. Gastar’s principal business activities include the identification, acquisition, and subsequent exploration and development of oil and natural gas properties with an emphasis on unconventional reserves, such as shale resource plays. In Oklahoma, Gastar is developing the primarily oil-bearing reservoirs of the Hunton Limestone horizontal oil play and expects to test other prospective formations on the same acreage, including the Woodford Shale and the Meramec Shale (middle Mississippi Lime), which Gastar refers to as the Stack Play. In West Virginia, Gastar is developing liquids-rich natural gas in the Marcellus Shale and has drilled and completed its first successful dry gas Utica Shale/Point Pleasant well on its acreage. | |
On November 14, 2013, Gastar Exploration Ltd., an Alberta, Canada corporation, changed its jurisdiction of incorporation to the State of Delaware and changed its name to “Gastar Exploration, Inc.” At December 31, 2013, Gastar Exploration, Inc. was a holding company and substantially all of its operations were conducted through, and substantially all of its assets were held by, its primary operating subsidiary, Gastar Exploration USA, Inc. and its wholly-owned subsidiaries. Subsequently, on January 31, 2014, Gastar Exploration, Inc. merged with and into Gastar Exploration USA, Inc. as part of a reorganization to eliminate the holding company corporate structure. Pursuant to the merger agreement, shares of Gastar Exploration, Inc.'s common stock were converted into an equal number of shares of common stock of Gastar Exploration USA, Inc. and Gastar Exploration USA, Inc. changed its name to “Gastar Exploration Inc.” Gastar Exploration Inc. owns and continues to conduct business in substantially the same manner as was being conducted by Gastar Exploration, Inc. and its subsidiaries prior to the merger. All references to “Gastar,” the “Company” and similar terms refer collectively to Gastar Exploration Inc. Unless otherwise stated or the context requires otherwise, all references in these notes to “Gastar USA” refer collectively to Gastar Exploration Inc. (formerly known as Gastar Exploration USA, Inc.) and its wholly-owned subsidiaries and all references to “Parent” refer solely to Gastar Exploration, Inc. (formerly known as Gastar Exploration Ltd.). |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies |
The accounting policies followed by the Company are set forth in the notes to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”) filed with the SEC. Please refer to the notes to the consolidated financial statements included in the 2014 Form 10-K for additional details of the Company’s financial condition, results of operations and cash flows. No material item included in those notes has changed except as a result of normal transactions in the interim or as disclosed within this report. | |
The unaudited interim condensed consolidated financial statements of the Company included herein are stated in U.S. dollars and were prepared from the records of the Company by management in accordance with U.S. GAAP applicable to interim financial statements and reflect all normal and recurring adjustments, which are, in the opinion of management, necessary to provide a fair presentation of the results of operations and financial position for the interim periods. Such financial statements conform to the presentation reflected in the 2014 Form 10-K. The current interim period reported herein should be read in conjunction with the financial statements and accompanying notes, including Item 8. “Financial Statements and Supplementary Data, Note 2 – Summary of Significant Accounting Policies,” included in the 2014 Form 10-K. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates with regard to these financial statements include the estimate of proved oil and natural gas reserve quantities and the related present value of estimated future net cash flows. | |
The unaudited interim condensed consolidated financial statements of the Company include the consolidated accounts of all of its subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. | |
Certain reclassifications of prior year balances have been made to conform to the current year presentation; these reclassifications have no impact on net income (loss). | |
The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued and has disclosed certain subsequent events in these condensed consolidated financial statements, as appropriate. | |
Recent Accounting Developments | |
The following recently issued accounting pronouncement may impact the Company in future periods: | |
Debt Issuance Costs. In April 2015, the FASB issued updated guidance regarding simplification of the presentation of debt issuance costs. The updated guidance requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
Going Concern. In August 2014, the FASB issued updated guidance related to determining whether substantial doubt exists about an entity's ability to continue as a going concern. The amendment provides guidance for determining whether conditions or events give rise to substantial doubt that an entity has the ability to continue as a going concern within one year following issuance of the financial statements, and requires specific disclosures regarding the conditions or events leading to substantial doubt. The updated guidance is effective for annual reporting periods and interim periods within those annual periods beginning after December 15, 2016. Earlier adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
Revenue Recognition. In May 2014, the FASB issued an amendment to previously issued guidance regarding the recognition of revenue. The FASB and the International Accounting Standards Board initiated a joint project to clarify the principles for recognizing revenue and to develop a common standard that would (i) remove inconsistencies and weaknesses in revenue requirements, (ii) provide a more robust framework for addressing revenue issues, (iii) improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets, (iv) provide more useful information to users of financial statements through improved disclosure requirements and (v) simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, an entity should apply the following steps (1) identify the contract(s) with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This guidance supersedes prior revenue recognition requirements and most industry-specific guidance throughout the FASB Accounting Standards Codification. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. In April 2015, the FASB proposed to delay the effective date one year, beginning in fiscal year 2018. The proposal will be subject to the FASB's due process requirement, which includes a period for public comments. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, results of operations or cash flows. The Company does not expect the adoption of this guidance to materially impact its operating results, financial position or cash flows. |
Property_Plant_And_Equipment
Property, Plant And Equipment | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant And Equipment | Property, Plant and Equipment | |||||||
The amount capitalized as oil and natural gas properties was incurred for the purchase and development of various properties in the U.S., specifically the states of West Virginia, Pennsylvania and Oklahoma. | ||||||||
The following table summarizes the components of unproved properties excluded from amortization for the periods indicated: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
(in thousands) | ||||||||
Unproved properties, excluded from amortization: | ||||||||
Drilling in progress costs | $ | 17,468 | $ | 29,193 | ||||
Acreage acquisition costs | 94,079 | 91,362 | ||||||
Capitalized interest | 8,794 | 7,719 | ||||||
Total unproved properties excluded from amortization | $ | 120,341 | $ | 128,274 | ||||
For the three months ended March 31, 2015, management's evaluation of unproved properties resulted in an impairment. Due to continued lower natural gas prices for dry gas and no current plans to drill or extend leases in Marcellus East, the Company reclassified $35,000 of unproved properties to proved properties for the three months ended March 31, 2015 related to acreage in Marcellus East. | ||||||||
The full cost method of accounting for oil and natural gas properties requires a quarterly calculation of a limitation on capitalized costs, often referred to as a full cost ceiling calculation. The ceiling is the present value of estimated future cash flow from proved oil, condensate, natural gas and NGLs reserves reduced by future operating expenses, development expenditures, abandonment costs (net of salvage) to the extent not included in oil and natural gas properties pursuant to authoritative guidance and estimated future income taxes thereon. To the extent that the Company's capitalized costs (net of accumulated depletion and deferred taxes) exceed the ceiling, the excess must be written off to expense. Once incurred, this impairment of oil and natural gas properties is not reversible at a later date even if oil and natural gas prices increase. The ceiling calculation dictates that the trailing 12-month unweighted arithmetic average of the first-day-of-the-month prices and costs in effect are held constant indefinitely with respect to valuing future net cash flows from proved reserves for this purpose. The 12-month unweighted arithmetic average of the first-day-of-the-month prices are adjusted for basis and quality differentials in determining the present value of the reserves. The table below sets forth relevant pricing assumptions utilized in the quarterly ceiling test computations for the respective periods noted before adjustment for basis and quality differentials: | ||||||||
2015 | ||||||||
Total Impairment | 31-Mar | |||||||
Henry Hub natural gas price (per MMBtu)(1) | $ | 3.88 | ||||||
West Texas Intermediate oil price (per Bbl)(1) | $ | 82.72 | ||||||
Impairment recorded (pre-tax) (in thousands) | $ | — | $ | — | ||||
2014 | ||||||||
Total Impairment | 31-Mar | |||||||
Henry Hub natural gas price (per MMBtu)(1) | $ | 3.99 | ||||||
West Texas Intermediate oil price (per Bbl)(1) | $ | 98.3 | ||||||
Impairment recorded (pre-tax) (in thousands) | $ | — | $ | — | ||||
_________________________________ | ||||||||
-1 | For the respective periods, oil and natural gas prices are calculated using the trailing 12-month unweighted arithmetic average of the first-day-of-the-month prices based on Henry Hub natural gas prices and West Texas Intermediate oil prices. | |||||||
Future declines in the 12-month average of oil, condensate, natural gas and NGLs prices could result in the recognition of future ceiling impairments. | ||||||||
Mid-Continent Divestiture | ||||||||
On May 1, 2015, the Company entered into a purchase and sale agreement with an undisclosed private third party to sell certain non-core assets comprised of 38 gross (16.7 net) wells producing approximately net 170 Boe/d (41% oil) for the three months ended March 31, 2015 and approximately 29,300 gross (19,000 net) acres in Kingfisher County, Oklahoma for approximately $46.2 million, subject to customary closing adjustments. The transaction is expected to close on or before June 22, 2015, with an effective date of April 1, 2015. The sale will be reflected as a reduction to the full cost pool and the Company does not anticipate recording a gain or loss related to the divestiture as it is not significant to the full cost pool. | ||||||||
Atinum Joint Venture | ||||||||
In September 2010, the Company entered into a joint venture (the “Atinum Joint Venture”) pursuant to which the Company ultimately assigned to an affiliate of Atinum Partners Co., Ltd. (“Atinum”), for total consideration of $70.0 million, a 50% working interest in certain undeveloped acreage and wells. Effective June 30, 2011, an AMI was established for additional acreage acquisitions in Ohio, New York, Pennsylvania and West Virginia, excluding the counties of Pendleton, Pocahontas, Preston, Randolph and Tucker, West Virginia. Within this AMI, the Company acts as operator and is obligated to offer any future lease acquisitions within the AMI to Atinum on a 50/50 basis, and Atinum will pay the Company on an annual basis an amount equal to 10% of lease bonuses and third party leasing costs up to $20.0 million and 5% of such costs on activities above $20.0 million. | ||||||||
The Atinum Joint Venture pursued an initial three-year development program that called for the partners to drill a minimum of 60 operated horizontal wells by year-end 2013. Due to natural gas price declines, Atinum and the Company agreed to reduce the minimum wells to be drilled requirements from the originally agreed upon 60 gross wells to 51 gross wells. At March 31, 2015, 70 gross operated horizontal Marcellus Shale wells and one gross operated horizontal Utica Shale/Point Pleasant well were capable of production under the Atinum Joint Venture. The Atinum Joint Venture Agreement expires on November 1, 2015. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |
Mar. 31, 2015 | ||
Debt Disclosure [Abstract] | ||
Long-Term Debt | Long-Term Debt | |
Second Amended and Restated Revolving Credit Facility | ||
On June 7, 2013, the Company entered into the Second Amended and Restated Credit Agreement among the Company, Wells Fargo Bank, National Association, as Administrative Agent, Collateral Agent, Swing Line Lender and Issuing Lender and the lenders named therein (the “Revolving Credit Facility”). At the Company's election, borrowings bear interest at the reference rate or the Eurodollar rate plus an applicable margin. The reference rate is the greater of (i) the rate of interest publicly announced by the administrative agent, (ii) the federal funds rate plus 50 basis points or (iii) LIBOR plus 1.0%. The applicable interest rate margin varies from 1.0% to 2.0% in the case of borrowings based on the reference rate and from 2.0% to 3.0% in the case of borrowings based on the Eurodollar rate, depending on the utilization percentage in relation to the borrowing base and subject to adjustments based on the Company's leverage ratio. An annual commitment fee of 0.5% is payable quarterly on the unutilized balance of the borrowing base. The Revolving Credit Facility has a scheduled maturity of November 14, 2017. | ||
The Revolving Credit Facility will be guaranteed by all of the Company's future domestic subsidiaries formed during the term of the Revolving Credit Facility. Borrowings and related guarantees are secured by a first priority lien on all domestic oil and natural gas properties currently owned by or later acquired by the Company and its subsidiaries, excluding de minimis value properties as determined by the lender. The Revolving Credit Facility is secured by a first priority pledge of the stock of each domestic subsidiary, a first priority interest on all accounts receivable, notes receivable, inventory, contract rights, general intangibles and material property of the issuer and 65% of the stock of any foreign subsidiary of the Company. | ||
The Revolving Credit Facility contains various covenants, including, among others: | ||
• | Restrictions on liens, incurrence of other indebtedness without lenders' consent and common stock dividends and other restricted payments; | |
• | Maintenance of a minimum consolidated current ratio as of the end of each quarter of not less than 1.0 to 1.0, as adjusted; | |
• | Maintenance of a maximum ratio of net indebtedness to EBITDA of not greater than 4.0 to 1.0, subject to the modifications in Amendment No. 5 set forth below; and | |
• | Maintenance of an interest coverage ratio on a rolling four quarters basis, as adjusted, of EBITDA to interest expense, as of the end of each quarter, to be less than 2.5 to 1.0, subject to the modifications in Amendment No. 5 set forth below. | |
All outstanding amounts owed become due and payable upon the occurrence of certain usual and customary events of default, including, among others: | ||
• | Failure to make payments; | |
• | Non-performance of covenants and obligations continuing beyond any applicable grace period; and | |
• | The occurrence of a change in control of the Company, as defined under the Revolving Credit Facility. | |
On March 9, 2015, the Company, together with the parties thereto, entered into a Master Assignment, Agreement and Amendment No. 5 (“Amendment No. 5”) to Second Amended and Restated Credit Agreement. Amendment No. 5 amended the Revolving Credit Facility to, among other things, (i) increase the borrowing base from $145.0 million to $200.0 million, (ii) adjust the leverage ratio for each fiscal quarter ending on or after March 31, 2015 but prior to September 30, 2016, to 5.25 to 1.00; for the fiscal quarter ending on September 30, 2016, to 5.00 to 1.00; for the fiscal quarter ending on December 31, 2016, to 4.75 to 1.00; for the fiscal quarter ending on March 31, 2017, to 4.25 to 1.00; and for each fiscal quarter ending on or after June 30, 2017, to 4.00 to 1.00, (iii) adjust the interest coverage ratio for each fiscal quarter ending on or after March 31, 2015 but prior to March 31, 2016, to 2.00 to 1.00 and for each fiscal quarter ending on or after March 31, 2016, to 2.50 to 1.00, and (iv) add the senior secured leverage ratio covenant, such ratio not to exceed, (a) for each fiscal quarter ending on or after March 31, 2015 but prior to June 30, 2016, 2.25 to 1.00 and (b) for each fiscal quarter ending on or after June 30, 2016, 2.00 to 1.00 provided that this senior secured leverage ratio shall cease to apply commencing with the first fiscal quarter end occurring after June 30, 2016 for which the total leverage ratio is equal to or less than 4.00 to 1.00. | ||
Borrowing base redeterminations are scheduled semi-annually in May and November of each calendar year. The Company and its lenders may request one additional unscheduled redetermination during any six-month period between scheduled redeterminations. At March 31, 2015, the Revolving Credit Facility had a borrowing base of $200.0 million, with $65.0 million borrowings outstanding and availability of $135.0 million. The next regularly scheduled redetermination is set for November 2015. Future increases in the borrowing base in excess of the original $50.0 million are limited to 17.5% of the increase in adjusted consolidated net tangible assets as defined in the Notes agreement (as discussed below in “Senior Secured Notes”). | ||
At March 31, 2015, the Company was in compliance with all financial covenants under the Revolving Credit Facility. | ||
Senior Secured Notes | ||
The Company has $325.0 million aggregate principal amount of 8 5/8% Senior Secured Notes due May 15, 2018 (the “Notes”) outstanding under an indenture (the “Indenture”) by and among the Company, the Guarantors named therein (the “Guarantors”), Wells Fargo Bank, National Association, as Trustee (in such capacity, the “Trustee”) and Collateral Agent (in such capacity, the “Collateral Agent”). The Notes bear interest at a rate of 8.625% per year, payable semi-annually in arrears on May 15 and November 15 of each year. The Notes will mature on May 15, 2018. | ||
In the event of a change of control, as defined in the Indenture, each holder of the Notes will have the right to require the Company to repurchase all or any part of their notes at an offer price in cash equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase. | ||
The Notes will be guaranteed, jointly and severally, on a senior secured basis by certain future domestic subsidiaries (the “Guarantees”). The Notes and Guarantees will rank senior in right of payment to all of the Company's and the Guarantors' future subordinated indebtedness and equal in right of payment to all of the Company's and the Guarantors' existing and future senior indebtedness. The Notes and Guarantees also will be effectively senior to the Company's unsecured indebtedness and effectively subordinated to the Company's and Guarantors' under the Revolving Credit Facility, any other indebtedness secured by a first-priority lien on the same collateral and any other indebtedness secured by assets other than the collateral, in each case to the extent of the value of the assets securing such obligation. | ||
The Indenture contains covenants that, among other things, limit the Company's ability and the ability of its subsidiaries to: | ||
• | Transfer or sell assets or use asset sale proceeds; | |
• | Pay dividends or make distributions, redeem subordinated debt or make other restricted payments; | |
• | Make certain investments; incur or guarantee additional debt or issue preferred equity securities; | |
• | Create or incur certain liens on the Company's assets; | |
• | Incur dividend or other payment restrictions affecting future restricted subsidiaries; | |
• | Merge, consolidate or transfer all or substantially all of the Company's assets; | |
• | Enter into certain transactions with affiliates; and | |
• | Enter into certain sale and leaseback transactions. | |
These and other covenants that are contained in the Indenture are subject to important limitations and qualifications that are described in the Indenture. | ||
At March 31, 2015, the Notes reflected a balance of $315.9 million, net of unamortized discounts of $9.1 million, on the condensed consolidated balance sheets. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
The Company’s financial assets and liabilities are measured at fair value on a recurring basis. The Company discloses its recognized non-financial assets and liabilities, such as asset retirement obligations, unproved properties and other property and equipment, at fair value on a non-recurring basis. For non-financial assets and liabilities, the Company is required to disclose information that enables users of its financial statements to assess the inputs used to develop these measurements. The Company assesses its unproved properties for impairment whenever events or circumstances indicate the carrying value of those properties may not be recoverable. The fair value of the unproved properties is measured using an income approach based upon internal estimates of future production levels, current and future prices, drilling and operating costs, discount rates, current drilling plans and favorable and unfavorable drilling activity on the properties being evaluated and/or adjacent properties or estimated market data based on area transactions, which are Level 3 inputs. For the three months ended March 31, 2015, management's evaluation of unproved properties resulted in an impairment. Due to continued lower natural gas prices for dry gas and no current plans to drill or extend leases in Marcellus East, the Company reclassified $35,000 of unproved properties to proved properties for the three months ended March 31, 2015 related to acreage in Marcellus East. For the three months ended March 31, 2014, management's evaluation of unproved properties resulted in an impairment of $194,000 related to Marcellus East. As no other fair value measurements are required to be recognized on a non-recurring basis at March 31, 2015, no additional disclosures are provided at March 31, 2015. | ||||||||||||||||
As defined in the guidance, fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). To estimate fair value, the Company utilizes market data 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. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). The three levels of the fair value hierarchy are as follows: | ||||||||||||||||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company’s cash equivalents consist of short-term, highly liquid investments, which have maturities of 90 days or less, including sweep investments and money market funds. | |||||||||||||||
• | Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. | |||||||||||||||
• | Level 3 inputs are measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources. These inputs may be used with internally developed methodologies or third party broker quotes that result in management’s best estimate of fair value. The Company’s valuation models consider various inputs including (a) quoted forward prices for commodities, (b) time value, (c) volatility factors and (d) current market and contractual prices for the underlying instruments. Significant increases or decreases in any of these inputs in isolation would result in a significantly higher or lower fair value measurement. Level 3 instruments are commodity costless collars, index swaps, basis and fixed price swaps and put and call options to hedge natural gas, oil and NGLs price risk. At each balance sheet date, the Company performs an analysis of all applicable instruments and includes in Level 3 all of those whose fair value is based on significant unobservable inputs. The fair values derived from counterparties and third-party brokers are verified by the Company using publicly available values for relevant NYMEX futures contracts and exchange traded contracts for each derivative settlement location. Although such counterparty and third-party broker quotes are used to assess the fair value of its commodity derivative instruments, the Company does not have access to the specific assumptions used in its counterparties valuation models. Consequently, additional disclosures regarding significant Level 3 unobservable inputs were not provided and the Company does not currently have sufficient corroborating market evidence to support classifying these contracts as Level 2 instruments. | |||||||||||||||
As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values below incorporates various factors, including the impact of the counterparty’s non-performance risk with respect to the Company’s financial assets and the Company’s non-performance risk with respect to the Company’s financial liabilities. The Company has not elected to offset the fair value amounts recognized for multiple derivative instruments executed with the same counterparty, but reports them gross on its consolidated balance sheets. | ||||||||||||||||
Transfers between levels are recognized at the end of the reporting period. There were no transfers between levels during the 2015 and 2014 periods. | ||||||||||||||||
The following tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2015 and December 31, 2014: | ||||||||||||||||
Fair value as of March 31, 2015 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 12,143 | $ | — | $ | — | $ | 12,143 | ||||||||
Commodity derivative contracts | — | — | 32,219 | 32,219 | ||||||||||||
Liabilities: | ||||||||||||||||
Commodity derivative contracts | — | — | (396 | ) | (396 | ) | ||||||||||
Total | $ | 12,143 | $ | — | $ | 31,823 | $ | 43,966 | ||||||||
Fair value as of December 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 11,008 | $ | — | $ | — | $ | 11,008 | ||||||||
Commodity derivative contracts | — | — | 27,502 | 27,502 | ||||||||||||
Liabilities: | ||||||||||||||||
Commodity derivative contracts | — | — | — | — | ||||||||||||
Total | $ | 11,008 | $ | — | $ | 27,502 | $ | 38,510 | ||||||||
The table below presents a reconciliation of the assets and liabilities classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2015 and 2014. Level 3 instruments presented in the table consist of net derivatives that, in management’s opinion, reflect the assumptions a marketplace participant would have used at March 31, 2015 and 2014. | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Balance at beginning of period | $ | 27,502 | $ | 3,764 | ||||||||||||
Total gains (losses) included in earnings | 10,223 | (6,514 | ) | |||||||||||||
Purchases | 866 | 71 | ||||||||||||||
Issuances | (186 | ) | — | |||||||||||||
Settlements(1) | (6,582 | ) | 3,299 | |||||||||||||
Balance at end of period | $ | 31,823 | $ | 620 | ||||||||||||
The amount of total gains (losses) for the period included in earnings attributable to the change in mark to market of commodity derivatives contracts still held at March 31, 2015 and 2014 | $ | 4,252 | $ | (3,155 | ) | |||||||||||
_________________________________ | ||||||||||||||||
-1 | Included in gain (loss) on commodity derivatives contracts on the condensed consolidated statements of operations. | |||||||||||||||
At March 31, 2015, the estimated fair value of accounts receivable, prepaid expenses, accounts and revenue payables and accrued liabilities approximates their carrying value due to their short-term nature. The estimated fair value of the Company’s long-term debt at March 31, 2015 was $371.7 million based on quoted market prices of the Notes (Level 1) and the respective carrying value of the Revolving Credit Facility because the interest rate approximates the current market rate (Level 2). | ||||||||||||||||
The Company has consistently applied the valuation techniques discussed above in all periods presented. | ||||||||||||||||
The fair value guidance, as amended, establishes that every derivative instrument is to be recorded on the balance sheet as either an asset or liability measured at fair value. See Note 6, “Derivative Instruments and Hedging Activity.” |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activity | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activity | Derivative Instruments and Hedging Activity | ||||||||||||||||||||||||||||
The Company maintains a commodity price risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations that may arise from volatility in commodity prices. The Company uses costless collars, index, basis and fixed price swaps and put and call options to hedge oil, condensate, natural gas and NGLs price risk. | |||||||||||||||||||||||||||||
All derivative contracts are carried at their fair value on the balance sheet and all changes in value are recorded in the condensed consolidated statements of operations in gain (loss) on commodity derivatives contracts. For the three months ended March 31, 2015 and 2014, the Company reported a gain of $4.3 million and a loss of $3.2 million, respectively, in the condensed consolidated statements of operations related to the change in the fair value of its commodity derivative contracts still held at March 31, 2015 and 2014. | |||||||||||||||||||||||||||||
As of March 31, 2015, the following crude derivative transactions were outstanding with the associated notional volumes and weighted average underlying hedge prices: | |||||||||||||||||||||||||||||
Settlement Period | Derivative Instrument | Average | Total of | Base | Floor | Short | Ceiling | ||||||||||||||||||||||
Daily | Notional | Fixed | (Long) | Put | (Short) | ||||||||||||||||||||||||
Volume(1) | Volume | Price | |||||||||||||||||||||||||||
(in Bbls) | |||||||||||||||||||||||||||||
2015(2) | Costless collar | 400 | 48,800 | $ | — | $ | 85 | $ | — | $ | 96.5 | ||||||||||||||||||
2015(2) | Costless collar | 360 | 43,920 | $ | — | $ | 85 | $ | — | $ | 97.8 | ||||||||||||||||||
2015(2) | Costless collar | 150 | 18,300 | $ | — | $ | 85 | $ | — | $ | 96.25 | ||||||||||||||||||
2015(3) | Costless three-way collar | 400 | 73,600 | $ | — | $ | 85 | $ | 70 | $ | 96.5 | ||||||||||||||||||
2015(3) | Costless three-way collar | 325 | 59,800 | $ | — | $ | 85 | $ | 65 | $ | 97.8 | ||||||||||||||||||
2015(3) | Costless three-way collar | 50 | 9,200 | $ | — | $ | 85 | $ | 65 | $ | 96.25 | ||||||||||||||||||
2015(2) | Put spread | 700 | 85,400 | $ | — | $ | 90 | $ | 70 | $ | — | ||||||||||||||||||
2015 | Put spread | 250 | 68,750 | $ | — | $ | 89 | $ | 69 | $ | — | ||||||||||||||||||
2015 | Costless three-way collar | 750 | 206,250 | $ | — | $ | 52.5 | $ | 40 | $ | 62.05 | ||||||||||||||||||
2015(3) | Put spread | 600 | 110,400 | $ | — | $ | 87 | $ | 67 | $ | — | ||||||||||||||||||
2016 | Costless three-way collar | 275 | 100,600 | $ | — | $ | 85 | $ | 65 | $ | 95.1 | ||||||||||||||||||
2016 | Costless three-way collar | 330 | 120,780 | $ | — | $ | 80 | $ | 65 | $ | 97.35 | ||||||||||||||||||
2016 | Costless three-way collar | 450 | 164,700 | $ | — | $ | 57.5 | $ | 42.5 | $ | 80 | ||||||||||||||||||
2016 | Put spread | 550 | 201,300 | $ | — | $ | 85 | $ | 65 | $ | — | ||||||||||||||||||
2016 | Put spread | 300 | 109,800 | $ | — | $ | 85.5 | $ | 65.5 | $ | — | ||||||||||||||||||
2017 | Costless three-way collar | 280 | 102,200 | $ | — | $ | 80 | $ | 65 | $ | 97.25 | ||||||||||||||||||
2017 | Costless three-way collar | 242 | 88,150 | $ | — | $ | 80 | $ | 60 | $ | 98.7 | ||||||||||||||||||
2017 | Costless three-way collar | 200 | 73,000 | $ | — | $ | 60 | $ | 42.5 | $ | 85 | ||||||||||||||||||
2017 | Put spread | 500 | 182,500 | $ | — | $ | 82 | $ | 62 | $ | — | ||||||||||||||||||
2018(4) | Put spread | 425 | 103,275 | $ | — | $ | 80 | $ | 60 | $ | — | ||||||||||||||||||
_______________________________ | |||||||||||||||||||||||||||||
-1 | Crude volumes hedged include oil, condensate and certain components of our NGLs production. | ||||||||||||||||||||||||||||
-2 | For the period April to June 2015. | ||||||||||||||||||||||||||||
-3 | For the period July to December 2015. | ||||||||||||||||||||||||||||
-4 | For the period January to August 2018. | ||||||||||||||||||||||||||||
As of March 31, 2015, the following natural gas derivative transactions were outstanding with the associated notional volumes and weighted average underlying hedge prices: | |||||||||||||||||||||||||||||
Settlement Period | Derivative Instrument | Average | Total of | Base | Floor | Short | Call | Ceiling | |||||||||||||||||||||
Daily | Notional | Fixed | (Long) | Put | (Long) | (Short) | |||||||||||||||||||||||
Volume | Volume | Price | |||||||||||||||||||||||||||
(in MMBtus) | |||||||||||||||||||||||||||||
2015 | Fixed price swap | 400 | 110,000 | $ | 4 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
2015 | Fixed price swap | 2,500 | 687,500 | $ | 4.06 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
2015 | Protective spread | 2,600 | 715,000 | $ | 4 | $ | — | $ | 3.25 | $ | — | $ | — | ||||||||||||||||
2015 | Fixed price swap | 5,000 | 1,375,000 | $ | 3.49 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
2015 | Fixed price swap | 2,000 | 550,000 | $ | 3.53 | $ | — | $ | 3.25 | $ | — | $ | — | ||||||||||||||||
2015 | Producer three-way collar | 2,500 | 687,500 | $ | — | $ | 3.7 | $ | 3 | $ | — | $ | 4.09 | ||||||||||||||||
2015 | Producer three-way collar | 5,000 | 1,375,000 | $ | — | $ | 3.77 | $ | 3 | $ | — | $ | 4.11 | ||||||||||||||||
2015(1) | Producer three-way collar | 2,000 | 428,000 | $ | — | $ | 3 | $ | 2.25 | $ | — | $ | 3.34 | ||||||||||||||||
2015(1) | Fixed price swap | 10,000 | 2,140,000 | $ | 2.94 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
2015 | Basis swap(2) | 2,500 | 687,500 | $ | (1.12 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
2015 | Basis swap(2) | 2,500 | 687,500 | $ | (1.11 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
2015 | Basis swap(2) | 2,500 | 687,500 | $ | (1.14 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
2016 | Protective spread | 2,000 | 732,000 | $ | 4.11 | $ | — | $ | 3.25 | $ | — | $ | — | ||||||||||||||||
2016 | Producer three-way collar | 2,000 | 732,000 | $ | — | $ | 4 | $ | 3.25 | $ | — | $ | 4.58 | ||||||||||||||||
2016 | Producer three-way collar | 5,000 | 1,830,000 | $ | — | $ | 3.4 | $ | 2.65 | $ | — | $ | 4.1 | ||||||||||||||||
2016 | Basis swap(3) | 2,500 | 915,000 | $ | (1.10 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
2017 | Short call | 10,000 | 3,650,000 | $ | — | $ | — | $ | — | $ | — | $ | 4.75 | ||||||||||||||||
_______________________________ | |||||||||||||||||||||||||||||
-1 | For the period April to October 2015. | ||||||||||||||||||||||||||||
-2 | Represents basis swaps at the sales point of Dominion South. | ||||||||||||||||||||||||||||
-3 | Represents basis swaps at the sales point of TetcoM2. | ||||||||||||||||||||||||||||
As of March 31, 2015, the following NGLs derivative transactions were outstanding with the associated notional volumes and weighted average underlying hedge prices: | |||||||||||||||||||||||||||||
Settlement Period | Derivative Instrument | Average | Total of | Base | |||||||||||||||||||||||||
Daily | Notional | Fixed | |||||||||||||||||||||||||||
Volume | Volume | Price | |||||||||||||||||||||||||||
(in Bbls) | |||||||||||||||||||||||||||||
2015 | Fixed price swap | 250 | 68,750 | $ | 45.61 | ||||||||||||||||||||||||
As of March 31, 2015, all of the Company’s economic derivative hedge positions were with a multinational energy company or large financial institutions, which are not known to the Company to be in default on their derivative positions. The Company is exposed to credit risk to the extent of non-performance by the counterparties in the derivative contracts discussed above; however, the Company does not anticipate non-performance by such counterparties. None of the Company’s derivative instruments contain credit-risk related contingent features. | |||||||||||||||||||||||||||||
In conjunction with certain derivative hedging activity, the Company deferred the payment of certain put premiums for the production month period April 2015 through August 2018. The put premium liabilities become payable monthly as the hedge production month becomes the prompt production month. The Company amortizes the deferred put premium liabilities as they become payable. The following table provides information regarding the deferred put premium liabilities for the periods indicated: | |||||||||||||||||||||||||||||
March 31, 2015 | 31-Dec-14 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Current commodity derivative premium put payable | $ | 2,472 | $ | 2,481 | |||||||||||||||||||||||||
Long-term commodity derivative premium payable | 4,809 | 4,702 | |||||||||||||||||||||||||||
Total unamortized put premium liabilities | $ | 7,281 | $ | 7,183 | |||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Put premium liabilities, beginning balance | $ | 7,183 | |||||||||||||||||||||||||||
Amortization of put premium liabilities | (582 | ) | |||||||||||||||||||||||||||
Additional put premium liabilities | 680 | ||||||||||||||||||||||||||||
Put premium liabilities, ending balance | $ | 7,281 | |||||||||||||||||||||||||||
The following table provides information regarding the amortization of the deferred put premium liabilities by year as of March 31, 2015: | |||||||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
April to December 2015 | 1,714 | ||||||||||||||||||||||||||||
January to December 2016 | 3,050 | ||||||||||||||||||||||||||||
January to December 2017 | 1,684 | ||||||||||||||||||||||||||||
January to August 2018 | 833 | ||||||||||||||||||||||||||||
Total unamortized put premium liabilities | $ | 7,281 | |||||||||||||||||||||||||||
Additional Disclosures about Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||||||
The tables below provide information on the location and amounts of derivative fair values in the condensed consolidated statement of financial position and derivative gains and losses in the condensed consolidated statement of operations for derivative instruments that are not designated as hedging instruments: | |||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||||||
Derivative Assets (Liabilities) | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Balance Sheet Location | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Commodity derivative contracts | Current assets | $ | 18,815 | $ | 19,687 | ||||||||||||||||||||||||
Commodity derivative contracts | Other assets | 13,404 | 7,815 | ||||||||||||||||||||||||||
Commodity derivative contracts | Current liabilities | (56 | ) | — | |||||||||||||||||||||||||
Commodity derivative contracts | Long-term liabilities | (340 | ) | — | |||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 31,823 | $ | 27,502 | |||||||||||||||||||||||||
Amount of Gain (Loss) | |||||||||||||||||||||||||||||
Recognized in Income on | |||||||||||||||||||||||||||||
Derivatives For the Three | |||||||||||||||||||||||||||||
Months Ended March 31, | |||||||||||||||||||||||||||||
Location of Gain (Loss) Recognized in Income on Derivatives | 2015 | 2014 | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Commodity derivative contracts | Gain (loss) on commodity derivatives contracts | $ | 10,223 | $ | (6,514 | ) | |||||||||||||||||||||||
Total | $ | 10,223 | $ | (6,514 | ) | ||||||||||||||||||||||||
Capital_Stock
Capital Stock | 3 Months Ended | ||
Mar. 31, 2015 | |||
Stockholders' Equity Note [Abstract] | |||
Capital Stock | Capital Stock | ||
Preferred Stock | |||
The Company currently has 40,000,000 shares of preferred stock authorized for issuance under its certificate of incorporation. The Company has designated 10,000,000 shares to constitute its 8.625% Series A Preferred Stock (the “Series A Preferred Stock”) and 10,000,000 shares to constitute its 10.75% Series B Preferred Stock (the “Series B Preferred Stock”). The Series A Preferred Stock and the Series B Preferred Stock each have a par value of $0.01 per share and a liquidation preference of $25.00 per share. | |||
Series A Preferred Stock | |||
At March 31, 2015, there were 4,045,000 shares of the Series A Preferred Stock issued and outstanding. | |||
The Series A Preferred Stock ranks senior to the Company's common stock and on parity with the Series B Preferred Stock with respect to the payment of dividends and distribution of assets upon liquidation, dissolution or winding up. The Series A Preferred Stock is subordinated to all of the Company’s existing and future debt and all future capital stock designated as senior to the Series A Preferred Stock. | |||
The Series A Preferred Stock cannot be converted into common stock, but may be redeemed, at the Company’s option for $25.00 per share plus any accrued and unpaid dividends. | |||
There is no mandatory redemption of the Series A Preferred Stock. | |||
The Company pays cumulative dividends on the Series A Preferred Stock at a fixed rate of 8.625% per annum of the $25.00 per share liquidation preference. For the three months ended March 31, 2015, the Company recognized dividend expense of $2.2 million for the Series A Preferred Stock. | |||
Series B Preferred Stock | |||
At March 31, 2015, there were 2,140,000 shares of the Series B Cumulative Preferred Stock issued and outstanding. | |||
The Series B Preferred Stock ranks senior to the Company’s common stock and on parity with the Series A Preferred Stock with respect to the payment of dividends and distribution of assets upon liquidation, dissolution or winding up. The Series B Preferred Stock are subordinated to all of the Company’s existing and future debt and all future capital stock designated as senior to the Series B Preferred Stock. | |||
Except upon a change in ownership or control, the Series B Preferred Stock may not be redeemed before November 15, 2018, at or after which time it may be redeemed at the Company’s option for $25.00 per share in cash. Following a change in ownership or control, the Company will have the option to redeem the Series B Preferred Stock, in whole but not in part for $25.00 per share in cash, plus accrued and unpaid dividends (whether or not declared), up to, but not including the redemption date. If the Company does not exercise its option to redeem the Series B Preferred Stock upon a change of ownership or control, the holders of the Series B Preferred Stock have the option to convert the shares of Series B Preferred Stock into up to an aggregate of 11.5207 shares of the Company’s common stock per share of Series B Preferred Stock, subject to certain adjustments. If the Company exercises any of its redemption rights relating to shares of Series B Preferred Stock, the holders of Series B Preferred Stock will not have the conversion right described above with respect to the shares of Series B Preferred Stock called for redemption. | |||
There is no mandatory redemption of the Series B Preferred Stock. | |||
The Company pays cumulative dividends on the Series B Preferred Stock at a fixed rate of 10.75% per annum of the $25.00 per share liquidation preference. For the three months ended March 31, 2015, the Company recognized dividend expense of $1.4 million for the Series B Preferred Stock. | |||
Other Share Issuances | |||
The following table provides information regarding the issuances and forfeitures of common stock pursuant to the Company's long-term incentive plan for the period indicated: | |||
For the Three Months Ended March 31, 2015 | |||
Other share issuances: | |||
Shares of restricted common stock granted | 1,421,224 | ||
Shares of restricted common stock vested | 1,274,872 | ||
Shares of common stock issued pursuant to PBUs vested, net of forfeitures | 497,636 | ||
Shares of restricted common stock surrendered upon vesting/exercise(1) | 382,238 | ||
Shares of restricted common stock forfeited | 23,657 | ||
__________________ | |||
-1 | Represents shares of common stock forfeited in connection with the payment of estimated withholding taxes on shares of restricted common stock that vested during the period. | ||
On June 12, 2014, the Company's stockholders approved an amendment and restatement to the Gastar Exploration Inc. Long-Term Incentive Plan (the “LTIP”), effective April 24, 2014, to, among other things, increase the number of shares reserved for issuance under the LTIP by 3,000,000 shares. There were 2,849,434 shares available for issuance under the LTIP at March 31, 2015. | |||
Shares Reserved | |||
At March 31, 2015, the Company had 866,600 common shares reserved for the exercise of stock options. |
Interest_Expense
Interest Expense | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Interest Expense [Abstract] | ||||||||
Interest Expense | Interest Expense | |||||||
The following table summarizes the components of interest expense for the periods indicated: | ||||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Interest expense: | ||||||||
Cash and accrued | $ | 7,928 | $ | 7,134 | ||||
Amortization of deferred financing costs(1) | 822 | 733 | ||||||
Capitalized interest | (1,189 | ) | (976 | ) | ||||
Total interest expense | $ | 7,561 | $ | 6,891 | ||||
_________________________________ | ||||||||
-1 | The three months ended March 31, 2015 and 2014 includes $613,000 and $556,000, respectively, of debt discount accretion related to the Notes. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
For the three months ended March 31, 2015 and 2014, respectively, the Company did not recognize a current income tax benefit or provision as the Company has a full valuation allowance against assets created by net operating losses generated. The Company believes it more likely than not that the assets will not be utilized. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share | Earnings per Share | |||||||
In accordance with the provisions of current authoritative guidance, basic earnings or loss per share is computed on the basis of the weighted average number of common shares outstanding during the periods. Diluted earnings or loss per share is computed based upon the weighted average number of common shares outstanding plus the assumed issuance of common shares for all potentially dilutive securities. | ||||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands, except per share and share data) | ||||||||
Net loss attributable to common stockholders | $ | (3,004 | ) | $ | (1,965 | ) | ||
Weighted average common shares outstanding - basic | 77,114,826 | 58,204,532 | ||||||
Incremental shares from unvested restricted shares | — | — | ||||||
Incremental shares from outstanding stock options | — | — | ||||||
Incremental shares from outstanding PBUs | — | — | ||||||
Weighted average common shares outstanding - diluted | 77,114,826 | 58,204,532 | ||||||
Net loss per share of common stock attributable to common stockholders: | ||||||||
Basic | $ | (0.04 | ) | $ | (0.03 | ) | ||
Diluted | $ | (0.04 | ) | $ | (0.03 | ) | ||
Common shares excluded from denominator as anti-dilutive: | ||||||||
Unvested restricted shares | 450,556 | 119,496 | ||||||
Stock options | — | — | ||||||
Unvested PBUs | 373,325 | — | ||||||
Total | 823,881 | 119,496 | ||||||
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies |
Litigation | |
Gastar Exploration Ltd vs. U.S. Specialty Ins. Co. and Axis Ins. Co. (Cause No.2010-11236) District Court of Harris County, Texas 190th Judicial District. On February 19, 2010, the Company filed a lawsuit claiming that the Company was due reimbursement of qualifying claims related to the settlement and associated legal defense costs under the Company's directors and officers liability insurance policies related to the ClassicStar Mare Lease Litigation settled on December 17, 2010 for $21.2 million. The combined coverage limits under the directors and officers liability coverage is $20.0 million. The District Court granted the underwriters' summary judgment request by a ruling dated January 4, 2012. The Company appealed the District Court ruling and on July 15, 2013, the Fourteenth Court of Appeals of Texas reversed the summary judgment ruling granted against the Company on the basis of the policies' prior-and-pending litigation endorsement and remanded the case for further proceedings in the District Court. The insurers filed a motion for reconsideration in the Fourteenth Court of Appeals, which that court denied. The insurers then sought discretionary review from the Texas Supreme Court, which that court denied on February 27, 2015. The insurers recently filed in the Texas Supreme Court a motion for rehearing of their denied petition for review, which the court has not ruled on. If the court denies the motion, the case will be remanded to the District Court. The District Court proceedings will include, but not be limited to, a determination of whether the Company's claims are securities claims covered by the insuring agreements. | |
The Company has been expensing legal costs on these proceedings as they are incurred. | |
The Company is party to various legal proceedings arising in the normal course of business. The ultimate outcome of each of these matters cannot be absolutely determined, and the liability the Company may ultimately incur with respect to any one of these matters in the event of a negative outcome may be in excess of amounts currently accrued for with respect to such matters. Net of available insurance and performance of contractual defense and indemnity obligations, where applicable, management does not believe any such matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Statement_Of_Cash_Flows_Supple
Statement Of Cash Flows - Supplemental Information | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Statement Of Cash Flows - Supplemental Information | Statement of Cash Flows – Supplemental Information | |||||||
The following is a summary of the supplemental cash paid and non-cash transactions for the periods indicated: | ||||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Cash paid for interest, net of capitalized amounts | $ | (282 | ) | $ | (697 | ) | ||
Non-cash transactions: | ||||||||
Capital expenditures excluded from accounts payable and accrued drilling costs | $ | (10,366 | ) | $ | (299 | ) | ||
Capital expenditures included in accounts receivable | — | 4,077 | ||||||
Asset retirement obligation included in oil and natural gas properties | 77 | 28 | ||||||
Application of advances to operators | 8,457 | 9,490 | ||||||
Other | 23 | 78 | ||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The unaudited interim condensed consolidated financial statements of the Company included herein are stated in U.S. dollars and were prepared from the records of the Company by management in accordance with U.S. GAAP applicable to interim financial statements and reflect all normal and recurring adjustments, which are, in the opinion of management, necessary to provide a fair presentation of the results of operations and financial position for the interim periods. Such financial statements conform to the presentation reflected in the 2014 Form 10-K. The current interim period reported herein should be read in conjunction with the financial statements and accompanying notes, including Item 8. “Financial Statements and Supplementary Data, Note 2 – Summary of Significant Accounting Policies,” included in the 2014 Form 10-K. |
Recent Accounting Developments | Recent Accounting Developments |
The following recently issued accounting pronouncement may impact the Company in future periods: | |
Debt Issuance Costs. In April 2015, the FASB issued updated guidance regarding simplification of the presentation of debt issuance costs. The updated guidance requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
Going Concern. In August 2014, the FASB issued updated guidance related to determining whether substantial doubt exists about an entity's ability to continue as a going concern. The amendment provides guidance for determining whether conditions or events give rise to substantial doubt that an entity has the ability to continue as a going concern within one year following issuance of the financial statements, and requires specific disclosures regarding the conditions or events leading to substantial doubt. The updated guidance is effective for annual reporting periods and interim periods within those annual periods beginning after December 15, 2016. Earlier adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. | |
Revenue Recognition. In May 2014, the FASB issued an amendment to previously issued guidance regarding the recognition of revenue. The FASB and the International Accounting Standards Board initiated a joint project to clarify the principles for recognizing revenue and to develop a common standard that would (i) remove inconsistencies and weaknesses in revenue requirements, (ii) provide a more robust framework for addressing revenue issues, (iii) improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets, (iv) provide more useful information to users of financial statements through improved disclosure requirements and (v) simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, an entity should apply the following steps (1) identify the contract(s) with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. This guidance supersedes prior revenue recognition requirements and most industry-specific guidance throughout the FASB Accounting Standards Codification. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. In April 2015, the FASB proposed to delay the effective date one year, beginning in fiscal year 2018. The proposal will be subject to the FASB's due process requirement, which includes a period for public comments. The Company is currently evaluating the effect that adopting this guidance will have on its financial position, results of operations or cash flows. The Company does not expect the adoption of this guidance to materially impact its operating results, financial position or cash flows. |
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization | The following table summarizes the components of unproved properties excluded from amortization for the periods indicated: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
(in thousands) | ||||||||
Unproved properties, excluded from amortization: | ||||||||
Drilling in progress costs | $ | 17,468 | $ | 29,193 | ||||
Acreage acquisition costs | 94,079 | 91,362 | ||||||
Capitalized interest | 8,794 | 7,719 | ||||||
Total unproved properties excluded from amortization | $ | 120,341 | $ | 128,274 | ||||
Schedule Of Relevant Assumptions Used In Ceiling Test Computations | The table below sets forth relevant pricing assumptions utilized in the quarterly ceiling test computations for the respective periods noted before adjustment for basis and quality differentials: | |||||||
2015 | ||||||||
Total Impairment | 31-Mar | |||||||
Henry Hub natural gas price (per MMBtu)(1) | $ | 3.88 | ||||||
West Texas Intermediate oil price (per Bbl)(1) | $ | 82.72 | ||||||
Impairment recorded (pre-tax) (in thousands) | $ | — | $ | — | ||||
2014 | ||||||||
Total Impairment | 31-Mar | |||||||
Henry Hub natural gas price (per MMBtu)(1) | $ | 3.99 | ||||||
West Texas Intermediate oil price (per Bbl)(1) | $ | 98.3 | ||||||
Impairment recorded (pre-tax) (in thousands) | $ | — | $ | — | ||||
_________________________________ | ||||||||
-1 | For the respective periods, oil and natural gas prices are calculated using the trailing 12-month unweighted arithmetic average of the first-day-of-the-month prices based on Henry Hub natural gas prices and West Texas Intermediate oil prices. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | The following tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2015 and December 31, 2014: | |||||||||||||||
Fair value as of March 31, 2015 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 12,143 | $ | — | $ | — | $ | 12,143 | ||||||||
Commodity derivative contracts | — | — | 32,219 | 32,219 | ||||||||||||
Liabilities: | ||||||||||||||||
Commodity derivative contracts | — | — | (396 | ) | (396 | ) | ||||||||||
Total | $ | 12,143 | $ | — | $ | 31,823 | $ | 43,966 | ||||||||
Fair value as of December 31, 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 11,008 | $ | — | $ | — | $ | 11,008 | ||||||||
Commodity derivative contracts | — | — | 27,502 | 27,502 | ||||||||||||
Liabilities: | ||||||||||||||||
Commodity derivative contracts | — | — | — | — | ||||||||||||
Total | $ | 11,008 | $ | — | $ | 27,502 | $ | 38,510 | ||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation | The table below presents a reconciliation of the assets and liabilities classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2015 and 2014. Level 3 instruments presented in the table consist of net derivatives that, in management’s opinion, reflect the assumptions a marketplace participant would have used at March 31, 2015 and 2014. | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(in thousands) | ||||||||||||||||
Balance at beginning of period | $ | 27,502 | $ | 3,764 | ||||||||||||
Total gains (losses) included in earnings | 10,223 | (6,514 | ) | |||||||||||||
Purchases | 866 | 71 | ||||||||||||||
Issuances | (186 | ) | — | |||||||||||||
Settlements(1) | (6,582 | ) | 3,299 | |||||||||||||
Balance at end of period | $ | 31,823 | $ | 620 | ||||||||||||
The amount of total gains (losses) for the period included in earnings attributable to the change in mark to market of commodity derivatives contracts still held at March 31, 2015 and 2014 | $ | 4,252 | $ | (3,155 | ) | |||||||||||
_________________________________ | ||||||||||||||||
-1 | Included in gain (loss) on commodity derivatives contracts on the condensed consolidated statements of operations. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activity (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table provides information regarding the deferred put premium liabilities for the periods indicated: | ||||||||||||||||||||||||||||
March 31, 2015 | 31-Dec-14 | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Current commodity derivative premium put payable | $ | 2,472 | $ | 2,481 | |||||||||||||||||||||||||
Long-term commodity derivative premium payable | 4,809 | 4,702 | |||||||||||||||||||||||||||
Total unamortized put premium liabilities | $ | 7,281 | $ | 7,183 | |||||||||||||||||||||||||
Schedule of Future Amortization of Deferred Put Premium Liabilities | The following table provides information regarding the amortization of the deferred put premium liabilities by year as of March 31, 2015: | ||||||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
April to December 2015 | 1,714 | ||||||||||||||||||||||||||||
January to December 2016 | 3,050 | ||||||||||||||||||||||||||||
January to December 2017 | 1,684 | ||||||||||||||||||||||||||||
January to August 2018 | 833 | ||||||||||||||||||||||||||||
Total unamortized put premium liabilities | $ | 7,281 | |||||||||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The tables below provide information on the location and amounts of derivative fair values in the condensed consolidated statement of financial position and derivative gains and losses in the condensed consolidated statement of operations for derivative instruments that are not designated as hedging instruments: | ||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||||||
Derivative Assets (Liabilities) | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Balance Sheet Location | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Commodity derivative contracts | Current assets | $ | 18,815 | $ | 19,687 | ||||||||||||||||||||||||
Commodity derivative contracts | Other assets | 13,404 | 7,815 | ||||||||||||||||||||||||||
Commodity derivative contracts | Current liabilities | (56 | ) | — | |||||||||||||||||||||||||
Commodity derivative contracts | Long-term liabilities | (340 | ) | — | |||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 31,823 | $ | 27,502 | |||||||||||||||||||||||||
Amount of Gain (Loss) | |||||||||||||||||||||||||||||
Recognized in Income on | |||||||||||||||||||||||||||||
Derivatives For the Three | |||||||||||||||||||||||||||||
Months Ended March 31, | |||||||||||||||||||||||||||||
Location of Gain (Loss) Recognized in Income on Derivatives | 2015 | 2014 | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Commodity derivative contracts | Gain (loss) on commodity derivatives contracts | $ | 10,223 | $ | (6,514 | ) | |||||||||||||||||||||||
Total | $ | 10,223 | $ | (6,514 | ) | ||||||||||||||||||||||||
Crude Oil | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | As of March 31, 2015, the following crude derivative transactions were outstanding with the associated notional volumes and weighted average underlying hedge prices: | ||||||||||||||||||||||||||||
Settlement Period | Derivative Instrument | Average | Total of | Base | Floor | Short | Ceiling | ||||||||||||||||||||||
Daily | Notional | Fixed | (Long) | Put | (Short) | ||||||||||||||||||||||||
Volume(1) | Volume | Price | |||||||||||||||||||||||||||
(in Bbls) | |||||||||||||||||||||||||||||
2015(2) | Costless collar | 400 | 48,800 | $ | — | $ | 85 | $ | — | $ | 96.5 | ||||||||||||||||||
2015(2) | Costless collar | 360 | 43,920 | $ | — | $ | 85 | $ | — | $ | 97.8 | ||||||||||||||||||
2015(2) | Costless collar | 150 | 18,300 | $ | — | $ | 85 | $ | — | $ | 96.25 | ||||||||||||||||||
2015(3) | Costless three-way collar | 400 | 73,600 | $ | — | $ | 85 | $ | 70 | $ | 96.5 | ||||||||||||||||||
2015(3) | Costless three-way collar | 325 | 59,800 | $ | — | $ | 85 | $ | 65 | $ | 97.8 | ||||||||||||||||||
2015(3) | Costless three-way collar | 50 | 9,200 | $ | — | $ | 85 | $ | 65 | $ | 96.25 | ||||||||||||||||||
2015(2) | Put spread | 700 | 85,400 | $ | — | $ | 90 | $ | 70 | $ | — | ||||||||||||||||||
2015 | Put spread | 250 | 68,750 | $ | — | $ | 89 | $ | 69 | $ | — | ||||||||||||||||||
2015 | Costless three-way collar | 750 | 206,250 | $ | — | $ | 52.5 | $ | 40 | $ | 62.05 | ||||||||||||||||||
2015(3) | Put spread | 600 | 110,400 | $ | — | $ | 87 | $ | 67 | $ | — | ||||||||||||||||||
2016 | Costless three-way collar | 275 | 100,600 | $ | — | $ | 85 | $ | 65 | $ | 95.1 | ||||||||||||||||||
2016 | Costless three-way collar | 330 | 120,780 | $ | — | $ | 80 | $ | 65 | $ | 97.35 | ||||||||||||||||||
2016 | Costless three-way collar | 450 | 164,700 | $ | — | $ | 57.5 | $ | 42.5 | $ | 80 | ||||||||||||||||||
2016 | Put spread | 550 | 201,300 | $ | — | $ | 85 | $ | 65 | $ | — | ||||||||||||||||||
2016 | Put spread | 300 | 109,800 | $ | — | $ | 85.5 | $ | 65.5 | $ | — | ||||||||||||||||||
2017 | Costless three-way collar | 280 | 102,200 | $ | — | $ | 80 | $ | 65 | $ | 97.25 | ||||||||||||||||||
2017 | Costless three-way collar | 242 | 88,150 | $ | — | $ | 80 | $ | 60 | $ | 98.7 | ||||||||||||||||||
2017 | Costless three-way collar | 200 | 73,000 | $ | — | $ | 60 | $ | 42.5 | $ | 85 | ||||||||||||||||||
2017 | Put spread | 500 | 182,500 | $ | — | $ | 82 | $ | 62 | $ | — | ||||||||||||||||||
2018(4) | Put spread | 425 | 103,275 | $ | — | $ | 80 | $ | 60 | $ | — | ||||||||||||||||||
_______________________________ | |||||||||||||||||||||||||||||
-1 | Crude volumes hedged include oil, condensate and certain components of our NGLs production. | ||||||||||||||||||||||||||||
-2 | For the period April to June 2015. | ||||||||||||||||||||||||||||
-3 | For the period July to December 2015. | ||||||||||||||||||||||||||||
-4 | For the period January to August 2018. | ||||||||||||||||||||||||||||
Natural Gas | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | As of March 31, 2015, the following natural gas derivative transactions were outstanding with the associated notional volumes and weighted average underlying hedge prices: | ||||||||||||||||||||||||||||
Settlement Period | Derivative Instrument | Average | Total of | Base | Floor | Short | Call | Ceiling | |||||||||||||||||||||
Daily | Notional | Fixed | (Long) | Put | (Long) | (Short) | |||||||||||||||||||||||
Volume | Volume | Price | |||||||||||||||||||||||||||
(in MMBtus) | |||||||||||||||||||||||||||||
2015 | Fixed price swap | 400 | 110,000 | $ | 4 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
2015 | Fixed price swap | 2,500 | 687,500 | $ | 4.06 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
2015 | Protective spread | 2,600 | 715,000 | $ | 4 | $ | — | $ | 3.25 | $ | — | $ | — | ||||||||||||||||
2015 | Fixed price swap | 5,000 | 1,375,000 | $ | 3.49 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
2015 | Fixed price swap | 2,000 | 550,000 | $ | 3.53 | $ | — | $ | 3.25 | $ | — | $ | — | ||||||||||||||||
2015 | Producer three-way collar | 2,500 | 687,500 | $ | — | $ | 3.7 | $ | 3 | $ | — | $ | 4.09 | ||||||||||||||||
2015 | Producer three-way collar | 5,000 | 1,375,000 | $ | — | $ | 3.77 | $ | 3 | $ | — | $ | 4.11 | ||||||||||||||||
2015(1) | Producer three-way collar | 2,000 | 428,000 | $ | — | $ | 3 | $ | 2.25 | $ | — | $ | 3.34 | ||||||||||||||||
2015(1) | Fixed price swap | 10,000 | 2,140,000 | $ | 2.94 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
2015 | Basis swap(2) | 2,500 | 687,500 | $ | (1.12 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
2015 | Basis swap(2) | 2,500 | 687,500 | $ | (1.11 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
2015 | Basis swap(2) | 2,500 | 687,500 | $ | (1.14 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
2016 | Protective spread | 2,000 | 732,000 | $ | 4.11 | $ | — | $ | 3.25 | $ | — | $ | — | ||||||||||||||||
2016 | Producer three-way collar | 2,000 | 732,000 | $ | — | $ | 4 | $ | 3.25 | $ | — | $ | 4.58 | ||||||||||||||||
2016 | Producer three-way collar | 5,000 | 1,830,000 | $ | — | $ | 3.4 | $ | 2.65 | $ | — | $ | 4.1 | ||||||||||||||||
2016 | Basis swap(3) | 2,500 | 915,000 | $ | (1.10 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
2017 | Short call | 10,000 | 3,650,000 | $ | — | $ | — | $ | — | $ | — | $ | 4.75 | ||||||||||||||||
_______________________________ | |||||||||||||||||||||||||||||
-1 | For the period April to October 2015. | ||||||||||||||||||||||||||||
-2 | Represents basis swaps at the sales point of Dominion South. | ||||||||||||||||||||||||||||
-3 | Represents basis swaps at the sales point of TetcoM2. | ||||||||||||||||||||||||||||
Natural Gas Liquids | |||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | As of March 31, 2015, the following NGLs derivative transactions were outstanding with the associated notional volumes and weighted average underlying hedge prices: | ||||||||||||||||||||||||||||
Settlement Period | Derivative Instrument | Average | Total of | Base | |||||||||||||||||||||||||
Daily | Notional | Fixed | |||||||||||||||||||||||||||
Volume | Volume | Price | |||||||||||||||||||||||||||
(in Bbls) | |||||||||||||||||||||||||||||
2015 | Fixed price swap | 250 | 68,750 | $ | 45.61 | ||||||||||||||||||||||||
Capital_Stock_Tables
Capital Stock (Tables) | 3 Months Ended | ||
Mar. 31, 2015 | |||
Stockholders' Equity Note [Abstract] | |||
Schedule of Issuances And Forfeitures Of Common Shares | The following table provides information regarding the issuances and forfeitures of common stock pursuant to the Company's long-term incentive plan for the period indicated: | ||
For the Three Months Ended March 31, 2015 | |||
Other share issuances: | |||
Shares of restricted common stock granted | 1,421,224 | ||
Shares of restricted common stock vested | 1,274,872 | ||
Shares of common stock issued pursuant to PBUs vested, net of forfeitures | 497,636 | ||
Shares of restricted common stock surrendered upon vesting/exercise(1) | 382,238 | ||
Shares of restricted common stock forfeited | 23,657 | ||
__________________ | |||
-1 | Represents shares of common stock forfeited in connection with the payment of estimated withholding taxes on shares of restricted common stock that vested during the period. |
Interest_Expense_Tables
Interest Expense (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Interest Expense [Abstract] | ||||||||
Schedule Of Components Of Interest Expense | The following table summarizes the components of interest expense for the periods indicated: | |||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Interest expense: | ||||||||
Cash and accrued | $ | 7,928 | $ | 7,134 | ||||
Amortization of deferred financing costs(1) | 822 | 733 | ||||||
Capitalized interest | (1,189 | ) | (976 | ) | ||||
Total interest expense | $ | 7,561 | $ | 6,891 | ||||
_________________________________ | ||||||||
-1 | The three months ended March 31, 2015 and 2014 includes $613,000 and $556,000, respectively, of debt discount accretion related to the Notes. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted | ||||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands, except per share and share data) | ||||||||
Net loss attributable to common stockholders | $ | (3,004 | ) | $ | (1,965 | ) | ||
Weighted average common shares outstanding - basic | 77,114,826 | 58,204,532 | ||||||
Incremental shares from unvested restricted shares | — | — | ||||||
Incremental shares from outstanding stock options | — | — | ||||||
Incremental shares from outstanding PBUs | — | — | ||||||
Weighted average common shares outstanding - diluted | 77,114,826 | 58,204,532 | ||||||
Net loss per share of common stock attributable to common stockholders: | ||||||||
Basic | $ | (0.04 | ) | $ | (0.03 | ) | ||
Diluted | $ | (0.04 | ) | $ | (0.03 | ) | ||
Common shares excluded from denominator as anti-dilutive: | ||||||||
Unvested restricted shares | 450,556 | 119,496 | ||||||
Stock options | — | — | ||||||
Unvested PBUs | 373,325 | — | ||||||
Total | 823,881 | 119,496 | ||||||
Statement_Of_Cash_Flows_Supple1
Statement Of Cash Flows - Supplemental Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Statement Of Cash Flows Supplemental Information | The following is a summary of the supplemental cash paid and non-cash transactions for the periods indicated: | |||||||
For the Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Cash paid for interest, net of capitalized amounts | $ | (282 | ) | $ | (697 | ) | ||
Non-cash transactions: | ||||||||
Capital expenditures excluded from accounts payable and accrued drilling costs | $ | (10,366 | ) | $ | (299 | ) | ||
Capital expenditures included in accounts receivable | — | 4,077 | ||||||
Asset retirement obligation included in oil and natural gas properties | 77 | 28 | ||||||
Application of advances to operators | 8,457 | 9,490 | ||||||
Other | 23 | 78 | ||||||
Property_Plant_And_Equipment_S
Property, Plant And Equipment (Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Unproved properties, excluded from amortization: | ||
Drilling in progress costs | $17,468 | $29,193 |
Acreage acquisition costs | 94,079 | 91,362 |
Capitalized interest | 8,794 | 7,719 |
Total unproved properties excluded from amortization | $120,341 | $128,274 |
Property_Plant_And_Equipment_N
Property, Plant And Equipment (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | 0 Months Ended |
Mar. 31, 2015 | Sep. 30, 2010 | 1-May-15 | |
Boe | |||
well | |||
acre | |||
Property, Plant and Equipment [Line Items] | |||
Amount reclassified from unproved to proved properties | $35,000 | ||
Gastar Exploration USA | Atinum Joint Venture | |||
Property, Plant and Equipment [Line Items] | |||
Adjusted purchase price | 70,000,000 | ||
Working interest in wells (percentage) | 50.00% | ||
Percentage of reimbursements for lease bonuses and third party lease costs up to 20 million (percentage) | 10.00% | ||
Percentage of lease operating expenses covered (percentage) | 5.00% | ||
Term of development program | 3 years | ||
Gastar Exploration USA | Atinum Joint Venture | Marcellus Shale | |||
Property, Plant and Equipment [Line Items] | |||
Productive conventional wells (wells) | 70 | ||
Gastar Exploration USA | Atinum Joint Venture | Utica Shale | |||
Property, Plant and Equipment [Line Items] | |||
Productive conventional wells (wells) | 1 | ||
Gastar Exploration USA | Atinum Joint Venture | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Total wells to be drilled (wells) | 60 | ||
Required exploratory wells drilled net productive to be drilled in current fiscal year (wells) | 51 | ||
Subsequent Event | Mid Continent Divestiture | |||
Property, Plant and Equipment [Line Items] | |||
Gross wells | 38 | ||
Net wells | 16.7 | ||
Production of wells (Boe/d) | 170 | ||
Percentage oil | 41.00% | ||
Gross acres (acres) | 29,300 | ||
Net acres (acres) | 19,000 | ||
Total consideration | $46,200,000 |
Property_Plant_And_Equipment_A
Property, Plant And Equipment (Average Sales Price and Production Costs Per Unit of Production) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||
Impairment recorded (pre-tax) (in thousands) | $0 | $0 | ||
Henry Hub natural gas price (per MMBtu) | ||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||
Average price per Mcfe | 3.88 | [1] | 3.99 | [1] |
West Texas Intermediate oil price (per Bbl) | ||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||
Average price per Mcfe | 82.72 | [1] | 98.3 | [1] |
[1] | For the respective periods, oil and natural gas prices are calculated using the trailing 12-month unweighted arithmetic average of the first-day-of-the-month prices based on Henry Hub natural gas prices and West Texas Intermediate oil prices. |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||||||||||||
Mar. 31, 2015 | Jun. 07, 2013 | 15-May-13 | Dec. 31, 2014 | Mar. 09, 2015 | Mar. 08, 2015 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 29, 2016 | Mar. 31, 2016 | Mar. 30, 2016 | Jun. 30, 2016 | Jun. 29, 2016 | Nov. 15, 2013 | |
Line of Credit Facility [Line Items] | ||||||||||||||||
Long-term debt | 380,916,000 | $360,303,000 | ||||||||||||||
Second Amended and Restated Revolving Credit Facility | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Revolving credit facility borrowing base | 200,000,000 | 50,000,000 | 200,000,000 | 145,000,000 | ||||||||||||
Borrowings outstanding | 65,000,000 | |||||||||||||||
Borrowing availability | 135,000,000 | |||||||||||||||
Increase in adjusted consolidated net tangibles assets | 17.50% | |||||||||||||||
Second Amended and Restated Revolving Credit Facility | Scenario, Forecast | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Leverage ratio | 4 | 4.25 | 4.75 | 5 | 5.25 | |||||||||||
Interest coverage ratio | 2.5 | 2 | ||||||||||||||
Senior Secured Notes Due 2018 | Senior Secured Notes | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Long-term debt | 315,900,000 | |||||||||||||||
Unamortized discounts | 9,100,000 | |||||||||||||||
Senior Secured Notes Due 2018 | Senior Secured Notes | Scenario, Forecast | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Leverage ratio | 2 | 2.25 | ||||||||||||||
Gastar Exploration USA | Second Amended and Restated Revolving Credit Facility | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Annual commitment fee (percentage) | 0.50% | |||||||||||||||
Percentage of stock foreign subsidiary pledged as collateral for credit facility (percentage) | 65.00% | |||||||||||||||
Line of credit facility covenant compliance EBITDA to Interest Expense Ratio on a four quarter rolling basis | 2.5 | |||||||||||||||
Gastar Exploration USA | Second Amended and Restated Revolving Credit Facility | Minimum | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of credit facility covenant compliance Current Ratio | 1 | |||||||||||||||
Gastar Exploration USA | Second Amended and Restated Revolving Credit Facility | Maximum | Each quarter thereafter | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of credit facility covenant compliance indebtedness to EBITDA Ratio | 4 | |||||||||||||||
Gastar Exploration USA | Second Amended and Restated Revolving Credit Facility | Federal Funds Rate | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Interest rate description | federal funds rate plus | |||||||||||||||
Applicable interest margin (percentage) | 0.50% | |||||||||||||||
Gastar Exploration USA | Second Amended and Restated Revolving Credit Facility | LIBOR | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Applicable interest margin (percentage) | 1.00% | |||||||||||||||
Gastar Exploration USA | Second Amended and Restated Revolving Credit Facility | Prime Rate | Minimum | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Applicable interest margin (percentage) | 1.00% | |||||||||||||||
Gastar Exploration USA | Second Amended and Restated Revolving Credit Facility | Prime Rate | Maximum | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Applicable interest margin (percentage) | 2.00% | |||||||||||||||
Gastar Exploration USA | Second Amended and Restated Revolving Credit Facility | Eurodollar Rate | Minimum | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Applicable interest margin (percentage) | 2.00% | |||||||||||||||
Gastar Exploration USA | Second Amended and Restated Revolving Credit Facility | Eurodollar Rate | Maximum | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Applicable interest margin (percentage) | 3.00% | |||||||||||||||
Gastar Exploration USA | Senior Secured Notes Due 2018 | Senior Secured Notes | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Aggregate principal amount | $325,000,000 | |||||||||||||||
Interest rate | 8.63% | 8.63% | ||||||||||||||
Percentage of aggregate principal amount | 101.00% |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amount reclassified from unproved to proved properties | $35,000 | |
Impairment of unproved properties | 194,000 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of long-term debt | $371,700,000 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements, Recurring and Nonrecurring) (Details) (Fair Value, Measurements, Recurring, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative Assets [Abstract] | ||
Assets, Commodity derivative contracts | $32,219 | $27,502 |
Liabilities: | ||
Liabilities, Commodity derivative contracts | -396 | 0 |
Total | 43,966 | 38,510 |
Level 1 | ||
Derivative Assets [Abstract] | ||
Assets, Commodity derivative contracts | 0 | 0 |
Liabilities: | ||
Liabilities, Commodity derivative contracts | 0 | 0 |
Total | 12,143 | 11,008 |
Level 2 | ||
Derivative Assets [Abstract] | ||
Assets, Commodity derivative contracts | 0 | 0 |
Liabilities: | ||
Liabilities, Commodity derivative contracts | 0 | 0 |
Total | 0 | 0 |
Level 3 | ||
Derivative Assets [Abstract] | ||
Assets, Commodity derivative contracts | 32,219 | 27,502 |
Liabilities: | ||
Liabilities, Commodity derivative contracts | -396 | 0 |
Total | 31,823 | 27,502 |
Cash and Cash Equivalents | ||
Derivative Assets [Abstract] | ||
Cash and cash equivalents | 12,143 | 11,008 |
Cash and Cash Equivalents | Level 1 | ||
Derivative Assets [Abstract] | ||
Cash and cash equivalents | 12,143 | 11,008 |
Cash and Cash Equivalents | Level 2 | ||
Derivative Assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents | Level 3 | ||
Derivative Assets [Abstract] | ||
Cash and cash equivalents | $0 | $0 |
Fair_Value_Measurements_Net_Ch
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Details) (Level 3, Commodity, Fair Value, Measurements, Recurring, USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $27,502 | $3,764 | ||
Total gains (losses) included in earnings | 10,223 | -6,514 | ||
Purchases | 866 | 71 | ||
Issuances | -186 | 0 | ||
Settlements | -6,582 | [1] | 3,299 | [1] |
Balance at end of period | 31,823 | 620 | ||
Gain (loss) on commodity derivatives contracts | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
The amount of total gains (losses) for the period included in earnings attributable to the change in mark to market of commodity derivatives contracts still held at March 31, 2015 and 2014 | $4,252 | ($3,155) | ||
[1] | Included in gain (loss) on commodity derivatives contracts on the condensed consolidated statements of operations. |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activity (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Change in fair value of commodity derivative contracts | $4,252 | ($3,155) |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activity (Schedule of Notional Amounts and Weighted Average Underlying Hedge Prices of Outstanding Derivative Positions) (Details) | 3 Months Ended | |
Mar. 31, 2015 | ||
bbl | ||
Costless collar | Crude Oil | Costless Collar 1 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 400 | [1],[2] |
Total of Notional Volume (MMBtu's or Bbls) | 48,800 | [2] |
Floor (Long) (Price per MMBtu) | 85 | [2] |
Ceiling (Short) (Price per MMBtu) | 96.5 | [2] |
Costless collar | Crude Oil | Costless Collar 2 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 360 | [1],[2] |
Total of Notional Volume (MMBtu's or Bbls) | 43,920 | [2] |
Floor (Long) (Price per MMBtu) | 85 | [2] |
Ceiling (Short) (Price per MMBtu) | 97.8 | [2] |
Costless collar | Crude Oil | Costless Collar 3 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 150 | [1],[2] |
Total of Notional Volume (MMBtu's or Bbls) | 18,300 | [2] |
Floor (Long) (Price per MMBtu) | 85 | [2] |
Ceiling (Short) (Price per MMBtu) | 96.25 | [2] |
Costless three-way collar | Crude Oil | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 400 | [1],[3] |
Total of Notional Volume (MMBtu's or Bbls) | 73,600 | [3] |
Floor (Long) (Price per MMBtu) | 85 | [3] |
Short Put (Price per MMBtu) | 70 | [3] |
Ceiling (Short) (Price per MMBtu) | 96.5 | [3] |
Costless three-way collar | Crude Oil | 2016 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 275 | [1] |
Total of Notional Volume (MMBtu's or Bbls) | 100,600 | |
Floor (Long) (Price per MMBtu) | 85 | |
Short Put (Price per MMBtu) | 65 | |
Ceiling (Short) (Price per MMBtu) | 95.1 | |
Costless three-way collar | Crude Oil | 2017 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 280 | [1] |
Total of Notional Volume (MMBtu's or Bbls) | 102,200 | |
Floor (Long) (Price per MMBtu) | 80 | |
Short Put (Price per MMBtu) | 65 | |
Ceiling (Short) (Price per MMBtu) | 97.25 | |
Costless three-way collar | Crude Oil | Costless Three Way Collar 2 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 325 | [1],[3] |
Total of Notional Volume (MMBtu's or Bbls) | 59,800 | [3] |
Floor (Long) (Price per MMBtu) | 85 | [3] |
Short Put (Price per MMBtu) | 65 | [3] |
Ceiling (Short) (Price per MMBtu) | 97.8 | [3] |
Costless three-way collar | Crude Oil | Costless Three Way Collar 2 | 2016 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 330 | [1] |
Total of Notional Volume (MMBtu's or Bbls) | 120,780 | |
Floor (Long) (Price per MMBtu) | 80 | |
Short Put (Price per MMBtu) | 65 | |
Ceiling (Short) (Price per MMBtu) | 97.35 | |
Costless three-way collar | Crude Oil | Costless Three Way Collar 2 | 2017 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 242 | [1] |
Total of Notional Volume (MMBtu's or Bbls) | 88,150 | |
Floor (Long) (Price per MMBtu) | 80 | |
Short Put (Price per MMBtu) | 60 | |
Ceiling (Short) (Price per MMBtu) | 98.7 | |
Costless three-way collar | Crude Oil | Cost Less Three Way Collar 3 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 50 | [1],[3] |
Total of Notional Volume (MMBtu's or Bbls) | 9,200 | [3] |
Floor (Long) (Price per MMBtu) | 85 | [3] |
Short Put (Price per MMBtu) | 65 | [3] |
Ceiling (Short) (Price per MMBtu) | 96.25 | [3] |
Costless three-way collar | Crude Oil | Cost Less Three Way Collar 3 | 2016 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 450 | [1] |
Total of Notional Volume (MMBtu's or Bbls) | 164,700 | |
Floor (Long) (Price per MMBtu) | 57.5 | |
Short Put (Price per MMBtu) | 42.5 | |
Ceiling (Short) (Price per MMBtu) | 80 | |
Costless three-way collar | Crude Oil | Cost Less Three Way Collar 3 | 2017 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 200 | [1] |
Total of Notional Volume (MMBtu's or Bbls) | 73,000 | |
Floor (Long) (Price per MMBtu) | 60 | |
Short Put (Price per MMBtu) | 42.5 | |
Ceiling (Short) (Price per MMBtu) | 85 | |
Costless three-way collar | Crude Oil | Cost Less Three Way Collar 4 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 750 | [1] |
Total of Notional Volume (MMBtu's or Bbls) | 206,250 | |
Floor (Long) (Price per MMBtu) | 52.5 | |
Short Put (Price per MMBtu) | 40 | |
Ceiling (Short) (Price per MMBtu) | 62.05 | |
Put spread | Crude Oil | 2017 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 500 | [1] |
Total of Notional Volume (MMBtu's or Bbls) | 182,500 | |
Floor (Long) (Price per MMBtu) | 82 | |
Short Put (Price per MMBtu) | 62 | |
Put spread | Crude Oil | 2018 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 425 | [1],[4] |
Total of Notional Volume (MMBtu's or Bbls) | 103,275 | [4] |
Floor (Long) (Price per MMBtu) | 80 | [4] |
Short Put (Price per MMBtu) | 60 | [4] |
Put spread | Crude Oil | Put Spread 1 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 700 | [1],[2] |
Total of Notional Volume (MMBtu's or Bbls) | 85,400 | [2] |
Floor (Long) (Price per MMBtu) | 90 | [2] |
Short Put (Price per MMBtu) | 70 | [2] |
Put spread | Crude Oil | Put Spread 1 | 2016 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 550 | [1] |
Total of Notional Volume (MMBtu's or Bbls) | 201,300 | |
Floor (Long) (Price per MMBtu) | 85 | |
Short Put (Price per MMBtu) | 65 | |
Put spread | Crude Oil | Put Spread 2 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 250 | [1] |
Total of Notional Volume (MMBtu's or Bbls) | 68,750 | |
Floor (Long) (Price per MMBtu) | 89 | |
Short Put (Price per MMBtu) | 69 | |
Put spread | Crude Oil | Put Spread 2 | 2016 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 300 | [1] |
Total of Notional Volume (MMBtu's or Bbls) | 109,800 | |
Floor (Long) (Price per MMBtu) | 85.5 | |
Short Put (Price per MMBtu) | 65.5 | |
Put spread | Crude Oil | Put Spread 3 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 600 | [1],[3] |
Total of Notional Volume (MMBtu's or Bbls) | 110,400 | [3] |
Floor (Long) (Price per MMBtu) | 87 | [3] |
Short Put (Price per MMBtu) | 67 | [3] |
Fixed price swap | Natural Gas | Fixed Price Swap 1 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 400 | |
Total of Notional Volume (MMBtu's or Bbls) | 110,000 | |
Base Fixed Price (Price per MMBtu or Bbl) | 4 | |
Fixed price swap | Natural Gas | Fixed Price Swap 2 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 2,500 | |
Total of Notional Volume (MMBtu's or Bbls) | 687,500 | |
Base Fixed Price (Price per MMBtu or Bbl) | 4.06 | |
Fixed price swap | Natural Gas | Fixed Price Swap 3 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 5,000 | |
Total of Notional Volume (MMBtu's or Bbls) | 1,375,000 | |
Base Fixed Price (Price per MMBtu or Bbl) | 3.49 | |
Fixed price swap | Natural Gas | Fixed Price Swap 4 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 2,000 | |
Total of Notional Volume (MMBtu's or Bbls) | 550,000 | |
Base Fixed Price (Price per MMBtu or Bbl) | 3.53 | |
Short Put (Price per MMBtu) | 3.25 | |
Fixed price swap | Natural Gas | Fixed Price Swap 5 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 10,000 | [5] |
Total of Notional Volume (MMBtu's or Bbls) | 2,140,000 | [5] |
Base Fixed Price (Price per MMBtu or Bbl) | 2.94 | [5] |
Fixed price swap | Natural Gas Liquids | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 250 | |
Total of Notional Volume (MMBtu's or Bbls) | 68,750 | |
Base Fixed Price (Price per MMBtu or Bbl) | 45.61 | |
Protective spread | Natural Gas | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 2,600 | |
Total of Notional Volume (MMBtu's or Bbls) | 715,000 | |
Base Fixed Price (Price per MMBtu or Bbl) | 4 | |
Short Put (Price per MMBtu) | 3.25 | |
Protective spread | Natural Gas | Protective Spread 3 | 2016 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 2,000 | |
Total of Notional Volume (MMBtu's or Bbls) | 732,000 | |
Base Fixed Price (Price per MMBtu or Bbl) | 4.11 | |
Short Put (Price per MMBtu) | 3.25 | |
Producer Three Way Collar | Natural Gas | Producer Three Way Collar 1 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 2,500 | |
Total of Notional Volume (MMBtu's or Bbls) | 687,500 | |
Floor (Long) (Price per MMBtu) | 3.7 | |
Short Put (Price per MMBtu) | 3 | |
Ceiling (Short) (Price per MMBtu) | 4.09 | |
Producer Three Way Collar | Natural Gas | Producer Three Way Collar 2 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 5,000 | |
Total of Notional Volume (MMBtu's or Bbls) | 1,375,000 | |
Floor (Long) (Price per MMBtu) | 3.77 | |
Short Put (Price per MMBtu) | 3 | |
Ceiling (Short) (Price per MMBtu) | 4.11 | |
Producer Three Way Collar | Natural Gas | Producer Three Way Collar 3 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 2,000 | [5] |
Total of Notional Volume (MMBtu's or Bbls) | 428,000 | [5] |
Floor (Long) (Price per MMBtu) | 3 | [5] |
Short Put (Price per MMBtu) | 2.25 | [5] |
Ceiling (Short) (Price per MMBtu) | 3.34 | [5] |
Producer Three Way Collar | Natural Gas | Producer Three Way Collar 4 | 2016 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 2,000 | |
Total of Notional Volume (MMBtu's or Bbls) | 732,000 | |
Floor (Long) (Price per MMBtu) | 4 | |
Short Put (Price per MMBtu) | 3.25 | |
Ceiling (Short) (Price per MMBtu) | 4.58 | |
Producer Three Way Collar | Natural Gas | Producer Three Way Collar 5 | 2016 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 5,000 | |
Total of Notional Volume (MMBtu's or Bbls) | 1,830,000 | |
Floor (Long) (Price per MMBtu) | 3.4 | |
Short Put (Price per MMBtu) | 2.65 | |
Ceiling (Short) (Price per MMBtu) | 4.1 | |
Basis Swap | Natural Gas | 2016 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 2,500 | [6] |
Total of Notional Volume (MMBtu's or Bbls) | 915,000 | [6] |
Base Fixed Price (Price per MMBtu or Bbl) | -1.1 | [6] |
Basis Swap | Natural Gas | Basis Swap 1 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 2,500 | [7] |
Total of Notional Volume (MMBtu's or Bbls) | 687,500 | [7] |
Base Fixed Price (Price per MMBtu or Bbl) | -1.12 | [7] |
Basis Swap | Natural Gas | Basis Swap 2 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 2,500 | [7] |
Total of Notional Volume (MMBtu's or Bbls) | 687,500 | [7] |
Base Fixed Price (Price per MMBtu or Bbl) | -1.11 | [7] |
Basis Swap | Natural Gas | Basis Points 3 | 2015 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 2,500 | [7] |
Total of Notional Volume (MMBtu's or Bbls) | 687,500 | [7] |
Base Fixed Price (Price per MMBtu or Bbl) | -1.14 | [7] |
Short call | Natural Gas | 2017 | ||
Derivative [Line Items] | ||
Average Daily Volume (MMBtus or Bbls) | 10,000 | |
Total of Notional Volume (MMBtu's or Bbls) | 3,650,000 | |
Ceiling (Short) (Price per MMBtu) | 4.75 | |
[1] | Crude volumes hedged include oil, condensate and certain components of our NGLs production. | |
[2] | For the period April to June 2015. | |
[3] | For the period July to December 2015. | |
[4] | For the period January to August 2018. | |
[5] | For the period April to October 2015. | |
[6] | Represents basis swaps at the sales point of TetcoM2. | |
[7] | Represents basis swaps at the sales point of Dominion South. |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activity Schedule of Unamortized Put Premium Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Current commodity derivative premium put payable | $2,472 | $2,481 |
Long-term commodity derivative premium payable | 4,809 | 4,702 |
Total unamortized put premium liabilities | $7,281 | $7,183 |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activity (Schedule of Deferred Put Premium Liability) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Put Premium Liabilities [Roll Forward] | |
Put premium liabilities, beginning balance | $7,183 |
Amortization of put premium liabilities | -582 |
Additional put premium liabilities | 680 |
Put premium liabilities, ending balance | $7,281 |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activity (Schedule of Future Amortization of Put Premium) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
April to December 2015 | $1,714 | |
January to December 2016 | 3,050 | |
January to December 2017 | 1,684 | |
January to August 2018 | 833 | |
Total unamortized put premium liabilities | $7,281 | $7,183 |
Derivative_Instruments_and_Hed7
Derivative Instruments and Hedging Activity (Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location) (Details) (Derivatives not designated as hedging instruments, USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | |||
Total derivatives not designated as hedging instruments | $31,823 | $27,502 | |
Gain (loss) on commodity derivatives contracts | 10,223 | -6,514 | |
Gain (loss) on commodity derivatives contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on commodity derivatives contracts | 10,223 | -6,514 | |
Current assets | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative contracts, Assets | 18,815 | 19,687 | |
Other assets | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative contracts, Assets | 13,404 | 7,815 | |
Current liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative contracts, Liabilities | -56 | 0 | |
Long-term liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivative contracts, Liabilities | ($340) | $0 |
Capital_Stock_Narrative_Detail
Capital Stock (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 24, 2014 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||
Preferred shares authorized for issuance (shares) | 40,000,000 | 40,000,000 | ||
Preferred stock par value per share | $0.01 | |||
Liquidation Preference (per share) | $25 | |||
Dividends on preferred stock | ($3,618,000) | ($3,576,000) | ||
Common shares reserved for the exercise of stock options (shares) | 866,600 | |||
Parent's 2006 Long-Term Stock Incentive Plan | ||||
Class of Stock [Line Items] | ||||
Increase in the number of share reserved for issuance | 3,000,000 | |||
Common shares reserved for the exercise of stock options (shares) | 2,849,434 | |||
Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred shares authorized for issuance (shares) | 10,000,000 | 10,000,000 | ||
Preferred stock, dividend rate, percentage (percentage) | 8.63% | |||
Preferred stock par value per share | $0.01 | 0.01 | ||
Liquidation Preference (per share) | $25 | 25 | ||
Preferred stock, shares issued | 4,045,000 | 4,045,000 | ||
Preferred stock, shares outstanding | 4,045,000 | 4,045,000 | ||
Dividends on preferred stock | -2,200,000 | |||
Series B Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred shares authorized for issuance (shares) | 10,000,000 | 10,000,000 | ||
Preferred stock, dividend rate, percentage (percentage) | 10.75% | |||
Preferred stock par value per share | $0.01 | 0.01 | ||
Liquidation Preference (per share) | $25 | 25 | ||
Preferred stock, shares issued | 2,140,000 | 2,140,000 | ||
Preferred stock, shares outstanding | 2,140,000 | 2,140,000 | ||
Preferred stock redemption price per share | $25 | |||
Option to convert shares of Series B Preferred Stock | 11.5207 | |||
Recognized dividend expense | $1,400,000 |
Capital_Stock_Schedule_of_Issu
Capital Stock (Schedule of Issuances and Forfeitures of Common Shares) (Details) | 3 Months Ended | |
Mar. 31, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock issued pursuant to PBUs vested, net of forfeitures | 497,636 | |
Restricted shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of restricted common stock granted | 1,421,224 | |
Shares of restricted common stock vested | 1,274,872 | |
Shares of restricted common stock surrendered upon vesting/exercise | 382,238 | [1] |
Shares of restricted common stock forfeited | 23,657 | |
[1] | Represents shares of common stock forfeited in connection with the payment of estimated withholding taxes on shares of restricted common stock that vested during the period. |
Interest_Expense_Schedule_of_C
Interest Expense (Schedule of Components of Interest Expense) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Interest Expense [Abstract] | ||||
Cash and accrued | $7,928 | $7,134 | ||
Amortization of deferred financing costs | 822 | [1] | 733 | [1] |
Capitalized interest | -1,189 | -976 | ||
Total interest expense | 7,561 | 6,891 | ||
Accretion of debt discount | $613 | $556 | ||
[1] | The three months ended March 31, 2015 and 2014 includes $613,000 and $556,000, respectively, of debt discount accretion related to the Notes. |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net loss attributable to common stockholders | ($3,004) | ($1,965) |
Weighted average common shares outstanding basic (shares) | 77,114,826 | 58,204,532 |
Weighted average common shares outstanding diluted (shares) | 77,114,826 | 58,204,532 |
Basic (dollars per share) | ($0.04) | ($0.03) |
Diluted (dollars per share) | ($0.04) | ($0.03) |
Common shares excluded from denominator as anti-dilutive (shares) | 823,881 | 119,496 |
Unvested restricted shares | ||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Incremental Shares | 0 | 0 |
Common shares excluded from denominator as anti-dilutive (shares) | 450,556 | 119,496 |
Stock options | ||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Incremental Shares | 0 | 0 |
Common shares excluded from denominator as anti-dilutive (shares) | 0 | 0 |
Unvested PBUs | ||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Incremental Shares | 0 | 0 |
Common shares excluded from denominator as anti-dilutive (shares) | 373,325 | 0 |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (Gastar Exploration Ltd vs US Speciality Ins Co and Axis Ins Co, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Dec. 17, 2010 |
Gastar Exploration Ltd vs US Speciality Ins Co and Axis Ins Co | |
Loss Contingencies [Line Items] | |
Settlement aggregate amount | $21.20 |
Combined coverage limits under directors and officers insurance | $20 |
Statement_Of_Cash_Flows_Supple2
Statement Of Cash Flows - Supplemental Information (Schedule of Supplemental Cash Paid and Non-cash Transactions) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid for interest, net of capitalized amounts | ($282) | ($697) |
Non-cash transactions: | ||
Capital expenditures excluded from accounts payable and accrued drilling costs | -10,366 | -299 |
Capital expenditures included in accounts receivable | 0 | 4,077 |
Asset retirement obligation included in oil and natural gas properties | 77 | 28 |
Application of advances to operators | 8,457 | 9,490 |
Other | $23 | $78 |