Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Cobalt International Energy, Inc. | ' |
Entity Central Index Key | '0001471261 | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Public Float | ' | $7.50 |
Entity Common Stock, Shares Outstanding | 411,284,727 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $192,460 | $1,425,815 |
Joint interest and other receivables | 124,639 | 61,592 |
Prepaid expenses and other current assets | 55,857 | 23,941 |
Inventory | 74,768 | 65,286 |
Short-term restricted funds | 200,339 | 90,440 |
Short-term investments | 1,319,380 | 789,668 |
Total current assets | 1,967,443 | 2,456,742 |
Property, plant, and equipment: | ' | ' |
Oil and gas properties, successful efforts method of accounting, net of accumulated depletion of $0 | 1,464,383 | 1,094,464 |
Other property and equipment, net of accumulated depreciation and amortization of $4,394 and $2,533, as of December 31, 2013 and 2012, respectively | 11,892 | 5,292 |
Total property, plant, and equipment, net | 1,476,275 | 1,099,756 |
Long-term restricted funds | 104,496 | 395,652 |
Long-term investments | 14,661 | 36,267 |
Deferred income taxes | 17,061 | ' |
Other assets | 53,737 | 23,042 |
Total assets | 3,633,673 | 4,011,459 |
Current liabilities: | ' | ' |
Trade and other accounts payable | 131,428 | 67,876 |
Accrued liabilities | 143,459 | 44,061 |
Short-term contractual obligations | 49,019 | 49,019 |
Deferred income taxes | 17,061 | ' |
Total current liabilities | 340,967 | 160,956 |
Long-term debt | 1,035,980 | 991,191 |
Long-term contractual obligations | 124,901 | 168,238 |
Other long-term liabilities | 2,679 | 1,856 |
Total long-term liabilities | 1,163,560 | 1,161,285 |
Stockholders' equity: | ' | ' |
Common stock, $0.01 par value per share; 2,000,000,000 shares authorized 406,949,839 and 406,596,884 issued and outstanding as of December 31, 2013 and 2012, respectively | 4,069 | 4,066 |
Additional paid-in capital | 3,641,936 | 3,612,987 |
Accumulated deficit during the development stage | -1,516,859 | -927,835 |
Total stockholders' equity | 2,129,146 | 2,689,218 |
Total liabilities and stockholders' equity | $3,633,673 | $4,011,459 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets | ' | ' |
Oil and gas properties, successful efforts method of accounting, accumulated depletion (in dollars) | $0 | $0 |
Other property and equipment, accumulated depreciation and amortization (in dollars) | $4,394 | $2,533 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 406,949,839 | 406,596,884 |
Common stock, shares outstanding | 406,949,839 | 406,596,884 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | 98 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Operating costs and expenses: | ' | ' | ' | ' |
Seismic and exploration | $74,213 | $61,583 | $32,239 | $464,385 |
Dry hole expense and impairment | 351,050 | 134,085 | 45,732 | 589,783 |
General and administrative | 105,547 | 87,963 | 59,130 | 411,489 |
Depreciation and amortization | 1,874 | 1,197 | 735 | 6,626 |
Total operating costs and expenses | 532,684 | 284,828 | 137,836 | 1,472,283 |
Operating income (loss) | -532,684 | -284,828 | -137,836 | -1,472,283 |
Other income (expense): | ' | ' | ' | ' |
Gain on sale of assets | 2,993 | ' | ' | 2,993 |
Interest income | 6,043 | 5,041 | 4,199 | 21,087 |
Interest expense | -65,376 | -3,212 | ' | -68,656 |
Total other income (expense) | -56,340 | 1,829 | 4,199 | -44,576 |
Net income (loss) before income tax | -589,024 | -282,999 | -133,637 | -1,516,859 |
Income tax expense | 0 | 0 | 0 | ' |
Net income (loss) | ($589,024) | ($282,999) | ($133,637) | ($1,516,859) |
Basic and diluted income (loss) per common share (in dollars per share) | ($1.45) | ($0.70) | ($0.35) | ' |
Basic and diluted weighted average common shares outstanding (in shares) | 406,839,997 | 403,356,174 | 376,603,520 | ' |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Partners' Capital and Stockholders' Equity (USD $) | Total | Class A Limited Partners | Class B Limited Partners | Class C Limited Partners | Common Stock | Additional Paid-in Capital | Accumulated Deficit During Development Stage |
In Thousands | |||||||
Balance (inception) at Dec. 31, 2008 | $740,471 | $1,029,572 | $4,365 | ' | ' | ' | ($293,466) |
Class A limited partners' contributions | 227,166 | 227,166 | ' | ' | ' | ' | ' |
Class B and C limited partners' equity compensation | 3,353 | ' | 2,619 | 734 | ' | ' | ' |
Common stock issued for restricted stock, restricted stock units and stock options | ' | ' | ' | ' | 22 | -22 | ' |
Common stock issued upon corporate reorganization | ' | -1,256,738 | -6,984 | -734 | 2,743 | 1,261,713 | ' |
Equity based compensation | 15,074 | ' | ' | ' | ' | 15,074 | ' |
Common stock issued at initial public offering including over-allotment portion, net of offering costs | 908,515 | ' | ' | ' | 710 | 907,805 | ' |
Common stock issued at private placement | 42,188 | ' | ' | ' | 32 | 42,156 | ' |
Net income (loss) | -217,733 | ' | ' | ' | ' | ' | -217,733 |
Balance at Dec. 31, 2010 | 1,719,034 | ' | ' | ' | 3,507 | 2,226,726 | -511,199 |
Common stock issued at public offering, net of costs | 478,203 | ' | ' | ' | 357 | 477,846 | ' |
Common stock issued for restricted stock, restricted stock units and stock options | ' | ' | ' | ' | 12 | -12 | ' |
Equity based compensation | 15,505 | ' | ' | ' | ' | 15,505 | ' |
Common stock withheld for taxes on equity based compensation | -191 | ' | ' | ' | -1 | -190 | ' |
Net income (loss) | -133,637 | ' | ' | ' | ' | ' | -133,637 |
Balance at Dec. 31, 2011 | 2,078,914 | ' | ' | ' | 3,875 | 2,719,875 | -644,836 |
Common stock issued at public offering, net of costs | 489,309 | ' | ' | ' | 181 | 489,128 | ' |
Common stock issued for restricted stock, restricted stock units and stock options | ' | ' | ' | ' | 10 | -10 | ' |
Equity based compensation | 22,410 | ' | ' | ' | ' | 22,410 | ' |
Exercise of stock options | 338 | ' | ' | ' | ' | 338 | ' |
Common stock withheld for taxes on equity based compensation | -170 | ' | ' | ' | ' | -170 | ' |
Conversion option relating to 2.625% convertible senior notes, net of allocated costs | 381,416 | ' | ' | ' | ' | 381,416 | ' |
Net income (loss) | -282,999 | ' | ' | ' | ' | ' | -282,999 |
Balance at Dec. 31, 2012 | 2,689,218 | ' | ' | ' | 4,066 | 3,612,987 | -927,835 |
Common stock issued for restricted stock, restricted stock units and stock options | ' | ' | ' | ' | 3 | -3 | ' |
Equity based compensation | 28,754 | ' | ' | ' | ' | 28,754 | ' |
Exercise of stock options | 198 | ' | ' | ' | ' | 198 | ' |
Net income (loss) | -589,024 | ' | ' | ' | ' | ' | -589,024 |
Balance at Dec. 31, 2013 | $2,129,146 | ' | ' | ' | $4,069 | $3,641,936 | ($1,516,859) |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Partners' Capital and Stockholders' Equity (Parenthetical) | Dec. 31, 2012 |
Condensed Consolidated Statements of Changes in Partners' Capital and Stockholders' Equity | ' |
Interest rate (as a percent) | 2.63% |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | 98 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Cash flows provided from operating activities | ' | ' | ' | ' |
Net income (loss) | ($589,024) | ($282,999) | ($133,637) | ($1,516,859) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' | ' |
Depreciation and amortization | 1,874 | 1,197 | 735 | 6,626 |
Dry hole expense and impairment | 351,050 | 134,085 | 45,732 | 589,783 |
Gain on sale of assets | -2,993 | ' | ' | -2,993 |
Equity based compensation | 28,754 | 22,410 | 15,505 | 89,461 |
Amortization of premium (accretion of discount) | 21,955 | 15,091 | 22,082 | 56,497 |
Amortization of debt discount | 46,847 | ' | ' | 48,520 |
Other | ' | ' | ' | 580 |
Changes in operating assets and liabilities: | ' | ' | ' | ' |
Joint interest and other receivables | -62,967 | -1,518 | -59,515 | -128,161 |
Inventory | -10,052 | -29,237 | -1,621 | -75,338 |
Prepaid expense and other current assets | -31,915 | -1,726 | -13,209 | -55,857 |
Deferred charges | -32,753 | -10,985 | 2,467 | -32,679 |
Trade and other accounts payable | 63,552 | -3,309 | 59,196 | 131,428 |
Accrued liabilities and other | -696 | 16,594 | 4,470 | 47,071 |
Net cash provided by (used in) operating activities | -216,368 | -140,397 | -57,795 | -841,921 |
Cash flows from investing activities | ' | ' | ' | ' |
Capital expenditures for oil and gas properties | -80,439 | -142,841 | ' | -927,387 |
Capital expenditures for other property and equipment | -8,483 | -5,139 | -782 | -18,549 |
Exploration wells drilling in process | -581,194 | -329,534 | -86,979 | -1,192,169 |
Proceeds from sale of oil and gas properties | 3,006 | ' | ' | 342,007 |
Change in restricted cash | 180,729 | 29,573 | -541 | -131,353 |
Proceeds from maturity of investment securities | 1,366,977 | 1,082,876 | 1,288,067 | 3,966,031 |
Purchase of investment securities | -1,896,591 | -1,199,696 | -1,630,156 | -5,526,528 |
Net cash provided by (used in) investing activities | -1,015,995 | -564,761 | -430,391 | -3,487,948 |
Cash flows from financing activities | ' | ' | ' | ' |
Capital contributions prior to IPO-Class A limited partners | ' | ' | ' | 1,256,180 |
Proceeds from initial public offering, net of costs | ' | ' | ' | 950,702 |
Proceeds from public offering, net of costs | ' | 489,309 | 478,203 | 967,513 |
Proceeds from debt offering, net of costs | -1,190 | 1,348,950 | ' | 1,347,760 |
Proceed from exercise of stock options | 198 | 338 | ' | 536 |
Payments for common stock withheld for taxes on equity based compensation | ' | -170 | -191 | -362 |
Net cash provided by (used in) financing activities | -992 | 1,838,427 | 478,012 | 4,522,329 |
Net increase (decrease) in cash and cash equivalents | -1,233,355 | 1,133,269 | -10,174 | 192,460 |
Cash and cash equivalents, beginning of period | 1,425,815 | 292,546 | 302,720 | ' |
Cash and cash equivalents, end of period | 192,460 | 1,425,815 | 292,546 | 192,460 |
Cash paid for interest | 34,615 | ' | ' | 34,615 |
Non-Cash Disclosures | ' | ' | ' | ' |
Change in accrued capital expenditures | 58,769 | -105,802 | 357,900 | 58,769 |
Transfer of investment securities to and from restricted funds | $26 | $178,830 | ' | $178,804 |
Organization_and_Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2013 | |
Organization and Operations | ' |
Organization and Operations | ' |
1. Organization and Operations | |
Organization | |
        Cobalt International Energy, Inc. (the "Company") is an independent exploration and production company with operations in the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon in West Africa. | |
        The terms "Company, Cobalt, we, us, our, ours," and similar terms refer to Cobalt International Energy, Inc. unless the context indicates otherwise. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
Basis of Presentation | |
        The accompanying consolidated financial statements include the financial statements of Cobalt International Energy, Inc. and all of its wholly owned subsidiaries. All significant intercompany transactions and amounts have been eliminated for all years presented. Because the Company is a development stage enterprise, it has presented its financial statements in accordance with accounting guidance relating to "Development Stage Entities." | |
        At December 31, 2013, the accompanying consolidated financial statements include the accounts of Cobalt and its wholly owned subsidiary, Cobalt International Energy, L.P. ("Partnership"). Prior to the effective date of a corporate reorganization, both entities were under common control arising from common direct or indirect ownership of each. The transfer of the Partnership interests to Cobalt represented a reorganization of entities under common control and was accounted for at historical cost. | |
Reclassifications | |
        Certain reclassifications have been made to prior periods' financial statements to conform to the current presentation in the consolidated statements of cash flows. | |
Use of Estimates | |
        The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires the Company to make estimates and assumptions that affect the reported amounts of assets including proved reserves 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. Significant estimates the Company makes include (a) accruals related to expenses, (b) assumptions used in estimating fair value of equity based awards and the fair value of the liability component of the convertible senior notes and (c) assumptions used in impairment testing. Although the Company believes these estimates are reasonable, actual results could differ from these estimates. | |
Fair Value Measurements | |
        The fair values of the Company's cash and cash equivalents, joint interest and other receivables, restricted funds and investments approximate their carrying amounts due to their short-term duration. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Company categorizes each of its fair value measurements as applicable to one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. The levels are: | |
        Level 1—Quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. This category includes the Company's cash and money market funds. | |
        Level 2—Quoted prices in non-active markets or in active markets for similar assets or liabilities, and inputs other than quoted prices that are observable, for the asset or liability, either directly or indirectly for substantially the full contractual term of the asset or liability being measured. This category includes the Company's U.S. Treasury bills, U.S. Treasury notes, U.S. Government agency securities, commercial paper, corporate bonds, municipal bonds and certificates of deposits. | |
        Level 3—Inputs that are generally unobservable and typically reflect management's estimate of assumptions that market participants would use in pricing the asset or liability. The Company does not currently have any financial instruments categorized as Level 3. | |
Revenue Recognition | |
        The Company will follow the "sales" (or cash) method of accounting for oil and gas revenues. Under this method, the Company will recognize revenues on the volumes sold. The volumes sold may be more or less than the volumes to which the Company is entitled based on its ownership interest in the property. These differences result in a condition known in the industry as a production imbalance. For the years ended December 31, 2013, 2012, 2011 and for the period November 10, 2005 (Inception) through December 31, 2013, no revenues have been recognized in these consolidated financial statements. | |
Cash and Cash Equivalents | |
        Cash and cash equivalents consist of demand deposits and funds invested in highly liquid instruments with maturities of three months or less from the date of purchase. Demand deposits typically exceed federally insured limits; however, the Company periodically assesses the financial condition of the institutions where these funds are held as well as the credit ratings of the issuers of the highly liquid instruments and believes that the credit risk is minimal. | |
Restricted Funds | |
        Restricted funds primarily consist of funds held in escrow accounts and collateral for letters of credit relating to our operations in the U.S. Gulf of Mexico and offshore Angola. | |
Investments | |
        The Company's policy on accounting for its investments, which consist entirely of debt securities money market funds and certificates of deposit, is based on the accounting guidance relating to "Accounting for Certain Investments in Debt and Equity Securities." The Company considers all highly liquid interest-earning investments with a maturity of three months or less at the date of purchase to be cash equivalents. Investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year are classified as long-term investments. The debt securities are carried at amortized costs and classified as held-to-maturity securities as the Company has the positive intent and ability to hold them until they mature. The net carrying value of held-to-maturity debt securities is adjusted for amortization of premiums and accretion of discounts to maturity over the life of the securities. Held-to-maturity debt securities are stated at amortized cost, which approximated fair market value as of December 31, 2013 and 2012. Money market funds and certificates of deposit are carried at face value. Income related to these securities is reported as a component of interest income in the Company's consolidated statement of operations. See Note 7—Investments. | |
        Investments are considered to be impaired when a decline in fair value is determined to be other-than-temporary. The Company conducts a regular assessment of its debt securities with unrealized losses to determine whether securities have other-than-temporary impairment ("OTTI"). This assessment considers, among other factors, the nature of the securities, credit rating or financial condition of the issuer, the extent and duration of the unrealized loss, market conditions and whether the Company intends to sell or whether it is more likely than not that the Company will be required to sell the debt securities. As of December 31, 2013 and 2012, the Company has no OTTI in its debt securities. | |
Capitalized Interest | |
        For exploration and development projects that have not commenced production, interest is capitalized as part of the historical cost of developing and constructing assets. Capitalized interest is determined by multiplying the Company's weighted-average borrowing cost on debt by the average amount of qualifying costs incurred. Once an asset subject to interest capitalization is completed and placed in service, the associated capitalized interest is expensed through depreciation or impairment. See Note 9—Property, Plant, and Equipment and Note 11—Long-term Debt. | |
Joint Interest and Other Receivables | |
        Joint interest and other receivables result primarily from billing shared costs under the respective operating agreements to the Company's partners. These receivables are usually settled within 30 days of the invoice date. | |
Property, Plant, and Equipment | |
        The Company uses the "successful efforts" method of accounting for its oil and gas properties. Acquisition costs for unproved leasehold properties and costs of drilling exploration wells are capitalized pending determination of whether proved reserves can be attributed to the areas as a result of drilling those wells. Under the successful efforts method of accounting, proved leasehold costs are capitalized and amortized over the proved developed and undeveloped reserves on a units-of-production basis. Successful drilling costs, costs of development and developmental dry holes are capitalized and amortized over the proved developed reserves on a units-of-production basis. Significant unproved leasehold costs are capitalized and are not amortized, pending an evaluation of their exploration potential. Unproved leasehold costs are assessed periodically to determine if an impairment of the cost of individual properties has occurred. Factors taken into account for impairment analysis include results of the technical studies conducted, lease terms and management's future exploration plans. The cost of impairment is charged to expense in the period in which it occurs. Costs incurred for exploration dry holes, geological and geophysical work (including the cost of seismic data), and delay rentals are charged to expense as incurred. Costs of other property and equipment are depreciated on a straight-line basis based on their respective useful lives. | |
Asset Retirement Obligations | |
        The Company currently does not have any oil and natural gas production or any legal obligations to incur decommissioning costs. Should such production occur in the future, the Company expects to have significant obligations under its lease agreements and federal regulation to remove its equipment and restore land or seabed at the end of oil and natural gas production operations. These asset retirement obligations are primarily associated with plugging and abandoning wells and removing and disposing of offshore oil and natural gas platforms. Estimating the future restoration and removal cost is difficult and requires the Company to make estimates and judgments because most of the removal obligations are many years in the future and contracts and regulation often have vague descriptions of what constitutes removal. Asset removal technologies and cost are constantly changing, as are regulatory, political, environmental, safety and public relations considerations. Pursuant to the accounting guidance relating to "Assets Retirement Obligations", the Company is required to record a separate liability for the estimated fair value of its asset retirement obligations, with an offsetting increase to the related oil and natural gas properties representing asset retirement costs on its balance sheet. The cost of the related oil and natural gas asset, including the asset retirement cost, is depreciated over the useful life of the asset. The estimated fair value of asset retirement obligations is measured by reference to the expected future cash outflows required to satisfy the retirement obligation discounted at the Company's credit-adjusted risk-free interest rate. Accretion expense is recognized over time as the discounted liability is accreted to its expected settlement value. | |
        Inherent to the present value calculation are numerous estimates, assumptions and judgments, including the ultimate settlement amounts, inflation factors, credit adjusted risk-free rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the present value of the abandonment liability, the Company will make corresponding adjustments to both the asset retirement obligation and the related oil and natural gas property asset balance. Increases in the discounted abandonment liability and related oil and natural gas assets resulting from the passage of time will be reflected as additional accretion and depreciation expense in the consolidated statements of operations. | |
Inventory | |
        Inventories consist of various tubular products that are used in the Company's drilling programs. The products are stated at the average cost. Cost is determined using a weighted average method comprised of the purchase price and other directly attributable costs. | |
Income Taxes | |
        The Company applied the liability method of accounting for income taxes in accordance with accounting guidance related to "Income Taxes" as clarified by "Accounting for Uncertainty in Income Taxes." Under this method, deferred tax assets and liabilities are determined by applying tax rates in effect at the end of a reporting period to the cumulative temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. Since the Company is in development stage and there can be no assurance that the Company will generate any earnings or any specific level of earnings in future years, the Company has established a valuation allowance that equals its net deferred tax assets. See Note 17. | |
Equity-Based Compensation | |
        The Company accounts for stock-based compensation at fair value. The Company grants various types of stock-based awards including stock options, restricted stock and performance-based awards. The fair value of stock option awards is determined using the Black-Scholes-Merton option-pricing model. For restricted stock awards with market conditions, the fair value of the awards is measured using the asset-or-nothing option pricing model. Restricted stock awards without market conditions and the performance-based awards are valued using the market price of the Company's common stock on the grant date. The Company records compensation cost, net of estimated forfeitures, on a straight-line basis for stock-based compensation awards over the requisite service period except for performance-based awards. For performance-based awards, compensation cost is recognized over the requisite service period as and when the Company determines that the achievement of the performance condition is probable, using the per-share fair value measured at grant date. See Note 15. | |
Earnings (Loss) Per Share | |
        Basic income (loss) per share was calculated by dividing net income or loss applicable to common shares by the weighted average number of common shares outstanding during the periods presented. The calculation of diluted income (loss) per share should include the potential dilutive impact of non-vested restricted shares, non-vested restricted stock units, outstanding stock options and the Company's 2.625% convertible senior notes due 2019, during the period, unless their effect is anti-dilutive. For the year ended December 31, 2013, 6,735,046 shares of non-vested restricted stock, non-vested restricted stock units, outstanding stock options and 2.625% convertible senior notes due 2019, were excluded from the diluted income (loss) per share because they are anti-dilutive. For the year ended December 31, 2012, 5,617,697 shares of non-vested restricted stock, non-vested restricted stock units and outstanding stock options were excluded from the diluted income (loss) per share because they are anti-dilutive. | |
Operating Costs and Expenses | |
        Expenses consist primarily of the costs of acquiring and processing of geological and geophysical data, exploration and appraisal drilling expenses, consultants, telecommunications, payroll and benefit costs, information system and legal costs, office rent, contract costs, and bookkeeping and audit fees. | |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Cash and Cash Equivalents | ' | |||||||
Cash and Cash Equivalents | ' | |||||||
3. Cash and Cash Equivalents | ||||||||
        As of December 31, 2013 and 2012, cash and cash equivalents consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Cash at banks | $ | 82,428 | $ | 65,935 | ||||
Money market funds | 75,039 | 1,105,148 | ||||||
Held-to-maturity securities(1) | 34,993 | 254,732 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 192,460 | $ | 1,425,815 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||
These securities mature three months or less from date of purchase. | ||||||||
Restricted_Funds
Restricted Funds | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Restricted Funds | ' | |||||||
Restricted Funds | ' | |||||||
4. Restricted Funds | ||||||||
        Restricted funds consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Short-term: | ||||||||
Collateral on Letters of Credit for Angola(1) | $ | 200,339 | $ | — | ||||
Ensco 8503 escrow account(2) | — | 90,440 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 200,339 | $ | 90,440 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Long-term: | ||||||||
Ensco 8503 escrow account(2) | — | 90,440 | ||||||
Collateral on Letters of Credit for Angola(1) | 104,496 | 304,492 | ||||||
Other vendor restricted deposits | — | 720 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 104,496 | $ | 395,652 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||
As of December 31, 2013 and December 31, 2012, $304.8 million and $304.5 million, respectively, was held in a collateral account established to secure letters of credit issued in support of the Company's contractually agreed work program obligations on Blocks 9, 20 and 21 offshore Angola. As of December 31, 2013, the collateral in this account was invested in U.S. Treasury bills and Treasury notes purchased at discounts and at premiums, respectively, resulting in a net carrying value of $304.8 million. The contractual maturities of these securities are within one year. The $200.3 million classified as short-term restricted funds at December 31, 2013 includes $153.6 million of cash collateral associated with work program obligations which have been completed for Blocks 20 and 21 and for which the Company expects to receive distribution of the collateral in 2014. The remaining $46.7 million secures work program obligations of $45.3 million for Block 9 for which the initial exploration phase expires on March 1, 2014, if not extended. | ||||||||
-2 | ||||||||
As of December 31, 2012, $180.9 million was held in an escrow account established in December 2009 as a guarantee of performance to Ensco Offshore Company ("Ensco") for the Ensco 8503 drilling rig contract. As of December 31, 2013 the escrow account balance was refunded to the Company pursuant to the terms of the drilling rig contract. The drilling rig contract expired in January 2014. | ||||||||
Joint_Interests_and_Other_Rece
Joint Interests and Other Receivables | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Joint Interests and Other Receivables | ' | |||||||
Joint Interests and Other Receivables | ' | |||||||
5. Joint Interests and Other Receivables | ||||||||
        As of December 31, 2013 and 2012, the balance in joint interest and other receivables consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Partners in the U.S. Gulf of Mexico | $ | 68,664 | $ | 52,439 | ||||
Partners in West Africa(1) | 46,897 | 2,185 | ||||||
Accrued interest on investment securities | 5,632 | 3,647 | ||||||
Other | 3,446 | 3,321 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 124,639 | $ | 61,592 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||
The amount of $46.9 million as of December 31, 2013 includes $15.7 million related to the Company's partners on Block 20 offshore Angola and $31.2 million related to the outstanding balance due from the Company's partners on Blocks 9 and 21 offshore Angola, a portion of which is currently past due but the Company expects to recover. | ||||||||
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Prepaid Expenses and Other Current Assets | ' | |||||||
Prepaid Expenses and Other Current Assets | ' | |||||||
6. Prepaid Expenses and Other Current Assets | ||||||||
        As of December 31, 2013 and 2012, prepaid expenses and other current assets consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Prepaid expenses: | ||||||||
Prepaid expenses(1) | $ | 37,796 | $ | 11,729 | ||||
Other current assets: | ||||||||
Cash advance to joint venture partner(2) | 9,685 | 351 | ||||||
Rig mobilization, regulatory and other related costs(3) | 8,376 | 11,861 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 55,857 | $ | 23,941 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||
As of December 31, 2013, prepaid expenses include $11.5 million of the prepaid and unamortized portion of payments made for software licenses, related maintenance fees, insurance and $26.3 million of prepaid costs associated with the Ensco drilling rig contract. The drilling rig contract terminated in January 2014 and upon receipt and application of prepaid amounts against the final invoice from Ensco, any remaining balance of the prepayment will be refunded to the Company. As of December 31, 2012, the $11.7 million in prepaid expenses consisted of the prepaid and unamortized portion of payments made for software licenses, related maintenance fees and insurance. | ||||||||
-2 | ||||||||
As of December 31, 2013, the $9.7 million in other current assets relates to payment of cash calls made to our joint interest partner, Total Gabon, for operating costs to drill the Diaman #1B exploration well. This prepayment will be applied against the joint interest bills upon receipt from Total Gabon. | ||||||||
-3 | ||||||||
As of December 31, 2013, the $8.4 million in other current assets relates to the short-term portion of the mobilization and regulatory acceptance testing costs associated with the SSV Catarina drilling rig. As of December 31, 2012, the $11.9 million in other current assets relates to the remaining balance of the mobilization and equipment upgrade costs associated with the Ensco 8503 drilling rig. These costs are amortized on a straight-line basis over the terms of the respective drilling contracts. | ||||||||
Investments
Investments | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Investments | ' | |||||||||||||
Investments | ' | |||||||||||||
7. Investments | ||||||||||||||
        The Company's investments in held-to-maturity securities which are recorded at amortized cost and approximate fair market value were as follows at December 31, 2013 and 2012: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||
U.S. Treasury securities | $ | 304,834 | $ | 483,775 | ||||||||||
Corporate securities | 856,002 | 510,691 | ||||||||||||
Commercial paper | 408,033 | 562,975 | ||||||||||||
Certificates of deposit | 105,000 | 7,000 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Total | $ | 1,673,869 | $ | 1,564,441 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
        The Company's held-to-maturity securities were included in the following captions in the Company's balance sheets: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||
Cash and cash equivalents | $ | 34,993 | $ | 254,732 | ||||||||||
Short-term investments | 1,319,380 | 789,668 | ||||||||||||
Short-term restricted funds | 200,339 | 90,440 | ||||||||||||
Long-term restricted funds | 104,496 | 393,334 | ||||||||||||
Long-term investments | 14,661 | 36,267 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
$ | 1,673,869 | $ | 1,564,441 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
        The contractual maturities of these held-to-maturity securities at December 31, 2013 and 2012 were as follows: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Amortized | Estimated Fair | Amortized | Estimated Fair | |||||||||||
Cost | Value | Cost | Value | |||||||||||
($ in thousands) | ||||||||||||||
Within 1Â year | $ | 1,659,208 | $ | 1,659,208 | $ | 1,528,174 | $ | 1,528,174 | ||||||
After 1Â year | 14,661 | 14,661 | 36,267 | 36,267 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 1,673,869 | $ | 1,673,869 | $ | 1,564,441 | $ | 1,564,441 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
8. Fair Value Measurements | |||||||||||||||||
        The following tables summarize the Company's significant financial instruments as categorized by the fair value measurement hierarchy: | |||||||||||||||||
Level 1 | Level 2 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | Balance as of | |||||||||||||
Value | Value(1) | Value | Value(1) | December 31, | |||||||||||||
2013 | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 82,428 | $ | 82,428 | $ | — | $ | — | $ | 82,428 | |||||||
Money market funds | 75,039 | 75,039 | — | — | 75,039 | ||||||||||||
Commercial paper | — | — | 9,993 | 9,993 | 9,993 | ||||||||||||
Certificate of deposits | 25,000 | 25,000 | 25,000 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | 157,467 | 157,467 | 34,993 | 34,993 | 192,460 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Short-term restricted funds: | |||||||||||||||||
U.S. Treasury notes | — | — | 200,339 | 200,339 | 200,339 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | — | — | 200,339 | 200,339 | 200,339 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Short-term investments: | |||||||||||||||||
Corporate bonds | — | — | 848,307 | 848,307 | 848,307 | ||||||||||||
Commercial paper | — | — | 391,073 | 391,073 | 391,073 | ||||||||||||
Certificates of deposits | — | — | 80,000 | 80,000 | 80,000 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | — | — | 1,319,380 | 1,319,380 | 1,319,380 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Long-term restricted funds: | |||||||||||||||||
U.S. Treasury notes | — | — | 104,496 | 104,496 | 104,496 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | — | — | 104,496 | 104,496 | 104,496 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Long-term investments: | |||||||||||||||||
Commercial paper | — | — | 6,967 | 6,967 | 6,967 | ||||||||||||
Corporate bonds | — | — | 7,694 | 7,694 | 7,694 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | — | — | 14,661 | 14,661 | 14,661 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 157,467 | $ | 157,467 | $ | 1,673,869 | $ | 1,673,869 | $ | 1,831,336 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Level 1 | Level 2 | ||||||||||||||||
Balance as of | |||||||||||||||||
December 31, | |||||||||||||||||
Carrying Value | Fair Value(1) | Carrying Value | Fair Value(1) | 2012 | |||||||||||||
($ in Thousands) | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 65,935 | $ | 65,935 | $ | — | $ | — | $ | 65,935 | |||||||
Money market funds | 1,105,148 | 1,105,148 | — | — | 1,105,148 | ||||||||||||
Commercial paper | — | — | 247,206 | 247,206 | 247,206 | ||||||||||||
Corporate bonds | — | — | 7,526 | 7,526 | 7,526 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | 1,171,083 | 1,171,083 | 254,732 | 254,732 | 1,425,815 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Short-term restricted funds: | |||||||||||||||||
U.S. Treasury bills | — | — | 90,440 | 90,440 | 90,440 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | — | — | 90,440 | 90,440 | 90,440 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Short-term investments: | |||||||||||||||||
Corporate bonds | — | — | 466,898 | 466,898 | 466,898 | ||||||||||||
Commercial paper | — | — | 315,769 | 315,769 | 315,769 | ||||||||||||
Certificate of deposits | — | — | 7,001 | 7,001 | 7,001 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | — | — | 789,668 | 789,668 | 789,668 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Long-term restricted funds: | |||||||||||||||||
Money market funds | 2,318 | 2,318 | — | — | 2,318 | ||||||||||||
U.S. Treasury bills | — | — | 178,216 | 178,216 | 178,216 | ||||||||||||
U.S. Treasury notes | — | — | 215,118 | 215,118 | 215,118 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | 2,318 | 2,318 | 393,334 | 393,334 | 395,652 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Long-term investments: | |||||||||||||||||
Corporate bonds | — | — | 36,267 | 36,267 | 36,267 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | — | — | 36,267 | 36,267 | 36,267 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 1,173,401 | $ | 1,173,401 | $ | 1,564,441 | $ | 1,564,441 | $ | 2,737,842 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||||||||
As of December 31, 2013 and 2012, the Company did not record any OTTI on these assets. | |||||||||||||||||
Property_Plant_and_Equipment
Property, Plant, and Equipment | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property, Plant, and Equipment | ' | ||||||||||
Property, Plant, and Equipment | ' | ||||||||||
9. Property, Plant, and Equipment | |||||||||||
        Property, plant, and equipment is stated at cost less accumulated depreciation/amortization and consisted of the following: | |||||||||||
December 31, | |||||||||||
Estimated | |||||||||||
Useful Life | |||||||||||
(Years) | 2013 | 2012 | |||||||||
($ in thousands) | |||||||||||
Oil and Gas Properties: | |||||||||||
Proved properties: | |||||||||||
Well and development costs | $ | 92,579 | $ | — | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Total proved properties | 92,579 | — | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Unproved properties: | |||||||||||
Oil and gas leasehold | $ | 754,894 | $ | 721,853 | |||||||
Less: accumulated valuation allowance | (160,913 | ) | (78,413 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
593,981 | 643,440 | ||||||||||
Exploration wells in process | 777,823 | 451,024 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Total unproved properties | 1,371,804 | 1,094,464 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Total oil and gas properties, net | 1,464,383 | 1,094,464 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Other Property and Equipment: | |||||||||||
Computer equipment and software | 3 | 5,115 | 3,166 | ||||||||
Office equipment and furniture | 3Â -Â 5 | 2,132 | 2,093 | ||||||||
Vehicles | 3 | 265 | 268 | ||||||||
Leasehold improvements | 3Â -Â 10 | 2,456 | 2,298 | ||||||||
Running tools and equipment | 3 | 6,318 | — | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
16,286 | 7,825 | ||||||||||
Less: accumulated depreciation and amortization(1) | (4,394 | ) | (2,533 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Total other property and equipment, net | 11,892 | 5,292 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Property, plant, and equipment, net | $ | 1,476,275 | $ | 1,099,756 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
-1 | |||||||||||
During the year ended December 31, 2012, the Company wrote off $2.2 million of old computer equipment and leasehold improvements which were fully depreciated and therefore had no impact on the consolidated statements of operations and consolidated statements of cash flow. | |||||||||||
        The Company recorded $1.9 million, $1.2 million and $0.7 million of depreciation and amortization expense for the years ended December 31, 2013, 2012 and 2011, respectively, and $6.6 million for the period November 10, 2005 (inception) through December 31, 2013, respectively. | |||||||||||
Proved Oil and Gas Properties | |||||||||||
        The Heidelberg project was formally sanctioned for development in mid-2013. As a result of the project sanction, the Company reclassified its Heidelberg exploration well costs to proved property well and development costs and these costs will be amortized when the related proved developed reserves are produced. As of December 31, 2013, the well and development costs consist of $31.6 million relating to exploration well costs for the Heidelberg #1 exploration well and Heidelberg #3 appraisal well and $61.0 million for costs associated with well development. | |||||||||||
Unproved Oil and Gas Properties | |||||||||||
        On December 20, 2011, the Company acquired a 40% working interest in Block 20 offshore Angola for a total consideration of $347.1 million, of which $337.1 million is contractually scheduled to be paid over five years commencing in January 2012. As of December 31, 2013, out of the $337.1 million, $165.7 million has been paid and the remaining $171.4 million was accrued in short-term and long-term contractual obligations. See Note 12—Contractual Obligations. In addition to the Block 20 interests, the Company has $10.8 million of unproved property acquisition costs relating to its 40% interests in Blocks 9 and 21 offshore Angola and its 21.25% working interest in the Diaba Block offshore Gabon. | |||||||||||
        As of December 31, 2013, the Company also has $236.1 million of unproved property acquisition costs, net of valuation allowance for impairment, relating to its U.S. Gulf of Mexico properties. On February 26, 2013, the Company executed a Purchase and Sale agreement (the "PSA") to sell its ownership interests on an unproved oil and gas property on Mississippi Canyon Block 209 for a total consideration of $5.6 million. The Company received $1.5 million at closing and an additional $1.5 million in September 2013 when the buyer commenced operations on the property. Pursuant to the terms and conditions of the PSA, the Company will receive the remaining $2.6 million contingent upon the purchaser's commencement of production on this property in the future. For the year ended December 31, 2013, the Company recognized a gain of $3.0 million on the sale of assets as a result of this transaction. During the year ended December 31, 2013, the Company paid a total consideration of $37.6 million for acquisition of ownership interests in unproved oil and gas properties on Garden Banks Block 822, Mississippi Canyon Block 605 and Walker Ridge Block 232 in the U.S. Gulf of Mexico. | |||||||||||
        As of December 31, 2013 and December 31, 2012, the Company has a net total of $594.0 million and $643.4 million, respectively, of unproved property acquisition costs on the consolidated balance sheets. | |||||||||||
        Acquisition costs of unproved properties are assessed for impairment during the holding period and transferred to proved oil and gas properties to the extent associated with successful exploration activities. There are no impairment indicators to date that would require the Company to impair the unproved properties in Blocks 20 and 21 offshore Angola and in the Diaba Block offshore Gabon. For the unproved properties associated with Block 9 offshore Angola, the initial exploration phase expires on March 1, 2014 under the Risk Service Agreement for Block 9. The Company has requested an extension of the initial exploration phase and such extension is pending approval by Sonangol and the Angola Ministry of Petroleum. If the extension is not approved, the Company will forfeit its acreage on Block 9, impair the $2.5 million paid for its working interest in Block 9 and may have to relinquish $45.3 million that secures work program obligations on Block 9. Oil and gas leases for unproved properties in the U.S. Gulf of Mexico with a carrying value greater than $1.0 million are assessed individually for impairment based on the Company's current exploration plans and an allowance for impairment is provided if impairment is indicated. Leases that are individually less than $1.0 million in carrying value or are near expiration are amortized on a group basis over the average terms of the leases at rates that provide for full amortization of leases upon lease expiration. These leases have expiration dates ranging from 2014 through 2022. As of December 31, 2013 and 2012, the balance for unproved properties that were subject to amortization before impairment provision was $68.9 million and $69.1 million, respectively. The Company recorded a lease impairment allowance of $87.0 million, $60.2 million and $9.1 million for the years ended December 31, 2013, 2012 and 2011, respectively, and $165.6 million for the period November 10, 2005 (inception) through December 31, 2013. | |||||||||||
Capitalized Exploration Well Costs | |||||||||||
        If an exploration well provides evidence as to the existence of sufficient quantities of hydrocarbons to justify potential completion as a producing well, drilling costs associated with the well are initially capitalized, or suspended, pending a determination as to whether a commercially sufficient quantity of proved reserves can be attributed to the area as a result of drilling. This determination may take longer than one year in certain areas (generally, deepwater and international locations) depending upon, among other things, (i) the amount of hydrocarbons discovered, (ii) the outcome of planned geological and engineering studies, (iii) the need for additional appraisal drilling activities to determine whether the discovery is sufficient to support an economic development plan and (iv) the requirement for government sanctioning in international locations before proceeding with development activities. | |||||||||||
        The following tables reflect the Company's net changes in and the cumulative costs of capitalized exploration well costs (excluding any related leasehold costs): | |||||||||||
December 31, | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
($ in thousands) | |||||||||||
Beginning of period | $ | 451,024 | $ | 178,338 | $ | 106,881 | |||||
Additions to capitalized exploration | |||||||||||
U.S. Gulf of Mexico: | |||||||||||
Exploration well costs | 154,877 | 178,295 | 11,214 | ||||||||
Capitalized interest | 3,928 | — | — | ||||||||
West Africa: | |||||||||||
Exploration well costs | 457,608 | 168,309 | 96,849 | ||||||||
Capitalized interest | 12,271 | — | — | ||||||||
Reclassifications to wells, facilities, and equipment based on determination of proved reserves | (38,446 | ) | — | — | |||||||
Amounts charged to expense(1) | (263,439 | ) | (73,918 | ) | (36,606 | ) | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
End of period | $ | 777,823 | $ | 451,024 | $ | 178,338 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||
The amount of $263.4 million for the year ended December 31, 2013 represents $120.0 million of impairment charges on exploration wells drilled in the U.S. Gulf of Mexico which did not encounter commercial hydrocarbons, $126.3 million of impairment charges on exploration wells drilled offshore Angola which failed to flow measurable hydrocarbons from drill stem tests and a portion of the cost of exploration wells drilled offshore Angola that were determined to have no utility in the lowest interval beneath the pay zone and $17.1 million of impairment charges on the exploration well drilled offshore Gabon which needed to be re-spud due to mechanical problems with the wellbore. The amount of $73.9 million for the year ended December 31, 2012 represents impairment charges on exploration wells drilled in the U.S. Gulf of Mexico which did not encounter commercial hydrocarbons. | |||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
($ in thousands) | |||||||||||
Cumulative costs: | |||||||||||
U.S. Gulf of Mexico | |||||||||||
Exploration well costs | $ | 204,707 | $ | 208,275 | |||||||
Capitalized interest | 3,928 | — | |||||||||
West Africa | |||||||||||
Exploration well costs | 556,917 | 242,749 | |||||||||
Capitalized interest | 12,271 | — | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
$ | 777,823 | $ | 451,024 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Well costs capitalized for a period greater than one year after completion of drilling (included in table above) | $ | 399,775 | $ | 194,853 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
        As of December 31, 2013, capitalized exploration well costs that have been suspended longer than one year are associated with the Company's Shenandoah, North Platte and Cameia discoveries. These well costs are suspended pending ongoing evaluation including, but not limited to, results of additional appraisal drilling, well-test analysis, additional geological and geophysical data and approval of a development plan. Management believes these discoveries exhibit sufficient indications of hydrocarbons to justify potential development and is actively pursuing efforts to fully assess them. If additional information becomes available that raises substantial doubt as to the economic or operational viability of these discoveries, the associated costs will be expensed at that time. The Heidelberg discovery has been sanctioned for development and the Heidelberg capitalized exploration and appraisal well costs were reclassified to development costs as of December 31, 2013. | |||||||||||
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Assets | ' | |||||||
Other Assets | ' | |||||||
10. Other Assets | ||||||||
        As of December 31, 2013 and 2012, the balance in other assets consisted of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Debt issue cost(1) | $ | 20,983 | $ | 23,042 | ||||
Long-term portion of prepaid shorebase leases | 3,241 | — | ||||||
Rig mobilization costs(2) | 11,153 | — | ||||||
Long-term accounts receivable(3) | 17,923 | — | ||||||
Other | 437 | — | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 53,737 | $ | 23,042 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||
As of December 31, 2013 and 2012, the $21.0 million and $23.0 million in debt issue cost relate to the issuance of the Company's 2.625% convertible senior notes due 2019, as described in Note 11, and which are amortized over the life of the notes using the effective interest method. | ||||||||
-2 | ||||||||
The $11.2 million as of December 31, 2013 relates to costs associated with the long-term mobilization and the regulatory acceptance testing of the SSV Catarina drilling rig. These costs are amortized over the term of the drilling rig contract. | ||||||||
-3 | ||||||||
On March 16, 2012, Angola enacted Presidential Decree No. 3/12, which, among other things, provided that Angolan private petroleum companies are exempt from any requirement to carry Sonangol P&P. As a result of this statute, one of the Company's partners in Angola has taken the position that it is no longer required to pay a 3.75% cost interest attributable to Sonangol P&P's share of expenses. As of December 31, 2013, these expenditures totaled approximately $17.9 million, which is classified as a long term receivable as the Company expects this amount to be recovered pursuant to the terms of the Risk Services Agreements governing Blocks 9 and 21. | ||||||||
Longterm_Debt
Long-term Debt | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Long-term Debt | ' | |||||||||||||||||||
Long-term Debt | ' | |||||||||||||||||||
11. Long-term Debt | ||||||||||||||||||||
        On December 17, 2012, the Company issued $1.38 billion aggregate principal amount of its 2.625% convertible senior notes due 2019 (the "Notes"). The Notes are the Company's senior unsecured obligations and interest is payable semi-annually in arrears on June 1 and December 1 of each year. For the year ended December 31, 2013, the Company paid $34.6 million in interest on the notes. The Notes will mature on December 1, 2019, unless earlier repurchased or converted in accordance with the terms of the Notes. The Notes may be converted at the option of the holder at any time prior to 5:00 p.m., New York City time, on the second scheduled trading day immediately preceding the maturity date, in multiples of $1,000 principal amount. The Notes are convertible at an initial conversion rate of 28.023 shares of common stock per $1,000 principal amount, representing an initial conversion price of approximately $35.68 per share for a total of approximately 38.7 million underlying shares. The conversion rate is subject to adjustment upon the occurrence of certain events, as defined in the indenture governing the Notes, but will not be adjusted for any accrued and unpaid interest except in limited circumstances. Upon conversion, the Company's conversion obligation may be satisfied, at the Company's option, in cash, shares of common stock or a combination of cash and shares of common stock. | ||||||||||||||||||||
        Holders of the Notes who convert their Notes in connection with a "make-whole fundamental change", as defined in the indenture governing the Notes, may be entitled to a make-whole premium in the form of an increase in the conversion rate. Additionally, in the event of a fundamental change, as defined in the indenture governing the Notes, holders of the Notes may require the Company to repurchase for cash all or a portion of their Notes equal to $1,000 or a multiple of $1,000 at a fundamental change repurchase price equal to 100% of the principal amount of Notes, plus accrued and unpaid interest, if any, to, but not including, the fundamental change repurchase date. | ||||||||||||||||||||
        Upon the occurrence of an Event of Default, as defined within the Indenture governing the Notes, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding may declare 100% of the principal of, and accrued and unpaid interest on, all the Notes to be due and payable immediately. | ||||||||||||||||||||
        In accordance with accounting guidance relating to, "Debt with Conversion and Other Options", the Company separately accounts for the liability and equity conversion components of the Notes due to the Company's option to settle the conversion obligation in cash. The fair value of the debt excluding the conversion feature at the date of issuance was estimated to be approximately $989.5 million and was calculated based on the fair value of similar non-convertible debt instruments. The resulting value of the conversion option of $390.5 million was recognized as a debt discount and recorded as additional paid-in capital on the Company's consolidated balance sheets. Total debt issue cost on the Notes was $32.2 million of which $23.1 million was allocated to the liability component of the Notes and $9.1 million to the equity component of the Notes. The debt discount and the liability component of the debt issue costs are amortized over the term of the Notes. The effective interest rate used to amortize the debt discount and the liability component of the debt issue costs was approximately 8.40% based on the Company's estimated non-convertible borrowing rate as of the date the Notes were issued. Since the Company incurred losses for all periods, the impact of the conversion option would be anti-dilutive to the earnings per share and therefore was not included in the calculation. | ||||||||||||||||||||
        The carrying amounts of the liability components of the Notes were as follows: | ||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Principal | Unamortized | Carrying | Principal | Unamortized | Carrying | |||||||||||||||
Amount | discount(1) | Amount | Amount | discount | Amount | |||||||||||||||
($ in thousands) | ||||||||||||||||||||
Carrying amount of liability component | ||||||||||||||||||||
2.625% convertible senior notes due 2019 | $ | 1,380,000 | $ | (344,020 | ) | $ | 1,035,980 | $ | 1,380,000 | $ | (388,809 | ) | $ | 991,191 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||||||||
Unamortized discount will be amortized over the remaining life of the Notes which is 6Â years. | ||||||||||||||||||||
        The carrying amounts of the equity components of the Notes were as follows: | ||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Debt discount relating to value of conversion option | $ | 390,540 | $ | 390,540 | ||||||||||||||||
Debt issue costs | (9,124 | ) | (9,124 | ) | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Total | $ | 381,416 | $ | 381,416 | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
        Fair Value The fair value of the Notes excluding the conversion feature was $1,227.1 million and $989.5 million as of December 31, 2013 and 2012, respectively, and was calculated based on the fair value of similar non-convertible debt instruments (level 2) since an observable quoted price of the Notes or a similar asset or liability is not readily available. | ||||||||||||||||||||
        Interest expense associated with the 2.625% convertible senior notes due 2019 was as follows: | ||||||||||||||||||||
For the Period | ||||||||||||||||||||
November 10, 2005 | ||||||||||||||||||||
(Inception) | ||||||||||||||||||||
For Year Ended December 31, | through | |||||||||||||||||||
2013 | 2012 | 2011 | December 31, 2013 | |||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Interest expense associated with accrued interest(1) | $ | 18,529 | $ | 1,294 | $ | — | $ | 19,823 | ||||||||||||
Interest expense associated with accretion of debt discount | 44,789 | 1,843 | — | 46,632 | ||||||||||||||||
Interest expense associated with amortization of debt issue costs | 2,058 | 75 | — | 2,133 | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Total | $ | 65,376 | $ | 3,212 | $ | — | $ | 68,588 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
-1 | ||||||||||||||||||||
The $18.5 million and $1.3 million for the years ended December 31, 2013 and 2012, respectively, represent interest expense net of capitalized amounts of $17.7 million and $0 million, respectively. | ||||||||||||||||||||
Contractual_Obligations
Contractual Obligations | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Contractual Obligations | ' | |||||||
Contractual Obligations | ' | |||||||
12. Contractual Obligations | ||||||||
        The short-term and long-term contractual obligations consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
($ in thousands) | ||||||||
Short-term Contractual Obligations: | ||||||||
Social obligation payments for Block 9, offshore Angola | $ | 150 | $ | 150 | ||||
Social obligation payments for Block 21, offshore Angola | 300 | 300 | ||||||
Social obligation and bonus payments for Block 20, offshore Angola(1)(2) | 48,569 | 48,569 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 49,019 | $ | 49,019 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Long-term Contractual Obligations: | ||||||||
Social obligation payments for Block 9, offshore Angola | $ | 669 | $ | 848 | ||||
Social obligation payments for Block 21, offshore Angola | 1,381 | 1,684 | ||||||
Social obligation and bonus payments for Block 20, offshore Angola(2) | 122,851 | 165,706 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 124,901 | $ | 168,238 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||
$42.9Â million of this amount was paid in January 2014. | ||||||||
-2 | ||||||||
The total amount of social obligation payments for Block 20 has been capitalized. See Note 9. | ||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity | ' |
Stockholders' Equity | ' |
13. Stockholders' Equity | |
        On January 15, 2012, the Company withheld the issuance of an aggregate amount of 9,127 shares of its common stock, at a price of $18.74 per share, to satisfy tax withholding obligations of certain of its officers that arose upon the distribution of deferred stock compensation. | |
        On February 29, 2012, the Company issued 18,050,000 shares of common stock at a public offering price of $28.00 per share. | |
        On December 17, 2012, the Company issued $1.38 billion aggregate principal amount of its 2.625% convertible senior notes due 2019. As of December 31, 2013 and 2012, $381.4 million was recorded as the equity component of the Notes. See also Note 11—Long-term Debt. | |
Seismic_and_Exploration_Expens
Seismic and Exploration Expenses | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Seismic and Exploration Expenses | ' | |||||||||||||
Seismic and Exploration Expenses | ' | |||||||||||||
14. Seismic and Exploration Expenses | ||||||||||||||
        Seismic and exploration expenses consisted of the following: | ||||||||||||||
For the Period | ||||||||||||||
November 10, 2005 | ||||||||||||||
(Inception) | ||||||||||||||
For Year Ended December 31, | through | |||||||||||||
2013 | 2012 | 2011 | December 31, 2013 | |||||||||||
($ in thousands) | ||||||||||||||
Seismic costs | $ | 63,721 | $ | 42,447 | $ | 20,443 | $ | 405,769 | ||||||
Seismic cost recovery(1) | — | — | — | (25,126 | ) | |||||||||
Leasehold delay rentals | 6,660 | 6,383 | 6,075 | 39,562 | ||||||||||
Force Majeure expense(2) | — | — | — | 13,549 | ||||||||||
Drilling rig expense | 3,832 | 12,753 | 5,721 | 30,631 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 74,213 | $ | 61,583 | $ | 32,239 | $ | 464,385 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||
These amounts represent reimbursement from partners of past seismic costs incurred by the Company. | ||||||||||||||
-2 | ||||||||||||||
These amounts represent expenditures resulting from suspension of drilling activities in the U.S. Gulf of Mexico as a result of the explosion and sinking of the Deepwater Horizon drilling rig in the U.S. Gulf of Mexico, the resulting oil spill and the regulatory response thereto and other exploration expenses. | ||||||||||||||
Equity_based_Compensation
Equity based Compensation | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Equity based Compensation | ' | |||||||||||||||||||
Equity based Compensation | ' | |||||||||||||||||||
15. Equity based Compensation | ||||||||||||||||||||
        Overview.    Under the Company's Long Term Incentive Plan (the "Incentive Plan"), the Company may issue stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other stock-based awards to employees. At December 31, 2013, approximately 7.5 million shares remain available for grant under the Incentive Plan. | ||||||||||||||||||||
        On January 28, 2010, the Company adopted the Non-Employee Directors Compensation Plan (the "NED Plan"). Under the NED Plan, the Company may issue options, restricted stock units, other stock-based award or retainers to non-employee directors. At December 31, 2013, 500,158 shares remain available for grant under the NED Plan. | ||||||||||||||||||||
        In accordance with ASC No. 718, Compensation—Stock Compensation, the Company recognizes compensation cost for equity-based compensation to employees and non-employee directors over the period during which the recipient is required to provide service in exchange for the award, based on the fair value of the equity instrument on the date of grant, net of estimated forfeitures. If actual forfeitures differ from the Company's estimates, additional adjustments to compensation expense will be required in future periods. | ||||||||||||||||||||
        Restricted Stock.    The Company accounted for the restricted stock based on ASC Topic 718 as described above. For restricted stock awards with market conditions, the fair value of the awards is measured using the asset-or-nothing option pricing model. Restricted stock awards without market conditions and the performance-based awards are valued using the market price of the Company's common stock on the grant date. The Company records compensation cost, net of estimated forfeitures, for stock-based compensation awards over the requisite service period except for performance-based awards. For performance-based awards, compensation cost is recognized over the requisite service period as and when the Company determines that the achievement of the performance condition is probable, using the per-share fair value measured at grant date. | ||||||||||||||||||||
        The following table summarizes the information about the restricted stock awarded to employees for each of the three years in the period ended December 31, 2013: | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Restricted | Weighted | Restricted | Weighted | Restricted | Weighted | |||||||||||||||
Shares | Average | Shares | Average | Shares | Average | |||||||||||||||
Grant Date | Grant Date | Grant Date | ||||||||||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||||||||||
Per Share | Per Share | Per Share | ||||||||||||||||||
Non-vested shares at beginning of year | 4,040,825 | $ | 13.05 | 4,599,783 | $ | 11.27 | 5,570,895 | $ | 9.77 | |||||||||||
Granted | 620,840 | $ | 24.58 | 487,710 | $ | 26.01 | 214,792 | $ | 8.54 | |||||||||||
Vested | (239,317 | ) | $ | 17.37 | (738,628 | ) | $ | 13.05 | (1,185,904 | ) | $ | 3.75 | ||||||||
Forfeited or expired | (87,462 | ) | $ | 20.91 | (308,040 | ) | $ | 12.17 | — | — | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Non-vested shares at end of year | 4,334,886 | $ | 14.31 | 4,040,825 | $ | 13.05 | 4,599,783 | $ | 11.27 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Weighted-average vesting period remaining | 1.22Â years | 1.87Â years | 2.5Â years | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Unrecognized compensation ($ in thousands) | $ | 22,467 | $ | 23,827 | $ | 29,559 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
        A total of 39,818 restricted stock unit awards were granted to non-employee directors during the year ended December 31, 2013 for annual retainers. As of December 31, 2013, the Company has granted a cumulative total of 177,763 restricted stock units to non-employee directors. For the year ended December 31, 2013 and 2012, the Company also granted 15,318 and 12,221 shares of common stock, respectively, as retainer awards to non-employee directors who elected to be compensated by stock in lieu of cash payments. The weighted average fair value of these shares at grant date was $25.40 per share. | ||||||||||||||||||||
        Non-Qualified Stock Options.    The Company grants non-qualified stock options to employees at an exercise price equal to the market value of the Company's common stock on the grant date. The non-qualified stock option awards have contractual terms of 10 years. The options granted in December 2010 vest ratably over a four-year period from date of grant, the options granted in February 2012 cliff vest on December 31, 2014 and the options granted in February 2013 vest 50% on December 31, 2015 and 50% on December 31, 2016. | ||||||||||||||||||||
        The fair value of each stock option granted is determined using the Black-Scholes-Merton option-pricing model based on several assumptions. These assumptions are based on management's best estimate at the time of grant. The Company used the following the weighted average of each assumption based on the grants in 2013: | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Expected Term in Years | 6.68 | |||||||||||||||||||
Expected Volatility | 61.58 | % | ||||||||||||||||||
Expected Dividends | 0 | % | ||||||||||||||||||
Risk-Free Interest Rate | 1.28 | % | ||||||||||||||||||
        The Company estimates expected volatility based on an analysis of its stock price since the IPO and comparing the stock price volatility for the period from IPO date through December 31, 2013 with the historical stock price volatility of a similar exploration and production company. The Company estimates the expected term of its option awards based on the vesting period and average remaining contractual term, referred to as the "simplified method". The Company uses this method to provide a reasonable basis for estimating its expected term based on a lack of sufficient historical employee exercise data on stock option awards. | ||||||||||||||||||||
        A summary of the stock options activities for the year ended December 31, 2013 is presented below: | ||||||||||||||||||||
Shares | Weighted | Weighted-Average | Aggregate | |||||||||||||||||
Average | Remaining | Intrinsic Value | ||||||||||||||||||
Exercise | Contractual Term | (thousands) | ||||||||||||||||||
Price | (years) | |||||||||||||||||||
Outstanding at January 1, 2013 | 1,434,393 | $ | 17.87 | 8.3 | $ | 12,158 | ||||||||||||||
Granted | 959,023 | $ | 23.78 | 9.1 | ||||||||||||||||
Exercised | (13,985 | ) | $ | 12.45 | 6.9 | $ | 219 | |||||||||||||
Forfeited or expired | (40,713 | ) | $ | 22.89 | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Outstanding at December 31, 2013 | 2,338,718 | $ | 20.24 | 8 | $ | 3,937 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Vested or expected to vest at December 31, 2013 | 1,568,748 | $ | 23.83 | 8.5 | $ | 965 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Exercisable at December 31, 2013 | 737,973 | $ | 12.45 | 6.9 | $ | 2,952 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
        The weighted-average grant-date fair value of stock options granted during 2013 and 2012 was $14.08 and $17.92 per option, respectively, using the Black-Scholes option-pricing model. As of December 31, 2013, $14.0 million of total unrecognized compensation cost related to stock option is expected to be recognized over a weighted-average period of 2.15 years. | ||||||||||||||||||||
        Restricted Stock Units.    On December 3, 2010, the Company granted 198,838 restricted stock units to employees based on the Restricted Stock Unit (RSU) Award Agreement. Under the RSU Award Agreement the share-based payment is earned based on the number of successful wells drilled during the three year period ending December 31, 2013. The RSU award will vest within a range of 0% to 200% of the number of RSU shares awarded on scheduled vesting dates contingent upon the recipient's continued service at each vesting date and based on the achievement of successful wells drilled as defined in the RSU Award Agreement. In no event shall the recipients vest in an amount greater than 200% of the Award or in aggregate 397,676 RSU shares. The percentage of the RSU awards vested at each of the three year periods ending December 31, 2013 is calculated by the number of successful wells drilled during the respective years multiplied by vesting percentage ranging from 25% to 37.5%. The RSU Award Agreement therefore has multiple implicit service periods which are determined by and when the Company drills a successful well. The fair value of the RSUs at grant date was $12.45 per share. However, on February 24, 2012, the Company amended certain terms and conditions of its RSU award agreement which resulted in the Company using the fair value of $30.50 per share at modification date to recognize the equity based compensation expense for the RSUs that vested during 2012 and 2013. | ||||||||||||||||||||
        A summary of the restricted stock units activities for the year ended December 31, 2013 is presented below: | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | |||||||||||||||
shares | Average | shares | Average | shares | Average | |||||||||||||||
relating | Grant Date | relating | Grant Date | relating | Grant Date | |||||||||||||||
Restricted | Fair Value | Restricted | Fair Value | Restricted | Fair Value | |||||||||||||||
Stock Units | Per Unit | Stock Units | Per Unit | Stock Units | Per Unit | |||||||||||||||
Non-vested at beginning of year | 109,275 | $ | 30.5 | 198,838 | $ | 12.45 | 198,838 | $ | 12.45 | |||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||
Vested | (87,401 | ) | $ | 30.5 | (74,537 | ) | $ | 30.5 | — | — | ||||||||||
Forfeited or expired | (250 | ) | $ | 30.5 | (15,026 | ) | $ | 30.5 | — | — | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Non-vested at end of year(1) | 21,624 | $ | 30.5 | 109,275 | $ | 30.5 | 198,838 | $ | 12.45 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Weighted-average period remaining | — | 1 year | 2 years | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||||||||
For the year ended December 31, 2013, the Company recognized $4.6 million in stock compensation expenses for a probable vesting of 129,611 RSU shares during the first quarter of 2014 based on the performance target achieved from the success of three exploration wells drilled in 2013. The vesting of 129,611 RSU shares in 2014 will exceed the total outstanding RSUs of 21,624 at December 31, 2013 as reported in the above table due to the aggregate payout of 162.5% of the target amount of 198,838 RSUs since inception. Payouts of 37.5%, 50% and 75% of the target amount were approved by the Company's board of directors for each of the three years in the period ended December 31, 2013, totaling 162.5% of the target amount. This is within the range of 0% to 200% vesting percentage of the target amount under the terms of the applicable RSU Award Agreements. Since the vesting of 129,611 RSUs is the final tranche of RSUs vesting under the applicable RSU Award Agreements, there was no unrecognized compensation associated with the RSUs as of December 31, 2013 | ||||||||||||||||||||
        The table below summarizes the equity-based compensation costs recognized for each of the three years in the period ended December 31, 2013, and for the period November 10, 2005 (inception) through December 31, 2013: | ||||||||||||||||||||
For the Period | ||||||||||||||||||||
November 10, 2005 | ||||||||||||||||||||
(Inception) | ||||||||||||||||||||
For Year Ended December 31, | through | |||||||||||||||||||
2013 | 2012 | 2011 | December 31, 2013 | |||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Restricted stock: | ||||||||||||||||||||
Employees | $ | 15,470 | $ | 13,378 | $ | 12,860 | $ | 62,064 | ||||||||||||
Non-employee directors | 1,260 | 970 | 804 | 3,541 | ||||||||||||||||
Stock options: | ||||||||||||||||||||
Employees | 7,405 | 3,790 | 1,841 | 13,137 | ||||||||||||||||
Restricted stock units (performance-based) | 4,619 | 4,272 | — | 8,891 | ||||||||||||||||
Deferred stock compensation(1) | — | — | — | 1,828 | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
$ | 28,754 | $ | 22,410 | $ | 15,505 | $ | 89,461 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
-1 | ||||||||||||||||||||
In December 2008, the Company adopted a deferred compensation plan and provided certain executive officers the opportunity to defer under the Plan all or a portion of their salary and/or annual bonus for 2009. Amounts deferred under the Plan generally are deemed to be invested in a money market account prior to the IPO and shares of the Company's common stock following the IPO. Subject to accelerated payment under specified circumstances, the deferred amounts were distributed to these executives in January 2012 in the form of shares of the Company's common stock. All of the shares under the Plan were distributed to these executives during 2012. | ||||||||||||||||||||
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2013 | |
Employee Benefit Plan | ' |
Employee Benefit Plan | ' |
16. Employee Benefit Plan | |
        In 2006, the Company established the Cobalt International Energy, L.P., defined contribution 401(k) plan (the Plan). All employees of the Company after three months of continuous employment are eligible to participate in the Plan. The plan is discretionary and provides a 6% employee contribution match as determined by the Company's Board of Directors. Effective December 31, 2009, the Plan was amended to discontinue the employer's matching contributions. Effective January 1, 2012, the Company reinstituted the 6% employee contribution match. For each of the years ended December 31, 2013, 2012 and 2011, the Company recorded $0.8 million, $0.5 million and $0 million, respectively, in benefits contributions to the Plan, which are included in the general and administrative expenses. For the period November 10, 2005 (inception) through December 31, 2013, the Company recorded a cumulative of $2.8 million in benefits contributions to the Plan. | |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||
17. Income Taxes | ||||||||||||||||||||
        For the years ended December 31, 2013, 2012 and 2011, the Company recorded a net deferred tax asset of $461.6 million, $269.6 million and $177.2 million, respectively with a corresponding full valuation allowance of $461.6 million, $269.6 million and $177.2 million, respectively, for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. | ||||||||||||||||||||
        The components of the income tax provision (benefit) are as follows: | ||||||||||||||||||||
Year Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Current taxes: | ||||||||||||||||||||
U.S. federal | $ | — | $ | — | $ | — | ||||||||||||||
Foreign | — | — | — | |||||||||||||||||
Deferred taxes: | ||||||||||||||||||||
U.S. federal | — | — | — | |||||||||||||||||
Foreign | — | — | — | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
Total | $ | — | $ | — | $ | — | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
        The reconciliation of income taxes computed at the U.S. federal statutory tax rate to the Company's income tax expense (benefit) for each of the three years in the period ended December 31, 2013 are as follows: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
U.S.: | ||||||||||||||||||||
Net income (loss) as reported | $ | (387,210 | ) | $ | (229,372 | ) | $ | (76,231 | ) | |||||||||||
Less: net income (loss) applicable to period before corporate reorganization | — | — | — | |||||||||||||||||
Foreign: | ||||||||||||||||||||
Net income (loss) as reported | (201,814 | ) | $ | (53,627 | ) | $ | (57,406 | ) | ||||||||||||
Less: net income (loss) applicable to period before corporate reorganization | — | — | — | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
Net income (loss) applicable to period after corporate reorganization | $ | (589,024 | ) | $ | (282,999 | ) | $ | (133,637 | ) | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Income tax expense (benefit) at the federal statutory rate | $ | (206,159 | ) | 35 | % | $ | (99,050 | ) | 35 | % | $ | (46,773 | ) | 35 | % | |||||
State income taxes, net of federal income tax benefit | (489 | ) | 0.1 | % | (512 | ) | 0.2 | % | (2,579 | ) | 1.9 | % | ||||||||
Foreign income tax | (70,994 | ) | 12.1 | % | 4,447 | -1.6 | % | (30,407 | ) | 22.8 | % | |||||||||
Other | 366 | -0.1 | % | 2,678 | -0.9 | % | 117 | 0.1 | % | |||||||||||
Valuation allowance(1) | 277,276 | -47.1 | % | 92,437 | -32.7 | % | 79,642 | 59.6 | % | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | — | $ | — | $ | — | — | $ | — | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||||||||
The change in the deferred tax asset valuation allowance of $277.3 million for the year ended December 31, 2013, excludes a $85.3 million net decrease in valuation allowance due to previously unrecorded foreign deferred tax assets and a deferred tax liability related to the Company's convertible debt instrument that did not impact the rate reconciliation. | ||||||||||||||||||||
        Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of the Company's deferred tax assets and liabilities were as follows: | ||||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Short-term deferred tax liabilities: | ||||||||||||||||||||
2.625% convertible senior notes due 2019(1) | $ | 17,061 | $ | — | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Total short-term deferred tax liabilities | 17,061 | — | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Long-term deferred tax liabilities: | ||||||||||||||||||||
2.625% convertible senior notes due 2019 | $ | 103,951 | $ | — | ||||||||||||||||
Oil and gas properties | 22,135 | 23,867 | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Total long-term deferred tax liabilities | 126,086 | 23,867 | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Long-term deferred tax assets: | ||||||||||||||||||||
Seismic and exploration costs | 280,095 | 100,414 | ||||||||||||||||||
Stock based compensation | 20,842 | 12,340 | ||||||||||||||||||
Domestic NOL carry forwards | 273,163 | 158,310 | ||||||||||||||||||
Foreign NOL carry forwards | 28,633 | 20,624 | ||||||||||||||||||
Other | 1,976 | 1,818 | ||||||||||||||||||
Valuation allowance | (461,562 | ) | (269,639 | ) | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Total long-term deferred assets | 143,147 | 23,867 | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Net long-term deferred assets | 17,061 | — | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Net deferred tax assets | $ | — | $ | — | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
-1 | ||||||||||||||||||||
The recognition of the liability and equity components of the debt resulted in a taxable temporary basis difference and recorded as an adjustment to additional paid-in capital. | ||||||||||||||||||||
        The Company has established a full valuation allowance against the deferred tax assets where the Company has determined that it is more likely than not that all of the deferred tax assets will not be realized. Because of the full valuation allowance, no income tax expense or benefit is reflected on the consolidated statement of operations for each of the three years in the period ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||
        The NOL carryforward for federal and state income tax purposes of approximately $787.2 million and $51.9 million as of December 31, 2013 begins to expire in 2025 and 2024, respectively. The utilization of the NOL carryforwards is dependent upon generating sufficient future taxable income in the appropriate jurisdictions within the carryforward period. | ||||||||||||||||||||
        As of December 31, 2013, the Company had NOL carryforward for foreign income tax purposes of approximately $54.4 million which begins to expire in 2014. The Company has determined that it is more likely than not, that the foreign NOLs will not be fully realized. Therefore, a full valuation allowance was established for these net deferred tax assets. | ||||||||||||||||||||
        There were no unrecognized tax benefits or accrued interest or penalties associated with unrecognized tax benefits as of December 31, 2013 and 2012. | ||||||||||||||||||||
Commitments
Commitments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Commitments | ' | |||||||||||||||||||
Commitments | ' | |||||||||||||||||||
18. Commitments | ||||||||||||||||||||
        The following table summarizes by period the payments due for the Company's estimated commitments, excluding long-term debt, as of December 31, 2013: | ||||||||||||||||||||
Payments Due By Year | ||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||
($ in thousands) | ||||||||||||||||||||
Drilling Rig and Related Contracts | $ | 349,000 | $ | 521,000 | $ | 295,000 | $ | 207,000 | $ | — | $ | — | ||||||||
Operating Leases | 13,000 | 11,000 | 8,000 | 5,000 | 4,000 | 8,000 | ||||||||||||||
Lease Rentals(1) | 6,000 | 6,000 | 4,000 | 3,000 | 1,000 | 1,000 | ||||||||||||||
Social Payment Obligations(2) | 49,019 | 50,619 | 62,854 | 5,714 | 5,714 | — | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 417,019 | $ | 588,619 | $ | 369,854 | $ | 220,714 | $ | 10,714 | $ | 9,000 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||||||||
Relates to the annual delay rental payments payable to the Office of Natural Resources Revenue within the U.S. Department of the Interior with respect to the Company's U.S. Gulf of Mexico leases. These annual payments are required to maintain the leases from year to year. | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Includes the Company's contractual payment obligations for social projects such as the Sonangol Research and Technology Center and academic scholarships for Angolan students that the Company was and is contractually obligated to pay in consideration for the Angolan government granting it the licenses to explore for and develop hydrocarbons offshore Angola. Pursuant to the terms of the Risk Services Agreements for Blocks 9 and 21 and the Production Sharing Agreement for Block 20, the Company is not required to pay annual rental payments to maintain the licenses from year to year. | ||||||||||||||||||||
        The Company recorded $6.7 million, $12.1 million and $7.7 million of office and delay rental expense for the years ended December 31, 2013, 2012 and 2011, respectively, and a cumulative of $49.1 million for the period November 10, 2005 (Inception) through December 31, 2013. | ||||||||||||||||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Information | ' | ||||||||||
Segment Information | ' | ||||||||||
19. Segment Information | |||||||||||
        The Company currently has two geographic operating segments for its operations. The operating segments are focused in the deepwater U.S. Gulf of Mexico and offshore West Africa. The following tables provide the geographic operating segment information for each of the three years in the period ended December 31, 2013: | |||||||||||
United States | West Africa | Total | |||||||||
($ in thousands) | |||||||||||
Year ended December 31, 2013 | |||||||||||
Operating costs and expense | $ | 329,832 | $ | 202,852 | $ | 532,684 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Operating income (loss) | (329,832 | ) | (202,852 | ) | (532,684 | ) | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Other income (expense) | (56,340 | ) | |||||||||
Net income (loss) | $ | (589,024 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Additions to Property and Equipment, net(1) | $ | 44,124 | $ | 332,395 | $ | 376,519 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Year ended December 31, 2012 | |||||||||||
Operating costs and expense | $ | 231,196 | $ | 53,632 | $ | 284,828 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Operating income (loss) | (231,196 | ) | (53,632 | ) | (284,828 | ) | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Other income (expense) | 1,829 | ||||||||||
Net income (loss) | $ | (282,999 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Additions to Property and Equipment, net(1) | $ | 67,068 | $ | 169,362 | $ | 236,430 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Year ended December 31, 2011 | |||||||||||
Operating costs and expense | $ | 80,425 | $ | 57,411 | $ | 137,836 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Operating income (loss) | (80,425 | ) | (57,411 | ) | (137,836 | ) | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Other income (expense) | 4,199 | ||||||||||
Net income (loss) | $ | (133,637 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Additions to Property and Equipment, net(1) | $ | (12,324 | ) | $ | 411,882 | $ | 399,558 | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||
These amounts are net of accumulated allowance for impairment on oil and gas properties and accumulated depreciation and amortization on other property and equipment. | |||||||||||
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Contingencies | ' |
Contingencies | ' |
20. Contingencies | |
        The Company is not currently party to any legal proceedings. However, from time to time the Company may be subject to various lawsuits, claims and proceedings that arise in the normal course of business, including employment, commercial, environmental, safety and health matters. It is not presently possible to determine whether any such matters will have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity. | |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions | ' |
Related Party Transactions | ' |
21. Related Party Transactions | |
        On February 20, 2013, the Company entered into software licensing and consulting service agreements with Quorum Business Solutions, Inc. ("Quorum") and Quorum Business Solutions (U.S.A.), Inc, related to certain enterprise resource planning software. Under these agreements, Quorum will license, host, and support this software for us for an initial term of three years. The approximate value of these agreements is $1.5 million. Quorum is owned in part by Riverstone Holdings, LLC, one of our former financial sponsors. For the year ended December 31, 2013, the Company incurred a total of $1.3 million in costs relating to Quorum. The Company did not have any material related party transactions for the years ended December 31, 2012 and 2011. | |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data-Unaudited | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Selected Quarterly Financial Data-Unaudited | ' | |||||||||||||
Selected Quarterly Financial Data-Unaudited | ' | |||||||||||||
22. Selected Quarterly Financial Data—Unaudited | ||||||||||||||
        Unaudited quarterly financial data for the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||
($ in thousands) | ||||||||||||||
Year ended December 31, 2013 | ||||||||||||||
Operating costs and expenses | $ | 112,452 | $ | 65,365 | $ | 145,663 | $ | 209,204 | ||||||
Operating income (loss) | (112,452 | ) | (65,365 | ) | (145,663 | ) | (209,204 | ) | ||||||
Net income (loss) | (128,087 | ) | (78,818 | ) | (160,000 | ) | (222,119 | ) | ||||||
Basic and diluted income (loss) per common share(1) | $ | (0.31 | ) | $ | (0.19 | ) | $ | (0.39 | ) | $ | (0.55 | ) | ||
Year ended December 31, 2012 | ||||||||||||||
Operating costs and expenses | $ | 37,715 | $ | 142,155 | $ | 40,553 | $ | 64,405 | ||||||
Operating income (loss) | (37,715 | ) | (142,155 | ) | (40,553 | ) | (64,405 | ) | ||||||
Net income (loss) | (36,531 | ) | (140,723 | ) | (39,214 | ) | (66,531 | ) | ||||||
Basic and diluted income (loss) per common share(1) | $ | (0.09 | ) | $ | (0.35 | ) | $ | (0.10 | ) | $ | (0.16 | ) | ||
-1 | ||||||||||||||
Totals may not add due to rounding. | ||||||||||||||
Supplemental_Information_on_Oi
Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) | ' | ||||||||||
Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) | ' | ||||||||||
23. Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) | |||||||||||
        The unaudited supplemental information on oil and gas exploration activities that follows is presented in accordance with supplemental disclosure requirements under ASC No. 932, "Extractive Activities—Oil and Gas" ("ASC No. 932") and the Securities and Exchange Commission's final rule, Modernization of Oil and Gas Reporting. Disclosures include (1) capitalized costs, costs incurred and results of operations related to oil and gas producing activities, (2)  net proved oil and gas reserves, and (3) a standardized measure of discounted future net cash flows relating to proved oil and gas reserves. Since the Company did not have any production activities for each of the three years in the period ended December 31, 2013, 2012 and 2011, there will be no disclosures on results of operations related to oil and gas producing activities. | |||||||||||
Capitalized Costs Related to Oil and Gas Activities | |||||||||||
U.S. Gulf | West Africa | Total | |||||||||
of Mexico | |||||||||||
($ in thousands) | |||||||||||
As of December 31, 2013 | |||||||||||
Unproved properties(1) | $ | 605,658 | $ | 927,059 | $ | 1,532,717 | |||||
Accumulated valuation allowance | (160,913 | ) | — | (160,913 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
444,745 | 927,059 | 1,371,804 | |||||||||
Proved properties | 92,579 | — | 92,579 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net capitalized costs | $ | 537,324 | $ | 927,059 | $ | 1,464,383 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
As of December 31, 2012 | |||||||||||
Unproved properties | $ | 572,257 | $ | 600,620 | $ | 1,172,877 | |||||
Accumulated valuation allowance | (78,413 | ) | — | (78,413 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
493,844 | 600,620 | 1,094,464 | |||||||||
Proved properties | — | — | — | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net capitalized costs | $ | 493,844 | $ | 600,620 | $ | 1,094,464 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||
Unproved properties include capitalized costs net of sale/like-kind exchange of leasehold interest transactions that occurred in 2013 and 2012 of approximately $10.7 million and $0.8 million, respectively, for the U.S. Gulf of Mexico. No gain or loss was recognized for these transactions for the years ended December 31, 2013 and 2012. | |||||||||||
Costs Incurred in Oil and Gas Activities | |||||||||||
        The following table reflects total costs incurred, both capitalized and expensed, for oil and gas property acquisition, exploration and development activities. | |||||||||||
U.S. Gulf | West Africa | Total | |||||||||
of Mexico | |||||||||||
($ in thousands) | |||||||||||
Year ended December 31, 2013 | |||||||||||
Property acquisition | |||||||||||
Unproved | $ | 37,584 | $ | — | $ | 37,584 | |||||
Proved | — | — | — | ||||||||
Exploration | |||||||||||
Capitalized | 158,806 | 469,879 | 628,685 | ||||||||
Expensed | 48,688 | 25,525 | 74,213 | ||||||||
Development | 54,133 | — | 54,133 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Costs Incurred | $ | 299,211 | $ | 495,404 | $ | 794,615 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Year ended December 31, 2012 | |||||||||||
Property acquisition | |||||||||||
Unproved | $ | 19,961 | $ | — | $ | 19,961 | |||||
Proved | — | — | — | ||||||||
Exploration | |||||||||||
Capitalized | 178,295 | 168,309 | 346,604 | ||||||||
Expensed | 32,874 | 28,709 | 61,583 | ||||||||
Development | — | — | — | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Costs Incurred | $ | 231,130 | $ | 197,018 | $ | 428,148 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Year ended December 31, 2011 | |||||||||||
Property acquisition | |||||||||||
Unproved | $ | — | $ | 337,126 | $ | 337,126 | |||||
Proved | — | — | — | ||||||||
Exploration | |||||||||||
Capitalized | 11,214 | 96,849 | 108,063 | ||||||||
Expensed | 10,707 | 21,532 | 32,239 | ||||||||
Development | — | — | — | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Costs Incurred | $ | 21,921 | $ | 455,507 | $ | 477,428 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
        All of the Company's proved reserves are located in the U.S. Gulf of Mexico. Reserve quantity information for the year ended December 31, 2013 is as follows: | |||||||||||
Natural Gas | Oil and | Equivalent | |||||||||
(in Bcf) | Condensate | Volumes | |||||||||
(in MMBbls) | (in MMBOE) | ||||||||||
Proved undeveloped reserves: | |||||||||||
Beginning of year | — | ||||||||||
Discoveries | 3.4 | 7.9 | 8.5 | ||||||||
End of year | 3.4 | 7.9 | 8.5 | ||||||||
        The reserves as of December 31, 2013 presented above were prepared by the independent engineering firm, Netherland, Sewell & Associates, Inc. ("NSAI"). These reserves are located in the U.S. Gulf of Mexico. Proved oil and natural gas reserves are the estimated quantities of oil and natural gas which geological and engineering data demonstrate, with reasonable certainty, to be recoverable in future years from known reservoirs under economic and operating conditions (i.e., prices and costs) existing at the time the estimate is made. Proved developed oil and natural gas reserves are proved reserves that can be expected to be recovered through existing wells and equipment in place and under operating methods being utilized at the time the estimates were made. A variety of methodologies are used to determine the Company's proved reserve estimates. The principal methodologies employed are decline curve analysis, advance production type curve matching, petro-physics/log analysis and analogy. Some combination of these methods is used to determine reserve estimates in substantially all of the Company's fields. The Company emphasizes that reserve estimates are inherently imprecise and that estimates of new discoveries and undeveloped locations are more imprecise than estimates of established proved producing oil and gas properties. Accordingly, these estimates are expected to change as future information becomes available. | |||||||||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | |||||||||||
        The Company follows the guidelines prescribed in ASC No. 932 for computing a standardized measure of future net cash flows and changes therein relating to estimated proved reserves. The following summarizes the policies used in the preparation of the accompanying oil and natural gas reserve disclosures, standardized measures of discounted future net cash flows from proved oil and natural gas reserves and the reconciliations of standardized measures from year to year. | |||||||||||
        The information is based on estimates of proved reserves attributable to the Company's interest in oil and natural gas properties as of December 31, 2013. The Company did not have proved reserves as of December 31, 2012. These estimates were prepared by NSAI. | |||||||||||
        The standardized measure of discounted future net cash flows from production of proved reserves was developed as follows: | |||||||||||
-1 | |||||||||||
Estimates are made of quantities of proved reserves and future periods during which they are expected to be produced based on year-end economic conditions. | |||||||||||
-2 | |||||||||||
The estimated future cash flows are compiled by applying the twelve month average of the first of the month prices of crude oil and natural gas relating to the Company's proved reserves to the year-end quantities of those reserves for reserves. | |||||||||||
-3 | |||||||||||
The future cash flows are reduced by estimated production costs, costs to develop and produce the proved reserves and abandonment costs, all based on year-end economic conditions, plus Company overhead incurred. | |||||||||||
-4 | |||||||||||
Future income tax expenses are based on year-end statutory tax rates giving effect to the remaining tax basis in the oil and natural gas properties, other deductions, credits and allowances relating to the Company's proved oil and natural gas reserves. | |||||||||||
-5 | |||||||||||
Future net cash flows are discounted to present value by applying a discount rate of 10%. | |||||||||||
        The assumptions used to compute the standardized measure are those prescribed by the U.S. Generally Accepted Accounting Principles. These assumptions do not necessarily reflect the Company's expectations of actual revenues to be derived from those reserves, nor their present value. The limitations inherent in the reserve quantity estimation process, as discussed previously, are equally applicable to the standardized measure computations, since these reserve quantity estimates are the basis for the valuation process. The Company emphasizes that reserve estimates are inherently imprecise and that estimates of new discoveries and undeveloped locations are more imprecise than estimates of established proved producing oil and gas properties. The standardized measure of discounted future net cash flows does not purport, nor should it be interpreted, to present the fair value of the Company's oil and natural gas reserves. An estimate of fair value would also take into account, among other things, the recovery of reserves not presently classified as proved, anticipated future changes in prices and costs and a discount factor more representative of the time value of money and the risks inherent in reserve estimates. | |||||||||||
        Prices used in the report prepared by NSAI are based on the 12-month unweighted arithmetic average of the first-day-of-the-month price for each month in the period January through December 2013. For oil volumes, the average Light Louisiana Sweet spot price of $107.13 per barrel is adjusted for quality, transportation fees, and a regional price differential. For gas volumes, the average Henry Hub spot price of $3.670 per MMbtu is adjusted for energy content, transportation fees, and a regional price differential. All prices are held constant throughout the lives of the properties. For the proved reserves, the average adjusted product prices weighted by production over the remaining lives of the properties are $103.90 per barrel of oil and $3.507 per Mcf of gas. | |||||||||||
        Information with respect to the Company's estimated discounted future net cash flows related to its proved natural gas reserves as of December 31, 2013 is as follows ($ in thousands): | |||||||||||
2013 | |||||||||||
Future cash inflows | $ | 830,287 | |||||||||
Future production costs | (6,400 | ) | |||||||||
Future development costs | (302,278 | ) | |||||||||
Future income tax expense(1) | — | ||||||||||
​ | ​ | ​ | ​ | ​ | |||||||
Future net cash flows | 521,609 | ||||||||||
10% annual discount for estimated timing of cash flows | (244,976 | ) | |||||||||
​ | ​ | ​ | ​ | ​ | |||||||
Standardized measure of discounted future net cash flows | $ | 276,633 | |||||||||
​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | |||||||
-1 | |||||||||||
There is no future income tax expense as of December 31, 2013, as the tax basis of the oil and gas properties in the United States and net operating losses attributable to oil and gas operations exceed the future net revenues. | |||||||||||
        Information with respect to the Company's standardized measure of discounted future net cash flows as of December 31, 2013 is as follows ($ in thousands): | |||||||||||
2013 | |||||||||||
Standardized measure, beginning | $ | — | |||||||||
Discoveries | 276,633 | ||||||||||
​ | ​ | ​ | ​ | ​ | |||||||
Standardized measure, ending | $ | 276,633 | |||||||||
​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies | ' |
Basis of Presentation | ' |
Basis of Presentation | |
        The accompanying consolidated financial statements include the financial statements of Cobalt International Energy, Inc. and all of its wholly owned subsidiaries. All significant intercompany transactions and amounts have been eliminated for all years presented. Because the Company is a development stage enterprise, it has presented its financial statements in accordance with accounting guidance relating to "Development Stage Entities." | |
        At December 31, 2013, the accompanying consolidated financial statements include the accounts of Cobalt and its wholly owned subsidiary, Cobalt International Energy, L.P. ("Partnership"). Prior to the effective date of a corporate reorganization, both entities were under common control arising from common direct or indirect ownership of each. The transfer of the Partnership interests to Cobalt represented a reorganization of entities under common control and was accounted for at historical cost. | |
Reclassifications | ' |
Reclassifications | |
        Certain reclassifications have been made to prior periods' financial statements to conform to the current presentation in the consolidated statements of cash flows. | |
Use of Estimates | ' |
Use of Estimates | |
        The preparation of financial statements in conformity with United States generally accepted accounting principles ("GAAP") requires the Company to make estimates and assumptions that affect the reported amounts of assets including proved reserves 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. Significant estimates the Company makes include (a) accruals related to expenses, (b) assumptions used in estimating fair value of equity based awards and the fair value of the liability component of the convertible senior notes and (c) assumptions used in impairment testing. Although the Company believes these estimates are reasonable, actual results could differ from these estimates. | |
Fair Value Measurements | ' |
Fair Value Measurements | |
        The fair values of the Company's cash and cash equivalents, joint interest and other receivables, restricted funds and investments approximate their carrying amounts due to their short-term duration. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Company categorizes each of its fair value measurements as applicable to one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. The levels are: | |
        Level 1—Quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. This category includes the Company's cash and money market funds. | |
        Level 2—Quoted prices in non-active markets or in active markets for similar assets or liabilities, and inputs other than quoted prices that are observable, for the asset or liability, either directly or indirectly for substantially the full contractual term of the asset or liability being measured. This category includes the Company's U.S. Treasury bills, U.S. Treasury notes, U.S. Government agency securities, commercial paper, corporate bonds, municipal bonds and certificates of deposits. | |
        Level 3—Inputs that are generally unobservable and typically reflect management's estimate of assumptions that market participants would use in pricing the asset or liability. The Company does not currently have any financial instruments categorized as Level 3. | |
Revenue Recognition | ' |
Revenue Recognition | |
        The Company will follow the "sales" (or cash) method of accounting for oil and gas revenues. Under this method, the Company will recognize revenues on the volumes sold. The volumes sold may be more or less than the volumes to which the Company is entitled based on its ownership interest in the property. These differences result in a condition known in the industry as a production imbalance. For the years ended December 31, 2013, 2012, 2011 and for the period November 10, 2005 (Inception) through December 31, 2013, no revenues have been recognized in these consolidated financial statements. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
        Cash and cash equivalents consist of demand deposits and funds invested in highly liquid instruments with maturities of three months or less from the date of purchase. Demand deposits typically exceed federally insured limits; however, the Company periodically assesses the financial condition of the institutions where these funds are held as well as the credit ratings of the issuers of the highly liquid instruments and believes that the credit risk is minimal. | |
Restricted Funds | ' |
Restricted Funds | |
        Restricted funds primarily consist of funds held in escrow accounts and collateral for letters of credit relating to our operations in the U.S. Gulf of Mexico and offshore Angola. | |
Investments | ' |
Investments | |
        The Company's policy on accounting for its investments, which consist entirely of debt securities money market funds and certificates of deposit, is based on the accounting guidance relating to "Accounting for Certain Investments in Debt and Equity Securities." The Company considers all highly liquid interest-earning investments with a maturity of three months or less at the date of purchase to be cash equivalents. Investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. Investments with maturities beyond one year are classified as long-term investments. The debt securities are carried at amortized costs and classified as held-to-maturity securities as the Company has the positive intent and ability to hold them until they mature. The net carrying value of held-to-maturity debt securities is adjusted for amortization of premiums and accretion of discounts to maturity over the life of the securities. Held-to-maturity debt securities are stated at amortized cost, which approximated fair market value as of December 31, 2013 and 2012. Money market funds and certificates of deposit are carried at face value. Income related to these securities is reported as a component of interest income in the Company's consolidated statement of operations. See Note 7—Investments. | |
        Investments are considered to be impaired when a decline in fair value is determined to be other-than-temporary. The Company conducts a regular assessment of its debt securities with unrealized losses to determine whether securities have other-than-temporary impairment ("OTTI"). This assessment considers, among other factors, the nature of the securities, credit rating or financial condition of the issuer, the extent and duration of the unrealized loss, market conditions and whether the Company intends to sell or whether it is more likely than not that the Company will be required to sell the debt securities. As of December 31, 2013 and 2012, the Company has no OTTI in its debt securities. | |
Capitalized Interest | ' |
Capitalized Interest | |
        For exploration and development projects that have not commenced production, interest is capitalized as part of the historical cost of developing and constructing assets. Capitalized interest is determined by multiplying the Company's weighted-average borrowing cost on debt by the average amount of qualifying costs incurred. Once an asset subject to interest capitalization is completed and placed in service, the associated capitalized interest is expensed through depreciation or impairment. See Note 9—Property, Plant, and Equipment and Note 11—Long-term Debt. | |
Joint Interest and Other Receivables | ' |
Joint Interest and Other Receivables | |
        Joint interest and other receivables result primarily from billing shared costs under the respective operating agreements to the Company's partners. These receivables are usually settled within 30 days of the invoice date. | |
Property, Plant, and Equipment | ' |
Property, Plant, and Equipment | |
        The Company uses the "successful efforts" method of accounting for its oil and gas properties. Acquisition costs for unproved leasehold properties and costs of drilling exploration wells are capitalized pending determination of whether proved reserves can be attributed to the areas as a result of drilling those wells. Under the successful efforts method of accounting, proved leasehold costs are capitalized and amortized over the proved developed and undeveloped reserves on a units-of-production basis. Successful drilling costs, costs of development and developmental dry holes are capitalized and amortized over the proved developed reserves on a units-of-production basis. Significant unproved leasehold costs are capitalized and are not amortized, pending an evaluation of their exploration potential. Unproved leasehold costs are assessed periodically to determine if an impairment of the cost of individual properties has occurred. Factors taken into account for impairment analysis include results of the technical studies conducted, lease terms and management's future exploration plans. The cost of impairment is charged to expense in the period in which it occurs. Costs incurred for exploration dry holes, geological and geophysical work (including the cost of seismic data), and delay rentals are charged to expense as incurred. Costs of other property and equipment are depreciated on a straight-line basis based on their respective useful lives. | |
Asset Retirement Obligations | ' |
Asset Retirement Obligations | |
        The Company currently does not have any oil and natural gas production or any legal obligations to incur decommissioning costs. Should such production occur in the future, the Company expects to have significant obligations under its lease agreements and federal regulation to remove its equipment and restore land or seabed at the end of oil and natural gas production operations. These asset retirement obligations are primarily associated with plugging and abandoning wells and removing and disposing of offshore oil and natural gas platforms. Estimating the future restoration and removal cost is difficult and requires the Company to make estimates and judgments because most of the removal obligations are many years in the future and contracts and regulation often have vague descriptions of what constitutes removal. Asset removal technologies and cost are constantly changing, as are regulatory, political, environmental, safety and public relations considerations. Pursuant to the accounting guidance relating to "Assets Retirement Obligations", the Company is required to record a separate liability for the estimated fair value of its asset retirement obligations, with an offsetting increase to the related oil and natural gas properties representing asset retirement costs on its balance sheet. The cost of the related oil and natural gas asset, including the asset retirement cost, is depreciated over the useful life of the asset. The estimated fair value of asset retirement obligations is measured by reference to the expected future cash outflows required to satisfy the retirement obligation discounted at the Company's credit-adjusted risk-free interest rate. Accretion expense is recognized over time as the discounted liability is accreted to its expected settlement value. | |
        Inherent to the present value calculation are numerous estimates, assumptions and judgments, including the ultimate settlement amounts, inflation factors, credit adjusted risk-free rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the present value of the abandonment liability, the Company will make corresponding adjustments to both the asset retirement obligation and the related oil and natural gas property asset balance. Increases in the discounted abandonment liability and related oil and natural gas assets resulting from the passage of time will be reflected as additional accretion and depreciation expense in the consolidated statements of operations. | |
Inventory | ' |
Inventory | |
        Inventories consist of various tubular products that are used in the Company's drilling programs. The products are stated at the average cost. Cost is determined using a weighted average method comprised of the purchase price and other directly attributable costs. | |
Income Taxes | ' |
Income Taxes | |
        The Company applied the liability method of accounting for income taxes in accordance with accounting guidance related to "Income Taxes" as clarified by "Accounting for Uncertainty in Income Taxes." Under this method, deferred tax assets and liabilities are determined by applying tax rates in effect at the end of a reporting period to the cumulative temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements. Since the Company is in development stage and there can be no assurance that the Company will generate any earnings or any specific level of earnings in future years, the Company has established a valuation allowance that equals its net deferred tax assets. See Note 17. | |
Equity-Based Compensation | ' |
Equity-Based Compensation | |
        The Company accounts for stock-based compensation at fair value. The Company grants various types of stock-based awards including stock options, restricted stock and performance-based awards. The fair value of stock option awards is determined using the Black-Scholes-Merton option-pricing model. For restricted stock awards with market conditions, the fair value of the awards is measured using the asset-or-nothing option pricing model. Restricted stock awards without market conditions and the performance-based awards are valued using the market price of the Company's common stock on the grant date. The Company records compensation cost, net of estimated forfeitures, on a straight-line basis for stock-based compensation awards over the requisite service period except for performance-based awards. For performance-based awards, compensation cost is recognized over the requisite service period as and when the Company determines that the achievement of the performance condition is probable, using the per-share fair value measured at grant date. See Note 15. | |
Earnings (Loss) Per Share | ' |
Earnings (Loss) Per Share | |
        Basic income (loss) per share was calculated by dividing net income or loss applicable to common shares by the weighted average number of common shares outstanding during the periods presented. The calculation of diluted income (loss) per share should include the potential dilutive impact of non-vested restricted shares, non-vested restricted stock units, outstanding stock options and the Company's 2.625% convertible senior notes due 2019, during the period, unless their effect is anti-dilutive. For the year ended December 31, 2013, 6,735,046 shares of non-vested restricted stock, non-vested restricted stock units, outstanding stock options and 2.625% convertible senior notes due 2019, were excluded from the diluted income (loss) per share because they are anti-dilutive. For the year ended December 31, 2012, 5,617,697 shares of non-vested restricted stock, non-vested restricted stock units and outstanding stock options were excluded from the diluted income (loss) per share because they are anti-dilutive. | |
Operating Costs and Expenses | ' |
Operating Costs and Expenses | |
        Expenses consist primarily of the costs of acquiring and processing of geological and geophysical data, exploration and appraisal drilling expenses, consultants, telecommunications, payroll and benefit costs, information system and legal costs, office rent, contract costs, and bookkeeping and audit fees. | |
Cash_and_Cash_Equivalents_Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Cash and Cash Equivalents | ' | |||||||
Cash and cash equivalents | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Cash at banks | $ | 82,428 | $ | 65,935 | ||||
Money market funds | 75,039 | 1,105,148 | ||||||
Held-to-maturity securities(1) | 34,993 | 254,732 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 192,460 | $ | 1,425,815 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||
These securities mature three months or less from date of purchase. | ||||||||
Restricted_Funds_Tables
Restricted Funds (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Restricted Funds | ' | |||||||
Schedule of restricted funds | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Short-term: | ||||||||
Collateral on Letters of Credit for Angola(1) | $ | 200,339 | $ | — | ||||
Ensco 8503 escrow account(2) | — | 90,440 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 200,339 | $ | 90,440 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Long-term: | ||||||||
Ensco 8503 escrow account(2) | — | 90,440 | ||||||
Collateral on Letters of Credit for Angola(1) | 104,496 | 304,492 | ||||||
Other vendor restricted deposits | — | 720 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 104,496 | $ | 395,652 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||
As of December 31, 2013 and December 31, 2012, $304.8 million and $304.5 million, respectively, was held in a collateral account established to secure letters of credit issued in support of the Company's contractually agreed work program obligations on Blocks 9, 20 and 21 offshore Angola. As of December 31, 2013, the collateral in this account was invested in U.S. Treasury bills and Treasury notes purchased at discounts and at premiums, respectively, resulting in a net carrying value of $304.8 million. The contractual maturities of these securities are within one year. The $200.3 million classified as short-term restricted funds at December 31, 2013 includes $153.6 million of cash collateral associated with work program obligations which have been completed for Blocks 20 and 21 and for which the Company expects to receive distribution of the collateral in 2014. The remaining $46.7 million secures work program obligations of $45.3 million for Block 9 for which the initial exploration phase expires on March 1, 2014, if not extended. | ||||||||
-2 | ||||||||
As of December 31, 2012, $180.9 million was held in an escrow account established in December 2009 as a guarantee of performance to Ensco Offshore Company ("Ensco") for the Ensco 8503 drilling rig contract. As of December 31, 2013 the escrow account balance was refunded to the Company pursuant to the terms of the drilling rig contract. The drilling rig contract expired in January 2014. | ||||||||
Joint_Interests_and_Other_Rece1
Joint Interests and Other Receivables (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Joint Interests and Other Receivables | ' | |||||||
Schedule of joint interest and other receivables | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Partners in the U.S. Gulf of Mexico | $ | 68,664 | $ | 52,439 | ||||
Partners in West Africa(1) | 46,897 | 2,185 | ||||||
Accrued interest on investment securities | 5,632 | 3,647 | ||||||
Other | 3,446 | 3,321 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 124,639 | $ | 61,592 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||
The amount of $46.9 million as of December 31, 2013 includes $15.7 million related to the Company's partners on Block 20 offshore Angola and $31.2 million related to the outstanding balance due from the Company's partners on Blocks 9 and 21 offshore Angola, a portion of which is currently past due but the Company expects to recover. | ||||||||
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Prepaid Expenses and Other Current Assets | ' | |||||||
Schedule of prepaid expenses and other current assets | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Prepaid expenses: | ||||||||
Prepaid expenses(1) | $ | 37,796 | $ | 11,729 | ||||
Other current assets: | ||||||||
Cash advance to joint venture partner(2) | 9,685 | 351 | ||||||
Rig mobilization, regulatory and other related costs(3) | 8,376 | 11,861 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 55,857 | $ | 23,941 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||
As of December 31, 2013, prepaid expenses include $11.5 million of the prepaid and unamortized portion of payments made for software licenses, related maintenance fees, insurance and $26.3 million of prepaid costs associated with the Ensco drilling rig contract. The drilling rig contract terminated in January 2014 and upon receipt and application of prepaid amounts against the final invoice from Ensco, any remaining balance of the prepayment will be refunded to the Company. As of December 31, 2012, the $11.7 million in prepaid expenses consisted of the prepaid and unamortized portion of payments made for software licenses, related maintenance fees and insurance. | ||||||||
-2 | ||||||||
As of December 31, 2013, the $9.7 million in other current assets relates to payment of cash calls made to our joint interest partner, Total Gabon, for operating costs to drill the Diaman #1B exploration well. This prepayment will be applied against the joint interest bills upon receipt from Total Gabon. | ||||||||
-3 | ||||||||
As of December 31, 2013, the $8.4 million in other current assets relates to the short-term portion of the mobilization and regulatory acceptance testing costs associated with the SSV Catarina drilling rig. As of December 31, 2012, the $11.9 million in other current assets relates to the remaining balance of the mobilization and equipment upgrade costs associated with the Ensco 8503 drilling rig. These costs are amortized on a straight-line basis over the terms of the respective drilling contracts. | ||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Investments | ' | |||||||||||||
Schedule of fair value of held-to-maturity securities recorded at amortized cost | ' | |||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||
U.S. Treasury securities | $ | 304,834 | $ | 483,775 | ||||||||||
Corporate securities | 856,002 | 510,691 | ||||||||||||
Commercial paper | 408,033 | 562,975 | ||||||||||||
Certificates of deposit | 105,000 | 7,000 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Total | $ | 1,673,869 | $ | 1,564,441 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
        | ||||||||||||||
Schedule of held-to-maturity securities included in the company's balance sheets | ' | |||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||
Cash and cash equivalents | $ | 34,993 | $ | 254,732 | ||||||||||
Short-term investments | 1,319,380 | 789,668 | ||||||||||||
Short-term restricted funds | 200,339 | 90,440 | ||||||||||||
Long-term restricted funds | 104,496 | 393,334 | ||||||||||||
Long-term investments | 14,661 | 36,267 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
$ | 1,673,869 | $ | 1,564,441 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
        | ||||||||||||||
Schedule of contractual maturities of held-to-maturity securities | ' | |||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Amortized | Estimated Fair | Amortized | Estimated Fair | |||||||||||
Cost | Value | Cost | Value | |||||||||||
($ in thousands) | ||||||||||||||
Within 1Â year | $ | 1,659,208 | $ | 1,659,208 | $ | 1,528,174 | $ | 1,528,174 | ||||||
After 1Â year | 14,661 | 14,661 | 36,267 | 36,267 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 1,673,869 | $ | 1,673,869 | $ | 1,564,441 | $ | 1,564,441 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ||||||||||||||||
Level 1 | Level 2 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | Balance as of | |||||||||||||
Value | Value(1) | Value | Value(1) | December 31, | |||||||||||||
2013 | |||||||||||||||||
($ in thousands) | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 82,428 | $ | 82,428 | $ | — | $ | — | $ | 82,428 | |||||||
Money market funds | 75,039 | 75,039 | — | — | 75,039 | ||||||||||||
Commercial paper | — | — | 9,993 | 9,993 | 9,993 | ||||||||||||
Certificate of deposits | 25,000 | 25,000 | 25,000 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | 157,467 | 157,467 | 34,993 | 34,993 | 192,460 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Short-term restricted funds: | |||||||||||||||||
U.S. Treasury notes | — | — | 200,339 | 200,339 | 200,339 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | — | — | 200,339 | 200,339 | 200,339 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Short-term investments: | |||||||||||||||||
Corporate bonds | — | — | 848,307 | 848,307 | 848,307 | ||||||||||||
Commercial paper | — | — | 391,073 | 391,073 | 391,073 | ||||||||||||
Certificates of deposits | — | — | 80,000 | 80,000 | 80,000 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | — | — | 1,319,380 | 1,319,380 | 1,319,380 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Long-term restricted funds: | |||||||||||||||||
U.S. Treasury notes | — | — | 104,496 | 104,496 | 104,496 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | — | — | 104,496 | 104,496 | 104,496 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Long-term investments: | |||||||||||||||||
Commercial paper | — | — | 6,967 | 6,967 | 6,967 | ||||||||||||
Corporate bonds | — | — | 7,694 | 7,694 | 7,694 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | — | — | 14,661 | 14,661 | 14,661 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 157,467 | $ | 157,467 | $ | 1,673,869 | $ | 1,673,869 | $ | 1,831,336 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Level 1 | Level 2 | ||||||||||||||||
Balance as of | |||||||||||||||||
December 31, | |||||||||||||||||
Carrying Value | Fair Value(1) | Carrying Value | Fair Value(1) | 2012 | |||||||||||||
($ in Thousands) | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 65,935 | $ | 65,935 | $ | — | $ | — | $ | 65,935 | |||||||
Money market funds | 1,105,148 | 1,105,148 | — | — | 1,105,148 | ||||||||||||
Commercial paper | — | — | 247,206 | 247,206 | 247,206 | ||||||||||||
Corporate bonds | — | — | 7,526 | 7,526 | 7,526 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | 1,171,083 | 1,171,083 | 254,732 | 254,732 | 1,425,815 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Short-term restricted funds: | |||||||||||||||||
U.S. Treasury bills | — | — | 90,440 | 90,440 | 90,440 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | — | — | 90,440 | 90,440 | 90,440 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Short-term investments: | |||||||||||||||||
Corporate bonds | — | — | 466,898 | 466,898 | 466,898 | ||||||||||||
Commercial paper | — | — | 315,769 | 315,769 | 315,769 | ||||||||||||
Certificate of deposits | — | — | 7,001 | 7,001 | 7,001 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | — | — | 789,668 | 789,668 | 789,668 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Long-term restricted funds: | |||||||||||||||||
Money market funds | 2,318 | 2,318 | — | — | 2,318 | ||||||||||||
U.S. Treasury bills | — | — | 178,216 | 178,216 | 178,216 | ||||||||||||
U.S. Treasury notes | — | — | 215,118 | 215,118 | 215,118 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | 2,318 | 2,318 | 393,334 | 393,334 | 395,652 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Long-term investments: | |||||||||||||||||
Corporate bonds | — | — | 36,267 | 36,267 | 36,267 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Subtotal | — | — | 36,267 | 36,267 | 36,267 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 1,173,401 | $ | 1,173,401 | $ | 1,564,441 | $ | 1,564,441 | $ | 2,737,842 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||||||||
As of December 31, 2013 and 2012, the Company did not record any OTTI on these assets. | |||||||||||||||||
Property_Plant_and_Equipment_T
Property, Plant, and Equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Property, Plant, and Equipment | ' | ||||||||||
Schedule of Property, Plant, and Equipment | ' | ||||||||||
December 31, | |||||||||||
Estimated | |||||||||||
Useful Life | |||||||||||
(Years) | 2013 | 2012 | |||||||||
($ in thousands) | |||||||||||
Oil and Gas Properties: | |||||||||||
Proved properties: | |||||||||||
Well and development costs | $ | 92,579 | $ | — | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Total proved properties | 92,579 | — | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Unproved properties: | |||||||||||
Oil and gas leasehold | $ | 754,894 | $ | 721,853 | |||||||
Less: accumulated valuation allowance | (160,913 | ) | (78,413 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
593,981 | 643,440 | ||||||||||
Exploration wells in process | 777,823 | 451,024 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Total unproved properties | 1,371,804 | 1,094,464 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Total oil and gas properties, net | 1,464,383 | 1,094,464 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Other Property and Equipment: | |||||||||||
Computer equipment and software | 3 | 5,115 | 3,166 | ||||||||
Office equipment and furniture | 3Â -Â 5 | 2,132 | 2,093 | ||||||||
Vehicles | 3 | 265 | 268 | ||||||||
Leasehold improvements | 3Â -Â 10 | 2,456 | 2,298 | ||||||||
Running tools and equipment | 3 | 6,318 | — | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
16,286 | 7,825 | ||||||||||
Less: accumulated depreciation and amortization(1) | (4,394 | ) | (2,533 | ) | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Total other property and equipment, net | 11,892 | 5,292 | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
Property, plant, and equipment, net | $ | 1,476,275 | $ | 1,099,756 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||
-1 | |||||||||||
During the year ended December 31, 2012, the Company wrote off $2.2 million of old computer equipment and leasehold improvements which were fully depreciated and therefore had no impact on the consolidated statements of operations and consolidated statements of cash flow. | |||||||||||
Schedule of net changes in capitalized exploration well costs | ' | ||||||||||
December 31, | December 31, | December 31, | |||||||||
2013 | 2012 | 2011 | |||||||||
($ in thousands) | |||||||||||
Beginning of period | $ | 451,024 | $ | 178,338 | $ | 106,881 | |||||
Additions to capitalized exploration | |||||||||||
U.S. Gulf of Mexico: | |||||||||||
Exploration well costs | 154,877 | 178,295 | 11,214 | ||||||||
Capitalized interest | 3,928 | — | — | ||||||||
West Africa: | |||||||||||
Exploration well costs | 457,608 | 168,309 | 96,849 | ||||||||
Capitalized interest | 12,271 | — | — | ||||||||
Reclassifications to wells, facilities, and equipment based on determination of proved reserves | (38,446 | ) | — | — | |||||||
Amounts charged to expense(1) | (263,439 | ) | (73,918 | ) | (36,606 | ) | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
End of period | $ | 777,823 | $ | 451,024 | $ | 178,338 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||
The amount of $263.4 million for the year ended December 31, 2013 represents $120.0 million of impairment charges on exploration wells drilled in the U.S. Gulf of Mexico which did not encounter commercial hydrocarbons, $126.3 million of impairment charges on exploration wells drilled offshore Angola which failed to flow measurable hydrocarbons from drill stem tests and a portion of the cost of exploration wells drilled offshore Angola that were determined to have no utility in the lowest interval beneath the pay zone and $17.1 million of impairment charges on the exploration well drilled offshore Gabon which needed to be re-spud due to mechanical problems with the wellbore. The amount of $73.9 million for the year ended December 31, 2012 represents impairment charges on exploration wells drilled in the U.S. Gulf of Mexico which did not encounter commercial hydrocarbons. | |||||||||||
Schedule of cumulative costs of capitalized exploration well costs | ' | ||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
($ in thousands) | |||||||||||
Cumulative costs: | |||||||||||
U.S. Gulf of Mexico | |||||||||||
Exploration well costs | $ | 204,707 | $ | 208,275 | |||||||
Capitalized interest | 3,928 | — | |||||||||
West Africa | |||||||||||
Exploration well costs | 556,917 | 242,749 | |||||||||
Capitalized interest | 12,271 | — | |||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
$ | 777,823 | $ | 451,024 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Well costs capitalized for a period greater than one year after completion of drilling (included in table above) | $ | 399,775 | $ | 194,853 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||
Other_Assets_Table
Other Assets (Table) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Assets | ' | |||||||
Schedule of other assets | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Debt issue cost(1) | $ | 20,983 | $ | 23,042 | ||||
Long-term portion of prepaid shorebase leases | 3,241 | — | ||||||
Rig mobilization costs(2) | 11,153 | — | ||||||
Long-term accounts receivable(3) | 17,923 | — | ||||||
Other | 437 | — | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 53,737 | $ | 23,042 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||
As of December 31, 2013 and 2012, the $21.0 million and $23.0 million in debt issue cost relate to the issuance of the Company's 2.625% convertible senior notes due 2019, as described in Note 11, and which are amortized over the life of the notes using the effective interest method. | ||||||||
-2 | ||||||||
The $11.2 million as of December 31, 2013 relates to costs associated with the long-term mobilization and the regulatory acceptance testing of the SSV Catarina drilling rig. These costs are amortized over the term of the drilling rig contract. | ||||||||
-3 | ||||||||
On March 16, 2012, Angola enacted Presidential Decree No. 3/12, which, among other things, provided that Angolan private petroleum companies are exempt from any requirement to carry Sonangol P&P. As a result of this statute, one of the Company's partners in Angola has taken the position that it is no longer required to pay a 3.75% cost interest attributable to Sonangol P&P's share of expenses. As of December 31, 2013, these expenditures totaled approximately $17.9 million, which is classified as a long term receivable as the Company expects this amount to be recovered pursuant to the terms of the Risk Services Agreements governing Blocks 9 and 21. | ||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Long-term Debt | ' | |||||||||||||||||||
Schedule of the carrying amounts of the liability components of the Notes | ' | |||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Principal | Unamortized | Carrying | Principal | Unamortized | Carrying | |||||||||||||||
Amount | discount(1) | Amount | Amount | discount | Amount | |||||||||||||||
($ in thousands) | ||||||||||||||||||||
Carrying amount of liability component | ||||||||||||||||||||
2.625% convertible senior notes due 2019 | $ | 1,380,000 | $ | (344,020 | ) | $ | 1,035,980 | $ | 1,380,000 | $ | (388,809 | ) | $ | 991,191 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||||||||
Unamortized discount will be amortized over the remaining life of the Notes which is 6Â years. | ||||||||||||||||||||
        | ||||||||||||||||||||
Schedule of carrying amounts of the equity components of the Notes | ' | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Debt discount relating to value of conversion option | $ | 390,540 | $ | 390,540 | ||||||||||||||||
Debt issue costs | (9,124 | ) | (9,124 | ) | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Total | $ | 381,416 | $ | 381,416 | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
        | ||||||||||||||||||||
Schedule of interest expense | ' | |||||||||||||||||||
For the Period | ||||||||||||||||||||
November 10, 2005 | ||||||||||||||||||||
(Inception) | ||||||||||||||||||||
For Year Ended December 31, | through | |||||||||||||||||||
2013 | 2012 | 2011 | December 31, 2013 | |||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Interest expense associated with accrued interest(1) | $ | 18,529 | $ | 1,294 | $ | — | $ | 19,823 | ||||||||||||
Interest expense associated with accretion of debt discount | 44,789 | 1,843 | — | 46,632 | ||||||||||||||||
Interest expense associated with amortization of debt issue costs | 2,058 | 75 | — | 2,133 | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Total | $ | 65,376 | $ | 3,212 | $ | — | $ | 68,588 | ||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
-1 | ||||||||||||||||||||
The $18.5 million and $1.3 million for the years ended December 31, 2013 and 2012, respectively, represent interest expense net of capitalized amounts of $17.7 million and $0 million, respectively. | ||||||||||||||||||||
Contractual_Obligations_Tables
Contractual Obligations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Contractual Obligations | ' | |||||||
Summary of components of short-term and long-term contractual obligations | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
($ in thousands) | ||||||||
Short-term Contractual Obligations: | ||||||||
Social obligation payments for Block 9, offshore Angola | $ | 150 | $ | 150 | ||||
Social obligation payments for Block 21, offshore Angola | 300 | 300 | ||||||
Social obligation and bonus payments for Block 20, offshore Angola(1)(2) | 48,569 | 48,569 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 49,019 | $ | 49,019 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Long-term Contractual Obligations: | ||||||||
Social obligation payments for Block 9, offshore Angola | $ | 669 | $ | 848 | ||||
Social obligation payments for Block 21, offshore Angola | 1,381 | 1,684 | ||||||
Social obligation and bonus payments for Block 20, offshore Angola(2) | 122,851 | 165,706 | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 124,901 | $ | 168,238 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||
$42.9Â million of this amount was paid in January 2014. | ||||||||
-2 | ||||||||
The total amount of social obligation payments for Block 20 has been capitalized. See Note 9. | ||||||||
Seismic_and_Exploration_Expens1
Seismic and Exploration Expenses (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Seismic and Exploration Expenses | ' | |||||||||||||
Schedule of seismic and exploration expenses | ' | |||||||||||||
For the Period | ||||||||||||||
November 10, 2005 | ||||||||||||||
(Inception) | ||||||||||||||
For Year Ended December 31, | through | |||||||||||||
2013 | 2012 | 2011 | December 31, 2013 | |||||||||||
($ in thousands) | ||||||||||||||
Seismic costs | $ | 63,721 | $ | 42,447 | $ | 20,443 | $ | 405,769 | ||||||
Seismic cost recovery(1) | — | — | — | (25,126 | ) | |||||||||
Leasehold delay rentals | 6,660 | 6,383 | 6,075 | 39,562 | ||||||||||
Force Majeure expense(2) | — | — | — | 13,549 | ||||||||||
Drilling rig expense | 3,832 | 12,753 | 5,721 | 30,631 | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | 74,213 | $ | 61,583 | $ | 32,239 | $ | 464,385 | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||
These amounts represent reimbursement from partners of past seismic costs incurred by the Company. | ||||||||||||||
-2 | ||||||||||||||
These amounts represent expenditures resulting from suspension of drilling activities in the U.S. Gulf of Mexico as a result of the explosion and sinking of the Deepwater Horizon drilling rig in the U.S. Gulf of Mexico, the resulting oil spill and the regulatory response thereto and other exploration expenses. | ||||||||||||||
Equity_based_Compensation_Tabl
Equity based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Equity based Compensation | ' | |||||||||||||||||||
Schedule of restricted stock awarded to employees and restricted stock units | ' | |||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Restricted | Weighted | Restricted | Weighted | Restricted | Weighted | |||||||||||||||
Shares | Average | Shares | Average | Shares | Average | |||||||||||||||
Grant Date | Grant Date | Grant Date | ||||||||||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||||||||||
Per Share | Per Share | Per Share | ||||||||||||||||||
Non-vested shares at beginning of year | 4,040,825 | $ | 13.05 | 4,599,783 | $ | 11.27 | 5,570,895 | $ | 9.77 | |||||||||||
Granted | 620,840 | $ | 24.58 | 487,710 | $ | 26.01 | 214,792 | $ | 8.54 | |||||||||||
Vested | (239,317 | ) | $ | 17.37 | (738,628 | ) | $ | 13.05 | (1,185,904 | ) | $ | 3.75 | ||||||||
Forfeited or expired | (87,462 | ) | $ | 20.91 | (308,040 | ) | $ | 12.17 | — | — | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Non-vested shares at end of year | 4,334,886 | $ | 14.31 | 4,040,825 | $ | 13.05 | 4,599,783 | $ | 11.27 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Weighted-average vesting period remaining | 1.22Â years | 1.87Â years | 2.5Â years | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Unrecognized compensation ($ in thousands) | $ | 22,467 | $ | 23,827 | $ | 29,559 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Schedule of assumptions used to determine the fair value of each stock option granted using the Black-Scholes-Merton option-pricing model | ' | |||||||||||||||||||
2013 | ||||||||||||||||||||
Expected Term in Years | 6.68 | |||||||||||||||||||
Expected Volatility | 61.58 | % | ||||||||||||||||||
Expected Dividends | 0 | % | ||||||||||||||||||
Risk-Free Interest Rate | 1.28 | % | ||||||||||||||||||
Schedule of stock option activities | ' | |||||||||||||||||||
Shares | Weighted | Weighted-Average | Aggregate | |||||||||||||||||
Average | Remaining | Intrinsic Value | ||||||||||||||||||
Exercise | Contractual Term | (thousands) | ||||||||||||||||||
Price | (years) | |||||||||||||||||||
Outstanding at January 1, 2013 | 1,434,393 | $ | 17.87 | 8.3 | $ | 12,158 | ||||||||||||||
Granted | 959,023 | $ | 23.78 | 9.1 | ||||||||||||||||
Exercised | (13,985 | ) | $ | 12.45 | 6.9 | $ | 219 | |||||||||||||
Forfeited or expired | (40,713 | ) | $ | 22.89 | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Outstanding at December 31, 2013 | 2,338,718 | $ | 20.24 | 8 | $ | 3,937 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Vested or expected to vest at December 31, 2013 | 1,568,748 | $ | 23.83 | 8.5 | $ | 965 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Exercisable at December 31, 2013 | 737,973 | $ | 12.45 | 6.9 | $ | 2,952 | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
Schedule of recognized equity-based compensation costs | ' | |||||||||||||||||||
For the Period | ||||||||||||||||||||
November 10, 2005 | ||||||||||||||||||||
(Inception) | ||||||||||||||||||||
For Year Ended December 31, | through | |||||||||||||||||||
2013 | 2012 | 2011 | December 31, 2013 | |||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Restricted stock: | ||||||||||||||||||||
Employees | $ | 15,470 | $ | 13,378 | $ | 12,860 | $ | 62,064 | ||||||||||||
Non-employee directors | 1,260 | 970 | 804 | 3,541 | ||||||||||||||||
Stock options: | ||||||||||||||||||||
Employees | 7,405 | 3,790 | 1,841 | 13,137 | ||||||||||||||||
Restricted stock units (performance-based) | 4,619 | 4,272 | — | 8,891 | ||||||||||||||||
Deferred stock compensation(1) | — | — | — | 1,828 | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
$ | 28,754 | $ | 22,410 | $ | 15,505 | $ | 89,461 | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||
-1 | ||||||||||||||||||||
In December 2008, the Company adopted a deferred compensation plan and provided certain executive officers the opportunity to defer under the Plan all or a portion of their salary and/or annual bonus for 2009. Amounts deferred under the Plan generally are deemed to be invested in a money market account prior to the IPO and shares of the Company's common stock following the IPO. Subject to accelerated payment under specified circumstances, the deferred amounts were distributed to these executives in January 2012 in the form of shares of the Company's common stock. All of the shares under the Plan were distributed to these executives during 2012. | ||||||||||||||||||||
Restricted stock units (performance-based) | ' | |||||||||||||||||||
Equity based Compensation | ' | |||||||||||||||||||
Schedule of stock option activities | ' | |||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | |||||||||||||||
shares | Average | shares | Average | shares | Average | |||||||||||||||
relating | Grant Date | relating | Grant Date | relating | Grant Date | |||||||||||||||
Restricted | Fair Value | Restricted | Fair Value | Restricted | Fair Value | |||||||||||||||
Stock Units | Per Unit | Stock Units | Per Unit | Stock Units | Per Unit | |||||||||||||||
Non-vested at beginning of year | 109,275 | $ | 30.5 | 198,838 | $ | 12.45 | 198,838 | $ | 12.45 | |||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||
Vested | (87,401 | ) | $ | 30.5 | (74,537 | ) | $ | 30.5 | — | — | ||||||||||
Forfeited or expired | (250 | ) | $ | 30.5 | (15,026 | ) | $ | 30.5 | — | — | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Non-vested at end of year(1) | 21,624 | $ | 30.5 | 109,275 | $ | 30.5 | 198,838 | $ | 12.45 | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Weighted-average period remaining | — | 1 year | 2 years | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||||||||
For the year ended December 31, 2013, the Company recognized $4.6 million in stock compensation expenses for a probable vesting of 129,611 RSU shares during the first quarter of 2014 based on the performance target achieved from the success of three exploration wells drilled in 2013. The vesting of 129,611 RSU shares in 2014 will exceed the total outstanding RSUs of 21,624 at December 31, 2013 as reported in the above table due to the aggregate payout of 162.5% of the target amount of 198,838 RSUs since inception. Payouts of 37.5%, 50% and 75% of the target amount were approved by the Company's board of directors for each of the three years in the period ended December 31, 2013, totaling 162.5% of the target amount. This is within the range of 0% to 200% vesting percentage of the target amount under the terms of the applicable RSU Award Agreements. Since the vesting of 129,611 RSUs is the final tranche of RSUs vesting under the applicable RSU Award Agreements, there was no unrecognized compensation associated with the RSUs as of December 31, 2013 | ||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||
Schedule of components of the income tax provision (benefit) | ' | |||||||||||||||||||
Year Ended | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Current taxes: | ||||||||||||||||||||
U.S. federal | $ | — | $ | — | $ | — | ||||||||||||||
Foreign | — | — | — | |||||||||||||||||
Deferred taxes: | ||||||||||||||||||||
U.S. federal | — | — | — | |||||||||||||||||
Foreign | — | — | — | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
Total | $ | — | $ | — | $ | — | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
        | ||||||||||||||||||||
Schedule of net income pre or post of corporate reorganization | ' | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
U.S.: | ||||||||||||||||||||
Net income (loss) as reported | $ | (387,210 | ) | $ | (229,372 | ) | $ | (76,231 | ) | |||||||||||
Less: net income (loss) applicable to period before corporate reorganization | — | — | — | |||||||||||||||||
Foreign: | ||||||||||||||||||||
Net income (loss) as reported | (201,814 | ) | $ | (53,627 | ) | $ | (57,406 | ) | ||||||||||||
Less: net income (loss) applicable to period before corporate reorganization | — | — | — | |||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
Net income (loss) applicable to period after corporate reorganization | $ | (589,024 | ) | $ | (282,999 | ) | $ | (133,637 | ) | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ||||||||||
Schedule of effective income tax reconciliation | ' | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Income tax expense (benefit) at the federal statutory rate | $ | (206,159 | ) | 35 | % | $ | (99,050 | ) | 35 | % | $ | (46,773 | ) | 35 | % | |||||
State income taxes, net of federal income tax benefit | (489 | ) | 0.1 | % | (512 | ) | 0.2 | % | (2,579 | ) | 1.9 | % | ||||||||
Foreign income tax | (70,994 | ) | 12.1 | % | 4,447 | -1.6 | % | (30,407 | ) | 22.8 | % | |||||||||
Other | 366 | -0.1 | % | 2,678 | -0.9 | % | 117 | 0.1 | % | |||||||||||
Valuation allowance(1) | 277,276 | -47.1 | % | 92,437 | -32.7 | % | 79,642 | 59.6 | % | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
$ | — | $ | — | $ | — | — | $ | — | — | |||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||||||||
The change in the deferred tax asset valuation allowance of $277.3 million for the year ended December 31, 2013, excludes a $85.3 million net decrease in valuation allowance due to previously unrecorded foreign deferred tax assets and a deferred tax liability related to the Company's convertible debt instrument that did not impact the rate reconciliation. | ||||||||||||||||||||
        | ||||||||||||||||||||
Schedule of Company's deferred tax assets and liabilities | ' | |||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Short-term deferred tax liabilities: | ||||||||||||||||||||
2.625% convertible senior notes due 2019(1) | $ | 17,061 | $ | — | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Total short-term deferred tax liabilities | 17,061 | — | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Long-term deferred tax liabilities: | ||||||||||||||||||||
2.625% convertible senior notes due 2019 | $ | 103,951 | $ | — | ||||||||||||||||
Oil and gas properties | 22,135 | 23,867 | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Total long-term deferred tax liabilities | 126,086 | 23,867 | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Long-term deferred tax assets: | ||||||||||||||||||||
Seismic and exploration costs | 280,095 | 100,414 | ||||||||||||||||||
Stock based compensation | 20,842 | 12,340 | ||||||||||||||||||
Domestic NOL carry forwards | 273,163 | 158,310 | ||||||||||||||||||
Foreign NOL carry forwards | 28,633 | 20,624 | ||||||||||||||||||
Other | 1,976 | 1,818 | ||||||||||||||||||
Valuation allowance | (461,562 | ) | (269,639 | ) | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Total long-term deferred assets | 143,147 | 23,867 | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Net long-term deferred assets | 17,061 | — | ||||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
Net deferred tax assets | $ | — | $ | — | ||||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |||||||||||||
-1 | ||||||||||||||||||||
The recognition of the liability and equity components of the debt resulted in a taxable temporary basis difference and recorded as an adjustment to additional paid-in capital. | ||||||||||||||||||||
        | ||||||||||||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Commitments | ' | |||||||||||||||||||
Schedule of payments due for the estimated commitments, excluding long-term debt | ' | |||||||||||||||||||
Payments Due By Year | ||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||
($ in thousands) | ||||||||||||||||||||
Drilling Rig and Related Contracts | $ | 349,000 | $ | 521,000 | $ | 295,000 | $ | 207,000 | $ | — | $ | — | ||||||||
Operating Leases | 13,000 | 11,000 | 8,000 | 5,000 | 4,000 | 8,000 | ||||||||||||||
Lease Rentals(1) | 6,000 | 6,000 | 4,000 | 3,000 | 1,000 | 1,000 | ||||||||||||||
Social Payment Obligations(2) | 49,019 | 50,619 | 62,854 | 5,714 | 5,714 | — | ||||||||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total | $ | 417,019 | $ | 588,619 | $ | 369,854 | $ | 220,714 | $ | 10,714 | $ | 9,000 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | ||||||||||||||||||||
Relates to the annual delay rental payments payable to the Office of Natural Resources Revenue within the U.S. Department of the Interior with respect to the Company's U.S. Gulf of Mexico leases. These annual payments are required to maintain the leases from year to year. | ||||||||||||||||||||
-2 | ||||||||||||||||||||
Includes the Company's contractual payment obligations for social projects such as the Sonangol Research and Technology Center and academic scholarships for Angolan students that the Company was and is contractually obligated to pay in consideration for the Angolan government granting it the licenses to explore for and develop hydrocarbons offshore Angola. Pursuant to the terms of the Risk Services Agreements for Blocks 9 and 21 and the Production Sharing Agreement for Block 20, the Company is not required to pay annual rental payments to maintain the licenses from year to year. | ||||||||||||||||||||
        | ||||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Information | ' | ||||||||||
Schedule of segment information by geographic operating segment | ' | ||||||||||
United States | West Africa | Total | |||||||||
($ in thousands) | |||||||||||
Year ended December 31, 2013 | |||||||||||
Operating costs and expense | $ | 329,832 | $ | 202,852 | $ | 532,684 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Operating income (loss) | (329,832 | ) | (202,852 | ) | (532,684 | ) | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Other income (expense) | (56,340 | ) | |||||||||
Net income (loss) | $ | (589,024 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Additions to Property and Equipment, net(1) | $ | 44,124 | $ | 332,395 | $ | 376,519 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Year ended December 31, 2012 | |||||||||||
Operating costs and expense | $ | 231,196 | $ | 53,632 | $ | 284,828 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Operating income (loss) | (231,196 | ) | (53,632 | ) | (284,828 | ) | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Other income (expense) | 1,829 | ||||||||||
Net income (loss) | $ | (282,999 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Additions to Property and Equipment, net(1) | $ | 67,068 | $ | 169,362 | $ | 236,430 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Year ended December 31, 2011 | |||||||||||
Operating costs and expense | $ | 80,425 | $ | 57,411 | $ | 137,836 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Operating income (loss) | (80,425 | ) | (57,411 | ) | (137,836 | ) | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Other income (expense) | 4,199 | ||||||||||
Net income (loss) | $ | (133,637 | ) | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Additions to Property and Equipment, net(1) | $ | (12,324 | ) | $ | 411,882 | $ | 399,558 | ||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||
These amounts are net of accumulated allowance for impairment on oil and gas properties and accumulated depreciation and amortization on other property and equipment. | |||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data-Unaudited (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Selected Quarterly Financial Data-Unaudited | ' | |||||||||||||
Schedule of Selected Quarterly Financial Data Unaudited | ' | |||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||
($ in thousands) | ||||||||||||||
Year ended December 31, 2013 | ||||||||||||||
Operating costs and expenses | $ | 112,452 | $ | 65,365 | $ | 145,663 | $ | 209,204 | ||||||
Operating income (loss) | (112,452 | ) | (65,365 | ) | (145,663 | ) | (209,204 | ) | ||||||
Net income (loss) | (128,087 | ) | (78,818 | ) | (160,000 | ) | (222,119 | ) | ||||||
Basic and diluted income (loss) per common share(1) | $ | (0.31 | ) | $ | (0.19 | ) | $ | (0.39 | ) | $ | (0.55 | ) | ||
Year ended December 31, 2012 | ||||||||||||||
Operating costs and expenses | $ | 37,715 | $ | 142,155 | $ | 40,553 | $ | 64,405 | ||||||
Operating income (loss) | (37,715 | ) | (142,155 | ) | (40,553 | ) | (64,405 | ) | ||||||
Net income (loss) | (36,531 | ) | (140,723 | ) | (39,214 | ) | (66,531 | ) | ||||||
Basic and diluted income (loss) per common share(1) | $ | (0.09 | ) | $ | (0.35 | ) | $ | (0.10 | ) | $ | (0.16 | ) | ||
-1 | ||||||||||||||
Totals may not add due to rounding. | ||||||||||||||
Supplemental_Information_on_Oi1
Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) | ' | ||||||||||
Schedule of Capitalized Costs Related to Oil and Gas Activities | ' | ||||||||||
U.S. Gulf | West Africa | Total | |||||||||
of Mexico | |||||||||||
($ in thousands) | |||||||||||
As of December 31, 2013 | |||||||||||
Unproved properties(1) | $ | 605,658 | $ | 927,059 | $ | 1,532,717 | |||||
Accumulated valuation allowance | (160,913 | ) | — | (160,913 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
444,745 | 927,059 | 1,371,804 | |||||||||
Proved properties | 92,579 | — | 92,579 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net capitalized costs | $ | 537,324 | $ | 927,059 | $ | 1,464,383 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
As of December 31, 2012 | |||||||||||
Unproved properties | $ | 572,257 | $ | 600,620 | $ | 1,172,877 | |||||
Accumulated valuation allowance | (78,413 | ) | — | (78,413 | ) | ||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
493,844 | 600,620 | 1,094,464 | |||||||||
Proved properties | — | — | — | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Net capitalized costs | $ | 493,844 | $ | 600,620 | $ | 1,094,464 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
-1 | |||||||||||
Unproved properties include capitalized costs net of sale/like-kind exchange of leasehold interest transactions that occurred in 2013 and 2012 of approximately $10.7 million and $0.8 million, respectively, for the U.S. Gulf of Mexico. No gain or loss was recognized for these transactions for the years ended December 31, 2013 and 2012. | |||||||||||
Schedule of Costs Incurred in Oil and Gas Activities | ' | ||||||||||
U.S. Gulf | West Africa | Total | |||||||||
of Mexico | |||||||||||
($ in thousands) | |||||||||||
Year ended December 31, 2013 | |||||||||||
Property acquisition | |||||||||||
Unproved | $ | 37,584 | $ | — | $ | 37,584 | |||||
Proved | — | — | — | ||||||||
Exploration | |||||||||||
Capitalized | 158,806 | 469,879 | 628,685 | ||||||||
Expensed | 48,688 | 25,525 | 74,213 | ||||||||
Development | 54,133 | — | 54,133 | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Costs Incurred | $ | 299,211 | $ | 495,404 | $ | 794,615 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Year ended December 31, 2012 | |||||||||||
Property acquisition | |||||||||||
Unproved | $ | 19,961 | $ | — | $ | 19,961 | |||||
Proved | — | — | — | ||||||||
Exploration | |||||||||||
Capitalized | 178,295 | 168,309 | 346,604 | ||||||||
Expensed | 32,874 | 28,709 | 61,583 | ||||||||
Development | — | — | — | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Costs Incurred | $ | 231,130 | $ | 197,018 | $ | 428,148 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Year ended December 31, 2011 | |||||||||||
Property acquisition | |||||||||||
Unproved | $ | — | $ | 337,126 | $ | 337,126 | |||||
Proved | — | — | — | ||||||||
Exploration | |||||||||||
Capitalized | 11,214 | 96,849 | 108,063 | ||||||||
Expensed | 10,707 | 21,532 | 32,239 | ||||||||
Development | — | — | — | ||||||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
Total Costs Incurred | $ | 21,921 | $ | 455,507 | $ | 477,428 | |||||
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | |
        | |||||||||||
Schedule of reserve quantity information | ' | ||||||||||
Natural Gas | Oil and | Equivalent | |||||||||
(in Bcf) | Condensate | Volumes | |||||||||
(in MMBbls) | (in MMBOE) | ||||||||||
Proved undeveloped reserves: | |||||||||||
Beginning of year | — | ||||||||||
Discoveries | 3.4 | 7.9 | 8.5 | ||||||||
End of year | 3.4 | 7.9 | 8.5 | ||||||||
        | |||||||||||
Schedule of the Company's estimated discounted future net cash flows related to its proved natural gas reserves | ' | ||||||||||
Information with respect to the Company's estimated discounted future net cash flows related to its proved natural gas reserves as of December 31, 2013 is as follows ($ in thousands): | |||||||||||
2013 | |||||||||||
Future cash inflows | $ | 830,287 | |||||||||
Future production costs | (6,400 | ) | |||||||||
Future development costs | (302,278 | ) | |||||||||
Future income tax expense(1) | — | ||||||||||
​ | ​ | ​ | ​ | ​ | |||||||
Future net cash flows | 521,609 | ||||||||||
10% annual discount for estimated timing of cash flows | (244,976 | ) | |||||||||
​ | ​ | ​ | ​ | ​ | |||||||
Standardized measure of discounted future net cash flows | $ | 276,633 | |||||||||
​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | |||||||
-1 | |||||||||||
There is no future income tax expense as of December 31, 2013, as the tax basis of the oil and gas properties in the United States and net operating losses attributable to oil and gas operations exceed the future net revenues. | |||||||||||
        | |||||||||||
Schedule of information with respect to the company's standardized measure of discounted future net cash flows | ' | ||||||||||
Information with respect to the Company's standardized measure of discounted future net cash flows as of December 31, 2013 is as follows ($ in thousands): | |||||||||||
2013 | |||||||||||
Standardized measure, beginning | $ | — | |||||||||
Discoveries | 276,633 | ||||||||||
​ | ​ | ​ | ​ | ​ | |||||||
Standardized measure, ending | $ | 276,633 | |||||||||
​ | ​ | ​ | ​ | ​ | |||||||
​ | ​ | ​ | ​ | ​ | |||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 98 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 17, 2012 | |
2.625% convertible senior notes due 2019 | 2.625% convertible senior notes due 2019 | 2.625% convertible senior notes due 2019 | |||||
Revenue Recognition | ' | ' | ' | ' | ' | ' | ' |
Oil and gas revenue | $0 | $0 | $0 | $0 | ' | ' | ' |
Investments | ' | ' | ' | ' | ' | ' | ' |
OTTI in debt securities | $0 | $0 | ' | $0 | ' | ' | ' |
Joint Interest and Other Receivables | ' | ' | ' | ' | ' | ' | ' |
Settlement period of receivables, maximum | '30 days | ' | ' | ' | ' | ' | ' |
Earnings (Loss) Per Share | ' | ' | ' | ' | ' | ' | ' |
Shares of non-vested restricted stock, non vested restricted stock units, outstanding stock options and 2.625% convertible senior notes due 2019 excluded from the diluted income (loss) per share calculation | 6,735,046 | 5,617,697 | ' | ' | ' | ' | ' |
Earnings (Loss) Per Share | ' | ' | ' | ' | ' | ' | ' |
Interest rate (as a percent) | ' | 2.63% | ' | ' | 2.63% | 2.63% | 2.63% |
Cash_and_Cash_Equivalents_Deta
Cash and Cash Equivalents (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Cash and Cash Equivalents | ' | ' | ' | ' |
Cash at banks | $82,428 | $65,935 | ' | ' |
Money market funds | 75,039 | 1,105,148 | ' | ' |
Held-to-maturity securities | 34,993 | 254,732 | ' | ' |
Total | $192,460 | $1,425,815 | $292,546 | $302,720 |
Restricted_Funds_Details
Restricted Funds (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Block 9, offshore Angola | Ensco 8503 escrow account | Ensco 8503 escrow account | Collateral on letters of credit for Angola | Collateral on letters of credit for Angola | Collateral on letters of credit for Angola | Other vendor restricted deposits | Cash collateral associated with work program obligations which have been completed | Cash collateral associated with work program obligations which have not been completed | |||
U.S. Treasury bills | |||||||||||
Restricted Funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term restricted funds | $200,339,000 | $90,440,000 | ' | $90,440,000 | $180,900,000 | $200,339,000 | ' | ' | ' | $153,600,000 | $46,700,000 |
Long-term restricted funds | 104,496,000 | 395,652,000 | ' | 90,440,000 | 180,900,000 | 104,496,000 | 304,492,000 | ' | 720,000 | ' | ' |
Collateral held | ' | ' | ' | ' | ' | 304,800,000 | 304,500,000 | ' | ' | ' | ' |
Net carrying value of investments invested through the funds | ' | ' | ' | ' | ' | ' | ' | 304,800,000 | ' | ' | ' |
Maturity period of investments | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' |
Work program obligations secured | ' | ' | $45,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Joint_Interests_and_Other_Rece2
Joint Interests and Other Receivables (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Joint Interest Receivables | ' | ' |
Accrued interest on investment securities | $5,632,000 | $3,647,000 |
Other | 3,446,000 | 3,321,000 |
Total | 124,639,000 | 61,592,000 |
Partners in the U.S. Gulf of Mexico | ' | ' |
Joint Interest Receivables | ' | ' |
Receivable attributable to joint interest partners | 68,664,000 | 52,439,000 |
Partners in West Africa | ' | ' |
Joint Interest Receivables | ' | ' |
Receivable attributable to joint interest partners | 46,897,000 | 2,185,000 |
Partners in West Africa | Block 20, offshore Angola | ' | ' |
Joint Interest Receivables | ' | ' |
Receivable attributable to joint interest partners | 15,700,000 | ' |
Partners in West Africa | Blocks 9 and 21 offshore Angola | ' | ' |
Joint Interest Receivables | ' | ' |
Joint interest and other receivables which became past due | $31,200,000 | ' |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Prepaid expenses: | ' | ' |
Prepaid expenses | $37,796,000 | $11,729,000 |
Other current assets: | ' | ' |
Cash advance to joint venture partner | 9,685,000 | 351,000 |
Rig mobilization, regulatory and other related costs | 8,376,000 | 11,861,000 |
Prepaid expenses and other current assets | 55,857,000 | 23,941,000 |
Unamortized portion of payments made for software licenses included in prepaid expenses | 11,500,000 | ' |
Costs associated with Ensco drilling rig contract included in prepaid expenses | $26,300,000 | ' |
Investments_Details
Investments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments | ' | ' |
Fair market value | $1,673,869 | $1,564,441 |
Held-to-maturities, Amortized Cost | ' | ' |
Within 1 year | 1,659,208 | 1,528,174 |
After 1 year | 14,661 | 36,267 |
Total | 1,673,869 | 1,564,441 |
Held-to-maturity securities, Estimated fair value | ' | ' |
Within 1 year | 1,659,208 | 1,528,174 |
After 1 year | 14,661 | 36,267 |
Total | 1,673,869 | 1,564,441 |
Cash and cash equivalents | ' | ' |
Investments | ' | ' |
Fair market value | 34,993 | 254,732 |
Held-to-maturity securities, Estimated fair value | ' | ' |
Total | 34,993 | 254,732 |
Short-term investments | ' | ' |
Investments | ' | ' |
Fair market value | 1,319,380 | 789,668 |
Held-to-maturity securities, Estimated fair value | ' | ' |
Total | 1,319,380 | 789,668 |
Short-term restricted funds | ' | ' |
Investments | ' | ' |
Fair market value | 200,339 | 90,440 |
Held-to-maturity securities, Estimated fair value | ' | ' |
Total | 200,339 | 90,440 |
Long-term restricted funds | ' | ' |
Investments | ' | ' |
Fair market value | 104,496 | 393,334 |
Held-to-maturity securities, Estimated fair value | ' | ' |
Total | 104,496 | 393,334 |
Long-term investments | ' | ' |
Investments | ' | ' |
Fair market value | 14,661 | 36,267 |
Held-to-maturity securities, Estimated fair value | ' | ' |
Total | 14,661 | 36,267 |
U.S. Treasury securities | ' | ' |
Investments | ' | ' |
Fair market value | 304,834 | 483,775 |
Held-to-maturity securities, Estimated fair value | ' | ' |
Total | 304,834 | 483,775 |
Corporate securities | ' | ' |
Investments | ' | ' |
Fair market value | 856,002 | 510,691 |
Held-to-maturity securities, Estimated fair value | ' | ' |
Total | 856,002 | 510,691 |
Commercial paper | ' | ' |
Investments | ' | ' |
Fair market value | 408,033 | 562,975 |
Held-to-maturity securities, Estimated fair value | ' | ' |
Total | 408,033 | 562,975 |
Certificates of deposit | ' | ' |
Investments | ' | ' |
Fair market value | 105,000 | 7,000 |
Held-to-maturity securities, Estimated fair value | ' | ' |
Total | $105,000 | $7,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | $192,460 | $1,425,815 | $292,546 | $302,720 |
Short-term restricted funds | 200,339 | 90,440 | ' | ' |
Short-term investments | 1,319,380 | 789,668 | ' | ' |
Long-term restricted funds | 104,496 | 395,652 | ' | ' |
Long-term investments | 14,661 | 36,267 | ' | ' |
Total | 1,831,336 | 2,737,842 | ' | ' |
Cash | Recurring basis | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 82,428 | 65,935 | ' | ' |
Money market funds | Recurring basis | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 75,039 | 1,105,148 | ' | ' |
Long-term restricted funds | ' | 2,318 | ' | ' |
Commercial paper | Recurring basis | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 9,993 | 247,206 | ' | ' |
Short-term investments | 391,073 | 315,769 | ' | ' |
Long-term investments | 6,967 | ' | ' | ' |
Corporate bonds | Recurring basis | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | ' | 7,526 | ' | ' |
Short-term investments | 848,307 | 466,898 | ' | ' |
Long-term investments | 7,694 | 36,267 | ' | ' |
U.S. Treasury bills | Recurring basis | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Short-term restricted funds | ' | 90,440 | ' | ' |
Long-term restricted funds | ' | 178,216 | ' | ' |
U.S. Treasury notes | Recurring basis | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Short-term restricted funds | 200,339 | ' | ' | ' |
Long-term restricted funds | 104,496 | 215,118 | ' | ' |
Certificates of deposits | Recurring basis | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 25,000 | ' | ' | ' |
Short-term investments | 80,000 | 7,001 | ' | ' |
Level 1 | Recurring basis | Carrying Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 157,467 | 1,171,083 | ' | ' |
Long-term restricted funds | ' | 2,318 | ' | ' |
Total | 157,467 | 1,173,401 | ' | ' |
Level 1 | Recurring basis | Fair Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 157,467 | 1,171,083 | ' | ' |
Long-term restricted funds | ' | 2,318 | ' | ' |
Total | 157,467 | 1,173,401 | ' | ' |
Level 1 | Cash | Recurring basis | Carrying Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 82,428 | 65,935 | ' | ' |
Level 1 | Cash | Recurring basis | Fair Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 82,428 | 65,935 | ' | ' |
Level 1 | Money market funds | Recurring basis | Carrying Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 75,039 | 1,105,148 | ' | ' |
Long-term restricted funds | ' | 2,318 | ' | ' |
Level 1 | Money market funds | Recurring basis | Fair Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 75,039 | 1,105,148 | ' | ' |
Long-term restricted funds | ' | 2,318 | ' | ' |
Level 2 | Recurring basis | Carrying Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 34,993 | 254,732 | ' | ' |
Short-term restricted funds | 200,339 | 90,440 | ' | ' |
Short-term investments | 1,319,380 | 789,668 | ' | ' |
Long-term restricted funds | 104,496 | 393,334 | ' | ' |
Long-term investments | 14,661 | 36,267 | ' | ' |
Total | 1,673,869 | 1,564,441 | ' | ' |
Level 2 | Recurring basis | Fair Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 34,993 | 254,732 | ' | ' |
Short-term restricted funds | 200,339 | 90,440 | ' | ' |
Short-term investments | 1,319,380 | 789,668 | ' | ' |
Long-term restricted funds | 104,496 | 393,334 | ' | ' |
Long-term investments | 14,661 | 36,267 | ' | ' |
Total | 1,673,869 | 1,564,441 | ' | ' |
Level 2 | Commercial paper | Recurring basis | Carrying Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 9,993 | 247,206 | ' | ' |
Short-term investments | 391,073 | 315,769 | ' | ' |
Long-term investments | 6,967 | ' | ' | ' |
Level 2 | Commercial paper | Recurring basis | Fair Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 9,993 | 247,206 | ' | ' |
Short-term investments | 391,073 | 315,769 | ' | ' |
Long-term investments | 6,967 | ' | ' | ' |
Level 2 | Corporate bonds | Recurring basis | Carrying Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | ' | 7,526 | ' | ' |
Short-term investments | 848,307 | 466,898 | ' | ' |
Long-term investments | 7,694 | 36,267 | ' | ' |
Level 2 | Corporate bonds | Recurring basis | Fair Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | ' | 7,526 | ' | ' |
Short-term investments | 848,307 | 466,898 | ' | ' |
Long-term investments | 7,694 | 36,267 | ' | ' |
Level 2 | U.S. Treasury bills | Recurring basis | Carrying Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Short-term restricted funds | ' | 90,440 | ' | ' |
Long-term restricted funds | ' | 178,216 | ' | ' |
Level 2 | U.S. Treasury bills | Recurring basis | Fair Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Short-term restricted funds | ' | 90,440 | ' | ' |
Long-term restricted funds | ' | 178,216 | ' | ' |
Level 2 | U.S. Treasury notes | Recurring basis | Carrying Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Short-term restricted funds | 200,339 | ' | ' | ' |
Long-term restricted funds | 104,496 | 215,118 | ' | ' |
Level 2 | U.S. Treasury notes | Recurring basis | Fair Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Short-term restricted funds | 200,339 | ' | ' | ' |
Long-term restricted funds | 104,496 | 215,118 | ' | ' |
Level 2 | Certificates of deposits | Recurring basis | Carrying Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 25,000 | ' | ' | ' |
Short-term investments | 80,000 | 7,001 | ' | ' |
Level 2 | Certificates of deposits | Recurring basis | Fair Value | ' | ' | ' | ' |
Significant financial instruments as categorized by the fair value measurement hierarchy | ' | ' | ' | ' |
Cash and cash equivalents | 25,000 | ' | ' | ' |
Short-term investments | $80,000 | $7,001 | ' | ' |
Property_Plant_and_Equipment_D
Property, Plant, and Equipment (Details) (USD $) | 12 Months Ended | 98 Months Ended | 12 Months Ended | 98 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 26, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 20, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Exploration well costs | Well development costs | Block 9, offshore Angola | Oil and gas properties, net | Oil and gas properties, net | Oil and gas properties, net | Oil and gas properties, net | Oil and gas properties, net | Oil and gas properties, net | Oil and gas properties, net | Oil and gas properties, net | Oil and gas properties, net | Oil and gas properties, net | Oil and gas properties, net | Oil and gas properties, net | Oil and gas properties, net | Oil and gas properties, net | Exploration wells in process | Exploration wells in process | Computer equipment and software | Computer equipment and software | Office equipment and furniture | Office equipment and furniture | Office equipment and furniture | Office equipment and furniture | Vehicles | Vehicles | Leasehold improvements | Leasehold improvements | Leasehold improvements | Leasehold improvements | Running tools and equipment | |||||
Mississippi Canyon Block 209 | Mississippi Canyon Block 209 | Mississippi Canyon Block 209 | Block 20 offshore Angola | Block 20 offshore Angola | Blocks 9 and 21 offshore Angola and Gabon | Blocks 9 and 21 offshore Angola | Diaba Block offshore Gabon | U.S. Gulf of Mexico | Garden Banks Block 822, Mississippi Canyon Block 605 and Walker Ridge Block 232 | Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||||||
Property, Plant, and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | '3 years | '5 years | '3 years | ' | ' | ' | '3 years | '10 years | '3 years |
Well and development costs | $92,579,000 | ' | ' | $92,579,000 | $31,600,000 | $61,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total proved properties | 92,579,000 | ' | ' | 92,579,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and gas leasehold | 754,894,000 | 721,853,000 | ' | 754,894,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: accumulated valuation allowance | -160,913,000 | -78,413,000 | ' | -160,913,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unproved leasehold properties | 593,981,000 | 643,440,000 | ' | 593,981,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unproved leasehold properties | 1,371,804,000 | 1,094,464,000 | ' | 1,371,804,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 777,823,000 | 451,024,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total oil and gas properties, net | 1,464,383,000 | 1,094,464,000 | ' | 1,464,383,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant, and equipment, gross | 16,286,000 | 7,825,000 | ' | 16,286,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,115,000 | 3,166,000 | 2,132,000 | 2,093,000 | ' | ' | 265,000 | 268,000 | 2,456,000 | 2,298,000 | ' | ' | 6,318,000 |
Less: accumulated depreciation and amortization | -4,394,000 | -2,533,000 | ' | -4,394,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other property and equipment | 11,892,000 | 5,292,000 | ' | 11,892,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total property, plant, and equipment, net | 1,476,275,000 | 1,099,756,000 | ' | 1,476,275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Old computer equipment and leasehold improvements written off during the period | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | 1,874,000 | 1,197,000 | 735,000 | 6,626,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of working interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | 40.00% | 21.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration for the acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 347,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration payable over five years on acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 337,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period over which consideration is payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration paid on acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 165,700,000 | ' | ' | ' | ' | 37,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected impairment charges | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition costs relinquished | ' | ' | ' | ' | ' | ' | 45,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term and long-term contractual obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 171,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unproved | 37,584,000 | 19,961,000 | 337,126,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unproved property acquisition costs, net of valuation allowance, relating to properties offshore | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 236,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration for the sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration for the sale received at closing date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional consideration for the sale receivable on commencement of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration for the sale to be receivable on commencement of production | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of assets | 2,993,000 | ' | ' | 2,993,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lower limit of unproved leasehold costs assessed individually for impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upper limit of unproved leasehold costs on individual properties included in group amortization | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of unproved properties subject to amortization before impairment provision | ' | ' | ' | ' | ' | ' | ' | 68,900,000 | 69,100,000 | ' | 68,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease impairment allowance | ' | ' | ' | ' | ' | ' | ' | $87,000,000 | $60,200,000 | $9,100,000 | $165,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Plant_and_Equipment_D1
Property, Plant, and Equipment (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net changes in capitalized exploratory well costs (excluding any related leasehold costs) | ' | ' | ' |
Beginning of period | $451,024 | $178,338 | $106,881 |
Reclassification to wells, facilities, and equipment based on determination of proved reserves | -38,446 | ' | ' |
Amounts charged to expense | -263,439 | -73,918 | -36,606 |
End of period | 777,823 | 451,024 | 178,338 |
Cumulative costs of capitalized exploratory well costs (excluding any related leasehold costs) | ' | ' | ' |
Cumulative costs | 777,823 | 451,024 | 178,338 |
Well costs capitalized for a period greater than one year after completion of drilling | 399,775 | 194,853 | ' |
Exploration well costs | Offshore Gabon | ' | ' | ' |
Net changes in capitalized exploratory well costs (excluding any related leasehold costs) | ' | ' | ' |
Amounts charged to expense | -17,100 | ' | ' |
Exploration well costs | Offshore Angola | ' | ' | ' |
Net changes in capitalized exploratory well costs (excluding any related leasehold costs) | ' | ' | ' |
Amounts charged to expense | -126,300 | ' | ' |
U.S. Gulf of Mexico | Exploration well costs | ' | ' | ' |
Net changes in capitalized exploratory well costs (excluding any related leasehold costs) | ' | ' | ' |
Beginning of period | 208,275 | ' | ' |
Additions to capitalized exploration | 154,877 | 178,295 | 11,214 |
Amounts charged to expense | -120,000 | ' | ' |
End of period | 204,707 | 208,275 | ' |
Cumulative costs of capitalized exploratory well costs (excluding any related leasehold costs) | ' | ' | ' |
Cumulative costs | 204,707 | 208,275 | ' |
U.S. Gulf of Mexico | Capitalized interest | ' | ' | ' |
Net changes in capitalized exploratory well costs (excluding any related leasehold costs) | ' | ' | ' |
Additions to capitalized exploration | 3,928 | ' | ' |
End of period | 3,928 | ' | ' |
Cumulative costs of capitalized exploratory well costs (excluding any related leasehold costs) | ' | ' | ' |
Cumulative costs | 3,928 | ' | ' |
West Africa | Exploration well costs | ' | ' | ' |
Net changes in capitalized exploratory well costs (excluding any related leasehold costs) | ' | ' | ' |
Beginning of period | 242,749 | ' | ' |
Additions to capitalized exploration | 457,608 | 168,309 | 96,849 |
End of period | 556,917 | 242,749 | ' |
Cumulative costs of capitalized exploratory well costs (excluding any related leasehold costs) | ' | ' | ' |
Cumulative costs | 556,917 | 242,749 | ' |
West Africa | Capitalized interest | ' | ' | ' |
Net changes in capitalized exploratory well costs (excluding any related leasehold costs) | ' | ' | ' |
Additions to capitalized exploration | 12,271 | ' | ' |
End of period | 12,271 | ' | ' |
Cumulative costs of capitalized exploratory well costs (excluding any related leasehold costs) | ' | ' | ' |
Cumulative costs | $12,271 | ' | ' |
Other_Assets_Details
Other Assets (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 17, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Assets | ' | ' | ' |
Debt issue cost | ' | $20,983 | $23,042 |
Long-term portion of prepaid shorebase leases | ' | 3,241 | ' |
Rig mobilization costs | ' | 11,153 | ' |
Long-term accounts receivable | ' | 17,923 | ' |
Other | ' | 437 | ' |
Other assets | ' | 53,737 | 23,042 |
Interest rate (as a percent) | ' | ' | 2.63% |
Blocks 9 and 21 offshore Angola | ' | ' | ' |
Other Assets | ' | ' | ' |
Long-term accounts receivable | ' | 17,900 | ' |
Percentage of paying interest due from related parties | ' | 3.75% | ' |
Notes | ' | ' | ' |
Other Assets | ' | ' | ' |
Debt issue cost | $32,200 | $21,000 | $23,000 |
Interest rate (as a percent) | 2.63% | 2.63% | 2.63% |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | 12 Months Ended | 98 Months Ended | 0 Months Ended | 12 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 17, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Notes | Notes | Notes | ||||
Debt instrument | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of notes issued | ' | ' | ' | $1,380,000,000 | ' | ' |
Interest rate (as a percent) | ' | 2.63% | ' | 2.63% | 2.63% | 2.63% |
Interest paid | 34,615,000 | ' | 34,615,000 | ' | 34,600,000 | ' |
Initial conversion rate of common stock | ' | ' | ' | 0.028023 | ' | ' |
Initial conversion price per share of common stock (in dollars per share) | ' | ' | ' | $35.68 | ' | ' |
Number of underlying shares that the holder of the debt instrument would receive upon conversion | ' | ' | ' | 38.7 | ' | ' |
Repurchase price as a percentage of principal amount of debt instrument | ' | ' | ' | 100.00% | ' | ' |
Specified minimum percentage of principal amount, the holders of which may declare all principal, accrued and unpaid interest to be due and payable immediately, upon the occurrence of an Event of Default | ' | ' | ' | 25.00% | ' | ' |
Percentage of principal amount, which may be declared by holders of a specified principal amount to be due and payable immediately upon occurrence of an Event of Default | ' | ' | ' | 100.00% | ' | ' |
Fair value of the notes excluding conversion feature at the date of issuance | ' | ' | ' | 989,500,000 | ' | ' |
Effective interest rate used to amortize liability component of debt issue costs (as a percent) | ' | ' | ' | 8.40% | ' | ' |
Debt issue cost | 20,983,000 | 23,042,000 | ' | 32,200,000 | 21,000,000 | 23,000,000 |
Debt issue cost allocated to the liability component | ' | ' | ' | 23,100,000 | ' | ' |
Debt issue cost allocated to the equity component | ' | ' | ' | 9,100,000 | 9,124,000 | 9,124,000 |
Carrying amounts of the liability components | ' | ' | ' | ' | ' | ' |
Principal Amount | ' | ' | ' | ' | 1,380,000,000 | 1,380,000,000 |
Unamortized discount | ' | ' | ' | ' | -344,020,000 | -388,809,000 |
Carrying amount of the liability components | 1,035,980,000 | 991,191,000 | 1,035,980,000 | ' | 1,035,980,000 | 991,191,000 |
Remaining term of debt | ' | ' | ' | ' | '6 years | ' |
Carrying amounts of the equity components | ' | ' | ' | ' | ' | ' |
Debt discount relating to value of conversion option | ' | ' | ' | ' | 390,540,000 | 390,540,000 |
Debt issue costs | ' | ' | ' | -9,100,000 | -9,124,000 | -9,124,000 |
Carrying amount of the equity components | ' | ' | ' | ' | 381,416,000 | 381,416,000 |
Fair value of the notes excluding conversion feature | ' | ' | ' | ' | $1,227,100,000 | $989,500,000 |
Longterm_Debt_Details_2
Long-term Debt (Details 2) (2.625% convertible senior notes due 2019, USD $) | 12 Months Ended | 98 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
2.625% convertible senior notes due 2019 | ' | ' | ' |
Debt instrument | ' | ' | ' |
Interest expense associated with accrued interest | $18,529,000 | $1,294,000 | $19,823,000 |
Interest expense associated with accretion of debt discount | 44,789,000 | 1,843,000 | 46,632,000 |
Interest expense associated with amortization of debt issue costs | 2,058,000 | 75,000 | 2,133,000 |
Total | 65,376,000 | 3,212,000 | 68,588,000 |
Capitalized interest costs | $17,700,000 | $0 | ' |
Contractual_Obligations_Detail
Contractual Obligations (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 |
Block 9, offshore Angola | Block 9, offshore Angola | Block 21, offshore Angola | Block 21, offshore Angola | Block 20, offshore Angola | Block 20, offshore Angola | Block 20, offshore Angola | |||
Subsequent event | |||||||||
Contractual obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Contractual Obligations: Social obligation payments | $49,019,000 | $49,019,000 | $150,000 | $150,000 | $300,000 | $300,000 | $48,569,000 | $48,569,000 | ' |
Long-term Contractual Obligations: Social obligation payments | 124,901,000 | 168,238,000 | 669,000 | 848,000 | 1,381,000 | 1,684,000 | 122,851,000 | 165,706,000 | ' |
Payment of short-term contractual obligation | ' | ' | ' | ' | ' | ' | ' | ' | $42,900,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 17, 2012 | Jan. 15, 2012 |
Notes | Notes | Notes | Deferred Compensation Plan | ||||
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 406,949,839 | 406,596,884 | 18,050,000 | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $28 | ' | ' | ' | ' |
Equity based Compensation | ' | ' | ' | ' | ' | ' | ' |
Aggregate number of shares withheld to satisfy tax withholding obligations of employees relating to equity based compensation | ' | ' | ' | ' | ' | ' | 9,127 |
Stock price of shares withheld to satisfy tax withholding obligations of employees relating to equity based compensation (in dollars per share) | ' | ' | ' | ' | ' | ' | $18.74 |
Aggregate principal amount of notes issued | ' | ' | ' | ' | ' | $1,380,000,000 | ' |
Interest rate (as a percent) | ' | 2.63% | ' | 2.63% | 2.63% | 2.63% | ' |
Carrying amount of the equity components | ' | ' | ' | $381,416,000 | $381,416,000 | ' | ' |
Seismic_and_Exploration_Expens2
Seismic and Exploration Expenses (Details) (USD $) | 12 Months Ended | 98 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Seismic and Exploration Expenses | ' | ' | ' | ' |
Seismic costs | $63,721 | $42,447 | $20,443 | $405,769 |
Seismic cost recovery | ' | ' | ' | -25,126 |
Leasehold delay rentals | 6,660 | 6,383 | 6,075 | 39,562 |
Force Majeure expense | ' | ' | ' | 13,549 |
Drilling rig expense | 3,832 | 12,753 | 5,721 | 30,631 |
Total seismic and exploration expenses | $74,213 | $61,583 | $32,239 | $464,385 |
Equity_based_Compensation_Deta
Equity based Compensation (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
item | Incentive Plan | NED Plan | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Retainer awards | Retainer awards | Restricted stock units (performance-based) | Restricted stock units (performance-based) | Restricted stock units (performance-based) | Restricted stock units (performance-based) | Restricted stock units (performance-based) | Restricted stock units (performance-based) | Restricted stock units (performance-based) | Restricted stock units (performance-based) | Restricted stock units (performance-based) | Restricted stock units (performance-based) | |
Non-employee directors | Non-employee directors | Non-employee directors | Minimum | Maximum | Period one | Period two | Period three | Forecast | Non-employee directors | ||||||||||
Common Stock | Common Stock | Subsequent event | |||||||||||||||||
Equity based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for grant under the plan | ' | 7,500,000 | 500,158 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested shares at beginning of the period | ' | ' | ' | 4,040,825 | 4,599,783 | 5,570,895 | ' | ' | ' | 109,275 | 198,838 | 198,838 | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 620,840 | 487,710 | 214,792 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in shares) | ' | ' | ' | -239,317 | -738,628 | -1,185,904 | ' | ' | ' | -87,401 | -74,537 | ' | ' | ' | ' | ' | ' | -129,611 | ' |
Forfeited or expired (in shares) | ' | ' | ' | -87,462 | -308,040 | ' | ' | ' | ' | -250 | -15,026 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested shares at end of the period | ' | ' | ' | 4,334,886 | 4,040,825 | 4,599,783 | ' | ' | ' | 21,624 | 109,275 | 198,838 | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Grant Date Fair Value Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested shares at beginning of the period (in dollars per share) | ' | ' | ' | $13.05 | $11.27 | $9.77 | ' | ' | ' | $30.50 | $12.45 | $12.45 | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | $24.58 | $26.01 | $8.54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested (in dollars per share) | ' | ' | ' | $17.37 | $13.05 | $3.75 | ' | ' | ' | $30.50 | $30.50 | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited or expired (in dollars per share) | ' | ' | ' | $20.91 | $12.17 | ' | ' | ' | ' | $30.50 | $30.50 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested shares at end of the period (in dollars per share) | ' | ' | ' | $14.31 | $13.05 | $11.27 | ' | ' | ' | $30.50 | $30.50 | $12.45 | ' | ' | ' | ' | ' | ' | ' |
Weighted-average vesting period remaining | ' | ' | ' | '1 year 2 months 19 days | '1 year 10 months 13 days | '2 years 6 months | ' | ' | ' | ' | '1 year | '2 years | ' | ' | ' | ' | ' | ' | ' |
Compensation expenses for probable vesting of performance based units | ' | ' | ' | $4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of exploration wells drilled | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payout percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162.50% | ' | ' | 0.00% | 200.00% | 37.50% | 50.00% | 75.00% | ' | ' |
Unrecognized compensation | ' | ' | ' | $22,467,000 | $23,827,000 | $29,559,000 | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards granted (in shares) | ' | ' | ' | ' | ' | ' | ' | 15,318 | 12,221 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,818 |
Awards granted as on period end (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 177,763 |
Weighted average fair value of shares at grant date (in dollars per share) | ' | ' | ' | ' | ' | ' | $25.40 | ' | ' | $12.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_based_Compensation_Deta1
Equity based Compensation (Details 2) (Non-Qualified Stock Options, USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Equity based Compensation | ' | ' |
Contractual term for options granted | '10 years | ' |
Vesting period | '4 years | ' |
Assumptions used to determine the fair value of each stock option granted using the Black-Scholes-Merton option-pricing model | ' | ' |
Expected Term in Years | '6 years 8 months 5 days | ' |
Expected Volatility (as a percent) | 61.58% | ' |
Expected Dividends (as a percent) | 0.00% | ' |
Risk-Free Interest Rate (as a percent) | 1.28% | ' |
Number of Stock Options | ' | ' |
Outstanding at the beginning of the period (in shares) | 1,434,393 | ' |
Granted (in shares) | 959,023 | ' |
Exercised (in shares) | -13,985 | ' |
Forfeited or expired (in shares) | -40,713 | ' |
Outstanding at the end of the period (in shares) | 2,338,718 | 1,434,393 |
Vested or expected to vest at the end of the period (in shares) | 1,568,748 | ' |
Exercisable at the end of the period (in shares) | 737,973 | ' |
Weighted Average Exercise Price | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $17.87 | ' |
Granted (in dollars per share) | $23.78 | ' |
Exercised (in dollars per share) | $12.45 | ' |
Forfeited or expired (in dollars per share) | $22.89 | ' |
Outstanding at the end of the period (in dollars per share) | $20.24 | $17.87 |
Vested or expected to vest at the end of the period (in dollars per share) | $23.83 | ' |
Exercisable at the end of the period (in dollars per share) | $12.45 | ' |
Weighted-Average Remaining Contractual Term (in years) | ' | ' |
Outstanding at the beginning of the period | '8 years | '8 years 3 months 18 days |
Granted | '9 years 1 month 6 days | ' |
Exercised | '6 years 10 months 24 days | ' |
Outstanding at the end of the period | '8 years | '8 years 3 months 18 days |
Vested or expected to vest at the end of the period | '8 years 6 months | ' |
Exercisable at the end of the period | '6 years 10 months 24 days | ' |
Weighted-average grant-date fair value of stock options granted (in dollars per share) using the Black-Scholes option-pricing model | $14.08 | $17.92 |
Unrecognized compensation cost | $14,000 | ' |
Period for recognition of unrecognized compensation cost | '2 years 1 month 24 days | ' |
Aggregate Intrinsic Value | ' | ' |
Outstanding at the beginning of the period | 12,158 | ' |
Exercised | 219 | ' |
Outstanding at the end of the period | 3,937 | 12,158 |
Vested or expected to vest at the end of the period | 965 | ' |
Exercisable at the end of the period | $2,952 | ' |
31-Dec-15 | ' | ' |
Equity based Compensation | ' | ' |
Vesting percentage | 50.00% | ' |
31-Dec-16 | ' | ' |
Equity based Compensation | ' | ' |
Vesting percentage | 50.00% | ' |
Equity_based_Compensation_Deta2
Equity based Compensation (Details 3) (USD $) | 12 Months Ended | 98 Months Ended | 12 Months Ended | 98 Months Ended | 12 Months Ended | 98 Months Ended | 0 Months Ended | 12 Months Ended | 98 Months Ended | 12 Months Ended | 98 Months Ended | ||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 03, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Deferred stock compensation | Stock options | Stock options | Stock options | Stock options | Stock options | Restricted stock units (performance-based) | Restricted stock units (performance-based) | Restricted stock units (performance-based) | Restricted stock units (performance-based) | Restricted stock units (performance-based) | Restricted stock units (performance-based) | Restricted stock units (performance-based) | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | |||||
Employees | Employees | Employees | Employees | Employees | Non-employee directors | Minimum | Maximum | Employees | Employees | Employees | Employees | Non-employee directors | Non-employee directors | Non-employee directors | Non-employee directors | ||||||||||
Equity based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted during the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 198,838 | 39,818 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162.50% | ' | ' | ' | ' | 0.00% | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized under the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 397,676 | ' | 397,676 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multiplier to determine awards vested (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 37.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Closing price of the entity's common stock at the date of grant (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25.40 | ' | ' | ' |
Equity-based compensation costs | $28,754 | $22,410 | $15,505 | $89,461 | $1,828 | ' | $7,405 | $3,790 | $1,841 | $13,137 | $4,619 | $4,272 | $8,891 | ' | ' | ' | ' | $15,470 | $13,378 | $12,860 | $62,064 | $1,260 | $970 | $804 | $3,541 |
Employee_Benefit_Plan_Details
Employee Benefit Plan (Details) (USD $) | 12 Months Ended | 98 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2006 | Dec. 31, 2013 |
Employee Benefit Plan | ' | ' | ' | ' | ' |
Minimum period following date of hire after which employees become eligible to participate in the Plan | ' | ' | ' | '3 months | ' |
Employee contribution match in plan (as a percent) | ' | ' | ' | 6.00% | ' |
Expenses recorded in benefit contributions to the Plan | $0.80 | $0.50 | $0 | ' | $2.80 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | 98 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Income Taxes | ' | ' | ' | ' |
Net deferred tax asset | $461,600,000 | $269,600,000 | $177,200,000 | $461,600,000 |
Valuation allowance | 461,562,000 | 269,639,000 | 177,200,000 | 461,562,000 |
U.S.: | ' | ' | ' | ' |
Net income (loss) as reported | -387,210,000 | -229,372,000 | -76,231,000 | ' |
Foreign: | ' | ' | ' | ' |
Net income (loss) as reported | -201,814,000 | -53,627,000 | -57,406,000 | ' |
Net income (loss) before income tax | ($589,024,000) | ($282,999,000) | ($133,637,000) | ($1,516,859,000) |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of income taxes computed at the U.S. federal statutory tax rate to the Company's income tax expense (benefit) | ' | ' | ' |
Income tax expense (benefit) at the federal statutory rate | ($206,159,000) | ($99,050,000) | ($46,773,000) |
State income taxes, net of federal income tax benefit | -489,000 | -512,000 | -2,579,000 |
Foreign income taxes | -70,994,000 | 4,447,000 | -30,407,000 |
Other | 366,000 | 2,678,000 | 117,000 |
Valuation allowance | 277,276,000 | 92,437,000 | 79,642,000 |
Total | 0 | 0 | 0 |
Reconciliation of income taxes computed at the U.S. federal statutory tax rate to the Company's income tax expense (benefit) | ' | ' | ' |
Income tax expense (benefit) at the federal statutory rate (as a percent) | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal income tax benefit (as a percent) | 0.10% | 0.20% | 1.90% |
Foreign income taxes (as a percent) | 12.10% | -1.60% | 22.80% |
Other (as a percent) | -0.10% | -0.90% | 0.10% |
Valuation allowance (as a percent) | -47.10% | -32.70% | 59.60% |
Amount of previously unrecorded foreign deferred tax assets and deferred tax liability related to convertible debt excluded from the change in deferred tax asset valuation allowance | $85,300,000 | ' | ' |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Short-term deferred tax liabilities: | ' | ' | ' |
2.625% convertible senior notes due 2019 | $17,061,000 | ' | ' |
Total short-term deferred tax liabilities | 17,061,000 | ' | ' |
Long-term deferred tax liabilities: | ' | ' | ' |
2.625% convertible senior notes due 2019 | 103,951,000 | ' | ' |
Oil and gas properties | 22,135,000 | 23,867,000 | ' |
Total long-term deferred tax liabilities | 126,086,000 | 23,867,000 | ' |
Long-term deferred tax assets: | ' | ' | ' |
Seismic and exploration costs | 280,095,000 | 100,414,000 | ' |
Stock-based compensation | 20,842,000 | 12,340,000 | ' |
Domestic NOL carry forwards | 273,163,000 | 158,310,000 | ' |
Foreign NOL carry forwards | 28,633,000 | 20,624,000 | ' |
Other | 1,976,000 | 1,818,000 | ' |
Valuation allowance | -461,562,000 | -269,639,000 | -177,200,000 |
Total long-term deferred assets | 143,147,000 | 23,867,000 | ' |
Net long-term deferred assets | 17,061,000 | ' | ' |
Income tax expense or benefit | 0 | 0 | 0 |
Income Taxes | ' | ' | ' |
Unrecognized tax benefits | 0 | 0 | ' |
Accrued interest or penalties associated with unrecognized tax benefits | 0 | 0 | ' |
Federal | ' | ' | ' |
Income Taxes | ' | ' | ' |
Net operating loss carryforwards | 787,200,000 | ' | ' |
State | ' | ' | ' |
Income Taxes | ' | ' | ' |
Net operating loss carryforwards | 51,900,000 | ' | ' |
Foreign | ' | ' | ' |
Income Taxes | ' | ' | ' |
Net operating loss carryforwards | $54,400,000 | ' | ' |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | 98 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Contractual obligation and commitments | ' | ' | ' | ' |
2014 | $417,019,000 | ' | ' | $417,019,000 |
2015 | 588,619,000 | ' | ' | 588,619,000 |
2016 | 369,854,000 | ' | ' | 369,854,000 |
2017 | 220,714,000 | ' | ' | 220,714,000 |
2018 | 10,714,000 | ' | ' | 10,714,000 |
Thereafter | 9,000,000 | ' | ' | 9,000,000 |
Office and delay rental expense | 6,700,000 | 12,100,000 | 7,700,000 | 49,100,000 |
Drilling Rig and Related Contracts | ' | ' | ' | ' |
Contractual obligation and commitments | ' | ' | ' | ' |
2014 | 349,000,000 | ' | ' | 349,000,000 |
2015 | 521,000,000 | ' | ' | 521,000,000 |
2016 | 295,000,000 | ' | ' | 295,000,000 |
2017 | 207,000,000 | ' | ' | 207,000,000 |
Operating Leases | ' | ' | ' | ' |
Contractual obligation and commitments | ' | ' | ' | ' |
2014 | 13,000,000 | ' | ' | 13,000,000 |
2015 | 11,000,000 | ' | ' | 11,000,000 |
2016 | 8,000,000 | ' | ' | 8,000,000 |
2017 | 5,000,000 | ' | ' | 5,000,000 |
2018 | 4,000,000 | ' | ' | 4,000,000 |
Thereafter | 8,000,000 | ' | ' | 8,000,000 |
Lease Rentals | ' | ' | ' | ' |
Contractual obligation and commitments | ' | ' | ' | ' |
2014 | 6,000,000 | ' | ' | 6,000,000 |
2015 | 6,000,000 | ' | ' | 6,000,000 |
2016 | 4,000,000 | ' | ' | 4,000,000 |
2017 | 3,000,000 | ' | ' | 3,000,000 |
2018 | 1,000,000 | ' | ' | 1,000,000 |
Thereafter | 1,000,000 | ' | ' | 1,000,000 |
Social Payment Obligations | ' | ' | ' | ' |
Contractual obligation and commitments | ' | ' | ' | ' |
2014 | 49,019,000 | ' | ' | 49,019,000 |
2015 | 50,619,000 | ' | ' | 50,619,000 |
2016 | 62,854,000 | ' | ' | 62,854,000 |
2017 | 5,714,000 | ' | ' | 5,714,000 |
2018 | $5,714,000 | ' | ' | $5,714,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | 98 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 |
segment | |||||||||||||
Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of geographic operating segments | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating costs and expense | $209,204 | $145,663 | $65,365 | $112,452 | $64,405 | $40,553 | $142,155 | $37,715 | $532,684 | $284,828 | $137,836 | ' | $1,472,283 |
Operating income (loss) | -209,204 | -145,663 | -65,365 | -112,452 | -64,405 | -40,553 | -142,155 | -37,715 | -532,684 | -284,828 | -137,836 | ' | -1,472,283 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -56,340 | 1,829 | 4,199 | ' | -44,576 |
Net income (loss) | -222,119 | -160,000 | -78,818 | -128,087 | -66,531 | -39,214 | -140,723 | -36,531 | -589,024 | -282,999 | -133,637 | -217,733 | -1,516,859 |
Additions to Property and Equipment, net | ' | ' | ' | ' | ' | ' | ' | ' | 376,519 | 236,430 | 399,558 | ' | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating costs and expense | ' | ' | ' | ' | ' | ' | ' | ' | 329,832 | 231,196 | 80,425 | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -329,832 | -231,196 | -80,425 | ' | ' |
Additions to Property and Equipment, net | ' | ' | ' | ' | ' | ' | ' | ' | 44,124 | 67,068 | -12,324 | ' | ' |
West Africa | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating costs and expense | ' | ' | ' | ' | ' | ' | ' | ' | 202,852 | 53,632 | 57,411 | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -202,852 | -53,632 | -57,411 | ' | ' |
Additions to Property and Equipment, net | ' | ' | ' | ' | ' | ' | ' | ' | $332,395 | $169,362 | $411,882 | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (Software licensing and consulting service agreement, USD $) | 0 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 20, 2013 | Dec. 31, 2013 |
Related party transactions | ' | ' |
Value of agreement | 1.5 | ' |
Quorum | ' | ' |
Related party transactions | ' | ' |
Initial term to license, host and support software | '3 years | ' |
Amount incurred | ' | $1.30 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data-Unaudited (Details) (USD $) | 3 Months Ended | 12 Months Ended | 24 Months Ended | 98 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 |
Selected Quarterly Financial Data Unaudited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating costs and expenses | $209,204 | $145,663 | $65,365 | $112,452 | $64,405 | $40,553 | $142,155 | $37,715 | $532,684 | $284,828 | $137,836 | ' | $1,472,283 |
Operating income (loss) | -209,204 | -145,663 | -65,365 | -112,452 | -64,405 | -40,553 | -142,155 | -37,715 | -532,684 | -284,828 | -137,836 | ' | -1,472,283 |
Net income (loss) | ($222,119) | ($160,000) | ($78,818) | ($128,087) | ($66,531) | ($39,214) | ($140,723) | ($36,531) | ($589,024) | ($282,999) | ($133,637) | ($217,733) | ($1,516,859) |
Basic and diluted income (loss) per common share (in dollars per share) | ($0.55) | ($0.39) | ($0.19) | ($0.31) | ($0.16) | ($0.10) | ($0.35) | ($0.09) | ($1.45) | ($0.70) | ($0.35) | ' | ' |
Supplemental_Information_on_Oi2
Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Capitalized Costs Related to Oil and Gas Activities | ' | ' |
Unproved properties | $1,532,717,000 | $1,172,877,000 |
Accumulated valuation allowance | -160,913,000 | -78,413,000 |
Capitalized costs, gross | 1,371,804,000 | 1,094,464,000 |
Proved properties | 92,579,000 | ' |
Net capitalized costs | 1,464,383,000 | 1,094,464,000 |
Gain (loss) recognized on sale and exchange of leasehold interests transactions | 0 | 0 |
U.S. Gulf of Mexico | ' | ' |
Capitalized Costs Related to Oil and Gas Activities | ' | ' |
Unproved properties | 605,658,000 | 572,257,000 |
Accumulated valuation allowance | -160,913,000 | -78,413,000 |
Capitalized costs, gross | 444,745,000 | 493,844,000 |
Proved properties | 92,579,000 | ' |
Net capitalized costs | 537,324,000 | 493,844,000 |
Proceeds from sale and exchange of leasehold interests transactions | 10,700,000 | 800,000 |
West Africa | ' | ' |
Capitalized Costs Related to Oil and Gas Activities | ' | ' |
Unproved properties | 927,059,000 | 600,620,000 |
Capitalized costs, gross | 927,059,000 | 600,620,000 |
Net capitalized costs | $927,059,000 | $600,620,000 |
Supplemental_Information_on_Oi3
Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) (Details 2) (USD $) | 12 Months Ended | 98 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Property acquisition | ' | ' | ' | ' |
Unproved | $37,584 | $19,961 | $337,126 | ' |
Exploration | ' | ' | ' | ' |
Capitalized | 628,685 | 346,604 | 108,063 | ' |
Expensed | 74,213 | 61,583 | 32,239 | 464,385 |
Development | 54,133 | ' | ' | ' |
Total Costs Incurred | 794,615 | 428,148 | 477,428 | ' |
U.S. Gulf of Mexico | ' | ' | ' | ' |
Property acquisition | ' | ' | ' | ' |
Unproved | 37,584 | 19,961 | ' | ' |
Exploration | ' | ' | ' | ' |
Capitalized | 158,806 | 178,295 | 11,214 | ' |
Expensed | 48,688 | 32,874 | 10,707 | ' |
Development | 54,133 | ' | ' | ' |
Total Costs Incurred | 299,211 | 231,130 | 21,921 | ' |
West Africa | ' | ' | ' | ' |
Property acquisition | ' | ' | ' | ' |
Unproved | ' | ' | 337,126 | ' |
Exploration | ' | ' | ' | ' |
Capitalized | 469,879 | 168,309 | 96,849 | ' |
Expensed | 25,525 | 28,709 | 21,532 | ' |
Total Costs Incurred | $495,404 | $197,018 | $455,507 | ' |
Supplemental_Information_on_Oi4
Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) (Details 3) | 12 Months Ended |
Dec. 31, 2013 | |
MMBoe | |
Proved undeveloped reserves: | ' |
Discoveries | 8.5 |
End of year | 8.5 |
Period for calculating un-weighted arithmetic average of the first-day-of-the-month prices | '12 months |
Natural Gas (in Bcf) | ' |
Proved undeveloped reserves: | ' |
Discoveries | 3,400 |
End of year | 3,400 |
Unweighted average resulting price (in dollars per Bbl or Mcf) | 3.507 |
Natural Gas (in Bcf) | Henry Hub | ' |
Proved undeveloped reserves: | ' |
Unweighted arithmetic average price (in dollars per Bbl or MMbtu) | 3.67 |
Oil and Condensate (in MBbls) | ' |
Proved undeveloped reserves: | ' |
Discoveries | 7.9 |
End of year | 7.9 |
Unweighted average resulting price (in dollars per Bbl or Mcf) | 103.9 |
Oil and Condensate (in MBbls) | Light Louisiana Sweet | ' |
Proved undeveloped reserves: | ' |
Unweighted arithmetic average price (in dollars per Bbl or MMbtu) | 107.13 |
Supplemental_Information_on_Oi5
Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) (Details 4) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Future net cash flows relating to proved oil and gas reserves based on the standardized measure | ' |
Future cash inflows | $830,287 |
Future production costs | -6,400 |
Future development costs | -302,278 |
Future income tax expense | 0 |
Future net cash flows | 521,609 |
10% annual discount for estimated timing of cash flows | -244,976 |
Standardized measure of discounted future net cash flows | $276,633 |
Supplemental_Information_on_Oi6
Supplemental Information on Oil and Gas Exploration and Production Activities (Unaudited) (Details 5) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Information with respect to the company's standardized measure of discounted future net cash flows related to its proved natural gas reserves | ' |
Discoveries | $276,633 |
Standardized measure, ending | $276,633 |