Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 06, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Matador Resources Co | ' |
Entity Central Index Key | '0001520006 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 73,339,315 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash | $14,635 | $6,287 |
Accounts receivable | ' | ' |
Oil and natural gas revenues | 33,493 | 25,823 |
Joint interest billings | 9,925 | 4,785 |
Other | 1,594 | 1,066 |
Derivative instruments | 22 | 19 |
Deferred Tax Assets, Net | 4,294 | 1,636 |
Lease and well equipment inventory | 954 | 785 |
Prepaid expenses | 2,427 | 1,771 |
Total current assets | 67,344 | 42,172 |
Oil and natural gas properties, full-cost method | ' | ' |
Evaluated | 1,278,003 | 1,090,656 |
Unproved and unevaluated | 277,949 | 194,306 |
Other property and equipment | 32,219 | 29,910 |
Less accumulated depletion, depreciation and amortization | -524,822 | -468,995 |
Net property and equipment | 1,063,349 | 845,877 |
Other assets | ' | ' |
Derivative instruments | 171 | 173 |
Other assets | 2,577 | 2,108 |
Total other assets | 2,748 | 2,281 |
Total assets | 1,133,441 | 890,330 |
Current liabilities | ' | ' |
Accounts payable | 18,541 | 25,358 |
Accrued liabilities | 105,129 | 63,987 |
Royalties payable | 13,687 | 7,798 |
Derivative instruments | 10,264 | 2,692 |
Accrued Income Taxes, Current | 3,219 | 404 |
Other current liabilities | 88 | 88 |
Total current liabilities | 150,928 | 100,327 |
Long-term liabilities | ' | ' |
Borrowings under Credit Agreement | 150,000 | 200,000 |
Asset retirement obligations | 9,723 | 7,309 |
Derivative Liability, Noncurrent | 1,025 | 253 |
Deferred Tax Liabilities, Net, Noncurrent | 30,942 | 10,929 |
Other long-term liabilities | 3,581 | 2,588 |
Total long-term liabilities | 195,271 | 221,079 |
Commitments and contingencies | ' | ' |
Shareholders' equity | ' | ' |
Common stock - $0.01 par value, 80,000,000 shares authorized; 74,657,951 and 66,958,867 shares issued; and 73,327,906 and 65,652,690 shares outstanding, respectively | 747 | 670 |
Additional paid-in capital | 732,587 | 548,935 |
Retained deficit | 64,673 | 30,084 |
Treasury stock, at cost, 1,330,045 and 1,306,177 shares, respectively | -10,765 | -10,765 |
Total shareholders' equity | 787,242 | 568,924 |
Total liabilities and shareholders' equity | $1,133,441 | $890,330 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value (usd per share) | $0.01 | $0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 74,657,951 | 66,958,867 |
Common stock, shares outstanding | 73,327,906 | 65,652,690 |
Treasury stock, shares | 1,330,045 | 1,306,177 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Oil and natural gas revenues | $99,054 | $58,179 | $177,986 | $117,498 |
Realized (loss) gain on derivatives | -2,913 | 254 | -4,756 | 646 |
Unrealized (loss) gain on derivatives | -5,234 | 7,526 | -8,342 | 2,701 |
Total revenues | 90,907 | 65,959 | 164,888 | 120,845 |
Expenses | ' | ' | ' | ' |
Production taxes and marketing | 9,116 | 4,451 | 15,122 | 8,548 |
Lease operating | 11,704 | 10,140 | 21,055 | 21,040 |
Depletion, depreciation and amortization | 31,797 | 20,234 | 55,827 | 48,466 |
Accretion of asset retirement obligations | 123 | 80 | 241 | 161 |
Full-cost ceiling impairment | 0 | 0 | 0 | 21,229 |
General and administrative | 8,100 | 4,149 | 15,319 | 8,751 |
Total expenses | 60,840 | 39,054 | 107,564 | 108,195 |
Operating income | 30,067 | 26,905 | 57,324 | 12,650 |
Other income (expense) | ' | ' | ' | ' |
Net loss on asset sales and inventory impairment | 0 | -192 | 0 | -192 |
Interest expense | -1,616 | -1,609 | -3,012 | -2,880 |
Interest and other income | 409 | 47 | 447 | 115 |
Total other expense | -1,207 | -1,754 | -2,565 | -2,957 |
Income before income taxes | 28,860 | 25,151 | 54,759 | 9,693 |
Income tax provision | ' | ' | ' | ' |
Current | 1,539 | 32 | 2,814 | 78 |
Deferred | 9,095 | 0 | 17,356 | 0 |
Total income tax provision | 10,634 | 32 | 20,170 | 78 |
Net income | $18,226 | $25,119 | $34,589 | $9,615 |
Basic | ' | ' | ' | ' |
Basic (usd per share) | $0.27 | $0.45 | $0.52 | $0.17 |
Diluted | ' | ' | ' | ' |
Diluted (usd per share) | $0.26 | $0.45 | $0.51 | $0.17 |
Basic | ' | ' | ' | ' |
Basic (shares) | 68,531 | 55,839 | 67,108 | 55,729 |
Diluted | ' | ' | ' | ' |
Diluted (shares) | 69,220 | 55,937 | 67,771 | 55,819 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Changes in Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock |
In Thousands, except Share data, unless otherwise specified | |||||
Beginning Balance at Dec. 31, 2013 | $568,924 | $670 | $548,935 | $30,084 | ($10,765) |
Beginning Balance, shares at Dec. 31, 2013 | 65,652,690 | 66,959,000 | ' | ' | 1,306,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Issuance of common stock | 181,875 | 75 | 181,800 | ' | ' |
Issuance of common stock, shares | ' | 7,500,000 | ' | ' | ' |
Cost to issue equity | -590 | ' | -590 | ' | ' |
Common stock issued to Board advisors | 10 | 0 | 10 | ' | ' |
Common stock issued to Board advisors, shares | ' | 17,000 | ' | ' | ' |
Stock options expense related to equity based awards | 1,067 | ' | 1,067 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | -2,000 | ' | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised | 6 | 0 | 6 | ' | ' |
Liability based stock option awards exercised, forfeited or expired | 10 | ' | 10 | ' | ' |
Restricted stock issued | ' | 2 | -2 | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | -18 | ' | -18 | ' | ' |
Restricted stock issued, shares | ' | 180,000 | ' | ' | ' |
Restricted stock forfeited, shares | ' | ' | ' | ' | 24,000 |
Restricted stock and restricted stock units expense | 1,369 | ' | 1,369 | ' | ' |
Net income | 34,589 | ' | ' | 34,589 | ' |
Ending Balance at Jun. 30, 2014 | $787,242 | $747 | $732,587 | $64,673 | ($10,765) |
Ending Balance, shares at Jun. 30, 2014 | 73,327,906 | 74,658,000 | ' | ' | 1,330,000 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities | ' | ' |
Net income | $34,589 | $9,615 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities | ' | ' |
Unrealized loss (gain) on derivatives | 8,342 | -2,701 |
Depletion, depreciation and amortization | 55,827 | 48,466 |
Accretion of asset retirement obligations | 241 | 161 |
Full-cost ceiling impairment | 0 | 21,229 |
Stock-based compensation expense | 3,629 | 1,524 |
Deferred income tax provision | 17,356 | 0 |
Net loss on asset sales and inventory impairment | 0 | 192 |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable | -13,338 | 1,763 |
Lease and well equipment inventory | -36 | 280 |
Prepaid expenses | -656 | -215 |
Other assets | -468 | -117 |
Accounts payable, accrued liabilities and other current liabilities | -517 | 4,615 |
Royalties payable | 5,890 | -206 |
Advances from joint interest owners | 0 | -1,515 |
Income taxes payable | 2,814 | 78 |
Other long-term liabilities | -198 | 743 |
Net cash provided by operating activities | 113,475 | 83,912 |
Investing activities | ' | ' |
Oil and natural gas properties capital expenditures | -234,335 | -173,989 |
Expenditures for other property and equipment | -1,884 | -2,081 |
Purchases of certificates of deposit | 0 | -61 |
Maturities of certificates of deposit | 0 | 230 |
Net cash used in investing activities | -236,219 | -175,901 |
Financing activities | ' | ' |
Repayments of Lines of Credit | -180,000 | 0 |
Borrowings under Credit Agreement | 130,000 | 95,000 |
Proceeds from Issuance of Common Stock | 181,875 | 0 |
Payments of Stock Issuance Costs | -504 | 0 |
Proceeds from stock options exercised | 6 | 0 |
Payments Related to Tax Withholding for Share-based Compensation | -285 | -1 |
Net cash provided by financing activities | 131,092 | 94,999 |
Increase (decrease) in cash | 8,348 | 3,010 |
Cash at beginning of period | 6,287 | 2,095 |
Cash at end of period | $14,635 | $5,105 |
Nature_of_Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NATURE OF OPERATIONS | ' |
NATURE OF OPERATIONS | |
Matador Resources Company (“Matador” and, collectively with its subsidiaries, the “Company”) is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. The Company’s current operations are focused primarily on the oil and liquids-rich portion of the Eagle Ford shale play in South Texas and the Wolfcamp and Bone Spring plays in the Permian Basin in Southeast New Mexico and West Texas. The Company also operates in the Haynesville shale and Cotton Valley plays in Northwest Louisiana and East Texas. In addition, the Company has a large exploratory leasehold position in Southwest Wyoming and adjacent areas in Utah and Idaho where it is testing the Meade Peak shale. | |
On November 22, 2010, the company formerly known as Matador Resources Company, a Texas corporation founded on July 3, 2003, formed a wholly-owned subsidiary, Matador Holdco, Inc. Pursuant to the terms of a corporate reorganization that was completed on August 9, 2011 and in connection with Matador’s initial public offering, the former Matador Resources Company became a wholly-owned subsidiary of Matador Holdco, Inc. and changed its corporate name to MRC Energy Company, and Matador Holdco, Inc. changed its corporate name to Matador Resources Company. | |
MRC Energy Company holds the primary assets of the Company and has four wholly-owned subsidiaries: Matador Production Company, MRC Permian Company, MRC Rockies Company and Longwood Gathering and Disposal Systems GP, Inc. Matador Production Company serves as the oil and natural gas operating entity. MRC Permian Company conducts oil and natural gas exploration and development activities in Southeast New Mexico and West Texas. MRC Rockies Company conducts oil and natural gas exploration and development activities in the Rocky Mountains and specifically in the states of Wyoming, Utah and Idaho. Longwood Gathering and Disposal Systems GP, Inc. serves as the general partner of Longwood Gathering and Disposal Systems, LP, which owns a majority of the pipeline systems and salt water disposal wells used in the Company’s operations, transports limited quantities of third-party natural gas and disposes of limited quantities of third-party salt water. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Interim Financial Statements, Basis of Presentation, Consolidation and Significant Estimates | ||||||||||||
The unaudited condensed consolidated financial statements of Matador and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) but do not include all of the information and footnotes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC (the “Annual Report”). All intercompany accounts and transactions have been eliminated in consolidation. In management’s opinion, these interim unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair presentation of the Company’s consolidated financial position as of June 30, 2014, consolidated results of operations for the three and six months ended June 30, 2014 and 2013, consolidated changes in shareholders’ equity for the six months ended June 30, 2014 and consolidated cash flows for the six months ended June 30, 2014 and 2013. Amounts as of December 31, 2013 are derived from the audited consolidated financial statements in the Annual Report. | ||||||||||||
Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end and the results for the interim periods shown in this report are not necessarily indicative of results to be expected for the full year due in part to volatility in oil, natural gas and natural gas liquids prices, global economic and financial market conditions, interest rates, access to sources of liquidity, estimates of reserves, drilling risks, geological risks, transportation restrictions, oil, natural gas and natural gas liquids supply and demand, market competition and interruptions of production. | ||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions may also affect 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. The Company’s consolidated financial statements are based on a number of significant estimates, including accruals for oil and natural gas revenues, accrued assets and liabilities primarily related to oil and natural gas operations, stock-based compensation, valuation of derivative instruments and oil and natural gas reserves. The estimates of oil and natural gas reserves quantities and future net cash flows are the basis for the calculations of depletion and impairment of oil and natural gas properties, as well as estimates of asset retirement obligations and certain tax accruals. While the Company believes its estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates. | ||||||||||||
Property and Equipment | ||||||||||||
The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method of accounting, all costs associated with the acquisition, exploration and development of oil and natural gas properties and reserves, including unproved and unevaluated property costs, are capitalized as incurred and accumulated in a single cost center representing the Company’s activities, which are undertaken exclusively in the United States. Such costs include lease acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties, costs of drilling both productive and non-productive wells, capitalized interest on qualifying projects and certain general and administrative expenses directly related to acquisition, exploration and development activities, but do not include any costs related to production, selling or general corporate administrative activities. The Company capitalized approximately $1.6 million and $0.7 million of its general and administrative costs for the three months ended June 30, 2014 and 2013, respectively. The Company capitalized approximately $0.7 million and $0.5 million of its interest expense for the three months ended June 30, 2014 and 2013, respectively. The Company capitalized approximately $2.8 million and $1.4 million of its general and administrative costs for the six months ended June 30, 2014 and 2013, respectively. The Company capitalized approximately $1.4 million and $0.8 million of its interest expense for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||
The net capitalized costs of oil and natural gas properties are limited to the lower of unamortized costs less related deferred income taxes or the cost center “ceiling.” The cost center ceiling is defined as the sum of: | ||||||||||||
(a) the present value, discounted at 10%, of future net revenues of proved oil and natural gas reserves, reduced by the estimated costs of developing these reserves, plus | ||||||||||||
(b) unproved and unevaluated property costs not being amortized, plus | ||||||||||||
(c) the lower of cost or estimated fair value of unproved and unevaluated properties included in the costs being amortized, if any, less | ||||||||||||
(d) income tax effects related to the properties involved. | ||||||||||||
Any excess of the Company’s net capitalized costs above the cost center ceiling as described above is charged to operations as a full-cost ceiling impairment. The need for a full-cost ceiling impairment is required to be assessed on a quarterly basis. The fair value of the Company’s derivative instruments is not included in the ceiling test computation as the Company does not designate these instruments as hedge instruments for accounting purposes. | ||||||||||||
The estimated present value of after-tax future net cash flows from proved oil and natural gas reserves is highly dependent upon the quantities of proved reserves, the estimation of which requires substantial judgment. The associated commodity prices and applicable discount rate used in these estimates are in accordance with guidelines established by the SEC. Under these guidelines, oil and natural gas reserves are estimated using then-current operating and economic conditions, with no provision for price and cost escalations in future periods except by contractual arrangements. Future net revenues are calculated using prices that represent the arithmetic averages of first-day-of-the-month oil and natural gas prices for the previous 12-month period and dictate that a 10% discount factor be used. For the period from July 2013 through June 2014, these average oil and natural gas prices were $96.75 per barrel (“Bbl”) and $4.104 per million British thermal units (“MMBtu”), respectively. For the period from July 2012 through June 2013, these average oil and natural gas prices were $88.13 per Bbl and $3.444 per MMBtu, respectively. In estimating the present value of after-tax future net cash flows from proved oil and natural gas reserves, the average oil prices were adjusted by property for quality, transportation and marketing fees and regional price differentials, and the average natural gas prices were adjusted by property for energy content, transportation and marketing fees and regional price differentials. At June 30, 2014 and 2013, the Company’s oil and natural gas reserves estimates were prepared by the Company’s engineering staff in accordance with guidelines established by the SEC and then audited for their reasonableness and conformance with SEC guidelines by Netherland, Sewell & Associates, Inc., independent reservoir engineers. | ||||||||||||
Using the average commodity prices, as adjusted, to determine the Company’s estimated proved oil and natural gas reserves at June 30, 2014, the Company’s net capitalized costs less related deferred income taxes did not exceed the full-cost ceiling. As a result, the Company recorded no impairment to its net capitalized costs for the three months ended June 30, 2014. Using the average commodity prices, as adjusted, to determine the Company’s estimated proved oil and natural gas reserves at June 30, 2013, the Company’s net capitalized costs less related deferred income taxes did not exceed the full-cost ceiling. As a result, the Company recorded no impairment to its net capitalized costs for the three months ended June 30, 2013. At March 31, 2013, the Company’s net capitalized costs less related deferred income taxes exceeded the full-cost ceiling by $13.7 million. The Company recorded an impairment charge of $21.2 million to its net capitalized costs and a deferred income tax credit of $7.5 million related to the full-cost ceiling limitation at March 31, 2013. These charges are reflected in the Company’s unaudited condensed consolidated statement of operations for the six months ended June 30, 2013. At June 30, 2013, the Company retained a full valuation allowance against its deferred tax assets, and as a result, the Company recorded no deferred income tax provision in its unaudited condensed consolidated statement of operations for the three and six months ended June 30, 2013. | ||||||||||||
As a non-cash item, the full-cost ceiling impairment impacts the accumulated depletion and the net carrying value of the Company’s assets on its consolidated balance sheet, as well as the corresponding consolidated shareholders’ equity, but it has no impact on the Company’s consolidated net cash flows as reported. Changes in oil and natural gas production rates, oil and natural gas prices, reserves estimates, future development costs and other factors will determine the Company’s actual ceiling test computation and impairment analyses in future periods. | ||||||||||||
Capitalized costs of oil and natural gas properties are amortized using the unit-of-production method based upon production and estimates of proved reserves quantities. Unproved and unevaluated property costs are excluded from the amortization base used to determine depletion. Unproved and unevaluated properties are assessed for possible impairment on a periodic basis based upon changes in operating or economic conditions. This assessment includes consideration of the following factors, among others: the assignment of proved reserves, geological and geophysical evaluations, intent to drill, remaining lease term and drilling activity and results. Upon impairment, the costs of the unproved and unevaluated properties are immediately included in the amortization base. Exploratory dry holes are included in the amortization base immediately upon determination that the well is not productive. | ||||||||||||
Earnings (Loss) Per Common Share | ||||||||||||
The Company reports basic earnings (loss) per common share, which excludes the effect of potentially dilutive securities, and diluted earnings per common share, which includes the effect of all potentially dilutive securities, unless their impact is anti-dilutive. | ||||||||||||
The following table sets forth the computation of diluted weighted average common shares outstanding for the three and six months ended June 30, 2014 and 2013 (in thousands). | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted average common shares outstanding | ||||||||||||
Basic | 68,531 | 55,839 | 67,108 | 55,729 | ||||||||
Dilutive effect of options and restricted stock units | 689 | 98 | 663 | 90 | ||||||||
Diluted weighted average common shares outstanding | 69,220 | 55,937 | 67,771 | 55,819 | ||||||||
Fair Value Measurements | ||||||||||||
The Company measures and reports certain assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company follows Financial Accounting Standards Board (“FASB”) guidance establishing a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. | ||||||||||||
Recent Accounting Pronouncements | ||||||||||||
Revenue from Contracts with Customers. In May 2014, the FASB issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers (Topic 606), which specifies how and when to recognize revenue. This standard requires expanded disclosures surrounding revenue recognition and is intended to improve and converge with international standards the financial reporting requirements for revenue from contracts with customers. ASU 2014-09 will become effective for fiscal years beginning after December 15, 2016, i.e., in the Company’s first fiscal quarter of 2017. The Company is currently evaluating the impact, if any, of the adoption of this ASU on its consolidated financial statements. |
Common_Stock_Notes
Common Stock (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Common Stock | ' |
COMMON STOCK | |
On May 29, 2014, the Company completed a public offering of 7,500,000 shares of its common stock. After deducting direct offering costs totaling approximately $0.6 million, the Company received net proceeds of approximately $181.3 million. The Company used a portion of the net proceeds to repay $180.0 million in outstanding borrowings under its Credit Agreement (see Note 5), which amounts may be reborrowed in accordance with the terms of that facility. The remaining $1.3 million of the offering net proceeds was used to fund working capital requirements. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||
ASSET RETIREMENT OBLIGATIONS | ' | |||
ASSET RETIREMENT OBLIGATIONS | ||||
The following table summarizes the changes in the Company’s asset retirement obligations for the six months ended June 30, 2014 (in thousands). | ||||
Beginning asset retirement obligations | $ | 7,484 | ||
Liabilities incurred during period | 838 | |||
Liabilities settled during period | (22 | ) | ||
Revisions in estimated cash flows | 1,659 | |||
Accretion expense | 241 | |||
Ending asset retirement obligations | 10,200 | |||
Less: current asset retirement obligations(1) | (477 | ) | ||
Long-term asset retirement obligations | $ | 9,723 | ||
_______________ | ||||
-1 | Included in accrued liabilities in the Company’s unaudited condensed consolidated balance sheet at June 30, 2014. |
Revolving_Credit_Agreement
Revolving Credit Agreement | 6 Months Ended | |
Jun. 30, 2014 | ||
Debt Disclosure [Abstract] | ' | |
REVOLVING CREDIT AGREEMENT | ' | |
REVOLVING CREDIT AGREEMENT | ||
On September 28, 2012, the Company amended and restated its revolving credit agreement. This third amended and restated credit agreement (the “Credit Agreement”) increased the maximum facility amount from $400.0 million to $500.0 million. The Credit Agreement matures December 29, 2016. MRC Energy Company is the borrower under the Credit Agreement. Borrowings are secured by mortgages on substantially all of the Company’s proved oil and natural gas properties and by the equity interests of all of MRC Energy Company’s wholly-owned subsidiaries, which are also guarantors. In addition, all obligations under the Credit Agreement are guaranteed by Matador, the parent corporation. Various commodity hedging agreements with certain of the lenders under the Credit Agreement (or affiliates thereof) are also secured by the collateral of and guaranteed by the eligible subsidiaries of MRC Energy Company. | ||
The borrowing base under the Credit Agreement is determined semi-annually as of May 1 and November 1 by the lenders based primarily on the estimated value of the Company’s proved oil and natural gas reserves at December 31 and June 30 of each year, respectively. Both the Company and the lenders may request an unscheduled redetermination of the borrowing base once each between scheduled redetermination dates. During the first quarter of 2014, the lenders completed their review of the Company’s estimated total proved oil and natural gas reserves at December 31, 2013, and as a result, on March 12, 2014, the borrowing base under the Credit Agreement was increased to $385.0 million, and the conforming borrowing base was increased to $310.0 million. At that time, the Company amended the Credit Agreement to, among other things, provide that the borrowing base will automatically be reduced to the conforming borrowing base at the earlier of (i) June 30, 2015 or (ii) concurrent with the issuance by the Company of senior unsecured notes in an amount greater than or equal to $10.0 million. The Credit Agreement was also amended to eliminate the current ratio covenant and to increase the debt to EBITDA ratio covenant, which is defined as total debt outstanding divided by a rolling four quarter EBITDA calculation, to 4.25 or less. Furthermore, the interest rate charged to the Company based on its outstanding level of borrowings was reduced by 0.25% across the borrowing grid as a result of this amendment. This March 2014 redetermination constituted the regularly scheduled May 1 redetermination. The Company may request one additional unscheduled redetermination of its borrowing base prior to the next scheduled redetermination. The Company expects additional increases to the borrowing base primarily as a result of anticipated increases in its proved oil and natural gas reserves, and particularly its proved developed oil and natural gas reserves. | ||
In the event of a borrowing base increase, the Company is required to pay a fee to the lenders equal to a percentage of the amount of the increase, which is determined based on market conditions at the time of the borrowing base increase. Total deferred loan costs were $2.0 million at June 30, 2014, and these costs are being amortized over the term of the agreement, which approximates the amortization of these costs using the effective interest method. If, upon a redetermination or the automatic reduction of the borrowing base to the conforming borrowing base, the borrowing base were to be less than the outstanding borrowings under the Credit Agreement at any time, the Company would be required to provide additional collateral satisfactory in nature and value to the lenders to increase the borrowing base to an amount sufficient to cover such excess or to repay the deficit in equal installments over a period of six months. | ||
On May 29, 2014, using a portion of the net proceeds from its public equity offering, the Company repaid $180.0 million of its outstanding borrowings under the Credit Agreement. At June 30, 2014, the Company had $150.0 million in borrowings outstanding under the Credit Agreement and approximately $0.6 million in outstanding letters of credit issued pursuant to the Credit Agreement. For the three months ended June 30, 2014, the Company’s outstanding borrowings bore interest at an effective interest rate of approximately 3.6% per annum. From July 1, 2014 through August 6, 2014, the Company borrowed an additional $45.0 million under the Credit Agreement to finance a portion of its working capital requirements and capital expenditures and the acquisition of additional leasehold interests. At August 6, 2014, the Company had $195.0 million in borrowings outstanding under the Credit Agreement and approximately $0.6 million in outstanding letters of credit issued pursuant to the Credit Agreement. | ||
If the Company borrows funds as a base rate loan, such borrowings will bear interest at a rate equal to the higher of (i) the prime rate for such day, (ii) the Federal Funds Effective Rate on such day, plus 0.50% or (iii) the daily adjusting LIBOR rate plus 1.0% plus, in each case, an amount from 0.50% to 2.75% of such outstanding loan depending on the level of borrowings under the agreement. If the Company borrows funds as a Eurodollar loan, such borrowings will bear interest at a rate equal to (i) the quotient obtained by dividing (A) the LIBOR rate by (B) a percentage equal to 100% minus the maximum rate during such interest calculation period at which Royal Bank of Canada (“RBC”) is required to maintain reserves on Eurocurrency Liabilities (as defined in Regulation D of the Board of Governors of the Federal Reserve System) plus (ii) an amount from 1.50% to 3.75% of such outstanding loan depending on the level of borrowings under the Credit Agreement. The interest period for Eurodollar borrowings may be one, two, three or six months as designated by the Company. A commitment fee of 0.375% to 0.50%, depending on the unused availability under the Credit Agreement, is also paid quarterly in arrears. The Company includes this commitment fee, any amortization of deferred financing costs (including origination, borrowing base increase and amendment fees) and annual agency fees, if any, as interest expense and in its interest rate calculations and related disclosures. The Credit Agreement requires the Company to maintain a debt to EBITDA ratio, which is defined as total debt outstanding divided by a rolling four quarter EBITDA calculation, of 4.25 or less. | ||
Subject to certain exceptions, the Credit Agreement contains various covenants that limit the Company’s ability to take certain actions, including, but not limited to, the following: | ||
• | incur indebtedness or grant liens on any of the Company’s assets; | |
• | enter into commodity hedging agreements; | |
• | declare or pay dividends, distributions or redemptions; | |
• | merge or consolidate; | |
• | make any loans or investments; | |
• | engage in transactions with affiliates; and | |
• | engage in certain asset dispositions, including a sale of all or substantially all of the Company’s assets. | |
If an event of default exists under the Credit Agreement, the lenders will be able to accelerate the maturity of the borrowings and exercise other rights and remedies. Events of default include, but are not limited to, the following events: | ||
• | failure to pay any principal or interest on the notes or any reimbursement obligation under any letter of credit when due or any fees or other amounts within certain grace periods; | |
• | failure to perform or otherwise comply with the covenants and obligations in the Credit Agreement or other loan documents, subject, in certain instances, to certain grace periods; | |
• | bankruptcy or insolvency events involving the Company or its subsidiaries; and | |
• | a change of control, as defined in the Credit Agreement. | |
During the second quarter of 2014, Bank of America, N.A. replaced Citibank, N.A. as a lender under the Credit Agreement. At June 30, 2014, the Company believes that it was in compliance with the terms of the Credit Agreement. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The Company had an effective tax rate of 36.9% and 36.8% for the three and six months ended June 30, 2014, respectively. Total income tax expense for the three and six months ended June 30, 2014 differed from amounts computed by applying the U.S. federal statutory tax rates to pre-tax income due to the impact of permanent differences between book and taxable income. Based upon its projections for the remainder of 2014 and 2013, the Company anticipated incurring a small alternative minimum tax (“AMT”) liability for the years ending December 31, 2014 and 2013, the proportionate shares of which were recorded as the current income tax provision for the three and six months ended June 30, 2014 and 2013. The Company established a valuation allowance at September 30, 2012 and retained a full valuation allowance of approximately $6.7 million at June 30, 2013 due to uncertainties regarding the future realization of its net deferred tax assets. As a result, there was no income tax expense or benefit recorded for the three and six months ended June 30, 2013, other than the AMT liability noted above. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
STOCK-BASED COMPENSATION | ' |
In February and March 2014, the Company granted awards of options to certain of its employees to purchase 49,721 shares of the Company’s common stock at an exercise price of $19.71, 224,962 shares at an exercise price of $23.40 and 75,247 shares at an exercise price of $22.66. The fair value of these awards was approximately $3.3 million. The Company also granted awards of 150,854 shares of restricted stock to certain of its employees in February and March 2014. The fair value of these restricted stock awards was approximately $3.4 million. All of these awards vest over a term of three or four years. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | |||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||||
From time to time, the Company uses derivative financial instruments to mitigate its exposure to commodity price risk associated with oil, natural gas and natural gas liquids prices. These instruments consist of put and call options in the form of costless collars and swap contracts. The Company records derivative financial instruments in its consolidated balance sheet as either assets or liabilities measured at fair value. The Company has elected not to apply hedge accounting for its existing derivative financial instruments. As a result, the Company recognizes the change in derivative fair value between reporting periods currently in its consolidated statement of operations as an unrealized gain or unrealized loss. The fair value of the Company’s derivative financial instruments is determined using industry-standard models that consider various inputs including: (i) quoted forward prices for commodities, (ii) time value of money and (iii) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. RBC, Comerica Bank, The Bank of Nova Scotia, BMO Harris Financing (Bank of Montreal) and SunTrust Bank (or affiliates thereof) were the counterparties for the Company’s commodity derivatives at June 30, 2014. The Company has considered the credit standings of the counterparties in determining the fair value of its derivative financial instruments. | ||||||||||||||||||
The Company has entered into various costless collar contracts to mitigate its exposure to fluctuations in oil prices, each with an established price floor and ceiling. For each calculation period, the specified price for determining the realized gain or loss pursuant to any of these transactions is the arithmetic average of the settlement prices for the NYMEX West Texas Intermediate oil futures contract for the first nearby month corresponding to the calculation period’s calendar month. When the settlement price is below the price floor established by one or more of these collars, the Company receives from the counterparty an amount equal to the difference between the settlement price and the price floor multiplied by the contract oil volume. When the settlement price is above the price ceiling established by one or more of these collars, the Company pays to the counterparty an amount equal to the difference between the settlement price and the price ceiling multiplied by the contract oil volume. | ||||||||||||||||||
The Company has entered into various costless collar transactions for natural gas, each with an established price floor and ceiling. For each calculation period, the specified price for determining the realized gain or loss to the Company pursuant to any of these transactions is the settlement price for the NYMEX Henry Hub natural gas futures contract for the delivery month corresponding to the calculation period’s calendar month for the settlement date of that contract period. When the settlement price is below the price floor established by one or more of these collars, the Company receives from the counterparty an amount equal to the difference between the settlement price and the price floor multiplied by the contract natural gas volume. When the settlement price is above the price ceiling established by one or more of these collars, the Company pays to the counterparty an amount equal to the difference between the settlement price and the price ceiling multiplied by the contract natural gas volume. | ||||||||||||||||||
The Company has entered into various swap contracts to mitigate its exposure to fluctuations in natural gas liquids (“NGL”) prices, each with an established fixed price. For each calculation period, the settlement price for determining the realized gain or loss to the Company pursuant to any of these transactions is the arithmetic average of any current month for delivery on the nearby month futures contracts of the underlying commodity as stated on the “Mont Belvieu Spot Gas Liquids Prices: NON-TET prop” on the pricing date. When the settlement price is below the fixed price established by one or more of these swaps, the Company receives from the counterparty an amount equal to the difference between the settlement price and the fixed price multiplied by the contract NGL volume. When the settlement price is above the fixed price established by one or more of these swaps, the Company pays to the counterparty an amount equal to the difference between the settlement price and the fixed price multiplied by the contract NGL volume. | ||||||||||||||||||
At June 30, 2014, the Company had various costless collar contracts open and in place to mitigate its exposure to oil and natural gas price volatility, each with a specific term (calculation period), notional quantity (volume hedged) and price floor and ceiling. Each contract is set to expire at varying times during 2014 and 2015. | ||||||||||||||||||
At June 30, 2014, the Company had various swap contracts open and in place to mitigate its exposure to NGL price volatility, each with a specific term (calculation period), notional quantity (volume hedged) and fixed price. Each contract is set to expire at varying times during 2014 and 2015. | ||||||||||||||||||
The following is a summary of the Company’s open costless collar contracts for oil and natural gas and open swap contracts for NGL at June 30, 2014. | ||||||||||||||||||
Commodity | Calculation Period | Notional | Price | Price | Fair Value of | |||||||||||||
Quantity | Floor | Ceiling | Asset | |||||||||||||||
(Bbl/month) | ($/Bbl) | ($/Bbl) | (Liability) | |||||||||||||||
(thousands) | ||||||||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 10,000 | 85 | 100.55 | $ | (260 | ) | |||||||||||
Oil | 07/01/2014 - 12/31/2014 | 12,200 | 85 | 100.4 | (326 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 15,000 | 85 | 97.5 | (598 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 30,000 | 85 | 98 | (1,122 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 12,000 | 85 | 100 | (340 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 15,000 | 87 | 97 | (630 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 20,000 | 88 | 95.6 | (979 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 20,000 | 90 | 97 | (825 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 12,000 | 90 | 97.9 | (443 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 15,000 | 90 | 97.9 | (553 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 15,000 | 90 | 98 | (546 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 15,000 | 90 | 101.15 | (337 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 10,000 | 90 | 103.75 | (133 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 10,000 | 90 | 103.88 | (130 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 10,000 | 90 | 104.15 | (122 | ) | ||||||||||||
Oil | 01/01/2015 - 12/31/2015 | 20,000 | 80 | 100 | (714 | ) | ||||||||||||
Oil | 01/01/2015 - 12/31/2015 | 20,000 | 80 | 101 | (610 | ) | ||||||||||||
Oil | 01/01/2015 - 12/31/2015 | 20,000 | 85 | 99 | (624 | ) | ||||||||||||
Oil | 01/01/2015 - 12/31/2015 | 20,000 | 85 | 100 | (550 | ) | ||||||||||||
Oil | 01/01/2015 - 12/31/2015 | 20,000 | 85 | 105.1 | (105 | ) | ||||||||||||
Total open oil costless collar contracts | (9,947 | ) | ||||||||||||||||
Commodity | Calculation Period | Notional | Price | Price | Fair Value of | |||||||||||||
Quantity | Floor | Ceiling | Asset | |||||||||||||||
(MMBtu/month) | ($/MMBtu) | ($/MMBtu) | (Liability) | |||||||||||||||
(thousands) | ||||||||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3 | 5.15 | (36 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.21 | (32 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.22 | (32 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.37 | (23 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.42 | (21 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3.5 | 4.9 | (49 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3.75 | 4.75 | (53 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3.75 | 4.77 | (53 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 4 | 4.6 | (58 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2015 | 100,000 | 3.75 | 4.36 | (310 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2015 | 100,000 | 3.75 | 4.45 | (241 | ) | ||||||||||||
Natural Gas | 01/01/2015 - 03/31/2015 | 200,000 | 4 | 4.84 | (81 | ) | ||||||||||||
Natural Gas | 01/01/2015 - 12/31/2015 | 100,000 | 3.75 | 4.6 | (79 | ) | ||||||||||||
Natural Gas | 01/01/2015 - 12/31/2015 | 100,000 | 3.75 | 4.65 | (70 | ) | ||||||||||||
Natural Gas | 01/01/2015 - 12/31/2015 | 200,000 | 3.75 | 5.04 | 47 | |||||||||||||
Natural Gas | 01/01/2015 - 12/31/2015 | 100,000 | 3.75 | 5.34 | 75 | |||||||||||||
Total open natural gas costless collar contracts | (1,016 | ) | ||||||||||||||||
Commodity | Calculation Period | Notional Quantity | Fixed Price | Fair Value of Asset (Liability) | ||||||||||||||
(Gal/month) | ($/Gal) | (thousands) | ||||||||||||||||
Propane | 07/01/2014 - 12/31/2014 | 116,000 | 0.95 | (81 | ) | |||||||||||||
Propane | 07/01/2014 - 12/31/2014 | 116,000 | 1.003 | (48 | ) | |||||||||||||
Propane | 07/01/2014 - 12/31/2014 | 60,000 | 1.015 | (20 | ) | |||||||||||||
Propane | 07/01/2014 - 12/31/2014 | 84,000 | 1.143 | 36 | ||||||||||||||
Propane | 07/01/2014 - 12/31/2014 | 68,000 | 1.15 | 32 | ||||||||||||||
Propane | 01/01/2015 - 12/31/2015 | 150,000 | 1 | (121 | ) | |||||||||||||
Propane | 01/01/2015 - 12/31/2015 | 100,000 | 1.03 | (45 | ) | |||||||||||||
Propane | 01/01/2015 - 12/31/2015 | 68,000 | 1.073 | 3 | ||||||||||||||
Normal Butane | 07/01/2014 - 12/31/2014 | 17,500 | 1.54 | 24 | ||||||||||||||
Normal Butane | 07/01/2014 - 12/31/2014 | 45,500 | 1.55 | 66 | ||||||||||||||
Isobutane | 07/01/2014 - 12/31/2014 | 22,000 | 1.64 | 38 | ||||||||||||||
Isobutane | 07/01/2014 - 12/31/2014 | 37,000 | 1.64 | 66 | ||||||||||||||
Natural Gasoline | 07/01/2014 - 12/31/2014 | 30,000 | 1.97 | (37 | ) | |||||||||||||
Natural Gasoline | 07/01/2014 - 12/31/2014 | 41,000 | 2 | (46 | ) | |||||||||||||
Total open NGL swap contracts | (133 | ) | ||||||||||||||||
Total open derivative financial instruments | $ | (11,096 | ) | |||||||||||||||
These derivative financial instruments are subject to master netting arrangements within specific commodity types, i.e., oil, natural gas and NGL, by counterparty. Derivative financial instruments with Counterparty A are not subject to master netting across commodity types, while derivative financial instruments with Counterparties B, C, D and E allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its consolidated balance sheet. | ||||||||||||||||||
The following table presents the gross asset balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of June 30, 2014 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the condensed | assets | ||||||||||||||||
recognized | consolidated | presented in the condensed | ||||||||||||||||
assets | balance sheet | consolidated | ||||||||||||||||
balance sheet | ||||||||||||||||||
Counterparty A | ||||||||||||||||||
Current assets | $ | 200 | $ | (200 | ) | $ | — | $ | — | |||||||||
Other assets | 306 | (306 | ) | — | — | |||||||||||||
Counterparty B | ||||||||||||||||||
Current assets | 482 | (482 | ) | — | — | |||||||||||||
Other assets | 551 | (468 | ) | 83 | 83 | |||||||||||||
Counterparty C | ||||||||||||||||||
Current assets | 946 | (946 | ) | — | — | |||||||||||||
Other assets | 889 | (889 | ) | — | — | |||||||||||||
Counterparty D | ||||||||||||||||||
Current assets | 15 | (15 | ) | — | — | |||||||||||||
Other assets | — | — | — | — | ||||||||||||||
Counterparty E | ||||||||||||||||||
Current assets | 254 | (232 | ) | 22 | — | |||||||||||||
Other assets | 416 | (328 | ) | 88 | — | |||||||||||||
Total | $ | 4,059 | $ | (3,866 | ) | $ | 193 | $ | 83 | |||||||||
The following table presents the gross liability balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of June 30, 2014 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the condensed | liabilities | ||||||||||||||||
recognized | consolidated | presented in the condensed | ||||||||||||||||
liabilities | balance sheet | consolidated | ||||||||||||||||
balance sheet | ||||||||||||||||||
Counterparty A | ||||||||||||||||||
Current liabilities | $ | 3,078 | $ | (200 | ) | $ | 2,878 | $ | — | |||||||||
Other liabilities | 473 | (306 | ) | 167 | — | |||||||||||||
Counterparty B | ||||||||||||||||||
Current liabilities | 2,761 | (482 | ) | 2,279 | 83 | |||||||||||||
Other liabilities | 692 | (468 | ) | 224 | — | |||||||||||||
Counterparty C | ||||||||||||||||||
Current liabilities | 5,738 | (946 | ) | 4,792 | — | |||||||||||||
Other liabilities | 1,523 | (889 | ) | 634 | — | |||||||||||||
Counterparty D | ||||||||||||||||||
Current liabilities | 68 | (15 | ) | 53 | — | |||||||||||||
Other liabilities | — | — | — | — | ||||||||||||||
Counterparty E | ||||||||||||||||||
Current liabilities | 494 | (232 | ) | 262 | — | |||||||||||||
Other liabilities | 328 | (328 | ) | — | — | |||||||||||||
Total | $ | 15,155 | $ | (3,866 | ) | $ | 11,289 | $ | 83 | |||||||||
The following table presents the gross asset balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of December 31, 2013 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the | assets | ||||||||||||||||
recognized | condensed | presented in the condensed | ||||||||||||||||
assets | consolidated | consolidated | ||||||||||||||||
balance sheet | balance sheet | |||||||||||||||||
Counterparty A | ||||||||||||||||||
Current assets | $ | 1,746 | $ | (1,746 | ) | $ | — | $ | — | |||||||||
Other assets | — | — | — | — | ||||||||||||||
Counterparty B | ||||||||||||||||||
Current assets | 1,371 | (1,371 | ) | — | — | |||||||||||||
Other assets | 841 | (668 | ) | 173 | — | |||||||||||||
Counterparty C | ||||||||||||||||||
Current assets | 2,886 | (2,873 | ) | 13 | — | |||||||||||||
Other assets | 1,046 | (1,046 | ) | — | — | |||||||||||||
Counterparty D | ||||||||||||||||||
Current assets | 6 | — | 6 | — | ||||||||||||||
Other assets | — | — | — | — | ||||||||||||||
Total | $ | 7,896 | $ | (7,704 | ) | $ | 192 | $ | — | |||||||||
The following table presents the gross liability balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of December 31, 2013 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the | liabilities | ||||||||||||||||
recognized | condensed | presented in the | ||||||||||||||||
liabilities | consolidated | condensed | ||||||||||||||||
balance sheet | consolidated | |||||||||||||||||
balance sheet | ||||||||||||||||||
Counterparty A | ||||||||||||||||||
Current liabilities | $ | 2,550 | $ | (1,746 | ) | $ | 804 | $ | — | |||||||||
Other liabilities | — | — | — | — | ||||||||||||||
Counterparty B | ||||||||||||||||||
Current liabilities | 2,136 | (1,371 | ) | 765 | — | |||||||||||||
Other liabilities | 668 | (668 | ) | — | — | |||||||||||||
Counterparty C | ||||||||||||||||||
Current liabilities | 3,996 | (2,873 | ) | 1,123 | — | |||||||||||||
Other liabilities | 1,299 | (1,046 | ) | 253 | — | |||||||||||||
Counterparty D | ||||||||||||||||||
Current liabilities | — | — | — | — | ||||||||||||||
Other liabilities | — | — | — | — | ||||||||||||||
Total | $ | 10,649 | $ | (7,704 | ) | $ | 2,945 | $ | — | |||||||||
The following table summarizes the location and aggregate fair value of all derivative financial instruments recorded in the unaudited condensed consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments. | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | |||||||||||||||||
Type of Instrument | Location in Condensed Consolidated Statement of Operations | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivative Instrument | ||||||||||||||||||
Oil | Revenues: Realized loss on derivatives | $ | (2,764 | ) | $ | (228 | ) | $ | (3,706 | ) | $ | (465 | ) | |||||
Natural Gas | Revenues: Realized (loss) gain on derivatives | (187 | ) | 105 | (776 | ) | 629 | |||||||||||
NGL | Revenues: Realized gain (loss) on derivatives | 38 | 377 | (274 | ) | 482 | ||||||||||||
Realized (loss) gain on derivatives | (2,913 | ) | 254 | (4,756 | ) | 646 | ||||||||||||
Oil | Revenues: Unrealized (loss) gain on derivatives | (5,701 | ) | 4,042 | (7,751 | ) | 1,314 | |||||||||||
Natural Gas | Revenues: Unrealized gain (loss) on derivatives | 698 | 2,323 | (569 | ) | (189 | ) | |||||||||||
NGL | Revenues: Unrealized (loss) gain on derivatives | (231 | ) | 1,161 | (22 | ) | 1,576 | |||||||||||
Unrealized (loss) gain on derivatives | (5,234 | ) | 7,526 | (8,342 | ) | 2,701 | ||||||||||||
Total | $ | (8,147 | ) | $ | 7,780 | $ | (13,098 | ) | $ | 3,347 | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements are classified and disclosed in one of the following categories. | ||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. | |||||||||||||||
Level 2 | Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that are valued with industry standard models that consider various inputs including: (i) quoted forward prices for commodities, (ii) time value of money and (iii) current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument and can be derived from observable data or supported by observable levels at which transactions are executed in the marketplace. | |||||||||||||||
Level 3 | Unobservable inputs that are not corroborated by market data. This category is comprised of financial and non-financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies using significant inputs that are generally less readily observable from objective sources. | |||||||||||||||
Financial and non-financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. | ||||||||||||||||
At June 30, 2014 and December 31, 2013, the carrying values reported on the unaudited condensed consolidated balance sheets for accounts receivable, prepaid expenses, accounts payable, accrued liabilities, royalties payable, income taxes payable and other current liabilities approximate their fair values due to their short-term maturities. | ||||||||||||||||
At June 30, 2014 and December 31, 2013, the carrying value of borrowings under the Credit Agreement approximates fair value, as it is subject to short-term floating interest rates that reflect market rates available to the Company at the time, and is classified at Level 2. | ||||||||||||||||
The following tables summarize the valuation of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis in accordance with the classifications provided above as of June 30, 2014 and December 31, 2013 (in thousands). | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
June 30, 2014 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Oil, natural gas and NGL derivatives | $ | — | $ | 193 | $ | — | $ | 193 | ||||||||
Oil, natural gas and NGL derivatives | — | (11,289 | ) | — | (11,289 | ) | ||||||||||
Total | $ | — | $ | (11,096 | ) | $ | — | $ | (11,096 | ) | ||||||
Fair Value Measurements at | ||||||||||||||||
December 31, 2013 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Oil, natural gas and NGL derivatives | $ | — | $ | 192 | $ | — | $ | 192 | ||||||||
Oil, natural gas and NGL derivatives | — | (2,945 | ) | — | (2,945 | ) | ||||||||||
Total | $ | — | $ | (2,753 | ) | $ | — | $ | (2,753 | ) | ||||||
Additional disclosures related to derivative financial instruments are provided in Note 8. For purposes of fair value measurement, the Company determined that derivative financial instruments (e.g., oil, natural gas and NGL derivatives) should be classified at Level 2. | ||||||||||||||||
The Company accounts for additions and revisions to asset retirement obligations and lease and well equipment inventory when adjusted for impairment at fair value on a non-recurring basis and has determined that these fair value measurements should be classified at Level 3. The following tables summarize the valuation of the Company’s assets and liabilities that were accounted for at fair value on a non-recurring basis for the periods ended June 30, 2014 and December 31, 2013 (in thousands). | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
June 30, 2014 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Asset retirement obligations | $ | — | $ | — | $ | (2,497 | ) | $ | (2,497 | ) | ||||||
Total | $ | — | $ | — | $ | (2,497 | ) | $ | (2,497 | ) | ||||||
Fair Value Measurements at | ||||||||||||||||
December 31, 2013 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Asset retirement obligations | $ | — | $ | — | $ | (1,470 | ) | $ | (1,470 | ) | ||||||
Total | $ | — | $ | — | $ | (1,470 | ) | $ | (1,470 | ) | ||||||
No impairment to any equipment was recorded during the three months ended June 30, 2014 and December 31, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
Natural Gas and NGL Processing and Transportation Commitments | |
Effective September 1, 2012, the Company entered into a firm five-year natural gas processing and transportation agreement whereby the Company committed to transport the anticipated natural gas production from a significant portion of its Eagle Ford acreage in South Texas through the counterparty’s system for processing at the counterparty’s facilities. The agreement also includes firm transportation of the natural gas liquids extracted at the counterparty’s processing plant downstream for fractionation. After processing, the residue natural gas is purchased by the counterparty at the tailgate of its processing plant and further transported under its natural gas transportation agreements. The arrangement contains fixed processing and liquids transportation and fractionation fees, and the revenue the Company receives varies with the quality of natural gas transported to the processing facilities and the contract period. | |
Under this agreement, if the Company does not meet 80% of the maximum thermal quantity transportation and processing commitments in a contract year, it will be required to pay a deficiency fee per MMBtu of natural gas deficiency. Any quantity in excess of the maximum MMBtu delivered in a contract year can be carried over to the next contract year for purposes of calculating the natural gas deficiency. During certain prior periods, the Company had an immaterial natural gas deficiency, and the counterparty to this agreement waived the deficiency fee. The Company’s remaining aggregate undiscounted minimum commitments under this agreement are $8.0 million at June 30, 2014. The Company paid $1.7 million and $1.0 million in processing and transportation fees under this agreement during the three months ended June 30, 2014 and 2013, respectively, and $2.8 million and $1.8 million during the six months ended June 30, 2014 and 2013, respectively. | |
Other Commitments | |
The Company does not own or operate its own drilling rigs, but instead enters into contracts with third parties for such rigs. These contracts establish daily rates for the drilling rigs and the term of the Company’s commitment for the drilling services to be provided, which have typically been for one year or less, although the Company has recently begun to enter into longer-term contracts in order to secure new drilling rigs equipped with the latest technology in plays that are experiencing heavy demand for drilling rigs. The Company would incur a termination obligation if the Company elected to terminate a contract and the drilling contractor were unable to secure work for the contracted drilling rigs or if the drilling contractor were unable to secure work for the contracted drilling rigs at the same daily rates being charged to the Company prior to the end of their respective contract terms. The Company’s undiscounted minimum outstanding aggregate termination obligations under its drilling rig contracts were approximately $54.7 million at June 30, 2014. | |
At June 30, 2014, the Company had agreed to participate in the drilling and completion of various non-operated wells. If all of these wells are drilled and completed, the Company will have undiscounted minimum outstanding aggregate commitments for its participation in these wells of approximately $30.3 million at June 30, 2014, which it expects to incur within the next few months. | |
From time to time, the Company enters into contracts with third parties for geological and geophysical data on certain prospects to assist in the exploration of these prospects. The undiscounted minimum commitments under these agreements totaled approximately $4.1 million at June 30, 2014, which the Company expects to incur within the next few months. | |
Legal Proceedings | |
The Company is a defendant in several lawsuits encountered in the ordinary course of its business. While the ultimate outcome and impact to the Company cannot be predicted with certainty, in the opinion of management, it is remote that these lawsuits will have a material adverse impact on the Company’s financial position, results of operations or cash flows. |
Supplemental_Disclosures
Supplemental Disclosures | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Supplemental Disclosures [Abstract] | ' | |||||||
SUPPLEMENTAL DISCLOSURES | ' | |||||||
iabilities | ||||||||
The following table summarizes the Company’s current accrued liabilities at June 30, 2014 and December 31, 2013 (in thousands). | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Accrued evaluated and unproved and unevaluated property costs | $ | 86,066 | $ | 52,605 | ||||
Accrued support equipment and facilities costs | 293 | — | ||||||
Accrued cost to issue equity | 87 | — | ||||||
Accrued stock-based compensation | 109 | 56 | ||||||
Accrued lease operating expenses | 8,751 | 6,251 | ||||||
Accrued interest on borrowings under Credit Agreement | 95 | 141 | ||||||
Accrued asset retirement obligations | 477 | 175 | ||||||
Accrued partners’ share of joint interest charges | 4,109 | 1,173 | ||||||
Other | 5,142 | 3,586 | ||||||
Total accrued liabilities | $ | 105,129 | $ | 63,987 | ||||
Supplemental Cash Flow Information | ||||||||
The following table provides supplemental disclosures of cash flow information for the six months ended June 30, 2014 and 2013 (in thousands). | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Cash paid for interest expense, net of amounts capitalized | $ | 3,058 | $ | 1,817 | ||||
Asset retirement obligations related to mineral properties | 2,343 | 751 | ||||||
Asset retirement obligations related to support equipment and facilities | 132 | 4 | ||||||
Increase (decrease) in liabilities for oil and natural gas properties capital expenditures | 34,444 | (6,859 | ) | |||||
Increase (decrease) in liabilities for support equipment and facilities | 293 | (914 | ) | |||||
Increase in liabilities for accrued cost to issue equity | 86 | — | ||||||
Issuance of restricted stock units for Board and advisor services | 197 | 87 | ||||||
Issuance of common stock for advisor services | 10 | 17 | ||||||
Stock-based compensation expense recognized as liability | 1,200 | 284 | ||||||
Transfer of inventory from oil and natural gas properties | 133 | 191 | ||||||
Subsidiary_Guarantors
Subsidiary Guarantors | 6 Months Ended |
Jun. 30, 2014 | |
Subsidiary Guarantors [Abstract] | ' |
SUBSIDIARY GUARANTORS | ' |
SUBSIDIARY GUARANTORS | |
Matador filed a registration statement on Form S-3 with the SEC in 2013, which became effective on May 9, 2013, and a registration statement on Form S-3 with the SEC in 2014, which became effective upon filing on May 22, 2014, registering, in each case, among other securities, senior and subordinated debt securities. The subsidiaries of Matador (the “Subsidiaries”) are co-registrants with Matador on each Form S-3, and the registration statements register guarantees of debt securities by the Subsidiaries. As of June 30, 2014, the Subsidiaries are 100% owned by Matador and any guarantees by the Subsidiaries will be full and unconditional (except for customary release provisions). Matador has no assets or operations independent of the Subsidiaries, and there are no significant restrictions upon the ability of the Subsidiaries to distribute funds to Matador. In the event that more than one of the Subsidiaries provide guarantees of any debt securities issued by Matador, such guarantees will constitute joint and several obligations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Interim Financial Statements, Basis of Presentation, Consolidation and Significant Estimates | ' |
Interim Financial Statements, Basis of Presentation, Consolidation and Significant Estimates | |
The unaudited condensed consolidated financial statements of Matador and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) but do not include all of the information and footnotes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC (the “Annual Report”). All intercompany accounts and transactions have been eliminated in consolidation. In management’s opinion, these interim unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair presentation of the Company’s consolidated financial position as of June 30, 2014, consolidated results of operations for the three and six months ended June 30, 2014 and 2013, consolidated changes in shareholders’ equity for the six months ended June 30, 2014 and consolidated cash flows for the six months ended June 30, 2014 and 2013. Amounts as of December 31, 2013 are derived from the audited consolidated financial statements in the Annual Report. | |
Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end and the results for the interim periods shown in this report are not necessarily indicative of results to be expected for the full year due in part to volatility in oil, natural gas and natural gas liquids prices, global economic and financial market conditions, interest rates, access to sources of liquidity, estimates of reserves, drilling risks, geological risks, transportation restrictions, oil, natural gas and natural gas liquids supply and demand, market competition and interruptions of production. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions may also affect 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. The Company’s consolidated financial statements are based on a number of significant estimates, including accruals for oil and natural gas revenues, accrued assets and liabilities primarily related to oil and natural gas operations, stock-based compensation, valuation of derivative instruments and oil and natural gas reserves. The estimates of oil and natural gas reserves quantities and future net cash flows are the basis for the calculations of depletion and impairment of oil and natural gas properties, as well as estimates of asset retirement obligations and certain tax accruals. While the Company believes its estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates. | |
Property and Equipment | ' |
Property and Equipment | |
The Company uses the full-cost method of accounting for its investments in oil and natural gas properties. Under this method of accounting, all costs associated with the acquisition, exploration and development of oil and natural gas properties and reserves, including unproved and unevaluated property costs, are capitalized as incurred and accumulated in a single cost center representing the Company’s activities, which are undertaken exclusively in the United States. Such costs include lease acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties, costs of drilling both productive and non-productive wells, capitalized interest on qualifying projects and certain general and administrative expenses directly related to acquisition, exploration and development activities, but do not include any costs related to production, selling or general corporate administrative activities. The Company capitalized approximately $1.6 million and $0.7 million of its general and administrative costs for the three months ended June 30, 2014 and 2013, respectively. The Company capitalized approximately $0.7 million and $0.5 million of its interest expense for the three months ended June 30, 2014 and 2013, respectively. The Company capitalized approximately $2.8 million and $1.4 million of its general and administrative costs for the six months ended June 30, 2014 and 2013, respectively. The Company capitalized approximately $1.4 million and $0.8 million of its interest expense for the six months ended June 30, 2014 and 2013, respectively. | |
The net capitalized costs of oil and natural gas properties are limited to the lower of unamortized costs less related deferred income taxes or the cost center “ceiling.” The cost center ceiling is defined as the sum of: | |
(a) the present value, discounted at 10%, of future net revenues of proved oil and natural gas reserves, reduced by the estimated costs of developing these reserves, plus | |
(b) unproved and unevaluated property costs not being amortized, plus | |
(c) the lower of cost or estimated fair value of unproved and unevaluated properties included in the costs being amortized, if any, less | |
(d) income tax effects related to the properties involved. | |
Any excess of the Company’s net capitalized costs above the cost center ceiling as described above is charged to operations as a full-cost ceiling impairment. The need for a full-cost ceiling impairment is required to be assessed on a quarterly basis. The fair value of the Company’s derivative instruments is not included in the ceiling test computation as the Company does not designate these instruments as hedge instruments for accounting purposes. | |
The estimated present value of after-tax future net cash flows from proved oil and natural gas reserves is highly dependent upon the quantities of proved reserves, the estimation of which requires substantial judgment. The associated commodity prices and applicable discount rate used in these estimates are in accordance with guidelines established by the SEC. Under these guidelines, oil and natural gas reserves are estimated using then-current operating and economic conditions, with no provision for price and cost escalations in future periods except by contractual arrangements. Future net revenues are calculated using prices that represent the arithmetic averages of first-day-of-the-month oil and natural gas prices for the previous 12-month period and dictate that a 10% discount factor be used. For the period from July 2013 through June 2014, these average oil and natural gas prices were $96.75 per barrel (“Bbl”) and $4.104 per million British thermal units (“MMBtu”), respectively. For the period from July 2012 through June 2013, these average oil and natural gas prices were $88.13 per Bbl and $3.444 per MMBtu, respectively. In estimating the present value of after-tax future net cash flows from proved oil and natural gas reserves, the average oil prices were adjusted by property for quality, transportation and marketing fees and regional price differentials, and the average natural gas prices were adjusted by property for energy content, transportation and marketing fees and regional price differentials. At June 30, 2014 and 2013, the Company’s oil and natural gas reserves estimates were prepared by the Company’s engineering staff in accordance with guidelines established by the SEC and then audited for their reasonableness and conformance with SEC guidelines by Netherland, Sewell & Associates, Inc., independent reservoir engineers. | |
Using the average commodity prices, as adjusted, to determine the Company’s estimated proved oil and natural gas reserves at June 30, 2014, the Company’s net capitalized costs less related deferred income taxes did not exceed the full-cost ceiling. As a result, the Company recorded no impairment to its net capitalized costs for the three months ended June 30, 2014. Using the average commodity prices, as adjusted, to determine the Company’s estimated proved oil and natural gas reserves at June 30, 2013, the Company’s net capitalized costs less related deferred income taxes did not exceed the full-cost ceiling. As a result, the Company recorded no impairment to its net capitalized costs for the three months ended June 30, 2013. At March 31, 2013, the Company’s net capitalized costs less related deferred income taxes exceeded the full-cost ceiling by $13.7 million. The Company recorded an impairment charge of $21.2 million to its net capitalized costs and a deferred income tax credit of $7.5 million related to the full-cost ceiling limitation at March 31, 2013. These charges are reflected in the Company’s unaudited condensed consolidated statement of operations for the six months ended June 30, 2013. At June 30, 2013, the Company retained a full valuation allowance against its deferred tax assets, and as a result, the Company recorded no deferred income tax provision in its unaudited condensed consolidated statement of operations for the three and six months ended June 30, 2013. | |
As a non-cash item, the full-cost ceiling impairment impacts the accumulated depletion and the net carrying value of the Company’s assets on its consolidated balance sheet, as well as the corresponding consolidated shareholders’ equity, but it has no impact on the Company’s consolidated net cash flows as reported. Changes in oil and natural gas production rates, oil and natural gas prices, reserves estimates, future development costs and other factors will determine the Company’s actual ceiling test computation and impairment analyses in future periods. | |
Capitalized costs of oil and natural gas properties are amortized using the unit-of-production method based upon production and estimates of proved reserves quantities. Unproved and unevaluated property costs are excluded from the amortization base used to determine depletion. Unproved and unevaluated properties are assessed for possible impairment on a periodic basis based upon changes in operating or economic conditions. This assessment includes consideration of the following factors, among others: the assignment of proved reserves, geological and geophysical evaluations, intent to drill, remaining lease term and drilling activity and results. Upon impairment, the costs of the unproved and unevaluated properties are immediately included in the amortization base. Exploratory dry holes are included in the amortization base immediately upon determination that the well is not productive. | |
Earnings Per Common Share | ' |
Earnings (Loss) Per Common Share | |
Fair Value Measurements | ' |
Fair Value Measurements | |
The Company measures and reports certain assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company follows Financial Accounting Standards Board (“FASB”) guidance establishing a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Reconciliations of basic and diluted distributed and undistributed earnings (loss) per common share | ' | |||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Weighted average common shares outstanding | ||||||||||||
Basic | 68,531 | 55,839 | 67,108 | 55,729 | ||||||||
Dilutive effect of options and restricted stock units | 689 | 98 | 663 | 90 | ||||||||
Diluted weighted average common shares outstanding | 69,220 | 55,937 | 67,771 | 55,819 | ||||||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Asset Retirement Obligation Disclosure [Abstract] | ' | |||
Schedule of changes in Company's asset retirement obligations | ' | |||
The following table summarizes the changes in the Company’s asset retirement obligations for the six months ended June 30, 2014 (in thousands). | ||||
Beginning asset retirement obligations | $ | 7,484 | ||
Liabilities incurred during period | 838 | |||
Liabilities settled during period | (22 | ) | ||
Revisions in estimated cash flows | 1,659 | |||
Accretion expense | 241 | |||
Ending asset retirement obligations | 10,200 | |||
Less: current asset retirement obligations(1) | (477 | ) | ||
Long-term asset retirement obligations | $ | 9,723 | ||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Open Option Contracts Written [Line Items] | ' | |||||||||||||||||
Summary of gross asset balances of derivative instruments | ' | |||||||||||||||||
The following table presents the gross asset balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of December 31, 2013 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the | assets | ||||||||||||||||
recognized | condensed | presented in the condensed | ||||||||||||||||
assets | consolidated | consolidated | ||||||||||||||||
balance sheet | balance sheet | |||||||||||||||||
Counterparty A | ||||||||||||||||||
Current assets | $ | 1,746 | $ | (1,746 | ) | $ | — | $ | — | |||||||||
Other assets | — | — | — | — | ||||||||||||||
Counterparty B | ||||||||||||||||||
Current assets | 1,371 | (1,371 | ) | — | — | |||||||||||||
Other assets | 841 | (668 | ) | 173 | — | |||||||||||||
Counterparty C | ||||||||||||||||||
Current assets | 2,886 | (2,873 | ) | 13 | — | |||||||||||||
Other assets | 1,046 | (1,046 | ) | — | — | |||||||||||||
Counterparty D | ||||||||||||||||||
Current assets | 6 | — | 6 | — | ||||||||||||||
Other assets | — | — | — | — | ||||||||||||||
Total | $ | 7,896 | $ | (7,704 | ) | $ | 192 | $ | — | |||||||||
The following table presents the gross asset balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of June 30, 2014 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the condensed | assets | ||||||||||||||||
recognized | consolidated | presented in the condensed | ||||||||||||||||
assets | balance sheet | consolidated | ||||||||||||||||
balance sheet | ||||||||||||||||||
Counterparty A | ||||||||||||||||||
Current assets | $ | 200 | $ | (200 | ) | $ | — | $ | — | |||||||||
Other assets | 306 | (306 | ) | — | — | |||||||||||||
Counterparty B | ||||||||||||||||||
Current assets | 482 | (482 | ) | — | — | |||||||||||||
Other assets | 551 | (468 | ) | 83 | 83 | |||||||||||||
Counterparty C | ||||||||||||||||||
Current assets | 946 | (946 | ) | — | — | |||||||||||||
Other assets | 889 | (889 | ) | — | — | |||||||||||||
Counterparty D | ||||||||||||||||||
Current assets | 15 | (15 | ) | — | — | |||||||||||||
Other assets | — | — | — | — | ||||||||||||||
Counterparty E | ||||||||||||||||||
Current assets | 254 | (232 | ) | 22 | — | |||||||||||||
Other assets | 416 | (328 | ) | 88 | — | |||||||||||||
Total | $ | 4,059 | $ | (3,866 | ) | $ | 193 | $ | 83 | |||||||||
Summary of gross liability balances of derivative instruments | ' | |||||||||||||||||
The following table presents the gross liability balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of June 30, 2014 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the condensed | liabilities | ||||||||||||||||
recognized | consolidated | presented in the condensed | ||||||||||||||||
liabilities | balance sheet | consolidated | ||||||||||||||||
balance sheet | ||||||||||||||||||
Counterparty A | ||||||||||||||||||
Current liabilities | $ | 3,078 | $ | (200 | ) | $ | 2,878 | $ | — | |||||||||
Other liabilities | 473 | (306 | ) | 167 | — | |||||||||||||
Counterparty B | ||||||||||||||||||
Current liabilities | 2,761 | (482 | ) | 2,279 | 83 | |||||||||||||
Other liabilities | 692 | (468 | ) | 224 | — | |||||||||||||
Counterparty C | ||||||||||||||||||
Current liabilities | 5,738 | (946 | ) | 4,792 | — | |||||||||||||
Other liabilities | 1,523 | (889 | ) | 634 | — | |||||||||||||
Counterparty D | ||||||||||||||||||
Current liabilities | 68 | (15 | ) | 53 | — | |||||||||||||
Other liabilities | — | — | — | — | ||||||||||||||
Counterparty E | ||||||||||||||||||
Current liabilities | 494 | (232 | ) | 262 | — | |||||||||||||
Other liabilities | 328 | (328 | ) | — | — | |||||||||||||
Total | $ | 15,155 | $ | (3,866 | ) | $ | 11,289 | $ | 83 | |||||||||
The following table presents the gross liability balances of the Company’s derivative financial instruments, the amounts subject to master netting arrangements, the amounts that the Company has presented on a net basis, the amounts subject to master netting across different commodity types that were presented on a gross basis and the location of these balances in its unaudited condensed consolidated balance sheet as of December 31, 2013 (in thousands). | ||||||||||||||||||
Derivative Instruments | Gross | Gross amounts | Net amounts of | Amounts subject to master netting arrangements presented on a gross basis | ||||||||||||||
amounts of | netted in the | liabilities | ||||||||||||||||
recognized | condensed | presented in the | ||||||||||||||||
liabilities | consolidated | condensed | ||||||||||||||||
balance sheet | consolidated | |||||||||||||||||
balance sheet | ||||||||||||||||||
Counterparty A | ||||||||||||||||||
Current liabilities | $ | 2,550 | $ | (1,746 | ) | $ | 804 | $ | — | |||||||||
Other liabilities | — | — | — | — | ||||||||||||||
Counterparty B | ||||||||||||||||||
Current liabilities | 2,136 | (1,371 | ) | 765 | — | |||||||||||||
Other liabilities | 668 | (668 | ) | — | — | |||||||||||||
Counterparty C | ||||||||||||||||||
Current liabilities | 3,996 | (2,873 | ) | 1,123 | — | |||||||||||||
Other liabilities | 1,299 | (1,046 | ) | 253 | — | |||||||||||||
Counterparty D | ||||||||||||||||||
Current liabilities | — | — | — | — | ||||||||||||||
Other liabilities | — | — | — | — | ||||||||||||||
Total | $ | 10,649 | $ | (7,704 | ) | $ | 2,945 | $ | — | |||||||||
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ' | |||||||||||||||||
The following table summarizes the location and aggregate fair value of all derivative financial instruments recorded in the unaudited condensed consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments. | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | |||||||||||||||||
Type of Instrument | Location in Condensed Consolidated Statement of Operations | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivative Instrument | ||||||||||||||||||
Oil | Revenues: Realized loss on derivatives | $ | (2,764 | ) | $ | (228 | ) | $ | (3,706 | ) | $ | (465 | ) | |||||
Natural Gas | Revenues: Realized (loss) gain on derivatives | (187 | ) | 105 | (776 | ) | 629 | |||||||||||
NGL | Revenues: Realized gain (loss) on derivatives | 38 | 377 | (274 | ) | 482 | ||||||||||||
Realized (loss) gain on derivatives | (2,913 | ) | 254 | (4,756 | ) | 646 | ||||||||||||
Oil | Revenues: Unrealized (loss) gain on derivatives | (5,701 | ) | 4,042 | (7,751 | ) | 1,314 | |||||||||||
Natural Gas | Revenues: Unrealized gain (loss) on derivatives | 698 | 2,323 | (569 | ) | (189 | ) | |||||||||||
NGL | Revenues: Unrealized (loss) gain on derivatives | (231 | ) | 1,161 | (22 | ) | 1,576 | |||||||||||
Unrealized (loss) gain on derivatives | (5,234 | ) | 7,526 | (8,342 | ) | 2,701 | ||||||||||||
Total | $ | (8,147 | ) | $ | 7,780 | $ | (13,098 | ) | $ | 3,347 | ||||||||
Open costless collar contracts [Member] | ' | |||||||||||||||||
Open Option Contracts Written [Line Items] | ' | |||||||||||||||||
Summary of contracts for oil and natural gas | ' | |||||||||||||||||
The following is a summary of the Company’s open costless collar contracts for oil and natural gas and open swap contracts for NGL at June 30, 2014. | ||||||||||||||||||
Commodity | Calculation Period | Notional | Price | Price | Fair Value of | |||||||||||||
Quantity | Floor | Ceiling | Asset | |||||||||||||||
(Bbl/month) | ($/Bbl) | ($/Bbl) | (Liability) | |||||||||||||||
(thousands) | ||||||||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 10,000 | 85 | 100.55 | $ | (260 | ) | |||||||||||
Oil | 07/01/2014 - 12/31/2014 | 12,200 | 85 | 100.4 | (326 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 15,000 | 85 | 97.5 | (598 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 30,000 | 85 | 98 | (1,122 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 12,000 | 85 | 100 | (340 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 15,000 | 87 | 97 | (630 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 20,000 | 88 | 95.6 | (979 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 20,000 | 90 | 97 | (825 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 12,000 | 90 | 97.9 | (443 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 15,000 | 90 | 97.9 | (553 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 15,000 | 90 | 98 | (546 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 15,000 | 90 | 101.15 | (337 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 10,000 | 90 | 103.75 | (133 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 10,000 | 90 | 103.88 | (130 | ) | ||||||||||||
Oil | 07/01/2014 - 12/31/2014 | 10,000 | 90 | 104.15 | (122 | ) | ||||||||||||
Oil | 01/01/2015 - 12/31/2015 | 20,000 | 80 | 100 | (714 | ) | ||||||||||||
Oil | 01/01/2015 - 12/31/2015 | 20,000 | 80 | 101 | (610 | ) | ||||||||||||
Oil | 01/01/2015 - 12/31/2015 | 20,000 | 85 | 99 | (624 | ) | ||||||||||||
Oil | 01/01/2015 - 12/31/2015 | 20,000 | 85 | 100 | (550 | ) | ||||||||||||
Oil | 01/01/2015 - 12/31/2015 | 20,000 | 85 | 105.1 | (105 | ) | ||||||||||||
Total open oil costless collar contracts | (9,947 | ) | ||||||||||||||||
Commodity | Calculation Period | Notional | Price | Price | Fair Value of | |||||||||||||
Quantity | Floor | Ceiling | Asset | |||||||||||||||
(MMBtu/month) | ($/MMBtu) | ($/MMBtu) | (Liability) | |||||||||||||||
(thousands) | ||||||||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3 | 5.15 | (36 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.21 | (32 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.22 | (32 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.37 | (23 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3.25 | 5.42 | (21 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3.5 | 4.9 | (49 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3.75 | 4.75 | (53 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 3.75 | 4.77 | (53 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2014 | 100,000 | 4 | 4.6 | (58 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2015 | 100,000 | 3.75 | 4.36 | (310 | ) | ||||||||||||
Natural Gas | 07/01/2014 - 12/31/2015 | 100,000 | 3.75 | 4.45 | (241 | ) | ||||||||||||
Natural Gas | 01/01/2015 - 03/31/2015 | 200,000 | 4 | 4.84 | (81 | ) | ||||||||||||
Natural Gas | 01/01/2015 - 12/31/2015 | 100,000 | 3.75 | 4.6 | (79 | ) | ||||||||||||
Natural Gas | 01/01/2015 - 12/31/2015 | 100,000 | 3.75 | 4.65 | (70 | ) | ||||||||||||
Natural Gas | 01/01/2015 - 12/31/2015 | 200,000 | 3.75 | 5.04 | 47 | |||||||||||||
Natural Gas | 01/01/2015 - 12/31/2015 | 100,000 | 3.75 | 5.34 | 75 | |||||||||||||
Total open natural gas costless collar contracts | (1,016 | ) | ||||||||||||||||
Open Swap Contracts [Member] | ' | |||||||||||||||||
Open Option Contracts Written [Line Items] | ' | |||||||||||||||||
Summary of contracts for oil and natural gas | ' | |||||||||||||||||
Commodity | Calculation Period | Notional Quantity | Fixed Price | Fair Value of Asset (Liability) | ||||||||||||||
(Gal/month) | ($/Gal) | (thousands) | ||||||||||||||||
Propane | 07/01/2014 - 12/31/2014 | 116,000 | 0.95 | (81 | ) | |||||||||||||
Propane | 07/01/2014 - 12/31/2014 | 116,000 | 1.003 | (48 | ) | |||||||||||||
Propane | 07/01/2014 - 12/31/2014 | 60,000 | 1.015 | (20 | ) | |||||||||||||
Propane | 07/01/2014 - 12/31/2014 | 84,000 | 1.143 | 36 | ||||||||||||||
Propane | 07/01/2014 - 12/31/2014 | 68,000 | 1.15 | 32 | ||||||||||||||
Propane | 01/01/2015 - 12/31/2015 | 150,000 | 1 | (121 | ) | |||||||||||||
Propane | 01/01/2015 - 12/31/2015 | 100,000 | 1.03 | (45 | ) | |||||||||||||
Propane | 01/01/2015 - 12/31/2015 | 68,000 | 1.073 | 3 | ||||||||||||||
Normal Butane | 07/01/2014 - 12/31/2014 | 17,500 | 1.54 | 24 | ||||||||||||||
Normal Butane | 07/01/2014 - 12/31/2014 | 45,500 | 1.55 | 66 | ||||||||||||||
Isobutane | 07/01/2014 - 12/31/2014 | 22,000 | 1.64 | 38 | ||||||||||||||
Isobutane | 07/01/2014 - 12/31/2014 | 37,000 | 1.64 | 66 | ||||||||||||||
Natural Gasoline | 07/01/2014 - 12/31/2014 | 30,000 | 1.97 | (37 | ) | |||||||||||||
Natural Gasoline | 07/01/2014 - 12/31/2014 | 41,000 | 2 | (46 | ) | |||||||||||||
Total open NGL swap contracts | (133 | ) | ||||||||||||||||
Total open derivative financial instruments | $ | (11,096 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Summary of the valuation of the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis | ' | |||||||||||||||
The following tables summarize the valuation of the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis in accordance with the classifications provided above as of June 30, 2014 and December 31, 2013 (in thousands). | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
June 30, 2014 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Oil, natural gas and NGL derivatives | $ | — | $ | 193 | $ | — | $ | 193 | ||||||||
Oil, natural gas and NGL derivatives | — | (11,289 | ) | — | (11,289 | ) | ||||||||||
Total | $ | — | $ | (11,096 | ) | $ | — | $ | (11,096 | ) | ||||||
Fair Value Measurements at | ||||||||||||||||
December 31, 2013 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Oil, natural gas and NGL derivatives | $ | — | $ | 192 | $ | — | $ | 192 | ||||||||
Oil, natural gas and NGL derivatives | — | (2,945 | ) | — | (2,945 | ) | ||||||||||
Total | $ | — | $ | (2,753 | ) | $ | — | $ | (2,753 | ) | ||||||
Additions to asset retirement obligations and lease and well equipment inventory at fair value on a non-recurring basis | ' | |||||||||||||||
The following tables summarize the valuation of the Company’s assets and liabilities that were accounted for at fair value on a non-recurring basis for the periods ended June 30, 2014 and December 31, 2013 (in thousands). | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
June 30, 2014 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Asset retirement obligations | $ | — | $ | — | $ | (2,497 | ) | $ | (2,497 | ) | ||||||
Total | $ | — | $ | — | $ | (2,497 | ) | $ | (2,497 | ) | ||||||
Fair Value Measurements at | ||||||||||||||||
December 31, 2013 using | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets (Liabilities) | ||||||||||||||||
Asset retirement obligations | $ | — | $ | — | $ | (1,470 | ) | $ | (1,470 | ) | ||||||
Total | $ | — | $ | — | $ | (1,470 | ) | $ | (1,470 | ) | ||||||
Supplemental_Disclosures_Table
Supplemental Disclosures (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Supplemental Disclosures [Abstract] | ' | |||||||
Summary of current accrued liabilities | ' | |||||||
Accrued Liabilities | ||||||||
The following table summarizes the Company’s current accrued liabilities at June 30, 2014 and December 31, 2013 (in thousands). | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Accrued evaluated and unproved and unevaluated property costs | $ | 86,066 | $ | 52,605 | ||||
Accrued support equipment and facilities costs | 293 | — | ||||||
Accrued cost to issue equity | 87 | — | ||||||
Accrued stock-based compensation | 109 | 56 | ||||||
Accrued lease operating expenses | 8,751 | 6,251 | ||||||
Accrued interest on borrowings under Credit Agreement | 95 | 141 | ||||||
Accrued asset retirement obligations | 477 | 175 | ||||||
Accrued partners’ share of joint interest charges | 4,109 | 1,173 | ||||||
Other | 5,142 | 3,586 | ||||||
Total accrued liabilities | $ | 105,129 | $ | 63,987 | ||||
Supplemental disclosures of cash flow information | ' | |||||||
The following table provides supplemental disclosures of cash flow information for the six months ended June 30, 2014 and 2013 (in thousands). | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
Cash paid for interest expense, net of amounts capitalized | $ | 3,058 | $ | 1,817 | ||||
Asset retirement obligations related to mineral properties | 2,343 | 751 | ||||||
Asset retirement obligations related to support equipment and facilities | 132 | 4 | ||||||
Increase (decrease) in liabilities for oil and natural gas properties capital expenditures | 34,444 | (6,859 | ) | |||||
Increase (decrease) in liabilities for support equipment and facilities | 293 | (914 | ) | |||||
Increase in liabilities for accrued cost to issue equity | 86 | — | ||||||
Issuance of restricted stock units for Board and advisor services | 197 | 87 | ||||||
Issuance of common stock for advisor services | 10 | 17 | ||||||
Stock-based compensation expense recognized as liability | 1,200 | 284 | ||||||
Transfer of inventory from oil and natural gas properties | 133 | 191 | ||||||
Nature_of_Operations_Details
Nature of Operations (Details) | Jun. 30, 2014 |
subsidiary | |
Nature of Operations (Textual) [Abstract] | ' |
Number of wholly owned subsidiaries | 4 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) - numerator | ' | ' | ' | ' |
Net (loss) income | $18,226 | $25,119 | $34,589 | $9,615 |
Weighted average common shares outstanding - denominator | ' | ' | ' | ' |
Weighted average common shares outstanding for basic earnings (loss) per share | 68,531 | 55,839 | 67,108 | 55,729 |
Dilutive effect of options and restricted stock units | 689 | 98 | 663 | 90 |
Weighted average common shares outstanding - Diluted | 69,220 | 55,937 | 67,771 | 55,819 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
Stock Options [Member] | Restricted stock [Member] | Restricted stock [Member] | Class B [Member] | |||||||||
Maximum [Member] | ||||||||||||
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense Recorded | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative annual dividends per share rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.66 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total options to purchase shares of the Company's common stock and restricted stock excluded from the calculations | ' | ' | ' | ' | ' | ' | ' | ' | 1,293,568 | 570,078 | 139,963 | ' |
Summary of Significant Accounting Policies (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized general and administrative costs | 1,600,000 | 700,000 | 2,800,000 | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest expense | -700,000 | -500,000 | -1,400,000 | -800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Present value discounted percent of future net revenues of proved oil and natural gas reserves | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average oil and natural gas prices | ' | ' | ' | ' | 96.75 | 4.104 | 88.13 | 3.444 | ' | ' | ' | ' |
Net capitalized costs less related deferred income taxes exceeded the full-cost ceiling | ' | ' | ' | 13,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge of net capitalized costs | 0 | 0 | 0 | 21,229,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income tax credit | ' | ' | ' | $7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common_Stock_Detail
Common Stock (Detail) (USD $) | 6 Months Ended | 0 Months Ended | |
Jun. 30, 2014 | 29-May-14 | 29-May-14 | |
FOLLOW-ON PUBLIC OFFERING [Member] | Common Stock [Member] | ||
FOLLOW-ON PUBLIC OFFERING [Member] | |||
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' |
Sale of Stock, Number of Shares Issued in Transaction | ' | ' | 7,500,000 |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | ($590,000) | $600,000 | ' |
Sale of Stock, Consideration Received on Transaction | ' | 181,300,000 | ' |
Repayments of Debt | ' | 180,000,000 | ' |
Proceeds From Public Offering Used to Fund Working Capital | ' | $1,300,000 | ' |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||
Changes in the Company's asset retirement obligations | ' | ' | ' | ' | ' | ||
Beginning asset retirement obligations | ' | ' | $7,484 | ' | ' | ||
Liabilities incurred during period | ' | ' | 838 | ' | ' | ||
Liabilities settled during period | ' | ' | -22 | ' | ' | ||
Revisions in estimated cash flows | ' | ' | 1,659 | ' | ' | ||
Accretion expense | 123 | 80 | 241 | 161 | ' | ||
Ending asset retirement obligations | 10,200 | ' | 10,200 | ' | ' | ||
Less: current asset retirement obligations | -477 | [1] | ' | -477 | [1] | ' | ' |
Long-term asset retirement obligations | $9,723 | ' | $9,723 | ' | $7,309 | ||
[1] | Included in accrued liabilities in the Companybs unaudited condensed consolidated balance sheet at JuneB 30, 2014. |
Revolving_Credit_Agreement_Det
Revolving Credit Agreement (Details) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | |||||||||
Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 11, 2014 | Dec. 31, 2013 | Sep. 30, 2012 | Sep. 27, 2012 | Aug. 06, 2014 | Jun. 30, 2014 | Sep. 28, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Second amended credit agreement [Member] | Third amended credit agreement [Member] | Subsequent Event [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Base Rate Loan [Member] | Base Rate Loan [Member] | Eurodollar [Member] | Eurodollar [Member] | Libor Rate [Member] | ||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||
Revolving Credit Agreement (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company amended and restated its senior secured revolving credit agreement | ' | ' | ' | ' | ' | 'SeptemberB 28, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured revolving credit maximum facility | ' | ' | ' | $385,000,000 | ' | ' | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base | ' | ' | ' | 310,000,000 | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' |
Covenant, additional indebtedness | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowed under credit agreement | ' | ' | ' | ' | ' | ' | ' | 195,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowings for working capital requirements | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | 600,000 | 600,000 | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% |
Additional interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.005 | 0.0275 | 0.015 | 0.0375 | ' |
Credit facility fee | ' | ' | ' | ' | ' | ' | ' | ' | 0.40% | ' | 0.50% | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant, Debt to EBITDA Ratio | 0 | ' | 4.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate Increase (Decrease) | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving Credit Agreement (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Agreement, maturity date | ' | 29-Dec-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred loan costs | ' | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings bore interest effective rate | ' | 3.60% | 3.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Funds Effective Plus Rate | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of reserves required to maintain | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit, Noncurrent | ' | $150,000,000 | $150,000,000 | ' | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Effective Income Tax Rate, Continuing Operations | 36.90% | 0.00% | ' |
Income Taxes (Textual) [Abstract] | ' | ' | ' |
Income tax expense recorded | ' | $0 | ' |
Deferred Tax Assets, Valuation Allowance | ' | ' | $6,700,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 0 Months Ended | 2 Months Ended | 1 Months Ended | 2 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Mar. 18, 2014 | Mar. 07, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 |
Minimum [Member] | Maximum [Member] | Restricted stock [Member] | Restricted stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Restricted stock grants during period | ' | ' | ' | ' | ' | 150,854 | ' |
Grant date fair value, Total fair value | ' | ' | ' | ' | ' | ' | $3.40 |
Vesting period of shares | ' | ' | ' | '3 years | '4 years | ' | ' |
Stock-Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Option granted to purchase shares of its common stock, Exercise price one | ' | 224,962 | 49,721 | ' | ' | ' | ' |
Option granted to purchase shares of its common stock, Exercise price two | 75,247 | ' | ' | ' | ' | ' | ' |
Granted option share purchase price, per share Exercise price one | ' | $23.40 | $19.71 | ' | ' | ' | ' |
Granted option share purchase price, per share Exercise price two | $22.66 | ' | ' | ' | ' | ' | ' |
Grant date fair value, Option grants during period | ' | ' | $3.30 | ' | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Summary of contracts for oil and natural gas | ' |
Fair Value of Asset (Liability) | ($11,096) |
Open costless collar contracts [Member] | Oil [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Fair Value of Asset (Liability) | -9,947 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 10,000 Notional Amount, 85 Price Floor, 100.55 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 10,000 |
Price Floor | 85 |
Price Ceiling | 100.55 |
Fair Value of Asset (Liability) | -260 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 12,200 Notional Amount, 85 Price Floor, 100.40 Price Ceiling [Member] [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 12,200 |
Price Floor | 85 |
Price Ceiling | 100.4 |
Fair Value of Asset (Liability) | -326 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 15,000 Notional Amount, 85 Price Floor, 97.50 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 15,000 |
Price Floor | 85 |
Price Ceiling | 97.5 |
Fair Value of Asset (Liability) | -598 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 30,000 Notional Amount, 85 Price Floor, 98 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 30,000 |
Price Floor | 85 |
Price Ceiling | 98 |
Fair Value of Asset (Liability) | -1,122 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 12,000 Notional Amount, 85 Price Floor, 100 Price Ceiling [Member] [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 12,000 |
Price Floor | 85 |
Price Ceiling | 100 |
Fair Value of Asset (Liability) | -340 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 15,000 Notional Amount, 87 Price Floor, 97 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 15,000 |
Price Floor | 87 |
Price Ceiling | 97 |
Fair Value of Asset (Liability) | -630 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 20,000 Notional Amount, 88 Price Floor, 95.60 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 20,000 |
Price Floor | 88 |
Price Ceiling | 95.6 |
Fair Value of Asset (Liability) | -979 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 20,000 Notional Amount, 90 Price Floor, 97 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 20,000 |
Price Floor | 90 |
Price Ceiling | 97 |
Fair Value of Asset (Liability) | -825 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 12,000 Notional Amount, 90 Price Floor, 97.90 Price Ceiling [Member] [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 12,000 |
Price Floor | 90 |
Price Ceiling | 97.9 |
Fair Value of Asset (Liability) | -443 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 15,000 Notional Amount, 90 Price Floor, 97.90 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 15,000 |
Price Floor | 90 |
Price Ceiling | 97.9 |
Fair Value of Asset (Liability) | -553 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 15,000 Notional Amount, 90 Price Floor, 98 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 15,000 |
Price Floor | 90 |
Price Ceiling | 98 |
Fair Value of Asset (Liability) | -546 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 15,000 Notional Amount, 90 Price Floor, 101.15 Price Ceiling [Member] [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 15,000 |
Price Floor | 90 |
Price Ceiling | 101.15 |
Fair Value of Asset (Liability) | -337 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 10,000 Notional Amount, 90 Price Floor, 103.75 Price Ceiling [Member] [Member] [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 10,000 |
Price Floor | 90 |
Price Ceiling | 103.75 |
Fair Value of Asset (Liability) | -133 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 10,000 Notional Amount, 93 Price Floor, 103.88 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 10,000 |
Price Floor | 90 |
Price Ceiling | 103.88 |
Fair Value of Asset (Liability) | -130 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 10,000 Notional Amount, 90 Price Floor, 104.15 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 10,000 |
Price Floor | 90 |
Price Ceiling | 104.15 |
Fair Value of Asset (Liability) | -122 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 20,000 Notional Amount, 80 Price Floor, 100.00 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2015 - 12/31/2015 |
Notional Quantity | 20,000 |
Price Floor | 80 |
Price Ceiling | 100 |
Fair Value of Asset (Liability) | -714 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 20,000 Notional Amount, 80 Price Floor, 101.00 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2015 - 12/31/2015 |
Notional Quantity | 20,000 |
Price Floor | 80 |
Price Ceiling | 101 |
Fair Value of Asset (Liability) | -610 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 20,000 Notional Amount, 85 Price Floor, 99.00 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2015 - 12/31/2015 |
Notional Quantity | 20,000 |
Price Floor | 85 |
Price Ceiling | 99 |
Fair Value of Asset (Liability) | -624 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 20,000 Notional Amount, 85 Price Floor, 100.00 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2015 - 12/31/2015 |
Notional Quantity | 20,000 |
Price Floor | 85 |
Price Ceiling | 100 |
Fair Value of Asset (Liability) | -550 |
Open costless collar contracts [Member] | Oil [Member] | Open Oil Collar Contract, 20,000 Notional Amount, 85 Price Floor, 105.10 Price Ceiling [Member] [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2015 - 12/31/2015 |
Notional Quantity | 20,000 |
Price Floor | 85 |
Price Ceiling | 105.1 |
Fair Value of Asset (Liability) | -105 |
Open costless collar contracts [Member] | Natural Gas [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Fair Value of Asset (Liability) | -1,016 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3 Price Floor, 5.15 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3 |
Price Ceiling | 5.15 |
Fair Value of Asset (Liability) | -36 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.25 Price Floor, 5.21 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3.25 |
Price Ceiling | 5.21 |
Fair Value of Asset (Liability) | -32 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.25 Price Floor, 5.22 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3.25 |
Price Ceiling | 5.22 |
Fair Value of Asset (Liability) | -32 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.25 Price Floor, 5.37 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3.25 |
Price Ceiling | 5.37 |
Fair Value of Asset (Liability) | -23 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.25 Price Floor, 5.42 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3.25 |
Price Ceiling | 5.42 |
Fair Value of Asset (Liability) | -21 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.50 Price Floor, 4.90 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3.5 |
Price Ceiling | 4.9 |
Fair Value of Asset (Liability) | -49 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.75 Price Floor, 4.75 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3.75 |
Price Ceiling | 4.75 |
Fair Value of Asset (Liability) | -53 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.75 Price Floor, 4.77 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 3.75 |
Price Ceiling | 4.77 |
Fair Value of Asset (Liability) | -53 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 4.00 Price Floor, 4.60 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 100,000 |
Price Floor | 4 |
Price Ceiling | 4.6 |
Fair Value of Asset (Liability) | -58 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.75 Price Floor, 4.36 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2015 |
Notional Quantity | 100,000 |
Price Floor | 3.75 |
Price Ceiling | 4.36 |
Fair Value of Asset (Liability) | -310 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.75Price Floor, 4.45 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '07/01/2014 - 12/31/2015 |
Notional Quantity | 100,000 |
Price Floor | 3.75 |
Price Ceiling | 4.45 |
Fair Value of Asset (Liability) | -241 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.75 Price Floor, 4.60 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2015 - 03/31/2015 |
Notional Quantity | 200,000 |
Price Floor | 3.75 |
Price Ceiling | 4.6 |
Fair Value of Asset (Liability) | -79 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 200,000 Notional Amount, 4.00 Price Floor, 4.84 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2015 - 12/31/2015 |
Notional Quantity | 100,000 |
Price Floor | 4 |
Price Ceiling | 4.84 |
Fair Value of Asset (Liability) | -81 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.75 Price Floor, 4.65 Price Ceiling [Member] [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2015 - 12/31/2015 |
Notional Quantity | 100,000 |
Price Floor | 3.75 |
Price Ceiling | 4.65 |
Fair Value of Asset (Liability) | -70 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 200,000 Notional Amount, 3.75 Price Floor, 5.04 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2015 - 12/31/2015 |
Notional Quantity | 200,000 |
Price Floor | 3.75 |
Price Ceiling | 5.04 |
Fair Value of Asset (Liability) | 47 |
Open costless collar contracts [Member] | Natural Gas [Member] | Open Natural Gas Collar Contract, 100,000 Notional Amount, 3.75 Price Floor, 5.34 Price Ceiling [Member] | ' |
Summary of contracts for oil and natural gas | ' |
Calculation Period | '01/01/2015 - 12/31/2015 |
Notional Quantity | 100,000 |
Price Floor | 3.75 |
Price Ceiling | 5.34 |
Fair Value of Asset (Liability) | $75 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details 1) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Open swap contracts for natural gas liquid | ' |
Fair Value of Asset (Liability) | ($11,096) |
NGL's [Member] | Open Swap Contract [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Fair Value of Asset (Liability) | -133 |
NGL's [Member] | Open Swap Contract [Member] | NGL Propane Swap Contract, 116,000 Notional Amount, 0.950 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 116,000 |
Fixed Price | 0.95 |
Fair Value of Asset (Liability) | -81 |
NGL's [Member] | Open Swap Contract [Member] | NGL Propane Swap Contract, 84,000 Notional Amount, 1.143 Fixed Price [Member] [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 84,000 |
Fixed Price | 1.143 |
Fair Value of Asset (Liability) | 36 |
NGL's [Member] | Open Swap Contract [Member] | NGL Propane Swap Contract, 116,000 Notional Amount, 1.003 Fixed Price [Member] [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 116,000 |
Fixed Price | 1.0025 |
Fair Value of Asset (Liability) | -48 |
NGL's [Member] | Open Swap Contract [Member] | NGL Propane Swap Contract, 68,000 Notional Amount, 1.150 Fixed Price [Member] [Member] [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 68,000 |
Fixed Price | 1.15 |
Fair Value of Asset (Liability) | 32 |
NGL's [Member] | Open Swap Contract [Member] | NGL Propane Swap Contract, 60,000 Notional Amount, 1.015 Fixed Price [Member] [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 60,000 |
Fixed Price | 1.015 |
Fair Value of Asset (Liability) | -20 |
NGL's [Member] | Open Swap Contract [Member] | NGL Normal Butane Swap Contract, 150,000 Notional Amount, 1.000 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '01/01/2015 - 12/31/2015 |
Notional Quantity | 150,000 |
Fixed Price | 1 |
Fair Value of Asset (Liability) | -121 |
NGL's [Member] | Open Swap Contract [Member] | NGL Normal Butane Swap Contract, 14,700 Notional Amount, 1.560 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '01/01/2015 - 12/31/2015 |
Notional Quantity | 68,000 |
Fixed Price | 1.073 |
Fair Value of Asset (Liability) | 3 |
NGL's [Member] | Open Swap Contract [Member] | NGL Propane Swap Contract, 100,000 Notional Amount, 1.003 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '01/01/2015 - 12/31/2015 |
Notional Quantity | 100,000 |
Fixed Price | 1.03 |
Fair Value of Asset (Liability) | -45 |
NGL's [Member] | Open Swap Contract [Member] | NGL Normal Butane Swap Contract, 17,500 Notional Amount, 1.540 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 17,500 |
Fixed Price | 1.54 |
Fair Value of Asset (Liability) | 24 |
NGL's [Member] | Open Swap Contract [Member] | NGL Normal Butane Swap Contract, 45,500 Notional Amount, 1.550 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 45,500 |
Fixed Price | 1.55 |
Fair Value of Asset (Liability) | 66 |
NGL's [Member] | Open Swap Contract [Member] | NGL Isobutane Swap Contract, 22,000 Notional Amount, 1.640 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 22,000 |
Fixed Price | 1.64 |
Fair Value of Asset (Liability) | 38 |
NGL's [Member] | Open Swap Contract [Member] | NGL Isobutane Swap Contract, 37,000 Notional Amount, 1.640 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 37,000 |
Fixed Price | 1.64 |
Fair Value of Asset (Liability) | 66 |
NGL's [Member] | Open Swap Contract [Member] | NGL Natural Gasoline Swap Contract, 30,000 Notional Amount, 1.970 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 30,000 |
Fixed Price | 1.97 |
Fair Value of Asset (Liability) | -37 |
NGL's [Member] | Open Swap Contract [Member] | NGL Natural Gasoline Swap Contract, 41,000 Notional Amount, 2.000 Fixed Price [Member] | ' |
Open swap contracts for natural gas liquid | ' |
Calculation Period | '07/01/2014 - 12/31/2014 |
Notional Quantity | 41,000 |
Fixed Price | 2 |
Fair Value of Asset (Liability) | ($46) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | $4,059 | $7,896 |
Gross amounts netted in the consolidated balance sheet | -3,866 | -7,704 |
Net amounts of assets presented in the condensed consolidated balance sheet | 193 | 192 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | -83 | 0 |
Counterparty A [Member] | Other Current Assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 200 | 1,746 |
Gross amounts netted in the consolidated balance sheet | -200 | -1,746 |
Net amounts of assets presented in the condensed consolidated balance sheet | 0 | 0 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | 0 |
Counterparty A [Member] | Other Noncurrent Assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 306 | 0 |
Gross amounts netted in the consolidated balance sheet | -306 | 0 |
Net amounts of assets presented in the condensed consolidated balance sheet | 0 | 0 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | 0 |
Counterparty B [Member] | Other Current Assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 482 | 1,371 |
Gross amounts netted in the consolidated balance sheet | -482 | -1,371 |
Net amounts of assets presented in the condensed consolidated balance sheet | 0 | 0 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | 0 |
Counterparty B [Member] | Other Noncurrent Assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 551 | 841 |
Gross amounts netted in the consolidated balance sheet | -468 | -668 |
Net amounts of assets presented in the condensed consolidated balance sheet | 83 | 173 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 83 | 0 |
Counterparty C [Member] | Other Current Assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 946 | 2,886 |
Gross amounts netted in the consolidated balance sheet | -946 | -2,873 |
Net amounts of assets presented in the condensed consolidated balance sheet | 0 | 13 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | 0 |
Counterparty C [Member] | Other Noncurrent Assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 889 | 1,046 |
Gross amounts netted in the consolidated balance sheet | -889 | -1,046 |
Net amounts of assets presented in the condensed consolidated balance sheet | 0 | 0 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | 0 |
Counterparty D [Member] | Other Current Assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 15 | 6 |
Gross amounts netted in the consolidated balance sheet | -15 | 0 |
Net amounts of assets presented in the condensed consolidated balance sheet | 0 | 6 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | 0 |
Counterparty D [Member] | Other Noncurrent Assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 0 | 0 |
Gross amounts netted in the consolidated balance sheet | 0 | 0 |
Net amounts of assets presented in the condensed consolidated balance sheet | 0 | 0 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | 0 |
Counterparty E [Member] | Other Current Assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 254 | ' |
Gross amounts netted in the consolidated balance sheet | -232 | ' |
Net amounts of assets presented in the condensed consolidated balance sheet | 22 | ' |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | ' |
Counterparty E [Member] | Other Noncurrent Assets [Member] | ' | ' |
Summary of gross asset balances of derivative instruments | ' | ' |
Gross amounts of recognized assets | 416 | ' |
Gross amounts netted in the consolidated balance sheet | -328 | ' |
Net amounts of assets presented in the condensed consolidated balance sheet | 88 | ' |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | $0 | ' |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Details 3) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | $15,155 | $10,649 |
Gross amounts netted in the consolidated balance sheet | -3,866 | -7,704 |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 11,289 | 2,945 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | -83 | 0 |
Counterparty A [Member] | Other Current Liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 3,078 | 2,550 |
Gross amounts netted in the consolidated balance sheet | -200 | -1,746 |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 2,878 | 804 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | 0 |
Counterparty A [Member] | Other Noncurrent Liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 473 | 0 |
Gross amounts netted in the consolidated balance sheet | -306 | 0 |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 167 | 0 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | 0 |
Counterparty B [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | -83 | ' |
Counterparty B [Member] | Other Current Liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 2,761 | 2,136 |
Gross amounts netted in the consolidated balance sheet | -482 | -1,371 |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 2,279 | 765 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | ' | 0 |
Counterparty B [Member] | Other Noncurrent Liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 692 | 668 |
Gross amounts netted in the consolidated balance sheet | -468 | -668 |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 224 | 0 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | 0 |
Counterparty C [Member] | Other Current Liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 5,738 | 3,996 |
Gross amounts netted in the consolidated balance sheet | -946 | -2,873 |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 4,792 | 1,123 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | 0 |
Counterparty C [Member] | Other Noncurrent Liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 1,523 | 1,299 |
Gross amounts netted in the consolidated balance sheet | -889 | -1,046 |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 634 | 253 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | 0 |
Counterparty D [Member] | Other Current Liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 68 | 0 |
Gross amounts netted in the consolidated balance sheet | -15 | 0 |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 53 | 0 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | 0 |
Counterparty D [Member] | Other Noncurrent Liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 0 | 0 |
Gross amounts netted in the consolidated balance sheet | 0 | 0 |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 0 | 0 |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | 0 |
Counterparty E [Member] | Other Current Liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 494 | ' |
Gross amounts netted in the consolidated balance sheet | -232 | ' |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 262 | ' |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | 0 | ' |
Counterparty E [Member] | Other Noncurrent Liabilities [Member] | ' | ' |
Summary of gross liability balances of derivative instruments | ' | ' |
Gross amounts of recognized liabilities | 328 | ' |
Gross amounts netted in the consolidated balance sheet | -328 | ' |
Net amounts of liabilities presented in the condensed consolidated balance sheet | 0 | ' |
Derivative Asset, Fair Value, Subject to Master Netting, Gross Asset Basis | $0 | ' |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Details 4) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ' | ' | ' | ' |
Realized (loss) gain on derivatives | ($2,913) | $254 | ($4,756) | $646 |
Unrealized gain (loss) on derivatives | -5,234 | 7,526 | -8,342 | 2,701 |
Total | -8,147 | 7,780 | -13,098 | 3,347 |
Revenues [Member] | ' | ' | ' | ' |
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ' | ' | ' | ' |
Realized (loss) gain on derivatives | -2,913 | 254 | -4,756 | 646 |
Unrealized gain (loss) on derivatives | -5,234 | 7,526 | -8,342 | 2,701 |
Oil [Member] | Revenues [Member] | ' | ' | ' | ' |
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ' | ' | ' | ' |
Realized (loss) gain on derivatives | -2,764 | -228 | -3,706 | -465 |
Unrealized gain (loss) on derivatives | -5,701 | 4,042 | -7,751 | 1,314 |
Natural Gas [Member] | Revenues [Member] | ' | ' | ' | ' |
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ' | ' | ' | ' |
Realized (loss) gain on derivatives | -187 | 105 | -776 | 629 |
Unrealized gain (loss) on derivatives | 698 | 2,323 | -569 | -189 |
NGL's [Member] | Revenues [Member] | ' | ' | ' | ' |
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations | ' | ' | ' | ' |
Realized (loss) gain on derivatives | 38 | 377 | -274 | 482 |
Unrealized gain (loss) on derivatives | ($231) | $1,161 | ($22) | $1,576 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | ($11,096) | ' |
Fair value on a recurring basis [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Total | -11,096 | -2,753 |
Fair value on a recurring basis [Member] | Natural Gas [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | 193 | 192 |
Fair value on a recurring basis [Member] | Oil [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | -11,289 | -2,945 |
Fair value on a recurring basis [Member] | Level 1 [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Total | ' | ' |
Fair value on a recurring basis [Member] | Level 1 [Member] | Natural Gas [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | 0 | 0 |
Fair value on a recurring basis [Member] | Level 1 [Member] | Oil [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | 0 | 0 |
Fair value on a recurring basis [Member] | Level 2 [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Total | -11,096 | -2,753 |
Fair value on a recurring basis [Member] | Level 2 [Member] | Natural Gas [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | 193 | 192 |
Fair value on a recurring basis [Member] | Level 2 [Member] | Oil [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | -11,289 | -2,945 |
Fair value on a recurring basis [Member] | Level 3 [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Total | ' | ' |
Fair value on a recurring basis [Member] | Level 3 [Member] | Natural Gas [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | 0 | 0 |
Fair value on a recurring basis [Member] | Level 3 [Member] | Oil [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Oil, natural gas and NGL derivatives | $0 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (Fair value on a non-recurring basis [Member], USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Assets (Liabilities) | ' | ' |
Total | ($2,497) | ($1,470) |
Asset retirement obligations [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Asset retirement obligations | -2,497 | -1,470 |
Level 1 [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Total | ' | ' |
Level 1 [Member] | Asset retirement obligations [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Asset retirement obligations | 0 | 0 |
Level 2 [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Total | ' | ' |
Level 2 [Member] | Asset retirement obligations [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Asset retirement obligations | 0 | 0 |
Level 3 [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Total | -2,497 | -1,470 |
Level 3 [Member] | Asset retirement obligations [Member] | ' | ' |
Assets (Liabilities) | ' | ' |
Asset retirement obligations | ' | -1,470 |
Asset Retirement Obligation, Period Increase (Decrease) | ($2,497) | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' |
Maximum termination outstanding obligations of contracts | $54.70 | ' | $54.70 | ' |
Commitments and Contingencies (Additional Textual) [Abstract] | ' | ' | ' | ' |
Natural gas processing and transportation agreement | ' | ' | '5 years | ' |
Minimum delivery commitment to avoid paying gas deficiency fee | ' | ' | 80.00% | ' |
Undiscounted minimum commitments | 8 | ' | 8 | ' |
Lease expiring period | 30-Jun-22 | ' | ' | ' |
Lease agreements [Member] | ' | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' |
Transportation and processing fee under the agreement | 1.7 | 1 | 2.8 | 1.8 |
Drilling Rig Commitments [Member] | ' | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' |
Minimum outstanding commitments | 30.3 | ' | 30.3 | ' |
Geological and Geophysical Commitments [Member] | ' | ' | ' | ' |
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' |
Minimum outstanding commitments | $4.10 | ' | $4.10 | ' |
Supplemental_Disclosures_Detai
Supplemental Disclosures (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Accrued evaluated and unproved and unevaluated property costs [Member] | Accrued evaluated and unproved and unevaluated property costs [Member] | Accrued support equipment and facilities costs [Member] | Accrued support equipment and facilities costs [Member] | Accrued Cost to Issue Equity [Member] | Accrued Cost to Issue Equity [Member] | Accrued stock-based compensation [Member] | Accrued stock-based compensation [Member] | Accrued lease operating expenses [Member] | Accrued lease operating expenses [Member] | Accrued interest on borrowings under Credit Agreement [Member] | Accrued interest on borrowings under Credit Agreement [Member] | Accrued asset retirement obligations [Member] | Accrued asset retirement obligations [Member] | Accrued partners share of joint interest charges [Member] | Accrued partners share of joint interest charges [Member] | ||
Summary of current accrued liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | $5,142 | $3,586 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total accrued liabilities | $105,129 | $63,987 | $86,066 | $52,605 | $293 | $0 | $87 | $0 | $109 | $56 | $8,751 | $6,251 | $95 | $141 | $477 | $175 | $4,109 | $1,173 |
Supplemental_Disclosures_Detai1
Supplemental Disclosures (Details 1) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Supplemental disclosures of cash flow information | ' | ' |
Cash paid for interest expense, net of amounts capitalized | $3,058 | $1,817 |
Asset retirement obligations related to mineral properties | 2,343 | 751 |
Asset retirement obligations related to support equipment and facilities | 132 | 4 |
Increase (decrease) in liabilities for oil and natural gas properties capital expenditures | 34,444 | -6,859 |
Increase (decrease) in liabilities for support equipment and facilities | 293 | -914 |
Increase in liabilities for accrued cost to issue equity | 86 | 0 |
Issuance of restricted stock units for Board and advisor services | 197 | 87 |
Issuance of common stock for advisor services | 10 | 17 |
Stock-based compensation expense recognized as liability | 1,200 | 284 |
Transfer of inventory from oil and natural gas properties | $133 | $191 |
Subsidiary_Guarantors_Details
Subsidiary Guarantors (Details) | Jun. 30, 2014 |
Subsidiary Guarantors (Textual) [Abstract] | ' |
Ownership on subsidiaries | 100.00% |