Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | 'S-4 |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-14 |
Trading Symbol | 'RICE |
Entity Registrant Name | 'Rice Energy Inc. |
Entity Central Index Key | '0001588238 |
Entity Filer Category | 'Non-accelerated Filer |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash | $131,978 | $31,612 | $8,547 |
Restricted cash | 0 | 8,268 | 0 |
Accounts receivable | 136,560 | 31,765 | 8,557 |
Receivable from affiliate | 222 | 2,244 | 11,879 |
Deposits | 760 | 601 | ' |
Prepaid expenses and other | ' | 863 | 321 |
Prepaid expenses and other | 2,374 | 262 | ' |
Derivative assets | 8,546 | 0 | ' |
Total current assets | 280,440 | 74,752 | 29,304 |
Investments in joint ventures | 0 | 49,814 | 30,976 |
Gas collateral account | 3,995 | 3,700 | 5,843 |
Proved natural gas properties, net | 1,023,603 | 270,523 | 159,988 |
Unproved natural gas properties | 1,158,483 | 457,836 | 111,030 |
Property and equipment, net | 13,637 | 5,972 | 2,622 |
Deferred financing costs, net | 20,452 | 12,292 | 5,208 |
Goodwill | 338,036 | 0 | ' |
Intangible assets, net | 48,199 | 0 | ' |
Other non-current assets | 386 | 0 | ' |
Derivative assets | 8,555 | 4,921 | 0 |
Total assets | 2,895,786 | 879,810 | 344,971 |
Current liabilities: | ' | ' | ' |
Current portion of long-term debt | 1,006 | 20,120 | 8,814 |
Accounts payable | 95,218 | 51,219 | 19,793 |
Royalties payable | 28,906 | 9,393 | 1,960 |
Accrued interest | 24,219 | 250 | 2,004 |
Accrued capital expenditures | 176,087 | 16,753 | 2,359 |
Other accrued liabilities | 19,378 | 8,283 | 5,585 |
Leasehold payable | 24,940 | 18,606 | 3,954 |
Derivative liabilities | 0 | 965 | 2,260 |
Payable to affiliate | 0 | 6,148 | 2,482 |
Operated prepayment liability | 1,886 | 1,201 | 11,553 |
Total current liabilities | 371,640 | 132,938 | 60,764 |
Long-term liabilities: | ' | ' | ' |
Long-term debt | 900,000 | 406,822 | 140,506 |
Leasehold payable | 3,330 | 1,675 | 106 |
Deferred tax liabilities | 199,040 | 0 | ' |
Restricted units | 0 | 36,306 | 3,400 |
Other long-term liabilities | 9,218 | 3,422 | 2,004 |
Total liabilities | 1,483,228 | 581,163 | 206,780 |
Stockholders' equity | 1,412,558 | 298,647 | 138,191 |
Total liabilities and stockholders' equity | $2,895,786 | $879,810 | $344,971 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating revenues: | ' | ' | ' | ' | ' | ' | ' |
Natural gas, oil and natural gas liquids (NGL) sales | $67,831 | $23,526 | $246,816 | $60,219 | $87,847 | $26,743 | $13,972 |
Firm transportation sales, net | 9,733 | 0 | 11,851 | 0 | ' | ' | ' |
Other revenue | 1,563 | 163 | 2,878 | 580 | 757 | 457 | 0 |
Total operating revenues | 79,127 | 23,689 | 261,545 | 60,799 | 88,604 | 27,200 | 13,972 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Lease operating | 4,553 | 1,777 | 16,406 | 5,794 | 8,309 | 3,688 | 1,617 |
Gathering, compression and transportation | 9,597 | 3,365 | 25,904 | 6,951 | 9,774 | 3,754 | 540 |
Production taxes and impact fees | 1,114 | 522 | 2,624 | 1,029 | 1,629 | 1,382 | 0 |
Exploration | 747 | 338 | 1,706 | 1,784 | 9,951 | 3,275 | 660 |
Incentive unit expense | 26,418 | 0 | 101,695 | 0 | ' | ' | ' |
Restricted unit expense | 0 | 32,381 | 0 | 40,087 | 32,906 | 0 | 170 |
Stock compensation expense | 2,058 | 0 | 3,274 | 0 | ' | ' | ' |
General and administrative | 10,458 | 4,169 | 36,733 | 9,952 | 16,953 | 7,599 | 5,208 |
Depreciation, depletion and amortization | 33,853 | 9,722 | 91,912 | 23,215 | 32,815 | 14,149 | 5,981 |
Acquisition expense | 2,246 | 0 | 2,246 | 0 | ' | ' | ' |
Write-down of abandoned leases | ' | ' | ' | ' | 0 | 2,253 | 109 |
Amortization of intangible assets | 408 | 0 | 748 | 0 | ' | ' | ' |
Loss (gain) from sale of interest in gas properties | ' | ' | ' | ' | 4,230 | 0 | -1,478 |
Total operating expenses | 91,452 | 52,274 | 283,248 | 88,812 | 116,567 | 36,100 | 12,807 |
Operating income (loss) | -12,325 | -28,585 | -21,703 | -28,013 | -27,963 | -8,900 | 1,165 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' |
Interest expense | -15,754 | -5,943 | -38,737 | -13,033 | -17,915 | -3,487 | -531 |
Gain on purchase of Marcellus joint venture | 0 | 0 | 203,579 | 0 | ' | ' | ' |
Other income (expense) | -216 | 38 | 180 | -408 | -357 | 112 | 161 |
Gain (loss) on derivative instruments | 36,935 | 8,050 | 5,357 | 16,698 | 6,891 | -1,381 | 574 |
Amortization of deferred financing costs | -707 | -958 | -1,728 | -4,760 | -5,230 | -7,220 | -2,675 |
Loss on extinguishment of debt | -790 | -10,622 | -3,934 | -10,622 | -10,622 | 0 | 0 |
Write-off of deferred financing costs | 0 | 0 | -6,896 | 0 | ' | ' | ' |
Equity in income (loss) of joint ventures | 0 | 4,368 | -2,656 | 19,297 | 19,420 | 1,532 | 370 |
Total other expense | ' | ' | ' | ' | -7,813 | -10,444 | -2,101 |
Income (loss) before income taxes | 7,143 | -33,652 | 133,462 | -20,841 | ' | ' | ' |
Income tax benefit (expense) | -14,005 | 0 | -18,787 | 0 | ' | ' | ' |
Net income (loss) | -6,862 | -33,652 | 114,675 | -20,841 | -35,776 | -19,344 | -936 |
Weighted average number of shares of common stock-basic | 132,269,081 | 88,000,000 | 125,411,524 | 77,894,855 | 80,441,905 | 57,966,572 | 39,958,066 |
Weighted average common shares outstanding; | ' | ' | ' | ' | ' | ' | ' |
Basic and Diluted | ' | ' | ' | ' | 80,441,000 | 57,967,000 | 39,958,000 |
Weighted average number of shares of common stock-diluted | 132,269,081 | 88,000,000 | 125,678,095 | 77,894,855 | 80,441,905 | 57,966,572 | 39,958,066 |
Net loss per common share | ' | ' | ' | ' | ' | ' | ' |
Basic and Diluted | ' | ' | ' | ' | ($0.44) | ($0.33) | ($0.02) |
Earnings (loss) per share-basic | ($0.05) | ($0.38) | $0.91 | ($0.27) | ($0.44) | ($0.33) | ($0.02) |
Earnings (loss) per share-diluted | ($0.05) | ($0.38) | $0.91 | ($0.27) | ($0.44) | ($0.33) | ($0.02) |
Pro Forma | ' | ' | ' | ' | ' | ' | ' |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit (expense) | ' | ' | 5,560 | ' | 14,844 | ' | ' |
Net income (loss) | ' | ' | $120,235 | ' | ($20,932) | ' | ' |
Weighted average common shares outstanding; | ' | ' | ' | ' | ' | ' | ' |
Earnings per share-basic | ' | ' | $0.96 | ' | ' | ' | ' |
Net loss per common share | ' | ' | ' | ' | ' | ' | ' |
Basic and Diluted | ' | ' | ' | ' | ($0.26) | ' | ' |
Earnings per share-diluted | ' | ' | $0.96 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' | ' | ' |
Net income (loss) | $114,675 | ($20,841) | ($35,776) | ($19,344) | ($936) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ' | ' |
Depreciation, depletion and amortization | 91,912 | 23,215 | 32,815 | 14,149 | 5,981 |
Amortization of deferred financing costs | 1,728 | 4,760 | 5,230 | 7,220 | 2,675 |
Amortization of intangibles | 748 | 0 | ' | ' | ' |
Loss (gain) from sale of interest in gas properties | ' | ' | 4,230 | 0 | -1,478 |
Incentive unit expense | 101,695 | 0 | ' | ' | ' |
Write-off of deferred financing costs | 6,896 | 0 | ' | ' | ' |
Loss on extinguishment of debt | 3,934 | 0 | ' | ' | ' |
Restricted unit expense | 0 | 40,087 | 32,906 | 0 | 170 |
Stock compensation expense | 3,274 | 0 | ' | ' | ' |
Write-off of unsuccessful exploratory well costs | ' | ' | 8,143 | 0 | 0 |
Derivative instruments fair value (gain) loss | -5,357 | -16,698 | -6,891 | 1,381 | -574 |
Cash payments for settled derivatives | -20,782 | -1,053 | 676 | 879 | 574 |
Deferred income tax expense | 18,787 | 0 | ' | ' | ' |
Fair value gain on purchase of Marcellus joint venture | -203,579 | 0 | ' | ' | ' |
Equity in (income) loss of joint ventures | 2,656 | -19,297 | -19,420 | -1,532 | -370 |
Write-down of abandoned leases and other leasehold costs | ' | ' | 0 | 2,253 | 109 |
(Increase) decrease in: | ' | ' | ' | ' | ' |
Accounts receivable | -89,443 | -12,398 | -17,208 | -3,828 | -4,310 |
Receivable from affiliate | 2,033 | 6,897 | 9,635 | -8,403 | -76 |
Gas collateral account | 0 | 4,343 | 643 | -4,137 | -207 |
Prepaid expenses and other | -2,165 | -270 | -541 | -212 | 73 |
Cash receipts (payments) for settled derivatives | -20,782 | -1,053 | 676 | 879 | 574 |
Increase (decrease) in: | ' | ' | ' | ' | ' |
Accounts payable | 2,845 | -133 | 2,273 | -30 | -125 |
Royalties payable | 11,605 | 5,916 | 7,432 | 775 | 1,117 |
Accrued interest | 23,315 | -1,324 | ' | ' | ' |
Other accrued expenses | 14,546 | 5,029 | 5,859 | 7,391 | 746 |
Payable to affiliate | -9,644 | 4,258 | 3,666 | 424 | 1,762 |
Net cash provided by (used in) operating activities | 69,679 | 22,491 | 33,672 | -3,014 | 5,131 |
Cash flows from investing activities: | ' | ' | ' | ' | ' |
Capital expenditures for natural gas properties | -634,129 | -341,347 | -463,128 | -109,149 | -69,077 |
Acquisition of Marcellus joint venture, net of cash acquired | -82,766 | 0 | 0 | -9,957 | -15,205 |
Acquisition of Momentum assets | -111,447 | 0 | ' | ' | ' |
Acquisition of Greene County assets | -329,469 | 0 | ' | ' | ' |
Capital expenditures for property and equipment | -8,279 | -1,278 | -2,259 | -867 | -673 |
Proceeds from sale of interest in gas properties | 11,542 | 0 | 6,792 | 0 | 5,710 |
Net cash provided by (used in) investing activities | -1,154,548 | -342,625 | -458,595 | -119,973 | -79,245 |
Cash flows from financing activities: | ' | ' | ' | ' | ' |
Proceeds from borrowings | 900,000 | 321,003 | 435,500 | 44,361 | 82,972 |
Repayments of debt obligations | -498,983 | -159,726 | -160,760 | -10,152 | -7,726 |
Restricted cash for convertible debt | 8,268 | -8,268 | -8,268 | 0 | 0 |
Debt issuance costs | -19,401 | -9,480 | -12,194 | -1,913 | -9,699 |
Common stock issuance | 0 | 197,987 | ' | ' | ' |
Repurchase of common stock | 0 | -2,267 | ' | ' | ' |
Costs relating to IPO | -1,412 | 0 | ' | ' | ' |
Proceeds from conversion of warrants | 1,975 | 0 | ' | ' | ' |
Proceeds from issuance of common stock sold in IPO, net of underwriting fees | 598,500 | 0 | ' | ' | ' |
Costs relating to August 2014 Equity Offering | -784 | 0 | ' | ' | ' |
Common stock issuance | 197,072 | 0 | 195,977 | 96,782 | 7,900 |
Repurchase of common stock | ' | ' | -2,267 | -1,133 | 0 |
Return of capital | ' | ' | 0 | -800 | 0 |
Net cash provided by (used in)financing activities | 1,185,235 | 339,249 | 447,988 | 127,145 | 73,447 |
Net increase (decrease) in cash | 100,366 | 19,115 | 23,065 | 4,158 | -667 |
Cash at the beginning of the year | 31,612 | 8,547 | 8,547 | 4,389 | 5,056 |
Cash at the end of the year | 131,978 | 27,662 | 31,612 | 8,547 | 4,389 |
Supplemental disclosure of noncash investing and financing activities | ' | ' | ' | ' | ' |
Accretion of debt discount | ' | ' | 2,099 | 0 | 0 |
Gas collateral financed by accounts payable | ' | ' | 0 | 1,500 | 0 |
Capital expenditures for property, office furniture and equipment funded by capital lease borrowings | ' | ' | 1,557 | 419 | 0 |
Application of advances from joint interest owners | ' | ' | -10,415 | 0 | 0 |
Warrants issued in exchange for services | ' | ' | 0 | 0 | 3,294 |
Conversion of related-party note payable to common stock | ' | ' | 255 | 11,332 | 0 |
Natural Gas Properties | Accounts Payable | ' | ' | ' | ' | ' |
Supplemental disclosure of noncash investing and financing activities | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | 48,615 | 18,083 | 10,529 |
Natural Gas Properties | Other accrued liabilities | ' | ' | ' | ' | ' |
Supplemental disclosure of noncash investing and financing activities | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | 16,753 | 2,359 | 5,936 |
Natural Gas Properties | Borrowings | ' | ' | ' | ' | ' |
Supplemental disclosure of noncash investing and financing activities | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | 0 | 18,328 | 1,016 |
Natural Gas Properties | Deferred payment obligation | ' | ' | ' | ' | ' |
Supplemental disclosure of noncash investing and financing activities | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | 20,281 | 3,577 | 5,314 |
Natural Gas Properties | Other Liabilities | ' | ' | ' | ' | ' |
Supplemental disclosure of noncash investing and financing activities | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | 0 | 8,261 | 0 |
Property and equipment | Borrowings | ' | ' | ' | ' | ' |
Supplemental disclosure of noncash investing and financing activities | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | $503 | $1,270 | $0 |
Statements_of_Condensed_Consol
Statements of Condensed Consolidated Equity (USD $) | Total | IPO | Common Stock ($0.01 par) | Common Stock ($0.01 par) | Additional Paid-In Capital | Additional Paid-In Capital | Accumulated (Deficit) Earnings | Accumulated (Deficit) Earnings |
In Thousands, unless otherwise specified | IPO | IPO | IPO | |||||
Balance at Dec. 31, 2010 | $36,563 | ' | $392 | ' | $45,223 | ' | ($9,052) | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Contributions, net | 7,900 | ' | 14 | ' | 7,886 | ' | 0 | ' |
Issuance of warrants | 3,294 | ' | 0 | ' | 3,294 | ' | 0 | ' |
Net income (loss) | -936 | ' | 0 | ' | 0 | ' | -936 | ' |
Balance at Dec. 31, 2011 | 46,821 | ' | 406 | ' | 56,403 | ' | -9,988 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Contributions, net | 100,182 | ' | 192 | ' | 99,990 | ' | 0 | ' |
Return of Capital | -800 | ' | -1 | ' | -799 | ' | 0 | ' |
Conversion of related-party notes payable | 11,332 | ' | 25 | ' | 11,307 | ' | 0 | ' |
Net income (loss) | -19,344 | ' | 0 | ' | 0 | ' | -19,344 | ' |
Balance at Dec. 31, 2012 | 138,191 | ' | 622 | ' | 166,901 | ' | -29,332 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Contributions, net | 197,990 | ' | 258 | ' | 197,732 | ' | 0 | ' |
Net income (loss) | -20,841 | ' | 0 | ' | 0 | ' | -20,841 | ' |
Balance at Sep. 30, 2013 | 315,340 | ' | 880 | ' | 364,633 | ' | -50,173 | ' |
Balance at Dec. 31, 2012 | 138,191 | ' | 622 | ' | 166,901 | ' | -29,332 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Contributions, net | 196,232 | ' | 258 | ' | 195,974 | ' | 0 | ' |
Net income (loss) | -35,776 | ' | 0 | ' | 0 | ' | -35,776 | ' |
Balance at Dec. 31, 2013 | 298,647 | ' | 880 | ' | 362,875 | ' | -65,108 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued in purchase of Marcellus joint venture | 222,000 | ' | 95 | ' | 221,905 | ' | 0 | ' |
Conversion of restricted units into shares of common stock at IPO | ' | 36,306 | ' | 0 | ' | 36,306 | ' | 0 |
Conversion of convertible debentures into shares of common stock after IPO | ' | 6,605 | ' | 6 | ' | 6,599 | ' | 0 |
Conversion of warrants into shares of common stock after IPO | ' | 1,975 | ' | 7 | ' | 1,968 | ' | 0 |
Shares of common stock issued in August 2014 Equity Offering, net of offering costs | 196,288 | 593,413 | 75 | 300 | 196,213 | 593,113 | 0 | 0 |
Incentive unit compensation | 101,695 | ' | 0 | ' | 101,695 | ' | 0 | ' |
Stock compensation | 3,274 | ' | 0 | ' | 3,274 | ' | 0 | ' |
Tax impact of IPO and corporate reorganization | ' | -162,320 | ' | 0 | ' | -162,320 | ' | 0 |
Net income (loss) | 114,675 | ' | 0 | ' | 0 | ' | 114,675 | ' |
Balance at Sep. 30, 2014 | $1,412,558 | ' | $1,363 | ' | $1,361,628 | ' | $49,567 | ' |
Statements_of_Condensed_Consol1
Statements of Condensed Consolidated Equity (Parenthetical) (Common Stock ($0.01 par), USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Common Stock ($0.01 par) | ' | ' |
Common Stock, par value per share | $0.01 | $0.01 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
1 | Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Rice Energy Inc. (the “Company,” “we,” “our,” and “us”) have been prepared by the Company’s management in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and applicable rules and regulations promulgated under the Exchange Act. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. The unaudited condensed consolidated financial statements included herein contain all adjustments which are, in the opinion of management, necessary to present fairly the Company’s financial position as of September 30, 2014 and its condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 and of cash flows for the nine months ended September 30, 2014 and 2013. The condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 are not necessarily indicative of the results to be expected for future periods. A corporate reorganization occurred concurrently with the completion of our IPO on January 29, 2014. As a part of this corporate reorganization, we acquired all of the outstanding membership interests in Rice Appalachia and Rice Drilling B (other than those already held by Rice Appalachia) in exchange for shares of our common stock. Our business continues to be conducted through Rice Drilling B, now a wholly owned subsidiary. This reorganization constituted a common control transaction and the accompanying consolidated financial statements are presented as though this reorganization had occurred for the earliest period presented. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes therein for the year ended December 31, 2013, as filed with the Securities and Exchange Commission by the Company in its 2013 Annual Report. Certain prior period financial statement amounts have been reclassified to conform to current period presentation. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ' | ||||||||||||||||
Long-Term Debt | ' | ' | ||||||||||||||||
2 | Long-Term Debt | 4 | Long-Term Debt | |||||||||||||||
Long-term debt consists of the following as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||
Long-term debt consists of the following as of September 30, 2014 and December 31, 2013. | ||||||||||||||||||
Description | December 31, 2013 | December 31, 2012 | ||||||||||||||||
Long-term Debt | ||||||||||||||||||
(in thousands) | September 30, | December 31, | Debentures (a) | $ | 6,890 | $ | 60,000 | |||||||||||
2014 | 2013 | Wells Fargo Energy Capital Credit Facility (b) | — | 70,000 | ||||||||||||||
Long-term Debt | Second Lien Term Loan Facility (c) | 293,821 | — | |||||||||||||||
Senior Notes Due 2022 (a) | $ | 900,000 | $ | — | NPI Note (d) | 8,028 | 15,282 | |||||||||||
Second Lien Term Loan Facility (b) | — | 293,821 | Senior Secured Revolving Credit Facility (e) | 115,000 | — | |||||||||||||
Senior Secured Revolving Credit Facility (c) | — | 115,000 | Other | 3,203 | 4,038 | |||||||||||||
Debentures (d) | — | 6,890 | ||||||||||||||||
NPI Note | — | 8,028 | Total debt | $ | 426,942 | $ | 149,320 | |||||||||||
Other | 1,006 | 3,203 | Less current portion | 20,120 | 8,814 | |||||||||||||
Total debt | $ | 901,006 | $ | 426,942 | Long-term debt | $ | 406,822 | $ | 140,506 | |||||||||
Less current portion | 1,006 | 20,120 | ||||||||||||||||
Debentures (a) | ||||||||||||||||||
Long-term debt | $ | 900,000 | $ | 406,822 | In June of 2011, the Company sold $60.0 million of its 12% Senior Subordinated Convertible Debentures due 2014 (“the Debentures”) in a private placement to certain accredited investors as defined in Rule 501 of Regulation D. The Debentures accrue interest at 12% per year payable monthly in arrears by the 15th day of the month and mature on July 31, 2014 (“Maturity Date”). The Debentures are the Company’s unsecured senior obligations and rank equally with all of the Company’s current and future senior unsecured indebtedness. | |||||||||||||
From July 31, 2013 through August 20, 2013 (“the put redemption period”), any holder of Debentures had the right to cause the Company to repurchase all or any portion of the Debentures owned by such holder at 100% of the portion of the principal amount of the Debentures as to which the right was being exercised, plus a premium of 20%. During the put redemption period, the Company repurchased $53.1 million of outstanding Debentures and paid a put premium of $10.6 million in accordance with the terms of the agreements. The put redemption period expired in the nine months ended September 30, 2013 and the Company recorded the premium of $10.6 million as a loss on extinguishment of debt in the statement of consolidated operations for the year ended December 31, 2013. | ||||||||||||||||||
At any time after July 31, 2013 until the Maturity Date, the Company has the right to redeem all, but not less than all, of the Debentures on 30 days prior written notice at a redemption price equal to 100% of the principal amount of the Debentures plus a premium of 50%. In connection with the IPO, the convertible debentures and warrants of Rice Drilling B were amended to become convertible or exercisable for an aggregate 1,671,800 shares of common stock of Rice Energy Inc. Through March 10, 2014, approximately $5.0 million of the convertible debentures had been converted into 433,073 shares of Rice Energy Inc. common stock. On February 28, 2014, the Company issued a call notice on the remaining convertible debentures, requiring a response by March 30, 2014. Amounts not converted by the redemption date will receive a cash payment from the Company of 100% of the principal amount plus a premium of 50%, which could result in additional costs of $1.0 million if all remaining convertible debentures are redeemed. As the principal amount of the convertible debentures outstanding has been reduced to less than $5.0 million, the Company is no longer required to maintain restricted cash. | ||||||||||||||||||
6.25% Senior Notes Due 2022 (a) | In connection with the convertible debt offering, Rice Drilling B granted warrants that were issued on August 15, 2011, to certain of the broker-dealers involved in the private placement. These warrants are considered to be separate instruments issued solely in lieu of cash compensation for services provided by the broker-dealers. Two separate classes of warrants were issued (Normal and Bonus), the sole difference being the exercise price. | |||||||||||||||||
The fair value of these warrants at the date of grant was estimated using the Black-Scholes valuation model with the following assumptions: | ||||||||||||||||||
On April 25, 2014, the Company issued $900.0 million (the “Senior Notes Offering”) in the aggregate principal amount of 6.25% senior notes due 2022 (the “Notes”) in a private placement to eligible purchasers under Rule 144A and Regulation S of the Securities Act, which resulted in net proceeds of $882.7 million, after deducting expenses and the initial purchasers’ discounts of approximately $17.3 million. The Company used $301.8 million of the net proceeds to repay and retire the Second Lien Term Loan Facility (defined below), with the remainder having been used to fund a portion of the Company’s 2014 capital expenditure program. | ||||||||||||||||||
Dividend yield | — | % | ||||||||||||||||
Expected volatility | 72.1 | % | ||||||||||||||||
The Notes will mature on May 1, 2022, and interest is payable on the Notes on each May 1 and November 1. At any time prior to May 1, 2017, the Company may redeem up to 35% of the Notes at a redemption price of 106.25% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings so long as the redemption occurs within 180 days of completing such equity offering and at least 65% of the aggregate principal amount of the Notes remains outstanding after such redemption. Prior to May 1, 2017, the Company may redeem some or all of the notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date. Upon the occurrence of a Change of Control (as defined in the indenture governing the notes (the “Indenture”), unless the Company has given notice to redeem the Notes, the holders of the Notes will have the right to require the Company to repurchase all or a portion of the Notes at a price equal to 101% of the aggregate principal amount of the Notes, plus any accrued and unpaid interest to the date of purchase. On or after May 1, 2017, the Company may redeem some or all of the Notes at redemption prices (expressed as percentages of principal amount) equal to 104.688% for the twelve-month period beginning on May 1, 2017, 103.125% for the twelve-month period beginning May 1, 2018, 101.563% for the twelve-month period beginning on May 1, 2019 and 100.000% beginning on May 1, 2020, plus accrued and unpaid interest to the redemption date. | Risk-free rate | 0.96 | % | |||||||||||||||
Expected life | 5 years | |||||||||||||||||
The Notes are the Company’s senior unsecured obligations, rank equally in right of payment with all of the Company’s existing and future senior debt, and will rank senior in right of payment to all of the Company’s future subordinated debt. The Notes will be effectively subordinated to all of the Company’s existing and future secured debt to the extent of the value of the collateral securing such indebtedness. | ||||||||||||||||||
“Normal” warrant | ||||||||||||||||||
The Company, as the parent company, has no independent assets or operations. The Notes are guaranteed on a senior unsecured basis by the Guarantors (as defined in the Indenture). The guarantees are full and unconditional, subject to customary exceptions pursuant to the Indenture, as discussed below. Other than the Guarantors, Company has no subsidiaries other than minor subsidiaries. In addition, there are no restrictions on the ability of the Company to obtain funds from its subsidiary by dividend or loan. Finally, the Company’s wholly-owned subsidiaries do not have restricted assets that exceed 25% of net assets as of the most recent fiscal year end that may not be transferred to the Company in the form of loans, advances or cash dividends by the subsidiary without the consent of a third party. | Number of warrants issued | 1,044 | ||||||||||||||||
Exercise price | $ | 10,000 | ||||||||||||||||
Guarantees of the Notes will be released under certain circumstances, including: | Grant date fair value, per unit | $ | 2,569 | |||||||||||||||
Weighted average contractual life | 5 years | |||||||||||||||||
• | in connection with any sale or other disposition of all or substantially all of the assets of that Guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary (as defined in the Indenture) of the Company; | “Bonus” warrant | ||||||||||||||||
Number of warrants issued | 192 | |||||||||||||||||
Exercise price | $ | 6,250 | ||||||||||||||||
• | in connection with any sale or other disposition of the capital stock of that Guarantor (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, such that, immediately after giving effect to such transaction, such Guarantor would no longer constitute a subsidiary of the Company; | Grant date fair value, per unit | $ | 3,184 | ||||||||||||||
Weighted average contractual life | 5 years | |||||||||||||||||
The fair value of $3.3 million of the above warrants were recorded as a deferred financing cost during the year ended December 31, 2011, and were amortized over the term of the Debentures. Subsequent to December 31, 2013, two warrants had been exercised in exchange for 1,728 shares of Rice Energy Inc. common stock. If all warrants are exercised approximately 1.1 million shares of Rice Energy Inc. common stock would be issued. | ||||||||||||||||||
• | if the Company designates any Restricted Subsidiary that is a Guarantor to be an unrestricted subsidiary in accordance with the Indenture; | Wells Fargo Energy Capital Credit Facility (b) | ||||||||||||||||
In November of 2012, the Company amended and restated its then existing credit facility with Wells Fargo. In connection with the amendment and restatement, a lender was added to the new facility. The amendment and restatement was accounted for as a modification of the debt, resulting in $0.2 million of third-party costs associated with the amendment and restatement being expensed. The Wells Fargo Energy Capital Credit Facility (“Wells Fargo Energy Capital Credit Facility”) was subject to a maximum borrowing base equal to $200.0 million, as determined unanimously by Wells Fargo Energy Capital, in accordance with customary lending practices. This loan was repaid using proceeds from the Second Lien Term Loan Facility during the second quarter of 2013. | ||||||||||||||||||
Second Lien Term Loan Facility (c) | ||||||||||||||||||
• | upon legal defeasance or satisfaction and discharge of the Indenture; or | On April 25, 2013, the Company entered into a Second Lien Term Loan Facility (“Second Lien Term Loan Facility”) with Barclays Bank PLC, as administrative agent, and a syndicate of lenders in an aggregate principal amount of $300.0 million. The Company estimated the discount on issuance of this instrument based upon an estimate of market rates at the inception of the instrument and recorded a discount of $4.5 million. The discount is being amortized over the life of the note using an effective interest rate of 0.284% using the effective yield method. As of December 31, 2013, the Company had a balance of $293.8 million relating to the Second Lien Term Loan Facility, this includes borrowings outstanding of $297.7 million less a discount of $3.9 million. The Second Lien Term Loan Facility matures October 25, 2018. Approximately $7.3 million in fees were capitalized in connection with the Second Lien Term Loan Facility. | ||||||||||||||||
Principal amounts borrowed under the Second Lien Term Loan Facility are payable in an amount equal to 0.25% of the initial principal amount at the end of each quarter with the remainder payable on the maturity date. Interest is payable in arrears at the end of each quarter and on the maturity date. The Company has the choice to borrow in Eurodollars or at the base rate. Eurodollar loans bear interest at a rate per annum equal to LIBOR plus 725 basis points. Base rate loans bear interest at a rate per annum equal to the greatest of (i) 2.25%, (ii) the agent bank’s reference rate, (iii) the federal funds effective rate plus 50 basis points and (iv) the rate for one month Eurodollar loans plus 100 basis points, plus 625 basis points. The Company may prepay the borrowings under the Second Lien Term Loan Facility at any time, provided that any prepayments of principal amounts during the first year following the closing date are subject to a 2% premium and any prepayments of principal during the second year following the closing date are subject to 1% premium. The interest rate was 8.5% as of December 31, 2013. | ||||||||||||||||||
• | if such Guarantor ceases to guarantee any other indebtedness of the Company or a Guarantor under a credit facility, provided no Event of Default (as defined in the Indenture) has occurred and is continuing. | The Second Lien Term Loan Facility is secured by liens on substantially all of the Company’s properties that are subordinated to the liens securing the revolving credit facility and guarantees from the Company’s subsidiaries other than any subsidiary that have been designated as an unrestricted subsidiary. The Second Lien Term Loan Facility contains restrictive covenants that may limit the Company’s ability to, among other things: | ||||||||||||||||
The Indenture restricts the Company’s ability and the ability of certain of its subsidiaries to: (i) incur or guarantee additional debt or issue certain types of preferred stock; (ii) pay dividends on capital stock or redeem, repurchase or retire our capital stock or subordinated debt; (iii) make certain investments; (iv) incur liens; (v) enter into transactions with affiliates; (vi) merge or consolidate with another company; (vii) transfer and sell assets; and (viii) create unrestricted subsidiaries. These covenants are subject to a number of important exceptions and qualifications. If at any time when the Notes are rated investment grade by both Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services and no default (as defined in the Indenture) has occurred and is continuing, many of such covenants will terminate and the Company and its subsidiaries will cease to be subject to such covenants. | • | incur additional indebtedness; | ||||||||||||||||
The Indenture contains customary events of default, including: | • | sell assets; | ||||||||||||||||
• | withdraw funds from specified restricted account; | |||||||||||||||||
• | default in any payment of interest on any Note when due, continued for 30 days; | |||||||||||||||||
• | make loans to others; | |||||||||||||||||
• | default in the payment of principal of or premium, if any, on any Note when due; | • | make investments; | |||||||||||||||
• | enter into mergers; | |||||||||||||||||
• | failure by the Company to comply with its other obligations under the Indenture, in certain cases subject to notice and grace periods; | |||||||||||||||||
• | make or declare dividends; | |||||||||||||||||
• | payment defaults and accelerations with respect to other indebtedness of the Company and its Restricted Subsidiaries (as defined in the Indenture) in the aggregate principal amount of $25.0 million or more; | • | hedge future production or interest rates; | |||||||||||||||
• | incur liens; and | |||||||||||||||||
• | certain events of bankruptcy, insolvency or reorganization of the Company or a Significant Subsidiary (as defined in the Indenture) or group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; | |||||||||||||||||
• | engage in certain other transactions without the prior consent of the lenders. | |||||||||||||||||
The Second Lien Term Loan Facility also requires the Company to maintain an asset coverage ratio, which is the ratio of the present value of oil and gas reserves (discounted at 10% per annum) to the sum of all secured debt (including any debt incurred by the Company’s Marcellus joint venture under its credit facility or any replacement or refinancing of its credit facility) of not less than 1.5 to 1.0. | ||||||||||||||||||
• | failure by the Company or Restricted Subsidiary to pay certain final judgments aggregating in excess of $25.0 million within 60 days; and | The Company was in compliance with such covenants and ratios as of December 31, 2013. | ||||||||||||||||
NPI Note (d) | ||||||||||||||||||
In November of 2012, in connection with the amendment of the Wells Fargo Credit Facility, the Company repurchased the NPI it had previously assigned to Wells Fargo for $26.5 million, of which $9.5 million was paid at the closing of the Wells Fargo Energy Capital Credit Facility and $17.0 million was financed by a note to Wells Fargo. The Company accounted for this as the acquisition of a mineral right and therefore capitalized this amount in proved properties and will amortize using the units of production method. There is no stated interest rate associated with this note and as a result, this note was considered to have below market financing rates. The Company estimated the discount on issuance of this instrument based upon an estimate of market rates at the inception of the instrument and recorded a discount of $2.0 million. The discount is being amortized over the life of the note using an effective interest rate of 12.10% using the effective yield method. As part of the use of proceeds from the Second Lien Term Loan Facility, the Company repaid $8.5 million of this note during the second quarter of 2013. A final payment of $8.5 million is due to be repaid in June of 2014. | ||||||||||||||||||
• | any guarantee of the Notes by a Guarantor ceases to be in full force and effect, is declared null and void in a judicial proceeding or is denied or disaffirmed by its maker. | |||||||||||||||||
Senior Secured Revolving Credit Facility (e) | ||||||||||||||||||
In connection with the issuance and sale of the Notes, the Company and certain of the Company’s subsidiaries (the “Guarantors”) entered into a registration rights agreement with the Initial Purchasers, dated April 25, 2014. Pursuant to the registration rights agreement, the Company and the Guarantors have agreed to file a registration statement with the Securities and Exchange Commission so that holders of the Notes can exchange the Notes for registered notes that have substantially identical terms as the Notes. In addition, the Company and the Guarantors have agreed to exchange the guarantee related to the Notes for a registered guarantee having substantially the same terms as the original guarantee. The Company and the Guarantors will use commercially reasonable efforts to cause the exchange to be completed within 365 days after the issuance of the Notes. The Company and the Guarantors are required to pay additional interest if they fail to comply with their obligations to register the Notes within the specified time periods. | On April 25, 2013, the Company entered into a revolving credit facility with Wells Fargo Bank, N.A., as administrative agent, and a syndicate of lenders with a maximum credit amount of $500.0 million and a sublimit for letters of credit of $10.0 million. As of December 31, 2013, the sublimit for the letters of credit was $100.0 million. The amount available to be borrowed under the revolving credit facility is subject to a borrowing base that is redetermined semiannually as of each January 1 and July 1 and depends on the volumes of our proved oil and gas reserves and estimated cash flows from these reserves and our commodity hedge positions. The next redetermination is scheduled to occur in April 2014. As of December 31 2013, the borrowing base was $200.0 million. As of December 31, 2013, we had $115.0 million in borrowings and approximately $22.5 million in letters of credit outstanding under our revolving credit facility. The revolving credit facility matures April 25, 2018. | |||||||||||||||||
Principal amounts borrowed are payable on the maturity date, and interest is payable quarterly for base rate loans and at the end of the applicable interest period for Eurodollar loans. The Company has a choice of borrowing in Eurodollars or at the base rate. Eurodollar loans bear interest at a rate per annum equal to LIBOR plus an applicable margin ranging from 175 to 275 basis points, depending on the percentage of our borrowing base utilized. Base rate loans bear interest at a rate per annum equal to the greatest of (i) the agent bank’s reference rate, (ii) the federal funds effective rate plus 50 basis points and (iii) the rate for one month Eurodollar loans plus 100 basis points, plus an applicable margin ranging from 75 to 175 basis points, depending on the percentage of our borrowing base utilized. The Company may repay any amounts borrowed prior to the maturity date without any premium or penalty other than customary LIBOR breakage costs. The weighted average interest rate was 2.39% as of December 31, 2013. | ||||||||||||||||||
Second Lien Term Loan Facility (b) | The credit facility is secured by liens on substantially all of the properties of the Company and guarantees from its subsidiaries other than any subsidiary that we have designated as an unrestricted subsidiary. The credit facility contains restrictive covenants that may limit our ability to, among other things: | |||||||||||||||||
On April 25, 2013, Rice Drilling B entered into a Second Lien Term Loan Facility (“Second Lien Term Loan Facility”) with Barclays Bank PLC, as administrative agent, and a syndicate of lenders in an aggregate principal amount of $300.0 million. Rice Drilling B estimated the discount on issuance of this instrument based upon an estimate of market rates at the inception of the instrument and recorded a discount of $4.5 million. The discount was being amortized over the life of the note using an effective interest rate of 0.284%. Approximately $7.4 million in fees were capitalized in connection with the Second Lien Term Loan Facility. | • | incur additional indebtedness; | ||||||||||||||||
On April 25, 2014, the Company used a portion of the net proceeds from the Senior Notes Offering to repay and retire the Second Lien Term Loan Facility in the amount of $301.8 million. The payment was comprised of repayment of the principal balance of $297.0 million, a pre-payment penalty of $0.8 million and accrued but unpaid interest of $1.8 million. The prepayment penalty is presented as loss on extinguishment of debt in the condensed consolidated statements of operations for the nine months ended September 30, 2014. The pre-payment also resulted in a debt extinguishment and subsequent write-off of the unamortized deferred finance costs of $6.9 million presented in the condensed consolidated statements of operations for the nine months ended September 30, 2014. | • | sell assets; | ||||||||||||||||
• | make loans to others; | |||||||||||||||||
Senior Secured Revolving Credit Facility (c) | • | make investments; | ||||||||||||||||
On April 25, 2013, Rice Drilling B entered into a Senior Secured Revolving Credit Facility (“Senior Secured Revolving Credit Facility”) with Wells Fargo Bank, N.A., as administrative agent, and a syndicate of lenders with a maximum credit amount of $500.0 million and a sublimit for letters of credit of $10.0 million. Concurrently with the closing of the IPO, on January 29, 2014, Rice Drilling B amended its Senior Secured Revolving Credit Facility to, among other things, allow for the corporate reorganization that was completed simultaneously with the closing of the IPO, add the Company as a guarantor, increase the maximum commitment amount to $1.5 billion and lower the interest rate on amounts borrowed under the Senior Secured Revolving Credit Facility. The Company used a portion of the net proceeds of the IPO to repay $115.0 million of borrowings under the Senior Secured Revolving Credit Facility. After giving effect to the amendment, the borrowing base under the Senior Secured Revolving Credit Facility was increased to $350.0 million as a result of the Marcellus JV Buy-In. | • | enter into mergers; | ||||||||||||||||
In April 2014, concurrently with the Senior Notes Offering, the Company, as borrower, and Rice Drilling B, as predecessor borrower, amended and restated its Senior Secured Revolving Credit Facility (“Amended Credit Agreement”) to, among other things, assign all of the rights and obligations of Rice Drilling B as borrower under the Senior Secured Revolving Credit Facility to the Company. Furthermore, the Amended Credit Agreement (i) allowed for the issuance of the Notes described below and (ii) provided that the Company did not incur an immediate reduction in the borrowing base under the Senior Secured Revolving Credit Facility as a result of the issuance of the Notes. As such, the borrowing base under the Amended Credit Agreement immediately following the issuance of the Notes remained at $350.0 million. The Amended Credit Agreement also extended the maturity date of the Senior Secured Revolving Credit Facility from April 25, 2018 to January 29, 2019. The amount available to be borrowed under the Amended Credit Agreement is subject to a semi-annual borrowing base redetermination that depends on, among other factors, the volumes of the Company’s proved oil and gas reserves. A redetermination occurred in May 2014, which increased the borrowing base to $385.0 million. As of September 30, 2014, the borrowing base was $385.0 million and the sublimit for letters of credit was $100.0 million. The Company had zero borrowings outstanding and $66.8 million in letters of credit outstanding under its Amended Credit Agreement as of September 30, 2014, resulting in availability of $318.2 million. In October 2014, a subsequent redetermination occurred which increased the borrowing base to $550.0 million. The next redetermination is scheduled for April 2015 based on the redetermination criteria as of January 1, 2015. | • | make or declare dividends; | ||||||||||||||||
Eurodollar loans under the Senior Secured Revolving Credit Facility bear interest at a rate per annum equal to LIBOR plus an applicable margin ranging from 150 to 250 basis points, depending on the percentage of borrowing base utilized. Base rate loans bear interest at a rate per annum equal to the greatest of (i) the agent bank’s reference rate, (ii) the federal funds effective rate plus 50 basis points and (iii) the rate for one month Eurodollar loans plus 100 basis points, plus an applicable margin ranging from 50 to 150 basis points, depending on the percentage of borrowing base utilized. | • | hedge future production or interest rates; | ||||||||||||||||
The Amended Credit Agreement is secured by liens on at least 80% of the proved oil and gas reserves of the Company and its subsidiaries (other than any subsidiary that is designated as an unrestricted subsidiary), as well as significant unproved acreage and substantially all of the personal property of the Company and such restricted subsidiaries, and the Amended Credit Agreement is guaranteed by such restricted subsidiaries. The Amended Credit Agreement contains restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things: | • | incur liens; and | ||||||||||||||||
• | engage in certain other transactions without the prior consent of the lenders. | |||||||||||||||||
• | incur additional indebtedness; | The credit facility also requires the Company to maintain the following three financial ratios, which are measured at the end of each calendar quarter: | ||||||||||||||||
• | a current ratio, which is the ratio of the Company’s consolidated current assets (includes unused commitment under the credit facility and excludes derivative assets) to its consolidated current liabilities, of not less than 0.75 to 1.0 as of March 31, 2013 and 1.0 to 1.0 at the end of each fiscal quarter thereafter; | |||||||||||||||||
• | sell assets; | |||||||||||||||||
• | a minimum interest coverage ratio, which is the ratio of consolidated EBITDAX based on the trailing twelve month period to consolidated interest expense, of not less than 2.5 to 1.0; and | |||||||||||||||||
• | make loans to others; | • | an asset coverage ratio, which is the ratio of the present value of the Company’s oil and gas reserves (discounted at 10% per annum) to the sum of all our secured debt (including 50% of any debt incurred by the Company’s Marcellus joint venture under its credit facility or any replacement or refinancing of its credit facility) of not less than 1.5 to 1.0 so long as any debt is outstanding under the term loan facility. | |||||||||||||||
The Company was in compliance with such covenants and ratios as of December 31, 2013. | ||||||||||||||||||
Concurrently with the closing of Rice Energy’s IPO, the Company amended its revolving credit facility to, among other things, increase the maximum commitment amount to $1.5 billion and lower the interest rate owed on amounts borrowed under the revolving credit facility. After giving effect to the amendment, the borrowing base under the credit facility was increased to $350 million as a result of the Marcellus JV Buy-In. Eurodollar loans under the amended revolving credit facility bear interest at a rate per annum equal to LIBOR plus an applicable margin ranging from 150 to 250 basis points, depending on the percentage of borrowing base utilized. Base rate loans bear interest at a rate per annum equal to the greatest of (i) the agent bank’s reference rate, (ii) the federal funds effective rate plus 50 basis points and (iii) the rate for one month Eurodollar loans plus 100 basis points, plus an applicable margin ranging from 50 to 150 basis points, depending on the percentage of borrowing base utilized. The Company will be subject to the same financial ratios and substantively the same restricted covenants as under the revolving credit facility prior to such amendment. The amended revolving credit facility will mature upon the earlier of the date that is five years following the closing of the amendment and the date that is 180 days prior to the maturity of the second lien term loan facility, if any amounts are outstanding under that facility as of such date. | ||||||||||||||||||
• | make investments; | Expected aggregate maturities of notes payable subsequent to December 31, 2013, are as follows (in thousands): | ||||||||||||||||
• | enter into mergers; | 2014 | $ | 20,120 | ||||||||||||||
2015 | 3,058 | |||||||||||||||||
2016 | 2,277 | |||||||||||||||||
• | make or declare dividends; | 2017 | 2,173 | |||||||||||||||
2018 | 399,314 | |||||||||||||||||
• | hedge future production or interest rates; | Total | $ | 426,942 | ||||||||||||||
Interest paid in cash was $27.7 million and $10.2 million for years ended December 31, 2013 and 2012, respectively. See Note 1 for information on capitalized interest. | ||||||||||||||||||
• | incur liens; and | |||||||||||||||||
• | engage in certain other transactions without the prior consent of the lenders. | |||||||||||||||||
The Amended Credit Agreement also requires the Company to maintain certain financial ratios, which are measured at the end of each calendar quarter: | ||||||||||||||||||
• | a current ratio, which is the ratio of consolidated current assets (including unused commitments under the Amended Credit Agreement and excluding non-cash derivative assets) to consolidated current liabilities (excluding current maturities under the Amended Credit Agreement and non-cash derivative liabilities), of not less than 1.0 to 1.0; and | |||||||||||||||||
• | a minimum interest coverage ratio, which is the ratio of consolidated EBITDAX (as such term is defined in the Amended | |||||||||||||||||
Credit Agreement) based on the trailing 12 month period to consolidated interest expense, of not less than 2.5 to 1.0. | ||||||||||||||||||
The Company was in compliance with such covenants and ratios effective as of September 30, 2014. | ||||||||||||||||||
Debentures (d) | ||||||||||||||||||
In June of 2011, Rice Drilling B sold $60.0 million of its 12% Senior Subordinated Convertible Debentures due 2014 (the “Debentures”) in a private placement to certain accredited investors as defined in Rule 501 of Regulation D. The Debentures accrued interest at 12% per year payable monthly in arrears by the 15th day of the month and had a scheduled maturity date of July 31, 2014 (“Maturity Date”). The Debentures were Rice Drilling B’s unsecured senior obligations and ranked equally with all of Rice Drilling B’s then-current and future senior unsecured indebtedness. | ||||||||||||||||||
From July 31, 2013 through August 20, 2013 (the “put redemption period”), any holder of Debentures had the right to cause Rice Drilling B to repurchase all or any portion of the Debentures owned by such holder at 100% of the portion of the principal amount of the Debentures as to which the right was being exercised, plus a premium of 20%. During the put redemption period, Rice Drilling B repurchased $53.1 million of outstanding Debentures and paid a put premium of $10.6 million in accordance with the terms of the agreements. | ||||||||||||||||||
At any time after July 31, 2013 until the Maturity Date, Rice Drilling B had the right to redeem all, but not less than all, of the Debentures on 30 days prior written notice at a redemption price equal to 100% of the principal amount of the Debentures plus a premium of 50%. In connection with the IPO, the Debentures and warrants of Rice Drilling B were amended to become convertible or exercisable for shares of common stock of the Company. On February 28, 2014, Rice Drilling B issued a redemption notice on the remaining Debentures, which set a redemption date of March 28, 2014. Prior to the redemption date, $6.6 million of the Debentures were converted into 570,945 shares of the Company’s common stock. The remaining principal balance of $0.3 million that was not converted will be paid upon request from holders of the remaining Debentures. The premium of $0.1 million was recorded to expense in the nine months ended September 30, 2014. As of September 30, 2014, the remaining principal balance was $0.2 million. | ||||||||||||||||||
In connection with the convertible debenture offering, Rice Drilling B granted warrants that were issued on August 15, 2011 to certain of the broker-dealers involved in the private placement. These warrants are considered to be separate instruments issued solely in lieu of cash compensation for services provided by the broker-dealers. Two separate classes of warrants were issued with the sole difference being the exercise price. At September 30, 2014, 90 warrants remain exercisable at a weighted average price of $11.57 per share of the Company’s common stock. The 90 warrants are exercisable in exchange for up to 77,363 shares. For the three and nine months ended September 30, 2014, warrants were exercised in exchange for 126,240 and 686,006 shares of the Company’s common stock, respectively. | ||||||||||||||||||
Expected Aggregate Maturities | ||||||||||||||||||
Expected aggregate maturities of notes payable as of September 30, 2014 are as follows (in thousands): | ||||||||||||||||||
Remainder of Year Ending December 31, 2014 | $ | 326 | ||||||||||||||||
Year Ending December 31, 2015 | 680 | |||||||||||||||||
Year Ending December 31, 2016 | ||||||||||||||||||
Year Ending December 31, 2017 | ||||||||||||||||||
Year Ending December 31, 2018 and Beyond | 900,000 | |||||||||||||||||
Total | $ | 901,006 | ||||||||||||||||
Interest paid in cash was $30 thousand and $8.9 million for the three and nine months ended September 30, 2014, respectively, and $6.5 million and $17.2 million for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||||||
Derivative_Instruments
Derivative Instruments | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||
Derivative Instruments | ' | ' | ||||||||||||||||||||||||||||
3 | Derivative Instruments | 11 | Derivative Instruments | |||||||||||||||||||||||||||
The Company uses derivative commodity instruments that are placed with major financial institutions whose creditworthiness is regularly monitored. Our derivative counterparties share in the Amended Credit Agreement collateral. The Company’s derivative commodity instruments have not been designated as hedges for accounting purposes; therefore, all gains and losses are recognized in income currently. As of September 30, 2014, the Company has entered into derivative instruments with various financial institutions, fixing the price it receives for a portion of its natural gas through December 1, 2017, as summarized in the following table: | The Company uses derivative commodity instruments that are placed with major financial institutions whose creditworthiness is regularly monitored. Our derivative counterparties share in the Credit Agreement collateral. The Company’s derivative commodity instruments have not been designated as hedges for accounting purposes; therefore, all gains and losses were recognized in income currently. As of December 31, 2013, the Company entered into derivative instruments with Wells Fargo Bank, N.A. and Bank of Montreal fixing the price it receives for natural gas through November 28, 2017, as summarized in the following table: | |||||||||||||||||||||||||||||
Swap Contract Expiration | MMBtu/day | Weighted | Swap Contract Expiration | MMbtu/day | Weighted | |||||||||||||||||||||||||
Average Price | Average Price | |||||||||||||||||||||||||||||
Fourth quarter of 2014 | 173,000 | $ | 4.15 | 2014 | 87,219 | $ | 4.112 | |||||||||||||||||||||||
2015 | 166,000 | $ | 4.09 | 2015 | 58,781 | $ | 4.153 | |||||||||||||||||||||||
2016 | 214,000 | $ | 4.14 | 2016 | 68,326 | $ | 4.233 | |||||||||||||||||||||||
2017 | 60,000 | $ | 4.24 | 2017 | 30,000 | $ | 4.343 | |||||||||||||||||||||||
Collar Contract Expiration | MMBtu/day | Floor/Ceiling | ||||||||||||||||||||||||||||
Fourth quarter of 2014 | 10,000 | $ | 3.00/5.80 | Collar Contract Expiration | MMbtu/day | Floor/Ceiling | ||||||||||||||||||||||||
2015 | 139,000 | $ | 3.96/4.65 | 2014 | 10,000 | $ | 3.000/$5.800 | |||||||||||||||||||||||
2015 | 45,000 | $ | 4.000/$4.500 | |||||||||||||||||||||||||||
Basis Contract Expiration | MMBtu/day | Swap | ||||||||||||||||||||||||||||
($/MMBtu) | ||||||||||||||||||||||||||||||
Fourth quarter of 2014 | 60,000 | $ | (0.46 | ) | Basis Contract Expiration | MMbtu/day | Swap | |||||||||||||||||||||||
2015 | 62,000 | $ | (0.57 | ) | ($/MMBtu) | |||||||||||||||||||||||||
2016 | 38,000 | $ | (0.63 | ) | 2014 | 15,000 | $ | (0.205 | ) | |||||||||||||||||||||
2015 | 10,000 | $ | (0.410 | ) | ||||||||||||||||||||||||||
Put Contract Expiration | MMBtu/day | Put Premium | The following is a summary of the Company’s derivative instruments, which are recorded in the consolidated balance sheets as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||
($/MMBtu) | ||||||||||||||||||||||||||||||
2014 | 50,000 | $ | 0.45 | |||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||
The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the condensed consolidated balance sheets for the periods presented, all at fair value: | Current derivative assets | $ | 2,270 | $ | 46 | |||||||||||||||||||||||||
Long-term derivative assets | 6,030 | — | ||||||||||||||||||||||||||||
As of September 30, 2014 | $ | 8,300 | $ | 46 | ||||||||||||||||||||||||||
(in thousands) | Derivative instruments, recorded | Derivative instruments subject to | Derivative Instruments, net | |||||||||||||||||||||||||||
in the Condensed Consolidated | master netting arrangements | Current derivative liabilities | $ | 3,235 | $ | 2,306 | ||||||||||||||||||||||||
Balance Sheet, gross | Long-term derivative liabilities | 1,109 | — | |||||||||||||||||||||||||||
Derivative assets | $ | 39,672 | $ | (22,571 | ) | $ | 17,101 | |||||||||||||||||||||||
Derivative liabilities | $ | 22,571 | $ | (22,571 | ) | $ | — | $ | 4,344 | $ | 2,306 | |||||||||||||||||||
Net current value of derivative liabilities | $ | (965 | ) | $ | (2,260 | ) | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||
(in thousands) | Derivative instruments, recorded | Derivative instruments subject to | Derivative Instruments, net | Net long-term value of derivative assets | $ | 4,921 | $ | — | ||||||||||||||||||||||
in the Condensed Consolidated | master netting arrangements | |||||||||||||||||||||||||||||
Balance Sheet, gross | ||||||||||||||||||||||||||||||
Derivative assets | $ | 13,000 | $ | (4,700 | ) | $ | 8,300 | The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the consolidated balance sheets for the periods presented, all at fair value (in thousands): | ||||||||||||||||||||||
Derivative liabilities | $ | 256 | $ | (4,600 | ) | $ | (4,344 | ) | ||||||||||||||||||||||
The following table presents the realized and unrealized gains or losses presented as gain or loss on derivatives in the condensed consolidated statements of operations for the periods presented: | ||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts | Net Amounts of | |||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Recognized Assets | Offset on | Assets (Liabilities) on | ||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | Balance Sheet | Balance Sheet | ||||||||||||||||||||||||
Realized gain (loss) | $ | 171 | $ | 788 | $ | (20,782 | ) | $ | (1,053 | ) | Derivative assets | $ | 13,000 | $ | (4,700 | ) | $ | 8,300 | ||||||||||||
Unrealized gain | $ | 36,764 | $ | 7,262 | $ | 26,139 | $ | 17,751 | Derivative liabilities | $ | 256 | $ | (4,600 | ) | $ | (4,344 | ) | |||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts | Net Amounts of | |||||||||||||||||||||||||||
Recognized Assets | Offset on | Assets (Liabilities) on | ||||||||||||||||||||||||||||
Balance Sheet | Balance Sheet | |||||||||||||||||||||||||||||
Derivative assets | $ | 416 | $ | (370 | ) | $ | 46 | |||||||||||||||||||||||
Derivative liabilities | $ | — | $ | (2,306 | ) | $ | (2,306 | ) | ||||||||||||||||||||||
Both realized and unrealized gains and losses are recorded as a gain or loss on derivatives in the consolidated statement of operations under other income/expense. The Company had an unrealized gain of $6.2 million for the year ended December 31, 2013 and an unrealized loss of $2.3 million for the year ended December 31, 2012. There were no unrealized gains or losses for the year ended December 31, 2011. The Company had realized gains related to contract settlements of $0.7 million, $0.9 million and $0.6 million for the years ended December 31, 2013, 2012 and 2011 respectively. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ' | ||||||||||||||||||||||||||||||||||||
4 | Fair Value of Financial Instruments | 5 | Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||
The Company determines fair value on a recurring basis for its liability related to restricted units and recorded amounts for derivative instruments as these instruments are required to be recorded at fair value for each reporting amount. Certain amounts in the Company’s financial statements were measured at fair value on a nonrecurring basis including discounts associated with long-term debt. Fair value is based on quoted market prices, where available. If quoted market prices are not available, fair value is based upon models that use as inputs market-based parameters, including but not limited to forward curves, discount rates, broker quotes, volatilities, and nonperformance risk. | The Company determines fair value on a recurring basis for its liability related to restricted units and recorded amounts for derivative instruments as these instruments are required to be recorded at fair value for each reporting amount. Certain amounts in the Company’s financial statements are measured at fair value on a nonrecurring basis including discounts associated with long-term debt. Fair value is based on quoted market prices, where available. If quoted market prices are not available, fair value is based upon models that use as inputs market-based parameters, including but not limited to forward curves, discount rates, broker quotes, volatilities, and nonperformance risk. | |||||||||||||||||||||||||||||||||||||
The Company has categorized its fair value measurements into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Company’s fair value measurements relating to restricted units are included in Level 3. The Company’s fair value measurements relating to derivative instruments are included in Level 2. Since the adoption of fair value accounting, the Company has not made any changes to its classification of financial instruments in each category. | The Company has categorized its fair value measurements into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Company’s fair value measurements relating to restricted units are included in Level 3. The Company’s fair value measurements relating to derivative instruments are included in Level 2. Since the adoption of fair value accounting, the Company has not made any changes to its classification of financial instruments in each category. | |||||||||||||||||||||||||||||||||||||
Items included in Level 3 are valued using internal models that use significant unobservable inputs. Items included in Level 2 are valued using management’s best estimate of fair value corroborated by third-party quotes. | ||||||||||||||||||||||||||||||||||||||
Items included in Level 3 are valued using internal models that use significant unobservable inputs. Items included in Level 2 are valued using management’s best estimate of fair value corroborated by third-party quotes. | ||||||||||||||||||||||||||||||||||||||
The following assets and liabilities were measured at fair value on a recurring basis during the period (refer to Note 3 for details relating to derivative instruments): | The following liabilities were measured at fair value on a recurring basis during the period (refer to Notes 9 and 11 for details relating to the restricted units and derivative instruments) (in thousands): | |||||||||||||||||||||||||||||||||||||
As of September 30, 2014 | Fair Value Measurements at | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | Reporting Date Using | |||||||||||||||||||||||||||||||||||||
(in thousands) | Carrying | Total | Quoted Prices | Significant | Significant | Description | December 31, | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||||||||||||
Value | Fair | in Active | Other | Unobservable | 2013 | Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||
Value | Markets for | Observable | Inputs | for Identical | Inputs | Inputs (Level 3) | ||||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | Assets | (Level 2) | ||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 1) | ||||||||||||||||||||||||||||||||||||
Assets: | Assets: | |||||||||||||||||||||||||||||||||||||
Derivative instruments, at fair value | $ | 17,101 | $ | 17,101 | $ | — | $ | 17,101 | $ | — | Derivative Instruments, at fair value | $ | 4,921 | $ | — | $ | 4,921 | $ | — | |||||||||||||||||||
Total assets | $ | 17,101 | $ | 17,101 | $ | — | $ | 17,101 | $ | — | Total assets | $ | 4,921 | $ | — | $ | 4,921 | $ | — | |||||||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||||||||||||||||||||||
Derivative instruments, at fair value | $ | — | $ | — | $ | — | $ | — | $ | — | Restricted units, at fair value | $ | 36,306 | $ | — | $ | — | $ | 36,306 | |||||||||||||||||||
Derivative Instruments, at fair value | 965 | — | 965 | — | ||||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Total liabilities | $ | 37,271 | $ | — | $ | 965 | $ | 36,306 | ||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | Fair Value Measurements at | |||||||||||||||||||||||||||||||||||||
(in thousands) | Carrying | Total | Quoted Prices | Significant | Significant | Reporting Date Using | ||||||||||||||||||||||||||||||||
Value | Fair | in Active | Other | Unobservable | Description | December 31, | Quoted Prices in | Significant Other | Significant | |||||||||||||||||||||||||||||
Value | Markets for | Observable | Inputs | 2012 | Active Markets | Observable | Unobservable | |||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | for Identical | Inputs | Inputs (Level 3) | |||||||||||||||||||||||||||||||||
Assets | (Level 2) | Assets | (Level 2) | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||||||||
Assets: | Liabilities: | |||||||||||||||||||||||||||||||||||||
Derivative instruments, at fair value | $ | 4,921 | $ | 4,921 | $ | — | $ | 4,921 | $ | — | Restricted units, at fair value | $ | 5,667 | $ | — | $ | — | $ | 5,667 | |||||||||||||||||||
Derivative Instruments, at fair value | 2,260 | — | 2,260 | — | ||||||||||||||||||||||||||||||||||
Total assets | $ | 4,921 | $ | 4,921 | $ | — | $ | 4,921 | $ | — | ||||||||||||||||||||||||||||
Total liabilities | $ | 7,927 | $ | — | $ | 2,260 | $ | 5,667 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Restricted units, at fair value | $ | 36,306 | $ | 36,306 | $ | — | $ | — | $ | 36,306 | ||||||||||||||||||||||||||||
Derivative instruments, at fair value | 965 | 965 | $ | — | 965 | $ | — | |||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 37,271 | $ | 37,271 | $ | — | $ | 965 | $ | 36,306 | Measurements | |||||||||||||||||||||||||||
Using | ||||||||||||||||||||||||||||||||||||||
Significant | ||||||||||||||||||||||||||||||||||||||
Unobservable | ||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs | Balance at December 31, 2011 | $ | 6,800 | |||||||||||||||||||||||||||||||||||
(Level 3) | Total gain or losses: | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | Included in earnings | 115 | ||||||||||||||||||||||||||||||||||
Balance as of January 1, | $ | 36,306 | $ | 5,667 | Transfers in and/or out of Level 3 | — | ||||||||||||||||||||||||||||||||
Total gain or losses: | — | — | Repurchase of restricted units | (1,133 | ) | |||||||||||||||||||||||||||||||||
Included in earnings | — | — | Settlement | (115 | ) | |||||||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | ||||||||||||||||||||||||||||||||||||
Repurchase of restricted units | — | (2,267 | ) | Balance at December 31, 2012 | $ | 5,667 | ||||||||||||||||||||||||||||||||
Converted to shares of common stock | (36,306 | ) | — | Total gain or losses: | ||||||||||||||||||||||||||||||||||
Included in earnings | 32,906 | |||||||||||||||||||||||||||||||||||||
Balance as of September 30, | $ | — | $ | 3,400 | Transfers in and/or out of Level 3 | — | ||||||||||||||||||||||||||||||||
Repurchase of restricted units | (2,267 | ) | ||||||||||||||||||||||||||||||||||||
Gains and losses related to restricted units included in earnings for the period are reported in operating expenses in the statements of consolidated operations. | Settlement | — | ||||||||||||||||||||||||||||||||||||
The carrying value of cash equivalents approximates fair value due to the short maturity of the instruments. | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 36,306 | ||||||||||||||||||||||||||||||||||||
The estimated fair value and carrying amount of long-term debt as reported on the condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013 is shown in the table below (refer to Note 2 for details relating to the borrowing arrangements). The fair value was estimated using Level 2 inputs based on rates reflective of the remaining maturity as well as the Company’s financial position. | ||||||||||||||||||||||||||||||||||||||
Gains and losses related to restricted units included in earnings for the period are reported in operating expenses in the statements of consolidated operations. | ||||||||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | The carrying value of cash equivalents approximates fair value due to the short maturity of the instruments. | ||||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | The estimated fair value of long-term debt on the consolidated balance sheets at December 31, 2013 and 2012 is shown in the table below (refer to Note 4 for details relating to the borrowing arrangements) (in thousands). The fair value was estimated using Level 3 inputs based on rates reflective of the remaining maturity as well as the Company’s financial position. | ||||||||||||||||||||||||||||||||||
Long-Term Debt (in thousands) | ||||||||||||||||||||||||||||||||||||||
Senior Notes Offering | $ | 900,000 | $ | 866,864 | $ | — | $ | — | ||||||||||||||||||||||||||||||
Second Lien Term Loan Facility | — | — | 293,821 | 315,284 | Description | 2013 | 2012 | |||||||||||||||||||||||||||||||
Senior Secured Revolving Credit Facility | — | — | 115,000 | 115,000 | Long-term debt, at fair value | |||||||||||||||||||||||||||||||||
Debentures | — | — | 6,890 | 12,671 | Debentures | $ | 12,671 | $ | 70,220 | |||||||||||||||||||||||||||||
NPI Note | — | — | 8,028 | 8,028 | Wells Fargo Energy Capital Credit Facility | — | 70,000 | |||||||||||||||||||||||||||||||
Other | 1,006 | 1,006 | 3,203 | 3,203 | Second Lien Term Loan Facility | 315,284 | — | |||||||||||||||||||||||||||||||
NPI Note | 8,028 | 15,282 | ||||||||||||||||||||||||||||||||||||
Total | $ | 901,006 | $ | 867,870 | $ | 426,942 | $ | 454,186 | Senior Secured Revolving Credit Facility | 115,000 | — | |||||||||||||||||||||||||||
Other | 3,203 | 4,038 | ||||||||||||||||||||||||||||||||||||
Total | $ | 454,186 | $ | 159,540 | ||||||||||||||||||||||||||||||||||
Acquisitions
Acquisitions | 9 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||
Business Combinations [Abstract] | ' | ' | |||||||||||||||||
Acquisitions | ' | ' | |||||||||||||||||
5 | Acquisitions | 14 | Acquisitions | ||||||||||||||||
Marcellus JV Buy-In | On December 31, 2012, the Company entered into a transaction to acquire certain producing shallow natural gas wells and unproved properties (the “Shallow-Well Acquisition”). Total firm consideration in the Shallow-Well Acquisition was approximately $10.0 million of which $3.3 million was paid to the seller in January 2013. An additional $1.0 million was paid to the seller as of December 31, 2013, reducing the notes payable. The remaining consideration will be transferred to the seller from 2014 to 2015. In addition to the firm consideration, the seller has the right to participate in the development of the unproved properties and the Company is responsible for funding $3.7 million of these activities. The Company has recorded the $10.0 million purchase price with the offset to proved and unproved properties. | ||||||||||||||||||
Prior to the completion of the Marcellus JV Buy-In, the Company accounted for its 50% equity interest in the Marcellus joint venture under the equity method of accounting. Immediately prior to the completion of the Marcellus JV Buy-In, the fair value of the existing equity in the Marcellus joint venture was approximately $250.6 million. The acquisition date fair value of the existing equity investment was based on an income approach. The income approach, considered to be a Level 3 fair value method, calculated the present value of the future cash flows related to the natural gas properties as of the date of the transaction, utilizing a discount rate based upon market participant assumptions, natural gas strip prices as of the date of the transaction, and a decline curve consistent with our geographic peers. As a result of the Marcellus JV Buy-In, the Company was required to remeasure its equity investment at fair value, which resulted in a non-recurring gain of approximately $203.6 million during the nine months ended September 30, 2014. Based on valuations performed as of the acquisition date, the natural gas properties had a fair value of approximately $343.0 million. The acquisition consolidated the resources of the Company and the Marcellus joint venture, which enables management to optimize and prioritize the development of their combined natural gas properties. The management team of the Company historically served as the management team of the Marcellus joint venture, providing it with familiarity with its assets and operations. As a result of these factors, the excess purchase price over net assets and liabilities assumed of $338.0 million was allocated to goodwill. | |||||||||||||||||||
The purchase price allocation and resulting impact on the corresponding condensed consolidated balance sheet relating to the Marcellus JV Buy-In is as follows: | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Financial assets | $ | 34,242 | |||||||||||||||||
Proved natural gas properties, net | 288,000 | ||||||||||||||||||
Unproved natural gas properties | 55,000 | ||||||||||||||||||
Goodwill | 338,036 | ||||||||||||||||||
Financial liabilities | (49,313 | ) | |||||||||||||||||
Long-term debt | (75,400 | ) | |||||||||||||||||
Deferred tax liability | (17,933 | ) | |||||||||||||||||
Total identifiable net assets | $ | 572,632 | |||||||||||||||||
Cash paid for acquisitions | $ | 100,000 | |||||||||||||||||
Fair value of equity issued | 222,000 | ||||||||||||||||||
Fair value of pre-existing equity investment | 250,632 | ||||||||||||||||||
Total consideration | $ | 572,632 | |||||||||||||||||
Subsequent to the completion of the Marcellus JV Buy-In and excluding the related gain of $203.6 million recorded at January 29, 2014, the 100%-owned Marcellus joint venture contributed the following to the Company’s consolidated operating results for the three and nine months ended September 30, 2014: | |||||||||||||||||||
(in thousands) | Three Months | Nine Months | |||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||||
2014 | 2014 | ||||||||||||||||||
Revenue | $ | 30,689 | $ | 103,290 | |||||||||||||||
Net income | $ | 12,008 | $ | 57,419 | |||||||||||||||
Pro Forma Information (Unaudited) | |||||||||||||||||||
The following unaudited pro forma combined financial information presents the Company’s results as though the Marcellus JV Buy-In had been completed at January 1, 2014 and January 1, 2013, respectively. | |||||||||||||||||||
(in thousands, except per share data) | Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Pro forma net revenues | $ | 79,127 | $ | 42,959 | $ | 273,480 | $ | 123,676 | |||||||||||
Pro forma net loss | $ | (6,862 | ) | $ | (29,088 | ) | $ | (83,794 | ) | $ | (1,540 | ) | |||||||
Pro forma loss per share (basic) | $ | (0.05 | ) | $ | (0.33 | ) | $ | (0.65 | ) | $ | (0.02 | ) | |||||||
Pro forma loss per share (diluted) | $ | (0.05 | ) | $ | (0.33 | ) | $ | (0.65 | ) | $ | (0.02 | ) | |||||||
Momentum Acquisition | |||||||||||||||||||
On February 12, 2014, the Company, through its indirect wholly-owned subsidiary Rice Poseidon Midstream LLC, a Delaware limited liability company (“Rice Poseidon”), entered into a purchase and sale agreement with M3 Appalachia Gathering LLC, a Delaware limited liability company (“M3”), to acquire (the “Momentum Acquisition”) certain gas gathering assets in eastern Washington and Greene Counties, Pennsylvania. On April 17, 2014, the Company completed the Momentum Acquisition for aggregate consideration of approximately $111.4 million (the “Purchase Price”). The Company funded the Purchase Price with cash on hand. | |||||||||||||||||||
As of September 30, 2014, $48.9 million of the Purchase Price was allocated to intangible assets related to customer contracts on the condensed consolidated balance sheets and the remaining balance was recorded to proved and unproved natural gas properties. The customer contracts are amortized over 30 years using a straight line method and amortization expense recorded in the condensed consolidated statements of operations for the three and nine months ended September 30, 2014 was $0.4 million and $0.7 million, respectively. The estimated annual amortization expense over the next five years is as follows: remainder of 2014—$0.4 million, 2015—$1.6 million, 2016—$1.6 million, 2017—$1.6 million, and 2018—$1.6 million. | |||||||||||||||||||
The properties acquired in the Momentum Acquisition consist of a 28-mile, 6-16 inch gathering system in eastern Washington County, Pennsylvania, and permits and rights of way in Washington and Greene Counties, Pennsylvania, necessary to construct an 18-mile, 30 inch gathering system connecting the northern system to the Texas Eastern pipeline. The northern system is supported by long-term contracts with acreage dedications covering approximately 20,000 acres from third parties. Once fully constructed, the acquired systems are expected to have an aggregate capacity of over 1 billion cubic feet of natural gas per day. | |||||||||||||||||||
Greene County Acquisition | |||||||||||||||||||
On July 7, 2014, the Company entered into a definitive purchase and sale agreement to acquire 21,913 net acres and 12 developed Marcellus wells in southwestern Greene County, Pennsylvania from Chesapeake Appalachia, L.L.C. and its partners for approximately $329.5 million (the “Greene County Acquisition”). The purchase price was allocated to proved and unproved natural gas properties in the amounts of $151.3 million and $178.2 million, respectively. The transaction closed on August 1, 2014, with an effective date of February 1, 2014. The Company funded the Greene County Acquisition with cash on hand. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ||
Commitments and Contingencies | ' | ' | ||
6 | Commitments and Contingencies | 12 | Commitments and Contingencies | |
On October 14, 2013, the Company entered into a Development Agreement and Area of Mutual Interest (“AMI”) Agreement with Gulfport Energy Corporation (“Gulfport”) covering approximately 50,000 aggregate net acres in the Utica Shale in Belmont County, Ohio. The Company refers to these agreements as “Utica Development Agreements.” Pursuant to the Utica Development Agreements, the Company had approximately 68.80% participating interest in acreage currently owned or to be acquired by the Company or Gulfport located within Goshen and Smith Townships (the “Northern Contract Area”) and an approximately 42.63% participating interest in acreage currently owned or to be acquired by the Company or Gulfport located within Wayne and Washington Townships (the “Southern Contract Area”), each within Belmont County, Ohio. The remaining participating interests are held by Gulfport. The participating interests of the Company and Gulfport in each of the Northern and Southern Contract Areas approximated the Company’s then-current relative acreage positions in each area. | On October 14, 2013, the Company entered into a Development Agreement and Area of Mutual Interest (“AMI”) Agreement with Gulfport Energy Corporation (“Gulfport”) covering approximately 50,000 aggregate net acres in the Utica Shale in Belmont County, Ohio. The Company refers to these agreements as “Utica Development Agreements.” Pursuant to the Utica Development Agreements, the Company had approximately 68.80% participating interest in acreage currently owned or to be acquired by the Company or Gulfport located within Goshen and Smith Townships (the “Northern Contract Area”) and an approximately 42.63% participating interest in acreage currently owned or to be acquired by the Company or Gulfport located within Wayne and Washington Townships (the “Southern Contract Area”), each within Belmont County, Ohio. The remaining participating interests are held by Gulfport. The participating interests of the Company and Gulfport in each of the Northern and Southern Contract Areas approximate the Company’s current relative acreage positions in each area. | |||
Each quarter during the term of the Development Agreement, the Company and Gulfport will establish a work program and budget detailing the proposed exploration and development to be performed in the Northern and Southern Contract Areas, respectively, for the following year. The number of horizontal wells proposed to be drilled in each of the Northern Contract Area and Southern Contract Area is limited by the Development Agreement as follows: in 2014, between eight and 40 wells; in 2015, between eight and 50 wells; and thereafter, unlimited. | Each quarter during the term of the Development Agreement, the Company and Gulfport will establish a work program and budget detailing the proposed exploration and development to be performed in the Northern and Southern Contract Areas, respectively, for the following year. The number of horizontal wells proposed to be drilled in each of the Northern Contract Area and Southern Contract Area is limited by the Development Agreement as follows: in 2013, no more than five wells; in 2014, between eight and 40 wells; in 2015, between eight and 50 wells; and thereafter, unlimited. | |||
The Utica Development Agreements have terms of ten years and are terminable upon 90 days’ notice by either party; provided that, with respect to interests included within a drilling unit, such interests shall remain subject to the applicable joint operating agreement and the Company and Gulfport shall remain operators of drilling units located in the Northern and Southern Contract Areas, respectively, following such termination. | The Utica Development Agreements have terms of ten years and are terminable upon 90 days’ notice by either party; provided that, with respect to interests included within a drilling unit, such interests shall remain subject to the applicable joint operating agreement and the Company and Gulfport shall remain operators of drilling units located in the Northern AMI and Southern AMI, respectively, following such termination. | |||
The Company has commitments for gathering and firm transportation under existing contracts with third parties. Future payments under these contracts as of September 30, 2014 totaled $2,887.2 million (remainder of 2014—$15.7 million, 2015—$94.3 million, 2016—$113.6 million, 2017—$113.4 million, 2018—$112.0 million, 2019 – $141.8 million and thereafter—$2,296.4 million). | The Company is involved in various litigation matters arising in the normal course of business. Management is not aware of any actions that are expected to have a material adverse effect on its financial position or results of operations. | |||
As of September 30, 2014, the Company had seven drilling rigs (four horizontal and three tophole) under contract, of which five expire in 2015 and two expire in 2017. Future payments under these contracts as of September 30, 2014 totaled $85.9 million (remainder of 2014—$12.2 million, 2015—$46.0 million, 2016—$20.8 million and 2017—$6.9 million). Any other rig performing work for us is performed on a well-by-well basis and therefore can be released without penalty at the conclusion of drilling on the current well. These types of drilling obligations have not been included in the amounts above. The values above represent the gross amounts that we are committed to pay without regard to our proportionate share based on our working interest. | The Company has commitments for gathering and firm transportation under existing contracts with third parties. Future payments for these items as of December 31, 2013 totaled $637.2 million (2014—$28.3 million, 2015—$52.1 million, 2016—$65.6 million, 2017—$65.4 million, 2018—$64.0 million and thereafter—$361.8 million). | |||
The Company is involved in various litigation matters arising in the normal course of business. Management is not aware of any actions that are expected to have a material adverse effect on its financial position or results of operations. | As of December 31, 2013, the Company had two horizontal drilling rigs under contract. One of these contracts expires in 2014. A third rig, which we took delivery of in February 2014, expires in 2015. Future payments for these items as of December 31, 2013 totaled $21.4 million (2014—$11.7 million and 2015—$9.7 million). Any other rig performing work for us is doing so on a well-by-well basis and therefore can be released without penalty at the conclusion of drilling on the current well. These types of drilling obligations have not been included in the amounts above. The values above represent the gross amounts that we are committed to pay without regard to our proportionate share based on our working interest. | |||
Capital leases are entered into for vehicle purchases. The acquisition value of vehicles recorded under capital leases is $2.0 million. Accumulated amortization related to capital leases was $0.2 million and $8 thousand as of December 31, 2013 and 2012, respectively. Amortization expense related to capital leases was $0.2 million, $8 thousand and $0 as of December 31, 2013, 2012 and 2011, respectively. Future lease payments under capital leases as of December 31, 2013 totaled $1.6 million (2014—$0.4 million, 2015—$0.3 million, 2016—$0.3 million, 2017—$0.5 million and 2018—$0.1 million). | ||||
Operating leases are primarily entered into for various office locations. Rental expense under operating leases was $0.2 million, $0.2 million and $0.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Future lease payments under non-cancelable operating leases as of December 31, 2013 totaled $4.5 million (2014—$0.6 million, 2015—$1.0 million, 2016—$0.9 million, 2017—$0.8 million, 2018—$0.8 million and thereafter—$0.4 million). |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | |||
Equity [Abstract] | ' | ' | ||
Stockholders' Equity | ' | ' | ||
7 | Stockholders’ Equity | 8 | Stockholders’ Equity | |
On January 29, 2014, pursuant to the Master Reorganization Agreement (the “Master Reorganization Agreement”) among the Company, Rice Drilling B, Rice Appalachia, Rice Holdings, Rice Partners, NGP Holdings, NGP RE Holdings, L.L.C., (“NGP RE Holdings”) NGP RE Holdings II, L.L.C. (“NGP RE II” and, together with NGP RE Holdings, “Natural Gas Partners”), Mr. Daniel J. Rice III, Rice Merger LLC (“Merger Sub”) and each of the persons holding incentive units representing interests in Rice Appalachia (collectively, the “Incentive Unitholders”) dated as of January 23, 2014, (i) (a) Rice Partners contributed a portion of its interests in Rice Appalachia to Rice Holdings, (b) Natural Gas Partners contributed its interests in Rice Appalachia to NGP Holdings and (c) the Incentive Unitholders contributed a portion of their incentive units to Rice Holdings and NGP Holdings, in each case in return for substantially similar incentive units in such entities; (ii) NGP Holdings, Rice Holdings and Mr. Daniel J. Rice III contributed their respective interests in Rice Appalachia to the Company in exchange for 43,452,550, 20,300,923 and 2,356,844 shares of common stock, respectively; (iii) Rice Partners contributed its remaining interest in Rice Appalachia to the Company in exchange for 20,000,000 shares of common stock; (iv) the Incentive Unitholders contributed their remaining interests in Rice Appalachia to the Company in exchange for 160,831 shares of common stock, each of which were issued by the company in connection with the closing of the IPO. In connection with the IPO, in the first quarter of 2014, we recognized non-cash compensation expense of $3.4 million for these 160,831 shares. | Stockholders include consultants and employees of the Company as well as REA. | |||
In addition, on January 29, 2014, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) among the Company, Rice Drilling B and Merger Sub dated as of January 23, 2014, the Company issued 1,728,852 shares of common stock to the members of Rice Drilling B (other than Rice Appalachia) in exchange for their units in Rice Drilling B. | As of December 31, 2012, all common stock associated with the Class A units was reserved for issuance pursuant to a Restricted Unit Agreement (see Note 9). Additionally, in connection with NGP’s $100.0 million equity investment into REA in 2012, of which 100% of the net proceeds were invested into Rice Energy, Rice Energy issued 13,252,145 shares of common stock to REA. | |||
In August 2014, we completed a public offering (“August 2014 Equity Offering”) of 13,729,650 shares of our common stock at $27.30 per share, which included 7,500,000 shares sold by us and 6,229,650 shares sold by affiliates of Natural Gas Partners and Alpha Natural Resources (the “Selling Stockholders”). After deducting underwriting discounts and commissions of $7.7 million and transaction costs, the Company received net proceeds of $196.3 million. The Company received no proceeds from the sale of shares by the Selling Stockholders. The net proceeds from this offering are being used to fund a portion of our 2014 capital budget. | During 2013, the Company finalized a $300.0 million equity commitment from NGP of which approximately $200.0 million of NGP’s commitment was funded at closing in April 2013. Cash proceeds from the investment were used to fund Utica Shale leasehold acquisitions in southeastern Ohio. As a part of the reorganization that occurred in connection with the Rice Energy IPO, the Company became a wholly-owned subsidiary of REA and the restricted units were exchanged for common stock of Rice Energy. Furthermore, NGP’s equity commitments terminated in connection with the closing of the Rice Energy IPO. | |||
The Company’s Board of Directors did not declare or pay a dividend for the three or nine months ended September 30, 2014 or 2013. | Liquidation Preference | |||
Prior to the reorganization in connection with the Rice Energy IPO, the terms of the governance documents of the Company provided that in the event of any liquidation, dissolution or winding up of the Company, distributions would first be made to members holding senior preferred units until such members have received cumulative distributions in an amount equal to the preferred return as defined in the REA agreement, second to the members holding preferred units in the amount of $49.9 million, then, until the Company had achieved breakeven operations, as defined, to the members holding preferred and Class A common units in proportion to their ownership interests and thereafter to the members in proportion to their ownership units. Following the restructuring, distributions in such event would be made to the sole member. | ||||
Repurchase Option | ||||
Up until the third anniversary of the grant of Class A and B restricted units, the Company or a member of its affiliates had the right to repurchase all of the units from the member at $1,700 per unit, as defined and in accordance with the Company’s then-existing limited liability company agreement. Subsequent to the third anniversary of the grant of Class A and B restricted units, the Company or a member of its affiliates has the right to repurchase all of the units from the member at fair market value, not less than $1,700 per unit, in accordance with the Company’s then-existing limited liability company agreement. | ||||
During 2012, REA exercised the option to repurchase all common shares associated with the 2,000 Class B restricted units for $3.4 million. In December 2012, a payment of $1.1 million was made by the Company to the member on behalf of REA. Additional payments of $2.3 million were made by the Company on behalf of REA in 2013. The Company was reimbursed these costs. |
Incentive_Units
Incentive Units | 12 Months Ended | 9 Months Ended | |||||||
Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |||||||
Incentive Units | Restricted Stock | ||||||||
Incentive Units | ' | ' | ' | ||||||
10 | Incentive Units | 8 | Incentive Units | 9 | Stock Compensation | ||||
REA, as the parent company of Rice Drilling B, granted Incentive Units to certain members of management. The Incentive Units are not accounted for as equity instruments as the Incentive Units do not have the characteristics of a substantive class of equity. Rather, the Incentive Units provide the holders with a performance bonus for fair value accretion of REA equity. In connection with the January 2012 NGP investment in REA, 100,000 Tier I Legacy units, 13,000 Tier II Legacy units, and 17,000 Tier III Legacy units were issued. The Incentive Units will only be paid in cash and payout for each tier occurs when a specified level of cumulative cash distributions has been received by NGP. | In connection with the IPO and the related corporate reorganization, the Rice Appalachia incentive unit holders contributed their Rice Appalachia incentive units to Rice Holdings and NGP Holdings in return for substantially similar incentive units in such entities (except for those incentive units related to the incentive burden attributable to Mr. Daniel J. Rice III, which we acquired from the holders of such incentive units in exchange for the issuance of 160,831 shares of our common stock). In the first quarter of 2014, certain incentive units granted by NGP Holdings to certain employees triggered the pre-determined payout criteria, resulting in a cash payment by NGP Holdings of $4.4 million. No payments were made in respect of incentive units prior to the completion of the Company’s IPO. These two transactions resulted in non-cash compensation expense of $7.8 million being recorded in the first quarter of 2014 by the Company. As a result of the IPO, the payment likelihood related to the incentive units was deemed probable, requiring the Company to recognize expense. | During the nine months ended September 30, 2014, the Company granted stock compensation awards to certain non-employee directors and employees. The awards consisted of restricted stock units, which vest upon the passage of time, and performance units, which vest based upon attainment of specified performance criteria. Stock compensation expense related to these awards was $2.1 million and $3.3 million for the three and nine months ended September 30, 2014, respectively. As of September 30, 2014, the Company has unrecognized compensation expense related to these equity awards of $17.5 million. | |||||||
In connection with the April 2013 NGP investment in REA, an additional 900,000 Tier I Legacy units, 987,000 Tier II Legacy Units and 983,000 Tier III Legacy Units were issued. In addition, 100,000 New Tier I Units, 100,000 New Tier II Units, 100,000 New Tier III Units, and 100,000 New Tier IV Units were issued. In June 2013, an additional 717,546 New Tier I Units, 577,546 New Tier II Units, 577,546 New Tier III Units, and 577,546 New Tier IV Units were issued to certain members of management. Similar to above, there is no payout of the awards until specified level of cumulative cash distributions has been received by NGP. | For the three and nine months ended September 30, 2014, we recognized approximately $26.4 million and $101.7 million of compensation expense, respectively, relative to these interests, of which $12.0 million and $19.8 million has been paid by Mr. Daniel J. Rice III and NGP Holdings for the three and nine months ended September 30, 2014, respectively. We expect to recognize approximately $79.8 million of additional compensation expense over the remaining expected service periods, related to the Rice Holdings interests. The NGP Holdings interests are considered a liability-based award and will be adjusted on a quarterly basis until all payments have been made. As of September 30, 2014, the unrecognized compensation expense related to the NGP Holdings units is approximately $77.3 million which will be recognized over the remaining expected service period. The compensation expense related to these interests is treated as additional paid in capital from Rice Holdings and NGP Holdings in our financial statements and is not deductible for federal or state income tax purposes. The compensation expense recognized is a non-cash charge, with the settlement obligation resting on NGP Holdings and Rice Holdings, and as such are not dilutive to Rice Energy Inc. | ||||||||
During 2012 and 2013, no payments were made in respect of Incentive Units. The Company has not recognized compensation cost on the Incentive Units because the payment conditions, which relate to a liquidity event are not probable at December 31, 2013. The estimated payout under these awards at December 31, 2013 is approximately $142.3 million if a liquidity event were to occur. Prior to December 31, 2013, this estimate was based upon an option pricing model with various Level 3 assumptions including internal business plans that were based on judgments and estimates regarding future economic conditions, costs, inflation rates and discount rates, among other factors. To the extent market transactions were known, this information was factored into the fair value estimate. At December 31, 2013, the Company no longer used an income approach to estimate the fair value and instead utilized a market approach to estimate the fair value. This change in fair value method was a result of the Rice Energy IPO. | In August 2014, the triggering event for the Rice Holdings incentive units was achieved. As a result, in August of 2015, 2016 and 2017, Rice Holdings will distribute one third, one half and all, respectively, of its then-remaining assets (consisting solely of shares of our common stock) to its members pursuant to the terms of its limited liability company agreement. As a result, over time, the shares of our common stock held by Rice Holdings will be transferred in their entirety to Rice Partners (or its successors) and the incentive unitholders. | ||||||||
On January 23, 2014, in connection with our IPO and corporate reorganization, the incentive units described above were modified. As a result of these modifications, certain of these incentive units are to be settled in cash and others are to be settled by the issuance of stock. The Company has not yet quantified the amount of the expense associated with the modifications. | As a result of our August 2014 Equity Offering, NGP Holdings paid approximately $12.0 million to holders of certain NGP Holdings incentive units. | ||||||||
Three tranches of the incentive units have a time vesting feature. A rollforward of those units from IPO to September 30, 2014 is included below. | |||||||||
Vested Units Balance, January 29, 2014 | 853,630 | ||||||||
Vested During Period | 565,881 | ||||||||
Forfeited During Period | (214,869 | ) | |||||||
Granted During Period | 214,869 | ||||||||
Cancelled During Period | — | ||||||||
Vested Units Balance, September 30, 2014 | 1,419,511 | ||||||||
Four tranches of the incentive units do not have a time vesting feature, and their payouts are triggered upon a future payment condition. The fair value of the incentive units was estimated using a Monte Carlo simulation valuation model with the following assumptions: | |||||||||
Rice Holdings | |||||||||
Valuation Date | 1/29/14 | ||||||||
Dividend Yield | 0 | % | |||||||
Expected Volatility | 47 | % | |||||||
Risk-Free Rate | 1.11 | % | |||||||
Expected Life (Years) | 4 | ||||||||
Rice Holdings | |||||||||
Valuation Date | 4/14/14 | ||||||||
Dividend Yield | 0 | % | |||||||
Expected Volatility | 45.19 | % | |||||||
Risk-Free Rate | 1.13 | % | |||||||
Expected Life (Years) | 3.8 | ||||||||
Rice Holdings | |||||||||
Valuation Date | 4/16/14 | ||||||||
Dividend Yield | 0 | % | |||||||
Expected Volatility | 44.32 | % | |||||||
Risk-Free Rate | 1.18 | % | |||||||
Expected Life (Years) | 3.8 | ||||||||
NGP Holdings | |||||||||
Valuation Date | 9/30/14 | ||||||||
Dividend Yield | 0 | % | |||||||
Expected Volatility | 40.2 | % | |||||||
Risk-Free Rate | 0.58 | % | |||||||
Expected Life (Years) | 2 |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ' | ||||||||||||||||||||||||||||
Earnings Per Share | ' | ' | ||||||||||||||||||||||||||||
10 | Earnings Per Share | 15 | Earnings Per Share | |||||||||||||||||||||||||||
Basic earnings per share (“EPS”) is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share takes into account the dilutive effect of potential common stock that could be issued by the Company in conjunction with stock awards that have been granted to directors and employees. In accordance with FASB ASC Topic 260, awards of nonvested shares shall be considered to be outstanding as of the grant date for purposes of computing diluted EPS even though their issuance is contingent upon vesting. The following is a calculation of the basic and diluted weighted-average number of shares of common stock outstanding and EPS for the three and nine months ended September 30, 2014 and 2013. As indicated in Note 1, our corporate reorganization was considered a transaction amongst entities under common control. Therefore, the weighted average shares used in our EPS calculation assume that the Rice Energy Inc. corporate structure was in place for all periods presented. | Basic earnings per share (“EPS”) is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share takes into account the dilutive effect of potential common stock that could be issued by the Company in conjunction with warrants and convertible debentures. As indicated in Note 1, our corporate reorganization was considered a transaction amongst entities under common control. Therefore, the weighted average shares used in our EPS calculation assume that the Rice Energy Inc. corporate structure was in place for all periods presented. The following is a calculation of the basic and diluted weighted-average number of shares of common stock outstanding and EPS for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Year Ended December 31, | ||||||||||||||||||||||||||||
September 30, | September 30, | (in thousands, except per share data) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
(in thousands, except share data) | 2014 | 2013 | 2014 | 2013 | Loss (numerator): | |||||||||||||||||||||||||
Income (loss) (numerator): | Net loss | $ | (35,776 | ) | $ | (19,344 | ) | $ | (936 | ) | ||||||||||||||||||||
Net income (loss) | $ | (6,862 | ) | $ | (33,652 | ) | $ | 114,675 | $ | (20,841 | ) | |||||||||||||||||||
Weighted-average shares (denominator): | ||||||||||||||||||||||||||||||
Weighted-average shares (denominator): | Weighted-average number of shares of common stock – basic | 80,441,905 | 57,966,572 | 39,958,066 | ||||||||||||||||||||||||||
Weighted-average number of shares of common stock—basic | 132,269,081 | 88,000,000 | 125,411,524 | 77,894,855 | Weighted-average number of shares of common stock - diluted | 80,441,905 | 57,966,572 | 39,958,066 | ||||||||||||||||||||||
Weighted-average number of shares of common stock—diluted | 132,269,081 | 88,000,000 | 125,678,095 | 77,894,855 | ||||||||||||||||||||||||||
Earnings (loss) per share: | Loss per share: | |||||||||||||||||||||||||||||
Basic | $ | (0.05 | ) | $ | (0.38 | ) | $ | 0.91 | $ | (0.27 | ) | Basic | $ | (0.44 | ) | $ | (0.33 | ) | (0.02 | ) | ||||||||||
Diluted | $ | (0.05 | ) | $ | (0.38 | ) | $ | 0.91 | $ | (0.27 | ) | Diluted | $ | (0.44 | ) | $ | (0.33 | ) | (0.02 | ) | ||||||||||
Due to the net loss for the periods presented herein, loss per share excludes dilution for 76,800 shares and 1,671,800 shares for the three months ended September 30, 2014 and for the three and nine months ended September 30, 2013, respectively. | Approximately 1,671,800, 1,671,800 and 648,404 shares at December 31, 2013, 2012 and 2011, respectively, were not considered dilutive as we incurred a net loss in all periods presented herein. |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
11 | Income Taxes | ||||||||
We are a corporation under the Internal Revenue Code subject to federal income tax at a statutory rate of 35% of pretax earnings and, as such, our future income taxes will be dependent upon our future taxable income. We did not report any income tax benefit or expense for periods prior to the consummation of our IPO because Rice Drilling B, our accounting predecessor, is a limited liability company that was not and currently is not subject to federal income tax. The reorganization of our business in connection with the closing of the IPO, such that it is now held by a corporation subject to federal income tax, required the recognition of a deferred tax asset or liability for the initial temporary differences at the time of the IPO. The resulting deferred tax liability of approximately $162.3 million was recorded in equity at the date of the completion of the IPO as it represents a transaction among shareholders. Additionally, the pro forma EPS for the nine month period ending September 30, 2014 disclosed in the accompanying condensed consolidated statements of operations assumes a statutory tax rate. The components of the income tax provision are as follows: | |||||||||
(in thousands) | Three Months | Nine Months | |||||||
Ended | Ended | ||||||||
September 30, | September 30, | ||||||||
2014 | 2014 | ||||||||
Current tax expense: | |||||||||
Federal | $ | — | $ | — | |||||
State | — | — | |||||||
Total | — | — | |||||||
Deferred tax expense: | |||||||||
Federal | 11,813 | 15,847 | |||||||
State | 2,192 | 2,940 | |||||||
Total | 14,005 | 18,787 | |||||||
Total income tax expense | $ | 14,005 | $ | 18,787 | |||||
Tax expense for the three months ended September 30, 2014 is approximately $14.0 million resulting in an effective tax rate of 196%. Tax expense for the nine months ended September 30, 2014 is approximately $18.8 million resulting in an effective tax rate of 14%. The Company estimates an annual effective income tax rate based on projected results for the year and applies this rate to income before taxes to calculate income tax expense. The effective tax rate for the three and nine months ended September 30, 2014 differ from the statutory rate due principally to non-deductible incentive unit expense and for the nine months ended September 30, 2014 pre-tax income prior to the IPO. The Company recognizes deferred tax liabilities for temporary differences between the financial statement and tax basis of assets and liabilities. The deferred tax liabilities reflected above primarily relate to intangible drilling costs, depletion, and depreciation. The effect of changes in the tax laws or tax rates is recognized in income in the period such changes are enacted. | |||||||||
Based on management’s analysis, the Company did not have any uncertain tax positions as of September 30, 2014 and December 31, 2013. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ' | |
New Accounting Pronouncements | ' | |
12 | New Accounting Pronouncements | |
In May 2014, the FASB issued ASU, No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” or ASU No. 2014-09. The FASB created Topic 606 which supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance throughout the Industry Topics of the Codification. ASU 2014-09 will enhance comparability of revenue recognition practices across entities, industries and capital markets compared to existing guidance. Additionally, ASU 2014-09 will reduce the number of requirements to which an entity must consider in recognizing revenue as this update will replace multiple locations for guidance. The FASB and International Accounting Standards Board initiated this joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for both U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 is effective for fiscal and interim periods beginning after December 15, 2016 and should be applied retrospectively. Early adoption of this standard is not permitted. The Company is currently evaluating the impact of the provisions of ASU 2014-09. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies and Related Matters | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies and Related Matters | ' | ||||||||||||
1 | Summary of Significant Accounting Policies and Related Matters | ||||||||||||
Organization, Operations and Principles of Consolidation | |||||||||||||
The consolidated financial statements of the Company include the accounts of Rice Energy Inc. (“the Company” or “Rice Energy”) and its wholly owned subsidiaries, Rice Drilling B LLC (“Rice Drilling B”), Rice Drilling C LLC (“Rice C”), Rice Drilling D LLC (“Rice D”), RDB Real Estate Holdings LLC (“RDB Real Estate”), Blue Tiger Oilfield Services LLC (“Blue Tiger”), Rice Poseidon Midstream LLC (“Rice PM”), and Rice Olympus Midstream LLC (“Rice OM”). All significant intercompany accounts have been eliminated in consolidation. | |||||||||||||
In October 2013, the Company was formed as a Delaware corporation for the purpose of becoming a publicly traded company and the holding company of Rice Drilling B. The historical financial information contained in this report relates to periods that ended prior to the completion of the IPO of Rice Energy. In connection with the completion of its IPO and corporate reorganization on January 29, 2014, Rice Energy became a holding company whose sole material asset consists of a 100% indirect ownership interest in Rice Drilling B. As the sole managing member of Rice Drilling B, Rice Energy is responsible for all operational, management and administrative decisions relating to Rice Drilling B. Accordingly, this reorganization constituted a common control transaction and the accompanying consolidated financial statements are presented as though this reorganization had occurred for the earliest period presented herein. | |||||||||||||
On January 25, 2012, Rice Partners, the owner of 90% of the total shares outstanding in Rice Energy, assigned its preferred units in Rice Energy to its wholly owned subsidiary, Rice Energy Appalachia LLC (“REA”). Concurrent with Rice Partners’ assignment of its shares to REA, REA and Natural Gas Partners (“NGP”), a private equity firm, finalized a $100.0 million equity commitment to REA from NGP of which $75 million of NGP’s commitment was funded at closing on January 25, 2012. Cash proceeds from the investments were contributed by REA to Rice Energy. NGP received a put right with respect to their equity investment at REA which was contingently exercisable upon the occurrence of certain events. The earliest date that this put right could have been exercised is January 25, 2017. The fair value of this put right was de minimis given the accretion in fair value of REA. In conjunction with the equity investment in NGP, Daniel J. Rice III converted his outstanding promissory notes into equity of REA. On August 30, 2012, NGP funded the remaining $25 million of its commitment at REA. | |||||||||||||
During the year ended December 31, 2013, REA finalized a $300 million equity commitment from NGP, of which approximately $200 million was funded in April 2013 and contributed to Rice Energy. Cash proceeds from the investment were used to partially fund our Utica Shale leasehold acquisitions in southeastern Ohio. NGP’s equity commitments terminated in connection with the closing of the Rice Energy Inc. (“Rice Energy”) initial public offering (“IPO”). | |||||||||||||
Rice Drilling B is the operating company of Rice Energy and as such is engaged in the acquisition, exploration, and development of natural gas properties in the Appalachian Basin. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and changes in these estimates are recorded when known. | |||||||||||||
Revenue Recognition | |||||||||||||
Sales of natural gas are recognized when natural gas has been delivered to a custody transfer point, persuasive evidence of a sales arrangement exists, the rights and responsibility of ownership pass to the purchaser upon delivery, collection of revenue from the sale is reasonably assured, and the sales price is fixed or determinable. Natural gas is sold by the Company under contracts with the Company’s natural gas marketers. Pricing provisions are tied to the Platts Gas Daily market prices. | |||||||||||||
Cash | |||||||||||||
The Company maintains cash at financial institutions which may at times exceed federally insured amounts and which may at times significantly exceed consolidated balance sheet amounts due to outstanding checks. The Company has no other accounts that are considered cash equivalents. | |||||||||||||
Accounts Receivable | |||||||||||||
Accounts receivable are primarily from the Company’s two gas marketers. The Company extends credit to parties in the normal course of business based upon management’s assessment of their creditworthiness. A valuation allowance is provided for those accounts for which collection is estimated as doubtful; uncollectible accounts are written off and charged against the allowance. In estimating the allowance, management considers, among other things, how recently and how frequently payments have been received and the financial position of the party. There was no allowance recorded for any of the periods presented in the consolidated financial statements. Accounts receivable as of December 31, 2013 and 2012 are detailed below. | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Natural gas sales | $ | 16,534 | $ | 5,564 | |||||||||
Joint interest | 6,391 | 1,810 | |||||||||||
Other | 8,840 | 1,183 | |||||||||||
Total accounts receivable | $ | 31,765 | $ | 8,557 | |||||||||
Investments in Joint Ventures | |||||||||||||
The Company accounts for its oilfield service company joint venture investment and for periods prior to the completion of the Marcellus JV Buy-In accounted for our Marcellus joint venture investment, under the equity method of accounting as we have significant influence, but not control, over the joint ventures as of December 31, 2013. | |||||||||||||
Under the equity method of accounting, investments are carried at cost, adjusted for the Company’s proportionate share of the undistributed earnings or losses and reduced for any distributions from the investment. The Company also evaluates its equity method investments for potential impairment whenever events or changes in circumstances indicate that there is an other-than-temporary decline in value of the investment. Such events may include sustained operating losses by the investee or long-term negative changes in the investee’s industry. These indicators were not present, and as a result, the Company did not recognize any impairment charges related to its equity method investments for any of the periods presented in the consolidated financial statements. | |||||||||||||
On January 29, 2014, in connection with the closing of the IPO and pursuant to the Transaction Agreement between it and Alpha Holdings dated as of December 6, 2013 (the “Transaction Agreement”), Rice Energy completed its acquisition of Alpha Holdings’ 50% interest in its Marcellus joint venture (“Marcellus JV Buy-In”) in exchange for total consideration of $322 million, consisting of $100 million of cash and its issuance to Alpha Holdings of 9,523,810 shares of our common stock. See Note 15 for additional information. | |||||||||||||
Natural Gas Properties | |||||||||||||
The Company uses the successful efforts method of accounting for gas-producing activities. Costs to acquire mineral interests in gas properties, to drill and equip exploratory wells that result in proved reserves, are capitalized. Costs to drill exploratory wells that do not identify proved reserves as well as geological and geophysical costs and costs of carrying and retaining unproved properties are expensed. The Company wrote off approximately $8.1 million of costs associated with the drilling of the Bigfoot 7H in the fourth quarter of 2013. | |||||||||||||
Unproved gas properties that are individually significant are periodically assessed for impairment of value, and a loss is recognized at the time of impairment by providing an impairment allowance. Capitalized costs of producing gas properties and support equipment directly related to such properties, after considering estimated residual salvage values, are depreciated and depleted by the units of production method. Support equipment and other property and equipment not directly related to gas properties are depreciated over their estimated useful lives. | |||||||||||||
Management’s estimates of proved reserves are based on quantities of natural gas that engineering and geological analysis demonstrates, with reasonable certainty, to be recoverable from established reservoirs in the future under current operating and economic conditions. External engineers prepare the annual reserve and economic evaluation of all properties on a well-by-well basis. Additionally, the Company adjusts natural gas reserves for major well rework or abandonment during the year as needed. The process of estimating and evaluating natural gas reserves is complex, requiring significant decisions in the evaluation of available geological, geophysical, engineering, and economic data. The data for a given property may also change substantially over time as a result of numerous factors, including additional development activity, evolving production history and a continual reassessment of the viability of production under changing economic conditions. As a result, revisions in existing reserve estimates occur from time to time. Although every reasonable effort is made to ensure that reserve estimates represent the Company’s most accurate assessments possible, the subjective decisions and variances in available data for various properties increase the likelihood of significant changes in these estimates over time. Because estimates of reserves significantly affect the Company’s depreciation, depletion, and amortization expense, a change in the Company’s estimated reserves could have a material effect on the Company’s operating results. | |||||||||||||
On the sale of an entire interest in an unproved property for cash, a gain or loss on the sale is recognized, taking into consideration the amount of any recorded impairment if the property had been assessed individually. If a partial interest in an unproved property is sold, the amount received is treated as a reduction of the cost of the interest retained unless the proceeds received are in excess of the cost basis which would result in gain on sale. | |||||||||||||
Interest | |||||||||||||
The Company capitalizes interest on expenditures for significant exploration and development projects while activities are in progress to bring the assets to their intended use. Upon completion of construction of the asset, the associated capitalized interest costs are included within our asset base and depleted accordingly. The following table summarizes the components of the Company’s interest incurred for the periods indicated (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest incurred: | |||||||||||||
Interest capitalized | $ | 8,034 | $ | 7,695 | $ | 5,405 | |||||||
Interest expensed | 17,915 | 3,487 | 531 | ||||||||||
Total incurred | $ | 25,949 | $ | 11,182 | $ | 5,936 | |||||||
Property and Equipment | |||||||||||||
Property and equipment are recorded at cost and are being depreciated over estimated useful lives of three to forty years on a straight-line basis. Accumulated depreciation was $1.3 million and $0.6 million at December 31, 2013 and 2012, respectively. Depreciation expense was $0.7 million, $0.6 million and $0.1 million for the years ended December 31, 2013, 2012 and 2011, respectively, and is included in depreciation, depletion, and amortization expense in the accompanying statements of consolidated operations. | |||||||||||||
Long-Lived Assets | |||||||||||||
Long-lived assets to be held and used or disposed of other than by sale are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. When required, impairment losses on assets to be held and used or disposed other than by sale are recognized based on the fair value of the asset. Long-lived assets to be disposed of by sale are reported at the lower of their carrying amount or fair value less selling costs. | |||||||||||||
Deferred Financing Costs | |||||||||||||
Deferred financing costs are amortized on a straight-line basis, which approximates the interest method, over the term of the related agreement. Accumulated amortization was $14.3 million and $9.9 million at December 31, 2013 and 2012, respectively. Amortization expense was $5.2 million , $7.2 million and $2.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. The annual amortization of deferred financing costs for years subsequent to December 31, 2013, is expected to be approximately $1.9 million in 2014, $1.9 million in 2015, $1.9 million in 2016, $1.9 million in 2017 and $1.1 million in 2018. | |||||||||||||
Delay Rental Agreements | |||||||||||||
The Company has leased drilling rights under agreements which specify additional payments for the privilege of deferring drilling operations for another year. Costs incurred to extend such agreements were $1.6 million and $3.1 million for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||
Asset Retirement Obligations | |||||||||||||
The Company records the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred. For gas properties, this is the period in which a gas well is acquired or drilled. The Company’s retirement obligations relate to the abandonment of gas-producing facilities and include costs to reclaim drilling sites and dismantle and relocate or dispose of gathering systems, wells, and related structures. Estimates are based on historical experience in plugging and abandoning wells and estimated remaining lives of those wells based on reserve estimates. | |||||||||||||
When a new liability is recorded, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period and the capitalized cost is depreciated over the units of production basis. | |||||||||||||
Equity Incentives | |||||||||||||
The cost of employee and consultant services received in exchange for an award of equity instruments, such as restricted units, is measured based on the fair value of those instruments. Management established an estimated fair value for issued units based upon an income approach prior to December 31, 2013. At December 31, 2013, in connection with the IPO, a market approach was used. The restricted units are subject to a call option held by the Company which requires liability accounting for the restricted units. Details related to the restricted units are included in Notes 8 and 9. | |||||||||||||
Income Taxes | |||||||||||||
The Company is treated as a partnership for federal and state income tax purposes. Consequently, the Company is not subject to income taxes; instead its members include the income in their tax returns. | |||||||||||||
Reclassifications | |||||||||||||
Certain reclassifications have been made to prior periods’ financial information related to post production costs, restricted unit liability and asset retirement obligations to conform to the 2013 presentation. | |||||||||||||
Correction of Errors | |||||||||||||
The Company’s net income for the year ended December 31, 2012 included expense of approximately $1.7 million that related to prior periods. These corrections resulted in additional exploration expense of approximately $1.1 million, lease operating expense of $0.5 million, and other expense of $0.1 million recorded in 2012. These errors were not material to prior periods, individually or in the aggregate, and were not material to the 2012 period. These errors did not impact debt covenant compliance nor distort operating results. Therefore, these items were corrected in fiscal 2012. |
Capitalized_Costs_Relating_to_
Capitalized Costs Relating to Gas-Producing Activities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Extractive Industries [Abstract] | ' | ||||||||
Capitalized Costs Relating to Gas-Producing Activities | ' | ||||||||
2 | Capitalized Costs Relating to Gas-Producing Activities | ||||||||
Proved and unproved capitalized costs related to the Company’s gas-producing activities are as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Capitalized costs: | |||||||||
Unproved properties | $ | 457,836 | $ | 111,030 | |||||
Proved, producing properties | 244,771 | 119,374 | |||||||
Proved, nonproducing properties | 78,441 | 61,434 | |||||||
Total | 781,048 | 291,838 | |||||||
Accumulated depreciation, depletion and amortization | 52,689 | 20,820 | |||||||
Net capitalized costs | $ | 728,359 | $ | 271,018 | |||||
Entity’s share of equity method investees’ net capitalized costs | $ | 91,166 | $ | 57,110 | |||||
Sale_of_Interests_in_Gas_Prope
Sale of Interests in Gas Properties | 12 Months Ended | |
Dec. 31, 2013 | ||
Property, Plant and Equipment [Abstract] | ' | |
Sale of Interests in Gas Properties | ' | |
3 | Sale of Interests in Gas Properties | |
In December 2013, the Company agreed to sell interests in noncore assets in Guernsey County, Ohio and Lycoming County, Pennsylvania in two separate transactions. The Company agreed to sell an undivided 75.0% interest in certain of its Guernsey County leaseholds (representing approximately 2,136 net acres) to a third party in exchange for approximately $22.0 million, consisting of $11.0 million in cash and an $11.0 million carried working interest. Of the 2,136 net acres, 1,033 net acres closed subsequent to December 31, 2013. No gain or loss was recorded on this transaction. | ||
In addition, the Company sold all of its Lycoming County acreage (100% non-operated) and related assets to another third party in exchange for $7.0 million of which $6.0 million will be paid on or before April 30, 2014. This receivable is included in accounts receivable on the accompanying consolidated balance sheet. There was no production or net proved reserves attributable to the interests sold in either transaction. The Company incurred a loss of $4.2 million in the fourth quarter of 2013 as a result of this transaction. | ||
In March 2011, the Company entered into a joint operating agreement with US Energy Development Corporation (US Energy) covering those certain properties whereby the Company sold a 50% non-operated working interest in the properties to US Energy. Subsequent to this transaction, the Company owns a 50% working interest in approximately 1,000 acres in the Whipkey field and has retained operatorship. The Company received cash consideration of $1.7 million and recorded a gain of $1.5 million on this transaction in the accompanying consolidated statements of operations. |
Lease_Obligations
Lease Obligations | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Lease Obligations | ' | ||||
6 | Lease Obligations | ||||
The Company leases drilling rights under agreements which expire at various times. The following represents the future minimum lease payments under the agreements as of December 31, 2013 (in thousands): | |||||
2014 | $ | 18,606 | |||
2015 | 1,398 | ||||
2016 | 153 | ||||
2017 | 124 | ||||
2018 and thereafter | — | ||||
Total future minimum lease payments | $ | 20,281 | |||
These lease payments are included as leasehold payables in the accompanying consolidated balance sheets. | |||||
Additionally, the Company has leased drilling rights under agreements which specify additional payments due in the event that the Company does not meet predetermined criteria within a specified period of time. The Company could be required to pay up to approximately $2.0 million, $1.0 million and $0.3 million in 2014, 2015 and 2016, respectively, under these agreements. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||
Asset Retirement Obligations | ' | ||||
7 | Asset Retirement Obligations | ||||
The Company is subject to certain legal requirements which result in recognition of a liability related to the obligation to incur future plugging and abandonment costs. The Company records a liability for such asset retirement obligations and capitalizes a corresponding amount for asset retirement costs. The liability is estimated using the present value of expected future cash flows, adjusted for inflation and discounted at the Company’s credit adjusted risk-free rate. | |||||
A reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligations for the years ended December 31, 2013 and 2012 is as follows (in thousands): | |||||
Balance at December 31, 2010 | $ | 289 | |||
Liabilities incurred | 493 | ||||
Accretion expense | 53 | ||||
Balance at December 31, 2011 | $ | 835 | |||
Liabilities incurred | 382 | ||||
Accretion expense | 164 | ||||
Balance at December 31, 2012 | $ | 1,381 | |||
Liabilities incurred | 583 | ||||
Accretion expense | 150 | ||||
Balance at December 31, 2013 | $ | 2,114 | |||
Restricted_Unit_Agreements
Restricted Unit Agreements | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Restricted Unit Agreements | ' | ||||
9 | Restricted Unit Agreements | ||||
Effective November 13, 2009, the Company entered into restricted unit agreements with an employee and consultants. Under separate and individual restricted unit agreements, the eligible employee and consultants are granted units which vest over a specified period of time. Each unit entitles the holder to an equity ownership in the Company. The restricted units are accounted for as liability awards, which require remeasurement each reporting period, as a result of the existence of a call option that permits the Company to repurchase the awards at a fixed amount that could be above or below fair market value of the units. Prior to November 13, 2012, the Company had the ability to exercise the call option at a specified amount. Subsequently, the Company’s call right is at fair market value. As of December 31, 2013, the remaining liability recorded for the restricted units represented fair value. Management established an estimated fair value for issued units based upon an income approach prior to December 31, 2013. The income approach requires use of internal business plans that are based on judgments and estimates regarding future economic conditions, costs, inflation rates and discount rates, among other factors. At December 31, 2013, in connection with the Rice Energy IPO, a market approach was used. | |||||
During 2012, REA exercised its option to repurchase all of the 2,000 Class B restricted units. A summary of the change in vested restricted units is as follows: | |||||
Restricted Units | |||||
Class A and Class B restricted units | |||||
Vested restricted units | 4,000 | ||||
Repurchased Class B restricted units | (2,000 | ) | |||
Vested restricted units as of December 31, 2012 | 2,000 | ||||
Repurchased Class B restricted units | — | ||||
Vested restricted units as of December 31, 2013 | 2,000 | ||||
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related-Party Transactions | ' | |
13 | Related-Party Transactions | |
In prior periods, the Company reimbursed Rice Partners for expenses incurred on behalf of the Company. General and administrative expenses incurred by Rice Partners and reimbursed by the Company were $9.3 million, $4.8 million and $3.1 million for the years ended December 31, 2013 , 2012 and 2011, respectively. As of December 31, 2013 and 2012, $6.1 million and $2.5 million, respectively, of general and administrative expenses was due to Rice Partners and is recorded as due to affiliate on the consolidated balance sheet. Prior to the closing of the Rice Energy IPO, the Company terminated its agreement to reimburse Rice Partners for expenses incurred on its behalf. | ||
Payments totaling $2.2 million, $0.8 million and $0.6 million were made during the years ended December 31, 2013, 2012 and 2011 respectively to Geological Engineering Services, Inc. (“GES”) in respect of consultancy services. GES is a drilling and completion engineering consulting company specializing in unconventional reservoirs like the Marcellus Shale. John P. LaVelle, Rice Energy’s Vice President of Drilling, served as president of GES from February 1994 until February 2010. There were no amounts outstanding between the Company and GES as of any period presented. | ||
The Company was reimbursed for costs incurred on behalf of the Company’s Marcellus joint venture. General and administrative expenses incurred by the Company and reimbursed by the Company’s Marcellus joint venture were $1.6 million, $1.3 million and $0.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||
As of December 31, 2012, the Company recorded a receivable from its Marcellus joint venture for $6.0 million representing capitalized costs that were approved to be contributed to the joint venture. |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Subsequent Events [Abstract] | ' | ||||
Subsequent Events | ' | ||||
16 | Subsequent Events | ||||
Initial Public Offering | |||||
On January 29, 2014, Rice Energy completed their IPO of 50,000,000 shares of our $0.01 par value common stock, which included 30,000,000 shares sold by Rice Energy Inc., 14,000,000 shares sold by the selling stockholder and 6,000,000 shares subject to an option granted to the underwriters by the selling stockholder. | |||||
The net proceeds of the IPO, based on the public offering price of $21.00 per share, were approximately $993.5 million, which resulted in net proceeds to Rice Energy of $593.6 million after deducting estimated expenses and underwriting discounts and commissions of approximately $36.4 million and the net proceeds to the selling stockholders of approximately $399.0 million after deducting underwriting discounts of approximately $21.0 million. Rice Energy did not receive any proceeds from the sale of the shares by the selling stockholders. A portion of the net proceeds from the IPO were used to repay all outstanding borrowings under the revolving credit facility of the Company’s Marcellus joint venture, to make a $100.0 million payment to Alpha Holdings in partial consideration for the Marcellus JV Buy-In and to repay all outstanding borrowings under the Company’s revolving credit facility. The remainder of the net proceeds from the IPO will be used to fund a portion of our capital expenditure plan. | |||||
Marcellus JV Buy-In | |||||
On January 29, 2014, in connection with the closing of the IPO and pursuant to the Transaction Agreement between Rice Energy and Alpha Holdings dated as of December 6, 2013 (the “Transaction Agreement”), Rice Energy completed its acquisition of Alpha Holdings’ 50% interest in the Company’s Marcellus joint venture in exchange for total consideration of $300.0 million, consisting of $100.0 million of cash and the issuance to Alpha Holdings of 9,523,810 shares of Rice Energy common stock. Prior to the completion of the acquisition of Alpha Holdings’ 50% interest in the Company’s Marcellus joint venture, the Company accounted for its investment under the equity method of accounting. | |||||
The company is currently assessing the fair value of assets acquired and liabilities assumed. Immediately prior to the acquisition, the fair value of the existing equity in the Marcellus joint venture, based upon preliminary valuations, was approximately $245.0 million. The acquisition-date fair value of the existing equity was based on an income approach. The income approach calculated the present value of the future cash flows related to the natural gas properties as of the date of the transaction, utilizing a discount rate based upon market participant assumptions, natural gas strip prices as of the date of the transaction, and a decline curve consistent with our geographic peers. As we acquired the remaining ownership in the Marcellus joint venture we are required to remeasure our equity investment at fair value which will result in a non-recurring gain of approximately $195.2 million during the quarter ended March 31, 2014. On a preliminary basis and based on preliminary valuations performed to determine the fair value of the assets as of the acquisition date, the company anticipates the natural gas properties have fair value of approximately $320.0 million. The preliminary estimate of excess purchase price over net assets and liabilities assumed which is to be allocated to goodwill is approximately $365.0 million and will be deductible for tax purposes. | |||||
The acquisition consolidates the resources of the Company and the Marcellus joint venture which will enable the Company to efficiently develop the natural gas properties concurrently. The management team of the Company has historically also served as the management team of the joint venture, so the team is intimately familiar with the assets. These factors resulted in the aforementioned goodwill. | |||||
The following unaudited pro forma combined financial information presents the Company’s results as though the Company and the incremental 50% interest in our Marcellus joint venture had occurred at January 1, 2013. | |||||
(in thousands) | Year Ended | ||||
December 31, 2013 | |||||
(Pro forma) | |||||
Pro forma net revenues | $ | 179,281 | |||
Pro forma net loss | $ | (30,509 | ) | ||
Pro forma earnings per share | $ | (0.24 | ) | ||
The Company expects to complete the purchase price allocation during 2014 and may adjust the preliminary amounts set forth above to reflect the final valuation. This final valuation of the assets and liabilities could have a material impact on the pro forma information and preliminary purchase price allocation discussed above. | |||||
Income Taxes | |||||
At the date of IPO, Rice Energy owned 100% of Rice Drilling B and its subsidiaries. Rice Drilling B was a limited liability company not subject to federal income taxes before IPO. However, in connection with the closing of the IPO, as a result of our corporate reorganization, we became a corporation subject to federal income tax and, as such, our future income taxes will be dependent upon our future taxable income. The change in tax status would require the recognition of a deferred tax asset or liability for the initial temporary differences at the time of the change in status. The resulting deferred tax liability is approximately $145.1 million. | |||||
No current tax expense would result as of the date of the change in status. The recognition of the initial deferred tax liability will be recorded in equity at the date of IPO, but not in the financials as of December 31, 2013. | |||||
Unregistered Sales of Equity Securities | |||||
On January 29, 2014, pursuant to the Master Reorganization Agreement (the “Master Reorganization Agreement”) among Rice Energy Inc., Rice Drilling B, REA, Rice Holdings, Rice Partners, NGP Holdings, NGP RE Holdings, L.L.C., (“NGP RE Holdings”) NGP RE Holdings II, L.L.C. (“NGP RE II” and, together with NGP RE Holdings, “Natural Gas Partners”), Mr. Daniel J. Rice III, Rice Merger LLC (“Merger Sub”) and each of the persons holding incentive units representing interests in REA (collectively, the “Incentive Unitholders”) dated as of January 23, 2014, (i) (a) Rice Partners contributed a portion of its interests in REA to Rice Holdings, (b) Natural Gas Partners contributed its interests in REA to NGP Holdings and (c) the Incentive Unitholders contributed a portion of their incentive units to Rice Holdings and NGP Holdings, each in return for substantially similar incentive units in such entities; (ii) NGP Holdings, Rice Holdings and Mr. Daniel J. Rice III contributed their respective interests in Rice Appalachia to the Company in exchange for 43,452,550, 20,300,923 and 2,356,844 shares of Common Stock, respectively; (iii) Rice Partners contributed its remaining interest in Rice Appalachia to Rice Energy Inc. in exchange for 20,000,000 shares of Common Stock; (iv) the Incentive Unitholders contributed their remaining interests in Rice Appalachia to the Company in exchange for 160,831 shares of Common Stock, each of which were issued by the company in connection with the closing of the IPO. In connection with the IPO, in the first quarter of 2014, we recognized a non-cash compensation expense of $3.4 million. | |||||
In addition, on January 29, 2014, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) among the Company, Rice Drilling B and Merger Sub dated as of January 23, 2014, Rice Energy Inc. issued 1,728,852 shares of Common Stock to the members of Rice Drilling B (other than Rice Appalachia) for settlement of the restricted units. | |||||
Incentive Units | |||||
In connection with the IPO, in the first quarter of 2014, certain incentive units granted by NGP Holdings to certain members of management triggered the pre-determined payout criteria, resulting in a cash payment by NGP Holdings of $4.4 million. This resulted in additional non-cash compensation expense being recorded in the first quarter of 2014 by the Company. | |||||
Convertible Debentures and Warrants | |||||
In connection with the IPO, the convertible debentures and warrants of Rice Drilling B were amended to become convertible or exercisable for an aggregate 1,671,800 shares of common stock of Rice Energy. Through March 10, 2014, approximately $5.0 million of the convertible debentures have been converted into 433,073 shares of Rice Energy Inc. common stock. On February 28, 2014, the Company issued a call notice on the remaining convertible debentures, requiring a response by March 30, 2014. Amounts not converted by the response date will require payment by the Company of 100% of the principal amount plus a premium of 50%, which could result in additional costs of $1.0 million. As the principal amount of the convertible debentures outstanding has been reduced to less than $5.0 million, the Company is no longer required to maintain restricted cash. Through March 10, 2014, two warrants have been exercised in exchange for 1,728 shares of Rice Energy common stock. | |||||
Amendment to Senior Secured Revolving Credit Facility | |||||
On January 29, 2014, Rice Energy, as parent guarantor, and Rice Drilling B, as borrower, entered into an amendment (the “Sixth Amendment”) to the Second Amended and Restated Credit Agreement, dated as of April 25, 2013 with Wells Fargo Bank, N.A., as administrative agent and the lenders and other parties thereto (the “Second Amended and Restated Credit Agreement”). Rice Drilling B is a wholly-owned subsidiary of Rice Energy Inc. Among other things, the Sixth Amendment (i) added Rice Energy Inc. as a guarantor, (ii) increased the maximum commitment to $1.5 billion from $500.0 million, (iii) increased the borrowing base to $350.0 million from $200.0 million, (iv) lowered the interest rate on amounts borrowed, and (v) allowed for the corporate reorganization that was completed simultaneously with the closing of the IPO. | |||||
Subsequent to December 31, 2013, the Company issued additional letters of credit with Wells Fargo Bank, N.A. of $55.9 million (refer to Note 4 for further details on letters of credit as required by the Company’s natural gas marketer and pipeline). | |||||
Momentum Acquisition | |||||
On February 12, 2014, the Company’s wholly owned subsidiary, Rice Poseidon, entered into a Purchase Agreement with M3 to acquire certain gas gathering assets in eastern Washington and Greene Counties, Pennsylvania, for aggregate consideration of approximately $110.0 million in cash, subject to customary purchase price adjustments. Rice Energy expects the Momentum Acquisition to close in the second quarter of 2014, subject to customary closing conditions. The effective date for the Momentum Acquisition is March 1, 2014 and will be funded with proceeds received from our IPO. | |||||
The properties to be acquired in the Momentum Acquisition consist of a 28-mile, 6”-16” gathering system in eastern Washington County, Pennsylvania, and permits and rights of way in Washington and Greene Counties, Pennsylvania, necessary to construct an 18-mile, 30” gathering system connecting the northern system to the Texas Eastern pipeline. The northern system is supported by long-term contracts with acreage dedications covering approximately 20,000 acres from third parties. Once fully constructed, the acquired systems are expected to have an aggregate capacity of over 1 Bcf/d. | |||||
Subsequent events have been considered for disclosure and recognition through March 21, 2014, the same date the consolidated financial statements were available to be issued. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||
17 | Quarterly Financial Information (Unaudited) | ||||||||||||||||
The Company’s quarterly financial information for the years ended December 31, 2013 and 2012 is as follows (in thousands): | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
quarter | quarter | quarter | quarter | ||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||
Total operating revenues | $ | 13,233 | $ | 23,840 | $ | 23,665 | $ | 27,866 | |||||||||
Total operating expenses | 10,705 | 25,833 | 52,274 | 27,755 | |||||||||||||
Operating income (loss) | 2,528 | (1,993 | ) | (28,609 | ) | 111 | |||||||||||
Net income (loss) | $ | (6,775 | ) | $ | 19,586 | $ | (33,652 | ) | $ | (14,935 | ) | ||||||
First | Second | Third | Fourth | ||||||||||||||
quarter | quarter | quarter | quarter | ||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||
Total operating revenues | $ | 4,792 | $ | 4,155 | $ | 6,580 | $ | 11,673 | |||||||||
Total operating expenses | 6,353 | 11,984 | 8,123 | 9,640 | |||||||||||||
Operating income (loss) | (1,561 | ) | (7,829 | ) | (1,543 | ) | 2,033 | ||||||||||
Net income (loss) | $ | (2,334 | ) | $ | (12,884 | ) | $ | (6,523 | ) | $ | 2,397 |
Supplemental_Information_on_Ga
Supplemental Information on Gas-Producing Activities (Unaudited) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Extractive Industries [Abstract] | ' | ||||||||||||
Supplemental Information on Gas-Producing Activities (Unaudited) | ' | ||||||||||||
18 | Supplemental Information on Gas-Producing Activities (Unaudited) | ||||||||||||
Costs incurred for property acquisitions, exploration and development are as follows for Rice Energy (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Acquisitions: | |||||||||||||
Unproved leaseholds | $ | 305,000 | $ | 47,396 | $ | 16,877 | |||||||
Development costs | 184,217 | 89,307 | 72,776 | ||||||||||
Exploration costs: | |||||||||||||
Geological and geophysical | 9,951 | 3,275 | 660 | ||||||||||
Total costs incurred | $ | 499,168 | $ | 139,978 | $ | 90,313 | |||||||
The following table presents the results of operations related to natural gas production for Rice Energy (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 87,847 | $ | 26,743 | $ | 13,972 | |||||||
Production costs | 19,712 | 8,824 | 2,157 | ||||||||||
Exploration costs | 9,951 | 3,275 | 660 | ||||||||||
Depreciation, depletion and amortization | 29,808 | 13,329 | 5,920 | ||||||||||
Write-down of abandoned leases | — | 2,253 | 109 | ||||||||||
General and administrative expenses | 5,108 | 3,050 | 2,212 | ||||||||||
Results of operations from producing activities | $ | 23,268 | $ | (3,988 | ) | $ | 2,914 | ||||||
Reserve quantity information is as follows for Rice Energy: | |||||||||||||
Natural Gas (MMcf) | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Proved developed and undeveloped reserves: | |||||||||||||
Beginning of year | 304,272 | 232,996 | 12,230 | ||||||||||
Extensions and discoveries | 100,626 | 176,956 | 223,538 | ||||||||||
Revision of previous estimates | 757 | (96,911 | ) | 620 | |||||||||
Production | (22,995 | ) | (8,769 | ) | (3,392 | ) | |||||||
End of year | 382,660 | 304,272 | 232,996 | ||||||||||
Proved developed reserves: | |||||||||||||
End of year | 144,310 | 61,225 | 25,397 | ||||||||||
Proved undeveloped reserves: | |||||||||||||
End of year | 238,350 | 243,047 | 207,599 | ||||||||||
Extensions, Discoveries and Other Additions | |||||||||||||
The Company added 100,626 MMcf, 176,956 MMcf and 223,538 MMcf through its drilling program in the Marcellus Shale in 2013, 2012 and 2011, respectively. | |||||||||||||
Revision of Previous Estimates | |||||||||||||
In 2012, the Company had net negative revisions of 96,911 MMcf, as 32 proved undeveloped locations were removed from its estimate of reserves at December 31, 2011 due primarily to declines in natural gas pricing and changes to the Company’s drilling plans with regards to horizontal drilling. | |||||||||||||
The reserve quantity information is limited to reserves which had been evaluated as of December 31, 2013. Proved developed reserves represent only those reserves expected to be recovered from existing wells and support equipment. Proved undeveloped reserves are expected to be recovered from new wells after substantial development costs are incurred. Netherland, Sewell and Associates, Inc. reviewed 100% of the total net gas proved reserves attributable to the Company’s interests and the Company’s Marcellus joint venture as of December 31, 2013 and 2012. | |||||||||||||
The information presented represents estimates of proved natural gas reserves based on evaluations prepared by the independent petroleum engineering firms of Netherland, Sewell and Associates, Inc. and Wright & Company in accordance with Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Evaluation Engineers and definitions and guidelines established by the SEC. The Company’s independent reserve engineers were selected for their historical experience and geographic expertise in engineering unconventional resources. Since 1961, Netherland, Sewell and Associates, Inc. has evaluated oil and gas properties and independently certified petroleum reserves quantities in the United States and internationally. Wright & Company was founded in 1988 and performs consulting petroleum engineering services under the Texas Board of Professional Engineers. | |||||||||||||
Certain information concerning the assumptions used in computing the standardized measure of proved reserves and their inherent limitations are discussed below. The Company believes such information is essential for a proper understanding and assessment of the data presented. Future cash inflows are computed by applying the 12-month unweighted arithmetic average of the first-day-of-the-month price for each month in the period January through, respectively, to the period-end quantities of those reserves. Gas prices are held constant throughout the lives of the properties. | |||||||||||||
The assumptions used to compute estimated future net revenues do not necessarily reflect the Company’s expectations of actual revenues or costs, or their present worth. In addition, variations from the expected production rates also could result directly or indirectly from factors outside of the Company’s control, such as unintentional delays in development, changes in prices, or regulatory controls. The standardized measure calculation further assumes that all reserves will be disposed of by production. However, if reserves are sold in place, this could affect the amount of cash eventually realized. | |||||||||||||
Future development and production costs are computed by estimating the expenditures to be incurred in developing and producing the proved natural gas reserves at the end of the year, based on period-end costs and assuming continuation of existing economic conditions. | |||||||||||||
An annual discount rate of 10% was used to reflect the timing of the future net cash flows relating to proved natural gas reserves. | |||||||||||||
Information with respect to Rice Energy’s estimated discounted future net cash flows related to its proved natural gas reserves is as follows (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Future cash inflows | $ | 1,496,294 | $ | 869,882 | $ | 1,015,589 | |||||||
Future production costs | (517,101 | ) | (323,855 | ) | (208,733 | ) | |||||||
Future development costs | (219,879 | ) | (262,084 | ) | (206,612 | ) | |||||||
Future net cash flows | 759,314 | 283,943 | 600,244 | ||||||||||
10% annual discount for estimated timing of cash flows | (342,150 | ) | (181,725 | ) | (330,924 | ) | |||||||
Standardized measure of discounted future net cash flows(1) | $ | 417,164 | $ | 102,218 | $ | 269,320 | |||||||
-1 | Does not include the effects of income taxes on future revenues at December 31, 2013 and 2012 because as of December 31, 2013 and 2012, the Company was a limited liability company not subject to entity-level taxation. Accordingly, no provision for federal or state corporate income taxes has been provided because taxable income was passed through to the Company’s equity holders. However, in connection with the closing of the IPO, as a result of the corporate reorganization, the Company became a corporation subject to federal income tax and, as such, its future income taxes will be dependent upon its future taxable income. | ||||||||||||
For 2013, the reserves for Rice Energy were computed using unweighted arithmetic averages of the closing prices on the first day of each month during 2013, adjusted for energy content and a regional price differential. For 2013, this adjusted gas price was $3.91 per Mcf. | |||||||||||||
For 2012, the reserves for Rice Energy were computed using unweighted arithmetic averages of the closing prices on the first day of each month during 2012, adjusted for energy content and a regional price differential. For 2012, this adjusted gas price was $2.86 per Mcf. | |||||||||||||
For 2011, the reserves for Rice Energy were computed using unweighted arithmetic averages of the closing prices on the first day of each month during 2011, adjusted for energy content and a regional price differential. For 2011, this adjusted gas price was $4.36 per Mcf. | |||||||||||||
The following are the principal sources of changes in the standardized measure of discounted future net cash flows for Rice Energy (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 102,218 | $ | 269,320 | $ | 46,422 | |||||||
Net change in prices and production costs | 101,345 | (83,873 | ) | (15,929 | ) | ||||||||
Net change in future development costs | 29,336 | (31,811 | ) | (3,695 | ) | ||||||||
Natural gas net revenues | (68,135 | ) | (18,376 | ) | (11,815 | ) | |||||||
Extensions | 114,489 | 38,937 | 243,003 | ||||||||||
Revisions of previous quantity estimates | 1,133 | (108,209 | ) | (14,259 | ) | ||||||||
Previously estimated development costs incurred | 66,894 | 17,036 | 3,040 | ||||||||||
Accretion of discount | 10,230 | 26,932 | 4,642 | ||||||||||
Changes in timing and other | 59,654 | (7,738 | ) | 17,911 | |||||||||
Balance at end of period | $ | 417,164 | $ | 102,218 | $ | 269,320 | |||||||
Gains on sales of interests in gas properties are not included in the information set forth above. We have also allocated certain general and administrative expenses to the Company’s results of operations as these expenses relate to production activities. | |||||||||||||
Costs incurred for property acquisitions, exploration and development related to the Company’s Marcellus joint venture (“the Marcellus joint venture”) are as follows (represents Rice Energy’s proportionate share, in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Acquisitions: | |||||||||||||
Unproved leaseholds | $ | — | $ | — | $ | 519 | |||||||
Development costs | 46,571 | 46,725 | 21,700 | ||||||||||
Exploration costs: | |||||||||||||
Geological and geophysical | — | — | — | ||||||||||
Total costs incurred | $ | 46,571 | $ | 46,725 | $ | 22,219 | |||||||
The following table presents Rice Energy’s share of the results of operations related to natural gas production of the Marcellus joint venture (represents Rice Energy’s proportionate share, in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 45,339 | $ | 13,142 | $ | 2,872 | |||||||
Production costs | 12,557 | 5,436 | 379 | ||||||||||
Impairment of oil and gas properties | — | — | 1,296 | ||||||||||
Depreciation, depletion and accretion | 12,500 | 4,702 | 1,092 | ||||||||||
General and administrative expenses | 1,557 | 986 | — | ||||||||||
Results of operations from producing activities | $ | 18,725 | $ | 2,018 | $ | 105 | |||||||
Reserve quantity information is as follows for the Marcellus joint venture (represents Rice Energy’s proportionate share, in thousands): | |||||||||||||
Natural Gas (MMcf) | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Proved developed and undeveloped reserves: | |||||||||||||
Beginning of year | 128,118 | 58,103 | — | ||||||||||
Extensions and discoveries | 19,812 | 98,119 | 58,800 | ||||||||||
Revision of previous estimates | (26,803 | ) | (23,808 | ) | — | ||||||||
Production | (11,443 | ) | (4,296 | ) | (697 | ) | |||||||
End of year | 109,684 | 128,118 | 58,103 | ||||||||||
Proved developed reserves: | |||||||||||||
End of year | 52,370 | 35,013 | 14,474 | ||||||||||
Proved undeveloped reserves: | |||||||||||||
End of year | 57,314 | 93,105 | 43,629 | ||||||||||
Rice Energy’s 50% equity interest in the Marcellus joint venture added 19,812 MMcf, 98,119 MMcf and 58,800 MMcf through its drilling program in the Marcellus Shale in 2013, 2012 and 2011, respectively. In 2013, Rice Energy’s 50% equity interest in the Marcellus joint venture had net negative revisions of 26,803 MMcf due primarily to performance revisions. In 2012, Rice Energy’s 50% equity interest in the Marcellus joint venture had net negative revisions of 23,808 MMcf due primarily to declines in natural gas pricing. | |||||||||||||
Information with respect to Rice Energy’s share of the Marcellus joint venture’s estimated discounted future net cash flows related to its proved natural gas reserves is as follows (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Future cash inflows | $ | 427,167 | $ | 364,157 | $ | 252,384 | |||||||
Future production costs | (132,427 | ) | (127,086 | ) | (29,683 | ) | |||||||
Future development costs | (46,344 | ) | (86,213 | ) | (51,882 | ) | |||||||
Future net cash flows | 248,396 | 150,858 | 170,819 | ||||||||||
10% annual discount for estimated timing of cash flows | (102,293 | ) | (79,781 | ) | (100,232 | ) | |||||||
Standardized measure of discounted future net cash flows(1) | $ | 146,103 | $ | 71,077 | $ | 70,587 | |||||||
-1 | Does not include the effects of income taxes on future revenues at December 31, 2013 and 2012 because as of December 31, 2013 and 2012, the Company was a limited liability company not subject to entity-level taxation. Accordingly, no provision for federal or state corporate income taxes has been provided because taxable income was passed through to the Company’s equity holders. However, in connection with the closing of the IPO, as a result of the corporate reorganization, the Company became a corporation subject to federal income tax and, as such, its future income taxes will be dependent upon its future taxable income. | ||||||||||||
For 2013, the reserves for the Marcellus joint venture were computed using unweighted arithmetic averages of the closing prices on the first day of each month during 2013, adjusted for energy content and a regional price differential. For 2013, this adjusted gas price was $3.90 per Mcf. | |||||||||||||
For 2012, the reserves for the Marcellus joint venture were computed using unweighted arithmetic averages of the closing prices on the first day of each month during 2012, adjusted for energy content and a regional price differential. For 2012, this adjusted gas price was $2.84 per Mcf. | |||||||||||||
For 2011, the reserves for the Marcellus joint venture were computed using unweighted arithmetic averages of the closing prices on the first day of each month during 2011, adjusted for energy content and a regional price differential. For 2011, this adjusted gas price was $4.34 per Mcf. | |||||||||||||
The following is for the Marcellus joint venture (represents Rice Energy’s proportionate share, in thousands), the principal sources of changes in the standardized measure of discounted future net cash flows: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 71,077 | $ | 70,587 | $ | — | |||||||
Net change in prices and production costs | 81,974 | (26,855 | ) | — | |||||||||
Net change in future development costs | 2,781 | (262 | ) | — | |||||||||
Natural gas net revenues | (32,782 | ) | (7,707 | ) | (2,494 | ) | |||||||
Extensions | 18,950 | 38,131 | 73,081 | ||||||||||
Revisions of previous quantity estimates | (14,752 | ) | (28,923 | ) | — | ||||||||
Previously estimated development costs incurred | 31,253 | 12,862 | — | ||||||||||
Accretion of discount | 7,111 | 7,059 | — | ||||||||||
Changes in timing and other | (19,509 | ) | 6,185 | — | |||||||||
Balance at end of period | $ | 146,103 | $ | 71,077 | $ | 70,587 | |||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ' | ||||||||||||
Basis of Presentation | ' | ' | ||||||||||||
The accompanying unaudited condensed consolidated financial statements of Rice Energy Inc. (the “Company,” “we,” “our,” and “us”) have been prepared by the Company’s management in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and applicable rules and regulations promulgated under the Exchange Act. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. The unaudited condensed consolidated financial statements included herein contain all adjustments which are, in the opinion of management, necessary to present fairly the Company’s financial position as of September 30, 2014 and its condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 and of cash flows for the nine months ended September 30, 2014 and 2013. The condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 are not necessarily indicative of the results to be expected for future periods. A corporate reorganization occurred concurrently with the completion of our IPO on January 29, 2014. As a part of this corporate reorganization, we acquired all of the outstanding membership interests in Rice Appalachia and Rice Drilling B (other than those already held by Rice Appalachia) in exchange for shares of our common stock. Our business continues to be conducted through Rice Drilling B, now a wholly owned subsidiary. This reorganization constituted a common control transaction and the accompanying consolidated financial statements are presented as though this reorganization had occurred for the earliest period presented. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes therein for the year ended December 31, 2013, as filed with the Securities and Exchange Commission by the Company in its 2013 Annual Report. Certain prior period financial statement amounts have been reclassified to conform to current period presentation. | ||||||||||||||
New Accounting Pronouncements | ' | ' | ||||||||||||
In May 2014, the FASB issued ASU, No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” or ASU No. 2014-09. The FASB created Topic 606 which supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition,” and most industry-specific guidance throughout the Industry Topics of the Codification. ASU 2014-09 will enhance comparability of revenue recognition practices across entities, industries and capital markets compared to existing guidance. Additionally, ASU 2014-09 will reduce the number of requirements to which an entity must consider in recognizing revenue as this update will replace multiple locations for guidance. The FASB and International Accounting Standards Board initiated this joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for both U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 is effective for fiscal and interim periods beginning after December 15, 2016 and should be applied retrospectively. Early adoption of this standard is not permitted. The Company is currently evaluating the impact of the provisions of ASU 2014-09. | ||||||||||||||
Organization, Operations and Principles of Consolidation | ' | ' | ||||||||||||
Organization, Operations and Principles of Consolidation | ||||||||||||||
The consolidated financial statements of the Company include the accounts of Rice Energy Inc. (“the Company” or “Rice Energy”) and its wholly owned subsidiaries, Rice Drilling B LLC (“Rice Drilling B”), Rice Drilling C LLC (“Rice C”), Rice Drilling D LLC (“Rice D”), RDB Real Estate Holdings LLC (“RDB Real Estate”), Blue Tiger Oilfield Services LLC (“Blue Tiger”), Rice Poseidon Midstream LLC (“Rice PM”), and Rice Olympus Midstream LLC (“Rice OM”). All significant intercompany accounts have been eliminated in consolidation. | ||||||||||||||
In October 2013, the Company was formed as a Delaware corporation for the purpose of becoming a publicly traded company and the holding company of Rice Drilling B. The historical financial information contained in this report relates to periods that ended prior to the completion of the IPO of Rice Energy. In connection with the completion of its IPO and corporate reorganization on January 29, 2014, Rice Energy became a holding company whose sole material asset consists of a 100% indirect ownership interest in Rice Drilling B. As the sole managing member of Rice Drilling B, Rice Energy is responsible for all operational, management and administrative decisions relating to Rice Drilling B. Accordingly, this reorganization constituted a common control transaction and the accompanying consolidated financial statements are presented as though this reorganization had occurred for the earliest period presented herein. | ||||||||||||||
On January 25, 2012, Rice Partners, the owner of 90% of the total shares outstanding in Rice Energy, assigned its preferred units in Rice Energy to its wholly owned subsidiary, Rice Energy Appalachia LLC (“REA”). Concurrent with Rice Partners’ assignment of its shares to REA, REA and Natural Gas Partners (“NGP”), a private equity firm, finalized a $100.0 million equity commitment to REA from NGP of which $75 million of NGP’s commitment was funded at closing on January 25, 2012. Cash proceeds from the investments were contributed by REA to Rice Energy. NGP received a put right with respect to their equity investment at REA which was contingently exercisable upon the occurrence of certain events. The earliest date that this put right could have been exercised is January 25, 2017. The fair value of this put right was de minimis given the accretion in fair value of REA. In conjunction with the equity investment in NGP, Daniel J. Rice III converted his outstanding promissory notes into equity of REA. On August 30, 2012, NGP funded the remaining $25 million of its commitment at REA. | ||||||||||||||
During the year ended December 31, 2013, REA finalized a $300 million equity commitment from NGP, of which approximately $200 million was funded in April 2013 and contributed to Rice Energy. Cash proceeds from the investment were used to partially fund our Utica Shale leasehold acquisitions in southeastern Ohio. NGP’s equity commitments terminated in connection with the closing of the Rice Energy Inc. (“Rice Energy”) initial public offering (“IPO”). | ||||||||||||||
Rice Drilling B is the operating company of Rice Energy and as such is engaged in the acquisition, exploration, and development of natural gas properties in the Appalachian Basin. | ||||||||||||||
Use of Estimates | ' | ' | ||||||||||||
Use of Estimates | ||||||||||||||
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and changes in these estimates are recorded when known. | ||||||||||||||
Revenue Recognition | ' | ' | ||||||||||||
Revenue Recognition | ||||||||||||||
Sales of natural gas are recognized when natural gas has been delivered to a custody transfer point, persuasive evidence of a sales arrangement exists, the rights and responsibility of ownership pass to the purchaser upon delivery, collection of revenue from the sale is reasonably assured, and the sales price is fixed or determinable. Natural gas is sold by the Company under contracts with the Company’s natural gas marketers. Pricing provisions are tied to the Platts Gas Daily market prices. | ||||||||||||||
Cash | ' | ' | ||||||||||||
Cash | ||||||||||||||
The Company maintains cash at financial institutions which may at times exceed federally insured amounts and which may at times significantly exceed consolidated balance sheet amounts due to outstanding checks. The Company has no other accounts that are considered cash equivalents. | ||||||||||||||
Accounts Receivable | ' | ' | ||||||||||||
Accounts Receivable | ||||||||||||||
Accounts receivable are primarily from the Company’s two gas marketers. The Company extends credit to parties in the normal course of business based upon management’s assessment of their creditworthiness. A valuation allowance is provided for those accounts for which collection is estimated as doubtful; uncollectible accounts are written off and charged against the allowance. In estimating the allowance, management considers, among other things, how recently and how frequently payments have been received and the financial position of the party. There was no allowance recorded for any of the periods presented in the consolidated financial statements. Accounts receivable as of December 31, 2013 and 2012 are detailed below. | ||||||||||||||
December 31, | ||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||
Natural gas sales | $ | 16,534 | $ | 5,564 | ||||||||||
Joint interest | 6,391 | 1,810 | ||||||||||||
Other | 8,840 | 1,183 | ||||||||||||
Total accounts receivable | $ | 31,765 | $ | 8,557 | ||||||||||
Investments in Joint Ventures | ' | ' | ||||||||||||
Investments in Joint Ventures | ||||||||||||||
The Company accounts for its oilfield service company joint venture investment and for periods prior to the completion of the Marcellus JV Buy-In accounted for our Marcellus joint venture investment, under the equity method of accounting as we have significant influence, but not control, over the joint ventures as of December 31, 2013. | ||||||||||||||
Under the equity method of accounting, investments are carried at cost, adjusted for the Company’s proportionate share of the undistributed earnings or losses and reduced for any distributions from the investment. The Company also evaluates its equity method investments for potential impairment whenever events or changes in circumstances indicate that there is an other-than-temporary decline in value of the investment. Such events may include sustained operating losses by the investee or long-term negative changes in the investee’s industry. These indicators were not present, and as a result, the Company did not recognize any impairment charges related to its equity method investments for any of the periods presented in the consolidated financial statements. | ||||||||||||||
On January 29, 2014, in connection with the closing of the IPO and pursuant to the Transaction Agreement between it and Alpha Holdings dated as of December 6, 2013 (the “Transaction Agreement”), Rice Energy completed its acquisition of Alpha Holdings’ 50% interest in its Marcellus joint venture (“Marcellus JV Buy-In”) in exchange for total consideration of $322 million, consisting of $100 million of cash and its issuance to Alpha Holdings of 9,523,810 shares of our common stock. See Note 15 for additional information. | ||||||||||||||
Natural Gas Properties | ' | ' | ||||||||||||
Natural Gas Properties | ||||||||||||||
The Company uses the successful efforts method of accounting for gas-producing activities. Costs to acquire mineral interests in gas properties, to drill and equip exploratory wells that result in proved reserves, are capitalized. Costs to drill exploratory wells that do not identify proved reserves as well as geological and geophysical costs and costs of carrying and retaining unproved properties are expensed. The Company wrote off approximately $8.1 million of costs associated with the drilling of the Bigfoot 7H in the fourth quarter of 2013. | ||||||||||||||
Unproved gas properties that are individually significant are periodically assessed for impairment of value, and a loss is recognized at the time of impairment by providing an impairment allowance. Capitalized costs of producing gas properties and support equipment directly related to such properties, after considering estimated residual salvage values, are depreciated and depleted by the units of production method. Support equipment and other property and equipment not directly related to gas properties are depreciated over their estimated useful lives. | ||||||||||||||
Management’s estimates of proved reserves are based on quantities of natural gas that engineering and geological analysis demonstrates, with reasonable certainty, to be recoverable from established reservoirs in the future under current operating and economic conditions. External engineers prepare the annual reserve and economic evaluation of all properties on a well-by-well basis. Additionally, the Company adjusts natural gas reserves for major well rework or abandonment during the year as needed. The process of estimating and evaluating natural gas reserves is complex, requiring significant decisions in the evaluation of available geological, geophysical, engineering, and economic data. The data for a given property may also change substantially over time as a result of numerous factors, including additional development activity, evolving production history and a continual reassessment of the viability of production under changing economic conditions. As a result, revisions in existing reserve estimates occur from time to time. Although every reasonable effort is made to ensure that reserve estimates represent the Company’s most accurate assessments possible, the subjective decisions and variances in available data for various properties increase the likelihood of significant changes in these estimates over time. Because estimates of reserves significantly affect the Company’s depreciation, depletion, and amortization expense, a change in the Company’s estimated reserves could have a material effect on the Company’s operating results. | ||||||||||||||
On the sale of an entire interest in an unproved property for cash, a gain or loss on the sale is recognized, taking into consideration the amount of any recorded impairment if the property had been assessed individually. If a partial interest in an unproved property is sold, the amount received is treated as a reduction of the cost of the interest retained unless the proceeds received are in excess of the cost basis which would result in gain on sale. | ||||||||||||||
Interest | ' | ' | ||||||||||||
Interest | ||||||||||||||
The Company capitalizes interest on expenditures for significant exploration and development projects while activities are in progress to bring the assets to their intended use. Upon completion of construction of the asset, the associated capitalized interest costs are included within our asset base and depleted accordingly. The following table summarizes the components of the Company’s interest incurred for the periods indicated (in thousands): | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Interest incurred: | ||||||||||||||
Interest capitalized | $ | 8,034 | $ | 7,695 | $ | 5,405 | ||||||||
Interest expensed | 17,915 | 3,487 | 531 | |||||||||||
Total incurred | $ | 25,949 | $ | 11,182 | $ | 5,936 | ||||||||
Property and Equipment | ' | ' | ||||||||||||
Property and Equipment | ||||||||||||||
Property and equipment are recorded at cost and are being depreciated over estimated useful lives of three to forty years on a straight-line basis. Accumulated depreciation was $1.3 million and $0.6 million at December 31, 2013 and 2012, respectively. Depreciation expense was $0.7 million, $0.6 million and $0.1 million for the years ended December 31, 2013, 2012 and 2011, respectively, and is included in depreciation, depletion, and amortization expense in the accompanying statements of consolidated operations. | ||||||||||||||
Long-Lived Assets | ' | ' | ||||||||||||
Long-Lived Assets | ||||||||||||||
Long-lived assets to be held and used or disposed of other than by sale are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. When required, impairment losses on assets to be held and used or disposed other than by sale are recognized based on the fair value of the asset. Long-lived assets to be disposed of by sale are reported at the lower of their carrying amount or fair value less selling costs. | ||||||||||||||
Deferred Financing Costs | ' | ' | ||||||||||||
Deferred Financing Costs | ||||||||||||||
Deferred financing costs are amortized on a straight-line basis, which approximates the interest method, over the term of the related agreement. Accumulated amortization was $14.3 million and $9.9 million at December 31, 2013 and 2012, respectively. Amortization expense was $5.2 million , $7.2 million and $2.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. The annual amortization of deferred financing costs for years subsequent to December 31, 2013, is expected to be approximately $1.9 million in 2014, $1.9 million in 2015, $1.9 million in 2016, $1.9 million in 2017 and $1.1 million in 2018. | ||||||||||||||
Delay Rental Agreements | ' | ' | ||||||||||||
Delay Rental Agreements | ||||||||||||||
The Company has leased drilling rights under agreements which specify additional payments for the privilege of deferring drilling operations for another year. Costs incurred to extend such agreements were $1.6 million and $3.1 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||
Asset Retirement Obligations | ' | ' | ||||||||||||
Asset Retirement Obligations | ||||||||||||||
The Company records the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred. For gas properties, this is the period in which a gas well is acquired or drilled. The Company’s retirement obligations relate to the abandonment of gas-producing facilities and include costs to reclaim drilling sites and dismantle and relocate or dispose of gathering systems, wells, and related structures. Estimates are based on historical experience in plugging and abandoning wells and estimated remaining lives of those wells based on reserve estimates. | ||||||||||||||
When a new liability is recorded, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period and the capitalized cost is depreciated over the units of production basis. | ||||||||||||||
Equity Incentives | ' | ' | ||||||||||||
Equity Incentives | ||||||||||||||
The cost of employee and consultant services received in exchange for an award of equity instruments, such as restricted units, is measured based on the fair value of those instruments. Management established an estimated fair value for issued units based upon an income approach prior to December 31, 2013. At December 31, 2013, in connection with the IPO, a market approach was used. The restricted units are subject to a call option held by the Company which requires liability accounting for the restricted units. Details related to the restricted units are included in Notes 8 and 9. | ||||||||||||||
Income Taxes | ' | ' | ||||||||||||
Income Taxes | ||||||||||||||
The Company is treated as a partnership for federal and state income tax purposes. Consequently, the Company is not subject to income taxes; instead its members include the income in their tax returns. | ||||||||||||||
Reclassifications | ' | ' | ||||||||||||
Reclassifications | ||||||||||||||
Certain reclassifications have been made to prior periods’ financial information related to post production costs, restricted unit liability and asset retirement obligations to conform to the 2013 presentation. | ||||||||||||||
Correction of Errors | ' | ' | ||||||||||||
Correction of Errors | ||||||||||||||
The Company’s net income for the year ended December 31, 2012 included expense of approximately $1.7 million that related to prior periods. These corrections resulted in additional exploration expense of approximately $1.1 million, lease operating expense of $0.5 million, and other expense of $0.1 million recorded in 2012. These errors were not material to prior periods, individually or in the aggregate, and were not material to the 2012 period. These errors did not impact debt covenant compliance nor distort operating results. Therefore, these items were corrected in fiscal 2012. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ' | ||||||||||||||||
Schedule of Long-term Debt Instruments | ' | ' | ||||||||||||||||
Long-term debt consists of the following as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||
Long-term debt consists of the following as of September 30, 2014 and December 31, 2013. | ||||||||||||||||||
Description | December 31, 2013 | December 31, 2012 | ||||||||||||||||
Long-term Debt | ||||||||||||||||||
(in thousands) | September 30, | December 31, | Debentures (a) | $ | 6,890 | $ | 60,000 | |||||||||||
2014 | 2013 | Wells Fargo Energy Capital Credit Facility (b) | — | 70,000 | ||||||||||||||
Long-term Debt | Second Lien Term Loan Facility (c) | 293,821 | — | |||||||||||||||
Senior Notes Due 2022 (a) | $ | 900,000 | $ | — | NPI Note (d) | 8,028 | 15,282 | |||||||||||
Second Lien Term Loan Facility (b) | — | 293,821 | Senior Secured Revolving Credit Facility (e) | 115,000 | — | |||||||||||||
Senior Secured Revolving Credit Facility (c) | — | 115,000 | Other | 3,203 | 4,038 | |||||||||||||
Debentures (d) | — | 6,890 | ||||||||||||||||
NPI Note | — | 8,028 | Total debt | $ | 426,942 | $ | 149,320 | |||||||||||
Other | 1,006 | 3,203 | Less current portion | 20,120 | 8,814 | |||||||||||||
Total debt | $ | 901,006 | $ | 426,942 | Long-term debt | $ | 406,822 | $ | 140,506 | |||||||||
Less current portion | 1,006 | 20,120 | ||||||||||||||||
Long-term debt | $ | 900,000 | $ | 406,822 | ||||||||||||||
Schedule of Maturities of Long-term Debt | ' | ' | ||||||||||||||||
Expected aggregate maturities of notes payable as of September 30, 2014 are as follows (in thousands): | Expected aggregate maturities of notes payable subsequent to December 31, 2013, are as follows (in thousands): | |||||||||||||||||
Remainder of Year Ending December 31, 2014 | $ | 326 | 2014 | $ | 20,120 | |||||||||||||
Year Ending December 31, 2015 | 680 | 2015 | 3,058 | |||||||||||||||
Year Ending December 31, 2016 | 2016 | 2,277 | ||||||||||||||||
Year Ending December 31, 2017 | 2017 | 2,173 | ||||||||||||||||
Year Ending December 31, 2018 and Beyond | 900,000 | 2018 | 399,314 | |||||||||||||||
Total | $ | 901,006 | Total | $ | 426,942 | |||||||||||||
Assumption Used to Estimate Fair Value of Warrants | ' | ' | ||||||||||||||||
The fair value of the incentive units was estimated using a Monte Carlo simulation valuation model with the following assumptions: | The fair value of these warrants at the date of grant was estimated using the Black-Scholes valuation model with the following assumptions: | |||||||||||||||||
Rice Holdings | Dividend yield | — | % | |||||||||||||||
Valuation Date | 1/29/14 | Expected volatility | 72.1 | % | ||||||||||||||
Dividend Yield | 0 | % | Risk-free rate | 0.96 | % | |||||||||||||
Expected Volatility | 47 | % | Expected life | 5 years | ||||||||||||||
Risk-Free Rate | 1.11 | % | ||||||||||||||||
Expected Life (Years) | 4 | “Normal” warrant | ||||||||||||||||
Number of warrants issued | 1,044 | |||||||||||||||||
Rice Holdings | Exercise price | $ | 10,000 | |||||||||||||||
Valuation Date | 4/14/14 | Grant date fair value, per unit | $ | 2,569 | ||||||||||||||
Dividend Yield | 0 | % | Weighted average contractual life | 5 years | ||||||||||||||
Expected Volatility | 45.19 | % | ||||||||||||||||
Risk-Free Rate | 1.13 | % | “Bonus” warrant | |||||||||||||||
Expected Life (Years) | 3.8 | Number of warrants issued | 192 | |||||||||||||||
Exercise price | $ | 6,250 | ||||||||||||||||
Rice Holdings | Grant date fair value, per unit | $ | 3,184 | |||||||||||||||
Valuation Date | 4/16/14 | Weighted average contractual life | 5 years | |||||||||||||||
Dividend Yield | 0 | % | ||||||||||||||||
Expected Volatility | 44.32 | % | ||||||||||||||||
Risk-Free Rate | 1.18 | % | ||||||||||||||||
Expected Life (Years) | 3.8 | |||||||||||||||||
NGP Holdings | ||||||||||||||||||
Valuation Date | 9/30/14 | |||||||||||||||||
Dividend Yield | 0 | % | ||||||||||||||||
Expected Volatility | 40.2 | % | ||||||||||||||||
Risk-Free Rate | 0.58 | % | ||||||||||||||||
Expected Life (Years) | 2 |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | ' | ||||||||||||||||||||||||||||
As of September 30, 2014, the Company has entered into derivative instruments with various financial institutions, fixing the price it receives for a portion of its natural gas through December 1, 2017, as summarized in the following table: | As of December 31, 2013, the Company entered into derivative instruments with Wells Fargo Bank, N.A. and Bank of Montreal fixing the price it receives for natural gas through November 28, 2017, as summarized in the following table: | |||||||||||||||||||||||||||||
Swap Contract Expiration | MMBtu/day | Weighted | Swap Contract Expiration | MMbtu/day | Weighted | |||||||||||||||||||||||||
Average Price | Average Price | |||||||||||||||||||||||||||||
Fourth quarter of 2014 | 173,000 | $ | 4.15 | 2014 | 87,219 | $ | 4.112 | |||||||||||||||||||||||
2015 | 166,000 | $ | 4.09 | 2015 | 58,781 | $ | 4.153 | |||||||||||||||||||||||
2016 | 214,000 | $ | 4.14 | 2016 | 68,326 | $ | 4.233 | |||||||||||||||||||||||
2017 | 60,000 | $ | 4.24 | 2017 | 30,000 | $ | 4.343 | |||||||||||||||||||||||
Collar Contract Expiration | MMBtu/day | Floor/Ceiling | ||||||||||||||||||||||||||||
Fourth quarter of 2014 | 10,000 | $ | 3.00/5.80 | Collar Contract Expiration | MMbtu/day | Floor/Ceiling | ||||||||||||||||||||||||
2015 | 139,000 | $ | 3.96/4.65 | 2014 | 10,000 | $ | 3.000/$5.800 | |||||||||||||||||||||||
2015 | 45,000 | $ | 4.000/$4.500 | |||||||||||||||||||||||||||
Basis Contract Expiration | MMBtu/day | Swap | ||||||||||||||||||||||||||||
($/MMBtu) | ||||||||||||||||||||||||||||||
Fourth quarter of 2014 | 60,000 | $ | (0.46 | ) | Basis Contract Expiration | MMbtu/day | Swap | |||||||||||||||||||||||
2015 | 62,000 | $ | (0.57 | ) | ($/MMBtu) | |||||||||||||||||||||||||
2016 | 38,000 | $ | (0.63 | ) | 2014 | 15,000 | $ | (0.205 | ) | |||||||||||||||||||||
2015 | 10,000 | $ | (0.410 | ) | ||||||||||||||||||||||||||
Put Contract Expiration | MMBtu/day | Put Premium | ||||||||||||||||||||||||||||
($/MMBtu) | ||||||||||||||||||||||||||||||
2014 | 50,000 | $ | 0.45 | |||||||||||||||||||||||||||
Offsetting Assets | ' | ' | ||||||||||||||||||||||||||||
The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the condensed consolidated balance sheets for the periods presented, all at fair value: | The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the consolidated balance sheets for the periods presented, all at fair value (in thousands): | |||||||||||||||||||||||||||||
As of September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||
(in thousands) | Derivative instruments, recorded | Derivative instruments subject to | Derivative Instruments, net | Description | Gross Amounts of | Gross Amounts | Net Amounts of | |||||||||||||||||||||||
in the Condensed Consolidated | master netting arrangements | Recognized Assets | Offset on | Assets (Liabilities) on | ||||||||||||||||||||||||||
Balance Sheet, gross | Balance Sheet | Balance Sheet | ||||||||||||||||||||||||||||
Derivative assets | $ | 39,672 | $ | (22,571 | ) | $ | 17,101 | Derivative assets | $ | 13,000 | $ | (4,700 | ) | $ | 8,300 | |||||||||||||||
Derivative liabilities | $ | 22,571 | $ | (22,571 | ) | $ | — | Derivative liabilities | $ | 256 | $ | (4,600 | ) | $ | (4,344 | ) | ||||||||||||||
As of December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||
(in thousands) | Derivative instruments, recorded | Derivative instruments subject to | Derivative Instruments, net | Description | Gross Amounts of | Gross Amounts | Net Amounts of | |||||||||||||||||||||||
in the Condensed Consolidated | master netting arrangements | Recognized Assets | Offset on | Assets (Liabilities) on | ||||||||||||||||||||||||||
Balance Sheet, gross | Balance Sheet | Balance Sheet | ||||||||||||||||||||||||||||
Derivative assets | $ | 13,000 | $ | (4,700 | ) | $ | 8,300 | Derivative assets | $ | 416 | $ | (370 | ) | $ | 46 | |||||||||||||||
Derivative liabilities | $ | 256 | $ | (4,600 | ) | $ | (4,344 | ) | Derivative liabilities | $ | — | $ | (2,306 | ) | $ | (2,306 | ) | |||||||||||||
Derivative Instruments, Gain (Loss) | ' | ' | ||||||||||||||||||||||||||||
The following table presents the realized and unrealized gains or losses presented as gain or loss on derivatives in the condensed consolidated statements of operations for the periods presented: | ||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Realized gain (loss) | $ | 171 | $ | 788 | $ | (20,782 | ) | $ | (1,053 | ) | ||||||||||||||||||||
Unrealized gain | $ | 36,764 | $ | 7,262 | $ | 26,139 | $ | 17,751 | ||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | ' | ||||||||||||||||||||||||||||
The following is a summary of the Company’s derivative instruments, which are recorded in the consolidated balance sheets as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||
Current derivative assets | $ | 2,270 | $ | 46 | ||||||||||||||||||||||||||
Long-term derivative assets | 6,030 | — | ||||||||||||||||||||||||||||
$ | 8,300 | $ | 46 | |||||||||||||||||||||||||||
Current derivative liabilities | $ | 3,235 | $ | 2,306 | ||||||||||||||||||||||||||
Long-term derivative liabilities | 1,109 | — | ||||||||||||||||||||||||||||
$ | 4,344 | $ | 2,306 | |||||||||||||||||||||||||||
Net current value of derivative liabilities | $ | (965 | ) | $ | (2,260 | ) | ||||||||||||||||||||||||
Net long-term value of derivative assets | $ | 4,921 | $ | — | ||||||||||||||||||||||||||
Offsetting Liabilities | ' | ' | ||||||||||||||||||||||||||||
The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under netting arrangements with counterparties, and the resulting net amounts presented in the consolidated balance sheets for the periods presented, all at fair value (in thousands): | ||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts | Net Amounts of | |||||||||||||||||||||||||||
Recognized Assets | Offset on | Assets (Liabilities) on | ||||||||||||||||||||||||||||
Balance Sheet | Balance Sheet | |||||||||||||||||||||||||||||
Derivative assets | $ | 13,000 | $ | (4,700 | ) | $ | 8,300 | |||||||||||||||||||||||
Derivative liabilities | $ | 256 | $ | (4,600 | ) | $ | (4,344 | ) | ||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||
Description | Gross Amounts of | Gross Amounts | Net Amounts of | |||||||||||||||||||||||||||
Recognized Assets | Offset on | Assets (Liabilities) on | ||||||||||||||||||||||||||||
Balance Sheet | Balance Sheet | |||||||||||||||||||||||||||||
Derivative assets | $ | 416 | $ | (370 | ) | $ | 46 | |||||||||||||||||||||||
Derivative liabilities | $ | — | $ | (2,306 | ) | $ | (2,306 | ) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring | ' | ' | ||||||||||||||||||||||||||||||||||||
The following assets and liabilities were measured at fair value on a recurring basis during the period (refer to Note 3 for details relating to derivative instruments): | The following liabilities were measured at fair value on a recurring basis during the period (refer to Notes 9 and 11 for details relating to the restricted units and derivative instruments) (in thousands): | |||||||||||||||||||||||||||||||||||||
As of September 30, 2014 | Fair Value Measurements at | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | Reporting Date Using | |||||||||||||||||||||||||||||||||||||
(in thousands) | Carrying | Total | Quoted Prices | Significant | Significant | Description | December 31, | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||||||||||||
Value | Fair | in Active | Other | Unobservable | 2013 | Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||
Value | Markets for | Observable | Inputs | for Identical | Inputs | Inputs (Level 3) | ||||||||||||||||||||||||||||||||
Identical Assets | Inputs | (Level 3) | Assets | (Level 2) | ||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 1) | ||||||||||||||||||||||||||||||||||||
Assets: | Assets: | |||||||||||||||||||||||||||||||||||||
Derivative instruments, at fair value | $ | 17,101 | $ | 17,101 | $ | — | $ | 17,101 | $ | — | Derivative Instruments, at fair value | $ | 4,921 | $ | — | $ | 4,921 | $ | — | |||||||||||||||||||
Total assets | $ | 17,101 | $ | 17,101 | $ | — | $ | 17,101 | $ | — | Total assets | $ | 4,921 | $ | — | $ | 4,921 | $ | — | |||||||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||||||||||||||||||||||
Derivative instruments, at fair value | $ | — | $ | — | $ | — | $ | — | $ | — | Restricted units, at fair value | $ | 36,306 | $ | — | $ | — | $ | 36,306 | |||||||||||||||||||
Derivative Instruments, at fair value | 965 | — | 965 | — | ||||||||||||||||||||||||||||||||||
Total liabilities | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Total liabilities | $ | 37,271 | $ | — | $ | 965 | $ | 36,306 | ||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | Fair Value Measurements at | |||||||||||||||||||||||||||||||||||||
(in thousands) | Carrying | Total | Quoted Prices | Significant | Significant | Reporting Date Using | ||||||||||||||||||||||||||||||||
Value | Fair | in Active | Other | Unobservable | Description | December 31, | Quoted Prices in | Significant Other | Significant | |||||||||||||||||||||||||||||
Value | Markets for | Observable | Inputs | 2012 | Active Markets | Observable | Unobservable | |||||||||||||||||||||||||||||||
Identical | Inputs | (Level 3) | for Identical | Inputs | Inputs (Level 3) | |||||||||||||||||||||||||||||||||
Assets | (Level 2) | Assets | (Level 2) | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | |||||||||||||||||||||||||||||||||||||
Assets: | Liabilities: | |||||||||||||||||||||||||||||||||||||
Derivative instruments, at fair value | $ | 4,921 | $ | 4,921 | $ | — | $ | 4,921 | $ | — | Restricted units, at fair value | $ | 5,667 | $ | — | $ | — | $ | 5,667 | |||||||||||||||||||
Derivative Instruments, at fair value | 2,260 | — | 2,260 | — | ||||||||||||||||||||||||||||||||||
Total assets | $ | 4,921 | $ | 4,921 | $ | — | $ | 4,921 | $ | — | ||||||||||||||||||||||||||||
Total liabilities | $ | 7,927 | $ | — | $ | 2,260 | $ | 5,667 | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Restricted units, at fair value | $ | 36,306 | $ | 36,306 | $ | — | $ | — | $ | 36,306 | ||||||||||||||||||||||||||||
Derivative instruments, at fair value | 965 | 965 | $ | — | 965 | $ | — | |||||||||||||||||||||||||||||||
Total liabilities | $ | 37,271 | $ | 37,271 | $ | — | $ | 965 | $ | 36,306 | ||||||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ' | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using | Fair Value | |||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs | Measurements | |||||||||||||||||||||||||||||||||||||
(Level 3) | Using | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | Significant | |||||||||||||||||||||||||||||||||||
Balance as of January 1, | $ | 36,306 | $ | 5,667 | Unobservable | |||||||||||||||||||||||||||||||||
Total gain or losses: | — | — | Inputs (Level 3) | |||||||||||||||||||||||||||||||||||
Included in earnings | — | — | Balance at December 31, 2011 | $ | 6,800 | |||||||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | Total gain or losses: | |||||||||||||||||||||||||||||||||||
Repurchase of restricted units | — | (2,267 | ) | Included in earnings | 115 | |||||||||||||||||||||||||||||||||
Converted to shares of common stock | (36,306 | ) | — | Transfers in and/or out of Level 3 | — | |||||||||||||||||||||||||||||||||
Repurchase of restricted units | (1,133 | ) | ||||||||||||||||||||||||||||||||||||
Balance as of September 30, | $ | — | $ | 3,400 | Settlement | (115 | ) | |||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 5,667 | ||||||||||||||||||||||||||||||||||||
Total gain or losses: | ||||||||||||||||||||||||||||||||||||||
Included in earnings | 32,906 | |||||||||||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | |||||||||||||||||||||||||||||||||||||
Repurchase of restricted units | (2,267 | ) | ||||||||||||||||||||||||||||||||||||
Settlement | — | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 36,306 | ||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ' | ||||||||||||||||||||||||||||||||||||
The estimated fair value and carrying amount of long-term debt as reported on the condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013 is shown in the table below (refer to Note 2 for details relating to the borrowing arrangements). The fair value was estimated using Level 2 inputs based on rates reflective of the remaining maturity as well as the Company’s financial position. | The estimated fair value of long-term debt on the consolidated balance sheets at December 31, 2013 and 2012 is shown in the table below (refer to Note 4 for details relating to the borrowing arrangements) (in thousands). The fair value was estimated using Level 3 inputs based on rates reflective of the remaining maturity as well as the Company’s financial position. | |||||||||||||||||||||||||||||||||||||
As of September 30, 2014 | As of December 31, 2013 | Description | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | Long-term debt, at fair value | ||||||||||||||||||||||||||||||||||
Long-Term Debt (in thousands) | Debentures | $ | 12,671 | $ | 70,220 | |||||||||||||||||||||||||||||||||
Senior Notes Offering | $ | 900,000 | $ | 866,864 | $ | — | $ | — | Wells Fargo Energy Capital Credit Facility | — | 70,000 | |||||||||||||||||||||||||||
Second Lien Term Loan Facility | — | — | 293,821 | 315,284 | Second Lien Term Loan Facility | 315,284 | — | |||||||||||||||||||||||||||||||
Senior Secured Revolving Credit Facility | — | — | 115,000 | 115,000 | NPI Note | 8,028 | 15,282 | |||||||||||||||||||||||||||||||
Debentures | — | — | 6,890 | 12,671 | Senior Secured Revolving Credit Facility | 115,000 | — | |||||||||||||||||||||||||||||||
NPI Note | — | — | 8,028 | 8,028 | Other | 3,203 | 4,038 | |||||||||||||||||||||||||||||||
Other | 1,006 | 1,006 | 3,203 | 3,203 | ||||||||||||||||||||||||||||||||||
Total | $ | 454,186 | $ | 159,540 | ||||||||||||||||||||||||||||||||||
Total | $ | 901,006 | $ | 867,870 | $ | 426,942 | $ | 454,186 | ||||||||||||||||||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||||||||||||||
The purchase price allocation and resulting impact on the corresponding condensed consolidated balance sheet relating to the Marcellus JV Buy-In is as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Financial assets | $ | 34,242 | |||||||||||||||
Proved natural gas properties, net | 288,000 | ||||||||||||||||
Unproved natural gas properties | 55,000 | ||||||||||||||||
Goodwill | 338,036 | ||||||||||||||||
Financial liabilities | (49,313 | ) | |||||||||||||||
Long-term debt | (75,400 | ) | |||||||||||||||
Deferred tax liability | (17,933 | ) | |||||||||||||||
Total identifiable net assets | $ | 572,632 | |||||||||||||||
Cash paid for acquisitions | $ | 100,000 | |||||||||||||||
Fair value of equity issued | 222,000 | ||||||||||||||||
Fair value of pre-existing equity investment | 250,632 | ||||||||||||||||
Total consideration | $ | 572,632 | |||||||||||||||
Schedule of Business Acquisitions, by Acquisition | ' | ||||||||||||||||
Subsequent to the completion of the Marcellus JV Buy-In and excluding the related gain of $203.6 million recorded at January 29, 2014, the 100%-owned Marcellus joint venture contributed the following to the Company’s consolidated operating results for the three and nine months ended September 30, 2014: | |||||||||||||||||
(in thousands) | Three Months | Nine Months | |||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
Revenue | $ | 30,689 | $ | 103,290 | |||||||||||||
Net income | $ | 12,008 | $ | 57,419 | |||||||||||||
Business Acquisition, Pro Forma Information | ' | ||||||||||||||||
The following unaudited pro forma combined financial information presents the Company’s results as though the Marcellus JV Buy-In had been completed at January 1, 2014 and January 1, 2013, respectively. | |||||||||||||||||
(in thousands, except per share data) | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Pro forma net revenues | $ | 79,127 | $ | 42,959 | $ | 273,480 | $ | 123,676 | |||||||||
Pro forma net loss | $ | (6,862 | ) | $ | (29,088 | ) | $ | (83,794 | ) | $ | (1,540 | ) | |||||
Pro forma loss per share (basic) | $ | (0.05 | ) | $ | (0.33 | ) | $ | (0.65 | ) | $ | (0.02 | ) | |||||
Pro forma loss per share (diluted) | $ | (0.05 | ) | $ | (0.33 | ) | $ | (0.65 | ) | $ | (0.02 | ) |
Incentive_Units_Tables
Incentive Units (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||
Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments | ' | ||||
Three tranches of the incentive units have a time vesting feature. A rollforward of those units from IPO to September 30, 2014 is included below. | |||||
Vested Units Balance, January 29, 2014 | 853,630 | ||||
Vested During Period | 565,881 | ||||
Forfeited During Period | (214,869 | ) | |||
Granted During Period | 214,869 | ||||
Cancelled During Period | — | ||||
Vested Units Balance, September 30, 2014 | 1,419,511 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ' | ||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ' | ||||||||||||||||||||||||||||
The following is a calculation of the basic and diluted weighted-average number of shares of common stock outstanding and EPS for the three and nine months ended September 30, 2014 and 2013. As indicated in Note 1, our corporate reorganization was considered a transaction amongst entities under common control. Therefore, the weighted average shares used in our EPS calculation assume that the Rice Energy Inc. corporate structure was in place for all periods presented. | The following is a calculation of the basic and diluted weighted-average number of shares of common stock outstanding and EPS for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Year Ended December 31, | ||||||||||||||||||||||||||||
September 30, | September 30, | (in thousands, except per share data) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
(in thousands, except share data) | 2014 | 2013 | 2014 | 2013 | Loss (numerator): | |||||||||||||||||||||||||
Income (loss) (numerator): | Net loss | $ | (35,776 | ) | $ | (19,344 | ) | $ | (936 | ) | ||||||||||||||||||||
Net income (loss) | $ | (6,862 | ) | $ | (33,652 | ) | $ | 114,675 | $ | (20,841 | ) | |||||||||||||||||||
Weighted-average shares (denominator): | ||||||||||||||||||||||||||||||
Weighted-average shares (denominator): | Weighted-average number of shares of common stock – basic | 80,441,905 | 57,966,572 | 39,958,066 | ||||||||||||||||||||||||||
Weighted-average number of shares of common stock—basic | 132,269,081 | 88,000,000 | 125,411,524 | 77,894,855 | Weighted-average number of shares of common stock - diluted | 80,441,905 | 57,966,572 | 39,958,066 | ||||||||||||||||||||||
Weighted-average number of shares of common stock—diluted | 132,269,081 | 88,000,000 | 125,678,095 | 77,894,855 | ||||||||||||||||||||||||||
Earnings (loss) per share: | Loss per share: | |||||||||||||||||||||||||||||
Basic | $ | (0.05 | ) | $ | (0.38 | ) | $ | 0.91 | $ | (0.27 | ) | Basic | $ | (0.44 | ) | $ | (0.33 | ) | (0.02 | ) | ||||||||||
Diluted | $ | (0.05 | ) | $ | (0.38 | ) | $ | 0.91 | $ | (0.27 | ) | Diluted | $ | (0.44 | ) | $ | (0.33 | ) | (0.02 | ) | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||
The components of the income tax provision are as follows: | |||||||||
(in thousands) | Three Months | Nine Months | |||||||
Ended | Ended | ||||||||
September 30, | September 30, | ||||||||
2014 | 2014 | ||||||||
Current tax expense: | |||||||||
Federal | $ | — | $ | — | |||||
State | — | — | |||||||
Total | — | — | |||||||
Deferred tax expense: | |||||||||
Federal | 11,813 | 15,847 | |||||||
State | 2,192 | 2,940 | |||||||
Total | 14,005 | 18,787 | |||||||
Total income tax expense | $ | 14,005 | $ | 18,787 | |||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and Related Matters (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Details of Accounts Receivable | ' | ||||||||||||
Accounts receivable as of December 31, 2013 and 2012 are detailed below. | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Natural gas sales | $ | 16,534 | $ | 5,564 | |||||||||
Joint interest | 6,391 | 1,810 | |||||||||||
Other | 8,840 | 1,183 | |||||||||||
Total accounts receivable | $ | 31,765 | $ | 8,557 | |||||||||
Components of Interest Incurred | ' | ||||||||||||
The following table summarizes the components of the Company’s interest incurred for the periods indicated (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest incurred: | |||||||||||||
Interest capitalized | $ | 8,034 | $ | 7,695 | $ | 5,405 | |||||||
Interest expensed | 17,915 | 3,487 | 531 | ||||||||||
Total incurred | $ | 25,949 | $ | 11,182 | $ | 5,936 | |||||||
Capitalized_Costs_Relating_to_1
Capitalized Costs Relating to Gas-Producing Activities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Extractive Industries [Abstract] | ' | ||||||||
Proved and Unpoved Capitalized Cost | ' | ||||||||
Proved and unproved capitalized costs related to the Company’s gas-producing activities are as follows (in thousands): | |||||||||
2013 | 2012 | ||||||||
Capitalized costs: | |||||||||
Unproved properties | $ | 457,836 | $ | 111,030 | |||||
Proved, producing properties | 244,771 | 119,374 | |||||||
Proved, nonproducing properties | 78,441 | 61,434 | |||||||
Total | 781,048 | 291,838 | |||||||
Accumulated depreciation, depletion and amortization | 52,689 | 20,820 | |||||||
Net capitalized costs | $ | 728,359 | $ | 271,018 | |||||
Entity’s share of equity method investees’ net capitalized costs | $ | 91,166 | $ | 57,110 | |||||
Lease_Obligations_Tables
Lease Obligations (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Future Minimum Lease Payments | ' | ||||
The Company leases drilling rights under agreements which expire at various times. The following represents the future minimum lease payments under the agreements as of December 31, 2013 (in thousands): | |||||
2014 | $ | 18,606 | |||
2015 | 1,398 | ||||
2016 | 153 | ||||
2017 | 124 | ||||
2018 and thereafter | — | ||||
Total future minimum lease payments | $ | 20,281 | |||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Asset Retirement Obligation Disclosure [Abstract] | ' | ||||
Reconciliation of Asset Retirement Obligations | ' | ||||
A reconciliation of the beginning and ending aggregate carrying amount of asset retirement obligations for the years ended December 31, 2013 and 2012 is as follows (in thousands): | |||||
Balance at December 31, 2010 | $ | 289 | |||
Liabilities incurred | 493 | ||||
Accretion expense | 53 | ||||
Balance at December 31, 2011 | $ | 835 | |||
Liabilities incurred | 382 | ||||
Accretion expense | 164 | ||||
Balance at December 31, 2012 | $ | 1,381 |
Restricted_Unit_Agreements_Tab
Restricted Unit Agreements (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Summary of Change in Vested Restricted Units | ' | ||||
During 2012, REA exercised its option to repurchase all of the 2,000 Class B restricted units. A summary of the change in vested restricted units is as follows: | |||||
Restricted Units | |||||
Class A and Class B restricted units | |||||
Vested restricted units | 4,000 | ||||
Repurchased Class B restricted units | (2,000 | ) | |||
Vested restricted units as of December 31, 2012 | 2,000 | ||||
Repurchased Class B restricted units | — | ||||
Subsequent_Events_Tables
Subsequent Events (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Subsequent Events [Abstract] | ' | ||||
Unaudited Proforma Combined Financial Information | ' | ||||
The following unaudited pro forma combined financial information presents the Company’s results as though the Company and the incremental 50% interest in our Marcellus joint venture had occurred at January 1, 2013. | |||||
(in thousands) | Year Ended | ||||
December 31, 2013 | |||||
(Pro forma) | |||||
Pro forma net revenues | $ | 179,281 | |||
Pro forma net loss | $ | (30,509 | ) | ||
Pro forma earnings per share | $ | (0.24 | ) |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||
The Company’s quarterly financial information for the years ended December 31, 2013 and 2012 is as follows (in thousands): | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
quarter | quarter | quarter | quarter | ||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||
Total operating revenues | $ | 13,233 | $ | 23,840 | $ | 23,665 | $ | 27,866 | |||||||||
Total operating expenses | 10,705 | 25,833 | 52,274 | 27,755 | |||||||||||||
Operating income (loss) | 2,528 | (1,993 | ) | (28,609 | ) | 111 | |||||||||||
Net income (loss) | $ | (6,775 | ) | $ | 19,586 | $ | (33,652 | ) | $ | (14,935 | ) | ||||||
First | Second | Third | Fourth | ||||||||||||||
quarter | quarter | quarter | quarter | ||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||
Total operating revenues | $ | 4,792 | $ | 4,155 | $ | 6,580 | $ | 11,673 | |||||||||
Total operating expenses | 6,353 | 11,984 | 8,123 | 9,640 | |||||||||||||
Operating income (loss) | (1,561 | ) | (7,829 | ) | (1,543 | ) | 2,033 | ||||||||||
Net income (loss) | $ | (2,334 | ) | $ | (12,884 | ) | $ | (6,523 | ) | $ | 2,397 |
Supplemental_Information_on_Ga1
Supplemental Information on Gas-Producing Activities (Unaudited) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Costs Incurred for Property Acquisitions, Exploration and Development | ' | ||||||||||||
Costs incurred for property acquisitions, exploration and development are as follows for Rice Energy (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Acquisitions: | |||||||||||||
Unproved leaseholds | $ | 305,000 | $ | 47,396 | $ | 16,877 | |||||||
Development costs | 184,217 | 89,307 | 72,776 | ||||||||||
Exploration costs: | |||||||||||||
Geological and geophysical | 9,951 | 3,275 | 660 | ||||||||||
Total costs incurred | $ | 499,168 | $ | 139,978 | $ | 90,313 | |||||||
Results of Operations Related to Natural Gas Production | ' | ||||||||||||
The following table presents the results of operations related to natural gas production for Rice Energy (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 87,847 | $ | 26,743 | $ | 13,972 | |||||||
Production costs | 19,712 | 8,824 | 2,157 | ||||||||||
Exploration costs | 9,951 | 3,275 | 660 | ||||||||||
Depreciation, depletion and amortization | 29,808 | 13,329 | 5,920 | ||||||||||
Write-down of abandoned leases | — | 2,253 | 109 | ||||||||||
General and administrative expenses | 5,108 | 3,050 | 2,212 | ||||||||||
Results of operations from producing activities | $ | 23,268 | $ | (3,988 | ) | $ | 2,914 | ||||||
Reserve Quantity Information | ' | ||||||||||||
Reserve quantity information is as follows for Rice Energy: | |||||||||||||
Natural Gas (MMcf) | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Proved developed and undeveloped reserves: | |||||||||||||
Beginning of year | 304,272 | 232,996 | 12,230 | ||||||||||
Extensions and discoveries | 100,626 | 176,956 | 223,538 | ||||||||||
Revision of previous estimates | 757 | (96,911 | ) | 620 | |||||||||
Production | (22,995 | ) | (8,769 | ) | (3,392 | ) | |||||||
End of year | 382,660 | 304,272 | 232,996 | ||||||||||
Proved developed reserves: | |||||||||||||
End of year | 144,310 | 61,225 | 25,397 | ||||||||||
Proved undeveloped reserves: | |||||||||||||
End of year | 238,350 | 243,047 | 207,599 | ||||||||||
Estimated Discounted Future Net Cash Flows Related to Proved Natural Gas Reserves | ' | ||||||||||||
Information with respect to Rice Energy’s estimated discounted future net cash flows related to its proved natural gas reserves is as follows (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Future cash inflows | $ | 1,496,294 | $ | 869,882 | $ | 1,015,589 | |||||||
Future production costs | (517,101 | ) | (323,855 | ) | (208,733 | ) | |||||||
Future development costs | (219,879 | ) | (262,084 | ) | (206,612 | ) | |||||||
Future net cash flows | 759,314 | 283,943 | 600,244 | ||||||||||
10% annual discount for estimated timing of cash flows | (342,150 | ) | (181,725 | ) | (330,924 | ) | |||||||
Standardized measure of discounted future net cash flows(1) | $ | 417,164 | $ | 102,218 | $ | 269,320 | |||||||
-1 | Does not include the effects of income taxes on future revenues at December 31, 2013 and 2012 because as of December 31, 2013 and 2012, the Company was a limited liability company not subject to entity-level taxation. Accordingly, no provision for federal or state corporate income taxes has been provided because taxable income was passed through to the Company’s equity holders. However, in connection with the closing of the IPO, as a result of the corporate reorganization, the Company became a corporation subject to federal income tax and, as such, its future income taxes will be dependent upon its future taxable income. | ||||||||||||
Principal Sources of Changes in Standardized Measure of Discounted Future Net Cash Flows | ' | ||||||||||||
The following are the principal sources of changes in the standardized measure of discounted future net cash flows for Rice Energy (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 102,218 | $ | 269,320 | $ | 46,422 | |||||||
Net change in prices and production costs | 101,345 | (83,873 | ) | (15,929 | ) | ||||||||
Net change in future development costs | 29,336 | (31,811 | ) | (3,695 | ) | ||||||||
Natural gas net revenues | (68,135 | ) | (18,376 | ) | (11,815 | ) | |||||||
Extensions | 114,489 | 38,937 | 243,003 | ||||||||||
Revisions of previous quantity estimates | 1,133 | (108,209 | ) | (14,259 | ) | ||||||||
Previously estimated development costs incurred | 66,894 | 17,036 | 3,040 | ||||||||||
Accretion of discount | 10,230 | 26,932 | 4,642 | ||||||||||
Changes in timing and other | 59,654 | (7,738 | ) | 17,911 | |||||||||
Balance at end of period | $ | 417,164 | $ | 102,218 | $ | 269,320 | |||||||
Marcellus Joint Venture | ' | ||||||||||||
Costs Incurred for Property Acquisitions, Exploration and Development | ' | ||||||||||||
Costs incurred for property acquisitions, exploration and development related to the Company’s Marcellus joint venture (“the Marcellus joint venture”) are as follows (represents Rice Energy’s proportionate share, in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Acquisitions: | |||||||||||||
Unproved leaseholds | $ | — | $ | — | $ | 519 | |||||||
Development costs | 46,571 | 46,725 | 21,700 | ||||||||||
Exploration costs: | |||||||||||||
Geological and geophysical | — | — | — | ||||||||||
Total costs incurred | $ | 46,571 | $ | 46,725 | $ | 22,219 | |||||||
Results of Operations Related to Natural Gas Production | ' | ||||||||||||
The following table presents Rice Energy’s share of the results of operations related to natural gas production of the Marcellus joint venture (represents Rice Energy’s proportionate share, in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 45,339 | $ | 13,142 | $ | 2,872 | |||||||
Production costs | 12,557 | 5,436 | 379 | ||||||||||
Impairment of oil and gas properties | — | — | 1,296 | ||||||||||
Depreciation, depletion and accretion | 12,500 | 4,702 | 1,092 | ||||||||||
General and administrative expenses | 1,557 | 986 | — | ||||||||||
Results of operations from producing activities | $ | 18,725 | $ | 2,018 | $ | 105 | |||||||
Reserve Quantity Information | ' | ||||||||||||
Reserve quantity information is as follows for the Marcellus joint venture (represents Rice Energy’s proportionate share, in thousands): | |||||||||||||
Natural Gas (MMcf) | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Proved developed and undeveloped reserves: | |||||||||||||
Beginning of year | 128,118 | 58,103 | — | ||||||||||
Extensions and discoveries | 19,812 | 98,119 | 58,800 | ||||||||||
Revision of previous estimates | (26,803 | ) | (23,808 | ) | — | ||||||||
Production | (11,443 | ) | (4,296 | ) | (697 | ) | |||||||
End of year | 109,684 | 128,118 | 58,103 | ||||||||||
Proved developed reserves: | |||||||||||||
End of year | 52,370 | 35,013 | 14,474 | ||||||||||
Proved undeveloped reserves: | |||||||||||||
End of year | 57,314 | 93,105 | 43,629 | ||||||||||
Estimated Discounted Future Net Cash Flows Related to Proved Natural Gas Reserves | ' | ||||||||||||
Information with respect to Rice Energy’s share of the Marcellus joint venture’s estimated discounted future net cash flows related to its proved natural gas reserves is as follows (in thousands): | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Future cash inflows | $ | 427,167 | $ | 364,157 | $ | 252,384 | |||||||
Future production costs | (132,427 | ) | (127,086 | ) | (29,683 | ) | |||||||
Future development costs | (46,344 | ) | (86,213 | ) | (51,882 | ) | |||||||
Future net cash flows | 248,396 | 150,858 | 170,819 | ||||||||||
10% annual discount for estimated timing of cash flows | (102,293 | ) | (79,781 | ) | (100,232 | ) | |||||||
Standardized measure of discounted future net cash flows(1) | $ | 146,103 | $ | 71,077 | $ | 70,587 | |||||||
-1 | Does not include the effects of income taxes on future revenues at December 31, 2013 and 2012 because as of December 31, 2013 and 2012, the Company was a limited liability company not subject to entity-level taxation. Accordingly, no provision for federal or state corporate income taxes has been provided because taxable income was passed through to the Company’s equity holders. However, in connection with the closing of the IPO, as a result of the corporate reorganization, the Company became a corporation subject to federal income tax and, as such, its future income taxes will be dependent upon its future taxable income. | ||||||||||||
Principal Sources of Changes in Standardized Measure of Discounted Future Net Cash Flows | ' | ||||||||||||
The following is for the Marcellus joint venture (represents Rice Energy’s proportionate share, in thousands), the principal sources of changes in the standardized measure of discounted future net cash flows: | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period | $ | 71,077 | $ | 70,587 | $ | — | |||||||
Net change in prices and production costs | 81,974 | (26,855 | ) | — | |||||||||
Net change in future development costs | 2,781 | (262 | ) | — | |||||||||
Natural gas net revenues | (32,782 | ) | (7,707 | ) | (2,494 | ) | |||||||
Extensions | 18,950 | 38,131 | 73,081 | ||||||||||
Revisions of previous quantity estimates | (14,752 | ) | (28,923 | ) | — | ||||||||
Previously estimated development costs incurred | 31,253 | 12,862 | — | ||||||||||
Accretion of discount | 7,111 | 7,059 | — | ||||||||||
Changes in timing and other | (19,509 | ) | 6,185 | — | |||||||||
Balance at end of period | $ | 146,103 | $ | 71,077 | $ | 70,587 | |||||||
Basis_of_Presentation_Detail
Basis of Presentation (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||||||
Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 29, 2014 | Mar. 31, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | |
NGP Holdings | NGP Holdings | NGP Holdings | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | Rice Energy Inc | Marcellus Joint Venture | Marcellus Joint Venture | ||||||||
Incentive Units | Incentive Units | Incentive Units | Mr. Daniel J. Rice III | Rice Partners | Incentive Unitholders | Rice Drilling B | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Selling Stockholder | Underwriters of Initial Public Offering | NGP Holdings | NGP Holdings | NGP Holdings | Rice Holdings | IPO | |||||||||||||
Rice Holdings | Incentive Unitholders | Incentive Units | Incentive Units | |||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold with the completion of the IPO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | 6,000,000 | ' | ' | ' | ' | 30,000,000 | ' | ' |
Common Stock, par value per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public offering price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds of IPO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $992,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds of IPO after deducting expenses and underwriting discounts and commissions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 399,000,000 | ' | ' | ' | ' | ' | 593,600,000 | ' | ' |
Underwriting discounts and commissions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | ' | ' | ' | ' | ' | 36,400,000 | ' | ' |
Cash paid for acquisitions | 3,300,000 | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' |
Common stock (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,356,844 | 20,000,000 | 160,831 | 1,728,852 | ' | ' | ' | ' | ' | ' | 43,452,550 | ' | ' | 20,300,923 | ' | ' | ' |
Issuance of shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,523,810 | ' |
Common stock outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127,523,810 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment for pre-determined payout criteria | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | 19,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | ' | ' | ' | ' | ' |
Incentive unit expense | ' | 26,418,000 | 0 | 101,695,000 | 0 | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | 26,400,000 | 101,700,000 | ' | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | 142,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,800,000 | ' | ' | ' | ' | ' | 77,300,000 | ' | ' | ' | ' |
Percentage of voting interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Total consideration amount | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322,000,000 | ' |
Gain on purchase of Marcellus joint venture | ' | $0 | $0 | $203,579,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $203,600,000 | ' |
Long_Term_Debt_Schedule_of_Lon
Long Term Debt (Schedule of Long-term Debt) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
In Thousands, unless otherwise specified | ||||||
Debt Instrument [Line Items] | ' | ' | ' | |||
Total debt | $901,006 | $426,942 | $149,320 | |||
Less current portion | 1,006 | 20,120 | 8,814 | |||
Long-term debt | 900,000 | 406,822 | 140,506 | |||
Senior Notes | Senior Notes Due 2022 | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | |||
Total debt | 900,000 | [1] | 0 | [1] | ' | |
Second Lien Term Loan Facility | Second Lien Term Loan Facility | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | |||
Total debt | 0 | [2] | 293,821 | [2],[3] | 0 | [3] |
Senior Secured Revolving Credit Facility | Wells Fargo Energy Capital Credit Facility | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | |||
Total debt | ' | 0 | [4] | 70,000 | [4] | |
Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | |||
Total debt | 0 | [5] | 115,000 | [5],[6] | 0 | [6] |
Debentures | Senior Subordinated Convertible Debentures Maturing in 2014 | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | |||
Total debt | 0 | [7] | 6,890 | [7],[8] | 60,000 | [8] |
NPI Note | NPI Note | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | |||
Total debt | 0 | 8,028 | [9] | 15,282 | [9] | |
Other | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | |||
Total debt | $1,006 | $3,203 | $4,038 | |||
[1] | 6.25% Senior Notes Due 2022 (a) On April 25, 2014, the Company issued $900.0 million (the "Senior Notes Offering") in aggregate principal amount of 6.25% senior notes due 2022 (the "Notes") in a private placement to eligible purchasers under Rule 144A and Regulation S of the Securities Act, which resulted in net proceeds of $882.7 million, after deducting estimated expenses and the initial purchasers' discounts of approximately $17.3 million. The Company used $301.8 million of the net proceeds to repay and retire the Second Lien Term Loan Facility (defined below), with the remainder expected to be used to fund a portion of the Company's 2014 capital expenditure program. The Notes will mature on May 1, 2022, and interest is payable on the Notes on each May 1 and November 1, commencing on November 1, 2014. At any time prior to May 1, 2017, the Company may redeem up to 35% of the Notes at a redemption price of 106.25% of the principal amount, plus accrued and unpaid interest to the redemption date, with the proceeds of certain equity offerings so long as the redemption occurs within 180 days of completing such equity offering and at least 65% of the aggregate principal amount of the Notes remains outstanding after such redemption. Prior to May 1, 2017, the Company may redeem some or all of the notes for cash at a redemption price equal to 100% of their principal amount plus an applicable make-whole premium and accrued and unpaid interest to the redemption date. Upon the occurrence of a Change of Control (as defined in the indenture governing the notes (the "Indenture")), unless the Company has given notice to redeem the Notes, the holders of the Notes will have the right to require the Company to repurchase all or a portion of the Notes at a price equal to 101% of the aggregate principal amount of the Notes, plus any accrued and unpaid interest to the date of purchase. On or after May 1, 2017, the Company may redeem some or all of the Notes at redemption prices (expressed as percentages of principal amount) equal to 104.688% for the twelve-month period beginning on May 1, 2017, 103.125% for the twelve-month period beginning May 1, 2018, 101.563% for the twelve-month period beginning on May 1, 2019 and 100.000% beginning on May 1, 2020, plus accrued and unpaid interest to the redemption date. The Notes are the Company's senior unsecured obligations, rank equally in right of payment with all of the Company's existing and future senior debt, and will rank senior in right of payment to all of the Company's future subordinated debt. The Notes will be effectively subordinated to all of the Company's existing and future secured debt to the extent of the value of the collateral securing such indebtedness. | |||||
[2] | Second Lien Term Loan Facility (b) On April 25, 2013, Rice Drilling B entered into a Second Lien Term Loan Facility ("Second Lien Term Loan Facility") with Barclays Bank PLC, as administrative agent, and a syndicate of lenders in an aggregate principal amount of $300.0 million. Rice Drilling B estimated the discount on issuance of this instrument based upon an estimate of market rates at the inception of the instrument and recorded a discount of $4.5 million. The discount was being amortized over the life of the note using an effective interest rate of 0.284%. Approximately $7.4 million in fees were capitalized in connection with the Second Lien Term Loan Facility. On April 25, 2014, the Company used a portion of the net proceeds from the Senior Notes Offering to repay and retire the Second Lien Term Loan Facility in the amount of $301.8 million. The payment was comprised of repayment of the principal balance of $297.0 million, a pre-payment penalty of $3.0 million and accrued but unpaid interest of $1.8 million. The pre-payment penalty is presented as loss on extinguishment of debt in the condensed consolidated statements of operations for the three months ended June 30, 2014. The pre-payment also resulted in a debt extinguishment and subsequent write-off of the unamortized deferred finance costs of $6.1 million presented in the condensed consolidated statements of operations for the three months ended June 30, 2014. | |||||
[3] | Second Lien Term Loan Facility (c) On April 25, 2013, the Company entered into a Second Lien Term Loan Facility ("Second Lien Term Loan Facility") with Barclays Bank PLC, as administrative agent, and a syndicate of lenders in an aggregate principal amount of $300.0 million. The Company estimated the discount on issuance of this instrument based upon an estimate of market rates at the inception of the instrument and recorded a discount of $4.5 million. The discount is being amortized over the life of the note using an effective interest rate of 0.284% using the effective yield method. As of December 31, 2013, the Company had a balance of $293.8 million relating to the Second Lien Term Loan Facility, this includes borrowings outstanding of $297.7 million less a discount of $3.9 million. The Second Lien Term Loan Facility matures October 25, 2018. Approximately $7.3 million in fees were capitalized in connection with the Second Lien Term Loan Facility. | |||||
[4] | Wells Fargo Energy Capital Credit Facility (b) In November of 2012, the Company amended and restated its then existing credit facility with Wells Fargo. In connection with the amendment and restatement, a lender was added to the new facility. The amendment and restatement was accounted for as a modification of the debt, resulting in $0.2 million of third-party costs associated with the amendment and restatement being expensed. The Wells Fargo Energy Capital Credit Facility ("Wells Fargo Energy Capital Credit Facility") was subject to a maximum borrowing base equal to $200.0 million, as determined unanimously by Wells Fargo Energy Capital, in accordance with customary lending practices. This loan was repaid using proceeds from the Second Lien Term Loan Facility during the second quarter of 2013. | |||||
[5] | Senior Secured Revolving Credit Facility (c) On April 25, 2013, Rice Drilling B entered into a Senior Secured Revolving Credit Facility ("Senior Secured Revolving Credit Facility") with Wells Fargo Bank, N.A., as administrative agent, and a syndicate of lenders with a maximum credit amount of $500.0 million and a sublimit for letters of credit of $10.0 million. Concurrently with the closing of the IPO, on January 29, 2014, Rice Drilling B amended its Senior Secured Revolving Credit Facility to, among other things, allow for the corporate reorganization that was completed simultaneously with the closing of the IPO, add the Company as a guarantor, increase the maximum commitment amount to $1.5 billion and lower the interest rate on amounts borrowed under the Senior Secured Revolving Credit Facility. The Company used a portion of the net proceeds of the IPO to repay $115.0 million of borrowings under the Senior Secured Revolving Credit Facility. After giving effect to the amendment, the borrowing base under the Senior Secured Revolving Credit Facility was increased to $350.0 million as a result of the Marcellus JV Buy-In. | |||||
[6] | Senior Secured Revolving Credit Facility (e) On April 25, 2013, the Company entered into a revolving credit facility with Wells Fargo Bank, N.A., as administrative agent, and a syndicate of lenders with a maximum credit amount of $500.0 million and a sublimit for letters of credit of $10.0 million. As of December 31, 2013, the sublimit for the letters of credit was $100.0 million. The amount available to be borrowed under the revolving credit facility is subject to a borrowing base that is redetermined semiannually as of each January 1 and July 1 and depends on the volumes of our proved oil and gas reserves and estimated cash flows from these reserves and our commodity hedge positions. The next redetermination is scheduled to occur in April 2014. As of December 31 2013, the borrowing base was $200.0 million. As of December 31, 2013, we had $115.0 million in borrowings and approximately $22.5 million in letters of credit outstanding under our revolving credit facility. The revolving credit facility matures April 25, 2018. | |||||
[7] | Debentures (d) In June of 2011, Rice Drilling B sold $60.0 million of its 12% Senior Subordinated Convertible Debentures due 2014 (the "Debentures") in a private placement to certain accredited investors as defined in Rule 501 of Regulation D. The Debentures accrued interest at 12% per year payable monthly in arrears by the 15th day of the month and had a scheduled maturity date of July 31, 2014 ("Maturity Date"). The Debentures were Rice Drilling B's unsecured senior obligations and ranked equally with all of Rice Drilling B's then-current and future senior unsecured indebtedness. From July 31, 2013 through August 20, 2013 (the "put redemption period"), any holder of Debentures had the right to cause Rice Drilling B to repurchase all or any portion of the Debentures owned by such holder at 100% of the portion of the principal amount of the Debentures as to which the right was being exercised, plus a premium of 20%. During the put redemption period, Rice Drilling B repurchased $53.1 million of outstanding Debentures and paid a put premium of $10.6 million in accordance with the terms of the agreements. At any time after July 31, 2013 until the Maturity Date, Rice Drilling B had the right to redeem all, but not less than all, of the Debentures on 30 days prior written notice at a redemption price equal to 100% of the principal amount of the Debentures plus a premium of 50%. In connection with the IPO, the Debentures and warrants of Rice Drilling B were amended to become convertible or exercisable for shares of common stock of the Company. On February 28, 2014, Rice Drilling B issued a redemption notice on the remaining Debentures, which set a redemption date of March 28, 2014. Prior to the redemption date, $6.6 million of the Debentures were converted into 570,945 shares of the Company's common stock. The remaining principal balance of $0.3 million that was not converted will be paid upon request from holders of the remaining Debentures. The premium of $0.1 million was recorded to expense in the six months ended June 30, 2014. As of June 30, 2014, the remaining principal balance was $0.2 million. In connection with the convertible debt offering, Rice Drilling B granted warrants that were issued on August 15, 2011, to certain of the broker-dealers involved in the private placement. These warrants are considered to be separate instruments issued solely in lieu of cash compensation for services provided by the broker-dealers. Two separate classes of warrants were issued with the sole difference being the exercise price. At June 30, 2014, 266 warrants remain exercisable at a weighted average price of $11.57 per share of the Company's common stock. The 266 warrants are exercisable into up to 229,668 shares. During the first quarter of 2014, warrants were exercised in exchange for 54,032 shares of the Company's common stock, and during the second quarter of 2014, warrants were exercised for 505,734 shares of the Company's common stock. | |||||
[8] | Debentures (a) In June of 2011, the Company sold $60.0 million of its 12% Senior Subordinated Convertible Debentures due 2014 ("the Debentures") in a private placement to certain accredited investors as defined in Rule 501 of Regulation D. The Debentures accrue interest at 12% per year payable monthly in arrears by the 15th day of the month and mature on July 31, 2014 ("Maturity Date"). The Debentures are the Company's unsecured senior obligations and rank equally with all of the Company's current and future senior unsecured indebtedness. From July 31, 2013 through August 20, 2013 ("the put redemption period"), any holder of Debentures had the right to cause the Company to repurchase all or any portion of the Debentures owned by such holder at 100% of the portion of the principal amount of the Debentures as to which the right was being exercised, plus a premium of 20%. During the put redemption period, the Company repurchased $53.1 million of outstanding Debentures and paid a put premium of $10.6 million in accordance with the terms of the agreements. The put redemption period expired in the nine months ended September 30, 2013 and the Company recorded the premium of $10.6 million as a loss on extinguishment of debt in the statement of consolidated operations for the year ended December 31, 2013. At any time after July 31, 2013 until the Maturity Date, the Company has the right to redeem all, but not less than all, of the Debentures on 30 days prior written notice at a redemption price equal to 100% of the principal amount of the Debentures plus a premium of 50%. In connection with the IPO, the convertible debentures and warrants of Rice Drilling B were amended to become convertible or exercisable for an aggregate 1,671,800 shares of common stock of Rice Energy Inc. Through March 10, 2014, approximately $5.0 million of the convertible debentures had been converted into 433,073 shares of Rice Energy Inc. common stock. On February 28, 2014, the Company issued a call notice on the remaining convertible debentures, requiring a response by March 30, 2014. Amounts not converted by the redemption date will receive a cash payment from the Company of 100% of the principal amount plus a premium of 50%, which could result in additional costs of $1.0 million if all remaining convertible debentures are redeemed. As the principal amount of the convertible debentures outstanding has been reduced to less than $5.0 million, the Company is no longer required to maintain restricted cash. In connection with the convertible debt offering, Rice Drilling B granted warrants that were issued on August 15, 2011, to certain of the broker-dealers involved in the private placement. These warrants are considered to be separate instruments issued solely in lieu of cash compensation for services provided by the broker-dealers. Two separate classes of warrants were issued (Normal and Bonus), the sole difference being the exercise price. | |||||
[9] | NPI Note (d) In November of 2012, in connection with the amendment of the Wells Fargo Credit Facility, the Company repurchased the NPI it had previously assigned to Wells Fargo for $26.5 million, of which $9.5 million was paid at the closing of the Wells Fargo Energy Capital Credit Facility and $17.0 million was financed by a note to Wells Fargo. The Company accounted for this as the acquisition of a mineral right and therefore capitalized this amount in proved properties and will amortize using the units of production method. There is no stated interest rate associated with this note and as a result, this note was considered to have below market financing rates. The Company estimated the discount on issuance of this instrument based upon an estimate of market rates at the inception of the instrument and recorded a discount of $2.0 million. The discount is being amortized over the life of the note using an effective interest rate of 12.10% using the effective yield method. As part of the use of proceeds from the Second Lien Term Loan Facility, the Company repaid $8.5 million of this note during the second quarter of 2013. A final payment of $8.5 million is due to be repaid in June of 2014. |
Long_Term_Debt_625_Senior_Note
Long Term Debt (6.25% Senior Notes Due 2022) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | Jun. 30, 2013 | Apr. 25, 2013 | |
Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | ||||||
Senior Notes Due 2022 | Senior Notes Due 2022 | Senior Notes Due 2022 | Senior Notes Due 2022 | Senior Notes Due 2022 | Senior Notes Due 2022 | Senior Notes Due 2022 | Senior Notes Due 2022 | |||||||||
Prior to May 1, 2017 | On or after May 1, 2017 | 12 month period beginning May 1, 2018 | 12 month period beginning on May 1, 2019 | 12 month period beginning on May 1, 2020 | Maximum | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | 6.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amounts of debt offered | ' | ' | ' | ' | ' | ' | $900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 |
Proceeds from borrowings | 900,000,000 | 321,003,000 | 435,500,000 | 44,361,000 | 82,972,000 | 882,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriting discounts and commissions | 19,401,000 | 9,480,000 | 12,194,000 | 1,913,000 | 9,699,000 | 17,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of debt obligations | 498,983,000 | 159,726,000 | 160,760,000 | 10,152,000 | 7,726,000 | ' | ' | ' | ' | ' | ' | ' | ' | 301,800,000 | 8,500,000 | ' |
Percentage of principal amount redeemed | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount, plus accrued and unpaid interest with proceeds of certain equity offerings | ' | ' | ' | ' | ' | ' | ' | 106.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption period after completing equity offering | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of aggregate principal amount of Notes outstanding after redemption | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of redemption price of principal amount plus applicable make-whole premium and accrued and unpaid interest | ' | ' | ' | ' | ' | ' | ' | 100.00% | 104.69% | 103.13% | 101.56% | 100.00% | ' | ' | ' | ' |
Percentage that may be redeemed upon change in control | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted assets as a percentage of net assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' |
Period for default of interest payment | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount in default | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of failure to pay final judgments | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for failure to pay final judgments amount | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long_Term_Debt_Second_Lien_Ter
Long Term Debt (Second Lien Term Loan Facility) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 25, 2014 | Apr. 25, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 25, 2014 | Apr. 25, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 25, 2013 | Dec. 31, 2013 | ||||
Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | |||||||||||
Eurodollar | Base Rate | First Year | Second Year | Scenario, Previously Reported | Minimum | |||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Aggregate principal amounts of debt offered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | |||
Amount of discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | |||
Effective interest rate (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.28% | ' | ' | ' | ' | ' | ' | ' | |||
Fees capitalized | ' | ' | ' | ' | ' | ' | ' | ' | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,300,000 | ' | |||
Repayments of debt obligations | ' | ' | 498,983,000 | 159,726,000 | 160,760,000 | 10,152,000 | 7,726,000 | 301,800,000 | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Borrowings outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 297,700,000 | 297,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Loss on extinguishment of debt | ' | ' | -3,934,000 | 0 | ' | ' | ' | -800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accrued but unpaid interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Write-off of deferred financing costs | 0 | 0 | -6,896,000 | 0 | ' | ' | ' | ' | ' | ' | -6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Outstanding balance | $901,006,000 | ' | $901,006,000 | ' | $426,942,000 | $149,320,000 | ' | ' | ' | ' | $0 | [1] | $293,821,000 | [1],[2] | ' | ' | $0 | [2] | ' | ' | ' | ' | ' | ' |
Percentage of principal amount payable in each quarter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest rate spread (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.25% | ' | ' | ' | ' | ' | |||
Interest rate terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Base rate loans bear interest at a rate per annum equal to the greatest of (i) 2.25%, (ii) the agent bank's reference rate, (iii) the federal funds effective rate plus 50 basis points and (iv) the rate for one month Eurodollar loans plus 100 basis points, plus 625 basis points. | ' | ' | ' | ' | |||
Prepayments of principal amounts subject to premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% | ' | ' | |||
Interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Discount factor used in calculating present value of oil and gas reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Asset coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | |||
[1] | Second Lien Term Loan Facility (b) On April 25, 2013, Rice Drilling B entered into a Second Lien Term Loan Facility ("Second Lien Term Loan Facility") with Barclays Bank PLC, as administrative agent, and a syndicate of lenders in an aggregate principal amount of $300.0 million. Rice Drilling B estimated the discount on issuance of this instrument based upon an estimate of market rates at the inception of the instrument and recorded a discount of $4.5 million. The discount was being amortized over the life of the note using an effective interest rate of 0.284%. Approximately $7.4 million in fees were capitalized in connection with the Second Lien Term Loan Facility. On April 25, 2014, the Company used a portion of the net proceeds from the Senior Notes Offering to repay and retire the Second Lien Term Loan Facility in the amount of $301.8 million. The payment was comprised of repayment of the principal balance of $297.0 million, a pre-payment penalty of $3.0 million and accrued but unpaid interest of $1.8 million. The pre-payment penalty is presented as loss on extinguishment of debt in the condensed consolidated statements of operations for the three months ended June 30, 2014. The pre-payment also resulted in a debt extinguishment and subsequent write-off of the unamortized deferred finance costs of $6.1 million presented in the condensed consolidated statements of operations for the three months ended June 30, 2014. | |||||||||||||||||||||||
[2] | Second Lien Term Loan Facility (c) On April 25, 2013, the Company entered into a Second Lien Term Loan Facility ("Second Lien Term Loan Facility") with Barclays Bank PLC, as administrative agent, and a syndicate of lenders in an aggregate principal amount of $300.0 million. The Company estimated the discount on issuance of this instrument based upon an estimate of market rates at the inception of the instrument and recorded a discount of $4.5 million. The discount is being amortized over the life of the note using an effective interest rate of 0.284% using the effective yield method. As of December 31, 2013, the Company had a balance of $293.8 million relating to the Second Lien Term Loan Facility, this includes borrowings outstanding of $297.7 million less a discount of $3.9 million. The Second Lien Term Loan Facility matures October 25, 2018. Approximately $7.3 million in fees were capitalized in connection with the Second Lien Term Loan Facility. |
Long_Term_Debt_Senior_Secured_
Long Term Debt (Senior Secured Revolving Credit Facility) (Detail) (USD $) | Jan. 29, 2014 | Dec. 31, 2013 | Jan. 29, 2414 | Sep. 30, 2014 | Apr. 25, 2014 | Dec. 31, 2013 | Apr. 25, 2013 | Oct. 31, 2014 | Jan. 29, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Apr. 25, 2013 | Jan. 29, 2014 | Apr. 25, 2013 | Dec. 31, 2013 | Jan. 29, 2014 | Apr. 25, 2013 | Dec. 31, 2013 | Jan. 29, 2014 | Apr. 25, 2013 | Dec. 31, 2013 | Jan. 29, 2014 | Apr. 25, 2013 | Dec. 31, 2013 | Jan. 29, 2014 | Apr. 25, 2013 | Dec. 31, 2013 | Jan. 29, 2014 | Apr. 25, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 25, 2013 |
Letter of Credit | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | |
Subsequent Event | Wells Fargo Bank N. A. | Wells Fargo Bank N. A. | Wells Fargo Bank N. A. | Wells Fargo Bank N. A. | Wells Fargo Bank N. A. | Wells Fargo Bank N. A. | Wells Fargo Bank N. A. | Minimum | Minimum | Minimum | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | Federal Funds Rate | Federal Funds Rate | Federal Funds Rate | Eurodollar | Eurodollar | Eurodollar | Base Rate | Base Rate | Base Rate | Base Rate | Base Rate | Base Rate | At the end of each fiscal quarter thereafter | Letter of Credit | Letter of Credit | Letter of Credit | ||
Subsequent Event | Subsequent Event | Wells Fargo Bank N. A. | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Minimum | Wells Fargo Bank N. A. | Wells Fargo Bank N. A. | Wells Fargo Bank N. A. | ||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum credit amount | ' | $1,500,000,000 | $1,500,000,000 | ' | ' | $500,000,000 | $500,000,000 | ' | $1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | $10,000,000 |
Amount of borrowings repaid | ' | ' | 115,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base after amendment | ' | 350,000,000 | 350,000,000 | 385,000,000 | ' | 200,000,000 | ' | 550,000,000 | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' |
Borrowings outstanding | 55,900,000 | ' | ' | ' | ' | 115,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,800,000 | 22,500,000 | ' |
Availability under revolving credit facility | ' | ' | ' | $318,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate spread (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 1.75% | 1.50% | 2.50% | 2.75% | 2.50% | 0.50% | 0.50% | 0.50% | 1.00% | 1.00% | 1.00% | 0.50% | 0.75% | 0.50% | 1.50% | 1.75% | 1.50% | ' | ' | ' | ' |
Percentage lien on proved oil and gas reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current ratio | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum interest coverage ratio | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | ' | 2.39% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount factor used in calculating present value of oil and gas reserves | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity period | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period prior to maturity of second lien term loan facility | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long_Term_Debt_Debentures_Deta
Long Term Debt (Debentures) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 8 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 8 Months Ended | 9 Months Ended | 14 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 15, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Jun. 30, 2011 | Aug. 20, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Mar. 27, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 30, 2014 | Mar. 27, 2014 | Mar. 31, 2014 | |
Class | Warrants | Warrants | Senior Subordinated Convertible Debentures Maturing in 2014 | Prior to May 1, 2017 | Prior to May 1, 2017 | Prior to May 1, 2017 | At any time after July 31, 2013 | At any time after July 31, 2013 | At any time after July 31, 2013 | At any time after July 31, 2013 | At any time after July 31, 2013 | At any time after July 31, 2013 | At any time after July 31, 2013 | At any time after July 31, 2013 | |||||||
Debentures | Senior Subordinated Convertible Debentures Maturing in 2014 | Senior Subordinated Convertible Debentures Maturing in 2014 | Senior Subordinated Convertible Debentures Maturing in 2014 | Senior Subordinated Convertible Debentures Maturing in 2014 | Senior Subordinated Convertible Debentures Maturing in 2014 | Senior Subordinated Convertible Debentures Maturing in 2014 | Senior Subordinated Convertible Debentures Maturing in 2014 | Senior Subordinated Convertible Debentures Maturing in 2014 | Senior Subordinated Convertible Debentures Maturing in 2014 | Senior Subordinated Convertible Debentures Maturing in 2014 | Senior Subordinated Convertible Debentures Maturing in 2014 | ||||||||||
Debentures | Debentures | Debentures | Debentures | Debentures | Debentures | Debentures | Debentures | Debentures | Debentures | Other Accrued Liabilities | |||||||||||
Common Stock ($0.01 par) | Common Stock ($0.01 par) | Debentures | |||||||||||||||||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amounts of debt offered | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days of prior written notice | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | '30 days | ' | ' | ' |
Percentage of principal amount redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' |
Call premium redemption percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | ' | ' | ' |
Amount of converted debentures | ' | ' | ' | 255,000 | 11,332,000 | 0 | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 6,600,000 | ' | ' | ' | ' | ' | ' |
Shares converted into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 433,073 | 570,945 | ' |
Remaining principal balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 |
Loss on extinguishment of debt | ' | -3,934,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,000 | ' | ' | ' | ' |
Remaining principal balance not converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 200,000 | ' | ' | ' |
Number of different classes of warrants issued | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrants that are exercisable | 90 | 90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants weighted average exercise price per share | 11.57 | 11.57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares in which warrants are convertible | ' | 77,363 | ' | 1,671,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued due to the exercise of warrants | 126,240 | 686,006 | ' | 1,728 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Put premium redemption percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Put premium paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | ' | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional cost if convertible debentures are redeemed | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing cost | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares subject for issuance if warrants are exercised | ' | ' | ' | ' | ' | ' | ' | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long_Term_Debt_Schedule_of_Exp
Long Term Debt (Schedule of Expected Maturities of Notes Payable) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Remainder of Year Ending December 31, 2014 | $326 | ' | $326 | ' | ' | ' |
Year Ending December 31, 2015 | 680 | ' | 680 | ' | 3,058 | ' |
Year Ending December 31, 2016 | 0 | ' | 0 | ' | 2,277 | ' |
Year Ending December 31, 2017 | 0 | ' | 0 | ' | 2,173 | ' |
Year Ending December 31, 2018 and Beyond | 900,000 | ' | 900,000 | ' | 399,314 | ' |
Total | 901,006 | ' | 901,006 | ' | 426,942 | 149,320 |
Interest paid in cash | 30 | 6,500 | 8,900 | 17,200 | 27,700 | 10,200 |
Year Ending December 31, 2014 | ' | ' | ' | ' | $20,120 | ' |
Derivative_Instruments_Summary
Derivative Instruments (Summary of Derivative Instruments) (Detail) (Not Designated as Hedging Instrument, Natural Gas) | Sep. 30, 2014 | Dec. 31, 2013 |
MMBTU_day | MMBTU_day | |
Swap Commodity Contract 2014 | Swap Contract Expiration | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu/day | 173,000 | 87,219 |
Weighted Average Price | 4.15 | 4.112 |
Swap Commodity Contract 2015 | Swap Contract Expiration | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu/day | 166,000 | 58,781 |
Weighted Average Price | 4.09 | 4.153 |
Swap Commodity Contract 2016 | Swap Contract Expiration | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu/day | 214,000 | 68,326 |
Weighted Average Price | 4.14 | 4.233 |
Swap Commodity Contract 2017 | Swap Contract Expiration | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu/day | 60,000 | 30,000 |
Weighted Average Price | 4.24 | 4.343 |
Collar Commodity Contract 2014 | Collar Contract Expiration | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu/day | 10,000 | 10,000 |
Floor | 3 | 3 |
Ceiling | 5.8 | 5.8 |
Collar Commodity Contract 2014 | Basis Contract Expiration | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu/day | ' | 15,000 |
Swap ($/MMBtu) | ' | -0.205 |
Collar Commodity Contract 2015 | Collar Contract Expiration | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu/day | 139,000 | 45,000 |
Floor | 3.96 | 3.91 |
Ceiling | 4.65 | 4.68 |
Basis Commodity Contract 2014 | Basis Contract Expiration | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu/day | 60,000 | ' |
Swap ($/MMBtu) | -0.46 | ' |
Basis Commodity Contract 2015 | Basis Contract Expiration | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu/day | 62,000 | 10,000 |
Swap ($/MMBtu) | -0.57 | -0.41 |
Basis Commodity Contract 2016 | Basis Contract Expiration | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu/day | 38,000 | ' |
Swap ($/MMBtu) | -0.63 | ' |
Put Commodity Contract 2014 | Put Contract Expiration | ' | ' |
Derivative [Line Items] | ' | ' |
MMBtu/day | 50,000 | ' |
Swap ($/MMBtu) | 0.45 | ' |
Derivative_Instruments_Schedul
Derivative Instruments (Schedule of Offsetting Assets and Liabilities) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Gross Amounts of Recognized Assets, Derivative Assets | $39,672 | $13,000 | $416 |
Gross Amounts Offset on Balance Sheet, Derivative Assets | -22,571 | -4,700 | -370 |
Net Amounts of Assets (Liabilities) on Balance Sheet, Derivative Assets | 17,101 | 8,300 | 46 |
Gross Amounts Offset on Balance Sheet, Derivative liabilities | 22,571 | 256 | 0 |
Derivative Liability, Fair Value, Gross Liability | -22,571 | -4,600 | -2,306 |
Net Amounts of Assets (Liabilities) on Balance Sheet, Derivative liabilities | $0 | ($4,344) | ($2,306) |
Derivative_Instruments_Schedul1
Derivative Instruments (Schedule of Unrealized and Realized Gains or Losses on Derivatives) (Detail) (Not Designated as Hedging Instrument, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Not Designated as Hedging Instrument | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Realized gain (loss) | $171 | $788 | ($20,782) | ($1,053) |
Unrealized gain | $36,764 | $7,262 | $26,139 | $17,751 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Schedule of Assets and Liabilities Measured at Fair Value) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Assets: | ' | ' | ' |
Derivative instruments, at fair value | $17,101 | $8,300 | $46 |
Liabilities: | ' | ' | ' |
Derivative instruments, at fair value | 0 | 4,344 | 2,306 |
Fair Value, Measurements, Recurring | ' | ' | ' |
Assets: | ' | ' | ' |
Derivative instruments, at fair value | 17,101 | 4,921 | ' |
Total assets | 17,101 | 4,921 | ' |
Liabilities: | ' | ' | ' |
Restricted units, at fair value | ' | 36,306 | 5,667 |
Derivative instruments, at fair value | 0 | 965 | 2,260 |
Total liabilities | 0 | 37,271 | 7,927 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' |
Assets: | ' | ' | ' |
Derivative instruments, at fair value | 0 | 0 | ' |
Total assets | 0 | 0 | ' |
Liabilities: | ' | ' | ' |
Restricted units, at fair value | ' | 0 | 0 |
Derivative instruments, at fair value | 0 | 0 | 0 |
Total liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Assets: | ' | ' | ' |
Derivative instruments, at fair value | 17,101 | 4,921 | ' |
Total assets | 17,101 | 4,921 | ' |
Liabilities: | ' | ' | ' |
Restricted units, at fair value | ' | 0 | 0 |
Derivative instruments, at fair value | 0 | 965 | 2,260 |
Total liabilities | 0 | 965 | 2,260 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ' | ' | ' |
Assets: | ' | ' | ' |
Derivative instruments, at fair value | 0 | 0 | ' |
Total assets | 0 | 0 | ' |
Liabilities: | ' | ' | ' |
Restricted units, at fair value | ' | 36,306 | 5,667 |
Derivative instruments, at fair value | 0 | 0 | 0 |
Total liabilities | 0 | 36,306 | 5,667 |
Carrying Value | Fair Value, Measurements, Recurring | ' | ' | ' |
Assets: | ' | ' | ' |
Derivative instruments, at fair value | 17,101 | 4,921 | ' |
Total assets | 17,101 | 4,921 | ' |
Liabilities: | ' | ' | ' |
Restricted units, at fair value | ' | 36,306 | ' |
Derivative instruments, at fair value | 0 | 965 | ' |
Total liabilities | $0 | $37,271 | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Detail) (Restricted Units, USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Units | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance as of the beginning of the period | $36,306 | $5,667 | $5,667 | $6,800 |
Included in earnings | 0 | 0 | 32,906 | 115 |
Transfers in and/or out of Level 3 | 0 | 0 | 0 | 0 |
Repurchase of restricted units | 0 | -2,267 | -2,267 | -1,133 |
Converted to shares of common stock | -36,306 | 0 | 0 | -115 |
Balance as of the end of the period | $0 | $3,400 | $36,306 | $5,667 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Schedule of the Estimated Fair Value and Carrying Amount of Long-term Debt) (Detail) (Significant Unobservable Inputs (Level 3), USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Carrying Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Other | $1,006 | $3,203 | ' |
Total fair value | 901,006 | 426,942 | ' |
Carrying Value | Senior Secured Revolving Credit Facility | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Credit Facility | 0 | 115,000 | ' |
Carrying Value | Senior Notes Due 2022 | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Notes | 900,000 | 0 | ' |
Carrying Value | Second Lien Term Loan Facility | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Second Lien Term Loan Facility | 0 | 293,821 | ' |
Carrying Value | Senior Subordinated Convertible Debentures Maturing in 2014 | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debentures | 0 | 6,890 | ' |
Carrying Value | NPI Note | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Notes | 0 | 8,028 | ' |
Fair Value | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Other | 1,006 | 3,203 | 4,038 |
Debentures | ' | 12,671 | 70,220 |
Total fair value | 867,870 | 454,186 | 159,540 |
Second Lien Term Loan Facility | ' | 315,284 | 0 |
Notes | ' | 8,028 | 15,282 |
Fair Value | Wells Fargo Energy Capital Credit Facility | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Credit Facility | ' | 0 | 70,000 |
Fair Value | Senior Secured Revolving Credit Facility | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Credit Facility | 0 | 115,000 | 0 |
Fair Value | Senior Notes Due 2022 | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Notes | 866,864 | 0 | ' |
Fair Value | Second Lien Term Loan Facility | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Second Lien Term Loan Facility | 0 | 315,284 | ' |
Fair Value | Senior Subordinated Convertible Debentures Maturing in 2014 | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Debentures | 0 | 12,671 | ' |
Fair Value | NPI Note | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Notes | $0 | $8,028 | ' |
Acquisitions_Narrative_Detail
Acquisitions (Narrative) (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||||||
Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 29, 2014 | Sep. 30, 2014 | Jan. 29, 2014 | Dec. 31, 2013 | Jan. 27, 2014 | Dec. 31, 2013 | Apr. 17, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 07, 2014 | Jul. 07, 2014 | |
Marcellus Joint Venture | Marcellus Joint Venture | Marcellus Joint Venture | Marcellus Joint Venture | Marcellus Joint Venture | Marcellus Joint Venture | Momentum Acquisition | Momentum Acquisition | Momentum Acquisition | Momentum Acquisition | Momentum Acquisition | Momentum Acquisition | Momentum Acquisition | Momentum Acquisition | Greene County Acquisition | Greene County Acquisition | ||||||||
Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | MMcf_day | Washington County, Pennsylvania | Washington and Greene Counties, Pennsylvania | Minimum | Maximum | Customer Lists | Customer Lists | Greene County, Pennsylvania | Greene County, Pennsylvania | |||||||||||||
acre | mi | in | Washington County, Pennsylvania | Washington County, Pennsylvania | Well | acre | |||||||||||||||||
mi | in | in | acre | ||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investment ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of pre-existing equity investment | ' | ' | ' | ' | ' | ' | ' | $250,632,000 | ' | ' | ' | $250,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on purchase of Marcellus joint venture | ' | 0 | 0 | 203,579,000 | 0 | ' | ' | 203,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of natural gas properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 343,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | 338,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration amount | ' | ' | ' | ' | ' | ' | 10,000,000 | 322,000,000 | ' | ' | ' | ' | ' | 111,400,000 | ' | ' | ' | ' | ' | ' | ' | 329,500,000 | ' |
Amount of purchase price allocated to intangible assets related to customer lists | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,900,000 | 48,900,000 | ' | ' |
Amortization period for customer contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' |
Amortization of intangibles | ' | 408,000 | 0 | 748,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 700,000 | ' | ' |
Remainder of 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 400,000 | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 1,600,000 | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 1,600,000 | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 1,600,000 | ' | ' |
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 1,600,000 | ' | ' |
Length of gathering system (miles) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' |
Width of gathering system (inches) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 16 | ' | ' | ' | ' |
Length of pipelines to be constructed (miles) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' |
Width of gathering system to be constructed (inches) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' |
Number of acres dedicated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate capacity of acquired systems (Bcf) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Net acres | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,913 |
Number of developed wells | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' |
Purchase price allocated to proved natural gas properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 151,300,000 |
Purchase price allocated to unproved natural gas properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 178,200,000 |
Payment to acquire business | 3,300,000 | ' | ' | ' | ' | 1,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funding for development of the unproved properties | ' | ' | ' | ' | ' | ' | $3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Schedule_of_Purch
Acquisitions (Schedule of Purchase Price Allocations) (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Jan. 29, 2014 | Jan. 29, 2014 |
Marcellus Joint Venture | Marcellus Joint Venture | ||||
Assets | ' | ' | ' | ' | ' |
Financial assets | ' | ' | ' | ' | $34,242 |
Proved natural gas properties, net | ' | ' | ' | ' | 288,000 |
Unproved natural gas properties | ' | ' | ' | ' | 55,000 |
Goodwill | ' | 0 | 338,036 | ' | 338,036 |
Liabilities | ' | ' | ' | ' | ' |
Financial liabilities | ' | ' | ' | ' | -49,313 |
Long-term debt | ' | ' | ' | ' | -75,400 |
Deferred tax liability | ' | ' | ' | ' | -17,933 |
Total identifiable net assets | ' | ' | ' | ' | 572,632 |
Cash paid for acquisitions | 3,300 | 1,000 | ' | 100,000 | ' |
Fair value of equity issued | ' | ' | ' | 222,000 | ' |
Fair value of pre-existing equity investment | ' | ' | ' | 250,632 | ' |
Total consideration | ' | ' | ' | $572,632 | ' |
Acquisitions_Schedule_of_Profo
Acquisitions (Schedule of Proforma Information) (Detail) (Marcellus Joint Venture, USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Marcellus Joint Venture | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Revenue | $30,689 | ' | $103,290 | ' | ' |
Net income | 12,008 | ' | 57,419 | ' | ' |
Pro forma net revenues | 79,127 | 42,959 | 273,480 | 123,676 | 179,281 |
Pro forma net loss | ($6,862) | ($29,088) | ($83,794) | ($1,540) | ($30,509) |
Pro forma loss per share (basic) | ($0.05) | ($0.33) | ($0.65) | ($0.02) | ' |
Pro forma loss per share (diluted) | ($0.05) | ($0.33) | ($0.65) | ($0.02) | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 14, 2013 | Oct. 14, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 14, 2013 | Oct. 14, 2013 | |
Drilling_Rig | Non- Cancellable Operating Lease | Utica Development Agreements | Utica Development Agreements | Utica Development Agreements | Utica Development Agreements | Goshen and Smith Townships in Belmont County, Ohio | Wayne and Washington Townships in Belmont County, Ohio | ||||
acre | Minimum | Maximum | Utica Development Agreements | Utica Development Agreements | |||||||
Well | Well | ||||||||||
Other Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net acres | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' |
Participating interest in acreage (percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68.80% | 42.63% |
Number of horizontal wells to be drilled in 2014 | ' | ' | ' | ' | ' | ' | ' | 8 | 40 | ' | ' |
Number of horizontal wells to be drilled in 2015 | ' | ' | ' | ' | ' | ' | ' | 8 | 50 | ' | ' |
Utica Development Agreements, terms | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Period of notice prior to termination | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' |
Number of drilling rigs under contract | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' |
Number of horizontal drilling rigs under contract | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' |
Number of tophole rigs under contract | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Total future payments for horizontal drilling rigs under contract | $21,400,000 | ' | ' | $85,900,000 | ' | ' | ' | ' | ' | ' | ' |
Future payments for horizontal drilling rigs under contract, remainder of 2014 | ' | ' | ' | 12,200,000 | ' | ' | ' | ' | ' | ' | ' |
Future payments for horizontal drilling rigs under contract, 2015 | 9,700,000 | ' | ' | 46,000,000 | ' | ' | ' | ' | ' | ' | ' |
Future payments for horizontal drilling rigs under contract, 2016 | ' | ' | ' | 20,800,000 | ' | ' | ' | ' | ' | ' | ' |
Future payments for horizontal drilling rigs under contract, 2017 | ' | ' | ' | 6,900,000 | ' | ' | ' | ' | ' | ' | ' |
Future payments for horizontal drilling rigs under contract, 2014 | 11,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property purchased under capital leases | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property purchased under capital leases, accumulated amortization | 200,000 | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property purchased under capital leases, amortization expense | 200,000 | 8,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Future lease payments under capital leases, 2013 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future lease payments under capital leases, 2014 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future lease payments under capital leases, 2015 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future lease payments under capital leases, 2016 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future lease payments under capital leases, 2017 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future lease payments under capital leases, 2018 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental expense under operating leases | 200,000 | 200,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Future lease payments under non-cancelable operating leases, 2013 | 18,606,000 | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' |
Future lease payments under operating leases, 2014 | 1,398,000 | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' |
Future lease payments under operating leases, 2015 | 153,000 | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Future lease payments under operating leases, 2016 | 124,000 | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' |
Future lease payments under operating leases, 2017 | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' |
Future lease payments under operating leases, 2018 | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' |
Future lease payments operating leases, thereafter | ' | ' | ' | ' | $400,000 | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Commitment for Gathering and Firm Transportation) (Detail) (Gathering and Firm Transportation, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Gathering and Firm Transportation | ' | ' |
Other Commitments [Line Items] | ' | ' |
Future payments under contracts | $2,887.20 | $637.20 |
Commitment for gathering and firm transportation, remainder of 2014 | 15.7 | ' |
Commitment for gathering and firm transportation, 2015 | 94.3 | 52.1 |
Commitment for gathering and firm transportation, 2016 | 113.6 | 65.6 |
Commitment for gathering and firm transportation, 2017 | 113.4 | 65.4 |
Commitment for gathering and firm transportation, 2018 | 112 | 64 |
Commitment for gathering and firm transportation, 2019 | 141.8 | ' |
Commitment for gathering and firm transportation, Thereafter | 2,296.40 | ' |
Commitment for gathering and firm transportation, 2014 | ' | 28.3 |
Commitment for gathering and firm transportation, Thereafter | ' | $361.80 |
Stockholders_Equity_Detail
Stockholders' Equity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 30, 2012 | Jan. 25, 2012 | Apr. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 25, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Class A units | Class B units | IPO | IPO | NGP Holdings | Rice Holdings | Mr. Daniel J. Rice III | Rice Partners | Incentive Unitholders | Rice Drilling B | Common Stock ($0.01 par) | Common Stock ($0.01 par) | Common Stock ($0.01 par) | Natural Gas Partners | Natural Gas Partners | Natural Gas Partners | Natural Gas Partners | Natural Gas Partners | Natural Gas Partners | Rice Energy Appalachia LLC (REA) | Rice Energy Appalachia LLC (REA) | Rice Energy Appalachia LLC (REA) | ||||||||
IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | Class B units | Class B units | Common Stock ($0.01 par) | |||||||||||||||||||
Rice Energy Inc | Affiliates of Natural Gas Partners and Alpha Natural Resources | ||||||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,452,550 | 20,300,923 | 2,356,844 | 20,000,000 | 160,831 | 1,728,852 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | $26,418,000 | $0 | $101,695,000 | $0 | ' | ' | ' | ' | ' | $3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public offering price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21 | ' | ' | ' | ' | ' | ' | $27.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares sold in Equity Offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,729,650 | 7,500,000 | 6,229,650 | ' | ' | ' | ' | ' | ' | ' | ' | 13,252,145 |
Underwriting discounts and commissions | ' | ' | 784,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of common stock sold in August 2014 Equity Offering, net of underwriting fees | ' | ' | 197,072,000 | 0 | 195,977,000 | 96,782,000 | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 196,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 300,000,000 | 100,000,000 | ' | ' | ' |
Percentage of net proceeds from equity commitment invested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Equity commitment funded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 75,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' |
Preferred unit amount | ' | ' | ' | ' | 'Prior to the reorganization in connection with the Rice Energy IPO, the terms of the governance documents of the Company provided that in the event of any liquidation, dissolution or winding up of the Company, distributions would first be made to members holding senior preferred units until such members have received cumulative distributions in an amount equal to the preferred return as defined in the REA agreement, second to the members holding preferred units in the amount of $49.9 million, then, until the Company had achieved breakeven operations, as defined, to the members holding preferred and Class A common units in proportion to their ownership interests and thereafter to the members in proportion to their ownership units. Following the restructuring, distributions in such event would be made to the sole member. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchased stock unit per unit | ' | ' | ' | ' | ' | ' | ' | $1,700 | $1,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option to repurchase units exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' |
Option to repurchase units exercised, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' |
Payments made on behalf of REA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,300,000 | $1,100,000 | ' |
Incentive_Units_Narrative_Deta
Incentive Units Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Apr. 30, 2013 | Jun. 30, 2013 | Apr. 30, 2013 | Jun. 30, 2013 | Apr. 30, 2013 | Jun. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 29, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | |
Incentive Units | Incentive Units | IPO | IPO | IPO | IPO | IPO | IPO | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | NGP Holdings | |||||
Time Vesting Feature | Future Payment Condition Vesting Feature | Incentive Unitholders | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | Incentive Units | IPO | IPO | IPO | ||||||
Tranche | Tranche | Incentive Unitholders | Rice Holdings | Tier one Legacy units [Member] | Tier one Legacy units [Member] | Tier Two Legacy units [Member] | Tier Two Legacy units [Member] | Tier Three Legacy units [Member] | Tier Three Legacy units [Member] | New Tier One Units [Member] | New Tier One Units [Member] | New Tier Two Units [Member] | New Tier Two Units [Member] | New Tier Three Units [Member] | New Tier Three Units [Member] | New Tier Four Units [Member] | New Tier Four Units [Member] | Incentive Units | Incentive Units | |||||||||||||
Transactions | ||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock (shares) | ' | ' | ' | ' | ' | ' | ' | 160,831 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,452,550 | ' | ' |
Payment for pre-determined payout criteria | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,000,000 | $19,800,000 | ' | $4,400,000 | ' |
Number of transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive unit expense | 26,418,000 | 0 | 101,695,000 | 0 | ' | ' | 3,400,000 | ' | 26,400,000 | 101,700,000 | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79,800,000 | 142,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,300,000 |
Number of tranches with time vest feature | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of tranches without time vest feature | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Units issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $900,000 | $100,000 | $987,000 | $13,000 | $983,000 | $17,000 | $717,546 | $100,000 | $577,546 | $100,000 | $577,546 | $100,000 | $577,546 | $100,000 | ' | ' | ' | ' | ' |
Incentive_Units_Roll_Forward_o
Incentive Units Roll Forward of Incentive Units (Detail) (Incentive Units, Time Vesting Feature) | 8 Months Ended |
Sep. 30, 2014 | |
Incentive Units | Time Vesting Feature | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Vested Units Balance, January 29, 2014 | 853,630 |
Vested During Period | 565,881 |
Forfeited During Period | -214,869 |
Granted During Period | 214,869 |
Cancelled During Period | 0 |
Vested Units Balance, September 30, 2014 | 1,419,511 |
Incentive_Units_Fair_Value_of_
Incentive Units Fair Value of Incentive Units (Detail) (Incentive Units) | 0 Months Ended | |||
Jan. 29, 2014 | Apr. 14, 2014 | Apr. 16, 2014 | Sep. 30, 2014 | |
Rice Holdings | Rice Holdings | Rice Holdings | NGP Holdings | |
1/29/14 | 4/14/14 | 4/16/14 | 6/30/14 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Dividend Yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected Volatility | 47.00% | 45.19% | 44.32% | 40.20% |
Risk-Free Rate | 1.11% | 1.13% | 1.18% | 0.58% |
Expected Life (Years) | '4 years | '3 years 9 months 18 days | '3 years 9 months 18 days | '2 years |
Stock_Compensation_Detail
Stock Compensation (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense | $2,058,000 | $0 | $3,274,000 | $0 |
Restricted Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Compensation expense | 2,100,000 | ' | 3,300,000 | ' |
Unrecorded compensation expense | $17,500,000 | ' | $17,500,000 | ' |
Earnings_Per_Share_Detail
Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ($6,862) | ($33,652) | $114,675 | ($20,841) | ($35,776) | ($19,344) | ($936) |
Weighted-average shares (denominator): | ' | ' | ' | ' | ' | ' | ' |
Weighted-average number of shares of common stock - basic | 132,269,081 | 88,000,000 | 125,411,524 | 77,894,855 | 80,441,905 | 57,966,572 | 39,958,066 |
Weighted-average number of shares of common stock - diluted | 132,269,081 | 88,000,000 | 125,678,095 | 77,894,855 | 80,441,905 | 57,966,572 | 39,958,066 |
Earnings (loss) per share: | ' | ' | ' | ' | ' | ' | ' |
Earnings (loss) per share-basic | ($0.05) | ($0.38) | $0.91 | ($0.27) | ($0.44) | ($0.33) | ($0.02) |
Earnings (loss) per share-diluted | ($0.05) | ($0.38) | $0.91 | ($0.27) | ($0.44) | ($0.33) | ($0.02) |
Number of shares not considered dilutive | 76,800 | 1,671,800 | ' | 1,671,800 | 1,671,800 | 1,671,800 | 648,404 |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jan. 29, 2014 |
IPO | |||||||||
Deferred Tax Liability Recorded In Equity | |||||||||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax statutory rate | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' |
Deferred tax liability recorded in equity | $1,412,558 | $315,340 | $1,412,558 | $315,340 | $298,647 | $138,191 | $46,821 | $36,563 | $162,300 |
Deferred income tax expense | $14,005 | $0 | $18,787 | $0 | ' | ' | ' | ' | ' |
Effective tax rate (percentage) | 196.00% | ' | 14.00% | ' | ' | ' | ' | ' | ' |
Income_Taxes_Schedule_of_Compo
Income Taxes (Schedule of Components of Income Tax Provision) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Current tax expense: | ' | ' | ' | ' |
Federal | $0 | ' | $0 | ' |
State | 0 | ' | 0 | ' |
Total | 0 | ' | 0 | ' |
Deferred tax expense: | ' | ' | ' | ' |
Federal | 11,813 | ' | 15,847 | ' |
State | 2,192 | ' | 2,940 | ' |
Total | 14,005 | ' | 18,787 | ' |
Total income tax expense | $14,005 | $0 | $18,787 | $0 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies and Related Matters - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||||
Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Jan. 29, 2014 | Jan. 29, 2014 | Dec. 31, 2013 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2012 | Jan. 25, 2012 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 25, 2012 | |
Minimum | Maximum | Net Income | Exploration Expense | Lease Operating Expense | Other Expense | Marcellus Joint Venture | Marcellus Joint Venture | Marcellus Joint Venture | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Rice Partners | Natural Gas Partners | Natural Gas Partners | Natural Gas Partners | Natural Gas Partners | Natural Gas Partners | Natural Gas Partners | |||||||||
IPO | Marcellus Joint Venture | Marcellus Joint Venture | Marcellus Joint Venture | |||||||||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 100.00% | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Ownership interest of total units outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' |
Equity commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | $100,000,000 | $100,000,000 |
Equity commitment funded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | 75,000,000 | 200,000,000 | ' | ' | ' |
Percentage of voting interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration amount | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | 322,000,000 | ' | ' | ' | 322,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for acquisitions | 3,300,000 | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,523,810 | ' | ' | ' | 9,523,810 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of unsuccessful exploratory well costs | ' | ' | ' | ' | ' | 8,143,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '40 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated depreciation | ' | ' | ' | ' | ' | 1,300,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense | ' | ' | ' | ' | ' | 700,000 | 600,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, accumulated amortization | ' | ' | ' | ' | ' | 14,300,000 | 9,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, amortization expense | ' | 707,000 | 958,000 | 1,728,000 | 4,760,000 | 5,230,000 | 7,220,000 | 2,675,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, expected amortization in 2014 | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, expected amortization in 2015 | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, expected amortization in 2016 | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, expected amortization in 2017 | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, expected amortization in 2018 | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of extending drilling right lease | ' | ' | ' | ' | ' | 1,600,000 | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of correction of expense related to prior periods | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($1,700,000) | $1,100,000 | $500,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts_Receivable_Detail
Accounts Receivable (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Student Loan Portfolio By Program [Line Items] | ' | ' | ' |
Total accounts receivable | $136,560 | $31,765 | $8,557 |
Natural Gas Sales | ' | ' | ' |
Student Loan Portfolio By Program [Line Items] | ' | ' | ' |
Total accounts receivable | ' | 16,534 | 5,564 |
Joint Interest | ' | ' | ' |
Student Loan Portfolio By Program [Line Items] | ' | ' | ' |
Total accounts receivable | ' | 6,391 | 1,810 |
Other | ' | ' | ' |
Student Loan Portfolio By Program [Line Items] | ' | ' | ' |
Total accounts receivable | ' | $8,840 | $1,183 |
Summary_of_Components_of_Inter
Summary of Components of Interest Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Interest capitalized | $8,034 | $7,695 | $5,405 |
Interest expensed | 17,915 | 3,487 | 531 |
Total incurred | $25,949 | $11,182 | $5,936 |
Proved_and_Unproved_Capitalize
Proved and Unproved Capitalized Costs Related to Company's Gas-Producing Activities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Capitalized costs: | ' | ' |
Unproved properties | $457,836 | $111,030 |
Total | 781,048 | 291,838 |
Accumulated depreciation, depletion and amortization | 52,689 | 20,820 |
Net capitalized costs | 728,359 | 271,018 |
Equity Method Investee | ' | ' |
Capitalized costs: | ' | ' |
Net capitalized costs | 91,166 | 57,110 |
Proved, producing properties | ' | ' |
Capitalized costs: | ' | ' |
Proved properties | 244,771 | 119,374 |
Proved, nonproducing properties | ' | ' |
Capitalized costs: | ' | ' |
Proved properties | $78,441 | $61,434 |
Sale_of_Interests_in_Gas_Prope1
Sale of Interests in Gas Properties (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2011 | |
Sale of Interests in Non-core Leasehold Assets | Sale of Interests in Non-core Leasehold Assets | Sale of Interests in Non-core Leasehold Assets | Sale of Interests in Non-core Leasehold Assets | ||||||
Guernsey County, Ohio | Guernsey County, Ohio | Lycoming County | Whipkey Field | ||||||
acre | acre | acre | |||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undivided interest in leaseholds (percentage) | ' | ' | ' | ' | ' | 75.00% | 75.00% | ' | ' |
Net acres | ' | ' | ' | ' | ' | 2,136 | 2,136 | ' | 1,000 |
Amount exchanged in sale of interests in gas properties | ' | ' | ' | ' | ' | $22,000,000 | $22,000,000 | $7,000,000 | ' |
Proceeds from sale of interest in gas properties | 11,542,000 | 0 | 6,792,000 | 0 | 5,710,000 | 11,000,000 | ' | 6,000,000 | 1,700,000 |
Proceeds from sale of carried working interest | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' |
Net acres closed | ' | ' | ' | ' | ' | 1,033 | 1,033 | ' | ' |
Gain (loss) from sale of interest in gas properties | ' | ' | ($4,230,000) | $0 | $1,478,000 | ' | $0 | ($4,200,000) | $1,500,000 |
Percentage of non-operated working interest in properties sold | ' | ' | ' | ' | ' | ' | ' | 100.00% | 50.00% |
Percentage of working interest in properties own | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Warrants_Valuation_Model_Assum
Warrants Valuation Model Assumptions (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Class of Warrant or Right [Line Items] | ' |
Dividend yield | 0.00% |
Expected volatility | 72.10% |
Risk-free rate | 0.96% |
Expected life | '5 years |
Normal warrant | ' |
Class of Warrant or Right [Line Items] | ' |
Number of warrants issued | 1,044 |
Exercise price | 10,000 |
Grant date fair value, per unit | 2,569 |
Weighted average contractual life | '5 years |
Bonus warrant | ' |
Class of Warrant or Right [Line Items] | ' |
Number of warrants issued | 192 |
Exercise price | 6,250 |
Grant date fair value, per unit | 3,184 |
Weighted average contractual life | '5 years |
Long_Term_Debt_Wells_Fargo_Ene
Long Term Debt (Wells Fargo Energy Capital Credit Facility) (Detail) (Wells Fargo Energy Capital Credit Facility, USD $) | 1 Months Ended |
Nov. 30, 2012 | |
Wells Fargo Energy Capital Credit Facility | ' |
Short-term Debt [Line Items] | ' |
Debt modification cost | $200,000 |
Maximum credit amount | $200,000,000 |
Long_Term_Debt_NPI_Note_Detail
Long Term Debt (NPI Note) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Apr. 25, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Apr. 25, 2013 | Jun. 30, 2014 | |
NPI Note | NPI Note | NPI Note | Senior Secured Revolving Credit Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Second Lien Term Loan Facility | Scenario, Forecast | ||||||
Wells Fargo [Member] | NPI Note | Second Lien Term Loan Facility | ||||||||||||
Wells Fargo [Member] | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of long term debt | ' | ' | ' | ' | ' | ' | $26,500,000 | $17,000,000 | $9,500,000 | ' | ' | ' | ' | ' |
Discount recorded on instrument | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | 3,900,000 | 4,500,000 | ' |
Effective interest rate | ' | ' | ' | ' | ' | 12.10% | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of long term debt | $498,983,000 | $159,726,000 | $160,760,000 | $10,152,000 | $7,726,000 | ' | ' | ' | ' | $301,800,000 | $8,500,000 | ' | ' | $8,500,000 |
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $18,606 |
2015 | 1,398 |
2016 | 153 |
2017 | 124 |
2018 and thereafter | 0 |
Total future minimum lease payments | $20,281 |
Lease_Obligations_Additional_I
Lease Obligations - Additional Information (Detail) (Scenario, Forecast, USD $) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | |||
Scenario, Forecast | ' | ' | ' |
Schedule Of Operating Leases [Line Items] | ' | ' | ' |
Contingent lease obligation | $0.30 | $1 | $2 |
Reconciliation_of_Asset_Retire
Reconciliation of Asset Retirement Obligations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Asset Retirement Obligation Disclosure [Abstract] | ' | ' | ' |
Beginning balance | $1,381 | $835 | $289 |
Liabilities incurred | 583 | 382 | 493 |
Accretion expense | 150 | 164 | 53 |
Ending balance | $2,114 | $1,381 | $835 |
Restricted_Unit_Agreements_Add
Restricted Unit Agreements - Additional Information (Detail) (Class B, Restricted Units) | 12 Months Ended |
Dec. 31, 2012 | |
Class B | Restricted Units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Repurchased | 2,000 |
Summary_of_Change_in_Vested_Re
Summary of Change in Vested Restricted Units (Detail) (Restricted Units) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 |
Class B | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Vested Units Balance, January 29, 2014 | 2,000 | 2,000 | 4,000 | ' |
Repurchased | ' | ' | ' | -2,000 |
Vested Units Balance, September 30, 2014 | 2,000 | 2,000 | 4,000 | ' |
Derivative_Instruments_Summary1
Derivative Instruments (Summary of Derivative Instruments in Condensed Consolidated Balance Sheet) (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Current derivative assets | ' | $2,270 | $46 |
Long-term derivative assets | ' | 6,030 | 0 |
Net Amounts of Assets (Liabilities) on Balance Sheet, Derivative Assets | 17,101 | 8,300 | 46 |
Derivative liabilities | ' | 3,235 | 2,306 |
Long-term derivative liabilities | ' | 1,109 | ' |
Net Amounts of Assets (Liabilities) on Balance Sheet, Derivative liabilities | 0 | 4,344 | 2,306 |
Net current value of derivative liabilities | 0 | -965 | -2,260 |
Net long-term value of derivative assets | $8,555 | $4,921 | $0 |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Detail) (Not Designated as Hedging Instrument, USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gain or loss on derivatives | Gain or loss on derivatives | Gain or loss on derivatives | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) | $36,764 | $7,262 | $26,139 | $17,751 | $6,200 | ($2,300) | $0 |
Realized gain (losses) related to contract settlements | $171 | $788 | ($20,782) | ($1,053) | $700 | $900 | $600 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2014 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Due to affiliate | $6,148,000 | $2,482,000 | ' | $0 |
Payment to related party for consulting services | 2,200,000 | 800,000 | 600,000 | ' |
Receivable from affiliate | 2,244,000 | 11,879,000 | ' | 222,000 |
Rice Partners | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
General and administrative expenses incurred from transaction with related party | 9,300,000 | 4,800,000 | 3,100,000 | ' |
Due to affiliate | 6,100,000 | 2,500,000 | ' | ' |
Marcellus Joint Venture | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
General and administrative expenses incurred from transaction with related party | 1,600,000 | 1,300,000 | 0 | ' |
Receivable from affiliate | ' | $6,000,000 | ' | ' |
Subsequent_Events_Detail
Subsequent Events (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 15, 2011 | Sep. 30, 2014 | Aug. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 29, 2014 | Sep. 30, 2014 | Jan. 29, 2014 | Dec. 31, 2013 | Apr. 17, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Dec. 31, 2013 | Jan. 29, 2414 | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 25, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Apr. 25, 2013 | Jan. 29, 2014 | Mar. 31, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Mar. 31, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Mar. 10, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Mar. 10, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Mar. 31, 2014 | Jan. 29, 2014 | Dec. 31, 2013 | Jan. 29, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Oct. 31, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Mar. 31, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | Mar. 31, 2014 | Jan. 29, 2014 | Jan. 29, 2014 | |
Class | Common Stock ($0.01 par) | Common Stock ($0.01 par) | Common Stock ($0.01 par) | NGP Holdings | NGP Holdings | Marcellus Joint Venture | Marcellus Joint Venture | Marcellus Joint Venture | Marcellus Joint Venture | Momentum Acquisition | Momentum Acquisition | Momentum Acquisition | Momentum Acquisition | Momentum Acquisition | Momentum Acquisition | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Letter of Credit | Letter of Credit | Letter of Credit | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | |||||||||
Incentive Units | Incentive Units | MMcf_day | Washington County, Pennsylvania | Washington and Greene Counties, Pennsylvania | Minimum | Maximum | Wells Fargo Bank N. A. | Wells Fargo Bank N. A. | Wells Fargo Bank N. A. | Wells Fargo Bank N. A. | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Mr. Daniel J. Rice III | Rice Partners | Incentive Unitholders | Rice Drilling B | Incentive Units | Incentive Units | Incentive Units | Selling Stockholder | Underwriters of Initial Public Offering | NGP Holdings | NGP Holdings | Rice Holdings | Rice Energy Inc | Debentures | Debentures | Debentures | Common Stock ($0.01 par) | Common Stock ($0.01 par) | Marcellus Joint Venture | Marcellus Joint Venture | Marcellus Joint Venture | Marcellus Joint Venture | Marcellus Joint Venture | Momentum Acquisition | Momentum Acquisition | Momentum Acquisition | Momentum Acquisition | Momentum Acquisition | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Letter of Credit | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | IPO | |||||||||||||||||||||||
acre | mi | in | Washington County, Pennsylvania | Washington County, Pennsylvania | Wells Fargo Bank N. A. | Wells Fargo Bank N. A. | Wells Fargo Bank N. A. | Incentive Unitholders | Incentive Units | Class | Debentures | Debentures | Adjustment | acre | Washington County, Pennsylvania | Washington and Greene Counties, Pennsylvania | Minimum | Maximum | Wells Fargo Bank N. A. | Wells Fargo Bank N. A. | Mr. Daniel J. Rice III | Rice Partners | Incentive Unitholders | Rice Drilling B | Selling Stockholder | Underwriters of Initial Public Offering | NGP Holdings | NGP Holdings | Rice Holdings | Rice Energy Inc | ||||||||||||||||||||||||||||||||||||||||||||||||||
mi | in | in | MMcf_day | mi | mi | Washington County, Pennsylvania | Washington County, Pennsylvania | Incentive Units | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
in | in | in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold with the completion of the IPO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | 6,000,000 | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | 14,000,000 | 6,000,000 | ' | ' | ' | 30,000,000 |
Common Stock, par value per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Public offering price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds of IPO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $992,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $993,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds of IPO after deducting expenses and underwriting discounts and commissions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 399,000,000 | ' | ' | ' | ' | 593,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 399,000,000 | ' | ' | ' | ' | 593,600,000 |
Underwriting discounts and commissions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | ' | ' | ' | ' | 36,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | ' | ' | ' | ' | 36,400,000 |
Cash paid for acquisitions | 3,300,000 | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity investment ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration amount | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | 322,000,000 | ' | ' | ' | 111,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322,000,000 | ' | ' | ' | 300,000,000 | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,523,810 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,523,810 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of pre-existing equity investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,632,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 245,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on purchase of Marcellus joint venture | ' | 0 | 0 | 203,579,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 203,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 195,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of natural gas properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 343,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 320,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 338,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 365,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liability recorded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,933,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,356,844 | 20,000,000 | 160,831 | 1,728,852 | ' | ' | ' | ' | ' | 43,452,550 | ' | 20,300,923 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,356,844 | 20,000,000 | 160,831 | 1,728,852 | ' | ' | 43,452,550 | ' | 20,300,923 | ' |
Compensation expense | ' | 26,418,000 | 0 | 101,695,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | 26,400,000 | 101,700,000 | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment for pre-determined payout criteria | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | 19,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | ' | ' |
Shares converted into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 433,073 | 1,671,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of converted debentures | ' | ' | ' | ' | ' | 255,000 | 11,332,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Call premium redemption percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional cost to be paid if amounts not converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of different classes of warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued due to the exercise of warrants | ' | 126,240 | ' | 686,006 | ' | 1,728 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,728 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum credit amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | 1,500,000,000 | ' | 500,000,000 | 500,000,000 | ' | 100,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base after amendment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | 350,000,000 | 385,000,000 | 200,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550,000,000 | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $115,000,000 | ' | $66,800,000 | $22,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $55,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Length of gathering system (miles) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Width of gathering system (inches) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Length of pipelines to be constructed (miles) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Width of gathering system to be constructed (inches) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acres dedicated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate capacity of acquired systems (Bcf) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Acquisition_Pro_Forma
Business Acquisition, Pro Forma Information (Detail) (Marcellus Joint Venture, USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Marcellus Joint Venture | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Pro forma net revenues | $79,127 | $42,959 | $273,480 | $123,676 | $179,281 |
Pro forma net loss | ($6,862) | ($29,088) | ($83,794) | ($1,540) | ($30,509) |
Pro forma earnings per share | ' | ' | ' | ' | ($0.24) |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenues | $79,127 | $27,866 | $23,689 | $23,840 | $13,233 | $11,673 | $6,580 | $4,155 | $4,792 | $261,545 | $60,799 | $88,604 | $27,200 | $13,972 |
Total operating expenses | 91,452 | 27,755 | 52,274 | 25,833 | 10,705 | 9,640 | 8,123 | 11,984 | 6,353 | 283,248 | 88,812 | 116,567 | 36,100 | 12,807 |
Operating income (loss) | -12,325 | 111 | -28,585 | -1,993 | 2,528 | 2,033 | -1,543 | -7,829 | -1,561 | -21,703 | -28,013 | -27,963 | -8,900 | 1,165 |
Net income (loss) | 7,143 | -14,935 | -33,652 | 19,586 | -6,775 | 2,397 | -6,523 | -12,884 | -2,334 | 133,462 | -20,841 | ' | ' | ' |
Scenario, Previously Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenues | ' | ' | 23,665 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ($28,609) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs_Incurred_for_Property_Ac
Costs Incurred for Property Acquisitions, Exploration and Development (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' |
Unproved leaseholds | $305,000 | $47,396 | $16,877 |
Development costs | 184,217 | 89,307 | 72,776 |
Exploration costs | 9,951 | 3,275 | 660 |
Total costs incurred | 499,168 | 139,978 | 90,313 |
Marcellus Joint Venture | ' | ' | ' |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' |
Unproved leaseholds | ' | ' | 519 |
Development costs | 46,571 | 46,725 | 21,700 |
Total costs incurred | $46,571 | $46,725 | $22,219 |
Results_of_Operations_Related_
Results of Operations Related to Natural Gas Production (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Revenues | $87,847 | $26,743 | $13,972 |
Production costs | 19,712 | 8,824 | 2,157 |
Exploration costs | 9,951 | 3,275 | 660 |
Depreciation, depletion and accretion | 29,808 | 13,329 | 5,920 |
Impairment of oil and gas properties | ' | 2,253 | 109 |
General and administrative expenses | 5,108 | 3,050 | 2,212 |
Results of operations from producing activities | 23,268 | -3,988 | 2,914 |
Marcellus Joint Venture | ' | ' | ' |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ' | ' | ' |
Revenues | 45,339 | 13,142 | 2,872 |
Production costs | 12,557 | 5,436 | 379 |
Depreciation, depletion and accretion | 12,500 | 4,702 | 1,092 |
Impairment of oil and gas properties | ' | ' | 1,296 |
General and administrative expenses | 1,557 | 986 | ' |
Results of operations from producing activities | $18,725 | $2,018 | $105 |
Reserve_Quantity_Information_D
Reserve Quantity Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
MMcf | MMcf | MMcf | |
Supplemental Oil And Gas Reserve Information [Line Items] | ' | ' | ' |
Beginning of year | 304,272 | 232,996 | 12,230 |
Extensions and discoveries | 100,626 | 176,956 | 223,538 |
Revision of previous estimates | 757 | -96,911 | 620 |
Production | -22,995 | -8,769 | -3,392 |
End of year | 382,660 | 304,272 | 232,996 |
Proved developed reserves, ending balance | 144,310 | 61,225 | 25,397 |
Proved undeveloped reserves, ending balance | 238,350 | 243,047 | 207,599 |
Marcellus Joint Venture | ' | ' | ' |
Supplemental Oil And Gas Reserve Information [Line Items] | ' | ' | ' |
Beginning of year | 128,118 | 58,103 | ' |
Extensions and discoveries | 19,812 | 98,119 | 58,800 |
Revision of previous estimates | -26,803 | -23,808 | ' |
Production | -11,443 | -4,296 | -697 |
End of year | 109,684 | 128,118 | 58,103 |
Proved developed reserves, ending balance | 52,370 | 35,013 | 14,474 |
Proved undeveloped reserves, ending balance | 57,314 | 93,105 | 43,629 |
Supplemental_Information_on_Ga2
Supplemental Information on Gas-Producing Activities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
MMcf | MMcf | Location | |
MMcf | |||
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions and discoveries | 100,626 | 176,956 | 223,538 |
Revision of previous estimates | 757 | -96,911 | 620 |
Number of proved undeveloped locations removed from estimate of reserves | ' | ' | 32 |
Percentage of proved undeveloped reserves reviewed | 100.00% | ' | ' |
Adjusted gas price used for computation of reserves | 3.91 | 2.86 | 4.36 |
Marcellus Shale | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions and discoveries | 100,626 | 176,956 | 223,538 |
Marcellus Joint Venture | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Extensions and discoveries | 19,812 | 98,119 | 58,800 |
Revision of previous estimates | -26,803 | -23,808 | ' |
Adjusted gas price used for computation of reserves | 3.9 | 2.84 | 4.34 |
Equity investment ownership percentage | 50.00% | ' | ' |
Estimated_Discounted_Future_Ne
Estimated Discounted Future Net Cash Flows Related to Proved Natural Gas Reserves (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' | |||
Future cash inflows | $1,496,294 | $869,882 | $1,015,589 | |||
Future production costs | -517,101 | -323,855 | -208,733 | |||
Future development costs | -219,879 | -262,084 | -206,612 | |||
Future net cash flows | 759,314 | 283,943 | 600,244 | |||
10% annual discount for estimated timing of cash flows | -342,150 | -181,725 | -330,924 | |||
Standardized measure of discounted future net cash flows | 417,164 | [1] | 102,218 | [1] | 269,320 | [1] |
Marcellus Joint Venture | ' | ' | ' | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' | |||
Future cash inflows | 427,167 | 364,157 | 252,384 | |||
Future production costs | -132,427 | -127,086 | -29,683 | |||
Future development costs | -46,344 | -86,213 | -51,882 | |||
Future net cash flows | 248,396 | 150,858 | 170,819 | |||
10% annual discount for estimated timing of cash flows | -102,293 | -79,781 | -100,232 | |||
Standardized measure of discounted future net cash flows | $146,103 | [1] | $71,077 | [1] | $70,587 | [1] |
[1] | Does not include the effects of income taxes on future revenues at December 31, 2013 and 2012 because as of December 31, 2013 and 2012, the Company was a limited liability company not subject to entity-level taxation. Accordingly, no provision for federal or state corporate income taxes has been provided because taxable income was passed through to the Company's equity holders. However, in connection with the closing of the IPO, as a result of the corporate reorganization, the Company became a corporation subject to federal income tax and, as such, its future income taxes will be dependent upon its future taxable income. |
Principal_Sources_of_Changes_i
Principal Sources of Changes in Standardized Measure of Discounted Future Net Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Balance at beginning of period | $102,218 | $269,320 | $46,422 |
Net change in prices and production costs | 101,345 | -83,873 | -15,929 |
Net change in future development costs | 29,336 | -31,811 | -3,695 |
Natural gas net revenues | -68,135 | -18,376 | -11,815 |
Extensions | 114,489 | 38,937 | 243,003 |
Revisions of previous quantity estimates | 1,133 | -108,209 | -14,259 |
Previously estimated development costs incurred | 66,894 | 17,036 | 3,040 |
Accretion of discount | 10,230 | 26,932 | 4,642 |
Changes in timing and other | 59,654 | -7,738 | 17,911 |
Balance at end of period | 417,164 | 102,218 | 269,320 |
Marcellus Joint Venture | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Balance at beginning of period | 71,077 | 70,587 | ' |
Net change in prices and production costs | 81,974 | -26,855 | ' |
Net change in future development costs | 2,781 | -262 | ' |
Natural gas net revenues | -32,782 | -7,707 | -2,494 |
Extensions | 18,950 | 38,131 | 73,081 |
Revisions of previous quantity estimates | -14,752 | -28,923 | ' |
Previously estimated development costs incurred | 31,253 | 12,862 | ' |
Accretion of discount | 7,111 | 7,059 | ' |
Changes in timing and other | -19,509 | 6,185 | ' |
Balance at end of period | $146,103 | $71,077 | $70,587 |