Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | ||
Jun. 30, 2014 | Sep. 10, 2014 | Sep. 10, 2014 | |
Common Class A | Common Class B | ||
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Trading Symbol | 'SPKE | ' | ' |
Entity Registrant Name | 'Spark Energy, Inc. | ' | ' |
Entity Central Index Key | '0001606268 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 3,000,000 | 10,750,000 |
CONDENSED_COMBINED_BALANCE_SHE
CONDENSED COMBINED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,487 | $7,189 |
Accounts receivable, net of allowance for doubtful accounts | 48,385 | 62,678 |
Accounts receivable-affiliates | 40 | 6,794 |
Inventory | 4,011 | 4,322 |
Fair value of derivative assets | 980 | 8,071 |
Customer acquisition costs | 10,959 | 4,775 |
Prepaid assets | 1,578 | 1,032 |
Other current assets | 10,549 | 6,430 |
Total current assets | 77,989 | 101,291 |
Property and equipment, net | 4,310 | 4,817 |
Fair value of derivative assets | 74 | 6 |
Customer acquisition costs | 4,085 | 2,901 |
Other assets | 0 | 58 |
Total Assets | 86,458 | 109,073 |
Current liabilities: | ' | ' |
Accounts payable | 35,025 | 36,971 |
Accounts payable-affiliates | 261 | 0 |
Accrued liabilities | 4,889 | 6,838 |
Fair value of derivative liabilities | 3,281 | 1,833 |
Note payable | 41,050 | 27,500 |
Other current liabilities | 2,833 | 0 |
Total current liabilities | 87,339 | 73,142 |
Fair value of derivative liabilities | 3 | 18 |
Total liabilities | 87,342 | 73,160 |
Member's equity: | ' | ' |
Memberbs equity | -884 | 35,913 |
Total Memberbs equity | -884 | 35,913 |
Total Liabilities and Memberbs Equity | $86,458 | $109,073 |
CONDENSED_COMBINED_STATEMENTS_
CONDENSED COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Retail revenues (including retail revenuesbaffiliates of $681 and $311 for the three months ended June 30, 2014 and 2013, respectively, and retail revenuesbaffiliates of $2,170 and $510 for the six months ended June 30, 2014 and 2013, respectively) | $65,743 | $67,263 | $170,095 | $167,716 |
Net asset optimization revenues (including asset optimization revenues-affiliates of $4,634 and $1,313 for the three months ended June 30, 2014 and 2013, respectively, and $7,134 and $2,765 for the six months ended June 30, 2014 and 2013, respectively, and asset optimization revenues affiliates cost of revenues of $10,654 and $540 for the three months ended June 30, 2014 and 2013, respectively, and $18,554 and $503 for the six months ended June 30, 2014 and 2013, respectively) | 197 | -1,782 | 1,821 | -2,939 |
Total Revenues | 65,940 | 65,481 | 171,916 | 164,777 |
Operating Expenses: | ' | ' | ' | ' |
Retail cost of revenues (including retail cost of revenues-affiliates of less than $0.1 million and less than $0.1 million for both the three and six months ended June 30, 2014 and 2013) | 52,387 | 52,406 | 140,508 | 122,399 |
General and administrative | 9,747 | 9,437 | 17,860 | 18,712 |
Depreciation and amortization | 3,252 | 4,284 | 6,211 | 9,314 |
Total Operating Expenses | 65,386 | 66,127 | 164,579 | 150,425 |
Operating income (loss) | 554 | -646 | 7,337 | 14,352 |
Other (expense)/income: | ' | ' | ' | ' |
Interest expense | -222 | -286 | -535 | -670 |
Interest and other income | 1 | 1 | 71 | 12 |
Total other expenses | -221 | -285 | -464 | -658 |
Income (loss) before income tax expense | 333 | -931 | 6,873 | 13,694 |
Income tax expense | 132 | 14 | 164 | 28 |
Net income (loss) | 201 | -945 | 6,709 | 13,666 |
Deferred gain (loss) from cash flow hedges | 0 | -591 | 0 | 2,620 |
Reclassification of deferred gain (loss) from cash flow hedges into net income (Note 6) | 0 | 198 | 0 | -84 |
Comprehensive income (loss) | $201 | ($1,338) | $6,709 | $16,202 |
CONDENSED_COMBINED_STATEMENTS_1
CONDENSED COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Retail Revenues - Affiliates | $65,743 | $67,263 | $170,095 | $167,716 |
Optimization Revenues - Affiliates | 197 | -1,782 | 1,821 | -2,939 |
Retail cost of revenues | 52,387 | 52,406 | 140,508 | 122,399 |
Affiliated Entity | ' | ' | ' | ' |
Retail Revenues - Affiliates | 681 | 311 | 2,170 | 510 |
Optimization Revenues - Affiliates | 4,634 | 1,313 | 7,134 | 2,765 |
Cost of revenues-affiliates | 10,654 | 540 | 18,554 | 503 |
Retail cost of revenues | $100 | $100 | $100 | $100 |
CONDENSED_COMBINED_STATEMENTS_2
CONDENSED COMBINED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $6,709 | $13,666 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ' | ' |
Depreciation and amortization expense | 6,211 | 9,314 |
Amortization and write off of deferred financing costs | 225 | 231 |
Allowance for doubtful accounts and bad debt expense | 2,027 | 1,086 |
(Gain) loss on derivatives, net | -1,440 | 641 |
Current period cash settlements on derivatives, net | 10,256 | 810 |
Changes in assets and liabilities: | ' | ' |
Decrease in accounts receivable | 12,266 | 10,877 |
Decrease in accounts receivablebaffiliates | 6,754 | 6,119 |
Decrease in inventory | 311 | 803 |
Increase in customer acquisition costs | -11,668 | -866 |
Increase in prepaid and other current assets | -5,250 | -2,024 |
Decrease in other assets | 58 | 92 |
Decrease in accounts payable | -1,946 | -133 |
Increase in accounts payable- affiliates | 261 | 0 |
Decrease in accrued liabilities | -1,949 | -2,529 |
Increase (decrease) in other liabilities | 2,833 | -518 |
Net cash provided by operating activities | 25,658 | 37,569 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -1,404 | -353 |
Net cash used in investing activities | -1,404 | -353 |
Cash flows from financing activities: | ' | ' |
Borrowings on notes payable | 48,550 | 14,000 |
Payments on notes payable | -35,000 | -21,000 |
Member distributions, net | -43,506 | -32,333 |
Net cash used in financing activities | -29,956 | -39,333 |
Decreases in cash and cash equivalents | -5,702 | -2,117 |
Cash and cash equivalentsbbeginning of period | 7,189 | 6,559 |
Cash and cash equivalentsbend of period | 1,487 | 4,442 |
Interest | 395 | 395 |
Taxes | $150 | $195 |
CONDENSED_COMBINED_STATEMENTS_3
CONDENSED COMBINED STATEMENTS OF MEMBERbS EQUITY (USD $) | Total | Member Units |
In Thousands, unless otherwise specified | ||
Beginning Balance at Dec. 31, 2013 | $35,913 | $35,913 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' |
Capital contributions from member | ' | 19,701 |
Distributions to member | ' | -63,207 |
Net income | 6,709 | 6,709 |
Ending Balance at Jun. 30, 2014 | ($884) | ($884) |
Formation_and_Organization
Formation and Organization | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||
Formation and Organization | ' | ||||||
Formation and Organization | |||||||
Organization | |||||||
Spark Energy, Inc. (the “Company”) is an independent retail energy services company that provides residential and commercial customers in competitive markets across the United States with an alternative choice for the natural gas and electricity. The Company is a holding company whose sole material asset consists of units in Spark HoldCo, LLC (“Spark HoldCo”). Spark HoldCo owns all of the outstanding membership interests in each of Spark Energy, LLC (“SE”) and Spark Energy Gas, LLC (“SEG”), the operating subsidiaries through which the Company operates. The Company is the sole managing member of Spark HoldCo, is responsible for all operational, management and administrative decisions relating to Spark HoldCo’s business and consolidates the financial results of Spark HoldCo and its subsidiaries. | |||||||
The Company is a Delaware corporation formed on April 22, 2014 by Spark Energy Ventures, LLC (“Spark Energy Ventures”) for the purpose of succeeding to Spark Energy Ventures’ ownership in SE and SEG. Spark Energy Ventures, a single member limited liability company formed on October 8, 2007 under the Texas Limited Liability Company Act (“TLLCA”) is an affiliate of NuDevco Retail Holdings, LLC (“NuDevco Retail Holdings”), a single member Texas limited liability company formed by Spark Energy Ventures on May 19, 2014 under the Texas Business Organizations Code (“TBOC”). NuDevco Retail Holdings was formed by Spark Energy Ventures to hold its investment in Spark HoldCo, LLC, our subsidiary and the direct parent of SEG and SE. Spark Energy Ventures distributed its 100% interest in NuDevco Retail Holdings to NuDevco Partners Holdings ("NuDevco Partner Holdings"). The distribution resulted in NuDevco Retail Holdings being a direct wholly owned subsidiary of NuDevco Partners Holdings, which is wholly owned by NuDevco Partners, LLC ("NuDevco Partners"), which is wholly owned by W. Keith Maxwell III. NuDevco Retail Holdings formed NuDevco Retail, LLC ("NuDevco Retail" and, together with NuDevco Retail Holdings, "NuDevco"), a single member limited liability company, on May 29, 2014 and it holds a 1% interest in Spark HoldCo formerly held by NuDevco Retail Holdings. | |||||||
Prior to the closing of the Company’s initial public offering of 3,000,000 shares of Class A common stock, par value $0.01 per share (the "Class A common stock"), representing a 21.82% interest in the Company on August 1, 2014 (the "Offering") Spark Energy Ventures contributed all of its interest in each of SE and SEG to NuDevco Retail Holdings. NuDevco Retail Holdings in turn contributed all of its interest in each of SE and SEG to Spark HoldCo. The contribution of the interests in SE and SEG to Spark HoldCo is not considered a business combination accounted for under the purchase method, as it was a transfer of assets and operations under common control and, accordingly, balances were transferred at their historical cost. The Company’s historical condensed combined financial statements prior to the Offering are prepared using SE’s and SEG’s historical basis in the assets and liabilities, and include all revenues, costs, assets and liabilities attributed to the retail natural gas and asset optimization and retail electricity businesses of SE and SEG for the periods presented. | |||||||
SE is a licensed retail electric provider in multiple states. SE provides retail electricity services to end-use retail customers, ranging from residential and small commercial customers to large commercial and industrial users. SE was formed on February 5, 2002 under the Texas Revised Limited Partnership Act (as recodified by the TBOC) and was converted to a Texas limited liability company on May 21, 2014. | |||||||
SEG is a retail natural gas provider and asset optimization business competitively serving residential, commercial and industrial customers in multiple states. SEG was formed on January 17, 2001 under the Texas Revised Limited Partnership Act (as recodified by the TBOC) and was converted to a Texas limited liability company on May 21, 2014. | |||||||
As a company with less than $1.0 billion in revenues during its last fiscal year, the Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other regulatory requirements. | |||||||
The Company will remain an “emerging growth company” for up to five years, or until the earliest of (i) the last day of the fiscal year in which the Company has $1.0 billion or more in annual revenues; (ii) the date on which the Company becomes a “large accelerated filer” (the fiscal year-end on which the total market value of the Company’s common equity securities held by non-affiliates is $700 million or more as of June 30); (iii) the date on which the Company issues more than $1.0 billion of non-convertible debt over a three year period; or (iv) the last day of the fiscal year following the fifth anniversary of the Offering. | |||||||
As a result of the Company's election to avail itself of certain provisions of the JOBS Act, the information that the Company provides may be different than what you may receive from other public companies in which you hold an equity interest. | |||||||
Initial Public Offering of Spark Energy, Inc. | |||||||
On August 1, 2014, the Company completed the Offering of 3,000,000 shares of its Class A common stock for $18.00 per share, representing a 21.82% voting interest in the Company. | |||||||
Net proceeds from the Offering were $46.7 million, after underwriting discounts and commissions, structuring fees and offering expenses. The net proceeds from the Offering were used to acquire units of Spark HoldCo (the "Spark HoldCo units") representing approximately 21.82% of the outstanding Spark HoldCo units after the Offering from NuDevco Retail Holdings and to repay a promissory note from the Company in the principal amount of $50,000 (the "NuDevco Note"). The Company did not retain any of the net proceeds from the Offering. As of June 30, 2014, the Company recorded $2.3 million of deferred incremental costs directly attributable to the Offering in other current assets. | |||||||
At the consummation of the Offering, the amount of common stock is summarized in the table below: | |||||||
Shares of | |||||||
common stock | |||||||
Number | Percent | ||||||
Publicly held Class A common stock | 3,000,000 | 21.82 | % | ||||
Class B common stock held by NuDevco Retail Holdings, LLC and NuDevco Retail, LLC | 10,750,000 | 78.18 | % | ||||
Total | 13,750,000 | 100 | % | ||||
Credit Facility | |||||||
Concurrently with the closing of the Offering, the Company entered into a new $70.0 million senior secured revolving credit facility ("Senior Credit Facility"), which matures on August 1, 2016. If no event of default has occurred, the Company has the right, subject to approval by the administrative agent and each issuing bank, to increase the commitments under the Senior Credit Facility up to $120.0 million. At the closing of the Offering, the Company borrowed $10.0 million under the Senior Credit Facility to repay in full the portion of outstanding indebtedness under its pre-existing Senior Credit Facility. The new Senior Credit Facility is available to fund expansions, acquisitions and working capital requirements for operations and general corporate purposes. | |||||||
At our election, interest will be generally determined by reference to: | |||||||
• | the Eurodollar-based rate plus a margin ranging from 2.75% to 3.00%, depending on the overall utilization of the working capital facility; | ||||||
• | a base rate loan plus a margin ranging from 1.75% to 2.00%, depending on the overall utilization of the working capital facility; or | ||||||
• | a cost of funds rate loan plus a margin ranging from 2.25% to 2.50%, depending on the overall utilization of the working capital facility. | ||||||
Each working capital loan made as a result of a drawing under a letter of credit or a reducing letter of credit borrowing shall bear interest on the outstanding principal amount thereof from the date funded at a floating rate per annum equal to the base rate plus the applicable margin until such loan has been outstanding for more than two business days and, thereafter, shall bear interest on the outstanding principal amount thereof at a floating rate per annum equal to the base rate plus the applicable margin, plus two percent (2.0%) per annum. | |||||||
Additionally, the Company will be charged a letter of credit fee for letters of credit outstanding. Our fee will be from 2.00% to 2.50% per annum, depending on the overall utilization of the working capital facility and what type of transaction it supports. | |||||||
We pay an annual commitment fee of 0.375% or 0.5% on the unused portion of the Senior Credit Facility depending upon the unused capacity. The lending syndicate under the Senior Credit Facility is entitled to several additional fees including an upfront fee, annual agency fee, and fronting fees based on a percentage of the face amount of letters of credit payable to any syndicate member that issues a letter a credit. | |||||||
The Senior Credit Facility is secured by the capital stock of SE, SEG and Spark HoldCo (the "Co-Borrowers") present and future subsidiaries, all of the Co-Borrowers’ and their subsidiaries’ present and future property and assets, including accounts receivable, inventory and liquid investments, and control agreements relating to bank accounts. | |||||||
The Senior Credit Facility contains covenants which, among other things, require the Company to maintain certain financial ratios or conditions. At all times, the Company must maintain net working capital, tangible net worth and a leverage ratio to a certain threshold. The Senior Credit Facility also contains negative covenants that limit our ability to, among other things, make certain payments, distributions, investments, acquisitions or loans. | |||||||
In addition, the Senior Credit Facility contains affirmative covenants that are customary for credit facilities of this type. The covenants include delivery of financial statements (including any filings made with the Securities and Exchange Commission (the "SEC")), maintenance of property and insurance, payment of taxes and obligations, material compliance with laws, inspection of property, books and records and audits, use of proceeds, payments to bank blocked accounts, notice of defaults and certain other customary matters. See Note 4. | |||||||
Exchange and Registration Rights | |||||||
NuDevco has the right to exchange (the “Exchange Right”) all or a portion of its Spark HoldCo units (together with a corresponding number of shares of Class B common stock) for Class A common stock (or cash at Spark Energy, Inc.’s or Spark HoldCo’s election (the “Cash Option”)) at an exchange ratio of one share of Class A common stock for each Spark HoldCo unit (and corresponding share of Class B common stock) exchanged. In addition, NuDevco has the right, under certain circumstances, to cause the Company to register the offer and resale of NuDevco's shares of Class A common stock obtained pursuant to the Exchange Right. | |||||||
Tax Receivable Agreement | |||||||
Concurrently with the closing of the Offering, the Company entered into a Tax Receivable Agreement with Spark HoldCo, NuDevco Retail Holdings and NuDevco Retail. This agreement generally provides for the payment by the Company to NuDevco of 85% of the net cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes (or is deemed to realize in certain circumstances) in future periods as a result of (i) any tax basis increases resulting from the purchase by the Company of Spark HoldCo units from NuDevco Retail Holdings in connection with the Offering, (ii) any tax basis increases resulting from the exchange of Spark HoldCo units for shares of Class A common stock pursuant to the Exchange Right (or resulting from an exchange of Spark HoldCo units for cash pursuant to the Cash Option) and (iii) any imputed interest deemed to be paid by the Company as a result of, and additional tax basis arising from, any payments the Company makes under the Tax Receivable Agreement. The Company will retain the benefit of the remaining 15% of these tax savings. | |||||||
In certain circumstances, the Company may defer or partially defer any payment due (a “TRA Payment”) to the holders of rights under the Tax Receivable Agreement, which are initially NuDevco Retail Holdings and NuDevco Retail. No TRA Payment will be made during 2014, and any future TRA Payments due with respect to a given taxable year are expected to be paid in December of the subsequent calendar year. | |||||||
During the five-year period commencing October 1, 2014, the Company will defer all or a portion of any TRA Payment owed pursuant to the Tax Receivable Agreement to the extent that Spark HoldCo does not generate sufficient Cash Available for Distribution (as defined below) during the four-quarter period ending September 30th of the applicable year in which the TRA Payment is to be made in an amount that equals or exceeds 130% (the “TRA Coverage Ratio”) of the Total Distributions (as defined below) paid in such four-quarter period by Spark HoldCo. For purposes of computing the TRA Coverage Ratio: | |||||||
• | "Cash Available for Distribution” is generally defined as the Adjusted EBITDA of Spark HoldCo for the applicable period, less (i) cash interest paid by Spark HoldCo, (ii) capital expenditures of Spark HoldCo (exclusive of customer acquisition costs) and (iii) any taxes payable by Spark HoldCo; and | ||||||
• | "Total Distributions” are defined as the aggregate distributions necessary to cause the Company to receive distributions of cash equal to (i) the targeted quarterly distribution the Company intends to pay to holders of its Class A common stock payable during the applicable four-quarter period, plus (ii) the estimated taxes payable by the Company during such four-quarter period, plus (iii) the expected TRA Payment payable during the calendar year for which the TRA Coverage Ratio is being tested. | ||||||
In the event that the TRA Coverage Ratio is not satisfied in any calendar year, the Company will defer all or a portion of the TRA Payment to NuDevco under the Tax Receivable Agreement to the extent necessary to permit Spark HoldCo to satisfy the TRA Coverage Ratio (and Spark HoldCo is not required to make and will not make the pro rata distributions to its members with respect to the deferred portion of the TRA Payment). If the TRA Coverage Ratio is satisfied in any calendar year, the Company will pay NuDevco the full amount of the TRA Payment. | |||||||
Following the five-year deferral period, the Company will be obligated to pay any outstanding deferred TRA Payments to the extent such deferred TRA Payments do not exceed (i) the lesser of the Company's proportionate share of aggregate Cash Available for Distribution of Spark HoldCo during the five-year deferral period or the cash distributions actually received by the Company during the five-year deferral period, reduced by (ii) the sum of (a) the aggregate target quarterly dividends (which, for the purposes of the Tax Receivable Agreement, will be $0.3625 per share per quarter) during the five-year deferral period, (b) the Company's estimated taxes during the five-year deferral period, and (c) all prior TRA Payments and (y) if with respect to the quarterly period during which the deferred TRA Payment is otherwise paid or payable, Spark HoldCo has or reasonably determines it will have amounts necessary to cause the Company to receive distributions of cash equal to the target quarterly distribution payable during that quarterly period. Any portion of the deferred TRA Payments not payable due to these limitations will no longer be payable. | |||||||
Other Transactions in Connection with the Consummation of the Offering | |||||||
In connection with the Offering the following restructuring transactions occurred: | |||||||
• | SEG and SE were converted from limited partnerships into limited liability companies; | ||||||
• | SEG, SE and an affiliate entered into an interborrower agreement, pursuant to which such affiliate agreed to be solely responsible for $29.0 million of the outstanding indebtedness. SE and SEG repaid their outstanding indebtedness of $10.0 million and borrowed $10 million under the Company's Senior Credit Facility, | ||||||
• | NuDevco Retail Holdings contributed all of its interests in SEG and SE to Spark HoldCo in exchange for all of the outstanding units of Spark HoldCo and transferred 1% of those Spark HoldCo units to NuDevco Retail; | ||||||
• | NuDevco Retail Holdings transferred Spark HoldCo units to the Company for the $50,000 NuDevco Note and the limited liability company agreement of Spark HoldCo was amended and restated to admit the Company as its sole managing member; and | ||||||
• | The Company issued 10,750,000 shares of Class B common stock, par value $0.01 per share (the "Class B common stock") to Spark HoldCo, 10,612,500 of which Spark HoldCo distributed to NuDevco Retail Holdings, and 137,500 of which Spark HoldCo distribute to NuDevco Retail. | ||||||
Following the Offering, the Company purchased 2,997,222 Spark HoldCo units from NuDevco Retail Holdings and repaid the NuDevco Note. The 2,997,222 Spark Holdco units we purchased with the proceeds from the Offering, together with the 2,778 Spark HoldCo units we purchased in exchange for the NuDevco Note prior to the Offering, represent a 21.82% ownership interest in Spark HoldCo. After giving effect to these transactions and the Offering, the Company owns an approximate 21.82% interest in Spark HoldCo, NuDevco Retail Holdings owns an approximate 77.18% interest in Spark HoldCo and 10,612,500 shares of Class B common stock and NuDevco Retail owns a 1% interest in Spark HoldCo and 137,500 shares of Class B common stock. | |||||||
Each share of Class B common stock, all of which is held by NuDevco, has no economic rights but entitles its holder to one vote on all matters to be voted on by shareholders generally. Holders of Class A common stock and Class B common stock vote together as a single class on all matters presented to our shareholders for their vote or approval, except as otherwise required by applicable law or by our certificate of incorporation. |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying interim unaudited condensed combined financial statements (“interim statements”) of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the SEC. | |
The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the interim financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Effects on the business, financial condition and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revision become known. The information furnished herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the condensed combined financial statements. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results which may be expected for the full year or for any interim period. | |
The accompanying interim unaudited condensed combined financial statements have been prepared in accordance with Regulation S-X, Article 3, General Instructions as to Financial Statements and Staff Accounting Bulletin (“SAB”) Topic 1-B, Allocations of Expenses and Related Disclosures in Financial Statements of Subsidiaries, Divisions or Lesser Business Components of Another Entity on a stand-alone basis and are derived from SE’s and SEG’s historical basis in the assets and liabilities, and include all revenues, costs, assets and liabilities attributable to the retail natural gas and asset optimization and retail electricity businesses of SE and SEG for the periods presented that are specifically identifiable or have been allocated to the Company. Management has made certain assumptions and estimates in order to allocate a reasonable share of expenses to the Company, such that the Company’s combined financial statements reflect substantially all of its costs of doing business. The Company also enters into transactions with and pays certain costs on behalf of affiliates under common control in order to reduce risk, create strategic alliances and supply goods and services to these related parties. The Company direct bills certain expenses incurred on behalf of affiliates or allocates certain overhead expenses to affiliates associated with general and administrative services based on services provided, departmental usage, or headcount, which are considered reasonable by management. The allocations and related estimates and assumptions are described more fully in Note 8 “Transactions with Affiliates”. These costs are not necessarily indicative of the cost that the Company would have incurred had it operated as an independent stand-alone entity. Affiliates have also relied upon Spark Energy Ventures as a participant in the credit facility for the periods presented as described more fully in Note 4 “Long-Term Debt”. As such, the Company’s interim unaudited condensed combined financial statements do not fully reflect what the Company’s financial position, results of operations and cash flows would have been had the Company operated as an independent stand-alone company during the periods presented. As a result, historical financial information is not necessarily indicative of what the Company’s results of operations, financial position and cash flows will be in the future. | |
Net Income per Share | |
The Company has omitted earnings per share because the Company operated under a sole member equity structure for the periods presented, which is different than the capital structure resulting from the consummation of the Offering and, as a result, the per share data would not be meaningful to investors. | |
Transactions with Affiliates | |
The Company enters into transactions with and incurs certain costs on behalf of affiliates that are commonly controlled by NuDevco Retail Holdings in order to reduce administrative expense, create economies of scale and supply goods and services to these related parties. These transactions include, but are not limited to, certain services to the affiliated companies associated with the Company’s debt facility, employee benefits provided through the Company’s benefit plans, insurance plans, leased office space, and administrative salaries for accounting, tax, legal, or technology services. As such, the accompanying combined financial statements include costs that have been incurred by the Company and then directly billed or allocated to affiliates and are recorded net in general and administrative expense on the combined statements of operations with a corresponding accounts receivable—affiliates recorded in the combined balance sheets. Additionally, the Company enters into transactions with certain affiliates for sales or purchases of natural gas and electricity, which are recorded in retail revenues, retail cost of revenues, and net asset optimization revenues in the combined statements of operations with a corresponding accounts receivable—affiliate or accounts payable—affiliate in the combined balance sheets. Please read Note 8 “Transactions with Affiliates” for further discussion. | |
Subsequent Events | |
Subsequent events have been evaluated through the date these financial statements are issued. Any material subsequent events that occurred prior to such date have been properly recognized or disclosed in the condensed combined financial statements. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Property_and_Equipment
Property and Equipment | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property and Equipment | ' | |||||||||
Property and Equipment | ||||||||||
Property and equipment consist of the following as of (in thousands): | ||||||||||
Estimated | 30-Jun-14 | 31-Dec-13 | ||||||||
useful | ||||||||||
lives (years) | ||||||||||
Information technology | 2 – 5 | $ | 23,933 | $ | 22,529 | |||||
Leasehold improvements | 2 – 5 | 4,568 | 4,568 | |||||||
Furniture and Fixtures | 2 – 5 | 998 | 998 | |||||||
Total | 29,499 | 28,095 | ||||||||
Accumulated depreciation | (25,189 | ) | (23,278 | ) | ||||||
Property and equipment—net | $ | 4,310 | $ | 4,817 | ||||||
Information technology assets include software and consultant time used in the application, development and implementation of various systems including customer billing and resource management systems. As of June 30, 2014 and December 31, 2013, information technology includes $2.7 million and $1.3 million, respectively, of costs associated with assets not yet placed into service. | ||||||||||
Depreciation expense recorded in the condensed combined statements of operations was $1.0 million and $1.5 million for the three months ended June 30, 2014 and 2013, respectively, and $1.9 million and $3.1 million for the six months ended June 30, 2014 and 2013, respectively. |
LongTerm_Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Long-Term Debt | ' |
Long-Term Debt | |
In October 2007, Spark Energy Ventures and all of its subsidiaries (collectively, the “Borrowers”), entered into a credit agreement, consisting of a working capital facility, a term loan and a revolving credit facility (the “Credit Agreement”), with SE and SEG as co-borrowers under which they were jointly and severally liable for amounts Borrowers borrowed under the Credit Agreement. The Credit Agreement was secured by substantially all of the assets of Spark Energy Ventures and its subsidiaries. | |
The Credit Agreement was amended on May 30, 2008 to provide for a $177.5 million working capital facility, a $100 million term loan, and a $35 million revolving credit facility. On January 24, 2011, the Borrowers amended and restated the Credit Agreement (the “Fifth Amended Credit Agreement”) to decrease the working capital facility to $150 million, to increase the term loan to $130 million and to eliminate the revolving credit facility. | |
On December 17, 2012, the Borrowers amended and restated the Fifth Amended Credit Agreement to decrease the working capital facility to $70 million, to decrease the term loan to $125 million and to reinstate the revolving credit facility in the amount of $30 million (the “Sixth Amended Credit Agreement”). The Sixth Amended Credit Agreement was scheduled to mature on December 17, 2014. | |
On July 31, 2013 and in conjunction with the initial public offering of Marlin Midstream Partners, LP (“Marlin”), which was formerly wholly owned by Spark Energy Ventures, the Sixth Amended Credit Agreement was amended and restated to increase the working capital facility to $80 million and eliminated the term loan and revolving credit facility (the “Seventh Amended Credit Agreement”) and to remove Marlin as a party to the Credit Agreement. The Seventh Amended Credit Agreement was scheduled to mature on July 31, 2015. The Credit Agreement continued to be secured by the assets of Spark Energy Ventures and its subsidiaries through completion of the Offering. | |
Although SE and SEG, as wholly owned subsidiaries of Spark Energy Ventures, were jointly and severally liable for Marlin’s borrowing under the Credit Agreement prior to the Marlin initial public offering, SE and SEG did not historically have access to or use the term loan and the revolving credit facility utilized by Marlin. SE and SEG were the primary recipients of the proceeds from the working capital facility. | |
The Company adopted Accounting Standards Update (“ASU”) 2013-04, which prescribes the accounting for joint and several liability arrangements early and applied the accounting guidance retrospectively to its 2013 condensed combined financial statements as required by the standard. This guidance requires an entity to measure its obligation resulting from joint and several liability arrangements for which the total amount under the arrangement is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. Based on the Sixth Amended Credit Agreement prior to the Marlin initial public offering and understanding among the Borrowers, the term loan and the revolving credit facility were assigned specifically to Marlin. The Company has recognized the proceeds from the working capital facility in its combined balance sheets, which represented the amounts the Company with the other Borrowers agreed to pay, and the amounts the Company expected to pay. | |
Working Capital Facility | |
The working capital facility was $150 million in 2012 under the Fifth Amended Credit Agreement and was later amended to $70 million on December 17, 2012 under the Sixth Amended Credit Agreement. On July 31, 2013 and in conjunction with the Seventh Amended Credit Agreement the working capital facility was increased to $80 million and was scheduled to mature on July 31, 2015. | |
The working capital facility was available for use by Spark Energy Ventures and its affiliates to finance the working capital requirements related to the purchase and sale of natural gas, electricity, and other commodity products not related to the retail natural gas and asset optimization and retail electricity businesses of the Company. The Company’s combined financial statements include the total amounts outstanding under the working capital facility of $41.0 million and $27.5 million as of June 30, 2014 and December 31, 2013, respectively, and are classified as current in the combined balances sheets as the working capital facility is drawn on and repaid on a monthly basis to fund working capital needs. The total amounts outstanding under the facility as of June 30, 2014 and December 31, 2013 include amounts used to fund equity distributions to the sole member of the Company to fund unrelated operations of an affiliate under the common control of the sole member, which was a co-borrower under the facility. | |
Further, through the issuance of letters of credit, the Company was able to secure payment to suppliers. No obligation is recorded for such outstanding letters of credit unless they are drawn upon by the suppliers and in the event a supplier draws on a letter of credit, repayment is due by the earlier of demand by the bank or at the expiration of the Credit Agreement. Letters of credit issued and outstanding as of June 30, 2014 and December 31, 2013 were $9.7 million and $10.0 million, respectively. | |
Under the working capital facility, the Company paid a fee with respect to each letter of credit issued and outstanding. The Company incurred fees on letters of credit issued and outstanding totaling $0.1 million and $0.2 million for the three months ended June 30, 2014 and 2013, respectively, and $0.2 million and $0.3 million, for the six months ended June 30, 2014 and 2013, respectively, which is recorded in interest expense in the condensed combined statements of operations. | |
Under the Sixth Amended Credit Agreement, the Company may elect to have loans under the credit facility bear interest either (i) at a Eurodollar-based rate plus a margin ranging from 3.00% to 3.75% depending on the Company’s consolidated funded indebtedness ratio then in effect, or (ii) at a base rate loan plus a margin ranging from 2.00% to 2.75% depending on the Company’s consolidated funded indebtedness ratio then in effect. The Company also pays a nonutilization fee equal to 0.50% per annum. | |
Under the Seventh Amended Credit Agreement, the Company may elect to have loans under the working capital facility bear interest (i) at a Eurodollar-based rate plus a margin ranging from 3.00% to 3.25%, depending on the Spark Energy Ventures’ aggregate amount outstanding then in effect, (ii) at a base rate loan plus a margin ranging from 2.00% to 2.25%, depending on Spark Energy Ventures’ aggregate amount outstanding then in effect or (iii) a cost of funds rate loan plus a margin ranging from 2.50% to 2.75%, depending on Spark Energy Ventures’ aggregate amount outstanding then in effect. Each working capital loan made as a result of a drawing under a letter of credit bears interest on the outstanding principal amount thereof from the date funded at a floating rate per annum equal to the cost of funds rate plus the applicable margin until such loan has been outstanding for more than two business days and, thereafter, bears interest on the outstanding principal amount thereof at a floating rate per annum equal to the base rate plus the applicable margin, plus two percent 2.00% per annum. The Company incurred interest expense of less than $0.1 million for each of the three and six months ended June 30, 2014 and 2013, which is recorded in interest expense in the condensed combined statements of operations. | |
The Company also pays a commitment fee equal to 0.50% per annum. The Company incurred commitment fees totaling less than $0.1 million for each of the three and six months ended June 30, 2014 and 2013, which is recorded in interest expense in the condensed combined statements of operations. | |
Deferred Financing Costs | |
Deferred financing costs were $0.4 million and $0.5 million as of June 30, 2014 and December 31, 2013, respectively. Of these amounts, $0.4 million and $0.4 million is recorded in other current assets in the combined balance sheet as of June 30, 2014 and December 31, 2013, respectively, and $0.1 million is recorded in other assets in the combined balance sheet as of December 31, 2013, respectively, based on the term of the working capital facility. | |
Amortization of deferred financing costs was $0.1 million for both the three months ended June 30, 2014 and 2013, respectively, and $0.2 million for each of the six months ended June 30, 2014 and 2013, which is recorded in interest expense in the condensed combined statements of operations. | |
NuDevco Note | |
NuDevco Retail Holdings transferred Spark HoldCo units to the Company for the $50,000 NuDevco Note and the limited liability company agreement of Spark HoldCo, was amended and restated to admit Spark Energy, Inc. as its sole managing member. This promissory note was repaid in connection with proceeds from the Offering. | |
New Credit Facility | |
Concurrently with the closing of the Offering, the Company entered into a new $70.0 million Senior Credit Facility. The Company borrowed approximately $10.0 million under the Senior Credit Facility at the closing of the Offering to repay in full the portion of outstanding indebtedness under the Seventh Amended Credit Agreement that SEG and SE agreed to be responsible for pursuant to an interborrower agreement between SEG, SE and an affiliate. The remainder of indebtedness outstanding under the Seventh Amended Credit Agreement was paid down by our affiliate with its own funds concurrently at the closing of the Offering pursuant to the terms of the interborrower agreement. Following this repayment, the Seventh Amended Credit Agreement was terminated. The Company had $15 million in letters of credit issued under the Senior Credit Facility at inception. See Note 1. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. Fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. This includes not only the credit standing of counterparties involved and the impact of credit enhancements but also the impact of the Company’s own nonperformance risk on its liabilities. | ||||||||||||||||
The Company applies fair value measurements to its commodity derivative instruments based on the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: | ||||||||||||||||
•Level 1—Quoted prices in active markets for identical assets and liabilities. Instruments | ||||||||||||||||
categorized in Level 1 primarily consist of financial instruments such as exchange-traded derivative | ||||||||||||||||
instruments. | ||||||||||||||||
•Level 2—Inputs other than quoted prices recorded in Level 1 that are either directly or indirectly | ||||||||||||||||
observable for the asset or liability, including quoted prices for similar assets or liabilities in active | ||||||||||||||||
markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other | ||||||||||||||||
than quoted prices that are observable for the asset or liability, and inputs that are derived from | ||||||||||||||||
observable market data by correlation or other means. Instruments categorized in Level 2 primarily | ||||||||||||||||
include non-exchange traded derivatives such as over-the-counter commodity forwards and swaps | ||||||||||||||||
and options. | ||||||||||||||||
•Level 3—Unobservable inputs for the asset or liability, including situations where there is little, if | ||||||||||||||||
any, observable market activity for the asset or liability. | ||||||||||||||||
As the fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3), the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. | ||||||||||||||||
Non-Derivative Financial Instruments | ||||||||||||||||
The carrying amount of cash and cash equivalents, accounts receivable, accounts receivable-affiliates, accounts payable, accounts payable-affiliates, and accrued liabilities recorded in the combined balance sheets approximate fair value due to the short-term nature of these items. The carrying amount of long-term debt recorded in the condensed combined balance sheets approximates fair value because of the variable rate nature of the Company’s long-term debt. | ||||||||||||||||
Derivative Instruments | ||||||||||||||||
The following table presents assets and liabilities measured and recorded at fair value in the Company’s condensed combined balance sheets on a recurring basis by and their level within the fair value hierarchy as of (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
June 30, 2014 | ||||||||||||||||
Non-trading commodity derivative assets | $ | 172 | $ | 228 | $ | — | $ | 400 | ||||||||
Trading commodity derivative assets | (31 | ) | 685 | — | 654 | |||||||||||
Total commodity derivative assets | $ | 141 | $ | 913 | $ | — | $ | 1,054 | ||||||||
Non-trading commodity derivative liabilities | $ | — | $ | (2,775 | ) | $ | — | $ | (2,775 | ) | ||||||
Trading commodity derivative liabilities | — | (509 | ) | — | (509 | ) | ||||||||||
Total commodity derivative liabilities | $ | — | $ | (3,284 | ) | $ | — | $ | (3,284 | ) | ||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
December 31, 2013 | ||||||||||||||||
Non-trading commodity derivative assets | $ | — | $ | 4,672 | $ | — | $ | 4,672 | ||||||||
Trading commodity derivative assets | — | 3,405 | — | 3,405 | ||||||||||||
Total commodity derivative assets | $ | — | $ | 8,077 | $ | — | $ | 8,077 | ||||||||
Non-trading commodity derivative liabilities | $ | (563 | ) | $ | (854 | ) | $ | — | $ | (1,417 | ) | |||||
Trading commodity derivative liabilities | 147 | (581 | ) | — | (434 | ) | ||||||||||
Total commodity derivative liabilities | $ | (416 | ) | $ | (1,435 | ) | $ | — | $ | (1,851 | ) | |||||
The Company had no financial instruments measured using level 3 at June 30, 2014 and December 31, 2013. The Company had no transfers of assets or liabilities between any of the above levels during the six months ended June 30, 2014 and the year ended December 31, 2013. | ||||||||||||||||
The Company’s derivative contracts include exchange-traded contracts fair valued utilizing readily available quoted market prices and non-exchange-traded contracts fair valued using market price quotations available through brokers or over-the-counter and on-line exchanges. In addition, in determining the fair value of the Company’s derivative contracts, the Company applies a credit risk valuation adjustment to reflect credit risk which is calculated based on the Company’s or the counterparty’s historical credit risks. As of June 30, 2014 and December 31, 2013, the credit risk valuation adjustment was not material. |
Accounting_for_Derivative_Inst
Accounting for Derivative Instruments | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Accounting for Derivative Instruments | ' | |||||||||||||||||||
Accounting for Derivative Instruments | ||||||||||||||||||||
The Company is exposed to the impact of market fluctuations in the price of electricity and natural gas and basis costs, storage and ancillary capacity charges from independent system operators. The Company uses derivative instruments to manage exposure to these risks, and historically designated certain derivative instruments as cash flow hedges for accounting purposes. For derivatives designated in a qualifying cash flow hedging relationship, the effective portion of the change in fair value is recognized in accumulated OCI and reclassified to earnings in the period in which the hedged item affects earnings. Any ineffective portion of the derivative’s change in fair value is recognized currently in earnings. | ||||||||||||||||||||
The Company also holds certain derivative instruments that are not held for trading purposes but are also not designated as hedges for accounting purposes. These derivative instruments represent economic hedges that mitigate the Company’s exposure to fluctuations in commodity prices. For these derivative instruments, changes in the fair value are recognized currently in earnings in retail revenues or retail cost of revenues. | ||||||||||||||||||||
As part of the Company’s strategy to optimize its assets and manage related risks, it also manages a portfolio of commodity derivative instruments held for trading purposes. The Company’s commodity trading activities are subject to limits within the Company’s Risk Management Policy. For these derivative instruments, changes in the fair value are recognized currently in earnings in net asset optimization revenues. | ||||||||||||||||||||
Derivative assets and liabilities are presented net in the Company’s condensed combined balance sheets when the derivative instruments are executed with the same counterparty under a master netting arrangement. The Company’s derivative contracts include transactions that are executed both on an exchange and centrally cleared as well as over-the-counter, bilateral contracts that are transacted directly with a third party. To the extent the Company has paid or received collateral related to the derivative assets or liabilities, such amounts would be presented net against the related derivative asset or liability’s fair value. As of June 30, 2014 the Company had paid $0.4 million related to derivative liabilities fair value. As of December 31, 2013, the Company had not paid or received any collateral amounts. The specific types of derivative instruments the Company may execute to manage the commodity price risk include the following: | ||||||||||||||||||||
• | Forward contracts, which commit the Company to purchase or sell energy commodities in the | |||||||||||||||||||
future; | ||||||||||||||||||||
• | Futures contracts, which are exchange-traded standardized commitments to purchase or sell a | |||||||||||||||||||
commodity or financial instrument; | ||||||||||||||||||||
• | Swap agreements, which require payments to or from counterparties based upon the differential | |||||||||||||||||||
between two prices for a predetermined notional quantity; and | ||||||||||||||||||||
• | Option contracts, which convey to the option holder the right but not the obligation to purchase or | |||||||||||||||||||
sell a commodity. | ||||||||||||||||||||
The Company has entered into other energy-related contracts that do not meet the definition of a derivative instrument or qualify for the normal purchase or normal sale exception and are therefore not accounted for at fair value including the following: | ||||||||||||||||||||
• | Forward electricity and natural gas purchase contracts for retail customer load, and | |||||||||||||||||||
• | Natural gas transportation contracts and storage agreements. | |||||||||||||||||||
Volumetric Underlying Derivative Transactions | ||||||||||||||||||||
The following table summarizes the net notional volume buy/(sell) of the Company’s open derivative financial instruments accounted for at fair value, broken out, by commodity as of: | ||||||||||||||||||||
Non-trading | ||||||||||||||||||||
Commodity | Notional | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||
Natural Gas | MMBtu | 6,841 | 3,513 | |||||||||||||||||
Natural Gas Basis | MMBtu | 3,108 | 373 | |||||||||||||||||
Electricity | MWh | 722 | 465 | |||||||||||||||||
Trading | ||||||||||||||||||||
Commodity | Notional | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||
Natural Gas | MMBtu | 389 | 2,259 | |||||||||||||||||
Natural Gas Basis | MMBtu | 615 | 1,443 | |||||||||||||||||
Gains (Losses) on Derivative Instruments | ||||||||||||||||||||
Gains (losses) on derivative instruments, net and current period settlements on derivative instruments were as follows for the periods indicated (in thousands): | ||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Loss on non-trading derivatives—cash flow hedges, net (including ineffectiveness gain of $560 for the three months ended June 30, 2013) | $ | — | $ | 351 | ||||||||||||||||
Loss on non-trading derivatives, net (including gain (loss) on non-trading derivatives—affiliates, net of ($157) and $76 for the three months ended June 30, 2014 and 2013, respectively) | (4,438 | ) | (3,112 | ) | ||||||||||||||||
Gain (loss) on trading derivatives, net (including gain (loss) on trading derivatives—affiliates, net of ($866) and $449 for the three months ended June 30, 2014 and 2013, respectively) | 419 | (123 | ) | |||||||||||||||||
Loss on derivatives, net | $ | (4,019 | ) | $ | (2,884 | ) | ||||||||||||||
Current period settlements on non-trading derivatives—cash flow hedges | $ | — | $ | 209 | ||||||||||||||||
Current period settlements on non-trading derivatives | (97 | ) | 393 | |||||||||||||||||
Current period settlements on trading derivatives (including current period settlements on trading derivatives—affiliates, net of $866 and $540 for the three months ended June 30, 2014 and 2013, respectively) | 38 | 59 | ||||||||||||||||||
Total current period settlements on derivatives | $ | (59 | ) | $ | 661 | |||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Gain on non-trading derivatives—cash flow hedges, net (including ineffectiveness loss of $288 for the six months ended June 30, 2013) | $ | — | $ | (204 | ) | |||||||||||||||
Gain (Loss) on non-trading derivatives, net (including gain on non-trading derivatives—affiliates, net of $76 for the six months ended June 30, 2013) | 7,010 | (1,983 | ) | |||||||||||||||||
Gain (loss) on trading derivatives, net (including loss on trading derivatives—affiliates, net of $1,792 and $271 for the six months ended June 30, 2014 and 2013, respectively) | (5,570 | ) | 1,546 | |||||||||||||||||
Gain (Loss) on derivatives, net | $ | 1,440 | $ | (641 | ) | |||||||||||||||
Current period settlements on non-trading derivatives—cash flow hedges | $ | — | $ | (1,180 | ) | |||||||||||||||
Current period settlements on non-trading derivatives | (12,998 | ) | (124 | ) | ||||||||||||||||
Current period settlements on trading derivatives (including current period settlements on trading derivatives—affiliates, net of $1,693 and $540 for the six months ended June 30, 2014 and 2013, respectively) | 2,742 | 494 | ||||||||||||||||||
Total current period settlements on derivatives | $ | (10,256 | ) | $ | (810 | ) | ||||||||||||||
Gains (losses) on trading derivative instruments are recorded in net asset optimization revenues and gains (losses) on non-trading derivative instruments are recorded in retail revenues or retail cost of revenues on the condensed combined statements of operations. | ||||||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||||||
The following tables summarize the fair value and offsetting amounts of the Company’s derivative instruments by counterparty and collateral received or paid as of (in thousands): | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Description | Gross Assets | Gross | Net Assets | Cash | Net Amount | |||||||||||||||
Amounts | Collateral | Presented | ||||||||||||||||||
Offset | Offset | |||||||||||||||||||
Non-trading commodity derivatives | $ | 3,740 | $ | (3,414 | ) | $ | 326 | $ | — | $ | 326 | |||||||||
Trading commodity derivatives | 1,235 | (581 | ) | 654 | — | 654 | ||||||||||||||
Total Current Derivative Assets | $ | 4,975 | $ | (3,995 | ) | $ | 980 | $ | — | $ | 980 | |||||||||
Non-trading commodity derivatives | $ | 128 | $ | (54 | ) | $ | 74 | $ | — | $ | 74 | |||||||||
Total Non-current Derivative Assets | $ | 128 | $ | (54 | ) | $ | 74 | $ | — | $ | 74 | |||||||||
Total Derivative Assets | $ | 5,103 | $ | (4,049 | ) | $ | 1,054 | $ | — | $ | 1,054 | |||||||||
June 30, 2014 | ||||||||||||||||||||
Description | Gross | Gross | Net | Cash | Net Amount | |||||||||||||||
Liabilities | Amounts | Liabilities | Collateral | Presented | ||||||||||||||||
Offset | Offset | |||||||||||||||||||
Non-trading commodity derivatives | $ | (6,545 | ) | $ | 3,414 | $ | (3,131 | ) | $ | 360 | $ | (2,771 | ) | |||||||
Trading commodity derivatives | (1,091 | ) | 581 | (510 | ) | — | (510 | ) | ||||||||||||
Total Current Derivative Liabilities | $ | (7,636 | ) | $ | 3,995 | $ | (3,641 | ) | $ | 360 | $ | (3,281 | ) | |||||||
Non-trading commodity derivatives | $ | (57 | ) | $ | 54 | $ | (3 | ) | $ | — | $ | (3 | ) | |||||||
Total Non-current Derivative Liabilities | $ | (57 | ) | $ | 54 | $ | (3 | ) | $ | — | $ | (3 | ) | |||||||
Total Derivative Liabilities | $ | (7,693 | ) | $ | 4,049 | $ | (3,644 | ) | $ | 360 | $ | (3,284 | ) | |||||||
December 31, 2013 | ||||||||||||||||||||
Description | Gross Assets | Gross | Net Assets | Cash | Net Amount | |||||||||||||||
Amounts | Collateral | Presented | ||||||||||||||||||
Offset | Offset | |||||||||||||||||||
Non-trading commodity derivatives | $ | 11,564 | $ | (6,898 | ) | $ | 4,666 | $ | — | $ | 4,666 | |||||||||
Trading commodity derivatives | 3,949 | (544 | ) | 3,405 | — | 3,405 | ||||||||||||||
Total Current Derivative Assets | $ | 15,513 | $ | (7,442 | ) | $ | 8,071 | $ | — | $ | 8,071 | |||||||||
Non-trading commodity derivatives | $ | 100 | $ | (94 | ) | $ | 6 | $ | — | $ | 6 | |||||||||
Trading commodity derivatives | 14 | (14 | ) | — | — | — | ||||||||||||||
Total Non-current Derivative Assets | $ | 114 | $ | (108 | ) | $ | 6 | $ | — | $ | 6 | |||||||||
Total Derivative Assets | $ | 15,627 | $ | (7,550 | ) | $ | 8,077 | $ | — | $ | 8,077 | |||||||||
December 31, 2013 | ||||||||||||||||||||
Description | Gross | Gross | Net | Cash | Net Amount | |||||||||||||||
Liabilities | Amounts | Liabilities | Collateral | Presented | ||||||||||||||||
Offset | Offset | |||||||||||||||||||
Non-trading commodity derivatives | $ | (8,289 | ) | $ | 6,898 | $ | (1,391 | ) | $ | — | $ | (1,391 | ) | |||||||
Trading commodity derivatives | (986 | ) | 544 | (442 | ) | — | (442 | ) | ||||||||||||
Total Current Derivative Liabilities | $ | (9,275 | ) | $ | 7,442 | $ | (1,833 | ) | $ | — | $ | (1,833 | ) | |||||||
Non-trading commodity derivatives | $ | (120 | ) | $ | 94 | $ | (26 | ) | $ | — | $ | (26 | ) | |||||||
Trading commodity derivatives | (6 | ) | 14 | 8 | — | 8 | ||||||||||||||
Total Non-current Derivative Liabilities | $ | (126 | ) | $ | 108 | $ | (18 | ) | $ | — | $ | (18 | ) | |||||||
Total Derivative Liabilities | $ | (9,401 | ) | $ | 7,550 | $ | (1,851 | ) | $ | — | $ | (1,851 | ) | |||||||
Accumulated Other Comprehensive Income | ||||||||||||||||||||
The following table summarizes the effects on the Company’s accumulated OCI balance attributable to cash flow hedge derivative instruments for the periods indicated (in thousands): | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Accumulated OCI balance, beginning of period | $ | — | $ | 393 | $ | — | $ | (2,536 | ) | |||||||||||
Deferred gain (loss) on cash flow hedge derivative instruments | — | (591 | ) | — | 2,620 | |||||||||||||||
Reclassification of accumulated OCI net to income | — | 198 | — | (84 | ) | |||||||||||||||
Accumulated OCI balance, end of period | $ | — | $ | — | $ | — | $ | — | ||||||||||||
The amounts reclassified from accumulated OCI into income and any amounts recognized in income from the ineffective portion of cash flow hedges are recorded in retail cost of revenues. In June 2013, the Company elected to discontinue cash flow hedge accounting. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
From time to time, the Company may be involved in legal, tax, regulatory and other proceedings in the ordinary course of business. Management does not believe that we are a party to any litigation that will have a material impact on the Company’s combined financial condition or results of operations. |
Transactions_with_Affiliates
Transactions with Affiliates | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Transactions with Affiliates | ' |
Transactions with Affiliates | |
The Company enters into transactions with and pays certain costs on behalf of affiliates that are commonly controlled in order to reduce administrative expense, create economies of scale and supply goods and services to these related parties. The Company also sells and purchases natural gas and electricity with affiliates. The Company presents receivables and payables with the same affiliate on a net basis on the combined balance sheets as all affiliate activity is with parties under common control. | |
Accounts Receivable and Payable-Affiliates | |
The Company recorded current accounts receivable—affiliates of less than $0.1 million and $6.8 million as of June 30, 2014 and December 31, 2013, respectively, and current accounts payable-affiliates of $0.3 million as of June 30, 2014 for certain direct billings and cost allocations for services the Company provided to affiliates and sales or purchases of natural gas and electricity with affiliates. | |
Revenues and Cost of Revenues-Affiliates | |
Prior to Marlin’s initial public offering on July 31, 2013, the Company provided natural gas to Marlin, who is a processing service provider, whereby Marlin gathered natural gas from the Company and other third parties, extracted NGLs, and redelivered the processed natural gas to the Company and other third parties. Marlin replaced energy used in processing due to the extraction of liquids, compression and transportation of natural gas, and fuel by making a payment to the Company at market prices. Revenues-affiliates, recorded in net asset optimization revenues in the condensed combined statements of operations, related to Marlin’s payments to the Company for replaced energy for the three and six months ended June 30, 2013 was $1.3 million and $2.8 million, respectively. | |
Beginning on August 1, 2013, the Marlin processing agreement was terminated and the Company and another affiliate entered into an agreement whereby the Company purchased natural gas from the affiliate at the tailgate of the Marlin plant. Cost of revenues-affiliates, recorded in net asset optimization revenues in the condensed combined statements of operations for the three and six months ended June 30, 2014 related to this agreement were $9.8 million and $17.9 million, respectively. The Company also purchased natural gas at a nearby third party plant inlet which was then sold to the affiliate. Revenues-affiliates, recorded in net asset optimization revenues in the condensed combined statements of operations for the three and six months ended June 30, 2014 were related to these sales were $4.6 million and $7.1 million, respectively. | |
Additionally, the Company entered into a natural gas transportation agreement with Marlin, at Marlin’s pipeline, whereby the Company transports retail natural gas and pays the higher of (i) a minimum monthly payment or (ii) a transportation fee per MMBtu times actual volumes transported. The current transportation agreement was set to expire on February 28, 2013, but was extended for three additional years at a fixed rate per MMBtu without a minimum monthly payment. Included in the Company’s results are cost of revenues-affiliates, recorded in retail cost of revenues in the condensed combined statements of operations related to this activity is less than $0.1 million for both the three months ended June 30, 2014 and 2013 and less than $0.1 million for both the six months ended for June 30, 2014 and 2013. | |
The Company also purchases electricity for an affiliate and sells the electricity to the affiliate at the same market price that the Company paid to purchase the electricity. Sales of electricity to the affiliate were $0.7 million and $0.3 million for the three months ended June 30, 2014 and 2013, respectively, and $2.2 million and $0.5 million for the six months ended June 30, 2014 and 2013, respectively, which is recorded in retail revenues-affiliate in the condensed combined statements of operations. | |
Also included in the Company’s results are cost of revenues-affiliates related to derivative instruments, recorded in net asset optimization revenues in the condensed combined statements of operations, is a loss of $0.9 million and a gain of $0.5 million for the three months ended June 30, 2014 and 2013, respectively, and a loss of $0.7 million and a gain of $0.5 million for the six months ended June 30, 2014 and 2013, respectively. | |
Cost allocations | |
The Company paid certain expenses on behalf of affiliates, which are reimbursed by the affiliates to the Company, including costs that can be specifically identified and certain allocated overhead costs associated with general and administrative services, including executive management, facilities, banking arrangements, professional fees, insurance, information services, human resources and other support departments to the affiliates. Where costs incurred on behalf of the affiliate could not be determined by specific identification for direct billing, the costs were primarily allocated to the affiliated entities based on percentage of departmental usage, wages or headcount. The total amount direct billed and allocated to affiliates was $1.3 million and $1.9 million for the three months ended June 30, 2014 and 2013, respectively, and $3.3 million and $3.6 million for the six months ended June 30, 2014 and 2013, respectively, and is recorded as a reduction in general and administrative expenses in the condensed combined statements of operations. | |
The Company pays residual commissions to an affiliate for all customers enrolled by the affiliate who pay their monthly retail gas or retail electricity bill. Commission paid to the affiliate was less than $0.1 million for both the three months ended June 30, 2014 and 2013, and $0.1 million for both the six months ended June 30, 2014 and 2013, which is recorded in general and administrative expense in the condensed combined statements of operations. This agreement between SE, SEG and the affiliate was terminated in May 2014. | |
Member Distributions and Contributions | |
During the six months ended June 30, 2014 and 2013, the Company made net capital distributions to W. Keith Maxwell III of $43.5 million and $32.3 million, respectively. In contemplation of the Company’s initial public offering, the Company entered into an agreement with an affiliate in April 2014 to permanently forgive all net outstanding accounts receivable balances from the affiliate. As such, the accounts receivable balances from the affiliate have been eliminated and presented as a distribution to W. Keith Maxwell III for 2014 and 2013. |
Segment_Reporting
Segment Reporting | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||
Segment Reporting | ||||||||||||||||||||
The Company’s determination of reportable business segments considers the strategic operating units under which the Company makes financial decisions, allocates resources and assesses performance of its retail and asset optimization businesses. | ||||||||||||||||||||
The Company’s reportable business segments are retail natural gas and retail electricity. The retail natural gas segment consists of natural gas sales to, and natural gas transportation and distribution for, residential and commercial customers. Asset optimization activities, considered an integral part of securing the lowest price natural gas to serve retail gas load, are part of the retail natural gas segment. The Company recorded asset optimization revenues of $46.7 million and $179.6 million and asset optimization cost of revenues of $46.5 million and $177.8 million for the three and six months ended June 30, 2014, respectively, and recorded asset optimization revenues of $69.2 million and $160.5 million and asset optimization cost of revenues of $71.0 million and $163.4 million for the three and six months ended June 30, 2013, respectively, which are presented on a net basis in asset optimization revenues. The retail electricity segment consists of electricity sales and transmission to residential and commercial customers. Corporate and other consists of expenses and assets of the retail natural gas and retail electricity segments that are managed at a consolidated level such as general and administrative expenses. | ||||||||||||||||||||
To assess the performance of the Company’s operating segments, the chief operating decision maker analyzes retail gross margin. The Company defines retail gross margin as operating income plus (i) depreciation and amortization expenses and (ii) general and administrative expenses, less (i) net asset optimization revenues, (ii) net gains (losses) on derivative instruments, and (iii) net current period cash settlements on derivative instruments. The Company deducts net gains (losses) on derivative instruments, excluding current period cash settlements, from the retail gross margin calculation in order to remove the non-cash impact of net gains and losses on derivative instruments. | ||||||||||||||||||||
Retail gross margin is a primary performance measure used by our management to determine the performance of our retail natural gas and electricity business by removing the impacts of our asset optimization activities and net non-cash income (loss) impact of our economic hedging activities. As an indicator of our retail energy business’ operating performance, retail gross margin should not be considered an alternative to, or more meaningful than, operating income, as determined in accordance with GAAP. Below is a reconciliation of retail gross margin to income before income tax expense. | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Reconciliation of Retail Gross Margin to Income before taxes | ||||||||||||||||||||
Income before income tax expense | $ | 333 | $ | (931 | ) | $ | 6,873 | $ | 13,694 | |||||||||||
Interest and other income | (1 | ) | (1 | ) | (71 | ) | (12 | ) | ||||||||||||
Interest expense | 222 | 286 | 535 | 670 | ||||||||||||||||
Operating Income | 554 | (646 | ) | 7,337 | 14,352 | |||||||||||||||
Depreciation and amortization | 3,252 | 4,284 | 6,211 | 9,314 | ||||||||||||||||
General and administrative | 9,747 | 9,437 | 17,860 | 18,712 | ||||||||||||||||
Less: | ||||||||||||||||||||
Net asset optimization revenue | 197 | (1,782 | ) | 1,821 | (2,939 | ) | ||||||||||||||
Net, Gains (losses) on derivative instruments | (4,438 | ) | (2,761 | ) | 7,010 | (2,187 | ) | |||||||||||||
Net, Cash settlements on derivative instruments | (97 | ) | 602 | (12,998 | ) | (1,304 | ) | |||||||||||||
Retail Gross Margin | $ | 17,891 | $ | 17,016 | $ | 35,575 | $ | 48,808 | ||||||||||||
The Company uses gross margin and net asset optimization revenues as the measure of profit or loss for its business segments. This measure represents the lowest level of information that is provided to the chief operating decision maker for our reportable segments. | ||||||||||||||||||||
Financial data for business segments are as follows (in thousands): | ||||||||||||||||||||
Three Months Ended June 30, 2014 | Retail | Retail | Corporate | Eliminations | Spark Retail | |||||||||||||||
Electricity | Natural Gas | and Other | ||||||||||||||||||
Total Revenues | $ | 42,771 | $ | 23,169 | $ | — | $ | — | $ | 65,940 | ||||||||||
Retail cost of revenues | 35,753 | 16,634 | — | — | 52,387 | |||||||||||||||
Less: | ||||||||||||||||||||
Net asset optimization revenues | — | 197 | — | — | 197 | |||||||||||||||
Gains (losses) on retail derivative instruments | (4,297 | ) | (141 | ) | — | — | (4,438 | ) | ||||||||||||
Current period settlements on non-trading derivatives | 542 | (639 | ) | — | — | (97 | ) | |||||||||||||
Retail gross margin | $ | 10,773 | $ | 7,118 | $ | — | $ | — | $ | 17,891 | ||||||||||
Total Assets | $ | 38,606 | $ | 79,570 | $ | 1,623 | $ | (33,341 | ) | $ | 86,458 | |||||||||
Three Months Ended June 30, 2013 | Retail | Retail | Corporate | Eliminations | Spark Retail | |||||||||||||||
Electricity | Natural Gas | and Other | ||||||||||||||||||
Total revenues | $ | 46,913 | $ | 18,568 | $ | — | $ | — | $ | 65,481 | ||||||||||
Retail cost of revenues | 37,516 | 14,890 | — | — | 52,406 | |||||||||||||||
Less: | ||||||||||||||||||||
Net asset optimization revenues | — | (1,782 | ) | — | — | (1,782 | ) | |||||||||||||
Gains (losses) on retail derivative instruments | (2,270 | ) | (491 | ) | — | — | (2,761 | ) | ||||||||||||
Current period settlements on non-trading derivatives | 823 | (221 | ) | — | — | 602 | ||||||||||||||
Retail gross margin | $ | 10,844 | $ | 6,172 | $ | — | $ | — | $ | 17,016 | ||||||||||
Total Assets | $ | 42,408 | $ | 83,182 | $ | 1,094 | $ | (25,733 | ) | $ | 100,951 | |||||||||
Six Months Ended June 30, 2014 | Retail | Retail | Corporate | Eliminations | Spark Retail | |||||||||||||||
Electricity | Natural Gas | and Other | ||||||||||||||||||
Total Revenues | $ | 86,219 | $ | 85,697 | $ | — | $ | — | $ | 171,916 | ||||||||||
Retail cost of revenues | 73,370 | 67,138 | — | — | 140,508 | |||||||||||||||
Less: | ||||||||||||||||||||
Net asset optimization revenues | — | 1,821 | — | — | 1,821 | |||||||||||||||
Gains (losses) on retail derivative instruments | 5,596 | 1,414 | — | — | 7,010 | |||||||||||||||
Current period settlements on non-trading derivatives | (10,496 | ) | (2,502 | ) | — | — | (12,998 | ) | ||||||||||||
Retail gross margin | $ | 17,749 | $ | 17,826 | $ | — | $ | — | $ | 35,575 | ||||||||||
Total Assets | $ | 38,606 | $ | 79,570 | $ | 1,623 | $ | (33,341 | ) | $ | 86,458 | |||||||||
Six Months Ended June 30, 2013 | Retail | Retail | Corporate | Eliminations | Spark Retail | |||||||||||||||
Electricity | Natural Gas | and Other | ||||||||||||||||||
Total Revenues | $ | 94,352 | $ | 70,425 | $ | — | $ | — | $ | 164,777 | ||||||||||
Retail cost of revenues | 71,973 | 50,426 | — | — | 122,399 | |||||||||||||||
Less: | ||||||||||||||||||||
Net asset optimization revenues | — | (2,939 | ) | — | — | (2,939 | ) | |||||||||||||
Gains (losses) on retail derivative instruments | 766 | (2,953 | ) | — | — | (2,187 | ) | |||||||||||||
Current period settlements on non-trading derivatives | (1,130 | ) | (174 | ) | — | — | (1,304 | ) | ||||||||||||
Retail gross margin | $ | 22,743 | $ | 26,065 | $ | — | $ | — | $ | 48,808 | ||||||||||
Total Assets | $ | 42,408 | $ | 83,182 | $ | 1,094 | $ | (25,733 | ) | $ | 100,951 | |||||||||
Significant Customers | ||||||||||||||||||||
For the three months ended June 30, 2014, we had four significant customers that individually accounted for more than 10% of the Company’s combined net asset optimization revenues. For the six months ended June 30, 2014, we had one significant customer that individually accounted for more than 10% of the Company’s combined net asset optimization revenues. | ||||||||||||||||||||
Significant Suppliers | ||||||||||||||||||||
For the three months ended June 30, 2014, we had three significant suppliers that individually accounted for more than 10% of the Company’s combined net asset optimization revenues cost of revenues. For the six months ended June 30, 2014, we had two significant suppliers that individually accounted for more than 10% of the Company’s combined net asset optimization revenues cost of revenues. | ||||||||||||||||||||
For the three and six months ended June 30, 2014 the Company had one significant supplier that individually accounted for more than 10% of the Company’s combined retail electricity retail cost of revenues. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On August 1, 2014, the Company closed the Offering of 3,000,000 shares of its Class A common stock. See Note 1. | |
Subsequent to June 30, 2014 and prior to the Offering, the Company made net capital distributions to W. Keith Maxwell III of $0.4 million. | |
In July 2014, prior to the Offering, we incurred short-term borrowings from one of the Company's affiliates in the amount of $5.5 million to fund certain of our operating expenses incurred in the ordinary course, which amounts have been permanently forgiven by the affiliate and recorded as a capital contribution in connection with the closing of the Offering. | |
The Borrowers repaid the Seventh Amended Credit Agreement in connection with the Offering. The Company and its subsidiaries have entered into a new $70.0 million Senior Credit Facility with an initial outstanding balance of $10 million in loans and $15 million in letters of credit. See further discussion in Note 1 and 4. | |
In connection with the Offering the Company adopted the Spark Energy, Inc. Long-Term Incentive Plan (the “LTIP”) for the employees, consultants and the directors of the Company and its affiliates who perform services for the Company. The purpose of the LTIP is to provide a means to attract and retain individuals to serve as directors, employees and consultants who provide services to the Company by affording such individuals a means to acquire and maintain ownership of awards, the value of which is tied to the performance of the Company's Class A common stock. In connection with the Offering, the Company granted restricted stock units to our non-employee directors and certain of our officers, employees and employees of certain of our affiliates who perform services for us. The initial restricted stock unit awards generally vest ratably over three or four years commencing on May 4, 2015 and will include tandem dividend equivalent rights which vest upon the same schedule as the underlying restricted stock unit. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying interim unaudited condensed combined financial statements (“interim statements”) of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the SEC. | |
The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the interim financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Effects on the business, financial condition and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revision become known. The information furnished herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the condensed combined financial statements. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of the results which may be expected for the full year or for any interim period. | |
The accompanying interim unaudited condensed combined financial statements have been prepared in accordance with Regulation S-X, Article 3, General Instructions as to Financial Statements and Staff Accounting Bulletin (“SAB”) Topic 1-B, Allocations of Expenses and Related Disclosures in Financial Statements of Subsidiaries, Divisions or Lesser Business Components of Another Entity on a stand-alone basis and are derived from SE’s and SEG’s historical basis in the assets and liabilities, and include all revenues, costs, assets and liabilities attributable to the retail natural gas and asset optimization and retail electricity businesses of SE and SEG for the periods presented that are specifically identifiable or have been allocated to the Company. Management has made certain assumptions and estimates in order to allocate a reasonable share of expenses to the Company, such that the Company’s combined financial statements reflect substantially all of its costs of doing business. The Company also enters into transactions with and pays certain costs on behalf of affiliates under common control in order to reduce risk, create strategic alliances and supply goods and services to these related parties. The Company direct bills certain expenses incurred on behalf of affiliates or allocates certain overhead expenses to affiliates associated with general and administrative services based on services provided, departmental usage, or headcount, which are considered reasonable by management. The allocations and related estimates and assumptions are described more fully in Note 8 “Transactions with Affiliates”. These costs are not necessarily indicative of the cost that the Company would have incurred had it operated as an independent stand-alone entity. Affiliates have also relied upon Spark Energy Ventures as a participant in the credit facility for the periods presented as described more fully in Note 4 “Long-Term Debt”. As such, the Company’s interim unaudited condensed combined financial statements do not fully reflect what the Company’s financial position, results of operations and cash flows would have been had the Company operated as an independent stand-alone company during the periods presented. As a result, historical financial information is not necessarily indicative of what the Company’s results of operations, financial position and cash flows will be in the future. | |
Net Income per Share | ' |
Net Income per Share | |
The Company has omitted earnings per share because the Company operated under a sole member equity structure for the periods presented, which is different than the capital structure resulting from the consummation of the Offering and, as a result, the per share data would not be meaningful to investors. | |
Transactions with Affiliates | ' |
Transactions with Affiliates | |
The Company enters into transactions with and incurs certain costs on behalf of affiliates that are commonly controlled by NuDevco Retail Holdings in order to reduce administrative expense, create economies of scale and supply goods and services to these related parties. These transactions include, but are not limited to, certain services to the affiliated companies associated with the Company’s debt facility, employee benefits provided through the Company’s benefit plans, insurance plans, leased office space, and administrative salaries for accounting, tax, legal, or technology services. As such, the accompanying combined financial statements include costs that have been incurred by the Company and then directly billed or allocated to affiliates and are recorded net in general and administrative expense on the combined statements of operations with a corresponding accounts receivable—affiliates recorded in the combined balance sheets. Additionally, the Company enters into transactions with certain affiliates for sales or purchases of natural gas and electricity, which are recorded in retail revenues, retail cost of revenues, and net asset optimization revenues in the combined statements of operations with a corresponding accounts receivable—affiliate or accounts payable—affiliate in the combined balance sheets. Please read Note 8 “Transactions with Affiliates” for further discussion. | |
Subsequent Events | ' |
Subsequent Events | |
Subsequent events have been evaluated through the date these financial statements are issued. Any material subsequent events that occurred prior to such date have been properly recognized or disclosed in the condensed combined financial statements. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Formation_and_Organization_Tab
Formation and Organization (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||
Schedule of Common Stock | ' | ||||||
At the consummation of the Offering, the amount of common stock is summarized in the table below: | |||||||
Shares of | |||||||
common stock | |||||||
Number | Percent | ||||||
Publicly held Class A common stock | 3,000,000 | 21.82 | % | ||||
Class B common stock held by NuDevco Retail Holdings, LLC and NuDevco Retail, LLC | 10,750,000 | 78.18 | % | ||||
Total | 13,750,000 | 100 | % | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Schedule of Property and Equipment | ' | |||||||||
Property and equipment consist of the following as of (in thousands): | ||||||||||
Estimated | 30-Jun-14 | 31-Dec-13 | ||||||||
useful | ||||||||||
lives (years) | ||||||||||
Information technology | 2 – 5 | $ | 23,933 | $ | 22,529 | |||||
Leasehold improvements | 2 – 5 | 4,568 | 4,568 | |||||||
Furniture and Fixtures | 2 – 5 | 998 | 998 | |||||||
Total | 29,499 | 28,095 | ||||||||
Accumulated depreciation | (25,189 | ) | (23,278 | ) | ||||||
Property and equipment—net | $ | 4,310 | $ | 4,817 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||
The following table presents assets and liabilities measured and recorded at fair value in the Company’s condensed combined balance sheets on a recurring basis by and their level within the fair value hierarchy as of (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
June 30, 2014 | ||||||||||||||||
Non-trading commodity derivative assets | $ | 172 | $ | 228 | $ | — | $ | 400 | ||||||||
Trading commodity derivative assets | (31 | ) | 685 | — | 654 | |||||||||||
Total commodity derivative assets | $ | 141 | $ | 913 | $ | — | $ | 1,054 | ||||||||
Non-trading commodity derivative liabilities | $ | — | $ | (2,775 | ) | $ | — | $ | (2,775 | ) | ||||||
Trading commodity derivative liabilities | — | (509 | ) | — | (509 | ) | ||||||||||
Total commodity derivative liabilities | $ | — | $ | (3,284 | ) | $ | — | $ | (3,284 | ) | ||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
December 31, 2013 | ||||||||||||||||
Non-trading commodity derivative assets | $ | — | $ | 4,672 | $ | — | $ | 4,672 | ||||||||
Trading commodity derivative assets | — | 3,405 | — | 3,405 | ||||||||||||
Total commodity derivative assets | $ | — | $ | 8,077 | $ | — | $ | 8,077 | ||||||||
Non-trading commodity derivative liabilities | $ | (563 | ) | $ | (854 | ) | $ | — | $ | (1,417 | ) | |||||
Trading commodity derivative liabilities | 147 | (581 | ) | — | (434 | ) | ||||||||||
Total commodity derivative liabilities | $ | (416 | ) | $ | (1,435 | ) | $ | — | $ | (1,851 | ) | |||||
Accounting_for_Derivative_Inst1
Accounting for Derivative Instruments (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Volumetric Underlying Derivative Transactions | ' | |||||||||||||||||||
The following table summarizes the net notional volume buy/(sell) of the Company’s open derivative financial instruments accounted for at fair value, broken out, by commodity as of: | ||||||||||||||||||||
Non-trading | ||||||||||||||||||||
Commodity | Notional | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||
Natural Gas | MMBtu | 6,841 | 3,513 | |||||||||||||||||
Natural Gas Basis | MMBtu | 3,108 | 373 | |||||||||||||||||
Electricity | MWh | 722 | 465 | |||||||||||||||||
Trading | ||||||||||||||||||||
Commodity | Notional | 30-Jun-14 | 31-Dec-13 | |||||||||||||||||
Natural Gas | MMBtu | 389 | 2,259 | |||||||||||||||||
Natural Gas Basis | MMBtu | 615 | 1,443 | |||||||||||||||||
Gains (Losses) on Derivative Instruments | ' | |||||||||||||||||||
Gains (losses) on derivative instruments, net and current period settlements on derivative instruments were as follows for the periods indicated (in thousands): | ||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Loss on non-trading derivatives—cash flow hedges, net (including ineffectiveness gain of $560 for the three months ended June 30, 2013) | $ | — | $ | 351 | ||||||||||||||||
Loss on non-trading derivatives, net (including gain (loss) on non-trading derivatives—affiliates, net of ($157) and $76 for the three months ended June 30, 2014 and 2013, respectively) | (4,438 | ) | (3,112 | ) | ||||||||||||||||
Gain (loss) on trading derivatives, net (including gain (loss) on trading derivatives—affiliates, net of ($866) and $449 for the three months ended June 30, 2014 and 2013, respectively) | 419 | (123 | ) | |||||||||||||||||
Loss on derivatives, net | $ | (4,019 | ) | $ | (2,884 | ) | ||||||||||||||
Current period settlements on non-trading derivatives—cash flow hedges | $ | — | $ | 209 | ||||||||||||||||
Current period settlements on non-trading derivatives | (97 | ) | 393 | |||||||||||||||||
Current period settlements on trading derivatives (including current period settlements on trading derivatives—affiliates, net of $866 and $540 for the three months ended June 30, 2014 and 2013, respectively) | 38 | 59 | ||||||||||||||||||
Total current period settlements on derivatives | $ | (59 | ) | $ | 661 | |||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Gain on non-trading derivatives—cash flow hedges, net (including ineffectiveness loss of $288 for the six months ended June 30, 2013) | $ | — | $ | (204 | ) | |||||||||||||||
Gain (Loss) on non-trading derivatives, net (including gain on non-trading derivatives—affiliates, net of $76 for the six months ended June 30, 2013) | 7,010 | (1,983 | ) | |||||||||||||||||
Gain (loss) on trading derivatives, net (including loss on trading derivatives—affiliates, net of $1,792 and $271 for the six months ended June 30, 2014 and 2013, respectively) | (5,570 | ) | 1,546 | |||||||||||||||||
Gain (Loss) on derivatives, net | $ | 1,440 | $ | (641 | ) | |||||||||||||||
Current period settlements on non-trading derivatives—cash flow hedges | $ | — | $ | (1,180 | ) | |||||||||||||||
Current period settlements on non-trading derivatives | (12,998 | ) | (124 | ) | ||||||||||||||||
Current period settlements on trading derivatives (including current period settlements on trading derivatives—affiliates, net of $1,693 and $540 for the six months ended June 30, 2014 and 2013, respectively) | 2,742 | 494 | ||||||||||||||||||
Total current period settlements on derivatives | $ | (10,256 | ) | $ | (810 | ) | ||||||||||||||
Offsetting Assets | ' | |||||||||||||||||||
The following tables summarize the fair value and offsetting amounts of the Company’s derivative instruments by counterparty and collateral received or paid as of (in thousands): | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Description | Gross Assets | Gross | Net Assets | Cash | Net Amount | |||||||||||||||
Amounts | Collateral | Presented | ||||||||||||||||||
Offset | Offset | |||||||||||||||||||
Non-trading commodity derivatives | $ | 3,740 | $ | (3,414 | ) | $ | 326 | $ | — | $ | 326 | |||||||||
Trading commodity derivatives | 1,235 | (581 | ) | 654 | — | 654 | ||||||||||||||
Total Current Derivative Assets | $ | 4,975 | $ | (3,995 | ) | $ | 980 | $ | — | $ | 980 | |||||||||
Non-trading commodity derivatives | $ | 128 | $ | (54 | ) | $ | 74 | $ | — | $ | 74 | |||||||||
Total Non-current Derivative Assets | $ | 128 | $ | (54 | ) | $ | 74 | $ | — | $ | 74 | |||||||||
Total Derivative Assets | $ | 5,103 | $ | (4,049 | ) | $ | 1,054 | $ | — | $ | 1,054 | |||||||||
December 31, 2013 | ||||||||||||||||||||
Description | Gross Assets | Gross | Net Assets | Cash | Net Amount | |||||||||||||||
Amounts | Collateral | Presented | ||||||||||||||||||
Offset | Offset | |||||||||||||||||||
Non-trading commodity derivatives | $ | 11,564 | $ | (6,898 | ) | $ | 4,666 | $ | — | $ | 4,666 | |||||||||
Trading commodity derivatives | 3,949 | (544 | ) | 3,405 | — | 3,405 | ||||||||||||||
Total Current Derivative Assets | $ | 15,513 | $ | (7,442 | ) | $ | 8,071 | $ | — | $ | 8,071 | |||||||||
Non-trading commodity derivatives | $ | 100 | $ | (94 | ) | $ | 6 | $ | — | $ | 6 | |||||||||
Trading commodity derivatives | 14 | (14 | ) | — | — | — | ||||||||||||||
Total Non-current Derivative Assets | $ | 114 | $ | (108 | ) | $ | 6 | $ | — | $ | 6 | |||||||||
Total Derivative Assets | $ | 15,627 | $ | (7,550 | ) | $ | 8,077 | $ | — | $ | 8,077 | |||||||||
Offsetting Liabilities | ' | |||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Description | Gross | Gross | Net | Cash | Net Amount | |||||||||||||||
Liabilities | Amounts | Liabilities | Collateral | Presented | ||||||||||||||||
Offset | Offset | |||||||||||||||||||
Non-trading commodity derivatives | $ | (6,545 | ) | $ | 3,414 | $ | (3,131 | ) | $ | 360 | $ | (2,771 | ) | |||||||
Trading commodity derivatives | (1,091 | ) | 581 | (510 | ) | — | (510 | ) | ||||||||||||
Total Current Derivative Liabilities | $ | (7,636 | ) | $ | 3,995 | $ | (3,641 | ) | $ | 360 | $ | (3,281 | ) | |||||||
Non-trading commodity derivatives | $ | (57 | ) | $ | 54 | $ | (3 | ) | $ | — | $ | (3 | ) | |||||||
Total Non-current Derivative Liabilities | $ | (57 | ) | $ | 54 | $ | (3 | ) | $ | — | $ | (3 | ) | |||||||
Total Derivative Liabilities | $ | (7,693 | ) | $ | 4,049 | $ | (3,644 | ) | $ | 360 | $ | (3,284 | ) | |||||||
December 31, 2013 | ||||||||||||||||||||
Description | Gross | Gross | Net | Cash | Net Amount | |||||||||||||||
Liabilities | Amounts | Liabilities | Collateral | Presented | ||||||||||||||||
Offset | Offset | |||||||||||||||||||
Non-trading commodity derivatives | $ | (8,289 | ) | $ | 6,898 | $ | (1,391 | ) | $ | — | $ | (1,391 | ) | |||||||
Trading commodity derivatives | (986 | ) | 544 | (442 | ) | — | (442 | ) | ||||||||||||
Total Current Derivative Liabilities | $ | (9,275 | ) | $ | 7,442 | $ | (1,833 | ) | $ | — | $ | (1,833 | ) | |||||||
Non-trading commodity derivatives | $ | (120 | ) | $ | 94 | $ | (26 | ) | $ | — | $ | (26 | ) | |||||||
Trading commodity derivatives | (6 | ) | 14 | 8 | — | 8 | ||||||||||||||
Total Non-current Derivative Liabilities | $ | (126 | ) | $ | 108 | $ | (18 | ) | $ | — | $ | (18 | ) | |||||||
Total Derivative Liabilities | $ | (9,401 | ) | $ | 7,550 | $ | (1,851 | ) | $ | — | $ | (1,851 | ) | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||
The following table summarizes the effects on the Company’s accumulated OCI balance attributable to cash flow hedge derivative instruments for the periods indicated (in thousands): | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Accumulated OCI balance, beginning of period | $ | — | $ | 393 | $ | — | $ | (2,536 | ) | |||||||||||
Deferred gain (loss) on cash flow hedge derivative instruments | — | (591 | ) | — | 2,620 | |||||||||||||||
Reclassification of accumulated OCI net to income | — | 198 | — | (84 | ) | |||||||||||||||
Accumulated OCI balance, end of period | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | |||||||||||||||||||
Below is a reconciliation of retail gross margin to income before income tax expense. | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Reconciliation of Retail Gross Margin to Income before taxes | ||||||||||||||||||||
Income before income tax expense | $ | 333 | $ | (931 | ) | $ | 6,873 | $ | 13,694 | |||||||||||
Interest and other income | (1 | ) | (1 | ) | (71 | ) | (12 | ) | ||||||||||||
Interest expense | 222 | 286 | 535 | 670 | ||||||||||||||||
Operating Income | 554 | (646 | ) | 7,337 | 14,352 | |||||||||||||||
Depreciation and amortization | 3,252 | 4,284 | 6,211 | 9,314 | ||||||||||||||||
General and administrative | 9,747 | 9,437 | 17,860 | 18,712 | ||||||||||||||||
Less: | ||||||||||||||||||||
Net asset optimization revenue | 197 | (1,782 | ) | 1,821 | (2,939 | ) | ||||||||||||||
Net, Gains (losses) on derivative instruments | (4,438 | ) | (2,761 | ) | 7,010 | (2,187 | ) | |||||||||||||
Net, Cash settlements on derivative instruments | (97 | ) | 602 | (12,998 | ) | (1,304 | ) | |||||||||||||
Retail Gross Margin | $ | 17,891 | $ | 17,016 | $ | 35,575 | $ | 48,808 | ||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||||||
Financial data for business segments are as follows (in thousands): | ||||||||||||||||||||
Three Months Ended June 30, 2014 | Retail | Retail | Corporate | Eliminations | Spark Retail | |||||||||||||||
Electricity | Natural Gas | and Other | ||||||||||||||||||
Total Revenues | $ | 42,771 | $ | 23,169 | $ | — | $ | — | $ | 65,940 | ||||||||||
Retail cost of revenues | 35,753 | 16,634 | — | — | 52,387 | |||||||||||||||
Less: | ||||||||||||||||||||
Net asset optimization revenues | — | 197 | — | — | 197 | |||||||||||||||
Gains (losses) on retail derivative instruments | (4,297 | ) | (141 | ) | — | — | (4,438 | ) | ||||||||||||
Current period settlements on non-trading derivatives | 542 | (639 | ) | — | — | (97 | ) | |||||||||||||
Retail gross margin | $ | 10,773 | $ | 7,118 | $ | — | $ | — | $ | 17,891 | ||||||||||
Total Assets | $ | 38,606 | $ | 79,570 | $ | 1,623 | $ | (33,341 | ) | $ | 86,458 | |||||||||
Three Months Ended June 30, 2013 | Retail | Retail | Corporate | Eliminations | Spark Retail | |||||||||||||||
Electricity | Natural Gas | and Other | ||||||||||||||||||
Total revenues | $ | 46,913 | $ | 18,568 | $ | — | $ | — | $ | 65,481 | ||||||||||
Retail cost of revenues | 37,516 | 14,890 | — | — | 52,406 | |||||||||||||||
Less: | ||||||||||||||||||||
Net asset optimization revenues | — | (1,782 | ) | — | — | (1,782 | ) | |||||||||||||
Gains (losses) on retail derivative instruments | (2,270 | ) | (491 | ) | — | — | (2,761 | ) | ||||||||||||
Current period settlements on non-trading derivatives | 823 | (221 | ) | — | — | 602 | ||||||||||||||
Retail gross margin | $ | 10,844 | $ | 6,172 | $ | — | $ | — | $ | 17,016 | ||||||||||
Total Assets | $ | 42,408 | $ | 83,182 | $ | 1,094 | $ | (25,733 | ) | $ | 100,951 | |||||||||
Six Months Ended June 30, 2014 | Retail | Retail | Corporate | Eliminations | Spark Retail | |||||||||||||||
Electricity | Natural Gas | and Other | ||||||||||||||||||
Total Revenues | $ | 86,219 | $ | 85,697 | $ | — | $ | — | $ | 171,916 | ||||||||||
Retail cost of revenues | 73,370 | 67,138 | — | — | 140,508 | |||||||||||||||
Less: | ||||||||||||||||||||
Net asset optimization revenues | — | 1,821 | — | — | 1,821 | |||||||||||||||
Gains (losses) on retail derivative instruments | 5,596 | 1,414 | — | — | 7,010 | |||||||||||||||
Current period settlements on non-trading derivatives | (10,496 | ) | (2,502 | ) | — | — | (12,998 | ) | ||||||||||||
Retail gross margin | $ | 17,749 | $ | 17,826 | $ | — | $ | — | $ | 35,575 | ||||||||||
Total Assets | $ | 38,606 | $ | 79,570 | $ | 1,623 | $ | (33,341 | ) | $ | 86,458 | |||||||||
Six Months Ended June 30, 2013 | Retail | Retail | Corporate | Eliminations | Spark Retail | |||||||||||||||
Electricity | Natural Gas | and Other | ||||||||||||||||||
Total Revenues | $ | 94,352 | $ | 70,425 | $ | — | $ | — | $ | 164,777 | ||||||||||
Retail cost of revenues | 71,973 | 50,426 | — | — | 122,399 | |||||||||||||||
Less: | ||||||||||||||||||||
Net asset optimization revenues | — | (2,939 | ) | — | — | (2,939 | ) | |||||||||||||
Gains (losses) on retail derivative instruments | 766 | (2,953 | ) | — | — | (2,187 | ) | |||||||||||||
Current period settlements on non-trading derivatives | (1,130 | ) | (174 | ) | — | — | (1,304 | ) | ||||||||||||
Retail gross margin | $ | 22,743 | $ | 26,065 | $ | — | $ | — | $ | 48,808 | ||||||||||
Total Assets | $ | 42,408 | $ | 83,182 | $ | 1,094 | $ | (25,733 | ) | $ | 100,951 | |||||||||
Formation_and_Organization_Det
Formation and Organization (Details) (USD $) | Dec. 17, 2012 | 30-May-08 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 |
Revolving Credit Facility | Revolving Credit Facility | 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 | Common Class A | Common Class A | Common Class A | Common Class A | Common Class A | Common Class A | Common Class A | Common Class B | Common Class B | Common Class B | Common Class B | Common Stock | Common Stock | Other Current Assets | |
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 | Spark Energy, Inc | Spark Energy, Inc | Affiliated Entity | NuDevco Retail | Spark Energy Venture | NuDevco Retail Holdings | NuDevco Retail Holdings | NuDevco Retail Holdings | NuDevco Retail Holdings | Spark HoldCo | Spark Energy, Inc | NuDevco Retail | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | IPO | IPO | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | |||||
Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Line of Credit | Spark Energy, Inc | Spark Energy, Inc | Spark HoldCo | NuDevco Retail Holdings | Spark HoldCo | Spark HoldCo | NuDevco Retail Holdings | Spark HoldCo | NuDevco Retail Holdings | Subsequent Event | Subsequent Event | NuDevco Retail | NuDevco Retail Holdings | ||||||||||||||||||
Base Rate Plus Margin | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Revolving Credit Facility | Spark Energy, Inc | |||||||||||||||||||||||||||||||
Eurodollar | Base Rate | Cost of Funds Rate | Eurodollar | Base Rate | Cost of Funds Rate | ||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of stock offered | ' | ' | ' | 21.82% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 21.82% | 77.18% | ' | 21.82% | 1.00% | ' | 21.82% | ' | ' | 21.82% | ' | ' | ' | 78.18% | ' | ' | ' | 100.00% | ' |
Common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | 3,000,000 | ' | 10,750,000 | ' | 137,500 | 10,612,500 | 13,750,000 | ' | ' |
Common stock, par value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | $0 | ' | ' | ' | ' | ' |
Common stock, price per share (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18 | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from the Offering | ' | ' | $46,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of promissory note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred offering costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 |
Line of credit facility, maximum borrowing capacity | 30,000,000 | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, contingent maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, outstanding | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 29,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | 2.75% | 1.75% | 2.25% | ' | 3.00% | 2.00% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated rate on variable interest | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, used capacity fee, percentage | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax receivable agreement, net cash savings | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax receivable agreement, deferral period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax receivable agreement, coverage percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax receivable agreement, target dividends (usd per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in affiliate transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares to be issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,778 | 2,997,222 | ' | ' | ' | ' | ' | 137,500 | 10,612,500 | ' | ' | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Information technology | Information technology | Information technology | Information technology | Leasehold improvements | Leasehold improvements | Leasehold improvements | Leasehold improvements | Furniture and Fixtures | Furniture and Fixtures | Furniture and Fixtures | Furniture and Fixtures | ||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, gross | $29,499 | $28,095 | $23,933 | $22,529 | ' | ' | $4,568 | $4,568 | ' | ' | $998 | $998 | ' | ' |
Accumulated depreciation | -25,189 | -23,278 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipmentbnet | $4,310 | $4,817 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives (years) | ' | ' | ' | ' | '2 years | '5 years | ' | ' | '2 years | '5 years | ' | ' | '2 years | '5 years |
Property_and_Equipment_Narrati
Property and Equipment - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Information technology | Information technology | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' |
Assets not yet placed into service | ' | ' | ' | ' | $2.70 | $1.30 |
Depreciation | $1 | $1.50 | $1.90 | $3.10 | ' | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 17, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | Dec. 17, 2012 | Jan. 24, 2011 | 30-May-08 | Aug. 01, 2014 | Jul. 31, 2013 | Dec. 17, 2012 | Jul. 31, 2013 | Dec. 17, 2012 | Jul. 31, 2013 | Dec. 17, 2012 | Jul. 31, 2013 | Dec. 17, 2012 | Jul. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2014 | Dec. 17, 2012 | Jan. 24, 2011 | 30-May-08 | Dec. 17, 2012 | 30-May-08 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | |
Other Current Assets | Other Current Assets | Other Noncurrent Assets | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Working Capital Facility | Letters Of Credit Outstanding More Than Two Business Days | Term Loan | Term Loan | Term Loan | Revolving Credit Facility | Revolving Credit Facility | NuDevco Retail Holdings | 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 | Line of Credit | ||||||
Subsequent Event | Eurodollar | Eurodollar | Eurodollar | Eurodollar | Base Rate | Base Rate | Base Rate | Base Rate | Cost of Funds Rate | Cost of Funds Rate | Base Rate | Spark HoldCo | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Senior Secured Revolving Credit Facility | ||||||||||||||||||||||||
Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Maximum | Subsequent Event | Subsequent Event | Minimum | Maximum | Eurodollar | Eurodollar | Base Rate | Base Rate | Cost of Funds Rate | Cost of Funds Rate | Revolving Credit Facility | ||||||||||||||||||||||||||
Subsequent Event | Subsequent Event | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Subsequent Event | ||||||||||||||||||||||||||||||||||||||
Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | |||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $80,000,000 | $70,000,000 | $150,000,000 | $177,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $125,000,000 | $130,000,000 | $100,000,000 | $30,000,000 | $35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $70,000,000 |
Working capital facility outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,000,000 | ' | 41,000,000 | ' | 27,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit issued and outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,700,000 | ' | 9,700,000 | ' | 10,000,000 | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees on letters of credit issued and outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 200,000 | 200,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | 3.25% | 3.75% | 2.00% | 2.00% | 2.25% | 2.75% | 2.50% | 2.75% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | 3.00% | 1.75% | 2.00% | 2.25% | 2.50% | ' |
Nonutilization fee | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, less than | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' | ' | ' | ' | ' | ' |
Commitment fee amount, less than | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs | ' | ' | ' | ' | 500,000 | 400,000 | 400,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred financing costs | 100,000 | 100,000 | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in affiliate transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | $1,054 | ' |
Derivative liabilities | -3,284 | ' |
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 141 | 0 |
Derivative liabilities | 0 | -416 |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 913 | 8,077 |
Derivative liabilities | -3,284 | -1,435 |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | 8,077 |
Derivative liabilities | ' | -1,851 |
Non-trading Commodity Contract | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 400 | ' |
Derivative liabilities | -2,775 | ' |
Non-trading Commodity Contract | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 172 | 0 |
Derivative liabilities | 0 | -563 |
Non-trading Commodity Contract | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 228 | 4,672 |
Derivative liabilities | -2,775 | -854 |
Non-trading Commodity Contract | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Non-trading Commodity Contract | Total | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | 4,672 |
Derivative liabilities | ' | -1,417 |
Trading Commodity Contract | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 654 | ' |
Derivative liabilities | -509 | ' |
Trading Commodity Contract | Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | -31 | 0 |
Derivative liabilities | 0 | 147 |
Trading Commodity Contract | Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 685 | 3,405 |
Derivative liabilities | -509 | -581 |
Trading Commodity Contract | Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Trading Commodity Contract | Total | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | ' | 3,405 |
Derivative liabilities | ' | ($434) |
Accounting_for_Derivative_Inst2
Accounting for Derivative Instruments - Narrative (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative asset, fair value of collateral | $0.40 |
Accounting_for_Derivative_Inst3
Accounting for Derivative Instruments - Volumetric Underlying Derivative Transactions (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
MMBTU | MMBTU | |
Not Designated as Hedging Instrument | Natural Gas | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net notional volume | 6,841,000 | 3,513,000 |
Not Designated as Hedging Instrument | Natural Gas Basis | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net notional volume | 3,108,000 | 373,000 |
Not Designated as Hedging Instrument | Electricity | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net notional volume | 722,000 | 465,000 |
Designated as Hedging Instrument | Natural Gas | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net notional volume | 389,000 | 2,259,000 |
Designated as Hedging Instrument | Natural Gas Basis | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Net notional volume | 615,000 | 1,443,000 |
Accounting_for_Derivative_Inst4
Accounting for Derivative Instruments - Gains (Losses) on Derivative Instruments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Current period settlements on derivatives | ' | ' | ($10,256) | ($810) |
Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivatives, net | -4,019 | -2,884 | 1,440 | -641 |
Current period settlements on derivatives | -59 | 661 | -10,256 | -810 |
Not Designated as Hedging Instrument | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivatives, net | -4,438 | -3,112 | 7,010 | -1,983 |
Current period settlements on derivatives | -97 | 393 | -12,998 | -124 |
Not Designated as Hedging Instrument | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivatives, net | 0 | 351 | 0 | -204 |
Current period settlements on derivatives | 0 | 209 | 0 | -1,180 |
Gain on cash flow hedge ineffectiveness | ' | 560 | ' | ' |
Loss on cash flow hedge ineffectiveness | ' | ' | ' | 288 |
Not Designated as Hedging Instrument | Affiliated Entity | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivatives, net | -157 | 76 | ' | 76 |
Designated as Hedging Instrument | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivatives, net | 419 | -123 | -5,570 | 1,546 |
Current period settlements on derivatives | 38 | 59 | 2,742 | 494 |
Designated as Hedging Instrument | Affiliated Entity | Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivatives, net | -866 | 449 | 1,792 | 271 |
Current period settlements on derivatives | $866 | $540 | $1,693 | $540 |
Accounting_for_Derivative_Inst5
Accounting for Derivative Instruments - Offsetting Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commodity Contract | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Assets | $5,103 | $15,627 |
Gross Amounts Offset | -4,049 | -7,550 |
Net Assets | 1,054 | 8,077 |
Cash Collateral Offset | 0 | 0 |
Net Amount Presented | 1,054 | 8,077 |
Commodity Contract, Current | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Assets | 4,975 | 15,513 |
Gross Amounts Offset | -3,995 | -7,442 |
Net Assets | 980 | 8,071 |
Cash Collateral Offset | 0 | 0 |
Net Amount Presented | 980 | 8,071 |
Non-trading Commodity Contract, Current | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Assets | 3,740 | 11,564 |
Gross Amounts Offset | -3,414 | -6,898 |
Net Assets | 326 | 4,666 |
Cash Collateral Offset | 0 | 0 |
Net Amount Presented | 326 | 4,666 |
Trading Commodity Contract, Current | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Assets | 1,235 | 3,949 |
Gross Amounts Offset | -581 | -544 |
Net Assets | 654 | 3,405 |
Cash Collateral Offset | 0 | 0 |
Net Amount Presented | 654 | 3,405 |
Commodity Contract, Noncurrent | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Assets | 128 | 114 |
Gross Amounts Offset | -54 | -108 |
Net Assets | 74 | 6 |
Cash Collateral Offset | 0 | 0 |
Net Amount Presented | 74 | 6 |
Non-trading Commodity Contract, Noncurrent | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Assets | 128 | 100 |
Gross Amounts Offset | -54 | -94 |
Net Assets | 74 | 6 |
Cash Collateral Offset | 0 | 0 |
Net Amount Presented | 74 | 6 |
Trading Commodity Contract, Noncurrent | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Assets | ' | 14 |
Gross Amounts Offset | ' | -14 |
Net Assets | ' | 0 |
Cash Collateral Offset | ' | 0 |
Net Amount Presented | ' | $0 |
Accounting_for_Derivative_Inst6
Accounting for Derivative Instruments - Offsetting Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commodity Contract | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Liabilities | ($7,693) | ($9,401) |
Gross Amounts Offset | 4,049 | 7,550 |
Net Liabilities | -3,644 | -1,851 |
Cash Collateral Offset | 360 | 0 |
Net Amount Presented | -3,284 | -1,851 |
Commodity Contract, Current | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Liabilities | -7,636 | -9,275 |
Gross Amounts Offset | 3,995 | 7,442 |
Net Liabilities | -3,641 | -1,833 |
Cash Collateral Offset | 360 | 0 |
Net Amount Presented | -3,281 | -1,833 |
Non-trading Commodity Contract, Current | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Liabilities | -6,545 | -8,289 |
Gross Amounts Offset | 3,414 | 6,898 |
Net Liabilities | -3,131 | -1,391 |
Cash Collateral Offset | 360 | 0 |
Net Amount Presented | -2,771 | -1,391 |
Trading Commodity Contract, Current | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Liabilities | -1,091 | -986 |
Gross Amounts Offset | 581 | 544 |
Net Liabilities | -510 | -442 |
Cash Collateral Offset | 0 | 0 |
Net Amount Presented | -510 | -442 |
Commodity Contract, Noncurrent | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Liabilities | -57 | -126 |
Gross Amounts Offset | 54 | 108 |
Net Liabilities | -3 | -18 |
Cash Collateral Offset | 0 | 0 |
Net Amount Presented | -3 | -18 |
Non-trading Commodity Contract, Noncurrent | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Liabilities | -57 | -120 |
Gross Amounts Offset | 54 | 94 |
Net Liabilities | -3 | -26 |
Cash Collateral Offset | 0 | 0 |
Net Amount Presented | -3 | -26 |
Trading Commodity Contract, Noncurrent | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross Liabilities | ' | -6 |
Gross Amounts Offset | ' | 14 |
Net Liabilities | ' | 8 |
Cash Collateral Offset | ' | 0 |
Net Amount Presented | ' | $8 |
Accounting_for_Derivative_Inst7
Accounting for Derivative Instruments - Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' |
Accumulated OCI balance, beginning of period | $0 | $393 | $0 | ($2,536) |
Deferred gain (loss) on cash flow hedge derivative instruments | 0 | -591 | 0 | 2,620 |
Reclassification of accumulated OCI net to income | 0 | -198 | 0 | 84 |
Accumulated OCI balance, end of period | $0 | $0 | $0 | $0 |
Transactions_with_Affiliates_D
Transactions with Affiliates (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Affiliated Entity | Majority Shareholder | Majority Shareholder | |||||
Marlin Processing Agreement | Marlin Processing Agreement | Purchased Natural Gas From Affiliate | Purchased Natural Gas From Affiliate | Purchased Natural Gas Sold To Affiliate | Purchased Natural Gas Sold To Affiliate | Marlin Transportation Agreement | Marlin Transportation Agreement | Marlin Transportation Agreement | Marlin Transportation Agreement | Electricity Sales To Affiliate | Electricity Sales To Affiliate | Electricity Sales To Affiliate | Electricity Sales To Affiliate | Affiliate Derivative Instruments | Affiliate Derivative Instruments | Affiliate Derivative Instruments | Affiliate Derivative Instruments | Allocated Overhead Costs | Allocated Overhead Costs | Allocated Overhead Costs | Allocated Overhead Costs | Residual Commissions | Residual Commissions | Residual Commissions | Residual Commissions | |||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable-affiliates | ' | ' | ' | ' | $100,000 | $6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable-affiliates | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Optimization Revenues - Affiliates | 197,000 | -1,782,000 | 1,821,000 | -2,939,000 | ' | ' | 1,300,000 | 2,800,000 | ' | ' | 4,600,000 | 7,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of revenues-affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 9,800,000 | 17,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | -500,000 | 700,000 | -500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Additional Years Extended | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retail cost of revenues | 52,387,000 | 52,406,000 | 140,508,000 | 122,399,000 | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retail Revenues - Affiliates | 65,743,000 | 67,263,000 | 170,095,000 | 167,716,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 300,000 | 2,200,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General and administrative | -9,747,000 | -9,437,000 | -17,860,000 | -18,712,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | 1,900,000 | 3,300,000 | 3,600,000 | -100,000 | -100,000 | -100,000 | -100,000 | ' | ' |
Net capital distributions | ' | ' | $43,506,000 | $32,333,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $43,500,000 | $32,300,000 |
Segment_Reporting_Narrative_De
Segment Reporting - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Asset optimization revenue | $46.70 | $69.20 | $179.60 | $160.50 |
Asset optimization cost of revenues | $46.50 | $71 | $177.80 | $163.40 |
Retail Natural Gas | Customer | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of significant suppliers | 3 | ' | 2 | ' |
Retail Natural Gas | Customer | Sales Revenue | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of significant customers | 4 | ' | 1 | ' |
Retail Electricity | Customer | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of significant customers | ' | ' | 3 | ' |
Number of significant suppliers | 1 | ' | ' | ' |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Income (loss) before income tax expense | $333 | ($931) | $6,873 | $13,694 |
Interest and other income | -1 | -1 | -71 | -12 |
Interest expense | 222 | 286 | 535 | 670 |
Operating income | 554 | -646 | 7,337 | 14,352 |
Depreciation and amortization | 3,252 | 4,284 | 6,211 | 9,314 |
General and administrative | 9,747 | 9,437 | 17,860 | 18,712 |
Optimization Revenues - Affiliates | 197 | -1,782 | 1,821 | -2,939 |
Net, Gains (losses) on derivative instruments | -4,438 | -2,761 | 7,010 | -2,187 |
Net, Cash settlements on derivative instruments | -97 | 602 | -12,998 | -1,304 |
Retail Gross Margin | $17,891 | $17,016 | $35,575 | $48,808 |
Segment_Reporting_Financial_Da
Segment Reporting - Financial Data (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total Revenues | $65,940 | $65,481 | $171,916 | $164,777 | ' |
Retail cost of revenues | 52,387 | 52,406 | 140,508 | 122,399 | ' |
Optimization Revenues - Affiliates | 197 | -1,782 | 1,821 | -2,939 | ' |
Gains (losses) on retail derivative instruments | -4,438 | -2,761 | 7,010 | -2,187 | ' |
Current period settlements on derivatives | -97 | 602 | -12,998 | -1,304 | ' |
Retail gross margin | 17,891 | 17,016 | 35,575 | 48,808 | ' |
Total Assets | 86,458 | 100,951 | 86,458 | 100,951 | 109,073 |
Operating Segments | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Gains (losses) on retail derivative instruments | ' | ' | ' | ' | ' |
Operating Segments | Retail Electricity | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total Revenues | 42,771 | 46,913 | 86,219 | 94,352 | ' |
Retail cost of revenues | 35,753 | 37,516 | 73,370 | 71,973 | ' |
Optimization Revenues - Affiliates | 0 | 0 | 0 | 0 | ' |
Gains (losses) on retail derivative instruments | -4,297 | -2,270 | 5,596 | 766 | ' |
Current period settlements on derivatives | 542 | 823 | -10,496 | -1,130 | ' |
Retail gross margin | 10,773 | 10,844 | 17,749 | 22,743 | ' |
Total Assets | 38,606 | 42,408 | 38,606 | 42,408 | ' |
Operating Segments | Retail Natural Gas | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total Revenues | 23,169 | 18,568 | 85,697 | 70,425 | ' |
Retail cost of revenues | 16,634 | 14,890 | 67,138 | 50,426 | ' |
Optimization Revenues - Affiliates | 197 | -1,782 | 1,821 | -2,939 | ' |
Gains (losses) on retail derivative instruments | -141 | -491 | 1,414 | -2,953 | ' |
Current period settlements on derivatives | -639 | -221 | -2,502 | -174 | ' |
Retail gross margin | 7,118 | 6,172 | 17,826 | 26,065 | ' |
Total Assets | 79,570 | 83,182 | 79,570 | 83,182 | ' |
Corporate, Non-Segment | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total Revenues | 0 | 0 | 0 | 0 | ' |
Retail cost of revenues | 0 | 0 | 0 | 0 | ' |
Optimization Revenues - Affiliates | 0 | 0 | 0 | 0 | ' |
Gains (losses) on retail derivative instruments | 0 | 0 | 0 | 0 | ' |
Current period settlements on derivatives | 0 | 0 | 0 | 0 | ' |
Retail gross margin | 0 | 0 | 0 | 0 | ' |
Total Assets | 1,623 | 1,094 | 1,623 | 1,094 | ' |
Eliminations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total Revenues | 0 | 0 | 0 | 0 | ' |
Retail cost of revenues | 0 | 0 | 0 | 0 | ' |
Optimization Revenues - Affiliates | 0 | 0 | 0 | 0 | ' |
Gains (losses) on retail derivative instruments | 0 | 0 | 0 | 0 | ' |
Current period settlements on derivatives | 0 | 0 | 0 | 0 | ' |
Retail gross margin | 0 | 0 | 0 | 0 | ' |
Total Assets | ($33,341) | ($25,733) | ($33,341) | ($25,733) | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 6 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 17, 2012 | 30-May-08 | Jun. 30, 2014 | Jun. 30, 2013 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Jul. 27, 2014 | Jul. 28, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | |
Revolving Credit Facility | Revolving Credit Facility | Majority Shareholder | Majority Shareholder | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Line of Credit | ||||
Long-Term Incentive Plan | Long-Term Incentive Plan | Loans Outstanding | Letter of Credit | Majority Shareholder | Affiliated Entity | Common Class A | Common Class A | Senior Secured Revolving Credit Facility | ||||||||
Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | affiliate | IPO | Subsequent Event | ||||||||||||
Minimum | Maximum | Revolving Credit Facility | ||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 3,000,000 | ' |
Net capital distributions | $43,506,000 | $32,333,000 | ' | ' | ' | $43,500,000 | $32,300,000 | ' | ' | ' | ' | $400,000 | ' | ' | ' | ' |
Number of affiliates from which we incurred short-term borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Accounts payable-affiliates | 261,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | 30,000,000 | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 |
Line of credit facility, fair value of amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | $15,000,000 | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | '3 years | '4 years | ' | ' | ' | ' | ' | ' | ' |