Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 24, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CRK | ||
Entity Registrant Name | COMSTOCK RESOURCES INC | ||
Entity Central Index Key | 23194 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $1.30 | ||
Entity Common Stock, Shares Outstanding | 47,626,557 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and Cash Equivalents | $2,071 | $2,967 |
Accounts Receivable: | ||
Oil and gas sales | 32,849 | 35,728 |
Joint interest operations | 16,192 | 15,534 |
Other Current Assets | 10,105 | 2,905 |
Total current assets | 61,217 | 57,134 |
Property and Equipment: | ||
Unevaluated oil and gas properties | 201,459 | 134,350 |
Oil and gas properties, successful efforts method | 4,282,088 | 3,781,313 |
Other | 19,630 | 18,373 |
Accumulated depreciation, depletion and amortization | -2,305,008 | -1,867,301 |
Net property and equipment | 2,198,169 | 2,066,735 |
Other Assets | 14,951 | 15,529 |
Total Assets | 2,274,337 | 2,139,398 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts Payable | 117,329 | 101,872 |
Income Taxes Payable | 1,826 | |
Accrued Expenses | 44,842 | 91,297 |
Total current liabilities | 162,171 | 194,995 |
Long-term Debt | 1,070,445 | 798,700 |
Deferred Income Taxes Payable | 154,547 | 177,026 |
Reserve for Future Abandonment Costs | 14,900 | 14,534 |
Other Non-Current Liabilities | 2,002 | 2,138 |
Total liabilities | 1,404,065 | 1,187,393 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Common stock—$0.50 par, 75,000,000 shares authorized, 47,680,516 and 46,858,415 shares issued and outstanding at December 31, 2013 and 2014, respectively | 23,429 | 23,840 |
Additional paid-in capital | 480,434 | 480,816 |
Retained earnings | 366,409 | 447,349 |
Total stockholders’ equity | 870,272 | 952,005 |
Total liabilities and stockholders' equity | $2,274,337 | $2,139,398 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $0.50 | $0.50 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 46,858,415 | 47,680,516 |
Common stock, shares outstanding | 46,858,415 | 47,680,516 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Oil sales | $389,770 | $231,837 | $181,163 |
Natural gas sales | 165,461 | 188,453 | 203,651 |
Total oil and gas sales | 555,231 | 420,290 | 384,814 |
Gain on sale of oil and gas properties | 24,271 | ||
Total revenues | 555,231 | 420,290 | 409,085 |
Operating expenses: | |||
Production taxes | 23,797 | 14,524 | 11,727 |
Gathering and transportation | 12,897 | 17,245 | 26,265 |
Lease operating | 60,283 | 52,844 | 51,248 |
Exploration | 19,403 | 33,423 | 61,449 |
Depreciation, depletion and amortization | 378,275 | 337,134 | 343,858 |
General and administrative, net | 32,379 | 34,767 | 33,798 |
Impairment of oil and gas properties | 60,268 | 652 | 25,368 |
Loss on sale of oil and gas properties | 2,033 | ||
Total operating expenses | 587,302 | 492,622 | 553,713 |
Operating loss | -32,071 | -72,332 | -144,628 |
Other income (expenses): | |||
Gain on sale of marketable securities | 7,877 | 26,621 | |
Gain (loss) from derivative financial instruments | 8,175 | -8,388 | 21,256 |
Loss on early extinguishment of debt | -17,854 | ||
Other income | 727 | 1,059 | 944 |
Interest expense | -58,631 | -73,242 | -57,906 |
Total other income (expenses) | -49,729 | -90,548 | -9,085 |
Loss from continuing operations before income taxes | -81,800 | -162,880 | -153,713 |
Benefit from income taxes | 24,689 | 56,157 | 50,634 |
Loss from continuing operations | -57,111 | -106,723 | -103,079 |
Income from discontinued operations, net of income taxes | 147,752 | 3,019 | |
Net income (loss) | ($57,111) | $41,029 | ($100,060) |
Net income (loss) per share: | |||
Loss from continuing operations, Basic | ($1.24) | ($2.22) | ($2.22) |
Income from discontinued operations, Basic | $3.07 | $0.06 | |
Net income (loss), Basic | ($1.24) | $0.85 | ($2.16) |
Loss from continuing operations, Diluted | ($1.24) | ($2.22) | ($2.22) |
Income from discontinued operations, Diluted | $3.07 | $0.06 | |
Net income (loss), Diluted | ($1.24) | $0.85 | ($2.16) |
Dividends per common share | $0.50 | $0.38 | |
Weighted average shares outstanding: | |||
Basic | 46,547 | 46,553 | 46,422 |
Diluted | 46,547 | 46,553 | 46,422 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | ($57,111) | $41,029 | ($100,060) |
Net change in fair value of derivative financial instruments, net of benefit from income taxes of $161 in 2012 | 0 | 0 | -298 |
Net change in fair value of marketable securities, net of benefit from income taxes of $8,487 and $2,380 in 2012 and 2013 | 0 | -4,418 | -15,760 |
Other comprehensive loss | 0 | -4,418 | -16,058 |
Comprehensive income (loss) | ($57,111) | $36,611 | ($116,118) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ||
Unrealized hedging gains, income tax benefit | $161 | |
Net change in fair value of marketable securities, income tax benefit | $2,380 | $8,487 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2011 | $1,037,625 | $24,063 | $468,709 | $524,377 | $20,476 |
Beginning Balance, Shares at Dec. 31, 2011 | 48,125,000 | ||||
Stock-based compensation | 13,728 | 141 | 13,587 | ||
Stock-based compensation, Shares | 284,000 | ||||
Excess income taxes from stock-based compensation | -1,701 | -1,701 | |||
Net income (loss) | -100,060 | -100,060 | |||
Other comprehensive loss | -16,058 | -16,058 | |||
Ending Balance at Dec. 31, 2012 | 933,534 | 24,204 | 480,595 | 424,317 | 4,418 |
Ending Balance, Shares at Dec. 31, 2012 | 48,409,000 | ||||
Stock-based compensation | 12,785 | 7 | 12,778 | ||
Stock-based compensation, Shares | 14,000 | ||||
Tax withholdings related to stock grants | -1,680 | -55 | -1,625 | ||
Tax withholdings related to stock grants, Shares | -111,000 | ||||
Excess income taxes from stock-based compensation | -2,016 | -2,016 | |||
Repurchases of common stock | -9,232 | -316 | -8,916 | ||
Repurchases of common stock, Shares | -631,096 | -631,000 | |||
Net income (loss) | 41,029 | 41,029 | |||
Dividends paid | -17,997 | -17,997 | |||
Other comprehensive loss | -4,418 | -4,418 | |||
Ending Balance at Dec. 31, 2013 | 952,005 | 23,840 | 480,816 | 447,349 | |
Ending Balance, Shares at Dec. 31, 2013 | 47,681,000 | ||||
Stock-based compensation | 10,697 | 154 | 10,543 | ||
Stock-based compensation, Shares | 308,000 | ||||
Tax withholdings related to stock grants | -2,349 | -65 | -2,284 | ||
Tax withholdings related to stock grants, Shares | -131,000 | ||||
Excess income taxes from stock-based compensation | -1,055 | -1,055 | |||
Repurchases of common stock | -8,086 | -500 | -7,586 | ||
Repurchases of common stock, Shares | -1,000,000 | -1,000,000 | |||
Net income (loss) | -57,111 | -57,111 | |||
Dividends paid | -23,829 | -23,829 | |||
Other comprehensive loss | 0 | ||||
Ending Balance at Dec. 31, 2014 | $870,272 | $23,429 | $480,434 | $366,409 | |
Ending Balance, Shares at Dec. 31, 2014 | 46,858,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | ($57,111) | $41,029 | ($100,060) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Income from discontinued operations | -147,752 | -3,019 | |
Gain on sale of assets | -5,844 | -50,892 | |
Deferred income taxes | -24,677 | -56,291 | -50,472 |
Dry hole costs, leasehold impairments and other exploration costs | 19,003 | 32,984 | 61,300 |
Impairment of oil and gas properties | 60,268 | 652 | 25,368 |
Depreciation, depletion and amortization | 378,275 | 337,134 | 343,858 |
(Gain) loss on derivative financial instruments | -8,175 | 8,388 | -21,256 |
Cash settlements of derivative financial instruments | 9,145 | 2,293 | 9,766 |
Loss on early extinguishment of debt | 17,854 | ||
Amortization of debt discount, premium and issuance costs | 4,097 | 6,074 | 5,277 |
Stock-based compensation | 10,697 | 12,785 | 13,728 |
Excess income taxes from stock-based compensation | 1,055 | 2,016 | 1,701 |
Decrease (increase) in accounts receivable | 2,221 | -12,674 | 16,166 |
Decrease (increase) in other current assets | -7,366 | 3,459 | -972 |
Increase (decrease) in accounts payable and accrued expenses | 13,552 | 26,887 | -30,772 |
Net cash provided by continuing operations | 400,984 | 268,994 | 219,721 |
Net cash provided by (used for) discontinued operations | -7,715 | 42,508 | |
Net cash provided by operating activities | 400,984 | 261,279 | 262,229 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | -634,787 | -422,244 | -385,034 |
Proceeds from sales of oil and gas properties | 174 | 141,936 | |
Proceeds from sales of marketable securities | 13,392 | 37,705 | |
Investing activities of continuing operations | -634,787 | -408,678 | -205,393 |
Cash flow from investing activities of discontinued operations: | |||
Capital expenditures | -101,037 | -203,077 | |
Proceeds from sale of oil and gas properties | 823,072 | 24,750 | |
Investing activities of discontinued operations | 722,035 | -178,327 | |
Net cash provided by (used for) investing activities | -634,787 | 313,357 | -383,720 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Borrowings | 370,750 | 305,000 | 515,912 |
Principal payments on debt | -100,000 | -835,000 | -390,000 |
Costs related to early extinguishment of debt | -12,471 | ||
Debt issuance costs | -2,524 | -2,744 | -6,709 |
Tax withholding related to stock grants | -2,349 | -1,680 | |
Repurchases of common stock | -8,086 | -9,232 | |
Excess income taxes from stock-based compensation | -1,055 | -2,016 | -1,701 |
Dividends paid | -23,829 | -17,997 | |
Net cash provided by (used for) financing activities | 232,907 | -576,140 | 117,502 |
Net decrease in cash and cash equivalents | -896 | -1,504 | -3,989 |
Cash and cash equivalents, beginning of the year | 2,967 | 4,471 | 8,460 |
Cash and cash equivalents, end of the year | $2,071 | $2,967 | $4,471 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||||||||
(1) Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||||||||
Accounting policies used by Comstock Resources, Inc. and subsidiaries reflect oil and natural gas industry practices and conform to accounting principles generally accepted in the United States of America. | |||||||||||||||||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | |||||||||||||||||||||||||||||||||||||
Comstock Resources, Inc. and its subsidiaries are engaged in oil and natural gas exploration, development and production, and the acquisition of producing oil and natural gas properties. The Company's operations are primarily focused in Texas, Louisiana and Mississippi. The consolidated financial statements include the accounts of Comstock Resources, Inc. and its wholly owned or controlled subsidiaries (collectively, "Comstock" or the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation. The Company accounts for its undivided interest in oil and gas properties using the proportionate consolidation method, whereby its share of assets, liabilities, revenues and expenses are included in its financial statements. | |||||||||||||||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||||||||||||||
Certain reclassifications have been made to prior periods' financial statements consisting primarily of reclassifications to change certain presentations of our derivative financial instruments. | |||||||||||||||||||||||||||||||||||||
Use of Estimates in the Preparation of Financial Statements | |||||||||||||||||||||||||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the future results of operations. | |||||||||||||||||||||||||||||||||||||
Discontinued West Texas Operations | |||||||||||||||||||||||||||||||||||||
In May 2013, the Company sold its oil and gas properties in the Delaware Basin located in Reeves County in West Texas which it acquired in December 2011 and certain other undeveloped leases in West Texas (the "West Texas Properties") to a third party. The Company received proceeds of $823.1 million and realized a gain of $230.0 million which is reflected as a component of income from discontinued operations in 2013. As a result of this divestiture, the consolidated financial statements and the related notes thereto present the results of the Company's West Texas Properties as discontinued operations. No general and administrative cost incurred by Comstock was allocated to discontinued operations during the periods presented. Unless indicated otherwise, the amounts presented in the accompanying notes to the consolidated financial statements relate to the Company's continuing operations. | |||||||||||||||||||||||||||||||||||||
Income from discontinued operations is comprised of the following: | |||||||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||||||||||||||
Revenues: | (In thousands) | ||||||||||||||||||||||||||||||||||||
Oil and gas sales | $ | 47,109 | $ | 25,125 | |||||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||
Production taxes | 2,294 | 1,120 | |||||||||||||||||||||||||||||||||||
Gathering and transportation | 1,047 | 501 | |||||||||||||||||||||||||||||||||||
Lease operating | 9,372 | 9,853 | |||||||||||||||||||||||||||||||||||
Depletion, depreciation and amortization | 21,428 | 8,649 | |||||||||||||||||||||||||||||||||||
Interest expense(1) | 6,669 | 6,346 | |||||||||||||||||||||||||||||||||||
Total costs and expenses | 40,810 | 26,469 | |||||||||||||||||||||||||||||||||||
— | 230,008 | ||||||||||||||||||||||||||||||||||||
Gain on sale | |||||||||||||||||||||||||||||||||||||
Income from discontinued operations before income taxes | 6,299 | 228,664 | |||||||||||||||||||||||||||||||||||
Income tax expense: | |||||||||||||||||||||||||||||||||||||
Current | — | (2,218 | ) | ||||||||||||||||||||||||||||||||||
Deferred | (3,280 | ) | (78,694 | ) | |||||||||||||||||||||||||||||||||
Total income tax expense | (3,280 | ) | (80,912 | ) | |||||||||||||||||||||||||||||||||
Net income from discontinued operations | $ | 3,019 | $ | 147,752 | |||||||||||||||||||||||||||||||||
____________ | |||||||||||||||||||||||||||||||||||||
-1 | Interest expense was allocated to discontinued operations based on the ratio of the net assets of discontinued operations to our consolidated net assets plus long-term debt. Interest expense is net of capitalized interest of $9,582 and $2,010 for the years ended December 31, 2012 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||
Concentration of Credit Risk and Accounts Receivable | |||||||||||||||||||||||||||||||||||||
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents, accounts receivable and derivative financial instruments. The Company places its cash with high credit quality financial institutions and its derivative financial instruments with financial institutions and other firms that management believes have high credit ratings. Substantially all of the Company's accounts receivable are due from either purchasers of oil and gas or participants in oil and gas wells for which the Company serves as the operator. Generally, operators of oil and gas wells have the right to offset future revenues against unpaid charges related to operated wells. Oil and gas sales are generally unsecured. The Company's policy is to assess the collectability of its receivables based upon their age, the credit quality of the purchaser or participant and the potential for revenue offset. The Company has not had any significant credit losses in the past and believes its accounts receivable are fully collectible. Accordingly, no allowance for doubtful accounts has been provided. | |||||||||||||||||||||||||||||||||||||
Marketable Securities | |||||||||||||||||||||||||||||||||||||
As of January 1, 2013, the Company owned 600,000 shares of Stone Energy Corporation ("Stone") common stock which was reflected in the consolidated balance sheets as marketable securities. During the year ended December 31, 2013 all of these shares were sold. The Company utilized the specific identification method to determine the cost of any securities sold. During 2012 and 2013, the Company sold 1,206,000 and 600,000 shares of Stone common stock for proceeds of $37.7 million and $13.4 million, respectively. Comstock realized gains before income taxes of $26.6 million and $7.9 million on these sales during 2012 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||
Other Current Assets | |||||||||||||||||||||||||||||||||||||
Other current assets at December 31, 2013 and 2014 consist of the following: | |||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Derivative settlements receivable | $ | 139 | $ | 7,890 | |||||||||||||||||||||||||||||||||
Pipe and oil field equipment inventory | 1,388 | 1,379 | |||||||||||||||||||||||||||||||||||
Derivative financial instruments | 970 | — | |||||||||||||||||||||||||||||||||||
Drilling advances | — | 311 | |||||||||||||||||||||||||||||||||||
Prepaid expenses | 350 | 487 | |||||||||||||||||||||||||||||||||||
Other | 58 | 38 | |||||||||||||||||||||||||||||||||||
$ | 2,905 | $ | 10,105 | ||||||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||||||||
Certain accounts within the Company's consolidated balance sheets are required to be measured at fair value on a recurring basis. These include cash equivalents held in bank accounts and derivative financial instruments in the form of oil price swap agreements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements: | |||||||||||||||||||||||||||||||||||||
Level 1 – Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date. | |||||||||||||||||||||||||||||||||||||
Level 2 – Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. | |||||||||||||||||||||||||||||||||||||
Level 3 – Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions. | |||||||||||||||||||||||||||||||||||||
The Company's cash equivalents valuation is based on a Level 1 measurement. The Company's oil price swap agreements were not traded on a public exchange, and their value was determined utilizing a discounted cash flow model based on inputs that were readily available in public markets and, accordingly, the valuation of these swap agreements was categorized as a Level 2 measurement. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014, the Company's financial assets accounted for at fair value were comprised of cash held in bank accounts of $2.1 million, a Level 1 measurement. The Company had no derivative financial instruments outstanding at December 31, 2014. At December 31, 2013, the Company had oil price swap agreements covering 1,985,000 barrels of oil to be produced in 2014 with a fair value of $970,000, a Level 2 measurement. | |||||||||||||||||||||||||||||||||||||
The following table presents the carrying amounts and estimated fair value of the Company's long-term debt as of December 31, 2013 and 2014: | |||||||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Fixed rate debt | $ | 588,700 | $ | 650,250 | $ | 695,445 | $ | 453,000 | |||||||||||||||||||||||||||||
Floating rate debt | $ | 210,000 | $ | 210,000 | $ | 375,000 | $ | 375,000 | |||||||||||||||||||||||||||||
The fair market value of the Company's fixed rate debt was based on quoted prices as of December 31, 2013 and 2014, a Level 2 measurement. The fair value of the floating rate debt outstanding at December 31, 2013 and 2014 approximated its carrying value, a Level 2 measurement. | |||||||||||||||||||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||||||||||||||||||
The Company follows the successful efforts method of accounting for its oil and gas properties. Costs incurred to acquire oil and gas leasehold are capitalized. Acquisition costs for proved oil and gas properties, costs of drilling and equipping productive wells, and costs of unsuccessful development wells are capitalized and amortized on an equivalent unit-of-production basis over the life of the remaining related oil and gas reserves. Equivalent units are determined by converting oil to natural gas at the ratio of one barrel of oil for six thousand cubic feet of natural gas. This conversion ratio is not based on the price of oil or natural gas, and there may be a significant difference in price between an equivalent volume of oil versus natural gas. Amortization is calculated at the field level. The estimated future costs of dismantlement, restoration, plugging and abandonment of oil and gas properties and related facilities disposal are capitalized when asset retirement obligations are incurred and amortized as part of depreciation, depletion and amortization expense. The costs of unproved properties which are determined to be productive are transferred to proved oil and gas properties and amortized on an equivalent unit-of-production basis. Exploratory expenses, including geological and geophysical expenses and delay rentals for unevaluated oil and gas properties, are charged to expense as incurred. Unproved oil and gas properties are periodically assessed for impairment on a property by property basis, and any impairment in value is charged to exploration expense. During 2012, 2013 and 2014, impairment charges of $61.3 million, $33.0 million and $0.5 million, respectively, were recognized in exploration expense related to certain leases that the Company no longer expects to drill on. Exploratory drilling costs are initially capitalized as unproved property but charged to expense if and when the well is determined not to have found commercial quantities of proved oil and gas reserves. Exploratory drilling costs are evaluated within a one-year period after the completion of drilling. | |||||||||||||||||||||||||||||||||||||
The Company periodically assesses the need for an impairment of the costs capitalized for its oil and gas properties on a property or cost center basis. If impairment is indicated based on undiscounted expected future cash flows attributable to the property, then a provision for impairment is recognized to the extent that net capitalized costs exceed the estimated fair value of the property. The fair value is based upon estimated discounted future cash flows which are derived from Level 3 inputs. Expected future cash flows are determined using estimated future prices based on market based forward prices applied to projected future production volumes. Costs are also projected to escalate at a rate that is based upon the Company's historical experience. The projected production volumes are based on the property's proved and risk adjusted probable oil and natural gas reserve estimates at the end of the period. The oil and natural gas prices used for determining asset impairments will generally differ from those used in the standardized measure of discounted future net cash flows because the standardized measure requires the use of an average price based on the first day of each month of the preceding year and is limited to proved reserves. The Company recognized impairment charges related to its oil and gas properties of $25.4 million, $0.7 million and $60.3 million in 2012, 2013, and 2014, respectively. The properties subject to impairment were mainly older, conventional oil and natural gas properties with declining production and limited potential for future investments which had a fair value of $18.0 million, a Level 3 measurement. | |||||||||||||||||||||||||||||||||||||
Other property and equipment consists primarily of gas gathering systems, computer equipment, furniture and fixtures and an airplane which are depreciated over estimated useful lives ranging from three to 31½ years on a straight-line basis. | |||||||||||||||||||||||||||||||||||||
Other Assets | |||||||||||||||||||||||||||||||||||||
Other assets primarily consist of deferred costs associated with issuance of the Company's senior notes and bank credit facility. These costs are amortized over the life of the senior notes and the life of the bank credit facility on a straight-line basis which approximates the amortization that would be calculated using an effective interest rate method. | |||||||||||||||||||||||||||||||||||||
Accrued Expenses | |||||||||||||||||||||||||||||||||||||
Accrued expenses at December 31, 2013 and 2014 consist of the following: | |||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Accrued oil and gas property acquisition costs | $ | 40,128 | $ | — | |||||||||||||||||||||||||||||||||
Accrued drilling costs | 34,914 | 26,269 | |||||||||||||||||||||||||||||||||||
Accrued interest payable | 7,051 | 9,011 | |||||||||||||||||||||||||||||||||||
Accrued rig termination fees | — | 2,600 | |||||||||||||||||||||||||||||||||||
Other | 9,204 | 6,962 | |||||||||||||||||||||||||||||||||||
$ | 91,297 | $ | 44,842 | ||||||||||||||||||||||||||||||||||
Reserve for Future Abandonment Costs | |||||||||||||||||||||||||||||||||||||
The Company's asset retirement obligations relate to future plugging and abandonment costs of its oil and gas properties and related facilities disposal. The Company records a liability in the period in which an asset retirement obligation is incurred, in an amount equal to the estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final retirement cost. Accretion of the discount is included as part of depreciation, depletion and amortization in the accompanying consolidated statements of operations. | |||||||||||||||||||||||||||||||||||||
The following table summarizes the changes in the Company's total estimated liability: | |||||||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Reserve for Future Abandonment Costs at beginning of the year | $ | 16,387 | $ | 14,534 | |||||||||||||||||||||||||||||||||
New wells placed on production | 1,083 | 1,480 | |||||||||||||||||||||||||||||||||||
Changes in estimates | (3,324 | ) | (1,796 | ) | |||||||||||||||||||||||||||||||||
Liabilities settled and assets disposed of | (558 | ) | (153 | ) | |||||||||||||||||||||||||||||||||
Accretion expense | 946 | 835 | |||||||||||||||||||||||||||||||||||
Reserve for Future Abandonment Costs at end of the year | $ | 14,534 | $ | 14,900 | |||||||||||||||||||||||||||||||||
Stock-based Compensation | |||||||||||||||||||||||||||||||||||||
The Company has stock-based employee compensation plans under which stock awards, comprised of restricted stock, stock options and performance share units, are issued to employees and non-employee directors. The Company follows the fair value based method in accounting for equity-based compensation. Under the fair value based method, compensation cost is measured at the grant date based on the fair value of the award and is recognized on a straight-line basis over the award vesting period. Excess tax benefits on stock-based compensation are recognized as an adjustment to additional paid-in capital and as a part of cash flows from financing activities. | |||||||||||||||||||||||||||||||||||||
Segment Reporting | |||||||||||||||||||||||||||||||||||||
The Company presently operates in one business segment, the exploration and production of oil and natural gas. | |||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging Activities | |||||||||||||||||||||||||||||||||||||
The Company accounts for derivative financial instruments (including certain derivative instruments embedded in other contracts) as either an asset or liability measured at its fair value. Changes in the fair value of derivatives are recognized currently in earnings unless specific hedge accounting criteria are met. The Company estimates fair value based on a discounted cash flow model. The fair value of derivative contracts that expire in less than one year are recognized as current assets or liabilities. Those that expire in more than one year are recognized as long-term assets or liabilities. If the derivative is designated as a cash flow hedge, changes in fair value are recognized in other comprehensive income until the hedged item is recognized in earnings. The Company had no derivative financial instruments outstanding as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||
Major Purchasers | |||||||||||||||||||||||||||||||||||||
In 2014, the Company had two purchasers of its oil and natural gas production that accounted for 53% and 35% of total oil and gas sales. In 2013, the Company had two purchasers of its oil and natural gas production that accounted for 51% and 36% of total oil and gas sales. In 2012, the Company had two purchasers of its oil and natural gas production that accounted for 42% and 27% of total oil and gas sales. The loss of any of these customers would not have a material adverse effect on the Company as there is an available market for its oil and natural gas production from other purchasers. | |||||||||||||||||||||||||||||||||||||
Revenue Recognition and Gas Balancing | |||||||||||||||||||||||||||||||||||||
Comstock utilizes the sales method of accounting for oil and natural gas revenues whereby revenues are recognized at the time of delivery based on the amount of oil or natural gas sold to purchasers. Revenue is typically recorded in the month of production based on an estimate of the Company's share of volumes produced and prices realized. The amount of oil or natural gas sold may differ from the amount to which the Company is entitled based on its revenue interests in the properties. The Company did not have any significant imbalance positions at December 31, 2013 or 2014. Sales of oil and natural gas generally occur at the wellhead. When sales of oil and gas occur at locations other than the wellhead, the Company accounts for costs incurred to transport the production to the delivery point as operating expenses. | |||||||||||||||||||||||||||||||||||||
General and Administrative Expenses | |||||||||||||||||||||||||||||||||||||
General and administrative expenses are reported net of reimbursements of overhead costs that are received from working interest owners of the oil and gas properties operated by the Company of $11.5 million, $11.9 million and $13.2 million in 2012, 2013 and 2014, respectively. | |||||||||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||||||
The Company accounts for income taxes using the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis, as well as the future tax consequences attributable to the future utilization of existing tax net operating loss and other types of carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that the change in rate is enacted. | |||||||||||||||||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||||||||||||||
Basic earnings per share is determined without the effect of any outstanding potentially dilutive stock options and diluted earnings per share is determined with the effect of outstanding stock options that are potentially dilutive. Unvested share-based payment awards containing nonforfeitable rights to dividends are considered to be participatory securities and included in the computation of basic and diluted earnings per share pursuant to the two-class method. Performance share units ("PSUs") represent the right to receive a number of shares of the Company's common stock that may range from zero to up to three times the number of PSUs granted on the award date based on the achievement of certain performance measures during a performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, which would be issuable at the end of the respective period, assuming that date was the end of the contingency period. The treasury stock method is used to measure the dilutive effect of PSUs. | |||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share for 2012, 2013 and 2014 were determined as follows: | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | Loss | Shares | Per Share | |||||||||||||||||||||||||||||
(Loss) | (Loss) | ||||||||||||||||||||||||||||||||||||
(In thousands except per share data) | |||||||||||||||||||||||||||||||||||||
Net Loss From Continuing Operations | $ | (103,079 | ) | $ | (106,723 | ) | $ | (57,111 | ) | ||||||||||||||||||||||||||||
Loss (Income) Allocable to Unvested Stock Grants | — | 3,424 | (595 | ) | |||||||||||||||||||||||||||||||||
Basic Net Loss From Continuing Operations Attributable to Common Stock | $ | (103,079 | ) | 46,422 | $ | (2.22 | ) | $ | (103,299 | ) | 46,553 | $ | (2.22 | ) | $ | (57,706 | ) | 46,547 | $ | (1.24 | ) | ||||||||||||||||
Diluted Net Loss From Continuing Operations Attributable to Common Stock | $ | (103,079 | ) | 46,422 | $ | (2.22 | ) | $ | (103,299 | ) | 46,553 | $ | (2.22 | ) | $ | (57,706 | ) | 46,547 | $ | (1.24 | ) | ||||||||||||||||
Net Income From Discontinued Operations | $ | 3,019 | $ | 147,752 | |||||||||||||||||||||||||||||||||
Income Allocable to Unvested Stock Grants | — | (4,742 | ) | ||||||||||||||||||||||||||||||||||
Basic Net Income From Discontinued Operations Attributable to Common | $ | 3,019 | 46,422 | $ | 0.06 | $ | 143,010 | 46,553 | $ | 3.07 | |||||||||||||||||||||||||||
Stock | |||||||||||||||||||||||||||||||||||||
Diluted Net Income From Discontinued Operations Attributable to Common | $ | 3,019 | 46,422 | $ | 0.06 | $ | 143,010 | 46,553 | $ | 3.07 | |||||||||||||||||||||||||||
Stock | |||||||||||||||||||||||||||||||||||||
Basic and diluted per share amounts are the same for each of the years ended December 31, 2012, 2013, and 2014 due to the net loss from continuing operations reported during each of those years. | |||||||||||||||||||||||||||||||||||||
At December 31, 2012, 2013 and 2014, 1,960,835, 1,515,889 and 1,207,527 shares of unvested restricted stock, respectively, are included in common stock outstanding as such shares have a nonforfeitable right to participate in any dividends that might be declared and have the right to vote. Weighted average shares of unvested restricted stock included in common stock outstanding were as follows: | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Unvested restricted stock | 1,737 | 1,544 | 1,190 | ||||||||||||||||||||||||||||||||||
All stock options and PSUs were anti-dilutive to earnings and excluded from weighted average shares used in the computation of earnings per share due to the net loss from continuing operations in each period. | |||||||||||||||||||||||||||||||||||||
Options to purchase common stock and PSUs that were outstanding and that were excluded as anti-dilutive from determination of diluted earnings per share were as follows: | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
(In thousands except per share data) | |||||||||||||||||||||||||||||||||||||
Weighted average anti-dilutive stock options | 168 | 130 | 115 | ||||||||||||||||||||||||||||||||||
Weighted average exercise price | $ | 37.81 | $ | 32.9 | $ | 32.9 | |||||||||||||||||||||||||||||||
Weighted average performance share units | — | 75 | 323 | ||||||||||||||||||||||||||||||||||
Weighted average grant date fair value per unit | $ | — | $ | 20.92 | $ | 19.88 | |||||||||||||||||||||||||||||||
Supplementary Information With Respect to the Consolidated Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||
For the purpose of the consolidated statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||||||||||||||||||||||||||||||||||||
Cash payments made for interest and income taxes for the years ended December 31, 2012, 2013 and 2014, respectively, were as follows: | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Cash Payments: | |||||||||||||||||||||||||||||||||||||
Interest payments | $ | 79,001 | $ | 83,560 | $ | 62,812 | |||||||||||||||||||||||||||||||
Income tax payments (refunds) | $ | (58 | ) | $ | 769 | $ | 682 | ||||||||||||||||||||||||||||||
The Company capitalizes interest on its unevaluated oil and gas property costs during periods when it is conducting exploration activity on this acreage. The Company capitalized interest of $20.9 million, $4.7 million and $10.2 million in 2012, 2013 and 2014, respectively, which reduced interest expense and increased the carrying value of its unevaluated oil and gas properties. | |||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) consists of the following: | |||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (100,060 | ) | $ | 41,029 | $ | (57,111 | ) | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||
Realized gains on marketable securities reclassified to | (17,303 | ) | (5,120 | ) | — | ||||||||||||||||||||||||||||||||
gain on sale of marketable securities, net of a benefit from income taxes of $9,318 and $2,757 in 2012 and 2013, respectively | |||||||||||||||||||||||||||||||||||||
Unrealized hedging gains, net of a benefit from income | (298 | ) | — | — | |||||||||||||||||||||||||||||||||
taxes of $161 in 2012 | |||||||||||||||||||||||||||||||||||||
Unrealized gains on marketable securities, net of a provision | 1,543 | 702 | — | ||||||||||||||||||||||||||||||||||
for income taxes of $831 and $377 in 2012 and 2013, respectively | |||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | (116,118 | ) | $ | 36,611 | $ | (57,111 | ) | |||||||||||||||||||||||||||||
The following table provides a summary of the amounts included in accumulated other comprehensive income, net of income taxes, for the years ended December 31, 2012 and 2013: | |||||||||||||||||||||||||||||||||||||
Oil | Marketable | Total | |||||||||||||||||||||||||||||||||||
Price Swap | Securities | Accumulated | |||||||||||||||||||||||||||||||||||
Agreements | Comprehensive | ||||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 298 | $ | 20,178 | $ | 20,476 | |||||||||||||||||||||||||||||||
Reclassification to earnings | (298 | ) | (17,303 | ) | (17,601 | ) | |||||||||||||||||||||||||||||||
Changes in value | — | 1,543 | 1,543 | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | — | 4,418 | 4,418 | ||||||||||||||||||||||||||||||||||
Reclassification to earnings | — | (5,120 | ) | (5,120 | ) | ||||||||||||||||||||||||||||||||
Changes in value | — | 702 | 702 | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Recent accounting pronouncements | |||||||||||||||||||||||||||||||||||||
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance under existing generally accepted accounting principles. This new standard is based upon the principal that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted and entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements or decided upon the method of adoption. | |||||||||||||||||||||||||||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and sets rules for how this information should be disclosed in the financial statements. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early adoption is permitted. The Company does not expect adoption of ASU 2014-15 to have any impact on its consolidated financial condition or results of operations. |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions of Oil and Gas Properties | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions of Oil and Gas Properties | (2) Acquisitions and Dispositions of Oil and Gas Properties |
During 2013, the Company acquired oil and gas leases in Burleson County, Texas for $67.4 million and in Mississippi and Louisiana for $53.3 million. The Burleson County, Texas acquisition included one producing well and approximately 21,000 net acres which are prospective for oil in the Eagle Ford shale formation. During 2014, the Company acquired additional interests in certain leases in Burleson County, Texas for approximately $33.9 million. The acquisition included approximately 9,000 net undeveloped acres and an additional 30% working interest in one producing well. The Mississippi and Louisiana acquisition included approximately 51,000 net acres which are prospective for oil in the Tuscaloosa Marine shale formation. | |
During 2012, the Company completed the sale of certain oil and gas properties located in Tyler and Polk counties in South Texas and Lincoln Parish in North Louisiana. The Company received proceeds of $119.8 million and recognized a total gain of $26.0 million from these transactions. | |
On July 30, 2012, the Company entered into a participation agreement with Kohlberg Kravis Roberts & Co L.P. (together with its affiliates, "KKR") providing for the participation of KKR in Comstock's future development of certain of its Eagle Ford shale properties in South Texas. Under the terms of the participation agreement, KKR has the right to participate for one-third of Comstock's working interest in wells drilled on the Company's acreage comprising its Eagleville field in exchange for KKR paying $25,000 per acre for the net acreage being acquired and one-third of the wells costs. Each well that KKR participates in is intended to earn KKR approximately one-third of the Company’s working interest in approximately 80 acres. The agreement applies to wells spud by the Company on or subsequent to March 31, 2012. Comstock received $23.8 million from KKR to fund its participation in drilling activity before the closing on July 30, 2012. The Company received $8.7 million, $51.5 million and $28.7 million for acreage and facility costs for new wells drilled subsequent to the closing in 2012, 2013 and 2014, respectively. Formation costs of $1.7 million incurred in connection with this joint venture are reflected as a reduction to the gains on sales of oil and gas properties in the consolidated statements of operations. | |
In connection with acquisitions of producing oil and gas properties, the Company estimates the value of proved properties based on estimated future net cash flows and discounts them using a market-based rate that the Company determined appropriate at the acquisition date for the various proved reserve categories. Due to the unobservable nature of the inputs, the fair values of the proved oil and gas properties are considered Level 3 fair value measurements. |
Oil_and_Gas_Producing_Activiti
Oil and Gas Producing Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Oil And Gas Exploration And Production Industries Disclosures [Abstract] | |||||||||||||
Oil and Gas Producing Activities | (3) Oil and Gas Producing Activities | ||||||||||||
Set forth below is certain information regarding the aggregate capitalized costs of oil and gas properties and costs incurred by the Company for its oil and gas property acquisition, development and exploration activities: | |||||||||||||
Capitalized Costs | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Unproved properties | $ | 134,350 | $ | 201,459 | |||||||||
Proved properties: | |||||||||||||
Leasehold costs | 971,239 | 1,006,839 | |||||||||||
Wells and related equipment and facilities | 2,810,074 | 3,275,249 | |||||||||||
Accumulated depreciation depletion and amortization | (1,861,894 | ) | (2,298,450 | ) | |||||||||
$ | 2,053,769 | $ | 2,185,097 | ||||||||||
Costs Incurred | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
(In thousands) | |||||||||||||
Property Acquisitions: | |||||||||||||
Unproved property acquisitions | $ | 13,742 | $ | 130,113 | $ | 91,960 | |||||||
Proved property acquisitions | — | 6,471 | 2,400 | ||||||||||
Development costs | 331,254 | 341,970 | 440,848 | ||||||||||
Exploration costs | 5,522 | 439 | 52,080 | ||||||||||
$ | 350,518 | $ | 478,993 | $ | 587,288 | ||||||||
Longterm_Debt
Long-term Debt | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||
Long-term Debt | (4) Long-term Debt | ||||||||||||||||||||||||||||
Long-term debt is comprised of the following: | |||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Bank credit facility | $ | 210,000 | $ | 375,000 | |||||||||||||||||||||||||
73/4% senior notes due 2019 | 300,000 | 400,000 | |||||||||||||||||||||||||||
Premium related to 73/4% senior notes due 2019 | — | 4,984 | |||||||||||||||||||||||||||
91/2% senior notes due 2020 | 300,000 | 300,000 | |||||||||||||||||||||||||||
Discount related to 91/2% senior notes due 2020 | (11,300 | ) | (9,539 | ) | |||||||||||||||||||||||||
$ | 798,700 | $ | 1,070,445 | ||||||||||||||||||||||||||
The premium and discount on the senior notes are being amortized over the life of the senior notes using the effective interest rate method. | |||||||||||||||||||||||||||||
The following table summarizes Comstock's debt as of December 31, 2014 by year of maturity: | |||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Bank credit facility | $ | — | $ | — | $ | — | $ | 375,000 | $ | — | $ | — | $ | 375,000 | |||||||||||||||
73/4% senior notes | — | — | — | — | 404,984 | — | 404,984 | ||||||||||||||||||||||
91/2% senior notes | — | — | — | — | — | 290,461 | 290,461 | ||||||||||||||||||||||
$ | — | $ | — | $ | — | $ | 375,000 | $ | 404,984 | $ | 290,461 | $ | 1,070,445 | ||||||||||||||||
Comstock has a $1.0 billion bank credit facility with Bank of Montreal, as the administrative agent. The bank credit facility is a five year revolving credit commitment that matures on November 22, 2018. Indebtedness under the bank credit facility is secured by all of Comstock's assets and is guaranteed by all of its wholly owned subsidiaries. The credit facility is subject to borrowing base availability, which is redetermined semiannually based on the banks' estimates of the Company's future net cash flows of oil and natural gas properties. As of December 31, 2014, the borrowing base was $675.0 million, of which $300.0 million was available. The borrowing base may be affected by the performance of Comstock's properties and changes in oil and natural gas prices. Oil and natural gas prices used by the banks to redetermine the borrowing base in 2015 are expected to be lower than the prices used in 2014. The determination of the borrowing base is at the sole discretion of the administrative agent and the bank group. | |||||||||||||||||||||||||||||
Borrowings under the bank credit facility bear interest, based on the utilization of the borrowing base, at Comstock's option at either (1) LIBOR plus 1.5% to 2.5% or (2) the base rate (which is the higher of the administrative agent's prime rate, the federal funds rate plus 0.5% or 30 day LIBOR plus 1.0%) plus 0.5% to 1.5%. A commitment fee of 0.375% to 0.5%, based on the utilization of the borrowing base, is payable annually on the unused borrowing base. The bank credit facility contains covenants that, among other things, restrict the payment of cash dividends and repurchases of common stock in excess of $120.0 million per year, limit the amount of consolidated debt that Comstock may incur and limit the Company's ability to make certain loans and investments. The financial covenants under the bank credit facility consist of the maintenance of a leverage ratio which must be less than four to one and the maintenance of an interest coverage ratio which must not be less than 2.5 to one; provided, however, that the leverage ratio was recently amended such that during 2015 the maximum permitted leverage ratio is five to one. The Company was in compliance with these covenants as of December 31, 2014, and expects to remain in compliance during 2015. | |||||||||||||||||||||||||||||
Comstock has $400.0 million of 73/4% senior notes (the "2019 Notes") outstanding which are due on April 1, 2019 and bear interest which is payable semi-annually on each April 1 and October 1. In May 2014, the Company issued $100.0 million of the 2019 Notes in a public offering. Net proceeds from the issuance of the additional 2019 Notes of $103.3 million were used to pay down borrowings under the Company's bank credit facility. Comstock also has $300.0 million of 91/2% senior notes (the "2020 Notes") which are due on June 15, 2020 and bear interest which is payable semi-annually on each June 15 and December 15. The 2019 and 2020 Notes are unsecured obligations of Comstock and are guaranteed by all of Comstock's material subsidiaries. Such subsidiary guarantors are 100% owned and all of the guarantees are full and unconditional and joint and several obligations. As of December 31, 2014, Comstock had no material assets or operations which are independent of its subsidiaries. There are no restrictions on the ability of Comstock to obtain funds from its subsidiaries through dividends or loans. | |||||||||||||||||||||||||||||
At January 1, 2013, Comstock had $300.0 million in principal amount of 83/8% senior notes outstanding with a maturity date of October 15, 2017 (the "2017 Notes"). In June 2013, the Company repurchased $2.2 million in principal amount of the 2017 Notes at 103.3% of the par value and in September 2013, the Company called all of the remaining 2017 Notes at the call price of 104.2% of par value for redemption on October 15, 2013. The redemption amount of $310.2 million was funded with cash on hand of $210.2 million and borrowings under the Company's bank credit facility. As a result of this redemption, the Company realized a loss on early extinguishment of debt, before income taxes, of approximately $17.9 million comprised of the premium paid for the redemption, the costs incurred related to the redemption and the write-off of unamortized debt issuance costs, including original issuance discount. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | (5) Commitments and Contingencies | ||||
Commitments | |||||
The Company rents office space and other facilities under noncancelable operating leases. Rent expense for the years ended December 31, 2012, 2013 and 2014 was $1.4 million, $1.4 million and $1.5 million, respectively. Minimum future payments under the leases are as follows: | |||||
(In thousands) | |||||
2015 | 1,994 | ||||
2016 | 1,994 | ||||
2017 | 2,021 | ||||
2018 | 2,060 | ||||
2019 | 1,560 | ||||
Thereafter | 3,120 | ||||
$ | 12,749 | ||||
As of December 31, 2014, the Company had commitments for contracted drilling rigs of $15.3 million through November 2015. | |||||
The Company has entered into natural gas transportation and treating agreements through July 2019. Maximum commitments under these transportation agreements as of December 31, 2014 totaled $11.5 million. | |||||
Contingencies | |||||
From time to time, the Company is involved in certain litigation that arises in the normal course of its operations. The Company records a loss contingency for these matters when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company does not believe the resolution of these matters will have a material effect on the Company's financial position or results of operations and no material amounts are accrued relative to these matters at December 31, 2013 or 2014. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Stockholders' Equity | (6) Stockholders' Equity |
The authorized capital stock of Comstock consists of 75 million shares of common stock, $0.50 par value per share, and 5 million shares of preferred stock, $10.00 par value per share. The preferred stock may be issued in one or more series, and the terms and rights of such stock will be determined by the Board of Directors. There were no shares of preferred stock outstanding at December 31, 2013 or 2014. | |
The Company has declared and paid quarterly dividends beginning in May, 2013 through December, 2014. Dividends in the aggregate amount of $23.8 million and $18.0 million were paid during 2014 and 2013, respectively. In February, 2015 the Company announced that it has temporarily suspended the quarterly dividend. During 2013, the Board of Directors also approved an open market share repurchase plan which permits the Company to repurchase up to $100.0 million of its common stock on the open market. The Company made various open market purchases of 1,000,000 shares and 631,096 shares with an aggregate cost of $8.1 million and $9.2 million in 2014 and 2013, respectively. As of December 31, 2014, $82.7 million remains available for future purchases. |
Stockbased_Compensation
Stock-based Compensation | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||
Stock-based Compensation | (7) Stock-based Compensation | |||||||
The Company grants restricted shares of common stock, stock options and performance share units to key employees and directors as part of their compensation under the 2009 Long-term Incentive Plan. Future awards of stock options, restricted stock grants or other equity awards under the 2009 Long-term Incentive Plan are available with up to 1,239,151 shares of common stock. | ||||||||
During 2012, 2013 and 2014, the Company had $13.7 million, $12.8 million and $10.7 million, respectively, in stock-based compensation expense which is in general and administrative expenses. The excess income tax provisions from tax deductions associated with stock-based compensation recognized in additional paid in capital were $1.7 million, $2.0 million and $1.1 million for the years ended December 31, 2012, 2013 and 2014, respectively. | ||||||||
Stock Options | ||||||||
The Company amortizes the fair value of stock options granted over the vesting period using the straight-line method. | ||||||||
The Company has not issued any stock options since 2008. The following table summarizes information related to stock options outstanding at December 31, 2014: | ||||||||
Exercise | Weighted Average | Number of | ||||||
Price | Remaining Life | Options | ||||||
(in years) | Outstanding | |||||||
and Exercisable | ||||||||
$32.50 | 0.9 | 50,500 | ||||||
$33.22 | 1.9 | 64,650 | ||||||
115,150 | ||||||||
There were no changes in the number of stock options outstanding during 2014. There were no stock option exercises in 2012 or 2013. Forfeitures of options totaled 42,000 and 46,000 during the years ended December 31, 2012 and 2013, respectively. As of December 31, 2014, all compensation cost related to stock options had been recognized. Stock options outstanding at December 31, 2013 and 2014, which have a weighted average exercise price of $32.90 per share, had no intrinsic value based on the closing price for the Company's common stock at those dates. | ||||||||
Restricted Stock | ||||||||
The fair value of restricted stock grants is amortized over the vesting period, generally one to four years, using the straight-line method. Total compensation expense recognized for restricted stock grants was $13.5 million, $9.8 million and $7.3 million for the years ended December 31, 2012, 2013 and 2014, respectively. The fair value of each restricted share on the date of grant is equal to the fair market price of a share of the Company’s stock. | ||||||||
A summary of restricted stock activity for the year ended December 31, 2014 is presented below: | ||||||||
Number of | Weighted | |||||||
Restricted | Average | |||||||
Shares | Grant Price | |||||||
Outstanding at January 1, 2014 | 1,515,889 | $24.04 | ||||||
Granted | 235,524 | $20.24 | ||||||
Vested | (530,868 | ) | $31.85 | |||||
Forfeitures | (13,018 | ) | $19.11 | |||||
Outstanding at December 31, 2014 | 1,207,527 | $19.91 | ||||||
The per share weighted average fair value of restricted stock grants in 2012, 2013 and 2014 was $15.49, $16.44 and $20.24, respectively. Total unrecognized compensation cost related to unvested restricted stock of $6.8 million as of December 31, 2014 is expected to be recognized over a period of 0.9 years. The fair value of restricted stock which vested in 2012, 2013 and 2014 was $6.7 million, $7.0 million and $10.0 million, respectively. | ||||||||
Performance Share Units | ||||||||
The Company issues PSUs as part of its long-term equity incentive compensation. PSU awards can result in the issuance of common stock to the holder if certain performance criteria is met during a performance period. The performance periods consist of one year, two years and three years, respectively. The performance criteria for the PSUs are based on the Company's annualized total stockholder return ("TSR") for the performance period as compared with the TSR of certain peer companies for the performance period. The costs associated with PSUs are recognized as general and administrative expense over the performance periods of the awards. | ||||||||
The fair value of PSUs was measured at the grant date using a stochastic process method utilizing the Geometric Brownian Motion Model ("GBM Model"). A stochastic process is a mathematically defined equation that can create a series of outcomes over time. These outcomes are not deterministic in nature, which means that by iterating the equations multiple times, different results will be obtained for those iterations. In the case of the Company's PSUs, the Company cannot predict with certainty the path its stock price or the stock prices of its peers will take over the future performance periods. By using a stochastic simulation, the Company can create multiple prospective total return pathways, statistically analyze these simulations, and ultimately make inferences to the most likely path the total return will take. As such, because future stock returns are stochastic, or probabilistic with some direction in nature, the stochastic method, specifically the GBM Model, is deemed an appropriate method by which to determine the fair value of the PSUs. Significant assumptions used in this simulation include the Company's expected volatility and a risk-free interest rate based on U.S. Treasury yield curve rates with maturities consistent with the vesting periods, as well as the volatilities for each of the Company's peers. Assumptions regarding volatility included the historical volatility of each Company’s stock and the implied volatilities of publicly traded stock options. For the PSUs granted in 2012, the valuation inputs included a risk-free interest rate of 0.4% and a range of volatilities of 29% to 70%. For the PSUs granted in 2014, the valuation inputs included a risk free interest rate of 0.6% and a range of volatilities of 38% to 70%. | ||||||||
In 2012 the Company granted 254,133 PSUs with a grant date fair value of $5.4 million, or $21.14 per unit. In 2014 the Company granted 188,958 PSUs with a grant date fair value of $3.7 million, or $19.81 per unit. No PSUs were awarded in 2013. The fair value of PSUs is amortized over the vesting period of one to three years, using the straight-line method. Total compensation expense recognized for PSUs was $0.2 million, $3.0 million and $3.4 million for the years ended December 31, 2012, 2013 and 2014, respectively. | ||||||||
A summary of PSU activity for the year ended December 31, 2014 is presented below: | ||||||||
Number of | ||||||||
PSUs | Weighted | |||||||
Average | ||||||||
Grant Price | ||||||||
Outstanding at January 1, 2014 | 254,918 | $20.92 | ||||||
Awards granted and adjustments | 203,783 | $19.81 | ||||||
for dividend paid | ||||||||
Earned and issued | (85,629 | ) | $19.37 | |||||
Outstanding at December 31, 2014 | 373,072 | $19.88 | ||||||
The number of awards assumes a one multiplier. The final number of shares of common stock issued may vary depending upon the performance multiplier, and can result in the issuance of zero to 874,128 shares of common stock based on the achieved performance ranges from zero to three. As of December 31, 2014, there was $2.5 million of total unrecognized expense related to PSUs, which is being amortized through December 31, 2016. |
Retirement_Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2014 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plan | (8) Retirement Plan |
The Company has a 401(k) profit sharing plan which covers all of its employees. At its discretion, Comstock may match the employees’ contributions to the plan. Matching contributions to the plan were $365,000, $702,000 and $834,000 for the years ended December 31, 2012, 2013 and 2014, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | (9) Income Taxes | ||||||||||||
The following is an analysis of the consolidated income tax benefit from continuing operations: | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
(In thousands) | |||||||||||||
Current | $ | (162 | ) | $ | 134 | $ | (12 | ) | |||||
Deferred | (50,472 | ) | (56,291 | ) | (24,677 | ) | |||||||
$ | (50,634 | ) | $ | (56,157 | ) | $ | (24,689 | ) | |||||
Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates. The difference between the Company's customary rate of 35% and the effective tax rate on income from continuing operations is due to the following: | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
(In thousands) | |||||||||||||
Tax benefit at statutory rate | $ | (53,799 | ) | $ | (57,008 | ) | $ | (28,630 | ) | ||||
Tax effect of: | |||||||||||||
Nondeductible compensation | 2,545 | 1,545 | 756 | ||||||||||
State taxes, net of federal tax benefit and | 410 | (799 | ) | 2,979 | |||||||||
valuation allowance | |||||||||||||
Other | 210 | 105 | 206 | ||||||||||
Total | $ | (50,634 | ) | $ | (56,157 | ) | $ | (24,689 | ) | ||||
2012 | 2013 | 2014 | |||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Tax effect of: | |||||||||||||
Nondeductible compensation | (1.7 | ) | (0.9 | ) | (0.9 | ) | |||||||
State taxes, net of federal tax benefit and | (0.3 | ) | 0.5 | (3.6 | ) | ||||||||
valuation allowance | |||||||||||||
Other | (0.1 | ) | (0.1 | ) | (0.3 | ) | |||||||
Effective tax rate | 32.9 | % | 34.5 | % | 30.2 | % | |||||||
The tax effects of significant temporary differences representing the net deferred tax asset and liability at December 31, 2013 and 2014 were as follows: | |||||||||||||
2013 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Current deferred tax liabilities: | |||||||||||||
Derivative financial instruments | $ | (339 | ) | $ | — | ||||||||
Net current deferred tax liability | (339 | ) | — | ||||||||||
Noncurrent deferred tax assets (liabilities): | |||||||||||||
Property and equipment | (238,361 | ) | (259,222 | ) | |||||||||
Other assets | 8,221 | 7,854 | |||||||||||
Net operating loss carryforwards | 70,207 | 126,026 | |||||||||||
Alternative minimum tax carryforward | 21,178 | 20,435 | |||||||||||
Valuation allowance on net operating loss carryforwards | (35,507 | ) | (46,639 | ) | |||||||||
Other | (2,764 | ) | (3,001 | ) | |||||||||
Net noncurrent deferred tax liability | (177,026 | ) | (154,547 | ) | |||||||||
$ | (177,365 | ) | $ | (154,547 | ) | ||||||||
Net deferred tax liability | |||||||||||||
At December 31, 2014, Comstock had the following carryforwards available to reduce future income taxes: | |||||||||||||
Types of Carryforward | Years of | Amount | |||||||||||
Expiration | |||||||||||||
Carryforward | |||||||||||||
(In thousands) | |||||||||||||
Net operating loss - U.S. federal | 2017 – 2033 | $ | 212,769 | ||||||||||
Net operating loss - Louisiana | 2015 – 2028 | $ | 991,483 | ||||||||||
Alternative minimum tax credits | Unlimited | $ | 20,435 | ||||||||||
The utilization of $34.7 million of the U.S. federal net operating loss carryforwards is limited to approximately $1.1 million per year pursuant to a prior change of control of an acquired company. Accordingly, a valuation allowance of $23.0 million, with a tax effect of $8.0 million, has been established for the estimated U.S. federal net operating loss carryforwards that will not be utilized. Realization of the remaining U.S. federal net operating loss carryforwards requires Comstock to generate taxable income within the carryforward period. A valuation allowance of $528.1 million, with a tax effect of $27.5 million as of December 31, 2013, and a valuation allowance of $742.2 million, with a tax effect of $38.6 million as of December 31, 2014, has been established against the Louisiana state net operating loss carryforwards due to the uncertainty of generating taxable income in the state of Louisiana prior to the expiration of the carry-over period. | |||||||||||||
The Company's federal income tax returns for the years subsequent to December 31, 2010 remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2009. State tax returns in two state jurisdictions are currently under review. The Company currently believes that resolution of these matters will not have a material impact on its financial statements. The Company currently believes that its significant filing positions are highly certain and that all of its other significant income tax filing positions and deductions would be sustained upon audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore, the Company has not established any significant reserves for uncertain tax positions. Interest and penalties resulting from audits by tax authorities have been immaterial and are included in the provision for income taxes in the consolidated statements of operations. |
Derivative_Financial_Instrumen
Derivative Financial Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | (10) Derivative Financial Instruments and Hedging Activities |
Comstock periodically uses swaps, floors and collars to hedge oil and natural gas prices and interest rates. Swaps are settled monthly based on differences between the prices specified in the instruments and the settlement prices of futures contracts. Generally, when the applicable settlement price is less than the price specified in the contract, Comstock receives a settlement from the counterparty based on the difference multiplied by the volume or amounts hedged. Similarly, when the applicable settlement price exceeds the price specified in the contract, Comstock pays the counterparty based on the difference. Comstock generally receives a settlement from the counterparty for floors when the applicable settlement price is less than the price specified in the contract, which is based on the difference multiplied by the volumes hedged. For collars, generally Comstock receives a settlement from the counterparty when the settlement price is below the floor and pays a settlement to the counterparty when the settlement price exceeds the cap. No settlement occurs when the settlement price falls between the floor and cap. | |
All of the Company's derivative financial instruments are used for risk management purposes and by policy none are held for trading or speculative purposes. Comstock minimizes credit risk to counterparties of its derivative financial instruments through formal credit policies, monitoring procedures, and diversification. All of Comstock's derivative financial instruments are with parties that are lenders under its bank credit facility. The Company is not required to provide any credit support to its counterparties other than cross collateralization with the assets securing its bank credit facility. None of the Company's derivative financial instruments involve payment or receipt of premiums. | |
During 2012, 2013 and 2014, the Company hedged 1,710,000 barrels, 2,160,000 barrels and 2,438,000 barrels, respectively, of its oil production at an average NYMEX West Texas Intermediate oil price of $99.46 per barrel, $98.67 per barrel and $96.56 per barrel, respectively. As of December 31, 2014, the Company had no outstanding commodity derivatives. | |
None of the derivative contracts were designated as cash flow hedges. The Company recognizes cash settlements and changes in the fair value of its derivative financial instruments as a single component of other income (expenses). | |
The gain (loss) on derivative financial instruments was a gain of $21.3 million, a loss of $8.4 million and a gain of $8.2 million for the years ended December 31, 2012, 2013 and 2014, respectively. Cash settlements received on derivative financial instruments were $9.8 million, $2.3 million and $9.1 million for the years ended December 31, 2012, 2013 and 2014, respectively. The estimated fair value of the Company's derivative financial instruments, which equaled their carrying value, was an asset of $1.0 million as of December 31, 2013 which was reflected as a current asset based on estimated settlement dates. |
Supplementary_Quarterly_Financ
Supplementary Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Supplementary Quarterly Financial Data (Unaudited) | (11) Supplementary Quarterly Financial Data (Unaudited) | ||||||||||||||||||||
2013 | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||
Total oil and gas sales | $ | 95,020 | $ | 107,820 | $ | 111,590 | $ | 105,860 | $ | 420,290 | |||||||||||
Operating loss | $ | (20,856 | ) | $ | (18,004 | ) | $ | (9,086 | ) | $ | (24,386 | ) | $ | (72,332 | ) | ||||||
Loss from continuing operations | $ | (24,517 | ) | $ | (21,531 | ) | $ | (24,034 | ) | $ | (36,641 | ) | $ | (106,723 | ) | ||||||
Income (Loss) from discontinued operations | $ | (2,627 | ) | $ | 151,236 | $ | — | $ | (857 | ) | $ | 147,752 | |||||||||
Net income (loss) | $ | (27,144 | ) | $ | 129,705 | $ | (24,034 | ) | $ | (37,498 | ) | $ | 41,029 | ||||||||
Basic net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $ | (0.52 | ) | $ | (0.45 | ) | $ | (0.52 | ) | $ | (0.80 | ) | $ | (2.22 | ) | ||||||
Discontinued operations | $ | (0.06 | ) | $ | 3.13 | $ | — | $ | (0.02 | ) | $ | 3.07 | |||||||||
Total | $ | (0.58 | ) | $ | 2.68 | $ | (0.52 | ) | $ | (0.82 | ) | $ | 0.85 | ||||||||
Diluted net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $ | (0.52 | ) | $ | (0.45 | ) | $ | (0.52 | ) | $ | (0.80 | ) | $ | (2.22 | ) | ||||||
Discontinued operations | $ | (0.06 | ) | $ | 3.13 | $ | — | $ | (0.02 | ) | $ | 3.07 | |||||||||
Total | $ | (0.58 | ) | $ | 2.68 | $ | (0.52 | ) | $ | (0.82 | ) | $ | 0.85 | ||||||||
2014 | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||
Total oil and gas sales | $ | 141,909 | $ | 155,723 | $ | 144,983 | $ | 112,616 | $ | 555,231 | |||||||||||
Operating income (loss) | $ | 20,228 | $ | 27,729 | $ | 263 | $ | (80,291 | ) | $ | (32,071 | ) | |||||||||
Net income (loss) | $ | 1,165 | $ | 1,898 | $ | (1,903 | ) | $ | (58,271 | ) | $ | (57,111 | ) | ||||||||
Income (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.02 | $ | 0.04 | $ | (0.04 | ) | $ | (1.26 | ) | $ | (1.24 | ) | ||||||||
Diluted | $ | 0.02 | $ | 0.04 | $ | (0.04 | ) | $ | (1.26 | ) | $ | (1.24 | ) | ||||||||
Basic and diluted per share amounts are the same for each of the quarters and for the years ended where there was a net loss from continuing operations reported. | |||||||||||||||||||||
Results of continuing operations include the following non-routine items of income (expense), which are presented before the effect of income taxes: | |||||||||||||||||||||
2013 | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Gain (loss) on sale of oil and gas properties | $ | — | $ | 81 | $ | (2,165 | ) | $ | 51 | $ | (2,033 | ) | |||||||||
Gain on sales of marketable securities | $ | 7,877 | $ | — | $ | — | $ | — | $ | 7,877 | |||||||||||
Loss on early extinguishment of debt | $ | — | $ | — | $ | — | $ | (17,854 | ) | $ | (17,854 | ) | |||||||||
Impairments of unproved oil and gas properties | $ | (2,443 | ) | $ | (9,465 | ) | $ | (2,995 | ) | $ | (18,081 | ) | $ | (32,984 | ) | ||||||
Impairments of proved oil and gas properties | $ | — | $ | (652 | ) | $ | — | $ | — | $ | (652 | ) | |||||||||
2014 | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Impairments of unproved oil and gas properties | $ | — | $ | — | $ | — | $ | (487 | ) | $ | (487 | ) | |||||||||
Impairments of proved oil and gas properties | $ | — | $ | (256 | ) | $ | (15 | ) | $ | (59,997 | ) | $ | (60,268 | ) | |||||||
Oil_and_Gas_Reserves_Informati
Oil and Gas Reserves Information (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Extractive Industries [Abstract] | |||||||||||||||||||||||||
Oil and Gas Reserves Information (Unaudited) | (12) Oil and Gas Reserves Information (Unaudited) | ||||||||||||||||||||||||
Set forth below is a summary of the changes in Comstock's net quantities of oil and natural gas reserves for its continuing operations for each of the three years in the period ended December 31, 2014: | |||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Oil | Natural | Oil | Natural | Oil | Natural | ||||||||||||||||||||
(MBbls) | Gas | (MBbls) | Gas | (MBbls) | Gas | ||||||||||||||||||||
(MMcf) | (MMcf) | (MMcf) | |||||||||||||||||||||||
Proved Reserves: | |||||||||||||||||||||||||
Beginning of year | 13,234 | 1,080,644 | 18,899 | 437,445 | 21,976 | 452,653 | |||||||||||||||||||
Revisions of previous | 327 | (529,272 | ) | 28 | 23,321 | (2,182 | ) | 3,998 | |||||||||||||||||
estimates | |||||||||||||||||||||||||
Extensions and discoveries | 11,953 | 21,525 | 5,363 | 47,581 | 5,373 | 78,383 | |||||||||||||||||||
Sales of minerals in place | (4,823 | ) | (53,690 | ) | — | — | — | — | |||||||||||||||||
Production | (1,792 | ) | (81,762 | ) | (2,314 | ) | (55,694 | ) | (4,313 | ) | (39,768 | ) | |||||||||||||
End of year | 18,899 | 437,445 | 21,976 | 452,653 | 20,854 | 495,266 | |||||||||||||||||||
Proved Developed Reserves: | |||||||||||||||||||||||||
Beginning of year | 6,499 | 546,627 | 8,389 | 362,426 | 13,914 | 344,278 | |||||||||||||||||||
End of year | 8,389 | 362,426 | 13,914 | 344,278 | 16,247 | 324,597 | |||||||||||||||||||
During 2012, the Company's estimated quantities of proved undeveloped natural gas reserves decreased by 460 Bcf due to downward revisions related to the lower natural gas price that was used to determine estimated reserve quantities at December 31, 2012. Proved reserve additions for natural gas in 2014 primarily reflect proved undeveloped reserves associated with our upcoming natural gas drilling program. Substantially all of the Company's proved undeveloped natural gas reserves related to undrilled natural gas wells at December 31, 2012 were not economic at the lower natural gas price at December 31, 2012. | |||||||||||||||||||||||||
The proved oil and gas reserves utilized in the preparation of the financial statements were estimated by Lee Keeling and Associates, independent petroleum consultants, in accordance with guidelines established by the Securities and Exchange Commission and the Financial Accounting Standards Board, which require that reserve reports be prepared under existing economic and operating conditions with no provision for price and cost escalation except by contractual agreement. All of the Company's reserves are located onshore in the continental United States of America. | |||||||||||||||||||||||||
The following table sets forth the standardized measure of discounted future net cash flows relating to proved reserves at December 31, 2013 and 2014: | |||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Cash Flows Relating to Proved Reserves: | |||||||||||||||||||||||||
Future Cash Flows | $ | 3,817,982 | $ | 3,891,953 | |||||||||||||||||||||
Future Costs: | |||||||||||||||||||||||||
Production | (1,307,923 | ) | (1,260,580 | ) | |||||||||||||||||||||
Development and Abandonment | (649,758 | ) | (571,200 | ) | |||||||||||||||||||||
Future Income Taxes | (451,708 | ) | (192,600 | ) | |||||||||||||||||||||
Future Net Cash Flows | 1,408,593 | 1,867,573 | |||||||||||||||||||||||
10% Discount Factor | (601,376 | ) | (776,913 | ) | |||||||||||||||||||||
Standardized Measure of Discounted Future Net Cash Flows | $ | 807,217 | $ | 1,090,660 | |||||||||||||||||||||
The standardized measure of discounted future net cash flows at the end of 2013 and 2014 was determined based on the simple average of the first of month market prices for oil and natural gas for each year. Prices were $104.38 per barrel of oil and $3.37 per Mcf of natural gas for 2013 and $92.55 per barrel of oil and $3.96 per Mcf of natural gas for 2014. Prices used in determining quantities of oil and natural gas reserves and future cash inflows from oil and natural gas reserves represent prices received at the Company's sales point. These prices have been adjusted from posted or index prices for both location and quality differences. Future development and production costs are computed by estimating the expenditures to be incurred in developing and producing proved oil and gas reserves at the end of the year, based on year end costs and assuming continuation of existing economic conditions. Future income tax expenses are computed by applying the appropriate statutory tax rates to the future pre-tax net cash flows relating to proved reserves, net of the tax basis of the properties involved. The future income tax expenses give effect to permanent differences and tax credits, but do not reflect the impact of future operations. | |||||||||||||||||||||||||
The following table sets forth the changes in the standardized measure of discounted future net cash flows relating to proved reserves for the years ended December 31, 2012, 2013 and 2014: | |||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Standardized Measure, Beginning of Year | $ | 887,798 | $ | 641,325 | $ | 807,217 | |||||||||||||||||||
Net change in sales price, net of production costs | (217,925 | ) | 43,117 | 5,911 | |||||||||||||||||||||
Development costs incurred during the year which were previously estimated | 179,549 | 187,643 | 344,590 | ||||||||||||||||||||||
Revisions of quantity estimates | (886,531 | ) | 48,411 | (40,993 | ) | ||||||||||||||||||||
Accretion of discount | 117,381 | 81,434 | 105,400 | ||||||||||||||||||||||
Changes in future development and abandonment costs | 628,088 | (157,207 | ) | (10,909 | ) | ||||||||||||||||||||
Changes in timing and other | 27,077 | 80,348 | (19,028 | ) | |||||||||||||||||||||
Extensions and discoveries | 337,223 | 291,582 | 163,559 | ||||||||||||||||||||||
Sales of minerals in place | (236,925 | ) | — | — | |||||||||||||||||||||
Sales, net of production costs | (307,407 | ) | (335,677 | ) | (458,254 | ) | |||||||||||||||||||
Net changes in income taxes | 112,997 | (73,759 | ) | 193,167 | |||||||||||||||||||||
Standardized Measure, End of Year | $ | 641,325 | $ | 807,217 | $ | 1,090,660 | |||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation | ||||||||||||||||||||||||||||||||||||
Comstock Resources, Inc. and its subsidiaries are engaged in oil and natural gas exploration, development and production, and the acquisition of producing oil and natural gas properties. The Company's operations are primarily focused in Texas, Louisiana and Mississippi. The consolidated financial statements include the accounts of Comstock Resources, Inc. and its wholly owned or controlled subsidiaries (collectively, "Comstock" or the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation. The Company accounts for its undivided interest in oil and gas properties using the proportionate consolidation method, whereby its share of assets, liabilities, revenues and expenses are included in its financial statements. | |||||||||||||||||||||||||||||||||||||
Reclassifications | Reclassifications | ||||||||||||||||||||||||||||||||||||
Certain reclassifications have been made to prior periods' financial statements consisting primarily of reclassifications to change certain presentations of our derivative financial instruments. | |||||||||||||||||||||||||||||||||||||
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements | ||||||||||||||||||||||||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the future results of operations. | |||||||||||||||||||||||||||||||||||||
Discontinued West Texas Operations | ERROR: Could not retrieve Word content for note block | ||||||||||||||||||||||||||||||||||||
Concentration Of Credit Risk And Accounts Receivable | Concentration of Credit Risk and Accounts Receivable | ||||||||||||||||||||||||||||||||||||
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents, accounts receivable and derivative financial instruments. The Company places its cash with high credit quality financial institutions and its derivative financial instruments with financial institutions and other firms that management believes have high credit ratings. Substantially all of the Company's accounts receivable are due from either purchasers of oil and gas or participants in oil and gas wells for which the Company serves as the operator. Generally, operators of oil and gas wells have the right to offset future revenues against unpaid charges related to operated wells. Oil and gas sales are generally unsecured. The Company's policy is to assess the collectability of its receivables based upon their age, the credit quality of the purchaser or participant and the potential for revenue offset. The Company has not had any significant credit losses in the past and believes its accounts receivable are fully collectible. Accordingly, no allowance for doubtful accounts has been provided. | |||||||||||||||||||||||||||||||||||||
Marketable Securities | Marketable Securities | ||||||||||||||||||||||||||||||||||||
As of January 1, 2013, the Company owned 600,000 shares of Stone Energy Corporation ("Stone") common stock which was reflected in the consolidated balance sheets as marketable securities. During the year ended December 31, 2013 all of these shares were sold. The Company utilized the specific identification method to determine the cost of any securities sold. During 2012 and 2013, the Company sold 1,206,000 and 600,000 shares of Stone common stock for proceeds of $37.7 million and $13.4 million, respectively. Comstock realized gains before income taxes of $26.6 million and $7.9 million on these sales during 2012 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||
Other Current Assets | Other Current Assets | ||||||||||||||||||||||||||||||||||||
Other current assets at December 31, 2013 and 2014 consist of the following: | |||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Derivative settlements receivable | $ | 139 | $ | 7,890 | |||||||||||||||||||||||||||||||||
Pipe and oil field equipment inventory | 1,388 | 1,379 | |||||||||||||||||||||||||||||||||||
Derivative financial instruments | 970 | — | |||||||||||||||||||||||||||||||||||
Drilling advances | — | 311 | |||||||||||||||||||||||||||||||||||
Prepaid expenses | 350 | 487 | |||||||||||||||||||||||||||||||||||
Other | 58 | 38 | |||||||||||||||||||||||||||||||||||
$ | 2,905 | $ | 10,105 | ||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||||||||||||||||||||||
Certain accounts within the Company's consolidated balance sheets are required to be measured at fair value on a recurring basis. These include cash equivalents held in bank accounts and derivative financial instruments in the form of oil price swap agreements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements: | |||||||||||||||||||||||||||||||||||||
Level 1 – Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date. | |||||||||||||||||||||||||||||||||||||
Level 2 – Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. | |||||||||||||||||||||||||||||||||||||
Level 3 – Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions. | |||||||||||||||||||||||||||||||||||||
The Company's cash equivalents valuation is based on a Level 1 measurement. The Company's oil price swap agreements were not traded on a public exchange, and their value was determined utilizing a discounted cash flow model based on inputs that were readily available in public markets and, accordingly, the valuation of these swap agreements was categorized as a Level 2 measurement. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014, the Company's financial assets accounted for at fair value were comprised of cash held in bank accounts of $2.1 million, a Level 1 measurement. The Company had no derivative financial instruments outstanding at December 31, 2014. At December 31, 2013, the Company had oil price swap agreements covering 1,985,000 barrels of oil to be produced in 2014 with a fair value of $970,000, a Level 2 measurement. | |||||||||||||||||||||||||||||||||||||
The following table presents the carrying amounts and estimated fair value of the Company's long-term debt as of December 31, 2013 and 2014: | |||||||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Fixed rate debt | $ | 588,700 | $ | 650,250 | $ | 695,445 | $ | 453,000 | |||||||||||||||||||||||||||||
Floating rate debt | $ | 210,000 | $ | 210,000 | $ | 375,000 | $ | 375,000 | |||||||||||||||||||||||||||||
The fair market value of the Company's fixed rate debt was based on quoted prices as of December 31, 2013 and 2014, a Level 2 measurement. The fair value of the floating rate debt outstanding at December 31, 2013 and 2014 approximated its carrying value, a Level 2 measurement. | |||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment | ||||||||||||||||||||||||||||||||||||
The Company follows the successful efforts method of accounting for its oil and gas properties. Costs incurred to acquire oil and gas leasehold are capitalized. Acquisition costs for proved oil and gas properties, costs of drilling and equipping productive wells, and costs of unsuccessful development wells are capitalized and amortized on an equivalent unit-of-production basis over the life of the remaining related oil and gas reserves. Equivalent units are determined by converting oil to natural gas at the ratio of one barrel of oil for six thousand cubic feet of natural gas. This conversion ratio is not based on the price of oil or natural gas, and there may be a significant difference in price between an equivalent volume of oil versus natural gas. Amortization is calculated at the field level. The estimated future costs of dismantlement, restoration, plugging and abandonment of oil and gas properties and related facilities disposal are capitalized when asset retirement obligations are incurred and amortized as part of depreciation, depletion and amortization expense. The costs of unproved properties which are determined to be productive are transferred to proved oil and gas properties and amortized on an equivalent unit-of-production basis. Exploratory expenses, including geological and geophysical expenses and delay rentals for unevaluated oil and gas properties, are charged to expense as incurred. Unproved oil and gas properties are periodically assessed for impairment on a property by property basis, and any impairment in value is charged to exploration expense. During 2012, 2013 and 2014, impairment charges of $61.3 million, $33.0 million and $0.5 million, respectively, were recognized in exploration expense related to certain leases that the Company no longer expects to drill on. Exploratory drilling costs are initially capitalized as unproved property but charged to expense if and when the well is determined not to have found commercial quantities of proved oil and gas reserves. Exploratory drilling costs are evaluated within a one-year period after the completion of drilling. | |||||||||||||||||||||||||||||||||||||
The Company periodically assesses the need for an impairment of the costs capitalized for its oil and gas properties on a property or cost center basis. If impairment is indicated based on undiscounted expected future cash flows attributable to the property, then a provision for impairment is recognized to the extent that net capitalized costs exceed the estimated fair value of the property. The fair value is based upon estimated discounted future cash flows which are derived from Level 3 inputs. Expected future cash flows are determined using estimated future prices based on market based forward prices applied to projected future production volumes. Costs are also projected to escalate at a rate that is based upon the Company's historical experience. The projected production volumes are based on the property's proved and risk adjusted probable oil and natural gas reserve estimates at the end of the period. The oil and natural gas prices used for determining asset impairments will generally differ from those used in the standardized measure of discounted future net cash flows because the standardized measure requires the use of an average price based on the first day of each month of the preceding year and is limited to proved reserves. The Company recognized impairment charges related to its oil and gas properties of $25.4 million, $0.7 million and $60.3 million in 2012, 2013, and 2014, respectively. The properties subject to impairment were mainly older, conventional oil and natural gas properties with declining production and limited potential for future investments which had a fair value of $18.0 million, a Level 3 measurement. | |||||||||||||||||||||||||||||||||||||
Other property and equipment consists primarily of gas gathering systems, computer equipment, furniture and fixtures and an airplane which are depreciated over estimated useful lives ranging from three to 31½ years on a straight-line basis. | |||||||||||||||||||||||||||||||||||||
Other Assets | Other Assets | ||||||||||||||||||||||||||||||||||||
Other assets primarily consist of deferred costs associated with issuance of the Company's senior notes and bank credit facility. These costs are amortized over the life of the senior notes and the life of the bank credit facility on a straight-line basis which approximates the amortization that would be calculated using an effective interest rate method. | |||||||||||||||||||||||||||||||||||||
Accrued Expenses | Accrued Expenses | ||||||||||||||||||||||||||||||||||||
Accrued expenses at December 31, 2013 and 2014 consist of the following: | |||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Accrued oil and gas property acquisition costs | $ | 40,128 | $ | — | |||||||||||||||||||||||||||||||||
Accrued drilling costs | 34,914 | 26,269 | |||||||||||||||||||||||||||||||||||
Accrued interest payable | 7,051 | 9,011 | |||||||||||||||||||||||||||||||||||
Accrued rig termination fees | — | 2,600 | |||||||||||||||||||||||||||||||||||
Other | 9,204 | 6,962 | |||||||||||||||||||||||||||||||||||
$ | 91,297 | $ | 44,842 | ||||||||||||||||||||||||||||||||||
Reserve for Future Abandonment Costs | Reserve for Future Abandonment Costs | ||||||||||||||||||||||||||||||||||||
The Company's asset retirement obligations relate to future plugging and abandonment costs of its oil and gas properties and related facilities disposal. The Company records a liability in the period in which an asset retirement obligation is incurred, in an amount equal to the estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final retirement cost. Accretion of the discount is included as part of depreciation, depletion and amortization in the accompanying consolidated statements of operations. | |||||||||||||||||||||||||||||||||||||
The following table summarizes the changes in the Company's total estimated liability: | |||||||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Reserve for Future Abandonment Costs at beginning of the year | $ | 16,387 | $ | 14,534 | |||||||||||||||||||||||||||||||||
New wells placed on production | 1,083 | 1,480 | |||||||||||||||||||||||||||||||||||
Changes in estimates | (3,324 | ) | (1,796 | ) | |||||||||||||||||||||||||||||||||
Liabilities settled and assets disposed of | (558 | ) | (153 | ) | |||||||||||||||||||||||||||||||||
Accretion expense | 946 | 835 | |||||||||||||||||||||||||||||||||||
Reserve for Future Abandonment Costs at end of the year | $ | 14,534 | $ | 14,900 | |||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-based Compensation | ||||||||||||||||||||||||||||||||||||
The Company has stock-based employee compensation plans under which stock awards, comprised of restricted stock, stock options and performance share units, are issued to employees and non-employee directors. The Company follows the fair value based method in accounting for equity-based compensation. Under the fair value based method, compensation cost is measured at the grant date based on the fair value of the award and is recognized on a straight-line basis over the award vesting period. Excess tax benefits on stock-based compensation are recognized as an adjustment to additional paid-in capital and as a part of cash flows from financing activities. | |||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting | ||||||||||||||||||||||||||||||||||||
The Company presently operates in one business segment, the exploration and production of oil and natural gas. | |||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities | ||||||||||||||||||||||||||||||||||||
The Company accounts for derivative financial instruments (including certain derivative instruments embedded in other contracts) as either an asset or liability measured at its fair value. Changes in the fair value of derivatives are recognized currently in earnings unless specific hedge accounting criteria are met. The Company estimates fair value based on a discounted cash flow model. The fair value of derivative contracts that expire in less than one year are recognized as current assets or liabilities. Those that expire in more than one year are recognized as long-term assets or liabilities. If the derivative is designated as a cash flow hedge, changes in fair value are recognized in other comprehensive income until the hedged item is recognized in earnings. The Company had no derivative financial instruments outstanding as of December 31, 2014. | |||||||||||||||||||||||||||||||||||||
Major Purchasers | Major Purchasers | ||||||||||||||||||||||||||||||||||||
In 2014, the Company had two purchasers of its oil and natural gas production that accounted for 53% and 35% of total oil and gas sales. In 2013, the Company had two purchasers of its oil and natural gas production that accounted for 51% and 36% of total oil and gas sales. In 2012, the Company had two purchasers of its oil and natural gas production that accounted for 42% and 27% of total oil and gas sales. The loss of any of these customers would not have a material adverse effect on the Company as there is an available market for its oil and natural gas production from other purchasers. | |||||||||||||||||||||||||||||||||||||
Revenue Recognition and Gas Balancing | Revenue Recognition and Gas Balancing | ||||||||||||||||||||||||||||||||||||
Comstock utilizes the sales method of accounting for oil and natural gas revenues whereby revenues are recognized at the time of delivery based on the amount of oil or natural gas sold to purchasers. Revenue is typically recorded in the month of production based on an estimate of the Company's share of volumes produced and prices realized. The amount of oil or natural gas sold may differ from the amount to which the Company is entitled based on its revenue interests in the properties. The Company did not have any significant imbalance positions at December 31, 2013 or 2014. Sales of oil and natural gas generally occur at the wellhead. When sales of oil and gas occur at locations other than the wellhead, the Company accounts for costs incurred to transport the production to the delivery point as operating expenses. | |||||||||||||||||||||||||||||||||||||
General and Administrative Expenses | General and Administrative Expenses | ||||||||||||||||||||||||||||||||||||
General and administrative expenses are reported net of reimbursements of overhead costs that are received from working interest owners of the oil and gas properties operated by the Company of $11.5 million, $11.9 million and $13.2 million in 2012, 2013 and 2014, respectively. | |||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||||||||||||||||||
The Company accounts for income taxes using the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis, as well as the future tax consequences attributable to the future utilization of existing tax net operating loss and other types of carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that the change in rate is enacted. | |||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||||||||||||||||||||||||||
Basic earnings per share is determined without the effect of any outstanding potentially dilutive stock options and diluted earnings per share is determined with the effect of outstanding stock options that are potentially dilutive. Unvested share-based payment awards containing nonforfeitable rights to dividends are considered to be participatory securities and included in the computation of basic and diluted earnings per share pursuant to the two-class method. Performance share units ("PSUs") represent the right to receive a number of shares of the Company's common stock that may range from zero to up to three times the number of PSUs granted on the award date based on the achievement of certain performance measures during a performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, which would be issuable at the end of the respective period, assuming that date was the end of the contingency period. The treasury stock method is used to measure the dilutive effect of PSUs. | |||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share for 2012, 2013 and 2014 were determined as follows: | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | Loss | Shares | Per Share | |||||||||||||||||||||||||||||
(Loss) | (Loss) | ||||||||||||||||||||||||||||||||||||
(In thousands except per share data) | |||||||||||||||||||||||||||||||||||||
Net Loss From Continuing Operations | $ | (103,079 | ) | $ | (106,723 | ) | $ | (57,111 | ) | ||||||||||||||||||||||||||||
Loss (Income) Allocable to Unvested Stock Grants | — | 3,424 | (595 | ) | |||||||||||||||||||||||||||||||||
Basic Net Loss From Continuing Operations Attributable to Common Stock | $ | (103,079 | ) | 46,422 | $ | (2.22 | ) | $ | (103,299 | ) | 46,553 | $ | (2.22 | ) | $ | (57,706 | ) | 46,547 | $ | (1.24 | ) | ||||||||||||||||
Diluted Net Loss From Continuing Operations Attributable to Common Stock | $ | (103,079 | ) | 46,422 | $ | (2.22 | ) | $ | (103,299 | ) | 46,553 | $ | (2.22 | ) | $ | (57,706 | ) | 46,547 | $ | (1.24 | ) | ||||||||||||||||
Net Income From Discontinued Operations | $ | 3,019 | $ | 147,752 | |||||||||||||||||||||||||||||||||
Income Allocable to Unvested Stock Grants | — | (4,742 | ) | ||||||||||||||||||||||||||||||||||
Basic Net Income From Discontinued Operations Attributable to Common | $ | 3,019 | 46,422 | $ | 0.06 | $ | 143,010 | 46,553 | $ | 3.07 | |||||||||||||||||||||||||||
Stock | |||||||||||||||||||||||||||||||||||||
Diluted Net Income From Discontinued Operations Attributable to Common | $ | 3,019 | 46,422 | $ | 0.06 | $ | 143,010 | 46,553 | $ | 3.07 | |||||||||||||||||||||||||||
Stock | |||||||||||||||||||||||||||||||||||||
Basic and diluted per share amounts are the same for each of the years ended December 31, 2012, 2013, and 2014 due to the net loss from continuing operations reported during each of those years. | |||||||||||||||||||||||||||||||||||||
At December 31, 2012, 2013 and 2014, 1,960,835, 1,515,889 and 1,207,527 shares of unvested restricted stock, respectively, are included in common stock outstanding as such shares have a nonforfeitable right to participate in any dividends that might be declared and have the right to vote. Weighted average shares of unvested restricted stock included in common stock outstanding were as follows: | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Unvested restricted stock | 1,737 | 1,544 | 1,190 | ||||||||||||||||||||||||||||||||||
All stock options and PSUs were anti-dilutive to earnings and excluded from weighted average shares used in the computation of earnings per share due to the net loss from continuing operations in each period. | |||||||||||||||||||||||||||||||||||||
Options to purchase common stock and PSUs that were outstanding and that were excluded as anti-dilutive from determination of diluted earnings per share were as follows: | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
(In thousands except per share data) | |||||||||||||||||||||||||||||||||||||
Weighted average anti-dilutive stock options | 168 | 130 | 115 | ||||||||||||||||||||||||||||||||||
Weighted average exercise price | $ | 37.81 | $ | 32.9 | $ | 32.9 | |||||||||||||||||||||||||||||||
Weighted average performance share units | — | 75 | 323 | ||||||||||||||||||||||||||||||||||
Weighted average grant date fair value per unit | $ | — | $ | 20.92 | $ | 19.88 | |||||||||||||||||||||||||||||||
Supplementary Information With Respect to the Consolidated Statements of Cash Flows | Supplementary Information With Respect to the Consolidated Statements of Cash Flows | ||||||||||||||||||||||||||||||||||||
For the purpose of the consolidated statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||||||||||||||||||||||||||||||||||||
Cash payments made for interest and income taxes for the years ended December 31, 2012, 2013 and 2014, respectively, were as follows: | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Cash Payments: | |||||||||||||||||||||||||||||||||||||
Interest payments | $ | 79,001 | $ | 83,560 | $ | 62,812 | |||||||||||||||||||||||||||||||
Income tax payments (refunds) | $ | (58 | ) | $ | 769 | $ | 682 | ||||||||||||||||||||||||||||||
The Company capitalizes interest on its unevaluated oil and gas property costs during periods when it is conducting exploration activity on this acreage. The Company capitalized interest of $20.9 million, $4.7 million and $10.2 million in 2012, 2013 and 2014, respectively, which reduced interest expense and increased the carrying value of its unevaluated oil and gas properties. | |||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) consists of the following: | |||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (100,060 | ) | $ | 41,029 | $ | (57,111 | ) | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||
Realized gains on marketable securities reclassified to | (17,303 | ) | (5,120 | ) | — | ||||||||||||||||||||||||||||||||
gain on sale of marketable securities, net of a benefit from income taxes of $9,318 and $2,757 in 2012 and 2013, respectively | |||||||||||||||||||||||||||||||||||||
Unrealized hedging gains, net of a benefit from income | (298 | ) | — | — | |||||||||||||||||||||||||||||||||
taxes of $161 in 2012 | |||||||||||||||||||||||||||||||||||||
Unrealized gains on marketable securities, net of a provision | 1,543 | 702 | — | ||||||||||||||||||||||||||||||||||
for income taxes of $831 and $377 in 2012 and 2013, respectively | |||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | (116,118 | ) | $ | 36,611 | $ | (57,111 | ) | |||||||||||||||||||||||||||||
The following table provides a summary of the amounts included in accumulated other comprehensive income, net of income taxes, for the years ended December 31, 2012 and 2013: | |||||||||||||||||||||||||||||||||||||
Oil | Marketable | Total | |||||||||||||||||||||||||||||||||||
Price Swap | Securities | Accumulated | |||||||||||||||||||||||||||||||||||
Agreements | Comprehensive | ||||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 298 | $ | 20,178 | $ | 20,476 | |||||||||||||||||||||||||||||||
Reclassification to earnings | (298 | ) | (17,303 | ) | (17,601 | ) | |||||||||||||||||||||||||||||||
Changes in value | — | 1,543 | 1,543 | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | — | 4,418 | 4,418 | ||||||||||||||||||||||||||||||||||
Reclassification to earnings | — | (5,120 | ) | (5,120 | ) | ||||||||||||||||||||||||||||||||
Changes in value | — | 702 | 702 | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | Recent accounting pronouncements | ||||||||||||||||||||||||||||||||||||
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance under existing generally accepted accounting principles. This new standard is based upon the principal that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted and entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements or decided upon the method of adoption. | |||||||||||||||||||||||||||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and sets rules for how this information should be disclosed in the financial statements. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter. Early adoption is permitted. The Company does not expect adoption of ASU 2014-15 to have any impact on its consolidated financial condition or results of operations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Summary of Income from Discontinued Operations | Income from discontinued operations is comprised of the following: | ||||||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||||||||||||||||||
Revenues: | (In thousands) | ||||||||||||||||||||||||||||||||||||
Oil and gas sales | $ | 47,109 | $ | 25,125 | |||||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||
Production taxes | 2,294 | 1,120 | |||||||||||||||||||||||||||||||||||
Gathering and transportation | 1,047 | 501 | |||||||||||||||||||||||||||||||||||
Lease operating | 9,372 | 9,853 | |||||||||||||||||||||||||||||||||||
Depletion, depreciation and amortization | 21,428 | 8,649 | |||||||||||||||||||||||||||||||||||
Interest expense(1) | 6,669 | 6,346 | |||||||||||||||||||||||||||||||||||
Total costs and expenses | 40,810 | 26,469 | |||||||||||||||||||||||||||||||||||
— | 230,008 | ||||||||||||||||||||||||||||||||||||
Gain on sale | |||||||||||||||||||||||||||||||||||||
Income from discontinued operations before income taxes | 6,299 | 228,664 | |||||||||||||||||||||||||||||||||||
Income tax expense: | |||||||||||||||||||||||||||||||||||||
Current | — | (2,218 | ) | ||||||||||||||||||||||||||||||||||
Deferred | (3,280 | ) | (78,694 | ) | |||||||||||||||||||||||||||||||||
Total income tax expense | (3,280 | ) | (80,912 | ) | |||||||||||||||||||||||||||||||||
Net income from discontinued operations | $ | 3,019 | $ | 147,752 | |||||||||||||||||||||||||||||||||
____________ | |||||||||||||||||||||||||||||||||||||
-1 | Interest expense was allocated to discontinued operations based on the ratio of the net assets of discontinued operations to our consolidated net assets plus long-term debt. Interest expense is net of capitalized interest of $9,582 and $2,010 for the years ended December 31, 2012 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||
Summary of Other Current Assets | Other current assets at December 31, 2013 and 2014 consist of the following: | ||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Derivative settlements receivable | $ | 139 | $ | 7,890 | |||||||||||||||||||||||||||||||||
Pipe and oil field equipment inventory | 1,388 | 1,379 | |||||||||||||||||||||||||||||||||||
Derivative financial instruments | 970 | — | |||||||||||||||||||||||||||||||||||
Drilling advances | — | 311 | |||||||||||||||||||||||||||||||||||
Prepaid expenses | 350 | 487 | |||||||||||||||||||||||||||||||||||
Other | 58 | 38 | |||||||||||||||||||||||||||||||||||
$ | 2,905 | $ | 10,105 | ||||||||||||||||||||||||||||||||||
Carrying Amounts and Estimated Fair Value of Long-term Debt | The following table presents the carrying amounts and estimated fair value of the Company's long-term debt as of December 31, 2013 and 2014: | ||||||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Fixed rate debt | $ | 588,700 | $ | 650,250 | $ | 695,445 | $ | 453,000 | |||||||||||||||||||||||||||||
Floating rate debt | $ | 210,000 | $ | 210,000 | $ | 375,000 | $ | 375,000 | |||||||||||||||||||||||||||||
Summary of Accrued Expenses | Accrued expenses at December 31, 2013 and 2014 consist of the following: | ||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Accrued oil and gas property acquisition costs | $ | 40,128 | $ | — | |||||||||||||||||||||||||||||||||
Accrued drilling costs | 34,914 | 26,269 | |||||||||||||||||||||||||||||||||||
Accrued interest payable | 7,051 | 9,011 | |||||||||||||||||||||||||||||||||||
Accrued rig termination fees | — | 2,600 | |||||||||||||||||||||||||||||||||||
Other | 9,204 | 6,962 | |||||||||||||||||||||||||||||||||||
$ | 91,297 | $ | 44,842 | ||||||||||||||||||||||||||||||||||
Summary of Changes in Reserve for Future Abandonment Costs | The following table summarizes the changes in the Company's total estimated liability: | ||||||||||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Reserve for Future Abandonment Costs at beginning of the year | $ | 16,387 | $ | 14,534 | |||||||||||||||||||||||||||||||||
New wells placed on production | 1,083 | 1,480 | |||||||||||||||||||||||||||||||||||
Changes in estimates | (3,324 | ) | (1,796 | ) | |||||||||||||||||||||||||||||||||
Liabilities settled and assets disposed of | (558 | ) | (153 | ) | |||||||||||||||||||||||||||||||||
Accretion expense | 946 | 835 | |||||||||||||||||||||||||||||||||||
Reserve for Future Abandonment Costs at end of the year | $ | 14,534 | $ | 14,900 | |||||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Share | Basic and diluted earnings per share for 2012, 2013 and 2014 were determined as follows: | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | Loss | Shares | Per Share | |||||||||||||||||||||||||||||
(Loss) | (Loss) | ||||||||||||||||||||||||||||||||||||
(In thousands except per share data) | |||||||||||||||||||||||||||||||||||||
Net Loss From Continuing Operations | $ | (103,079 | ) | $ | (106,723 | ) | $ | (57,111 | ) | ||||||||||||||||||||||||||||
Loss (Income) Allocable to Unvested Stock Grants | — | 3,424 | (595 | ) | |||||||||||||||||||||||||||||||||
Basic Net Loss From Continuing Operations Attributable to Common Stock | $ | (103,079 | ) | 46,422 | $ | (2.22 | ) | $ | (103,299 | ) | 46,553 | $ | (2.22 | ) | $ | (57,706 | ) | 46,547 | $ | (1.24 | ) | ||||||||||||||||
Diluted Net Loss From Continuing Operations Attributable to Common Stock | $ | (103,079 | ) | 46,422 | $ | (2.22 | ) | $ | (103,299 | ) | 46,553 | $ | (2.22 | ) | $ | (57,706 | ) | 46,547 | $ | (1.24 | ) | ||||||||||||||||
Net Income From Discontinued Operations | $ | 3,019 | $ | 147,752 | |||||||||||||||||||||||||||||||||
Income Allocable to Unvested Stock Grants | — | (4,742 | ) | ||||||||||||||||||||||||||||||||||
Basic Net Income From Discontinued Operations Attributable to Common | $ | 3,019 | 46,422 | $ | 0.06 | $ | 143,010 | 46,553 | $ | 3.07 | |||||||||||||||||||||||||||
Stock | |||||||||||||||||||||||||||||||||||||
Diluted Net Income From Discontinued Operations Attributable to Common | $ | 3,019 | 46,422 | $ | 0.06 | $ | 143,010 | 46,553 | $ | 3.07 | |||||||||||||||||||||||||||
Stock | |||||||||||||||||||||||||||||||||||||
Weighted Average Shares of Unvested Restricted Stock | At December 31, 2012, 2013 and 2014, 1,960,835, 1,515,889 and 1,207,527 shares of unvested restricted stock, respectively, are included in common stock outstanding as such shares have a nonforfeitable right to participate in any dividends that might be declared and have the right to vote. Weighted average shares of unvested restricted stock included in common stock outstanding were as follows: | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Unvested restricted stock | 1,737 | 1,544 | 1,190 | ||||||||||||||||||||||||||||||||||
Common Stock Stock Options Excluded as Anti-Dilutive from Determination of Diluted Earnings Per Share | Options to purchase common stock and PSUs that were outstanding and that were excluded as anti-dilutive from determination of diluted earnings per share were as follows: | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
(In thousands except per share data) | |||||||||||||||||||||||||||||||||||||
Weighted average anti-dilutive stock options | 168 | 130 | 115 | ||||||||||||||||||||||||||||||||||
Weighted average exercise price | $ | 37.81 | $ | 32.9 | $ | 32.9 | |||||||||||||||||||||||||||||||
Weighted average performance share units | — | 75 | 323 | ||||||||||||||||||||||||||||||||||
Weighted average grant date fair value per unit | $ | — | $ | 20.92 | $ | 19.88 | |||||||||||||||||||||||||||||||
Cash Payments Made for Interest and Income Taxes | Cash payments made for interest and income taxes for the years ended December 31, 2012, 2013 and 2014, respectively, were as follows: | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Cash Payments: | |||||||||||||||||||||||||||||||||||||
Interest payments | $ | 79,001 | $ | 83,560 | $ | 62,812 | |||||||||||||||||||||||||||||||
Income tax payments (refunds) | $ | (58 | ) | $ | 769 | $ | 682 | ||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | Comprehensive income (loss) consists of the following: | ||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (100,060 | ) | $ | 41,029 | $ | (57,111 | ) | |||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||
Realized gains on marketable securities reclassified to | (17,303 | ) | (5,120 | ) | — | ||||||||||||||||||||||||||||||||
gain on sale of marketable securities, net of a benefit from income taxes of $9,318 and $2,757 in 2012 and 2013, respectively | |||||||||||||||||||||||||||||||||||||
Unrealized hedging gains, net of a benefit from income | (298 | ) | — | — | |||||||||||||||||||||||||||||||||
taxes of $161 in 2012 | |||||||||||||||||||||||||||||||||||||
Unrealized gains on marketable securities, net of a provision | 1,543 | 702 | — | ||||||||||||||||||||||||||||||||||
for income taxes of $831 and $377 in 2012 and 2013, respectively | |||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | (116,118 | ) | $ | 36,611 | $ | (57,111 | ) | |||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income, Net of Income Taxes | The following table provides a summary of the amounts included in accumulated other comprehensive income, net of income taxes, for the years ended December 31, 2012 and 2013: | ||||||||||||||||||||||||||||||||||||
Oil | Marketable | Total | |||||||||||||||||||||||||||||||||||
Price Swap | Securities | Accumulated | |||||||||||||||||||||||||||||||||||
Agreements | Comprehensive | ||||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 298 | $ | 20,178 | $ | 20,476 | |||||||||||||||||||||||||||||||
Reclassification to earnings | (298 | ) | (17,303 | ) | (17,601 | ) | |||||||||||||||||||||||||||||||
Changes in value | — | 1,543 | 1,543 | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2012 | — | 4,418 | 4,418 | ||||||||||||||||||||||||||||||||||
Reclassification to earnings | — | (5,120 | ) | (5,120 | ) | ||||||||||||||||||||||||||||||||
Changes in value | — | 702 | 702 | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Oil_and_Gas_Producing_Activiti1
Oil and Gas Producing Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Oil And Gas Exploration And Production Industries Disclosures [Abstract] | |||||||||||||
Capitalized Costs Related to Oil and Gas Property Acquisition Exploration and Development Activities | Set forth below is certain information regarding the aggregate capitalized costs of oil and gas properties and costs incurred by the Company for its oil and gas property acquisition, development and exploration activities: | ||||||||||||
Capitalized Costs | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Unproved properties | $ | 134,350 | $ | 201,459 | |||||||||
Proved properties: | |||||||||||||
Leasehold costs | 971,239 | 1,006,839 | |||||||||||
Wells and related equipment and facilities | 2,810,074 | 3,275,249 | |||||||||||
Accumulated depreciation depletion and amortization | (1,861,894 | ) | (2,298,450 | ) | |||||||||
$ | 2,053,769 | $ | 2,185,097 | ||||||||||
Costs Incurred Related to Oil and Gas Property Acquisition Exploration and Development Activities | Costs Incurred | ||||||||||||
For the Years Ended December 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
(In thousands) | |||||||||||||
Property Acquisitions: | |||||||||||||
Unproved property acquisitions | $ | 13,742 | $ | 130,113 | $ | 91,960 | |||||||
Proved property acquisitions | — | 6,471 | 2,400 | ||||||||||
Development costs | 331,254 | 341,970 | 440,848 | ||||||||||
Exploration costs | 5,522 | 439 | 52,080 | ||||||||||
$ | 350,518 | $ | 478,993 | $ | 587,288 | ||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||
Long-term Debt | Long-term debt is comprised of the following: | ||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Bank credit facility | $ | 210,000 | $ | 375,000 | |||||||||||||||||||||||||
73/4% senior notes due 2019 | 300,000 | 400,000 | |||||||||||||||||||||||||||
Premium related to 73/4% senior notes due 2019 | — | 4,984 | |||||||||||||||||||||||||||
91/2% senior notes due 2020 | 300,000 | 300,000 | |||||||||||||||||||||||||||
Discount related to 91/2% senior notes due 2020 | (11,300 | ) | (9,539 | ) | |||||||||||||||||||||||||
$ | 798,700 | $ | 1,070,445 | ||||||||||||||||||||||||||
Debt by Year of Maturity | The following table summarizes Comstock's debt as of December 31, 2014 by year of maturity: | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Bank credit facility | $ | — | $ | — | $ | — | $ | 375,000 | $ | — | $ | — | $ | 375,000 | |||||||||||||||
73/4% senior notes | — | — | — | — | 404,984 | — | 404,984 | ||||||||||||||||||||||
91/2% senior notes | — | — | — | — | — | 290,461 | 290,461 | ||||||||||||||||||||||
$ | — | $ | — | $ | — | $ | 375,000 | $ | 404,984 | $ | 290,461 | $ | 1,070,445 | ||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Minimum Future Payments under Leases | The Company rents office space and other facilities under noncancelable operating leases. Rent expense for the years ended December 31, 2012, 2013 and 2014 was $1.4 million, $1.4 million and $1.5 million, respectively. Minimum future payments under the leases are as follows: | ||||
(In thousands) | |||||
2015 | 1,994 | ||||
2016 | 1,994 | ||||
2017 | 2,021 | ||||
2018 | 2,060 | ||||
2019 | 1,560 | ||||
Thereafter | 3,120 | ||||
$ | 12,749 | ||||
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||
Stock Options Outstanding | The Company has not issued any stock options since 2008. The following table summarizes information related to stock options outstanding at December 31, 2014: | |||||||
Exercise | Weighted Average | Number of | ||||||
Price | Remaining Life | Options | ||||||
(in years) | Outstanding | |||||||
and Exercisable | ||||||||
$32.50 | 0.9 | 50,500 | ||||||
$33.22 | 1.9 | 64,650 | ||||||
115,150 | ||||||||
Summary of Restricted Stock Activity | A summary of restricted stock activity for the year ended December 31, 2014 is presented below: | |||||||
Number of | Weighted | |||||||
Restricted | Average | |||||||
Shares | Grant Price | |||||||
Outstanding at January 1, 2014 | 1,515,889 | $24.04 | ||||||
Granted | 235,524 | $20.24 | ||||||
Vested | (530,868 | ) | $31.85 | |||||
Forfeitures | (13,018 | ) | $19.11 | |||||
Outstanding at December 31, 2014 | 1,207,527 | $19.91 | ||||||
Summary of PSU Activity | A summary of PSU activity for the year ended December 31, 2014 is presented below: | |||||||
Number of | ||||||||
PSUs | Weighted | |||||||
Average | ||||||||
Grant Price | ||||||||
Outstanding at January 1, 2014 | 254,918 | $20.92 | ||||||
Awards granted and adjustments | 203,783 | $19.81 | ||||||
for dividend paid | ||||||||
Earned and issued | (85,629 | ) | $19.37 | |||||
Outstanding at December 31, 2014 | 373,072 | $19.88 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Benefit from Continuing Operations | The following is an analysis of the consolidated income tax benefit from continuing operations: | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
(In thousands) | |||||||||||||
Current | $ | (162 | ) | $ | 134 | $ | (12 | ) | |||||
Deferred | (50,472 | ) | (56,291 | ) | (24,677 | ) | |||||||
$ | (50,634 | ) | $ | (56,157 | ) | $ | (24,689 | ) | |||||
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation | Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates. The difference between the Company's customary rate of 35% and the effective tax rate on income from continuing operations is due to the following: | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
(In thousands) | |||||||||||||
Tax benefit at statutory rate | $ | (53,799 | ) | $ | (57,008 | ) | $ | (28,630 | ) | ||||
Tax effect of: | |||||||||||||
Nondeductible compensation | 2,545 | 1,545 | 756 | ||||||||||
State taxes, net of federal tax benefit and | 410 | (799 | ) | 2,979 | |||||||||
valuation allowance | |||||||||||||
Other | 210 | 105 | 206 | ||||||||||
Total | $ | (50,634 | ) | $ | (56,157 | ) | $ | (24,689 | ) | ||||
Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due | 2012 | 2013 | 2014 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Tax effect of: | |||||||||||||
Nondeductible compensation | (1.7 | ) | (0.9 | ) | (0.9 | ) | |||||||
State taxes, net of federal tax benefit and | (0.3 | ) | 0.5 | (3.6 | ) | ||||||||
valuation allowance | |||||||||||||
Other | (0.1 | ) | (0.1 | ) | (0.3 | ) | |||||||
Effective tax rate | 32.9 | % | 34.5 | % | 30.2 | % | |||||||
Tax Effects of Significant Temporary Differences Representing Net Deferred Tax Asset and Liability | The tax effects of significant temporary differences representing the net deferred tax asset and liability at December 31, 2013 and 2014 were as follows: | ||||||||||||
2013 | 2014 | ||||||||||||
(In thousands) | |||||||||||||
Current deferred tax liabilities: | |||||||||||||
Derivative financial instruments | $ | (339 | ) | $ | — | ||||||||
Net current deferred tax liability | (339 | ) | — | ||||||||||
Noncurrent deferred tax assets (liabilities): | |||||||||||||
Property and equipment | (238,361 | ) | (259,222 | ) | |||||||||
Other assets | 8,221 | 7,854 | |||||||||||
Net operating loss carryforwards | 70,207 | 126,026 | |||||||||||
Alternative minimum tax carryforward | 21,178 | 20,435 | |||||||||||
Valuation allowance on net operating loss carryforwards | (35,507 | ) | (46,639 | ) | |||||||||
Other | (2,764 | ) | (3,001 | ) | |||||||||
Net noncurrent deferred tax liability | (177,026 | ) | (154,547 | ) | |||||||||
$ | (177,365 | ) | $ | (154,547 | ) | ||||||||
Net deferred tax liability | |||||||||||||
Carryforwards Available to Reduce Future Income Taxes | At December 31, 2014, Comstock had the following carryforwards available to reduce future income taxes: | ||||||||||||
Types of Carryforward | Years of | Amount | |||||||||||
Expiration | |||||||||||||
Carryforward | |||||||||||||
(In thousands) | |||||||||||||
Net operating loss - U.S. federal | 2017 – 2033 | $ | 212,769 | ||||||||||
Net operating loss - Louisiana | 2015 – 2028 | $ | 991,483 | ||||||||||
Alternative minimum tax credits | Unlimited | $ | 20,435 | ||||||||||
Supplementary_Quarterly_Financ1
Supplementary Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Supplementary Quarterly Financial Data (Unaudited) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||
Total oil and gas sales | $ | 95,020 | $ | 107,820 | $ | 111,590 | $ | 105,860 | $ | 420,290 | |||||||||||
Operating loss | $ | (20,856 | ) | $ | (18,004 | ) | $ | (9,086 | ) | $ | (24,386 | ) | $ | (72,332 | ) | ||||||
Loss from continuing operations | $ | (24,517 | ) | $ | (21,531 | ) | $ | (24,034 | ) | $ | (36,641 | ) | $ | (106,723 | ) | ||||||
Income (Loss) from discontinued operations | $ | (2,627 | ) | $ | 151,236 | $ | — | $ | (857 | ) | $ | 147,752 | |||||||||
Net income (loss) | $ | (27,144 | ) | $ | 129,705 | $ | (24,034 | ) | $ | (37,498 | ) | $ | 41,029 | ||||||||
Basic net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $ | (0.52 | ) | $ | (0.45 | ) | $ | (0.52 | ) | $ | (0.80 | ) | $ | (2.22 | ) | ||||||
Discontinued operations | $ | (0.06 | ) | $ | 3.13 | $ | — | $ | (0.02 | ) | $ | 3.07 | |||||||||
Total | $ | (0.58 | ) | $ | 2.68 | $ | (0.52 | ) | $ | (0.82 | ) | $ | 0.85 | ||||||||
Diluted net income (loss) per share: | |||||||||||||||||||||
Continuing operations | $ | (0.52 | ) | $ | (0.45 | ) | $ | (0.52 | ) | $ | (0.80 | ) | $ | (2.22 | ) | ||||||
Discontinued operations | $ | (0.06 | ) | $ | 3.13 | $ | — | $ | (0.02 | ) | $ | 3.07 | |||||||||
Total | $ | (0.58 | ) | $ | 2.68 | $ | (0.52 | ) | $ | (0.82 | ) | $ | 0.85 | ||||||||
2014 | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||
Total oil and gas sales | $ | 141,909 | $ | 155,723 | $ | 144,983 | $ | 112,616 | $ | 555,231 | |||||||||||
Operating income (loss) | $ | 20,228 | $ | 27,729 | $ | 263 | $ | (80,291 | ) | $ | (32,071 | ) | |||||||||
Net income (loss) | $ | 1,165 | $ | 1,898 | $ | (1,903 | ) | $ | (58,271 | ) | $ | (57,111 | ) | ||||||||
Income (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.02 | $ | 0.04 | $ | (0.04 | ) | $ | (1.26 | ) | $ | (1.24 | ) | ||||||||
Diluted | $ | 0.02 | $ | 0.04 | $ | (0.04 | ) | $ | (1.26 | ) | $ | (1.24 | ) | ||||||||
Summary of Results of Continuing Operations from Non-Routine Items | Results of continuing operations include the following non-routine items of income (expense), which are presented before the effect of income taxes: | ||||||||||||||||||||
2013 | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Gain (loss) on sale of oil and gas properties | $ | — | $ | 81 | $ | (2,165 | ) | $ | 51 | $ | (2,033 | ) | |||||||||
Gain on sales of marketable securities | $ | 7,877 | $ | — | $ | — | $ | — | $ | 7,877 | |||||||||||
Loss on early extinguishment of debt | $ | — | $ | — | $ | — | $ | (17,854 | ) | $ | (17,854 | ) | |||||||||
Impairments of unproved oil and gas properties | $ | (2,443 | ) | $ | (9,465 | ) | $ | (2,995 | ) | $ | (18,081 | ) | $ | (32,984 | ) | ||||||
Impairments of proved oil and gas properties | $ | — | $ | (652 | ) | $ | — | $ | — | $ | (652 | ) | |||||||||
2014 | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Impairments of unproved oil and gas properties | $ | — | $ | — | $ | — | $ | (487 | ) | $ | (487 | ) | |||||||||
Impairments of proved oil and gas properties | $ | — | $ | (256 | ) | $ | (15 | ) | $ | (59,997 | ) | $ | (60,268 | ) | |||||||
Oil_and_Gas_Reserves_Informati1
Oil and Gas Reserves Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Extractive Industries [Abstract] | |||||||||||||||||||||||||
Summary of Changes in Net Quantities of Crude Oil and Natural Gas Reserves For Continuing Operations | Set forth below is a summary of the changes in Comstock's net quantities of oil and natural gas reserves for its continuing operations for each of the three years in the period ended December 31, 2014: | ||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
Oil | Natural | Oil | Natural | Oil | Natural | ||||||||||||||||||||
(MBbls) | Gas | (MBbls) | Gas | (MBbls) | Gas | ||||||||||||||||||||
(MMcf) | (MMcf) | (MMcf) | |||||||||||||||||||||||
Proved Reserves: | |||||||||||||||||||||||||
Beginning of year | 13,234 | 1,080,644 | 18,899 | 437,445 | 21,976 | 452,653 | |||||||||||||||||||
Revisions of previous | 327 | (529,272 | ) | 28 | 23,321 | (2,182 | ) | 3,998 | |||||||||||||||||
estimates | |||||||||||||||||||||||||
Extensions and discoveries | 11,953 | 21,525 | 5,363 | 47,581 | 5,373 | 78,383 | |||||||||||||||||||
Sales of minerals in place | (4,823 | ) | (53,690 | ) | — | — | — | — | |||||||||||||||||
Production | (1,792 | ) | (81,762 | ) | (2,314 | ) | (55,694 | ) | (4,313 | ) | (39,768 | ) | |||||||||||||
End of year | 18,899 | 437,445 | 21,976 | 452,653 | 20,854 | 495,266 | |||||||||||||||||||
Proved Developed Reserves: | |||||||||||||||||||||||||
Beginning of year | 6,499 | 546,627 | 8,389 | 362,426 | 13,914 | 344,278 | |||||||||||||||||||
End of year | 8,389 | 362,426 | 13,914 | 344,278 | 16,247 | 324,597 | |||||||||||||||||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves | The following table sets forth the standardized measure of discounted future net cash flows relating to proved reserves at December 31, 2013 and 2014: | ||||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Cash Flows Relating to Proved Reserves: | |||||||||||||||||||||||||
Future Cash Flows | $ | 3,817,982 | $ | 3,891,953 | |||||||||||||||||||||
Future Costs: | |||||||||||||||||||||||||
Production | (1,307,923 | ) | (1,260,580 | ) | |||||||||||||||||||||
Development and Abandonment | (649,758 | ) | (571,200 | ) | |||||||||||||||||||||
Future Income Taxes | (451,708 | ) | (192,600 | ) | |||||||||||||||||||||
Future Net Cash Flows | 1,408,593 | 1,867,573 | |||||||||||||||||||||||
10% Discount Factor | (601,376 | ) | (776,913 | ) | |||||||||||||||||||||
Standardized Measure of Discounted Future Net Cash Flows | $ | 807,217 | $ | 1,090,660 | |||||||||||||||||||||
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves | The following table sets forth the changes in the standardized measure of discounted future net cash flows relating to proved reserves for the years ended December 31, 2012, 2013 and 2014: | ||||||||||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Standardized Measure, Beginning of Year | $ | 887,798 | $ | 641,325 | $ | 807,217 | |||||||||||||||||||
Net change in sales price, net of production costs | (217,925 | ) | 43,117 | 5,911 | |||||||||||||||||||||
Development costs incurred during the year which were previously estimated | 179,549 | 187,643 | 344,590 | ||||||||||||||||||||||
Revisions of quantity estimates | (886,531 | ) | 48,411 | (40,993 | ) | ||||||||||||||||||||
Accretion of discount | 117,381 | 81,434 | 105,400 | ||||||||||||||||||||||
Changes in future development and abandonment costs | 628,088 | (157,207 | ) | (10,909 | ) | ||||||||||||||||||||
Changes in timing and other | 27,077 | 80,348 | (19,028 | ) | |||||||||||||||||||||
Extensions and discoveries | 337,223 | 291,582 | 163,559 | ||||||||||||||||||||||
Sales of minerals in place | (236,925 | ) | — | — | |||||||||||||||||||||
Sales, net of production costs | (307,407 | ) | (335,677 | ) | (458,254 | ) | |||||||||||||||||||
Net changes in income taxes | 112,997 | (73,759 | ) | 193,167 | |||||||||||||||||||||
Standardized Measure, End of Year | $ | 641,325 | $ | 807,217 | $ | 1,090,660 | |||||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information 1 (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Jan. 01, 2013 | |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Sale price of discontinued properties | $823,100,000 | |||
Realized gain on discontinued properties | 230,000,000 | |||
Proceeds from sale of Stone Energy Corporation common stock available for sale | 13,392,000 | 37,705,000 | ||
Stone Energy Corporation | Common Stock | ||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Shares of Stone Energy Corporation common stock held by company | 600,000 | |||
Proceeds from sale of Stone Energy Corporation common stock available for sale | 13,400,000 | 37,700,000 | ||
Shares of Stone Energy Corporation common stock sold by Company | 600,000 | 1,206,000 | ||
Realized gain on available-for-sale securities before income tax | $7,900,000 | $26,600,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Income from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Revenues: | |||||||
Oil and gas sales | $25,125 | $47,109 | |||||
Costs and expenses: | |||||||
Production taxes | 1,120 | 2,294 | |||||
Gathering and transportation | 501 | 1,047 | |||||
Lease operating | 9,853 | 9,372 | |||||
Depletion, depreciation and amortization | 8,649 | 21,428 | |||||
Interest expense | 6,346 | [1] | 6,669 | [1] | |||
Total costs and expenses | 26,469 | 40,810 | |||||
Gain on sale | 230,008 | ||||||
Income from discontinued operations before income taxes | 228,664 | 6,299 | |||||
Income tax expense: | |||||||
Current | -2,218 | ||||||
Deferred | -78,694 | -3,280 | |||||
Total income tax expense | -80,912 | -3,280 | |||||
Net income from discontinued operations | ($857) | $151,236 | ($2,627) | $147,752 | $3,019 | ||
[1] | Interest expense was allocated to discontinued operations based on the ratio of the net assets of discontinued operations to our consolidated net assets plus long-term debt. Interest expense is net of capitalized interest of $9,582 and $2,010 for the years ended December 31, 2012 and 2013, respectively |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Summary of Income from Discontinued Operations (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations And Disposal Groups [Abstract] | ||
Capitalized interest related to Discontinued Operations | $2,010 | $9,582 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Summary of Other Current Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Other Current Assets [Line Items] | ||
Other Current Assets | $10,105 | $2,905 |
Derivative settlements receivable | ||
Schedule Of Other Current Assets [Line Items] | ||
Other Current Assets | 7,890 | 139 |
Pipe and oil field equipment inventory | ||
Schedule Of Other Current Assets [Line Items] | ||
Other Current Assets | 1,379 | 1,388 |
Derivative financial instruments | ||
Schedule Of Other Current Assets [Line Items] | ||
Other Current Assets | 970 | |
Drilling advances | ||
Schedule Of Other Current Assets [Line Items] | ||
Other Current Assets | 311 | |
Prepaid expenses | ||
Schedule Of Other Current Assets [Line Items] | ||
Other Current Assets | 487 | 350 |
Other | ||
Schedule Of Other Current Assets [Line Items] | ||
Other Current Assets | $38 | $58 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Additional Information 2 (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
bbl | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Derivative financial instruments | $0 | |
Quantity of barrels in swap agreements | 1,985,000 | |
Level 1 | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Cash held in bank accounts | 2,100,000 | |
Level 2 | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Derivative financial instruments | 970,000 | $0 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Carrying Amounts and Estimated Fair Value of Other Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion, Carrying Value | $1,070,445 | $798,700 |
Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion, Carrying Value | 695,445 | 588,700 |
Long-term debt, including current portion, Fair Value | 453,000 | 650,250 |
Floating Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, including current portion, Carrying Value | 375,000 | 210,000 |
Long-term debt, including current portion, Fair Value | $375,000 | $210,000 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies - Additional Information 3 (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Conversion ratio of oil to natural gas in units of production | One barrel of oil for six thousand cubic feet of natural gas | |||||||
Impairment of unproved oil and natural gas properties | $487,000 | $18,081,000 | $2,995,000 | $9,465,000 | $2,443,000 | $487,000 | $32,984,000 | $61,300,000 |
Impairment charges related to oil and gas properties | 60,300,000 | 700,000 | 25,400,000 | |||||
Impaired oil and gas properties fair value | $18,000,000 | |||||||
Minimum | ||||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property and equipment estimated useful lives | 3 years | |||||||
Maximum | ||||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property and equipment estimated useful lives | 31 years 6 months |
Recovered_Sheet1
Summary of Significant Accounting Policies - Summary of Accrued Expenses (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Accrued oil and gas property acquisition costs | $40,128 | |
Accrued drilling costs | 26,269 | 34,914 |
Accrued interest payable | 9,011 | 7,051 |
Accrued rig termination fees | 2,600 | |
Other | 6,962 | 9,204 |
Total accrued expenses | $44,842 | $91,297 |
Recovered_Sheet2
Summary of Significant Accounting Policies - Summary of Changes in Reserve for Future Abandonment Costs (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Asset Retirement Obligations Noncurrent [Abstract] | ||
Reserve for Future Abandonment Costs at beginning of the year | $14,534 | $16,387 |
New wells placed on production | 1,480 | 1,083 |
Changes in estimates | -1,796 | -3,324 |
Liabilities settled and assets disposed of | -153 | -558 |
Accretion expense | 835 | 946 |
Reserve for Future Abandonment Costs at end of the year | $14,900 | $14,534 |
Recovered_Sheet3
Summary of Significant Accounting Policies - Additional Information 4 (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Customer | Customer | Customer | |
Segment | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Number of operating segments | 1 | ||
Number of major customers of oil and gas sales | 2 | 2 | 2 |
General and administrative expenses reimbursements of overhead costs | $13.20 | $11.90 | $11.50 |
Performance multiplier, minimum | 0.00% | ||
Performance multiplier, maximum | 300.00% | ||
Interest costs, capitalized during period | $10.20 | $4.70 | $20.90 |
Restricted Stock | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Shares of unvested restricted stock outstanding | 1,207,527 | 1,515,889 | 1,960,835 |
Major Purchaser One | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Percentage accounted of oil and gas sales | 53.00% | 51.00% | 42.00% |
Major Purchaser Two | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Percentage accounted of oil and gas sales | 35.00% | 36.00% | 27.00% |
Recovered_Sheet4
Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Line Items] | |||||||
Net Loss From Continuing Operations | ($36,641) | ($24,034) | ($21,531) | ($24,517) | ($57,111) | ($106,723) | ($103,079) |
Net Income From Discontinued Operations | -857 | 151,236 | -2,627 | 147,752 | 3,019 | ||
Basic Net Income (Loss) Attributable to Common Stock, Shares | 46,547 | 46,553 | 46,422 | ||||
Diluted Net Income (Loss) Attributable to Common Stock, Shares | 46,547 | 46,553 | 46,422 | ||||
Basic Net Loss From Continuing Operations Attributable to Common Stock, Per Share | ($0.80) | ($0.52) | ($0.45) | ($0.52) | ($1.24) | ($2.22) | ($2.22) |
Diluted Net Loss From Continuing Operations Attributable to Common Stock, Per Share | ($0.80) | ($0.52) | ($0.45) | ($0.52) | ($1.24) | ($2.22) | ($2.22) |
Basic Net Income From Discontinued Operations Attributable to Common Stock, Per Share | ($0.02) | $3.13 | ($0.06) | $3.07 | $0.06 | ||
Diluted Net Income From Discontinued Operations Attributable to Common Stock, Per Share | ($0.02) | $3.13 | ($0.06) | $3.07 | $0.06 | ||
Continuing Operations | |||||||
Earnings Per Share [Line Items] | |||||||
Net Loss From Continuing Operations | -57,111 | -106,723 | -103,079 | ||||
Loss (Income) Allocable to Unvested Stock Grants | -595 | 3,424 | 0 | ||||
Basic Net Income (Loss) Attributable to Common Stock | -57,706 | -103,299 | -103,079 | ||||
Diluted Net Income (Loss) Attributable to Common Stock | -62,226 | -103,299 | -103,079 | ||||
Basic Net Income (Loss) Attributable to Common Stock, Shares | 46,547 | 46,553 | 46,422 | ||||
Diluted Net Income (Loss) Attributable to Common Stock, Shares | 46,547 | 46,553 | 46,422 | ||||
Basic Net Loss From Continuing Operations Attributable to Common Stock, Per Share | ($1.24) | ($2.22) | ($2.22) | ||||
Diluted Net Loss From Continuing Operations Attributable to Common Stock, Per Share | ($1.24) | ($2.22) | ($2.22) | ||||
Discontinued Operations | |||||||
Earnings Per Share [Line Items] | |||||||
Net Income From Discontinued Operations | 147,752 | 3,019 | |||||
Loss (Income) Allocable to Unvested Stock Grants | 0 | -4,742 | 0 | ||||
Basic Net Income (Loss) Attributable to Common Stock | 143,010 | 3,019 | |||||
Diluted Net Income (Loss) Attributable to Common Stock | $143,010 | $3,019 | |||||
Basic Net Income (Loss) Attributable to Common Stock, Shares | 46,553 | 46,422 | |||||
Diluted Net Income (Loss) Attributable to Common Stock, Shares | 46,553 | 46,422 | |||||
Basic Net Income From Discontinued Operations Attributable to Common Stock, Per Share | $3.07 | $0.06 | |||||
Diluted Net Income From Discontinued Operations Attributable to Common Stock, Per Share | $3.07 | $0.06 |
Recovered_Sheet5
Summary of Significant Accounting Policies - Weighted Average Shares of Unvested Restricted Stock (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Unvested restricted stock | 1,190 | 1,544 | 1,737 |
Recovered_Sheet6
Summary of Significant Accounting Policies - Common Stock Stock Options Excluded as Anti-Dilutive from Determination of Diluted Earnings Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unit | Unit | ||
Earnings Per Share [Abstract] | |||
Weighted average anti-dilutive stock options | 115 | 130 | 168 |
Weighted average exercise price | $32.90 | $32.90 | $37.81 |
Weighted average performance share units | 323,000 | 75,000 | |
Weighted average grant date fair value per unit | 19.88 | 20.92 |
Recovered_Sheet7
Summary of Significant Accounting Policies - Cash Payments Made for Interest and Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Payments: | |||
Interest payments | $62,812 | $83,560 | $79,001 |
Income tax payments (refunds) | $682 | $769 | ($58) |
Recovered_Sheet8
Summary of Significant Accounting Policies - Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | |||||||||||
Net income (loss) | ($58,271) | ($1,903) | $1,898 | $1,165 | ($37,498) | ($24,034) | $129,705 | ($27,144) | ($57,111) | $41,029 | ($100,060) |
Other comprehensive income (loss): | |||||||||||
Realized gains on marketable securities reclassified to gain on sale of marketable securities, net of a benefit from income taxes of $9,318 and $2,757 in 2012 and 2013, respectively | -5,120 | -17,303 | |||||||||
Unrealized hedging gains, net of a benefit from income taxes of $161 in 2012 | 0 | 0 | -298 | ||||||||
Unrealized gains on marketable securities, net of a provision for income taxes of $831 and $377 in 2012 and 2013, respectively | 702 | 1,543 | |||||||||
Comprehensive income (loss) | ($57,111) | $36,611 | ($116,118) |
Recovered_Sheet9
Summary of Significant Accounting Policies - Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ||
Benefit from income taxes on realized gains on marketable securities reclassified to gain on sale of marketable securities | ($2,757) | ($9,318) |
Benefit from income taxes on unrealized hedging gains | 161 | |
Provision for income taxes on unrealized gains on marketable securities | $377 | $831 |
Recovered_Sheet10
Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income, Net of Income Taxes (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | ||
Beginning Balance, Oil Price Swap Agreements | $0 | $298 |
Reclassification to earnings, Oil Price Swap Agreements | 0 | -298 |
Changes in value, Oil Price Swap Agreements | 0 | 0 |
Ending Balance, Oil Price Swap Agreements | 0 | 0 |
Beginning Balance, Marketable Securities | 4,418 | 20,178 |
Reclassification to earnings, Marketable Securities | -5,120 | -17,303 |
Changes in value, Marketable Securities | 702 | 1,543 |
Ending Balance, Marketable Securities | 0 | 4,418 |
Beginning Balance, Total Accumulated Comprehensive Income | 4,418 | 20,476 |
Reclassification to earnings, Total Accumulated Comprehensive Income | -5,120 | -17,601 |
Changes in value, Total Accumulated Comprehensive Income | 702 | 1,543 |
Ending Balance, Total Accumulated Comprehensive Income | $0 | $4,418 |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions of Oil and Gas Properties - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 30, 2012 | |
acre | ||||
Business Acquisition [Line Items] | ||||
Acquisition of oil and gas properties | $587,288,000 | $478,993,000 | $350,518,000 | |
Net proceeds from sale of oil and gas properties | 119,800,000 | |||
Gain on sale of oil and gas properties | 26,000,000 | |||
JV Partner Participation Cost Per Acre | 25,000 | |||
Joint Venture expected acres per well drilled | 80 | |||
JV partner total working interest per well | 33.00% | |||
JV partner acreage participation working interest per well | 33.00% | |||
JV partner drilling cost working interest | 33.00% | |||
Payments received from KKR for initial participation in wells spud | 23,800,000 | |||
Payment received from joint venture partner for acreage and facility reimbursements | 28,700,000 | 51,500,000 | 8,700,000 | |
Formation costs incurred | 1,700,000 | |||
Burleson County, Texas | ||||
Business Acquisition [Line Items] | ||||
Acquisition of oil and gas properties | 33,900,000 | 67,400,000 | ||
Working interest acquired in producing well | 30.00% | |||
Number of oil and gas producing well | 1 | 1 | ||
Oil and gas properties, net acres | 9,000 | 21,000 | ||
Mississippi and Louisiana | ||||
Business Acquisition [Line Items] | ||||
Acquisition of oil and gas properties | $53,300,000 | |||
Oil and gas properties, net acres | 51,000 |
Oil_and_Gas_Producing_Activiti2
Oil and Gas Producing Activities - Capitalized Costs Related to Oil and Gas Property Acquisition Exploration and Development Activities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Oil And Gas Exploration And Production Industries Disclosures [Abstract] | ||
Unproved properties | $201,459 | $134,350 |
Proved properties: | ||
Leasehold costs | 1,006,839 | 971,239 |
Wells and related equipment and facilities | 3,275,249 | 2,810,074 |
Accumulated depreciation depletion and amortization | -2,298,450 | -1,861,894 |
Capitalized costs, oil and gas producing activities, net, total | $2,185,097 | $2,053,769 |
Oil_and_Gas_Producing_Activiti3
Oil and Gas Producing Activities - Costs Incurred Related to Oil and Gas Property Acquisition Exploration and Development Activities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property Acquisitions: | |||
Unproved property acquisitions | $91,960 | $130,113 | $13,742 |
Proved property acquisitions | 2,400 | 6,471 | |
Development costs | 440,848 | 341,970 | 331,254 |
Exploration costs | 52,080 | 439 | 5,522 |
Costs incurred, acquisition of oil and gas properties, total | $587,288 | $478,993 | $350,518 |
Longterm_Debt_LongTerm_Debt_De
Long-term Debt - Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $1,070,445 | $798,700 |
Bank credit facility | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 375,000 | 210,000 |
7 3/4% senior notes due 2019 | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 400,000 | 300,000 |
Premium related to 7 3/4% senior notes due 2019 | ||
Debt Instrument [Line Items] | ||
Premium related to 73/4% senior notes due 2019 | 4,984 | |
9 1/2% senior notes due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 300,000 | 300,000 |
Discount related to 9 1/2% senior notes due 2020 | ||
Debt Instrument [Line Items] | ||
Discount related to 91/2% senior notes due 2020 | ($9,539) | ($11,300) |
Longterm_Debt_Debt_by_Year_of_
Long-term Debt - Debt by Year of Maturity (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | |
2015 | $0 |
2016 | 0 |
2017 | 0 |
2018 | 375,000 |
2019 | 404,984 |
Thereafter | 290,461 |
Long-term debt | 1,070,445 |
Bank credit facility | |
Debt Instrument [Line Items] | |
2015 | 0 |
2016 | 0 |
2017 | 0 |
2018 | 375,000 |
2019 | 0 |
Thereafter | 0 |
Long-term debt | 375,000 |
7 3/4% senior notes due 2019 | |
Debt Instrument [Line Items] | |
2015 | 0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
2019 | 404,984 |
Thereafter | 0 |
Long-term debt | 404,984 |
9 1/2% senior notes due 2020 | |
Debt Instrument [Line Items] | |
2015 | 0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
Thereafter | 290,461 |
Long-term debt | $290,461 |
Longterm_Debt_Debt_by_Year_of_1
Long-term Debt - Debt by Year of Maturity (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
7 3/4% senior notes due 2019 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.75% | 7.75% |
9 1/2% senior notes due 2020 | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 9.50% | 9.50% |
Longterm_Debt_Additional_Infor
Long-term Debt - Additional Information (Detail) (Bank credit facility, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Debt Instrument [Line Items] | |
Bank credit facility | $1,000,000,000 |
Line of credit facility commitment term (in years) | 5 years |
Maturity of credit facility | 22-Nov-18 |
Borrowing base | 675,000,000 |
Availability of borrowing base | 300,000,000 |
Stated percentage over federal funds rate to calculate base rate | 0.50% |
Stated percentage over 30 day LIBOR to calculate base rate | 1.00% |
Minimum spread rate over base rate for interest rate on credit facility | 0.50% |
Maximum spread rate over base rate for interest rate on credit facility | 1.50% |
Maximum annual amount of cash dividends and stock repurchases without restriction under credit facility | $120,000,000 |
Minimum | |
Debt Instrument [Line Items] | |
Spread rate over LIBOR for interest rate on credit facility | 1.50% |
Commitment fee on unused borrowing base | 0.38% |
Interest coverage ratio | 250.00% |
Maximum | |
Debt Instrument [Line Items] | |
Spread rate over LIBOR for interest rate on credit facility | 2.50% |
Commitment fee on unused borrowing base | 0.50% |
Leverage ratio | 400.00% |
Amended leverage ratio for year 2015 | 500.00% |
Longterm_Debt_Additional_Infor1
Long-term Debt - Additional Information 1 (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-14 | Oct. 15, 2013 | Jun. 30, 2013 | |
Debt Instrument [Line Items] | |||||||
Repurchase of Senior Notes | $100,000,000 | $835,000,000 | $390,000,000 | ||||
Loss on early extinguishment of debt | -17,854,000 | -17,854,000 | |||||
7 3/4% senior notes due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding senior notes | 400,000,000 | ||||||
Interest rate on senior notes | 7.75% | 7.75% | 7.75% | ||||
Maturity of senior notes | 1-Apr-19 | ||||||
Net proceeds from issuance of debt | 103,300,000 | ||||||
Debt instrument, face amount issued | 100,000,000 | ||||||
9 1/2% senior notes due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding senior notes | 300,000,000 | ||||||
Interest rate on senior notes | 9.50% | 9.50% | 9.50% | ||||
Maturity of senior notes | 15-Jun-20 | ||||||
Bank credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Ownership percentage of guarantor subsidiary | 100.00% | ||||||
8 3/8% senior notes due 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding senior notes | 300,000,000 | ||||||
Interest rate on senior notes | 8.38% | ||||||
Maturity of senior notes | 15-Oct-17 | ||||||
Principal amount of senior note repurchased | 2,200,000 | ||||||
Debt instrument repurchased as percentage of par value | 103.30% | ||||||
Debt instrument date of redemption notice | 2013-09 | ||||||
Debt instrument redemption value, percentage | 104.20% | ||||||
Debt instrument date of actual redemption | 15-Oct-13 | ||||||
Repurchase of Senior Notes | 310,200,000 | ||||||
Cash on hand for debt redemption | 210,200,000 | ||||||
Loss on early extinguishment of debt | ($17,900,000) |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments And Contingencies Disclosure [Abstract] | |||
Rent expense under noncancelable operating leases | $1.50 | $1.40 | $1.40 |
Commitments for contracted drilling services | 15.3 | ||
Contract term related to drilling rigs | Through November 2015 | ||
Natural gas transportation and treating agreements | Through July 2019 | ||
Maximum commitments under natural gas transportation and treating agreements | $11.50 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Minimum Future Payments under Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $1,994 |
2016 | 1,994 |
2017 | 2,021 |
2018 | 2,060 |
2019 | 1,560 |
Thereafter | 3,120 |
Operating Leases, Future Minimum Payments Due, Total | $12,749 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | ||
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, par value | $0.50 | $0.50 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value per share | $10 | $10 |
Preferred stock, shares outstanding | 0 | 0 |
Quarterly dividends declared and paid period | The Company has declared and paid quarterly dividends beginning in May, 2013 through December, 2014. | |
Dividend paid | $23,800,000 | $18,000,000 |
Approved amount for open market repurchase of common stock | 100,000,000 | |
Number of stock purchased under open market | 1,000,000 | 631,096 |
Stock purchased under open market amount | 8,086,000 | 9,232,000 |
Available amount for open market repurchases under plan | $82,700,000 | |
Quarterly dividend temporarily suspended | 2015-02 |
Stockbased_Compensation_Additi
Stock-based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense recognized | $10,700,000 | $12,800,000 | $13,700,000 |
Income tax provision from tax deductions associated with stock-based compensation | 1,100,000 | 2,000,000 | 1,700,000 |
Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Latest year with option issuances | 2008 | ||
Weighted average exercise price | $32.90 | $32.90 | |
Total intrinsic value of options outstanding | $0 | $0 | |
Number of option, Exercised | 0 | 0 | |
Options Forfeited | 46,000 | 42,000 | |
2009 Long Term Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Long-term Incentive Plan provides for future awards of stock options, restricted stock grants or other equity awards | 1,239,151 |
Stockbased_Compensation_Stock_
Stock-based Compensation - Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Number of Options Outstanding and Exercisable | 115,150 |
Range One | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price | $32.50 |
Weighted Average Remaining Life (in years) | 10 months 24 days |
Number of Options Outstanding and Exercisable | 50,500 |
Range Two | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Price | $33.22 |
Weighted Average Remaining Life (in years) | 1 year 10 months 24 days |
Number of Options Outstanding and Exercisable | 64,650 |
Stockbased_Compensation_Additi1
Stock-based Compensation - Additional Information 1 (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense recognized | $10.70 | $12.80 | $13.70 |
Performance multiplier, minimum | 0.00% | ||
Performance multiplier, maximum | 300.00% | ||
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense recognized | 7.3 | 9.8 | 13.5 |
Grant date fair value of share units, per share | $20.24 | $16.44 | $15.49 |
Unrecognized compensation cost related to unvested restricted stock | 6.8 | ||
Compensation cost expected to be recognized period | 10 months 24 days | ||
Fair value of restricted stock vested | 10 | 7 | 6.7 |
Restricted Stock | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Amortized vesting period of restricted stock | 1 year | ||
Restricted Stock | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Amortized vesting period of restricted stock | 4 years | ||
Performance Share Units (PSU) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense recognized | 3.4 | 3 | 0.2 |
Performance Periods | The performance periods consist of one year, two years and three years, respectively | ||
Performance share units, risk free interest rate | 0.60% | 0.40% | |
Performance share units, Minimum volatility | 38.00% | 29.00% | |
Performance share units, Maximum volatility | 70.00% | 70.00% | |
Number of units granted | 188,958 | 0 | 254,133 |
Grant date fair value of performance share units, granted | 3.7 | 5.4 | |
Grant date fair value of share units, per unit | 19.81 | 21.14 | |
Performance multiplier assumed | 1 | ||
Minimum final number of shares of common stock issuable based on performance multiplier | 0 | ||
Maximum final number of shares of common stock issuable based on performance multiplier | 874,128 | ||
Performance multiplier, minimum | 0.00% | ||
Performance multiplier, maximum | 300.00% | ||
Unrecognized expense, performance share units | $2.50 | ||
Term for Amortization of Performance Share Compensation cost | through December 31, 2016 | ||
Performance Share Units (PSU) | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Amortized vesting period of restricted stock | 1 year | ||
Performance Share Units (PSU) | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Amortized vesting period of restricted stock | 3 years |
Stockbased_Compensation_Summar
Stock-based Compensation - Summary of Restricted Stock Activity (Detail) (Restricted Stock, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Beginning Balance, Number of Shares, Outstanding | 1,515,889 | 1,960,835 | |
Number of Shares, Granted | 235,524 | ||
Number of Shares, Vested | -530,868 | ||
Number of Shares, Forfeitures | -13,018 | ||
Ending Balance, Number of Shares, Outstanding | 1,207,527 | 1,515,889 | 1,960,835 |
Beginning Balance, Weighted Average Grant Price, Outstanding | $24.04 | ||
Weighted Average Grant Price, Granted | $20.24 | $16.44 | $15.49 |
Weighted Average Grant Price, Vested | $31.85 | ||
Weighted Average Grant Price, Forfeitures | $19.11 | ||
Ending Balance, Weighted Average Grant Price, Outstanding | $19.91 | $24.04 |
Stockbased_Compensation_Summar1
Stock-based Compensation - Summary of PSU Activity (Detail) (Performance Share Units (PSU)) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2012 | |
Unit | ||
Performance Share Units (PSU) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Beginning Balance, Number of Units, Outstanding | 254,918 | |
Number of Units, Awards granted and adjustments for dividend paid | 203,783 | |
Number of Units, Earned and issued | -85,629 | |
Ending Balance, Number of Units, Outstanding | 373,072 | |
Beginning Balance, Weighted Average Grant Price, Outstanding | 20.92 | |
Weighted Average Grant Price, Awards granted and adjustments for dividend paid | 19.81 | 21.14 |
Weighted Average Grant Price, earned and issued | 19.37 | |
Ending Balance, Weighted Average Grant Price, Outstanding | 19.88 |
Retirement_Plan_Additional_Inf
Retirement Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation And Retirement Disclosure [Abstract] | |||
Matching contributions to the plan | $834,000 | $702,000 | $365,000 |
Income_Taxes_Income_Tax_Benefi
Income Taxes - Income Tax Benefit from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Current | ($12) | $134 | ($162) |
Deferred | -24,677 | -56,291 | -50,472 |
Total | ($24,689) | ($56,157) | ($50,634) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Jurisdictions | |||
Income Taxes [Line Items] | |||
Customary rate | 35.00% | 35.00% | 35.00% |
Valuation allowance on net operating loss carryforwards | $46,639,000 | $35,507,000 | |
State jurisdictions currently under review | 2 | ||
U.S. Federal | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 34,700,000 | ||
Net operating loss carryforwards limitation on use | limited to approximately $1.1 million per year pursuant to a prior change of control of an acquired company | ||
Net operating loss carryforwards limitations | 1,100,000 | ||
Valuation allowance on net operating loss carryforwards | 23,000,000 | ||
Tax effect of valuation allowance on net operating loss carryforwards | 8,000,000 | ||
Louisiana Tax Authority | State and Local Jurisdiction | |||
Income Taxes [Line Items] | |||
Valuation allowance on net operating loss carryforwards | 742,200,000 | 528,100,000 | |
Tax effect of valuation allowance on net operating loss carryforwards | $38,600,000 | $27,500,000 |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Tax benefit at statutory rate | ($28,630) | ($57,008) | ($53,799) |
Tax effect of: | |||
Nondeductible compensation | 756 | 1,545 | 2,545 |
State taxes, net of federal tax benefit and valuation allowance | 2,979 | -799 | 410 |
Other | 206 | 105 | 210 |
Total | ($24,689) | ($56,157) | ($50,634) |
Income_Taxes_Difference_Betwee
Income Taxes - Difference Between Customary Rate and Effective Tax Rate on Income Before Income Taxes Due (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
Tax effect of: | |||
Nondeductible compensation | -0.90% | -0.90% | -1.70% |
State taxes, net of federal tax benefit and valuation allowance | -3.60% | 0.50% | -0.30% |
Other | -0.30% | -0.10% | -0.10% |
Effective tax rate | 30.20% | 34.50% | 32.90% |
Income_Taxes_Tax_Effects_of_Si
Income Taxes - Tax Effects of Significant Temporary Differences Representing Net Deferred Tax Asset and Liability (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current deferred tax liabilities: | ||
Derivative financial instruments | ($339) | |
Net current deferred tax liability | -339 | |
Noncurrent deferred tax assets (liabilities): | ||
Property and equipment | -259,222 | -238,361 |
Other assets | 7,854 | 8,221 |
Net operating loss carryforwards | 126,026 | 70,207 |
Alternative minimum tax carryforward | 20,435 | 21,178 |
Valuation allowance on net operating loss carryforwards | -46,639 | -35,507 |
Other | -3,001 | -2,764 |
Net noncurrent deferred tax liability | -154,547 | -177,026 |
Net deferred tax liability | ($154,547) | ($177,365) |
Income_Taxes_Carryforwards_Ava
Income Taxes - Carryforwards Available to Reduce Future Income Taxes (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Carryforward Available To Reduce Future Income Taxes [Line Items] | ||
Alternative minimum tax credits carryforward | $20,435 | $21,178 |
U.S. Federal | ||
Carryforward Available To Reduce Future Income Taxes [Line Items] | ||
Net operating loss, Years of Expiration Carryforward | 2017 – 2033 | |
Net operating loss, Tax Credit Carryforward, Amount | 212,769 | |
Years of Expiration Carryforward Unlimited | ||
Carryforward Available To Reduce Future Income Taxes [Line Items] | ||
Alternative minimum tax credits carryforward | 20,435 | |
Louisiana Tax Authority | State and Local Jurisdiction | ||
Carryforward Available To Reduce Future Income Taxes [Line Items] | ||
Net operating loss, Years of Expiration Carryforward | 2015 – 2028 | |
Net operating loss, Tax Credit Carryforward, Amount | $991,483 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivatives | |||
Derivative Instruments And Hedging Activities [Line Items] | |||
Outstanding commodity derivatives | 0 | ||
Gain on derivative financial instruments | $8,200,000 | $21,300,000 | |
Loss on derivative financial instruments | 8,400,000 | ||
Cash settlements of derivative financial instruments | 9,145,000 | 2,293,000 | 9,766,000 |
Derivative asset at fair value | 1,000,000 | ||
Derivative asset at carrying value | 1,000,000 | ||
Derivative asset current at carrying value | $1,000,000 | ||
Contract terms 2014 oil production | |||
Derivative Instruments And Hedging Activities [Line Items] | |||
Quantity of Crude Oil for Which Swap Entered | 2,438,000 | 2,160,000 | 1,710,000 |
NYMEX price of crude oil swaps | 96.56 | 98.67 | 99.46 |
Supplementary_Quarterly_Financ2
Supplementary Quarterly Financial Data (Unaudited) - Schedule of Supplementary Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Abstract] | |||||||||||
Total oil and gas sales | $112,616 | $144,983 | $155,723 | $141,909 | $105,860 | $111,590 | $107,820 | $95,020 | $555,231 | $420,290 | $384,814 |
Operating income (loss) | -80,291 | 263 | 27,729 | 20,228 | -24,386 | -9,086 | -18,004 | -20,856 | -32,071 | -72,332 | -144,628 |
Loss from continuing operations | -36,641 | -24,034 | -21,531 | -24,517 | -57,111 | -106,723 | -103,079 | ||||
Income (Loss) from discontinued operations | -857 | 151,236 | -2,627 | 147,752 | 3,019 | ||||||
Net income (loss) | ($58,271) | ($1,903) | $1,898 | $1,165 | ($37,498) | ($24,034) | $129,705 | ($27,144) | ($57,111) | $41,029 | ($100,060) |
Basic net income (loss) per share: | |||||||||||
Loss from continuing operations, Basic | ($0.80) | ($0.52) | ($0.45) | ($0.52) | ($1.24) | ($2.22) | ($2.22) | ||||
Income (loss) from discontinued operations, Basic | ($0.02) | $3.13 | ($0.06) | $3.07 | $0.06 | ||||||
Total, Basic | ($1.26) | ($0.04) | $0.04 | $0.02 | ($0.82) | ($0.52) | $2.68 | ($0.58) | ($1.24) | $0.85 | ($2.16) |
Diluted net income (loss) per share: | |||||||||||
Loss from continuing operations, Diluted | ($0.80) | ($0.52) | ($0.45) | ($0.52) | ($1.24) | ($2.22) | ($2.22) | ||||
Income (loss) from discontinued operations, Diluted | ($0.02) | $3.13 | ($0.06) | $3.07 | $0.06 | ||||||
Total, Diluted | ($1.26) | ($0.04) | $0.04 | $0.02 | ($0.82) | ($0.52) | $2.68 | ($0.58) | ($1.24) | $0.85 | ($2.16) |
Income (loss) per share: | |||||||||||
Basic | ($1.26) | ($0.04) | $0.04 | $0.02 | ($0.82) | ($0.52) | $2.68 | ($0.58) | ($1.24) | $0.85 | ($2.16) |
Diluted | ($1.26) | ($0.04) | $0.04 | $0.02 | ($0.82) | ($0.52) | $2.68 | ($0.58) | ($1.24) | $0.85 | ($2.16) |
Supplementary_Quarterly_Financ3
Supplementary Quarterly Financial Data (Unaudited) - Summary of Results of Continuing Operations from Non-Routine Items (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Abstract] | ||||||||||
Gain (loss) on sale of oil and gas properties | $51 | ($2,165) | $81 | ($2,033) | ||||||
Gain on sales of marketable securities | 7,877 | 7,877 | 26,621 | |||||||
Loss on early extinguishment of debt | -17,854 | -17,854 | ||||||||
Impairments of unproved oil and gas properties | -487 | -18,081 | -2,995 | -9,465 | -2,443 | -487 | -32,984 | -61,300 | ||
Impairments of proved oil and gas properties | ($59,997) | ($15) | ($256) | ($652) | ($60,268) | ($652) | ($25,368) |
Oil_and_Gas_Reserves_Informati2
Oil and Gas Reserves Information (Unaudited) - Summary of Changes in Net Quantities of Crude Oil and Natural Gas Reserves For Continuing Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
MBbls | MBbls | MBbls | |
Oil (MBbls) | |||
Proved Reserves: | |||
Beginning of year | 21,976 | 18,899 | 13,234 |
Revisions of previous estimates | -2,182 | 28 | 327 |
Extensions and discoveries | 5,373 | 5,363 | 11,953 |
Sales of minerals in place | -4,823 | ||
Production | -4,313 | -2,314 | -1,792 |
End of year | 20,854 | 21,976 | 18,899 |
Proved Developed Reserves: | |||
Beginning of year | 13,914 | 8,389 | 6,499 |
End of year | 16,247 | 13,914 | 8,389 |
Natural Gas (MMcf) | |||
Proved Reserves: | |||
Beginning of year | 452,653 | 437,445 | 1,080,644 |
Revisions of previous estimates | 3,998 | 23,321 | -529,272 |
Extensions and discoveries | 78,383 | 47,581 | 21,525 |
Sales of minerals in place | -53,690 | ||
Production | -39,768 | -55,694 | -81,762 |
End of year | 495,266 | 452,653 | 437,445 |
Proved Developed Reserves: | |||
Beginning of year | 344,278 | 362,426 | 546,627 |
End of year | 324,597 | 344,278 | 362,426 |
Oil_and_Gas_Reserves_Informati3
Oil and Gas Reserves Information (Unaudited) - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |
MMcf | |||
Average Sales Price And Production Costs Per Unit Of Production [Line Items] | |||
Annual Change in Total Proved Undeveloped Natural Gas Reserves | -460,000 | ||
Crude Oil and NGL Per Barrel | |||
Average Sales Price And Production Costs Per Unit Of Production [Line Items] | |||
Average sales prices | 92.55 | 104.38 | |
Natural Gas Per Thousand Cubic Feet | |||
Average Sales Price And Production Costs Per Unit Of Production [Line Items] | |||
Average sales prices | 3.96 | 3.37 |
Oil_and_Gas_Reserves_Informati4
Oil and Gas Reserves Information (Unaudited) - Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Cash Flows Relating to Proved Reserves: | ||||
Future Cash Flows | $3,891,953 | $3,817,982 | ||
Future Costs: | ||||
Production | -1,260,580 | -1,307,923 | ||
Development and Abandonment | -571,200 | -649,758 | ||
Future Income Taxes | -192,600 | -451,708 | ||
Future Net Cash Flows | 1,867,573 | 1,408,593 | ||
10% Discount Factor | -776,913 | -601,376 | ||
Standardized Measure of Discounted Future Net Cash Flows | $1,090,660 | $807,217 | $641,325 | $887,798 |
Oil_and_Gas_Reserves_Informati5
Oil and Gas Reserves Information (Unaudited) - Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Extractive Industries [Abstract] | ||
Percentage of discount factor | 10.00% | 10.00% |
Oil_and_Gas_Reserves_Informati6
Oil and Gas Reserves Information (Unaudited) - Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Extractive Industries [Abstract] | |||
Standardized Measure, Beginning of Year | $807,217 | $641,325 | $887,798 |
Net change in sales price, net of production costs | 5,911 | 43,117 | -217,925 |
Development costs incurred during the year which were previously estimated | 344,590 | 187,643 | 179,549 |
Revisions of quantity estimates | -40,993 | 48,411 | -886,531 |
Accretion of discount | 105,400 | 81,434 | 117,381 |
Changes in future development and abandonment costs | -10,909 | -157,207 | 628,088 |
Changes in timing and other | -19,028 | 80,348 | 27,077 |
Extensions and discoveries | 163,559 | 291,582 | 337,223 |
Sales of minerals in place | 0 | 0 | -236,925 |
Sales, net of production costs | -458,254 | -335,677 | -307,407 |
Net changes in income taxes | 193,167 | -73,759 | 112,997 |
Standardized Measure, End of Year | $1,090,660 | $807,217 | $641,325 |